前两天刚变更董事长，2100亿元总资产的越秀资本，就有资本大动作。拟出售不超过中信证券总股本1%的股份，同时增持北京控股不超过10 亿元。中信证券有着券商"一哥"之称，1%的股份按目前A股或H股股价，市值分别超过41亿元人民币或41亿港元。 此后经增持与部分减持，截至1月16日，越秀资本及子公司合计持有中信证券12.66亿股，占其总股本的8.54%，为中信证券第二大股东，所持 股份均为非限售流通股。 越秀资本要减持中信证券、增持北京控股 1月16日晚间，广州市地方金控平台越秀资本披露，公司当天召开董事会，同意公司及控股子公司通过二级市场出售不超过中信证券总股本 1.00%的股份，授权期限至2026年12月31日。 越秀资本目前为中信证券的第二大股东，持有的股份源于此前中信证券收购广州证券的换股。2020年，越秀资本及子公司通过交割广州证券 100%股份，获得中信证券8.10亿股A股对价。 在准备大手笔减持中信证券的同时，越秀资本表示，公司同意使用不超过10亿元自有资金，通过港股通在二级市场增持北京控股港股股票。 北京控股是北京市政府下属在境外最大的投融资上市平台，从事城市综合公用事业，已形成以燃气、水务及环境 ...

Core Viewpoint - The A-share market is experiencing a steady upward trend supported by policy, economic stabilization, and improved liquidity, with a focus on investment logic and layout direction as the Spring Festival approaches [1][2] Policy Support - Regulatory bodies are guiding the A-share market towards a "gradual rise" pattern, with mechanisms for long-term capital entering the market being continuously improved, enhancing market stability [2] - Policies aimed at boosting domestic demand, such as fertility subsidies, are being implemented, which are expected to stabilize and improve the return on equity (ROE) for related listed companies [2] Economic Signals - The overall revenue growth rate for A-shares improved from -0.02% in the first half of 2025 to 1.2% in the third quarter, while net profit growth increased from 2.5% to 5.3% during the same period, indicating a trend of improving profitability [2] - Forecasts for 2026 suggest a stable macroeconomic environment with net profit growth expected to be 4.8% for the year, peaking in the second quarter [2] Long-term Capital Inflow - Long-term capital, particularly from insurance funds, is becoming a major source of market liquidity, with an estimated potential inflow of approximately 1.73 trillion yuan based on 2025 insurance premium income [3] - This influx of stable capital is expected to reduce market volatility and enhance internal stability [3] Market Structure and Opportunities - Structural opportunities are evident, with 39 out of 360 industry or thematic ETFs reaching new highs in December 2025, particularly in sectors like telecommunications, non-ferrous metals, and military aerospace [3] - The market is characterized by a significant divergence in performance, with small-cap stocks and thematic sectors outperforming larger indices [5] Investor Sentiment - Investor sentiment is showing signs of recovery, with a sentiment index reading of 98.1 on January 9, 2026, indicating a high level of optimism [4] - The market is currently in a phase where emotional recovery and capital reallocation are key themes, especially as the Spring Festival approaches [4][5] Investment Strategy - Investment strategies should focus on three dimensions: consensus direction, counter-consensus direction, and long-term investments, while also considering the opportunities presented by the appreciation of the renminbi [6][8] - In the consensus direction, sectors like non-ferrous metals and semiconductors are highlighted as key areas for institutional investment [7] - For counter-consensus investments, sectors related to domestic demand, such as travel services and quality real estate developers, are recommended due to their potential for valuation recovery [7] Long-term Considerations - There is a growing demand for investments that reduce volatility, with a focus on sectors that have room for ROE improvement, such as chemicals and renewable energy [8] - The appreciation of the renminbi is expected to create investment opportunities, particularly in industries like paper and aviation, which have already seen positive effects [8]

资本补充与业务扩张双线发力 Choice数据显示，截至1月16日，已有27家券商累计发行债券44只，规模达1198亿元，较去年同期的691 亿元大幅增长73.43%。从发债规模来看，头部券商表现突出：华泰证券已发行债券规模达175亿元，国 泰海通、中国银河证券发行规模分别为148亿元和140亿元。 与此同时，大额发债批复陆续落地：1月14日，申万宏源发布公告称，中国证监会同意申万宏源证券向 专业投资者公开发行公司债券，注册发行面值总额不超过600亿元；1月12日，东方财富公告称，证监会 同意东方财富证券向专业投资者公开发行面值总额不超过200亿元次级公司债券。 交易所受理端同样火热。据上交所官网披露，东方证券2026年拟面向专业投资者公开发行总额不超过 400亿元的公司债券和不超过150亿元的次级债，目前该计划已获受理。 从已发行债券的结构与用途来看，券商本轮融资呈现出清晰的战略导向。截至1月16日，券商合计发行 12只短期融资券、27只公司债、3只次级债。其中，短期融资券多用于补充营运资金，普通公司债则以 偿还到期债券、补充营运资金为主，次级债等多用于补充资本。 比如，东方证券在相关公告中明确，其拟发行的1 ...

