Core Insights - The Hong Kong stock market has seen active financing since the beginning of the year, with equity financing reaching HKD 39.09 billion, a year-on-year increase of 316.27% [1] - Chinese securities firms are increasingly taking a leading role in the Hong Kong market, with six out of the top ten equity underwriting positions held by Chinese institutions, accounting for a total market share of 56.15% [1][2] Group 1: Market Performance - The Hang Seng Index rose by 27.77% in 2025, and the primary market equity financing reached HKD 612.7 billion, a year-on-year increase of 248.8% [1] - The active investment and financing environment is attributed to the deep involvement of intermediary institutions, providing valuable development opportunities for investment banks [1] Group 2: Underwriting and Advisory Services - In IPO sponsorship, China International Capital Corporation (CICC) led with a sponsorship scale of HKD 51.65 billion, followed by CITIC Securities (Hong Kong) at HKD 46.03 billion [2] - CICC also demonstrated a strong advantage in refinancing underwriting, with a scale of HKD 24.97 billion and 13 transactions [2] Group 3: Strategic Developments - Chinese securities firms are enhancing their presence in Hong Kong to capture growth opportunities, with several firms increasing capital for their subsidiaries and providing guarantees for business development [4] - For instance, Guotai Junan Securities announced plans to secure a bank loan of up to HKD 35 million to support its Hong Kong subsidiary [4] Group 4: Future Outlook - The Hong Kong market is becoming a crucial platform for Chinese securities firms to expand internationally, with expectations of increased opportunities as international investors seek quality Chinese assets [3] - The core opportunity for Chinese securities firms lies in leveraging their client networks and understanding of Chinese enterprises to serve "A+H" listed companies and support the internationalization of domestic industry chains [5]

Core Insights - The public REITs market in China has accelerated its issuance process over the past two years, providing stronger support for revitalizing existing assets and promoting high-quality development of the real economy [1][2] Group 1: Market Development - As of December 2025, there are 78 publicly listed REITs with a total issuance scale of 210.657 billion yuan and a total market value of 214.883 billion yuan, indicating a continuous increase in both the number and scale of market issuances [2] - The China Securities REITs total return index increased by 4.34% in 2025, showing a trend of rising first and then falling, followed by a significant rebound at year-end [2] - The public REITs market is expected to maintain rapid development and high attention in 2025, driven by favorable regulatory policies, continuous supply of quality assets, strong demand for stable dividend assets in a low-interest-rate environment, and improved operational stability of underlying assets [2] Group 2: Company Strategy - Guotai Junan Asset Management has established a dual-driven development pattern of "initial issuance + expansion" in the public REITs market, significantly enhancing market vitality [2][4] - The company views public REITs as a strategic business to provide financial services to the real economy and has formed a dedicated committee to coordinate resources for promoting public REITs [4] - The company has a leading advantage in the public REITs business, having secured multiple national firsts, and aims to create more value for investors through systematic promotion and refined operational management [4] Group 3: Asset Focus - Guotai Junan Asset Management focuses on various asset classes closely related to the real economy and people's livelihood, including commercial real estate, affordable rental housing, renewable energy, and municipal sectors, which possess stable cash flows and anti-cyclical properties [5] - The company is also continuously reserving cyclical assets such as industrial parks and logistics warehouses to provide diversified investment options for investors [5] Group 4: Future Plans - The future development plan of Guotai Junan Asset Management in the public REITs business will focus on four core areas: deepening regional presence, serving people's livelihood, empowering the real economy, and enhancing capabilities [6][7] - The company aims to strengthen its asset type expansion and regional layout, particularly in key areas like the Yangtze River Delta and the Guangdong-Hong Kong-Macao Greater Bay Area, while also exploring new infrastructure and long-term rental apartments [6] - The company plans to provide one-stop services for enterprises with asset revitalization needs, including investment banking, asset management, and operational services [7]

Core Viewpoint - Haitong Securities has had its membership terminated by three major exchanges in China, marking the end of its status as an independent entity following its merger with Guotai Junan Securities [2][4][7]. Group 1: Membership Termination - On January 19, the Shenzhen Stock Exchange announced the termination of Haitong Securities' membership in accordance with its regulations [2]. - On December 30, the Beijing Stock Exchange also announced the termination of Haitong Securities' membership, following approval from its board [4]. - The Shanghai Stock Exchange similarly announced the termination of Haitong Securities' membership, which was approved by its council [7]. Group 2: Merger Details - The merger between Haitong Securities and Guotai Junan Securities is the first major brokerage merger since the implementation of the new "National Nine Articles" policy, completed in a rapid timeframe [10]. - The merger process included completing all corporate governance procedures in 100 days, administrative approvals in 137 days, and the entire restructuring in 191 days [10]. - Guotai Haitong Securities has successfully integrated over 100 IT systems and migrated data for over 20 million former Haitong clients to its new trading system [10]. Group 3: Company Status and Financials - Haitong Securities has changed its registration status from active to canceled, with a registered capital of approximately 13.06 billion RMB [8]. - As of the end of Q3 2025, Guotai Haitong's total assets reached 2.01 trillion RMB, with a revenue of 45.892 billion RMB, reflecting a year-on-year increase of 101.6% [11]. - The net profit attributable to shareholders for the first three quarters of 2025 was 22.074 billion RMB, showing a year-on-year growth of 131.8% [11].

