Group 1 - The core point of the article highlights that the A-share market's trading volume approached 4 trillion yuan, setting a new historical high [1] - The Shanghai Composite Index experienced a decline of 0.31%, while the ChiNext Index increased by 0.82% [1] - Active sectors included AI applications, financial technology, computing hardware, smart wearables, and healthcare services [1] Group 2 - Sectors that faced a pullback included lithium mining and commercial aerospace themes [1] - The insurance, banking, and real estate sectors showed a downward trend [1]

Core Viewpoint - The A-share market experienced a brief surge followed by a decline, with the financial technology sector remaining strong, particularly highlighted by the performance of the Huatai-PineBridge Financial Technology ETF [1] Group 1: Market Performance - The A-share market saw the Shanghai Composite Index rise over 1% before turning negative, while the financial technology ETF Huatai-PineBridge (159103) surged over 3% and peaked at a 7.1% increase during early trading [1] - The trading volume in the A-share market has been robust, with total trading exceeding 30 trillion yuan for four consecutive days, indicating heightened market activity [8] Group 2: Investor Sentiment - Individual investor activity has increased significantly, with net inflows of 155.7 billion yuan, marking a 64.1 billion yuan increase from the previous period, the second-highest net inflow in nearly a year [8] - Retail investors are increasingly participating in the market through direct stock purchases and indirectly via funds and ETFs, with a shift from net outflows to net inflows in retail ETF investments [8] Group 3: Financial Technology Sector Outlook - The financial technology sector is expected to benefit from both short-term market activity and mid-term policy support, with internet brokerages likely to see significant performance improvements due to increased trading volumes [2][8] - The financial IT companies with strong positions in securities IT systems, cross-border payments, and AI financial applications are anticipated to be the core beneficiaries of the evolving market landscape [2][8] Group 4: Policy and Growth Projections - The Chinese financial technology policy framework from 2021 to 2025 aims to promote innovation and enhance risk control across various sectors, with market size projected to grow to 651.5 billion yuan by 2028 [8] - The financial technology sector is poised for growth driven by AI applications, with historical performance indicating that it has outperformed other sectors during significant AI market trends [8][11]

中泰证券认为，证券与金融科技板块直接受益于市场成交量中枢上移以及杠杆资金活跃度回暖。其中，金融科技板块更具短期交易价值。从交易方面来看， 金融科技板块整体市值更小，弹性更大。从基本面来看，传统券商受佣金竞争影响，其业绩弹性被削弱。金融科技板块上市公司盈利模式对交易量、活跃账 户数及市场波动度更为敏感，市场热度上升带来的业绩弹性更大。 长城证券指出，市场交易春季躁动行情，开门红效应持续，市场持续放量，上周五成交量能突破3万亿，系历史第五次突破3万亿，随着新一年开始、人民币 汇率回稳下人民币资产吸引力提升、2025年12月召开的经济工作会议以定调2026年经济工作思路，已开启新一轮行情，两融规模持续创新高，ETF市场也在 近期跨越又一个里程碑——总规模突破6万亿元大关，涨幅相对靠后券商、金融IT板块有望迎来资金新的布局定价机会，发挥稳定市场作用，板块攻防兼 备。 美银证券研报表示，中资券商股今年迎来五大核心主题：包括再杠杆启动股本回报率（ROE）扩张；财管业务受惠家庭资产重新配置；投行业务增长受在岸 复苏及离岸强劲势头带动；离岸扩张提振经营杠杆及ROE上行；以及行业持续整合。该行预计主要上市中资券商去年及今年盈利 ...

