Core Viewpoint - The report from Everbright Securities predicts that the total wealth management scale in the market will grow by approximately 3.5 trillion yuan to 33-34 trillion yuan by 2025, driven by multiple factors including deposit "disintermediation," valuation adjustments, and the expansion of products with rights [1] Wealth Management Scale - Deposit "disintermediation" remains a crucial support factor, but the growth pace may experience fluctuations; a neutral estimate suggests an increase of around 3 trillion yuan [2] - The maturity of deposits over 2 years for listed banks in 2026 is estimated to be about 41 trillion yuan, an increase of approximately 9 trillion yuan year-on-year [2] Product Layout - The focus is on building a stable low-volatility base while actively expanding products with rights; it is estimated that wealth management could bring in 150-300 billion yuan to the stock market in 2026 [3] - The growth of "fixed income+" wealth management products is projected to be 1.5 trillion yuan in 2025, with a nearly 16% increase in the existing scale by year-end compared to the beginning of the year [3] Asset Allocation - There is a rigid allocation to deposit-type assets, with a shift towards multi-asset and multi-strategy approaches to seek returns; potential marginal changes may lead to a shift in wealth management preferences from deposits to bond-type assets [4] - The report outlines that deposits and specific private bonds will maintain a certain allocation strength, while the demand for short-term bond allocations is expected to remain strong [4] Wealth Management Operations - Performance benchmarks are expected to face downward pressure, with potential liquidity concerns; the "true net value" operation model may lead to weaker customer experience in wealth management returns in 2026 [5] - Factors such as increased liquidity reserves and enhanced investor tolerance are expected to mitigate redemption pressures [5] Competitive Landscape - The market share of wealth management companies is expected to continue rising, with channel factors being a significant variable affecting the competitive landscape [6] - Future changes in the competitive landscape may include further penetration of distribution channels into county-level regions, enhancing customer reach [6]

Core Viewpoint - The report anticipates that the total wealth management scale in the market will grow by approximately 3.5 trillion yuan to reach 33-34 trillion yuan by 2025, driven by multiple factors including deposit "disintermediation" and the expansion of wealth management products [4]. Group 1: Wealth Management Scale - Deposit "disintermediation" remains a crucial support factor, but the growth pace may experience fluctuations; a neutral estimate suggests an increase of around 3 trillion yuan in 2026 [4]. - The maturity of over 41 trillion yuan in deposits from listed banks in 2026 is expected, with a year-on-year increase of approximately 9 trillion yuan [4]. - Factors such as the "true net value" operation leading to increased yield volatility and pressure on "ranking" product scales may cause fluctuations in the growth pace of wealth management [4]. Group 2: Product Layout - The focus is on building a stable low-volatility foundation while actively expanding rights-containing products, with an estimated 150-300 billion yuan in funds expected to flow into the stock market from wealth management in 2026 [5]. - The "fixed income +" wealth management scale is projected to grow by 1.5 trillion yuan in 2025, with a nearly 16% increase in the existing scale by year-end compared to the beginning of the year [5]. - Regulatory bodies are conducting research on the challenges and bottlenecks regarding wealth management funds entering the market, indicating a strong demand for expanding rights-containing products [5]. Group 3: Asset Allocation - There remains a rigid allocation to deposit-type assets, with a shift towards multi-asset and multi-strategy approaches to enhance returns [6]. - The report suggests that the allocation to bonds may increase if the relative "cost-effectiveness" of deposits and bonds changes, alongside changes in the stability of wealth management liabilities [6]. - The forecast for wealth management's bond allocation indicates a strong demand for short-term bonds, while the capacity for mid to long-term allocations may decrease, leading to a steepening yield curve [6]. Group 4: Wealth Management Operations - The performance benchmarks for wealth management are expected to face downward pressure, with potential for increased net value drawdown risks [7]. - The "true net value" operation model may lead to a weaker customer experience in terms of returns in 2026 compared to the previous year [7]. - Despite these challenges, factors such as increased liquidity reserves and regulatory support for liquidity are expected to mitigate redemption pressures [7]. Group 5: Competitive Landscape - The market share of wealth management companies is expected to continue rising, with channel factors being a significant variable affecting the competitive landscape [8]. - The distribution channels for wealth management are anticipated to further penetrate county-level regions, enhancing customer reach and potentially increasing market share [8]. - The number of wealth management institutions is expected to remain stable, with the possibility of new institutions being established [8].

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 1、前言 混合神经网络是指整合了多种神经网络架构的深度学习模型。这类模型通过多层架构实现网络接力式思考，融 合不同类型网络优势，从而实现模型学习能力和性能的提升。在金融时间序列分析上，常见的混合神经网络组 合包括CNN-GRU-ATT、CNN-LSTM-ATT等。其中，CNN（卷积神经网络）具备捕捉局部短期特征的能力， 能够学习短时间内的波动规律；GRU（门控神经网络）和LSTM（长短期记忆神经网络）均属于具有时序记忆 功能的RNN（循环神经网络）的变体，擅长学习长期趋势的特征；ATT（注意力机制）则能调节模型注意力权 重，使其聚焦于重要的时间节点。 3、研究设计 本篇研究的核心思路是将单一神经网络模型与混合神经网络模型进行对 ...

