2025年12月31日，华泰证券股份有限公司召开第六届董事会第二十一次会议，会议审议通过了选举新一 届董事会成员的议案，并将于2026年1月23日提交公司临时股东会审议。 公告显示，经华泰证券董事会审议通过，同意王会清、周易、丁锋、于兰英、柯翔、晋永甫、陈建伟作 为公司第七届董事会非独立董事候选人；同意提名王建文、王全胜、彭冰、王兵、老建荣为公司第七届 董事会独立董事候选人。 上述人选将在股东会选举通过后，正式履行职责，任期为三年。 值得关注的是，此前有多家媒体报道，华泰证券迎来新的党委书记王会清，经过相应程序后将接替张伟 出任华泰证券董事长。 简历显示：王会清，1970年2月出生，博士，法学、财政学专业，注册会计师、公司律师。曾任江苏省 国际信托有限责任公司总经理，利安人寿保险股份有限公司董事长，江苏省国信集团有限公司副总经 理、党委委员，江苏高科技投资集团有限公司党委书记、董事长。2025年11月起任华泰证券党委书记。 目前，王会清兼任江苏毅达股权投资基金管理有限公司董事、江苏紫金文化产业发展基金（有限合伙） 副理事长等职务。 2025年12月31日，华泰证券股份有限公司召开第六届董事会第二十一次会议，会 ...

来源：银瑞社 文/瑞财经 许淑敏 董事会同意王会清、周易、丁锋、于兰英、柯翔、晋永甫、陈建伟为公司第七届董事会非独立董事候选 人。 待上述人选在公司股东会选举通过后，将正式履行公司第七届董事会董事职责，任期三年。 此外，王莹成为华泰证券第七届董事会职工代表董事候选人。 这些董事人选，并没有太多的悬念，而且绝大多数是股东提名的人选。 目前，单独或者合计持有华泰证券发行在外1%以上有表决权股份的股东共向公司董事会提出了4名第七 届董事会成员候选人。 江苏省国信集团、江苏交通控股、江苏高投集团、江苏省苏豪控股集团分别提名丁锋、于兰英、柯翔、 晋永甫担任第七届董事会非执行董事。 步入新年，华泰证券第一件大事是——董事会换届。 而公司董事长根据公司建议提名江苏省国金投资集团推荐的陈建伟担任公司第七届董事会非执行董事； 提名王会清和周易担任公司第七届董事会执行董事。 最新的董事会议决议显示，同意关于选举华泰证券第七届董事会成员（非独立董事）的预案，并同意提 交公司股东会审议。 王会清的入选，早在市场预期之中。 早于2025年11月底，江苏省委组织部发布任前公示，王会清拟任省委管理领导班子企业正职，市场便已 经猜测王会清会 ...

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].

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].

Investment Rating - The report assigns an "Overweight" rating for the industry, indicating a positive outlook compared to the benchmark index [4]. Core Insights - The new regulations, effective from January 1, 2026, aim to enhance the competitiveness of public fund products while protecting the legitimate rights of fund holders. Key changes include adjustments to subscription and redemption fees for various fund types [2][4]. - The new rules increase the maximum subscription fee for actively managed equity mixed funds from 0.5% to 0.8% and set a cap of 0.3% for index funds. Additionally, new provisions allow for different redemption fee standards for individual and institutional investors based on their holding periods [4][5]. - The report emphasizes that the new regulations will promote a focus on long-term holding in fund sales, particularly benefiting bond funds and enhancing the attractiveness of index funds [4][5]. Summary by Sections Regulatory Changes - The new regulations optimize short redemption fees for off-market index and bond funds, considering liquidity needs of fund holders [2][4]. - Subscription fees for actively managed equity mixed funds are capped at 0.8%, while index funds are capped at 0.3%. The previous average subscription fee for stock index funds was 0.73%, indicating a potential decrease in front-end fees [4][5]. Investment Recommendations - The report suggests that the new regulations will favor the development of bond funds and that ETF holdings will become a key focus for fund distribution models. It recommends brokers with strong ETF service capabilities and investment advisory services, specifically highlighting Huatai Securities and GF Securities [4][6].

Market Overview - On January 2, 2026, the U.S. stock market showed mixed results with the Dow Jones up by 0.66%, the S&P 500 up by 0.19%, and the Nasdaq down by 0.03% [1] - The Dow closed at 48,382.39, the Nasdaq at 23,235.63, and the S&P 500 at 6,858.47 [2] Sector Performance - Large tech stocks experienced more declines than gains, with Tesla seeing a continuous drop for seven trading days. Tesla reported a global delivery of 1.636 million vehicles in 2025, marking an 8.6% year-over-year decline, and was surpassed by BYD in annual electric vehicle sales for the first time [2] - Semiconductor stocks performed strongly, with the Philadelphia Semiconductor Index rising by 4.01%. Notable gains included Micron Technology up over 10%, ASML up over 8%, Intel up over 6%, TSMC up over 5%, and AMD up over 4% [4] Chinese Stocks - The Nasdaq Golden Dragon China Index rose by 4.38%, indicating a positive start to the year for Chinese stocks. Key performers included Baidu Group up over 15%, Pony.ai up over 10%, and several others showing significant gains [4] Commodity Prices - Gold prices increased slightly, with spot gold rising by 0.33% to $4,332.50 per ounce, while silver rose by 1.74% to $72.80 per ounce [4] - In the oil market, WTI crude oil futures for February fell by 0.17% to $57.32 per barrel, and Brent crude for March fell by 0.16% to $60.75 per barrel [5] Cryptocurrency Market - Major cryptocurrencies saw collective gains, with Bitcoin surpassing the $90,000 mark, reflecting a 1.87% increase [6] Foreign Investment Outlook - Foreign institutions maintain a positive outlook on Chinese assets, with predictions of a 38% increase in the Chinese stock market by the end of 2027 [7] - Investment opportunities are expected to be highly structured, focusing on technology innovation, green energy transition, and high-quality brands benefiting from consumer recovery [8]

