Core Viewpoint - The recent market perspective suggests that the appreciation of the RMB and increased foreign exchange settlement by enterprises could lead to bank balance sheet expansion, thereby aiding interbank liquidity. However, the reality is that while the RMB appreciates and enterprises increase settlement, the central bank does not purchase foreign exchange, which may tighten interbank liquidity instead [1][6]. Group 1: Impact of RMB Appreciation on Interbank Liquidity - The appreciation of the RMB and increased foreign exchange settlement does not automatically translate to an increase in base currency supply, as the central bank's foreign exchange reserves have not increased despite a significant surplus in bank foreign exchange settlements [2][8]. - In December 2025, the bank's foreign exchange settlement surplus reached a historical high of 999 billion USD, with the settlement rate rising by 7 percentage points to 69%, indicating strong market sentiment towards the RMB [7][9]. - The process of foreign exchange settlement involves converting domestic RMB assets into foreign currency assets, which consumes internal RMB reserves, thus not necessarily leading to liquidity expansion [10]. Group 2: Central Bank's Role in Liquidity Management - The key factor for whether interbank liquidity will tighten alongside RMB appreciation in 2026 lies in the central bank's willingness to increase base currency supply through various measures such as reverse repos, MLF, and bond purchases [4][11]. - The central bank's actions to maintain liquidity are crucial for stabilizing the RMB exchange rate and supporting economic growth, especially in light of government bond issuance [11][12]. - The central bank's ability to smooth out funding fluctuations has been enhanced, and it is expected to continue providing liquidity support, which may keep interbank rates low [12].

Investment Rating - The report maintains a positive long-term outlook for the insurance sector, indicating a strong continuity in market performance despite recent fluctuations [2][12][16]. Core Insights - The financial sector experienced a mixed performance this week, with the non-bank financial index down by 1.45%, underperforming the CSI 300 index by 0.83 percentage points. The insurance sector saw a decline of 4.02%, while the brokerage sector decreased by 0.61% [1][10]. - The insurance sector's performance is driven by two main factors: policy support leading to economic recovery and liquidity easing combined with a strong stock market. The report suggests a shift from liquidity-driven growth to a focus on macro policy support and economic recovery expectations [2][13][16]. - The brokerage sector is expected to benefit from new regulations that enhance investment management quality, with a recommendation to focus on larger, undervalued firms and those involved in mergers and acquisitions [3][18]. - The banking sector is facing a slight decline, but there are signs of recovery in profitability for leading banks, with recommendations to focus on banks with high dividend yields and those expected to benefit from market conditions [19][21]. Summary by Sections Insurance Sector - The insurance sector's recent decline is attributed to short-term market sentiment and liquidity changes, but the long-term outlook remains positive due to strong support from both the liability and asset sides [2][12][16]. - Key recommendations include focusing on companies like China Pacific Insurance, China Ping An, China Life (H), and China Taiping, with a specific recommendation for New China Life [4][16]. Brokerage Sector - The brokerage sector's performance is slightly better than the overall market, with a focus on the new guidelines from the regulatory body that aim to improve fund management quality [3][17]. - Recommended firms include Guotai Junan, Huatai Securities, and others, particularly those with strong merger and acquisition prospects [4][18]. Banking Sector - The banking sector has shown a decline but is expected to stabilize, with recommendations to focus on banks with high earnings elasticity and strong dividend yields [19][21]. - Specific banks to watch include Hangzhou Bank, Ningbo Bank, and others, with a focus on those that have previously been undervalued [4][21].

Core Insights - The report indicates a decline in trading activity, with the CSI 1000 index leading in valuation gains [1] - Valuation changes are mixed across broad indices, with the CSI 1000 showing a notable increase [4] - The report highlights that the PE valuation in the textile and apparel sector and the PB valuation in the oil and petrochemical sector are leading [4] Index Valuation - The CSI 1000 index leads with a PE-TTM increase of 4.2 percentage points, while the PB-LF valuation increased by 2.0 percentage points [4] - Among style indices, the cyclical style leads with a PE-TTM increase of 1.8 percentage points, and the mid-cap style leads with a PB-LF increase of 4.5 percentage points [4] Industry Valuation - The textile and apparel sector shows a PE increase of 2.5 percentage points, leading among industries [4] - The oil and petrochemical sector leads in PB valuation with a 9.5 percentage point increase [4] Market Sentiment - Trading activity has decreased, with a mixed change in turnover rates; the CSI 1000 index saw the largest increase of 1.5% [4] - Total trading volume across indices has declined, with the CSI 1000 experiencing a 21.8% drop [4] - The margin trading balance as of January 22, 2026, is 2.70 trillion, down 0.24% from January 16, 2026 [4] Risk Premium - The report notes a slight decrease in the equity risk premium (ERP), which stands at 3.92%, down 0.03 percentage points from January 16, 2026 [4][7]

【#中科宇航IPO辅导完成#】据证监会网站，1月24日，商业航天企业中科宇航辅导状态再次更新， 从"辅导验收"变为"辅导工作完成"，其IPO辅导机构为国泰海通证券。（每日经济新闻） ...

