Group 1 - The core viewpoint of the article highlights the performance of the HuShen 300 Growth ETF managed by Huaxia Fund Management, which has seen a return of 31.56% since its inception on September 5, 2023 [1] - As of the midday close on February 12, the HuShen 300 Growth ETF (159523) increased by 0.76%, reaching a price of 1.324 yuan with a trading volume of 4.6693 million yuan [1] - The top holdings of the ETF include companies such as CATL, which rose by 2.57%, and Gree Moutai, which fell by 1.42%, indicating mixed performance among its key stocks [1] Group 2 - The ETF's performance benchmark is the CSI Select 300 Growth Innovation Strategy Index, which reflects its investment strategy [1] - The fund manager is Zhao Zongting, indicating a specific leadership in the management of the ETF [1] - The ETF has shown a monthly return of 1.97%, suggesting a stable short-term performance [1]

Group 1 - The core focus of the recent research activity by Dongfang Caifu Securities Chengdu Branch is on three cutting-edge sectors: commercial aerospace, controllable nuclear fusion, and electronic computing, aimed at empowering high-quality industrial development in the region [1] - Chengdu is highlighted as a significant industrial hub in the western region of China, gathering innovative companies with core technologies in commercial aerospace, controllable nuclear fusion, and cybersecurity [1] - The research team conducted in-depth visits to leading companies in these sectors, including Chengdu Sicr Microelectronics Co., Ltd., Chengdu Mingsheng Electronics Technology Co., Ltd., and Chengdu Zhimingda Electronics Co., Ltd., focusing on satellite electronics and aerospace measurement and control [1] Group 2 - Dongfang Caifu Securities positions itself as a leading comprehensive financial service institution, emphasizing a "technology empowerment" strategy and leveraging its internet platform advantages to create a full business ecosystem covering securities, funds, and wealth management [2] - The Chengdu branch aims to become a trusted advisor for listed companies in the southwestern region, facilitating their connection to capital markets and supporting high-quality development [2] - The research conducted aligns with the "14th Five-Year Plan" directives, aiming to produce in-depth and forward-looking research outcomes that provide professional references for the capital market and assist in local industrial upgrades [2]

Group 1 - The company announced that starting from February 11, 2026, investors can open accounts, subscribe, redeem, and perform regular investment and conversion operations for certain funds through Chuangjin Qifu [1] - The company has signed a supplementary sales agreement with Beijing Chuangjin Qifu Fund Sales Co., Ltd. to enhance service offerings to investors [1] - Investors can enjoy fee discounts when subscribing or performing regular investment and conversion operations through Chuangjin Qifu, with the specifics determined by Chuangjin Qifu [2] Group 2 - The company will suspend subscription, conversion, and regular investment operations for the Ping An Jin Guanjia Money Market Fund from February 12 to February 23, 2026, while redemption and conversion out operations will continue [4][6] - The Ping An Zhongzheng Interbank Certificate of Deposit AAA Index 7-Day Holding Period Securities Investment Fund will also suspend similar operations during the same period [8][10] - The company will resume these operations on February 24, 2026, and will not issue further announcements regarding this resumption [4][8] Group 3 - The company has appointed Fangzheng Securities Co., Ltd. as a liquidity service provider for the Ping An Hang Seng Hong Kong Stock Connect Technology Theme ETF, effective February 11, 2026 [12] - The company has announced the establishment of the Ping An New Sharp Quantitative Stock Selection Mixed Fund, with the fund contract becoming effective on February 11, 2026 [21][22] - The company will handle subscription and redemption operations for the new fund within three months of the fund contract's effectiveness [22]

