Core Viewpoint - Chinese brokerage stocks have generally risen, with several firms reporting positive earnings forecasts, indicating a strong performance outlook for the sector [1] Group 1: Stock Performance - As of the report, China Galaxy (601881) increased by 4.49% to HKD 10.94, Everbright Securities (601788) rose by 3.4% to HKD 9.13, China Merchants Securities (600999) gained 3.41% to HKD 15.15, and CITIC Securities (600030) went up by 3.1% to HKD 29.9 [1] Group 2: Earnings Forecast - Data shows that as of January 28, 21 brokerage firms that have disclosed earnings forecasts or preliminary reports expect a total net profit of CNY 107.58 billion, representing a year-on-year increase of nearly 60% [1] - Shenwan Hongyuan believes that the active trading environment and the recovery of investment banking and public asset management businesses confirm the high growth trend in brokerage earnings for 2025 [1] Group 3: Future Opportunities - By 2026, wealth management and international business are expected to provide opportunities for brokerages, while mergers and acquisitions will optimize competitive behavior and improve resource allocation efficiency [1] - Demand for derivative products is anticipated to unlock the leverage ceiling for brokerages [1]

消息面上，近日，多家上市券商业绩预喜。有数据显示，截至1月28日，已披露业绩预告或快报的21家 券商，预计净利润总额达1075.87亿元，同比增幅近六成。申万宏源认为，在交投活跃度提升和投行、 公募资管业务底部复苏背景下，券商25年业绩高增态势得到确认。2026年，财富管理、国际业务给券商 发挥功能性带来机遇，并购重组优化券商竞争行为&提高资源配置效率，衍生品等客需业务打开券商杠 杆天花板。 智通财经APP获悉，中资券商股普遍上扬，截至发稿，中国银河(06881)涨4.49%，报10.94港元；光大证 券(06178)涨3.4%，报9.13港元；招商证券(06099)涨3.41%，报15.15港元；中信证券(06030)涨3.1%，报 29.9港元。 ...

Core Viewpoint - The securities industry is transitioning from a transaction-oriented approach to a comprehensive ecosystem, emphasizing brand building as a new competitive advantage in the market [1][5]. Group 1: Importance of Brand Building - The importance of brand building has been increasingly recognized, with regulatory guidance emphasizing the shift from "Chinese manufacturing" to "Chinese branding" [1][2]. - The State-owned Assets Supervision and Administration Commission (SASAC) has issued opinions to enhance brand management across central enterprises, aiming for high-quality brand development to improve core competitiveness [1][2]. Group 2: Current Industry Trends - Securities firms are enhancing brand awareness and leveraging their reputations to create unique value propositions, thus reinforcing brand as a "soft power" for high-quality development [2][6]. - Industry observers note that the brand development in the securities sector is lagging behind other financial sectors, indicating a significant opportunity for early adopters to gain a competitive edge [2][6]. Group 3: Differentiated Brand Strategies - Several leading securities firms have initiated brand renewals, employing distinctive propositions and innovative communication strategies to reshape market perceptions [2][3]. - China International Capital Corporation (CICC) has established a comprehensive brand activity system, including the "CICC Wealth 1018 Release Conference," to enhance brand influence and client engagement [3]. - China Galaxy Securities has launched the "Star Family Office" service brand, integrating various wealth management modules to expand service boundaries [4]. Group 4: Future of Brand Competition - The shift towards brand competition is becoming inevitable, driven by the need for service transformation, high-quality development, internationalization, and differentiation in the securities industry [5][6]. - Brand building is seen as essential for establishing trust and showcasing the industry's role in supporting the real economy and promoting social value recognition [6][7]. - Companies that can create a brand system combining professional expertise and emotional connection are likely to lead in the upcoming industry upgrades [7].

中国银河证券表示：近期，我司发现有不法分子假冒银河证券名义，通过即时通讯工具组建"中国银河 证券策略群"，以"开通机构席位子账户""配合主力拉升""享有优先成交权"等噱头，诱导投资者开展非 法证券交易活动。银河证券从未委托证券经纪人以外的个人或者机构进行投资者招揽、服务活动。任何 假冒我公司名义设立网站、微信、客服热线等行为，均属非法证券活动。任何以我公司及工作人员费用 清退、名义荐股、提供内幕消息、配资等为由开展投资咨询服务，收取会员费、充值、汇款、承诺收 益、盈利分成等行为，均属违法行为。投资者发现仿冒公司网站、微信、客服热线的，请及时向当地证 券监管部门、公安机关举报。对任何假冒我公司或工作人员的非法行为，以及侵害我公司和投资者权益 的行为，公司有权采取包括法律手段在内的各种手段追究其一切责任。 ...

