Core Viewpoint - The "Oriental Tianji Cup" Private Fund Navigation Camp (2026 Season) aims to discover and support outstanding private fund managers, fostering a new ecosystem for private equity development in China through comprehensive services and collaboration [1][3]. Event Overview - The event is organized by Oriental Securities in collaboration with Securities Times, focusing on identifying potential investment forces and providing lifecycle support for private fund managers [2][3]. - The camp will adhere to principles of fairness, justice, and openness, aiming for robust growth and collaboration with excellent managers [3]. Objectives and Goals - The initiative is part of Oriental Securities' long-term commitment to asset management, aiming to enhance the value of Chinese residents' assets [3]. - The event seeks to build a platform for resource sharing and interaction among private fund managers, promoting healthy industry development [3]. Collaboration and Support - The camp will leverage resources from various partners, including Dongzheng Futures and Meishi Technology, to provide multi-dimensional support such as research services, business cooperation, and brand exposure [4][5]. - Oriental Securities will offer a comprehensive financial service solution, utilizing its extensive industry experience and capabilities across various sectors [4]. Awards and Recognition - The event will feature four major awards to recognize outstanding fund managers based on various performance metrics [9][17][20]. - Awards include the "Yield Pioneer Award," "Steady Trust Award," "Tianji Navigation Award," and "Institutional Cooperation Award," each focusing on different aspects of fund management performance [9][20][21]. Participation and Evaluation - Registration for the camp is open from January 1 to March 31, 2026, with ongoing registration until June 30, 2026, and evaluation from April 1 to September 30, 2026 [6][15]. - Participating institutions must be registered private fund managers, and products must be compliant with regulatory requirements [7]. Evaluation Criteria - The evaluation will cover six strategy categories, including quantitative index enhancement, quantitative stock selection, market neutrality, CTA, derivative arbitrage, and multi-strategy [8]. - Each category will have specific criteria for assessing performance, ensuring a comprehensive evaluation of fund managers [20]. Benefits for Participants - Award-winning institutions may gain access to distribution opportunities and investment collaborations with Oriental Securities and Dongzheng Futures [10][26]. - Participants will receive support from the Oriental OST rapid trading platform, offering a full suite of quantitative trading solutions [23]. - Research support will be provided through the "Oriental Brain Quantitative Platform," granting access to essential data and insights [24]. - The event will ensure media coverage and promotional opportunities for outstanding fund managers [25].

Group 1 - The Baotou Rare Earth Products Exchange (referred to as "Rare Exchange") has officially launched a rare earth price index on its official website and various platforms [1] - The index is based on the exchange's trading data and extensive collection of compliant trade data, combined with rigorous index models from research institutions, covering mainstream rare earth products such as lanthanum, cerium, praseodymium, and neodymium [1] - The Rare Exchange aims to continuously optimize the index content, enrich the index system, expand the index platform's release, and strengthen the promotion of index applications, positioning itself as a price "barometer" and "weather vane" in China's rare earth product circulation field [1] Group 2 - As of January 9, the average price of praseodymium-neodymium oxide was 624,900 yuan/ton, and metallic praseodymium-neodymium was 760,700 yuan/ton, showing a slight increase compared to the first trading day of 2026 [1] - Dongfang Securities expresses optimism about the continuous rise in both supply and demand for rare earths in 2026, reaffirming the judgment that rare earths are at the starting point of a major cycle [1] - The optimization of the supply structure in the rare earth industry is expected to benefit upstream smelting and processing enterprises, which may dominate profit distribution in the industry chain due to the scarcity of quotas, leading to a high-quality development pattern with controllable product quantities, moderate price increases, and steady profit growth [1]

2026 年 01 月 11 日 《公募费率改革收官, 非银板块向上突破 动能充盈——非银金融行业周报 (2025/12/29-2025/12/31)》 2026/01/05 《高弹性标签助力板块"破圈"，看好资负 两端改善趋势 -- 2026 年保险行业策略 报告》 2025/11/18 《证券行业 2026 年投资策略：权益浪潮 下的券商机遇：财富扩容，国际增效》 2025/11/17 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 孙冀齐 A0230523110001 sunjg@swsresearch.com 金黎丹 A0230525060004 jinld@swsresearch.com 联系人 罗钻辉 A0230523090004 luozh@swsresearch.com 万宏源研究微信服务 续看好全年非银板块价值重 非银金融行业周报（2026/1/5-2026/1/9） 本期投资提示: 时代人行业 相关研究 请务必仔细阅读正文之后的各项信息披露与声明 苏研究招 0 券商：本周申万券商 II 指数收跌 1.90%，跑输沪深 300 指数 0.89pc ...

