平安证券指出，非银金融行业中，证券板块近期市场景气度改善、交投活跃度维持高位，板块从估 值到业绩均具备β属性，全面受益。长期看资本市场新一轮改革周期开启，券商仍有较大发展增量空 间。中金公司"三合一"重大资产重组预案出炉，合并后主体有望发挥原有中金公司投资银行、私募股权 投资、机构业务、资产管理和国际化业务优势，吸收信达证券和东方证券在企业纾困、并购重整、区域 布局、零售客户上的特色资源，实现汇金系"投行+AMC资源"的深度协同，加快一流投资银行和投资机 构建设进程。 证券ETF（512880）跟踪的是证券公司指数（399975），该指数从A股市场中选取涉及证券经纪、 投资银行、资产管理等业务的上市公司证券作为指数样本，以反映证券行业相关上市公司证券的整体表 现。证券公司指数覆盖了各类证券相关业务，具有较强的周期性和市场敏感性，是衡量资本市场活跃度 的重要指标之一。 风险提示：数据来源wind、截至2025.12.19，证券ETF规模为568.02亿，在同类21只产品中排名第 一。提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参考，不代 表其未来表现，亦不构成对基金业绩的承诺或保 ...

Core Viewpoint - The transformation of Guoyuan Securities towards a buy-side advisory model is driven by a fundamental shift in its operational philosophy, focusing on helping clients make money rather than just earning from them [1] Group 1: Strategic Transformation - Guoyuan Securities has positioned its buy-side advisory transformation as its "number one project," emphasizing a deep binding of interests with clients [1] - The company is committed to a systematic approach in building new service capabilities through talent, systems, and mechanisms [2] Group 2: Talent Development - The "Spark Plan" has been initiated to train over a thousand wealth advisors, transitioning them from a sales-oriented role to a professional asset allocation role [2] - The training program involves collaboration with professional advisory training institutions and focuses on strategic alignment and deep empowerment of selected pilot branches [2] Group 3: System Construction - Guoyuan Securities is developing a platform-based advisory service, with a research advisory center acting as the core hub for asset allocation insights [2] - The insights will be communicated through a research strategy platform to product research teams, enabling a selection of optimal products in the market [2] Group 4: Mechanism Reform - The assessment and incentive systems for pilot branches have shifted from sales-oriented metrics to focusing on the quality of product pools and the returns of investment portfolios [3] - A new evaluation system for frontline advisors includes metrics such as client repurchase rates and asset under management (AUM) growth, ensuring alignment with long-term client interests [3] Group 5: Future Planning - Guoyuan Securities aims to cultivate its first batch of pilot branches over the next two to three years, creating a replicable and scalable model for broader implementation [4] - The long-term goal is to establish a distinctive professional brand in wealth management, achieving a win-win situation for both clients and the institution [4]

Core Viewpoint - The article discusses the implications of the recent news regarding the "removal of quantitative trading servers from exchanges," highlighting concerns about trading fairness and the competitive advantages that high-frequency trading (HFT) firms have over retail investors [2][5]. Group 1: Trading Fairness and Speed - The core issue revolves around trading fairness, where retail investors face significant delays (20-200 milliseconds) compared to high-frequency traders who can optimize their order execution to 0.1-1 milliseconds by hosting servers at exchanges [3][8][11]. - The disparity in trading speed creates an uneven playing field, likening the situation to a theme park where some can skip lines while others wait for hours [3][12]. Group 2: Infrastructure and Costs - High-frequency trading firms invest heavily in infrastructure, such as purchasing VIP trading seats and deploying servers in exchange data centers, with costs ranging from 50,000 to 300,000 dollars annually for these services [10][19]. - The competition among brokers to provide faster trading solutions has intensified, with many focusing on attracting quantitative firms by enhancing their technological capabilities [15][16]. Group 3: Regulatory Environment - Regulatory efforts have been aimed at curbing the speed advantages of quantitative trading, with new rules implemented to protect retail investors [5][32]. - The ongoing discussions about server removal from exchanges raise questions about the future of trading speed and its impact on market dynamics [6][32]. Group 4: Market Dynamics and Trends - The rise of quantitative trading has led to a significant increase in the number of quantitative hedge funds, with 55 firms managing over 10 billion dollars [15]. - The article notes that the competitive landscape is shifting, with brokers increasingly targeting quantitative traders rather than traditional retail investors [15][20]. Group 5: Perception of Low Latency - The term "low latency" has become a marketing focus for many firms, with a majority promoting their capabilities in this area, reflecting the competitive pressure within the industry [22][28]. - Low latency is defined as the ability to minimize delays in receiving market information and executing trades, which is crucial for capturing market opportunities [28][29]. Group 6: Impact on Retail Investors - Retail investors, lacking access to high-speed trading infrastructure, are at a disadvantage, which raises concerns about the overall fairness of the market [17][35]. - The article emphasizes that the majority of trading volume still comes from retail investors, highlighting the need for a balanced approach to technological advancements in trading [35][36].

