根据上银基金管理有限公司（以下简称"本公司"）与广发证券股份有限公司(以下简称"广发证券")签署 的销售协议和相关业务准备情况，自2026年1月5日起，广发证券将开始销售本公司旗下部分基金。 一、适用基金范围 客户服务电话：95575 ■ 注：在遵守基金合同、招募说明书及相关业务公告的前提下，销售机构办理各项基金销售业务的具体日 期、时间、流程、业务类型及费率优惠活动（如有）以销售机构的安排和规定为准。 二、投资者可通过以下途径咨询有关详情 1、广发证券股份有限公司 网站：www.gf.com.cn 二〇二六年一月五日 2、上银基金管理有限公司 网站：www.boscam.com.cn 客户服务电话：021-60231999 风险提示：本基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈 利，也不保证最低收益。基金投资有风险，投资者在做出投资决策之前，请认真阅读基金合同、招募说 明书（更新）和基金产品资料概要（更新）等法律文件，充分认识基金的风险收益特征和产品特性，认 真考虑基金存在的各项风险因素，并根据自身的投资目的、投资期限、投资经验、资产状况等因素充分 考虑自身的风险承受能力 ...

Group 1: Market Outlook - Major investment banks are releasing their 2026 market outlooks, indicating a reshaping of the global macroeconomic landscape and a continued upgrade of domestic industries in China [1] - There is an expectation of increased capital inflow into China, which is anticipated to inject new vitality into the market [1] - The recovery trend in capital market profitability is becoming clearer, with structural opportunities emerging in technology innovation, globalization of manufacturing, and cyclical recovery [1] Group 2: Sector Focus - Three key areas for industry allocation are identified: 1. Resource and traditional manufacturing industries upgrading to convert share advantages into pricing power, focusing on non-ferrous metals, chemicals, and new energy [1] 2. Chinese companies going global, significantly expanding profit growth potential, with a focus on machinery, innovative pharmaceuticals, power equipment, and military industries [1] 3. AI further broadening commercial applications, continuing the development trend in the technology sector, with a focus on semiconductors, computing power, edge hardware, and AI applications [1] Group 3: Profit Recovery and Market Trends - A-share profitability is expected to slowly recover, transitioning from a liquidity-driven phase to a profitability-driven phase, with PPI recovery marking substantial improvement in corporate earnings [2] - The second half of 2026 may see a comprehensive market uptrend, with a shift in market style towards cyclical stocks leading the index [2][3] - The best-performing sectors are likely to concentrate on technology innovation and industries linked to global demand, such as non-ferrous metals, automotive, home appliances, and new energy [2][3] Group 4: Investment Themes - AI remains a core investment theme, with opportunities in light chips, copper foil, and domestic computing demand rebound [3] - The power and new energy sector is expected to experience a turnaround, with demand recovery and capacity clearance improving asset turnover rates [3] - The strategic focus includes technology, domestic circulation, strategic security, and external openness, with specific attention to chip manufacturing, satellite communication, and AI applications [3] Group 5: Foreign Investment and Economic Growth - More foreign capital is expected to return to the Chinese market in 2026, supported by a relatively loose liquidity environment [4] - The valuation repair of A-shares is nearly complete, with a focus on maintaining reasonable valuation levels while driving market growth through earnings [5] - China's AI monetization is leading other markets, with significant growth expected in advanced manufacturing and technology sectors [5] Group 6: Commodity Market Insights - Gold prices are projected to continue rising, supported by central bank purchases and a Federal Reserve rate cut cycle, with a target of $4,900 per ounce by December 2026 [6] - Copper is expected to strengthen due to supply constraints and sustained demand growth, with a long-term price forecast of $15,000 per ton by 2035 [6] - The oil market is anticipated to face significant oversupply, with supply growth expected to triple demand growth in 2026, leading to price adjustments [7]

