Market Overview - On January 19, the securities sector declined by 0.22%, with Huayin Securities leading the drop [1] - The Shanghai Composite Index closed at 4114.0, up 0.29%, while the Shenzhen Component Index closed at 14294.05, up 0.09% [1] Individual Stock Performance - Guolian Minsheng (601456) closed at 9.88, up 2.60% with a trading volume of 583,000 shares and a turnover of 577 million yuan [1] - Huayin Securities (002945) closed at 17.47, down 1.74% with a trading volume of 339,700 shares and a turnover of 594 million yuan [2] - Dongfang Caifu (300059) closed at 23.50, down 1.63% with a trading volume of 2,997,400 shares and a turnover of 7.065 billion yuan [2] Capital Flow Analysis - The securities sector experienced a net outflow of 1.866 billion yuan from institutional investors, while retail investors saw a net inflow of 1.136 billion yuan [2] - Major stocks like Guotai Junan (601211) had a net inflow of 118 million yuan from institutional investors, while retail investors had a net outflow of 66.72 million yuan [3] - The overall trend indicates a mixed sentiment among different investor types, with institutional investors pulling back while retail investors are more active [2][3]

【导读】证券App"流量争夺战"收官，12月月活再创新高 易观千帆最新数据显示，2025年12月，证券类App月活跃人数达1.75亿，环比增长1.75%，同比增长2.26%，创下2025年以来的月度新高。 从2025年全年来看，证券类App月活人数经历年初回暖、年中调整后，自5月触底后开启回升通道，11月反弹势头加剧，最终以年末峰值收官。第三方平 台与券商自营App的流量竞争持续白热化，券商不断加快AI技术在投顾、交易等场景深度落地，推动服务模式与用户体验升级。 从12月的月活排名来看，第三方证券App占据显著流量优势，同花顺（300033）、东方财富（300059）、大智慧分别以3670.25万、1822.32万、1297.38万 的月活领跑；券商自营App中，华泰涨乐财富通、国泰海通（601211）君弘两家月活突破千万，分别为1212.07万、1040.1万；增速方面，兴业证券 （601377）优理宝月活达187.21万，同比大涨20.66%。 | 排名 | App | 店伏人会 | Hr. (% | H. (% | | --- | --- | --- | --- | --- | | 1 | 同花顺 | ...

Core Insights - The monthly active users (MAU) of securities apps reached 175 million in December 2025, marking a 1.75% month-on-month increase and a 2.26% year-on-year increase, achieving a new monthly high for the year [4][3] - Throughout 2025, the MAU of securities apps experienced a recovery after a dip in the middle of the year, with a significant rebound in November leading to a peak at year-end [4][2] - The competition for traffic between third-party platforms and brokerage self-operated apps intensified, with brokerages accelerating the integration of AI technology in advisory and trading scenarios to enhance service models and user experience [4][12] Monthly Active Users Overview - In December 2025, the MAU for securities apps was 175.32 million, with notable monthly changes: November had 172.30 million (up 2.06% month-on-month) and October had 168.82 million (down 3.38% month-on-month) [5][4] - The MAU trend for 2025 showed a starting point of 161.84 million in January, peaking in December after a recovery phase post-May [4][5] Leading Apps and Market Dynamics - The top three securities apps by MAU in December were Tonghuashun (36.70 million), Dongfang Caifu (18.22 million), and Dazhihui (12.97 million) [6][5] - Among brokerage self-operated apps, Huatai's Zhangle Wealth reached over 12 million MAU, followed by Guotai Haitong Junhong with 10.40 million [6][5] - The number of brokerage apps with an average monthly active user count exceeding 6 million increased to 14 in 2025, indicating a growing concentration in the market [8][7] AI Technology Integration - The application of AI technology in the securities industry has accelerated, with multiple brokerages launching intelligent tools across key areas such as intelligent research, trading, and advisory services [12][11] - Notable advancements include the upgrade of trading robots by Galaxy Securities and the introduction of AI advisory platforms by various brokerages, enhancing service efficiency and user experience [13][12] - Despite the current limitations of AI tools in guaranteeing stable investment returns, their functionality is expanding, addressing various investment challenges and improving investors' capabilities in data analysis and strategy formulation [12][13]

