智通财经APP获悉，西南证券发布研报称，AI应用生态持续繁荣，AI+游戏、漫剧、陪伴、广告、教 育、医疗持续迭代升级。2026年该行主要看好三个方向：AI应用、游戏和长短剧。游戏方面重点推荐 恺英网络(002517.SZ)，公司后续自研新游上线有望贡献增量，AI应用布局有望持续推进。影视方面， 广电总局政策监管逐步放松，芒果超媒(300413.SZ)作为国内优质剧综制作公司加大制作投入，通过优 质内容带动广告收入复苏。 西南证券主要观点如下： 2025年游戏市场呈现稳健增长态势，优质内容和IP驱动行业发展。政策鼓励态度明显,版号供给保持充 裕态势，全年共计发放1772个版号，创近年来新高，为行业注入持续活力。产品侧亮点频现，玩法创新 成为重要驱动力，"搜打撤"模式(如《三角洲行动》《超自然行动组》)和SLG融合玩法等创新形态表现 突出，有效拓展了用户群体。重点关注新品上线节奏与创新玩法带来的用户增长。 影视 短剧与AI漫剧持续火爆，长视频有望复苏。漫剧在2025年迎来爆发，全年上线近4.7万部，各平台漫剧 扶持计划激励与AI的深度介入，2025年中国免费微短剧市场规模约533亿元，较2024年同比增长113% ...

[Table_ReportInfo] 2026 年 01 月 26 日 证券研究报告•固定收益定期报告 债券 ETF 周度跟踪（1.19-1.23） 部分科创债 ETF 纳入长久期券 摘要 西南证券研究院 [分析师：杨杰峰 Table_Author] 执业证号：S1250523060001 电话：18190773632 邮箱：yangjf@swsc.com.cn 分析师：叶昱宏 执业证号：S1250525070010 电话：18223492691 邮箱：yeyuh@swsc.com.cn 联系人：李茂怡 电话：15528164673 邮箱：limaoyi@swsc.com.cn 相关研究 请务必阅读正文后的重要声明部分 S 各类债券 ETF 资金净流入情况：净流出态势延续但幅度收窄，资金面有望回 归常态。上周利率债类 ETF、信用债类 ETF、可转债类 ETF净流入资金分别 -63.01亿元、-116.48亿元、+23.05亿元，债券ETF市场合计净流入金额-156.44 亿元。展望后市，当前资金连续流出主要受年末冲量资金撤退的惯性影响。考 虑到近两周债市回暖迹象明显，叠加一季度"开门红"配置需求的释放，预计 ...

Core Viewpoint - The article discusses the significant transformation in the securities brokerage industry, highlighting the reduction of traditional brokers and the rise of investment advisors as firms shift from sales-driven models to wealth management-focused strategies [2][5]. Group 1: Decline of Securities Brokers - The number of securities brokers has decreased by over 5,000 in the past year, reflecting a broader trend of industry contraction [2]. - From early 2018 to the end of 2025, the number of brokers in the industry dropped from over 90,000 to 22,400, a reduction of more than 68,000 brokers over eight years [3]. - Major firms like CICC and China Merchants Securities have seen drastic reductions in their broker counts, with CICC achieving a "zero" broker count and China Merchants reducing from over 800 to just 13, a decline of over 90% [4]. Group 2: Factors Driving Change - The shift from "transactional trading" to wealth management has led to a reevaluation of talent needs, with a focus on professional skills over sheer numbers [3][4]. - Increased market competition and the decline in commission rates have pressured traditional revenue streams, exacerbated by reforms in public fund fees [4]. - The advancement of financial technology has reduced the demand for traditional broker roles, as online services and automated tools take precedence [4]. Group 3: Rise of Investment Advisors - The number of investment advisors has surged, increasing from over 40,000 in 2018 to 86,000 by the end of 2025, with a notable addition of over 5,000 advisors in the past year [6]. - Leading firms are investing in expanding their advisory teams, with companies like Huatai Securities and CITIC Securities increasing their advisor counts significantly [6]. - Smaller firms are also adopting strategies to enhance their advisory capabilities, focusing on reducing interchangeable roles while boosting the quality and scale of their advisory teams [6]. Group 4: Transition from Brokers to Advisors - Many investment advisors are former brokers transitioning into advisory roles, with firms assessing potential candidates based on their qualifications and client service abilities [7]. - The core competitive advantage in advisory services lies in building a highly skilled team capable of providing tailored solutions and asset management [7]. - The industry faces challenges in bridging the gap between traditional sales roles and the more complex demands of asset management and client relationship building [7]. Group 5: Evolving Skill Requirements - The current market demands investment advisors to possess skills in asset allocation, client relationship management, and the use of digital tools [8]. - Firms are developing training programs to enhance advisor capabilities, focusing on both technical skills and client engagement strategies [8]. - Companies are implementing structured support systems to ensure consistent delivery of strategies and insights across their advisory teams [8].