Core Viewpoint - The traditional Chinese medicine industry is currently in a significant development opportunity period, and the company aims to leverage policy and market opportunities to innovate and grow within this sector [1] Group 1: Strengthening Traditional Chinese Medicine Industry - The company originated from a state-owned deer farm and has established a standardized breeding base for Sika deer, ensuring high-quality raw materials for traditional Chinese medicine [1][2] - The company has invested over 46 million yuan in upgrading epidemic prevention facilities, maintaining a zero-positive record for brucellosis and tuberculosis since 2021 [1][2] - The company has obtained 525 registration certificates in the Chinese medicine granule sector, enhancing its influence in industry standards [2] Group 2: Research and Development Innovation - The company focuses on core material research and has increased investment in technology development, transitioning from experience-based practices to scientific decoding [2][4] - The company has developed a product cluster centered around Sika deer, including various medicinal products, creating an ecological closed loop from breeding to pharmaceutical products [2][3] - The company emphasizes the integration of research, breeding, processing, and market feedback to drive fundamental changes in production methods [4] Group 3: Financial and Capital Interaction - The company has adopted a dual-driven development model of "healthcare + financial capital," using financial resources to support long-term research and development [5][6] - The company is the largest shareholder of Guangfa Securities, which has provided significant cash flow and stability, contributing 12.43 billion yuan and 17.49 billion yuan in 2023 and 2024, respectively [6] - The company collaborates with various universities and research institutions to enhance its research capabilities and invest in promising biopharmaceutical projects [6][7]

Core Viewpoint - In 2026, under the global challenge of debt issues, there are three main ways to address debt: real growth exceeding real interest rates (growth-driven debt reduction), inflation exceeding expectations (inflation-driven debt reduction), and fiscal tightening (fiscal-driven debt reduction). Both AI and gold are expected to benefit from these paths, forming a dual mainline logic for asset performance [1]. Group 1: Market Outlook - The A-share market is expected to maintain a "slow bull" pattern in 2026, driven by a profound change in corporate profit structures. Despite weakness in real estate, infrastructure, consumption, social financing, and PPI, the net asset return on equity (ROE) of non-financial enterprises has stabilized over several quarters [1]. - The profit share of the eight major advanced manufacturing industries has increased to 38%, while the overseas revenue share of companies operating abroad has risen to 20%, with overseas market gross margins exceeding domestic margins by 5 percentage points. These factors are likely to drive the overall ROE of A-shares to recover after stabilization [1]. - Current valuation increases are relatively restrained, with limited overextension. If profits recover, there is still room for valuation improvement. Additionally, the migration of deposits from insurance and high-net-worth individuals will bring incremental capital [1]. Group 2: Investment Direction - The focus should be on industries with constrained supply and clear upward trends, such as the AI industry chain, which has strong capital expenditure demand and is unlikely to see supply release in the short term. Other areas include energy storage and metals, which have undergone capacity clearing [1]. - Tactically, it is recommended to utilize market adjustments to position for the spring rally, prioritizing the aforementioned high-prosperity sectors [1].

