近日，汇丰中国宣布已落地其在境内市场的首单公募基金托管业务，为易方达基金最新发行的公募基金 产品提供托管服务。此外，汇丰中国还是该基金首次公开募集的代销银行之一。 在我国财富管理市场持续扩容的背景下，外资行动作频频。苏商银行特约研究员付一夫指出，居民财富 持续积累、资管新规深化以及跨境资产配置需求增长，共同构成中国财富管理市场的核心增长动力。随 着居民资产配置理念逐步成熟，财富管理需求正从单一储蓄向多元化、长期化配置转变，为各类机构提 供了广阔的发展空间。 发挥跨境服务资源优势 汇丰中国副行长兼资本市场及证券服务部联席总监张劲秋表示："通过落地首单本地公募基金托管，汇 丰首次以'托管+渠道'的模式加入公募基金托管这一黄金赛道，服务本地基金公司，并将发挥外资托管 行'本地+全球'的服务能力，积极支持本地基金的全球资产配置和海外业务布局，同时推动全球资管机 构深耕中国市场，以跨境服务资源支持中国资本市场的高质量发展。" 首先，从市场规模来看，中国是全球第二大资产和财富管理市场，并且私人财富总量持续增长，客户基 础庞大且稳定。虽然全球经济整体增速放缓，但在中国市场，私人财富总量仍在持续增长，展现出巨大 的市场潜力和 ...

Investment Rating - The report assigns a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [2][8]. Core Insights - The company has shown a positive turnaround in revenue growth, with a cumulative revenue increase of 0.2% year-on-year for 2025, and a net profit increase of 0.3% [8]. - The fourth quarter saw a significant expansion in the broad financial market, contributing to the company's asset growth, which increased by 5.6% year-on-year [8]. - The asset quality remains stable, with a non-performing loan ratio of 1.08% and a provision coverage ratio of 228.41%, indicating improved risk resilience [8]. Financial Performance Summary - **Revenue and Profit Forecasts**: - 2024A: Revenue of 212,226 million, Net Profit of 77,205 million - 2025E: Revenue of 212,741 million, Net Profit of 77,469 million - 2026E: Revenue of 219,804 million, Net Profit of 80,369 million - 2027E: Revenue of 230,555 million, Net Profit of 84,788 million [2][39]. - **Growth Rates**: - Revenue growth rates are projected at 0.2% for 2025, 3.3% for 2026, and 4.9% for 2027 - Net profit growth rates are expected to be 0.3% for 2025, 3.7% for 2026, and 5.5% for 2027 [2][39]. - **Earnings Per Share (EPS)**: - EPS is forecasted to be 3.52 for 2024, 3.47 for 2025, 3.61 for 2026, and 3.82 for 2027 [2][39]. - **Valuation Metrics**: - Price-to-Earnings (PE) ratio is projected at 6 for 2025 and 5 for 2026 and 2027 - Price-to-Book (PB) ratio is expected to remain at 0.5 for 2025 and decrease to 0.4 by 2027 [2][39]. Asset and Liability Management - Total assets increased significantly by over 4,200 million in the fourth quarter, surpassing 11 trillion in total assets - Total liabilities grew by 5.9% year-on-year, with deposits increasing by 7.2% [8]. - The company has adjusted its funding strategy to match asset growth, increasing bond issuance and interbank liabilities [8].

2025年证券从业人员数量跌破33万人，同比减少近8000人。 过去三年，全行业有近3万名从业者离场，主要业务岗位的人才结构也随之发生调整。在业内人士看来，这背 后原因是行业价值锚点的变化。 国金证券人力资源部相关人士表示，人员结构的"有增有减"，实际上是行业底层逻辑发生变革：人才的价值正 从过去的"关系与牌照驱动"转向未来的"专业与服务驱动"。 券商中国记者通过多方调研，试图厘清三大问题：从业者为何选择离开？行业对人才价值的要求发生了哪些变 化？考核机制如何适配证券行业新的发展理念？这些问题的答案，勾勒出证券公司与从业者在转型关键期面临 的发展抉择。 "人海战术"退潮 新一届国考面试名单近期公布，含调剂在内，证监会相关岗位共有近1100人入围面试。值得注意的是，2025年 证监会系统录用的公务员中，来自证券行业的从业人员占比明显提升。 通过"考公"转换职业赛道，是证券行业人才流动的路径之一。过去一年，证券行业人才职业选择多元：既有履 历亮眼的保代转任上市公司董秘，也有光鲜的卖方分析师跳槽至买方，更有行业明星试水知识付费成为网红， 还有从业者转行投身教培、餐饮、保险等领域。 当行业从高速扩张转向高质量发展，从 ...

