13:30-13:35 开场致辞 公司领导 国泰海通非银&银行&地产1月专题论坛 2026年1月23日-上海 陆家嘴 · 中国金融信息中心16楼国泰海通旗舰店 重要提醒 本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、 控制投资风险，还请取消关注，请勿订阅、接收或使用本订阅号中的任何信息。我们对由此给您造成的 不便表示诚挚歉意，非常感谢您的理解与配合！如有任何疑问，敬请按照文末联系方式与我们联系。 法律声明 13:35-14:20 践行使命担当,服务居民财富管理 徐海宁-上海秩汇科技有限公司创始人 * 本次活动人数有限,请提前报名。 * 参会请联系您的国泰海通对口销售报名 或国泰海通非银金融、银行、地产分析师 研究运营组制作 14:20-15:05 居民财富管理新趋势 金 总-浦发银行财富管理部 15:05-15:50 重点70城房价趋势和2026年研判 李彦国-冰山指数创始人 15:50-16:00 2026房价矛在哪里? 涂力磊-国泰海通证券研究所所长助理、先进制 造组长、 ...

2025年四季度，公募基金规模持续攀升，并在季末逼近38万亿元关口，公募行业在居民财富管理领域的 地位愈发凸显。业内人士认为，公募基金如何在规模增长的同时，更好承接居民庞大的理财需求，平衡 好业绩表现与风险控制，成为行业高质量发展的关键课题。 公募基金规模逼近38万亿元 天相投顾数据显示，截至2025年四季度末，1.3万余只基金（统计样本为所有披露2025年四季报的13248 只基金及596只未披露2025年四季报的基金）合计规模达37.64万亿元，较2025年三季度末增加1.18万亿 元。 此外，2025年四季度商品基金及FOF的规模增速尤为显著。据天相投顾数据，商品基金2025年四季度末 达到4268.1亿元，环比增幅超过45%；FOF基金2025年四季度末规模环比也增加了26.15%。业内人士分 析认为，以黄金为代表的商品基金当期业绩斐然，叠加资金的涌入，规模不断膨胀；后者主要与各大银 行发力FOF业务、布局一站式资产配置有关，因而 "爆款"频出，FOF规模快速扩张。 绩优产品规模提升 从具体产品类型来看，在权益市场波动加大的环境下，部分避险资金选择回流固收类品种。其中，货币 型基金2025年四季度末规 ...

从央行数据看，过去两三年高息定存集中到期，确实会带来一次性压力。替代渠道各有特点：银行理财稳一些，债基波动小，保险产品更适合追求确定性的 人。风险偏好高的可以适当配置权益类资产，偏稳健的可以把理财，债基，年金类产品组合起来。 未来资金分流会影响资本市场情绪，也会影响房地产的资金流向。低利率时代已经到来，关键在于找到适合自己的节奏，把安全、收益和流动性排好顺序。 #50万亿存款到期 资金流向何方# 2026年的这波"存款大搬家"，真有点全民参与的味道。50万亿定存集中到期，利率又从3%掉到1.5%，不少储户突然发现：续存心里堵，转投又怕亏。有人 像广州王先生一样试着买基金，结果天天盯盘心跳加速。也有人像成都余先生一样继续定存求稳，图个心安。 这场资金迁徙背后，是居民财富管理的集体焦虑。利率下行让大家更偏向防御，但理财知识的断层让不少中老年人无从下手。网友调侃"年轻怕股票调整， 年长怕存款利率下降"，其实说出了很多家庭的真实状态。专业人士提醒，资金更可能在银行，理财，债券，保险之间流动，真正大规模冲进股市的概率不 高。 ...

国泰海通非银&银行&地产1月专题论坛 2026年1月23日-上海 陆家嘴 · 中国金融信息中心16楼国泰海通旗舰店 13:30-13:35 开场致辞 公司领导 13:35-14:20 践行使命担当,服务居民财富管理 徐海宁-上海秩汇科技有限公司创始人 刘欣琦-国泰海通研究所副所长、金融组长、 非银金融首席分析师 * 本次活动人数有限,请提前报名。 * 参会请联系您的国泰海通对口销售报名 或国泰海通非银金融、银行、地产分析师 研究运营组制作 14:20-15:05 居民财富管理新趋势 金 总-浦发银行财富管理部 15:05-15:50 重点70城房价趋势和2026年研判 李彦国-冰山指数创始人 15:50-16:00 2026房价矛在哪里? 涂力磊-国泰海通证券研究所所长助理、先进制 造组长、房地产首席分析师、中小市值与创新 股权联席首席分析师 16:00-16:10 2026年银行经营趋势展望 马婷婷-国泰海通研究所银行首席分析师 16:10-16:20 重视配置的力量,从机构到居民 更多国泰海通研究和服务 亦可联系对口销售获取 重要提醒 本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设 ...

