Core Viewpoint - By December 2025, residents' asset allocation is primarily focused on deposits, with a marginal increase in equity investments. Securities firms will benefit multidimensionally as residents' funds enter the market [1]. Group 1: Asset Allocation - As of December 2025, the total market stock of wealth management products available for residents reached 352.5 trillion yuan, with a quarter-on-quarter change of +1.05% and a year-on-year change of +10.4%. The net increase in value was 3.7 trillion yuan, with a quarter-on-quarter change of +364.2% [1]. - The incremental growth of various wealth management products includes public funds (+695.7 billion yuan), private funds (+59.3 billion yuan), private asset management (-206.2 billion yuan), bank wealth management (-122.3 billion yuan), and deposits (+2.585 trillion yuan), contributing 19%, 2%, -6%, -3%, and +70% respectively [1]. Group 2: Market Performance - The equity market showed strong performance, with major indices rising as residents' risk appetite increased, leading to a shift from deposits to higher-yield assets. The stock fund index, mixed fund index, bond fund index, and money market fund index saw changes of +2.12%, +3.28%, +0.17%, and +0.11% respectively [2]. - By the end of December, the total market size of public funds reached 37.7 trillion yuan, with a quarter-on-quarter change of +1.88%. The sizes of stock funds, mixed funds, bond funds, and QDII saw quarter-on-quarter changes of +4.39%, +2.13%, +3.92%, and +1.64% respectively [2]. - New fund issuance in December totaled 113.22 billion units, with a quarter-on-quarter change of +19.72%. Equity fund issuance decreased by -10.73%, while bond fund issuance increased by +136.82% [2]. Group 3: Private Funds and Asset Management - The stock of private funds reached 22.2 trillion yuan by the end of December, with a quarter-on-quarter growth of +0.27%. The newly registered private fund scale was 98.9 billion yuan, with a quarter-on-quarter change of +38.6% [3]. - The stock of private asset management reached 12.3 trillion yuan, with a quarter-on-quarter change of -1.65%. The year-on-year changes for equity, fixed income, commodity and financial derivatives, and mixed categories were -2.35%, -4.11%, +73.61%, and +38.69% respectively [3]. Group 4: Investment Recommendations - The low interest rate environment and the profit effect from the equity market are driving residents' funds into the market steadily. Securities firms are expected to benefit from the influx of incremental funds. It is anticipated that firms adapting to the transition from vertical to public flow will perform better [4]. - The combination of fixed income and equity is expected to be a core strategy for this round of residents' incremental market entry, with a focus on firms that balance both capabilities [4].

作为数字化财富管理转型的深入践行者，国泰海通始终坚持以客户为中心，坚守长期主义，以高质量财富管理专业服务助力广大人民群众持续拓宽财产性收入来 源，构建满足客户个人发展、家业传承、企业成长与社会责任等多维需求的买方综合金融服务生态，在全球市场新格局中，助力每一位投资者行稳致远。 为满足客户日益高涨的资产配置需求，践行"金融为民"初心与使命，值此马年新春，国泰海通打造"2026五福临门"活动，推出资产配置专业服务，陪伴投资者开启财 富新程。本届活动将专业资产配置服务与新春主题深度融合，以数字平台为载体、场景服务为纽带，将国泰海通财富管理优势服务转化为客户可感知、可参与的温暖 实践，为4000万客户献上一份承载美好祝愿与财富智慧的五福新年礼。 专业筑基：资产配置服务创造长期价值 在低利率时代背景下，资产配置的重要性日益凸显。国泰海通秉持"全球视野、中国智慧"，构建系统化的买方投研体系与服务范式，升级"买方资产配置服务体 系"和"win产品体系"，着力提升投资体验与长期回报。国泰海通资产配置服务构建了覆盖全球的系统化资产配置框架，研究范围覆盖22个国家和地区，权益、固收与 另类投资三大核心资产及百余细分领域；形成了业 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 上海证券交易所 2026年02月10日 为促进中金沪深300交易型开放式指数证券投资基金（以下简称300中金，基金代码:510320）的市 场流动性和平稳运行，根据《上海证券交易所基金自律监管规则适用指引第2号——上市基金做市业 务》等相关规定，本所同意国泰海通证券股份有限公司自2026年02月11日起为300中金提供主做市服 务。 特此公告。 上证公告（基金）【2026】330号 ...

