而作为"牛市旗手"的券商股涨幅更加明显，中证全指证券公司指数半日大涨3.36%，报897.73点。成份股方面，49只个股悉数涨超1%。其中，华林证券涨 停，华安证券涨9.7%，东北证券、财达证券、长江证券、华泰证券也涨超5%。 北京商报讯（记者 刘宇阳）1月6日，A股大盘指数继续上扬。同花顺数据显示，上证指数盘中一度涨至4069.91点，续创近10年新高。截至上午收盘，上证 指数上涨1.14%，报4069.38点。同期，深证成指也涨0.81%，报13940.24点。 ...

| 名称 | 现价 涨跌 涨跌幅▼ | | --- | --- | | 华林证券 | 17.84 1.62 9.99% | | 华安证券 | 7.58 0.67 9.70% | | 东北证券 | 9.92 0.51 5.42% | | 圆刺湖园 | 21.82 0.89 4.25% | | 财达证券 | 7.01 0.28 4.16% | | 华泰证券 | 25.26 0.91 3.74% | | 东方财富 | 24.60 0.85 3.58% | | 国联民生 | 10.15 0.31 3.15% | | 天风证券 | 4.34 0.13 3.09% | | 长江证券 | 8.54 0.25 3.02% | 开源证券研报分析称，监管政策进入"积极"周期，券商投行、公募基金和海外业务有望接棒传统业务， 支持证券行业2026年盈利景气度，当下券商板块估值和机构持仓仍在低位，过往一年整体滞涨，看好券 商板块开年布局机会，短期看业绩预告和政策端有望带来催化。 华龙证券认为，市场慢牛预期下，券商权益资产配置比例持续上升，叠加指数化投资与公募基金代销能 力增强，财富管理业务迎来结构性机遇。监管导向从规模扩张转向效率与回 ...

每经AI快讯，博腾股份发布公告称，2026年1月5日，博腾股份接受长江证券等投资者调研，公司董事 会秘书、副总经理皮薇等人参与接待，并回答了投资者提出的问题。 （记者 张明双） 每经头条（nbdtoutiao）——原指导价34.99万的宝马裸车价22.5万元，多家车企还补贴购置税！2026开 年车市火爆，销售从早到晚忙到没空吃饭 ...

证券代码：000783 证券简称：长江证券 公告编号：2025-097 债券代码：524103 债券简称：25 长江 Y1 长江证券股份有限公司 2025 年面向专业投资者公开发行 永续次级债券（第一期）2026 年付息公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示： ●债券简称及代码：25 长江 Y1（524103） ●计息期间：2025 年 1 月 10 日至 2026 年 1 月 9 日 ●债权登记日：2026 年 1 月 9 日 ●债券付息日：2026 年 1 月 12 日（2026 年 1 月 10 日为休息日， 故顺延至下一个交易日） 长江证券股份有限公司（以下简称"发行人"或"本公司"）发 行的长江证券股份有限公司 2025 年面向专业投资者公开发行永续次 级债券（第一期）（以下简称"本期债券"）将于 2026 年 1 月 12 日 支付 2025 年 1 月 10 日至 2026 年 1 月 9 日期间的利息。为确保本次 付息工作的顺利进行，现将有关事宜公告如下： 一、本期债券基本情况 1 1、发行人：长江证券股份有限公司。 2 ...

Core Viewpoint - Yanghe Co., Ltd. is actively reducing inventory and is expected to operate with a lighter burden in the future, as the industry faces pressure from demand fluctuations [1] Industry Summary - The overall industry is experiencing certain pressures due to demand-side fluctuations, which necessitates a reduction in growth expectations and maintenance of channel health to alleviate inventory cycle volatility [1] Company Summary - The company is currently assisting distributors in inventory clearance, leading to a gradual return to a healthy and positive channel [1] - Future earnings per share (EPS) are projected to be 2.25 yuan for 2025 and 2.66 yuan for 2026, with corresponding price-to-earnings (PE) ratios of 27 and 23 times [1] - The company maintains a "buy" rating based on these projections [1]

