增资控股公募 又一家券商加入控股公募阵营。 1月12日晚，华安证券发布公告，拟向华富基金增加出资额1020.41万元，对应增资价款为2646.16万元。增资 完成后，其持有华富基金股权的比例将由49%增至51%，正式成为这家千亿规模公募的控股股东。 在券商资管直接获取公募牌照难度攀升的行业背景下，此次增资控股动作再次印证，券商仍在积极补全"券商 资管+公募基金"业务链条，加速布局公募基金领域的趋势未改。 据公告，华安证券拟向华富基金增加出资额1020.41万元。此次股权变动前，华安证券已持有华富基金49%的 股权，为其第一大股东。增资完成后，公司持有华富基金的股权比例增加至51%，成为华富基金的控股股 东。 公开资料显示，华安证券前身是1991年成立的安徽省证券公司，是安徽省首家专营证券机构、全国首批综合 类券商。2012年，华安证券整体变更为股份制公司，并于2016年12月在上海证券交易所上市。此次增资是其 完善金融业务板块、强化资产管理的又一关键步骤。 股权结构方面，除华安证券外，安徽省信用融资担保集团、合肥兴泰金融控股（集团）分别持有华富基金 27%和24%的股权。公告明确称，经华富基金前期初步征集各股 ...

Core Insights - The main market saw a net inflow of 19.182 billion yuan as of January 14, with significant capital flowing into various sectors [1] Group 1: Sector Performance - The top sectors by net capital inflow were: - Internet Services with 7.273 billion yuan and a growth of 6.44% [2] - Software Development with 6.836 billion yuan and a growth of 6.21% [2] - Securities with 2.616 billion yuan and a growth of 2.03% [2] - Optical and Electronic with 1.747 billion yuan and a growth of 2.89% [2] - Photovoltaic Equipment with 1.458 billion yuan and a growth of 2.53% [2] - Computer Equipment with 1.379 billion yuan and a growth of 3.59% [2] - Specialized Equipment with 1.342 billion yuan and a growth of 2.26% [3] - Electronic Components with 1.265 billion yuan and a growth of 2.41% [3] - Batteries with 1.259 billion yuan and a growth of 2.46% [3] - Automotive Parts with 0.931 billion yuan and a growth of 1.37% [3]

Core Viewpoint - The report from Everbright Securities predicts that the total wealth management scale in the market will grow by approximately 3.5 trillion yuan to 33-34 trillion yuan by 2025, driven by multiple factors including deposit "disintermediation," valuation adjustments, and the expansion of products with rights [1] Wealth Management Scale - Deposit "disintermediation" remains a crucial support factor, but the growth pace may experience fluctuations; a neutral estimate suggests an increase of around 3 trillion yuan [2] - The maturity of deposits over 2 years for listed banks in 2026 is estimated to be about 41 trillion yuan, an increase of approximately 9 trillion yuan year-on-year [2] Product Layout - The focus is on building a stable low-volatility base while actively expanding products with rights; it is estimated that wealth management could bring in 150-300 billion yuan to the stock market in 2026 [3] - The growth of "fixed income+" wealth management products is projected to be 1.5 trillion yuan in 2025, with a nearly 16% increase in the existing scale by year-end compared to the beginning of the year [3] Asset Allocation - There is a rigid allocation to deposit-type assets, with a shift towards multi-asset and multi-strategy approaches to seek returns; potential marginal changes may lead to a shift in wealth management preferences from deposits to bond-type assets [4] - The report outlines that deposits and specific private bonds will maintain a certain allocation strength, while the demand for short-term bond allocations is expected to remain strong [4] Wealth Management Operations - Performance benchmarks are expected to face downward pressure, with potential liquidity concerns; the "true net value" operation model may lead to weaker customer experience in wealth management returns in 2026 [5] - Factors such as increased liquidity reserves and enhanced investor tolerance are expected to mitigate redemption pressures [5] Competitive Landscape - The market share of wealth management companies is expected to continue rising, with channel factors being a significant variable affecting the competitive landscape [6] - Future changes in the competitive landscape may include further penetration of distribution channels into county-level regions, enhancing customer reach [6]

本文模型包含宏观经济、货币政策、市场情绪等输入变量来丰富学习维度，在长短期记忆神经网络（LSTM） 的基础上，引入门控神经网络（GRU）、卷积神经网络（CNN）和注意力机制（ATT）构建多层混合神经网 络模型，最优模型预测：相较于2026年1月末，2月末的十年期国债收益率将下行约3个BP；相较于2025年底， 2026年底十年期国债收益率将下行约6个BP。 （张旭）2026-01-12 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【固收】引入混合神经网络的中长期国债收益率预测——量化学习笔记之二 重点城市 25 年二手房均价：北京 28,194 元/㎡，同比+2.6%；上海 36,962 元/㎡，同比-4.4%；广州 25,832 元/㎡，同比-7.1%；深圳 5 ...

