26-27年M8向M9的升级为确定性趋势，越来越多的GPU、ASIC服务器、1.6T交换机中将采用M9的 CCL，Q布、HVLP 3-4、碳氢树脂的用量将持续快速增加。近期，市场担忧NV恐将Rubin CPX架构中的 midplane 、CPX所需的PCB 规格从M9 CCL 降规至M8.0/M8.5 CCL，结合该行对产业链的跟踪来看，目 前NV为Rubin CPX 26Q3 的大批量顺利交付做了back-up 的方案，该行认为M9+Q布的材料和PCB 的批 量化加工为产业链首次，在良效率未被验证的情况下，为后续顺利交付准备Plan-B方案也较为合理。若 26Q2 PCB 及CCL 产业链对M9+Q 布的方案交付顺利，市场对于后续M9 材料放量预期有望再次上修。 智通财经APP获悉，招商证券发布研报称，近期PCB板块进入25年业绩预告期，在AI需求的推动下，板 块业绩增长表现亮眼。该行总结了今年PCB板块几条重要的投资主线：1)PCB升级趋势：CoWoP技术商 业化应用加速推进，AI PCB产品将迎来新一轮升级，mSAP产能、设备及技术能力将成为PCB厂商下一 个门槛更高的竞争赛道，关注mSAP全产业链投资 ...

Core Insights - The report highlights that the short-term changes in broad-based ETF shares are impacting weighted stocks, while long-term regulatory changes are constraining deviations in benchmarks [1][5]. Group 1: Market Performance - As of January 24, 2026, the Shanghai Composite Index rose by 0.84%, while the Shenzhen Component Index increased by 1.11%. The CSI 300 Index fell by 0.62%, and the ChiNext Index decreased by 0.34% [10]. - The average daily trading volume in the Shanghai and Shenzhen markets was 2.80 trillion yuan, reflecting a 19% decrease compared to the previous period [5]. Group 2: Industry Dynamics and Weekly Commentary Insurance Sector - The performance of listed insurance companies is expected to continue high growth, with marginal improvements in long-term interest spreads. The 10-year government bond yield was 1.83%, down 1 basis point from the previous week, indicating a stable economic outlook [11][14]. - The insurance sector is benefiting from regulatory changes that enhance asset-liability management capabilities, which are expected to support high growth in 2026. Key stocks to watch include China Ping An, China Life, and New China Life [14][15]. Securities Sector - The report notes a significant decline in broad-based ETF shares, with the CSI 1000 dropping by 42%, the SSE 50 by 25%, and the CSI 300 by 23%. This decline is expected to have a direct impact on the trading volumes of associated leading stocks [15][19]. - The China Securities Regulatory Commission has introduced new guidelines for public fund performance benchmarks, effective March 1, 2026, aimed at enhancing stability and protecting investor interests [24][28]. Group 3: Key Company Valuations and Financial Analysis - China Ping An (601318.SH) has a current price of 68.40 CNY, with a target value of 85.17 CNY, indicating a buy rating. The expected EPS for 2025 is 8.91 CNY, with a PE ratio of 7.68x [6]. - New China Life (601336.SH) is rated as a buy with a target value of 94.21 CNY, and an expected EPS of 14.04 CNY for 2025, reflecting a PE ratio of 4.96x [6]. - China Pacific Insurance (601601.SH) is also rated as a buy, with a target value of 52.44 CNY and an expected EPS of 6.09 CNY for 2025, resulting in a PE ratio of 6.88x [6].

证券研究报告 | 金融工程 2026 年 1 月 25 日 整体维持震荡乐观，注意大小盘风格切换 ——A 股趋势与风格定量观察 20260125 1. 当前市场观察 2. 市场最新观点 风险提示：择时和风格轮动模型结论基于合理假设前提下结合历史数据统计规 律推导而出，市场环境变化下可能导致出现模型失效风险。 王武蕾 S1090519080001 wangwulei@cmschina.com.cn 王禹哲 S1090525080001 wangyuzhe@cmschina.com.cn 敬请阅读末页的重要说明 定期报告 ❑ 择时观点上，本周维持震荡偏乐观。基本面上，12 月金融数据、PMI 与通胀 数据超预期。量能情绪上，全 A 成交额仍远高于前期 2 万亿的关键支撑水 平，继续维持"高交易量能背景下，不轻易转空"的观点。不过，短期内需 要关注大小盘风格的潜在切换动能。我们在 2025 年 12 月 27 日的周报中开 始看多小盘（详见《市场短期回暖，小盘风格利好因素增多——A 股趋势与 风格定量观察 20251227》）。自信号发出次日截至本周末，中证 1000 收益 率为 12.47%，沪深 300 收益率 ...

当高端理财、公募基金、跨境理财通等财富选项在券商App理财页面占据核心位置时，一个新变化正在 悄然发生。 日前，中信证券、平安证券、招商证券等头部机构均在官方App中更新了保险业务的专属入口。保险专 区的集中上线，加速了金融产品边界的消融，券商财富管理的争夺战迈入新阶段。 值得关注的是，线上专区密集上线的背后，线下执行层面也在快速跟进。记者了解到，深圳多家券商营 业部已接到明确的保险销售KPI。 对于这场掀起的新风潮，受访专家肯定了券商兼业代理保险业务对改善业绩周期性的作用，认为保险代 销收入的低波动性，能有效平滑市场牛熊带来的业绩震荡。 多家券商App上线保险专区 一线员工已安排保险业绩KPI 自2026年以来，券商开始加速推进保险产品代理业务。湾财社记者注意到，中信证券、平安证券、招商 证券、东方财富证券等多家行业头部券商已在官方APP中上线"保险专区"。 以中信证券App为例，其"理财"页面已设置"保险专区"专属入口。目前，中信证券App上线的保险产品 达20款，覆盖健康险、寿险、年金（分红）等类型。值得注意的是，高级筛选中虽有"财险""意外伤害 险"等选项，但对应产品暂未上线，后续动向有待观察。 从合 ...

