Investment Rating - The report maintains a "Recommend" rating for the non-bank financial sector, indicating a positive outlook for investment in this area [1][8]. Core Insights - The non-bank financial sector is experiencing a continued high level of activity, with significant increases in holdings in both the brokerage and insurance segments. The brokerage sector's holdings increased to 0.99%, while the insurance sector saw a substantial rise to 2.04% [1][7]. - The overall fund net asset value reached 36.8 trillion yuan, reflecting a year-on-year growth of 14% and a quarter-on-quarter increase of 2% [12]. - The brokerage sector is expected to benefit from improved market conditions, with a projected net profit increase of 26% year-on-year for Q4 2025 [19][20]. - The insurance sector is poised for strong performance in 2026, driven by favorable market conditions and a significant increase in new policy premiums [22][23]. Summary by Sections Public Fund Market Size - As of Q4 2025, the total net asset value of public funds was 36.8 trillion yuan, with a year-on-year increase of 14% and a quarter-on-quarter increase of 2% [12]. - The non-monetary fund size reached 21.7 trillion yuan, growing 16% year-on-year [12]. Non-Bank Sector Holdings Analysis Brokerage Sector - The brokerage sector's holdings increased to 0.99%, up 0.1 percentage points from the previous quarter, with a total of 7.71 billion shares held, reflecting a 17.9% quarter-on-quarter increase [20]. - Major brokerages such as CITIC Securities and Guotai Junan saw significant increases in their holdings, with respective increases of 0.14 and 0.07 percentage points [20][21]. Insurance Sector - The insurance sector's holdings rose to 2.04%, a significant increase of 0.97 percentage points from the previous quarter, exceeding the benchmark allocation [23]. - Key players like Ping An and China Life experienced notable increases in their holdings, with Ping An's allocation rising by 0.68 percentage points [23]. Investment Recommendations - The report suggests focusing on key stocks within the brokerage sector, including Guotai Junan, CITIC Securities, and Huatai Securities, as well as major insurance companies like Ping An and China Life [8].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股份代號：6030） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列中信証券股份有限公司（「本公司」）在上海證券交易所網站刊登的本公司關於間 接子公司發行中期票據並由全資子公司提供擔保的公告，僅供參閱。 承董事會命 中信証券股份有限公司 董事長 張佑君 中國北京 2026年1月26日 於本公告刊發日期 ，本公司執行董事為張佑君先生 、鄒迎光先生及張長義先生；本公司非執行董事為李艺女士 、 梁丹先生、張學軍先生、付臨芳女士及趙先信先生；本公司獨立非執行董事為李青先生、史青春先生、張健華 先生、劉俏先生及李蘭冰女士；及本公司職工董事為施亮先生。 证券代码：600030 证券简称：中信证券 公告编号：临2026-006 中信证券股份有限公司 关于间接子公司发行中期票据 并由全资子 ...

证券代码：600030 证券简称：中信证券 公告编号：临2026-006 中信证券股份有限公司 关于间接子公司发行中期票据 并由全资子公司提供担保的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 担保对象及基本情况 | | 被担保人名称 | 本次担保金额 | 实际为其提供的担保余额 | 是否在前期 | 本次担保是 | | --- | --- | --- | --- | --- | --- | | | | | （不含本次担保金额） | 预计额度内 | 否有反担保 | | CSI MTN | Limited | 500万美元 | 34.85亿美元 | 是 | 否 | 累计担保情况 | 对外担保逾期的累计金额（万元） - | | | --- | --- | | 截至本公告日上市公司及其控股子 公司对外担保总额（亿元） | 2,095.42 | | 对外担保总额占上市公司最近一期 经审计净资产的比例（%） | 71.49 | | | 担保金额（含本次）超过上市公司最近一期经审计净 | | | 资产50% | | ...

证券之星消息，1月26日证券板块较上一交易日上涨0.65%，财通证券领涨。当日上证指数报收于 4132.61，下跌0.09%。深证成指报收于14316.64，下跌0.85%。证券板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 601108 | 财通证券 | 9.46 | 4.30% | 217.61万 | | 20.76亿 | | 601377 | 兴业证券 | 7.09 | 3.20% | 326.01万 | | 23.20亿 | | 601688 | 华泰证券 | 23.25 | 2.24% | 155.04万 | | 36.20 Z | | 600909 | 华安证券 | 7.50 | 2.18% | 159.60万 | | 11.97亿 | | 666009 | 招商证券 | 17.04 | 1.91% | 94.65万 | | 16.06亿 | | 000776 | 广发证券 | 22.71 | 1.79% | 90.18万 | | 20.48亿 ...

