Core Insights - The article discusses the release of the 2025 Wind Best Roadshow Rankings, emphasizing the importance of roadshows in the capital market for information exchange and strategic discussions despite a changing market environment [1][3]. Group 1: Roadshow Rankings Overview - The rankings are based on actual operational data from the Wind 3C conference platform for 2025, focusing on key indicators to objectively reflect market attention and the actual impact of roadshows [3]. - The rankings are divided into two main sections: institutional and individual, comprising 11 sub-lists that cover key market participants such as securities firms, public funds, futures, and listed companies [3]. Group 2: Institutional Performance - Certain institutions have shown outstanding performance in research output frequency, roadshow quality, and market participation in 2025, establishing a stable communication mechanism for investment judgments [5]. Group 3: Roadshow Participation Metrics - The metrics for evaluating roadshows include browsing volume, participant scale, and the ongoing impact of meetings [8]. Group 4: Roadshow Content Quality - The quality of roadshow content ultimately depends on the presenters, who provide valuable research perspectives through continuous and clear output of viewpoints on macro environments, industry trends, and asset allocation strategies [19]. Group 5: Roadshow Participation Statistics - The Wind 3C conference platform supported various types of meetings in 2025, including analyst roadshows, strategy meetings, industry summits, and performance briefings, serving thousands of financial institutions globally [47]. - The total number of meetings held reached a scale of tens of thousands, with participant numbers exceeding ten million, showcasing the platform's capability to efficiently deliver valuable insights [48]. Group 6: Future Outlook - The rankings serve not only as a retrospective of the past year's roadshow achievements but also as a reference for the future, guiding growth and promoting rational development in the capital market [50].

Group 1 - The core viewpoint of the article highlights a significant increase in new A-share accounts in January 2026, with a total of 4.9158 million new accounts opened, marking a 89% month-on-month increase and a 213% year-on-year increase [1] - The majority of new accounts were opened by individual investors, totaling 4.9053 million, while institutional investors accounted for 10,554 accounts [1] - The new account figures for January 2026 surpassed all monthly totals from 2025 and ranked as the fifth highest in nearly a decade, indicating a strong market sentiment and renewed investor interest [1] Group 2 - The surge in new accounts is closely linked to the positive performance of the A-share market in January 2026, where all three major indices recorded gains and trading volumes reached historical highs [2] - The Shanghai Composite Index closed at 4,117.95 points, with a monthly increase of 3.76%, while the Shenzhen Component and ChiNext indices rose by 5.03% and 4.47%, respectively [2] - The total trading volume in January 2026 reached approximately 34.7 trillion shares, marking the second highest monthly trading volume, and the total trading value exceeded 60 trillion yuan, setting a new historical record [2] Group 3 - Market outlook from major brokerage firms is generally optimistic, with many analysts believing that the market is in the second phase of a bull market driven by continuous inflow of new capital [4] - Analysts from Industrial Securities emphasize that the recent market rally is supported by favorable domestic fundamentals, policy initiatives, and ample liquidity, which are expected to continue driving the market [4] - According to China Merchants Securities, while the market may experience fluctuations in February due to regulatory signals and ETF outflows, a better performance is anticipated post-Spring Festival, especially with the upcoming Two Sessions [5]

EFR 证券■ 时玩人行业 看好 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 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 金黎丹 A0230525060004 jinld@swsresearch.com 联系人 金黎丹 A0230525060004 jinld@swsresearch.com 行业点评 表 2: 重要上市券商估值表一览 (2026 年 2 月 3 日) 申万宏源研究微信服务号 华泰及广发 H 股再融资 加得国际业务 券商板块跟踪 请务必仔细阅读正文之后的各项信息披露与声明 2026 年 02 月 03 日 华泰证券：2026/2/3，华泰证券公告根据一般性授权发行 2027 年到期的 H 股零息转债 100 亿港 0 元。募资净额：拟 99.25 亿港元。初始转股价: 每 H 股 19.70 港元 (可予调整)，较收盘价溢价 率 6.78%。若以初始转股价计，转股约 5.08 亿股，占已发行 H 股的 29.53%，已发行总股本的 5.62%。摊薄影响：BPS 从 9M25 的 ...

