1. Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Views - The commodity market is showing positive trends, with the China Commodity Price Index rising for eight consecutive months, indicating improved market supply - demand and increased business confidence [3]. - In the metal market, precious metals and industrial metals are rising, and copper prices are hitting new highs due to supply shortages [5]. - The bond market has a complex situation. In the short - term, there may be trading opportunities due to policy changes, but in the medium - term, it is likely to be slightly weak [28][29][30]. - The stock market in Hong Kong has a mixed performance, with the Hang Seng Index slightly up and the Hang Seng China Enterprises Index down [34]. 3. Summary by Directory 3.1 Macro Data - GDP growth rate in Q3 2025 was 4.8%, slightly lower than the previous quarter's 5.2% [1]. - In December 2025, the manufacturing PMI was 50.1%, and the non - manufacturing PMI was 50.2% [1]. - In November 2025, social financing scale was 24888 billion yuan, and new RMB loans were 3900 billion yuan [1]. - In November 2025, CPI increased by 0.7% year - on - year, and PPI decreased by 2.2% year - on - year [1]. 3.2 Commodity Investment 3.2.1 Comprehensive - China will continue to cooperate with Venezuela in various fields, and the China - Venezuela cooperation is protected by international and bilateral laws [2]. - Nine departments in China issued a notice to promote green consumption, with 20 specific measures [2]. - The US ISM manufacturing index in December 2025 dropped slightly, and new orders and employment continued to decline [3]. 3.2.2 Metal - Precious metals and industrial metals rose on Monday, with silver up over 6% and copper prices hitting new highs [5]. - Copper prices exceeded $13,000 per ton due to a strike in a Chilean copper mine and supply shortages [5]. - Battery - grade lithium carbonate and lithium hydroxide prices hit new highs in over two years on January 5 [7]. 3.2.3 Coal, Coke, Steel and Minerals - The Dalian Commodity Exchange will launch coking coal options after the holiday [9]. 3.2.4 Energy and Chemicals - Trump said the US may subsidize oil companies to rebuild Venezuela's energy infrastructure [10]. - It is predicted that the average price of US crude oil in 2026 will be $58.15 per barrel, and Brent crude oil will be $61.27 per barrel [10]. 3.2.5 Agricultural Products - Malaysia's palm oil reserves in December 2025 increased by 5.3% month - on - month to 2.99 million tons [12]. - Indonesia exported 20.85 million tons of crude and refined palm oil from January to November [12]. - The egg industry has not entered the stage of accelerated capacity elimination [12]. 3.3 Financial News 3.3.1 Open Market - On January 5, the central bank conducted 13.5 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 468.8 billion yuan [13]. - In December 2025, the central bank net - injected 50 billion yuan through open - market treasury bond trading, 100 billion yuan through MLF, and 7.1 billion yuan through SLF [13][14]. 3.3.2 Key News - The CSRC held a symposium on the comprehensive prevention and control system of financial fraud in the capital market [15]. - The National Development and Reform Commission will support Yangtze River protection projects with over 100 billion yuan [16]. - In 2026, the issuance of local government bonds has started, and the issuance scale in the first quarter is expected to exceed 2 trillion yuan [18]. 3.3.3 Bond Market Review - The inter - bank bond market was weak, with most interest - rate bond yields rising and bond futures mostly falling [22]. - The exchange - traded bond market had mixed performances, with some bonds falling and some rising [22]. - The convertible bond index rose, and some convertible bonds had significant price changes [23]. 3.3.4 Foreign Exchange Market - The on - shore RMB against the US dollar rose 84 basis points to 6.9806 at 16:30 [27]. - The US dollar index fell 0.14% to 98.32, and most non - US currencies rose [27]. 3.3.5 Research Report Highlights - CITIC Securities believes that the final draft of the fund sales new rules may be a case of "bad news is good news" for the bond market [28]. - Xingzheng Fixed - Income suggests that the risk - parity strategy can achieve risk dispersion [29]. - Huatai Fixed - Income thinks the bond market is facing both positive and negative factors in 2026 [29]. 3.4 Stock Market - The Hong Kong Hang Seng Index rose 0.03% to 26347.24 points, and the Hang Seng Technology Index rose 0.09%, while the Hang Seng China Enterprises Index fell 0.22% [34]. - Southbound funds had a net purchase of 18.723 billion Hong Kong dollars, with Kuaishou and Xiaomi Group being the top net - bought stocks [34].

