丨证券研究报告丨 [Table_Author] 马祥云 盛悦菲 SAC：S0490521120002 SAC：S0490524070002 SFC：BUT916 请阅读最后评级说明和重要声明 报告要点 [Table_Summary] 加速发展数字人民币是应对国际货币体系竞争、推动人民币国际化的核心路径。今年 9 月外滩 大会上，数字货币研究所穆长春所长总结数字人民币的核心矛盾，首提增强货币派生和生息功 能。近期央行出台《关于进一步加强数字人民币管理服务体系和相关金融基础设施建设的行动 方案》，新一代计量框架、管理体系、运行机制、生态体系将于 2026 年 1 月 1 日正式实施。新 框架下，性质转变为商业银行的存款负债（M1），银行对实名客户支付利息，同时交纳存款准 备金、参与货币派生。 分析师及联系人 行业研究丨专题报告丨银行 [Table_Title] 数字人民币升级的五问五答 ——数字金融专题系列一 %% %% %% %% research.95579.com 1 [Table_Title 数字人民币升级的五问五答 2] ——数字金融专题系列一 [Table_Summary2] 历经十年发展，数字人民币 ...

"降佣降费等一系列改革的落地，核心在于引导公募基金回归本源。"刘元瑞表示，在服务实体经济的核 心要求下，资管行业是助力资本市场实现金融资源优化配置、发挥好融资功能的核心环节。而资本市场 融资功能的发挥，依赖于投资功能的良好运行。 刘元瑞进一步表示，长期以来，A股市场波动率偏高，投资者获得感不足，专业机构"稳定器"作用的发 挥尚不充分。近期公募基金的一系列改革，本质上是引导公募基金回归初心，从"重规模"向"重回报"转 型，降低市场波动，真正提升投资者获得感。 刘元瑞表示，未来资管行业发展空间广阔，长江证券作为公募机构的专业服务者，将坚持以研究为引 领，提供一揽子综合服务，与机构投资者同向而行，共创价值。 （文章来源：中国证券报） 刘元瑞表示，从过去20年的周期来看，国内公募基金具备创造超额收益的专业能力。但公募基金在规模 持续快速增长同时，也出现了"重首发、轻持营"的现象。 12月30日，由中国证券报主办的"改革与重构——2025公募基金高质量发展大会暨第二十二届基金业金 牛奖颁奖典礼"举行。长江证券党委副书记、总裁刘元瑞在发表主题演讲时表示，公募基金作为专业投 资机构，应强化定价能力，助力市场波动降低，对投资 ...

● 本报记者 林倩 "降佣降费等一系列改革的落地，核心在于引导公募基金回归本源。"刘元瑞表示，在服务实体经济的核 心要求下，资管行业是助力资本市场实现金融资源优化配置、发挥好融资功能的核心环节。而资本市场 融资功能的发挥，依赖于投资功能的良好运行。 刘元瑞进一步表示，长期以来，A股市场波动率偏高，投资者获得感不足，专业机构 "稳定器"作用的发 挥尚不充分。近期公募基金的一系列改革，本质上是引导公募基金回归初心，从"重规模"向"重回报"转 型，降低市场波动，真正提升投资者获得感。 刘元瑞表示，未来资管行业发展空间广阔，长江证券作为公募机构的专业服务者，将坚持以研究为引 领，提供一揽子综合服务，与机构投资者同向而行，共创价值。 12月30日，由中国证券报主办的"改革与重构——2025公募基金高质量发展大会暨第二十二届基金业金 牛奖颁奖典礼"举行。长江证券党委副书记、总裁刘元瑞在发表主题演讲时表示，公募基金作为专业投 资机构，应强化定价能力，助力市场波动降低，对投资者的长期业绩负责。 刘元瑞表示，从过去20年的周期来看，国内公募基金具备创造超额收益的专业能力。但公募基金在规模 持续快速增长同时，也出现了"重首发、轻 ...

