Core Viewpoint - The Hong Kong stock market has shown strong recovery and growth, with Chinese securities firms playing a crucial role in connecting high-quality domestic enterprises with global capital, thereby driving the market's continued prosperity [1][2][3]. Group 1: Market Recovery and Chinese Securities Firms' Dominance - In 2025, the Hong Kong stock market saw a significant revival, with 119 new stocks listed and a total fundraising amount of approximately 285.8 billion HKD, marking a return to the global IPO fundraising leaderboard [2]. - Chinese securities firms have increasingly dominated the market, holding six of the top ten positions in underwriting amounts, with a combined market share of 56.15% [2]. - Leading firms such as CICC and CITIC Securities (Hong Kong) reported substantial revenue and profit growth, with CICC's revenue and net profit increasing by 54.4% and 129.8% year-on-year, respectively [2]. Group 2: Structural Optimization and New Opportunities - The 2025 Hong Kong IPO market exhibited two notable structural trends: the dominance of mainland enterprises and the rise of the A+H model for cross-border financing [4]. - Over 90% of IPOs in 2025 were from mainland enterprises, with the top five IPO projects all belonging to these companies, including CATL and Zijin Mining [4]. - The A+H model became mainstream, with 19 A-share companies raising approximately 140 billion HKD through this method, accounting for nearly half of the total IPO fundraising [4]. Group 3: New Economic Sectors and Investment Trends - The new economy sectors, particularly technology and healthcare, have become core areas for IPOs, with technology leading in the number of IPOs and healthcare showing significant fundraising recovery [6][7]. - Chinese securities firms have adapted their strategies to cater to the specialized financing needs of new economy enterprises, forming dedicated teams to provide customized services [7][8]. Group 4: Opportunities and Challenges in the Market - The growth of the Hong Kong market is supported by favorable policies, including measures from the China Securities Regulatory Commission to facilitate mainland enterprises' listings [9]. - Despite the dominance of Chinese securities firms, competition from international investment banks remains a challenge, particularly in high-end cross-border financing and complex mergers and acquisitions [9]. - Chinese securities firms are focusing on building a comprehensive competitive framework that includes service, pricing, and compliance to enhance their market position [9][10]. Group 5: Global Expansion and Strategic Development - Hong Kong serves as a critical hub for Chinese securities firms' internationalization, with several firms announcing significant capital increases for their Hong Kong subsidiaries to enhance their overseas business capabilities [13]. - Continuous investment has led to substantial returns, with firms like CICC and Huatai International achieving top-tier positions in IPO underwriting [14]. - Chinese securities firms are actively expanding their global footprint, targeting markets in Southeast Asia and Europe while leveraging their strengths in the Greater Bay Area [14][15].

Group 1 - The core viewpoint of the articles indicates that the securities sector is experiencing a downturn, with specific ETFs reflecting this trend, yet there is a notable inflow of funds into the securities ETF, suggesting underlying investor interest [1][2] - The securities ETF (159841) has seen a net inflow of 516 million yuan over the last ten trading days, despite a 1.1% drop in its underlying index during the trading session [1] - The latest fund size of the securities ETF (159841) is reported to be 10.614 billion yuan, with its top five constituent stocks being Dongfang Wealth, CITIC Securities, Guotai Junan, Huatai Securities, and GF Securities [1] Group 2 - The macroeconomic environment is currently slowing down, but the securities company ETF is recommended for industry allocation due to its relative attractiveness in counter-cyclical investment strategies [2] - The securities industry fundamentals remain solid, with a forecasted 47% increase in net profits for the brokerage sector by 2025, supported by recent regulatory policies encouraging mergers and acquisitions [1]

