Core Viewpoints - The latest strategies from top brokerages indicate a bullish sentiment in the A-share market, with a focus on sectors like technology, traditional manufacturing, and resource pricing power [1][2][3][4][5][6][7][8][9][10][11][12][13][14] Group 1: Market Trends - The A-share market is experiencing a "rally" phase, with significant trading volume and a risk appetite resurgence, as evidenced by the Shanghai Composite Index surpassing 4100 points [4][6] - The market is expected to maintain its upward trajectory until the Spring Festival, driven by favorable macroeconomic indicators and increased participation from institutional investors [3][4][11][13] Group 2: Sector Focus - Brokerages recommend focusing on technology sectors, particularly AI applications, commercial aerospace, and robotics, which are anticipated to benefit from policy support and market trends [3][7][12][14] - Traditional manufacturing and resource sectors are highlighted for their potential in pricing power enhancement, with suggestions to increase allocations in non-bank financials [2][4][8] Group 3: Investment Strategies - Investment strategies emphasize a balanced approach, suggesting a mix of growth-oriented and cyclical sectors, with a focus on themes like "anti-involution" and price recovery in industries such as chemicals and metals [7][8][14] - The importance of monitoring market sentiment and performance metrics is stressed, particularly as the market enters a period of earnings announcements and potential volatility [12][13]

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1月11日讯（编辑 若宇）十大券商最新策略观点新鲜出炉，具体如下： | 券商 | 核心观点 | | --- | --- | | 中信证券 | 继续聚焦资源和传统制造定价权的提升 | | 年西证券 | 把握做多窗口 牛市行情或将继续推进 | | 信达证券 | 市场成交放量风险偏好回升 交易性资金有望回暖接力 | | 中泰证券 | 开年市场新高后或如何演绎? | | 来等班券 | 春季行情短期进入主升阶段 继续聚焦科技成长和周期成长主线 | | 方正证券 | 春季攻势已经展开 配置上建议关注三条主线 | | 浙商证券 | 市场选择直接上攻 均衡配行业、持仓迎春节 | | 光大证券 | 政策红利释放 A股市场热度短期有望延续 | | 东吴证券 | 建议以景气成长为主 | | 中国银河 | A股市场开启"躁动"行情 重点布局结构性投资机会 | 中信证券：继续聚焦资源和传统制造定价权的提升 从当前的量价和风偏指标来看，短期市场热度偏高，但情绪指标还没有转弱迹象，预计主题、小票轮动 的震荡上行格局可能还会延续到两会前后，直至内需预期的上修， ...

Core Insights - The report emphasizes that the construction of negative duration portfolios for public bond funds is influenced by three main factors: "allowance in fund contract investment scope," "regulatory framework," and "trading convenience" [3][13][28] - It identifies government bond futures as the most commonly used and convenient tool for achieving negative duration in the current market [3][28] - The anticipated steepening of the Chinese bond yield curve in 2026, characterized by "stable short-end and rising long-end rates," suggests that negative duration funds should be considered for investment strategies [1][6] Group 1: Real-World Significance of Negative Duration Strategy - The current domestic bond market is experiencing a phase of differentiated interest rate structures and increased volatility, presenting challenges for traditional bond investment strategies [2][11] - The negative duration strategy, which combines "high liquidity short-term asset allocation with interest rate derivatives hedging," can help stabilize net asset values during rising interest rate phases [2][12] - This strategy focuses on short-term high liquidity assets, mitigating the liquidity risks associated with long-duration assets, and serves as a reserve strategy to enhance overall risk resilience [2][12] Group 2: Considerations for Constructing Negative Duration Portfolios - The report outlines three key considerations for public bond funds using derivatives to construct negative duration portfolios: fund contract investment scope, regulatory framework, and trading convenience [3][13] - Fund contracts must explicitly include terms like "government bond futures" and "credit derivatives" to allow for their use; otherwise, funds are restricted from employing these derivatives [14] - Regulatory documents specifically govern public funds' participation in government bond futures, while there are no direct regulatory constraints for other derivatives like interest rate swaps [17][21] Group 3: Insights from Overseas Negative Duration Funds - The report references two notable negative duration funds in the U.S.: AGND and HYND, which were designed to perform well during rising interest rate environments [4][35] - AGND targets a duration of -5 years and employs a strategy of long positions in a broad bond index while shorting various maturities of U.S. Treasuries [4][29] - HYND, on the other hand, focuses on high-yield bonds with a target duration of -7 years, combining short positions in government bond futures with long positions in short-duration high-yield bonds [35][44] Group 4: Development Opportunities for Negative Duration Public Bond Funds in China - The potential audience for negative duration public bond funds in China includes institutional investors such as bank wealth management products and insurance asset management products that require interest rate hedging [6][45] - The report recommends a high-yield negative duration strategy for 2026, suggesting long positions in AA+ credit bonds with maturities of 2 years or less, while shorting ultra-long bonds to capitalize on the anticipated steepening of the yield curve [6][46]

