Group 1 - The core viewpoint of the article is that economic conditions are expected to improve gradually in the first quarter of 2026 due to proactive fiscal policies and the low base effect in the second half of 2025 [1] - Risk assets, particularly equities with relatively low volatility, are considered to have better cost-effectiveness in the current market environment [1] - Overall asset allocation faces challenges such as increased volatility and narrowing expected returns for certain assets, leading to recommendations for diversified risk management strategies [1] Group 2 - For low-risk preference investors, a diversified asset allocation is suggested to mitigate risks [1] - Mid to high-risk preference investors are advised to slightly overweight their stock allocations [1]

Group 1 - The core viewpoint of the article indicates that the PPI in December 2025 slightly exceeded market expectations, with a month-on-month increase of 0.2%, marking the highest value since the beginning of 2024, driven primarily by surging prices in non-ferrous metals such as copper, aluminum, and silver [1] - The downstream industries are generally showing a trend of "continuing month-on-month decline with narrowing year-on-year declines," with the PPI for lithium-ion battery manufacturing and photovoltaic equipment and components manufacturing narrowing for four and nine consecutive months, respectively [1] - There is a noted phenomenon of poor price transmission from upstream to downstream industries due to weak demand, which may pressure profit margins in certain downstream sectors as some upstream raw material prices surge [1] Group 2 - The CPI has shown a year-on-year increase for four consecutive months, reaching 0.8%, while the core CPI remains high at 1.2%, aligning with market expectations, with the expansion of food prices being the main driver for the recent CPI increase [1] - Since June 2025, the core CPI has entered a rapid upward trend, significantly influenced by a quick drop in the base figure, along with unexpected increases in gold jewelry prices, notable rises in certain service prices (especially medical and educational services), and improvements in durable consumer goods prices benefiting from national subsidies [1] - The overall price performance in 2025 shows that both PPI and CPI year-on-year figures were slightly weaker than in 2024, but the year exhibited a significant "front low, back high" characteristic, with a notable improvement in the price environment since the second half of 2025, suggesting a potential "mild re-inflation" in China in 2026 [1]

Core Insights - The distribution of bear and bull certificates indicates a shift in market sentiment, with a notable increase in bear certificates in the lower price range and a rise in bull certificates in the mid-range [1][2] Bear Certificates - The heavy concentration of bear certificates is in the 27,000 - 27,099 range, with a total of 724 certificates, which is a decrease of 109 from the previous trading day [1] - The most significant increase in bear certificates occurred in the 26,500 - 26,599 range, where the count rose by 125 to reach 187 certificates [1][2] Bull Certificates - The heavy concentration of bull certificates is in the 25,800 - 25,899 range, totaling 1,383 certificates, an increase of 71 from the previous trading day [1] - The most significant increase in bull certificates was observed in the 26,000 - 26,099 range, which saw an addition of 124 certificates, bringing the total to 124 [1][2] Market Overview - The current index price is 26,231.79, reflecting an increase of 82.48 or 0.3% [2] - The overall distribution shows that bull certificates account for 67.81% of the total, while bear certificates make up 32.19% [2]

尊敬的投资者： （一）公司统一客服热线：95548 （二）绍兴中兴南路营业部地址：浙江省绍兴市越城区中兴南路97号（中兴商务楼）1-2层；电话： 0575-85229781 （三）绍兴分公司地址：浙江省绍兴市越城区灵芝街道解放大道177号102室、205室、206室、207室、 208室；电话：0575-88096598 特此公告。 中信证券股份有限公司 2026年1月10日 为进一步优化营业网点布局，中信证券股份有限公司决定撤销绍兴中兴南路证券营业部（以下简称绍兴 中兴南路营业部），自2026年1月17日起位于浙江省绍兴市越城区中兴南路97号（中兴商务楼）1-2层的 绍兴中兴南路营业部经营场所将予以关闭并停止营业。为保障您的证券交易、资金划转的正常进行，现 将相关事项公告如下： 一、绍兴中兴南路营业部客户将于2026年1月17日整体平移至中信证券股份有限公司绍兴分公司（以下 简称绍兴分公司）。 整体平移后，您的资金账户、交易密码和资金密码不变，原交易方式、委托电话及交易软件等保持不 变，证券交易及资金划转不受任何影响。 二、如您不同意转移至绍兴分公司，请自本公告之日起至2026年1月14日止，携带有效身份证 ...

