每经记者｜王帆 每经编辑｜金冥羽 张明双 宋思艰 标题点睛 2月8日，有网友反馈，千问App再次出现宕机，"发放奶茶免单卡"活动无法下单。千问官微发文回应称，"球球（求求）大家放过，知道很多朋友急着参 与免单活动，但热度太高有点堵……免单卡有效期至2月28日，大家慢慢来，保证一定能用掉"。 北京时间2月8日，马斯克发帖表示，是时候大规模重返月球了。此外，有消息称SpaceX正在奥斯汀和西雅图招聘工程师，以开发人工智能卫星和太空数 据中心。马斯克转发相关帖子并回复称：是真的。 据日本广播协会报道，在8日举行的日本众议院选举中，由自民党和日本维新会组成的执政联盟获得过半数议席。 在2月8日举行的第35届国际乒联-亚乒联盟亚洲杯女单决赛中，孙颖莎以4比3战胜王曼昱夺得冠军，王曼昱获得亚军。 在2月8日进行的第35届国际乒联-亚乒联盟亚洲杯男单决赛中，王楚钦战胜日本选手张本智和，夺得冠军。这也是王楚钦继2025年后，再夺亚洲杯男单冠 军。 李亚鹏在2月7日的直播中首次公开回应，证实董宇辉在嫣然天使儿童医院陷入关停危机后，第一时间通过中间人捐赠了大额款项。他特别强调两人此前素 不相识，并透露捐款金额"不是小钱，不是10 ...

北京商报讯(记者刘宇阳实习生姚榕琰)2月8日，国联民生（601456）证券发布公告称，公司董事会同意民生证券增资事项，向民生证券增资金额2亿元，增 资后公司对民生证券持股比例不变。增资资金来源于国联民生证券向特定对象发行股票募集的配套资金，将用于民生证券财富管理业务发展和信息技术投 入。 ...

国联民生(601456.SH)公告称，公司拟向民生 证券增资2亿元，增资后持股比例不变。 ...

Core Viewpoint - The securities industry in China is experiencing a decline in workforce numbers, while Guojin Securities is expanding its personnel and shifting its focus towards professional services rather than traditional brokerage [1][2][3][10]. Industry Overview - The number of employees in the securities industry has decreased for three consecutive years, from 356,100 at the end of 2022 to 327,800 by the end of 2025, with nearly 30,000 professionals leaving the industry [1][11]. - The number of personnel in "general securities business" has dropped by over 20,000 in the last two years, and the number of securities brokers has decreased by more than 60,000 over the past eight years [1][11]. Guojin Securities Personnel Changes - Guojin Securities has shown a counter-cyclical growth, increasing its total number of employees from 4,809 in 2024 to 5,240 by the end of 2025, a net increase of 431 employees, representing an 8.22% growth [2][12]. - The number of personnel in general securities business increased by 239, while the investment advisor team grew from 921 to 1,082, marking a 17.5% increase. The analyst team expanded from 122 to 165, a growth of 35.2% [3][13]. Structural Optimization - The number of traditional securities brokers at Guojin Securities decreased from 74 to 56, reflecting a broader industry trend of "de-channelization" and a reduction in traditional brokerage services [3][13]. - The strategic shift is evident as resources are redirected towards wealth management and research, indicating a clear human resource strategy of reducing reliance on traditional brokerage [3][13]. Analyst Team Developments - In 2025, Guojin Securities' analyst team grew from 122 to 165, forming over 30 research teams covering various sectors, including macroeconomics, strategies, and specific industries like automotive and technology [4][14]. - A total of 64 new analysts were registered in 2025, with 22 coming from internal transitions and 42 from other institutions, indicating a high turnover rate with over 20 analysts leaving [4][14]. Financial Performance Challenges - Despite personnel growth, Guojin Securities faced challenges with declining commission income, with a drop of 25.03% in 2024 and 16.44% in the first half of 2025, leading to significant losses in investment banking operations [7][17]. - The investment banking revenue for the first half of 2025 was 377 million yuan, down 17.94% year-on-year, with a loss of approximately 98.07 million yuan, making it one of the worst-performing firms in this sector [8][18]. Business Segment Performance - Wealth management business generated 1.83 billion yuan in revenue, with a gross margin of 51.04%, reflecting a 38.37% increase year-on-year [19]. - The investment banking segment reported a revenue of 377 million yuan, with a gross margin of -26.01%, indicating a significant decline [19].

