Investment Rating - The industry rating is "Recommended" [5] Core Insights - The adjustment of the financing margin ratio from 80% to 100% aims to cool down excessive leverage and maintain market stability. This change will take effect on January 19, 2026, and applies only to new financing contracts [3][4][15][7] - As of January 14, 2026, the total market financing balance reached a historical high of 2.68 trillion yuan, with the margin balance accounting for 2.59% of the A-share market capitalization, indicating an increase from the average level of 2.40% in 2025 [4][15] - The non-bank financial sector index fell by 2.63%, underperforming the CSI 300 index by 2.06 percentage points, ranking 26th among all primary industries. The securities sector decreased by 2.21%, while the financial technology sector increased by 1.34% [2][13] Summary by Sections Market and Sector Performance - The average daily trading volume of A-shares for the week of January 11-17, 2026, was 34.651 billion yuan, a 21.5% increase week-on-week and a 189.4% increase year-on-year. The average trading volume for the first quarter of 2026 is 31.585 billion yuan, up 107.7% from the same period in 2025 [19] - In the same week, three new stocks were issued, raising 2.025 billion yuan, while two new stocks were listed, raising 1.484 billion yuan. Year-to-date, three A-share IPOs have raised 3.039 billion yuan [19] Financing Margin Ratio Adjustment - The financing margin ratio adjustment is a regulatory measure to prevent systemic risks and protect investors' rights. The increase in the minimum margin requirement is intended to curb market overheating and ensure a smooth market transition [4][7][15] Regulatory Developments - The National Financial Supervision Administration held a regulatory work meeting on January 15, 2026, outlining five key tasks for the year, including risk resolution for small and medium-sized financial institutions and enhancing regulatory quality. The focus for 2026 is on preventing systemic risks and ensuring high-quality industry development [8][16][17]

Investment Rating - The report does not explicitly state an overall investment rating for the financial industry, but it provides specific recommendations for various sectors and companies within the industry [3][21]. Core Insights - The financial industry experienced a decline this week, with the non-bank financial index down by 2.63%, underperforming the CSI 300 index by 2.06 percentage points. The banking sector saw a decline of 3.03%, also underperforming the CSI 300 index by 2.46 percentage points [1][9]. - The report highlights a structural interest rate cut by the central bank, which is expected to impact various financial sectors, particularly banks and insurance companies. The insurance sector is viewed as being in a critical window for performance and valuation recovery [3][21]. - Regulatory measures have been introduced to stabilize the derivatives market, which is expected to benefit well-capitalized and compliant brokerage firms [2][17]. Summary by Sections 1. Weekly Performance and Sector Insights - The non-bank financial index decreased by 2.63%, with the securities, insurance, and diversified financial indices down by 2.21%, 3.59%, and 1.83% respectively [1][9]. - The banking sector's performance was notably poor, with state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks experiencing declines of 2.20%, 4.08%, 2.40%, and 2.20% respectively [1][9]. 2. Insurance Sector Insights - The insurance sector's index fell by 3.59%, underperforming the CSI 300 index by 3.02 percentage points. The report indicates that regulatory cooling measures have created short-term pressure on the insurance sector, but the long-term outlook remains positive due to asset growth and interest margin recovery [1][13][15]. - Key companies such as China Pacific Insurance, China Life, and New China Life are recommended for investment due to their strong fundamentals and recovery potential [3][16]. 3. Brokerage Sector Insights - The brokerage sector saw a decline of 2.21%, with the report emphasizing the potential benefits of new regulatory measures aimed at enhancing the derivatives market. The focus is on larger, well-capitalized firms that can navigate the evolving regulatory landscape [2][17]. - Recommendations include major brokerages like Guotai Junan and Huatai Securities, which are expected to benefit from the anticipated recovery in profitability and valuation [2][18]. 4. Banking Sector Insights - The banking sector's index fell by 3.03%, with the central bank's recent interest rate cut expected to support the sector's performance in the long run. The report suggests that banks may see a gradual recovery in net interest income and profitability [3][21][22]. - Specific banks such as Hangzhou Bank and Ningbo Bank are highlighted as potential investment opportunities, particularly those with previously undervalued positions [3][22].

