Group 1 - The People's Bank of China (PBOC) conducted a 7-day reverse repurchase operation of 861 billion yuan at an interest rate of 1.40%, maintaining the previous level, resulting in a net injection of 361 billion yuan after 500 billion yuan of reverse repos matured [1] - In the previous week, the PBOC had a net withdrawal of 16,550 billion yuan through reverse repos, indicating a significant tightening of liquidity, while the government debt repayment pressure increased [1] - The overall liquidity environment remains loose, supported by prior fiscal spending and a decrease in funding demand post-year-end, with overnight funding rates stabilizing around 1.33% [1] Group 2 - The upcoming week (January 12-16) will see a decrease in the 7-day reverse repo maturity scale to 1,387 billion yuan, with government debt net repayment dropping to -531 billion yuan, suggesting limited external disturbances to the funding environment [2] - Analysts expect the funding environment to remain stable and loose, with overnight funding rates fluctuating around 1.35% and 7-day rates around 1.50% [2] - A significant 6-month reverse repo of 6,000 billion yuan is set to mature, and the PBOC is likely to maintain incremental renewals to alleviate funding pressure as the tax period approaches [2] Group 3 - The PBOC's recent work meeting emphasized the importance of maintaining a moderately loose monetary policy to promote high-quality economic development and reasonable price recovery [3] - The meeting highlighted the flexible and efficient use of various monetary policy tools, including interest rate cuts, to ensure ample liquidity and support balanced credit growth [3][4] - Changes in policy goals were noted, shifting from "stable with a decrease" in financing costs to "operating at a low level," indicating a stronger commitment to supporting economic stability and price recovery [3][4]

Group 1 - The company announced a change in the abbreviated names of certain ETFs listed on the Shanghai Stock Exchange, effective January 12, 2026, while the fund codes and other names will remain unchanged [1] - The company has updated the product information for each fund, and investors can access this information on the company's website or by calling the customer service [1] Group 2 - The company announced a change in the abbreviated names of certain ETFs listed on the Shenzhen Stock Exchange, effective January 12, 2026, while the fund codes and other names will remain unchanged [2] - The company has updated the product information for each fund, and investors can access this information on the company's website or by calling the customer service [2] Group 3 - To enhance market liquidity and stable operation of the Huaxia Joy City Shopping Center Closed-End Infrastructure Securities Investment Fund (Huaxia Joy City Commercial REIT), the company will add Industrial Securities Co., Ltd. as a liquidity service provider, effective January 13, 2026 [3] Group 4 - To enhance market liquidity and stable operation of the Huaxia Zhonghai Commercial Asset Closed-End Infrastructure Securities Investment Fund (Huaxia Zhonghai Commercial REIT), the company will add Industrial Securities Co., Ltd. as a liquidity service provider, effective January 13, 2026 [5]

Group 1 - The company announced the removal of the limit on daily single account subscriptions for institutional clients in the E Fund Investment Grade Credit Bond Fund starting from January 13, 2026, allowing for large subscriptions and conversions [1] - The company continues to suspend online direct sales for Class A shares of the fund, including subscriptions, conversions, and regular investment [1] Group 2 - E Fund has added Dongwu Securities as a primary dealer for the E Fund CSI Hong Kong Securities Investment Theme ETF, effective January 12, 2026, following an agreement with Dongwu Securities [2] Group 3 - The E Fund CSI Hong Kong Stock Connect High Dividend Investment ETF began trading on the Shanghai Stock Exchange on January 12, 2026, with a trading limit of 10% [5] - As of January 9, 2026, 93.39% of the fund's assets were invested in the index component stocks and alternative component stocks, complying with relevant regulations and the fund contract [5]

以下文章来源于债券人 ，作者光大证券固收研究 本周（2026年1月5日至2026年1月9日，共5个交易日）中证转债指数涨跌幅为+4.45%（上周涨跌幅 为-0.27%），中证全指变动为+5.04%（上周涨跌幅为-0.32%）。2026年以来中证转债涨跌幅为+4.45%， 中证全指涨跌幅为+5.04%。 分评级来看，债项评级高评级券（评级为AAA）、中高评级券（评级为AA+）、中评级券（评级为 AA）、中低评级券（评级为AA-）和低评级券（评级为AA-及以下）本周涨跌幅分别为+1.37%、+2.50% 、+5.16%、+4.83%、+4.10%，中评级券涨幅最高。 债券人 . 唯有进行扎实的基本面研究，方能行稳致远。 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。 报告摘要 1、市场 ...

