Core Viewpoint - The article emphasizes the importance of the securities industry in contributing to China's modernization and financial strength, highlighting the need for securities firms to focus on their core functions and enhance governance to achieve high-quality development [1][2]. Group 1: Industry Development Goals - The securities industry aims to accelerate the establishment of first-class investment banks and institutions as part of the "14th Five-Year Plan" [2]. - The industry is currently in a strategic opportunity period for reform and development, with a focus on serving the real economy and national strategies [3][4]. Group 2: Company Initiatives - Guosen Securities is actively engaging in internal training and learning to align with the spirit of the 20th National Congress of the Communist Party, fostering a unified understanding of what constitutes a first-class investment bank [3][4]. - The company has made significant strides in business transformation, including enhancing wealth management, investment banking, and asset management services [4][5]. Group 3: Policy and Market Environment - Supportive policies from the China Securities Regulatory Commission (CSRC) and the central government are creating a favorable environment for the development of first-class investment banks [6][7]. - The demand for high-quality comprehensive financial services is increasing as the economy transitions to a high-quality development phase [6][7]. Group 4: Strategic Focus Areas - Guosen Securities is focusing on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, to enhance its service capabilities [9][10]. - The company aims to strengthen its compliance and risk management frameworks to ensure sustainable growth and mitigate systemic risks [10][11]. Group 5: Cultural and Brand Development - The company recognizes the importance of both hard and soft strengths in becoming a first-class investment bank, emphasizing the need for cultural development alongside business performance [11][12]. - Guosen Securities plans to integrate its cultural initiatives with major strategic deployments to enhance its brand and reputation in the industry [11][12].

| 证券代码：002736 | 证券简称：国信证券 | | 公告编号：2026-003 | | --- | --- | --- | --- | | 债券代码：148580 | 债券简称：24 国证 | 01 | 编号： -【】 | 国信证券股份有限公司 2024 年面向专业投资者公开发行公司债券（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： 本期债券的债券简称为 24 国证 01，债券代码为 148580，本年度计息期间、 债权登记日及付息日等如下： 1、本年度计息期间：2025 年 1 月 19 日至 2026 年 1 月 18 日 2、债权登记日：2026 年 1 月 16 日 3、债券付息日：2026 年 1 月 19 日 2026 年 1 月 16 日（含）前买入本期债券的投资者，享有本次派发的利息； 2026 年 1 月 16 日（含）前卖出本期债券的投资者，不享有本次派发的利息。 国信证券股份有限公司（以下简称"发行人""公司"或"本公司"）发行的 国信证券股份有限公司 2024 年面向专业投资者公开发 ...

Investment Rating - The investment rating for the non-bank financial industry is "Positive" (maintained) [1] Core Insights - The report highlights the positive outlook for the non-bank financial sector, driven by the development of the Hainan Free Trade Port, which is expected to attract domestic and foreign capital, enhancing the demand for financial services [3][4] - The cross-border asset management pilot program is anticipated to significantly broaden foreign investment access, providing a competitive edge in terms of investment flexibility and convenience [27][35] - The establishment of the EF account system is a key innovation, allowing for more streamlined cross-border financial transactions and investment opportunities [22][24] Summary by Sections 1. Hainan Free Trade Port Policy Background - The development goal is to establish a high-level free trade port by following a "three-step" approach, aiming for a competitive policy system by 2025 and full establishment by the mid-21st century [12] - The institutional arrangement focuses on five freedoms and one secure flow, enhancing the movement of people, goods, capital, and data [13][15] - Financial policies are being improved to support the real economy, including the introduction of various innovative financial products and services [19][21] 2. Cross-Border Asset Management Pilot Business Research - The cross-border asset management pilot has transitioned into the implementation phase after five years, with initial pilot operations set for 180 days starting August 21, 2025 [27][29] - The pilot program allows foreign investors to invest in various financial products issued by institutions within the Hainan Free Trade Port, significantly expanding investment channels [27][35] 3. Market Space Outlook - The initial total scale limit for the pilot program is set at 10 billion RMB, with potential for dynamic adjustments based on market conditions [33] - The report anticipates that the upper limit for investment quotas will be lifted, aligning with international standards for financial centers [3][12] 4. Investment Conclusion - The report recommends focusing on companies that are likely to benefit from the Hainan Free Trade Port's development, particularly those with strong international business capabilities [3][4]

Core Viewpoint - The article discusses the ongoing decline in deposit interest rates among banks, particularly in the context of a significant amount of deposits maturing in 2026, raising questions about whether these funds will shift to the stock market as banks lower rates to attract deposits [1][2][3]. Group 1: Deposit Rate Changes - Anhui Xin'an Bank has lowered its two-year fixed deposit rate by 10 basis points to 2.25% starting January 16 [1] - Yunnan Tengchong Rural Commercial Bank has reduced its three-month large-denomination certificate of deposit rate to 0.95% [1] - Many small and medium-sized banks have also continued to lower deposit rates, with some entering the "1% era" [1] Group 2: Maturing Deposits - According to CICC, the scale of maturing household deposits is projected to reach approximately 75 trillion yuan by 2026, with 67 trillion yuan of one-year and above deposits maturing [2] - The maturing deposits in 2026 are expected to increase by 12% compared to 2025, with a year-on-year increase of 8 trillion yuan [2] - In the first quarter of this year, the scale of maturing one-year and above household deposits is estimated to be 29 trillion yuan, an increase of about 4 trillion yuan compared to the same period in 2025 [2] Group 3: Investment Behavior and Trends - The typical "deposit migration" path is from large banks to smaller banks, with expectations of reduced marginal pressure in 2026 [3] - Analysts suggest that the current narrative of "deposit migration" does not indicate a substantial change in residents' risk preferences but rather a marginal adjustment in asset allocation in a low-interest-rate environment [3] - The primary destinations for migrated deposits include the stock market, consumption, early mortgage repayment, and various financial products such as bank wealth management and insurance [3]