| O-DREIT+2,8% | 基实前在合情物理所在大基层设施工作设计准备 | | --- | --- | | 公要RETT 同体 | 第一点东企情 陈德设施REIT | | 图内同样 | 原创业园(专 | | 公BREIT FRE | SUNDER | | 公路REIT 合同学校日期 | 3021年1月1日 | | 原金管理人的体 | 取主要参展调研修设 | | 基金托管人名称 | 中国 图 120 有限公司 | | 公告依据 | 《中华人民共和监会得投资基金生》及后部法院、《公开票集酷融设施正移投资基金融 5)(试行))(上海正存交易所公开领导不动/"投资信托基金(RETI)》等方内共试行)。 养生基所公开健集不动产投资信托基金(REIL)提供出用指引第5号 - 47 时报告(KT))《品三原东在情物资的机代基础设施正器仪发展会基金合同)(搭变 前东在情物资料的代基础设施工程设计基金招聘30周书》及其更新 | | 10-35-35 45 | 50外围家街道 | | 中文字加 | 日本日本文出版 | | 00 DOCEDDOOD. | | | --- | --- | | DOGERATORNED | 11 ...

格隆汇1月29日｜广发证券研报指出，科大讯飞预计25年全年归母净利润为7.85亿元至9.5亿元，同比增 长40%-70%；25年利润大幅增长，大模型面向B端和C端的商业化落地持续推进。2025年，公司大模型 相关项目中标金额23.16亿元。公司加强回款，增强盈利质量。2025年，公司销售回款总额超过270亿 元，较2024年同期增长超过40亿元。公司研发投入持续，AI大模型基础技术。2025年，公司研发投入 同比增长超过20%。在研发持续投入下，公司讯飞星火大模型保持较好的性能水平。参考可比公司估 值，给予26年120倍PE，对应合理价值67.05元/股，维持"增持"评级。 ...

Core Viewpoint - The recent surge in AI Agent launches, coupled with decreasing inference costs, is expected to catalyze a new wave of AI applications, driving demand in cybersecurity, IT operations, and data governance sectors [1][5]. Group 1: AI Agent Developments - MoltBot has gained significant attention in overseas developer communities, showcasing features like 24/7 background operation and local long-term memory, with 62,400 stars and 740 clones on GitHub as of January 27, 2026 [1]. - Claude Cowork functions as an office agent that manages desktop tasks and file management, allowing users to specify target folders and tasks for autonomous execution [3]. - Domestic AI Agent products are rapidly evolving, with MiniMax Agent 2.0 integrating deeply into user workflows and Coze 2.0 introducing capabilities like skill management and long-term planning [4]. Group 2: Investment Recommendations - The trend in AI Agents is anticipated to boost demand in cybersecurity (e.g., Cloudflare, CrowdStrike, Palo Alto Networks), IT operations (e.g., Datadog), and data governance (e.g., Snowflake, MongoDB) [5]. - The first half of 2026 is expected to see accelerated advancements in domestic AI models, with a focus on companies like DeepSeek [5]. - The recent earnings season for major US companies has reinforced the narrative of global AI growth, suggesting investment in cloud giants like Google and Amazon, as well as leading internet firms such as Alibaba and Tencent [5].

[Table_Page] 宏观经济研究报告 2026 年 1 月 29 日 证券研究报告 | 分析师： [Tabl | 郭磊 | 分析师： | 陈嘉荔 | | --- | --- | --- | --- | | e_Author] | SAC 执证号：S0260516070002 | | SAC 执证号：S0260523120005 | | | SFC CE.no: BNY419 | | | | | 021-38003572 | | 021-38003674 | | | guolei@gf.com.cn | | gfchenjiali@gf.com.cn | | | 请注意，陈嘉荔并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管活动。 | | | [Table_Summary] 报告摘要： ⚫ 美联储 2026 年 1 月 27-28 日举行议息会议1，FOMC 官员投票保持联邦基金利率在 3.5%-3.75%，这是自 2025 年 9 月重启降息后的第一次暂停。理事沃勒和米兰投反对票，倾向于在此次会议上降息 25 个基点。本次议息 会议决议在市场预期之内，相对更为重要的信息是：（1）美联储 ...

