Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoint On January 23, 2026, the reform plan for the performance comparison benchmark of publicly - offered securities investment funds was officially implemented. This report focuses on the main adjustments of the official version compared with the draft for soliciting opinions [1]. 3. Summary by Relevant Catalogs 3.1 Performance Comparison Benchmark Specification - **Benchmark Element Library Selection**: The official version weakens the requirement for the fund manager to explain when selecting a stock index from the second - category library or outside the benchmark element library. It encourages fund managers to select and use performance comparison benchmark elements from the first - category library when developing actively managed funds [2][3]. - **Benchmark Element Preference Rules**: Different from the draft, the official version deepens the perspective to the underlying assets of the fund, providing targeted requirements for different underlying asset classes of the same fund, which is more in line with the current development status of domestic public funds [3]. - **Disclosure Requirements in Periodic Reports**: The official version has three main changes: relaxing the requirements for special fund types, weakening the disclosure requirements for the credit rating distribution comparison of bond - type funds, and adding the requirement to disclose the comparison of the asset allocation of FOFs and their benchmarks [6]. 3.2 External Supervision, Sales and Evaluation - **Fund Custodian's Monitoring of Benchmark Deviations**: The official version requires fund custodians to focus on the single - industry deviation of actively managed funds with industry - themed indices as benchmarks [8][9]. - **Sales Display Requirements**: The official version includes the performance display of fund evaluation institutions and limits the covered fund types to stock funds, hybrid funds, and FOFs [10][11]. - **Business Requirements for Fund Evaluation Institutions**: The official version provides more detailed suggestions and key indicators for classifying funds based on benchmarks and states that fund managers and sales institutions can adopt the classification results of fund evaluation institutions [11]. 3.3 Regulatory Assessment and Transition Period - **Supervision and Management**: The official version includes fund sales institutions in the classified evaluation and supervision system [12]. - **Transition Period**: The transition period for the fund custodian to establish a supervision mechanism for the investment style stability of equity funds remains six months. The transition period for the performance comparison benchmark display rectification of fund managers, sales institutions, and evaluation institutions is extended from six months to one year. Additionally, one - year transition periods are set for three aspects including information transmission of benchmark changes and disclosure of performance comparison benchmarks in periodic reports [12].

Core Viewpoint - Guanglian Aviation Industry Co., Ltd. is actively advancing its commercial aerospace business and the acquisition of Tianjin Yuefeng, with a focus on resource balance across multiple sectors and a robust risk management system [1][4]. Group 1: Acquisition Progress - The acquisition of Tianjin Yuefeng is in a critical phase, with core tasks such as auditing, evaluation, and due diligence progressing as planned. Both parties have reached a high level of consensus on key cooperation terms [2]. - Tianjin Yuefeng holds a significant market position in the commercial aerospace rocket tank sector, with an annual production capacity of 50-70 rocket tanks and a strong order backlog, ensuring high capacity utilization [2]. Group 2: Customer Expansion and Regional Layout - Guanglian Aviation is expanding its customer matrix in commercial aerospace through a "core synergy + diversified expansion" strategy, collaborating with leading companies like Blue Arrow Aerospace and Tianbing Technology [3]. - The company plans to establish an industrial layout in Shanghai to enhance production advantages in rocket tanks and structural components, further supporting regional commercial aerospace development [3]. Group 3: Resource Balance and Risk Management - The company employs a resource balance strategy across multiple sectors, leveraging technology reuse and flexible capacity allocation to maximize technological value [4]. - A comprehensive risk management system has been established, focusing on precise capacity planning based on order structure and market demand, lifecycle management of R&D projects, and proactive market trend analysis [4]. - Guanglian Aviation aims to activate Tianjin Yuefeng's existing capacity and market potential post-acquisition, contributing to profitability in the commercial aerospace sector and overall performance growth [4].