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！ 在金融行业里，各大券商首席的朋友圈从来不是私人空间。 浙商证券（601878.SH）大固收组长、固收首席分析师覃汉，显然是低估了这一点。 2025年11月20日，在浙商证券举办的活动上，覃汉进行2026年债市策略展望主题发言。 来源：财通社 一条朋友圈引起巨大风波 时间回到2025年12月17日，第23届新财富最佳分析师评选结果揭晓。 在固定收益研究领域，浙商证券覃汉团队排名第五。 | | | 固定收益研究 | | | --- | --- | --- | --- | | 名次 机构 | | FIRY | 后关 | | 1 | 华泰证券 | 研究小组(张继强、仇文竹、股超、吴 宇航、陶冶、文晨昕、吴靖、朱沁宜、 | 40340.296 | | | | 方翔宇、王晓宇) | | | 2 | 华西证券 | 研究小组(刘郁、姜丹、田乐蒙、肖金 川、黄晓曦、郑日诚、黄佳苗、董远、 | 31481.596 | | | | 曾禹童、钱青静) | | | 3 | | 研究小组(黄伟平、栾强、杨雪芳、徐 | 29564.247 | | | 申万宏源证券 ...

证券日报网讯 1月9日，汇创达发布公告称，公司于2025年9月16日召开第四届董事会第四次会议、2025 年10月10日召开2025年第二次临时股东会，审议通过了关于公司向不特定对象发行可转换公司债券（简 称"本次发行"）的相关议案。公司聘请了浙商证券股份有限公司（简称"浙商证券"）担任公司本次发行 的保荐机构、主承销商，根据《证券发行上市保荐业务管理办法》的相关规定，浙商证券作为公司新聘 请的保荐机构，将完成原保荐机构东吴证券股份有限公司未完成的持续督导工作。鉴于公司保荐机构已 更换，为保证募集资金督导工作的正常进行，保护投资者权益，根据相关规定，近日公司、全资子公司 东莞市聚明电子科技有限公司与招商银行股份有限公司深圳分行、保荐机构浙商证券重新签订了《募集 资金专户四方监管协议》。 （文章来源：证券日报） ...

Investment Ratings - Banking: Overweight (Maintain) [1] - Securities: Market Weight (Maintain) [1] - Insurance: Overweight (Maintain) [1] Core Insights - The banking sector shows a continued growth trend in social financing, with a marginal decrease in the contribution of government bonds. Corporate bonds increased by 178.8 billion yuan year-on-year, becoming the main increment in social financing. However, the demand for loans remains weak, with a year-on-year decrease of 190 billion yuan in new RMB loans in November [5][44]. - The securities industry has seen multiple core indicators reach historical highs in 2025, with total stock fund transaction volume exceeding 500 trillion yuan, a year-on-year increase of over 70%. The primary market has rebounded, with IPO and refinancing scales increasing by 95.64% and 326.17% respectively, indicating improved market liquidity and financing conditions [3][46]. - The insurance sector reported a total original premium income of 57,629 billion yuan in the first 11 months of 2025, a year-on-year growth of 7.6%. Life insurance companies saw a 9.1% increase in premium income, while property insurance companies grew by 3.9% [4][47]. Summary by Sections Market Review - As of January 8, 2026, the banking, securities, and insurance indices changed by -0.87%, +0.91%, and +1.95% respectively, while the CSI 300 index increased by +2.05%. Among 31 industries, the banking and non-banking sectors ranked 29th and 21st in performance [5][13]. Valuation Situation - As of January 8, 2026, the PB ratio for the banking sector is 0.74, with state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks having PB ratios of 0.79, 0.61, 0.71, and 0.63 respectively. Notably, China Merchants Bank, Agricultural Bank of China, and Ningbo Bank have the highest valuations at 0.96, 0.95, and 0.87 [22][24]. Recent Market Indicators - The one-year MLF operation rate is 2.0%, with LPR rates at 3.0% for one year and 3.50% for five years. The average interbank borrowing rates for one day, seven days, and fourteen days are 1.33%, 1.50%, and 1.60% respectively [29][30]. Industry News - The China Banking and Insurance Regulatory Commission has released guidelines for data classification and grading in the insurance asset management industry, effective January 1, 2026, aimed at enhancing data security management standards [39][40].

