Core Viewpoint - The A-share market is experiencing a downturn, with major indices showing weakness and a potential technical correction expected before February. Analysts suggest focusing on fundamental performance rather than speculative trading [1][7]. Market Performance - The A-share market saw the Shanghai Composite Index drop by 0.30%, the Shenzhen Component by 1.22%, and the ChiNext Index by 1.83% during the morning session [1]. - The real estate sector showed resilience, with stocks like Chengdu Investment Holdings and Hefei Urban Construction hitting the daily limit [2]. - AI application stocks rebounded, with companies such as Zhejiang Wenhu and Tiandi Online also reaching the daily limit [3]. - The semiconductor sector experienced a surge, with Zhongwei Semiconductor rising by 20% [1]. - Consumer stocks, particularly in beauty and liquor, were active, while the commercial aerospace sector continued to decline [1]. Sector Insights - Real Estate: The National Bureau of Statistics reported a 0.3% month-on-month decline in new residential sales prices in first-tier cities, indicating a narrowing of the decline. Analysts expect policy adjustments in the first quarter, favoring companies with strong liquidity and product capabilities [2]. - AI Applications: The trend of AI applications is expected to continue, with hardware increasingly penetrating daily life across various sectors, including automotive and smart home devices. The software side is also seeing advancements in model inference capabilities [3]. - Technology Sector: According to Guosen Securities, the spring market is not over, and fluctuations may present good investment opportunities. The technology sector, particularly driven by AI, remains a key focus [4]. Analyst Opinions - Guosen Securities emphasizes that the spring market is ongoing, suggesting a balanced allocation strategy while focusing on technology growth driven by AI applications [4]. - Shenwan Hongyuan notes that while the commercial aerospace and AI sectors have upward trends, excessive trading may lead to a market correction. The A-share market has a foundation for mid-term growth, and patience is advised [5]. - Huatai Securities indicates a shift towards focusing on "performance fundamentals," suggesting adjustments in portfolio structure to avoid irrational speculation [6][7].

Core Viewpoint - The economic data for Q4 2025 indicates a significant "high first, low later" trend, with supply outpacing demand and external demand stronger than internal demand [4][5]. Economic Data Summary - In Q4 2025, the GDP grew by 4.5% year-on-year, aligning with market expectations, while the annual growth rate for 2025 was 5% [4][5]. - The industrial added value for December 2025 increased by 5.2% year-on-year, up from 4.8% in November [4][5]. - Fixed asset investment for the entire year of 2025 saw a cumulative year-on-year decline of 3.8%, worsening from a previous decline of 2.6% [4][6]. - Retail sales of consumer goods in December 2025 grew by 0.9% year-on-year, down from 1.3% in November, marking a continuous decline over seven months [4][6]. Investment Market Insights - In the bond market, from August 2025 to the present, government bond yields have shown a clear divergence, with short-term yields stable and declining, while long-term yields, especially the 30-year yield, are on an upward trend [7]. - The current loose liquidity and diverging fundamentals suggest a gradually optimistic outlook for the bond market, with the 10-year government bond yield expected to stabilize around 1.75% in 2026 [7]. - In the convertible bond market, as of January 16, 2026, the China Securities Convertible Bond Index has risen by 5.6%, mirroring the 5.5% increase in the overall index, indicating a strong demand for convertible bonds amid a bullish equity market [7].

Group 1 - The core viewpoint of the article discusses the current "transformation bull market" in the Chinese stock market and its implications for investors [1] - It emphasizes the importance of emerging technologies as a main investment theme and provides insights on how to effectively invest in this sector [1] - The article also addresses the need to balance return elasticity with risk control in investment strategies [1]

智通财经APP讯，广发证券(01776)发布公告，广发证券股份有限公司2025年面向专业投资者公开发行公 司债券(第一期)将于2026年1月21日支付2025年1月21日至2026年1月20日期间的利息。本期债券品种一 简称为"25广发01"，债券代码为 "524121"，品种二简称为"25广发02"，债券代码为"524122"。本期债 券"25广发01"的票面利率为1.83%，本次付息每手(面值1000元) "25 广发01"派发利息人民币18.30元(含 税)。本期债券"25广发02"的票面利率为1.90%，本次付息每手(面值1000元) "25 广发02"派发利息人民币 19.00元(含税)。 ...

Core Viewpoint - The company has received approval from the China Securities Regulatory Commission to publicly issue perpetual subordinated bonds totaling up to 20 billion yuan [1] Group 1 - The company is authorized to issue perpetual subordinated bonds with a total face value not exceeding 20 billion yuan [1] - The issuance must strictly follow the prospectus submitted to the Shenzhen Stock Exchange [1] - The approval is valid for 24 months from the date of registration, allowing the company to issue the bonds in tranches within this period [1] Group 2 - The company is required to report any significant events that occur from the date of registration until the completion of the bond issuance [1]

