上海证券交易所 2026年01月12日 上证公告（基金）【2026】65号 为促进银华中证光伏产业交易型开放式指数证券投资基金（以下简称光伏50，基金代码:516880） 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，本所同意东方证券股份有限公司自2026年01月13日起为光伏50提供主做市服务。 特此公告。 ...

特此公告。 上海证券交易所 2026年01月12日 上证公告（基金）【2026】62号 为促进国泰中证全指通信设备交易型开放式指数证券投资基金（以下简称通信ETF，基金代 码:515880）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，本所同意东方证券股份有限公司自2026年01月13日起为通信ETF提供一 般做市服务。 ...

Core Viewpoint - AI chatbots and AI search overview products are forming new traffic entry points, with MAUs for ChatGPT, Gemini, Doubao, and DeepSeek at 88 million, 65 million, 16 million, and 13 million respectively, creating new information distribution channels, making AI platform traffic a crucial marketing area for advertisers, with GEO as one exploration method [1][2] Group 1: GEO Concept and Functionality - GEO essentially represents a new form of content marketing reshaped by AI, differing from traditional SEO aimed at improving link visibility on search pages; GEO focuses on enhancing the probability of relevant content being retrieved and appearing in AI responses, termed "AI visibility" [1][3] - Currently, GEO is more inclined towards brand building, with companies still in the methodological exploration phase; for instance, the overseas GEO startup Profound offers monitoring analysis and optimization intervention, helping brands quantify their visibility and citation in AI [3] Group 2: Domestic vs. Overseas Strategies - The differences in the corpus ecosystem between overseas and domestic markets lead to varied players and strategies in GEO; overseas strategies focus on creating high-quality website content and leveraging platforms like YouTube and Reddit, while domestic strategies involve extensive content matrix layouts around queries, utilizing self-media and third-party platforms [4] - Domestic large-scale operational platforms have advantages in GEO due to their accumulation of marketing material production, deployment, and transaction conversion data, which aids in understanding traditional business operations [4] Group 3: Investment Recommendations - Companies that are early adopters of GEO are likely to establish a technology-data validation loop, clarifying large model citation logic and accumulating data feedback; relevant stocks include BlueFocus (300058.SZ), Yidian Tianxia (301171.SZ), and InGravity Media (603598.SH) [5] - Large operational companies with extensive operational data and marketing content experience are also recommended; relevant stocks include Worth Buying (300785.SZ), Qiangmu Technology (301110.SZ), and BlueFocus (300058.SZ) [5]

多重拐点共振，内外驱动发展 ——东方证券推荐报告 投资要点 ❑ 一句话逻辑：东方证券是上海国资旗下第二大券商，迎接内生驱动与外延整合 机遇。 ❑ 超预期点分析 1.超预期点：治理端董事会主导强化并打开外延整合想象空间；业务端资管修复 先行，自营固收结构对冲与权益再扩张接力，叠加历史风险敞口持续出清，数字 化转型机遇下迎接市场表现释放。 2）去年以来，并购重组逻辑预期的券商都有过阶段性领涨板块的表现，甚至单 日涨停的表现，东方证券若未来产生外延扩张预期，则期待其市场表现。 2.超预期驱动因素与机理 1）市场与板块层面：2025 年券商板块呈现盈利改善但股价滞涨特征，隐含的估 值修复弹性被后移；若风险偏好与成交活跃度回升，券商作为高 β 板块更容易出 现戴维斯双击。 2）政策层面：监管鼓励松绑优质券商杠杆、业务创新与提升行业高质量发展， 同时并购重组规则持续优化，行业集中度依托成功案例提升路径更清晰，头部与 优质券商有望受益于杠杆与创新边际放松的政策周期。 3）个股层面：①治理结构拐点：以龚德雄为首的高管更迭推动董事会中心化与 专业化决策进一步强化，经营效率与资本运用有望提升。②外延整合预期差：公 司战略目标指向 ...

2024年11月20日，东方证券发布公告称，徐海宁因个人职业发展原因申请辞去公司副总裁等职务。 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 该公司由徐海宁与中联重科资本等股东共同发起设立。中联重科资本为机械设备企业中联重科的全资子公司，注册资本达40亿元。此外，上海秩汇明德企业 管理中心（有限合伙）作为股东之一，成立于2025年12月22日，其合伙人包括李志骞与徐海宁。 徐海宁在财富管理领域拥有超过十年的从业经历。其于2012年10月加入东方证券，曾担任销售交易总部副总经理，并在该部门更名为财富管理业务总部后出 任总经理。此后，她历任公司总裁助理、副总裁等职务，长期负责财富管理业务。 东方证券前副总裁徐海宁在辞任一年多后，其职业动向正式明确。根据天眼查信息，一家名为上海秩汇科技有限公司的企业已于近日成立，法定代表人为徐 海宁，公司注册资本为1亿元人民币，注册地位于上海市虹口区。 ...