免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每经头条（nbdtoutiao）——"春节也要加班，抢在4月1日前交货"！有光伏企业在抢出口，也有企业很 纠结：白银等原材料成本激增，决策困难 （记者 王瀚黎） 每经AI快讯，中信证券1月13日晚间发布公告称，截至公告披露日，公司及控股子公司对外担保总额为 人民币2052.01亿元（全部为公司及其控股子公司对其控股子公司提供的担保），占公司最近一期经审 计净资产的比例为70.01%。 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：小王谈财经 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：小王谈财经 责任编辑：何俊熹 责任编辑：何俊熹 ...

Core Insights - The 2026 China Chief Economist Forum was successfully held in Shanghai, focusing on global economic changes and China's economic transformation [1][2] - The forum gathered over 50 top economists and industry experts to discuss key topics such as financial structure transformation, macroeconomic regulation, income distribution optimization, and global order reconstruction [2][5] Group 1: Forum Overview - The forum was co-hosted by various financial institutions and aimed to provide a platform for high-level discussions on economic development [1] - The theme of the forum was "Building a Strong Nation," emphasizing the importance of expert dialogue on international political and economic conditions and macroeconomic forecasts [5] Group 2: Economic Context - 2026 is identified as a critical year for China's "14th Five-Year Plan," with a focus on structural transformation and high-quality development [2] - The forum highlighted the need for China to inject positive energy into the global economy through growth, supply, rules, and financial stability [13] Group 3: Key Discussions - Experts discussed the gradual reduction of reserve requirements and interest rates in China, suggesting that these measures could effectively support economic stability [14] - The importance of optimizing national income distribution was emphasized as a key driver for consumption growth and economic transformation [17] Group 4: Roundtable Discussions - Six roundtable discussions covered topics such as the interpretation of the "14th Five-Year Plan," global new order and reorganization, and capital market development [18] - Economists noted that the "14th Five-Year Plan" is a pivotal period for income enhancement and industrial adaptation to new technological revolutions [18] Group 5: Parallel Forum - The parallel forum focused on the deep integration of industry and finance, providing a platform for discussions on capital empowerment and industrial upgrades [21] - Key themes included the role of state-owned capital in supporting national strategies and the exploration of innovative investment strategies [21] Group 6: Index and Publications - The forum launched the "Chief Index," which reflects the insights of numerous chief economists and serves as a reference for capital market investments [23] - Three significant publications were released, addressing the "14th Five-Year Plan," global economic changes, and fund investment practices [23]

黄运成表示，当前国际国内形势复杂严峻，国家"十五五"规划已出台，如何依托香港国际金融中心独特 优势，助力国内中小科技企业发展壮大、提升国际竞争力，是当下资本市场的重要课题。他期待香港中 小上市公司协会进一步深化与内地企业的联动，推动更多优质内地企业通过IPO、并购重组等方式登陆 香港资本市场，实现借力发展。 孙国茂谈到，近年来随着国家创新驱动战略的实施，内地涌现出大批硬科技属性突出、成长性优异的科 创企业，但受多重因素制约，内地资本市场难以满足融资需求;科创企业不仅面临融资难、融资贵问 题，更因IPO节奏、并购市场发展阶段限制，导致PE/VC等股权投资长期难以退出，形成行业"堰塞 湖"，严重制约创投行业健康发展和因地制宜培育新质生产力，亟需同步开拓国内、国际两个资本市 场，拓宽科创企业出海和科技金融服务中小科创企业发展的空间。 刘国芳认为，香港中小上市公司与内地科创企业的战略合作，正迎来历史性发展的良好机遇。他指出， 香港资本市场虽成熟规范，但存在结构性短板，辖区内50%的中小上市公司市值不足5亿港元，市值低 于2亿港元的企业达800余家，占比30%，普遍面临低估值、低融资效率、低流动性困境，大量沦为"壳 资 ...

长江证券公告，公司收到中国证券监督管理委员会《关于同意长江证券股份有限公司向专业投资者公开 发行科技创新公司债券注册的批复》。根据该批复，中国证监会同意公司向专业投资者公开发行面值总 额不超过10亿元科技创新公司债券的注册申请。该批复自同意注册之日起24个月内有效，公司在注册有 效期内可以分期发行科技创新公司债券。 ...

Group 1 - The core point of the article is that Jiufang Zhitu Holdings (09636) has completed the acquisition of JFFinancial, enhancing its competitive advantage in the financial advisory sector through a "technology + research" strategy [1][1][1] - Following the acquisition, Jiufang Zhitu will hold all shares of JFFinancial and its core subsidiaries, Fangde Securities and Fangde Capital, which is expected to diversify the company's revenue sources [1][1][1] - The stock price of Jiufang Zhitu increased by 6.57% to HKD 63.25, with a trading volume of HKD 362 million, indicating positive market sentiment towards the acquisition [1][1][1] Group 2 - Xiangcai Securities believes that the company's established research system and refined MCN traffic operations create a differentiated competitive advantage [1][1][1] - Kaisheng Securities highlights the company's multi-dimensional product matrix and "1+N" research system, emphasizing the importance of R&D investment and AI integration [1][1][1] - The company is expected to benefit from short-term capital market activity and long-term strategies focused on user engagement and international business expansion through the acquisition of a Hong Kong brokerage [1][1][1]