发布时间：2026-01-12 行业投资评级 中性|维持 | 行业基本情况 | | | --- | --- | | 收盘点位 | 7064.56 | | 52 周最高 | 7730.11 | | 52 周最低 | 5627.38 | 证券研究报告：证券Ⅱ|行业周报 行业相对指数表现 -7% -3% 1% 5% 9% 13% 17% 21% 25% 2025-01 2025-03 2025-06 2025-08 2025-10 2026-01 证券Ⅱ 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:王泽军 SAC 登记编号:S1340525110003 Email:wangzejun@cnpsec.com 近期研究报告 《2026 头部券商 FICC 非方向性获利能 力或将凸显重要性》 - 2026.01.05 ben 证券行业报告（2026.01.05-2026.01.09） 低利率+高成交+理性杠杆，助力券商维持景气度 ⚫ 投资要点 Shibor3M 稳定在1.60%附近的极低水平，为市场提供了极其宽松 且廉价的资金环境。A 股股基日均成交额自 2025 年以来已稳定跃升 至2.5 万亿至 3. ...

Core Insights - The investment environment in 2025 is characterized by increased volatility, differentiated funding, and accelerated trading pace, with a focus on risk control and maintaining order rather than merely leveraging [1][3][4] Group 1: Market Dynamics - The past few years have seen the financing market transition from a phase of enthusiasm to contraction, highlighting that leverage is a tool rather than a shortcut [3][4] - In 2025, the emphasis has shifted from "amplifying returns" to "controlling risks and enhancing efficiency" [4][6] Group 2: Operational Mechanisms - Hengxin Securities has established a three-tier structure for leverage, ensuring that every transaction corresponds to real trading data, which can be verified through order numbers and delivery slips [4][5] - The operational model prioritizes "real trading" as a mechanism, eliminating virtual trading risks and enhancing transparency [6] Group 3: Risk Management - Hengxin Securities' risk control system is proactive, categorizing risks into three stages: warning, reduction, and forced liquidation, with automated processes to ensure timely execution [6] - This "preemptive risk control" approach transforms leverage from a high-risk activity into a disciplined capital amplification strategy [6] Group 4: Security Measures - The company employs a dual custody model with bank custody and account isolation, ensuring independent management of margin and financing funds, which enhances investor trust [6] - This stable custody mechanism allows Hengxin Securities to maintain transaction continuity and settlement security in a complex market [6] Group 5: Investor Perspective - For investors, the concepts of real trading and risk control directly impact their profit and loss experiences, fostering a sense of security and discipline [6] - Users of Hengxin Securities report feeling more secure in trading, with proactive risk alerts encouraging rational decision-making [6] Group 6: Industry Implications - The practices of Hengxin Securities signal a shift in industry competition from leverage multiples to risk control systems, emphasizing transparency and investor trust [6] - The core of this competition lies not in marketing capabilities but in system construction and transparency [6] Conclusion - The investment market in 2025 remains volatile, but rationality has re-emerged as a key value, with Hengxin Securities redefining leveraged trading through "real trading verification, preemptive risk control, and fund custody" [6]