Core Viewpoint - As the Spring Festival approaches, the choice between "holding stocks or holding cash" has become a focal point for investors, with a consensus emerging among major brokerages favoring "holding stocks" as the better option this year [1][2]. Group 1: Market Sentiment and Predictions - Major brokerages, including Guotai Junan and GF Securities, express optimism about the market's potential for recovery post-holiday, suggesting that the A-share market may experience a favorable "timing, location, and human factors" for an upward trend [2][17]. - Despite a general consensus on holding stocks, several brokerages caution that market performance may still be influenced by multiple risks, including slower-than-expected economic recovery and geopolitical uncertainties [3]. Group 2: Investment Strategies and Sector Focus - Guotai Junan recommends focusing on emerging technology and value sectors, highlighting themes such as commercial aerospace, robotics, urban renewal, and domestic consumption [4]. - Dongwu Securities suggests three main investment directions: overvalued technology sectors, booming industries like energy storage and lithium batteries, and themes related to the 14th Five-Year Plan, including commercial aerospace and 6G technology [5]. - Galaxy Securities advocates for a cautious approach with "light positions," emphasizing the importance of the upcoming "Two Sessions" and the shift towards "new productive forces" in sectors like semiconductors and artificial intelligence [6][7]. - Huaxia Securities emphasizes the importance of preparing for the post-holiday "red envelope" market, noting that technology sectors typically show better elasticity after the holiday [13]. - The investment focus should also include sectors that have underperformed but are expected to recover, such as food and beverage, agriculture, and healthcare [12]. Group 3: Market Dynamics and Historical Trends - Historical data indicates that the market tends to perform better after the Spring Festival, with a common pattern of "lower before the holiday and higher after" across various style indices [11]. - The current market environment is characterized by a high trading volume, with brokerages maintaining a cautious yet optimistic stance, suggesting that the market is not likely to turn bearish easily [8][9]. - The upcoming Spring Festival is seen as a critical period for potential market recovery, with many brokerages encouraging investors to remain confident and prepared for the first wave of the new year's upward cycle [17].

上海证券交易所 2026年02月09日 为促进华泰柏瑞中证全指自由现金流交易型开放式指数证券投资基金（以下简称现金基金，基金代 码:563390）的市场流动性和平稳运行，根据《上海证券交易所基金自律监管规则适用指引第2号——上 市基金做市业务》等相关规定，本所同意国泰海通证券股份有限公司自2026年02月10日起为现金基金提 供主做市服务。 特此公告。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 上证公告（基金）【2026】301号 ...

特此公告。 上海证券交易所 2026年02月09日 上证公告（基金）【2026】298号 为促进鹏华上证科创板50成份增强策略交易型开放式指数证券投资基金（以下简称科创增强，基金 代码:588460）的市场流动性和平稳运行，根据《上海证券交易所基金自律监管规则适用指引第2号—— 上市基金做市业务》等相关规定，本所同意国泰海通证券股份有限公司自2026年02月10日起为科创增强 提供主做市服务。 ...

上海证券交易所 2026年02月09日 为促进华宝中证细分化工产业主题交易型开放式指数证券投资基金（以下简称化工ETF，基金代 码:516020）的市场流动性和平稳运行，根据《上海证券交易所基金自律监管规则适用指引第2号——上 市基金做市业务》等相关规定，本所同意国泰海通证券股份有限公司自2026年02月10日起为化工ETF提 供主做市服务。 特此公告。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 上证公告（基金）【2026】302号 ...

上证公告（基金）【2026】303号 上海证券交易所 2026年02月09日 为促进永赢中证沪深港黄金产业股票交易型开放式指数证券投资基金（以下简称黄金股，基金代 码:517520）的市场流动性和平稳运行，根据《上海证券交易所基金自律监管规则适用指引第2号——上 市基金做市业务》等相关规定，本所同意国泰海通证券股份有限公司自2026年02月10日起为黄金股提供 主做市服务。 特此公告。 ...

为促进鹏华上证科创板芯片交易型开放式指数证券投资基金（以下简称KC芯片，基金代 码:588920）的市场流动性和平稳运行，根据《上海证券交易所基金自律监管规则适用指引第2号——上 市基金做市业务》等相关规定，本所同意国泰海通证券股份有限公司自2026年02月10日起为KC芯片提 供主做市服务。 2026年02月09日 上证公告（基金）【2026】299号 上海证券交易所 特此公告。 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 上证公告（基金）【2026】300号 2026年02月09日 为促进西藏东财上证科创板50成份交易型开放式指数证券投资基金（以下简称科创东财，基金代 码:589850）的市场流动性和平稳运行，根据《上海证券交易所基金自律监管规则适用指引第2号——上 市基金做市业务》等相关规定，本所同意国泰海通证券股份有限公司自2026年02月10日起为科创东财提 供主做市服务。 上海证券交易所 特此公告。 ...