（二）杭州金华路营业部地址：浙江省杭州市拱墅区金华路58号一楼E区、G区；电话：0571-85061551 （三）杭州庆春东路营业部地址：浙江省杭州市上城区庆春东路1-1号西子联合大厦9层901室、902室； 电话：0571-87039799 为进一步优化营业网点布局，中信证券股份有限公司决定撤销杭州金华路证券营业部（以下简称杭州金 华路营业部），自2026年1月17日起位于浙江省拱墅区金华路58号一楼E区、G区的杭州金华路营业部经 营场所将予以关闭并停止营业。为保障您的证券交易、资金划转的正常进行，现将相关事项公告如下： 一、杭州金华路营业部客户将于2026年1月17日整体平移至中信证券股份有限公司杭州庆春东路证券营 业部（以下简称杭州庆春东路营业部）。 整体平移后，您的资金账户、交易密码和资金密码不变，原交易方式、委托电话及交易软件等保持不 变，证券交易及资金划转不受任何影响。 二、如您不同意转移至杭州庆春东路营业部，请自本公告之日起至2026年1月14日止，携带有效身份证 明文件至我司所属营业部办理转销户手续至我司其他营业部或其他证券公司。 三、如您对营业部撤销及客户平移有任何疑问，可选择以下联系方式进 ...

（文章来源：证券日报） 证券日报网讯 1月9日，越秀资本在互动平台回答投资者提问时表示，截至2025年9月30日，公司及子公 司合计持有中信证券8.54%的股份。公司按照相关法律法规要求履行信息披露义务。 ...

Core Insights - The report maintains a positive outlook on the securities industry, highlighting a phase of profit growth, structural evolution, and valuation recovery for 2026 [1] Industry Performance Overview - The overall industry performance is expected to see significant growth in 2025, with a mismatch between valuation and performance [4] - From January to November 2025, the Securities II (Shenwan) index increased by 5.6%, underperforming the CSI 300, while the Hong Kong Chinese securities index rose by 42.7%, outperforming the Hang Seng index by 10.9 percentage points [6] - In the first three quarters of 2025, 42 listed securities firms reported a combined revenue and net profit increase of 43% and 62% year-on-year, respectively, with an annualized ROE increase of 2.5 percentage points to 7.3% [6] Business Review and Outlook - **Brokerage Business**: The brokerage business is expected to benefit from increased trading volumes, with significant revenue growth anticipated in 2025. However, a decline in commission rates may limit profitability in traditional channel businesses [8] - **Proprietary Trading**: The contribution of proprietary trading to industry performance has significantly increased, with differentiation among firms based on investment capabilities and equity positions. Leading firms are expected to see stable returns, while smaller firms may experience higher volatility [9] - **Asset Management**: The asset management sector is entering a recovery phase driven by public fund transformation, with expected revenue growth of 33% year-on-year in 2026 [10] - **Investment Banking**: The investment banking sector is anticipated to enter a recovery cycle in 2026, supported by improved market conditions and policy incentives [10] Investment Themes for 2026 - The securities sector is positioned as a cost-effective investment opportunity due to its low valuation and performance recovery phase. Key factors include a clear trend of asset allocation towards equities, a recovery in multiple business lines, and supportive policies [12] - Recommended focus on leading securities firms with stable ROE, such as CITIC Securities, Huatai Securities, and GF Securities, which are expected to achieve ROE of 10.1%, 9.4%, and 9.4% in 2026, respectively [12] - Attention should also be given to firms with distinctive asset management and investment banking capabilities, such as Industrial Securities and China International Capital Corporation, which are well-positioned to benefit from ongoing market trends [12] Policy Environment - The report outlines a clear policy direction for the securities industry, emphasizing a shift from scale expansion to functional positioning and high-quality development. This includes a focus on value competition and the optimization of risk control indicators for leading firms [30][32] - The regulatory framework is evolving to support differentiated capabilities and strategic positioning among firms, with an emphasis on enhancing professional services and internationalization [32][34]