Core Insights - The capital market showed positive trends in 2025, with active trading reflected in the turnover data of the "Long Hu Bang" (龙虎榜) trading departments, reaching 3.34 trillion yuan, a year-on-year increase of over 40% [1][2] - The competition among brokerage firms intensified, with significant changes in the rankings of the top 100 trading departments, highlighting the emergence of several "dark horse" departments [1][3] Trading Volume and Rankings - In 2025, a total of 7,029 brokerage departments appeared on the Long Hu Bang 123,900 times, with a total trading volume of 3.34 trillion yuan, marking a 42.6% year-on-year increase [2] - The top 100 trading departments accounted for 2.26 trillion yuan, representing 67.66% of the total trading volume, indicating a strong head effect [2] - The top ten positions saw significant representation from Oriental Fortune Securities, which held three spots, with the top position taken by the Lhasa Tuanjie Road department at 127.87 billion yuan [2] Emergence of New Players - New entrants made notable advancements, such as Kaiyuan Securities' Xi'an Xidajie department rising from 27th to 3rd place, and UBS and Goldman Sachs' Shanghai departments entering the top ten [2][3] - Several "dark horse" departments made significant leaps, including Guotai Junan's Shanghai Jing'an New Zha Road department moving from 559th to 14th, and Guosheng Securities' Ningbo Tiantong South Road department from 1014th to 48th [3] Growth of Branch Offices - The rankings of many brokerage branch offices improved significantly, showcasing their growth potential, with 22 branch offices appearing in the top 100 list [3] - Notably, Guoxin Securities' Zhejiang Internet branch, established only about five years ago, entered the top ten, while Guojin Securities' Shenzhen branch improved from 65th to 26th [3] Foreign Brokerage Participation - Six foreign brokerage departments made it into the top 50, reflecting their increasing importance in the market [4] - UBS's Shanghai Garden Shiqiao Road department and Goldman Sachs' Shanghai Pudong Century Avenue department ranked 8th and 9th, respectively, with significant improvements from the previous year [4] Market Trends and Insights - The changes in the Long Hu Bang rankings reflect the competitive landscape among brokerages, indicating differences in client scale, market share, and overall strength [5] - The trading activities of the top departments suggest a preference for sectors such as general equipment, chemical products, computer software, automotive, and semiconductors [5]

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [10]. Core Insights - The report discusses the recent revision of the "Regulations on the Management of Sales Fees for Publicly Offered Securities Investment Funds" by the China Securities Regulatory Commission (CSRC), which aims to enhance investor benefits and promote long-term value investment [2][3]. - The public fund industry is entering a new phase of healthy and high-quality development following the comprehensive implementation of fee reforms [3]. - The report anticipates continued growth in the scale of publicly offered funds, driven by long-term capital inflows and the need for diversified asset management in a low-interest-rate environment [3]. Summary by Sections Regulatory Changes - The revised regulations differentiate subscription fees for mixed and index funds, aligning the subscription fee for index funds with that of bond funds, which is capped at 0.3% [3][4]. - The redemption fee structure has been adjusted to protect individual investors while encouraging institutional investors to focus on long-term value [3]. Industry Review - In 2025, the public fund industry saw a significant transformation with the implementation of 25 measures aimed at promoting high-quality development, including optimizing fee structures and enhancing performance benchmarks [3]. - The total scale of publicly offered funds grew from 8.3 trillion yuan to 36.3 trillion yuan over the past decade, with a compound annual growth rate (CAGR) of 16% [3]. Future Outlook - The report projects that the scale of publicly offered funds will continue to grow in 2026, supported by the influx of long-term capital from insurance institutions and pension funds [3]. - Equity and fixed-income plus products are expected to become the main drivers of growth, as they align with the demand for asset appreciation in a low-risk environment [3]. Investment Analysis - The comprehensive reform of public funds is expected to benefit brokerage firms in both investment and distribution segments, with a shift towards long-term value investment [3]. - The report highlights the potential for brokerage firms to leverage their expertise in equity and index products as a competitive advantage in the evolving market landscape [3].

证券研究报告 金融 看好开门红，把握金融修复机会 华泰研究 2026 年 1 月 04 日│中国内地 行业周报（第一周） 投资机会方面证券>银行>保险。2025 年收官，A 股、港股全年日均成交额 同比+63%、+89%；A 股日均融资余额同比+34%；上证、恒指、恒生科技 全年均录得两位数涨幅。证监会修订发布《公开募集证券投资基金销售费用 管理规定》，销售阶段改革正式落地，相较征求意见稿，正式稿进一步细化 认申购费率要求，对赎回费机制有一定放宽，并将整改期统一为 12 个月。 REITs 高质量发展和商业不动产 REITs 试点规则发布，明确支持符合条件 的公募基金将 REITs 纳入投资范围，探索 REITs ETF，并推动将 REITs 纳 入沪深港通。 子行业观点 1）证券：2025 年申万证券指数涨幅 2.6%，跑输沪深 300 指数 15.1pct， 尤其 9 月以来明显滞涨。元旦假期港股交出亮眼答卷，2 号恒指、科指分别 涨 2.76%、4.00%，中资券商指数涨 2.93%。2）银行：2025 年全年涨幅为 12.5%，在 30 个一级行业中排名第 22；银行指数跑输沪深 300 指数 5.2 ...