Core Viewpoint - The article emphasizes the role of securities companies, particularly Shouchao Securities, in providing comprehensive financial services to support the real economy and enhance productivity in Beijing, aligning with the city's strategic development goals [1]. Group 1: Financial Services and Support - Shouchao Securities aims to guide 25.6 billion yuan in financial resources to support the real economy in Beijing by 2025 through various financing channels, including bond financing, asset securitization, and equity financing [1]. - In the bond financing sector, the company has completed 8.9 billion yuan in bond financing for key enterprises, marking a 37% increase from the previous year [2]. - The company has issued 5.3 billion yuan in technology innovation bonds to support R&D and infrastructure in key sectors, contributing to the upgrade of the capital's industrial value chain [2]. Group 2: Asset Securitization and Equity Financing - Shouchao Securities has increased its asset management scale by 37.4 billion yuan, a 92% year-on-year growth, ranking 12th in the industry [2]. - The company has facilitated 16.7 billion yuan in asset-backed securities (ABS) financing for Beijing enterprises, covering various asset types [2]. - In equity financing, the company is actively participating in the capital market for technology enterprises, with projects like "Qilong Ocean" receiving unconditional approval for listing [3]. Group 3: Resource Coordination and Ecosystem Development - Shouchao Securities has organized 8 specialized events to enhance the connection between government, enterprises, and financial institutions, improving the capital market utilization capabilities of enterprises [4]. - The company has been involved in the Chaoyang District's enterprise listing accelerator project, providing customized consulting and dynamic information services to prospective listed companies [4]. - The firm aims to create a financial ecosystem that responds to enterprise needs, government support, and financial services, moving from "point-to-point" connections to "ecosystem empowerment" [4]. Group 4: Future Development Strategy - Shouchao Securities plans to focus on the capital's strategic positioning by developing tailored financial solutions for key areas such as international technology innovation and cultural centers [5]. - The company will integrate into the Beijing-Tianjin-Hebei coordinated development strategy to optimize financial resource allocation in the region [5]. - The firm aims to enhance its comprehensive financial service quality by focusing on technology finance, green finance, inclusive finance, pension finance, and digital finance [5].

Group 1 - A new company, Hubei Yangtze River Enterprise Management Research Institute Co., Ltd., has been established with a registered capital of 30 million RMB [1] - The legal representative of the company is Tu Junshan, indicating a structured leadership [1] - The company's business scope includes social and economic consulting services, information technology consulting services, and enterprise management consulting [1] Group 2 - The company is jointly owned by Hubei Provincial Investment Company, Changjiang Securities Innovation Investment (Hubei) Co., Ltd., and Tianfeng Innovation Investment Co., Ltd., showcasing a collaborative investment approach [1]

