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].

Core Viewpoint - The bond issuance by securities firms has accelerated significantly at the beginning of 2026, with a total of 2,650 billion yuan approved for issuance, reflecting a 216.53% increase compared to the same period in 2025 [1][5][6]. Group 1: Bond Issuance Overview - On January 27, Guolian Minsheng Securities announced the approval to issue bonds totaling 180 billion yuan and its subsidiary Minsheng Securities 80 billion yuan, with approvals valid for 24 months [2][3]. - As of January 26, 2026, securities firms have cumulatively issued bonds amounting to 2,380.3 billion yuan, a significant increase from 752 million yuan in the same period of 2025 [5][6]. - The bond issuance includes various types such as perpetual subordinated bonds and technology innovation bonds, indicating a diversification in the types of bonds being issued [6][7]. Group 2: Market Dynamics and Trends - The surge in bond issuance is attributed to favorable market conditions and the increasing capital needs of securities firms, driven by the overall positive trend in the capital market [5][6]. - The current low interest rate environment provides an advantageous window for securities firms to engage in debt financing, allowing them to enhance their capital adequacy and invest in diversified business areas [5][6]. - The issuance of technology innovation bonds has gained momentum, supported by regulatory policies that encourage financial institutions to fund technology innovation [6][7]. Group 3: Future Outlook - Analysts suggest that the concentrated bond issuance at the beginning of the year is a common practice among securities firms to secure operational capital for the year ahead [7]. - With expectations of a prolonged bull market in China's capital market, securities firms will require more capital to support diversified business operations [7]. - The trend of "Matthew Effect" is evident, where leading securities firms continue to expand their issuance scale, while smaller firms face constraints in financing capabilities [7].

｜2026年1月27日 星期二｜ NO.1 券商资管公司公募管理规模去年增长显著，千亿元级阵营扩容至5家 近日，随着公募基金2025年四季报披露完毕，各家券商及券商资管公司（以下统称"券商资管"）的最新 公募基金管理规模也浮出水面。截至2025年末，共有5家券商资管公司公募基金管理规模在千亿元以 上。其中，东方红资产管理以2162.68亿元的管理规模居于榜首，较2024年末增长30.05%。其次是华泰 证券资管，管理规模为1808.28亿元，较2024年末增长29.15%。中银证券、财通资管的管理规模也排名 居前，分别为1339.33亿元、1197.6亿元，均较2024年末出现小幅下滑，降幅分别为1.88%、7.47%。得 益于并购整合，国泰海通资管管理规模为1110.58亿元，跻身管理规模千亿元行列，较2024年末增长 37.6%。长江资管、山证资管管理规模分别为390.98亿元、370.83亿元，较2024年末增长47.39%、 49.04%。 点评：券商资管公募规模扩容凸显财富管理转型成效，龙头机构凭借品牌效应持续吸纳资金，头部效应 强化。并购整合加速行业洗牌，中小机构需差异化竞争。长期看，资管业务实力 ...

Group 1 - The public fund market has seen rapid growth, with total net asset value reaching 37.49 trillion yuan as of January 26, 2025, a 14.03% increase compared to the same period in 2024 [2] - Five brokerage asset management companies have surpassed 100 billion yuan in public fund management scale by the end of 2025, with Dongfanghong Asset Management leading at 216.27 billion yuan, a 30.05% increase from 2024 [2] - Several smaller brokerage asset management firms have shown significant growth, with Changjiang Asset Management and Shanzheng Asset Management increasing their management scales by 47.39% and 49.04%, respectively [2][3] Group 2 - Different institutions have distinct product structures, with non-monetary market funds dominating the management products of Dongfanghong Asset Management, Zhongyin Securities, and Caitong Asset Management, while Huatai Securities has over 85% of its products in monetary market funds [3] - Brokerages are actively exploring differentiated development paths in the public fund sector, with some increasing their stakes in public fund companies to enhance control and improve business synergy [4] - Companies are focusing on expanding their product lines and enhancing their capabilities in active equity products, with a particular emphasis on technology themes and the STAR Market [4][5]

