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]

东证融汇资管基于持有人利益为先的原则，将东证融汇鑫享30天滚动持有中短债、东证融汇禧悦90天滚 动转至东财基金旗下，两只债券型产品将分别以东财鑫享30天滚动持有中短债、东财禧悦90天滚动持有 中短债的"新身份"重新启航。两只产品的原基金经理应洁茜、郑铮同步加盟东财基金，从本质上保持产 品投资的延续性，最大程度保护投资者利益。截至2025年三季度末，两只产品合计规模达90亿元以上。 谈及这次"跨界合作"，东证融汇资管表示，主要是基于固收投研及信息系统建设等能力考量，最终与东 财基金达成合作，选择其作为这两只重要债券型产品的管理承接方。 □本报记者 王鹤静 根据《证券公司大集合资产管理业务适用〈关于规范金融机构资产管理业务的指导意见〉操作指引》要 求，券商资管大集合产品改造为公募基金产品已接近尾声。近期，东证融汇资管携手东财基金，顺利推 动两只重磅债券型产品公募化转型落地。 两只产品的原基金经理应洁茜、郑铮同步加盟东财基金，将继续为两只产品的投资管理保驾护航。日 前，应洁茜、郑铮在接受中国证券报记者专访时表示，从券商资管大集合产品转型为公募基金后，两只 产品的投资管理风格依然以追求稳健的持有体验为目标，同时将更加 ...

□本报记者 王鹤静 根据《证券公司大集合资产管理业务适用〈关于规范金融机构资产管理业务的指导意见〉操作指引》要 求，券商资管大集合产品改造为公募基金产品已接近尾声。近期，东证融汇资管携手东财基金，顺利推 动两只重磅债券型产品公募化转型落地。 两只产品的原基金经理应洁茜、郑铮同步加盟东财基金，将继续为两只产品的投资管理保驾护航。日 前，应洁茜、郑铮在接受中国证券报记者专访时表示，从券商资管大集合产品转型为公募基金后，两只 产品的投资管理风格依然以追求稳健的持有体验为目标，同时将更加专注于挖掘滚动持有期不同所带来 的负债端稳定性价值，纯粹公募化的投研风格和协同效应加持将映射到策略执行上。 公募转型平稳落地 券商资管大集合产品改造成公募基金的大背景，促成了这样一次特别的合作。 2026开年以来，国内债市历经此前的超涨回调后，开始企稳回升。应洁茜认为，当前利率水平已回到相 对合理的区间，无论是资金面、情绪面还是利率曲线，都能与目前的经济增速以及货币供给水平相匹 配。 "今年国内债市的投资体感可能要比2025年好很多。"在应洁茜看来，目前国内经济仍处于转型阶段，企 业业绩有所企稳，但地产基建仍形成拖累，物价水平较为温和 ...

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].

Investment Rating - The report maintains a positive outlook on the stock trading software industry, highlighting it as a "bull market pioneer" and recommending a focus on specific companies within this sector [4][43]. Core Insights - The report emphasizes 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 2024 is projected to grow by 30.5% to 77.1% year-on-year, indicating strong earnings potential in the current market environment [10][28]. - The report identifies several key players in the stock trading software industry, including Tonghuashun, Dongfang Caifu, Jiufang Zhitu, and Guiding Compass, all of which are expected to benefit from the ongoing market dynamics [3][40][43]. Summary by Sections Section 1: Account Openings and Trading Volume - In 2025, the total number of new accounts reached 27.44 million, a 9.8% increase year-on-year, with an average daily trading volume of 1.2 trillion yuan, up 63.7% [9]. - January 2026 saw new account openings of 4.916 million, a staggering 213.11% increase year-on-year, and total trading volume of 60.9 trillion yuan, reflecting a 180.64% increase [9][10]. Section 2: ETF and Insurance Capital - The report notes a net inflow into index ETFs, with the total net asset value of these ETFs reaching 25,656.20 billion yuan by the end of 2025, a 17% increase from the previous year [14]. - The insurance sector's total assets grew by 15.1% in 2025, with premium income reaching 6.12 trillion yuan, a 7.4% increase year-on-year [17][19]. Section 3: Key Companies Performance - Tonghuashun is highlighted as a leader in financial terminals, with a projected net profit for Q4 2025 ranging from 15.29 to 20.76 billion yuan, indicating substantial growth [28]. - Dongfang Caifu's net profit for the first three quarters of 2025 reached 90.97 billion yuan, a 50.57% increase year-on-year, driven primarily by its securities business [32]. - Jiufang Zhitu reported a net profit of 8.65 billion yuan in the first half of 2025, marking a 596.81% increase, showcasing its strong market position [37]. Section 4: Market Outlook - The report anticipates continued upward movement in the index, supported by the influx of new accounts and trading volumes, alongside the backing of insurance capital and the migration of household deposits [26][28].