"第二届新浪财经金麒麟最佳投资顾问"评选于2025年6月重磅开启，吸引了超70家机构及全国超1.5万名 投资顾问参与，评选历经超过六个月的多维度评比与争夺，超百位顶尖精英投顾脱颖而出。同时，第二 届新浪财经金麒麟最佳投顾服务机构奖项重磅出炉。 专题：第二届新浪财经金麒麟最佳投资顾问荣誉 "第二届新浪财经金麒麟最佳投资顾问"评选于2025年6月重磅开启，吸引了超70家机构及全国超1.5万名 投资顾问参与，评选历经超过六个月的多维度评比与争夺，超百位顶尖精英投顾脱颖而出。同时，第二 届新浪财经金麒麟最佳投顾服务机构奖项重磅出炉。 第二届新浪财经金麒麟最佳投资顾问服务体系建设机构荣誉榜如下： 责任编辑：宋雅芳 专题：第二届新浪财经金麒麟最佳投资顾问荣誉 第二届新浪财经金麒麟最佳投资顾问服务体系建设机构荣誉榜如下： 责任编辑：宋雅芳 ...

"第二届新浪财经金麒麟最佳投资顾问"评选于2025年6月重磅开启，吸引了超70家机构及全国超1.5万名 投资顾问参与，评选历经超过六个月的多维度评比与争夺，超百位顶尖精英投顾脱颖而出。同时，第二 届新浪财经金麒麟最佳投顾服务机构奖项重磅出炉。 第二届新浪财经金麒麟最佳公募基金投资服务机构奖荣誉榜如下： 责任编辑：宋雅芳 专题：第二届新浪财经金麒麟最佳投资顾问荣誉 专题：第二届新浪财经金麒麟最佳投资顾问荣誉 "第二届新浪财经金麒麟最佳投资顾问"评选于2025年6月重磅开启，吸引了超70家机构及全国超1.5万名 投资顾问参与，评选历经超过六个月的多维度评比与争夺，超百位顶尖精英投顾脱颖而出。同时，第二 届新浪财经金麒麟最佳投顾服务机构奖项重磅出炉。 第二届新浪财经金麒麟最佳公募基金投资服务机构奖荣誉榜如下： 责任编辑：宋雅芳 ...

Core Insights - The forum on the outlook of global and Chinese capital markets in 2026 was held in Beijing, featuring insights from industry leaders on the evolution of wealth management in the context of AI and strategic differentiation [1][4]. Group 1: Key Capabilities for Sustainable Competitive Advantage - The industry must focus on three core capabilities to build sustainable competitive advantage in wealth management: - True buy-side advisory service capability is crucial, emphasizing a client-centric approach that integrates various resources to meet client needs for asset allocation and professional support. The importance of client profitability and experience is highlighted, as poor performance can lead to client attrition and unsustainable business returns [3][6]. - Digital operational capability is key to enhancing service efficiency and professionalism. Firms should integrate cross-platform resources and develop scenario-based, intelligent product operations and digital platforms to improve service efficiency and expertise, echoing the slogan "breaking information asymmetry" [3][6]. - The ability to coordinate online and offline services is essential. In the context of AI and digital empowerment, physical branches should focus on delivering specialized, precise services and emotional support, while online services should provide centralized, standardized outputs. A seamless integration of both is necessary to create a comprehensive service network [3][6].

同时，会议隆重揭晓了2025金麒麟最佳财富管理机构荣誉。 2026年1月15日，"2026全球与中国资本市场展望论坛暨金麒麟最佳财富管理机构、最佳投资顾问盛 典"举办，论坛邀请了多位顶尖专家与思想领袖，他们从宏观生态、市场策略与投资展望等多个维度， 为我们勾勒2026年的前景蓝图。 责任编辑：宋雅芳 专题：第二届新浪财经金麒麟最佳投资顾问荣誉 新浪财经2025金麒麟·年度最佳券商APP运营奖荣誉榜如下： ...

Core Viewpoint - The forum emphasizes the importance of returning to "people-centric" approaches in wealth management, with a focus on trust as the foundation for asset management growth [3][6]. Group 1: Wealth Management Philosophy - The ultimate goal of wealth management should be to prioritize "people-centricity," with "trust" as the guiding principle for technological and business evolution [3][6]. - Trust is identified as the true measure of AUM (Assets Under Management), which can be achieved by helping clients preserve and grow their assets [3][6]. Group 2: Role of Technology and Innovation - AI applications and innovations in the industry should aim to provide professional services and promote inclusivity, highlighting the importance of education and accessibility in wealth management [3][6]. - The work done in the industry should create a win-win situation for both clients and service providers, reinforcing the idea of "people-centricity" [3][6].

Core Insights - The "2026 Global and China Capital Market Outlook Forum and the Golden Unicorn Best Wealth Management Institution and Best Investment Advisor Ceremony" will be held on January 15, 2026, featuring top experts and thought leaders discussing macro ecology, market strategies, and investment outlooks for 2026 [1] Group 1 - The event will unveil the honors for the 2025 Golden Unicorn Best Wealth Management Institution [1] - The forum aims to outline a comprehensive blueprint for the prospects of 2026 from multiple dimensions [1] - The event will also recognize the 2025 Golden Unicorn Annual Best Financial Technology Empowerment Award winners [1]