Group 1 - The core viewpoint of the article highlights the booming A-share market in 2026, with a consensus among investment advisors on three main investment themes: Artificial Intelligence, humanoid robots, and non-ferrous metals [1] - The ETF market in China experienced significant growth in 2025, with the total scale increasing from 3.73 trillion yuan at the beginning of the year to over 6 trillion yuan by year-end, marking a 60.86% annual increase [2] - The transformation of ETFs from optional tools to essential infrastructure for asset allocation is emphasized, indicating a shift in investment paradigms [3] Group 2 - The article features insights from various award-winning investment advisors, showcasing their strategies and experiences, which include industry rotation, asset allocation, and tool innovation [3] - Notable investment advisors shared their key takeaways from the New Fortune Best Investment Advisor selection process, highlighting improvements in client service capabilities and trading models [11][19][22] - The importance of professional recognition and networking among top advisors is underscored, as it enhances their market influence and client acquisition opportunities [14][19][22]

｜2026年1月27日星期二｜ NO.1券商资管公司公募管理规模去年增长显著，千亿元级阵营扩容至5家 近日，随着公募基金2025年四季报披露完毕，各家券商及券商资管公司(以下统称"券商资管")的最新公 募基金管理规模也浮出水面。截至2025年末，共有5家券商资管公司公募基金管理规模在千亿元以上。 其中，东方红资产管理以2162.68亿元的管理规模居于榜首，较2024年末增长30.05%。其次是华泰证券 资管，管理规模为1808.28亿元，较2024年末增长29.15%。中银证券、财通资管的管理规模也排名居 前，分别为1339.33亿元、1197.6亿元，均较2024年末出现小幅下滑，降幅分别为1.88%、7.47%。得益 于并购整合，国泰海通资管管理规模为1110.58亿元，跻身管理规模千亿元行列，较2024年末增长 37.6%。长江资管、山证资管管理规模分别为390.98亿元、370.83亿元，较2024年末增长47.39%、 49.04%。 点评：券商资管公募规模扩容凸显财富管理转型成效，龙头机构凭借品牌效应持续吸纳资金，头部效应 强化。并购整合加速行业洗牌，中小机构需差异化竞争。长期看，资管业务实力提升 ...

1. 公开市场操作 （IMM） 右。 // 债市综述 // （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 3. 同业存单 央行 公告称， 1 月 26 日以固定利率、数量招标方式开展了 1505 亿元 7 天期逆回购操作，操作利率 1.40% ，投标量 1505 亿元，中标量 1505 亿元。 Wind 数据显示，当日 1583 亿元 逆回购到期 ，据此计算，单日净回笼 78 亿元。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 税期基本结束，但银行间市场资金面紧平衡态势未见明显缓和， D R001 加权平均利率上行约 2bp 至 1.41% 附近。匿名点击（ X-repo ）系统上，隔夜报 价升至 1.48%-1.50% ，供给寥寥。非银机构以质押存单及信用债借入隔夜，最新报价在 1.53%-1.55% ，较上日变化不大，可跨月的七天期报价在 1.6% 左 海外方面，最新美国隔夜融资担保利率为 3.64% 。 全国和主要股份制银行一年期同业存单最新成交在 1.60% 附近，较上日上行 1bp 。 （*数据来源：Wind-同业存单-发行结果） 4. 银行间主要利率债收益率 | | 1 ...

总结而言，投资者应密切关注本周联储会议后的鲍威尔表态，以及日元在 159 至 160 区间是否会出现实 质性的官方干预。在全球宏观定价逻辑发生结构性偏转的当下，资产的分化表现将愈发显著。ZFX山海 证券认为，通过跨市场的资金流向监测，能够更清晰地捕捉避险情绪下的结构性机会。建议交易者在汇 市干预风险与贵金属历史高位的复杂环境下，优先配置高防御性资产以平滑投资组合的波动。 1月26日，全球资产定价逻辑正经历一场深刻的避险重塑，现货黄金在周一交易时段呈现出势如破竹的 姿态，价格成功跨越每盎司 5000 美元的里程碑节点。这一波史诗级的涨势不仅是对格陵兰岛争议与伊 朗局势反复的直接反馈，更是由于美元指数触及四个月低点后，避险资金加速寻找安全边际所致。ZFX 山海证券认为，在多重宏观压力的共振下，黄金作为"硬通货"的溢价空间正被市场重新定义。 在汇率市场的多空博弈中，ZFX山海证券表示，日元的剧烈反弹成为了全球金融关注的焦点。由于纽约 联储被曝在上周五进行了"汇率检查"，日元兑美元汇率应声上涨超过 1% 并触及 153.99。这一动向释放 了美日当局可能进行联合干预的强烈信号，迫使此前一边倒的看空头寸大规模回撤。尽管 ...