行业研究丨深度报告丨投资银行业与经纪业 [Table_Title] 轮动对比视角复盘，当前非银子行业如何择时选 股？ %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 历史上 A 股牛市中保险及券商表现如何？不同类型牛市下表现何异？节奏及持续性如何？站 在当前如何展望？我们梳理了 2012 年以来几次 A 股上涨周期中保险及券商指数涨跌及行业相 对表现，并进一步梳理一级行业月度涨跌轮动以探究行情节奏，最后结合当前时点进行分析展 望。我们认为当前估值上非银进入配置性价比区间，择时应合理配合政策及监管节奏增配，配 置上推荐高弹性保险与金融 IT。 分析师及联系人 [Table_Author] SAC：S0490519080007 SFC：BUV596 吴一凡 盛晓双 请阅读最后评级说明和重要声明 2 / 21 %% %% %% %% research.95579.com 2 投资银行业与经纪业 cjzqdt11111 [Table_Title 轮动对比视角复盘，当前非银子行业如何择时 2] 选股？ [Table_Summary2] 历史 ...

Core Viewpoint - The recent regulatory policy issued by the People's Bank of China and eight other departments marks a significant strategic shift in the global financial sovereignty landscape, emphasizing a clear boundary against independent financial systems outside of state control [1] Policy Core - The new notification represents a threefold strategic upgrade from the previous version in 2021, expanding jurisdiction to include offshore activities linked to the renminbi, thereby reinforcing China's monetary sovereignty [2] - The regulatory scope has broadened to include Real World Asset (RWA) tokenization, recognizing its potential while mandating that such activities must rely on specific financial infrastructures within China [3] - The responsibility chain has been extended to hold domestic entities accountable for assisting foreign parties in illegal activities, effectively severing the supply chain for the virtual currency industry within China [4] Impact on A-shares - The policy is expected to trigger a structural re-evaluation of funds and values rather than merely being a negative signal for blockchain concepts [5] - Clear value inflow directions are established, favoring "national team" fintech infrastructure service providers that are closely tied to state-approved digital currency systems [6] - There will be increased demand for cybersecurity and financial compliance technology, as the notification calls for enhanced risk monitoring and data-sharing mechanisms [7] - Mainstream licensed financial institutions may benefit from the reduction of potential risk sources associated with virtual currencies, with some speculative funds possibly flowing into the A-share market [8] Companies Benefiting from Certainty - Companies like Hengsheng Electronics, which is a leader in IT systems for financial institutions, are positioned to benefit from compliance-driven financial infrastructure [9] Facing Pressure for Clearout and Transformation - Companies with unclear main businesses relying on concepts like "digital currency" or "NFTs" will struggle to survive in the market, as scrutiny will increase on their actual applications and revenue support [10] - Companies associated with the "mining" industry must demonstrate a complete business separation to avoid regulatory risks [12] - Firms providing technical services that facilitate cross-border virtual currency activities will face legal risks and must conduct thorough business audits [13] Macro-Level Deep Impact - The policy enhances the "firewall" effect between A-shares and global crypto asset price fluctuations, potentially stabilizing A-share pricing amid global volatility [14] Investor Strategy Reconstruction - Investors are advised to shift from speculative concepts to compliance verification, focusing on whether companies serve recognized financial infrastructures [16] - Attention should be directed towards companies' balance sheets and cash flows rather than just technological narratives [17] - Understanding "financial security" as a core pricing factor is becoming increasingly important in the context of accelerated financial digitalization [18]