智通财经APP获悉，东方财富证券发布研报称，因冬季气温整体偏高致电厂日耗低于同期，煤价因此震 荡调整。但考虑到需求旺季仍未至，日耗仍有望上行，叠加供给端受"反内卷"及严安监影响增量有限， 煤价触底回升。短期看，春节前供需格局或进一步改善，叠加海内外供给收缩或共振，看好煤价旺季向 上机会。后续仍需继续关注经济复苏和宏观政策带动需求实际释放情况以及安监对主产区产量影响情 况。 东方财富证券主要观点如下： 截至1月16日，秦港煤价697元/吨，环/同比+1/-63元/吨(变动+0.1%/-8.3%)。榆林5800、鄂尔多斯及大同 5500大卡指数周环比+1/+3/-12元/吨至596/537/569元/吨。1月9-15日，沿海及内陆25省电厂平均日耗620 万吨，同比-1.1%(前一周分别为639万吨、+1.2%)；平均库存12715万吨，同比-0.3%(前一周分别为13031 万吨、+0.6%)。从农历同期看，上周日耗较农历同期-2.6%(前一周为+0.3%)，库存较农历同期-4.5%(前 一周为-3.4%)。截至1月16日，北方四港库存1631万吨，较25/24年同期-21/+133万吨(前一周同比-6/+20 ...

特此公告。 东财基金管理有限公司 2026年1月19日 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 为促进西藏东财沪深300交易型开放式指数证券投资基金（159330）、西藏东财中证500交易型开放式指 数证券投资基金（159337）、西藏东财中证A500交易型开放式指数证券投资基金（159380）的市场流 动性和平稳运行，根据《深圳证券交易所证券投资基金业务指引第2号一一流动性服务》等有关规定， 自2026年1月19日起，本公司新增东方证券股份有限公司为以上基金的流动性服务商。 ...

Investment Rating - The industry rating is "Recommended" [5] Core Insights - The adjustment of the financing margin ratio from 80% to 100% aims to cool down excessive leverage and maintain market stability. This change will take effect on January 19, 2026, and applies only to new financing contracts [3][4][15][7] - As of January 14, 2026, the total market financing balance reached a historical high of 2.68 trillion yuan, with the margin balance accounting for 2.59% of the A-share market capitalization, indicating an increase from the average level of 2.40% in 2025 [4][15] - The non-bank financial sector index fell by 2.63%, underperforming the CSI 300 index by 2.06 percentage points, ranking 26th among all primary industries. The securities sector decreased by 2.21%, while the financial technology sector increased by 1.34% [2][13] Summary by Sections Market and Sector Performance - The average daily trading volume of A-shares for the week of January 11-17, 2026, was 34.651 billion yuan, a 21.5% increase week-on-week and a 189.4% increase year-on-year. The average trading volume for the first quarter of 2026 is 31.585 billion yuan, up 107.7% from the same period in 2025 [19] - In the same week, three new stocks were issued, raising 2.025 billion yuan, while two new stocks were listed, raising 1.484 billion yuan. Year-to-date, three A-share IPOs have raised 3.039 billion yuan [19] Financing Margin Ratio Adjustment - The financing margin ratio adjustment is a regulatory measure to prevent systemic risks and protect investors' rights. The increase in the minimum margin requirement is intended to curb market overheating and ensure a smooth market transition [4][7][15] Regulatory Developments - The National Financial Supervision Administration held a regulatory work meeting on January 15, 2026, outlining five key tasks for the year, including risk resolution for small and medium-sized financial institutions and enhancing regulatory quality. The focus for 2026 is on preventing systemic risks and ensuring high-quality industry development [8][16][17]

AI 应用加速落地，利好金融科技板块 [Table_Industry] 综合金融 ——金融科技行业双周报第二十一期 | [ 姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘欣琦(分析师) | 021-38676647 | liuxinqi@gtht.com | S0880515050001 | | 孙坤(分析师) | 021-38038260 | sunkun@gtht.com | S0880523030001 | 本报告导读： 股 票 研 究 券 研 究 报 告 证 AI 应用板块迎来催化，带动金融科技板块上涨。细分行业方面：九方智投收购完成， 金融 IT 系统持续升级，大模型基准相继落地。 投资要点： [Table_Report] 相关报告 综合金融《客需衍生品业务，仍是蓝海》 2026.01.05 综合金融《销售费新规落地，优化短期赎回费要 求》2026.01.04 综合金融《数字人民币重大调整,利好金融 IT 和 三方支付》2026.01.04 综合金融《数币余额开始付息，供需双向促规模 增长》2026.01.03 综 ...