Investment Rating - The report maintains a "Positive" investment rating for the industry [7] Core Insights - The non-bank financial sector has shown weak overall performance this week, with a recommendation to seize allocation opportunities in the brokerage sector as market trading has slightly declined but remains at historical highs. In the insurance sector, the long-term outlook is optimistic due to improved return on equity (ROE) and valuation recovery potential, suggesting a positive allocation strategy for insurance stocks [2][4] - The report continues to recommend stable dividend-paying stocks such as Jiangsu Jinzhong, China Ping An, and China Pacific Insurance, which exhibit strong profitability and market positions. Additionally, it highlights companies like New China Life, China Life, Hong Kong Stock Exchange, CITIC Securities, Dongfang Caifu, Tonghuashun, and Jiufang Zhitu Holdings based on performance elasticity and valuation [4] Summary by Sections Market Performance - The non-bank financial index decreased by 0.6% this week, with an excess return of +0.7% relative to the CSI 300, ranking 20th out of 31 sectors. Year-to-date, the non-bank financial index is down 1.1%, with an excess return of -1.4% compared to the CSI 300, ranking 29th out of 31 [5] - The average daily trading volume in the two markets was 24,066.54 billion yuan, down 21.43% week-on-week, with a daily turnover rate of 2.36%, down 60.83 basis points [5][35] Insurance Sector Insights - In December 2025, the cumulative insurance premium income reached 61,194 billion yuan, reflecting a year-on-year increase of 7.43%. Life insurance premiums increased by 8.91%, while property insurance premiums rose by 3.92% [20][21] - The total assets of insurance companies reached 41.31 trillion yuan, with life insurance companies holding 36.39 trillion yuan, representing 88.09% of the total [25][26] Brokerage and Investment Business - The brokerage business is experiencing a gradual recovery in profitability, with the average daily trading volume exceeding the 2025 average. The report notes that the commission fee rates are stabilizing, which is expected to support the profitability of the brokerage sector [35][41] - In January 2026, the equity financing scale rebounded to 134.86 billion yuan, up 103.4% month-on-month, while bond financing decreased by 15.6% [45] Asset Management and Fund Issuance - The report indicates a recovery in the issuance of collective asset management products, with January 2026 seeing a new issuance of 9.104 billion units, up 40.1% from the previous month. The new fund issuance also increased to 1,094.51 billion units, reflecting a 41.3% month-on-month rise [47][49]

Group 1 - The overall equity market experienced adjustments, with the Shanghai Composite Index declining by 1.27% to 4065.58 points, and the Shenzhen Component Index falling by 2.11% to 13906.73 points [8][10] - The convertible bond market showed weak fluctuations, with the China Convertible Bond Index rising by 0.05% and the Shanghai Convertible Bond Index decreasing by 0.36% [15][16] - The bond market saw most yields rise, with the 1-year government bond yield increasing by 2.08 basis points, while the 3-year, 5-year, 7-year, and 10-year yields decreased [18][19] Group 2 - The commodity futures market weakened overall, with significant declines in silver prices, which dropped by 9.06%, while gold prices increased by 1.65% [9][28] - The market for agricultural products showed mixed results, with CBOT soybeans rising by 4.75% and corn increasing by 0.58% [9][10] - The overall commodity index experienced a decline of 4.49%, with precious metals leading the drop at 17.11% [27][30]

Summary of Key Points from the Conference Call Industry Overview - The focus is on the Hong Kong stock market, particularly during the Chinese New Year period, which historically shows strong absolute return characteristics [1] Core Insights and Arguments - The "Chinese New Year red envelope" effect is significantly evident in historical performance during this period [1] - From 2021 to 2025, the Hang Seng Index recorded an average absolute return increase of 3.32%, with a median increase of 2.93% [1] - The Hang Seng Technology Index showed an even higher average absolute return increase of 5.93%, with a median increase of 5.50% [1] - Other indices also experienced positive returns during the same period [1] Additional Important Content - The historical data suggests a consistent trend of positive performance in the Hong Kong stock market during the Chinese New Year, indicating potential investment opportunities [1]

