Core Viewpoint - The prevailing sentiment among institutions is to hold stocks during the Spring Festival, supported by historical data and current market conditions [2][6][9]. Group 1: Historical Data and Market Trends - Historical analysis shows a clear "pre-festival weakness and post-festival strength" pattern in the A-share market, with an average return of -2.20% in the week before the festival and a recovery to 0.53% in the last week before the festival [3]. - The first week after the festival typically sees an average return of 2.03%, with an 80% probability of an increase over the past decade [3]. - Small-cap and growth stocks exhibit a more pronounced reversal effect around the festival, making them attractive for pre-festival allocation [4]. Group 2: Investment Strategies - Institutions recommend a "stable before the festival, aggressive after" strategy, focusing on balanced and defensive positions before the festival and shifting to technology growth and industry trends afterward [9][10]. - The "barbell strategy" is commonly suggested, combining defensive high-dividend stocks with aggressive growth sectors like technology [11]. - A significant portion of private equity firms (62.16%) prefers to hold heavy or full positions during the festival, indicating confidence in structural opportunities despite market fluctuations [6]. Group 3: Sector Focus and Recommendations - Key sectors expected to perform well post-festival include technology, AI, semiconductors, and high-end manufacturing, while traditional sectors like banking and food and beverage show weaker reversal effects [4][12]. - Institutions emphasize the importance of holding quality assets and suggest a focus on sectors with strong performance potential, such as resource and traditional manufacturing [12]. - Defensive positions in consumer sectors and high-dividend stocks are recommended to balance the portfolio against current market conditions [12].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The new leadership team has injected fresh vitality into the company, focusing on wealth management and institutional business as dual drivers for growth [7][25] - The company has a strong governance structure that has enabled it to rise from a lower ranking to a top position in the industry over the past 25 years [12][23] - The company is positioned to benefit from regional policy dividends and industrial upgrades due to its provincial background and control over significant local resources [23][25] - The company's operational indicators are entering a recovery growth phase, with significant increases in revenue and net profit expected in the coming years [25][27] Summary by Sections 1. New Leadership and Organizational Restructuring - The new chairman has initiated organizational restructuring across three main lines: wealth management, research and institutional services, and risk management [12][15] - The company has a stable governance structure that enhances strategic execution and decision-making [12][23] 2. Wealth Management and Institutional Business - The company is actively transforming its wealth management strategy, launching a new brand "Zhi Ji Li Cai" and three service solutions to enhance customer engagement [31][32] - The company has seen a significant increase in its investment advisory business, with a 526% growth in total assets under management as of October 2025 [32][34] 3. Financial Performance and Forecast - The company has adjusted its profit forecasts, estimating net profits of 2.945 billion, 3.787 billion, and 4.161 billion yuan for 2025, 2026, and 2027 respectively, reflecting a year-on-year growth of 36%, 29%, and 10% [1][25] - The company's return on equity (ROE) is expected to recover steadily, with a reported ROE of 4.37% for the first three quarters of 2025, an increase of 2 percentage points year-on-year [27][25] 4. Market Position and Competitive Advantage - The company holds a dominant position in the regional capital market, serving over 70% of provincial state-owned enterprises and local governments [23][25] - The company has a diversified asset management strategy, controlling significant stakes in various funds, which has greatly enhanced its profit contribution [40][43]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is experiencing a recovery in operational metrics after a downturn in 2022 and 2023, with significant growth in revenue and net profit expected in 2024 and 2025 [25] - The new leadership team has initiated organizational restructuring aimed at enhancing wealth management and institutional services, which is expected to drive future growth [12][15] - The company benefits from its provincial background, holding a dominant position in the regional capital market, which provides it with unique resource advantages [23] Summary by Sections 1. New Leadership and Organizational Restructuring - The company has a stable governance structure that has contributed to its rise in the industry rankings over the past 25 years [12] - A new chairman has been appointed, and an organizational restructuring has been initiated focusing on wealth management, research, institutional services, and risk management [12][15] - The company is positioned as a key player in the regional market due to its provincial ownership, serving over 70% of provincial state-owned enterprises [23] 2. Wealth Management and Institutional Business - The company is focusing on dual drivers of wealth management and institutional business, with a significant recovery in operational metrics [25] - A new wealth management brand "Zhi Ji Li Cai" has been launched, along with three service solutions aimed at enhancing customer engagement [31] - The company has seen a substantial increase in its investment advisory business, with a 526% growth in total assets under management as of October 2025 [32] 3. Financial Performance and Forecast - Revenue and net profit are projected to grow significantly, with estimates of 29 billion, 38 billion, and 42 billion yuan for net profit in 2025, 2026, and 2027 respectively [1] - The company's return on equity (ROE) is expected to recover, with a reported ROE of 4.37% in the first three quarters of 2025, an increase of 2 percentage points year-on-year [27] - The valuation of the company remains below the industry average, indicating potential for upside [25]

