一级市场发行统计 根据Wind数据统计，截止2025年末，中国内地债券市场总存量达196.18万亿，较年初增加20.30万亿。其中利率债123.61万亿、信用债52.88万亿 和同业存单19.69万亿。 Wind统计各类债券发行数据显示，2025年度中国内地债券发行增势不减，全年各类债券发行合计89.0万亿，同比增长11%。利率债发行达到33.0 万亿，较去年增长18%，其中国债同比增长28%、地方政府债同比增长5%、政策性金融债同比增长17%。信用债发行22.2万亿，较去年增长8%。 同业存单累计发行33.8万亿，同比增长7%。 | 债券类别 | 只数 | 发行额(亿元) 同比增长率 | | | --- | --- | --- | --- | | 利率债 | 3534 | 329.829.6 | 18% | | 園侍 | 206 | 160,140.2 | 28% | | 地方政府债 | 2449 | 102,901.0 | 5% | | 政策银行债 | 879 | 66.788.4 | 17% | | 信用债 | 24003 | 222,246.7 | 8% | | 金融债 | 1499 | 56.780 ...

Group 1 - The core viewpoint of the article is that Huaming Equipment is the leading company in the domestic tap switch industry and the second globally, with expectations for rapid growth driven by overseas expansion, maintenance services, and ultra-high voltage business [1] - The global investment in power grids is entering an upward cycle, which is anticipated to benefit the company's performance significantly [1] - The company is projected to achieve a CAGR of 18.7% from 2025 to 2027, indicating strong future growth potential [1] Group 2 - Huaming Equipment is expected to maintain its leading position in the domestic market and sustain a high gross margin due to its significant first-mover advantage [1] - The company aims to leverage the advantages of the Chinese manufacturing supply chain to further increase its market share overseas [1] - The initial coverage of Huaming Equipment has been initiated with a "Buy" rating, assigning a target price of 29.5 yuan based on a PE ratio of 30.4 times for 2026 [1]

华泰证券发表报告指，近期市场密切关注半导体行业的资产运作和扩产进展。展望2026年，该行看好行 业龙头通过资产运作实现资金充实，进而为长期产能扩充及供应链国产化构筑坚实底座。该行看好华 虹"特色工艺+逻辑工艺"的双轮驱动逻辑，伴随12英寸产能的扩充及技术平台的协同，看好公司资产质 量与长期成长性的双重重估；H股目标价由119港元升至120港元，维持"买入"评级。 ...

华泰证券发表研究报告，继续看好京东健康作为在线医疗电商龙头的地位，预期收入增长步伐稳健，利 润率可持续改善，关注接下来新医疗产品供应节奏及首发合作进展、减肥药等产品进入医保名单后的量 价变化趋势、AI医疗应用、O2O业务扩张以及B2C业务医保支付接入等进展。该行预计京东健康2025年 全年收入将按年增长25%至727亿元，非IFRS经营利润达41.1亿元，并将2025至2027年各年非IFRS纯利 预测上调11.6%、15.6%及22.4%，目标价由68.3港元升至77.4港元，维持"买入"评级。 ...

华泰证券研报指出，近期，市场密切关注半导体行业的资产运作和扩产进展。展望2026年，看好行业龙 头通过资产运作实现资金充实，进而为长期产能扩充及供应链国产化构筑坚实底座。华虹半导体的重组 草案拟以发行股份方式购买华力微97.4988%股权（交易作价约82.7亿元，对应PB 4.2倍），同时拟向特 定对象发行股份募集配套资金不超过75.6亿元。以2024年数据进行备考测算：1）利润端，华力微作为 优质晶圆代工资产，其注入或将立竿见影地增厚业绩。备考归母净利润预计从3.8亿元增长151%至9.6亿 元，带动EPS从0.22元增长127%至0.50元，盈利能力或实现跨越式提升；2）资产端，若考虑配套融 资，公司将引入约76亿元现金"活水"，公司总资产/归母净资产或增厚16%/21%，大幅充实流动性并助 力产线升级。看好"特色工艺+逻辑工艺"的双轮驱动逻辑，伴随12英寸产能的扩充及技术平台的协同， 看好公司资产质量与长期成长性的双重重估。给予港股目标价120港币（前值：119港币），维持"买 入"评级。 ...

