Investment Rating - The report maintains a positive long-term outlook for the insurance sector, indicating a strong continuity in market performance despite recent fluctuations [2][12][16]. Core Insights - The financial sector experienced a mixed performance this week, with the non-bank financial index down by 1.45%, underperforming the CSI 300 index by 0.83 percentage points. The insurance sector saw a decline of 4.02%, while the brokerage sector decreased by 0.61% [1][10]. - The insurance sector's performance is driven by two main factors: policy support leading to economic recovery and liquidity easing combined with a strong stock market. The report suggests a shift from liquidity-driven growth to a focus on macro policy support and economic recovery expectations [2][13][16]. - The brokerage sector is expected to benefit from new regulations that enhance investment management quality, with a recommendation to focus on larger, undervalued firms and those involved in mergers and acquisitions [3][18]. - The banking sector is facing a slight decline, but there are signs of recovery in profitability for leading banks, with recommendations to focus on banks with high dividend yields and those expected to benefit from market conditions [19][21]. Summary by Sections Insurance Sector - The insurance sector's recent decline is attributed to short-term market sentiment and liquidity changes, but the long-term outlook remains positive due to strong support from both the liability and asset sides [2][12][16]. - Key recommendations include focusing on companies like China Pacific Insurance, China Ping An, China Life (H), and China Taiping, with a specific recommendation for New China Life [4][16]. Brokerage Sector - The brokerage sector's performance is slightly better than the overall market, with a focus on the new guidelines from the regulatory body that aim to improve fund management quality [3][17]. - Recommended firms include Guotai Junan, Huatai Securities, and others, particularly those with strong merger and acquisition prospects [4][18]. Banking Sector - The banking sector has shown a decline but is expected to stabilize, with recommendations to focus on banks with high earnings elasticity and strong dividend yields [19][21]. - Specific banks to watch include Hangzhou Bank, Ningbo Bank, and others, with a focus on those that have previously been undervalued [4][21].

Group 1 - The core point of the announcements is the addition of Industrial Securities Co., Ltd. as a market maker for three different closed-end infrastructure securities investment funds, effective from January 26, 2026, to enhance market liquidity and stable operation [1][3][6] Group 2 - The funds mentioned include: - Zhongjin Hubei Ketiang Guanggu Industrial Park REIT (Fund Code: 508019) [1] - Zhongjin Prologis Warehousing and Logistics REIT (Fund Code: 508056) [3] - Zhongjin Vipshop Outlets REIT (Fund Code: 508082) [6] Group 3 - The announcements are issued by Zhongjin Fund Management Co., Ltd. on January 24, 2026 [3][6][9]

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 Viewpoint - The report from Industrial Securities indicates a slight decline in the management scale of active equity funds in Q4 2025, primarily due to significant redemption pressure from existing funds, which has hindered the continuation of growth seen in Q3 2025 [1][2]. Group 1: Fund Management Scale - In Q4 2025, the management scale of three types of active equity funds (ordinary stock, mixed equity, and flexible allocation) decreased by 189.8 billion yuan, with new active equity fund issuance at 56.2 billion yuan and net redemptions from existing funds at 165.6 billion yuan, alongside a decline of 80.4 billion yuan due to market fluctuations [1][2]. - The equity position of active equity funds decreased by 0.83 percentage points to 86.62% in Q4 2025, remaining at the second-highest historical level, just behind Q3 2025 [2]. Group 2: Sector Allocation Changes - In terms of sector allocation, the proportion of investment in the ChiNext board increased to 24.98%, up by 1.24 percentage points from Q3 2025, while the allocation to the Sci-Tech Innovation board decreased to 16.55%, down by 0.90 percentage points [3]. - The allocation to the main board fell to 58.21%, down by 0.30 percentage points, indicating a further increase in underweight positions [3][4]. Group 3: Style and Sector Adjustments - Active equity funds increased their positions in cyclical and financial real estate sectors while reducing exposure to technology growth and pharmaceuticals. The allocation percentages for technology growth, financial real estate, consumption, pharmaceuticals, and cyclical sectors were 52.27%, 4.47%, 14.28%, 8.18%, and 20.67%, respectively, with notable changes from the previous quarter [5]. - The funds increased their positions in non-ferrous metals, communications, and non-bank financial sectors, with increases of 2.26 percentage points, 1.85 percentage points, and 0.87 percentage points, respectively, while reducing positions in electronics and pharmaceuticals [6][7]. Group 4: TMT Sector Adjustments - The allocation to the TMT sector slightly decreased in Q4 2025, with the overall allocation dropping to 38.05% from a peak of 40% in Q3 2025. The internal structure showed increased positions in communication devices and components while reducing holdings in consumer electronics and semiconductors [11]. Group 5: Dividend Sector Recovery - The allocation to dividend low-volatility indices and the CSI Dividend Index showed signs of stabilization and recovery, with the allocation to the former rising by 1.7 percentage points to 4.3% and the latter increasing by 1.5 percentage points to 4.4% [12]. Group 6: Top Holdings and Changes - The top five stocks with increased holdings in active equity funds in Q4 2025 included Zhongji Xuchuang, Xinyi Sheng, Dongshan Precision, China Ping An, and Zijin Mining, with respective increases of 1.46 percentage points, 0.63 percentage points, 0.63 percentage points, 0.58 percentage points, and 0.40 percentage points [13]. - Conversely, the top five stocks with reduced holdings included Industrial Fulian, Yiwei Lithium Energy, Ningde Times, Luxshare Precision, and Focus Media, with respective decreases of 1.07 percentage points, 0.64 percentage points, 0.53 percentage points, 0.44 percentage points, and 0.33 percentage points [15].

