Group 1 - The software development sector is showing strength, with the CSI Software Service Index rising by 1.03% as of January 6, 2026, and key stocks like Tonghuashun up by 7.70% and Guiding Compass up by 6.37% [1] - The Ministry of Industry and Information Technology reported that from January to November 2025, China's software and information technology service industry generated revenue of 139,777 billion yuan, a year-on-year increase of 13.3%, with total profits of 16,954 billion yuan, up 6.6% [1] - Software exports reached 568.9 million USD, marking an 8.1% year-on-year growth, maintaining positive growth for nine consecutive months [1] - The Ministry also released guidelines to accelerate the development of new internet exchange centers, focusing on deploying cutting-edge technologies such as AI, quantum communication, and privacy computing [1] - Huazhang Securities highlighted the strong growth potential of the computer and software development industry, supported by policy initiatives and advancements in key areas like AI and quantum technology [1] Group 2 - As of December 31, 2025, the top ten weighted stocks in the CSI Software Service Index include iFlytek, Kingsoft Office, and Tonghuashun, collectively accounting for 60.89% of the index [2] - The Software ETF (159852) tracks the CSI Software Service Index, providing a convenient tool for investing in the computer software industry [3] - Investors can also access AI software investment opportunities through the Software ETF linked fund (012620) [4]

Core Viewpoint - The financial technology sector is experiencing a significant upward trend, with the Shanghai Composite Index reaching a ten-year high, driven by strong performance in internet brokerage stocks and financial technology ETFs [1][3]. Group 1: Market Performance - On January 6, the Shanghai Composite Index surpassed 4050 points, marking a ten-year high, with the financial technology sector achieving an eight-day consecutive rise [1]. - Internet brokerage concepts saw substantial gains, with stocks like Tonghuashun rising over 8% and other companies like Zhinan Zhen and Wealth Trend increasing by more than 4% [1]. - The financial technology ETF (159851) also experienced a rise of over 2%, with trading volume exceeding 300 million yuan [1][2]. Group 2: Catalysts for Growth - A record high annual trading volume of 400 trillion yuan in A-shares for 2025 indicates a vibrant capital market, suggesting that internet brokerages will see performance releases in 2025 and the first half of 2026 [3]. - The integration of AI in financial IT is creating new growth opportunities, enhancing product value and customer loyalty through applications like smart investment advisory and big data risk control [3]. - The financial technology ETF (159851) and its associated funds are recommended for investment, as they cover a wide range of themes including internet brokerages, financial IT, cross-border payments, and AI applications [3].

Core Viewpoint - The financial technology sector is experiencing a significant upward trend, with the Shanghai Composite Index reaching a ten-year high and the sector showing strong performance driven by multiple positive factors [1][6]. Group 1: Market Performance - On January 6, the Shanghai Composite Index surpassed 4050 points, marking a ten-year high, with the financial technology sector achieving an eight-day consecutive rise [1][6]. - Internet brokerage concepts led the gains, with stocks like Tonghuashun rising over 8% and others like Zhina Compass and Wealth Trend increasing by more than 4% [1][6]. Group 2: Catalysts for Growth - The annual trading volume of A-shares has reached a historical high, exceeding 400 trillion yuan, which is expected to benefit internet brokerages with potential performance releases in 2025 and the first half of 2026 [3][8]. - AI is becoming a core driver in finance, with applications such as smart investment advisory, big data risk control, and automated operations enhancing product value and customer loyalty [3][8]. - Financial institutions are increasing their technology investments, and leading financial IT firms with product capabilities and technological barriers are expected to maintain their competitive edge, while the international expansion of financial technology presents new growth opportunities [3][8]. Group 3: Investment Recommendations - It is recommended to focus on the financial technology ETF (159851) and its associated funds (Class A 013477, Class C 013478), which cover a wide range of themes including internet brokerages, financial IT, cross-border payments, AI applications, and Huawei Harmony [3][8]. - The financial technology ETF (159851) has shown strong liquidity, with an average daily trading volume of 800 million yuan over the past six months, leading among eight ETFs tracking the same index [3][8].