Core Insights - The monthly active users (MAU) of securities apps reached a record high of 175 million in December 2025, marking a 1.75% month-over-month increase and a 2.26% year-over-year increase, indicating a strong recovery in user engagement within the year [1][2]. User Engagement Trends - The year 2025 saw a fluctuating trend in MAU for securities apps, starting at approximately 161.84 million in January, peaking in December. The lowest point was in May, after which a recovery began, with notable rebounds in November and December [1][2]. - The monthly active user numbers for the months leading up to December were as follows: - January: 161.84 million - March: 171.73 million - May: 160.31 million (lowest point) - November: 172.30 million - December: 175.31 million [2]. Competitive Landscape - In December, third-party securities apps dominated the market, with Tonghuashun leading at 36.70 million MAU, followed by Dongfang Caifu at 18.22 million and Dazhihui at 12.97 million. Among brokerage apps, Huatai's Zhangle Wealth and Guotai Junan's Junhong surpassed 10 million MAU [2][3]. - The number of brokerage apps with an average monthly active user count exceeding 6 million increased to 14 in 2025, reflecting a growing concentration in the market [4]. AI Integration in Services - The application of AI technology in the securities industry has accelerated, with various brokerages launching intelligent tools across three core areas: intelligent research, trading, and advisory services. This aims to enhance user experience and service efficiency [6]. - Notable advancements include: - Upgrades in intelligent trading systems by Galaxy Securities, which automate price negotiations and order generation [6]. - The launch of AI advisory platforms by multiple brokerages, integrating comprehensive financial data to improve user decision-making [6]. Average Monthly Active Users - The average monthly active users for the top securities apps in 2025 were as follows: - Tonghuashun: 35.50 million - Dongfang Caifu: 17.43 million - Dazhihui: 12.10 million - Zhangle Wealth: 11.44 million - Guotai Junan Junhong: 9.88 million [5].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - In 2026, the central bank's monetary policy may continue to focus on structural measures, with "structural easing" as the priority direction, aiming to support the real economy and address structural weaknesses [2]. - The "stabilizer" role of banks remains effective, while the trading behavior of securities firms and other trading desks may develop new characteristics [2]. - Looking ahead to the bond market in Q1 2026, short - term interest rates are expected to maintain their advantage, and the trading logic of long - term interest rates may be further deepened. The performance of 10 - year treasury bonds may continue to be better than that of 30 - year treasury bonds [2][89]. Summary by Relevant Catalogs 1. Important Matters - On January 15, 2026, the central bank conducted a 900 - billion - yuan 6 - month (181 - day) buy - back reverse repurchase operation, with a net investment of 300 billion yuan. The outstanding scale in January reached 6.8 trillion yuan [5]. - On January 15, 2026, the central bank announced a series of policies, including a 0.25 - percentage - point cut in the interest rates of various structural monetary policy tools, and measures to support the private economy, technological innovation, green transformation, and the real estate market [8]. 2. Money Market 2.1 Open Market Operations and Fund Interest Rate Trends - From January 12 to 16, 2026, the central bank conducted 7 - day reverse repurchase operations, with a total investment of 951.5 billion yuan and a maturity of 138.7 billion yuan, resulting in a net investment of 812.8 billion yuan. From January 19 to 23, it is expected that 1.1015 trillion yuan of base money will mature and be withdrawn [11]. - In mid - January, the money market tightened first and then loosened. The central bank maintained its stance of protecting liquidity. The DR001 remained in the range of 1.3% - 1.4% throughout the week [13]. 2.2 Certificate of Deposit Interest Rate Trends and Repurchase Transaction Situations - In the primary market, last week, the issuance scale of inter - bank certificates of deposit was 553.58 billion yuan, with a net financing of - 254.88 billion yuan. The city commercial banks had the largest issuance scale and a net financing of 65.36 billion yuan [17][23]. - The issuance interest rates of inter - bank certificates of deposit increased compared with the previous week. In the secondary market, the yields of inter - bank certificates of deposit decreased overall last week [25][28]. 3. Bond Market Primary Market - At the beginning of 2026, the issuance rhythm of treasury bonds accelerated compared with the same period in 2025, mainly due to the increase in the issuance of discounted treasury bonds and short - term treasury bonds. As of January 16, the cumulative net financing scale of various treasury bonds was about 0.2 trillion yuan, and that of local bonds was about 0.19 trillion yuan [31]. - The supply scale of interest - rate bonds decreased last week. The net financing of treasury bonds was - 299.21 billion yuan, local bonds was 73.717 billion yuan, and policy - bank financial bonds was 51.1 billion yuan [38]. - As of last week, the issuance scale of special refinancing bonds reached 0.05 trillion yuan, mainly with long - term and ultra - long - term maturities [41]. Secondary Market - Last week, large - scale banks bought a large amount of treasury bonds within 10 years, supporting medium - and short - term interest rates. The overall performance of treasury bonds within 10 years was excellent. The yields of 30 - year treasury bonds increased [44]. - The average daily turnover rate of the 10 - year treasury bond active bond (250016) decreased, while that of the 10 - year CDB bond active bond (250215) increased [48]. - The average spread between the 10 - year treasury bond active bond (250016) and the secondary active bond (250022) was 1.61BP, indicating a possible change in liquidity premium [51]. - The 10 - 1 - year and 30 - 1 - year treasury bond term spreads widened. The long - term and ultra - long - term local - treasury bond spreads narrowed [58][62]. 4. Institutional Behavior Tracking - Last week, the scale of leveraged trading increased as the money market eased, with an average of about 8.62 trillion yuan [65]. - In the cash bond market, large - scale banks increased their holdings of 5 - 10 - year treasury bonds, small - and medium - sized banks reduced their holdings of 5 - 10 - year treasury bonds, insurance companies bought long - term treasury bonds and local bonds, securities firms sold long - term treasury bonds, and funds increased their holdings of policy - bank financial bonds within 5 years [65][72]. - The leverage ratios of banks, securities firms, and other institutions decreased in November 2025 [66]. 5. High - Frequency Data Tracking - Last week, the settlement prices of rebar and cathode copper futures increased, while those of wire rod futures, cement price index, and South China Glass Index decreased. The CCFI index increased, and the BDI index decreased [87]. - The wholesale prices of pork increased, and those of vegetables decreased. The settlement prices of Brent and WTI crude oil futures increased. The central parity rate of the US dollar against the RMB was 7.01 [87]. 6. Market Outlook - In Q1 2026, short - term interest rates are expected to maintain their advantage, and the trading logic of long - term interest rates may be further deepened. The performance of 10 - year treasury bonds may continue to be better than that of 30 - year treasury bonds [2][89]. - Investors can consider gradually building positions in ultra - long - term bonds. Initially, they should hold medium - and short - term treasury bonds and policy - bank financial bonds, and then adjust the strategy according to market conditions [90][91].

Group 1 - The DJS Law Group has announced a class action lawsuit against Smart Digital Group Limited for violations of the Securities Exchange Act of 1934 [1] - The class period for the lawsuit is from May 5, 2025, to September 26, 2025, with a deadline for lead plaintiff appointments set for March 16, 2026 [2] - The lawsuit claims that Smart Digital made false and misleading statements, leading to the suspension of trading of its shares due to an investigation into a scheme to artificially inflate share prices [2] Group 2 - Shareholders who purchased shares during the class period are encouraged to contact the DJS Law Group for potential participation in the lawsuit [2] - DJS Law Group specializes in securities class actions and corporate governance litigation, representing large hedge funds and alternative asset managers [4] - The firm emphasizes the importance of their clients' litigation claims as valuable assets that require focused advocacy [4]