Core Viewpoint - The People's Bank of China (PBOC) has implemented a one-time credit repair policy to support individuals with damaged credit who are actively repaying their debts, marking a shift from a purely punitive credit system to one that balances both punishment and repair [1][5]. Group 1: Policy Details - The policy allows for the removal of individual overdue records for amounts not exceeding 10,000 RMB if the debts are fully repaid by March 31, 2026 [2]. - The credit repair initiative is automatic, requiring no application or documentation from individuals, as the PBOC's credit system will identify and process eligible overdue information [6][8]. - The policy applies uniformly across different types of loans, including credit cards, mortgages, and consumer loans, ensuring that all eligible individuals can benefit [9]. Group 2: Implications for Credit System - This policy reflects a growing awareness of personal credit issues and aims to enhance the humanization of the credit system, transitioning from rigid punitive measures to a more flexible approach [10][12]. - The PBOC's credit system, which has recorded information on 1.16 billion individuals, is a crucial financial infrastructure that supports credit approval processes in financial institutions [12]. - The policy establishes a clear boundary by excluding individuals with unresolved debts from the repair scope, maintaining the integrity of the credit system [12]. Group 3: Additional Benefits - As part of the policy, the PBOC will increase the number of free personal credit report queries to two additional opportunities in the first half of 2026, allowing individuals to monitor their credit status more effectively [14]. - Individuals can access their credit reports through various online and offline channels, including banking apps and self-service kiosks [16].

Market Overview - The three major indices opened higher, with the Shanghai Composite Index up 0.26%, the Shenzhen Component Index up 0.65%, and the ChiNext Index up 1.01% [1] - Trading volume exceeded 630 billion, an increase of over 90 billion compared to the same time the previous day, with an estimated total trading amount of approximately 1.95 trillion for the day [1] - Sectors such as metals, semiconductors, and communication equipment saw significant gains, while hotel and restaurant, and media and entertainment sectors experienced declines [1] Economic Insights - The U.S. stock market indices collectively rose last Friday, indicating a positive sentiment [1] - A recent meeting of the Ministry of Commerce emphasized the need to boost consumption and expand the supply of quality goods and services [1] - Researchers at Shanghai Jiao Tong University achieved a breakthrough in all-optical computing chips, supporting large-scale semantic media generation models, with results published in the journal "Science" [1] Currency and Investment Strategy - CITIC Securities suggests that factors driving the appreciation of the RMB are increasing, and investors should adapt their asset allocation strategies accordingly [2] - Historical data indicates that while the exchange rate is not the decisive factor in industry allocation, certain industries may perform better during the initial stages of appreciation [2] - Approximately 19% of industries may see profit margin improvements due to RMB appreciation, which will attract investor attention [2] - Investment strategies should focus on sectors driven by short-term memory effects (e.g., aviation, gas, paper), profit margin changes (e.g., upstream resources, consumer goods), and policy changes (e.g., duty-free, real estate developers, brokers, insurance) [2] Gaming Industry Outlook - The 2025 China Game Industry Conference reported that the domestic game market's actual sales revenue is expected to reach 350.79 billion, a year-on-year increase of 7.68%, with a user base of 683 million, up 1.35% [3] - The console gaming market continues to grow rapidly, with sales revenue of 8.36 billion, a staggering increase of 86.33% year-on-year [3] - Mini-program games emerged as a highlight, generating 53.54 billion in revenue, a 34.39% increase, driven by both in-app purchases and advertising [3] - First Capital Securities anticipates that the gaming industry will maintain a high level of prosperity, with new products and cross-platform connectivity contributing to growth [3] Market Sentiment and Technical Analysis - The market showed signs of recovery last Friday, with all three major indices posting slight gains, indicating a potential improvement in short-term sentiment [4] - Positive changes in macroeconomic factors that previously suppressed market risk appetite have been observed, including validated expectations of U.S. interest rate cuts [4] - The Shanghai Composite Index demonstrated resilience after testing previous lows, with a focus on whether it can regain the 30-day moving average [4]