2026年1月28日，银河博时MSCI中国东盟经济互联指数ETF（简称"银河博时中国东盟ETF"）举办上市 仪式，宣告正式登陆港交所交易。 王晟在视频致辞中表示: "本产品作为率先在中国香港上市的聚焦中国和东盟优质资产的权益ETF，为境 内外投资者布局共建"一带一路"倡议提供了创新工具，充分体现了香港国际金融中心的重要作用。我们 将充分发挥自身的境内外布局优势特别是东南亚投研能力，全力做好产品管理、推动互联互通，持续为 客户全球化资产配置提供高质量服务，为共建'一带一路'贡献银河力量。" 中国银河证券与博时基金的此次合作，标志着双方在跨境金融领域的深度协同进入新阶段。随着中国与 东盟经济融合的持续深化，以及香港资本市场互联互通的不断推进，双方的合作有望打造成为金融机构 服务区域经济深度融合的标杆模式，为投资者提供更丰富的全球资产配置方案。 基金产品风险提示： 敬请留意,银河国际资管管理的所有基金产品均受制于市场风险及监管限制。基金产品的表现可能受到 全球宏观经济形势、利率及汇率变动、股票及债券市场波动以及行业政策调整等因素影响。基金产品不 保证可实现预期回报,投资者可能面临本金亏损。基金产品的认购、赎回及交易 ...

Core Viewpoint - The report from China Galaxy Securities indicates that the public fund's heavy stockholding data for Q4 2025 shows a continued low preference for the banking sector, despite ongoing interest in state-owned and joint-stock banks [1] Group 1: Active Fund Holdings - The proportion of active funds underweight in the banking sector has increased, with a current underweight ratio of 8.88%, up by 0.5 percentage points [1] - The total market value of active fund holdings in banks is 30.545 billion yuan, reflecting a 1.52% increase quarter-on-quarter, with a holding ratio of 1.88%, up by 0.07 percentage points, remaining at a near five-year low [1] - The rankings of bank holdings among active funds show state-owned banks at 0.31%, joint-stock banks at 0.61%, city commercial banks at 0.77%, and rural commercial banks at 0.19%, with state-owned banks seeing a notable increase of 0.08 percentage points [1][2] Group 2: Passive Fund Holdings - The total market value of passive fund holdings in banks is 110.423 billion yuan, with a holding ratio of 7%, up by 1.56 percentage points, ranking 6th among the Shenwan first-level industries [3] - The holding ratios for state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks are 0.88%, 5.63%, 0.42%, and 0.08%, respectively, all showing increases, particularly joint-stock banks which rose by 1.37 percentage points [3] Group 3: Northbound Capital Flows - Northbound capital has seen a slight net outflow from the banking sector, with total holdings amounting to 177.26 billion yuan, up by 2.06%, and a holding ratio of 6.85%, increasing by 0.12 percentage points [4] - The net outflow from the banking sector was 5.08 billion yuan, with notable net purchases in banks such as China Merchants Bank, Industrial and Commercial Bank of China, and Ningbo Bank, amounting to 4.356 billion, 1.419 billion, and 1.344 billion yuan, respectively [4]