Core Viewpoint - The National Cybersecurity Incident Response Center has identified 72 mobile applications that illegally collect and use personal information between December 26, 2025, and January 20, 2026 [1] Group 1: Financial Apps Involved - Several financial apps are among the 72 identified, including Zhongshan Securities, Dazhihui, Guotai Junan Futures, and Wenkang Futures [2][3] - Dazhihui has the highest number of violations, totaling six specific issues related to user consent and privacy policy transparency [4] Group 2: Specific Violations of Dazhihui - The app failed to clearly prompt users to read the privacy policy upon first use and used default consent mechanisms [4] - The privacy policy did not adequately detail the purposes, methods, and scope of personal information collection [4] - Dazhihui did not inform users about third parties receiving their personal information without explicit consent [4] - The app lacked effective features for users to correct, delete personal information, or cancel their accounts [5] - There was no easy way for users to withdraw consent for personal information collection [5] - The app did not have specific rules for handling personal information of minors and did not obtain parental consent [5] Group 3: Regulatory Attention on Financial Apps - Financial apps, particularly brokerage apps, have been under increasing regulatory scrutiny, with multiple apps being named for violations in 2025 [6] - The Shanghai Communications Administration reported several brokerage apps, including Shenwan Hongyuan and Dongfang Securities, for similar issues [6] - Legal experts emphasize the need for enhanced user identity verification and transaction monitoring to protect user rights in financial apps [6]

行 业 及 产 业 非银金融/ 证券Ⅱ 行 业 研 究 / 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 证 券 研 究 报 告 证券分析师 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 03 日 华泰及广发 H 股再融资落地，持续 加码国际业务 看好 ——券商板块跟踪 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 行 业 点 评 ⚫ 华泰证券：2026/2/3，华泰证券公告根据一般性授权发行 2027 年到期的 H 股零息转债 100 亿港 元。募资净额：拟 99.25 亿港元。初始转股价：每 H 股 19.70 港元（可予调整），较收盘价溢价 率 6.78%。若以初始转股价计，转股约 5.08 ...

当地时间1月30日，美国总统特朗普宣布提名横跨政、商、学三界的"三栖精英"凯文・沃什（Kevin Warsh）出任美联储新主席。 这一"超预期"的决定，引爆全球金融市场。 COMEX黄金单日暴跌8.35%，创近40年来最大跌幅，短短数日跌去上千美元；美元指数则强势拉升超1%。 这位坚定的量化宽松（QE）批评者，是如何打动了要求美联储加大"印钞"力度的特朗普？ 这位被特朗普盛赞"可能是最好的"候选人，如何让自己"降息+缩表"这一自相矛盾的政策主张自圆其说？ 认为人工智能（AI）是抵抗通胀武器的他，是否会兑现降息承诺？ 美联储若不再做美债"大买家"，全球流动性将迎怎样的重构？ 特朗普"意外提名"引爆全球 美联储新掌门是谁？ 凯文•沃什获得提名，被市场普遍视为"超预期"，因为在此之前的热门人选是纯粹的"鸽派"人物，他们的政策主张更侧重于激进降息，以迎合特朗普的政 治诉求。 沃什虽然也支持降息，但他更是一位坚定的"过度量化宽松（QE）批评者"，长期以来一直主张缩减美联储庞大的资产负债表。 | 政策维度 | 历史观点 | 近年观点 | | --- | --- | --- | | | (任职美联储理事时期 | (特朗普首 ...

