■ "证券公司学习宣传贯彻党的二十届四中全会精神"系列报道 华泰证券党委书记王会清： 打造兼具本土优势和全球影响力的一流投资银行 钟山风雨，秦淮河畔。自江苏本土起步，从一家根植于此的地方券商，到跻身行业头部的综合金融集 团，华泰证券以"技术先锋"之姿屡开行业先河——首推远程交易终端、引领网上交易风潮、率先布局移 动互联网理财终端……在每一次市场变革中破局而立。其发展脉络，既是一部以创新为舟、以风控为桨 的奋进史，亦是中国证券业从初萌到茁壮的时代缩影。 而今，作为总资产逾万亿元、客户资产规模超五万亿元的行业头部机构，华泰证券既肩负着金融强国的 时代使命，也怀揣金融报国的赤子之心，在科技赋能与国际化战略驱动下，坚定锚定建设一流投资银行 的宏伟目标，矢志为中国式现代化注入澎湃金融动能。 潮平岸阔，正当扬帆破浪之时。华泰证券党委书记王会清日前在接受中国证券报记者专访时表示，党的 二十届四中全会擘画了"十五五"时期加快建设金融强国的宏伟蓝图，全会审议通过的"十五五"规划建议 提出"提高资本市场制度包容性、适应性，健全投资和融资相协调的资本市场功能"，标志着资本市场将 在培育新质生产力、服务实体经济中发挥更为关键的枢纽功 ...

Core Viewpoint - A significant wave of "high-interest fixed deposit maturities" is expected in 2026, with approximately 50 trillion yuan of funds set to be unlocked, impacting residents' asset allocation strategies [1][4][5]. Group 1: Market Context - The high-interest deposit wave is a result of a previous surge in deposit rates during 2020-2021, where five-year fixed deposit rates reached as high as 5% due to increased credit demand and competitive banking strategies [3][4]. - The period of 2022-2023 saw a rise in "passive savings" due to market pressures, leading to a significant increase in the amount of fixed deposits maturing in 2026 [3][5]. Group 2: Deposit Maturity Scale - Estimates suggest that the scale of fixed deposits maturing in 2026 will be around 45 trillion to 50 trillion yuan, with a notable increase from 2025 [4]. - A more comprehensive analysis indicates that the maturing amount of residents' fixed deposits could reach approximately 75 trillion yuan, reflecting a 12% increase compared to 2025 [5]. Group 3: Investment Preferences - Despite declining interest rates, many conservative investors are likely to continue renewing their fixed deposits due to a low tolerance for risk and a preference for capital safety over higher returns [6][7]. - The shift in investment behavior is evident as residents are moving from riskier assets to more stable income-generating assets, indicating a cautious approach to asset allocation [5][10]. Group 4: Financial Products and Trends - The demand for stable financial products, such as "solid income+" funds and conservative insurance products, is increasing as investors seek safer alternatives to traditional deposits [8][14]. - The insurance market is witnessing a revival, with products like dividend life insurance becoming popular due to their stable returns compared to fluctuating financial products [11][12]. Group 5: Future Outlook - The insurance sector is expected to gain market share as a result of the deposit migration trend, driven by changing demographics and regulatory support for floating income products [13]. - Financial institutions are adapting to the changing landscape by offering competitive rates on fixed deposits and diversifying their product offerings to attract cautious investors [7][16].

Core Viewpoint - The article emphasizes the strategic opportunities for the securities industry in China, particularly focusing on Huatai Securities' commitment to becoming a leading investment bank while supporting the modernization of the Chinese economy through innovative financial services and international expansion [1][2]. Group 1: Company Development and Strategy - Huatai Securities has evolved from a local brokerage to a leading comprehensive financial group with total assets exceeding 1 trillion yuan and client assets over 5 trillion yuan [2]. - The company aims to build a first-class investment bank driven by technological empowerment and internationalization, aligning with the goals set forth in the 14th Five-Year Plan [2][11]. - Huatai Securities has actively engaged in the development of new productive forces, focusing on strategic emerging industries and providing high-quality financial services to technology-driven enterprises [4][11]. Group 2: Wealth Management and Client Services - The company recognizes the structural opportunities in the wealth management sector, driven by the increasing trend of residents shifting their assets to financial products [5]. - Huatai Securities has enhanced its client service capabilities by optimizing customer segmentation and providing tailored financial solutions for various client groups, including high-net-worth individuals [5][6]. - The firm has developed a comprehensive asset allocation service system, offering a range of financial products and services to meet diverse client needs [5]. Group 3: International Expansion - Huatai Securities has prioritized international business as a strategic focus, expanding its global footprint through various initiatives, including establishing subsidiaries in key markets like the U.S., Singapore, and Japan [8][9]. - The company aims to create an integrated cross-border business model, enhancing its competitiveness in global markets and improving its service offerings [8][9]. - Huatai Securities has achieved significant milestones in international markets, including leading IPO projects in Hong Kong and the U.S., thereby strengthening its global market influence [8]. Group 4: Industry Position and Future Outlook - The article highlights the critical role of securities firms in connecting the real economy with capital markets, emphasizing the need for high-quality financial services to support economic transformation [4][11]. - Huatai Securities is positioned to leverage its capabilities in capital markets to foster innovation and resource allocation, contributing to the development of high-quality technology enterprises [11][12]. - The company is committed to adhering to the principles of the 14th Five-Year Plan, focusing on high-quality development and enhancing its service capabilities to support the construction of a financial powerhouse in China [11][12].