Investment Rating - The report does not explicitly provide an investment rating for the industry [25]. Core Insights - Accelerating the development of digital RMB is a core path to respond to international monetary system competition and promote the internationalization of the RMB [2][7]. - The People's Bank of China (PBOC) has introduced a new action plan to strengthen the management service system and related financial infrastructure for digital RMB, with a new measurement framework and operational mechanism set to be implemented on January 1, 2026 [2][7]. - The digital RMB will transition from being classified as digital cash (M0) to a deposit liability of commercial banks (M1), allowing banks to pay interest to real-name customers and participate in monetary creation [7][8]. Summary by Sections Development Achievements and Challenges - Since the launch of the first pilot in 2019, digital RMB has expanded nationwide, with a cumulative transaction amount of 16.7 trillion yuan and 230 million personal wallets opened by the end of November 2025 [6]. - Challenges include the maturity of domestic third-party payment systems, which reduces public enthusiasm for using digital RMB, and the dual-layer operation system that limits commercial banks' incentives to promote digital RMB due to unequal responsibilities and benefits [6]. Policy Background for Digital RMB Upgrade - The recent upgrade of digital RMB is aimed at enhancing its monetary creation and interest-bearing functions, as highlighted by the PBOC's action plan [7]. - The current M0 scale is 13.74 trillion yuan, with digital RMB first included in M0 statistics in December 2022, showing a balance of 13.61 billion yuan at that time [7]. Transition from Cash to Deposit - The shift to a deposit model is expected to increase the holding willingness of customers if digital RMB can earn interest, thus boosting transaction volumes [8]. - For commercial banks, treating digital RMB as a stable deposit liability could enhance their willingness to promote it by allowing them to earn interest rate spreads [8]. Future Development Focus - Key areas to monitor include the formal release of the action plan detailing the measurement framework and management system for digital RMB [9]. - Cross-border payments are identified as a significant area for development, with ongoing efforts to enhance efficiency and reduce costs, including partnerships with countries along the Belt and Road Initiative [9]. Mixed Architecture Development Route - Unlike many overseas practices, the digital RMB adopts a mixed architecture of "account system + blockchain + smart contracts," balancing centralized management advantages with decentralized transparency [10].

Core Viewpoint - The public fund industry in China is urged to enhance pricing capabilities and focus on long-term performance for investors, shifting from a growth-centric approach to one that prioritizes returns [1] Group 1: Industry Insights - Public funds in China have demonstrated the ability to generate excess returns over the past 20 years, but there is a trend of focusing more on initial offerings rather than ongoing management [1] - Recent reforms, including fee reductions, aim to guide public funds back to their core mission of serving the real economy and optimizing financial resource allocation [1] - The high volatility of the A-share market has led to insufficient investor satisfaction, indicating that the stabilizing role of professional institutions is not fully realized [1] Group 2: Future Outlook - The asset management industry has significant growth potential, and firms like Changjiang Securities plan to lead with research-driven services, collaborating with institutional investors to create value [1]

Core Viewpoint - The public fund industry in China is urged to enhance pricing capabilities and focus on long-term performance for investors, transitioning from a growth-centric approach to one that prioritizes returns and reduces market volatility [1][2] Group 1: Industry Insights - Public funds in China have demonstrated the ability to generate excess returns over the past 20 years, but there is a trend of prioritizing initial offerings over ongoing management [1] - Recent reforms, including fee reductions, aim to guide public funds back to their core mission of serving the real economy and optimizing financial resource allocation [1] - The high volatility of the A-share market has led to insufficient investor satisfaction, indicating that the stabilizing role of professional institutions has not been fully realized [1] Group 2: Future Outlook - The asset management industry has significant growth potential, and Changjiang Securities plans to lead with research and provide comprehensive services to create value alongside institutional investors [2]

Core Viewpoint - The public fund industry in China should enhance its pricing ability to reduce market volatility and be accountable for long-term performance to investors [1] Group 1: Industry Insights - Over the past 20 years, domestic public funds have demonstrated the capability to generate excess returns [1] - Despite rapid growth in scale, public funds have shown a tendency to focus on initial offerings rather than ongoing management [1] - Recent reforms, such as fee reductions, aim to guide public funds back to their core mission of serving the real economy [1] Group 2: Market Functionality - The capital market's financing function relies on the effective operation of investment functions [1] - Historically, the A-share market has exhibited high volatility, leading to insufficient investor satisfaction [1] - The recent reforms in public funds are fundamentally aimed at shifting focus from scale to returns, thereby reducing market volatility and enhancing investor experience [1] Group 3: Future Outlook - The asset management industry has significant growth potential, and companies like Changjiang Securities will continue to lead with research-driven comprehensive services [1]

Core Viewpoint - The article highlights the ongoing efforts of Changjiang Securities in supporting rural education development in Xinjiang, particularly in the context of national initiatives for rural revitalization and poverty alleviation [1] Group 1: Company Initiatives - Changjiang Securities has provided customized new school uniforms, educational books, and essential office supplies to students at a primary school in Yingwustang Village, Kashgar [1] - Since 2014, Changjiang Securities has been actively involved in public welfare education initiatives in southern Xinjiang, demonstrating a strong sense of responsibility and commitment to the education sector in border areas [1] Group 2: Industry Support - The company’s efforts are supported by the guidance of the Xinjiang Securities Regulatory Bureau and the advocacy of the Xinjiang Securities and Futures Industry Association, indicating a collaborative approach to enhancing local educational development [1] - The General Manager of Changjiang Securities Xinjiang Branch expressed a commitment to continue supporting local education, aiming to create better learning conditions for children through sustained efforts [1]