Group 1 - The brokerage sector has been upgraded, with public fund holdings (excluding passive index funds) increasing from 0.85% to 1.08%, still under-allocated by 2.30 percentage points [1][2] - The insurance sector's allocation ratio rose significantly from 1.03% to 2.13%, under-allocated by 0.33%, with the insurance index increasing by 23.42% in Q4 [1][3] - The overall non-bank sector holdings have increased but remain under-allocated by 3.08 percentage points, with expectations of improved profitability and low valuations attracting resident funds [1][4] Group 2 - The increase in the brokerage sector's allocation is driven by a 0.97% rise in the Wind All A Index and a high trading volume of 2.45 trillion yuan in Q4, despite a 3% quarter-on-quarter decline [2] - Individual stocks such as CITIC Securities and Huatai Securities saw their market value ratios increase, indicating a shift towards equity asset allocation by residents [2] - The insurance sector is expected to benefit from continued capital inflows and a focus on undervalued assets, with specific recommendations for China Life, Ping An, and China Pacific Insurance [3] Group 3 - The multi-financial and fintech sectors saw a decrease in public fund holdings from 0.204% to 0.145%, with specific stocks like Lakala and Yuexiu Financial Holdings receiving increased allocations [3] - The investment outlook includes opportunities in financial technology and brokerage due to increased resident capital inflows, valuation recovery in the insurance sector, and expansion of digital RMB scenarios [4] - The company remains optimistic about the growth of third-party payment companies and the broadening exit channels for equity investment institutions due to an increase in IPOs [4]

（原标题：上海君屹递表港交所 国泰海通国际为独家保荐人） 全球机器人自动化系统集成市场预计将持续增长，从2024年的约2239.0亿元增至2029年的3810.5亿元，复合年增长率为11.2%。全球新能源电池模 组及PACK自动化生产线解决方案市场预计将从2024年的约232.9亿元增至2029年的477.9亿元，复合年增长率为15.5%。 中国市场在全球新能源电池模组及PACK生产线系统集成领域占据主导地位，预计市场规模将从2024年的约144.3亿元增至2029年的283.8亿元，复 合年增长率为14.5%。 上海君屹向港交所主板递交上市申请，国泰海通国际为独家保荐人。 公司致力于为全球汽车制造及新能源电池产业提供智能制造解决方案，是世界级机器人技术与终端用户工业应用之间的关键纽带。提供定制化汽 车焊接自动化生产线解决方案，涵盖BIW焊接、汽车零部件焊接及电池托盘焊接。新能源电池模组与PACK自动化生产线解决方案，为动力电池 及储能电池制造商提供服务。 服务全球领先的汽车与新能源领域客户，市场遍及中国、德国、美国、法国、英国、西班牙、印度等多个国家和地区。 ...

爱芯元智通过港交所主板上市聆讯，中金、国泰海通、交银国际为联席保荐人。 截至2025年9月30日，爱芯元智已独立开发并商业化五代SoC，累计交付SoC突破1.65亿颗。2024年，公 司的AI推理SoC出货量达到930万颗，其中视觉终端计算SoC和边缘计算SoC销售额分别较2023年增长约 69%和400%。 根据灼识咨询的数据，按2024年出货量计，爱芯元智是全球第一大中高端视觉端侧AI推理芯片提供 商，并在全球视觉端侧AI推理芯片市场排名前五。 爱芯元智是一家无晶圆厂的人工智能推理系统芯片(SoC)供货商，专注为边缘计算与终端设备AI应用打 造高性能感知与计算平台。其核心技术包括爱芯通元(Axera Neutron)混合精度神经网络处理器(NPU)以 及全球首款规模商业化的AI图像信号处理器爱芯智眸(Axera Proton)AI-ISP。 ...

Investment Rating - The industry investment rating is "Buy" [3] Core Insights - The report highlights a significant increase in insurance holdings, with public fund holdings in the non-bank financial sector rising from 1.49% in Q3 2025 to 2.48% in Q4 2025, driven by market style rebalancing and marginal support from the sector's fundamentals [24][34] - The report notes that despite the ongoing pursuit of high-elasticity technology sectors, the non-bank financial sector is at a historical low valuation, with strong performance in the insurance sector and increased trading volumes in brokerage firms, indicating fundamental resilience [24][34] - The report suggests that the public fund holdings in the securities sector increased slightly from 0.63% in Q3 2025 to 0.71% in Q4 2025, reflecting improved performance trends and the appeal of low valuations [33] Summary by Sections New Public Fund Issuance - In Q4 2025, the number of newly issued funds remained stable at approximately 477, with a year-on-year increase of 81% compared to 264 in Q4 2024, while the issuance volume decreased by 15.19% year-on-year [12][19] - The share of newly issued equity funds decreased from 41% in the previous quarter to 32%, while mixed fund shares increased from 15% to 19% [12] Non-Bank Financial Fund Holdings - Public fund holdings in the non-bank financial sector increased, with the total market capitalization share rising to 2.48% in Q4 2025 [24] - The report attributes this increase to a shift in funds from crowded technology sectors to undervalued defensive sectors, alongside a recovery in northbound capital allocations [24] Major Non-Bank Companies' Holdings - The report indicates that major non-bank companies saw slight increases in public fund holdings, with China Ping An leading at 1.11% and China Pacific Insurance at 0.35% [41] - The report recommends focusing on key companies such as CITIC Securities, Huatai Securities, and China Ping An for potential investment opportunities [24][41]

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].