Core Viewpoint - The company, Sichuan Shudao Equipment Technology Co., Ltd., is actively developing its hydrogen energy industry with a clear focus on deep low-temperature liquid hydrogen technology, aiming to establish a comprehensive research, manufacturing, and application system across the entire industry chain [2]. Group 1: Hydrogen Industry Layout - The company has outlined a development path for the hydrogen energy industry that emphasizes deep low-temperature liquid hydrogen technology as the core, large-scale application scenarios as the driving force, and open industry cooperation as the support [2]. - The company has established itself as the leading unit and professional platform for the hydrogen energy industry development of the Shudao Group, positioning hydrogen energy as a key driver for cultivating new productive forces and promoting green industrial transformation [2]. Group 2: Core Technology and Achievements - The company has made significant breakthroughs in various segments of the hydrogen value chain, including liquid hydrogen, hydrogen production, storage, and refueling [3]. - In the liquid hydrogen sector, the company has achieved a manufacturing capacity of 5 tons/day for hydrogen liquefaction and is developing a large-scale liquefaction technology with a capacity of 30 tons/day [3]. - The company has established mature commercial devices for hydrogen purification from industrial by-products and has supplied projects in Shanxi and Guizhou [3]. - The company has completed the standardized design and manufacturing of high-pressure hydrogen refueling stations and has made technological advancements in liquid hydrogen storage tanks and refueling stations [3]. Group 3: Industry Cooperation and Technology Transfer - The company is building an industrial ecosystem through a model of international cooperation, domestic collaboration, and industry-university-research partnerships [4]. - It has formed a joint venture with Toyota to develop products for liquid hydrogen heavy trucks and engineering machinery, and has signed a memorandum of cooperation with Germany's Linde Hydrogen Company [4]. - The company collaborates with domestic partners like China CRRC and China National Heavy Duty Truck Group to develop hydrogen-powered locomotives and heavy trucks [4]. - Partnerships with universities such as Southwest Jiaotong University and Shandong University aim to establish joint laboratories for hydrogen technology [4]. Group 4: Joint Venture and Demonstration Projects - The joint venture Sichuan Shudao Toyota Hydrogen Energy Technology Co., Ltd. was established in July 2025, with a registered capital of 236 million yuan, and aims to produce fuel cells with an initial capacity of 1,500 sets per year [5]. - The company has successfully launched several demonstration projects, including hydrogen refueling stations along major highways and the application of fuel cell systems in heavy trucks [6]. Group 5: Future Expansion and Applications - The company is exploring applications of hydrogen energy in emerging industries, particularly in low-altitude economy and hydrogen-powered locomotives [7]. - It is focusing on developing long-endurance heavy-lift aircraft and hydrogen drones, leveraging high-energy-density fuel cell power systems [7]. - The company is advancing the research and development of liquid hydrogen locomotives, including a new refueling model involving on-board liquid hydrogen exchange [7]. Group 6: Industrial Gas Business Strategy - The company plans to expand its industrial gas business through a dual strategy of self-investment and mergers, starting from Sichuan and gradually expanding nationwide [8]. - The gas operation business has already achieved notable results with projects like the Inner Mongolia Yahui project coming online [8].

每经头条（nbdtoutiao）——地方国资开始"抄底"法拍房！单价六七千元"扫货"广州南沙区超60套房 源，同小区二手房挂牌均价逾2万元 （记者 曾健辉） 每经AI快讯，宝武镁业发布公告称，2026年1月22日，宝武镁业接受长江证券等投资者调研，公司董秘 吴剑飞参与接待，并回答了投资者提出的问题。 ...

Investment Rating - The report maintains a "Positive" investment rating for the software and services industry [8]. Core Insights - The AI coding market is rapidly expanding, with predictions from Spherical Insights indicating that the market size may exceed $29.5 billion by 2032. The penetration rate of AI programming tools is currently 30% in China, with potential for rapid growth, while 91% of developers in the U.S. are already using such tools [6][10]. - The evolution of AI coding capabilities, particularly through models like Claude and GPT-4, has significantly improved long-context understanding, complex reasoning, and code generation quality, transforming the software development ecosystem from a tool-based approach to a decision-making one [6][10]. Summary by Sections Industry Overview - The AI coding industry is witnessing a paradigm shift from tools to decision-making agents, enhancing productivity and reducing marginal costs of code generation [6][10]. Market Trends - The AI coding market is projected to grow significantly, with a forecasted market size of over $29.5 billion by 2032. The current penetration rate in the U.S. is 91%, while China's is at 30%, indicating room for growth [6][10]. Technological Advancements - The report outlines the development stages of Anthropic's Claude model, highlighting its progression from basic coding capabilities to advanced reasoning and project analysis, culminating in the Claude 3.5 and Claude 4 models that support entire development cycles [10]. Product Launches - Anthropic's recent product, Cowork, designed for non-programmers, showcases the maturity of AI coding capabilities, with its underlying code generated by Claude Code in just 10 days [4][10]. Recommendations - The report suggests focusing on companies involved in AI coding technologies, given the rapid advancements and market potential [6][10].