Core Insights - The brokerage apps have become an important window for observing the comprehensive strength and service innovation trends of various brokerages, with active users reaching 175 million in December 2025, marking a 1.75% month-on-month increase and a 2.26% year-on-year increase, setting a new monthly record for 2025 [1] Group 1: User Engagement and Competition - Two brokerage apps, Huatai Securities' "Zhangle Wealth" and Guotai Junan's "Guotai Junan Junhong," lead the monthly active user rankings with 12.12 million and 10.40 million users respectively, showing month-on-month growth of 2.59% and 2.12% [2] - Other major brokerage apps also demonstrated high user engagement, with Ping An Securities' app reaching 8.88 million active users (up 2.06%), and several others exceeding 7 million [2] - The brokerage app with the highest month-on-month growth was "Zhangshan Securities," which saw a 2.99% increase, reaching 7.30 million active users [2] Group 2: Year-on-Year Growth - The brokerage app with the most significant year-on-year growth was "Xingye Securities Youlibao," which achieved a 20.66% increase, reaching 1.87 million active users in December [3] - Other apps like "Changjiang e-Number" and "Zhangle Wealth" also experienced steady growth, with year-on-year increases exceeding 5% [3] Group 3: Wealth Management Transformation - In December 2025, the Shanghai Composite Index rose by 2.06%, prompting brokerages to enhance their apps by refining advisory services and adding smart trading tools and insurance sections to meet diverse investment needs [4] - Optimizing advisory services has become a key focus for brokerage app upgrades, with companies like Guosen Securities launching new advisory service sections and products tailored to different customer segments [4] - The introduction of insurance sections in brokerage apps has emerged as a highlight, with Ping An Securities and other firms offering various insurance products and educational content to users [4] Group 4: Industry Trends and Future Directions - Analysts indicate that in the context of declining commission rates, the transformation towards wealth management is essential for brokerages to overcome development bottlenecks, evolving from mere securities brokerage to comprehensive wealth management institutions [5] - The inclusion of insurance products can enhance the stability and risk resistance of customer asset portfolios, allowing brokerages to provide more precise and comprehensive services throughout the customer lifecycle [6]

【导读】越秀资本要减持中信证券1%股份，增持北京控股不超过10亿元 中国基金报记者 江右 前两天刚变更董事长，2100亿元总资产的越秀资本，就有资本大动作。拟出售不超过中信证券总股本1%的股份，同时增持北京控股不超过10亿元。中信 证券有着券商"一哥"之称，1%的股份按目前A股或H股股价，市值分别超过41亿元人民币或41亿港元。 越秀资本要减持中信证券、增持北京控股 1月16日晚间，广州市地方金控平台越秀资本披露，公司当天召开董事会，同意公司及控股子公司通过二级市场出售不超过中信证券总股本1.00%的股 份，授权期限至2026年12月31日。 越秀资本目前为中信证券的第二大股东，持有的股份源于此前中信证券收购广州证券的换股。2020年，越秀资本及子公司通过交割广州证券100%股份， 获得中信证券8.10亿股A股对价。 此后经增持与部分减持，截至1月16日，越秀资本及子公司合计持有中信证券12.66亿股，占其总股本的8.54%，为中信证券第二大股东，所持股份均为非 限售流通股。 北京控股是北京市政府下属在境外最大的投融资上市平台，从事城市综合公用事业，已形成以燃气、水务及环境业务及其上下游和业务相关的投资为主 ...