Core Viewpoint - The bond issuance by securities firms has accelerated significantly at the beginning of 2026, with a total of 2,650 billion yuan approved for issuance, reflecting a 216.53% increase compared to the same period in 2025 [1][5][6]. Group 1: Bond Issuance Overview - On January 27, Guolian Minsheng Securities announced the approval to issue bonds totaling 180 billion yuan and its subsidiary Minsheng Securities 80 billion yuan, with approvals valid for 24 months [2][3]. - As of January 26, 2026, securities firms have cumulatively issued bonds amounting to 2,380.3 billion yuan, a significant increase from 752 million yuan in the same period of 2025 [5][6]. - The bond issuance includes various types such as perpetual subordinated bonds and technology innovation bonds, indicating a diversification in the types of bonds being issued [6][7]. Group 2: Market Dynamics and Trends - The surge in bond issuance is attributed to favorable market conditions and the increasing capital needs of securities firms, driven by the overall positive trend in the capital market [5][6]. - The current low interest rate environment provides an advantageous window for securities firms to engage in debt financing, allowing them to enhance their capital adequacy and invest in diversified business areas [5][6]. - The issuance of technology innovation bonds has gained momentum, supported by regulatory policies that encourage financial institutions to fund technology innovation [6][7]. Group 3: Future Outlook - Analysts suggest that the concentrated bond issuance at the beginning of the year is a common practice among securities firms to secure operational capital for the year ahead [7]. - With expectations of a prolonged bull market in China's capital market, securities firms will require more capital to support diversified business operations [7]. - The trend of "Matthew Effect" is evident, where leading securities firms continue to expand their issuance scale, while smaller firms face constraints in financing capabilities [7].

每日经济新闻 1月27日，科技板块领涨市场，半导体、存储芯片、CPO等概念轮番活跃。截至收盘，创业板成长指数上涨1.0%，创业板指数上涨0.7%，创业板中盘200指 数上涨0.4%。 中国银河证券认为，短期来看，春季行情延续，后续板块轮动上涨概率较大，业绩基本面重要性提升，关注科技创新板块中细分板块之间的轮动补涨机会。 ...

中国经济网北京1月27日讯华光新材(688379.SH)昨日晚间披露公告称，公司以简易程序向特定对象发行 股票申请获得上海证券交易所审核通过。 根据公告，公司于2026年1月26日收到上海证券交易所出具的《关于杭州华光焊接新材料股份有限公司 向特定对象发行股票的交易所审核意见》。具体意见如下： 杭州华光焊接新材料股份有限公司向特定对象发行股票申请符合发行条件、上市条件和信息披露要求。 本所将在收到你公司申请文件后提交中国证监会注册。 本次发行所有发行对象均以人民币现金方式并以同一价格认购公司本次发行的股票。 本次发行的价格为40.67元/股，发行价格不低于定价基准日前20个交易日公司股票交易均价的80%。根 据本次发行的竞价结果，本次拟发行的股票数量为4,893,041股，不超过本次发行前公司总股本的30%， 即不超过27,025,656股股票(含本数)。 本次发行对象在本次发行前后与公司均不存在关联关系，本次发行不构成关联交易。 截至报告期末，金李梅直接持有公司36.54%的股份，通过杭州铧广投资有限公司控制公司9.60%的股 份，通过杭州通舟投资管理有限公司控制公司0.78%的股份，合计控制公司46.92 ...

Core Viewpoint - The report from China Galaxy Securities highlights the investment opportunities arising from the new trends in the snack retail industry, indicating a shift from rapid expansion to high-quality growth, with leading companies driving revenue and profitability improvements [1] Downstream - The traditional snack retail sector has significant room for expansion, with an expected increase to nearly 50,000 stores by 2025, creating a total potential of about 74,000 stores, which represents an increase of over 20,000 stores [2] - Profitability is expected to continue improving, with adjusted net profit margins for Mingming Hen Mang rising from 2.3% to 3.9% and Wancheng's net margin increasing from -1.6% to 4.4% from 2023 to the first three quarters of 2025, driven by reduced store opening subsidies and category structure adjustments [2] - New store formats are supporting expansion and improving single-store performance, with both Mingming Hen Mang and Wancheng planning to open discount supermarket formats by 2025, currently accounting for less than 20% of new store formats, with potential for further growth [2] - The development of private label products is boosting revenue and gross margins, with the share of private label income for the two leading companies expected to be in the single digits, indicating significant room for growth compared to competitors like Don Quijote, where private label shares are around 20-30% [2] Upstream - Downstream stores are expanding their product categories to include dairy, baked goods, and frozen foods, which is expected to benefit related upstream supply chain companies, particularly mid-tier brands with significant revenue elasticity [3] - The focus on developing private label products by downstream stores may lead to market share differentiation among supply chain companies, as the relationship between upstream and downstream evolves from simple trade to deep product collaboration, favoring manufacturers with strong product development and customization capabilities [3]