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 ...

Group 1: Gold Market Dynamics - International gold prices are experiencing fluctuations, leading to adjustments in domestic high-end jewelry brand prices, with Chow Tai Fook quoting 1455 CNY/gram, Lao Feng Xiang at 1456 CNY/gram, and others around 1453 CNY/gram for gold [1] - Platinum prices remain high at around 940 CNY/gram, while discounts on gold jewelry are increasing, reflecting a cautious consumer sentiment and a relatively quiet market [1] Group 2: RMB Gold Prices - The Shanghai Gold Exchange reports the RMB-denominated gold spot price at 1047.60 CNY/gram, a slight increase of 2.33 CNY or 0.223% from the previous day, with a trading range between 1042.74 CNY and 1048.50 CNY [6] - Retail prices for gold jewelry or bars are higher than the exchange prices due to additional costs such as design and processing, influenced by international market fluctuations, exchange rates, and domestic supply and demand [6] Group 3: Financial Institutions Gold Bar Prices - Various financial institutions have set their gold bar prices, with China Construction Bank at 1050.74 CNY/gram, Industrial and Commercial Bank at 1050.58 CNY/gram, and others ranging from 1049.2 CNY to 1096.5 CNY per gram [7][8][9][10][11][12][13] Group 4: Wholesale and Retail Price Differences - The wholesale price for gold in Shui Bei is approximately 1203 CNY/gram, with significant price differences compared to retail prices, which can be attributed to store rent, operational costs, and brand premiums [14] - The pricing structure for jewelry includes "gold value + processing fee + brand premium," indicating a need for consumers to be aware of the price alignment with base gold prices when investing [14] Group 5: Domestic Gold Price Trends and Market Analysis - Current gold prices are reported at 1047.00 CNY/gram, with a slight increase of 0.11%, while platinum prices are at 606.79 CNY/gram, reflecting a 0.72% increase [15] - Despite rising gold prices, consumer purchasing enthusiasm is declining, with a reported 7.95% year-on-year decrease in gold consumption and a 32.50% drop in gold jewelry consumption in the first three quarters of 2025 [15] Group 6: Retail Strategies and Market Outlook - Brands are adopting strategies like trade-in programs to lower consumer purchase barriers, while research indicates that retailers need to enhance profit margins per gram of gold jewelry and optimize product offerings [16] - The technical structure of gold prices remains in an upward channel, but with weakening momentum, influenced by a strong dollar and rising real interest rates, which increase the opportunity cost of holding gold [17]

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].

Investment Rating - The industry investment rating is "Buy" [3] Core Insights - The report highlights a significant increase in insurance holdings, with public fund holdings in the non-bank financial sector rising from 1.49% in Q3 2025 to 2.48% in Q4 2025, driven by market style rebalancing and marginal support from the sector's fundamentals [24][34] - The report notes that despite the ongoing pursuit of high-elasticity technology sectors, the non-bank financial sector is at a historical low valuation, with strong performance in the insurance sector and increased trading volumes in brokerage firms, indicating fundamental resilience [24][34] - The report suggests that the public fund holdings in the securities sector increased slightly from 0.63% in Q3 2025 to 0.71% in Q4 2025, reflecting improved performance trends and the appeal of low valuations [33] Summary by Sections New Public Fund Issuance - In Q4 2025, the number of newly issued funds remained stable at approximately 477, with a year-on-year increase of 81% compared to 264 in Q4 2024, while the issuance volume decreased by 15.19% year-on-year [12][19] - The share of newly issued equity funds decreased from 41% in the previous quarter to 32%, while mixed fund shares increased from 15% to 19% [12] Non-Bank Financial Fund Holdings - Public fund holdings in the non-bank financial sector increased, with the total market capitalization share rising to 2.48% in Q4 2025 [24] - The report attributes this increase to a shift in funds from crowded technology sectors to undervalued defensive sectors, alongside a recovery in northbound capital allocations [24] Major Non-Bank Companies' Holdings - The report indicates that major non-bank companies saw slight increases in public fund holdings, with China Ping An leading at 1.11% and China Pacific Insurance at 0.35% [41] - The report recommends focusing on key companies such as CITIC Securities, Huatai Securities, and China Ping An for potential investment opportunities [24][41]