Core Viewpoint - The article emphasizes the establishment of a digital research platform by CICC, aimed at providing efficient, professional, and accurate research services by integrating insights from over 30 specialized teams and covering more than 1800 individual stocks [1]. Group 1: Research Services - CICC's digital research platform, "CICC Insight," offers a one-stop service that includes research reports, conference activities, fundamental databases, and research frameworks [1]. - The platform utilizes advanced model technology to enhance the research experience for clients [1]. Group 2: Research Content - Daily updates on research focus and timely article selections are provided through the "CICC Morning Report" [4]. - The platform features live broadcasts where senior analysts interpret market hotspots [4]. Group 3: Data and Frameworks - CICC Insight includes over 160 industry research frameworks and more than 40 premium databases, offering comprehensive industry data [10]. - The platform also features an AI search function for efficient information retrieval and analysis [10].

Group 1: IPO Overview - In 2025, a total of 119 companies listed on the Hong Kong Stock Exchange, with 114 through IPOs and 5 through other methods [1] - The IPO intermediaries included 42 brokerage firms, 39 Hong Kong legal advisors, 33 Chinese legal advisors, and 9 accounting firms [1] Group 2: Sponsor Performance Rankings - The top five sponsors for the 114 Hong Kong IPOs were: 1. CICC with 41 deals 2. CITIC Securities (Hong Kong) with 32 deals 3. Huatai International with 22 deals 4. Guotai Junan with 13 deals 5. Morgan Stanley and China Merchants International, both with 12 deals [2][3] Group 3: Hong Kong Legal Advisors Rankings - The leading Hong Kong legal advisors for the IPOs were: 1. Davis Polk and Highbury with 16 deals each 2. K&L Gates with 9 deals 3. Several firms including Farrer & Co, King & Wood Mallesons, and others with 5 deals each [7][8] Group 4: Chinese Legal Advisors Rankings - The top Chinese legal advisors for the IPOs were: 1. Tongshang with 19 deals 2. Jingtian & Gongcheng with 17 deals 3. Zhong Lun with 10 deals [10][11] Group 5: Accounting Firms Rankings - The leading accounting firms for the IPOs were: 1. Ernst & Young with 41 deals 2. KPMG with 25 deals 3. Deloitte with 21 deals 4. PwC with 13 deals [14][15]

Core Viewpoint - The company aims to become a world-class investment bank by focusing on high-quality development, serving the real economy, and promoting wealth preservation and growth for residents, while contributing to the construction of a financial powerhouse and Chinese-style modernization [1][11]. Group 1: Service to the Real Economy - The company emphasizes its core responsibility to serve the real economy, particularly through technology-driven innovation, as a key aspect of its mission as a state-owned financial institution [2]. - The company has facilitated over 3.2 trillion yuan in technology finance-related equity, bond, and merger transactions, including significant IPOs like CATL and Han's Laser [2][4]. - The company aims to be a partner in industrial innovation, providing continuous support from value discovery to resource integration for technology enterprises [2]. Group 2: Wealth Management and Resident Wealth Growth - The company recognizes the importance of the securities industry in facilitating the interaction between resident wealth and capital markets, which is crucial for promoting consumption and expanding domestic demand [5][6]. - The company has seen a significant increase in its wealth management capabilities, with its buy-side advisory assets exceeding 120 billion yuan, positioning it as a leader in the industry [7]. - The company is committed to enhancing its digital capabilities and providing tailored wealth management services to help residents achieve stable wealth growth in a low-interest-rate environment [7]. Group 3: Internationalization and High-Level Opening - The company is focused on becoming a financial institution that understands the Chinese market and connects with international rules, providing cross-border investment and financing services [8][9]. - The company has completed over 80 billion USD in transactions related to the Belt and Road Initiative, showcasing its role in cross-border capital flows [9]. - The company aims to contribute to international rule-making and enhance China's influence in green finance and sustainable investment [10]. Group 4: Future Strategy and Development - The company plans to leverage the spirit of the 20th National Congress to formulate a new strategic plan, aiming for comprehensive upgrades in capabilities and organizational transformation [12]. - The company will focus on mergers and acquisitions, such as the integration with Dongxing Securities and Xinda Securities, to enhance its operational efficiency and service capabilities [12].