（记者 张明双） 每经头条（nbdtoutiao）——地方国资开始"抄底"法拍房！单价六七千元"扫货"广州南沙区超60套房 源，同小区二手房挂牌均价逾2万元 每经AI快讯，长安汽车发布公告称，2026年1月23日，长安汽车接受西南证券等投资者调研，公司投关 总监蒋沙、投关高级经理李楠参与接待，并回答了投资者提出的问题。 ...

受访人士表示，2025年A股结构性行情突出，高成长赛道持续吸金。券商股作为传统周期品种，盈 利模式兼具周期性与脆弱性，缺少短期爆发性叙事，"牛市旗手"光环褪色，资金更青睐CPO（共封装光 学）等科技板块。加之其行情自带"提前量"，股价常先于业绩而动。 股价与业绩背离 券商概念指数去年仅涨约6%，大幅跑输大盘，与此同时，42家上市券商前三季度归母净利同比增 逾六成，与股价形成鲜明反差。 投资者罗美丽（化名）被两只券商股"割伤"：一只已含泪清仓，亏掉2.8万元；另一只仍套在半山 腰，浮亏约5000元。 她向记者"倒苦水"：2020年上半年，她听朋友一番鼓动杀入券商股，起初普涨行情喜人，后来潮水 退去、震荡回落，她既不会择时也不舍得止损，硬扛到今年初才"剁手"。 截至1月22日，中信证券、西南证券、国联民生、东北证券相继披露2025年业绩预告或快报：经 纪、投资业务等收入增加，成绩单一片"喜庆"。然而，券商股在二级市场依旧低调，去年券商概念指数 整体跑输沪指，业绩与股价再度错配。 2025年，A股震荡走高，科技赛道独领风骚，周期股持续低迷。 沪指年内涨逾18%，沪深300同步升近18%，创业板指更狂飙近50%；反观 ...

| S0740117100084 | 2017-10-29 | 中泰证券股份有限公司 | 一般证券业务 | 机构内变更 | 2019-07-03 | | --- | --- | --- | --- | --- | --- | | 50740519090005 | 2019-09-22 - | 中群证券股份有限公得 | 证券投资资商(分析师) | 演职注销 | 2021-09-07 | | 10006012501005 | 2021-09-22 | 华安区界投沙鑫鼎公司 | 证券投资资资(分析资) | 演职注销 | 2023-06-14 | | $1120523070004 | 2023-07-11 | 年西区外般份有限公司 | 证券投资资料(分析资) | 演职过销 | 2024-12-05 | | $1250526010001 | 2026-01-19 | 西南区养胶份有限公司 | 证券投资咨询(分析师) | 正常 | | 近日，证券从业系统显示，胡杨，1月19日加入西南证券，胡杨，原华西电子行业首席分析师，24年12 月5日从华西证券离职。 责任编辑：杨赐 来源：牛马的江湖 来源：牛马的江湖 | $0740 ...

西南证券计划重点对接江东新区跨国公司、央企区域总部及高新区高新技术企业，针对海南重点发展的旅游业、现代服务业、高新技术产业定制差异化投融 资解决方案，助力本地产业升级。银河证券则深挖海南作为国内国际双循环战略交汇点的区位优势，搭建海南与东盟资本市场互联互通桥梁，联合银河国 际、银河海外与海南国际经发局建立常态化工作机制，探索引入东盟企业及助力海南企业对接东盟科技、人才与金融资源。 跨境资产管理成为券商布局海南的另一关键赛道。据海南证监局官网信息，目前已有金元证券、万和证券在内的7家机构完成海南自贸港跨境资产管理试点 业务备案。金元证券成立海南跨境资管业务中心，规划分三步推进业务：短期内确保首批试点产品平稳高效运作，积累跨境客户服务经验；中期打造兼具国 际视野与本土经验的投研运营团队，开发属地化特色产品；长期将跨境资管业务打造为公司资管板块重要支撑力量。万和证券计划完善渠道建设、内部控制 等环节，拓展银行代销渠道准入，深挖境内外资金配置需求，力争实现跨境资管试点业务市占率位居前列的目标。 市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 西南证券相关人士表示， ...