Core Insights - The ETF market is experiencing significant growth, with total assets expected to reach 6.02 trillion yuan by the end of 2025, an increase of 2.29 trillion yuan from the end of 2024 [2] - The competition among fund companies is intensifying, focusing on scale, innovation, and ecosystem development as the ETF market matures [1][2] Growth and Market Dynamics - As of December 2025, there are 128 ETFs with assets exceeding 100 billion yuan, up from 66 at the end of 2024, with 17 surpassing 500 billion yuan [2] - The rapid growth of ETFs is closely linked to policy support, including the China Securities Regulatory Commission's initiatives to enhance the index fund product system and reduce investment costs [2][3] Trading Activity and New Products - The trading volume of stock ETFs reached a new high on January 5, 2026, with a total transaction amount of 186.11 billion yuan, indicating strong market activity [4] - There are currently 11 ETFs in the issuance process and 7 more set to launch, focusing on niche industry themes such as battery, photovoltaic, and food ETFs [4] Competitive Landscape - The ETF market is characterized by a "head concentration" effect, with major players like Huatai-PB, E Fund, and China Asset Management leading the market [7] - New entrants are increasingly attracted to the ETF space, with several fund companies, including Chuangjin Hexin and Xinyuan, making their first forays into ETF products [7] Future Outlook - Analysts predict that the demand for stable and transparent returns will drive ETFs to evolve from trading tools to fundamental investment vehicles, especially in a low-interest-rate environment [8] - Innovations in ETF product types, such as equity-bond constant ETFs and strategy ETFs, are expected to attract more long-term capital [8]

Summary of Conference Call Records Industry Overview - **Insurance Industry**: The insurance sector is expected to continue its recovery in 2026, with concerns over interest margin losses easing. Regulatory adjustments have lowered the preset interest rates, and the return on universal insurance products has decreased. Investment returns for insurance stocks are projected to exceed 5%, surpassing the intrinsic value assumptions, indicating a turning point for interest margin losses [1][4]. - **Brokerage Sector**: The brokerage industry is anticipated to benefit from the migration of household deposits, increased market activity, and relaxed regulatory policies. It is expected that the return on equity (ROE) for brokerages will enter an upward cycle from 2025 to 2026, driven by wealth management, investment banking, and international derivatives [1][10]. Key Insights and Arguments - **Investment in A-shares**: Insurance companies are expected to allocate 30% of new premiums to the A-share market annually, resulting in an influx of approximately 300-400 billion yuan, which will support capital market growth and enhance investment returns [1][4]. - **Property Insurance**: The top three property insurance companies maintain a stable market share, with auto insurance being a core growth area. The penetration rate of new energy vehicles is expected to drive an increase in average premiums. China Pacific Insurance anticipates a growth rate of over 4% in auto insurance business, aligning with GDP growth [1][5]. - **Non-auto Insurance Growth**: The non-auto insurance sector is benefiting from increased health insurance coverage, with premium growth expected to approach 10% in 2026 as certain low-base businesses recover. The comprehensive cost ratio for leading insurance companies is projected to stabilize around 97% [1][7]. - **Brokerage Performance Drivers**: Key performance drivers for brokerages include robust growth in wealth management, a recovering investment banking sector, and active proprietary trading. The anticipated improvement in ROE for brokerages could reach 9% under neutral conditions and exceed 10% in optimistic scenarios by 2027 [2][14]. Additional Important Points - **Market Dynamics**: The trend of household deposits moving away from traditional savings products is creating a competitive advantage for participating insurance products, which offer higher returns compared to fixed deposits [1][4]. - **Valuation Recovery**: The insurance sector's valuation is expected to recover significantly, with a potential P/EV (price-to-embedded value) ratio reaching 1.0 in the medium term. The average insurance stock in A-shares has about 40% room for recovery based on 2026 dynamic PEV estimates [8]. - **Recommended Companies**: Key insurance companies to watch include China Ping An, New China Life, China Taiping, China Life, and China Pacific Insurance, with China Ping An being highlighted for its diversified business model and high dividend characteristics [9]. - **Banking Sector Changes**: The banking sector is expected to undergo significant changes driven by policy adjustments, improved fundamentals, and favorable funding conditions, which will support valuation recovery [16]. - **Investment Recommendations**: In the current market environment, it is advisable to focus on stable high-dividend stocks and quality core assets, including major state-owned banks and leading commercial banks [17].

