Core Viewpoint - The non-bank financial sector is underweight, with a total underweight of 3.08 percentage points, despite an increase in holdings in the fourth quarter, indicating potential investment opportunities as resident funds enter the market under a low interest rate environment [1][4]. Group 1: Brokerage Sector - The brokerage sector has received an increase in allocation, with public funds (excluding passive index funds) raising their holding ratio from 0.85% to 1.08%, still underweight by 2.30 percentage points [2]. - The Wind All A Index rose by 0.97% in the fourth quarter, with a quarterly stock fund transaction volume of 24.5 trillion, indicating active market trading that has led to increased fund allocation to the brokerage sector [2]. - Notable individual stock increases include Citic Securities' holding ratio rising from 0.1687% to 0.3132% and Huatai Securities' from 0.1579% to 0.1989% [2]. Group 2: Insurance Sector - The allocation ratio for the insurance sector significantly increased from 1.03% to 2.13%, with an underweight of 0.33%, and the insurance index rose by 23.42% in the fourth quarter [3]. - Individual stock increases include China Life's holding ratio rising from 0.019% to 0.020%, Ping An's from 0.68% to 1.449%, and China Pacific Insurance's from 0.22% to 0.422% [3]. - The expectation of continued capital inflow and a focus on undervalued targets supports the recommendation for insurance stocks [3]. Group 3: Multi-Financial and Fintech Sectors - The allocation ratio for the multi-financial and fintech sectors decreased from 0.204% to 0.145% [3]. - Individual stocks such as Lakala and Yuexiu Financial Holdings received increased allocations, with holding ratios rising from 0% to 0.0027% and 0% to 0.0025%, respectively [3]. - The outlook remains positive for financial information services, third-party payments, and equity investment opportunities due to ongoing policy support for capital inflow and advancements in digital currency and AI applications [3]. Group 4: Investment Recommendations - The non-bank sector remains underweight, with a total underweight of 3.08 percentage points, suggesting four key investment opportunities: 1) Wealth management opportunities in fintech and brokerage due to resident funds entering the market [4]. 2) Valuation recovery opportunities in the insurance sector as interest rates stabilize [4]. 3) Profit enhancement opportunities for third-party payment companies from the expansion of digital currency scenarios [4]. 4) Broader exit channels for equity investment institutions due to an increase in IPOs in the tech sector [4].

记者丨孙永乐 编辑丨巫燕玲 1月23日晚间，华泰证券（601688.SH）公告称，公司2026年第一次临时股东会、第七届董事会第一次 会议在南京召开，第七届董事会成员正式选举产生。公司党委书记王会清当选董事长，实现"一肩挑"， 周易续任首席执行官，形成"新董事长+老CEO"的核心管理组合。 此前2025年12月中旬，21世纪经济报道《董事会换届选举临近，华泰证券或迎新任掌门人》曾报道称， 华泰证券迎来了新的党委书记王会清，经过相应程序后，或将接替张伟出任华泰证券董事长。 2025年最后一天，华泰证券董事会审议通过了选举新一届董事会成员的议案，并于2026年1月23日提交 公司临时股东会审议。根据公告，华泰证券党委书记王会清，此次与首席执行官周易一起，被提名担任 第七届董事会执行董事。 目前，华泰证券原董事长张伟已年满61岁，本该在2024年11月年满退休，但由于本届董事会任期至2025 年12月，他又继续"超龄服役"了一年多。 周易是华泰证券的"老兵"，本科毕业于计算机通信专业。2006年8月加入华泰证券，曾任公司党委副书 记、总裁、党委书记、董事长、党委委员等职务。2007年12月起任华泰证券董事，2019 ...