来源：银瑞社 文/瑞财经 许淑敏 董事会同意王会清、周易、丁锋、于兰英、柯翔、晋永甫、陈建伟为公司第七届董事会非独立董事候选 人。 待上述人选在公司股东会选举通过后，将正式履行公司第七届董事会董事职责，任期三年。 此外，王莹成为华泰证券第七届董事会职工代表董事候选人。 这些董事人选，并没有太多的悬念，而且绝大多数是股东提名的人选。 目前，单独或者合计持有华泰证券发行在外1%以上有表决权股份的股东共向公司董事会提出了4名第七 届董事会成员候选人。 江苏省国信集团、江苏交通控股、江苏高投集团、江苏省苏豪控股集团分别提名丁锋、于兰英、柯翔、 晋永甫担任第七届董事会非执行董事。 步入新年，华泰证券第一件大事是——董事会换届。 而公司董事长根据公司建议提名江苏省国金投资集团推荐的陈建伟担任公司第七届董事会非执行董事； 提名王会清和周易担任公司第七届董事会执行董事。 最新的董事会议决议显示，同意关于选举华泰证券第七届董事会成员（非独立董事）的预案，并同意提 交公司股东会审议。 王会清的入选，早在市场预期之中。 早于2025年11月底，江苏省委组织部发布任前公示，王会清拟任省委管理领导班子企业正职，市场便已 经猜测王会清会 ...

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！ 从机构的赚钱效应来看，2025年在过去10年里能排到第三，过去20年里排到第六。 在一个回头来看巨大的结构性牛市当中，实际上市场既享受了预期差带来的"估值的钱"，也挣到了"业绩的钱"，预期差来 自于对中国自主科技能力的重估以及中美关系，而结构性的超预期业绩来自复杂贸易环境下外需的韧性以及AI推理需求爆 发，这些因素站在2025年初来看并不是那么理所应当会发生。 增量流动性只是预期差和业绩兑现过程中的结果，或者是用于后验的解释牛市形成的理由，投资者过于高估了增量资金对 市场的影响。因此，我们亦不会将增量资金入市当作是2026年市场上一个新台阶的主要因素。 我们认为2026年最大的预期差来自于外需与内需的平衡，对外"征税"、补贴内需应是大势所趋，今年是个重要的开端。站 在开年，考虑到去年末的资金热度并不算高，人心思涨的环境下开年后市场震荡向上的概率更高。 去年末的资金热度并不算高，开年后市场震荡向上的概率更高 1）2025年末，市场整体的"躁动"非常克制。大部分前期兑现收益的资金目前还在等待入场时机，这也意味着在没有重大 超预期风险的情况下 ...

非银金融 2026 年 01 月 04 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -10% 0% 10% 19% 29% 2025-01 2025-05 2025-09 非银金融 沪深300 相关研究报告 《保险公司资负管理办法发布，明确 监 管 指 标 和 阈 值 — 行 业 周 报 》 -2025.12.21 《美联储降息利好券商海外业务，新 规规范基金销售 — 行 业 周 报 》 -2025.12.14 《券商杠杆上限有望松绑，险企调降 风 险 因 子 释 放 资 金 — 行 业 周 报 》 -2025.12.7 看好券商和保险开门红行情，公募销售费新规落地 ——行业周报 | 高超（分析师） | 卢崑（分析师） | 张恩琦（联系人） | | --- | --- | --- | | gaochao1@kysec.cn | lukun@kysec.cn | zhangenqi@kysec.cn | | 证书编号：S0790520050001 | 证书编号：S0790524040002 | 证书编号：S0790125080012 | 周观点：看好券商和保险开门红行情，公募销售费新规落地 元旦假期 ...