Group 1 - In January 2026, A-shares saw a significant increase in new accounts, totaling 4.9158 million, which is an 89% month-on-month increase from December 2025 and a 213% year-on-year increase from January 2025 [1][2] - The majority of new accounts were from individual investors, accounting for 4.9053 million, while institutional investors opened 10,554 accounts [2] - The new account figures for January 2026 surpassed all monthly totals from 2025, indicating a strong market sentiment and a rapid increase in market activity at the beginning of the year [2] Group 2 - Market analysts are generally optimistic about the future market trends, with many brokerage firms predicting that the market is in the second phase of a bull market driven by continuous inflow of new capital [3] - Key drivers for the A-share market include favorable domestic fundamentals, supportive policies, and ample liquidity, which are expected to sustain the spring market rally [3] - Analysts suggest focusing on sectors with limited downside and significant upside potential, particularly in brokerage stocks and banks that are performing well [4]

单月新增近500万户，该数据轻松超越了2025年所有月份的水平。2025年全年A股新开户总数为2743.69万户，从单月来看，2025年3月新增开户最高达到 306.55万户。同时也超过了2024年绝大多数月份，仅次于2024年10月新开户数684.68万户。 【导读】A股开年首月新开户数达491.58万户 2026年首月A股新开户数据来了！ 2月3日，上交所官网发布的数据显示，2026年1月A股新开户491.58万户，环比去年12月的259.67万户增长89%，同比2025年1月的157.0万户增长213%。 单月新增近500万户 上交所官网发布的新开户数据显示，2026年1月A股新开户491.58万户，其中，个人投资者开户490.53万户，机构投资者开户1.0554万户。 机构后市研判普遍乐观 展望后市，主流卖方机构对后续市场走势普遍持乐观预期。多家券商研判认为，市场正处于牛市第二阶段，增量资金的持续流入是关键驱动力量。 兴业证券认为，对于A股而言，前期上涨虽然受益于全球流动性宽松的β，但核心驱动仍在于国内向好的基本面、政策"开门红"与充裕的流动性带来的α。 往后看，这些支撑春季行情的核心逻辑并未发生任何 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The public - offering funds are important participants in the treasury bond futures market. In Q4 2025, the number of public - offering funds participating in treasury bond futures decreased marginally, but the participation degree was still at a historical high. Treasury bond futures played a role in managing interest - rate risks, stabilizing net - value fluctuations, and flexibly adjusting duration for public - offering products [6]. 3. Summary According to Relevant Catalogs 3.1 Public - Offering Fund Investment Scope Covering Treasury Bond Futures - As of January 25, 2026, 917 medium - and long - term pure - bond funds, about 43% of the total, had treasury bond futures in their investment scope; 251 short - term pure - bond funds, about 68% of the total, also included it. Additionally, 226 first - tier bond funds, 515 second - tier bond funds, and 594 partial - debt hybrid funds had treasury bond futures in their investment scope [11]. - Since 2021, the proportion of newly established medium - and long - term pure - bond funds and short - term pure - bond funds with treasury bond futures in their investment scope has been increasing [12]. - As of February 1, 2026, 40 out of 53 bond ETFs had treasury bond futures in their investment scope, and all newly listed bond ETFs in 2025 covered treasury bond futures [22]. 3.2 Q4 2025: Marginal Decrease in the Number of Public - Offering Funds Participating in the Treasury Bond Futures Market - In Q4 2025, 362 public - offering funds (incomplete statistics) participated in the treasury bond futures market, 51 fewer than in Q3 2025, possibly due to the decreasing duration of public - offering bond funds after September 2025, reducing the need for hedging with treasury bond futures [28]. - Among them, there were 118 medium - and long - term pure - bond funds (15 fewer than Q3), 49 short - term pure - bond funds (15 fewer), 45 partial - debt hybrid funds (8 fewer), 58 first - tier hybrid bond funds (9 fewer), 83 second - tier hybrid bond funds (2 more), 6 flexible - allocation funds (4 fewer), and 3 index bond funds (the same as Q3) [28]. 3.3 Improvement of Maximum Drawdown and Annualized Volatility Indicators for Products Participating in Treasury Bond Futures - In Q4 2025, more than half of the public - offering products participating in treasury bond futures had better maximum drawdown and annualized volatility indicators than the industry average, indicating that treasury bond futures played a role in managing interest - rate risks and promoting net - value stability. This conclusion also holds for pure - bond products [34]. - In the long run, participating in treasury bond futures can still improve the maximum drawdown and annualized volatility of products, and the effect on improving annualized volatility is more stable [36]. 3.4 Sample Analysis of Public - Offering Funds Holding Treasury Bond Futures at the End of the Quarter - At the end of Q4 2025, there were 113 public - offering funds disclosing treasury bond futures positions (28 fewer than the end of Q3). Among them, 39 funds bought treasury bond futures (22 fewer), 55 sold (7 fewer), and 15 had cross - variety transactions (2 more). The proportion of public - offering funds holding long positions in treasury bond futures decreased [45]. - For public - offering products, treasury bond futures can flexibly adjust duration, mainly to reduce it. As of the end of 2025, for products with a scale of ≥ 500 million yuan, the proportion of the contract value of treasury bond futures held by public - offering funds to the total value of bonds held by the funds was between - 20% and 8.1%, with a median of about - 0.5%; the impact on portfolio duration was between - 3.4 and + 1.01, with a median of about - 0.07 [51]. - For medium - and long - term pure - bond funds at the end of Q4 2025, the number of bought treasury bond futures contracts increased slightly compared to the end of Q3, and the number of sold contracts decreased significantly [52]. - For short - term pure - bond funds at the end of Q4 2025, the number of bought treasury bond futures contracts decreased significantly compared to the end of Q3, and the number of sold contracts increased significantly. For products with a scale of ≥ 500 million yuan, the proportion of the contract value of treasury bond futures held by public - offering funds to the total value of bonds held by the funds was between - 4.8% and 1.8%, with a median of about - 0.8%; the impact on portfolio duration was between - 0.51 and + 0.08, with a median of about - 0.06 [60].

