Investment Rating - The report indicates a positive outlook for the brokerage sector, suggesting that it is currently in a phase of fundamental and valuation mismatch, with expectations for improvement in the first half of the year [2][6]. Core Insights - The brokerage sector has seen a significant increase in allocation by active equity funds, with a quarter-over-quarter increase of 102 basis points, surpassing the three-year average [2]. - The report highlights strong earnings forecasts for 2025, with notable increases in net profits for several brokerages, including a projected 405.3% increase for Guolian Minsheng [2][16]. - The insurance sector is expected to stabilize, with a forecasted recovery in the predetermined interest rate for life insurance products, anticipated to rise to 1.96% in Q1 2026 [2][28]. Summary by Sections Market Review - The Shanghai Composite Index closed at 4,702.50 with a decline of 0.62%, while the non-bank index fell by 1.45% [6]. - The brokerage, insurance, and diversified financial indices reported changes of -0.61%, -4.02%, and +3.10%, respectively [6]. Non-Banking Sector Insights - The report notes that the China Securities Regulatory Commission has introduced new guidelines for performance benchmarks for publicly offered securities investment funds, aiming to enhance transparency and accountability [8][10]. - Key announcements from individual companies include China Pacific Insurance reporting an 8.1% increase in premium income for 2025, and Guolian Minsheng forecasting a significant profit increase due to business integration [12][16]. Investment Analysis Recommendations - For brokerages, the report recommends focusing on firms with strong competitive positions, such as Guotai Junan and Citic Securities, as well as those with high earnings elasticity like Huatai Securities [2]. - In the insurance sector, the report maintains a positive medium-term outlook, recommending companies like China Life and Ping An Insurance [2]. Key Data Tracking - As of January 23, 2026, the average daily trading volume was reported at 30,388.36 billion [32]. - The margin trading balance stood at 27,249.13 billion [38].

成交活跃度下降，中证 1000 估值领涨 [Table_Authors] 方奕(分析师) ——情绪与估值 1 月第 3 期 本报告导读： 上周（2026/1/19-2026/1/23）成交活跃度下降，中证 1000 领涨。宽基指数：估值涨 跌互现，中证 1000 领涨。行业指数：PE 估值纺织服装，PB 估值石油石化领涨。情 绪：交易活跃度下降，换手率涨跌互现，成交额全面下降。ERP：环比下降。 投资要点： 策略研究 /[Table_Date] 2026.01.25 | | 021-38031658 | | --- | --- | | | fangyi2@gtht.com | | 登记编号 | S0880520120005 | | | 李健(分析师) | | | 010-83939798 | | | lijian8@gtht.com | | 登记编号 | S0880525070013 | [Table_Report] 相关报告 AI 硬件景气强化，科技制造出海延续 2026.01.22 基金增配资源、硬科技与非银 2026.01.22 资产概览：贵金属与日韩权益领涨 2026.01.19 主动外资大幅流入 A ...

【#中科宇航IPO辅导完成#】据证监会网站，1月24日，商业航天企业中科宇航辅导状态再次更新， 从"辅导验收"变为"辅导工作完成"，其IPO辅导机构为国泰海通证券。（每日经济新闻） ...

低频选股因子周报（2026.01.16-2026.01.23） [Table_Authors] 郑雅斌(分析师) 1 月份沪深 300 指数增强组合累计超额收益 5.70% 本报告导读： 上周，小市值风格占优，反转、低波因子发生较大回撤。量化股票组合中，沪深 300 增强组合周超额收益 2.16%，2026 年累计超额收益 5.70%。 投资要点： 风险提示：市场环境变动风险，有效因子变动风险。 | | 021-23219395 | | --- | --- | | | zhengyabin@gtht.com | | 登记编号 | S0880525040105 | | | 罗蕾(分析师) | | | 021-23185653 | | | luolei@gtht.com | | 登记编号 | S0880525040014 | [Table_Report] 相关报告 黄金再度领涨大类资产，全球资产配置模型均录 正收益 2026.01.22 绝对收益产品及策略周报（260112-260116） 2026.01.21 风格 Smart beta 组合跟踪周报（2026.01.12- 2026.01.16） 2026.0 ...

