（文章来源：新华财经） 新华财经北京1月27日电华泰证券最新研报指出，2026年1月以来，委内瑞拉、伊朗等地缘紧张局势再次 引发市场供应风险担忧，1月23日WTI/Brent期货价格收于61.07/65.88美元／桶，较12月末上涨 6.4%/8.3%。地缘溢价已导致淡季油价筑底反弹，随着需求回升及全球性储备性累库，2026年第二至第 三季度油价有望见底上探，叠加美联储降息对需求拉动，亚非拉地区成品油需求或景气上行，上调2026 年布伦特原油均价为65美元／桶（前值62美元／桶）。长期而言，考虑主要产油国边际成本及"利重于 量"诉求，油价中枢存60美元／桶底部支撑。具备增产降本能力及天然气业务增量的能源龙头企业或将 显现配置机遇；油价筑底后库存损失减少，炼化有望迎来盈利低迷下的景气反转。 ...

｜2026年1月27日 星期二｜ NO.1 券商资管公司公募管理规模去年增长显著，千亿元级阵营扩容至5家 近日，随着公募基金2025年四季报披露完毕，各家券商及券商资管公司（以下统称"券商资管"）的最新 公募基金管理规模也浮出水面。截至2025年末，共有5家券商资管公司公募基金管理规模在千亿元以 上。其中，东方红资产管理以2162.68亿元的管理规模居于榜首，较2024年末增长30.05%。其次是华泰 证券资管，管理规模为1808.28亿元，较2024年末增长29.15%。中银证券、财通资管的管理规模也排名 居前，分别为1339.33亿元、1197.6亿元，均较2024年末出现小幅下滑，降幅分别为1.88%、7.47%。得 益于并购整合，国泰海通资管管理规模为1110.58亿元，跻身管理规模千亿元行列，较2024年末增长 37.6%。长江资管、山证资管管理规模分别为390.98亿元、370.83亿元，较2024年末增长47.39%、 49.04%。 点评：券商资管公募规模扩容凸显财富管理转型成效，龙头机构凭借品牌效应持续吸纳资金，头部效应 强化。并购整合加速行业洗牌，中小机构需差异化竞争。长期看，资管业务实力 ...

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_center@staff.hexun.com 本文由 AI 算法生成，仅作参考，不涉投资建议，使用风险自担 【地缘紧张致油价反弹，华泰上调2026年布油均价】2026年1月以来，委内瑞拉、伊朗等地缘紧张局势 重燃市场对供应风险的担忧。1月23日，WTI/Brent期货价格收于61.07/65.88美元/桶，较2025年12月末上 涨6.4%/8.3%。 华泰证券指出，地缘溢价使淡季油价筑底反弹。随着需求回升和全球性储备性累库， 2026年二季度至三季度油价有望见底上探。 叠加美联储降息拉动需求，亚非拉地区成品油需求或景气 上行。华泰上调2026年布伦特均价至65美元/桶，前值为62美元/桶。 ...

Group 1 - Huatai Securities indicates that since mid-January, despite high outflows from broad-based ETFs, there remains incremental investment from insurance funds and an arbitrage demand from investors, suggesting continued market momentum [1] - The rotation of investment focus is expected to shift from thematic stocks to those with performance verification, particularly in industries with sustainable recovery capabilities, such as the price increase chain, high-end manufacturing, and AI chain [1] - Specific sectors to consider for allocation include electric equipment, basic chemicals, and semiconductor equipment, with a moderate increase in allocation towards cyclical dividends [1] Group 2 - CITIC Securities reports that the Indonesian government is expected to reduce nickel ore production quotas for 2026 to 250 million to 260 million tons, a significant decrease from 2025 [2] - If the 2026 production quota is implemented, Indonesia's nickel output may decline to 2.6 million to 2.7 million tons, leading to a global nickel supply shortage of 200,000 tons, which could push LME nickel prices up to $22,000 per ton [2] - The tightening regulatory stance of Indonesia towards the mining industry is likely to slow the growth rate of nickel production, indicating a gradual recovery in nickel prices from the bottom [2] Group 3 - Huatai Securities anticipates that the Federal Reserve is likely to pause interest rate cuts in January, maintaining its forward guidance for December 2025, with limited new information expected [3] - Attention is drawn to Powell's statements regarding the interest rate path, the independence of the Federal Reserve, and whether he will remain as a board member [3]