Core Insights - The Chongqing financial system has strengthened the China-Singapore financial cooperation mechanism, enhancing financial interactions between Western China and ASEAN countries [1][2] Policy System - A total of 74 financial innovation policies have been jointly issued by China and Singapore, covering areas such as cross-border investment and financing, cross-border settlement, and insurance cooperation [1] - Innovative policies like RMB fund foreign investment and cross-border financing guarantees have achieved breakthroughs in the central and western regions of China [1] - The use of policies such as cross-border direct loans and overseas bond issuance is emphasized to expand financing channels [1] Institutional Framework - Five banking branches from ASEAN countries have been established in Chongqing, accounting for one-third of all foreign bank branches in the city [1] - Over 20 financial institutions from Singapore have been set up in Chongqing, covering various sectors including funds and microloans [1] - The third-party payment platform, Chongqing Yijiehui, has successfully entered the international market, marking the first approval for a financial license in Singapore for a central and western enterprise [1] Cross-Border Channels - New cross-border financing channels have been established, with 38 new bonds issued, ranking among the top three in the country, and cross-border financing exceeding $24 billion [2] - The comprehensive financing cost is 1.03 percentage points lower than domestic rates, facilitating nearly $7 billion in financing for western provinces [2] - The number of QDLP pilot enterprises in Chongqing has increased to four, with a cumulative quota of $730 million [2] Innovation System - The first overseas REITs in Asia and the first non-bank financial institution borrowing and settlement project have been successfully launched [2] - A financial service consortium has been formed by 78 institutions, creating a cross-border financial service network [2] - Innovative products, including US dollar bonds and offshore RMB bonds, have achieved breakthroughs, with a total amount exceeding $3 billion [2] Key Sector Development - Significant progress has been made in financial technology cooperation, with pilot projects approved for financial technology innovation and application [3] - Green finance cooperation has been initiated, resulting in the first green cross-border loan under the China-Singapore framework [3] - A financial cooperation agreement has been reached with financial regulatory bodies in 12 western provinces and Hainan [3] Service Ecosystem - A new regulatory cooperation model has been established with the Monetary Authority of Singapore, enhancing financial collaboration [3] - The China-Singapore Financial Summit has become a key platform for financial industry exchanges and cooperation between China and ASEAN [3]

Group 1 - A-shares experienced significant activity with 110 stocks hitting the daily limit up and 7 stocks hitting the limit down on January 14 [1] - The financial technology sector showed strong performance, with stocks like Tongdahai and Hengsheng Electronics reaching the limit up [1] - AI-related stocks also gained traction, with People’s Daily achieving three consecutive limit ups and China Science Publishing reaching two limit ups in three days [1] Group 2 - Notable stocks with consecutive limit ups include Youbang Ceiling with 8 limit ups in 10 days and *ST Yatai with 8 consecutive limit ups [1] - Other stocks such as Guosheng Technology and Jiangshun Technology also showed strong performance with multiple limit ups [1] - Conversely, *ST Aowei faced a decline with four consecutive limit downs, while *ST Zhengping and *ST Yanshi also experienced multiple limit downs [1]

Group 1 - The central bank emphasizes the importance of financial institutions focusing on the "five major articles" to enhance financial technology applications and improve digital service channels, aiming for high-quality financial development and empowering the real economy [1] - Dongwu Securities reports that the industry is experiencing a recovery, with the financial IT industry chain expected to reach a total scale of 9.2 trillion yuan in 2024, marking a 0.5% year-on-year increase after two years of negative growth [1] - The upstream hardware and computing power investments are increasing, with the server industry growing approximately 59% year-on-year to 129.6 billion yuan, which is crucial for the industry's recovery [1] Group 2 - The midstream system integration services are also recovering, with core system renovation projects restarting, leading to a projected 12.3% year-on-year growth in 2024 [1] - Demand from downstream financial institutions remains stable, with banks, insurance, and securities contributing over 95% of the total demand in the industry chain [1] - As of January 14, 2026, the CSI Financial Technology Theme Index (930986) has risen by 6.66%, with significant increases in component stocks such as Lakala (20.02%) and Xinghuan Technology (16.06%) [1] Group 3 - The CSI Financial Technology Theme Index closely tracks the Financial Technology ETF Index, which reflects the overall performance of listed companies in the financial technology sector [2] - As of December 31, 2025, the top ten weighted stocks in the CSI Financial Technology Theme Index include Dongfang Wealth, Tonghuashun, and others, accounting for 51.09% of the total index weight [2]

