Investment Rating - The report maintains a positive outlook on the non-bank financial sector, indicating an "Overweight" rating for the industry [4][48]. Core Insights - The report highlights a significant increase in new account openings, with 4.9158 million new accounts in January 2026, representing a year-over-year increase of 213% and a quarter-over-quarter increase of 89% [4]. - The report emphasizes the ongoing shift of funds from traditional banks to capital markets and non-bank financial institutions, driven by the expiration of 70 trillion yuan in one-year or longer deposits and a decline in net interest margins [4]. - The report discusses the need for China's financial sector to transition from being large to strong, focusing on mergers and acquisitions as a core growth engine for brokerages [4]. - The report notes that the international business landscape for brokerages is expanding due to the deepening process of RMB internationalization and the demand for cross-border wealth management and investment banking services [4]. - The report mentions that Ping An Group has increased its stake in China Life (H) multiple times, reflecting a strong confidence in the insurance sector [4][12]. Summary by Sections Market Review - The Shanghai Composite Index closed at 4,643.60 with a decline of 1.33%, while the non-bank index closed at 2,030.92 with a decline of 0.60% [8]. - The brokerage, insurance, and diversified financial indices reported declines of 0.65%, 0.71%, and an increase of 0.43%, respectively [8]. Non-Bank Industry News and Key Announcements - The report outlines regulatory updates regarding virtual currencies and asset tokenization, indicating a tightening of oversight in these areas [10]. - Ping An Group's recent acquisitions of shares in China Life (H) are detailed, showcasing a strategic investment approach [12]. - Huatai Securities plans to issue 10 billion HKD in zero-coupon convertible bonds to support overseas business development [14]. Investment Analysis Recommendations - The report suggests focusing on brokerages with strong comprehensive capabilities, recommending stocks such as Guotai Junan A+H, GF Securities A+H, and CITIC Securities A+H [4]. - For insurance, the report recommends China Life (H), New China Life, Ping An, China Pacific Insurance, and China Property & Casualty Insurance, highlighting the systemic value reassessment opportunities in the insurance sector [4].

2026上海市政府工作报告中，提升"五个中心"能级被单列为上海市2026年重点任务之一。这表明上海在 国际金融中心建设进入功能深化与能级提升新阶段，突出联动、赋能与制度型开放，尤其是强化金融与 科创、贸易、航运、经济其他四大中心的联动，加大对扩内需、科技、先进制造、绿色发展和中小微企 业支持，这一进程不仅服务于上海自身发展，更是助力打造金融强国、助力参与全球金融治理的重要支 点。 第一财经一财号独家首发，本文仅代表作者观点，不构成任何投资建议。 （本文作者熊园，国盛证券首席经济学家） ...

本报讯 记者马玲报道 2月4日，国家外汇管理局举办2026年退休干部新春团拜会。国家外汇管理局 党组书记、局长朱鹤新出席并致辞，代表国家外汇管理局党组向各位老领导、老同志致以诚挚的节日问 候和新春祝福。国家外汇管理局党组成员、副局长出席活动。 朱鹤新表示，退休干部是外汇管理事业的宝贵财富，是推动外汇管理高质量发展的重要力量。国家 外汇管理局党组将深入学习贯彻习近平总书记关于老干部工作的重要论述和重要指示批示精神，深刻把 握老干部工作的政治性、服务性，满腔热忱为老同志办实事、做好事、解难事。希望老同志们永葆政治 本色，发挥自身优势和专业特长，一如既往地关心支持外汇管理工作，为建设金融强国、推进中国式现 代化贡献外汇力量。 国家外汇管理局部分在京退休干部、退休干部工作领导小组成员单位主要负责同志参加团拜会。 责任编辑：袁浩 朱鹤新表示，过去的一年，国家外汇管理局坚持以习近平新时代中国特色社会主义思想为指导，认 真贯彻落实党中央、国务院决策部署，统筹国内国际两个大局，统筹发展和安全，深化拓展外汇领域改 革开放，强化外汇市场建设和监管，大力提升外汇服务实体经济质效，外汇市场顶住压力平稳运行，展 现出较强韧性和活力，外 ...