Core Viewpoint - The A-share market has seen a strong performance in brokerage stocks, with several companies experiencing significant price increases, indicating a positive trend in the sector [1]. Group 1: Brokerage Stock Performance - Huayin Securities (华林证券) reached a limit-up increase of 9.99%, with a total market capitalization of 48.2 billion and a year-to-date increase of 16.37% [2]. - Hua'an Securities (华安证券) increased by 9.70%, with a market cap of 35.5 billion and a year-to-date increase of 11.80% [2]. - Zhina Compass (指南针) rose by 8.02%, with a market cap of 89.2 billion and a year-to-date increase of 12.03% [2]. - Tonghuashun (同花顺) saw a rise of 7.79%, with a market cap of 192.5 billion and a year-to-date increase of 11.11% [2]. - Northeast Securities (东北证券) increased by 4.68%, with a market cap of 23.1 billion and a year-to-date increase of 5.69% [2]. - Dongfang Caifu (东方财富) rose by 4.00%, with a market cap of 390.4 billion and a year-to-date increase of 6.51% [2]. - Other notable increases include Guotai Haitong (国泰海通) at 3.87%, Huatai Securities (华泰证券) at 3.90%, and Tianfeng Securities (天风证券) at 3.80% [2]. Group 2: Market Indicators - The MACD golden cross signal has formed, indicating a positive momentum for these stocks [2].

Group 1 - The core viewpoint of the article highlights the performance of the 创业50ETF (159682), which rose by 1.90% to 1.505 yuan with a trading volume of 195 million yuan as of the midday close [1] - Major holdings in the 创业50ETF include 宁德时代, which increased by 1.68%, 中际旭创 up by 1.97%, and 东方财富 rising by 1.81%, while 新易盛 decreased by 0.51% [1] - The fund has a performance benchmark of the 创业板50 index return, managed by 景顺长城基金管理有限公司, with a return of 47.75% since its inception on December 23, 2022, and a one-month return of 5.23% [1]

Group 1 - The financial technology sector is experiencing a rebound on the first trading day of the new year, with internet brokerages and financial IT companies showing active performance [1][5] - Notable stocks include Tax Friend Co., which hit the daily limit, and several others like Junyi Digital, Zhongke Jiangnan, and Dazhihui, which rose over 4%, while stocks like Guiding Compass, Tonghuashun, Wealth Trend, and Oriental Fortune increased by more than 2% [1][5] - The financial technology ETF (159851) has achieved seven consecutive days of gains, with a net subscription of 143 million shares [1][5] Group 2 - The financial technology sector is poised for multiple positive factors, highlighting its investment value, with A-share trading volume expected to reach a historical high by 2025, providing performance release space for internet brokerages and financial IT institutions [3][7] - The acceleration of AI integration into the financial sector is enhancing product value and industry barriers, creating new growth opportunities for AI-enabled financial IT [3][7] - The current valuation of the CSI Financial Technology Theme Index is at a near six-month low, indicating sufficient valuation digestion, and the sector is seen as timely for low-position investment due to high market activity expectations and multiple catalysts like AI finance and digital RMB [3][7] - The financial technology ETF (159851) and its linked funds (Class A 013477, Class C 013478) are recommended for investment, covering key themes such as internet brokerages, financial IT, cross-border payments, AI applications, and Huawei Harmony [3][7] - The financial technology ETF (159851) has an average daily trading volume of 800 million yuan over the past six months, leading in liquidity among eight ETFs tracking the same index [3][7]

资讯所属栏目还有更多独家策划、专家专栏，免费查阅>> 软件ETF（159852）跟踪中证软件服务指数，前十大权重股分别为科大讯飞、金山办公、同花顺、指南 针、恒生电子、拓维信息、润和软件、三六零、软通动力、深信服，权重合计超60.89%。 软件ETF（159852）当前管理费率为0.50%（每年），托管费率为0.10%（每年），没有股票账户的投资 者还可以通过联接基金（012619.OF，012620.OF，021861.OF）布局板块投资机遇。 声明：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。 市场1月5日消息，据上交所数据显示，今日上证指数再度站上4000点，截至14:05，上证指数上涨 1.32%，中证软件指数上涨3.41%，个股方面，合合信息涨超7%，科大讯飞涨超6%，指南针、同花顺等 涨超3%。热门ETF方面，软件ETF（159852）涨3.36%。 消息面上，DeepSeek近日发布论文，阐述了一种更为高效的人工智能开发方法。该论文由创始人梁文 锋参与撰写，提出了名为"流形约束超连接"（mHC）的框架。作者称，该框架旨在提升可扩展性，同 时降低训练先进人工 ...