Group 1 - CICC announced the appointment of Wang Shuguang as the new financial officer and Liang Dongqing as the board secretary, with Zhou Jiaxing continuing as a co-secretary [1] - Xu Yicheng will no longer serve on the management committee and will transition to a senior expert role, while Sun Nan will move to a position at CIC [1] - Liang Dongqing, born in December 1983, has held various positions within CICC since joining in July 2008, including vice president and head of product and solutions [2] Group 2 - In 2025, CICC Wealth achieved revenue of 8.349 billion yuan, a year-on-year increase of 25.42%, and a net profit of 1.76 billion yuan, up 47.4% [4] - The net income from fees and commissions in wealth management was 5.343 billion yuan, reflecting a 37.21% increase, while net interest income rose by 14.57% to 1.761 billion yuan [4] Group 3 - Former board secretary Sun Nan will join CIC, while Liang Shipeng, the former chief risk officer at China Galaxy Securities, has been appointed as a committee member at CICC [5] - Liang Shipeng, with extensive experience in regulatory systems, will focus on establishing unified risk control standards across various business lines and enhancing risk management for cross-border and innovative businesses [5] - His appointment comes at a critical time as CICC is in the process of merging with Dongxing Securities and Xinda Securities, making his regulatory and risk management experience vital for ensuring compliance during this integration [5]

Group 1 - CICC announced the appointment of Wang Shuguang as the new financial officer and Liang Dongqing as the board secretary, with Zhou Jiaxing continuing as a co-secretary [2] - Xu Yicheng will no longer serve on the management committee and will transition to a senior expert role, while Sun Nan will move to a position at CIC [2] - Liang Dongqing, born in December 1983, has held various positions within CICC since joining in July 2008, including roles in wealth management and product solutions [4] Group 2 - In 2025, CICC Wealth achieved revenue of 8.349 billion yuan, a year-on-year increase of 25.42%, and a net profit of 1.76 billion yuan, up 47.4% [6] - The net income from fees and commissions in wealth management was 5.343 billion yuan, reflecting a 37.21% year-on-year growth, while net interest income rose by 14.57% to 1.761 billion yuan [6] Group 3 - Liang Shipeng, the former Chief Risk Officer at China Galaxy Securities, has joined CICC as a party committee member, bringing extensive regulatory and risk management experience [8] - His focus will be on establishing unified risk control standards across various business lines, enhancing risk management for cross-border and innovative businesses, and improving internal accountability mechanisms [8] - This appointment is particularly significant as CICC is in the process of merging with Dongxing Securities and Xinda Securities, where his expertise will be crucial for compliance and risk management during the integration [8]

Core Viewpoint - Sany International (00631) has entered into a financial product investment framework agreement with CICC, aiming to maximize returns on surplus funds through wealth management [1] Group 1 - The agreement is effective from January 22, 2026, to December 31, 2027, inclusive of both dates [1] - The company will subscribe to financial products from the CICC group during this period [1] - The purpose of this subscription is to optimize the use of surplus funds for better returns [1]