禾迈股份首次公开发行股票募集资金总额为55.78亿元，扣除发行费用后募集资金净额为54.06亿 元。该公司最终募集资金净额比原计划多48.48亿元。禾迈股份于2021年12月15日披露的招股说明书显 示，该公司拟募集资金5.58亿元，拟分别用于禾迈智能制造基地建设项目、储能逆变器产业化项目、智 能成套电气设备升级建设项目、补充流动资金。 禾迈股份首次公开发行股票的发行费用总额为1.72亿元，其中，承销费及保荐费1.42亿元。 中国经济网北京1月26日讯 禾迈股份(688032.SH)今日收报111.50元，跌幅7.04%。该股目前处于破 发状态。 2024年6月13日，禾迈股份公告分红方案，每10股派息(税前)36元，转增4.9股，除权除息日为2024 年6月19日。 禾迈股份于2021年12月20日在上交所科创板上市，发行价格为557.80元/股，发行股票数量为 1000.00万股，保荐人（主承销商）为中信证券股份有限公司，保荐代表人为金波、董超。 (责任编辑：何潇) 2022年5月30日，禾迈股份公告分红方案，每10股派息(税前)30元，转增4股，除权除息日为2022年 6月7日。 2023年6月6日，禾 ...

龙芯中科首次公开发行股票募集资金总额为246,246.00万元，募集资金净额为241,993.89万元，较原计划 少109,193.01万元。龙芯中科于2022年6月21日发布的招股说明书显示，该公司拟募集资金351,186.90万 元，用于先进制程芯片研发及产业化项目、高性能通用图形处理器芯片及系统研发项目、补充流动资 金。 龙芯中科首次公开发行股票的发行费用合计4,252.11万元（不含增值税金额），其中，承销及保荐费 2,183.69万元。 (责任编辑：马欣) 2023年和2024年，龙芯中科实现营业收入分别为50,569.44万元和50,425.72万元，实现归属于上市公司股 东的净利润分别为-32,943.98万元和-62,534.71万元，实现归属于上市公司股东的扣除非经常性损益的净 利分别为-44,186.01万元和-66,472.53万元。 龙芯中科于2022年6月24日在上交所科创板上市，发行数量为4,100.00万股，发行价格为60.06元/股，保 荐机构（主承销商）为中信证券股份有限公司，保荐代表人为陈熙颖、何洋。 中国经济网北京1月26日讯 龙芯中科(688047.SH)近日披露202 ...

中国经济网北京1月26日讯 必贝特(688759.SH)近日发布2025年年度业绩预亏公告。 经财务部门初步测算，必贝特预计2025年年度实现归属于母公司所有者的净利润与上年同期（法定披露 数据）相比，将出现亏损，实现归属于母公司所有者的净利润为-16,600万元到-13,600万元；归属于母 公司所有者扣除非经常性损益后的净利润-18,800万元到-15,800万元。本次业绩预告情况未经注册会计 师审计。 2022年至2024年，必贝特均无营业收入，净利润/归属于普通股股东的净利润分别为-18,833.88万 元、-17,275.51万元、-5,599.83万元；扣除非经常性损益后归属于普通股股东的净利润分别为-20,749.04 万元、-18,776.76万元、-15,804.87万元；经营活动产生的现金流量净额分别为-12,766.89万 元、-12,737.30万元、-8,961.35万元。 必贝特于2025年10月28日在上交所科创板上市，发行股票数量9,000.0000万股，发行价格为17.78元/ 股，保荐机构（主承销商）为中信证券股份有限公司，保荐代表人为彭浏用、熊志兵，联席主承销商为 国信证 ...