● 本报记者 林倩 12月30日，由中国证券报主办的"改革与重构——2025公募基金高质量发展大会暨第二十二届基金业金 牛奖颁奖典礼"举行。长江证券党委副书记、总裁刘元瑞在发表主题演讲时表示，公募基金作为专业投 资机构，应强化定价能力，助力市场波动降低，对投资者的长期业绩负责。 刘元瑞表示，从过去20年的周期来看，国内公募基金具备创造超额收益的专业能力。但公募基金在规模 持续快速增长同时，也出现了"重首发、轻持营"的现象。 "降佣降费等一系列改革的落地，核心在于引导公募基金回归本源。"刘元瑞表示，在服务实体经济的核 心要求下，资管行业是助力资本市场实现金融资源优化配置、发挥好融资功能的核心环节。而资本市场 融资功能的发挥，依赖于投资功能的良好运行。 刘元瑞进一步表示，长期以来，A股市场波动率偏高，投资者获得感不足，专业机构 "稳定器"作用的发 挥尚不充分。近期公募基金的一系列改革，本质上是引导公募基金回归初心，从"重规模"向"重回报"转 型，降低市场波动，真正提升投资者获得感。 刘元瑞表示，未来资管行业发展空间广阔，长江证券作为公募机构的专业服务者，将坚持以研究为引 领，提供一揽子综合服务，与机构投资者同向而 ...

据介绍，自2014年起，长江证券便在南疆地区开启了公益助学之旅，不仅体现了对边疆教育事业深厚的 责任感与持久的热忱，更展现了金融企业在乡村全面振兴指引下的主动担当。 在全国及自治区扎实推进乡村全面振兴、全力巩固拓展脱贫攻坚成果的号召下，爱心企业持续以实际行 动书写着助力乡村教育发展的温暖篇章。近日，长江证券（000783）在喀什地区麦盖提县希依提墩乡英 吾斯塘村小学为全校学生送上了定制的新校服（冲锋衣）、富有童趣的财商读本《小牛梦想农场》以及 打印机等急需的办公学习用品。 在活动中，长江证券新疆分公司总经理王燕丽表示，在新疆证监局的大力指导和新疆证券期货业协会的 持续倡导下，长江证券新疆分公司将继续坚定不移地支持本地教育事业发展，希望通过点滴努力，为孩 子们创造更好的学习条件。（秦声） ...

Core Viewpoint - 2025 is a pivotal year for the Chinese securities industry, focusing on deepening functional positioning and high-quality development, with an emphasis on mergers and acquisitions, international expansion, and technological innovation [2][4]. Group 1: Industry Development Strategy - The industry development strategy is projected in two dimensions: internally, to create a first-class investment bank through mergers and acquisitions; externally, to recommend the value of Chinese assets to global markets [2]. - High-quality development is the main theme, requiring securities firms to act as both market participants and builders, as well as to become "boosters" of technological innovation and "guardians" of residents' wealth [2]. Group 2: Mergers and Acquisitions - 2025 marks a critical year for mergers and acquisitions in the Chinese securities industry, with major firms merging and smaller institutions seeking transformation [4]. - Notable mergers include the formation of "Guotai Haitong Securities" from Guotai Junan and Haitong Securities, and the merger of Guolian Securities and Minsheng Securities, which has significantly improved their profitability rankings [4][5]. - The merger wave is reshaping the competitive landscape, with the top firms now dominating profit rankings [4]. Group 3: Classification Evaluation - The classification evaluation of securities firms is undergoing significant revisions in 2025, emphasizing the need for firms to enhance their functional roles and professional capabilities [6]. - New regulations remove the revenue bonus while increasing the emphasis on return on equity (ROE), guiding firms to focus on operational efficiency rather than mere scale [6][7]. Group 4: Margin Trading and Financing - The margin trading market is heating up, with a record balance of 2.54 trillion yuan, reflecting a 36.6% increase from the beginning of the year [9]. - Competition among firms has intensified, with some lowering financing rates below 4% to attract clients, indicating a shift towards long-term client retention strategies [9][10]. Group 5: Investment Banking and Technology - The securities industry is adapting to the "hard technology" era, with reforms aimed at providing more inclusive financing paths for tech companies [11]. - Firms are establishing research institutes focused on emerging industries and enhancing their service capabilities through collaboration and talent development [13]. Group 6: AI Integration - The adoption of AI technologies is rapidly transforming the securities industry, with firms implementing AI across various business functions, significantly improving efficiency [15]. - The shift towards AI-driven services is seen as a critical factor in maintaining competitive advantage, with some firms fully committing to AI integration [15]. Group 7: Internationalization - Chinese securities firms are deepening their internationalization efforts, expanding their service offerings beyond traditional roles to include cross-border wealth management and derivatives trading [17]. - The internationalization process is driven by both market demand and strategic goals, positioning firms as key players in the global market [17][18]. Group 8: Asset Management Transformation - The public offering process for asset management is reaching a turning point, with firms reassessing their roles in the broader asset management landscape [19]. - The transition of collective investment products is a priority, with many firms adapting to regulatory changes and focusing on private equity and other specialized products [20][21]. Group 9: Capital Space Optimization - Regulatory changes are encouraging firms to optimize capital management, with a focus on enhancing capital utilization efficiency [25]. - The average leverage ratio of listed securities firms is currently at 3.45 times, indicating room for improvement compared to other financial institutions [25]. Group 10: Name Changes Reflecting Strategic Shifts - A wave of name changes among securities firms signals strategic realignments and resource restructuring following mergers and acquisitions [26]. - The name changes often reflect deeper integration and new strategic directions, indicating a shift in focus and operational capabilities [26][28].

