Core Viewpoints - The non-bank financial sector, including brokerage and insurance, shows continued improvement in fundamentals, highlighting the investment value of the non-bank sector [1] Group 1: Market Performance - As of January 31, 2026, the Shanghai Composite Index reported 4117.95 points, down 0.44%, while the Shenzhen Component Index was at 14205.89, down 1.62% [10] - The CSI 300 Index increased by 0.08%, and the ChiNext Index decreased by 0.09% [10] - The CITIC II Securities Index fell by 0.71%, while the CITIC II Insurance Index rose by 5.41% [10] Group 2: Industry Dynamics and Weekly Commentary Insurance Sector - Listed insurance companies are expected to maintain high growth, with a marginal improvement in long-term interest rate spreads [15] - As of January 30, 2026, the 10-year government bond yield was 1.81%, down 2 basis points from the previous week, indicating a cautious risk preference in the equity market [12] - The insurance sector is benefiting from a stable long-term interest rate environment and an upward trend in the equity market, which is expected to drive performance growth in Q1 2026 [15] Securities Sector - The securities market is showing positive core indicators, with a projected high growth in Q1 2026, supported by improved trading volume and margin financing [16] - As of January 30, 2026, 17 brokerages reported a total net profit of 1153.44 billion CNY for 2025, a year-on-year increase of 60.27% [19] - The average daily trading volume of all A and B shares reached 2.90 trillion CNY, a 144.26% increase compared to the same period in 2025, indicating a significant rise in market activity [21] Group 3: Investment Opportunities - The launch of commercial real estate REITs is expected to expand business opportunities, with the first three products anticipated to raise over 13 billion CNY [27] - The REITs initiative aims to activate existing commercial real estate assets and enhance the supply of capital market products, indicating strong market demand [27] - The insurance sector is advised to focus on companies like China Ping An, China Life, and New China Life, which are expected to benefit from favorable market conditions [15]

春节时点差异亦会放大阶段性扰动。兴业证券认为，在"晚春"年份，1月资金面波动通常相对较小，但 节前阶段性扰动仍可能出现。2026年春节较晚，预计1月末及2月节前资金面或将出现阶段性波动，央行 的呵护力度仍是市场关注的关键变量。 不惧扰动 跨节资金面压力或总体可控 ◎记者 张欣然 在央行持续通过中期工具投放流动性、短端资金利率保持相对稳定的背景下，市场关注的焦点正逐步转 向春节前后的跨月、跨节资金运行节奏。 多家机构认为，尽管受信贷"开门红"、政府债发行前置及季节性取现需求等因素影响，春节前后资金面 扰动因素有所增加，但在央行呵护下，资金面跨节压力总体仍然可控。 资金面或受季节性扰动 进入春节前后这一关键时间节点，资金面运行的季节性特征开始显现，市场关注重点在于扰动强度及其 演化节奏。 兴业证券研报认为，从历史经验看，春节前两周资金价格多进入季节性收紧窗口，节后则往往迎来边际 宽松。 从波动特征看，春节前后两周，DR007和DR001的波动幅度通常相对有限。春节前两周资金收敛节奏相 对更为明显，但在临近假期的一周，资金价格抬升速度往往放缓，市场对央行操作的敏感度随之提高。 王青表示，进入2月，居民取现需求上升， ...

Core Insights - The securities industry is experiencing a significant transformation, with a reduction in workforce and a shift towards a more professional and service-oriented model [3][10]. Workforce Changes - By the end of 2025, the total number of employees in the securities industry is projected to decrease by 5,897, bringing the total to 320,000, marking three consecutive years of decline since 2023 [13]. - The number of employees in general securities business and securities brokers has significantly decreased, with both categories losing over 5,000 employees [10]. - Conversely, the number of analysts increased by 336, and investment advisors saw a net increase of 5,754, indicating a shift towards specialized roles [10][12]. Analyst Growth - The analyst workforce has seen a notable increase, surpassing 6,000 by 2025, doubling from around 3,000 before 2022 [12]. - Despite pressures in other business lines, competition for research talent among brokerages has intensified, with several prominent analysts switching firms [12]. - The top ten firms with the largest increases in analyst numbers include Guotai Junan Securities, CITIC Securities, and Founder Securities, with Guotai Junan adding 43 analysts [14]. Decline in Sponsoring Representatives - The number of sponsoring representatives has decreased for the first time in eight years, totaling 8,526 by the end of 2025, down by 180 from the previous year [15]. - This decline is attributed to a slowdown in equity financing and stricter regulatory requirements, leading to a "project drought" in the market [15].