Core Viewpoint - Saitex New Materials (688398.SH) has announced a significant decrease in net profit for the year 2025, despite a modest increase in revenue compared to the previous year [1] Financial Performance - For 2025, Saitex expects revenue to increase by 49.1 million to 73.6 million yuan, representing a year-on-year growth of 5.26% to 7.88% [1] - The net profit attributable to shareholders is projected to decrease by 44.67 million to 55.5 million yuan, a decline of 57.89% to 71.93% year-on-year [1] - The net profit excluding non-recurring gains and losses is expected to drop by 42.74 million to 52.12 million yuan, reflecting a decrease of 60.30% to 73.53% [1] - In 2024, the net profit attributable to shareholders was 77.16 million yuan, down 27.27% year-on-year, while the net profit excluding non-recurring items was 70.88 million yuan, down 33.86% [1] Capital Raising Activities - Saitex raised a total of 484.24 million yuan through its initial public offering, with a net amount of 423.10 million yuan after deducting issuance costs [2] - The company initially planned to raise 403.39 million yuan, which was exceeded by 19.71 million yuan [2] - In 2023, Saitex issued 4.42 million convertible bonds at a face value of 100 yuan each, raising a total of 442 million yuan, with a net amount of 433.88 million yuan after expenses [3] - The total amount raised by Saitex since its listing now stands at 924.40 million yuan [3]

Group 1 - The core viewpoint of the news is that 博睿数据 (Bole Data) has released its performance forecast for 2025, indicating a decline in revenue and a significant increase in net loss compared to the previous year [1] Group 2 - 博睿数据 expects its 2025 annual operating revenue to be between 125 million yuan and 135 million yuan, representing a decrease of 5.56 million yuan to 15.56 million yuan, or a year-on-year decline of 3.95% to 11.07% [1] - The company anticipates a net loss attributable to shareholders of the parent company for 2025 to be between 900 million yuan and 1 billion yuan, which is an increase of 151.75 million yuan to 251.75 million yuan compared to the previous year [1] - The forecasted net profit excluding non-recurring gains and losses for 2025 is expected to be between 910 million yuan and 1.01 billion yuan, reflecting an increase of 157.11 million yuan to 257.11 million yuan year-on-year [1] - Historical net profits for 博睿数据 from 2020 to 2024 were 31.14 million yuan, -72.96 million yuan, -81.22 million yuan, -106.6 million yuan, and -115.2 million yuan, respectively [1] - The company’s net profits excluding non-recurring gains and losses for the same period were 22.14 million yuan, -83.26 million yuan, -101.2 million yuan, -111.7 million yuan, and -116.7 million yuan, respectively [1] Group 3 - 博睿数据 was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on August 17, 2020, with an issuance of 11.1 million shares at a price of 65.82 yuan per share [2] - The total amount raised from the initial public offering was 731 million yuan, with a net amount of 650 million yuan after deducting issuance costs [2] - The final net amount raised exceeded the original plan by 237 million yuan, with the funds intended for various projects including user digital experience product upgrades and research center construction [2] - The issuance costs for the IPO were 80.35 million yuan, with the underwriting fees for the lead underwriters amounting to 63.49 million yuan [2]

