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。 ...

Group 1 - Liao Xiaodong, the fund manager, has resigned from managing Guodu Jucheng Mixed and Guodu Innovation Driven funds due to approaching retirement age, effective January 4, 2025 [1][4] - The two funds managed by Liao have reported negative returns over the past five years, with Guodu Jucheng Mixed down 63.78% and Guodu Innovation Driven down 44.1%, significantly underperforming their benchmarks [5][6] - The total losses from the three funds managed by Liao exceed 55 million yuan, contributing approximately 3.6 million yuan in management fees to the company [5][6] Group 2 - Guodu Securities has been facing challenges with its public fund management, with the current two funds being the only remaining public products, both with management scales below 12 million yuan and at risk of being liquidated [6] - The company has a history of frequent management changes and has seen its public asset management scale shrink from a peak of 855 million yuan in 2017 [6] - Following Liao's resignation, Liu Yinguan has been appointed as the new head of the fund management department, bringing nearly 30 years of experience in risk management and internal control [7]

Market Performance - The Shanghai Composite Index (沪指) opened high and broke through the 4100-point mark, closing up 0.92%, while the Shenzhen Component Index (深成指) rose over 1% and the ChiNext Index (创业板指) increased by 0.77% [1] - The total market turnover reached 3.12 trillion yuan, marking a significant increase of 322.4 billion yuan from the previous trading day, and it was the fifth time in history that turnover exceeded 3 trillion yuan [1] - The Shanghai Composite Index saw a weekly increase of 3.82%, moving from 3983 points to 4121 points [1] Sector Performance - Leading sectors included AI applications, commercial aerospace, and controllable nuclear fusion, while the brain-computer interface sector experienced a decline [1] - The brain-computer interface concept saw a cumulative increase of over 20% since the beginning of the year, although it was the only sector among strong performers to close down on Friday [11] - The commercial aerospace sector also performed well, with a cumulative increase of over 22% since December 24, and an 11.41% rise this week [11] Economic Indicators - The Consumer Price Index (CPI) for December showed a month-on-month increase of 0.2% and a year-on-year increase of 0.8%, indicating a recovery in consumer demand [7] - The Producer Price Index (PPI) also showed signs of improvement, with a month-on-month increase of 0.1% and a narrowing year-on-year decline [7] - Analysts believe that the recovery in CPI and PPI supports the trend of economic stabilization, providing a fundamental basis for the capital market [7] Future Outlook - According to China International Capital Corporation (中金公司), the upward trend in A-shares is expected to continue into 2026, with an anticipated influx of 2 trillion yuan in new capital throughout the year [7] - The report from Guosen Securities (国信证券) suggests that retail investor participation is likely to increase, with active retail funds expected to enter the market [8] - The AI application sector is projected to enter a "golden year" in 2026, driven by technological advancements, supportive policies, and increasing market demand [13]

Group 1 - The report titled "Overview of Capital Market Services for Guizhou's Economic and Social Development by 2025" highlights the continuous improvement of the system and mechanism for capital market services in Guizhou, emphasizing the new achievements in supporting high-quality development and modernization processes [1] - Various stakeholders in Guizhou are actively promoting the integration of capital market tools into the province's industrial system, providing a solid guarantee for the full utilization of capital market functions [2] - The direct financing amount in Guizhou is steadily increasing, with various market entities achieving direct financing of 77.546 billion yuan, supporting industrial upgrades, project construction, and improving people's livelihoods [3] Group 2 - Guizhou's capital market is focused on serving the real economy, providing high-quality financial products and services for major strategies, key areas, and weak links in local economic and social development [3] - The average coupon rate for corporate credit bonds has decreased to 3.31%, down 49 basis points from 2024, supporting enterprises in reducing costs and increasing efficiency [3] - The implementation of the "five major articles" in finance, including technology finance, green finance, inclusive finance, pension finance, and digital finance, is being actively promoted by the Guizhou Securities Regulatory Bureau and other departments [4]

Core Viewpoint - The article emphasizes the importance of deep research and analysis in the automotive industry, particularly focusing on the trends of electrification, intelligence, globalization, and premiumization, which are seen as key investment opportunities during the ongoing transformation of the sector [9]. Recruitment Information - The company is seeking analysts for the automotive and embodied intelligence sectors, highlighting the need for candidates who are passionate about sell-side research and eager to witness the transformative decade in electric and intelligent vehicles [11]. - Requirements for the analyst positions include a master's degree or higher, 1-3 years of relevant research experience, and strong communication skills, with a preference for candidates with backgrounds in electric intelligence or embodied intelligence [11]. - Intern positions are also available, targeting candidates from top universities with a strong interest in sell-side research and the ability to handle high-intensity research work [11]. Growth Opportunities - Joining the company offers the chance to work alongside talented individuals in the automotive industry, providing opportunities for rapid personal and professional growth [12]. - The company promises a structured research investment framework and valuable work experience, along with opportunities for in-depth communication with industry experts [12].

Core Viewpoint - A recent fraudulent stock trading platform case in Shanghai's Jiading District highlights the increasing sophistication of scams, where victims are misled into downloading counterfeit applications that mimic legitimate financial services, leading to significant financial losses [1][3]. Group 1: Fraud Techniques - The new scam model defined as "online fraud, offline cash delivery" allows criminals to evade electronic monitoring by converting funds into cash or gold for in-person delivery [3][5]. - Scammers use social channels to lure victims with promises of high returns, leading them to download a counterfeit app that closely resembles a legitimate trading platform [3][5]. - The counterfeit app features realistic design and functionality, including fake profit data, which creates a false sense of security for the victim [3][5]. Group 2: Psychological Manipulation - Victims often exhibit a strong "trust lock" mentality, making them resistant to evidence of fraud, as seen in the case of the victim who insisted on the legitimacy of the platform despite police intervention [1][6]. - Behavioral finance principles indicate that victims may fall prey to sunk cost fallacies and confirmation biases, leading them to ignore negative information [6][7]. - Scammers exploit the natural trust in authoritative brands, such as "Oriental Fortune," to mislead victims into believing in the legitimacy of the counterfeit platform [7]. Group 3: Investor Education Gaps - The incident underscores the shortcomings in investor education, particularly in risk recognition and fraud prevention, as many investors lack a deep understanding of the risks associated with high-return promises [8]. - There is a pressing need for enhanced security awareness regarding app download channels, emphasizing the risks of installing financial applications from unofficial sources [8].