Core Viewpoint - The A-share market is characterized by "structural differentiation and simultaneous repair," with various institutions noting that despite ongoing redemption pressure on broad-based ETFs, sectors such as consumer chains, real estate chains, and resource products are entering a repair window [1][2]. Group 1: Market Trends - The broad-based ETF redemption pressure continues to grow, with significant differences in the承接力 (support capacity) among different industries and stocks [2]. - The consumer chain is expected to see an increase in allocation leading up to the Two Sessions, with the real estate chain also likely to experience noticeable recovery during this period [2]. - The spring market is supported by ample liquidity and policy backing, which may sustain the ongoing spring rally, although caution is advised regarding the marginal contraction of profit effects at high levels [1][3]. Group 2: Investment Focus - The consensus among institutions is to focus on technology (AI, semiconductors) and resource products (non-ferrous metals, chemicals) as key investment directions [1][7]. - There is growing attention on cyclical sectors showing signs of bottom reversal, such as power grid equipment and lithium batteries, as well as non-bank sectors [1][3]. - The current market environment is conducive to exploring basic combinations centered around chemicals, non-ferrous metals, new energy, and power equipment, while also considering low allocation in non-bank sectors like securities and insurance [2][4]. Group 3: Performance and Earnings - As the annual report forecast disclosure period peaks, the impact of earnings on market structure is expected to become more pronounced, with a focus on sectors with earnings highlights [4][11]. - The performance of sectors such as AI hardware, batteries, pharmaceuticals, steel, and non-bank financials is anticipated to improve, given their relatively low price increases [4][12]. - The market is likely to experience a rotation among sectors, with a focus on high-growth areas and those benefiting from price increases [12][14]. Group 4: Future Outlook - The market is expected to continue its slow bull trend, with the potential for a correction after reaching a phase high between 4200 and 4300 points [6][10]. - The spring market is seen as an extension of the structural bull market, with a likelihood of a consolidation phase following the current rally [3][5]. - The focus for 2026 includes a clearer dual mainline of asset allocation towards physical assets and Chinese assets, with thematic investments becoming essential [9][10].

在国研新经济研究院创始院长朱克力看来，券商发债规模创下历史新高，是市场需求、政策环境与行业 发展阶段共同作用的结果。随着资本市场交投活跃度升温，两融业务、衍生品交易、做市业务等资本消 耗型业务持续扩容，券商补充运营资金与资本金的需求愈发迫切。 "同时，在当前适度宽松的货币政策下，市场利率处于低位区间，发债成本相对可控，进一步提升了券 商通过发债融资的积极性。"朱克力表示。数据显示，2025年券商发债平均利率降至1.94%，部分短期 融资券利率低至1.52%，低利率环境显著降低融资成本，推动券商积极锁定长期资金，优化债务结构。 从募资用途看，券商发债融资主要用于偿还到期债务、补充运营资金、优化资本结构、满足公司业务运 营需求等。田利辉表示，作为资本密集型行业，券商能够通过发行债券实现"补血"，降低对短期资金的 依赖，为业务扩张提供坚实保障，并助力其在资本中介、投资银行等核心业务领域提升竞争力，增强经 营稳定性。 赋能科技创新 从券商发债类型来看，债券结构日益多元化，由传统的公司债、短期融资券向科创债、永续次级债等方 向发展。 其中，科创债成为新的增长点。2025年5月，债市"科技板"落地，引导市场资金"投早、投 ...

随着资本市场交投活跃、回稳向好，以及市场利率走低，2025年，券商抢抓市场机遇，踊跃发债融资。 Wind数据显示，截至2025年12月末，券商年内合计发债达1.8万亿元，同比增长约45%，创下历史新 高。业内认为，这既是券商努力提升资本实力、拓展业绩增长空间的表现，也反映出券商积极服务实体 经济、赋能新质生产力的担当作为。 夯实资本实力 2025年，券商发债热情升温，百亿元级别的大额债券频现。12月，招商证券发布公告称，收到证监会批 复，同意公司向专业投资者公开发行面值总额不超过400亿元公司债券。11月，中信证券发布公告称， 收到证监会批复，同意公司向专业投资者公开发行面值余额不超过500亿元短期公司债券。 头部券商发债积极性尤为高涨。中国银河、华泰证券、国泰海通、中信证券4家券商2025年发债规模均 已突破千亿元，合计发债规模约5000亿元，占行业总发债规模的近三成。"头部券商资本实力强，信用 评级良好，同时其业务范式正在转变，以衍生品、做市商为代表的重资本业务已成为头部机构核心竞争 力，对长期稳定的发债融资需求强烈。此外，行业集中度提升，也推动头部券商通过发债增强资本实 力，巩固市场地位。"南开大学金融 ...