华泰证券(06886)发布公告，华泰证券股份有限公司2026年面向专业投资者公开发行次级债券(第一期)分 为两个品种，根据网下专业机构投资者询价结果，经发行人和主承销商协商一致，最终确定本期债券品 种一的票面利率为1.99%，品种二的票面利率为2.20%。 ...

智通财经APP讯，华泰证券(06886)发布公告，华泰证券股份有限公司2026年面向专业投资者公开发行次 级债券(第一期)分为两个品种，根据网下专业机构投资者询价结果，经发行人和主承销商协商一致，最 终确定本期债券品种一的票面利率为1.99%，品种二的票面利率为2.20%。 ...

根据《华泰证券股份有限公司2026年面向专业投资者公开发行次级债券(第一期)发行公告》，华泰证券 股份有限公司2026年面向专业投资者公开发行次级债券(第一期)(以下简称"本期债券")分为两个品种， 其中品种一期限为3年，票面利率询价区间为1.5%-2.5%；品种二期限为1816天，票面利率询价区间为 1.7%-2.7%。本期债券票面利率由发行人和主承销商根据网下利率询价结果在利率询价区间内协商确 定。 2026年1月20日，发行人和主承销商在网下向专业机构投资者进行了票面利率询价。根据网下专业机构 投资者询价结果，经发行人和主承销商协商一致，最终确定本期债券品种一的票面利率为1.99%，品种 二的票面利率为2.20%。 格隆汇1月20日丨华泰证券(06886.HK)公告，华泰证券股份有限公司(以下简称"发行人")面向专业投资者 公开发行总额不超过人民币200亿元(含200亿元)的次级公司债券已于2024年7月31日获中国证券监督管 理委员会出具的《关于同意华泰证券股份有限公司向专业投资者公开发行次级公司债券注册的批复》 (证监许可〔2024〕1109号)。 ...

Core Viewpoint - A significant wave of "high-interest fixed deposit maturities" is expected in 2026, with approximately 50 trillion yuan of funds set to be released, reshaping the asset allocation landscape for residents [1][6][7]. Group 1: Background and Causes - The upcoming maturity wave is a result of two overlapping funding cycles: high-interest fixed deposits from 2020-2021 and passive savings due to market pressures in 2022-2023 [1][5]. - In 2020-2021, banks initiated a high-interest deposit campaign, with five-year fixed deposit rates reaching as high as 5%, leading to a significant accumulation of funds maturing in 2026 [4][6]. - The passive savings trend emerged in 2022-2023 due to market volatility, prompting many investors to redeem their investments and seek safety in fixed deposits [5][7]. Group 2: Current Market Conditions - Current fixed deposit rates have significantly decreased, with major banks offering rates around 1.2% for three-year deposits, down from previous highs [8][9]. - Despite the decline in interest rates, many conservative investors are likely to continue renewing their fixed deposits due to a low tolerance for risk and a preference for capital preservation [9][10]. Group 3: Investment Alternatives - The market is witnessing a competition among various financial products, including fixed deposits, wealth management products, insurance, and funds, to attract the migrating capital [1][11]. - "Stable" wealth management products have gained popularity as they offer better returns than current fixed deposit rates, with some achieving annual yields above 3% [11][12]. - Insurance products are also becoming a favored option, with long-term stable returns appealing to investors seeking safety and growth [14][16]. Group 4: Fund Management and Future Outlook - Fund management companies are expected to enhance their asset management capabilities to effectively attract and manage the incoming funds from maturing deposits [20]. - The shift in investor sentiment towards diversified financial products indicates a potential for sustained growth in the insurance and fund sectors, particularly for products that offer a balance of safety and returns [17][18].