【导读】越秀资本要减持中信证券1%股份，增持北京控股不超过10亿元 中国基金报记者 江右 前两天刚变更董事长，2100亿元总资产的越秀资本，就有资本大动作。拟出售不超过中信证券总股本1%的股份，同时增持北京控股不超 过10亿元。中信证券有着券商"一哥"之称，1%的股份按目前A股或H股股价，市值分别超过41亿元人民币或41亿港元。 越秀资本要减持中信证券、增持北京控股 1月16日晚间，广州市地方金控平台越秀资本披露，公司当天召开董事会，同意公司及控股子公司通过二级市场出售不超过中信证券总股本 1.00%的股份，授权期限至2026年12月31日。 越秀资本目前为中信证券的第二大股东，持有的股份源于此前中信证券收购广州证券的换股。2020年，越秀资本及子公司通过交割广州证 券100%股份，获得中信证券8.10亿股A股对价。 此后经增持与部分减持，截至1月16日，越秀资本及子公司合计持有中信证券12.66亿股，占其总股本的8.54%，为中信证券第二大股东， 所持股份均为非限售流通股。 越秀资本及子公司目前对中信证券的持股，其中持有中信证券A股9.03亿股，占中信证券总股本的6.09%；持有中信证券H股3.63亿股，占 ...

北京商报讯(记者刘宇阳)1月16日，广州越秀资本（000987）控股集团股份有限公司(以下简称"越秀资本")发布公告表示， 经公司第十届董事会第三十三次会议决议，同意公司、控股子公司通过二级市场出售不超过中信证券总股本1%的股份， 授权期限为本次董事会审议通过之日起至2026年12月31日。本次交易在公司董事会决策权限范围内，无需提交股东会审 议。 另据公告披露，截至1月16日，越秀资本及控股子公司直接、间接合计持有中信证券12.66亿股股份，占中信证券总股本的 8.54%。其中持有中信证券A股9.03亿股，占中信证券总股本的6.09%；持有中信证券H股3.63亿股，占中信证券总股本的 2.45%。前述股份全部为非限售流通股。 ...

Shareholder Reductions - RS Technologies and Cangyuan Investment plan to reduce their holdings by no more than 3% in Youyan Silicon [1] - Yuexiu Capital intends to sell no more than 1% of the total share capital of CITIC Securities [1] - Multiple shareholders of Ruimaite plan to collectively reduce their holdings by no more than 4.98% [1] - The controlling shareholder of Brother Technology plans to reduce its holdings by no more than 2% [1] - Jinggangshan Chengxing intends to reduce its holdings in Guanggang Gas by no more than 0.9997% [1] - The controlling shareholder of Lianchuang Optoelectronics, Electronic Group, plans to reduce its holdings by no more than 2% [1] - Shenzhen Jun Tian, a shareholder of Chengdu Xian Dao, plans to reduce its holdings by no more than 2.51% [1] - Shareholder Fan Jun of Xidi Micro plans to reduce no more than 251,230 shares [1] - Shareholder Cheng Gao Century of Decai Co., Ltd. plans to reduce 4.1973 million shares [1] - Hangzhou Xintou and its concerted action party Hangzhou Haoyue have cumulatively reduced 1.29% of shares in Meinian Health [1] - Guotou Chuangye Fund has cumulatively reduced 1.06% of shares in Fuchuang Precision [1] - New Momentum Fund has cumulatively reduced 0.9926% of shares in Shannon Chip Creation [1] - Deputy General Manager Li Zuqing of Guangli Technology plans to reduce no more than 701,600 shares [1] Other Notable Events - Yuan Zhishuang of Dingxin Communications is under investigation by the Securities Regulatory Commission for suspected short-term trading of company shares [1] - Shimao Energy has terminated its plans for a change in control [1]

Group 1 - The core viewpoint of the news is the adjustment of the minimum margin requirement for margin trading in the Shanghai and Shenzhen stock exchanges, increasing it from 80% to 100% for new margin contracts, which reflects a regulatory approach to stabilize the market and manage leverage [2][3] - The adjustment is expected to lead to a slowdown in the growth of margin financing in the short term, but it will create a more stable overall business environment for the securities industry [3] - The securities sector is anticipated to benefit from the migration of household deposits and the reconstruction of the stock market mechanism, which will support the growth of wealth management, investment banking, and institutional business [2][3] Group 2 - The adjustment of the margin requirement is seen as a measure to guide the market towards a healthier and more sustainable medium to long-term trend, similar to adjustments made in 2015 [2] - Companies in the securities industry, particularly those with strong capital and risk management capabilities, are recommended for investment opportunities [3] - The news highlights several Chinese securities firms listed in Hong Kong, including Huatai Securities, GF Securities, and China Galaxy, among others, indicating a broad interest in the sector [4]

人民财讯1月16日电，越秀资本（000987）1月16日公告，公司、控股子公司拟通过二级市场出售不超过 中信证券总股本1%的股份。 越秀资本同日公告，公司拟使用不超过10亿元自有资金，通过港股通在二级市场增持北京控股港股股 票。 ...