本周，华泰证券黄乐平团队发布研报称，CES 2026将于2026年1月6-9日在美国拉斯维加斯举行。该团队 认为本届展会的核心主题或将从传统消费电子展示，转向以AI为中心的系统级技术变革。尽管2025年 市场呈现"云端热、端侧温"的特征，但预计本届CES将成为AI应用落地的关键观察窗口，重点覆盖端侧 AI、工业AI、Physical AI与汽车智能化等方向。科技行业投资主线正从算力基础设施走向从仿真、训练 到现实世界部署的完整技术闭环，Physical AI或将成为串联各板块的核心叙事。 AI芯片：英伟达或重塑物理AI，AMD/Intel 聚焦端侧反攻 芯片巨头的策略或现分化。据Wccftech预测，英伟达（NVIDIA）可能淡化消费级显卡（RTX 50 Super 系列或因DRAM涨价延迟发布），CEO黄仁勋或重点阐述"Physical AI"战略，推动AI算力向机器人与工 业场景延伸。AMD 或采取稳健升级策略，桌面端可能推出搭载3D V-Cache的Ryzen 9000系列，移动端 发布Ryzen AI 400系列以巩固PC市场。英特尔（Intel）或将Panther Lake（Core Ultra S ...

Group 1 - The financial sector has collectively risen, with notable increases in stock prices for major companies: China Life up 4.38% to HKD 28.58, Xinhua Insurance up 3.4% to HKD 56.2, Huatai Securities up 4.36% to HKD 19.64, and CITIC Securities up 4.01% to HKD 28.5 [1][1][1] - The People's Bank of China recently released the "China Financial Stability Report (2025)", indicating that the financial system will implement more proactive macro policies to prevent and resolve risks in key areas [1][1] - The report emphasizes the need to improve the institutional and policy environment conducive to long-term investments, significantly increasing the scale and proportion of various long-term funds actually invested in A-shares [1][1] Group 2 - Guosen Securities notes that the insurance industry is entering an upward cycle in both liability and asset sides, benefiting from trends such as the migration of bank deposits and successful short-term initiatives [1][1] - On the asset side, long-term interest rates are stabilizing, and the capital market remains active, which helps alleviate risks associated with interest margin losses due to the gradual reduction of preset interest rates [1][1] - The "integration of insurance and banking" is promoting industry consolidation and reducing internal competition, leading to a positive outlook for the insurance sector; increased market risk appetite and high trading activity are benefiting the brokerage sector in terms of both valuation and performance [1][1]

Market Performance - The Hang Seng Index increased by 2.18%, reaching 26,189.79 points [1] - The Hang Seng Tech Index surged by 3.38%, closing at 5,702.56 points [1] - The Hang Seng China Enterprises Index rose by 2.26%, ending at 9,115.17 points [1] - The market recorded a half-day trading volume of 76.869 billion HKD [1] Notable Stock Movements - Wallen Technology experienced a significant increase of over 72% [1] - Hua Hong Semiconductor rose by 9.89% [1] - Baidu Group-SW saw a gain of 7.45% [1] - Sanhua Intelligent Control increased by 6.37% [1] - NetEase-S rose by 5.87% [1] - Li Auto-W gained 4.93% [1] - SMIC increased by 4.9% [1] - Trip.com Group-S rose by 4.33% [1] - Huatai Securities increased by 4.04% [1] Declining Stocks - Global New Material International fell by 8.99% [1] - 361 Degrees dropped by 10.89% [1] - Goldwind Technology increased by 17.15% [1] - Derin Holdings rose by 14.22% [1]

Core Viewpoint - The CES 2026, scheduled for January 6-9, 2026, in Las Vegas, is expected to shift its focus from traditional consumer electronics to AI-centered systemic technological transformations [1] Industry Trends - The 2025 market is characterized by a "cloud hot, edge warm" trend, indicating a growing interest in both cloud and edge computing technologies [1] - CES 2026 is anticipated to serve as a critical observation window for the deployment of AI applications, particularly in areas such as edge AI, industrial AI, Physical AI, and automotive intelligence [1] Investment Themes - The technology industry's investment narrative is transitioning from computational infrastructure to a complete technological closed loop that encompasses simulation, training, and real-world deployment [1] - Physical AI is expected to become a central narrative that connects various sectors within the technology industry [1]