Core Viewpoint - 2025 is a pivotal year for the Chinese securities industry, focusing on deepening functional positioning and high-quality development, with an emphasis on mergers and acquisitions, international expansion, and technological innovation [2][4]. Group 1: Industry Development Strategy - The industry development strategy is projected in two dimensions: internally, to create a first-class investment bank through mergers and acquisitions; externally, to recommend the value of Chinese assets to global markets [2]. - High-quality development is the main theme, requiring securities firms to act as both market participants and builders, as well as to become "boosters" of technological innovation and "guardians" of residents' wealth [2]. Group 2: Mergers and Acquisitions - 2025 marks a critical year for mergers and acquisitions in the Chinese securities industry, with major firms merging and smaller institutions seeking transformation [4]. - Notable mergers include the formation of "Guotai Haitong Securities" from Guotai Junan and Haitong Securities, and the merger of Guolian Securities and Minsheng Securities, which has significantly improved their profitability rankings [4][5]. - The merger wave is reshaping the competitive landscape, with the top firms now dominating profit rankings [4]. Group 3: Classification Evaluation - The classification evaluation of securities firms is undergoing significant revisions in 2025, emphasizing the need for firms to enhance their functional roles and professional capabilities [6]. - New regulations remove the revenue bonus while increasing the emphasis on return on equity (ROE), guiding firms to focus on operational efficiency rather than mere scale [6][7]. Group 4: Margin Trading and Financing - The margin trading market is heating up, with a record balance of 2.54 trillion yuan, reflecting a 36.6% increase from the beginning of the year [9]. - Competition among firms has intensified, with some lowering financing rates below 4% to attract clients, indicating a shift towards long-term client retention strategies [9][10]. Group 5: Investment Banking and Technology - The securities industry is adapting to the "hard technology" era, with reforms aimed at providing more inclusive financing paths for tech companies [11]. - Firms are establishing research institutes focused on emerging industries and enhancing their service capabilities through collaboration and talent development [13]. Group 6: AI Integration - The adoption of AI technologies is rapidly transforming the securities industry, with firms implementing AI across various business functions, significantly improving efficiency [15]. - The shift towards AI-driven services is seen as a critical factor in maintaining competitive advantage, with some firms fully committing to AI integration [15]. Group 7: Internationalization - Chinese securities firms are deepening their internationalization efforts, expanding their service offerings beyond traditional roles to include cross-border wealth management and derivatives trading [17]. - The internationalization process is driven by both market demand and strategic goals, positioning firms as key players in the global market [17][18]. Group 8: Asset Management Transformation - The public offering process for asset management is reaching a turning point, with firms reassessing their roles in the broader asset management landscape [19]. - The transition of collective investment products is a priority, with many firms adapting to regulatory changes and focusing on private equity and other specialized products [20][21]. Group 9: Capital Space Optimization - Regulatory changes are encouraging firms to optimize capital management, with a focus on enhancing capital utilization efficiency [25]. - The average leverage ratio of listed securities firms is currently at 3.45 times, indicating room for improvement compared to other financial institutions [25]. Group 10: Name Changes Reflecting Strategic Shifts - A wave of name changes among securities firms signals strategic realignments and resource restructuring following mergers and acquisitions [26]. - The name changes often reflect deeper integration and new strategic directions, indicating a shift in focus and operational capabilities [26][28].

| 名称 | | 最新价 | 涨跌幅 へ | | --- | --- | --- | --- | | 恒生指数 | min | 25635.23 | -0.71% | | 800000 | | | | | 恒生科技指数 | wing | 5483.01 | -0.30% | | 800700 | | | | | 国企指数 | vin | 8891.71 | -0.26% | | 800100 | | | | 黄金股走弱，紫金黄金国际跌超5%。12月29日，现货黄金一度失守4450美元/盎司。东吴证券指出，短 期来看，26Q1美国的宽财政（政府停摆结束）、宽货币（近期75bps降息）与季节性（1-2月非农初值与 CPI易超预期）易延缓美联储的降息节奏，从而抬升利率预期。叠加特朗普计划的2026年4月访华行 程，市场风险偏好或进一步改善，从而构成对金价的利空逻辑。 | 代码 | 名称 | 量新价 | 涨跌幅 ^ | | --- | --- | --- | --- | | 02259 | ● 适固步拥护滋 | 144.500 | -5.86% | | 06693 | 赤峰黄金 | 30.120 | -5.40% | ...