特此公告。 浙江新中港热电股份有限公司董事会 2026年1月24日 附件：王鹏程先生简历 王鹏程先生，国泰海通证券股份有限公司投资银行部助理董事，硕士研究生，具有保荐代表人、中国注 册会计师（非执业会员）、法律职业资格等资质。从事投资银行工作以来参与的项目主要包括恒兴新材 IPO、新点软件IPO等项目。王鹏程先生在保荐业务执业过程中严格遵守《保荐业务管理办法》等有关 规定，执业记录良好。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 浙江新中港热电股份有限公司（以下简称"公司"）于近日收到持续督导保荐机构国泰海通证券股份有限 公司（以下简称"国泰海通"）出具的《关于更换浙江新中港热电股份有限公司持续督导保荐代表人的 函》。国泰海通作为公司公开发行可转换公司债券的持续督导保荐机构，指定田昕女士、夏静波先生为 公司公开发行可转换公司债券项目的保荐代表人，负责持续督导工作，持续督导期至2024年12月31日。 截至目前，持续督导期已届满，公司募集资金尚未使用完毕且可转换公司债券尚未完成转股，根据相关 规定，国泰海通对此未尽事项继续 ...

特此公告。 浙江新中港热电股份有限公司董事会 2026年1月24日 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 浙江新中港热电股份有限公司（以下简称"公司"）于近日收到持续督导保荐机构国泰海通证券股份有限 公司（以下简称"国泰海通"）出具的《关于更换浙江新中港热电股份有限公司持续督导保荐代表人的 函》。国泰海通作为公司公开发行可转换公司债券的持续督导保荐机构，指定田昕女士、夏静波先生为 公司公开发行可转换公司债券项目的保荐代表人，负责持续督导工作，持续督导期至2024年12月31日。 截至目前，持续督导期已届满，公司募集资金尚未使用完毕且可转换公司债券尚未完成转股，根据相关 规定，国泰海通对此未尽事项继续履行持续督导义务。 现因夏静波先生工作变动，无法继续从事对公司的持续督导工作。为保证持续督导工作的有序进行，国 泰海通现委派保荐代表人王鹏程先生（简历详见附件）接替夏静波先生继续履行持续督导工作。本次保 荐代表人更换后，公司公开发行可转换公司债券项目的持续督导保荐代表人为田昕女士、王鹏程先生。 公司董事会对夏静波先生在持续 ...

Group 1 - The core viewpoint of the article highlights the continued growth of fixed income and the strategic adjustments in equity exposure amidst market fluctuations, with a notable increase in financial bonds [1][2]. - In Q4 2025, the net subscription for fixed income + funds reached 160.55 billion units, showing a significant growth trend despite being lower than Q3 2025, primarily concentrated in secondary bond funds [1]. - Convertible bond funds saw a net subscription of 2.014 billion units in Q4 2025, maintaining a positive subscription trend for two consecutive quarters [1]. Group 2 - Institutional behavior regarding convertible bonds remains diverse, with public funds, social security, and trusts reducing their holdings in October and November, likely for profit-taking, followed by a renewed allocation in December [2]. - Insurance funds significantly reduced their convertible bond holdings, with a decrease of over 50% in face value by the end of 2025 compared to the beginning of the year [2]. - Public funds are actively seeking alternative bottom assets, showing a reduction in bank convertible bonds primarily due to the delisting of the Pudong Development Bank convertible bond, while still demonstrating a strong inclination to increase holdings in other sectors like electronics and defense [2]. Group 3 - In terms of marginal increases, public funds are diversifying their allocation while maintaining core themes, with notable increases in convertible bonds related to power equipment and oil and petrochemicals, as well as defense and military industries [3]. - Specific convertible bonds such as Long 22 and Jingneng convertible bonds have seen significant increases in holdings, reflecting resource and geopolitical logic [3]. - Other sectors like steel and basic chemicals are also seeing increased allocations, indicating a broader trend of investment across various cyclical and manufacturing chains [3].