内容概要：随着房地产行业步入平稳发展新常态，叠加储蓄利率市场化持续下行的趋势，大众投资理财 需求正从单一的保值诉求，向多元的增值目标进阶，在此背景下，国民资产配置结构发生显著调整，资 金正从传统的储蓄、房地产领域，加速向标准化的权益类、固收类基金产品迁移，基金作为专业的资产 管理载体，在承接居民财富迁移浪潮中具备广阔的发展空间，据中国证券投资基金业协会数据显示，截 止2025年10月我国基金数量151286只，其中，公募基金13381只，私募基金137905只；基金规模 590112.3亿元，其中，公募基金3269598.5亿元，私募基金220513.8亿元，目前，我国多层次的基金产品 体系已初步形成，能够有效适配居民多元化的财富管理需求。 相关上市企业：广发证券（000776）、招商银行（600036）、中国银行（601988）、建设银行 （601939）、兴业证券（601377） 相关企业：广发基金管理有限公司、招商基金管理有限公司、中银基金管理有限公司、建信基金管理有 限责任公司、兴证全球基金管理有限公司、易方达基金管理有限公司、华夏基金管理有限公司、南方基 金管理股份有限公司、富国基金管理有限公司、天 ...

Investment Rating - The report maintains an "Overweight" rating for the brokerage sector, indicating a positive outlook compared to the overall market performance [5]. Core Insights - The brokerage sector is expected to achieve a 47% year-on-year increase in net profit for 2025, with projected revenues of 586.8 billion yuan and a main revenue of 570.4 billion yuan, reflecting a 37% increase [1][3]. - The report highlights a trend of asset rebalancing between light and heavy assets within the brokerage sector, which is crucial for future performance [1]. - The investment environment for Q4 2025 is anticipated to be less favorable compared to the first three quarters of 2025, with a projected decline in investment income [2]. Revenue and Profit Projections - For 2025, the brokerage sector is projected to generate total revenues of 586.8 billion yuan, with a main revenue of 570.4 billion yuan, marking a 37% increase year-on-year [1][3]. - The expected net profit for 2025 is 217.7 billion yuan, representing a 47% increase year-on-year [1][3]. - In Q4 2025, the sector is expected to achieve revenues of 167.2 billion yuan, with a main revenue of 158.9 billion yuan, reflecting a 21% year-on-year increase [3]. Brokerage Business Performance - The average daily trading volume in the stock market for Q4 2025 is projected to exceed 2 trillion yuan, with a year-on-year increase of 18% [2][6]. - The average daily margin trading balance is expected to reach 2.49 trillion yuan, showing a 40% year-on-year increase [2][6]. - New account openings on the Shanghai Stock Exchange in Q4 2025 are projected to be 7.288 million, a decrease of 37% year-on-year [2]. Investment Banking and Asset Management - The report indicates a recovery in equity business under low base conditions, with Q4 2025 IPO issuance expected to reach 54.9 billion yuan, a 165% increase year-on-year [2][6]. - The asset management business is projected to see a revenue increase of 25% year-on-year, with expected revenues of 14.5 billion yuan in Q4 2025 [2][6]. - The public fund market is expected to grow, with the non-money market fund size reaching 21.9 trillion yuan by the end of Q4 2025, a 16% increase year-on-year [2][6]. Investment Recommendations - The report recommends focusing on three investment themes: 1. Strong comprehensive capabilities of leading institutions such as Guotai Junan and GF Securities 2. Brokerages with significant earnings elasticity like Huatai Securities 3. Companies with strong international business capabilities, such as China Galaxy [5].

格隆汇1月28日丨广发证券(01776.HK)公告，根据深圳证券交易所债券上市的有关规定，广发证券 股份有限公司2026年面向专业投资者公开发行短期公司债券(第一期)符合深圳证券交易所债券上市条 件，将于2026年1月29日起在深圳证券交易所上市，并面向专业投资者中的机构投资者交易，交易方式 包括匹配成交、点击成交、询价成交、竞买成交和协商成交。债券简称"26广发D1"，发行总额30亿 元。 料图】 【资 标签： 财经频道 财经资讯 ...

广发证券（000776）(01776)公布，广发证券股份有限公司 2026 年面向专业投资者公开发行短期公司债 券(第一期)符合深圳证券交易所债券上市条件，将于 2026 年 1 月 29 日起在深圳证券交易所上市，并面 向专业投资者中的机构投资者交易，交易方式包括匹配成交、点击成交、询价成交、竞买成交和协商成 交。本期债券发行总额30亿元，票面年利率1.68%，债券期限365天。 ...