总监；聘任张辉为董事会秘书（兼）；聘任朱有为为证券事务代表。上述人员任期自本次董 事会审议通过之日起三年。 1月23日晚间，华泰证券（601688.SH）公告称，公司2026年第一次临时股东会、第七届董事 会第一次会议在南京召开，第七届董事会成员正式选举产生。 公司党委书记王会清当选董事 长，实现"一肩挑"，周易续任首席执行官，形成"新董事长+老CEO"的核心管理组合。 此前2025年12月中旬，21世纪经济报道 《董事会换届选举临近，华泰证券或迎新任掌门人》 曾报道称，华泰证券迎来了新的党委书记王会清，经过相应程序后，或将接替张伟出任华泰 证券董事长。 2025年最后一天，华泰证券董事会审议通过了选举新一届董事会成员的议案，并于2026年1月 23日提交公司临时股东会审议。根据公告，华泰证券党委书记王会清，此次与首席执行官周 易一起，被提名担任第七届董事会执行董事。 目前，华泰证券原董事长张伟已年满61岁，本该在2024年11月年满退休，但由于本届董事会 任期至2025年12月，他又继续"超龄服役"了一年多。 第七届董事会成员确定 1月23日，华泰证券公告称，公司于当日召开董事会会议，同意选举王会清为第七届 ...

Group 1: Regulatory Changes - The China Securities Regulatory Commission (CSRC) has officially implemented new guidelines for public fund performance benchmarks, which are essential for defining product positioning and investment strategies [1][2] - The new guidelines aim to address issues such as the lack of systematic regulations and significant deviations from performance benchmarks by actively managed equity funds, thereby enhancing long-term value investment in the public fund industry [2] Group 2: Fund Performance - In the fourth quarter of 2025, public funds experienced a loss of 110.1 billion yuan, marking the first loss since the fourth quarter of 2024, with equity, mixed, and QDII funds being the primary contributors to this loss [3] - Despite the fourth quarter losses, public funds achieved a total profit of 26,041.07 billion yuan for the entire year of 2025, with equity funds being the largest profit contributors [3] Group 3: Market Trends - The resource sector has seen significant growth, with the non-ferrous metal sector rising by 89.38% in 2025, leading to strong performance in related equity funds [7] - Fund managers are optimistic about the valuation of the non-ferrous metal sector, indicating that quality assets in precious and minor metals are worth attention [7] Group 4: Fund Issuance and Investor Sentiment - The public fund issuance has seen a strong start in 2026, with 82 new funds launched and several funds being oversubscribed, reflecting strong demand for equity assets [11] - Factors contributing to this trend include favorable policies, reduced investment costs, and a low-interest-rate environment prompting a shift of funds from deposits to equity funds [11] Group 5: Financial Data and Trends - As of the end of the fourth quarter, the total management scale of public funds reached 37.63 trillion yuan, an increase of 1.18 trillion yuan from the previous quarter [9] - Shenzhen's financial sector reported a total deposit balance of 14.63 trillion yuan, reflecting a year-on-year growth of 7.8% [10] Group 6: Institutional Developments - Huatai Securities has undergone significant personnel changes, electing a new chairman and appointing new leadership for its asset management division [12][13] - HSBC has successfully entered the public fund custody business in China, marking a significant expansion for foreign banks in this sector [20]

Group 1 - The core viewpoint of the news is the implementation of new regulations for public funds in China, specifically the "Guidelines for Performance Benchmarking of Publicly Raised Securities Investment Funds" issued by the China Securities Regulatory Commission (CSRC) [2] - The new guidelines aim to address existing issues in the public fund industry, such as the lack of specific regulations, inadequate internal control mechanisms among fund managers, and significant performance deviations from benchmarks [2] - The guidelines are expected to enhance the long-term value investment approach in the public fund industry and improve investor satisfaction by addressing industry pain points like "style drift" and "fund blind boxes" [3] Group 2 - In the fourth quarter of 2025, public funds experienced a loss of 110.1 billion yuan, marking the first loss season since the fourth quarter of 2024, with stock, mixed, and QDII funds being the main contributors to the losses [4] - Despite the losses in Q4 2025, the overall profit for public funds for the entire year reached 26,041.07 billion yuan, with equity funds being the primary profit contributors [4] - The total management scale of public funds reached 37.63 trillion yuan by the end of Q4 2025, reflecting a growth of 1.18 trillion yuan from the previous quarter [9] Group 3 - The Ministry of Finance released several policy documents aimed at optimizing personal consumption loans and supporting small and micro enterprises, which are expected to positively impact the financial market [5] - The Shanghai Futures Exchange announced adjustments to the price limits and trading margins for nickel, lead, and zinc futures contracts, effective from January 27, 2026 [6] Group 4 - Resource-related funds have seen significant performance improvements, with some funds doubling in value due to the strong performance of the non-ferrous metals sector, which rose by 89.38% in 2025 [7] - The FOF (Fund of Funds) has shown a preference for bond funds and ETFs, with specific funds being highlighted as favorites in the latest quarterly reports [8] Group 5 - The issuance of public funds has seen a strong start in 2026, with many funds being sold out on the first day of offering, indicating strong demand for equity assets [13][14] - The recent market conditions, including favorable policies and a low-interest-rate environment, have contributed to the active issuance of new funds [14] Group 6 - Hu Jianping, a prominent private equity figure, emphasized the importance of adapting to global economic changes and highlighted opportunities in the AI sector during a recent investor meeting [27] - The CSRC has taken strict actions against illegal activities in the private equity sector, imposing fines and banning individuals involved in violations [28][29]