Group 1: Investor Relations Activities - The company conducted specific investor research activities, including on-site visits and online meetings, with participation from various financial institutions such as Minsheng Securities and Huatai Asset [2] - The meetings took place between January 6 and January 29, 2026, primarily in the company meeting room and via Tencent Meeting [2] Group 2: Financial Performance and Future Outlook - The company expects a revenue growth of no less than 20% year-on-year for 2025, driven by factors such as domestic sensor replacement demand and new project advancements [3] - Key growth drivers include enhanced R&D investment, product quality improvement, and market expansion in various sectors [3] Group 3: Product Development and Market Expansion - The company has developed a diverse product matrix, including temperature sensors and various pressure sensors, and aims to expand its market share in the automotive and industrial control sectors [3] - In the robotics sector, the company is enhancing its force sensor product offerings and has initiated testing with multiple domestic robotics firms [3] Group 4: Fundraising and Project Financing - The company plans to raise up to CNY 54.44 million through a private placement of A-shares, with funds allocated for pressure sensor expansion and MEMS sensor chip development [5] - The MEMS sensor chip project has a total investment of CNY 57.90 million, with CNY 56.40 million sourced from the raised funds, aiming to produce over 500,000 pressure sensor chip modules annually [6]

2026年01月31日 证券研究报告|行业研究|行业点评 非银金融 非银行业周报 (2026年第四期) 2025 券商业绩整体向好，关注券商估值修复 市场表现: 本期（2026.1.26-2026.1.30）非银(申万)指数+1.04%、行业排 7/31,券商Ⅱ指 数-0.69%,保险II指数+5.50%; 上证综指-0.44%，深证成指-1.62%，创业板指-0.09%。 个股涨跌幅排名前五位：中国人寿（+8.73%）、中国太保（+8.48%）、新华保险 (+8.40%）、华鑫股份（+4.53%）、中国平安（+4.46%）; 个股涨跌幅排名后五位: 拉卡拉（-9.93%）、越秀资本（-8.00%）、浙江东方（- 6.37%）、华金资本（-6.18%）、海南华铁（-6.14%）。 (注：去除 ST 及退市股票) 核心观点: 证券: 作者 相关研究报告 市场层面,本周,证券板块下跌 0.69%,跑输沪深 300 指数 0.77pct,跑输上证综 指数 0.25pct。当前券商板块 PB 估值为 1.36 倍。 本周,券商密集发布业绩快报及预增报告,截至１月 30日,已有中信证券为代表 的四家上市券商披露业绩快报 ...

Group 1 - The central bank's continuous liquidity injection through medium-term tools and stable short-term interest rates are leading to a focus on the funding dynamics around the Spring Festival [1] - Despite increased funding disturbances due to factors like credit "New Year opening" and seasonal cash withdrawal demands, the overall pressure on the funding environment remains controllable under the central bank's support [1][4] - Historical trends indicate that funding prices typically enter a seasonal tightening window in the two weeks before the Spring Festival, followed by marginal easing afterward [2] Group 2 - The seasonal factors affecting the funding environment include the "New Year opening" of bank liabilities and the impact of the "big tax period" in January, which may create liquidity shocks [3] - The central bank has significantly increased the net injection of medium-term liquidity, with a total of 1 trillion yuan injected through reverse repos and MLF in January, reflecting a continuation of a moderately loose monetary policy [4] - It is expected that the central bank will maintain a reasonable liquidity level, with anticipated liquidity injections before the Spring Festival ranging from 3 trillion to 3.5 trillion yuan to ensure stable funding across the holiday period [4]