Investment Ratings - Banking: Overweight (Maintain) [1] - Securities: Market Weight (Maintain) [1] - Insurance: Overweight (Maintain) [1] Core Insights - The banking sector shows a continued growth trend in social financing, with a marginal decrease in the contribution of government bonds. Corporate bonds increased by 178.8 billion yuan year-on-year, becoming the main increment in social financing. However, the demand for loans remains weak, with a year-on-year decrease of 190 billion yuan in new RMB loans in November [5][44]. - The securities industry has seen multiple core indicators reach historical highs in 2025, with total stock fund transaction volume exceeding 500 trillion yuan, a year-on-year increase of over 70%. The primary market has rebounded, with IPO and refinancing scales increasing by 95.64% and 326.17% respectively, indicating improved market liquidity and financing conditions [3][46]. - The insurance sector reported a total original premium income of 57,629 billion yuan in the first 11 months of 2025, a year-on-year growth of 7.6%. Life insurance companies saw a 9.1% increase in premium income, while property insurance companies grew by 3.9% [4][47]. Summary by Sections Market Review - As of January 8, 2026, the banking, securities, and insurance indices changed by -0.87%, +0.91%, and +1.95% respectively, while the CSI 300 index increased by +2.05%. Among 31 industries, the banking and non-banking sectors ranked 29th and 21st in performance [5][13]. Valuation Situation - As of January 8, 2026, the PB ratio for the banking sector is 0.74, with state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks having PB ratios of 0.79, 0.61, 0.71, and 0.63 respectively. Notably, China Merchants Bank, Agricultural Bank of China, and Ningbo Bank have the highest valuations at 0.96, 0.95, and 0.87 [22][24]. Recent Market Indicators - The one-year MLF operation rate is 2.0%, with LPR rates at 3.0% for one year and 3.50% for five years. The average interbank borrowing rates for one day, seven days, and fourteen days are 1.33%, 1.50%, and 1.60% respectively [29][30]. Industry News - The China Banking and Insurance Regulatory Commission has released guidelines for data classification and grading in the insurance asset management industry, effective January 1, 2026, aimed at enhancing data security management standards [39][40].

沪指1月9日上涨0.92%，申万所属行业中，今日上涨的有29个，涨幅居前的行业为传媒、综合，涨幅分 别为5.31%、3.60%。跌幅居前的行业为银行、非银金融，跌幅分别为0.44%、0.20%。非银金融行业位 居今日跌幅榜第二。 资金面上看，两市主力资金全天净流出241.26亿元，今日有8个行业主力资金净流入，传媒行业主力资 金净流入规模居首，该行业今日上涨5.31%，全天净流入资金97.03亿元，其次是有色金属行业，日涨幅 为2.78%，净流入资金为45.52亿元。 （文章来源：证券时报网） 非银金融行业资金流向排名 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 601318 | 中国平安 | -1.96 | 1.94 | -332815.45 | | 600030 | 中信证券 | 0.11 | 1.91 | -99917.31 | | 601688 | 华泰证券 | 0.00 | 1.49 | -27028.90 | | 601211 | 国泰海通 | -1.17 | 0.85 | -20 ...

银轮股份公告称，公司股东宁波正晟持有的部分股份解除质押，本次解除质押股份数量为450万股，占 其所持股份比例为14.06%，占公司总股本比例为0.53%，起始日期为2024年8月29日，解除日期为2026 年1月8日，质权人为中信证券。截至公告披露日，公司实际控制人徐小敏及其一致行动人宁波正晟累计 被质押股份450万股，占其所持股份比例为5.14%，占公司总股本比例为0.53%。 ...