Core Viewpoint - The domestic bond market in China is experiencing rapid development driven by financial disintermediation and interest rate marketization, with significant growth potential compared to the stock market [1] Group 1: Market Overview - As of September 30, 2025, the total bond market size in China exceeds 190 trillion yuan, while the stock market surpasses 100 trillion yuan [1] - The bond market's value is close to 130% of nominal GDP, and the stock market's value is nearly 80% of GDP [1] - In comparison, the U.S. bond market's value has consistently exceeded 150% of GDP, and the stock market's value has surpassed 200% of GDP, indicating that China's bond and stock markets still have significant room for growth [1] Group 2: Investment Trends - During the past two low-interest-rate periods, public bond funds rapidly entered the "fixed income plus" sector, utilizing multi-asset investments to enhance returns and achieve rapid product expansion [1] - In the context of market fluctuations in 2025, with a rising stock market, the "fixed income plus" fund size has seen a notable increase, with a year-on-year growth rate of 39.5% as of the end of the third quarter [1]

Core Viewpoint - The brokerage asset management industry is undergoing significant changes due to two major events: the transition of public collective investment schemes ending by the end of 2025 and the obstacles faced in obtaining public fund licenses for brokerage asset management [1][2]. Group 1: Strategic Focus Areas - "Fixed Income +" and multi-asset allocation are identified as the two strategic focuses for brokerage asset management in 2026, aimed at meeting investor demand for stable returns in a low-interest-rate environment [3][6]. - Companies plan to enhance their competitive edge by developing differentiated strategies in areas such as Fund of Funds (FOF), equity, quantitative strategies, cross-border investments, and retirement products [3][4]. Group 2: Development of "Fixed Income +" Products - Brokerage firms are focusing on building a product lineup with varying risk characteristics in the "Fixed Income +" space, with firms like First Capital Asset Management emphasizing low-volatility products and ESG-focused offerings [4]. - Other firms, such as Caitong Asset Management, are refining their "Fixed Income +" strategies by creating a gradient of products from low to high volatility, while Guoxin Asset Management aims to expand its fixed income strategies while maintaining its traditional credit enhancement advantages [4]. Group 3: Multi-Asset and Diversified Strategies - Many firms are prioritizing multi-asset and diversified strategies, with Guangfa Asset Management planning to leverage its platform and digital capabilities to expand into "Fixed Income +", multi-strategy, and distinctive equity products [5]. - Caitong Asset Management is increasing its focus on QDII and retirement products, while Zhongtai Asset Management is set to emphasize FOF, active equity, and "Fixed Income +" products in 2026 [5]. Group 4: Passive Investment Tools - The trend towards passive investment is becoming increasingly significant, with firms developing index-enhanced and ETF products to improve asset allocation efficiency and reduce costs for clients [7][8]. - Companies like Guojin Asset Management are actively developing tool-based FOF and index-enhanced strategies, while Caitong Asset Management is working on a quantitative index-enhanced product line [8]. Group 5: Alternative Assets for Revenue Expansion - In the current low-interest-rate environment, alternative assets such as REITs, commodities, and derivatives are gaining traction as they offer low correlation with traditional assets and potential for enhanced returns [9][10]. - First Capital Asset Management has been a pioneer in public REITs investment and plans to deepen its involvement in this area, while Caitong Asset Management is focusing on a diversified investment approach that includes ABS and REITs [9][10].

1月16日，由第一创业联合国家金融与发展实验室主办、深圳市第一创业债券研究院承办的"2026债券市 场年度论坛"在北京举办。第一创业证券总裁王芳在致辞中展望2026年时表示，2025年12月召开的中央 经济工作会议提出，将继续实行更加积极的财政政策和适度宽松的货币政策，其中强调财政政策要推动 更多资金资源投资于人，货币政策要把促进物价合理回升作为重要考量，扩大内需将作为2026年经济工 作的重中之重和战略选择。这一宏观政策组合，为债券市场奠定了流动性整体充裕、同时积极财政可能 加大供给与波动的基础环境。同时，在因地制宜发展新质生产力和中国商品在产业链中高端全面、快速 走向全球的大背景下，科创债的发展和债券市场的国际化也将是新的长期趋势。 ...

Group 1 - The core viewpoint of the article highlights the expansion and innovation within China's bond market, emphasizing its role in supporting the real economy and national strategic areas [1] - As of the end of 2025, the total outstanding amount of China's bond market exceeded 196 trillion yuan, an increase of 2 trillion yuan from the beginning of the year [1] - In 2025, the total issuance of government bonds reached 16.01 trillion yuan, a year-on-year increase of 28.37%, marking a historical high [1] Group 2 - The issuance of special long-term government bonds amounted to 1.3 trillion yuan, specifically directed towards key national strategic areas [1] - The issuance scale of "science and technology innovation bonds" reached 1.87 trillion yuan, with over 1,600 bonds issued [1] - Bond ETFs have rapidly developed, covering various types of bonds, with the total scale surpassing 800 billion yuan, providing new opportunities for bond market development [1] Group 3 - The market has transitioned into a new phase of wide fluctuations, moving away from the prolonged trend of unilateral trading, influenced by "asset scarcity" and changes in institutional behavior [1] - Various "fixed income plus" strategies are flourishing in this new market environment [1]

