Core Viewpoint - The brokerage industry is experiencing a surge in bond issuance, with a total of 1.8 trillion yuan issued in 2025, marking a 45% year-on-year increase and setting a historical record. This trend reflects the brokers' efforts to enhance capital strength and support the real economy [1][2]. Group 1: Capital Strengthening - In 2025, there is a notable increase in large-scale bond issuances, with major brokerages like China Galaxy and CITIC Securities each surpassing 100 billion yuan in issuance, collectively accounting for nearly 30% of the total industry issuance [2]. - The average bond issuance interest rate for brokerages dropped to 1.94% in 2025, with some short-term financing bonds as low as 1.52%, significantly reducing financing costs and encouraging long-term funding [3]. - The primary uses of the funds raised through bond issuance include repaying maturing debts, supplementing operational funds, and optimizing capital structures to meet business operational needs [3]. Group 2: Empowering Technological Innovation - The bond types issued by brokerages are diversifying, with a growing focus on technology innovation bonds, which have seen a total issuance of 64 bonds amounting to approximately 745 million yuan in 2025 [4]. - The introduction of convertible bonds based on technology innovation bonds aims to attract patient capital, providing long-term low-cost funding to technology enterprises facing early-stage funding challenges [5]. - Brokerages are expected to enhance their service capabilities for technology innovation, covering the entire lifecycle of tech enterprises from incubation to public listing [6]. Group 3: Scientific Fund Utilization - While the surge in bond issuance meets capital needs, there are potential challenges, including the risk of inefficient fund allocation leading to increased industry leverage [7]. - Regulatory bodies are focusing on differentiated supervision, allowing quality institutions more flexibility while requiring prudent financing scale determination and risk management [7]. - Brokerages are encouraged to improve their risk management systems and optimize capital structures to enhance capital utilization efficiency and resilience against risks [7][8].

Core Viewpoint - In 2025, securities firms actively seized market opportunities and issued bonds to raise funds, with total bond issuance reaching 1.8 trillion yuan, a year-on-year increase of approximately 45%, marking a historical high [1] Group 1: Strengthening Capital Strength - The enthusiasm for bond issuance among securities firms increased in 2025, with large-scale bonds frequently appearing, such as China Merchants Securities planning to issue bonds up to 40 billion yuan and CITIC Securities up to 50 billion yuan [2] - Leading securities firms like China Galaxy, Huatai Securities, and CITIC Securities have issued over 100 billion yuan each, collectively accounting for nearly 30% of the total industry bond issuance [2] - The historical high in bond issuance is attributed to market demand, policy environment, and the industry's development stage, with a growing need for operational funds and capital [2] Group 2: Financing Costs and Uses - The average interest rate for bond issuance by securities firms dropped to 1.94% in 2025, with some short-term financing bonds as low as 1.52%, significantly reducing financing costs [3] - The primary uses of bond financing include repaying maturing debts, supplementing operational funds, optimizing capital structure, and meeting business operational needs [3] - As a capital-intensive industry, securities firms can use bond issuance to reduce reliance on short-term funds and support business expansion [3] Group 3: Empowering Technological Innovation - The types of bonds issued by securities firms have diversified, with a notable increase in the issuance of technology innovation bonds, totaling 64 bonds worth approximately 74.5 billion yuan in 2025 [4] - Securities firms are actively issuing technology innovation bonds to better support technological innovation and the development of new productive forces [4] - The issuance of convertible bonds linked to technology innovation is designed to attract patient capital and provide long-term low-cost funding for enterprises [5] Group 4: Efficient Use of Funds - While the active bond issuance by securities firms meets capital and business development needs, there are potential challenges regarding inefficient fund allocation [7] - The China Securities Regulatory Commission emphasizes the need for differentiated regulation, encouraging quality institutions while imposing restrictions on weaker ones [7] - Securities firms are advised to enhance their risk management and ensure prudent use of funds, with a focus on optimizing capital and debt structures [7][8]

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]

Group 1 - The company, Xian Dao Intelligent Equipment Co., Ltd., has submitted a listing application to the Hong Kong Stock Exchange [1] - The joint sponsors for the listing are CITIC Securities and JPMorgan [1]

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]

Core Viewpoint - The redemption scale of broad-based ETFs continues to expand without signs of slowing down, impacting various industries and individual stocks differently, with a notable effect on sectors and stocks that institutions are underweighting [1][2][3] Group 1: ETF Redemption Dynamics - The redemption of broad-based ETFs has led to a significant change in the ETF market structure, with cumulative net redemptions of 8,458 billion yuan since October 2024, while industry/theme ETFs have seen net subscriptions of 5,864 billion yuan [3] - As of January 23, 2026, the total scale of broad-based ETFs is approximately 20,574 billion yuan, with industry/theme ETFs at 15,115 billion yuan, representing 42% of the total [3] - The redemption behavior of broad-based ETFs is perceived more as a profit-taking strategy rather than a means to cool down the market, indicating strong market sentiment and active trading [4] Group 2: Sector Performance and Opportunities - During the recent redemption period, 86 stocks in the CSI 300 index outperformed the index by over 2%, primarily in the electronics, electric new energy, and chemical sectors, while 121 companies underperformed, mainly in non-bank financials and pharmaceuticals [5] - The consumer chain is expected to see increased allocation from now until the Two Sessions, with travel consumption leading the recovery, and the market is pricing in positive changes in consumer sentiment [7][8] - The real estate chain may also experience significant recovery, with signs of market stabilization in new home transactions and rental yields in major cities [9] Group 3: Investment Strategies - A strategy focusing on "resources + traditional manufacturing pricing power" is recommended, emphasizing sectors like chemicals, non-ferrous metals, new energy, and power equipment, which are expected to provide stable returns amid market fluctuations [10] - Investors are encouraged to increase allocations to non-bank financials and select domestic demand sectors, such as duty-free, aviation, and quality real estate developers, to capture potential policy changes and enhance returns [10]