Group 1 - The core viewpoint of the article highlights a significant surge in bond issuance by securities firms at the beginning of 2026, driven by a strong A-share market and an increase in capital demand, with a total issuance of 119.52 billion yuan, representing a year-on-year growth of 71.87% [1][2] - The bond issuance is characterized by diversification, with both traditional leading firms like China Galaxy and internet brokers like East Money participating, and various types of products being issued, including conventional corporate bonds and perpetual subordinated bonds [2][3] - The bond issuance trend is a continuation from 2025, where the total issuance exceeded 1.89 trillion yuan, with both the number and scale of bonds issued showing over 44% year-on-year growth [3] Group 2 - The increase in bond issuance is attributed to a combination of business transformation, policy guidance, and a low-cost environment, with firms transitioning from traditional channel businesses to capital-intensive models [4][5] - The active A-share market has led to a growing demand for capital-intensive business expansion, prompting firms to leverage debt financing to seize profit opportunities [4][6] - The current low interest rate environment has made bond issuance an attractive option for firms to refinance high-interest debt and optimize financial structures, thereby enhancing profit margins for future business expansion [4][6] Group 3 - The regulatory environment has positively influenced the expansion of financing channels, with securities firms being included in the issuance of technology innovation bonds, aligning fundraising with national strategic goals [5][6] - The bond issuance trend is expected to continue in the short to medium term, as long as market activity remains robust, sustaining the demand for capital [6][7] - The competitive landscape is shifting towards a "stronger gets stronger" dynamic, where leading firms are better positioned to capitalize on low-cost debt financing, potentially widening the gap between them and smaller firms [7][8]

Investment Rating - The report does not explicitly state an overall investment rating for the financial industry, but it provides specific recommendations for various sectors and companies within the industry [3][21]. Core Insights - The financial industry experienced a decline this week, with the non-bank financial index down by 2.63%, underperforming the CSI 300 index by 2.06 percentage points. The banking sector saw a decline of 3.03%, also underperforming the CSI 300 index by 2.46 percentage points [1][9]. - The report highlights a structural interest rate cut by the central bank, which is expected to impact various financial sectors, particularly banks and insurance companies. The insurance sector is viewed as being in a critical window for performance and valuation recovery [3][21]. - Regulatory measures have been introduced to stabilize the derivatives market, which is expected to benefit well-capitalized and compliant brokerage firms [2][17]. Summary by Sections 1. Weekly Performance and Sector Insights - The non-bank financial index decreased by 2.63%, with the securities, insurance, and diversified financial indices down by 2.21%, 3.59%, and 1.83% respectively [1][9]. - The banking sector's performance was notably poor, with state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks experiencing declines of 2.20%, 4.08%, 2.40%, and 2.20% respectively [1][9]. 2. Insurance Sector Insights - The insurance sector's index fell by 3.59%, underperforming the CSI 300 index by 3.02 percentage points. The report indicates that regulatory cooling measures have created short-term pressure on the insurance sector, but the long-term outlook remains positive due to asset growth and interest margin recovery [1][13][15]. - Key companies such as China Pacific Insurance, China Life, and New China Life are recommended for investment due to their strong fundamentals and recovery potential [3][16]. 3. Brokerage Sector Insights - The brokerage sector saw a decline of 2.21%, with the report emphasizing the potential benefits of new regulatory measures aimed at enhancing the derivatives market. The focus is on larger, well-capitalized firms that can navigate the evolving regulatory landscape [2][17]. - Recommendations include major brokerages like Guotai Junan and Huatai Securities, which are expected to benefit from the anticipated recovery in profitability and valuation [2][18]. 4. Banking Sector Insights - The banking sector's index fell by 3.03%, with the central bank's recent interest rate cut expected to support the sector's performance in the long run. The report suggests that banks may see a gradual recovery in net interest income and profitability [3][21][22]. - Specific banks such as Hangzhou Bank and Ningbo Bank are highlighted as potential investment opportunities, particularly those with previously undervalued positions [3][22].

资本补充与业务扩张双线发力 Choice数据显示，截至1月16日，已有27家券商累计发行债券44只，规模达1198亿元，较去年同期的691 亿元大幅增长73.43%。从发债规模来看，头部券商表现突出：华泰证券已发行债券规模达175亿元，国 泰海通、中国银河证券发行规模分别为148亿元和140亿元。 与此同时，大额发债批复陆续落地：1月14日，申万宏源发布公告称，中国证监会同意申万宏源证券向 专业投资者公开发行公司债券，注册发行面值总额不超过600亿元；1月12日，东方财富公告称，证监会 同意东方财富证券向专业投资者公开发行面值总额不超过200亿元次级公司债券。 交易所受理端同样火热。据上交所官网披露，东方证券2026年拟面向专业投资者公开发行总额不超过 400亿元的公司债券和不超过150亿元的次级债，目前该计划已获受理。 从已发行债券的结构与用途来看，券商本轮融资呈现出清晰的战略导向。截至1月16日，券商合计发行 12只短期融资券、27只公司债、3只次级债。其中，短期融资券多用于补充营运资金，普通公司债则以 偿还到期债券、补充营运资金为主，次级债等多用于补充资本。 比如，东方证券在相关公告中明确，其拟发行的1 ...