行 业 研 究 / 行 业 点 评 相关研究 《证券行业 2026 年投资策略：权益浪潮 下的券商机遇：财富扩容，国际增效》 2025/11/17 券 研 究 报 告 证券分析师 行 业 及 产 业 非银金融/ 证券Ⅱ 罗钻辉 A0230523090004 luozh@swsresearch.com 金黎丹 A0230525060004 jinld@swsresearch.com 联系人 金黎丹 A0230525060004 jinld@swsresearch.com 2026 年 02 月 10 日 优化再融资措施意在扶优服科，券 商中介机构业务迎来发展机遇 看好 ——沪深北交易所发布《优化再融资一揽子措施》点评 事件：2026/2/9，沪深北交易所同步发布《优化再融资一揽子措施》。 请务必仔细阅读正文之后的各项信息披露与声明 注：中信证券、招商证券、东方证券、国联民生数据采用业绩快报/预告 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 ⚫ 坚持扶优限劣。对经营治理、信息披露规范，具有代表性与市场认可度的优质上市公司，优化再融 资审核，进一步提高再融资效率。 支持优质上市公司将募集资金用于与主营业务有 ...

Core Viewpoint - As the Spring Festival approaches, the choice between "holding stocks or holding cash" has become a focal point for investors, with a consensus emerging among major brokerages favoring "holding stocks" as the better option this year [1][2]. Group 1: Market Sentiment and Predictions - Major brokerages, including Guotai Junan and GF Securities, express optimism about the market's potential for recovery post-holiday, suggesting that the A-share market may experience a favorable "timing, location, and human factors" for an upward trend [2][17]. - Despite a general consensus on holding stocks, several brokerages caution that market performance may still be influenced by multiple risks, including slower-than-expected economic recovery and geopolitical uncertainties [3]. Group 2: Investment Strategies and Sector Focus - Guotai Junan recommends focusing on emerging technology and value sectors, highlighting themes such as commercial aerospace, robotics, urban renewal, and domestic consumption [4]. - Dongwu Securities suggests three main investment directions: overvalued technology sectors, booming industries like energy storage and lithium batteries, and themes related to the 14th Five-Year Plan, including commercial aerospace and 6G technology [5]. - Galaxy Securities advocates for a cautious approach with "light positions," emphasizing the importance of the upcoming "Two Sessions" and the shift towards "new productive forces" in sectors like semiconductors and artificial intelligence [6][7]. - Huaxia Securities emphasizes the importance of preparing for the post-holiday "red envelope" market, noting that technology sectors typically show better elasticity after the holiday [13]. - The investment focus should also include sectors that have underperformed but are expected to recover, such as food and beverage, agriculture, and healthcare [12]. Group 3: Market Dynamics and Historical Trends - Historical data indicates that the market tends to perform better after the Spring Festival, with a common pattern of "lower before the holiday and higher after" across various style indices [11]. - The current market environment is characterized by a high trading volume, with brokerages maintaining a cautious yet optimistic stance, suggesting that the market is not likely to turn bearish easily [8][9]. - The upcoming Spring Festival is seen as a critical period for potential market recovery, with many brokerages encouraging investors to remain confident and prepared for the first wave of the new year's upward cycle [17].

股票研究 /[Table_Date] 2026.02.09 权益市场火热，居民边际配置权益资产 投资银行业与经纪业 [Table_Industry] 2025 年 12 月财富管理月报 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘欣琦(分析师) | 021-38676647 | liuxinqi@gtht.com | S0880515050001 | | 张轩铭(分析师) | 021-38038437 | zhangxuanming@gtht.com | S0880526020001 | | 吴浩东(分析师) | 010-83939780 | wuhaodong@gtht.com | S0880524070001 | 本报告导读： [Table_Invest] 评级： 增持 [Table_Report] 相关报告 投资银行业与经纪业《业绩基准新规落地，助推 行业长期发展》2026.01.24 投资银行业与经纪业《零售及自营业务驱动全年 高增》2026.01.20 投资银行业与经纪业《完善监管制度，打开稳步 发展长期空间 ...

智通财经APP讯，讯众通信(02597)发布公告，公司于2023年7月20日与兴业证券股份有限公司签订了 《关于北京讯众通信技术股份有限公司向不特定合格投资者公开发行股票并在北京证券交易所上市之辅 导协议》，并向中国证券监督管理委员会北京监管局提交了向不特定合格投资者公开发行股票并在北京 证券交易所上市辅导备案申请材料。北京证监局受理了公司提交的辅导备案及建议上市备案申请，辅导 机构为兴业证券股份有限公司。 近日基于公司目前实际业务开展情况及未来战略发展考虑，经公司认真研究、审慎决定，经与上市辅导 机构友好协商，双方签署了《关于北京讯众通信技术股份有限公司向不特定合格投资者发行股票并在北 京证券交易所上市之辅导协议之终止协议》，北京证监局已确认公司终止辅导备案申请及建议上市。 公司将在未来综合考虑自身发展需要与市场情况，适时规划相关资本市场安排。董事会认为，上述事宜 将不会对公司业务、经营及财务状况有任何重大不利影响，亦不会影响公司及股东的整体利益。 ...

