Core Viewpoint - The brokerage sector is currently experiencing a "lagging rise," with ROE on an upward trajectory, indicating that while the market performance is delayed, it is expected to improve significantly by 2025 [1] Group 1: Market Outlook - The capital market is projected to maintain high prosperity in 2025, with an average daily stock fund transaction volume of 20.8 trillion yuan, a year-on-year increase of 70.2% [1] - The average daily margin financing and securities lending balance is expected to reach 20.8 trillion yuan, reflecting a year-on-year growth of 32.7% [1] - The A-share IPO scale is anticipated to be 130.8 billion yuan, marking a year-on-year increase of 97.4% [1] Group 2: Financial Performance Projections - The brokerage sector (43 listed brokerages) is expected to see a 34% year-on-year increase in main revenue and a 49% increase in net profit attributable to shareholders in 2025 [2] - The projected net profit for key brokerages in 2025 includes: Guotai Junan (28.3 billion yuan, +117%), Dongfang Securities (6.1 billion yuan, +81%), and Zhongjin Company (8.8 billion yuan, +54%) [2] Group 3: Investment Business - The investment business is expected to perform steadily in Q4 2025, with total investment income projected to grow by 18% year-on-year [2] - The Shanghai Composite Index is expected to show a slight decline of 0.23% in Q4 2025, while the Wind All A Index is projected to increase by 0.97% [2] Group 4: Brokerage and Margin Financing Business - The average daily stock fund transaction volume in Q4 2025 is expected to reach 24.5 trillion yuan, a year-on-year increase of 16.8% [3] - The average daily margin financing balance is projected to be 24.9 trillion yuan, reflecting a year-on-year growth of 39.7% [3] Group 5: Investment Banking Business - The IPO financing scale in Q4 2025 is expected to be 54.9 billion yuan, a year-on-year increase of 165.1% [4] - The refinancing scale is projected to be 138.7 billion yuan, marking a year-on-year increase of 9.5% [4] Group 6: Asset Management Business - The total assets under management (AUM) for public funds are expected to be 37 trillion yuan, a 0.8% increase from the previous quarter [5] - The projected revenue growth for the asset management business in 2025 is expected to be 3% year-on-year [5]

Core Viewpoint - The heat pump industry is experiencing significant growth, with exports expected to reach 16.17 billion yuan in December 2025, reflecting a year-on-year increase of 21.7% [1]. Group 1: Export Growth - Heat pump exports have shown continuous growth for 20 months, with December 2025 exports amounting to 16.17 billion yuan, a year-on-year increase of 21.7% [1]. - The export value of heat pump units reached 12.62 billion yuan in December, up 32.0% year-on-year, while parts exports totaled 3.55 billion yuan, down 4.6% [1]. - Europe has solidified its position as the leading market, accounting for 46.1% of global exports in December, an increase of 6.4 percentage points from November [1]. Group 2: European Market Performance - Exports to 21 European countries (excluding Russia and Ukraine) reached 5.59 billion yuan in December, a year-on-year increase of 48.8%, with cumulative exports for 2025 at 55.41 billion yuan, up 30.9% [2]. - The Netherlands, France, and Spain were the top three markets in December, with year-on-year growth rates of 40.5%, 53.2%, and 127.6%, respectively [2]. - Several European countries, including Germany and Italy, have seen export figures nearly double, with December year-on-year increases of 85.8% and 93.8% [2]. Group 3: Southeast Asia and Africa Markets - ASEAN countries experienced a year-on-year export growth of 12.2% in December, with cumulative growth of 12.3% for the year [3]. - Thailand and Vietnam showed strong performance with year-on-year increases of 27.9% and 17.7%, respectively [3]. - The African market saw a slight decline in December, with exports down 1.9%, but cumulative growth for the year remained robust at 28.6%, led by Nigeria, Libya, and Kenya with increases of 112.6%, 69.8%, and 54.8% [3]. Group 4: Market Potential in Europe - In Germany, heat pump sales are projected to surpass gas boilers for the first time in 2025, although the energy retrofitting of existing buildings is progressing slowly [4]. - Over half of existing homes in Germany still rely on natural gas for heating, indicating a significant potential for heat pump adoption [4]. - The push for clean energy and carbon neutrality in Europe enhances the economic and environmental advantages of heat pumps, suggesting a broad replacement potential in the long term [4].