- The report highlights the performance of the quantitative stock portfolios, including the CSI 300 enhanced portfolio, which achieved a weekly excess return of 2.16% and a cumulative excess return of 5.70% in 2026[1][15][14] - The CSI 500 enhanced portfolio recorded a weekly excess return of 0.38% and a cumulative excess return of -1.98% in 2026[15][14][17] - The CSI 1000 enhanced portfolio achieved a weekly excess return of 0.96% and a cumulative excess return of 1.56% in 2026[15][14][24] - The PB-Earnings optimized portfolio delivered a weekly excess return of 4.05% and a cumulative excess return of 3.64% in 2026[30][31][32] - The GARP portfolio achieved a weekly excess return of 5.85% and a cumulative excess return of 8.81% in 2026[33][34] - The Small-cap Value Optimized Portfolio 1 recorded a weekly excess return of -0.75% and a cumulative excess return of -1.42% in 2026[35][36] - The Small-cap Value Optimized Portfolio 2 achieved a weekly excess return of 0.70% and a cumulative excess return of 2.23% in 2026[37][38] - The Small-cap Growth Portfolio delivered a weekly excess return of -0.24% and a cumulative excess return of -0.57% in 2026[39][40] - Style factors showed that small-cap stocks outperformed large-cap stocks, and low valuation stocks outperformed high valuation stocks. The market capitalization factor achieved a weekly multi-long-short return of 2.83%, while the PB factor and PE_TTM factor achieved 1.05% and 0.71%, respectively[42][43][45] - Technical factors indicated positive contributions from turnover rate factors, while reversal and volatility factors showed negative returns. The turnover rate factor achieved a weekly multi-long-short return of 0.48%, while reversal and volatility factors recorded -2.05% and -0.98%, respectively[46][48][49] - Fundamental factors demonstrated positive returns from SUE and adjusted net profit expectation factors. The SUE factor achieved a weekly multi-long-short return of 0.82%, while adjusted net profit expectation factors recorded 0.47%. ROE factors showed a negative return of -0.67%[50][51][52]

Core Viewpoint - The company has announced a change in the representatives responsible for the continuous supervision of its publicly issued convertible bonds, ensuring compliance with regulatory requirements and maintaining oversight until the end of the supervision period in December 2024 [1]. Group 1: Change in Supervisory Representatives - The company received a letter from Guotai Junan Securities Co., Ltd. regarding the replacement of the continuous supervision representatives for its convertible bond project [1]. - Tian Xin and Xia Jingbo were initially appointed as the supervising representatives, but due to Xia Jingbo's job change, Wang Pengcheng has been appointed to take over his responsibilities [1]. - The continuous supervision period is set to last until December 31, 2024, and Guotai Junan will continue to fulfill its supervisory obligations until all funds raised are utilized and the convertible bonds are fully converted [1]. Group 2: Acknowledgment of Contributions - The company's board expressed gratitude for Xia Jingbo's contributions during the supervision period [1]. Group 3: Profile of New Representative - Wang Pengcheng, the newly appointed representative, is an Assistant Director in the Investment Banking Department of Guotai Junan, holding a master's degree and possessing qualifications as a sponsor representative, a non-practicing member of the Chinese Institute of Certified Public Accountants, and legal professional qualifications [1]. - He has participated in various projects, including the IPOs of Hengxing New Materials and New Point Software, and has a good record of compliance with relevant regulations [1].

Group 1 - The core viewpoint of the article highlights the continued growth of fixed income and the strategic adjustments in equity exposure amidst market fluctuations, with a notable increase in financial bonds [1][2]. - In Q4 2025, the net subscription for fixed income + funds reached 160.55 billion units, showing a significant growth trend despite being lower than Q3 2025, primarily concentrated in secondary bond funds [1]. - Convertible bond funds saw a net subscription of 2.014 billion units in Q4 2025, maintaining a positive subscription trend for two consecutive quarters [1]. Group 2 - Institutional behavior regarding convertible bonds remains diverse, with public funds, social security, and trusts reducing their holdings in October and November, likely for profit-taking, followed by a renewed allocation in December [2]. - Insurance funds significantly reduced their convertible bond holdings, with a decrease of over 50% in face value by the end of 2025 compared to the beginning of the year [2]. - Public funds are actively seeking alternative bottom assets, showing a reduction in bank convertible bonds primarily due to the delisting of the Pudong Development Bank convertible bond, while still demonstrating a strong inclination to increase holdings in other sectors like electronics and defense [2]. Group 3 - In terms of marginal increases, public funds are diversifying their allocation while maintaining core themes, with notable increases in convertible bonds related to power equipment and oil and petrochemicals, as well as defense and military industries [3]. - Specific convertible bonds such as Long 22 and Jingneng convertible bonds have seen significant increases in holdings, reflecting resource and geopolitical logic [3]. - Other sectors like steel and basic chemicals are also seeing increased allocations, indicating a broader trend of investment across various cyclical and manufacturing chains [3].