Group 1 - The event organized by China Merchants Securities aims to enhance national financial literacy and fulfill corporate social responsibility through immersive learning experiences for finance students [1][2] - Students visited the Shenzhen Stock Exchange Financial Expo Center to understand the development of China's capital market and its role in supporting state-owned enterprise reform and financing for technology innovation [1] - The immersive experience highlighted the integration of technology in finance, allowing students to grasp the logic behind technological advancements reshaping the financial industry [1] Group 2 - The visit to the Shenzhen Wanjindu Deep Run Building Securities Office included discussions on practical aspects of the securities industry, career challenges, and growth paths from employees in various positions [2] - Senior wealth advisors shared insights on the integration of financial technology and wealth management, as well as practical asset allocation strategies, providing students with a closer look at industry practices and trends [2] - This visit is part of China Merchants Securities' initiative to deepen the integration of industry and education, aiming to cultivate professionals with both theoretical knowledge and practical skills for the financial sector [2]

Group 1 - Zhongke Jincai's stock increased by 5.05% to 31.20 CNY per share, with a trading volume of 530 million CNY and a turnover rate of 5.14%, resulting in a total market capitalization of 10.61 billion CNY [1] - The company, established on December 10, 2003, and listed on February 28, 2012, is located in Haidian District, Beijing, and specializes in application software development, technical services, and related computer information system integration services [1] - The revenue composition of Zhongke Jincai includes: 50.81% from data center comprehensive services, 31.66% from financial technology comprehensive services, 14.01% from artificial intelligence comprehensive services, and 3.52% from other services [1] Group 2 - Huabao Fund's Huabao CSI Financial Technology Theme ETF (159851) is among the top ten circulating shareholders of Zhongke Jincai, having increased its holdings by 2.7005 million shares to a total of 5.5759 million shares, representing 1.66% of circulating shares [2] - The ETF has a current scale of 12.319 billion CNY, with a year-to-date return of 9.61%, ranking 842 out of 5520 in its category, and a one-year return of 44.5%, ranking 1938 out of 4203 [2] Group 3 - The fund managers of Huabao CSI Financial Technology Theme ETF are Chen Jianhua and Cao Xucheng, with Chen having a cumulative tenure of 13 years and 27 days and a total fund asset scale of 27.702 billion CNY, achieving a best return of 184.66% during his tenure [3] - Cao Xucheng has a tenure of 238 days with a total fund asset scale of 35.182 billion CNY, achieving a best return of 126.35% during his tenure [3]

1月14日，截至发稿，上证指数涨近1%，报4177点；创业板指涨逾2%。AI应用、金融科技、算力题材活跃，市场逾4500股上涨。 20年金融数据沉淀，分析能力媲美行业专家 手机和电脑实时联动，确保随时随地高效响应 为用户提供智能化的工作新体验 中原证券最新研报表示，在量能有效放大、政策预期积极、产业催化不断的背景下，建议投资者密切关注宏观经济数据、海外流动性变化以及政策动向。 财信证券表示，A股目前资金活跃程度仍较高，不过当前高位板块和个股分歧有所加大。 桥水官方渠道近日发布"中国政策AI研究助理"的岗位招聘，要求协助深化桥水对中国政策环境的理解，并分析其对资产与经济的影响。桥水近日建议，减 配美国市场，增配其他市场——尤其是亚洲。 今年年初至1月12日，多只在美国上市的中国股票ETF均获资金净流入。 Wind用户在金融终端输入 ACHA T(Ali ce chat) 千亿级参数智能模型， 能理解复杂金融概念 | 000 1.42 | 007/11/0 | 207/0) OU | | --- | --- | --- | | +108.82 +1.61% | +69.81 +2.10% | +30.02 +1. ...

Core Viewpoint - XunCe (03317) has seen a significant increase in stock price, rising over 6% and reaching a new high of 68 HKD, driven by the announcement of a strategic cooperation framework agreement with Jin Yong Investment [1] Group 1: Strategic Cooperation - The strategic cooperation agreement with Jin Yong Investment is non-binding and aims to advance the development of real-time data infrastructure to support digital transformation in investment research, trading, and risk management [1] - The collaboration will focus on the innovation and commercialization of technology products related to wealth management, including the application of real-time data technology in smart valuation, risk monitoring, and compliance [1] - The partnership will explore investment opportunities in data infrastructure, artificial intelligence, and other fintech-related projects to foster a "data + capital" ecosystem [1] Group 2: Financial Implications - The board believes that the strategic cooperation with Jin Yong Investment will provide further opportunities for diversified revenue sources for the company [1] - The agreement is considered to be in the best interests of the company and its shareholders [1]