天眼查工商信息显示，近日，湖北长江企业管理研究院有限公司成立，法定代表人为涂君山，注册资本 3000万人民币，经营范围包括社会经济咨询服务、信息技术咨询服务、企业管理咨询等。股权全景穿透 图显示，该公司由湖北省投资公司、长江证券创新投资(湖北)有限公司、天风创新投资有限公司共同持 股。 ...

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]

上周（1月12日-16日）逆回购合计净投放8128亿元，央行于15日开展9000亿元6个月期买断式逆回购操 作。跨年后OMO大额净回笼和政府债缴款已使银行间水位大幅降低，而政府债缴款主要集中在周一， 而周二到期的买断式逆回购尚未续作，资金上半周边际收紧，但随着买断式回购落地后逐步转松。 此外，央行当日在新闻发布上宣布，下调再贷款、再贴现利率25BP，各类再贷款一年期利率降至 1.25%，其他期限档次利率同步调整。结构性工具额度层面，央行将支农支小贷贷款与再贴现打通使 用，增加支农支小再贷款额度5000亿元，并在支农支小再贷款项下设立民营企业再贷款，额度1万亿元 （新增5000亿元）；增加科技创新和技术改造再贷款额度4000亿元。 华西证券指出，结构性工具降息加量，使得春节前降息的可能性下降，不过降准仍有可能。降准更多是 补充中长期流动性，以及提振情绪，而降息直接拖累银行净息差，考虑到当前逆回购利率仅为1.4%， 显著低于2%通胀目标，利率下调的空间仍然存在，但可能已经不大，预计降息相比降准更为慎重。 新华财经北京1月19日电人民银行19日开展1583亿元7天期逆回购操作，操作利率为1.40%，与此前持 平；鉴 ...

日前，长城证券发布了重要的人士变动涉及总裁以及董事会秘书的变更情况。 据公告内容显示，长城证券董事会聘任周钟山为公司总裁、财务负责人，同时解聘其公司副总裁、董事 会秘书职务。 此外，因周钟山职务调整后不再担任董事会秘书，长城证券董事会聘任阮惠仙为新任董事会秘书。 周钟山是一名长城证券的资深老兵。1998年2月，周钟山正式加入长城证券，以此计算，至今已有28年 光景。 在加入长城证券后，周钟山先在地方分支机构历练成长，后加入总部任职高管。其间，周钟山历任南昌 营业部总经理、南昌分公司（筹）负责人、江西分公司总经理等分支机构负责人，后在长城证券总部历 任经纪业务总部总经理、规划发展部总经理、公司战略执行总监、副总裁、董事会秘书等职务。 本次升任总裁后，周钟山同时担任多个要职，包括公司总裁、党委副书记、财务负责人，兼任长证国际 金融有限公司董事局副主席、长城基金管理有限公司董事。 事实上，周钟山出任总裁一职早有迹象。2025年7月，长城证券发布公告称，收到前总裁、财务负责人 李翔的书面辞职报告。因个人原因，李翔上述职务。在李翔从长城证券离开后，周钟山开始代行总裁、 财务负责人的职责，至今已有半年。 阮惠仙同样是长城 ...

Core Viewpoint - The company aims to enhance its services to the real economy and empower new productive forces, aligning with the strategic development of Beijing's financial market and supporting high-quality economic growth in the capital [1] Group 1: Bond Financing - The company has successfully completed bond financing of 8.9 billion yuan for various enterprises in Beijing, marking a year-on-year increase of 2.4 billion yuan, or 37% [2] - In 2025, the company issued 5.3 billion yuan in technology innovation corporate bonds to support R&D and key infrastructure projects, contributing to the transformation and upgrading of the capital's industries [2] Group 2: Asset Securitization - The asset securitization business has seen a significant increase, with a new management scale of 37.4 billion yuan, representing a year-on-year growth of 92%, elevating the company's industry ranking to 12th [3] - The company facilitated financing of 16.7 billion yuan through asset-backed securities (ABS) for various asset types, earning widespread recognition and trust from clients [3] Group 3: Equity Financing - The company has made significant strides in the Beijing Stock Exchange, with successful sponsorship of projects and a robust pipeline of potential listings, enhancing the capital market's vitality [4] - Throughout the year, the company provided ongoing support to 30 listed companies in Beijing, reinforcing its commitment to local market development [4] Group 4: Platform Development - The company has organized eight specialized events to connect government, enterprises, and financial institutions, enhancing communication and resource sharing within the capital's financial ecosystem [5] - The company has also supported the Chaoyang District's enterprise listing accelerator project, offering tailored consulting and market insights to help local companies thrive [6] Group 5: Future Outlook - The company plans to focus on serving the "Four Centers" of Beijing, integrating into the coordinated development strategy of the Beijing-Tianjin-Hebei region, and advancing various financial initiatives [7] - The company aims to enhance its comprehensive financial services, contributing to the high-quality development of the capital's economy and social progress [7]

