Mei Ri Jing Ji Xin Wen·2026-01-20 01:42Group 1: Hong Kong Stock Market Financing - The Hong Kong stock market has seen active financing since the beginning of the year, with equity financing reaching HKD 39.09 billion, a year-on-year increase of 316.27% [1] - In 2025, the equity financing scale in the Hong Kong primary market reached HKD 612.7 billion, up 248.8% year-on-year [1] - Chinese securities firms are increasingly dominating the equity underwriting business, holding six of the top ten positions in underwriting amounts, with a combined market share of 56.15% [1] - CICC led the IPO sponsorship with an underwriting scale of HKD 51.65 billion, followed by CITIC Securities (Hong Kong) with HKD 46.03 billion [1] - The active financing environment is expected to enhance the revenue outlook for securities firms and boost the valuation recovery of the securities sector [1] Group 2: Changes in Western Securities Research Department - Mu Qiguo has resigned as the head of the research institute at Western Securities, with Zhao Yinghua, the vice president in charge of the research institute, taking over [2] - The change reflects the higher demands for research capabilities under the company's "14th Five-Year" strategic plan, indicating a focus on long-term development and resource optimization [2] - Mu Qiguo will focus on intelligent investment research and the establishment of the Hong Kong subsidiary's research business, which may enhance the competitiveness of the brokerage sector in digital transformation [2] Group 3: Insurance Asset Management Registration - In 2025, insurance asset management institutions registered 314 debt investment plans, equity investment plans, and private equity funds, with a total scale of CNY 510.44 billion, showing a year-on-year decrease of 20.71% in quantity and 26.08% in scale [3] - The number of debt investment plans decreased significantly, which may impact financing in infrastructure and related sectors [3] - The growth in equity investment plans, with a 12.52% increase in scale, indicates a shift of insurance capital towards equity markets, positively influencing the long-term investment environment [3]