登录新浪财经APP 搜索【信披】查看更多考评等级 ■ 保荐代表人： ________________ ________________ 一、本次持续督导培训的基本情况 实施本次现场培训前，中金公司编制了培训材料，并提前要求中电港参与培训的相关人员了解培训相关 内容。 本次现场培训于2026年1月12日在公司办公地（深圳市南山区桃源街道留仙大道3333号塘朗城广场（西 区）A座）进行，对未能现场参与培训的人员采取电子邮件发送培训资料的方式进行培训。本次培训对 象包括公司控股股东、实际控制人、董事、高级管理人员及关键岗位人员等。 李邦新 王申晨 中国国际金融股份有限公司 年 月 日 中国国际金融股份有限公司 关于深圳中电港技术股份有限公司 2025年度持续督导培训情况的报告 深圳证券交易所： 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）根据《深圳证券交易所上市公司自律 监管指引第13号一一保荐业务》等相关法律法规的要求，对深圳中电港技术股份有限公司（以下简 称"中电港"、"公司"）的控股股东、实际控制人、董事、高级管理人员及关键岗位人员等进行了2025年 度持续督导培训，报告如下： 二、现场培训 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 深圳证券交易所： 中国国际金融股份有限公司 一、本次持续督导培训的基本情况 实施本次现场培训前，中金公司编制了培训材料，并提前要求中电港参与培训的相关人员了解培训相关 内容。 本次现场培训于2026年1月12日在公司办公地（深圳市南山区桃源街道留仙大道3333号塘朗城广场（西 区）A座）进行，对未能现场参与培训的人员采取电子邮件发送培训资料的方式进行培训。本次培训对 象包括公司控股股东、实际控制人、董事、高级管理人员及关键岗位人员等。 二、现场培训的主要内容 本次培训根据《证券发行上市保荐业务管理办法》《深圳证券交易所股票上市规则》《深圳证券交易所 上市公司自律监管指引第13号——保荐业务》等规则要求，由培训人员对上市公司信息披露、股权变 动、董事及高级管理人员任职行为规范、投资者保护等要求进行培训。在现场培训过程中，与会人员就 部分问题向中金公司授课人员进行了咨询提问，授课人员对与会人员的问题做了相应解答。 三、本次持续督导培训的结论 在保荐机构本次持续督导培训的工作过程中，公司在人员、场地、组织等方面予以积极配合，保证了培 训工作的有序进行。保荐机构通过本 ...

Core Viewpoint - CICC aims to become a world-class investment bank by focusing on high-quality development and serving the real economy, while aligning with the spirit of the 20th National Congress of the Communist Party of China [1] Group 1: Service to the Real Economy - CICC emphasizes the importance of serving the real economy, particularly through technology-driven new productivity, as a core responsibility of financial institutions [2] - The company has facilitated over 3.2 trillion yuan in technology finance-related equity, bond, and M&A transactions, including significant IPOs for companies like CATL and Han's Laser [2][3] Group 2: Wealth Management and Resident Wealth Growth - CICC highlights the need for improved wealth management services, as only about 15% of Chinese residents' financial assets are allocated to equity, compared to over 50% in the U.S., indicating significant growth potential [5] - The company has developed a unique buy-side advisory service model, with assets under management exceeding 120 billion yuan, positioning itself as a leader in the industry [7] Group 3: Internationalization and High-Level Opening - CICC is expanding its international presence, having established branches in major financial centers and focusing on cross-border investment and financing [9] - The company has completed over 80 billion USD in transactions related to the Belt and Road Initiative, showcasing its role in facilitating cross-border capital flows [9][10] Group 4: Future Outlook - CICC plans to enhance its capabilities and deepen customer relationships while pursuing mergers and acquisitions to drive organizational reform and capability upgrades [11]