Core Insights - The bond underwriting market in 2025 shows a clear trend of "the strong getting stronger," with market share concentrated among a few leading institutions [1][4][8] - Competition among underwriters is intensifying, with banks and securities firms leveraging their unique strengths to differentiate themselves [2][6] - Regulatory bodies are taking steps to ensure market order and prevent irrational competition, particularly in pricing and underwriting practices [2][6] Group 1: Market Overview - The total bond issuance in 2025 reached 89.76 trillion yuan, a year-on-year increase of approximately 11% [2] - The issuance of interest rate bonds was 33.80 trillion yuan, up 18%, while credit bonds reached 21.95 trillion yuan, growing by 8% [2] - The market is characterized by a large total volume, diverse categories, and differentiated competition [2] Group 2: Competitive Landscape - In the banking sector, China Bank led with over 16 trillion yuan in underwriting, capturing more than 10% of the market share [4] - The top four state-owned banks collectively hold nearly 40% of the market share, indicating a strong position [4] - In the securities sector, CITIC Securities topped the list with 22,496.07 billion yuan in underwriting and a market share of 14.08% [4][5] Group 3: Sector-Specific Insights - Local government bond issuance reached a record high of approximately 10.29 trillion yuan, reflecting a year-on-year growth of 5.2% [6] - The financial bond market is predominantly led by securities firms, with CITIC Securities holding a market share of 17.56% [6] - The asset-backed securities (ABS) market shows a concentration of resources among leading firms, with CITIC Securities leading at 12.32% market share [7] Group 4: International Market Dynamics - The offshore bond market saw a total issuance of approximately $307.07 billion, a year-on-year increase of about 15.75% [7][8] - The market features a mix of domestic and foreign institutions, with China Bank leading at $14.70 billion in underwriting [8] - The competitive landscape in the offshore market is relatively dispersed, with no single institution dominating [8]

每经AI快讯，华东医药发布公告称，2026年1月21日15:00-16:00、2026年1月22日10:00-11:00，15:00- 16:00，华东医药接受国泰海通证券等投资者调研，公司董事会秘书陈波、首席医学官徐俊芳参与接 待，并回答了投资者提出的问题。 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 （记者 曾健辉） ...

2026年01月22日，海安集团披露接待调研公告，公司于01月22日接待睿远基金管理有限公司、天风证券 股份有限公司、国泰海通证券股份有限公司、广发证券股份有限公司、兴业证券股份有限公司、国信证 券股份有限公司等26家机构调研。 海安集团（001233）股价报85.39元，较前一交易日收盘价上涨3.63元，涨幅为4.44%，总市值158.80亿 元。从行业市盈率来看，海安集团所处的橡胶制品行业滚动市盈率平均42.94倍，行业中值35.74倍，海 安集团23.78倍排名第11位。 调研情况显示，海安集团在全钢巨胎这一技术壁垒高、客户黏性强的细分领域中，紧随三大国际品牌主 导的寡头垄断格局，在市场占有率、品牌及技术方面位居前列，并在产品性价比与轮胎运营管理服务上 拥有自身优势。公司区别于国内同行的核心优势主要体现在四个方面：拥有深厚的矿山服务基因与技术 领先性、构建了独特的"产品+运营"商业模式、积累了优质的客户资源、形成了成熟的全球化布局网 络。 公司业务开拓情况良好，截至2025年7月31日，轮胎销售业务一年以内的在手订单金额约为14.24亿元。 2025年以来，公司新签订单及框架协议涉及的全钢巨胎需求共计4 ...