（来源：合富永道） 在2016年1月23日济安金信及华泰证券在北京共同举办的中国资管群星汇颁奖典礼暨私募基金高质量发展论坛上，2025年度理财公司、商业银行、养老金 产品及管理人"群星汇"多项大奖榜单隆重发布。本次颁奖盛典在予以表彰优秀资管管理人的同时，全新增设私募基金评选赛道。出席本次盛典的有100多 家银行理财、商业银行、养老金管理人等资管机构，100多家私募基金，10多家证券公司高管和10多家主流媒体领袖。本次论坛最精彩的环节之一是2026 资产配置畅谈圆桌论坛环节， 华泰证券研究所所长张继强作为主持嘉宾，华夏理财副总裁贾志敏、宁银理财副总经理王俊、青银理财总裁助理姚庆、宁 波鄞州农商行副行长沈华、平安养老受托资管部总经理罗庆忠进行了精彩对话。 嘉宾： 华泰证券研究所所长 张继强 华夏理财副总裁 贾志敏 宁银理财副总经理 王俊 青银理财总裁助理 姚庆 宁波鄞州农商行副行长 沈华 平安养老受托资管部总经理 罗庆忠 现在来看，第一是我们已经看到了强有力的汇金公司为主的平准基金，不仅可以很强有力托住市场的底部。其实它的存在，本身是在降低A股的波动率。 如果说A股的波动率出现明显的降低之后，本身就是很重要的吸引 ...

1月收官日（1月30日）有色金属出现罕见的跌停潮，板块热门ETF——有色ETF华宝（159876）全天深 陷水面以下，场内价格最低下探9.98%，最终收跌9.61%，然而资金却逆市增仓，呈现"越跌越买"的态 势，该ETF全天获资金净申购1.56亿份。 成份股方面，59只个股尽墨，山东黄金、中国铝业等20股跌停，而湖南黄金逆市5连板，获主力资金净 流入68.93亿元，霸居A股吸金榜榜首。 有色金属板块今日为何暴跌？ ①外因方面，美联储或迎"趋鹰派"主席。今晚特朗普预计宣布新任美联储主席，市场预计凯文·沃什当 选后，流动性盛宴将结束，在消息公布前抛售锁定利润；②内因方面，监管降温。交易所集体上调黄 金、白银、锡等品种的保证金比例和涨跌停板幅度，迫使高杠杆的投机资金必须在节前/周末前被动平 仓；③产业层面，春节前补库落空，澳洲南美锂矿发货量激增，碳酸锂价格今日跌停。 资金为何逆行加仓，越跌越买？ ①外因方面，凯文•沃什得到特朗普明确支持，特朗普认为其更适合推动美联储改革与降息，其上任后 激进加息的概率不大；②推升有色金属价格中枢的因素，并未根本改变，如全球仍处于货币宽松周期， 产业升级浪潮下，AI、军工等新兴产业所 ...

行 业 及 产 业 非银金融 行 业 研 究 / 行 业 点 评 两端改善趋势——2026 年保险行业策略 报告》 2025/11/18 《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 孙冀齐 A0230523110001 sunjq@swsresearch.com 金黎丹 A0230525060004 jinld@swsresearch.com 联系人 罗钻辉 A0230523090004 luozh@swsresearch.com 2026 年 02 月 01 日 资金面因素逐步出清，看好非银板 块投资价值 看好 ——非银金融行业周报（2026/1/26-2026/1/30） 证 券 研 究 报 告 相关研究 《25 年业绩高增态势确立，融资保证金比 例旨在引导回归价值投资——券商板块跟 本期投资提示： 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 中庚基金 使用。1 踪》 2026/01/15 《高弹性标签助力板块"破圈"，看好资负 ...

证券代码：601688 证券简称：华泰证券 公告编号：临2026-014 华泰证券股份有限公司 关于高级管理人员任职的公告 特此公告。 华泰证券股份有限公司董事会 2026年2月2日 1 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 2026年1月23日，华泰证券股份有限公司（以下简称"公司"）第七届 董事会第一次会议审议通过了《关于聘任公司高级管理人员的议案》，聘 任王宇捷先生担任公司执行委员会委员，待其通过证券公司高级管理人员 水平评价测试后正式任职。 近日，王宇捷先生通过证券公司高级管理人员水平评价测试，正式任 职公司执行委员会委员。 ...

华泰证券研报认为，北京时间2026年1月31日中午，继去年10月后，美国政府再度关门，但与去年10月 不同的是，两党已经达成大部分妥协，只是由于众议院休会无法及时投票，从而导致出现短暂关门，最 早2月2日众议院通过拨款决议后政府有望重新开门。由于本次关门发生在周末，时间较短，只有部分机 构关门，预计对经济、市场、数据发布都不会产生影响；但反复的政府关门凸显出美国国内分裂与政治 极化，中长期看可能加速去美元化进程。 ...

