Core Viewpoint - Huatai Asset Management has undergone a significant management reshuffle, promoting internal candidates to key positions, signaling a focus on stability and continuity in leadership as the company aims to recover from previous performance declines [1][2][18]. Management Changes - Jiang Xiaoyang has been promoted to Chairman, while Zhu Qian becomes the new General Manager, and Liu Bowen takes on the role of Chief Risk Officer in addition to his other responsibilities [1][2][18]. - All three newly appointed executives have extensive experience within the Huatai system, indicating a preference for internal talent development [5][24]. Financial Performance - In the first half of 2025, Huatai Asset Management reported a revenue of 1.21 billion yuan, a year-on-year increase of 37.73%, and a net profit of 713 million yuan, up 47.22% [18][25]. - The total asset management scale reached 6270.32 billion yuan, reflecting a year-on-year growth of 23.92% [11][28]. Market Position - As of the end of 2025, Huatai's public fund asset management scale was 180.83 billion yuan, ranking second among brokerage asset management companies [13][30]. - The company has issued a total of 994 ABS products, with a cumulative issuance scale of 1011.12 billion yuan, placing it third in the industry [26][30]. Product Offerings - Huatai Asset Management's product range includes private equity, special asset management products, and public funds, with a significant portion of its management scale derived from public funds and collective asset management [11][28]. - The company has a high concentration in money market funds, which accounted for 85.59% of its total fund scale as of the end of 2025 [30][32]. Competitive Landscape - The asset management sector is facing intense competition from bank wealth management and public funds, but Huatai maintains a unique advantage in fixed income products amid a volatile bond market [15][32]. - The new leadership is expected to focus on consolidating strengths in fixed income while exploring opportunities in equity investments [34].

该中票计划在2025年9月10日进行了更新，而该中票计划的更新已经 于2025年9月11日在香港联交所完成了上市。自2025年9月10日之后的12个 月期间内，票据将以债务发行方式仅向专业投资者（定义见香港联交所证 券上市规则第37章）发行。详情请见公司在上海证券交易所网站上披露的 相关公告（公告编号：临2025-050）。 证券代码：601688 证券简称：华泰证券 公告编号：临2026-011 华泰证券股份有限公司 关于全资附属公司的境外中期票据计划 增加额度更新上市的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 2023年7月31日，华泰证券股份有限公司（以下简称"公司"）全资附 属公司Pioneer Reward Limited 作为发行主体设立了本金总额为30亿美元 （等值）的境外中期票据计划（以下简称"该中票计划"），该中票计划在 香港联合交易所有限公司（以下简称"香港联交所" ）的上市有效期为12个 月，详情请见公司在上海证券交易所网站上披露的相关公告（公告编号： 临2023-065）。 近日，公司已向香 ...

从资金流向上来看，当日证券板块主力资金净流出23.91亿元，游资资金净流入9.79亿元，散户资金净流 入14.12亿元。证券板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 601696 | 中银证券 | 13.76 | -2.96% | 74.82万 | 10.28亿 | | 601377 | 兴业证券 | 6.93 | -2.26% | 155.38万 | 10.86亿 | | 601108 | 财通证券 | 9.26 | -2.11% | 122.41万 | 11.35 Z | | 600864 | 哈投股份 | 6.56 | -1.80% | 37.05万 | 2.43亿 | | 601688 | 华泰证券 | 22.84 | -1.76% | 86.61万 | 19.92 乙 | | 300059 | 东方财富 | 22.90 | -1.76% | 316.48万 | 72.62亿 | | 000686 | 东北让券 | 9.09 | -1.62% | 50.1 ...