Core Viewpoint - The report from Dongfang Securities indicates that by 2026, AI is expected to transition from technological innovation and business logic restructuring to industrial application and global rule-making, with significant growth anticipated in various retail sectors driven by AI, particularly in cross-border e-commerce and e-commerce services [1]. Group 1: AI Commercialization and Market Trends - Recent AI applications are catalyzing growth, with 2026 projected to be a commercial turning point [2] - Companies like Zhiyu Technology and MiniMax have recently gone public, with market capitalizations of 698 billion and 1,054 billion HKD respectively, and MiniMax saw a 109% increase on its first trading day [2] - WeChat announced an AI application and online tool growth plan, providing comprehensive support including cloud development resources and AI computing power [2] - Meta's acquisition of AI startup Manus for over 2 billion USD (approximately 140 billion RMB) is noted as its third-largest acquisition [2] - Upcoming AI events include the AIGC China Developer Conference and the involvement of Huoshan Engine as an exclusive AI cloud partner for the Spring Festival Gala [2] Group 2: AI in Cross-Border E-commerce - AI tools are enhancing efficiency in content creation, customer service, and translation, while also improving inventory management through data analysis [3] - Over 30,000 merchants in Xiaogoods City are utilizing AI tools, with over 1 billion uses of self-developed AI applications [3] - Jiao Dian Technology reported a membership penetration rate exceeding 50% for its AI services on the China Manufacturing Network [3] - Huakai Yibai is leveraging its "Yibai Cloud" platform for intelligent enterprise management [3] - Jihong Co. is using its "Giikin" system to implement AI algorithms for market analysis and user profiling [3] Group 3: AI in E-commerce Services - TP companies are using AI tools to analyze consumer shopping preferences, enhancing product visibility and purchase intent [4] - Qingmu Technology has developed various technical tools to support the accelerated application of AI in e-commerce operations [4] - Yiwan Yichuang, as an early partner with Alibaba, is building a GEO-related team to gain competitive advantages [4] - Kaichun Co. has established an "AI Intelligent Laboratory" to deepen strategic cooperation with Alibaba [4] Group 4: Investment Recommendations - Recommended investments in AI-driven cross-border e-commerce include Xiaogoods City and Jiao Dian Technology for B2B, and Huakai Yibai and Jihong Co. for B2C [5] - Brand companies like Anker Innovations, Ugreen Technology, and Zhiou Technology are also highlighted for their AI-enhanced business efficiency [5] - In the AI e-commerce services sector, recommended companies include Qingmu Technology, Yiwan Yichuang, Liren Lizhuang, and Kaichun Co. [5]

智通财经APP获悉，东方证券发布研报称，人形机器人在近期CES展中大放异彩，我国产业链快速发 展，具有极强的竞争力。向前看，该行认为简单机器人的量产对投资的影响会边际变弱，但AGI的叙事 有望边际变强，看好具备构建大脑能力的领跑公司及产业链，包括特斯拉(TSLA.US)核心产业链和具有 垂直场景的本体公司。 东方证券主要观点如下： 看好具备构建大脑能力的领跑公司及产业链 相比于快速上量，该行认为国家也在引导大脑能力的建设。近期国家发改委提到要着力防范重复度高的 产品"扎堆"上市、研发空间被压缩等风险；支持企业、高校、科研机构等围绕"大小脑"模型协同、云侧 与端侧算力适配、仿真与真机数据融合等技术进行攻关，解决产业卡点堵点问题。该行认为两类领跑型 公司具有投资机会，第一类是特斯拉核心产业链，特斯拉官宣在自研世界模型中训练Optimus，第二类 是具有垂直场景的本体公司，场景应用有利于数据和模型的积累。 CES展人形机器人瞩目，中国人形机器人占主导地位 相关标的：拓普集团、三花智控、五洲新春、恒立液压、震裕科技、杭叉集团、安徽合力、杰克科技、 永创智能、优必选。 在近期的CES展中，机器人获得重点关注，特别是中国 ...