Core Viewpoint - The 2025 fiscal revenue and expenditure report indicates a decline in general public budget revenue by 1.7% year-on-year, while expenditure shows a modest increase of 1%, reflecting a focus on social welfare and key sectors such as education and health [1][5]. Revenue Summary - In 2025, the total general public budget revenue reached 21,604.5 billion yuan, a decrease of 1.7% compared to the previous year [2]. - Tax revenue amounted to 17,636.3 billion yuan, showing a growth of 0.8%, while non-tax revenue fell by 11.3% to 3,968.2 billion yuan [2]. - Central government revenue decreased by 6.5% to 9,396.3 billion yuan, whereas local government revenue increased by 2.4% to 12,208.2 billion yuan [2]. - Key tax categories showed resilience, with domestic value-added tax growing by 3.4%, corporate income tax by 1%, and personal income tax by 11.5% [3]. Expenditure Summary - Total general public budget expenditure for 2025 was 28,739.5 billion yuan, reflecting a 1% increase year-on-year [5]. - Central government expenditure rose by 5.7% to 43,034 billion yuan, while local government expenditure saw a slight increase of 0.2% to 244,361 billion yuan [5]. - Significant increases in spending were noted in social security and employment (6.7%), education (3.2%), and health (5.7%) [5][6]. - Approximately 100 billion yuan was allocated for childcare subsidies, marking a significant direct financial support initiative for families [6]. Future Outlook - The macroeconomic team at Huatai Securities anticipates a notable increase in fiscal reserves and deposits post-September 2025, which will support a strong start for 2026 [4].

贵金属市场出现史诗级下跌。截至31日收盘，现货黄金盘中一度跌破每盎司4700美元，收盘下跌了 9.6%，回到4860美元附近。现货白银价格盘中更是一度暴跌超过30%，收盘则回到每盎司85美元附近。 受到影响，国内金饰价格31日大幅下调，部分品牌金饰克价较前一日跌超100元。其中，周大福足金饰 品报1625元／克，较前一日跌60元，老庙黄金报1546元／克，较前一日跌144元。 从极速拉升到高位跳水 最近一周，国际黄金市场呈现剧烈波动。数据显示，1月26日早盘，现货黄金率先突破5000美元整数关 口，午后再度攀升至5100美元；1月28日黄金持续爆发，早盘突破5200美元，午后冲上5300美元，尾盘 则升至5400美元，单日连破三道关口；1月29日早盘涨势不减，突破5500美元并逼近5600美元这一重要 整数位，4天内完成6道整百关口的突破，创下全球黄金市场短期上涨新纪录。 不过，这一轮上涨势头在巅峰时刻戛然而止。1月29日当天，金价在创下历史新高后急转直下，现货黄 金价格从每盎司5530美元附近跌至每盎司5105.83美元，日内最大跌幅达5.7%，一度跌超400美元。1月 30日，金价呈现单边急速下行，盘中一 ...

Core Viewpoint - Over 50 trillion yuan of residents' fixed-term deposits are set to mature, raising questions about where this money will flow and what investment opportunities will arise for ordinary individuals. Historical data suggests that nearly 90% of these funds will return to the banking system, but declining deposit rates and various investment channels competing for these funds have increased uncertainty regarding their allocation, posing challenges for banks' liability management [2][11]. Group 1: Deposit Maturity and Market Impact - The estimated 50 trillion yuan in fixed-term deposits maturing is derived from research by Huatai Securities, which projects a growth of approximately 10 trillion yuan by 2025. This figure reflects a significant increase in household savings due to weak performance in stock and real estate markets, leading to a rise in precautionary savings [3][12]. - The People's Bank of China reported that in 2025, the total increase in RMB deposits was 26.41 trillion yuan, with household deposits rising by 14.64 trillion yuan, continuing the trend of high savings growth. The current deposit rates for major state-owned banks have decreased significantly, with one-year and two-year large-denomination certificates of deposit at 1.2% and three-year at 1.55%, indicating a notable drop from previous high-interest periods [3][12]. Group 2: Investment Channels Competing for Funds - Various capital market products are actively competing for the maturing funds, particularly in the fund market where FOF (fund of funds) has shown remarkable performance, with new issuance surpassing 10 billion yuan in January alone. This trend has led to a historical high in the total number of public FOF funds, reaching 545 with a combined scale of 244 billion yuan [4][13]. - Additionally, equity funds have emerged as a major attraction, with new public fund issuances totaling 71.94 billion yuan in January. The stock market is showing signs of recovery, and gold, as a traditional safe-haven asset, has seen rising international prices and increased domestic trading volumes, making it an important option for some residents' asset allocation [4][14]. Group 3: Banking Strategies to Retain Depositors - Banks are facing regulatory constraints that prevent them from using gifts to attract deposits, leading to a shift in strategy. Many banks have begun to withdraw long-term high-cost deposits and focus on optimizing their liability structures, indicating a preference for lower-cost deposits [5][15]. - To enhance competitiveness, banks are developing flexible, stable-return products and integrating offerings with insurance and fund institutions to create "deposit + wealth management" products tailored to customers' risk preferences [5][15]. - The internal assessment criteria of banks are shifting from a focus on deposit scale to quality, incorporating total customer assets into evaluations. This transition encourages bank staff to act as wealth advisors, providing comprehensive wealth management services [6][16]. Group 4: Customer Segmentation and Service Optimization - Banks are increasingly focusing on customer segmentation to improve service delivery, enhancing offline services for older customers while optimizing mobile banking apps for younger users to better meet their needs [7][17]. - The maturing fixed-term deposits present not only a chance for fund reallocation but also an opportunity for individuals to learn about sound financial management. For banks, the competition for these funds is not merely about attracting deposits but also about innovating and adapting to ensure sustainable growth and effectively support the real economy [7][17].