日前，中央金融委员会办公室、中央金融工作委员会在《求是》杂志发表《锚定建设金融强国目标走好中国特色金融发展 之路》强调，"建设培育鼓励长期投资的资本市场生态"。 一个成熟的资本市场，离不开长期资金的坚实支撑。长期资金既是熨平市场短期波动、增强资本市场韧性的"压舱石"，更 是为科技创新、产业升级和基础设施建设输送稳定资金的"助推器"，能够加速新旧动能转换，为经济高质量发展注入持久动 力。 笔者认为，建设培育鼓励长期投资的资本市场生态，是应时应势的战略之举，既契合了资本市场深化改革的内在需求，也 回应了产业转型的现实呼唤，更为金融服务实体经济搭建起稳固桥梁。市场各方需锚定建设金融强国的目标，同向而行、协同 发力，打造让长期资金"愿意来、留得住、发展好"的市场生态。 首先，资本市场要优化适配长期投资的制度供给，畅通长期资金入市渠道，稳定市场预期。 长期资金具有规模大、期限长、追求稳健回报的特点，这从根本上决定了其对制度环境的高度依赖——必须构建稳定、透 明、可预期的制度环境。 ■邢萌 这就需要监管部门聚焦长期资金核心诉求，持续优化适配制度设计，推动"长钱"真正实现"长投"。一方面，持续拓宽各类 养老金、保险资金等入 ...

2025年是"十四五"规划的收官之年。中信建投证券一直深耕债券市场，紧扣国家重大战略导向，通过多元化和多层次的专业服务提升金融服务实体的能 力。在簿记发行上不断精进，为客户做好定价精准定价服务，引领银行间债券市场的高质量发展；在科技创新、绿色债券等符合国家战略导向的业务上积 极突破，敢为市场先；在非金融企业债务融资工具和金融债上与行业伙伴精诚合作，提高市场凝聚力。 （来源：中信建投之窗） 近日，北京金融资产交易所（"北金所"）在北京召开2025年度总结交流会。中信建投证券荣获北金所颁发的最具市场引领力机构·簿记发行最佳、最具市 场突破力机构及最具市场凝聚力等三项集体奖项和年度市场先锋个人奖项。 2025年是"十四五"规划的收官之年。中信建投证券一直深耕债券市场，紧扣国家重大战略导向，通过多元化和多层次的专业服务提升金融服务实体的能 力。在簿记发行上不断精进，为客户做好定价精准定价服务，引领银行间债券市场的高质量发展；在科技创新、绿色债券等符合国家战略导向的业务上积 极突破，敢为市场先；在非金融企业债务融资工具和金融债上与行业伙伴精诚合作，提高市场凝聚力。 2026年，站在"十五五"发展的新起点，中信建投证券将 ...

Core Viewpoint - The article emphasizes the need for a restructured capital market in China during the "14th Five-Year Plan" period, focusing on its role in resource allocation, technological innovation, and industrial upgrading, while aligning with the government's strategic goals for high-quality development [3][4][5]. Group 1: Importance of Capital Market - The capital market is recognized as a crucial hub for modern economic and financial systems, playing a significant role in resource allocation and innovation [6]. - The recognition of the capital market's strategic position is essential for China's modernization, particularly in fostering an innovative society [6][7]. - The article highlights the importance of original innovation for sustainable economic growth, stressing the need for a conducive environment for such innovation [7][11]. Group 2: Cultural and Institutional Foundations - A culture of inclusivity and openness is vital for fostering innovation, as diverse ideas and smooth communication can lead to technological advancements [8][10]. - Institutional frameworks must balance constraints and incentives, ensuring that innovators are rewarded adequately to encourage further advancements [10][11]. - The article argues that the progress of China's economy over the past 40 years is largely due to institutional improvements and the ability to absorb advanced technologies from developed countries [11]. Group 3: Restructuring the Capital Market Ecosystem - The capital market's ecosystem needs to be redesigned to meet new responsibilities and support the goal of becoming a "financial powerhouse" [14]. - The restructuring involves three key areas: the asset side, the funding side, and the regulatory framework [15][17][19]. - The asset side must attract global investors by providing risk-adjusted returns that exceed the risk-free rate, which is currently around 1% to 1.5% in China [15][16]. Group 4: Funding and Regulatory Reforms - The funding side must address the overgeneralization of market risks that has deterred large institutional investments, allowing for a more significant influx of capital [17][18]. - Regulatory reforms should focus on enhancing market transparency and ensuring that violations are met with appropriate penalties to foster a healthy market environment [19]. - The article suggests that achieving a market value of 200 trillion yuan by the end of the "14th Five-Year Plan" is feasible if institutional improvements and reforms are effectively implemented [20].

