Core Viewpoint - The article emphasizes the strategic direction of Guoyuan Securities in aligning with national financial goals and enhancing its role in the capital market, focusing on innovation, regional development, and comprehensive financial services. Group 1: Strategic Development - Guoyuan Securities aims to integrate itself into the narrative of building a strong financial nation, focusing on five key areas: functionality, professionalism, differentiation, risk control, and culture [1] - The company is committed to embedding "technology finance" into its development strategy, supporting strategic emerging industries such as high-end equipment manufacturing and new energy [1][2] - Guoyuan Securities is expanding its service network with a three-tier system to enhance regional economic support, establishing a business headquarters in Shanghai to complement its operations in Anhui [2] Group 2: Wealth Management and Client Services - The company is transitioning its wealth management approach to a "buy-side advisory" model, enhancing trust and warmth in client interactions [3] - Guoyuan Securities has launched initiatives like the "Spark Program" in collaboration with Guangzhou Investment Consulting Academy to train financial advisors [3] Group 3: Professional Focus and Industry Integration - The firm is shifting towards an "industrial investment bank" model, emphasizing deep industry knowledge and expertise to enhance its competitive edge [4] - Guoyuan Securities plans to create a comprehensive capital market service system covering the entire lifecycle of enterprises, with a focus on mergers and acquisitions [4] Group 4: Collaborative Financial Services - The company is leveraging the advantages of its parent company, Guoyuan Financial Holdings, to create a collaborative financial service model that integrates various financial products [5] - Guoyuan Securities is implementing a "technology-led" strategy, developing intelligent platforms and AI technologies to enhance operational efficiency [5] Group 5: Risk Management and Compliance - The company prioritizes risk control and compliance, establishing a digital risk management system to enhance preemptive risk identification [8][9] - Guoyuan Securities is embedding compliance into its business processes and exploring AI solutions for compliance management [9] Group 6: Cultural and Talent Development - The company is fostering a culture of long-termism, integrating values of compliance, integrity, and professionalism into its strategic planning [11][12] - Guoyuan Securities is committed to building a talent development system that attracts and retains professionals aligned with its strategic goals [12] Group 7: Future Vision - Guoyuan Securities is focused on becoming a leading industrial investment bank, guided by the strategic directives from the 20th National Congress of the Communist Party of China [13]

功能焕新 从"规模情结"到"国之大者" 金融，国之重器。党的二十届四中全会对"十五五"时期加快建设金融强国提出明确要求，作出战略部 署。中国证监会主席吴清"国家兴衰，金融有责"之言，如晨钟暮鼓，醒人耳目。 国元证券党委书记、董事长沈和付日前在接受中国证券报记者专访时表示："国元证券必须置身于金融 强国的宏大叙事，置身于资本市场改革浪潮，置身于长三角高质量发展的火热实践，在时代潮头找准坐 标、实干笃行。我们不仅要把功能、专业、错位、风控、文化这五个方面作为'五新'要求写进国元证券 的'十五五'发展规划中，更要实实在在地落实到位。" ● 本报记者 徐昭 马爽 走出安徽，国元证券把新的支点放在黄浦江畔——上海业务总部正在全力建设，将与合肥总部遥相呼 应，形成"双核驱动、联动发展"的崭新棋局，如同架起一条贯通南北的"金融鹊桥"。依托这座桥头堡， 公司深度参与重大项目融资、国企改革、基础设施REITs试点和园区升级，锚定"产业研究+产业投资 +产业投行+综合财富管理"的黄金赛道，为安徽新兴产业发展注入源源不断的资本活水。 作为社会财富的"管理者"，证券行业功能发挥的水平直接关系到居民福祉。"我们要当好居民财富增长 的' ...