Core Insights - The evaluation results for the 2025 annual performance quality of securities companies were released by the Beijing Stock Exchange and the National Equities Exchange and Quotations, assessing 115 firms on their professional capabilities, compliance levels, and business operations [1] Group 1: Overall Industry Performance - The majority of securities companies scored above the baseline score of 100, indicating a positive accumulation in industry performance quality [1] - Guotai Junan ranked first with a total score of 145.04, followed by Huatai Securities (143.41), China Merchants Securities (140.49), Shenwan Hongyuan Securities (136.43), and CITIC Securities (135.49), showcasing strong performance in professional quality [1] Group 2: Distribution of Scores - The score distribution shows a "large middle, small ends" pattern, with a few top-tier firms leading the industry while the majority fall into the second and third tiers, indicating overall compliance and notable business highlights [1] - Some firms scored in the fourth tier due to low professional scores or high compliance deductions, suggesting a need for improvement in specific business areas or risk management capabilities [1] Group 3: Business Structure and Specialization - The evaluation system detailed scores for various sub-items within the Beijing Stock Exchange and National Equities Exchange, revealing differences in business structures among firms [2] - Certain firms, like Huatai Securities and Dongfang Securities, achieved high scores through deep engagement in Beijing Stock Exchange business, particularly in sponsorship and mergers and acquisitions [2] - Other firms, such as Kaiyuan Securities and Shenwan Hongyuan, excelled in the National Equities Exchange business, especially in recommending listings and ongoing supervision, demonstrating their service capabilities for new three-board enterprises [2] Group 4: Contribution of Brokerage and Research - Brokerage and research services, which connect investors with the market, contributed significantly to the professional quality scores of firms like Galaxy Securities and Guotai Junan [2]

Group 1 - The core viewpoint of the news is that China International Capital Corporation (CICC) is expected to return to the "net profit of 10 billion club" in 2025, with an estimated net profit of 8.542 billion to 10.535 billion yuan, representing a year-on-year growth of 50% to 85% [1] - CICC's core business segments, including investment banking, stock trading, and wealth management, have shown robust growth, significantly boosting the company's performance compared to the previous year [1] - The "net profit of 10 billion club" is likely to expand, with nearly 20 listed securities firms reporting their performance, including CITIC Securities, Guotai Junan, and招商证券, all expected to exceed 10 billion yuan in net profit [2] Group 2 - Investment banking is identified as the key driver of performance growth, supported by the new "National Nine Articles" and the capital market "1+N" policy framework, leading to structural growth opportunities in the A-share IPO market [3] - As of December 31, 2025, the number of new A-share listings reached 116, with total financing amounting to 131.8 billion yuan, where CICC's IPO financing amount was 17.348 billion yuan, contributing to 69% of the total financing [3] - CICC has played a leading role in significant IPO projects, including the successful listing of Huadian New Energy, which raised 18.171 billion yuan, marking the first large-scale IPO project since the full registration system was implemented [4] Group 3 - CICC's participation in the Hong Kong IPO market has also been notable, with 53 out of 117 IPOs completed since 2025, achieving a market coverage rate of 45% and a market share of 36% in underwriting [5] - The underwriting scale of CICC's projects exceeded 10 billion USD, with a market share close to 30%, nearly doubling from about 15% in 2019 [5] - The growth in investment banking activities is expected to further drive the growth of CICC's investment and wealth management businesses, with CICC Wealth reporting a revenue of 8.349 billion yuan and a net profit of 1.76 billion yuan in 2025, reflecting a year-on-year growth of 25.42% and 47.4% respectively [6]