Group 1: Economic Outlook - A moderate "opening red" is expected for 2026, with a divergence in market opinions regarding initial economic data and risk preferences[5] - The overall fiscal strength for 2026 will depend on the outcomes of local two sessions, impacting early-year economic performance[8] - The broad fiscal index showed slight improvement at the end of 2025, but remains low, indicating limited rebound potential for early 2026 infrastructure growth[15] Group 2: Investment Trends - Investment direction is shifting from traditional infrastructure to new productive forces, with increased focus on digital economy, AI, and green initiatives[19] - In Henan province, the first quarter investment targets for transportation, energy, and water conservancy are significantly lower than previous years, indicating a shift in investment focus[19] - Policy-driven financial tools are expected to support investments beyond traditional infrastructure, with significant funding allocated to emerging sectors[19] Group 3: Risks and Challenges - The risk of "anti-involution" policies may exceed the positive effects of fiscal tools, potentially suppressing investment and impacting overall growth[20] - Changes in assumptions regarding fiscal measurements could lead to deviations in projected outcomes, highlighting the uncertainty in economic forecasts[22]

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][3][6]. Company Establishment - Shanghai Zhihui Technology was officially established on January 8, with a registered capital of 100 million yuan, located in Hongkou District, Shanghai, and Xu Haining serves as the legal representative [1][6]. - The company aims to combine wealth management with technology and industrial-financial collaboration, focusing on three main business directions: developing intelligent advisory systems, creating a professional training system for investment advisors, and providing customized consulting services for financial institutions [6]. Background of Xu Haining - Xu Haining has over ten years of experience in the wealth management sector and previously held significant positions at Dongfang Securities, including Vice President and head of the wealth management committee [4][5][11]. - She resigned from Dongfang Securities on November 20, 2024, citing personal career development reasons, after contributing significantly to the company's wealth management transformation and the development of its fund advisory business [5][12]. Investment and Partnerships - The shareholders of Shanghai Zhihui Technology include Zhonglian Heavy Industry Capital, Xu Haining, and Shanghai Zhihui Mingde Enterprise Management Center, with Zhonglian Heavy Industry being a major player in the machinery industry [7]. - The partnership with Zhonglian Heavy Industry Capital, which has a registered capital of 4 billion yuan, adds substantial financial strength to the new venture [7]. Industry Impact - Xu Haining's return to the wealth management sector as an entrepreneur is seen as a significant move, potentially reshaping the landscape of wealth management services in China [3][6][12]. - Her previous experience and insights into the industry are expected to drive innovation and enhance the quality of wealth management services offered by Shanghai Zhihui Technology [6][11].

Core Viewpoint - Xu Haining, a prominent figure in wealth management, has officially returned to the industry by founding Shanghai Zhihui Technology Co., Ltd. after resigning from her position at Dongfang Securities [1][6][13]. Group 1: Company Establishment - Shanghai Zhihui Technology Co., Ltd. was established on January 8, 2026, with a registered capital of 100 million RMB [2][6]. - The company is located in Hongkou District, Shanghai, and is co-founded by Xu Haining and Zhonglian Heavy Industry Capital [1][6]. Group 2: Business Focus - The core positioning of Shanghai Zhihui Technology is "Wealth Management + Technology + Industry-Finance Collaboration," focusing on three main business directions: developing intelligent advisory systems, creating a professional training system for investment advisors, and providing customized consulting services for financial institutions [6][12]. - The company aims to address the core needs of industry transformation through its innovative approach [6]. Group 3: Xu Haining's Background - Xu Haining has over ten years of experience in the wealth management sector and previously served as the Vice President of Dongfang Securities, where she significantly contributed to the company's wealth management transformation [4][5][10]. - She has a diverse professional background, having worked in various sectors before joining the financial industry, including real estate and securities investment [11][12]. Group 4: Industry Impact - Xu Haining's departure from Dongfang Securities was noted for her contributions to the company's brand and wealth management business, particularly in promoting inclusive finance and enhancing the competitive advantage of the investment advisory sector [5][12]. - Her new venture is expected to bring fresh perspectives and innovations to the wealth management industry, particularly in the area of investment advisory services [15].