Core Viewpoint - The computer and software development industry is showing strong growth potential supported by government policies, with significant advancements in key areas such as AI, quantum technology, and integrated circuits as outlined in the 14th and 15th Five-Year Plans [1] Industry Summary - The computer industry is projected to grow by 17% by 2025, with a price-to-earnings (PE) ratio reaching 292 and a price-to-sales (PS) ratio maintaining around 4, indicating high market attention on cutting-edge technologies [1] - The industry's fundamentals are stabilizing, with a year-on-year revenue increase of 10% and a net profit growth of 37% in the first three quarters of 2025, although cash flow has decreased by 58% due to seasonal collection characteristics [1] - Active themes such as AI applications, quantum technology, commercial aerospace, and low-altitude economy are driving market dynamics, with companies like BaiRong Cloud, TongHuaShun, and DingJie Smart achieving success in the AI sector, while GuoDun Quantum and XingTu Measurement Control are forming product matrices in quantum and aerospace fields [1] - The quality of operations in the industry is improving, with stable R&D investments and good control over sales expenses, suggesting a continuation of high attention and valuation advantages in the future [1] ETF Summary - The software ETF (515230) tracks the software index (H30202), which primarily covers publicly listed companies engaged in software development, sales, and related services, typically characterized by high R&D investments and technological leadership [1]

证券研究报告·行业跟踪周报·非银金融 非银金融行业跟踪周报 2026 年 01 月 04 日 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 罗宇康 执业证书：S0600525090002 luoyk@dwzq.com.cn 行业走势 -7% -4% -1% 2% 5% 8% 11% 14% 17% 20% 23% 26% 2025/1/6 2025/5/5 2025/9/1 2025/12/29 非银金融 沪深300 相关研究 《公募基金降费第三阶段落地，引导 权益类基金发展，平滑对短债基金的 影响》 看好保险 2026 年"开门红"；公募费改第三 阶段落地 增持（维持） [Table_Tag] [Table_Summary] 投资要点 2026-01-03 《低利率时代的重逢——中国分红险 发展的前世今生》 2025-12-30 东吴证券研究所 1 / 16 请务必阅读正文之后的免责声明部分 ◼ 非银行金融子行业近期表现：最近 3 个交易日（2025 年 12 月 29 日-2025 年 12 月 31 日）非银金融各子板块中仅多元金融行业跑赢沪深 ...

Investment Rating - The report maintains a positive outlook on the investment banking and brokerage industry, indicating a "Look Favorably" rating [8] Core Insights - The non-bank financial sector has shown weak overall performance this week, with the China Securities Regulatory Commission (CSRC) implementing multiple measures to promote high-quality development in the capital market, including new regulations on fund sales and the introduction of commercial real estate investment trusts (REITs) [2][4] - The insurance sector is expected to see improved return on equity (ROE) and valuation recovery, supported by trends such as the migration of deposits and increased equity allocation [4] - The report recommends focusing on companies with stable profit growth and dividend rates, such as Jiangsu Jinzhong, China Ping An, and China Pacific Insurance, while also highlighting the potential of New China Life, China Life, Hong Kong Exchanges and Clearing, CITIC Securities, Dongfang Caifu, Tonghuashun, and Jiufang Zhitu Holdings based on performance elasticity and valuation [4] Summary by Sections Market Performance - The non-bank financial index decreased by 1.8% this week, underperforming the CSI 300 by 1.3%, ranking 27th out of 31 sectors [5] - Year-to-date, the non-bank financial index has increased by 10.1%, but still lags behind the CSI 300 by 7.6%, ranking 20th out of 31 sectors [5] Key Industry News & Company Announcements - The CSRC has issued several important announcements, including the launch of commercial real estate REITs and revisions to fund sales regulations, aimed at enhancing the capital market [6] - Notable company announcements include Nanjing Securities completing a private placement of approximately 713 million A-shares, increasing its total share capital, and Guoyuan Securities planning to transfer its stake in Anyuan Fund to related parties [6] Insurance Sector Insights - In November 2025, the insurance industry achieved a cumulative premium income of 57,629 billion, reflecting a year-on-year increase of 7.56%, with life insurance premiums growing by 9.06% [22][23] - The total assets of the insurance sector reached 40.65 trillion, with life insurance companies holding 35.75 trillion, indicating a stable asset allocation [26][27] Brokerage and Investment Business - The brokerage sector has seen a recovery in trading activity, with average daily trading volume reaching 21,283.16 billion, up 8.30% week-on-week [41] - Equity market performance has been declining, with the CSI 300 index down 0.59% and the ChiNext index down 1.25% [45] - Margin financing has increased, with a balance of 2.56 trillion, reflecting a 0.39% week-on-week rise [49] Capital Market Financing - In December 2025, equity financing reached 663.12 billion, a 30.9% increase, while bond financing totaled 7.34 trillion, up 4.0% [53] - The report anticipates an increase in stock underwriting volumes due to new refinancing regulations, while bond underwriting will be influenced by interest rate changes [53]