华泰证券研报认为，北京时间2026年1月31日中午，继去年10月后，美国政府再度关门，但与去年10月 不同的是，两党已经达成大部分妥协，只是由于众议院休会无法及时投票，从而导致出现短暂关门，最 早2月2日众议院通过拨款决议后政府有望重新开门。由于本次关门发生在周末，时间较短，只有部分机 构关门，预计对经济、市场、数据发布都不会产生影响；但反复的政府关门凸显出美国国内分裂与政治 极化，中长期看可能加速去美元化进程。 ...

Core Viewpoint - Public funds are increasing their allocation to non-bank financials, particularly insurance and brokerage stocks, indicating a shift in investment strategy towards these sectors [2][3]. Group 1: Fund Allocation Trends - In Q4 2025, public funds raised their non-bank financial positions by 1 percentage point, making it the fourth largest sector increase after metals, communications, and basic chemicals [2][3]. - Notable stocks such as China Ping An and China Pacific Insurance received significant over-allocations from funds [3]. - The insurance index saw a substantial increase of 23.42% in Q4 of the previous year, outperforming traditional dividend-paying bank stocks [3]. Group 2: Brokerage Performance Expectations - Several listed brokerages have announced expected net profit increases for 2025, with many projecting year-on-year growth exceeding 50% [4]. - Notable forecasts include CITIC Securities expecting a net profit of 8.542 billion to 10.535 billion yuan, and Dongwu Securities projecting a net profit of 3.431 billion to 3.668 billion yuan, both showing significant growth [4]. - Despite the increase in fund allocations, non-bank financials remain underweight compared to historical averages, currently around 30% [4]. Group 3: Structural Opportunities in the Market - The trading volume in the Shanghai and Shenzhen markets has been increasing, suggesting a continuation of favorable market conditions for brokerage stocks [5]. - Analysts recommend focusing on brokerages with strong retail business shares and those that contribute significantly to profits, as individual stock opportunities may outweigh overall market trends [5]. - The insurance sector is benefiting from the performance of equity markets and a shift in deposit funds, with a stable interest rate environment enhancing its investment appeal [6].

Core Insights - The evaluation results for the 2025 annual performance quality of securities companies were released by the Beijing Stock Exchange and the National Equities Exchange and Quotations, assessing 115 firms on their professional capabilities, compliance levels, and business operations [1] Group 1: Overall Industry Performance - The majority of securities companies scored above the baseline score of 100, indicating a positive accumulation in industry performance quality [1] - Guotai Junan ranked first with a total score of 145.04, followed by Huatai Securities (143.41), China Merchants Securities (140.49), Shenwan Hongyuan Securities (136.43), and CITIC Securities (135.49), showcasing strong performance in professional quality [1] Group 2: Distribution of Scores - The score distribution shows a "large middle, small ends" pattern, with a few top-tier firms leading the industry while the majority fall into the second and third tiers, indicating overall compliance and notable business highlights [1] - Some firms scored in the fourth tier due to low professional scores or high compliance deductions, suggesting a need for improvement in specific business areas or risk management capabilities [1] Group 3: Business Structure and Specialization - The evaluation system detailed scores for various sub-items within the Beijing Stock Exchange and National Equities Exchange, revealing differences in business structures among firms [2] - Certain firms, like Huatai Securities and Dongfang Securities, achieved high scores through deep engagement in Beijing Stock Exchange business, particularly in sponsorship and mergers and acquisitions [2] - Other firms, such as Kaiyuan Securities and Shenwan Hongyuan, excelled in the National Equities Exchange business, especially in recommending listings and ongoing supervision, demonstrating their service capabilities for new three-board enterprises [2] Group 4: Contribution of Brokerage and Research - Brokerage and research services, which connect investors with the market, contributed significantly to the professional quality scores of firms like Galaxy Securities and Guotai Junan [2]

Investment Rating - The report maintains a "Positive" investment rating for the non-bank financial sector [4][7]. Core Viewpoints - The report highlights an increase in the proportion of non-bank financial holdings by public funds, with a significant increase in insurance allocations. The current holdings in the non-bank financial sector remain underweight compared to the market [4][5]. - Public funds' holdings in the non-bank financial sector rose by 0.96 percentage points to 1.97% in Q4 2025, with insurance seeing the most notable increase [5][10]. - The report suggests that the insurance sector is expected to achieve good growth in 2026, driven by improved net premium income and reduced asset allocation pressure due to rising long-term bond yields [7][8]. Summary by Sections Public Fund Holdings - In Q4 2025, the total holding of non-bank financials by public funds reached 370.64 billion, with an allocation of 1.97%, up from 1.00% in Q3 2025 [9][10]. - The breakdown of holdings shows insurance at 1.32%, securities at 0.58%, and diversified finance at 0.06%, with significant increases in insurance holdings [5][9]. Individual Stocks - The top five A-share stocks held by public funds in the non-bank financial sector are China Ping An (158.14 billion), China Pacific Insurance (47.88 billion), CITIC Securities (37.26 billion), Huatai Securities (25.21 billion), and New China Life Insurance (20.37 billion) [6][13]. - The report notes that the largest increases in holdings were also seen in these stocks, particularly China Ping An and China Pacific Insurance [6][13]. Investment Recommendations - The report recommends China Life Insurance, China Ping An, and China Pacific Insurance for their strong growth potential and favorable market conditions [7][8]. - For the brokerage sector, it suggests focusing on CITIC Securities, Huatai Securities, and Industrial Securities due to their growth prospects and market positioning [8].