Core Insights - The monthly active users (MAU) of securities apps reached 175 million in December 2025, marking a 1.75% month-on-month increase and a 2.26% year-on-year increase, achieving a new monthly high for the year [4][3] - Throughout 2025, the MAU of securities apps experienced a recovery after a dip in the middle of the year, with a significant rebound in November leading to a peak at year-end [4][2] - The competition for traffic between third-party platforms and brokerage self-operated apps intensified, with brokerages accelerating the integration of AI technology in advisory and trading scenarios to enhance service models and user experience [4][12] Monthly Active Users Overview - In December 2025, the MAU for securities apps was 175.32 million, with notable monthly changes: November had 172.30 million (up 2.06% month-on-month) and October had 168.82 million (down 3.38% month-on-month) [5][4] - The MAU trend for 2025 showed a starting point of 161.84 million in January, peaking in December after a recovery phase post-May [4][5] Leading Apps and Market Dynamics - The top three securities apps by MAU in December were Tonghuashun (36.70 million), Dongfang Caifu (18.22 million), and Dazhihui (12.97 million) [6][5] - Among brokerage self-operated apps, Huatai's Zhangle Wealth reached over 12 million MAU, followed by Guotai Haitong Junhong with 10.40 million [6][5] - The number of brokerage apps with an average monthly active user count exceeding 6 million increased to 14 in 2025, indicating a growing concentration in the market [8][7] AI Technology Integration - The application of AI technology in the securities industry has accelerated, with multiple brokerages launching intelligent tools across key areas such as intelligent research, trading, and advisory services [12][11] - Notable advancements include the upgrade of trading robots by Galaxy Securities and the introduction of AI advisory platforms by various brokerages, enhancing service efficiency and user experience [13][12] - Despite the current limitations of AI tools in guaranteeing stable investment returns, their functionality is expanding, addressing various investment challenges and improving investors' capabilities in data analysis and strategy formulation [12][13]

Core Viewpoint - The report from Founder Securities highlights the accelerated globalization strategy of Xinquan Co., Ltd., with a focus on robotics as a new growth curve for the company [1] Group 1: Company Overview - Xinquan Co., Ltd. has a comprehensive product matrix for automotive interior and exterior assemblies, including instrument panel assemblies, door panel assemblies, interior accessories, and bumper assemblies [1] - The instrument panel assembly is projected to contribute 4.36 billion yuan in revenue during the first half of 2025, accounting for 64.4% of total revenue, making it the company's primary product [1] Group 2: Globalization Strategy - The company is accelerating its globalization strategy and expanding production capacity, with overseas markets expected to become a new growth point [1] Group 3: Robotics Development - With Tesla's Optimus set to enter mass production, both domestic and international humanoid robots are anticipated to experience rapid development [1] - On October 30, the company announced an investment of 100 million yuan to establish a wholly-owned subsidiary, Changzhou Xinquan Intelligent Robotics Co., Ltd., to expedite its entry into the robotics sector [1] - The subsidiary was officially established on December 9 and will focus on the research, design, manufacturing, and sales of components related to intelligent robots [1] - The company is currently advancing the mass production of robotic components such as harmonic reducers, actuator modules, and specialized bearings for robot reducers, which are expected to contribute to new growth elasticity in the future [1] Group 4: Investment Rating - The report maintains a "recommend" rating for the company [1]

Core Viewpoint - The announcement details the addition of several sales institutions for various funds managed by Ping An Fund Management Co., Ltd., effective from January 19, 2026, allowing investors to perform various transactions through these institutions [1][8][16][23][26]. Group 1: Sales Institutions - Ping An Fund Management Co., Ltd. has signed sales agreements with Dongfang Securities Co., Ltd., Xibu Securities Co., Ltd., Founder Securities Co., Ltd., Guojin Securities Co., Ltd., and Huaxi Securities Co., Ltd. to act as sales agents for its funds starting January 19, 2026 [1][8][16][23][26]. - Investors will be able to open accounts, subscribe, redeem, invest regularly, and convert funds through these institutions from the specified date [2][9][17][27]. Group 2: Fee Discounts - Investors who subscribe or regularly invest through these sales institutions will enjoy fee discounts, with the specifics of the discount determined by the sales institutions [4][11][18][28]. - The company does not impose restrictions on the discount limits for subscription fees, regular investment fees, and conversion fees, which will be managed based on the sales institutions' provided discount rates [4][11][18][28]. Group 3: Important Notes - Regular investment is a method of fund subscription where investors can set up automatic deductions for fund purchases, with minimum deduction amounts specified in the fund's prospectus [5][12][19][29]. - Fund conversion allows investors to exchange their holdings in one fund for shares in another fund managed by the same management company, subject to the rules outlined in the fund contract [5][12][19][29]. Group 4: Contact Information - Investors can consult details through the respective sales institutions, including customer service numbers and websites for Dongfang Securities, Xibu Securities, Founder Securities, Guojin Securities, and Huaxi Securities [7][14][21][24][31].

上海证券交易所 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！ 2026年01月16日 特此公告。 上证公告（基金）【2026】88号 为促进易方达中证港股通医疗主题交易型开放式指数证券投资基金（以下简称港医疗，基金代 码:520850）的市场流动性和平稳运行，根据《上海证券交易所基金自律监管规则适用指引第2号——上 市基金做市业务》等相关规定，本所同意方正证券股份有限公司自2026年01月19日起为港医疗提供主做 市服务。 ...