Group 1 - Analysts from Industrial Securities' computer division actively promoted AI stocks in a WeChat group, urging members to invest heavily in selected core AI leaders, including HanDe, ShuiYou, ZhuoYi, and HeHe, claiming significant growth potential [1][2] - The analysts emphasized that the current market conditions present low valuations and strong performance potential for stocks like NengKe, TongHuaShun, XinDaLu, and HuiChen, suggesting that these stocks are still below their recent highs and should be added to portfolios [1][2] - The comments from analysts have sparked controversy, with some netizens criticizing the approach as overly promotional and lacking substance, suggesting that such behavior from TMT sell-side analysts should be scrutinized [1][2]

证券代码：601377 证券简称：兴业证券 公告编号：临2026-001 特此公告。 兴业证券股份有限公司 董 事 会 二〇二六年一月二十二日 兴业证券股份有限公司2026年度第一期短期融资券已于2026年1月22日发行完毕，现将有关发行情况公 告如下： ■ 本期发行的相关文件已在中国货币网（www.chinamoney.com.cn）、上海清算所网站 （www.shclearing.com.cn）上刊登。 兴业证券股份有限公司2026年度 第一期短期融资券发行结果公告 本公司及董事会全体成员保证公告内容不存在虚假记载、误导性陈述或者重大遗漏，并对其内容的真实 性、准确性和完整性承担个别及连带责任。 ...

Core Viewpoint - As of January 22, 2026, the disclosure rate of active equity funds' quarterly reports reached 100%, with a slight decrease in overall positions but remaining at historically high levels [2][3] Fund Positioning - Active equity funds' positions decreased by 0.83 percentage points to 86.6%, still the second highest level after Q3 2025, with ordinary stock, mixed equity, and flexible allocation funds decreasing by 0.5, 0.8, and 0.9 percentage points respectively [3] - The ChiNext board saw an increase in positions by 1.2 percentage points to 25.0%, while the Sci-Tech Innovation board decreased by 0.9 percentage points to 16.6%, and the main board decreased by 0.3 percentage points to 58.2% [3] Sector Allocation - The sectors with the highest increases in positions were non-ferrous metals (+2.3 percentage points), communication (+1.9 percentage points), and non-bank financials (+0.9 percentage points), with non-ferrous metals increasing for four consecutive quarters and communication for three [3] - The sectors with the largest decreases were electronics (-1.7 percentage points), pharmaceuticals and biology (-1.5 percentage points), and media (-1.2 percentage points) [3] Sub-sector Insights - In the secondary industry, the sectors with the highest increases were communication equipment (+1.9 percentage points), industrial metals (+1.2 percentage points), and insurance (+0.9 percentage points), while the largest decreases were in consumer electronics (-1.9 percentage points), batteries (-1.3 percentage points), and chemical pharmaceuticals (-1.0 percentage points) [3] Stock Performance - The stocks with the highest increases in positions included Zhongji Xuchuang, Xinyi Technology, Dongshan Precision, China Ping An, and Zijin Mining, while the stocks with the largest decreases included Industrial Fulian, Yiwei Lithium Energy, CATL, Luxshare Precision, and Focus Media [3] Hong Kong Market Overview - In the Hong Kong market, the active equity positions decreased by 3.1 percentage points to 16.0%, with increases in financials, materials, and energy sectors, while decreases were seen in non-essential consumer, information technology, and healthcare sectors [3] - The most increased stocks were China Ping An H, CNOOC H, and China Life H, while the most decreased stocks were Alibaba, Tencent Holdings, and SMIC [3]

证券代码：601377 证券简称：兴业证券 公告编号：临 2026-001 兴业证券股份有限公司 2026 年度第一期短期融资券 发行结果公告 本公司及董事会全体成员保证公告内容不存在虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 兴业证券股份有限公司 2026 年度第一期短期融资券已于 2026 年 1 月 22 日发 行完毕，现将有关发行情况公告如下： | 短期融资券名称 | 兴业证券股份有限公司 | 2026 | 年度第一期短期融资券 | | --- | --- | --- | --- | | 短期融资券简称 | 26 兴业证券 CP001 | 短期融资券代码 | 072610017 | | 发行日 | 2026 年 1 月 21 日 | 起息日 | 2026 年 1 月 22 日 | | 兑付日 | 2026 年 9 月 24 日 | 期限 | 245 天 | | 计划发行总额 | 30 亿元 | 实际发行总额 | 30 亿元 | | 发行价格 | 100 元/张 | 票面利率 | 1.68% | 特此公告。 兴业证券股份有限公司 董 事 会 二〇二六年一月 ...