Group 1 - The core viewpoint of the articles indicates that the securities sector is experiencing a downturn, with specific ETFs reflecting this trend, yet there is a notable inflow of funds into the securities ETF, suggesting underlying investor interest [1][2] - The securities ETF (159841) has seen a net inflow of 516 million yuan over the last ten trading days, despite a 1.1% drop in its underlying index during the trading session [1] - The latest fund size of the securities ETF (159841) is reported to be 10.614 billion yuan, with its top five constituent stocks being Dongfang Wealth, CITIC Securities, Guotai Junan, Huatai Securities, and GF Securities [1] Group 2 - The macroeconomic environment is currently slowing down, but the securities company ETF is recommended for industry allocation due to its relative attractiveness in counter-cyclical investment strategies [2] - The securities industry fundamentals remain solid, with a forecasted 47% increase in net profits for the brokerage sector by 2025, supported by recent regulatory policies encouraging mergers and acquisitions [1]

Group 1 - The carbon market is transitioning from "soft constraints" to "hard constraints," with major industrial sectors expected to be covered by 2027, leading to an increase in the allocation of paid quotas and a gradual tightening of total quotas, which supports a long-term rise in carbon prices, projected to reach 150-200 RMB/ton by 2030 [1] - Policy initiatives are clearly linking the environmental value of green certificates to carbon reduction value, with the potential establishment of a mechanism for exchanging green certificates for carbon quotas, enhancing the economic viability of green electricity [1] - The transmission path of carbon and green certificate costs to electricity prices will become clearer, with a decreasing proportion of costs absorbed by companies, promoting electricity prices to fully reflect environmental costs and supporting the development of both the carbon and green certificate markets [1]

Core Viewpoint - Huatai Securities has reported a rise in stock price and announced a bond issuance by its indirect wholly-owned subsidiary, indicating ongoing financial activities and stability in its operations [1]. Group 1: Stock Performance - As of January 29, 2026, Huatai Securities closed at 23.24 yuan, up 1.75% from the previous trading day [1]. - The stock opened at 22.85 yuan, reached a high of 23.31 yuan, and a low of 22.38 yuan, with a trading volume of 33.15 billion yuan and a turnover rate of 1.99% [1]. Group 2: Financial Announcement - Huatai Securities announced that its indirect wholly-owned subsidiary, Huatai International Finance Co., Ltd., issued 3.85 billion Hong Kong dollars in medium-term notes under a medium-term note program, guaranteed by its wholly-owned subsidiary Huatai International [1]. - The guarantee amount is equivalent to 348 million yuan, with an actual guarantee balance of 2.829 billion US dollars [1]. - As of the announcement date, the total external guarantees provided by the company and its subsidiaries amounted to 53.759 billion yuan, representing 28.05% of the latest audited net assets, all of which are guarantees for subsidiaries with no overdue guarantees [1].

本期债券发行工作已于2026年 1月 29日结束。本期债券最终发行规模为 25亿元，票面利率为1.67%，认 购倍数为4.18倍。 华泰证券（601688）(06886)发布公告，根据《华泰证券股份有限公司2026年面向专业投资者公开发行 短期公司债券(第一期)发行公告》，华泰证券股份有限公司 2026 年面向专业投资者公开发行短期公司 债券(第一期)(以下简称"本期债券")期限为11个月，票面利率询价区间为1.2%-2.2%。本期债券发行价格 为每张100元，采取面向专业机构投资者公开发行的方式发行。 ...

Group 1 - The core announcement is regarding Huatai Securities' public issuance of corporate bonds aimed at professional investors, specifically the first phase of the 2025 bond series, referred to as "25 Huatai G1" [1] - The bond will have a face value of RMB 1,000 per unit and will distribute interest of RMB 18.50 (including tax) [1] - The coupon rate for this bond is set at 1.85%, with interest payments scheduled for February 5, 2026 [1]

Core Viewpoint - Huatai Securities (06886) announced the issuance of corporate bonds aimed at professional investors, with a coupon rate of 1.85% and a face value of RMB 1,000 per bond [1] Group 1 - The bond issuance is referred to as "25 Huatai G1" and will pay interest on February 5, 2026 [1] - The interest payment per bond will amount to RMB 18.50, including tax [1]