Core Viewpoints - The report highlights a positive outlook for the non-bank financial sector, driven by favorable policies and continued capital inflow, suggesting potential for sector rebound [1][6]. - The report maintains a "Buy" rating for the sector, indicating expected strong performance relative to the market [2]. Market Performance - As of February 14, 2026, the Shanghai Composite Index rose by 0.41%, while the Shenzhen Component Index increased by 1.39%. The CSI 300 Index saw a modest gain of 0.36% [12]. - The average daily trading volume in the Shanghai and Shenzhen markets was 2.11 trillion yuan, reflecting a 12.3% decrease week-on-week [6]. Industry Dynamics and Weekly Commentary Insurance Sector - The report indicates that listed insurance companies are expected to maintain high growth, with a marginal improvement in long-term interest margins. The insurance fund utilization scale reached 38.5 trillion yuan in Q4 2025, up 15.7% year-on-year [18]. - The report suggests that the upcoming spring market rally may drive better-than-expected performance for insurance companies in Q1 2026, supported by a stable long-term interest rate and an upward trend in the equity market [18]. Securities Sector - The report discusses the recent optimization measures for refinancing announced by the three major exchanges, which aim to enhance financing efficiency and support high-quality enterprises [19]. - The new refinancing rules are expected to create structural opportunities for securities firms, shifting the focus from compliance to the ability to identify and serve quality clients [20]. - The report emphasizes that the optimization of refinancing will lead to a more differentiated regulatory system, benefiting quality companies while tightening controls on weaker entities [22]. Key Company Valuations and Financial Analysis - The report provides detailed valuations for several key companies in the sector, including: - China Ping An (601318.SH) with a target price of 85.17 yuan and a "Buy" rating [7]. - New China Life (601336.SH) with a target price of 94.21 yuan and a "Buy" rating [7]. - China Life (601628.SH) with a target price of 55.47 yuan and a "Buy" rating [7]. - The report also highlights the expected earnings per share (EPS) growth for these companies, indicating a positive outlook for their financial performance in 2025 and 2026 [7].

以上内容基于公开资料整理，不构成投资建议。 股票近期走势 如何抓住"黄金牛市"波段机会？升级投资账户，一键配置金+银>> 经济观察网 东方证券资产管理公司（东证资管）权益产品份额规模持续下滑引发市场关注。根据东方 财富Choice数据，截至2025年四季度末，东证资管权益产品（股票型+混合型）份额规模降至618亿份， 同比减少12.09%，已连续四年收缩；主动权益业务份额规模降至539亿份，同比下降16.69%。这一趋势 反映了公司在明星基金经理流失后面临的业务挑战，可能对母公司东方证券的资管收入预期产生压力。 近7个交易日内（截至2026年2月20日），东方证券A股（600958.SH）股价呈现震荡下行态势。2月13日 收盘价为10.18元，单日下跌0.78%，5日累计跌幅为1.64%，20日累计跌幅达3.23%；港股（03958.HK） 同期表现疲软，2月20日收盘报6.57港元，单日下跌0.45%，5日累计跌幅为5.74%。资金面上，2月13日 A股主力资金净流出483.57万元，散户资金呈净流入状态；技术面显示股价承压于20日均线（10.35元附 近），短期支撑位关注10.12元。 ...

我们坚守"长期主义"理念，践行价值投资之道，致力于实现客户、公司与社会的共生共赢。2025年，公 司公募管理规模重回两千亿元台阶，这不仅是市场对我们投研实力的认可，更包含了万千投资者的信 任。每一份信任都弥足珍贵，我们唯有勤勉尽责、不负所托。 我们秉持"金融为民"初心，积极履行让利惠民责任。在行业费率改革进程中，东方红资产管理主动探索 机制创新，成功发行两只采用分档收费模式的浮动费率基金，通过收益共享、风险共担的设计，切实追 求基金管理人与持有人的利益一致性，让更多人公平分享金融发展成果。 我们坚持守正创新、前瞻布局，在巩固主动权益、固收+等传统优势领域的同时，稳步推进指数量化、 FOF等战略性业务发展，并持续深耕机构客户与集合资产管理服务，不断完善多元化产品线与资产配置 策略，全面满足不同客群的差异化需求。 2026年是"十五五"规划的开局之年，是中国经济在新起点上谋突破、开新局的关键之年，更是资本市场 深化改革、提质增效的重要之年。我们坚信，中国经济底盘实、韧性足，资本市场改革的纵深推进将释 放更多制度红利，中国资产的全球吸引力必将持续提升，居民财富通过公募基金共享国家发展成果的大 趋势不可逆转。新的一年 ...