Core Viewpoint - Guolian Minsheng (601456) expects a significant increase in net profit for the year 2025, driven by strategic acquisitions and business integration efforts [1] Financial Performance - The company anticipates a net profit attributable to shareholders of approximately RMB 2.008 billion for 2025, representing an increase of RMB 1.611 billion compared to the previous year, which is a growth of around 406% [1] - The expected net profit, excluding non-recurring gains and losses, is projected to be RMB 1.944 billion, reflecting an increase of RMB 1.563 billion year-on-year, equating to a growth of approximately 410% [1] Strategic Initiatives - The company successfully completed the acquisition of control over Minsheng Securities through the issuance of A-shares, facilitating the efficient integration of existing business with Minsheng Securities' operations [1] - The company is actively exploring the deep integration of technology, finance, and industry, focusing on "synergistic empowerment" and "internal growth" to enhance its comprehensive financial service capabilities [1] - Significant growth has been observed in business lines such as securities investment, brokerage, and wealth management, attributed to both market opportunities and a low comparative base from the previous year [1]

Core Insights - The total number of ESG bonds issued in China has reached 3,911, with a total outstanding amount of 5.76 trillion RMB, where green bonds account for the largest share at 62.28% [1][3] - In the current month, 58 ESG bonds were issued, amounting to 34 billion RMB, while in the past year, 1,267 ESG bonds were issued with a total value of 1,372 billion RMB [1][3] Domestic Developments - The People's Bank of China is expanding the carbon reduction support tool to include projects with direct carbon reduction effects, such as energy-saving renovations and green upgrades, with an annual operation limit of 800 billion RMB [2] - The quarterly operation volume will be determined based on monetary policy needs and the loan issuance by financial institutions [2] International Developments - Starting January 1, 2026, the EU will implement a carbon border adjustment mechanism (CBAM), requiring importers to pay carbon taxes on high-carbon products, which necessitates compliance from non-EU exporters [2] - Chinese exporters must provide necessary information regarding carbon emissions and third-party verification to facilitate customs clearance [2] ESG Product Tracking - There are currently 955 ESG products in the market with a total net asset value of 1,173.33 billion RMB, where ESG strategy products represent the largest share at 45.01% [3] - In the past year, 189 ESG public funds were issued, totaling 71.178 billion units [3] - The market has 1,221 ESG bank wealth management products, with pure ESG products making up 53.48% [3] Index Tracking - As of January 16, 2026, most major ESG indices have underperformed compared to the market, with the Wind All A Sustainable ESG index showing the highest increase of 0.1% [4] - Over the past year, major ESG indices have generally increased, with the Wind All A Sustainable ESG index rising by 28.99% [4] Expert Opinions - An expert from the University of International Business and Economics emphasizes the need to understand the upgraded ESG regulatory requirements, highlighting the competitive pressures faced by Chinese supply chains due to stricter international rules [5][6] - The expert notes that the evolution of ESG regulations reflects a normal competitive balancing mechanism among nations, with historical precedents in trade standards [6]

| | | 中德国债收益率曲线(到期)8 | | | --- | --- | --- | --- | | 标准期限(年) | 1月9日 | 1月16日 | 变动BP | | o | 1.117 | 1.09 | -2.7 | | 0.08 | 1.27 | 1. 2556 | -1.44 | | 0. 17 | 1.27 | 1.2833 | 1.33 | | 0. 25 | 1.2767 | 1.2874 | 1.07 | | 0.5 | 1.3199 | 1.2981 | -2.18 | | 0. 75 | 1. 2704 | 1.225 | -4.54 | | 1 | 1.2887 | 1.2424 | -4.63 | | 2 | 1.4362 | 1. 4043 | -3.19 | | 3 | 1.4606 | 1.4286 | -3.2 | | 5 | 1.6551 | 1.6099 | -4.52 | | 7 | 1.7593 | 1. 7158 | -4. 35 | | 10 | 1.8782 | 1. 8424 | -3.58 | | 1 5 | 2.1735 | 2. 1563 | -1.7 ...