随着资本市场交投活跃、回稳向好，以及市场利率走低，2025年，券商抢抓市场机遇，踊跃发债融 资。Wind数据显示，截至2025年12月末，券商年内合计发债达1.8万亿元，同比增长约45%，创下历史 新高。业内认为，这既是券商努力提升资本实力、拓展业绩增长空间的表现，也反映出券商积极服务实 体经济、赋能新质生产力的担当作为。 夯实资本实力 2025年，券商发债热情升温，百亿元级别的大额债券频现。12月，招商证券发布公告称，收到证监 会批复，同意公司向专业投资者公开发行面值总额不超过400亿元公司债券。11月，中信证券发布公告 称，收到证监会批复，同意公司向专业投资者公开发行面值余额不超过500亿元短期公司债券。 头部券商发债积极性尤为高涨。中国银河、华泰证券、国泰海通、中信证券4家券商2025年发债规 模均已突破千亿元，合计发债规模约5000亿元，占行业总发债规模的近三成。"头部券商资本实力强， 信用评级良好，同时其业务范式正在转变，以衍生品、做市商为代表的重资本业务已成为头部机构核心 竞争力，对长期稳定的发债融资需求强烈。此外，行业集中度提升，也推动头部券商通过发债增强资本 实力，巩固市场地位。"南开大学金融 ...

2026年1月21日，国际金价震荡下行，国内高端珠宝品牌价格随之调整，周大福黄金报价1455元/克，老凤祥1456元/克，六福、金至尊稳定在1453元/克，铂 金维持在940元/克高位，黄金饰品优惠力度加大，消费者观望情绪浓厚，市场成交稍显冷清。 周大福：黄金1455元/克，铂金941元/克，金条1276元/克。 老凤祥：黄金1456元/克，铂金860元/克，足金1456元/克。 2026年1月21日，国际金价震荡下行，国内高端珠宝品牌跟跌，尽管铂金维持高位，黄金饰品优惠力度加大，消费者观望情绪浓厚，市场成交冷清，品牌间 价差显著，金融机构金条价格波动，投资市场活跃，需警惕风险。 一、黄金市场动态 平安银行：和谐平安金条，每克1049.2元。 六福珠宝：黄金1453元/克，铂金941元/克，金条1274元/克。 老庙黄金：黄金1455元/克，铂金860元/克，金条1280元/克。 二、人民币黄金价格 根据上海黄金交易所数据，人民币计价的黄金现货价格报1047.60元/克，较前日上涨2.33元，涨幅0.223%，日内价格波动区间为1042.74元至1048.50元，市场 呈现温和上行态势。 消费者在零售市场购买 ...

近日，据中国证券监督管理委员会网上办事服务平台信息显示，江苏证监局受理了思必驰科技股份有限公司提交的首次公 开发行股票并上市辅导备案的申请，备案时间为2026年1月22日，辅导机构为东吴证券。 据辅导备案报告披露，东吴证券与思必驰辅导协议签署时间为2026年1月9日。另外，参与辅导工作的证券服务机构还包括 北京市金杜律师事务所及天健会计师事务所（特殊普通合伙）。 | 辅导协议签署时间 2026年1月9日 | | --- | | 辅 导 机 构 东吴证券股份有限公司 | | 律 师 事 务 所 北京市金杜律师事务所 | | 会 计 师 事 务 所 天健会计师事务所（特殊普通合伙） | 实际上，2025年4月25日江苏证监局就受理了思必驰首次公开发行股票并上市辅导备案的申请，当时的辅导机构为中信证 券。 | | 全国一体化在线政务服务平台 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | 中国证券监督管理委员会网上办事服务平台(试运行) | | | | | | | 公开发行辅导公示 | | 辅导对象 | 辅导机构 | 备案时间 辅导状态 | 派 ...