Core Viewpoint - The brokerage asset management industry is undergoing significant changes due to the transformation of public collective investment products and obstacles in obtaining public fund licenses, prompting firms to accelerate their transformation and seek new growth areas [1] Group 1: Strategic Focus Areas - "Fixed Income +" and multi-asset allocation are identified as the two main strategic focuses for brokerage asset management firms in 2026, responding to investor demand for stable returns in a low-interest-rate environment [2][3] - Firms are planning to enhance their offerings in niche areas such as Fund of Funds (FOF), equity, quantitative strategies, cross-border investments, and retirement products to build differentiated competitive advantages [2][3] Group 2: Product Development - Companies are focusing on developing a product lineup that includes passive investment tools like index-enhanced products and ETFs, which can improve asset allocation efficiency and reduce costs for clients [4][5] - The development of passive investment products is seen as a sign of market maturity, with firms like First Venture Asset Management emphasizing a differentiated approach due to their lack of public fund qualifications [4][5] Group 3: Alternative Assets - In the current low-interest-rate environment, alternative assets such as REITs, commodities, and derivatives are becoming crucial for brokerage asset management firms to expand revenue sources and optimize business structures [6][7] - Companies are integrating alternative assets into their research frameworks, focusing on strategies that enhance returns and reduce correlation with traditional assets, with some firms already participating in public REITs investments [6][7]

Group 1 - The 2026 Bond Market Annual Forum will be held on January 16, 2026, in Beijing, organized by First Capital Securities Co., Ltd. and the National Financial and Development Laboratory, focusing on the future of the bond market [1][2] - The forum has been successfully held for ten sessions, serving as a significant platform for high-quality development in China's bond market, providing insights and discussions from various industry experts and regulatory bodies [1][2] - The theme of the 2026 forum is "Solid Foundation and New Exploration," aiming to share deep observations and thoughts on the current bond market landscape and to contribute to the high-quality development of the bond market [2] Group 2 - Notable speakers at the forum include Wang Fang, President of First Capital Securities, Li Yang, Chairman of the National Financial and Development Laboratory, and other prominent figures from various financial institutions and academia [2] - The forum will feature discussions on the development logic and core issues of both the Chinese and global bond markets, providing valuable decision-making references for market participants [1][2] - The event aims to leverage high-level dialogues and forward-looking viewpoints to inject intellectual momentum into the bond market sector [1]

第一创业证券股份有限公司 2024 年面向专业投资者公开发行公司债券（第 一期）（简称"24 一创 01""本期债券"，债券代码：148575）本次付息的债权登 记日为 2026 年 1 月 16 日，凡在 2026 年 1 月 16 日（含）前买入并持有本期债券 的投资者享有本次派发的利息，2026 年 1 月 16 日卖出本期债券的投资者不享有 本次派发的利息。 第一创业证券股份有限公司（以下简称"本公司"）于 2024 年 1 月 18 日完 成发行的"24 一创 01"将于 2026 年 1 月 19 日（1 月 18 日为非交易日，顺延至 其后的第 1 个交易日）支付 2025 年 1 月 18 日至 2026 年 1 月 17 日期间的利息， 本期债券发行价格 100 元/张，票面利率 2.98%，每手（面值 1,000.00 元）派息 金额 29.80 元。根据"24 一创 01"募集说明书和上市公告书的相关规定，本期 债券将进行付息，现将有关事项公告如下： 一、本期债券基本情况 1、债券名称：第一创业证券股份有限公司 2024 年面向专业投资者公开发行 公司债券（第一期） 证券简称：第一创业 ...

Core Viewpoint - The "2025 Bond Market Annual Forum" will be held on January 3, 2025, co-hosted by First Capital Securities Co., Ltd. and the National Financial and Development Laboratory, indicating a significant event in the bond market sector [1] Group 1 - The forum will take place at the Beijing Oriental Jinghua Hotel, highlighting its importance and expected attendance [1] - The event is organized by First Capital Securities and the National Financial and Development Laboratory, showcasing collaboration between financial institutions [1]

证券日报网讯1月12日，第一创业（002797）在互动平台回答投资者提问时表示，根据最新一期公司股 东名册，公司股东总户数为228332户(截至2026年1月9日)。 ...

基金管理人：明亚基金管理有限责任公司 基金托管人：第一创业证券股份有限公司 重要提示 1、明亚多元配置三个月持有期混合型基金中基金（FOF）（以下简称"本基金"）的募集已获2025年12 月31日证监许可【2025】3047号文准予注册。中国证券监督管理委员会（以下简称"中国证监会"）对本 基金的注册并不代表中国证监会对本基金的风险和收益作出实质性判断、推荐或保证。 2、本基金为混合型基金中基金，运作方式为契约型开放式。 本基金对每份基金份额设置三个月的最短持有期限，对于每份基金份额，自基金合同生效日（含）（对 认购份额而言，下同）、基金份额申购申请确认日（含）（对申购份额而言，下同）或基金份额转换转 入确认日（对转换转入份额而言，下同）起至三个月后对应日（如该对应日为非工作日或无该对应日， 则顺延至下一个工作日，下同）的前一日（含该日）为最短持有期限，在最短持有期限内基金份额持有 人不能就该份额提出赎回或转换转出申请。 3、本基金的基金管理人和登记机构均为明亚基金管理有限责任公司（以下简称"本公司"或"本基金管理 人"），基金托管人为第一创业证券股份有限公司。 4、本基金向符合法律法规规定的可投资于证券投资 ...