Core Viewpoint - The central bank has resumed 14-day reverse repos to release year-end liquidity, maintaining stability in the money market, while short-term interest rates strengthen under expectations of loose monetary policy [1] Market Overview - The bond market saw fluctuations with the yield curve steepening, as the 10-year government bond yield decreased by nearly 1 basis point (BP) and the 30-year yield fell by over 2 BP during the week [1] - The yields for various maturities changed as follows: 1-year (-3.32 BP), 2-year (-1.99 BP), 3-year (-2.2 BP), 5-year (-2.58 BP), 7-year (-1.52 BP), 10-year (-0.88 BP), and 30-year (-2.35 BP) [2][3] Bond Market Dynamics - The bond market experienced a recovery mid-week after initial declines, with the 10-year government bond yield dropping to 1.836% [2] - The 30-year bond contract saw a slight increase of 0.02% over the week, while the 10-year and 5-year contracts rose by 0.14% each [5] Issuance in Primary Market - A total of 35 bonds were issued last week, amounting to 376.13 billion yuan, including 4 government bonds worth 296.04 billion yuan [7] - For the upcoming week, 8 bonds are planned for issuance, totaling 150.04 billion yuan, with 2 government bonds worth 148 billion yuan [7] International Bond Market - U.S. Treasury yields fell overall, with the 10-year yield down by 3 BP to 4.16% and the 2-year yield down by 4 BP to 3.48% [8] - In Japan, the central bank raised interest rates to 0.75%, leading to a sell-off in government bonds, with the 10-year yield reaching its highest level since 1999 at 2.023% [8] Economic Indicators - In November, the U.S. consumer price index (CPI) rose by 2.7%, lower than expected, which has increased bets on potential interest rate cuts by the Federal Reserve [10] - The U.S. unemployment rate rose to 4.6%, the highest since October 2021, indicating a weakening labor market [11] Institutional Perspectives - Analysts suggest that the bond market is currently in a consolidation phase, with expectations of continued monetary easing and potential trading opportunities emerging in the first quarter of the following year [15] - The market is characterized by high volatility, driven by differing behaviors of institutional investors and trading desks, with ongoing concerns about supply pressures and regulatory changes [16]

在今年股市行情总体向好的大背景下，今年新股上市带来的财富效应让投资者眼馋。如最近上市的一只 新股，按上市当天的收盘价计算，投资者中一签可获利超过24万元。 如此丰厚的投资回报，绝大多数的中小投资者只有羡慕的份。毕竟如今的新股申购，投资者中签的机会 甚是渺茫。网下配售的机构投资者，却可以拿到大把大把的新股份额，成为目前打新方式的受益者。 比网下配售机构更加优越的是极少数参与战略配售的机构投资者。IPO公司新股发行，参与战略配售的 这些少数机构，首先就拿走了新股发行份额的20%，这其中有的机构认购的新股份额甚至比一些参与网 下配售的机构投资者所配售的新股份额还要多得多。这类参与战略配售的机构投资者成了目前制度下新 股发行的最大赢家。 皮海洲 | 立方大家谈专栏作者 但从当下的新股战略配售来看，参与战略配售的已不限于战略投资者了。比如，保荐人的跟投机构、发 行人的员工持股平台或专项资管计划、还有一些其他愿意长期持股的投资机构等也都参与到新股发行的 战略配售中来了。而这些机构明显不属于战略投资者范畴，他们的参与并不会给发行人的发展带来任何 积极的影响。这类机构只能算是财务投资者，他们参与战略配售有"摘桃子"的嫌疑，新 ...

