Core Viewpoint - Geely Automobile is leveraging a "dual-fuel" strategy to mitigate the impact of declining new energy subsidies and is accelerating its overseas expansion, targeting an export volume of 1 million units by 2027 [1][2]. Sales Performance - In December, Geely's total sales reached 236,800 units, a year-on-year increase of 12.7%, with new energy vehicle (NEV) sales at 154,300 units, up 38.7% [1]. - For 2025, Geely's total sales are projected to be 3,024,600 units, reflecting a 39.0% year-on-year growth, achieving its annual sales target [1]. - The company aims for sales of 3,450,000 units in 2026, representing a 14.1% increase, supported by a sustainable subsidy policy and an expanding product matrix [1]. Dual-Fuel Strategy and International Expansion - Geely's brand sales in December reached 172,800 units, a 10.2% increase, with NEV sales at 1,687,800 units for 2025, marking a 90.0% year-on-year growth [2]. - The company plans to sell 2,220,000 NEVs in 2026, a 31.5% increase, to counteract the effects of subsidy reductions [2]. - Geely's exports in December totaled 40,300 units, a 49.0% increase, with total annual exports at 420,100 units, up 1.3% [2]. - The company is expanding into 13 new markets, including the UK, Italy, and Brazil, with significant progress in its factories in Egypt and Indonesia [2]. High-End Brand Development - In December, sales for the Zeekr and Lynk & Co brands were 30,300 and 33,800 units, respectively, showing increases of 11.3% and 29.4% [3]. - The Zeekr 9 model has become the best-selling large SUV priced above 500,000 yuan, while the Lynk & Co 900 has sold over 50,000 units within six months of its launch [3]. - The company aims for Lynk & Co sales of 400,000 units in 2026, a 14.1% increase, and Zeekr sales of 300,000 units, a 33.8% increase [3]. Profit Forecast and Investment Recommendation - The forecasted net profit attributable to shareholders for 2025, 2026, and 2027 is 17.041 billion, 20.604 billion, and 24.318 billion yuan, respectively [4]. - The target price is set at 20.79 yuan per share, equivalent to 23.02 HKD, maintaining a buy rating [4].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 東方證券股份有限公司 呈交日期: 2026年1月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600958 | 說明 | 上海證券交易所 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 7,469,482,864 | RMB | | | 1 RMB | | 7,469,482,864 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 7,469,482,864 | RMB | | | 1 RMB | | 7,469,482,864 | | ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 東方證券股份有限公司 呈交日期: 2026年1月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600958 | 說明 | 上海證券交易所 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 7,469,482,864 | RMB | | | 1 RMB | | 7,469,482,864 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 7,469,482,864 | RMB | | | 1 RMB | | 7,469,482,864 | | ...

Core Insights - The report highlights that the public fund fee reform has concluded, and insurance companies are expected to perform well, indicating potential investment opportunities in the spring market [1][6]. Group 1: Industry Performance - As of December 31, 2025, the Shanghai Composite Index closed at 3968.84 points, up 0.13%, while the Shenzhen Component Index fell by 0.58% [11]. - The average daily trading volume in the Shanghai and Shenzhen markets reached 2.13 trillion yuan, an increase of 8.30% week-on-week [6]. Group 2: Insurance Sector - Insurance companies are anticipated to maintain high growth in performance, with short-term results expected to exceed expectations and long-term interest rate spreads likely to improve [17]. - The Ministry of Finance released a draft revision of the accounting standards, enhancing the clarity of profit sources for insurance companies and improving comparability across industries [17]. - Key stocks to watch in the insurance sector include China Ping An, China Life, and New China Life, among others [17]. Group 3: Securities Sector - The public fund fee reform is expected to save investors approximately 51 billion yuan annually, with a fee reduction of about 20% [18]. - The reform includes differentiated redemption fee structures aimed at promoting long-term investment and reducing short-term trading behaviors [19]. - The introduction of new REITs regulations is expected to enhance the market's quality and expand opportunities for securities firms [24][28]. Group 4: Valuation and Financial Analysis - China Ping An (601318.SH) has a target price of 85.17 yuan, with an estimated EPS of 8.91 yuan for 2025, reflecting a PE ratio of 7.68 [7]. - New China Life (601336.SH) has a target price of 94.21 yuan, with an estimated EPS of 14.04 yuan for 2025, indicating a PE ratio of 4.96 [7]. - The report suggests that the valuation metrics for various companies in the sector indicate potential upside, with several stocks rated as "Buy" [7].

东方证券研报指出，重庆银行深耕本土，网点聚焦主城区域，区域经济增长动能拐点带动重庆银行需求 拐点，扩表动能强劲，市场份额逐步提升且斜率愈发陡峭。公司对公优势夯实，零售边际企稳，扩表动 能持续强劲；存量风险出清，资产质量改善可期。同时，重庆经济增长拐点已现，城投化债稳步推进， 区域信用环境边际改善，为银行经营创造良好环境。24年以来基本面拐点确立，25年业绩加速释放，前 三季度营收利润增速均实现10%+，未来ROE具备较大改善潜力。采用可比公司估值法，可比公司26年 PB平均值为0.69倍，对应目标价12.70元/股，首次覆盖给予"买入"评级。 ...