Core Viewpoint - 2025 is a pivotal year for the Chinese securities industry, focusing on deepening functional positioning and high-quality development, with an emphasis on mergers and acquisitions, international expansion, and technological innovation, particularly through AI applications [1][2]. Mergers and Acquisitions - The year marks a critical phase for mergers and acquisitions in the securities industry, with major firms like Guotai Junan and Haitong Securities merging to form Guotai Haitong Securities, and other significant consolidations such as Guolian Securities and Minsheng Securities [3][4]. - The competitive landscape is shifting, with Guotai Haitong leading in net profit, and Guolian Minsheng's ranking improving significantly from around 40th to the top 20 [3]. - New merger cases are emerging, such as CICC's plan to merge with Xinda Securities and Dongxing Securities, potentially creating a new entity with over 1 trillion yuan in total assets [3]. Industry Integration Logic - Two main integration strategies are evident: resource consolidation under the same actual controller and market-driven mergers aimed at enhancing national influence [4]. - Analysts suggest that resource integration may become the most important way for securities firms to quickly enhance scale and comprehensive strength [4]. Classification Evaluation Reform - A significant revision of the classification evaluation for securities firms is underway, emphasizing the need for firms to enhance their functional roles and professional capabilities [5][6]. - The new regulations aim to shift focus from revenue expansion to improving operational efficiency and professional skills, thereby enhancing overall industry competitiveness [5]. Margin Trading Market - The margin trading market is heating up, with a record balance of 2.54 trillion yuan, reflecting a 36.6% increase from the beginning of the year [7]. - Several firms have raised their margin trading limits, and a price war on interest rates has begun, with some firms offering rates below 4% [8][9]. Investment Banking and Technology - The securities industry is adapting to a new era of "hard technology," with reforms aimed at providing more inclusive financing paths for tech companies [10][11]. - Securities firms are establishing research institutes focused on emerging industries and enhancing their service capabilities through collaboration and talent development [11]. AI Integration - The adoption of AI technologies is rapidly transforming the industry, with applications expanding across various business functions, significantly improving efficiency [12][13]. - Firms are moving towards an "AI-native" model, enhancing client engagement and operational management through AI tools [12]. Internationalization of Securities Firms - The internationalization of Chinese securities firms is accelerating, with a focus on comprehensive service capabilities and participation in global market competition [14][15]. - This trend is driven by the growing demand for cross-border services and the strategic goal of building first-class investment banks [14]. Asset Management Transformation - The public offering process for asset management is at a turning point, with firms reassessing their positioning in the broader asset management landscape [16][17]. - The industry is witnessing a decline in the rush for public fund licenses, with many firms withdrawing applications, indicating a shift in focus towards existing business optimization [16]. Impact of Fund Fee Reforms - The implementation of public fund fee reforms is pushing securities firms to enhance their research and wealth management capabilities, with a notable decline in commission revenues [18]. - Firms are transitioning towards a buyer advisory model, focusing on asset management and providing comprehensive solutions rather than merely selling products [18]. Regulatory Environment - Regulatory signals indicate a potential easing of capital requirements for high-quality institutions, aimed at improving capital utilization efficiency [19]. - Analysts suggest that enhancing leverage and capital efficiency could drive growth in high-value capital-intensive businesses [19]. Name Changes Reflecting Strategic Shifts - A wave of name changes among securities firms signifies strategic realignments and resource restructuring following mergers and acquisitions [20][21]. - These changes reflect deeper integration and the influence of new stakeholders, indicating a shift in strategic focus and operational capabilities [20].