Core Insights - The evolving expectations of high-net-worth individuals in China reflect a shift towards personalized and professional wealth management services, emphasizing long-term relationships and trust [1][4] Group 1: Wealth Management Trends - The "2026 China High-Net-Worth Population Wealth Management White Paper" reveals that wealth management now encompasses not just value preservation and growth, but also intergenerational transfer, corporate strategy, and overall life planning [1][4] - High-net-worth individuals exhibit diverse characteristics in client structure, risk preferences, and service needs, necessitating tailored solutions from financial institutions [4][7] Group 2: Risk Preferences and Service Needs - A notable finding is the "inverted U-shaped" risk preference curve among high-net-worth individuals, with older generations (70s and 80s) being more risk-tolerant compared to younger generations (90s) and those from the 60s, who show higher risk aversion [9][10] - Service preferences vary by generation, with older clients valuing sincere service and long-term relationships, while younger clients prioritize the competence and communication skills of their advisors [9][10] Group 3: Asset Allocation Behavior - High-net-worth individuals prioritize a "steady first, attack and defend" approach in asset allocation, primarily holding financial products, deposits, and insurance, while over 30% also invest in stocks for enhanced returns [10] - There is a significant intention among over half of high-net-worth individuals to increase their holdings in financial products and cash deposits in the coming year, while opinions on stock investments are divided [10] Group 4: Service Demand and Brand Expectations - The core demands of high-net-worth individuals from private banks include personalization, professionalism, and security, with over 50% highlighting these aspects as essential [10] - The highest mention rate for "personalization" at 44.3% indicates a strong expectation for customized solutions and exclusive experiences from wealth management institutions [10] Group 5: Entrepreneurial Needs and Cross-Border Services - The needs of entrepreneurs within the high-net-worth demographic are driving the expansion of private banking services, requiring customized solutions that align personal wealth management with corporate cycles and strategies [11] - A significant 56.6% of surveyed entrepreneurs express a need for cross-border services related to trade finance, global investment, and capital management, particularly those with 30% to 50% of personal assets held overseas [11] Group 6: Integrated Solutions from Financial Institutions - China Bank's "China Bank Solution" aims to address the complex and diverse needs of high-net-worth individuals by integrating various financial services across domestic and international lines [12] - The "Entrepreneur Office" service model showcases China Bank's ability to cater to the intertwined needs of personal and corporate wealth management, exemplified by a case involving a biopharmaceutical company preparing for an IPO [14][15] Group 7: Wealth Transfer and Philanthropy - China Bank provides flexible and systematic tools for family wealth transfer, including insurance trusts that ensure asset transmission while isolating risks [16] - The bank's approach to charitable trusts illustrates its commitment to facilitating sustainable philanthropic efforts, ensuring that clients' charitable intentions are legally upheld and financially viable [15][16] Group 8: Cross-Border Investment Challenges - High-net-worth individuals face significant challenges in cross-border asset allocation, including a lack of understanding of foreign investment product regulations and limited access to quality products and professional advice [16] - China Bank leverages its global network and comprehensive financial product offerings to provide compliant cross-border investment channels and expert market insights [16]

宁波银行（002142.SZ）2025 年度业绩快报点评 中收表现亮眼 glmszqdatemark 2026 年 01 月 21 日 [盈利预测与财务指标 Table_Forcast] | 项目/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 66,631 | 71,968 | 80,692 | 90,804 | | 增长率（%） | 8.2 | 8.0 | 12.1 | 12.5 | | 归属母公司股东净利润（百万元） | 27,127 | 29,333 | 32,923 | 37,285 | | 增长率（%） | 6.2 | 8.1 | 12.2 | 13.2 | | 每股收益（元） | 3.95 | 4.29 | 4.83 | 5.49 | | PE（X） | 7 | 7 | 6 | 5 | | PB（X） | 0.9 | 0.8 | 0.8 | 0.7 | 资料来源：Wind，国联民生证券研究所预测；（注：股价为 2026 年 1 月 20 日收盘价） | 推荐 | 维持评级 | | ...

宁波银行（002142.SZ）2025 年度业绩快报点评 中收表现亮眼 glmszqdatemark 2026 年 01 月 21 日 [盈利预测与财务指标 Table_Forcast] | 项目/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 66,631 | 71,968 | 80,692 | 90,804 | | 增长率（%） | 8.2 | 8.0 | 12.1 | 12.5 | | 归属母公司股东净利润（百万元） | 27,127 | 29,333 | 32,923 | 37,285 | | 增长率（%） | 6.2 | 8.1 | 12.2 | 13.2 | | 每股收益（元） | 3.95 | 4.29 | 4.83 | 5.49 | | PE（X） | 7 | 7 | 6 | 5 | | PB（X） | 0.9 | 0.8 | 0.8 | 0.7 | [Table_Author] | 分析师 王先爽 | | --- | | 执业证书： S0590525120014 | | 邮箱 ...

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。 王会清表示，随着中国经济新旧动能转化加速推进，"三新经济"（新产业、新业态、新商业）占到整个 中国GDP的比重从2020年的16%提升至2024年的18%，科技企业日益成为资本市场的中坚力量。A股市 值前50强中科技企业数量从"十三五"末的18家增至24家，人工智能、机器人、创新药等领域企业业绩增 长显著。 "作为连接实体经济与资本市场的桥梁，证券公司在服务现代化产业体系发展、助力新质生产力崛起等 方面正承担着愈发重要的角色，具有不可替代的关键作用。"王会清表 ...