AI基金国泰海通消费机遇混合发起A（019433）披露2025年四季报，第四季度基金利润7.86万元，加权平均基金份额本期利润0.0097元。报告期内，基金净 值增长率为0.93%，截至四季度末，基金规模为861.02万元。 该基金属于偏股混合型基金，长期投资于消费股票。截至1月22日，单位净值为1.06元。基金经理是范杨，目前管理的4只基金近一年均为正收益。其中，截 至1月22日，国泰海通君得鑫2年持有混合A近一年复权单位净值增长率最高，达54.86%；国泰海通消费机遇混合发起A最低，为7.78%。 基金管理人在四季报中表示，展望未来，基于消费群体的结构性变迁趋势，我们将持续加服务消费，大年轻人主导的新消费，老年人主导的适老消费的研 究，力争在未来实现更好的投资回报。消费出海方面，贸易战给了我们一个更好的企业竞争力验证机会。大浪淘沙，去伪存真，是本轮贸易战之后我们在新 质全球化投资之路上的核心工作。 截至1月22日，国泰海通消费机遇混合发起A近三个月复权单位净值增长率为2.81%，位于同类可比基金15/85；近半年复权单位净值增长率为7.54%，位于同 类可比基金14/85；近一年复权单位净值增长率为7.7 ...

保险板块配置比例大幅上升，重视配置力量带来的保险机会：保险板块配置比例从1.03%升至2.13%， 欠配0.33%，四季度保险指数上涨23.42%。个股方面，中国人寿持仓市值比例从0.019%提升至0.020%， 中国平安、中国太保获超配。其中平安持仓市值比例从0.68%提高至1.449%，中国太保持仓市值比例从 0.22%提高至0.422%。基于未来配置资金持续入市并优先增配低估值标的的预期，随着利率企稳和保险 企业负债端转型深化，我们继续推荐保险标的。 多元金融及金融科技板块配置比例下降，金融科技相关标的值得关注：四季度多元金融及金融科技板块 公募基金（剔除被动指数基金）持仓比例由0.204%降至0.145%。个股方面，拉卡拉和越秀金控获增 配，持仓市值比例分别从0%提升至0.0027%，从0%提升至0.0025%。随着增量资金入市政策的持续落 地、数字人民币的场景拓展、AI在金融领域的产品落地以及科创类公司IPO数量增加，我们继续看好金 融信息服务，第三方支付和股权投资相应标的投资机会。 投资建议：非银板块仍处于欠配状态，总体欠配3.08Pct。中长期增量资金加速入市，看好四类投资机 会：1）看好居民资 ...

调研基本情况 健康品事业群：线上渠道突破 核心产品市占率领先 健康品业务方面，公司透露2025年线上渠道取得突破性成果，通过线上内容营销助力气血康、参苓健脾 胃颗粒等产品认知度及销量提升，与京东健康深化战略合作。2025年"618"期间，主系列产品常备药榜 单排名显著上升，电商平台引流访客达4845万，带来消费者354万，共产出GMV 2.54亿元。线下方面， 2025年上半年云南白药牙膏稳居国内全渠道市场份额第一（数据来源：尼尔森零售研究数据）；2025 年"618"期间，养元青蝉联天猫国货防脱洗发水品牌第一名。公司表示，未来将在稳住线下基本盘的同 时，加大线上及新产品推广投入，关注即时零售、社区团购等新兴业态。 分红政策：高比例分红持续落地 2024年累计派息超42亿元 2026年1月22日，云南白药集团股份有限公司（以下简称"公司"）在集团总部办公大楼以电话调研方式 接待了机构投资者。参与本次调研的机构包括国泰海通、东证资管，公司证券事务代表李孟珏及投资者 关系管理张昱、杨可出席会议，就公司药品二次开发、子公司经营、健康品渠道及分红政策等核心问题 与投资者进行深入交流。 核心议题回应 药品事业群：重点品 ...

每经头条（nbdtoutiao）——地方国资开始"抄底"法拍房！单价六七千元"扫货"广州南沙区超60套房 源，同小区二手房挂牌均价逾2万元 每经AI快讯，云南白药发布公告称，2026年1月22日，云南白药接受国泰海通等投资者调研，公司证券 事务代表李孟珏，投资者关系管理张昱、杨可欣参与接待，并回答了投资者提出的问题。 （记者 张明双） ...

国泰海通证券研报指出，剑桥科技是全球领先的光连接、宽带与无线解决方案企业。AI快速发展下， 光模块业务有望超预期。此外，公司通过H股发行，积极布局海外产能建设、参股供应链厂商，我们认 为公司在产品、产能、北美团队、供应各方具备的背景下，光模块业务有望实现海外市场的进一步突 破。全球领先的光连接、宽带与无线解决方案企业；AI快速发展下，光模块业务有望超预期。结合行 业平均估值，给予2026年PE 32.13x，对应目标价为161元，给予"增持"评级。 ...