公告送出日期：2025年12月29日 为保障基金平稳运作，维护基金份额持有人利益，依据《关于2026年沪港通下港股通交易日安排的通 知》、《关于2026年深港通下的港股通交易日有关安排的通知》中有关港股通交易日的安排，本公司旗 下部分基金将于以下非港股通交易日暂停办理申购、赎回、定期定额投资、基金转换（若开通）等业 务，现将相关事宜公告如下： 根据长江证券（上海）资产管理有限公司（以下简称本公司或基金管理人）旗下部分基金的基金合同及 招募说明书的相关约定，投资人在开放日办理基金份额的申购和赎回，具体办理时间为上海证券交易 所、深圳证券交易所的正常交易日的交易时间（若基金参与港股通交易且该工作日为非港股通交易日 时，则基金管理人可根据实际情况决定该基金是否开放申购、赎回及转换业务，具体以届时提前发布的 公告为准）。 一、适用基金范围 ■ 注：上述适用基金只包含参与港股通交易的本公司现行管理的基金。新发基金或本公司现行管理的其他 基金新增参与港股通交易的，其非港股通交易日如暂停开放，请见本公司后续相关公告。 二、适用时间范围 2026年非港股通交易日提示如下： ■ 注：1、上述非港股通交易日已剔除和上海证券交易所 ...

Core Viewpoint - The article discusses the recent performance of the Shanghai Composite Index, which has achieved an "eight consecutive days" rise, driven by strong domestic capital amid the absence of northbound funds due to the Christmas holiday. The market has shown good profitability, with trading volumes exceeding 1.9 trillion yuan on December 25 and 26. The backdrop of AI narratives, domestic demand stimulation, and the depreciation of the US dollar are highlighted as key factors influencing the market dynamics [1][7]. Group 1: Market Performance and Dynamics - The Shanghai Composite Index has achieved an "eight consecutive days" rise, supported by strong domestic capital [1][7]. - Trading volumes exceeded 1.9 trillion yuan on December 25 and 26, indicating a favorable market profitability effect [1][7]. - The offshore RMB has strengthened past the 7.0 mark against the US dollar, which is seen as a critical variable for future market trends [1][7]. Group 2: Investment Opportunities - Beneficiary sectors are categorized into three tiers: 1. Cost and debt improvement types, which directly benefit from RMB appreciation and have high elasticity [1][7]. 2. Fund flow-driven types, which are core assets benefiting from increased attractiveness of RMB assets [1][7]. 3. Asset revaluation types, which present valuation recovery opportunities due to the intrinsic value enhancement of RMB-denominated assets [1][7]. Group 3: Historical Context and Comparisons - Since 2017, the RMB has experienced three phases of rapid appreciation, each with different underlying logic: 1. The 2017 appreciation was linked to the opening of the Shanghai-Hong Kong Stock Connect, leading to core asset revaluation due to foreign capital inflow [2][8]. 2. The 2020-2021 phase was driven by a significant recovery in export data and strong performance in the new energy sector, showcasing the resilience of Chinese manufacturing [2][8]. 3. The late 2022 to early 2023 phase was characterized by a rebound in manufacturing PMI amid economic pressure, with market speculation on economic recovery [2][8]. Group 4: Current Differences and Strategic Opportunities - The current appreciation is primarily driven by domestic capital rather than foreign investment, favoring high-elasticity sectors rather than stable consumer and financial sectors [3][9]. - The core driving force is the technological revolution and liquidity abundance, with a higher market risk appetite focusing on sectors like commercial aerospace, AI infrastructure, and humanoid robotics [3][9]. Group 5: Recommended Strategies - The recommended trading strategy for the current RMB appreciation phase includes a mid-term focus on "pan-technology" and a short-term defensive approach, emphasizing sectors like commercial aerospace, robotics, and AI applications [4][10]. - It is suggested to maintain a lower position in defensive stocks that directly benefit from RMB appreciation, such as paper manufacturing and airport operations, especially during the annual report forecast period [4][10].

国元证券 第一创业 长江证券 景顺长城基金 中海基金 华夏基金 嘉实基金 建信基金 兴业基金 华安证券 ...