Group 1 - The public fund market has seen rapid growth, with total net asset value reaching 37.49 trillion yuan as of January 26, 2025, a 14.03% increase compared to the same period in 2024 [2] - Five brokerage asset management companies have surpassed 100 billion yuan in public fund management scale by the end of 2025, with Dongfanghong Asset Management leading at 216.27 billion yuan, a 30.05% increase from 2024 [2] - Several smaller brokerage asset management firms have shown significant growth, with Changjiang Asset Management and Shanzheng Asset Management increasing their management scales by 47.39% and 49.04%, respectively [2][3] Group 2 - Different institutions have distinct product structures, with non-monetary market funds dominating the management products of Dongfanghong Asset Management, Zhongyin Securities, and Caitong Asset Management, while Huatai Securities has over 85% of its products in monetary market funds [3] - Brokerages are actively exploring differentiated development paths in the public fund sector, with some increasing their stakes in public fund companies to enhance control and improve business synergy [4] - Companies are focusing on expanding their product lines and enhancing their capabilities in active equity products, with a particular emphasis on technology themes and the STAR Market [4][5]

Investment Rating - The report maintains a "Positive" investment rating for the non-bank financial sector [7] Core Insights - The non-bank sector has shown weak overall performance this week, but some companies have disclosed high profit growth forecasts for 2025. The China Securities Regulatory Commission (CSRC) has issued guidelines to promote the return to fundamentals in the public offering securities investment fund industry, which is expected to drive long-term stable development [2][4] - The market trading volume has decreased, yet remains at historically high levels. The report suggests monitoring the sector's future performance [4] - In the insurance sector, the third-quarter reports have confirmed the logic of deposit migration, increased equity allocation, and improved new policy costs. The certainty of ROE improvement has increased, and valuations are expected to accelerate recovery [4] - The report highlights the increasing cost-effectiveness of overall allocations and ongoing revaluation in the sector [4] Summary by Sections Non-Bank Sector Performance - The non-bank financial index decreased by 1.5% this week, with an underperformance of 0.8% relative to the CSI 300, ranking 29th out of 31 sectors [5] - Year-to-date, the non-bank financial index has decreased by 1.6%, underperforming the CSI 300 by 3.1% [5] Market Overview - The average daily trading volume in the two markets was 27,988.78 billion yuan, down 19.23% week-on-week, with a daily turnover rate of 2.68%, down 68.47 basis points [5] - The leverage capital scale has rebounded, with a margin balance of 2.72 trillion yuan, up 0.23% [5] Insurance Sector Insights - The cumulative insurance premium income for November 2025 reached 57,629 billion yuan, a year-on-year increase of 7.56% [23] - Life insurance income was 41,472 billion yuan, up 9.06% year-on-year, while property insurance income was 16,157 billion yuan, up 3.88% [24] Company Recommendations - The report recommends companies with stable profit growth and dividend rates, including Jiangsu Jinzu, China Ping An, and China Pacific Insurance, due to their strong business models and market positions [4] - Additional recommendations include New China Life, China Life, Hong Kong Exchanges and Clearing, CITIC Securities, Dongfang Caifu, Tonghuashun, and Jiufang Zhitu Holdings based on performance elasticity and valuation levels [4]

Core Insights - The launch of Huatai Securities' AI Zhangle 1.0 marks a significant step towards creating a new AI investment ecosystem, attracting attention from industry leaders and investors alike [1] Group 1: Product Features - AI Zhangle aims to provide retail investors with access to professional institutional financial services, utilizing AI to build proactive reasoning capabilities through the integration of industry maps and valuation models [2] - The platform has completed dynamic valuation calculations for over 1,000 companies and constructed over 30,000 event transmission models to address complex market event inquiries [2] - Key functionalities include "Early Listening," which provides users with critical information before market opening, "Special Reminders" for personalized alerts, and "Task Assignment" for executing complex trading operations [3] Group 2: Technical Development - The development of AI Zhangle faced challenges that were addressed by using reliable professional data and integrating various dialogue types, enhancing the model's expertise [4] - A robust data flywheel was established, incorporating automated processes and a human-machine collaboration evaluation system to improve response speed and reduce mainline pressure [4] Group 3: Industry Impact - The release of AI Zhangle 1.0 injects new vitality into the smart investment sector, simplifying complex functionalities and offering a novel investment experience for users [4]