Group 1 - The National Equities Exchange and Quotations (NEEQ) announced the results of the market maker evaluation for Q4 2025, with 12 market makers receiving transaction fee exemptions for their outstanding performance [1] - Notable small and medium-sized brokerages are gaining a leading position in the competitive NEEQ market, with Northeast Securities, Kaiyuan Securities, and Shanghai Securities ranking in the top 5% and receiving full transaction fee exemptions [1] - The competitive landscape remained stable compared to Q3 2025, with Northeast Securities, Kaiyuan Securities, and Shanghai Securities maintaining their top positions, while Guotai Junan's ranking improved significantly [1] Group 2 - As of January 28, 59 brokerages are serving as market makers in the NEEQ, with Northeast Securities leading in the number of market-making stocks at 67 [2] - In Q4 2025, both Kaiyuan Securities and Northeast Securities achieved cumulative market-making transaction amounts exceeding 10 billion yuan, indicating strong trading activity [2] - The NEEQ market continues to expand, with 5,966 listed companies and a total share capital of 467.8 billion shares, providing ample business opportunities for brokerages [2] Group 3 - The growth in business demands from NEEQ companies, such as listings, supervision, and mergers, offers significant opportunities for brokerages, particularly smaller firms [3] - Brokerages can leverage the connection between NEEQ and the Beijing Stock Exchange to provide multi-tiered capital market services for technology-driven growth enterprises [3] - This strategy aims to enhance the market share and project quality of the Beijing Stock Exchange-related businesses, laying a foundation for sustained growth in investment banking performance [3]

编者按 党的二十届四中全会着眼于中国式现代化全局，对金融强国建设和资本市场高质量发展作出重要部署， 为证券行业在新征程上把握方向、勇担使命提供了根本遵循。中国证监会主席吴清在近期召开的中国证 券业协会第八次会员大会上表示，证券行业要牢牢把握"国家兴衰，金融有责"的历史定位，认真落实党 的二十届四中全会关于金融机构"专注主业、完善治理、错位发展"的部署要求，把握机遇，勇立潮头， 争创一流。 当前，资本市场改革持续深化，证券行业正处在乘势而上、建设一流投资银行和投资机构的关键战略机 遇期，学习、宣传、贯彻党的二十届四中全会精神是当前和今后一个时期的重要政治任务。为此，中国 证券报联合中国证券业协会推出"证券公司学习宣传贯彻党的二十届四中全会精神"系列专题报道，聚焦 证券公司在强化功能发挥、提升专业能力、推进差异化发展、筑牢合规风控底线、厚植行业文化底蕴等 方面的实践探索与丰硕成果，生动展现证券公司作为资本市场重要践行者、改革排头兵、服务主力军的 责任担当与时代作为。本篇为系列报道第十五篇。 潮起江淮，风正帆悬。 党的二十届四中全会对"十五五"时期加快建设金融强国提出明确要求、作出战略部署。中国证监会主席 吴清"国 ...

Core Viewpoint - The evaluation results of market makers for the fourth quarter of 2025 have been released by the National Equities Exchange and Quotations (NEEQ), highlighting the performance and fee reduction qualifications of various securities firms [1][3]. Group 1: Market Maker Evaluation Results - Three securities firms, Northeast Securities, Kaiyuan Securities, and Shanghai Securities, ranked in the top 5% with a 100% fee reduction [2][3]. - Twelve market makers received fee reduction qualifications, with six firms in the 10%-20% ranking receiving a 50% fee reduction, including Huahuan Securities and Changjiang Securities [3]. - The rankings of some firms changed compared to the third quarter of 2025, with Guotai Haitong moving from the 10%-20% range to the 5%-10% range [4]. Group 2: Industry Trends and Strategies - The rankings of market makers show limited volatility over several quarters, indicating a stable competitive landscape among smaller firms, while larger firms maintain dominance in other areas [5]. - First Capital has focused on optimizing its market-making strategy in the New Third Board, enhancing its professional capabilities and providing liquidity to quality enterprises [5]. - As of June 2025, First Capital provided market-making services for nine enterprises, while CICC reported having 22 market-making enterprises, with 81.82% being innovative tier companies [5][6]. Group 3: Regulatory Framework and Future Directions - The evaluation guidelines for market makers have undergone multiple revisions, with the current version being from 2020, emphasizing the importance of market maker evaluations in improving market liquidity and price discovery [8]. - The NEEQ aims to continuously assess the implementation effects of the market maker system and optimize the evaluation incentive mechanism to promote the healthy development of the market maker system [8].