Core Viewpoint - The upcoming maturity of over 50 trillion yuan in residential time deposits in 2026 is raising concerns and speculation about potential shifts in wealth allocation and its impact on the stock market [3][4]. Group 1: Scale of Maturing Deposits - The total scale of maturing time deposits in 2026 is estimated to be around 50 trillion yuan, with various estimates suggesting figures between 59 trillion and 75 trillion yuan [5][6]. - The high volume of maturing deposits is attributed to a significant increase in precautionary savings during 2022-2023, driven by weak performance in the stock and real estate markets [4][5]. - The current low interest rate environment, with one-year deposit rates falling below 1%, is prompting residents to consider reallocating their deposits [5][6]. Group 2: Wealth Reallocation and Market Impact - The concept of "deposit migration" has gained traction, with analysts suggesting that the large volume of maturing deposits could lead to significant liquidity impacts across asset markets [6][9]. - However, historical context indicates that large-scale withdrawals have not occurred in the past, as residents tend to prioritize safety and stability in their savings [8][9]. - Most residents are expected to keep their deposits within the banking system, with a retention rate historically around 90% [9]. Group 3: Potential Directions for Reallocated Funds - The primary destinations for reallocated funds are expected to be consumption, housing purchases, and loan repayments, with consumption accounting for approximately 68% of disposable income [9][10]. - Other potential allocations include low-risk financial products such as bank wealth management, insurance, and mutual funds, with a small percentage directed towards the stock market [9][10]. - Analysts suggest that while direct investment in the stock market may be limited, indirect investments through mutual funds and other financial instruments could increase [15][16]. Group 4: Future Asset Allocation Strategies - The low interest rate environment is likely to drive a shift from long-term deposits to more flexible financial products, reflecting a need for liquidity and better returns [11][15]. - Residents are encouraged to adopt a diversified asset allocation strategy, balancing between stable core assets and growth-oriented satellite assets [15][16]. - The transition towards a more diversified investment approach is seen as a gradual process, with a focus on risk management and long-term perspectives [15][16].

Investment Rating - The report assigns an "Increase" rating for the industry, indicating a positive outlook for the listed brokerage firms [5][30]. Core Insights - The report anticipates a significant improvement in the performance of listed brokerages, with a projected year-on-year increase of 46.4% in net profit attributable to shareholders for 2025, reaching 216.4 billion yuan [5][8]. - The growth is primarily driven by active trading and a low base effect, with expected adjusted operating revenue rising by 34.1% to 565.7 billion yuan [5][9]. - The brokerage sector is expected to benefit from both the influx of long-term capital and improved performance, particularly in retail and wealth management segments [5][29]. Summary by Sections 1. Performance Outlook - The report forecasts a 46.4% year-on-year increase in net profit attributable to shareholders for 2025, with adjusted operating revenue expected to rise by 34.1% to 565.7 billion yuan [8][9]. 2. Business Segments - **Retail and Proprietary Business**: These are identified as the main drivers of performance growth, with retail business expected to contribute significantly due to increased trading activity [10][11]. - **Brokerage Business**: Anticipated revenue growth of 49% in 2025, driven by a daily average trading volume of 20,576 billion yuan, a 70% increase year-on-year [11][12]. - **Investment Banking**: Projected revenue growth of 12% for 2025, supported by a recovery in equity financing, with IPO underwriting expected to reach 131.8 billion yuan, a 96% increase [15][29]. - **Asset Management**: Expected to see a modest revenue increase of 4% in 2025, with total asset management scale slightly improving [19][29]. - **Credit Business**: Anticipated significant improvement in interest income, projected to grow by 57% due to increased margin trading balances [22][29]. - **Proprietary Trading**: Expected revenue growth of 35% in 2025, benefiting from improved investment yields [27][29]. 3. Investment Recommendations - The report recommends increasing holdings in leading brokerage firms that will benefit from the influx of incremental capital into the market, specifically highlighting Huatai Securities and CICC as top picks [29][30].

【导读】上海国际能源交易中心调整国际铜期货相关合约交易保证金比例和涨跌停板幅度 中国基金报记者 安曼 1 月 20 日，上海期货交易所（以下简称上期所）发布通知，调整铜、铝、黄金、白银等期货 相关合约交易保证金比例和涨跌停板幅度。 调整黄金、白银等多个品种涨跌停板 具体来看，铜期货已上市合约的涨跌停板幅度调整为 8% ，一般持仓交易保证金比例调整为 10% 。 CU2602 的套保持仓交易保证金比例调整为 10% ，其余合约的套保持仓交易保证 金比例调整为 9% 。 | 品种 | 合约 | 现行标准 (%) | | | 调整后标准(%) | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 交易保证金 | | | 交易保证金 | | | | | | 涨跌停板 | 套保 | 一般 | 涨跌停板 | 套保 | 一般 | | | | | 持仓 | 持仓 | | 持仓 | 持仓 | | | CU2602 | 7 | 10 | 10 | 8 | 10 | 10 | | | CU2603、 | | | | | | | | | CU2604、 | | | ...