来源：新浪证券-红岸工作室 1月6日，华泰证券涨4.97%，成交额41.61亿元。两融数据显示，当日华泰证券获融资买入额5.63亿元， 融资偿还5.12亿元，融资净买入5108.03万元。截至1月6日，华泰证券融资融券余额合计58.60亿元。 融资方面，华泰证券当日融资买入5.63亿元。当前融资余额58.41亿元，占流通市值的3.13%，融资余额 低于近一年10%分位水平，处于低位。 融券方面，华泰证券1月6日融券偿还4.22万股，融券卖出11.79万股，按当日收盘价计算，卖出金额 301.35万元；融券余量74.07万股，融券余额1893.22万元，超过近一年90%分位水平，处于高位。 资料显示，华泰证券股份有限公司位于江苏省南京市江东中路228号,香港皇后大道中99号中环中心62 楼，成立日期1991年4月9日，上市日期2010年2月26日，公司主营业务涉及包括财富管理业务、机构服 务业务、投资管理业务和国际业务。主营业务收入构成为：财富管理业务43.24%，机构服务业务 19.75%，国际业务14.23%，投资管理业务11.89%，其他(补充)10.89%。 截至9月30日，华泰证券股东户数19.55万 ...

Group 1 - Hong Kong brokerage stocks experienced a decline in the afternoon session, with Guotai Junan International falling over 5% [1] - Other notable declines included GF Securities and Huatai Securities, both dropping over 4% [1] - Additional firms such as China Merchants Securities, Xinguang International, and Zhongzhou Securities also saw their stock prices decrease [1]

Core Viewpoint - The announcement details the introduction of a new Y class fund share for the Guotai CSI A500 Exchange-Traded Open-Ended Index Fund, effective January 6, 2026, to meet individual pension investment needs [1][10]. Fund Share Classification - The fund will add a Y class share category in addition to the existing A, C, and I class shares [1]. - Y class shares are specifically designed for individual pension investment and will adhere to regulations regarding personal pension account management [2]. Fee Structure - Y class shares will not incur a sales service fee [4]. - The subscription fee for Y class shares will be borne by investors and is primarily used for marketing and sales expenses [5]. - Investors can be exempt from subscription fees when purchasing Y class shares directly from the fund management company [6]. Redemption and Distribution - Redemption fees will apply to investors who redeem shares held for less than 7 days, with the fee going to the fund's assets; no fee will be charged for shares held for 7 days or more [8]. - The default distribution method for Y class shares will be reinvestment of dividends, while A, C, and I class shares will default to cash dividends [9]. Modifications to Fund Documents - Changes to the fund contract and custody agreement will not adversely affect the interests of fund shareholders and do not require a shareholder meeting for approval [10]. - The updated fund contract and custody agreement will take effect on January 6, 2026 [10].

Group 1 - The aviation and airport sector is expected to see steady demand growth, with Airbus's new orders not altering the low supply growth trend in the industry, leading to improved industry profitability due to favorable oil and exchange rates [1] - In the shipping and port sector, the escalation of the situation in Venezuela is expected to boost oil transportation demand in the compliant market, potentially leading to an increase in oil transportation rates month-on-month in January; container shipping rates may rise month-on-month but decline year-on-year, while dry bulk shipping rates and port throughput may experience seasonal declines but show year-on-year growth [1] - The logistics and express delivery sector may face pressure on shipment volumes in January due to high base effects, with a lack of short-term upward momentum in pricing [1] Group 2 - The road and rail sector is supported by high passenger traffic from tourism, but weak coal transportation demand is dragging down freight performance [1] - The company continues to recommend the aviation and oil transportation sectors, as well as certain growth and high-dividend stocks [1]

Group 1 - The outlook for January indicates a seasonal decline in both passenger and cargo volumes across various sectors [1] - In the aviation and airport sector, Airbus's new orders do not change the trend of low supply growth in the industry, but steady demand growth combined with favorable oil and exchange rates is expected to improve industry profitability [1] - In the shipping and port sector, the escalating situation in Venezuela is expected to boost oil transportation demand in the compliant market, potentially leading to an increase in oil shipping rates month-on-month in January [1] Group 2 - In logistics and express delivery, the volume of packages in January may face pressure due to a high base, and there is a lack of upward momentum in prices in the short term [1] - In the road and rail sector, tourism is supporting high passenger traffic, but weak coal transportation demand is dragging down freight performance [1] - The company continues to recommend the aviation and oil shipping sectors, as well as certain growth and high-dividend stocks [1]