Core Insights - The ABS market in 2025 showed a robust issuance trend, with a total of 2,435 new projects and an issuance scale of 23,250 billion yuan, representing a 14% increase compared to the previous year (20,417 billion yuan) [1][6]. Segment Summaries Credit ABS - A total of 238 new projects were issued, with a total amount of 2,915 billion yuan, marking an 8% year-on-year increase. The largest asset class was personal auto loans, with 32 issuances totaling 1,185 billion yuan, followed by non-performing loans with 178 issuances totaling 821 billion yuan [2][9]. Corporate ABS - The corporate ABS segment saw 1,560 issuances, totaling 14,133 billion yuan, which is a 20% increase year-on-year. The largest issuance was in financing lease receivables, with 295 projects totaling 2,891 billion yuan, followed by corporate receivables with 246 projects totaling 2,308 billion yuan [2][12]. Asset-Backed Notes (ABN) - The ABN market had 612 issuances, with a total amount of 5,731 billion yuan, reflecting a 9% year-on-year increase. The main types of issuances were bank/internet consumer loans (191 projects, 1,685 billion yuan) and general small loan receivables (141 projects, 1,295 billion yuan) [2][15]. Market Size and Composition - As of 2025, the cumulative market size reached approximately 35,832 billion yuan, with credit ABS at 4,339 billion yuan, corporate ABS at 22,808 billion yuan, ABN at 6,535 billion yuan, and public REITs at 2,150 billion yuan [4]. Underwriting Performance - In the underwriting rankings for 2025, CITIC Securities led with 527 projects and a total underwriting amount of 2,809 billion yuan, followed by Guotai Junan with 464 projects totaling 2,329.1 billion yuan, and Ping An Securities with 287 projects totaling 1,749.6 billion yuan [17][19]. Detailed Underwriting Rankings - For credit ABS, CITIC Securities topped the list with 109 projects and 538.5 billion yuan, followed by China Merchants Securities with 120 projects and 445.4 billion yuan [23][25]. - In the corporate ABS segment, CITIC Securities also ranked first with 308 projects and 1,853.5 billion yuan, while Ping An Securities followed with 257 projects totaling 1,693.3 billion yuan [28][30]. Asset Class Rankings - The top three asset classes by issuance volume in 2025 were financing lease receivables, bank/internet consumer loans, and corporate receivables [33]. - In the financing lease category, Ping An Securities led with 614 billion yuan, followed closely by Guotai Junan and CITIC Securities [34]. - For bank/internet consumer loans, China Merchants Securities topped the rankings with 502.6 billion yuan, followed by Huatai Securities and CICC [39]. Public REITs - In the public REITs market, the original rights holders' rankings showed Runze Technology Development at the top with 45 billion yuan, followed by Beijing Shou Nong Information Industry and Suning Commercial Group [55][56]. - The plan managers' rankings for public REITs were led by CITIC Securities with 127.9 billion yuan, followed by Southern Capital Management and CICC [58][59].

Core Insights - The overall performance of brokerage asset management products in 2025 shows an average return of approximately 6.27%, with a median return of 3.13% for products that have been established for over a year [2] - The majority of these products are bond-type, accounting for over 70% of the total, with an average return of 3.33% in 2025 [2] - Equity-type products, although fewer in number, have demonstrated strong performance with an average return of 23.36% in 2025, largely due to a robust A-share market [3] Brokerage Asset Management Product Performance Equity Products - There are 29 equity-type products, with the top three performers being: 1. Huabao Huahong No. 1 2. CITIC Securities Zhisheng 500 Index Enhanced No. 1 3. Caida Growth No. 6 [3][4] - The performance threshold for the top 10 equity products is notably high, indicating strong competition among them [3] Mixed Products - Mixed-type products can allocate assets across various categories, with 377 products showing performance in 2025. The top five performers are: 1. Founder Intelligent Automobile No. 2 2. CITIC Securities Asset Management Xinghe No. 48 3. First Venture Fuxianrong No. 1 4. Caida Jingming No. 1 5. Dongfanghong Mingfeng No. 3 [6][7] FOF Products - FOF (Fund of Funds) products, which invest in other funds, have 360 products with the top five being: 1. Zheshang Wealth Xinhui Zhongzheng 1000 and Small Cap Enhanced FOF No. 1 2. Great Wall Selected Evolution FOF No. 1 3. CITIC Securities Wealth Selected Index Enhanced No. 1 FOF 4. Guojin Xinxing Citaoling No. 9 FOF 5. GF Asset Management Volume Increase No. 4 FOF [10][11] Bond Products - Bond-type products are the most numerous, with 2,198 products reported. The top five performers are: 1. First Venture Convertible Bond Flexible Allocation No. 1 2. Galaxy Stable Profit No. 20 3. Guotai Junan Junxiang Glory Jinbao 4. Huashan Securities Hengying No. 23 5. Huashan Securities Hengying No. 36M001 [13][15]