Investment Rating - The report maintains an "Overweight" rating for the non-bank financial industry [1] Core Insights - The equity market is expected to perform well, with a projected net profit growth of 50% year-on-year for 2025, and a 16% growth in 2026 from a high base [1][30] - The average daily trading volume of stock funds is anticipated to reach 19.814 trillion yuan in 2025, representing a 67% year-on-year increase [1][9] - The report highlights a significant recovery in IPO and refinancing activities, with IPO fundraising expected to grow by 96% in 2025 [1][14] - The bond issuance scale is expected to increase steadily, with a 13% year-on-year growth in 2025 [1][19] - The report emphasizes the low valuation of brokerage stocks and the potential for valuation recovery, particularly for large brokerages [1][24] Summary by Sections 1. Equity Market Performance - The average daily trading volume of stock funds is projected at 19.814 trillion yuan, a 67% increase year-on-year [1][9] - The number of new accounts opened in the Shanghai market is expected to average 2.5 million per month, an 8% increase from 2024 [1][9] - The financing balance is projected to reach 2.5242 trillion yuan, a 36% increase year-on-year [1][12] - The IPO market is expected to see 116 IPOs raising 131.8 billion yuan, a 96% increase year-on-year [1][14] - The refinancing market is expected to recover significantly, with a total of 950.9 billion yuan raised, a 326% increase [1][18] 2. Profit Forecast for 2025 - The report forecasts a 50% year-on-year increase in net profit for listed brokerages in 2025, with a 16% increase in Q4 [1][30] - The total revenue for the industry is expected to grow by 21% year-on-year [1][30] 3. 2026 Outlook - The report anticipates a 16% year-on-year increase in net profit for the industry in 2026, based on high baseline assumptions [1][37] - The growth in brokerage income from various segments is expected, including a 25% increase in brokerage business revenue [1][37] 4. Valuation and Recommendations - The report notes that the current valuation of brokerages is relatively low, with the CITIC Securities II index at 1.43x PB, indicating potential for valuation recovery [1][24] - Key recommendations include major brokerages such as CITIC Securities, Huatai Securities, and Guotai Junan [1][24]