浙商证券研报指出，山推股份为工程机械低估值标的，背靠山东重工集团，中国推土机龙头迈向全球， 海外矿山领域打开空间；拟发行港股推进全球化，雷沃重工同业竞争问题有望逐步解决。公司为推土机 位列全球第三、中国第一，全球市占率仅次于卡特彼勒、小松，2010年-2024年公司推土机国内市占率 始终稳居60%以上。2024年公司收购山东重工集团挖掘机资产山重建机，据中国工程机械工业协会数 据，2024年1-9月山重建机挖掘机市占率为4%。公司挖掘机业务有望打开空间。挖掘机有望打开空间， 依托推土机渠道及山东重工集团平台和供应链优势，有望快速崛起。此外，拟发行H股深入推进全球 化，雷沃工程机械与山推同业竞争有望逐步解决。维持"买入"评级。 ...

接近浙商证券的人士向记者透露，"监管对此事高度重视，甚至动用了经侦手段，要求浙商董办、研究 所等部门配合提供材料。前段时间，浙商证券上上下下都在为这件事忙碌，调查结果估计还要等一段时 间才能出来。" 此言迅速引爆市场，因其承认为争取投票扭曲研究立场，严重违背卖方分析师独立性原则。 "翻空"指将债市观点由看多转为看空。2025年三季度，债市已现调整迹象，但覃汉维持乐观判断。事后 其言论被广泛解读为牺牲专业客观性换取评选排名，引发买方机构强烈不满，多家公募、保险客户投诉 称或因此蒙受投资损失。 来源：资管洞察 2025年12月新财富最佳分析师榜单公布后，浙商证券固收首席覃汉在朋友圈公开抱怨团队仅获第五名， 并直言："早知道这结果，三季度就该翻空——当初是为了拉票才故意没这么做。" 21世纪经济报道记者最新获悉，浙江证监局目前正就此事开展调查，浙江省金融监管部门亦对该事件高 度关注。浙商证券研究所也已启动内部核查程序，并已暂停覃汉对外展业1个月，责令其进行深刻内部 检查，并依据内部规章制度对其处以相应经济处罚。 来源：资管洞察 2025年12月新财富最佳分析师榜单公布后，浙商证券固收首席覃汉在朋友圈公开抱怨团队仅获 ...

作者 丨孙永乐 编辑丨巫燕玲 近期，已担任浙商证券固收首席的覃汉的"故意不翻空"言论出圈，引发监管关注并介入调查。 去年12月17日，2025年新财富最佳分析师评选结果出炉，覃汉带领的团队斩获固收研究第五 名，创下其个人职业生涯最佳成绩。但他本人却在朋友圈表达不满，"原以为能进前三，结果 只拿到第五，我今天真的哭了。" 更具争议的是，覃汉直言，"早知道是这个结果，我三季度就该翻空，当初是为了拉票才故意 没这么做。 "所谓"翻空"，是指分析师将对债市的观点由看多转向看空，做出债券价格大概率 下跌、收益率或将上行的研究判断。 一石激起千层浪，覃汉此番表态很快在业内掀起轩然大波。 公开信息显示，覃汉拥有13年固收卖方研究经验，擅长利率波段和资产配置研究。其证券职业 生涯始于申万宏源，后在国泰君安开启长达9年的分析师生涯，曾长期担任固收首席分析师， 并于2023年8月加盟浙商证券。 梳理来看，覃汉的朋友圈言论主要有两大观点：一是不满分析师评选结果，认为团队理应跻身 行业前三；二是承认违规操作，曾为拉票刻意扭曲研究观点。 作为一名资深卖方固收分析师，覃汉缘何在朋友圈抛出争议言论？ 多名熟悉覃汉的人士接受记者采访表示，覃 ...

近期，四年前因"狼性"发言刷屏的浙商证券固收首席覃汉，因为评选拉票"故意不翻空"相关言论再度出 圈，已引发监管关注并介入调查。浙江证监局目前正就此事开展调查，浙江省金融监管部门亦对该事件 高度关注。同时，监管部门也在就此事向买方机构展开调研。浙商证券研究所也已启动内部核查程序， 并已暂停覃汉对外展业1个月，责令其进行深刻内部检查，并依据内部规章制度对其处以相应经济处 罚。目前，覃汉已经暂停路演，不再发表署名研报。（21世纪经济报道） ...