◆◆ 工作机会画像 ◆◆ 兴业证券成立于1991年，并于2010年在主板上市。经济与金融研究院是兴业证券总部一级部门，2024/2025年均位列新财富最佳研究团 队第3名。 计算机研究团队自2015年以来，连续11年上榜新财富最佳分析师，2024/2025年均为第2名。首席从业15年、司龄11年，组内氛围融 洽，团结奋进。 工作日常主要包括撰写证券研究报告、客户路演、产业及上市公司调研、线上线下会议组织等，以创佣和创誉为核心业务导向，考核机 制清晰透明。 ◆◆ 我们期待的你 ◆◆ 1、社会招聘 1）研究生及以上学历，拥有ICT知识储备、1年以上工作经验； 工作地在北京、上海、深圳均可。 ◆◆ 应聘渠道 ◆◆ 有意者请发简历到邮箱jiangjialin@xyzq.com.cn。可附上相关证明材料，并以"姓名-当前工作单位-工作时间-第一本科毕业院校"为标 题，您提交的任何信息我们均会严格对外保密。 你还在等什么？ 2）具有为理想而拼搏的精神，以及善于分享的性格特质。 2、应届生招聘 1）攻读硕士及以上学位的应届生； 2）每周能保证3天以上实习时间，表现优异有留用机会。 ...

2025年的A股，以一场气势如虹的"11连阳"收官，上证指数全年上涨18.41%，书写了清晰的单边向上趋势。然而，在指数昂扬的乐章下，超过1500只个股 下跌的分化现实，让这更是一场极致的"结构性牛市"。普涨难觅，α（超额收益）为王，专业投顾的价值因此被空前凸显——他们不仅是趋势的同行者， 更是帮客户穿越分化、捕捉主线的领航员。 第八届新财富最佳投顾评选结果已揭晓，这份名单正是在复杂结构市中淬炼出的"专业答卷"。本届评选吸引了创纪录的39,893名投顾参与，最终仅91人脱 颖而出，获奖比例低至0.23%，堪称万里挑一。 这91位顶尖投顾平均从业14年，人均服务客户超1000人，管理客户资产规模1908亿元。他们是深度参与者：45%的获奖者上线了投顾产品，20%高频使用 直播等工具直面客户，行业正从销售导向，全面转向以客户账户表现为中心。 他们的核心价值，在于不仅能帮助客户把握市场整体趋势，更能为客户创造超越市场的超额收益。在科技与红利双线轮动的2025年，他们的策略决定了客 户是在牛市中"满载而归"还是"踏空焦虑"。 现在，让我们直接聆听部分"最佳投顾（股票交易组）"获奖者的实战策略与真切感悟。 中信建投证券 ...

2025 年的 A 股，以一场气势如虹的" 11 连阳"收官，上证指数全年上涨 18.41% ，书写了清晰的单边向上趋势。然而，在指数昂扬的乐章下，超过 1500 只个股下跌的分化现实，让这更是一场极致的"结构性牛市"。普涨难觅，α（超额收益）为王，专业投顾的价值因此被空前凸显——他们不仅是趋 势的同行者，更是帮客户穿越分化、捕捉主线的领航员。 第八届新财富最佳投顾评选结果 已揭晓，这份名单正是在复杂结构市中淬炼出的"专业答卷"。本届评选吸引了创纪录的39,893名投顾参与，最终仅91人 脱颖而出，获奖比例低至0.23%，堪称万里挑一。 这91位顶尖投顾平均从业14年，人均服务客户超1000人，管理客户资产规模1908亿元。他们是深度参与者：45%的获奖者上线了投顾产品，20%高频 使用直播等工具直面客户 ，行业正从销售导向，全面转向以客户账户表现为中心。 他们的核心价值，在于不仅能帮助客户把握市场整体趋势，更能为客户创造超越市场的超额收益。在科技与红利双线轮动的2025年，他们的策略决定了 客户是在牛市中"满载而归"还是"踏空焦虑"。 现在，让我们直接聆听部分"最佳投顾（股票交易组）"获奖者的实战策略与真切 ...