本文模型包含宏观经济、货币政策、市场情绪等输入变量来丰富学习维度，在长短期记忆神经网络（LSTM） 的基础上，引入门控神经网络（GRU）、卷积神经网络（CNN）和注意力机制（ATT）构建多层混合神经网 络模型，最优模型预测：相较于2026年1月末，2月末的十年期国债收益率将下行约3个BP；相较于2025年底， 2026年底十年期国债收益率将下行约6个BP。 （张旭）2026-01-12 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【固收】引入混合神经网络的中长期国债收益率预测——量化学习笔记之二 重点城市 25 年二手房均价：北京 28,194 元/㎡，同比+2.6%；上海 36,962 元/㎡，同比-4.4%；广州 25,832 元/㎡，同比-7.1%；深圳 5 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600708 证券简称：光明地产 公告编号：临2026-001 光明房地产集团股份有限公司 关于光大证券股份有限公司出具 《光明地产股权分置改革2025年年度保荐工作报告书》 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个别及连带责任。 根据中国证监会《上市公司股权分置改革管理办法》、《证券发行上市保荐业务管理办法》以及上海证 券交易所《上市公司股权分置改革保荐工作指引》、《上市公司持续督导工作指引》等相关文件之规 定，光大证券股份有限公司作为光明房地产集团股份有限公司（原上海海博股份有限公司）（下称"本 公司"、"公司"）实施股权分置改革工作的保荐机构，在报告期内勤勉尽责的履行持续督导职责。 近日，公司收到由光大证券股份有限公司出具的《关于光明房地产集团股份有限公司股权分置改革2025 年年度保荐工作报告书》，具体内容详见2026年1月14日《上海证券报》、《证券时报》及上海证券交 易所网站www.sse.com.cn。 请广大投资者及时关注本公司上述指定的信息披露媒体，并 ...

Group 1 - The A-share market has shown a strong upward trend since the beginning of 2026, with the financing balance of the two markets exceeding 2.6 trillion yuan, prompting leading brokerage firms to issue bonds to support business development [1][3] - Major brokerages have actively engaged in bond issuance, with China Galaxy announcing a public bond issuance of up to 30 billion yuan and East Money Securities planning to issue up to 20 billion yuan in subordinated bonds [1][3] - The bond financing scale for brokerages has experienced explosive growth, with a total issuance amount of 81.3 billion yuan in early 2026, a nearly 70% increase compared to the same period in 2025 [3][4] Group 2 - The surge in bond financing is driven by a combination of factors, including increased market activity, rising capital demands, and a favorable low-interest-rate environment that makes bond financing more attractive than equity financing [6][7] - Brokerages are using the proceeds from bond issuances primarily for replenishing working capital and repaying maturing debts, which is crucial for their operational stability and growth [5][6] - The trend of bond issuance is expected to continue in 2026, with a focus on capital supplement bonds and a shift towards longer-term financing to match the capital needs of margin trading and proprietary investment [8][9]

Group 1 - The short-term market enthusiasm is expected to continue, supported by ongoing policy efforts and anticipated economic growth within a reasonable range, which will further solidify the foundation for the capital market's prosperous development [1] - The release of policy dividends is expected to boost market confidence and attract various types of capital to flow actively into the market [1] Group 2 - The A500 ETF by E Fund tracks the CSI A500 Index, which consists of 500 securities with large market capitalization and good liquidity, covering 89 out of 93 sub-industries [3] - The A100 ETF by E Fund tracks the CSI A100 Index, comprising 100 representative securities with large market capitalization and good liquidity, covering 46 sub-industries [3] - The A50 ETF by E Fund tracks the CSI A50 Index, which includes the 50 largest stocks by market capitalization from various industries, with a balanced distribution across 50 sub-industries [3]

Core Viewpoint - The report from Everbright Securities highlights that Shannon Semiconductor has developed a dual-wing growth model in the high-end storage sector, combining distribution and product offerings [1] Group 1: Company Overview - Shannon Semiconductor has been engaged in the high-end storage field for many years and has established capabilities in providing electronic components such as data storage devices, control chips, and modules [1] - The company's main source of revenue currently comes from the distribution of electronic components, which are widely used in cloud computing storage (data center servers) and mobile phones [1] Group 2: Financial Performance - As of the third quarter of 2025, the company's inventory stands at 1.813 billion yuan, which is expected to benefit from price increases in storage products [1] - The forecast for the company's net profit attributable to shareholders for 2025 is maintained at 605 million yuan, while the 2026 forecast has been raised by 48% to 1.043 billion yuan due to increased capital expenditures from internet clients and the storage chip price cycle [1] - A new net profit forecast for 2027 has been introduced at 1.251 billion yuan [1] Group 3: Investment Rating - The report maintains a "Buy" rating for Shannon Semiconductor [1]

Core Viewpoint - The report from Everbright Securities highlights that Shannon Semiconductor has developed a dual approach of "distribution + products" in the high-end storage sector, which has become its main revenue source [1] Group 1: Company Overview - Shannon Semiconductor has established capabilities in providing electronic components such as data storage devices, control chips, and modules, which are widely used in cloud computing storage (data center servers) and mobile phones [1] - As of the third quarter of 2025, the company's inventory stands at 1.813 billion yuan, indicating potential benefits from rising storage product prices [1] Group 2: Financial Projections - The company maintains a forecast for net profit attributable to shareholders of 605 million yuan for 2025 [1] - Due to increased capital expenditures from internet clients and the price increase cycle of storage chips, the net profit forecast for 2026 has been raised to 1.043 billion yuan, reflecting a 48% increase [1] - A new net profit forecast of 1.251 billion yuan for 2027 has been introduced [1] Group 3: Investment Rating - The report maintains a "buy" rating for the company [1]

光大证券研报指出，北方华创日前公告北京市国资委同意北京电控以非公开协议转让方式向国新投资转 让其所持北方华创14,481,773 股股票，占总股本2%，股份转让价格为426.39元/股，股份转让总价款为 61.74亿元。本次转让加强北京电控与国新投资战略合作，充分发挥双方资源优势，助力构建"资本合作 带动产业赋能"的合作模式。此外，公司发布股权激励计划，深度绑定核心团队。公司为半导体设备平 台型公司龙头，持续受益于国产化进程，维持"买入"评级。 ...