Core Viewpoint - The company expresses confidence in its performance and strategic goals for 2026, emphasizing resilience in the Chinese capital market and a commitment to high-quality development [3]. Group 1: Company Performance - In 2025, the company achieved impressive performance metrics across all business lines, with brokerage business scale and efficiency both improving, and significant contributions from proprietary trading [3]. - The company successfully implemented reforms and transformations within its subsidiaries, with orderly progress in the merger and integration of Guodu Securities, enhancing its capital strength and business scope [3]. Group 2: Strategic Goals - The year 2026 marks the beginning of the "15th Five-Year Plan," and the company aims to become one of the top 15 firms in the industry, focusing on proactive reforms and development [3]. - The company plans to deepen its presence in the Yangtze River Delta and strategically invest in emerging sectors, providing targeted financial support to the real economy [4]. Group 3: Market Outlook - The company anticipates a robust long-term economic foundation in China, with the implementation of central financial policies and the emergence of new productive forces such as artificial intelligence and low-altitude economy [3]. - The capital market is undergoing a transformation from a single financing function to a diversified ecosystem that includes investment, risk management, and wealth management, creating ongoing opportunities [3][4]. Group 4: Commitment to Investors - The company emphasizes its dedication to providing professional asset allocation solutions that accompany investors through market cycles, transitioning from a sales-oriented approach to a client-focused advisory model [4]. - The company reaffirms its commitment to integrity and compliance, aiming to deliver stable value returns to investors while enhancing service quality [4].

继昨日下跌后，2月17日早上，现货金银再次双双急跌，现货黄金一度失守4980美元/盎司，日内跌超0.2%。 2026年开年以来，金银价格先后冲高回调，但调整中走势分化明显。截至发稿，现货黄金年内仍保有约15%的涨幅；白银则从年初超过50%的累计涨幅大 幅收缩至6%左右。 中信证券金属行业首席分析师敖翀在接受南方财经全媒体记者采访时表示："流动性是整个这一轮推动全球绝大多数资产上涨的一个核心因素。所以，我 们就很好理解就是离流动性越近、离钱越近的资产可能涨得越快。其次，我们认为在目前的情况下，地缘政治冲突还是比较越演越烈的一个情况，导致这 个黄金会不断地扮演避险的这种角色。我觉得金价上涨的趋势并没有完结，依然是可以交易的一类资产。" | 4977.815 | | | | --- | --- | --- | | -12.979 | | 0 | | 最高价 5000.850 持 仓 ------ | 0 | 0 | | 最低价 4974.990 增 仓 ----- | 0 内 盘 | 0 | | ෆ加 | 均价: -- | 盘口 | | | | --- | --- | --- | --- | --- | | 500 ...

| < W | | 伦敦银现 | | | | --- | --- | --- | --- | --- | | | | SPTAGUSDOZ.IDC | | | | 76.031 | | 昨结 | 开盘 | 76.524 | | -0.550 | -0.72% | 总量(kg) | 现手 | 0 | | 最高价 | 76.879 持 | 0 | 外 盟 | 0 | | 最低价 | 75.809 | 增 仓 0 | 内 盘 | 0 | | स्त्रेष्ठये | | 五日 日Ｋ 周Ｋ 月Ｋ 更多 | | 0 | | ෆ加 | | 均价:-- | 盘口 | | | 77.353 | | 1.01% 卖1 76.105 | | 0 | | | | | 买1 76.031 | 0 | | | | | 08:18 76.034 | 0 | | e | | | 08:18 76.056 | 0 | | 581 | | 0.00% 08:18 76.039 | | 0 | | | | | 08:18 76.034 | 0 | | | | | 08:18 76.029 | 0 | | | | | 08:18 76.047 ...

本报告仅供本公司境内客户使用。本公司不会因接收人收到本报告而视其 为客户。本报告仅为参考之用，并不构成对客户的投资建议，不应被视为 买卖任何证券、金融工具的要约或要约邀请。本报告所包含的观点及建议 免责声明： 国联民生证券股份有限公司（以下简称"本公司"）具有中国证监会许可的 证券投资咨询业务资格。 9 19 q 国联民生 深 度 · 前 瞻 · 真 诚 相 伴 研究所 v . b 6 所长贺汽车首 张欢 杜幸啊 四 表 流 元颜尚 如 海 ...