Group 1 - The Hong Kong IPO market has been thriving since January 2026, with 12 companies successfully listed and raising nearly 35 billion HKD as of January 27, 2026 [1] - UBS and Deloitte China predict that the total financing scale of Hong Kong IPOs in 2026 is expected to exceed 300 billion HKD, indicating a strong recovery in the market [4] - The competitive landscape of the Hong Kong investment banking sector is transforming, with both Chinese and international investment banks actively participating, making it a key driver for growth in intermediary institutions [1][2] Group 2 - In 2025, the top ten equity underwriting positions were evenly split between Chinese and international institutions, with Chinese firms holding six positions after mergers [2] - As of January 27, 2026, Chinese institutions occupy seven of the top ten positions in equity underwriting, commanding over 70% of the market share [2] - The demand for Chinese companies to go global is strong, and Chinese brokers are becoming dominant players in the Hong Kong IPO market [2] Group 3 - Morgan Stanley has emerged as the leading equity financing underwriter in the Asia-Pacific region for 2025, significantly benefiting from the resurgence of Hong Kong equity financing [3] - UBS's involvement in major IPOs, including CATL and Heng Rui Medicine, highlights its strong position in the Hong Kong market [4] - The anticipated number of new listings in Hong Kong for 2026 is projected to reach between 150 and 200 companies, with a significant number of large-scale projects expected in the first quarter [4] Group 4 - Hu Zhizhe, President of UBS China, emphasizes Hong Kong's role as a "bridgehead" for connecting Chinese enterprises with global capital, facilitating a two-way flow of investment [4] - Hu also notes that UBS is capturing new opportunities by assisting Chinese companies in accessing international capital markets while helping global capital engage with China's growth story [4] - Recent announcements from Chinese securities firms, such as Huatai Securities and GF Securities, indicate a trend of increasing capital investment to support overseas business development [5][6]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 智通财经记者 | 陈靖 2026年开年未满一月，证券行业遭遇监管部门的密集整治与精准问责。 据智通财经统计，截至目前，监管层已累计下发罚单14张，波及11家券商，分别为万和证券、浙商证券 （601878.SH）、华林证券（002945.SZ）、渤海证券、华泰证券（601688.SH）、华金证券、信达证券 （601059.SH）、国新证券、江海证券、金圆统一证券等，9名相关责任人被依法追责问责。 处罚问题包括IPO保荐失职、两融业务违规、持续督导缺位、从业人员违规炒股等核心业务环节的乱 象，清晰释放出监管层坚守合规底线、从严整治行业生态的强烈信号。 1月23日，辽宁证监局、浙江证监局同步公示两张罚单，直指券商内控缺陷与高管履职失责两大痛点。 其中，华林证券辽宁分公司因在投诉事项处置过程中，存在不相容岗位未有效分离的违规情形，被监管 部门出具警示函。 依据《证券经纪业务管理办法》第四十条规定，证券公司必须遵循独立制衡原则设定岗位、梳理业务流 程，确保营销、合规风控、账户办理等岗位严格分设，重要业务岗位实行双人复核制度。华林证券此次 违规触碰 ...

Core Viewpoint - The launch of the AI-powered trading app "AI Zhangle" by Huatai Securities aims to revolutionize the investment decision-making process by integrating advanced AI capabilities to simplify user interactions and enhance trading efficiency [1][6]. Group 1: Product Features - AI Zhangle eliminates traditional multi-level menus, focusing on a task-driven model to streamline the investment process for users [2][3]. - The app features three core tools: "Early Listening" for personalized market insights, "Special Alerts" for real-time notifications on significant market changes, and "Task Assistant" for executing complex trading tasks with simple commands [2][3]. - The "Early Listening" tool provides tailored market analysis and highlights key events relevant to users' portfolios, while "Special Alerts" acts as a vigilant monitor for critical stock movements [2][3]. Group 2: Technology and Data Utilization - The app employs a sophisticated "multi-expert agent" architecture, allowing it to provide accurate and data-backed responses to user inquiries by coordinating various specialized agents [4][5]. - AI Zhangle utilizes a "Post-training" approach, leveraging historical data and proprietary knowledge to analyze market events and their potential impacts on stocks [5]. - The app ensures data integrity by sourcing information from official exchanges and reputable media, emphasizing the importance of high-quality data in investment decisions [5][6]. Group 3: Market Positioning and Strategy - AI Zhangle aims to bridge the gap between retail investors and institutional services, addressing the disparities in information access and analytical capabilities [6][7]. - The app is positioned as a distinct product within Huatai Securities' offerings, focusing on enhancing user decision-making efficiency and providing a more personalized investment experience [7][8]. - The development of AI Zhangle reflects a strategic shift in the securities industry towards integrating financial technology deeply into business operations, moving beyond mere functional enhancements to a comprehensive ecosystem [7].

"最近金价怎么样？"1月26日，华泰证券"AI涨乐1.0"版本焕新发布会现场，搜狐创始人、物理学博士张朝阳 问道。 5秒之后，AI涨乐的语音助手"Yomi"便通过调度智能投研Agent，拆解出避险需求、去美元化、降息预期、供 需偏紧四大影响金价的核心因素，并在后续的对话中呈现了黄金产业链上下游不同企业的盈利逻辑。 作为证券行业首款AI原生交易APP，AI涨乐在快速迭代100天后，毅然选择"进化掉"菜单，将用户高频使用的 功能融合进三个核心工具，以一种外界看起来过于超前的姿态，尝试回答当前证券行业的一大核心命题：通用 大模型如何进化为专业、靠谱的投资助手？ 从"人找信息"到"信息找人" "如果是第一次打开AI涨乐，你千万不要惊讶，这就是一个没有菜单的APP。"AI涨乐的产品经理赵大勇介绍 道，普通用户使用AI涨乐只需三步，先看今天该关注什么；再看关注的股票今天有哪些值得关注的信息和信 号；最后把交易执行交办给AI涨乐。 传统券商APP通常采用多级菜单和Tab标签结构，这也使得投资者在使用时往往面临功能发现成本高、响应路 径长的问题。而AI涨乐从设计之初，便强调聚焦交易场景，通过取消捉迷藏般的菜单，开启任务交办模 ...

