（文章来源：第一财经） 上交所发布《上海证券交易所2026年为市场办实事项目清单》。其中提出，丰富"固收+"多资产类指数 及ETF产品体系，为居民财富管理和中长期资金配置提供多样化优质标的。继续推出系列降费让利措 施，预计2026年向市场让利约11.13亿元。建立持有型不动产ABS（机构间REITs）证券信息披露专区， 便利投资者查询产品信息。办好各类产业沙龙，搭建政府、产业、资本、科研等各方沟通交流平台，不 断优化科技创新生态等。 ...

从2025年的基金利润表现看，嘉实基金一方面在ETF这一居民财富管理的重要领域全面布局，不仅在沪 深300、中证500、中证A500等宽基上表现出色，同时在行业主题上前瞻覆盖了受益于经济结构转型的 优势领域，布局了科创芯片、稀土等品种，为投资者赚取了丰厚利润。 公募基金2025年第四季度报告披露近日收官，基金盈利情况随之浮出水面。在基金赚钱效应增强的环境 下，各大基金公司去年为投资者赚取丰厚利润。银河证券统计显示，嘉实旗下基金2025年实现利润 1163.75亿元。 从具体统计看，嘉实基金2025年全年有145只产品(不同份额分开统计)为投资者实现利润超过1亿元，13 只产品实现利润超10亿元。其中沪深300ETF嘉实(159919)为投资者实现利润361.23亿元，科创芯片 ETF(588200)为投资者实现利润139.50亿元，均迈过百亿大关。此外，中证500ETF嘉实(159922)、中证 A500ETF嘉实(159351)、稀土ETF嘉实(516150)分别为投资者实现利润34.97亿元，28.04亿元和20.76亿 元。 另一方面，凭借系统化深度研究、成熟稳健的投研队伍，嘉实基金在主动权益领域也取得 ...

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、 ...

Group 1 - The public fund industry is experiencing significant growth, with total assets nearing 38 trillion yuan by the end of Q4 2025, highlighting its importance in wealth management for residents [1][3] - The total scale of public funds reached 37.64 trillion yuan, an increase of 1.18 trillion yuan from Q3 2025, with over 13,000 funds included in the statistics [1] - In response to market volatility, there has been a notable shift towards fixed-income products, with money market funds growing to approximately 15 trillion yuan and bond funds reaching 10.96 trillion yuan by the end of Q4 2025 [1] Group 2 - Active equity funds did not maintain their growth trend from the previous quarter, with ordinary stock funds decreasing by 5.38% to 5744.23 billion yuan and mixed funds declining by 2.35% to 38.2 trillion yuan [2] - Conversely, passive equity funds continued to grow, reaching 5.48 trillion yuan, an increase of over 1.4 trillion yuan [2] - Commodity funds and FOFs saw significant growth, with commodity funds increasing by over 45% to 4268.1 billion yuan and FOFs growing by 26.15% [2] Group 3 - Despite the overall decline in active management fund sizes, several high-performing funds experienced substantial growth, with some nearing 10 billion yuan in size by the end of Q4 2025 [3] - Notable funds such as Yongying High-end Equipment Mixed Fund and others saw increases of 86.3 billion yuan and over 30 billion yuan respectively, attributed to strong performance [3] - The industry is urged to balance performance with safety, transitioning from merely selling products to providing comprehensive asset allocation services to meet residents' needs [3]

Core Viewpoint - The upcoming "deposit migration" in 2026, involving 50 trillion yuan in fixed deposits maturing, reflects a collective anxiety in wealth management among residents as interest rates drop from 3% to 1.5% [1] Group 1: Deposit Migration and Investor Behavior - A significant amount of fixed deposits is set to mature, leading to a shift in investment strategies among individuals [1] - Many individuals are hesitant to reinvest due to concerns over potential losses, with some opting for safer options like fixed deposits while others experiment with funds [1] - The general sentiment among different age groups indicates a fear of stock market volatility among younger investors and a fear of declining deposit rates among older investors [1] Group 2: Financial Products and Investment Strategies - Professional insights suggest that funds are likely to flow between banks, wealth management products, bonds, and insurance, with limited movement into the stock market [1] - Various alternative investment channels are characterized by different risk profiles: bank wealth management is stable, bond funds exhibit low volatility, and insurance products cater to those seeking certainty [1] - Investors with higher risk tolerance may consider allocating some assets to equity, while conservative investors might prefer a mix of wealth management, bond funds, and annuity products [1] Group 3: Market Impact and Future Outlook - The anticipated fund redistribution is expected to influence market sentiment and the flow of capital into real estate [1] - The low-interest-rate environment is established, emphasizing the importance of aligning safety, returns, and liquidity in investment decisions [1]

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].

Market Overview - The Hang Seng Index closed at 25,635.23, down 0.71% [2] - The Hang Seng Tech Index fell by 0.30% to 5,483.01 [2] - The State-Owned Enterprises Index decreased by 0.26% to 8,891.71 [2] Automotive Sector - NIO's stock rose over 4%, with a closing price of 40.320, reflecting a 4.89% increase [3] - The central economic work conference and the Ministry of Finance have clarified policies to optimize the "two new" initiatives, focusing on replacing old high-emission vehicles and enhancing subsidies for new energy vehicles [1][2] Gaming Sector - MGM China saw a significant drop of over 17% in its stock price, closing at 12.910 [4] - A new long-term brand cooperation agreement with MGM International is expected to increase brand usage fees from 1.75% to 3.5%, leading to a projected rise in brand fees to HKD 1.2 billion in 2026, up from HKD 600 million in 2025 [3][4] Gold Sector - Gold stocks weakened, with Zijin Mining International dropping over 5% [4] - Spot gold prices fell below USD 4,450 per ounce, influenced by expectations of delayed interest rate cuts by the Federal Reserve due to fiscal and monetary policies [4][5] Brokerage Sector - Chinese brokerage stocks declined, with China International Capital Corporation (CICC) falling over 2% to 19.570 [6] - A report indicates that the brokerage industry is expected to benefit from policies promoting direct financing and the growing demand for standardized products like ETFs [6]

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]

Group 1 - The core viewpoint emphasizes the importance of securities companies in meeting the financing needs of the real economy, particularly in fostering innovation, matching investment and financing needs, and supporting industrial mergers and acquisitions [1] - Securities companies are encouraged to focus on the demands of the real economy by directing more resources into key areas such as technological innovation, industrial upgrading, green development, and support for small and medium-sized enterprises [1] - The goal is to cultivate new productive forces and enhance the vitality of high-quality development [1] Group 2 - Securities companies are positioned to serve the wealth management and asset allocation needs of residents, leveraging their expertise in equity investment, price discovery, and risk management [1] - There is a growing need for securities companies to provide diverse products and high-quality services to meet the increasingly complex asset allocation demands of retail clients [1] - This approach aims to help residents preserve and increase their wealth, thereby expanding domestic demand and unleashing consumption potential [1] Group 3 - The article highlights the role of securities companies in actively supporting high-level opening up, as domestic enterprises expand their overseas presence and the importance of Chinese assets increases globally [1] - Securities companies are encouraged to leverage their advantages in cross-border and cross-market operations to guide long-term capital into the market [1] - They should facilitate connections between various domestic and foreign enterprises and institutions, while continuously promoting the narrative of China [1]