Group 1 - The core point of the announcement is that Huatai Baoxing Fund Management Co., Ltd. has signed a fund sales and service agreement with Huaxi Securities Co., Ltd., allowing the latter to sell certain funds starting from December 22, 2025 [1] Group 2 - Investors will be able to perform various fund-related operations such as account opening, subscription, redemption, regular investment, and conversion through Huaxi Securities from the specified date [1] Group 3 - Investors will enjoy corresponding fee rate discounts when conducting fund-related transactions through Huaxi Securities, with specific rules and duration subject to Huaxi Securities' regulations [2] Group 4 - The interpretation rights of the fee discount activities belong to Huaxi Securities, and any changes to the specific regulations should be monitored by investors through Huaxi Securities' announcements [3] - The process for conducting business during the fee discount period will follow Huaxi Securities' regulations [4] Group 5 - Investors can consult various channels to understand or inquire about related situations [5]

五年少了580万人，但你的银行柜员岗位可能更稳了——这不是玩笑，而是金融行业剧变下最反直觉的现实。 2023年底，全行业只剩下1235.5万从业者，比 五年前足足缩水了582.5万人。 朋友圈里那些光鲜的金融精英头像，好多已经悄悄灰了。 但奇怪的是，当你点开招聘软件，银行和券商的职位依然挂在那里。 数据揭示了答案：人，其实没全跑，只是换了个地方待着。 银行系统甚至多了7000 人，券商和基金多了5.9万人。 那五百多万的窟窿，几乎全来自一个地方：保险。 578.2万保险从业者的消失，成了这场大缩编的绝对主角。 以前，经济一下行，保险公司面试点外就排长队，成了社会就业的"蓄水池"。 2024年，这个景象基本消失了。 保险代理人队伍在2023年锐减了69%，那些 靠人情、靠话术、靠"偷袭"卖保单的人，正被快速清退。 行业正在执行一场残酷的"刮骨疗毒"，目标是从"人海战术"转向精英化。 留下来的，必须是真正 懂产品、能提供专业规划的人。 一个明显的信号是，现在想进头部保险公司的核心销售团队，学历和专业门槛已经高得让很多大学毕业生需要掂量一下。 刮骨很疼，但脓包必须挤掉。 过去保险行业的口碑，某种程度上就是被无限扩张 ...

Investment Rating - The report assigns a "Buy" rating for CICC-H with a 12-month target price of HK$25.10, indicating an upside potential of 29.1% from the current price of HK$19.44 [8][10]. - For CICC-A, a "Neutral" rating is given with a 12-month target price of Rmb46.05, reflecting an upside of 27.3% from the current price of Rmb36.18 [8][10]. Core Insights - The proposed merger between CICC, Dongxing Securities, and Cinda Securities is expected to enhance CICC's capital base and leverage, improving capital utilization efficiency and boosting ROE levels [1]. - The merger is anticipated to create significant synergies across various business lines, including wealth management, investment banking, and investment, while also unlocking new opportunities in non-performing asset and restructuring sectors [1][6]. - Post-merger, CICC's financial metrics are projected to improve significantly, with revenue expected to increase by 32%, net profit by 45%, and net assets by 48%, enhancing its industry rankings [6][7]. Transaction Plan - CICC plans to absorb and merge with Dongxing Securities and Cinda Securities through the issuance of A-shares [1]. - The shareholding structure will see Central Huijin's stake diluted to 24.4%, while China Cinda AMC and China Orient AMC will hold 16.7% and 8.1%, respectively [6]. Financial Metrics - The transaction is expected to increase CICC's total assets to Rmb1,010 billion, total equity to Rmb175 billion, and net profit to Rmb9.5 billion [5][6]. - The net capital leverage ratio is projected to increase to a maximum of 20%, with a potential injection of approximately Rmb40 billion in net capital [6]. Business Synergies - The investment business is expected to contribute around 40% to revenue in 2024, with the merger enhancing its scale and efficiency [7]. - The wealth management sector will see an 80% increase in business outlets, growing from 245 to 436, and a 52% increase in retail clients [7]. - The investment banking business is expected to expand its team significantly, improving project execution capabilities and market share [7]. - The merger will also enhance CICC's capabilities in non-performing asset management and debt restructuring, transitioning to a "service + investment" model [7]. Cost Savings - The merger is expected to yield cost savings by sharing existing capabilities in IT and AI, avoiding redundant investments and improving ROE [7].