Group 1: Yen Exchange Rate Dynamics - The yen appreciated by 2.6% to 154.2 yen/USD over two trading days following the Bank of Japan's (BOJ) meeting, driven by signals of potential "rate checks" from both the US and Japan[1] - Historical interventions by Japanese authorities typically follow "rate checks," suggesting a possible coordinated intervention could lead to further yen appreciation[2] - Since 2021, the average appreciation of the yen after interventions has been 1.4% within a week, indicating potential short-term gains from intervention[3] Group 2: Long-term Outlook and Risks - Historical data shows that interventions do not alter the long-term trend of the yen, which remains vulnerable to depreciation if the BOJ does not accelerate interest rate hikes[4] - The BOJ's delayed monetary policy has resulted in persistently low real interest rates, contributing to the yen's weakness[5] - Upcoming fiscal expansion measures, equivalent to 0.8% of Japan's GDP, may increase inflationary pressures, complicating the BOJ's policy decisions[5] - Risks include unexpected outcomes from the Japanese House of Representatives elections and inflation levels exceeding expectations, which could further impact the yen's stability[6]

证券研究报告 宏观视角 金价近五千、银价破一百的启示 华泰研究 2026 年 1 月 25 日│美国 易峘 研究员 SAC No. S0570520100005 SFC No. AMH263 evayi@htsc.com +(852) 3658 6000 2023 年来，我们始终看好以黄金为代表的贵金属价格重估（参见《全球央行购金百年史：任重而道远》，2024/5/10）。 随着全球地缘政治重构和财政可持续性恶化均驶入"快车道"，我们持续看好这类有一定"货币属性"的商品的长期 配置价值。但随着贵金属重估进入"共识"阶段，我们也进一步探讨这一趋势对更广义资产配置的启示，①全球变局 下黄金、白银的走势提醒我们，货币"含金量"下降、"估值锚"快速向上漂移，我们对供给稀缺实物资产和核心股 权资产的定价体系或许需要有所调整。②全球大宗商品、包括 AI 和国防军工航天等领域稀缺关键商品的供需平衡变化 可能持续推动更广义的商品、资源品价格重估，鉴于 2026 后与 2025 年前相比，全球投资周期将更为"耗材"，且 AI 基建及国防军工等核心需求增量的价格敏感度较低；同时，中国地产相关耗材量下降接近尾声，全球资源品需求不再 ...

Core Insights - The Chinese asset management industry is transitioning from "scale expansion" to "structural optimization and quality improvement" under national strategies such as financial services for the real economy and the development of pension finance [1][35] - The "Jianan Star Awards" ceremony and private equity fund high-quality development forum were held to explore development trends and share insights among leading asset management institutions and media [1][35] - The event recognized outstanding asset management firms and introduced a new evaluation track for private equity funds [1][35] Group 1: Event Overview - The "Jianan Star Awards" ceremony was co-hosted by Jianan Jinxin and Huatai Securities, featuring over 100 asset management executives and media leaders [1][36] - The awards aimed to foster an open, collaborative, and win-win financial ecosystem [1][35] - The event highlighted the importance of collaboration among banks, securities firms, private equity, and rating agencies in the asset management ecosystem [4][38] Group 2: Institutional Insights - Jianan Jinxin, as an independent third-party institution, emphasizes fairness and transparency in its rating and award processes to promote healthy industry development [2][36] - The awards are supported by various research institutions, including Renmin University and Shanghai Financial Development Laboratory, showcasing a collaborative effort in the asset management sector [2][36] Group 3: Industry Trends - Huatai Securities is focusing on a technology-driven, customer-centric approach, aiming to enhance wealth management services through AI and a global service network [6][40] - The firm has launched the "Private Equity High Ground" initiative to support the private equity industry and improve service efficiency [7][41] - The low-interest-rate environment is prompting financial institutions to shift from scale expansion to quality improvement and diversified income structures [15][49] Group 4: Future Directions - The asset management industry is expected to face challenges and opportunities due to the evolving financial landscape, with a focus on serving key sectors like technology, green finance, and pension management [16][50] - The "Private Equity Public Evaluation" system aims to empower private equity managers and enhance their competitiveness in the market [9][43] - The discussions at the forum indicated a shift towards performance verification in the stock market and a return to fundamental logic in the bond market [13][47]