Investment Rating - The report assigns an "Overweight" rating to the industry, indicating a positive outlook for investment opportunities in the non-bank financial sector [5][14]. Core Insights - The report highlights that the non-bank sector is currently underweight by 3.08 percentage points, despite an increase in holdings during the fourth quarter of 2025. It emphasizes the potential for profit improvement and low valuations in non-bank stocks due to the influx of household funds into the market [3][5]. - The report notes a significant increase in the allocation to the insurance sector, with the proportion rising from 1.03% to 2.13%, while the insurance index saw a substantial increase of 23.42% in the fourth quarter [5][8]. - The report suggests that the brokerage sector has also received increased allocations, with public fund holdings rising from 0.85% to 1.08%, although it remains underweight by 2.30 percentage points [5][8]. Summary by Sections Non-Bank Sector - The non-bank sector remains underweight overall by 3.08 percentage points, with a positive outlook for long-term capital inflows and wealth management opportunities [5][8]. - Specific recommendations include increasing holdings in companies such as Jiufang Zhituo Holdings, Tonghuashun, Guoxin Securities, and others, as they are expected to benefit from the ongoing market dynamics [5][8]. Insurance Sector - The insurance sector's allocation has increased significantly, with a focus on low-valuation stocks as capital continues to flow into the market. The report recommends increasing holdings in China Life, Ping An, and China Pacific Insurance [5][8]. Brokerage Sector - The brokerage sector has seen a rise in public fund holdings, with notable increases in individual stocks like CITIC Securities and Huatai Securities. The report suggests that the retail business share is likely to improve, making these stocks attractive [5][8]. Financial Technology and Diversified Finance - The report indicates a decrease in the allocation to diversified finance and financial technology sectors, but highlights potential investment opportunities in companies like Lakala and Yuexiu Financial Holdings due to ongoing policy support and technological advancements [5][8].

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]

Summary of Key Points Core Viewpoint In 2025, a total of 116 companies went public (IPO) in China, with various financial public relations firms and underwriting institutions involved in the process. Group 1: IPO Overview - A total of 116 companies completed their IPOs in 2025, with 43 listed on the Shanghai Stock Exchange (24 on the Main Board and 19 on the Sci-Tech Innovation Board), 47 on the Shenzhen Stock Exchange (13 on the Main Board and 34 on the Growth Enterprise Market), and 26 on the Beijing Stock Exchange [1]. - 25 financial public relations firms were involved in the IPO process for these 116 companies [2]. Group 2: Leading Financial Public Relations Firms - The top five financial public relations firms by the number of IPOs handled are: 1. Jinzheng Hutong: 27 IPOs 2. Jiufu Investment: 24 IPOs 3. New航线 and Wanquan Zhice: 13 IPOs each 4. Zhonggai Yiyun: 8 IPOs 5. Quanming Consulting and Waliu Consulting: 4 IPOs each [3]. Group 3: Leading Underwriting Institutions - A total of 30 underwriting institutions participated in the IPOs of these 116 companies. - The top five underwriting institutions by the number of IPOs are: 1. Guotai Junan: 17 IPOs 2. CITIC Securities: 15 IPOs 3. CITIC Jian Investment: 11 IPOs 4. Huatai United: 10 IPOs 5.招商证券: 9 IPOs [8][9]. Group 4: Leading Law Firms - 27 law firms were involved in the IPO process for these companies. - The top five law firms by the number of IPOs are: 1. Shanghai Jintiancheng Law Firm: 16 IPOs 2. Beijing Zhonglun Law Firm: 15 IPOs 3. Guohao Law Firm: 13 IPOs 4. Beijing Deheng Law Firm: 9 IPOs 5. Beijing Guofeng Law Firm and Guangdong Xinda Law Firm: 6 IPOs each [14][15]. Group 5: Leading Accounting Firms - 17 accounting firms participated in the IPOs of these companies. - The top five accounting firms by the number of IPOs are: 1. Rongcheng Accounting Firm: 29 IPOs 2. Tianjian Accounting Firm: 20 IPOs 3. Lixin Accounting Firm: 17 IPOs 4. Zhonghui Accounting Firm: 12 IPOs [20][21].