Group 1: Bond Custody Total and Structure - The total bond custody increased month-on-month, reaching 178.25 trillion yuan by the end of November 2025, with a net increase of 1.48 trillion yuan compared to the previous month [4] - By type, the custody of interest rate bonds, credit bonds, and financial bonds increased, while interbank certificates of deposit saw a decrease [4] - The custody of interest rate bonds was 123.94 trillion yuan, with a net increase of 1.46 trillion yuan; credit bonds reached 19.13 trillion yuan, increasing by 0.27 trillion yuan; and financial bonds totaled 12.80 trillion yuan, up by 0.10 trillion yuan [4] Group 2: Bond Holder Structure and Changes - Among major institutions in the bond market, only securities companies and foreign institutions saw a decrease in bond custody, while other institutions showed an increase [5] - Policy banks, commercial banks, and non-legal entity products increased their holdings in interest rate bonds and credit bonds, while reducing interbank certificates of deposit [5] - Credit cooperatives and insurance institutions increased their holdings across interest rate bonds, interbank certificates of deposit, and credit bonds [5] Group 3: Bond Market Leverage Rate Observation - The balance of repurchase agreements decreased month-on-month, leading to a decline in the leverage rate of the bond market [6] - As of the end of November 2025, the estimated balance of repurchase agreements was 11.05 trillion yuan, down by 360.125 billion yuan, with a leverage rate of 106.61%, a decrease of 0.29 percentage points month-on-month [6]

尊敬的投资者： （一）公司统一客服热线：95548 （二）绍兴中兴南路营业部地址：浙江省绍兴市越城区中兴南路97号（中兴商务楼）1-2层；电话： 0575-85229781 （三）绍兴分公司地址：浙江省绍兴市越城区灵芝街道解放大道177号102室、205室、206室、207室、 208室；电话：0575-88096598 特此公告。 中信证券股份有限公司 2026年1月10日 为进一步优化营业网点布局，中信证券股份有限公司决定撤销绍兴中兴南路证券营业部（以下简称绍兴 中兴南路营业部），自2026年1月17日起位于浙江省绍兴市越城区中兴南路97号（中兴商务楼）1-2层的 绍兴中兴南路营业部经营场所将予以关闭并停止营业。为保障您的证券交易、资金划转的正常进行，现 将相关事项公告如下： 一、绍兴中兴南路营业部客户将于2026年1月17日整体平移至中信证券股份有限公司绍兴分公司（以下 简称绍兴分公司）。 整体平移后，您的资金账户、交易密码和资金密码不变，原交易方式、委托电话及交易软件等保持不 变，证券交易及资金划转不受任何影响。 二、如您不同意转移至绍兴分公司，请自本公告之日起至2026年1月14日止，携带有效身份证 ...

（二）杭州金华路营业部地址：浙江省杭州市拱墅区金华路58号一楼E区、G区；电话：0571-85061551 （三）杭州庆春东路营业部地址：浙江省杭州市上城区庆春东路1-1号西子联合大厦9层901室、902室； 电话：0571-87039799 为进一步优化营业网点布局，中信证券股份有限公司决定撤销杭州金华路证券营业部（以下简称杭州金 华路营业部），自2026年1月17日起位于浙江省拱墅区金华路58号一楼E区、G区的杭州金华路营业部经 营场所将予以关闭并停止营业。为保障您的证券交易、资金划转的正常进行，现将相关事项公告如下： 一、杭州金华路营业部客户将于2026年1月17日整体平移至中信证券股份有限公司杭州庆春东路证券营 业部（以下简称杭州庆春东路营业部）。 整体平移后，您的资金账户、交易密码和资金密码不变，原交易方式、委托电话及交易软件等保持不 变，证券交易及资金划转不受任何影响。 二、如您不同意转移至杭州庆春东路营业部，请自本公告之日起至2026年1月14日止，携带有效身份证 明文件至我司所属营业部办理转销户手续至我司其他营业部或其他证券公司。 三、如您对营业部撤销及客户平移有任何疑问，可选择以下联系方式进 ...

光大证券股份有限公司关于撤销山东分公司的公告 二、公司将妥善做好山东分公司撤销的各项衔接工作,有序推进工商注销等相关手续,并向中国证监会青 岛监管局备案。 特此公告。 光大证券股份有限公司 2026年1月10日 为进一步优化网点布局,加强资源整合,推动分支机构高质量发展,光大证券股份有限公司(以下简称"公 司")决定撤销山东分公司。根据《中华人民共和国证券法》(2019年修订)和《关于取消或调整证券公司 部分行政审批项目等事项的公告》(证监会公告〔2020〕18号)相关要求,现就相关事宜公告如下: 一、山东分公司无客户,原山东分公司辖区内各营业部的正常经营不受影响,客户原有证券账户、资金账 户及相关业务资格保持不变,各项交易委托、资金存取、业务办理等服务均正常开展。 ...