Core Viewpoint - The "2025 Securities Market Annual Conference" emphasized the need for reform and innovation in the capital market to enhance its ability to serve the real economy and protect investors, particularly in key areas like technology and green finance [1][2] Group 1: Development Direction - The upcoming "15th Five-Year Plan" aims to improve the inclusiveness and adaptability of the capital market, ensuring a coordinated investment and financing function [2] - The conference highlighted the importance of deepening reforms to enhance the capital market's attractiveness and competitiveness, aligning with national economic development goals [2] Group 2: Wealth Management - Wealth management is identified as a crucial bridge between residents' wealth and the real economy, essential for fostering long-term capital and stabilizing the capital market [3] - The focus on innovation in regulatory frameworks is necessary to empower institutions and give investment choices back to investors [3] Group 3: Practical Focus - The "Financial Sub-Forum" and "Listed Companies Sub-Forum" addressed specific practical issues, including asset allocation and risk management in a complex market environment [4][5] - Discussions included the role of technology in reshaping corporate ecosystems and the challenges and breakthroughs in technological innovation [5] Group 4: Awards and Recognition - The conference concluded with the "2025 Golden Horse Award Ceremony," recognizing outstanding contributions to the healthy development of the capital market across various sectors [5]

（上接1版） 一是全方位满足实体经济融资需求。中央经济工作会议强调"加紧培育壮大新动能"，证券公司在发掘企 业创新潜力、匹配投融资发展需要、支持产业并购整合等方面有着重要作用，应当聚焦实体经济需求， 引导更多资源流入科技创新、产业升级、绿色发展、中小微企业等重点领域，助力培育新质生产力，增 强高质量发展动力活力。 二是服务居民财富管理及资产配置需求。证券公司在权益投资、价格发现、风险管理等方面具备专业优 势，应当充分把握零售客户越来越多元复杂的资产配置需求，提供更多元的产品、更优质的服务，助力 居民财富保值增值，进而扩大内需，释放消费潜力。 三是积极服务高水平对外开放。伴随境内企业海外布局不断拓展深化、中国资产在全球范围内重要性提 升，证券公司应充分发挥在跨境跨市场业务方面的优势，积极引导中长期资金入市，支持境内外各类企 业机构对接，持续讲好中国故事。 ...

Core Insights - The article emphasizes the transformation of Rongtong Fund into a state-owned enterprise-controlled public fund company, focusing on innovation and differentiation in the competitive public fund industry [1][2] - The company aims to leverage its central enterprise background to enhance its product offerings and investment performance, targeting both state capital operations and wealth management for residents [1][2] Transformation Achievements - Since merging with China Chengtong, Rongtong Fund has seen its asset management scale increase by over 107.9 billion yuan, a nearly 50% growth [2] - The company has improved its service to state-owned enterprises through a three-pronged approach: index construction, research services, and think tank empowerment [2] - Investment performance has improved with a focus on a platform-based, team-oriented, and integrated research and investment system [2][3] Product Development - Rongtong Fund has developed a diverse product matrix centered around central enterprise themes, including various indices and ETFs [4][10] - The company has launched multiple central enterprise-themed ETFs and actively participates in the development of indices that align with national strategies [4][5] Strategic Goals for the Next Five Years - The company aims to achieve significant changes in three years and elevate its status in five years, focusing on creating benchmark central enterprise-themed index products [6][10] - Key initiatives include strengthening party leadership, optimizing resource allocation in key financial areas, and enhancing product offerings to meet diverse wealth management needs [6][7] Global Asset Allocation - Rongtong Fund is expanding its international business, having established a Cayman Islands fund and launched a public fund in Hong Kong [11][12] - The company aims to support state-owned capital's global expansion while providing domestic investors with access to overseas assets [11][12] Research and Investment System Evolution - The company has transitioned its research and investment system from individual reliance to a structured, platform-based approach [13][14] - Key iterations include breaking down departmental silos, embedding investment decision processes into standardized workflows, and leveraging AI for enhanced research capabilities [14][15] Inclusive Finance Practices - Rongtong Fund has implemented various initiatives to enhance investor experience, including the issuance of thematic ETFs and promoting regular investment strategies [16][17] - The company has focused on reducing fees and enhancing research capabilities to improve long-term returns for investors [18][19]

上证报中国证券网讯（刘禹希 记者 徐蔚）12月12日，申万宏源党委副书记、监事会主席方荣义在"上证 ·大虹桥金融高质量发展大会"上表示，证券公司未来要以提升"三率"为抓手，即提升居民投资 含"权"率、全球资产配置比率和长期投资回报率，助力居民提升金融投资收益。 上证报中国证券网讯（刘禹希 记者 徐蔚）12月12日，申万宏源党委副书记、监事会主席方荣义在"上证 ·大虹桥金融高质量发展大会"上表示，证券公司未来要以提升"三率"为抓手，即提升居民投资 含"权"率、全球资产配置比率和长期投资回报率，助力居民提升金融投资收益。 方荣义表示，近年来我国居民财富管理呈现三大趋势性新变化。一是居民理财投资者的队伍日渐壮大， 据贝恩咨询数据，中国全市场持有理财产品的投资者数量达1.39亿人；二是居民对权益投资的配置比重 有所提升，当前居民家庭资产配置中股票、基金等权益类资产占金融资产的比例已提升至15%左右。三 是居民理财需求综合化，居民对财富管理的诉求已经从单一的储蓄理财向多元资产配置转变。 尽管当前财富管理市场逐渐庞大，但在方荣义看来，金融体系在服务居民财富管理上还面临两大短板瓶 颈。一方面，财富管理产品的深度广度不足。目 ...