中国经济网北京1月30日讯 贝隆精密(301567.SZ)昨日晚间披露2025年度业绩预告，预计净利润为负 值。 根据披露数据，2025年公司预计实现归属于上市公司股东的净利润为-800万元至-400万元，同比由 盈转亏；预计实现扣除非经常性损益后的净利润为-1,400万元至-1,000万元，同比由盈转亏；预计实现 营业收入为38,000万元至41,000万元。 贝隆精密于2024年1月16日在深交所创业板上市，发行股票数量为1,800.00万股，占发行后总股本的 比例为25.00%，发行价格为21.46元/股。公司上市发行的保荐机构是兴业证券股份有限公司，保荐代表 人是张华辉、贾晓斌。 贝隆精密上市发行募集资金总额为38,628.00万元，扣除发行费用后的募集资金净额为32,541.51万 元。公司募集资金净额比原计划少18,064.49万元。贝隆精密2024年1月3日披露的招股书显示，公司拟募 集资金50,606.00万元，用于精密结构件扩产项目、研发中心建设项目、补充流动资金。 贝隆精密上市发行费用总额（不含增值税）为6,086.49万元，其中保荐及承销费用3,611.72万元。 2022年至2024年 ...

Market Overview - The A-share market showed a slight increase with the Shanghai Composite Index up by 0.16% and the Shenzhen Component Index down by 0.57% on January 29, 2026 [1][6] - The total trading volume across both markets reached 3.23 trillion yuan, an increase of 264.6 billion yuan compared to the previous day [1][6] - The number of stocks that rose was 3,566, while 1,803 remained unchanged, and 1,071 declined [1][6] Institutional Insights - Industrial Securities noted that although the market's pace has slowed, the upward trend continues, with a broadening profit effect across sectors [2][4] - The focus is shifting towards the earnings reports of A-share companies and major North American tech firms, which are expected to have a significant impact on market structure [2][4] - Key sectors with promising earnings and relatively low recent gains include AI hardware (North American computing power, consumer electronics), batteries, pharmaceuticals, steel, and non-bank financials [2][4] ETF Products - Huabao Fund has launched three major broad-based ETFs tracking the China A50 Index, China A100 Index, and A500 Index, providing diverse investment options for investors [2] - The A50 ETF (159596) focuses on 50 leading companies, while the A100 ETF (562000) encompasses the top 100 industry leaders [2] - The A500 ETF is set to launch on December 2, 2024, further expanding investment opportunities in the Chinese market [1][2]

内容概要：随着房地产行业步入平稳发展新常态，叠加储蓄利率市场化持续下行的趋势，大众投资理财 需求正从单一的保值诉求，向多元的增值目标进阶，在此背景下，国民资产配置结构发生显著调整，资 金正从传统的储蓄、房地产领域，加速向标准化的权益类、固收类基金产品迁移，基金作为专业的资产 管理载体，在承接居民财富迁移浪潮中具备广阔的发展空间，据中国证券投资基金业协会数据显示，截 止2025年10月我国基金数量151286只，其中，公募基金13381只，私募基金137905只；基金规模 590112.3亿元，其中，公募基金3269598.5亿元，私募基金220513.8亿元，目前，我国多层次的基金产品 体系已初步形成，能够有效适配居民多元化的财富管理需求。 相关上市企业：广发证券（000776）、招商银行（600036）、中国银行（601988）、建设银行 （601939）、兴业证券（601377） 相关企业：广发基金管理有限公司、招商基金管理有限公司、中银基金管理有限公司、建信基金管理有 限责任公司、兴证全球基金管理有限公司、易方达基金管理有限公司、华夏基金管理有限公司、南方基 金管理股份有限公司、富国基金管理有限公司、天 ...