Core Viewpoint - The article discusses the significant transformation in the securities brokerage industry, highlighting the reduction of traditional brokers and the rise of investment advisors as firms shift from sales-driven models to wealth management-focused strategies [2][5]. Group 1: Decline of Securities Brokers - The number of securities brokers has decreased by over 5,000 in the past year, reflecting a broader trend of industry contraction [2]. - From early 2018 to the end of 2025, the number of brokers in the industry dropped from over 90,000 to 22,400, a reduction of more than 68,000 brokers over eight years [3]. - Major firms like CICC and China Merchants Securities have seen drastic reductions in their broker counts, with CICC achieving a "zero" broker count and China Merchants reducing from over 800 to just 13, a decline of over 90% [4]. Group 2: Factors Driving Change - The shift from "transactional trading" to wealth management has led to a reevaluation of talent needs, with a focus on professional skills over sheer numbers [3][4]. - Increased market competition and the decline in commission rates have pressured traditional revenue streams, exacerbated by reforms in public fund fees [4]. - The advancement of financial technology has reduced the demand for traditional broker roles, as online services and automated tools take precedence [4]. Group 3: Rise of Investment Advisors - The number of investment advisors has surged, increasing from over 40,000 in 2018 to 86,000 by the end of 2025, with a notable addition of over 5,000 advisors in the past year [6]. - Leading firms are investing in expanding their advisory teams, with companies like Huatai Securities and CITIC Securities increasing their advisor counts significantly [6]. - Smaller firms are also adopting strategies to enhance their advisory capabilities, focusing on reducing interchangeable roles while boosting the quality and scale of their advisory teams [6]. Group 4: Transition from Brokers to Advisors - Many investment advisors are former brokers transitioning into advisory roles, with firms assessing potential candidates based on their qualifications and client service abilities [7]. - The core competitive advantage in advisory services lies in building a highly skilled team capable of providing tailored solutions and asset management [7]. - The industry faces challenges in bridging the gap between traditional sales roles and the more complex demands of asset management and client relationship building [7]. Group 5: Evolving Skill Requirements - The current market demands investment advisors to possess skills in asset allocation, client relationship management, and the use of digital tools [8]. - Firms are developing training programs to enhance advisor capabilities, focusing on both technical skills and client engagement strategies [8]. - Companies are implementing structured support systems to ensure consistent delivery of strategies and insights across their advisory teams [8].

证券研究报告 | 基金研究（公募） 2026 年 1 月 24 日 公募基金业绩比较基准指引与操作细则解读 2025 年 10 月 31 日，证监会发布了《公开募集证券投资基金业绩比较基准指引（征 求意见稿）》，基金业协会同步发布了《公开募集证券投资基金业绩比较基准操作 细则（征求意见稿）》，向社会公开征求意见，我们团队随后在 11 月初外发的《公 募基金业绩比较基准指引与操作细则（征求意见稿）解读》中对两份政策文件进行 了点评。2026 年 1 月 23 日，改革方案正式落地，证监会与基金业协会同步发布了 《公开募集证券投资基金业绩比较基准指引》（以下简称"指引"正式稿）和《公 开募集证券投资基金业绩比较基准操作细则》（以下简称"细则"正式稿），自 2026 年 3 月 1 日起实施，内容相较此前征求意见稿基本一致，但存在部分内容的 调整，因此本文将对正式稿的主要调整情况进行梳理和点评。 一、业绩比较基准规范 在基准要素库的选择方面，相比征求意见稿，正式稿弱化了关于基金管理人选取二 类库或基准要素库之外的股票指数时需要做出的情况说明。 表 1："细则"对比：基准要素库的选择 正式稿 征求意见稿 鼓励基金管理 ...

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]

中国上市公司网 2025年全年，共有116家IPO企业上市，上市地为上交所的有43家(主板24家、科创板19家)，深交所47家(主 板13家、创业板34家)，北交所26家。 01 财经公关 2025年全年，共有25家财经公关获得这116家IPO企业的上市业务。 排名前五的分别为： 第一名：金证互通 27家 第三名：新航线、万全智策 各13家 第四名：中改一云 8家 第五名：泉鸣咨询、瓦琉咨询 各4家 | 股票代码 | 股票简称 | 上市地 | 财经公关 | 上市日期 | | --- | --- | --- | --- | --- | | 688809 | 强一股份 | 科创板 | 金证互通 | 12月30日 | | 920121 | 江天科技 | 北交所 | 金证互通 | 12月25日 | | 688805 | 健信超导 | 科创板 | 金证互通 | 12月24日 | | 603334 | 丰倍生物 | 沪主板 | 金证互通 | 11月5日 | | 603175 | 超颖电子 | 沪主板 | 金证互通 | 10月24日 | | 601026 | 道生天合 | 沪主板 | 受证互通 | 10月17日 | | 3 ...