Group 1 - Haitong Securities Co., Ltd. has had its membership terminated by the Shenzhen Stock Exchange, Shanghai Stock Exchange, and Beijing Stock Exchange as part of a merger process with Guotai Junan Securities [1][3][6] - The termination of membership signifies the end of Haitong Securities as an independent entity at the exchange level, following its merger with Guotai Junan [8] - Haitong Securities has changed its registration status from active to canceled, with a registered capital of approximately 13.06 billion RMB, and its business scope included securities brokerage, proprietary trading, underwriting, and sponsorship [8][9] Group 2 - The merger between Guotai Junan and Haitong Securities is the first major brokerage merger since the implementation of the new "National Nine Articles," completing all governance and administrative procedures within 191 days [10] - Guotai Haitong Securities has successfully integrated over 100 IT information systems and migrated data for over 20 million former Haitong clients to its new trading system [10] - As of the end of Q3 2025, Guotai Haitong's total assets reached 2.01 trillion RMB, with a revenue of 45.892 billion RMB, reflecting a year-on-year growth of 101.6%, and a net profit of 22.074 billion RMB, up 131.8% year-on-year [11]

Group 1 - The event is a forum organized by Guotai Junan focusing on non-bank financial services, banking, and real estate, scheduled for January 23, 2026, in Shanghai [1] - Key speakers include industry leaders and analysts discussing topics such as wealth management trends and housing price forecasts for 2026 [2][3] - The forum will cover various aspects of wealth management, including new trends and the importance of asset allocation from institutions to residents [3] Group 2 - The forum will feature a presentation on the housing price trends in 70 key cities and an analysis of the real estate market outlook for 2026 [3] - Insights into banking operational trends for 2026 will also be provided by the chief banking analyst of Guotai Junan [3] - The event emphasizes the importance of wealth management services in addressing the financial needs of residents [2][3]

Core Viewpoint - The article emphasizes that the regulation of derivative trading is becoming more standardized, which will lead to steady long-term development, favoring high-quality leading brokerages with scale advantages [1][3]. Group 1: Regulatory Developments - On January 16, the China Securities Regulatory Commission (CSRC) solicited public opinions on the "Interim Measures for the Supervision and Administration of Derivative Trading" [2]. - The new measures aim to implement the "National Nine Articles" and improve the regulatory framework for derivative business, promoting a healthy and standardized market [2]. - Key modifications include: 1. Implementing counter-cyclical adjustments in derivative trading regulation to maintain reasonable leverage levels and market size [2]. 2. Further optimization of specific rules regarding business qualifications, risk management, and trading management [2]. 3. A cautious innovation approach, allowing for the development of complex derivative contracts rather than restricting it [2]. 4. Strengthening cross-border regulatory cooperation with foreign regulatory bodies [2]. Group 2: Market Outlook - The demand for derivative business remains a blue ocean, with expectations for steady growth as regulation becomes more standardized [3]. - The derivative business benefits from market activity and expansion, characterized by stable models and strong scale effects [3]. - The investment suggestion indicates that the evolution of brokerage self-operated models and the growth certainty provided by derivative business will be key differentiators in the future [3].

Market Pricing Status - The market trading activity has significantly increased, but the profit-making effect has decreased, with the average daily trading volume rising to 3.5 trillion yuan and the proportion of stocks rising to 54.1% [5][9] - The trading concentration in secondary industries has increased, with 22 industries having turnover rates above the 90th percentile, particularly in computer and media sectors [5][19] A-Share Liquidity Tracking - Financing funds have continued to flow in significantly, while ETF funds have seen substantial outflows, with net buying of financing funds rising to 913.1 billion yuan [5][28] - The issuance of new public equity funds has decreased to 6.72 billion yuan, indicating a reduction in overall stock positions [5][30] - Foreign capital has flowed into the A-share market, with a net inflow of 10.7 million USD [5][28] A-Share Industry Allocation - Foreign capital and ETF funds have notably flowed into the non-ferrous metals sector, with net inflows of 42.0 million USD and 75.7 billion yuan respectively [5][28] - The computer and electronics sectors have seen the highest net inflows from financing, with 123.7 billion yuan and 103.9 billion yuan respectively [5][28] Hong Kong Stock and Global Fund Flow - The inflow of southbound funds has slowed, with net buying decreasing to 10.05 billion yuan, while global foreign capital has marginally flowed into developed markets and the Chinese market [5][28] - The Hang Seng Index rose by 2.3%, with the Korean market leading gains at 5.5% [5][28]