Group 1 - The core viewpoint of the article is the introduction of new regulations for public funds in China, specifically the "Guidelines for Performance Comparison Benchmarks of Publicly Raised Securities Investment Funds," which aims to address issues such as style drift and enhance long-term value investment in the public fund industry [1][4]. - The new guidelines are expected to strengthen benchmark constraints, directly addressing industry pain points and improving investor satisfaction [4]. - In the fourth quarter of 2025, public funds experienced a loss of 110.1 billion yuan, marking the first loss season since the fourth quarter of 2024, with stock, mixed, and QDII funds being the main contributors to the losses [5][6]. Group 2 - The Ministry of Finance released several policy documents aimed at optimizing various loan subsidy policies, which are seen as significant positive developments for the market [7]. - The Shanghai Futures Exchange announced adjustments to the price limits and trading margins for certain futures contracts, indicating regulatory changes in the commodities market [8]. - The resource sector saw significant growth, with the non-ferrous metals sector rising by 89.38% in 2025, leading to substantial gains for related equity funds [9]. Group 3 - The total management scale of public funds reached 37.63 trillion yuan by the end of the fourth quarter, reflecting a growth of 1.18 trillion yuan from the previous quarter [14]. - The People's Bank of China announced a 900 billion yuan medium-term lending facility (MLF) operation to maintain liquidity in the banking system [21]. - The first China ETF listed in Singapore, marking a significant step in the internationalization of China's capital markets [28]. Group 4 - The recent trend of fee reductions in public funds continues, with several funds announcing fee cuts to lower investment costs for investors [19][20]. - The Shenzhen financial sector reported a stable growth in total financial volume, with deposits reaching 14.63 trillion yuan, a year-on-year increase of 7.8% [15]. Group 5 - The recent personnel changes at Huatai Securities, including the election of a new chairman and management team, indicate a strategic shift within the company [18]. - The private equity sector is seeing active discussions on investment strategies, with notable figures emphasizing the importance of value investing and the potential of AI technology [31][35].

Investment Rating - The report assigns an "Overweight" rating to the industry, indicating a positive outlook for investment opportunities [5]. Core Insights - The new regulation, titled "Guidelines for Performance Comparison Benchmarks of Publicly Raised Securities Investment Funds," aims to enhance the quality of public fund development by strengthening benchmark constraints and establishing a clear implementation timeline and transition period [2][3][5]. - The formal version of the regulation has further reinforced external constraints compared to the draft, optimizing specific provisions and clarifying the timeline for implementation, which is set to begin on March 1 [5]. - The regulation addresses previous shortcomings in the industry, such as the lack of specialized and systematic regulations, inadequate internal control mechanisms, and significant deviations of some actively managed equity funds from benchmarks, which have affected investor confidence [5]. Summary by Sections Regulatory Changes - The new regulation emphasizes the importance of performance comparison benchmarks, ensuring they align with the core elements and investment styles specified in fund contracts, and prohibits arbitrary changes once established [5]. - It introduces enhanced external constraints, including the requirement for custodians to ensure compliance with benchmark disclosures and incorporating benchmark usage into the classification evaluation of fund sales institutions [5]. Investment Recommendations - The report suggests that the brokerage sector will benefit from the resonance of capital inflows and performance elasticity, with a favorable outlook for high-quality leading firms and those with wealth management characteristics [5]. - It is anticipated that the influx of medium to long-term capital will stimulate retail participation, further driving the performance of brokerages, which are expected to gradually release their earnings [5]. - The report recommends increasing holdings in quality leading brokerages that will benefit from the influx of new capital, specifically highlighting Huatai Securities and CICC [5][6].