Group 1 - Aier Eye Hospital announced that on January 22, 2026, it will accept an investor research meeting with CITIC Securities and other investors, with participation from Chairman Chen Bang, Secretary of the Board Wu Shijun, and staff from the Board Office [1] Group 2 - Local state-owned assets have begun to "bottom-fish" in the auction housing market, purchasing over 60 properties in the Nansha District of Guangzhou at a unit price of six to seven thousand yuan, while the average listing price for second-hand houses in the same community exceeds 20,000 yuan [1]

Group 1 - Germany plans to officially restart its electric vehicle subsidy policy this month, which is expected to boost demand for new energy vehicles in Europe in the short term [1] - Minth Group, as a leading battery box manufacturer in Europe, had a market share exceeding 35% in the first half of last year, indicating high sensitivity to European new energy vehicle sales [1] - With traditional car manufacturers launching multiple new energy models this year, the core business of Minth Group is expected to recover simultaneously [1] Group 2 - In the robotics sector, Minth Group has established supply chain relationships with leading robot customers, and information regarding order deliveries is anticipated to act as a catalyst for the stock price [1] - The new business segment, AI liquid cooling, has entered the delivery phase, and future order deliveries are expected to continue growing [1] - The firm maintains an "overweight" rating on Minth Group [1]

Group 1 - The core viewpoint of the report indicates that despite the pressure on the ready-to-drink channel, which has seen its revenue contribution drop to approximately 35%, the overall sales of China Resources Beer demonstrated resilience due to single-digit sales growth in non-ready-to-drink channels [1] - The report suggests that with the support of declining raw material costs, China Resources Beer is expected to achieve its guidance of high single-digit to double-digit net profit growth by 2025 [1] - Management has indicated that the liquor business may incur impairment losses, which, while causing short-term pain, is viewed positively in the long term as it can eliminate factors that have long suppressed valuations, acting as a catalyst for value enhancement [1] Group 2 - The target price for China Resources Beer has been adjusted from HKD 33.5 to HKD 31, while maintaining a "Buy" rating [1]

Core Viewpoint - The report from China Merchants Securities maintains a "strong buy" rating for Dekang Animal Husbandry (02419), forecasting significant net profit growth from 2025 to 2027 due to favorable policies and cost advantages in livestock production [1]. Group 1: Company Performance - Dekang is expected to achieve a net profit of 14.4 billion, 30.9 billion, and 50.8 billion yuan for the years 2025, 2026, and 2027 respectively, with EPS projected at 3.7, 8.0, and 13.1 yuan [1]. - The company anticipates a pre-adjusted net profit of 13 to 15 billion yuan in 2025, with the second half of the year expected to contribute 0.27 to 2.27 billion yuan [1]. - The company has a leading cost advantage in livestock production, with a projected output of 10.83 million pigs in 2025, representing a year-on-year increase of 23% [1]. Group 2: Industry Trends - The pig industry is experiencing a policy-driven capacity adjustment, which may lead to a reduction in breeding sows and an increase in future pig price expectations [2]. - The poultry industry is entering an upward cycle, with the supply of parent breeding chickens at historically low levels, setting the stage for future price increases [2]. - Dekang's long-term focus on cost reduction has positioned it among the top tier in the industry, with production costs for pigs around 12 yuan per kilogram [3].

Core Viewpoint - The report highlights the significant inflow of main capital into various stocks, with specific companies showing remarkable performance in terms of net capital inflow and stock price changes [1][2]. Group 1: Main Capital Inflow - A total of 88 stocks have experienced a net inflow of main capital for five consecutive days or more, indicating strong investor interest [1]. - Hangzhou Bank leads with 16 consecutive days of net inflow, followed by Yunnan Baiyao with 14 days [1]. - Midea Group has the highest total net inflow amounting to 1.582 billion yuan over seven days, while Hangzhou Bank follows closely with 1.489 billion yuan over 16 days [1]. Group 2: Performance Metrics - The stock with the highest net inflow ratio relative to trading volume is Fenglong Co., which has surged by 359.76% over the past 16 days [1]. - Other notable stocks include Guotai Junan Securities with a net inflow of 1.109 billion yuan over 11 days and China Ping An with 1.074 billion yuan over six days, although their stock prices have seen declines of 2.46% and 3.28% respectively [1]. - The report includes a detailed table of stocks with their respective net inflow amounts, inflow ratios, and cumulative price changes, providing a comprehensive overview of market trends [1][2].