截至2025年年底的数据显示，证券从业人员总数降至32.78万人，同比减少近8000人，而同期公募基金 规模攀升至37.71万亿元的新高位。在规模大涨的背景下，人员的跨界流动成为市场关注的焦点。 1月26日，原就职于招商证券的罗星辰加入南方基金，原就职于国联民生证券的陈阅川加入华安基金， 原就职于中信证券的张煜于同日加入华安基金； 1月23日，原就职于中金财富的王瞻入职易方达基金，原就职于首创证券的白宁同日入职鹏安基金； 1月15日，原就职于华泰证券的谭俊练入职明亚基金； 1月12日，原就职于光证资管的房俊加入国金基金； 1月8日，原就职于民生证券的张晓东、刘蔚也完成了职业转型，加入新华基金。 1月5日，原就职于国金证券的李涛加入平安基金。 《每日经济新闻》记者梳理发现，2026年伊始，券商行业人员向公募基金流动的案例越来越多，截至目 前已有10余人。其中既有来自中信、华泰、招商等头部机构的人员，也涉及上海证券、南京证券、东证 融汇等多家深耕资管业务的券商。 具体来看，上述人员跨界有两个明显的路径：一是流向母公司控股或参股的基金公司；二是随着券商资 管"参公"大集合产品公募化改造的收官，部分投资经理在产品管理 ...

第三，服务实体经济的成效，是评价券商业绩表现的重要标尺。 评价券商的业绩表现，利润数据固然是一个重要维度，但其服务实体经济的能力与成效同样是不可或缺的标尺。证券行业 作为资本市场核心中介，应当持续提升专业能力，积极服务国家战略，促进科技创新与资本深度融合。当前，券商正以功能性 建设为导向，聚焦主责主业做好金融"五篇大文章"，引导要素资源向科技创新、先进制造、绿色低碳、普惠民生等重点领域集 聚。以去年上半年为例，证券行业承销相关主题债券超7200亿元，有效促进了金融与实体经济的良性循环，在助推经济社会高 质量发展的过程中，也夯实了行业自身可持续发展的根基。 未来，证券行业的发展将更加聚焦于如何平衡"功能性"与"盈利性"，即如何在更高效地服务科技创新、产业升级、居民财 富增长等国家重大战略的过程中，锤炼并兑现自身的专业价值。这要求券商不仅要做好资本市场的"看门人"，更要成为实体经 济发展的"助推器"和社会财富的"守护者"。 2025年，我国宏观经济稳中向好，为资本市场发展创造了有利条件。国内资本市场向新向优发展，韧性与活力增强，投融 资改革释放机遇，为券商业务发展提供广阔空间。同时，市场交投活跃度提升，叠加股债利 ...

| | 1月以来券商债券获批情况- | | | | --- | --- | --- | --- | | 公告时间 | 公司简称 | 获批规模 | 债券类型 | | 1月7日 | 首创证券 | 50亿元 | 永续次级公司债 | | 1月12日 | 东方财富证券 | 200亿元 | 次级公司债 | | 1月12日 | 长江证券 | 10亿元 | 科创债 | | 1月13日 | 银河证券 | 300亿元 | 公司债 | | 1月13日 | 申万宏源证券 | 600亿元 | 公司债 | | 1月19日 | 广发证券 | 200亿元 | 永续次级公司债 | | 1月21日 | 银河证券 | 50亿元 | 科创债 | | 1月22日 | 广发证券 | 700亿元 | 公司债 | | 1月26日 | 东北证券 | 100亿元 | 公司债 | | 1月26日 | 西部证券 | 180亿元 | 公司债 | | 1月27日 | 国联民生证券 | 180亿元 | 公司债 | | 1月27日 | 民生证券 | 80亿元 | 公司债 | | 总计 | | 2650亿元 | 数据来源：公司公告 | 除上述案例外，1月26日，西部证券、东 ...