Investment Rating - The report assigns a "Buy" rating for the securities industry, indicating an expected stock performance that will exceed the market by more than 10% over the next 12 months [9]. Core Insights - The public fund sales fee reform has been smoothly implemented, with a focus on benefiting investors and addressing market concerns. The reform is expected to save approximately 51 billion CNY in investment costs annually, with a comprehensive fee rate reduction of about 20% [5]. - The new rules on redemption fees have been established to protect market liquidity while benefiting investors. The differentiation in redemption fees is aimed at encouraging long-term investment practices [5]. - The classification of products and supporting policies have been upgraded to create a more refined fee rate regulatory system, promoting the development of index funds and equity funds [5]. - The report emphasizes the importance of wealth management institutions' service capabilities in the context of the growing equity fund market, suggesting a focus on companies like Huatai Securities, CICC, Guotai Junan, and CITIC Securities [5]. Summary by Sections Regulatory Changes - The China Securities Regulatory Commission (CSRC) issued new regulations on public fund sales fees, effective from January 1, 2026, marking the completion of a three-phase fee reduction process [5]. - The third phase of the reform is projected to provide approximately 30 billion CNY in annual benefits to investors [5]. Product Classification - The new regulations simplify redemption fee structures into three tiers and allow flexible arrangements for different types of funds, particularly benefiting individual investors in index funds [5]. - The maximum subscription fee rates have been refined, with specific caps for different fund types, encouraging the growth of index funds [5]. Investment Recommendations - The report suggests focusing on companies that are well-positioned to benefit from the reforms and the anticipated growth in the equity fund market, including Huatai Securities (AH), CICC (H), Guotai Junan (AH), and CITIC Securities (AH) [5].

Core Viewpoint - In 2025, the Chinese securities industry underwent profound changes under the strategy of "cultivating first-class investment banks," marked by resource integration, technological empowerment, and ecological restructuring, signaling a new chapter for the industry. Group 1: Major Events - The merger of Guotai Junan and Haitong Securities in 2025 established a new "dual leader" pattern in the industry, with the combined entity "Guotai Haitong" reporting a net profit of 22.074 billion yuan, closely following CITIC Securities' 23.159 billion yuan, both surpassing the 20 billion yuan mark [4] - The first "three-in-one" integration in the industry is being planned by CICC, Dongxing Securities, and Xinda Securities, which, if completed, will create a new model for industry integration with total assets exceeding 1 trillion yuan [5] - The margin trading balance reached a historical high of 2.551734 trillion yuan by December 29, 2025, accounting for 2.59% of the A-share market's circulating market value, with a 288% year-on-year increase in new accounts opened in September 2025 [6] Group 2: Regulatory and Structural Changes - The China Securities Regulatory Commission revised and renamed the "Securities Company Classification Evaluation Regulations" in 2025, focusing on guiding the industry to serve national strategies and enhancing professional capabilities [7] - AI applications in securities firms accelerated, with leading institutions showcasing advancements at the 2025 World Artificial Intelligence Conference, enhancing capabilities in investment research and risk control [8] Group 3: Leadership and Talent Dynamics - Over 10 chief economists in the securities industry changed positions in 2025, primarily due to the merger wave, indicating a significant reshuffling of talent [9] - More than 50 securities firms experienced changes in leadership roles, with approximately one-third of firms undergoing a "leadership change," driven by factors such as retirement and shareholder changes due to mergers [10] Group 4: Market Competition and Trends - Despite the rising trend of "anti-involution," a price war among securities firms intensified, with commission rates dropping to as low as 0.01% and financing rates falling below 4%, highlighting the need for the industry to return to its core financial services [11] - Securities firms were first included as issuers of Sci-Tech Innovation Bonds in May 2025, with total issuance exceeding 80 billion yuan since then, enhancing their competitive edge [12] - The wave of public fund business that began in 2022 receded in 2025, with several institutions withdrawing their applications for public fund qualifications, indicating a shift in business models [14]