Investment Rating - The report maintains an "Accumulate" rating for the insurance sector, indicating a positive long-term outlook despite short-term adjustments in the A-share market [4]. Core Insights - The official release of the public fund performance benchmark guidelines emphasizes the importance of benchmarks in measuring performance and enhancing accountability among fund managers [1][20]. - The insurance sector is expected to benefit from long-term trends such as the migration of deposits and increasing demand for healthcare and retirement security, despite short-term pressures on sentiment and funding [4][36]. - The securities sector is experiencing heightened market risk appetite and active trading, with IT companies and brokerages benefiting from improved valuations and performance [4][36]. Summary by Sections Industry Dynamics - The non-bank financial sector, including securities and insurance, experienced varied performance, with the insurance sector showing a decline of 1.45% and the securities sector a slight decrease of 0.34% during the week [10]. - The ten-year government bond yield decreased to 1.8298%, reflecting a slight decline from the previous week [17]. Insurance - The insurance industry is focusing on high-quality development, with a significant emphasis on commercial health insurance, which has seen a compound annual growth rate exceeding 20% over the past decade [14]. - The China Insurance Industry Association is working on industry demonstration clauses and drug payment lists to enhance collaboration between medical, pharmaceutical, and insurance sectors [14]. - China Pacific Insurance reported a total premium income of CNY 258.11 billion for the past year, marking an 8.08% year-on-year increase, driven primarily by the rapid expansion of the bancassurance channel [16]. Securities - The official guidelines for public fund performance benchmarks will take effect on March 1, 2026, establishing clear requirements for benchmark selection and management responsibilities [20][21]. - The report highlights the importance of maintaining a consistent performance benchmark to ensure transparency and accountability in fund management [21]. - The average daily trading volume for stock funds reached CNY 22,757.32 billion, a decrease of 44.37% from the previous week, indicating fluctuations in market activity [27]. Multi-Financial - The Shanghai Futures Exchange is revising its nickel futures business rules to allow for international participation, which may enhance market liquidity and trading opportunities [34]. - The Guizhou Futures Exchange has adjusted the trading limits and margin requirements for lithium carbonate futures, reflecting ongoing developments in the commodities market [34].

1月26日 ，上证指数午盘涨0.12%，创业板指跌0.86%，盘面上，黄金股、油气、基本金属领涨，保险、券商板块涨幅靠前，金融科技、AI应用概念纷纷回 调。截至午间收盘，证券ETF华夏(515010)上涨1.31%，其持仓股财通证券、兴业证券均涨超4%，华泰证券、广发证券、华安证券等个股跟涨，金融科技 ETF华夏(516100)跌2.17%。 证券ETF华夏紧密跟踪中证全指证券公司指数，截至2025年12月31日，中证全指证券公司指数(399975)前十大权重股分别为东方财富、中信证券、国泰海 通、华泰证券、广发证券、招商证券、东方证券、兴业证券、申万宏源、中金公司，前十大权重股合计占比61.15%。（以上所列股票仅为指数成份股，无 特定推荐之意） | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 300059 | 东方财富 | 0.43% | 14.12% | | 600030 | 中信证券 | 1.66% | 13.50% | | 601211 | 国泰海通 | 1.31% | 11.19% | | 601688 | 华泰证券 | 2.42% | ...

Group 1 - The capital market has been active recently, with brokers conducting research on 440 A-share companies this year, predominantly in the electronics and machinery sectors, while the power equipment and chemical sectors have seen a surge in interest [1] - According to Founder Securities, brokers are still in a "lagging" phase, but ROE is on an upward trend, indicating that sector performance, although delayed, is expected to improve [1] - The capital market is projected to remain robust in 2025, with an average daily stock trading volume of 20.8 trillion yuan, a year-on-year increase of 70.2%, and an average margin balance of 2.08 trillion yuan, up 32.7% year-on-year [1] Group 2 - The 国证证券龙头指数 (399437) has shown a strong increase of 1.98%, with notable gains in constituent stocks such as 财通证券 (6.50%), 兴业证券 (4.95%), and 华泰证券 (3.52%) [1] - The 证券ETF鹏华 (159993) closely tracks the 国证证券龙头指数 and aims to reflect the market performance of quality listed companies in the securities theme [2] - As of December 31, 2025, the top ten weighted stocks in the 国证证券龙头指数 account for 79.13% of the index, including companies like 东方财富, 中信证券, and 华泰证券 [2]