国元证券研报指出，海康威视2025年营业总收入基本持平，归母净利润增长逐季加速。其中，创新业务 和国际主业保持增长，国内主业有所下滑。继续坚定研发投入，推进大模型应用落地，智能工厂获得认 可；智能感知+AI前景广阔，相关产品逐步进入成长期。公司面向全球用户提供以视频为核心的智能物 联网解决方案和大数据服务，在技术、产品与解决方案等方面拥有全面优势，未来持续的成长空间较为 广阔。考虑到行业的成长空间和公司业务的持续成长性，维持"买入"评级。 ...

Core Viewpoint - The article investigates the phenomenon surrounding the mysterious figure "Chen Xiaoqun," highlighting how third-party trading software and licensed brokerages have contributed to the creation of a "cult of personality" around this figure, leading to speculative trading behaviors among retail investors [3][4]. Group 1: Market Dynamics - The commercial aerospace sector has experienced significant volatility, with "Chen Xiaoqun" emerging as a focal point in speculative trading activities [3]. - The trading seat associated with "Chen Xiaoqun" at China Galaxy Securities' Dalian Huanghe Road branch has seen substantial net buying, with a reported net purchase of 3.79 billion yuan for Jin Feng Technology, leading to a notable increase in stock prices [6][23]. - Following the identification of "Chen Xiaoqun" on the trading leaderboard, stocks associated with this figure have averaged a price increase of over 4% the following day, with some stocks even hitting the daily limit [6][23]. Group 2: Role of Third-Party Software - Major financial data platforms like Tonghuashun, Dongfang Caifu, and Wind have algorithmically linked "Chen Xiaoqun" to specific trading seats, facilitating retail investors' speculative behaviors [3][10]. - The presence of "Chen Xiaoqun" on trading leaderboards has been utilized by various brokerage apps, which have labeled specific trading seats and stocks with his name, thereby influencing market dynamics and retail investor behavior [21][23]. - The article notes that 19 brokerage apps have implemented similar labeling practices, with over 10 explicitly marking "Chen Xiaoqun" as a top trader, further amplifying the speculative trading environment [23]. Group 3: Investor Behavior and Sentiment - Retail investors have increasingly shifted their focus from traditional financial analysis to tracking the movements of "Chen Xiaoqun," reflecting a growing trend of following popular figures in trading rather than relying on fundamental analysis [9][10]. - Social media platforms are rife with unverified claims and extravagant displays of wealth attributed to "Chen Xiaoqun," contributing to the mythos surrounding this figure and encouraging speculative trading among followers [7][9]. - The phenomenon has raised concerns about the integrity of information disclosure in the securities market, as the unverified status of "Chen Xiaoqun" raises questions about the legitimacy of the trading strategies being promoted [4][5].

Investment Rating - The report maintains an "Overweight" rating for the securities and banking sectors, while also recommending the insurance sector [8]. Core Insights - The market remains active with an average daily trading volume of 28 trillion yuan in A-shares, and the financing balance stabilizing at 2.7 trillion yuan. However, the ETF market has experienced significant volatility, with major outflows from core broad-based ETFs [11][16]. - The sentiment for market bullishness is strong, and the spring rally is expected to continue, particularly in the insurance sector where beta trading opportunities are anticipated [2][26]. - The central bank's governor indicated that there is still room for interest rate cuts, with the latest Loan Prime Rate (LPR) remaining unchanged for eight consecutive months [11][32]. Securities Sector Summary - The report highlights a positive outlook for the securities sector, with several brokerages reporting significant profit growth for 2025. The recommendation includes top brokerages such as CITIC Securities, Guotai Junan, and GF Securities [2][12]. - The average daily trading volume in the A-share market is noted at 28 trillion yuan, with a stable financing balance, indicating a recovery opportunity for the brokerage sector [11][12]. Insurance Sector Summary - The report suggests focusing on quality leading companies in the insurance sector, as the market sentiment remains strong and the spring rally is expected to continue [26][27]. - The insurance sector's fund holdings have increased, with major stocks like Ping An and China Life being highlighted for their significant market presence [27][31]. Banking Sector Summary - The banking sector is characterized by stable performance, with several banks reporting positive earnings forecasts for 2025. The report recommends quality individual stocks such as Nanjing Bank and Chengdu Bank [3][40]. - The central bank's comments on potential interest rate cuts and the expansion of wealth management products indicate a favorable environment for banks [32][33]. - The report notes a decline in bond allocations within bank wealth management products, with an increase in deposits and funds [37][34].