1月28日，由中国银行四川省分行、兴业证券联合主办的2026全球资产配置白皮书发布会暨"新春投资策略会"在成都举办。发布会上，来自银行、证券等领 域500余位嘉宾各抒己见，帮助投资者构建个性化管理财富体系，同时增强他们的金融风险意识。 "在关税冲击与货币宽松双重作用下，全球资产再配置机遇显现。"中国银行总行个人金融部私人银行中心高级经理、《白皮书》主笔人文晓波认为，A股慢 牛格局基本形成，政策红利持续释放，港股国际化提速，价值重估行情延续。同时，美元中枢下移，人民币双向波动。建议把握宽松窗口期，逢低布局优质 资产，利用波动优化配置结构。 兴业证券首席经济学家王涵对2026年宏观经济格局进行了解构。他认为，当前全球经济正处于新旧动能转换的关键期，地缘格局重塑催生新投资范式。在此 背景下，中国经济韧性优势凸显，在节奏上呈现市场力量与宏观调控的博弈。中长期看，市场热点将显著铺开，为投资者前瞻布局坚定信心。（曾俊鹏） 编辑：穆皓 图为全球资产配置白皮书发布会暨"新春投资策略会"现场（中国银行供图） 中国银行四川省分行副行长郑斌表示，中国银行是全市场首个从买方视角发布个人金融资产配置策略的中资商业银行。该行将以"商行+ ...

（记者 曾健辉） 每经AI快讯，天禄科技发布公告称，2026年1月28日，天禄科技接受兴业证券等投资者调研，公司投资 者关系总监李艳茹女士参与接待，并回答了投资者提出的问题。 每经头条（nbdtoutiao）——从极寒测试到万套装车！半固态电池今年有望搭载多款新车：各大厂商摩 拳擦掌，动力电池技术迎来迭代年 ...

（记者 王瀚黎） 每经头条（nbdtoutiao）——从极寒测试到万套装车！半固态电池今年有望搭载多款新车：各大厂商摩 拳擦掌，动力电池技术迎来迭代年 每经AI快讯，沪电股份发布公告称，2026年1月28日10:40-11:40，沪电股份接受兴业证券调研，公司李 明贵、钱元君参与接待，并回答了投资者提出的问题。 ...

Group 1 - The core viewpoint of the report is that the U.S. labor market has transitioned from a post-pandemic state of supply-demand imbalance to a more balanced state, with current employment performance showing signs of weakness [1][15][18] - The unemployment rate increased from 4.1% in mid-2025 to 4.4% by the end of 2025, primarily due to an increase in labor supply rather than layoffs [1][18] - Labor force participation rates have rebounded, particularly among youth and immigrants, but the sustainability of this influx is questionable [1][22][27] Group 2 - On the supply side, the increase in unemployment is attributed to a rise in labor supply, with the labor force participation rate stabilizing in the first half of 2025 and then increasing in the second half [18][22] - The demand side faces cooling pressures, with companies absorbing tariff costs and compressing labor costs, leading to a preference for lower-paid workers and increased part-time positions [2][43] - Government funding constraints are limiting personnel expansion, and job mobility among job seekers has decreased, indicating a decline in confidence [2][43][44] Group 3 - The report suggests that if employment continues to weaken and inflation remains manageable, the Federal Reserve may increase the weight of employment risk in its monetary policy decisions, potentially reopening avenues for easing [2][43] - The current market anticipates that the Federal Reserve will implement less than two rate cuts in 2026 [2][43][31] - The labor market's response to economic conditions is critical, with the potential for a loosening of monetary policy if employment data shows further deterioration [2][43][31]