Core Viewpoint - The bond market is currently experiencing weakness, with yields rising and limited positive factors supporting the market [1] Market Performance - The majority of government bond futures closed lower, with the 30-year main contract down 0.05% at 111.32, while the 10-year main contract rose 0.03% to 107.855 [2] - The interbank major interest rate bond yields mostly increased, with the 10-year policy bank bond yield rising by 1.9 basis points to 1.9490% and the 30-year government bond yield increasing by 3.05 basis points to 2.282% [2] Primary Market - The China Development Bank's 181-day and 3-year financial bonds had winning yields of 1.5239% and 1.68%, respectively, with bid-to-cover ratios of 3.28 and 3.62 [3] - Agricultural Development Bank's financial bonds for 1.0356 years, 3 years, and 10 years had winning yields of 1.50%, 1.6468%, and 1.9846%, with bid-to-cover ratios of 3.19, 3.09, and 3.81 [3] Funding Conditions - The central bank conducted a 135 billion yuan 7-day reverse repo operation at a rate of 1.40%, with a net withdrawal of 4688 billion yuan for the day [4] - Short-term Shibor rates mostly declined, with the overnight rate rising by 0.6 basis points to 1.264% [4] Institutional Views - CITIC Securities suggests that the new fund sales regulations may have exhausted their negative impact on the bond market, but significant changes in supply and demand dynamics are needed for a trend reversal [5] - Guotai Junan believes that the bond market may face pressure from supply in January, but there could be a smoother recovery after late January [6]

2026年1月5日，中科江南披露接待调研公告，公司于1月4日接待淡水泉、东方证券、华泰证券、中金公 司、华创证券、国泰海通等26家机构调研。 调研情况显示，近期中国人民银行出台《关于进一步加强数字人民币管理服务体系和相关金融基础设施 建设的行动方案》，其明确的"账户体系＋币串＋智能合约"数字化方案大幅提升了数字人民币在广域政 府资金使用场景的应用空间，为财政、行政、社保、医保等政府性资金管理领域的资金流转、使用和监 管指明发展方向。以财政资金为代表的政府性资金在公用事业、医保社保等闭环领域具备低成本、高效 能运用前景，中科江南自2022年起与多家银行合作开展智能合约技术预研和场景测试，率先验证财政资 金全流程闭环管理模式，已在江苏、山东、河北等地财政场景成功试点落地。 中科江南在分布式账本和区块链领域拥有成熟技术储备与实践经验，其打造的"电子凭证库"可保证智能 合约规则在财政、行政事业单位与银行间精准落地，解决单据电子化及信息流、资金流、凭证流四流合 一问题，叠加数字人民币智能合约能力能实现全流程可追溯和穿透式监管，提升财政资金管理效率和安 全性。例如在惠农补贴场景中，结合伞列钱包体系与电子凭证库优势解决传统 ...

金鸿顺(603922)今日下跌9.97%，全天换手率7.12%，成交额2.42亿元，振幅9.42%。龙虎榜数据显示， 营业部席位合计净卖出1430.21万元。 上交所公开信息显示，当日该股因日跌幅偏离值达-11.35%上榜，营业部席位合计净卖出1430.21万元。 2025年10月31日公司发布的三季报数据显示，前三季度公司共实现营业收入4.71亿元，同比下降 26.34%，实现净利润1570.79万元，同比增长200.89%。（数据宝） 金鸿顺1月5日交易公开信息 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交9154.14万元，其中，买入成交额为 3861.96万元，卖出成交额为5292.18万元，合计净卖出1430.21万元。 具体来看，今日上榜营业部中，第一大买入营业部为国泰海通证券股份有限公司北京知春路证券营业 部，买入金额为959.28万元，第一大卖出营业部为中信证券(山东)有限责任公司济南经七路证券营业 部，卖出金额为1539.22万元。 资金流向方面，今日该股主力资金净流出1427.60万元，其中，特大单净流出304.52万元，大单资金净流 出1123.08万元。近5日主力资金净流出 ...