Core Viewpoint - The announcement from Quan Guo Fund reveals significant changes in its management team, with Li Yunliang appointed as the new General Manager, indicating a strategic shift in leadership aimed at enhancing the company's operational capabilities and governance structure [1][9]. Management Changes - Li Yunliang has been appointed as the new General Manager, effective from February 13, 2026, succeeding Ren Li, who will no longer act in this capacity [1][10]. - Jiang Heze, a founding partner and Vice General Manager, will take on the role of Financial Responsible Person [1][10]. - Sun Yuan has been appointed as the Compliance and Risk Responsible Person, while Yao Zhongxiao will serve as a Vice General Manager [1][10]. - The management team is being strengthened with the addition of existing Vice General Manager Wei Haiqing [1][9]. Background of New Executives - Li Yunliang has extensive experience, having previously held positions such as General Manager at Southwest Securities and Deputy Researcher at Chongqing Securities Regulatory Bureau [2][11]. - Jiang Heze has been with Quan Guo Fund since March 2022 and has a background in asset management [2][11]. - Yao Zhongxiao has experience as a Fund Product Manager at China Merchants Bank and has been with Quan Guo Fund since March 2022 [3][12]. - Sun Yuan has a background in compliance and risk management, having worked at various positions in Oriental Securities before joining Quan Guo Fund [3][12]. Departure of Executives - Li Yunwan, the former Compliance and Risk Responsible Person, has left the position due to work arrangements and will transition to another role within the company [4][13]. Company Overview - Quan Guo Fund was established on February 8, 2022, with a registered capital of 100 million RMB and is based in Shanghai [6][15]. - The fund's assets reached 17.45 billion RMB by the end of 2025, reflecting its growth trajectory [6][15]. Employee Stock Ownership Plan - The company has initiated an employee stock ownership plan, which aligns the interests of shareholders, new management, and core employees, promoting long-term sustainable development [8][17].

Group 1 - The Securities ETF Index Fund (516200) opened with a slight increase of 0.09%, priced at 1.134 yuan [1] - Major holdings in the Securities ETF Index Fund include Dongfang Caifu, which rose by 0.18%, and other securities firms like CITIC Securities and Huatai Securities, which remained stable or showed minor fluctuations [1] - The fund's performance benchmark is the CSI All Share Securities Company Index return rate, managed by Huaan Fund Management Co., Ltd., with a return of 13.19% since its inception on March 9, 2021, and a recent one-month return of -5.46% [1]

Core Viewpoint - The report from Dongfang Securities indicates a recovery in the export volume of sucralose, signaling positive external demand and potential growth opportunities for the company in new domestic applications [1] Group 1: Market Demand and Opportunities - The domestic demand for sucralose in pig feed could exceed 3,500 tons, accounting for over 60% of the apparent consumption of sucralose in China for 2022 and 2023 [1] - The company is expected to enjoy a unique market space during the five-year protection period, which presents significant growth potential [1] - The recovery in traditional food and beverage sectors is anticipated to positively impact the demand for sucralose [1] Group 2: Financial Projections - The company forecasts net profits attributable to shareholders for 2025, 2026, and 2027 to be 592 million, 818 million, and 870 million yuan respectively, a revision from previous estimates of 1.273 billion and 1.494 billion yuan for 2025 and 2026 [1] - Based on a 20 times price-to-earnings ratio for comparable companies in 2026, a target price of 28.80 yuan is set, maintaining a "buy" rating [1]

Core Viewpoint - The cobalt industry is rated "positive" by Dongfang Securities, with 2025 marking a significant policy turning point due to the implementation of the quota system in the Democratic Republic of Congo (DRC), which will shift market perception from oversupply to absolute shortage by 2026 [1] Supply Dynamics - The DRC, accounting for 76% of global cobalt production, will have an annual export quota of 96,600 metric tons for 2026-2027, a 55% reduction from 2024 levels, leading to a significant contraction in global cobalt supply elasticity [1] - The structural supply-demand gap for cobalt is projected to reach 91,000 metric tons in 2026 and 112,000 metric tons in 2027, indicating a shortage exceeding 20% [1] Demand Drivers - Cobalt demand is primarily driven by batteries, which account for 73% of total demand, with the electric vehicle sector (43%) being the core growth source, expecting a 19% year-on-year increase in cobalt demand in the global new energy vehicle sector in 2024 [2] - The consumer electronics sector is also recovering, with cobalt demand projected to reach 70,000 metric tons in 2024, and a CAGR of approximately 5% over the next three years [2] - Long-term growth in cobalt demand is supported by solid-state battery technology and the sustained high proportion of overseas ternary battery installations, with total global cobalt demand expected to rise from 189,000 metric tons in 2022 to 325,000 metric tons by 2028 [2] Pricing Mechanism - The pricing mechanism for cobalt is shifting from "high-cost incremental supply + low-cost clearing" to "policy-induced supply gaps + increased supply security premiums," benefiting leading companies like Luoyang Molybdenum (40% global share) and Huayou Cobalt, which possess resource endowments and integrated capabilities [3] Investment Recommendations - In the short term, cobalt prices are expected to remain high due to supply shortages caused by long shipping times before Q2 2026 [4] - In the long term, the DRC's quota system will drive global cobalt pricing power, with price fluctuations influenced more by geopolitical factors than by pure supply-demand balance [4] - Relevant investment targets include Huayou Cobalt (603799.SH), Luoyang Molybdenum (603993.SH), Tengyuan Cobalt (301219.SZ), and Greeenme (002340.SZ) [4]