Core Viewpoint - The article highlights the launch of a new product by Shunxin Agriculture, focusing on emotional resonance with the younger generation of consumers in the liquor market [1] Group 1: Product Development - Shunxin Agriculture has introduced a new light-flavored liquor, Jinbiao Niu, designed for a "light, low-burden, and high-comfort" drinking experience [1] - The product features a systematic upgrade in design, maintaining traditional tasting rituals while promoting diverse consumption methods such as ice drinking and cocktails [1] Group 2: Market Trends - The company is responding to a shift in consumer demands from functional satisfaction to emotional value, capturing the trend during the industry's transformation period [1] - By focusing on emotional resonance, the company aims to connect with consumers in a new way, expanding the concept of "people's liquor" from basic cost-performance considerations to new dimensions of experiential and emotional recognition [1] Group 3: Industry Positioning - The article emphasizes the importance of adapting to the evolving market landscape, where the liquor industry is transitioning towards enhanced quality and value [1] - The strategic approach of Shunxin Agriculture is seen as a new idea for breaking into different consumer segments during this critical period of transformation in the industry [1]

Core Viewpoint - Beijing Maidian Insight Technology Co., a subsidiary of Xinhua Du, has officially launched its annual strategic product "Maidian AI Intelligent Matrix," which aims to transform decision-making from intuition-based to data-driven [1] Group 1: Product and Technology - The company has developed a comprehensive intelligent operation system based on 16 years of e-commerce experience, addressing challenges such as data silos, reliance on experience, and uncontrollable growth [1] - The solution offers a closed-loop process of "data insight - strategy generation - execution monitoring," ensuring that decision-makers and executors are aligned in their actions [1] Group 2: Market Position and Strategy - The launch of "Maidian AI" positions the company to capitalize on the current industry shift towards AI-driven shopping, with significant developments from major players like Alibaba and Google [1] - The company is recognized as a leading e-commerce platform in the liquor sector, with a focus on profit growth through equity incentives, indicating strong long-term growth potential [1]

专题：2026全球与中国资本市场展望论坛 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！ 1月15日，2026全球与中国资本市场展望论坛举行，大咖云集，共话AI时代财富新逻辑与资本市场未 来。 方正证券财富与机构业务委员会委员、互联网金融研究院行政负责人谢炎阳表示，AI赋能券商财富管 理，渐进式创新成主流，非颠覆而是杠杆赋能。只有做好客户财富健康度管理，才能与客户建立可持续 的信任关系。摆脱"靠天吃饭"，服务方式必须从"事后应对"向"事中陪伴"乃至"事前预判"根本转变。"人 心为终"的服务理念，完美诠释了财富管理的信任托付关系 。 AI对财富管理：深度融合赋能而非颠覆 杠杆效应凸显 针对"AI将如何重构券商财富管理业务？是颠覆还是杠杆？"这一核心议题，谢炎阳明确表示，现阶段AI 对财富管理业务的价值，更精准的定位是"深度融合式赋能"，其本质是杠杆而非颠覆性重构。"AI的核 心作用是放大机构的核心禀赋能力，通过与业务各环节的深度融合，产生杠杆效应，实现服务效果与业 务效率的倍增。" 谢炎阳透露，方正证券正将AI赋能渗透至业务全链条，重新定义"客户洞察"与"敏捷服务"的底层逻辑边 界。传 ...

谢炎阳认为，真正的财富管理不仅是资产配置，更是"情感陪伴"与"专业担当"的合一。科技能够赋能服 务过程，却无法替代人与人的情感联结；而专业能力则可在科技助力下实现价值倍增。这也正是财富管 理与普通金融交易的根本区别所在。 在阐释"情感陪伴"时，谢炎阳以方正证券内部的文化案例大赛为例，说明一线理财顾问与客户之间建立 的专业陪伴与情感链接。"这些案例生动体现了我司'以人为本'的服务底色，也说明'人心为终'并非口 号，而是融入企业基因的实践。" 他进一步强调，除了情感联结，更关键的是对客户账户健康度的专业管理能力。财富管理机构不应止步 于充当客户的"资产配置师"，更应成为"投资行为训练师"，帮助客户将理性决策转化为习惯，逐步形成 穿越市场周期的健康资产增长路径。 "用专业守护账户健康，用服务实现温暖陪伴——这就是我所理解的'人心为终'。"谢炎阳总结道，"AI 技术是重要的杠杆工具，能进一步提升服务效率与规模，但其核心始终是服务于人，增强人与人之间的 信任与温度。" 专题：2026全球与中国资本市场展望论坛 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！ 1月15日，2026全球与中国资本市 ...