在券商投行的项目储备竞争中，头部效应持续加强。根据统计，2025年共有41家券商有IPO项目获得受理，排名前五的券商受理数量总和占比超过45%。其 中国泰海通以36.5家的保荐项目数量位列第一，中信证券以35.5家紧随其后。中信建投、中金公司和华泰联合分别位列第三至第五位。 市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 资本市场包容性的提升在2025年受理企业中有所体现，未盈利企业的申报数量增加。根据统计，科创板共受理了18家未盈利企业，其中包括2025年12月30日 获得受理的国产存储巨头长鑫科技，该公司2024年归母净利润为-71.45亿元。与此同时，主板的"大盘蓝筹"特征依然明显，深市主板受理企业2024年扣非净 利润平均值达到11.41亿元。 2025年全年，沪深北三地交易所合计新增受理了300家企业的首次公开募股（IPO）申请。这一数据较2024年全年77家的受理量增长近三倍。不过，该规模 尚未达到2023年受理总量（696家）的一半。 从板块分布来看，北京证券交易所（北交所）仍是拟上市企业最为集中的选择。2025年，北交所新受理企业数量为17 ...

IPO受理年度盘点。 随着2025年落下帷幕，IPO受理全景浮出水面。2025年是资本市场深化改革的关键年，为提升制度的包容性和 适应性，监管以深化科创板、创业板改革为抓手，推动科技创新和产业创新融合发展迈上新台阶。在此背景 下，2025年IPO受理颇具看点。 根据券商中国记者统计，2025年全年沪深北三地交易所共新增受理300家IPO企业，其中"硬科技"企业陆续亮 相，比如摩尔线程、沐曦股份。就在2025年12月底蓝箭航天获得受理，成为商业火箭IPO受理第一股；存储领 域独角兽企业——长鑫存储也进入受理队列。 不过，北交所仍然是IPO企业的重要选择，该板块受理数量占比近六成，体现出其对中小企业的持续吸引力。 项目储备往往体现券商投行的潜在竞争力，根据券商中国记者统计，头部效应进一步加剧，排名前5家券商的 受理数量总和占比超过45%。其中，国泰海通位居首位，中信证券紧跟其后。 受理回暖结构分化 主板的受理家数相对较少，沪市和深市分别受理18家、14家。值得注意的是，2025年主板受理了多家来自"大 消费"行业的企业，比如食用盐领域的中盐股份、乳制品和含乳饮料的百菲乳业、旅游演艺行业的陕西旅游。 据悉，在202 ...

Core Viewpoint - Nanhua Futures (603093) shares have risen over 4%, currently trading at HKD 10.58 with a transaction volume of HKD 26.6181 million, following the announcement of its inclusion in the Hong Kong Stock Connect on January 19, 2024, without the need for a waiting period after the price stabilization period ends [1] Group 1: Company Performance - Nanhua Futures' overseas business is identified as its core competitive advantage, with projected overseas financial business revenue reaching RMB 654 million in 2024, representing a year-on-year growth of 15.3% [1] - The overseas financial business is expected to account for 48.3% of total revenue, significantly higher than its peers [1] Group 2: Market Position - Nanhua Futures, along with its subsidiary Honghua International, holds derivative trading and clearing licenses in major markets including Hong Kong, the United States, the United Kingdom, and Singapore, achieving full coverage of major global futures trading hours [1]

Core Viewpoint - The Shanghai and Shenzhen stock markets experienced a collective rise, with the Shanghai Composite Index returning to 4000 points after 34 trading days, indicating a positive shift in market sentiment towards the securities industry [1] Group 1: Market Performance - As of 10:30 AM, the broker ETF (159842) increased by 1.39%, with notable gains in individual stocks such as Huayin Securities rising over 4%, GF Securities over 3%, and Huatai Securities over 2% [1] - Major brokerages like China Galaxy, Orient Securities, and others also saw increases exceeding 1% [1] Group 2: Industry Outlook - Open Source Securities' report highlights that regulatory policies are entering a "positive" cycle, suggesting that investment banking, public funds, and overseas business will likely support the profitability of the securities industry through 2026 [1] - The current valuation and institutional holdings in the brokerage sector remain low, with the sector experiencing overall stagnation over the past year, presenting a favorable opportunity for investment at the beginning of the year [1] Group 3: Investment Recommendations - Guotai Junan Securities recommends focusing on undervalued brokerages that may experience a rebound during the spring market rally, particularly those with significant discrepancies between valuation and performance [1] - The broker ETF (159842) closely tracks the CSI All Share Securities Company Index, with its top ten holdings including leading brokerages such as CITIC Securities and Orient Securities [1] Group 4: Cost Efficiency - The current management fee rate for the broker ETF is only 0.15%, and the custody fee is 0.05%, making it one of the lowest fee ETFs tracking the CSI All Share Securities Company Index, effectively reducing the holding costs for investors [1]