Core Insights - The top three companies by stockholding ratio in the Hong Kong Stock Connect are China Telecom (71.90%), GCL-Poly Energy (69.96%), and Da Zhong Public Utilities (68.75%) [1][2] - The companies with the largest increase in stockholding over the last five trading days include SMIC (+1.092 billion), China Merchants Bank (+1.052 billion), and Hong Kong Exchanges and Clearing (+790 million) [1][2] - The companies with the largest decrease in stockholding over the last five trading days include China Mobile (-3.216 billion), Tencent Holdings (-1.107 billion), and the Tracker Fund of Hong Kong (-465 million) [1][2] Stockholding Ratios - China Telecom (00728) holds 99.79 million shares with a stockholding ratio of 71.90% [2] - GCL-Poly Energy (01330) holds 28.3 million shares with a stockholding ratio of 69.96% [2] - Da Zhong Public Utilities (01635) holds 36.7 million shares with a stockholding ratio of 68.75% [2] - Other notable companies in the top 20 include China Shenhua (66.39%) and China Merchants Energy (64.43%) [2] Recent Trading Activity - The top three companies with increased holdings in the last five trading days are: - SMIC (00981): +1.092 billion, +15.28 million shares [2][3] - China Merchants Bank (03968): +1.052 billion, +19.92 million shares [2][3] - Hong Kong Exchanges and Clearing (00388): +790 million, +1.93 million shares [2][3] - The top three companies with decreased holdings in the last five trading days are: - China Mobile (00941): -3.216 billion, -39.36 million shares [2][3] - Tencent Holdings (00700): -1.107 billion, -1.84 million shares [2][3] - Tracker Fund of Hong Kong (02800): -465 million, -18.01 million shares [2][3]

Core Viewpoint - The competition landscape among securities firms in the A-share IPO market has solidified with the successful listings of companies like Hengdongguang and Xinguoyi, marking the end of the 2025 A-share IPO season [1] Group 1: Overall Market Dynamics - Leading securities firms maintain a strong competitive edge, while smaller firms have made breakthroughs in niche segments. The top five firms account for nearly half of the total IPO projects in the market [2] - In 2025, the top five securities firms by IPO underwriting numbers are Guotai Haitong (19), CITIC Securities (17), CITIC Jianou (12), China Merchants Securities (10), and Huatai United (9) [3] Group 2: Differentiated Competition - The dual innovation board is a key platform for financing technology and emerging industries, raising a total of 633.71 billion yuan, which constitutes nearly half of the annual IPO fundraising total. This area is highly competitive among securities firms [4] - CITIC Securities leads the Sci-Tech Innovation Board with an underwriting scale of 168.95 billion yuan, capturing over 44% of the market share. Notable projects like Moore Threads contributed significantly to this figure [4] - The top five firms for the Sci-Tech Innovation Board in terms of underwriting numbers are CITIC Securities (7), CITIC Jianou (3), CICC (3), Huatai United (2), and others [5] - For the Growth Enterprise Market, Guotai Haitong and China Merchants Securities have a notable lead with 6 and 4 projects respectively, and underwriting amounts of 57.61 billion yuan and 45.46 billion yuan [6] Group 3: Regulatory Environment - The China Securities Association released the 2025 evaluation results for securities firms' investment banking business, indicating a focus on quality control and compliance. Twelve firms received an A rating, with five firms maintaining this rating for two consecutive years [9] - The dynamic optimization of the evaluation system reflects the ongoing trend of strict regulation and compliance in the securities industry [9] Group 4: Outlook for 2026 - The IPO market is expected to remain active in 2026, with a structural optimization characterized by stable volume and improved quality. The dual innovation sector is anticipated to see an expansion in financing and quality [10] - Hard technology companies in sectors such as semiconductors, artificial intelligence, quantum computing, commercial aerospace, and biomedicine are expected to increase their presence in the capital market [10] - The competition among securities firms will intensify, focusing on serving technological innovation and industrial upgrades, with a continued evolution in the competitive landscape between leading firms and niche market leaders [10]

来源：36氪 技术，或许就是产业向双碳叙事转型的起点。 在"双碳"目标提出的第五个年头，关于产业生态的讨论，愈发需要一线的声音。 12月23日，由36氪与东方证券及旗下子公司东证创新、东证资本联合发起的第四届"双碳星物种·碳索计划"第三站在上海启动。这也是本届碳索计划的收 官站。 从郑州航空港区的"未来交通"，到北京大兴的"未来能源"，再到上海聚焦"未来技术"，碳索计划沿着双碳目标的现实推进路径，持续向产业纵深行进。 也正因此，本次活动选择走进上海人工智能产业的重要载体"模速空间"，实地探访人工智能从技术创新走向系统落地的现实样本。 作为发起者，东方证券与36氪组织投资机构与产业链上下游企业深入产业现场，围绕AI驱动下的产业创新路径、低碳智能制造的现实可能性展开系统性 探讨。 活动当天，36氪副总裁谢作强、36氪基金副总裁郑王宇、东方证券副总裁陈刚、模速空间副总经理张韵等嘉宾出席现场。同时，现场还进行了人工智能相 关项目路演。 "如果说前两站我们侧重于'看见'产业实践和'链接'多方资源，那么今天我们更希望与各位一起'沉淀'实践洞察、'升维'发展认知。"东方证券副总裁陈刚表 示。东方证券作为资本市场的参与者和推 ...