本文字数：1550，阅读时长大约2分钟 作者 | 第一财经 黄思瑜 华泰证券（601688.SH）及子公司华泰证券资管迎来人事变动，均官宣新任董事长及高管。其中， 王会清出任华泰证券董事长，江晓阳任华泰证券资管董事长。 1月23日晚间，华泰证券发布公告称，选举王会清为公司第七届董事会董事长，聘任周易为公司首席 执行官及执行委员会主任。该公司原董事长张伟到龄退休。 同时，华泰证券还宣布，同意聘任韩臻聪、姜健、张辉、陈天翔、焦晓宁、王宇捷为公司执行委员会 委员；同时，韩臻聪任首席信息官(兼)，焦晓宁任首席财务官(兼)，焦凯任合规总监、总法律顾问， 王翀任首席风险官，孙艳任人力资源总监，张辉任董事会秘书(兼)，朱有为任证券事务代表。 与张伟一样，新任董事长王会清也来自江苏高科技投资集团有限公司（下称"江苏高投"）。据华泰证 券2025年三季度末股东信息，江苏高投直接持有该公司3.95%股份，持有3.56亿股，为华泰证券第 五大股东。 2026.01. 24 华泰国际是华泰证券拓展海外业务的控股平台，半年报显示，2025年上半年共实现营收37.62亿港 元，实现净利润11.45亿港元。 此外，华泰证券全资子公司华泰证 ...

Core Viewpoint - Huatai Securities has appointed Wang Huiqing as the new chairman of the board, with a term of three years, and approved a capital increase of up to 9 billion HKD for its wholly-owned subsidiary to support overseas business development [2][5]. Group 1: Leadership Changes - Wang Huiqing has been elected as the chairman of Huatai Securities, succeeding Zhang Wei, who served for over a year beyond his expected retirement date [2][8]. - The new management team includes Jiang Xiaoyang as chairman and Zhu Qian as general manager of Huatai Securities Asset Management [5]. Group 2: Background of New Chairman - Wang Huiqing has a diverse background in both government and financial institutions, having previously held significant positions in Jiangsu Province's financial sector [6][7]. - He has a doctorate, a master's degree in law, and qualifications as a certified public accountant and lawyer, indicating a strong professional foundation [7]. Group 3: Company Performance and Strategy - Under Zhang Wei's leadership, Huatai Securities experienced steady growth, with revenue increases of 26.47% and 20.55% in 2020 and 2021, respectively, and a return to growth in 2023 and 2024 [9]. - For the first three quarters of 2025, the company reported revenues of 27.129 billion CNY, a year-on-year increase of 12.55%, and a net profit of 12.733 billion CNY, up 1.69% [9]. - The total assets of Huatai Securities grew from approximately 389 billion CNY at the end of 2018 to about 1.03 trillion CNY by September 2025, marking a significant increase [9]. - The company is focusing on international business as a key growth driver and has approved a capital increase for its subsidiary to enhance overseas operations [9].

责任编辑：郝欣煜 刘博文先生，硕士研究生，2009年进入华泰证券，曾任华泰证券资产管理总部产品团队负责人，2015 年1月进入华泰证券资管，曾任公司产品部负责人、运营部负责人，现任华泰证券资管董事会秘书、合 规总监、督察长。 三位高管均在华泰体系工作多年，长期服务于公司关键岗位，具备深厚的资管行业经历与丰富的管理经 验。 华泰证券资管的前身为1999年成立的华泰证券受托资产管理部，2014年正式注册成立，并于2016年取得 公募牌照。多年来华泰证券资管始终在华泰证券引领下坚持以客户为中心，坚定"差异化、平台化"的战 略方向，秉持"绝对收益"投资理念，打造基于券商全业务链的投资资管和投行资管业务，形成了涵盖权 益投资、多资产和FOF投资、固定收益投资，以及资产证券化、REITs、资本市场业务、跨境业务等多 个领域的业务布局，不断夯实跨周期、跨市场、跨资产的产品构建能力，深度聚焦客户多元化的投融资 需求，全力服务新质生产力的孵化与壮大，持续助力推动经济高质量发展。 根据华泰证券2025年半年报数据，华泰证券资管在2025年上半年实现营业收入12.10亿元，净利润7.13亿 元，管理规模为6270.32亿元，同比增 ...