Core Viewpoint - Xu Haining, a prominent figure in wealth management, has transitioned from her role at Dongfang Securities to establish Shanghai Zhihui Technology Co., focusing on wealth management and technology integration [1][2][10]. Company Establishment - Shanghai Zhihui Technology Co. was officially established on January 8, 2026, with a registered capital of 100 million yuan, located in Hongkou District, Shanghai [1][3]. - The company is co-founded by Xu Haining and Zhonglian Heavy Industry Capital, indicating a strategic partnership with a strong financial backing [3][12]. Business Focus - The core positioning of Shanghai Zhihui Technology is "Wealth Management + Technology + Industry-Finance Collaboration," with three main business directions: 1. Development of intelligent investment advisory systems and AI-driven investment ecosystems [3][11]. 2. Establishment of a specialized training system for investment advisors to enhance professional capabilities [3][11]. 3. Customized consulting services for financial institutions to support their wealth management transformation [3][11]. Background of Xu Haining - Xu Haining has over ten years of experience in the wealth management sector, previously serving as the Vice President of Dongfang Securities and leading the company's wealth management transformation [2][5][10]. - Her career includes significant roles in various industries, including real estate and securities, showcasing her diverse expertise [5][14]. Industry Impact - Under Xu's leadership, Dongfang Securities initiated its investment advisory business in June 2021, emphasizing the importance of professional service capabilities and addressing investor pain points [6][15]. - Xu has articulated that investment advisory services represent the future of wealth management, focusing on aligning with investor interests and improving returns [6][15]. Financial Backing - Zhonglian Heavy Industry Capital, a wholly-owned subsidiary of Zhonglian Heavy Industry, has a registered capital of 4 billion yuan, providing substantial financial support for the new venture [12]. - The partnership with Shanghai Zhihui Mingde Enterprise Management Center, which has a registered capital of 15 million yuan, further strengthens the company's resource network [12].

Core Viewpoint - Xu Haining, a prominent figure in wealth management, has transitioned from her role at Dongfang Securities to establish a new venture, Shanghai Zhihui Technology Co., Ltd, focusing on wealth management integrated with technology [1][2][4]. Group 1: Company Formation - Shanghai Zhihui Technology Co., Ltd was officially established on January 8, 2026, with a registered capital of 100 million yuan, located in Hongkou District, Shanghai [1][4]. - The company is co-founded by Xu Haining and Zhonglian Heavy Industry Capital, indicating a strategic partnership with a well-capitalized entity [1][6]. - The core positioning of Shanghai Zhihui Technology is "wealth management + technology + industrial-financial collaboration," focusing on three main business directions: smart investment advisory system development, professional training for investment advisors, and customized consulting services for financial institutions [5][6]. Group 2: Xu Haining's Background - Xu Haining has over ten years of experience in the wealth management sector, previously serving as the Vice President and head of wealth management at Dongfang Securities [4][9]. - She has a diverse professional background, having worked in various sectors including real estate and securities investment, and has held significant positions in listed companies [9][10]. - Under her leadership, Dongfang Securities made significant strides in its wealth management transformation, particularly in developing its investment advisory services [10][11]. Group 3: Industry Impact - Xu Haining's departure from Dongfang Securities was officially announced on November 20, 2024, citing personal career development reasons, and she no longer holds any position within the company [5][11]. - The establishment of Shanghai Zhihui Technology marks a significant return to the wealth management field for Xu, who aims to leverage her extensive experience to innovate within the industry [2][14]. - The collaboration with Zhonglian Heavy Industry Capital, a leading player in the machinery sector, enhances the potential for resource integration and industry synergy in the new venture [6][9].

Core Viewpoint - Xu Haining, a prominent figure in wealth management, has transitioned from her role at Dongfang Securities to establish Shanghai Zhihui Technology Co., focusing on wealth management integrated with technology and industry-finance collaboration [1][3]. Company Overview - Shanghai Zhihui Technology Co., founded on January 8, 2026, has a registered capital of 100 million yuan and is located in Hongkou District, Shanghai. Xu Haining serves as the legal representative [1][3]. - The company aims to address core industry transformation needs through three main business directions: developing intelligent advisory systems, creating a professional training system for investment advisors, and providing customized consulting services for financial institutions [3][4]. Background of Xu Haining - Xu Haining has over ten years of experience in the wealth management sector, previously serving as the Vice President and head of wealth management at Dongfang Securities. She resigned on November 20, 2024, for personal career development reasons [3][9]. - Her career began outside the financial industry, with significant roles in real estate and securities investment before joining Dongfang Securities in 2012, where she played a crucial role in transforming the company's wealth management business [7][8]. Business Strategy and Focus - Shanghai Zhihui Technology's core positioning is "wealth management + technology + industry-finance collaboration," focusing on the integration of technology in wealth management practices [3][4]. - The company plans to enhance the professional capabilities of investment advisors and improve the overall service quality in the wealth management sector [3][4]. Partnerships and Capital - The company is co-founded by Xu Haining and Zhonglian Heavy Industry Capital, which is a wholly-owned subsidiary of Zhonglian Heavy Industry, indicating strong financial backing [4]. - Xu Haining holds a 3% stake in the company, while her partner Li Zhiqian holds 97%, suggesting a strategic partnership that leverages industry resources [5][4].