Core Insights - The monthly active users (MAU) of securities apps reached 175 million in December 2025, marking a 1.75% month-on-month increase and a 2.26% year-on-year increase, achieving a new monthly high for the year [4][3] - Throughout 2025, the MAU of securities apps experienced a recovery after a dip in the middle of the year, with a significant rebound in November leading to a peak at year-end [4][2] - The competition for traffic between third-party platforms and brokerage self-operated apps intensified, with brokerages accelerating the integration of AI technology in advisory and trading scenarios to enhance service models and user experience [4][12] Monthly Active Users Overview - In December 2025, the MAU for securities apps was 175.32 million, with notable monthly changes: November had 172.30 million (up 2.06% month-on-month) and October had 168.82 million (down 3.38% month-on-month) [5][4] - The MAU trend for 2025 showed a starting point of 161.84 million in January, peaking in December after a recovery phase post-May [4][5] Leading Apps and Market Dynamics - The top three securities apps by MAU in December were Tonghuashun (36.70 million), Dongfang Caifu (18.22 million), and Dazhihui (12.97 million) [6][5] - Among brokerage self-operated apps, Huatai's Zhangle Wealth reached over 12 million MAU, followed by Guotai Haitong Junhong with 10.40 million [6][5] - The number of brokerage apps with an average monthly active user count exceeding 6 million increased to 14 in 2025, indicating a growing concentration in the market [8][7] AI Technology Integration - The application of AI technology in the securities industry has accelerated, with multiple brokerages launching intelligent tools across key areas such as intelligent research, trading, and advisory services [12][11] - Notable advancements include the upgrade of trading robots by Galaxy Securities and the introduction of AI advisory platforms by various brokerages, enhancing service efficiency and user experience [13][12] - Despite the current limitations of AI tools in guaranteeing stable investment returns, their functionality is expanding, addressing various investment challenges and improving investors' capabilities in data analysis and strategy formulation [12][13]

Core Viewpoint - Lin Qingxuan (02657) has seen a significant stock price increase, reaching a new high of 96 HKD, with a current price of 92.55 HKD, reflecting an 8.50% rise and a trading volume of 49.31 million HKD [1][4]. Company Overview - Lin Qingxuan is a high-end domestic skincare brand in China, focusing on anti-wrinkle and firming skincare products, known for its commitment to natural ingredients, particularly camellia oil [1][4]. - According to Zhi Shi Consulting, Lin Qingxuan ranks first among all high-end domestic skincare brands in China by retail sales, holding a 1.4% market share, and is the only domestic brand in the top 15 high-end skincare brands in China, which includes both domestic and international brands [1][4]. Analyst Coverage - Guotai Junan Securities has initiated coverage on Lin Qingxuan, giving it a "Buy" rating. The company has been deeply involved in the oil-based skincare segment for years, with Douyin (TikTok) contributing to the explosive growth of its flagship products. The company is expected to achieve sustained rapid growth through category expansion and channel diversification [1][4]. - The projected earnings per share (EPS) for Lin Qingxuan from 2025 to 2027 are estimated at 2.75, 4.18, and 5.49 RMB, respectively. Considering both price-to-earnings (PE) and price-to-sales (PS) valuation methods, the company is assigned a fair valuation of 14.9 billion RMB (approximately 16.6 billion HKD), with a target price of 118.57 HKD, corresponding to a 2025 PE of 26x [1][4].

国泰海通证券发布研报称，维持优然牧业(09858)"增持"评级。该行预计公司2025-27年营收分别为 208.55、230.18、258.42亿元，同比增长3.8%、10.4%、12.3%，归母净利润为2.18、18.37、42.82亿 元;EPS分别为0.06、0.47、1.10元/股。公司为牧业行业龙头，受益于周期反转红利，给予2026年公司1.6 倍P/B，对应目标价6.72港元/股。 国泰海通证券主要观点如下： 增发募资23亿港元，未来或推动牧场整合优化 1月16日公司订立配售及认购、特别授权认购协议，合计拟发行5.99亿股，约占交易前股本的15.4%;募 集资金净额为23.30亿港元，将用于偿还贷款及数字化转型建设等，公司持续推动降本增效与资产结构 优化。此外，周期底部资产收购性价比较高，公司未来或进一步整合优化牧场布局。 大股东定增彰显信心，持股比例将增至36% 公司拟向承配人(先旧后新配售方式)/伊利全资子公司博源投资(特别授股方式)均发行2.99亿股，约占交 易前股本的7.7%，发行价格为3.92港元/股(较1月15日收盘价折让8.8%)，募集资金净额分别为 11.59/11.72亿港元，该 ...