Investment Rating - The report maintains a "Recommend" rating for the non-bank financial sector, indicating a positive outlook for investment in this area [1][8]. Core Insights - The non-bank financial sector is experiencing a continued high level of activity, with significant increases in holdings in both the brokerage and insurance segments. The brokerage sector's holdings increased to 0.99%, while the insurance sector saw a substantial rise to 2.04% [1][7]. - The overall fund net asset value reached 36.8 trillion yuan, reflecting a year-on-year growth of 14% and a quarter-on-quarter increase of 2% [12]. - The brokerage sector is expected to benefit from improved market conditions, with a projected net profit increase of 26% year-on-year for Q4 2025 [19][20]. - The insurance sector is poised for strong performance in 2026, driven by favorable market conditions and a significant increase in new policy premiums [22][23]. Summary by Sections Public Fund Market Size - As of Q4 2025, the total net asset value of public funds was 36.8 trillion yuan, with a year-on-year increase of 14% and a quarter-on-quarter increase of 2% [12]. - The non-monetary fund size reached 21.7 trillion yuan, growing 16% year-on-year [12]. Non-Bank Sector Holdings Analysis Brokerage Sector - The brokerage sector's holdings increased to 0.99%, up 0.1 percentage points from the previous quarter, with a total of 7.71 billion shares held, reflecting a 17.9% quarter-on-quarter increase [20]. - Major brokerages such as CITIC Securities and Guotai Junan saw significant increases in their holdings, with respective increases of 0.14 and 0.07 percentage points [20][21]. Insurance Sector - The insurance sector's holdings rose to 2.04%, a significant increase of 0.97 percentage points from the previous quarter, exceeding the benchmark allocation [23]. - Key players like Ping An and China Life experienced notable increases in their holdings, with Ping An's allocation rising by 0.68 percentage points [23]. Investment Recommendations - The report suggests focusing on key stocks within the brokerage sector, including Guotai Junan, CITIC Securities, and Huatai Securities, as well as major insurance companies like Ping An and China Life [8].

Core Insights - Huatai Securities launched the "AI Zhangle 1.0" version, the first AI-native trading app in the securities industry, focusing on transforming general models into reliable investment assistants [1][6] - The app features three core tools: "Early Listening," "Special Reminders," and "Task Board," aimed at reducing investment inefficiencies and enhancing user experience [2][3] Group 1: Features of AI Zhangle 1.0 - "Early Listening" serves as the default homepage, providing personalized market interpretations through AI podcasts, filtering irrelevant information and focusing on significant events related to user portfolios [2] - "Special Reminders" acts as an "all-weather sentinel," triggering alerts for significant market movements affecting user decisions and identifying high-value opportunities during calm market periods [2] - The "Task Board" simplifies complex investment processes into specific "AI tasks," allowing users to execute trades and analyses with simple commands, enhancing operational efficiency [3] Group 2: Technical Architecture - The app utilizes a complex "multi-expert agent" architecture, where a main agent coordinates various expert agents to provide accurate and detailed responses to user inquiries [5] - The system is designed to ensure that every response is backed by reliable data, distinguishing it from generic models that may lack depth in investment logic [6] Group 3: Competitive Advantage - Huatai Securities emphasizes the importance of high-quality data and industry expertise, which gives it an edge over tech companies in developing investment AI [6] - The app is built on extensive internal research and proprietary knowledge, enabling it to understand complex investment scenarios better than general models [6][7] Group 4: Security and Compliance - The app incorporates multiple security measures, including sensitive word interception and real-time content auditing, to ensure data integrity and compliance within the financial sector [7] - Huatai Securities aims to differentiate AI Zhangle by focusing on investment decision-making rather than merely adding features, positioning it as a personalized investment expert for users [7]

Market Overview - On January 26, the securities sector rose by 0.65% compared to the previous trading day, with Caitong Securities leading the gains [1] - The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] Individual Stock Performance - Caitong Securities (601108) closed at 9.46, up 4.30% with a trading volume of 2.1761 million shares and a transaction value of 2.076 billion [1] - Industrial Securities (601377) closed at 7.09, up 3.20% with a trading volume of 3.2601 million shares and a transaction value of 2.320 billion [1] - Huatai Securities (601688) closed at 23.25, up 2.24% with a trading volume of 1.5504 million shares [1] - Other notable performers include Huawan Securities (600909) up 2.18%, and China CITIC Securities (600030) up 1.08% [1] Fund Flow Analysis - The securities sector saw a net inflow of 4.104 billion from institutional investors, while retail investors experienced a net outflow of 2.881 billion [2][3] - Major stocks like CITIC Securities (600030) had a net inflow of 875 million from institutional investors, while retail investors had a net outflow of 1.599 million [3] - Industrial Securities (601377) also saw significant institutional inflows of 428 million, with retail outflows of 3.11 million [3] Summary of Trading Data - The trading data indicates a mixed performance among securities stocks, with some experiencing gains while others faced declines [2] - The overall market sentiment appears cautious, reflected in the net outflows from retail investors [2][3]