西部证券公告称，近日收到证监会《关于同意西部证券股份有限公司向专业投资者公开发行公司债券注 册的批复》，同意公司向专业投资者公开发行面值总额不超180亿元公司债券的注册申请。本次发行应 按报送深交所的募集说明书进行，批复自同意注册之日起24个月内有效，可分期发行。发行结束前若发 生重大事项，应及时报告处理。 ...

Summary of Key Points from the Conference Call Industry Overview: China’s Economic Performance Economic Growth - Q4 2025 real GDP growth slowed to **4.5% y-o-y**, down from **4.8% in Q3** [1] - Nominal GDP growth increased slightly to **3.8% y-o-y** in Q4 from **3.7% in Q3**, with the GDP deflator improving to **-0.7% y-o-y** from **-1.1%** [1] Industrial Production - Industrial production (IP) growth rose to **5.2% y-o-y** in December from **4.8% in November**, driven by a **6.6% y-o-y** increase in exports [1][8] - Manufacturing sector output growth increased to **5.7% y-o-y** in December, while mining and utility sectors saw declines [9] Retail Sales - Retail sales growth decelerated sharply to **0.9% y-o-y** in December from **1.3% in November**, indicating weak consumer demand [22] - Full-year retail sales growth was marginally up to **3.7% in 2025** from **3.5% in 2024**, with a notable drop in H2 [23] Fixed Asset Investment (FAI) - FAI growth plunged to **-16.0% y-o-y** in December from **-11.1% in November**, marking the lowest since the onset of COVID-19 [14] - The property sector continued to be a significant drag, with FAI in this sector down **-36.3% y-o-y** in December [27] Key Concerns and Policy Responses Domestic Demand Slowdown - Beijing is increasingly concerned about the significant slowdown in domestic demand, prompting a new round of fiscal and financial policy easing measures [3] - Interest rates were cut by **25 basis points** on various lending facilities to stimulate demand [3] Population and Consumption - The newborn population fell to **7.92 million** in 2025, the lowest since 1949, contributing to weak domestic consumption growth [4][5] - The household savings rate increased to **32.0%** in 2025, indicating a shift towards saving rather than spending [7] Future Outlook - The current economic conditions suggest that the worst may be yet to come, particularly in retail and investment sectors [2] - Policymakers may need to implement more comprehensive measures to stabilize growth and support the property sector [3] Sector-Specific Insights Automotive Sector - Auto output growth dipped to **-2.8% y-o-y** in December, with domestic demand remaining weak despite a surge in exports [12] - Passenger car sales saw a **-32.0% y-o-y** collapse in early January 2026, indicating ongoing challenges [2] Property Market - Property investment growth fell to **-36.3% y-o-y** in December, with new home sales also deeply negative [27] - Average home prices continued to decline, with a **6.1%** drop in existing home prices for the year [28] Export Challenges - Despite a strong performance in December, China's export sector is expected to face headwinds in 2026, particularly due to tariffs imposed by Mexico [13] Conclusion - The economic landscape in China is characterized by slowing growth, weak domestic demand, and significant challenges in the property and retail sectors. Policymakers are expected to take further actions to stimulate the economy, but the effectiveness of these measures remains uncertain.

Core Viewpoint - The article discusses a legal dispute involving Jinlong Co., Ltd. and Zhongshan Securities, stemming from a channel business transaction that occurred a decade ago, highlighting the ongoing risks and responsibilities associated with such financial arrangements [2][3][4]. Group 1: Background of the Dispute - The dispute originated from a 3.5 billion yuan transaction where Everbright Bank's Changchun branch claims its funds were misappropriated through fraudulent activities involving employees and the actual controller of the financing party [2][4]. - The lawsuit seeks a total of 489 million yuan, including damages for the occupied funds, as Everbright Bank alleges that the involved parties should bear joint liability for the losses incurred [4][11]. Group 2: Legal Proceedings and Historical Context - This is not the first lawsuit; Everbright Bank previously sued the Wuxi branch of China Merchants Bank in 2015 over the same issue but lost the case [6][8]. - The Supreme Court ruled that the agreements involved were fraudulent and did not reflect the true intentions of Everbright Bank, leading to a dismissal of their claims [8][9]. Group 3: Implications for Channel Business - The article emphasizes the ongoing scrutiny of channel business practices, particularly after the introduction of asset management regulations aimed at curbing such activities [11][12]. - Judicial precedents indicate that channel providers may be held liable for losses, as seen in cases where trust companies were required to compensate investors for negligence in managing channel business [10][12].