Group 1 - The core viewpoint of the article emphasizes the ongoing recovery of market confidence, with potential for sector and stock recovery, particularly in consumer and real estate chains before the Two Sessions [2] - The article highlights the significant outflow of funds from broad-based ETFs, with a notable impact on sectors and stocks that are underweight by institutions [2] - It suggests that sectors with strong fundamentals and logical narratives, particularly those not heavily weighted in broad-based indices, are likely to see recovery [2] Group 2 - The spring market is characterized by a transition towards a more stable phase, with the potential for a perfect spring market driven by increased profitability [3] - The article notes that the overall profitability effect is nearing a high point, indicating that the market may face limitations in time and space for further growth [3] - It anticipates a correction phase following the spring market, where the focus will shift to clearer industrial trends and performance digestion [3] Group 3 - The article discusses the supportive role of abundant liquidity in driving the current spring market, stemming from various factors including insurance capital and foreign fund inflows [4] - It emphasizes the importance of focusing on fundamental performance as companies begin to disclose annual reports, with particular attention to sectors like AI hardware, batteries, and pharmaceuticals [5] Group 4 - The article identifies the current market phase as a structural bull market, transitioning from the second consolidation phase to the third upward phase [6] - It suggests that the market may face a correction after reaching a temporary high between 4200 and 4300 points, with a focus on the support levels and core sectors [6] Group 5 - The article advocates for a dual focus on technology and resource sectors, highlighting the importance of macroeconomic conditions and liquidity in shaping investment strategies [7] - It identifies key sectors such as semiconductors, AI, and new energy as central to current market trends, with a positive outlook for resource industries [7] Group 6 - The article suggests that the market's optimism is necessary, particularly in light of the recent volatility and the need to consider the relationship between market optimism and regulatory cooling [8] - It emphasizes the importance of focusing on physical assets and Chinese assets in investment strategies, with a recommendation for sectors like equipment exports and consumer recovery [9] Group 7 - The article indicates that the current market is entering a phase of high volatility and differentiation, with expectations for policy-driven demand expansion [10] - It highlights the potential for the non-ferrous metals sector to benefit from both industrial trends and financial attributes, particularly in light of geopolitical factors [11] Group 8 - The article notes that the A-share market is returning to a slow bull trend, with an increasing importance of sector rotation and fundamental performance [12] - It emphasizes the need to focus on structural investment opportunities, particularly in technology innovation and manufacturing sectors [12] Group 9 - The article suggests that the current market may be entering the latter half of the spring market, with a focus on sectors with strong performance and clear industrial trends [13] - It highlights the potential for price increases in sectors like basic chemicals and new energy materials, as well as opportunities in export-driven sectors [13] Group 10 - The article maintains that the slow bull trend is likely to continue, with a focus on technology, resource sectors, and industries with high growth potential [14] - It suggests that the current market conditions provide ample opportunities for investment, particularly in sectors with strong earnings forecasts [14]

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report indicates a significant improvement in market trading volume and new fund issuance at the beginning of 2026, which is favorable for the fundamentals of financial IT and brokerage sectors. Brokerage firms are expected to continue rapid growth in their brokerage business, while investment banking, asset management, and overseas expansion are likely to enhance the return on equity (ROE) of leading brokerage firms. The insurance sector has also seen a strong start in both individual and bank-insurance channels, with a continued trend of deposit migration, suggesting a positive outlook for the insurance sector in the spring market [4][6]. Summary by Sections Brokerage Sector - Daily average trading volume for stock funds reached 3.44 trillion, down 16% week-on-week; however, the average trading volume since the beginning of 2026 is 3.64 trillion, a 105% increase compared to Q1 2025 [4] - New stock and mixed fund issuance in January 2026 totaled 44.3 billion, a 56% year-on-year increase [4] - The "Public Fund Performance Benchmark Guidelines" was officially released on January 23, 2026, establishing stricter standards for benchmark selection and changes, enhancing performance evaluation and compensation management systems [4] Insurance Sector - The fourth quarter of 2025 saw a stable research value for ordinary life insurance products at 1.89%, slightly down from 1.90% in the previous quarter, indicating a trend towards stability [6] - The individual insurance channel is under pressure due to various factors, but the strong start in 2026 is expected to improve new policy growth, aided by favorable market conditions [6] - The stabilization of long-term interest rates and a favorable equity market are expected to enhance net assets and profitability for insurance companies, with a potential valuation recovery towards 1x PEV for leading firms [6] Recommended Stocks - Recommended stocks include Guangfa Securities, Guotai Junan, Huatai Securities, and China International Capital Corporation H, as well as China Life, China Pacific Insurance, and Ping An Insurance [7]

无 锡 先导智能 装备股份有限公司向港交所提交上市申请书，联席保荐人为 中信证券 和 摩根大通 。 ...

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].