新年伊始，A股持续走强，债市则迎来连续调整，10年期国债收益率上行至1.90%附近。去年该收益率 两次触及1.90%后，均开启了一轮下行行情，此次是否会复刻过往走势，引发市场关注。 数据显示，2025年3月和9月，10年期国债收益率两度触及1.90%后，均开启下行行情。对此，有分析人 士预计，短期内10年期国债收益率继续大幅上行的动力有限，建议配置盘抓住年初"开门红"的窗口把握 加仓机会。不过，仍有相当一部分资金对后市保持谨慎态度。 百亿私募洛肯国际认为，30年期超长端国债利率在2025年下半年突破前高，单边上行了超过40个基点， 反映出市场对财政扩张、长债需求弱化、通胀预期的担忧。2026年宽松金融环境不会明显转向，虽然货 币政策仍有降准降息等总量宽松空间，但央行的力度和节奏受到稳定银行净息差、防风险等多目标制 约。 东方金诚研究发展部最新报告预计，2026年利率债净供给规模将达17.4万亿元，比2025年实际净融资额 高出约1.4万亿元。在需求方面，由于实体融资需求难有实质性改善，且贷款利率等广谱利率下行趋势 未变，预计2026年债券配置资金仍在。不过，由于机构扩表难度加大，负债端稳定性下降，叠加低利率 ...

Group 1: Regulatory Impact and Strategic Direction - The revised "Securities Company Classification Evaluation Regulations" emphasizes differentiated development for small and medium-sized institutions, which aligns with the company's focus on wealth management 3.0 transformation [1] - The company aims to enhance its classification evaluation score through targeted strategies that align with the new regulatory guidelines [1] Group 2: Wealth Management 3.0 Transformation - Wealth management 3.0 focuses on a customer-centric approach, utilizing product innovation and financial technology to enhance service delivery [1] - The company is committed to building a comprehensive wealth management system that integrates human expertise and technology, improving customer service experiences [1] Group 3: Asset Management and Product Strategy - The company is integrating asset securitization into its investment banking line to refocus on client investment needs, developing a diverse product system including FOF and quasi-fixed income products [2] - The aim is to meet the diverse needs of clients through a well-rounded product offering [2] Group 4: New Marketing Service Model - A new marketing service model is being developed, combining research, investment, investment banking, and wealth management to provide comprehensive financial services [2] - The company has established a dedicated business system to enhance customer service and internal collaboration [2] Group 5: Research Business Development - The research department aims to achieve revenue of RMB 125 million in 2024, focusing on long-term and value investments while enhancing its market influence [2] - The strategy includes deepening internal collaboration and regional economic research to support local industries [2] Group 6: Investment in Financial Technology - The company invested RMB 236 million and RMB 241 million in information technology in 2023 and 2024, respectively, focusing on AI, big data, cloud computing, and blockchain [3] - The development of proprietary technologies, such as the "Kongming AI Assistant," aims to enhance operational efficiency and support differentiated business development [3]