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]

Investment Rating - The report maintains a "Positive" investment rating for the non-bank financial sector [11] Core Insights - The non-bank sector has shown weak overall performance this week, with a recommendation to seize allocation opportunities in the brokerage sector despite a market trading decline. The insurance sector is expected to see improved long-term return on equity (ROE) and valuation recovery, suggesting a positive allocation strategy [2][4] - The report continues to recommend companies with stable profit growth and dividend rates, including Jiangsu Jinzhong, China Ping An, and China Pacific Insurance, highlighting their strong market positions [4] - Additional recommendations include 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] Industry Performance - The non-bank financial index decreased by 0.6% this week, with a year-to-date decline of 1.1%, ranking 29th out of 31 sectors. The market's trading activity has decreased, with an average daily turnover of 24,066.54 billion yuan, down 21.43% week-on-week [5][15] - The insurance sector saw a year-on-year premium income increase of 7.43% in December 2025, with property insurance and life insurance revenues growing by 3.92% and 8.91%, respectively [18][19] - The report notes a recovery in the stock financing scale in January 2026, with equity financing reaching 134.86 billion yuan, up 103.4% month-on-month, while bond financing decreased by 15.6% [46] Key Industry News - The Hong Kong Monetary Authority released the "Management Measures for Bank Insurance Institution Licenses" to enhance regulatory compliance [59] - The People's Bank of China and other departments issued a notice to further prevent and manage risks related to virtual currencies [60] Company Announcements - CITIC Securities announced a cash dividend distribution of 0.29 yuan per share, totaling 4.298 billion yuan [63] - Red Tower Securities reported a share buyback of 16.03 million shares, accounting for 0.34% of total shares, with a total expenditure of 140 million yuan [62] - Huatai Securities plans to issue H-share convertible bonds totaling 10 billion HKD, with an initial conversion price of 19.7 HKD per share [68]

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]

Group 1 - The report by Hurun Research Institute reveals that 61% of high-net-worth individuals frequently use Xiaohongshu for information, which is 13 percentage points higher than Douyin [2] - Among high-net-worth individuals, 32% regularly watch WeChat Video Accounts, while 24% frequently use Bilibili. Other platforms like Eastmoney and Zhihu have engagement levels exceeding 20%, with Tonghuashun and Wind gaining 14% [2] - Over 70% of individuals aged 25 and under (U25) prefer Xiaohongshu and Douyin as their primary information sources, while those aged 36-40 (U40) and above 45 years old favor video accounts [2] Group 2 - The most commonly used AI assistants among high-net-worth individuals are DeepSeek and Doubao. For the U25 age group, ChatGPT is the most popular, while DeepSeek is favored by U30, U35, U40, and U45 age groups. Individuals over 45 years old predominantly use Doubao [3]

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 ...

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 core viewpoint of the news highlights a strong performance in the digital economy sector, with the CSI Digital Economy Theme Index rising by 1.60% and several component stocks, such as Chipone Technology and Haiguang Information, showing significant gains [1] - The semiconductor industry is experiencing a surge in demand driven by AI applications, leading to supply shortages and increased prices for key components, with Infineon announcing price hikes of up to 25% for power switches and IC products starting April 1, 2026 [1] - Intel and AMD have notified Chinese customers about server CPU supply shortages and extended delivery times, with Intel's server products seeing price increases of over 10% in China [1] Group 2 - Guojin Securities notes that the supply of computing power remains tight, with Google Cloud's backlog reaching $244 billion, a 40% year-on-year increase, and Amazon's Trainium3 chip capacity being fully sold out [2] - The next-generation Trainium4 is expected to be nearly fully booked by mid-year, indicating a booming demand for ASIC chips, which is likely to benefit domestic computing power chip manufacturers and their supply chains [2] - The CSI Digital Economy ETF closely tracks the CSI Digital Economy Theme Index, selecting listed companies with high digital economy infrastructure and digitalization levels to reflect the overall performance of digital economy theme securities [2]

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]