Fund Size Statistics - The top three equity ETF types by fund size change are: Scale Index ETF (¥15.406 billion), Cross-border Industry Index ETF (¥6.624 billion), and Strategy Index ETF (¥5.384 billion) [9] - The bottom three equity ETF types by fund size change are: Theme Index ETF (-¥26.004 billion), Cross-border Scale Index ETF (-¥1.807 billion), and Cross-border Theme Index ETF (¥0.203 billion) [9] - The top three equity ETF products by fund size change are: CSI 500 ETF (¥2.832 billion), Chemical ETF (¥2.386 billion), and HuShen 300 ETF (¥2.229 billion) [9] - The bottom three equity ETF products by fund size change are: Communication ETF (-¥30.885 billion), Non-ferrous Metals ETF (-¥3.932 billion), and Gold Stock ETF (-¥2.963 billion) [13] Market Outlook - The macro timing model for February 2026 has a score of 0, indicating a historical 78.57% probability of the full A index rising in the following month, with an average increase of 3.37% [23] - A-shares are expected to experience a short-term volatile market, influenced by liquidity from overseas markets and the recent AI bubble discussions affecting tech growth stocks [23] - The recommendation is to adopt a balanced ETF allocation strategy due to the anticipated short-term fluctuations in the market [60]

Core Viewpoint - The implementation of a comprehensive registration system has led to both new stock price drops and surges, making it essential for retail investors to accurately grasp listing times and scientifically analyze subsequent trends to avoid pitfalls in new stock participation [1] Group 1: Information Sources - The official websites of the Shanghai and Shenzhen Stock Exchanges are the primary platforms for new stock information, providing accurate and timely updates without risks of delays or misleading information [3] - Securities company apps, such as those from Dongfang Caifu and Tonghuashun, offer convenient access to new stock information, including listings and subscription details, and allow for one-stop operations [4] - The China Securities Regulatory Commission (CSRC) website provides a source for compliance information, allowing investors to track the approval and registration progress of new stocks [5] - Authoritative financial platforms like Securities Times and Eastmoney aggregate new stock information, offering comprehensive data including listing times and price-earnings ratios [6] Group 2: Investment Strategy - The first step in investment strategy is to assess industry heat, as new stocks in popular sectors are more likely to attract capital and have a lower probability of price drops [7] - Preferred sectors include those supported by policies and high-growth areas such as semiconductors and TMT, which tend to receive strong capital interest [8] - An example is the stock of JN Robotics, which saw a 227.27% increase on its first day due to the favorable conditions in its sector [9] - Conversely, traditional industries with overcapacity and weak growth, such as low-end manufacturing, are more likely to experience price drops [10] Group 3: Valuation Assessment - The core reason for new stock price drops under the registration system is high valuations, necessitating a comparison of valuations before participating in new stock offerings [11] - A key indicator is the issuance price-earnings ratio; if it exceeds the industry average by more than 30%, the stock is likely overvalued, increasing the risk of price drops [12] - Practical tips include comparing the company's valuation metrics with industry leaders and avoiding participation if the valuation is significantly high [13] Group 4: Monitoring Capital Trends - The short-term performance of newly listed stocks is primarily influenced by capital sentiment, requiring close attention to trading volume and institutional movements [14] - Strong signals include significant price increases on the first day with high institutional net buying, indicating strong capital support [15] - Conversely, signals of risk include price drops on the first day with substantial institutional net selling, suggesting significant capital divergence [16] - It is important to note that under the registration system, new stocks have no price fluctuation limits in the first five days, leading to high volatility [17] Group 5: Conclusion - Retail investors should rely on authoritative channels to confirm listing times and use a three-dimensional approach of industry, valuation, and capital trends to assess value, while strictly adhering to risk management practices [18] - The new stock market is increasingly polarized under the registration system, and blind participation can lead to losses; rational inquiry and scientific analysis are crucial for retail investors [19]

Group 1 - The company Lei Ao Planning announced that it will accept investor research on February 6, 2026, with participation from the board secretary and investor relations management personnel [1] - The company aims to address questions raised by investors during the research session [1] Group 2 - A survey conducted by a media outlet revealed unexpected answers regarding the legality of personal stock trading by fund managers, with insights gathered from several leading public funds [1]