Group 1 - The core viewpoint of the news is the collaboration between Changjiang Securities and Tianfeng Securities, both based in Hubei, as they jointly invest in a state-owned project totaling 30 million yuan [6][4]. - Changjiang Enterprise Management Research Institute was established on January 16, 2026, with a registered capital of 30 million yuan, focusing on various consulting services [2][7]. - The ownership structure of Changjiang Enterprise Management Research Institute includes Hubei Provincial Investment Company holding 66.67%, Changjiang Securities' subsidiary holding 16.67%, and Tianfeng Securities' subsidiary also holding 16.67% [3][8]. Group 2 - The collaboration between the two securities firms reflects a shift in the industry where local firms are choosing to work together rather than compete aggressively, indicating a more community-oriented approach [4][6]. - The establishment of the new institute and the joint investment signify a strategic move to leverage local resources and expertise in the evolving financial landscape [2][4].

Core Viewpoint - The Chinese private equity industry is transitioning from quantitative expansion to qualitative transformation, driven by capital market reforms and long-term capital inflows, as highlighted by the "Golden Yangtze" private equity empowerment plan [3]. Group 1: Private Equity Performance and Fundraising - In 2025, the private equity industry achieved remarkable performance, with 75 billion-level private equity firms reporting an average return of 32.77%, with 98.67% of them generating positive returns [4]. - The top five firms, including Lingjun Investment and Yuanshin Investment, reported annual returns exceeding 50%, with the top three surpassing 70% [4]. - Quantitative private equity emerged as a standout performer, with 45 billion-level quantitative firms achieving an average return of 37.61%, all reporting positive returns [4]. Group 2: Product Registration and Market Trends - The number of registered private equity products reached 12,645 in 2025, doubling year-on-year, with stock strategy products accounting for 65.86% of the total [5]. - The dominance of billion-level private equity firms in product registration reflects their advantages in brand, performance, and channels, leading to a concentration of resources in capable institutions [5]. - The regulatory environment is improving, and long-term capital continues to enter the market, positioning the private equity sector for higher quality development [5]. Group 3: Sales and Platform Development - Longjiang Securities' private equity sales business saw a remarkable growth of approximately 350% in sales scale compared to 2024, with a 47% increase in retained volume [7]. - The "Golden Aircraft Carrier" funding platform has established a five-level funding closed-loop system, connecting various financial institutions and facilitating over 10 billion yuan in investments into private equity [8]. - The platform emphasizes building an open, collaborative, and sustainable service ecosystem, enhancing connections between private equity and wealth management [8]. Group 4: Research and Technological Support - Longjiang Securities provides comprehensive research support to private equity managers through reports, surveys, and strategy discussions, enhancing their decision-making capabilities [9]. - The company is focused on building an intelligent, integrated, and efficient operational and trading support system, improving efficiency and accuracy in key processes [10]. - Customized solutions are offered to different strategy managers, enhancing their execution and asset management capabilities [10]. Group 5: Performance Metrics and Strategy Insights - The second phase of the "Golden Yangtze" private equity empowerment plan in 2025 showcased nearly 3,000 participating products, with an average return of 30% and a median return of 22% [11]. - The index enhancement strategy led the performance with a median return of 42.4%, while quantitative stock selection and subjective long strategies followed closely [11]. - The performance of certain strategies, such as CTA, showed a decline in median returns, reflecting challenges posed by market volatility and liquidity changes [11].

Core Viewpoint - The report from Changjiang Securities highlights that Xiyu Co. has grown to become the largest integrated tin enterprise globally, with a domestic market share of 48% and a global market share of 25% in refined tin for 2024 [1] Company Overview - Xiyu Co. has a static tin resource that can be developed for 20 years, and with exploration and mining efforts, the dynamic development period may extend to 62 years [1] - The company has a potential resource-to-reserve ratio that could reach 82 years by utilizing tailings [1] - The integration of group-managed mines and potential external acquisitions may ensure that Xiyu Co.'s tin resources can last for another century, emphasizing the value of tin [1] Industry Context - Tin is recognized as a crucial material in the semiconductor sector, often referred to as the "metal of the future" [1] - The supply-demand dynamics of metals indicate that tin stands out among other metals [1] - As a leading provider of high-purity and long-duration tin, Xiyu Co. is expected to experience significant growth and recognition in the market [1]