Fund Overview - The fund is named "浦银安盛上证科创板芯片设计主题交易型开放式指数证券投资基金" with a trading abbreviation of "芯设计PY" and a fund subscription code of "589253" [15] - It is classified as a stock-type, index-type open-ended fund [15] - The initial value of each fund share is set at 1.00 RMB [16] Fund Subscription Details - The fund aims to raise a maximum of 8 billion RMB during its initial fundraising period, excluding interest and subscription fees [17][27] - The subscription period is from March 2, 2026, to March 13, 2026, with options for online and offline cash subscriptions [21] - Investors can subscribe through designated sales agents or directly via the fund management company [4][20] Subscription Methods and Fees - Online cash subscriptions require investors to have a Shanghai Stock Exchange A-share account or a securities investment fund account [28] - There is no subscription fee for direct subscriptions through the fund management company, while fees for subscriptions through agents will not exceed 0.3% of the subscription amount [10][23] - Minimum subscription amounts are set at 1,000 shares for online subscriptions and 50,000 shares for offline subscriptions through the fund management company [12][34] Fund Management and Custody - The fund is managed by 浦银安盛基金管理有限公司 and the custodian is 东方财富证券股份有限公司 [46] - The fund management company has a registered capital of 120 million RMB and is located in Shanghai [46] Regulatory Compliance - The fund has received approval from the China Securities Regulatory Commission (CSRC) for its registration [1] - The fund's contract will become effective upon completion of the necessary regulatory filings and confirmations [22][44]

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Group 1 - The announcement states that from February 9, 2026, China Galaxy Securities will begin selling certain funds managed by the company [1][5][12] - The sales will include a variety of funds, such as mixed-type funds and specific investment strategies [1][5] - The announcement also mentions that the sales will be conducted in accordance with the fund contracts, prospectuses, and related business announcements [2][6] Group 2 - Investors can consult details through various sales institutions, including China Galaxy Securities and the company's own customer service [3][7] - A comprehensive list of sales institutions and their contact information is provided for investor convenience [8][9][10]

Investment Rating - The report maintains a positive outlook on the stock trading software industry, indicating a bullish market trend and recommending a focus on leading companies in this sector [1][4]. Core Insights - The report highlights a significant increase in new account openings and trading volumes, which are directly benefiting stock trading software companies. In January 2026, new account openings surged by 213.11% year-on-year, while total trading volume increased by 180.64% [9][10]. - The performance of stock trading software is closely correlated with market conditions, particularly during bull markets. For instance, the net profit of Tonghuashun in Q4 2025 is expected to grow by 30.5% to 77.1% year-on-year, driven by increased trading activity [10][28]. - The report emphasizes the role of ETFs, insurance capital, and household deposits as new growth drivers for the market, suggesting that these factors will support further index gains in 2026 [2][26]. Summary by Sections Stock Trading Software Performance - Tonghuashun is identified as a market leader benefiting from increased user engagement and demand for financial services, with projected net profits for Q4 2025 ranging from 15.29 to 20.76 billion yuan [28][29]. - Dongfang Caifu's securities business is noted as a primary growth driver, with a 50.57% increase in net profit for the first three quarters of 2025 [32]. - Jiufang Zhitu's revenue for the first half of 2025 saw a remarkable growth of 596.81%, attributed to a surge in demand for its financial software and services [37]. Market Dynamics - The report indicates that the insurance industry is experiencing robust growth, with total assets increasing by 15.1% year-on-year in 2025, which is expected to enhance the investment landscape [17][19]. - The report also notes a shift in household deposits, with a significant slowdown in growth observed in late 2025, suggesting potential implications for market liquidity [22][26]. - The anticipated continued liquidity in 2026, supported by a moderately loose monetary policy, is expected to further enhance market attractiveness [26]. Recommendations - The report suggests focusing on key players such as Tonghuashun, Dongfang Caifu, Jiufang Zhitu, and others, indicating their strong market positions and growth potential [43].