Core Insights - The bond underwriting market in 2025 shows a clear trend of "the strong getting stronger," with market share concentrated among a few leading institutions [1][4][8] - Competition among underwriters is intensifying, with banks and securities firms leveraging their unique strengths to differentiate themselves [2][6] - Regulatory bodies are taking steps to ensure market order and prevent irrational competition, particularly in pricing and underwriting practices [2][6] Group 1: Market Overview - The total bond issuance in 2025 reached 89.76 trillion yuan, a year-on-year increase of approximately 11% [2] - The issuance of interest rate bonds was 33.80 trillion yuan, up 18%, while credit bonds reached 21.95 trillion yuan, growing by 8% [2] - The market is characterized by a large total volume, diverse categories, and differentiated competition [2] Group 2: Competitive Landscape - In the banking sector, China Bank led with over 16 trillion yuan in underwriting, capturing more than 10% of the market share [4] - The top four state-owned banks collectively hold nearly 40% of the market share, indicating a strong position [4] - In the securities sector, CITIC Securities topped the list with 22,496.07 billion yuan in underwriting and a market share of 14.08% [4][5] Group 3: Sector-Specific Insights - Local government bond issuance reached a record high of approximately 10.29 trillion yuan, reflecting a year-on-year growth of 5.2% [6] - The financial bond market is predominantly led by securities firms, with CITIC Securities holding a market share of 17.56% [6] - The asset-backed securities (ABS) market shows a concentration of resources among leading firms, with CITIC Securities leading at 12.32% market share [7] Group 4: International Market Dynamics - The offshore bond market saw a total issuance of approximately $307.07 billion, a year-on-year increase of about 15.75% [7][8] - The market features a mix of domestic and foreign institutions, with China Bank leading at $14.70 billion in underwriting [8] - The competitive landscape in the offshore market is relatively dispersed, with no single institution dominating [8]

每经AI快讯，华东医药发布公告称，2026年1月21日15:00-16:00、2026年1月22日10:00-11:00，15:00- 16:00，华东医药接受国泰海通证券等投资者调研，公司董事会秘书陈波、首席医学官徐俊芳参与接 待，并回答了投资者提出的问题。 每经头条（nbdtoutiao）——地方国资开始"抄底"法拍房！单价六七千元"扫货"广州南沙区超60套房 源，同小区二手房挂牌均价逾2万元 （记者 曾健辉） ...

Core Viewpoint - Hai'an Group is positioned strongly in the all-steel giant tire segment, characterized by high technical barriers and strong customer loyalty, ranking 11th in the industry with a price-to-earnings ratio of 23.78 times, compared to the industry average of 42.94 times [1] Group 1: Company Performance - As of July 31, 2025, the company has approximately 1.424 billion yuan in orders for tire sales within one year [2] - The company signed new orders and framework agreements for 4,790 all-steel giant tires, amounting to approximately 337 million yuan, including 17 new customers [2] - The company is negotiating several all-steel giant tire sales projects, with seven potential clients expected to generate over 10 million yuan in orders, totaling an estimated 239 million yuan [2] Group 2: Market Expansion - The company has successfully developed over 30 clients in more than 15 countries outside of Russia, including markets in Australia, Indonesia, Chile, Ecuador, and Thailand [2] - Future strategies include increasing penetration among existing domestic customers, developing new clients, and enhancing import substitution [3] - Internationally, the company aims to expand into traditional markets in Europe and the U.S., emerging markets in BRICS countries, Southeast Asia, and Africa, as well as Chinese overseas markets linked to state-owned enterprises [3] Group 3: Investment and Development - The company plans to allocate raised funds to three main projects: expansion of all-steel giant engineering radial tire production, automation upgrades for production lines, and the establishment of a research and development center, with construction periods of 3 years, 2 years, and 3 years respectively [3] - Hai'an Group has established strong partnerships with industry leaders such as Zijin Mining and Jiangxi Copper Group, participating in early-stage IPO investments and strategic cooperation agreements [3] Group 4: Investor Engagement - The recent investor meeting included 26 institutions, indicating strong interest from the investment community [1] - Ruiyuan Fund, a long-term value investment institution, has shown significant growth, with its latest fund unit net value at 2.0042, reflecting a 72.79% increase over the past year [4]