Core Insights - The report maintains a positive outlook on the securities industry, highlighting a phase of profit growth, structural evolution, and valuation recovery for 2026 [1] Industry Performance Overview - The overall industry performance is expected to see significant growth in 2025, with a mismatch between valuation and performance [4] - From January to November 2025, the Securities II (Shenwan) index increased by 5.6%, underperforming the CSI 300, while the Hong Kong Chinese securities index rose by 42.7%, outperforming the Hang Seng index by 10.9 percentage points [6] - In the first three quarters of 2025, 42 listed securities firms reported a combined revenue and net profit increase of 43% and 62% year-on-year, respectively, with an annualized ROE increase of 2.5 percentage points to 7.3% [6] Business Review and Outlook - **Brokerage Business**: The brokerage business is expected to benefit from increased trading volumes, with significant revenue growth anticipated in 2025. However, a decline in commission rates may limit profitability in traditional channel businesses [8] - **Proprietary Trading**: The contribution of proprietary trading to industry performance has significantly increased, with differentiation among firms based on investment capabilities and equity positions. Leading firms are expected to see stable returns, while smaller firms may experience higher volatility [9] - **Asset Management**: The asset management sector is entering a recovery phase driven by public fund transformation, with expected revenue growth of 33% year-on-year in 2026 [10] - **Investment Banking**: The investment banking sector is anticipated to enter a recovery cycle in 2026, supported by improved market conditions and policy incentives [10] Investment Themes for 2026 - The securities sector is positioned as a cost-effective investment opportunity due to its low valuation and performance recovery phase. Key factors include a clear trend of asset allocation towards equities, a recovery in multiple business lines, and supportive policies [12] - Recommended focus on leading securities firms with stable ROE, such as CITIC Securities, Huatai Securities, and GF Securities, which are expected to achieve ROE of 10.1%, 9.4%, and 9.4% in 2026, respectively [12] - Attention should also be given to firms with distinctive asset management and investment banking capabilities, such as Industrial Securities and China International Capital Corporation, which are well-positioned to benefit from ongoing market trends [12] Policy Environment - The report outlines a clear policy direction for the securities industry, emphasizing a shift from scale expansion to functional positioning and high-quality development. This includes a focus on value competition and the optimization of risk control indicators for leading firms [30][32] - The regulatory framework is evolving to support differentiated capabilities and strategic positioning among firms, with an emphasis on enhancing professional services and internationalization [32][34]

Group 1 - The core point of the news is that YN Technology (昱能科技) is currently trading at 54.30 yuan, reflecting a decline of 0.98% and is in a state of share price drop below its initial public offering (IPO) price [1] - YN Technology was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on June 8, 2022, with an IPO price of 163.00 yuan per share and issued 20 million shares [1] - The total funds raised from the IPO amounted to 326 million yuan, with a net amount of 303.7 million yuan, exceeding the original plan by 2.481 billion yuan [1] Group 2 - The company announced a cash dividend of 2.2 yuan per share (including tax) and a capital reserve increase of 0.4 shares for every share held, totaling 176 million yuan in cash dividends and 32 million shares in capital increase, resulting in a new total share capital of 112 million shares [2] - The upcoming dividend plan for June 27, 2024, includes a distribution of 10 yuan per 10 shares and a capital increase of 4 shares for every 10 shares held, with the record date set for July 2, 2024 [2]

Core Viewpoint - The report highlights a significant outflow of main capital from various stocks in the Shanghai and Shenzhen markets, with 387 stocks experiencing net outflows for five consecutive days or more, indicating potential investment risks in these companies [1][2][3][4]. Group 1: Main Capital Outflow Statistics - The stock with the longest continuous net outflow is Dameng Data, with 23 days of outflows [1]. - Daqin Railway follows with 20 days of net outflows, totaling 2.711 billion yuan [1]. - The total net outflow for Daqin Railway over 20 days is the highest at 2.711 billion yuan, while Xiechuang Data has a net outflow of 1.914 billion yuan over five days [1][2]. Group 2: Stocks with Significant Outflows - The top stocks by net outflow duration include: - Daqin Railway: 20 days, 2.711 billion yuan, 18.68% of trading volume, -6.22% cumulative change [1]. - Dameng Data: 23 days, 0.503 billion yuan, 7.58% of trading volume, 14.15% cumulative change [2]. - Haima Automobile: 12 days, 1.626 billion yuan, 8.26% of trading volume, -18.59% cumulative change [1]. Group 3: Other Notable Stocks - Other stocks with notable outflows include: - Wuzhou Xinchun: 5 days, 1.574 billion yuan, 5.24% of trading volume, 11.62% cumulative change [1]. - Dongshan Precision: 6 days, 1.512 billion yuan, 6.91% of trading volume, -6.80% cumulative change [1]. - Shengtai Electronics: 10 days, 1.377 billion yuan, 8.47% of trading volume, -8.71% cumulative change [1].

Group 1 - The core viewpoint of the report indicates that despite overall pressure on discretionary consumption in 2025, Li Ning (02331) is expected to achieve slightly better-than-previous market expectations in its operations, with significant elasticity if consumer demand recovers [1][2] - The company launched a new store format and product line, with the opening of its first "Dragon Store" in Beijing's Sanlitun Taikoo Li and the introduction of the new Honor Gold Standard product series, which aims to enhance brand identity and cater to urban middle-class needs [1] - The new store and product offerings are expected to attract new consumer demographics and meet emerging demands, aligning with the upcoming Olympic partnership [1] Group 2 - The company is projected to see slight revenue growth in 2025, driven by categories like badminton, with improved expense ratios anticipated in the second half of 2025 due to ongoing channel optimization [2] - The major shareholder has increased their stake from 10.53% at the end of 2024 to 14.27% by the end of 2025, reflecting confidence in the company's long-term development [3] - The earnings per share (EPS) forecasts for 2025-2027 have been slightly adjusted to 0.95, 1.07, and 1.22 yuan respectively, with a target price set at 25.41 HKD, maintaining a "buy" rating [4]