Investment Rating - The report maintains a "Buy" rating for several financial institutions including China Merchants Bank and Ningbo Bank, and a "Hold" rating for others like GF Securities and Dongfang Securities [9]. Core Insights - The report highlights a net outflow of 1.01 trillion yuan from broad-based ETFs in January 2026, indicating increased market volatility and a shift in investor sentiment towards high-quality financial stocks [1][3]. - The overall market for wealth management products saw a decrease in issuance, with 2,728 new products launched in January 2026, down 10.4% month-on-month, while the average yield for these products increased to 3.62%, up 177 basis points from the previous month [2][15]. - The report emphasizes the importance of the newly implemented performance benchmark guidelines for public funds, which aim to strengthen the alignment of interests between fund managers and investors [3][15]. Summary by Sections Wealth Management Products - In January 2026, the total issuance of wealth management products was 2,728, a decrease of 10.4% from December, while the total market size for these products was 31.57 trillion yuan, showing a slight decline [2][16]. - The average yield for wealth management products increased to 3.62%, reflecting a positive trend in returns despite the decrease in issuance [2][15]. Public Funds - The public fund market saw a 6% increase in new issuance in January, but the total market size decreased to 36.30 trillion yuan, down 1.24% month-on-month [3][15]. - The net asset value of ETFs fell to 5.46 trillion yuan, with a significant outflow of 1.01 trillion yuan from broad-based ETFs [3][15]. Private Funds - As of December 2025, the total size of private fund products reached 22.15 trillion yuan, with a month-on-month increase of 0.27% [5][15]. - The report notes a strong growth in the registration of private securities investment funds, which increased by 157% year-on-year [5][15]. Insurance Asset Management - By the end of Q3 2025, the balance of insurance funds reached 37.46 trillion yuan, reflecting a year-on-year increase of 17% [6][15]. - The report indicates a rising trend in the allocation of insurance funds to equities, with a notable increase in stock investment ratios [6][15]. Securities Asset Management - The size of securities asset management reached 6.37 trillion yuan by the end of Q3 2025, with a quarter-on-quarter increase of 4% [4][15]. - New issuance in January 2026 amounted to 77.42 billion units, representing a 20% increase from the previous month [4][15]. Trust Industry - The trust industry reported an asset size of 32.43 trillion yuan as of June 2025, marking a 10% increase since the beginning of the year [7][15]. - In January 2026, 1,377 trust products were issued, totaling 110.5 billion yuan, which is a 15% month-on-month increase [7][15].

Market Outlook - Chinese assets are expected to benefit from a steady decline in domestic risk evaluation, contrasting with challenges faced by the governance capabilities of the US and Japan[18] - The probability of the Federal Reserve restarting interest rate cuts in June 2026 is estimated at 50%[17] Asset Performance - A-shares have shown a decline, with the Shanghai Composite Index down by 1.27% over the past week, and the ChiNext Index down by 3.28%[11] - The bond market has seen a short-term rebound, with 10-year government bonds showing a 0.48% increase[11] Risk Assessment - Short-term uncertainty for commodities and gold is on the rise, while A-shares, US stocks, and US bonds exhibit stable medium-term uncertainty[25] - The overall market sentiment remains cautious due to potential extreme risk events, such as US-China relations and global geopolitical tensions[6] Economic Cooperation - Recent visits by leaders from the UK and Uruguay to China indicate a trend of mid-sized countries seeking economic cooperation with China, enhancing their maneuverability against the US[18]

Group 1 - The core viewpoint is that the recent volatility in precious metals prices is a normal reaction to overly optimistic investor sentiment, and the long-term bull market for precious metals has not ended despite short-term fluctuations [1] - The long-term outlook for precious metals remains positive, with expectations for a mid-term increase in gold prices by 2026, driven by a lack of fundamental change in global trust in fiat currency systems [1] - Investors are advised to be cautious in the short term due to high prices and implied volatility, suggesting that those with a long-term view on precious metals should not rush to increase their positions [1] Group 2 - The report highlights specific investment options, including direct investment in physical gold, the tax-exempt gold ETF from Guotai (518800), and the gold stock ETF (517400) that covers the entire gold industry chain [1] - The analysis indicates that the central price of gold is expected to rise, and investors may consider participating in future pullbacks and gradually building positions [1]