Group 1: Acquisition Details - Mirae Asset has agreed to a $92 million deal to acquire 92% of Korbit, South Korea's oldest crypto exchange, pending regulatory approval [1] - The acquisition aims to secure future growth engines powered by digital assets, as stated by Mirae Asset [1] - The deal involves taking over Nexon's 61% controlling share and SK Planet's 31.5% share in Korbit [5] Group 2: Market Impact - Mirae Asset's share price surged over 15% in the past five days and has increased by 226% over the last six months [2] - The acquisition could lead to a significant shift in the South Korean crypto exchange market, especially with other major players seeking approvals for mergers [2][3] - Korbit's market share has decreased to around 1%, significantly lower than Upbit's 60-70% share [5] Group 3: Future Prospects - The acquisition marks the first instance of an institutional financial company owning a crypto exchange, potentially leading to the development of derivatives like securities tokens and crypto custody offerings [4] - Mirae Asset plans to reinvest its net profits of $1.1 billion from last year, which saw a 72% year-on-year increase, into digital asset business growth [6] - The overall stock market performance has been strong, with the Korea Composite Stock Price Index reaching an all-time high earlier this year [6]

Core Viewpoint - The report from CITIC Securities indicates that the securities industry is expected to achieve record profits by 2025, but stock price performance is significantly lagging compared to previous bull market cycles [1][7]. Historical Review - The securities sector has undergone three phases from 2003 to 2025: 1. The "Brokerage-Driven Period" (2003-2011) characterized by high ROE and strong fundamentals driven by transaction volume and high commission rates [2][8]. 2. The "Innovation and Expansion Period" (2012-2017) where the "Innovation Conference" initiated a capital-intensive business development cycle, with internet operations breaking physical constraints on customer acquisition [2][8]. 3. The "Policy-Driven Period" (2018-2025) where the characteristics of heavy asset investment have led to a decline in ROE elasticity, with regulatory changes becoming a core factor influencing the industry's alpha attributes [2][8]. Conclusion of Review - Key reasons for valuation pressure in the industry include: 1. The shift to heavy asset investment and pressure on light capital business fees have reduced ROE elasticity, making the industry's ROE less superior during bull markets [3][9]. 2. Increasing policy impacts and clear cycles have made it difficult to establish stable growth expectations for business development [3][9]. 3. The surge in the number of listed entities has diminished the scarcity of investment targets, leading to lower average capital returns in the industry [3][9]. Future Outlook - The "14th Five-Year Plan" period is expected to bring "four changes" that will reshape investment value in the industry: 1. ROE is projected to shift from a "continuous decline" to a "gradual increase," with leverage enhancement being a core logic for valuation restructuring [4][10]. 2. The domestic market is expected to optimize risk control indicators and macro-regulatory guidance, allowing for leverage increases that could improve ROE [4][10]. 3. The focus will shift from "expansion" to "extraction of existing value," enhancing single-client value through deeper services [4][10]. 4. The industry is anticipated to transition from a "diverse landscape" to "supporting the strong and limiting the weak," with mergers and acquisitions optimizing capital utilization efficiency [5][11]. Industry Dynamics - The report suggests that the industry will see a consolidation of capital towards leading institutions, with a goal of establishing 10 comprehensive institutions over the next five years and 2-3 international first-class investment banks by 2035 [5][11]. - The operational focus is expected to move from "significant volatility" to "steady development," with customer demand services reducing profit volatility [5][11].

中金公司在报告中指出，1月居民存款增加2.13万亿元，同比少增3.39万亿元，非银存款增加1.45万亿 元，同比多增2.56万亿元，低利率下居民投资更偏向理财产品；1月企业存款增加2.61万亿元，同比多增 2.82万亿元，企业结汇规模较高支撑企业存款增长。1月M1同比增速从去年12月的3.8%升至4.9%，企业 结汇叠加春节偏晚影响，M1同比增速有所回升；1月M2同比增速从去年12月的8.5%升至9.0%，受企业 结汇和非银存款支撑，广义货币同比增速继续回升。后续来看，预计人民币汇率预期偏强继续支撑结汇 需求释放，人民币存款有望保持较快增长。 中国人民银行在2025年四季度货币政策报告的专栏中谈及了"存款搬家"这一现象。专栏表示，从社会整 体角度看，即使部分存款转向理财、资管产品，大部分也是投向同业存款和存单，最终会回流到银行体 系，实际上更多是银行存款结构的改变，不影响流动性总量。长远看，随着我国金融市场不断深化，投 资渠道更加多元化，居民会根据不同的资产收益，在存款与其他资产之间合理调整资产配置，未来居民 资产摆布也可能更加灵活。 中国人民银行公布的1月金融数据显示，1月人民币存款增加8.09万亿元。其中 ...