讯众通信(02597)发布公告，公司于2023年7月20日与兴业证券股份有限公司签订了《关于北京讯众通信 技术股份有限公司向不特定合格投资者公开发行股票并在北京证券交易所上市之辅导协议》，并向中国 证券监督管理委员会北京监管局提交了向不特定合格投资者公开发行股票并在北京证券交易所上市辅导 备案申请材料。北京证监局受理了公司提交的辅导备案及建议上市备案申请，辅导机构为兴业证券股份 有限公司。 近日基于公司目前实际业务开展情况及未来战略发展考虑，经公司认真研究、审慎决定，经与上市辅导 机构友好协商，双方签署了《关于北京讯众通信技术股份有限公司向不特定合格投资者发行股票并在北 京证券交易所上市之辅导协议之终止协议》，北京证监局已确认公司终止辅导备案申请及建议上市。 公司将在未来综合考虑自身发展需要与市场情况，适时规划相关资本市场安排。董事会认为，上述事宜 将不会对公司业务、经营及财务状况有任何重大不利影响，亦不会影响公司及股东的整体利益。 ...

Core Viewpoint - The announcement details the "Quick Cash Withdrawal" service for the Xingzheng Asset Management Jin Qilin Cash Benefit Money Market Fund, outlining the conditions, timeframes, limits, fees, and other important considerations for investors [1][2][3][4][5]. Group 1: Business Conditions - Investors must voluntarily apply for the "Quick Cash Withdrawal" service and sign the relevant agreement with Xingye Securities and the fund manager, ensuring the fund's status is set to "open" [1]. Group 2: Business Processing Time - Applications for the "Quick Cash Withdrawal" can be submitted on trading days from 9:25 to 11:30 and 13:00 to 15:00, with the possibility of adjustments announced via the fund manager's website [2]. Group 3: Limits on Amounts and Banks - Starting from February 10, 2026, the daily total limit for the quick cash withdrawal service will increase from 70 million to 100 million yuan; individual investors can withdraw a minimum of 1,000 yuan and a maximum of 500,000 yuan per day [3]. - The service is supported by 20 main custodian banks, including major institutions like ICBC, CCB, and ABC, with updates provided on the fund manager's website [3]. Group 4: Fees - Currently, there are no fees for the quick cash withdrawal service, but the management and Xingye Securities reserve the right to adjust fees as needed, with changes announced on the fund manager's website [4]. Group 5: Other Considerations - The quick cash withdrawal is executed through a share transfer method, and any earnings from transferred shares before the withdrawal date will be retained by the investor [5]. - Funds withdrawn can be used or transferred by 16:00 on the same day; otherwise, they may automatically reinvest in the fund if not adjusted [5].

Market Performance - A-shares experienced a strong performance with major indices opening higher; the Shanghai Composite Index rose by 0.93%, reclaiming the 4100-point mark, while the Shenzhen Component and ChiNext Index both increased by over 1% [1] - By midday, the Shanghai Composite Index was up 1.17%, the Shenzhen Component up 2.07%, and the ChiNext Index up 3.11%, with over 4400 stocks in the market showing gains and a trading volume exceeding 1.5 trillion yuan [1] Sector Highlights - The CPO sector saw significant gains, with stocks like Jiepute and Tianfu Communication hitting the daily limit, while the photovoltaic sector was also strong, with companies like GCL-Poly Energy achieving multiple consecutive gains [2] - The film and television sector was active, with stocks such as Jiecheng Co. and Shanghai Film reaching the daily limit, while the liquor sector faced a pullback, particularly Luzhou Laojiao [2] CPO and AI Developments - Tower Semiconductor announced a collaboration with NVIDIA to develop advanced silicon photonics technology for AI data centers, aiming to enhance AI infrastructure deployment [1] - The Ministry of Industry and Information Technology issued a notice to promote the construction of a national computing power interconnection node system, which aims to standardize and improve the efficiency of computing resources [4] Future Outlook - Analysts from Zhongyin Securities noted that the upcoming Spring Festival may lead to a "pre-festival excitement" in the A-share market, with a potential recovery in performance as the holiday approaches [5] - The market is expected to see a shift in investment focus post-Spring Festival, with small-cap stocks and growth sectors likely to outperform [7] - Galaxy Securities highlighted a historical trend of capital preference shifting towards high-dividend, consumer, and defensive sectors before the Spring Festival, suggesting a favorable environment for market recovery [6]