Group 1: Core Perspectives - The company aims to become a world-class investment bank by focusing on high-quality development and serving the real economy, wealth preservation, and promoting high-level opening-up [1][3] - The company's chairman emphasizes that being a top investment bank involves not just scale but also functionality, professional capability, international vision, risk management, and cultural depth [1][3] Group 2: Service to the Real Economy - The company is committed to serving the real economy, particularly through technology-driven new productivity, which is seen as a core responsibility of financial institutions [2][3] - The company has facilitated over 3.2 trillion yuan in technology finance-related equity, bond, and M&A transactions, supporting key enterprises in strategic emerging industries [3][4] Group 3: Wealth Management and Consumer Engagement - The company recognizes the importance of wealth management in enhancing residents' investment returns and promoting consumption, especially as the proportion of equity assets in Chinese households remains low compared to developed countries [5][6] - The company has adopted a buyer advisory model in wealth management, focusing on client interests and achieving a significant growth in assets under management [7] Group 4: Internationalization and Cross-Border Services - The company has established a strong international presence, with branches in major financial centers and a focus on cross-border capital flows, helping Chinese companies go global [8][9] - The company has completed over 80 billion USD in transactions related to the Belt and Road Initiative, showcasing its role in international financial cooperation [8][9] Group 5: Future Outlook and Strategic Goals - The company plans to enhance its comprehensive service capabilities and deepen its integration into national development strategies, aiming to strengthen its global influence and pricing power [10] - The company is preparing for a new strategic plan aligned with the spirit of the 20th National Congress, focusing on becoming a first-class investment bank and improving organizational capabilities [10]

Core Viewpoint - The upcoming maturity of approximately 50 trillion yuan in fixed-term deposits in China by 2026 is creating significant uncertainty among depositors regarding asset allocation strategies, as interest rates have declined from 3.1% to around 1.5% [1][2]. Group 1: Scale of Maturing Deposits - The discussion around the 50 trillion yuan in maturing fixed-term deposits has gained traction since the end of 2025, highlighting the challenges banks will face in managing liabilities [2]. - The surge in maturing deposits can be traced back to 2022-2023, when funds flowed back into fixed-term deposits due to a downturn in the real estate market and volatility in the stock and bond markets [3]. - Estimates from various research institutions indicate that the total maturing fixed-term deposits in 2026 will significantly impact banks' liabilities and residents' asset allocation [4][5]. Group 2: Potential Directions for Maturing Funds - The maturing funds are expected to be reallocated, but it is important to note that not all funds will leave the banking system; many will be optimized within it [6]. - Consumer spending is anticipated to be a primary outlet for these funds, with projected household consumption reaching 53 trillion yuan in 2025 [8]. - A portion of the funds will also be directed towards repaying mortgages, with an estimated 3 trillion yuan expected for early mortgage repayments in 2025 [8]. Group 3: Banking Strategies and Market Dynamics - Banks are currently engaged in competitive strategies to attract deposits, including raising interest rates on fixed-term deposits [7]. - The trend of "funds moving" within the banking system is evident, as depositors seek higher interest rates offered by smaller banks [6][7]. - The overall environment suggests that while some funds may flow into the stock market, the majority will likely remain within the banking system, reflecting a cautious approach among depositors [10][12]. Group 4: Impact on Banking Sector - The upcoming wave of maturing deposits presents a unique opportunity for banks to reprice their liabilities, potentially reducing annual costs by approximately 1.5 trillion yuan [14][16]. - The People's Bank of China has indicated that there is still room for interest rate cuts, which could further stabilize banks' interest margins [15][16]. - Banks are focusing on optimizing their liability structures, encouraging a shift from long-term to short-term deposits while promoting financial products to manage funds effectively [17][18].