Group 1 - Western Securities launched an online service from February 16 to 23, featuring 15 conference calls, with a focus on the AI industry, which gained significant attention during the holiday period [1] - Over 100 brokerage roadshows were scheduled during the Spring Festival, with more than 20 online roadshows from February 16 to 18 and over 80 roadshows from February 19 to 23, indicating a strong demand for research services [3] - Smaller brokerages have become the main players in holiday roadshows, using differentiated competition strategies to effectively reach target clients and meet the research needs of institutions holding stocks during the holiday [3] Group 2 - The surge in holiday roadshows is attributed to increased competition in the sell-side research industry amid a backdrop of reduced fees for public funds, with brokerage commission income declining significantly [4] - In the first half of 2025, total brokerage commission income fell by 33.98% year-on-year, with Western Securities experiencing a decline of over 20% and other firms like Open Source Securities seeing declines exceeding 40% [4] - Future industry developments suggest that large comprehensive brokerages will continue strategic investments in research, while medium-sized brokerages will intensify competition to offset the impact of declining fees [4]

Group 1: 2025 Capital Market Review - The A-share market experienced a significant bull market in 2025, with the Shanghai Composite Index rising over 18% and surpassing the 4000-point mark, achieving multiple historical records [2] - The total trading volume of A-shares exceeded 400 trillion yuan for the first time, and the total market capitalization reached 100 trillion yuan, with margin trading balances returning to over 2 trillion yuan after ten years [2] - The total scale of ETFs in China reached 6.02 trillion yuan by the end of 2025, marking a growth of over 60% from the beginning of the year [2] Group 2: Fund Flows and Dividends - In 2025, there was a notable shift in deposits, with a slight increase of 0.62 trillion yuan in household deposits, while non-bank deposits surged by 4.11 trillion yuan, indicating a significant flow of funds from banks to the stock market [3] - The total cash dividends from A-share companies reached a record high of 2.64 trillion yuan, with 3,766 companies implementing cash dividends [3] - Over 1,300 companies announced stock repurchase plans, with a total repurchase amount exceeding 150 billion yuan [3] Group 3: Policy and Market Dynamics - In May 2025, the central bank and financial regulators introduced a series of policies to support the capital market, including interest rate cuts and measures to enhance market confidence [5] - The introduction of new listing standards for the Sci-Tech Innovation Board aimed to support companies in emerging sectors such as artificial intelligence and commercial aerospace [5] - The central government emphasized the importance of a stable capital market in its economic work meetings, indicating a commitment to enhancing the role of the capital market in economic growth [6][9] Group 4: 2026 Economic Outlook - The central economic work meeting outlined a focus on stabilizing growth and enhancing quality in 2026, with an emphasis on domestic demand and innovation-driven development [6] - A more proactive fiscal policy is expected in 2026, with plans for significant investments in consumer goods and equipment upgrades [7] - The monetary policy is anticipated to remain moderately accommodative, with expectations of 1-2 interest rate cuts throughout the year [7] Group 5: Investment Strategies for 2026 - The A-share market is expected to benefit from policy support, with a slow bull market likely to continue, emphasizing the importance of direction over index levels [18] - Three main investment themes for 2026 include the technology revolution, "anti-involution" strategies to reduce excessive competition, and safe-haven investments in the financial sector [19] - The focus on emerging industries such as AI, new energy, and advanced manufacturing is expected to create substantial investment opportunities [19]

Core Viewpoint - The Chief Strategy Officer of Zhejiang Securities, Qiu Guanhua, emphasizes the company's goal to solidify its foundation and strive for a top-five position in the next five years, highlighting a commitment to continuous management optimization and iteration [1] Group 1: Management Strategy - The company aims to transition from a people management approach to a rule-based system, ensuring that all operations are conducted according to established guidelines [1] - There is a focus on reducing the number of initiatives, believing that excelling in one area is more valuable than spreading efforts across many [1] - The emphasis on talent efficiency over sheer numbers indicates a strategic shift towards leveraging high-quality personnel to achieve organizational goals [1] Group 2: Research Focus - The research division will prioritize depth over breadth, concentrating on fewer, more impactful projects rather than a wide array of less significant ones [1] - The commitment to doing the right things correctly and to the highest standard is a guiding principle for the research team [1] Group 3: Future Outlook - The company is set on a path of continuous improvement and adaptation, with a clear vision for its strategic direction over the next five years [1]