Core Viewpoint - Financial security is a crucial component of national security, and the construction of a strong financial nation is emphasized in the "14th Five-Year Plan" [2] Group 1: Financial Risk Prevention - The Suzhou procuratorial authorities are actively engaged in preventing and mitigating financial risks through precise case handling, collaborative governance, and professional empowerment [2] - Innovative use of a penetrating evidence review mechanism, focusing on electronic data examination, has successfully addressed new financial crimes such as virtual currency and encrypted communication [2] - The procuratorial authorities emphasize both punishment and governance, analyzing individual cases and issuing prosecutorial suggestions and risk warning letters to enhance internal controls and risk prevention in the industry [2] Group 2: Collaborative Mechanisms - Establishment of collaborative mechanisms and the "Procuratorial-Banking Cooperation" platform aims to strengthen collective efforts in risk prevention [2] - Promotion of anti-fraud public legal education is part of the strategy to create a robust financial security network [2] Group 3: Impact on Business Environment - A healthy financial ecosystem plays a significant role in optimizing the business environment and boosting market confidence [2] - The procuratorial authorities are expected to continue their high-quality performance, integrating risk prevention, regulatory strengthening, and development promotion into their responsibilities [2]

Core Viewpoint - The article emphasizes the need to enhance the competitiveness of China's financial industry as it transitions from a financial power to a financial stronghold, focusing on the relationship between finance and the real economy, market-oriented development, structural optimization, high-level openness, and international financial governance [1][2][3][4]. Group 1: Financial and Economic Relationship - It is crucial to recognize and manage the relationship between finance and the economy, ensuring that financial services effectively support the real economy [6][7][19]. - Financial resources should be allocated to the most efficient sectors and enterprises through price mechanisms, promoting a virtuous cycle between finance and economic growth [7][20]. Group 2: Market-Oriented Development - The financial sector should be developed on a market-oriented track to activate endogenous motivation and enhance competitiveness [8][21]. - Continuous optimization of the competitive structure of financial markets is necessary, including addressing risks in small and medium-sized financial institutions and gradually relaxing unreasonable restrictions on competition [9][22]. Group 3: Structural Optimization - Improving the adaptability of financial structure to economic development is essential, transitioning towards a dual-peak model that balances banking and market financing [10][23]. - There is a need to increase long-term funding support for technology-driven enterprises and strategic emerging industries while developing capital markets to enhance direct financing [11][24]. Group 4: High-Level Openness - Promoting high-level financial openness is vital for enhancing competitiveness, focusing on institutional openness that aligns with international standards [12][25]. - The current foreign investment in China's financial institutions is low, indicating significant potential for further opening up the financial sector [12][26]. Group 5: International Financial Governance - Enhancing international financial governance capabilities is crucial for China's financial sovereignty and global influence [14][27]. - The article highlights the importance of transforming trade surplus advantages into constructive power in multilateral governance, thereby improving global financial governance [14][27].

一枝独秀不是春，百花齐放春满园。 展望打造一流投资银行和投资机构的宏伟蓝图，证券行业不仅需要功能全面、实力雄厚的"航母级"证券 公司，也需要在细分领域、特色客群、重点区域等方面集中资源、深耕细作的特色机构。作为中国最 大、国际化程度最高的金属矿业企业集团——中国五矿旗下证券公司，五矿证券党委书记、董事长、总 经理郑宇感悟颇多。 日前在接受中国证券报记者专访时，郑宇详细介绍了五矿证券在"十五五"时期的发展规划。作为一家具 有鲜明产业背景的央企旗下证券公司，五矿证券始终牢记"央企姓党、国企为国"的政治本色，聚焦金融 服务实体经济使命，着力推动党建工作与生产经营深度融合；未来五矿证券将继续秉持"矿业报国、矿 业强国"的初心，坚定"奋发有为、迈向一流"的决心，深化"特而精、小而美"的发展路径，将资源高效 配置到保障金属矿产资源安全、培育壮大战略性新兴产业等重点领域，在服务国家战略与实体经济的过 程中实现更高质量、更可持续的发展。 "有责"必先"有为"，"有为"必依"专业"。郑宇认为，要履行好证券公司作为直接融资的主要"服务商"、 资本市场的重要"看门人"、社会财富的专业"管理者"的职责，根基在于过硬的专业能力："必须 ...

2026 年 02 月 03 日 证券研究报告 | 财富生态周报 ETF 及指数产品网格策略周报 2026/2/3 分析师：卫以诺 分析师登记编码：S0890518120001 电话：021-20321014 邮箱：weiyinuo@cnhbstock.com 分析师登记编码：S0890522110001 电话：021-20321297 邮箱：chengbingzhe@cnhbstock.com 分析师：薛婧怡 分析师登记编码：S0890525070001 电话：021-20321092 邮箱：xuejingyi@cnhbstock.com 021-20515355 2026/1/27》2026-01-27 2、《ETF 及指数产品网格策略周报— 2026/1/20》2026-01-20 3、《ETF 及指数产品网格策略周报— 2026/1/14》2026-01-14 4、《ETF 及指数产品网格策略周报— 2026/1/6》2026-01-06 5、《ETF 及指数产品网格策略周报— 2025/12/30》2025-12-30 投资要点 分析师：程秉哲 ◆网格交易策略概述：简单来说，"网格交易"本质上是一种 ...