Investment Rating - The report maintains an "Overweight" rating for both the banking and securities sectors [6]. Core Insights - The financial sector shows a strategic allocation opportunity, with increased fund positions in banking, securities, and insurance stocks [1][5]. - The banking sector's fund position has slightly increased, indicating a return of risk appetite among investors [2][13]. - The securities sector is experiencing a recovery in fund positions, driven by market activity and performance expectations [3][5]. - The insurance sector has seen a significant increase in fund positions, with major insurance stocks being favored by investors [4][5]. Summary by Sections Banking Sector - As of Q4 2025, the banking sector's fund position increased by 0.04 percentage points to 1.89%, with large banks and joint-stock banks seeing gains, while city commercial banks experienced a decline [2][13]. - The top three heavy-weighted stocks in the banking sector account for 46.0% of the total fund position, indicating a concentration in holdings [13][27]. - The dividend yield for A/H shares in the banking sector is approximately 4.87%/4.88%, making it attractive compared to the 10-year government bond yield of 1.83% [5]. Securities Sector - The securities sector's fund position rose by 0.10 percentage points to 0.72%, although it remains at a historically low level [3][5]. - Major securities firms like CITIC Securities and Guotai Junan have been favored for their performance potential amidst market recovery [5][8]. - The average price-to-book ratio for large and small securities firms is 1.44x and 1.67x, respectively, indicating they are trading at 27% and 42% of their historical averages [5]. Insurance Sector - The insurance sector's fund position increased by 0.94 percentage points to 1.72%, with major stocks like Ping An and China Pacific receiving significant increases in holdings [4][5]. - The insurance index's price-to-book ratio is at 1.53x, which is at the 40th percentile of valuations since 2014, suggesting potential for valuation recovery [4][5]. - Strong sales performance in life insurance is noted, with a focus on high-elasticity stocks as key investment opportunities [4].

Core Viewpoint - The article discusses the significant transformation in the securities brokerage industry, highlighting the reduction of traditional brokers and the rise of investment advisors as firms shift from sales-driven models to wealth management-focused strategies [2][5]. Group 1: Decline of Securities Brokers - The number of securities brokers has decreased by over 5,000 in the past year, reflecting a broader trend of industry contraction [2]. - From early 2018 to the end of 2025, the number of brokers in the industry dropped from over 90,000 to 22,400, a reduction of more than 68,000 brokers over eight years [3]. - Major firms like CICC and China Merchants Securities have seen drastic reductions in their broker counts, with CICC achieving a "zero" broker count and China Merchants reducing from over 800 to just 13, a decline of over 90% [4]. Group 2: Factors Driving Change - The shift from "transactional trading" to wealth management has led to a reevaluation of talent needs, with a focus on professional skills over sheer numbers [3][4]. - Increased market competition and the decline in commission rates have pressured traditional revenue streams, exacerbated by reforms in public fund fees [4]. - The advancement of financial technology has reduced the demand for traditional broker roles, as online services and automated tools take precedence [4]. Group 3: Rise of Investment Advisors - The number of investment advisors has surged, increasing from over 40,000 in 2018 to 86,000 by the end of 2025, with a notable addition of over 5,000 advisors in the past year [6]. - Leading firms are investing in expanding their advisory teams, with companies like Huatai Securities and CITIC Securities increasing their advisor counts significantly [6]. - Smaller firms are also adopting strategies to enhance their advisory capabilities, focusing on reducing interchangeable roles while boosting the quality and scale of their advisory teams [6]. Group 4: Transition from Brokers to Advisors - Many investment advisors are former brokers transitioning into advisory roles, with firms assessing potential candidates based on their qualifications and client service abilities [7]. - The core competitive advantage in advisory services lies in building a highly skilled team capable of providing tailored solutions and asset management [7]. - The industry faces challenges in bridging the gap between traditional sales roles and the more complex demands of asset management and client relationship building [7]. Group 5: Evolving Skill Requirements - The current market demands investment advisors to possess skills in asset allocation, client relationship management, and the use of digital tools [8]. - Firms are developing training programs to enhance advisor capabilities, focusing on both technical skills and client engagement strategies [8]. - Companies are implementing structured support systems to ensure consistent delivery of strategies and insights across their advisory teams [8].