平安证券股份有限公司研究员朱栋、皮秀、王霖、王子越2021年10月28日发布研报《杉杉股份 (600884)：三季报再超预告上限 双轮驱动业绩持续高增》称，维持"强烈推荐"评级。 西南证券股份有限公司研究员韩晨2021年10月28日发布研报《杉杉股份(600884)：巴斯夫杉杉成 立 各业务盈利能力提升》称，维持"买入"评级。 (责任编辑：徐自立) 中国经济网北京1月20日讯 杉杉股份(600884.SH)今日收报13.48元，跌幅5.07%。 杉杉股份2021年10月28日股价盘中最高达到44.30元，为历史最高点。 ...

Investment Rating - The industry investment rating is "Overweight," indicating that the growth level of the industry is expected to exceed that of the CSI 300 index over the next six months [3][37]. Core Insights - The report highlights that the securities sector experienced a decline of 2.21% during the week, underperforming the CSI 300 index by 1.64 percentage points. The current price-to-book (PB) ratio for the brokerage sector is 1.38 times [1][2]. - CITIC Securities reported a net profit of 30.051 billion yuan for 2025, marking a year-on-year growth of 38.46%, and its operating revenue reached 74.83 billion yuan, up 28.75% year-on-year. This performance is attributed to the overall upward trend in the domestic capital market and increased investor confidence [2][35]. - The report emphasizes that the growth drivers for the industry in 2025 will be diverse, with traditional businesses showing resilience and investment banking benefiting from a recovery in the equity financing market [2][6]. Summary by Sections Securities Weekly Data Tracking - The brokerage sector's performance is closely monitored, with traditional businesses like brokerage and proprietary trading showing high elasticity in growth due to increased market activity [2][9]. Insurance Weekly Data Tracking - The insurance sector saw a decline of 3.59%, underperforming the CSI 300 index by 3.02 percentage points. China Life Insurance reported over 62.24 million claims in 2025, with a total claim amount exceeding 100.4 billion yuan, reflecting a 10% year-on-year increase [7][8]. - The overall insurance industry achieved a premium income of 576.29 billion yuan in November 2025, with a year-on-year growth of 7.56% [25][8]. Industry Dynamics - The report notes that regulatory encouragement for industry consolidation is present, with mergers and acquisitions seen as effective means for brokerages to achieve external growth. This consolidation is expected to enhance industry competitiveness and resource allocation [3][6][30].

Core Viewpoint - The first batch of brokerages has released their performance forecasts for 2025, indicating a significant increase in profits, particularly for Guolian Minsheng Securities, which expects a net profit of 2.008 billion yuan, a year-on-year increase of approximately 406% [1][3]. Group 1: Performance Highlights - Guolian Minsheng Securities announced a substantial profit increase due to the acquisition of Minsheng Securities and growth in securities investment, brokerage, and wealth management [3]. - Citic Securities reported a revenue of 74.83 billion yuan and a net profit of 30.051 billion yuan for 2025, representing year-on-year growth of 28.75% and 38.46%, respectively [3]. - Southwest Securities projected a net profit of 1.028 to 1.098 billion yuan, reflecting a year-on-year increase of 47% to 57% [3]. Group 2: Market Trends - Despite the positive performance forecasts, brokerage stock prices have generally declined since the beginning of the year, with Citic Securities down 2.79% and Guolian Minsheng Securities down 2.85% [5]. - The overall performance of the brokerage sector, as indicated by the CSI All Share Securities Index, has decreased by 0.78% since January [5]. Group 3: Factors Influencing Performance - The growth in brokerage performance is primarily driven by market recovery and increased trading volumes, but it is also characterized as a cyclical recovery rather than a structural upgrade [4]. - Analysts suggest that the divergence between performance and stock prices is due to several factors, including profit-taking after strong previous gains, a shift in investment focus towards high-dividend, low-volatility assets, and a market expectation of slower profit growth in 2026 [6]. Group 4: Long-term Outlook - Despite short-term stock price pressures, the brokerage sector is viewed as having long-term investment value, supported by a favorable policy environment and ongoing business recovery [7]. - Key indicators to monitor for assessing the sustainability of profits and valuation recovery include trading volumes, margin balances, net subscriptions in asset management, and the issuance rates of subordinate bonds by brokerages [8].