摘要 中国资本市场改革深化、对外开放及机构资金入市，推动券商机构投研 和交易业务增长，主经纪商（PB）业务需求持续增加，为中资券商带来 发展机遇。 监管强调扶优限劣，新兴业务专业要求增强，同业整合加速，头部券商 业绩结构均衡，风险中性配置策略，促进行业高质量发展，提升头部券 商业绩。 预计 2026 年中资券商板块盈利增速可达 12%，IPO 发行常态化、衍生 品扩容及潜在资本杠杆放宽等政策将提供支持，机构持仓和估值水平有 提升空间。 中资券商应以投研为本，服务公募、私募、保险和外资等增量资金，打 造多资产交易、一站式服务及全球化销售能力，提高资产负债表管理能 力。 居民财富再配置拐点促使资产向金融资产转移，并向权益化、另类化、 全球化方向演变，券商需提供分层差异化服务，加强优质产品供给，打 造以账户为核心的买方模式。 证券 2026 年展望：投资中国优质券商正当时 20260107 Q&A 中资券商在"十五"期间如何加速迈向国际一流投行？ 在"十五"期间，中资券商在大投行业务、金融市场业务和大财富业务等方面 取得了显著进展。首先，大投行业务方面，政策引导和实体经济转型升级的需 求推动了直接融资生态的完善。科 ...

Core Insights - China Galaxy's executives attended the Q3 2025 earnings conference, highlighting their unique strategies in international business, wealth management, and institutional services [1] - The low-interest environment has become a focal point for investors regarding asset allocation strategies [2] Group 1: International Business - The company maintains a functional-first approach in its investment banking operations, focusing on enhancing service quality aligned with national strategies and key industries outlined in the 14th Five-Year Plan [3] - China Galaxy's international business network spans regions including Hong Kong, Singapore, Malaysia, Indonesia, and Thailand, making it one of the most widely networked Chinese brokers in Asia [3] - Future plans include strengthening overseas subsidiaries' management and enhancing integrated operations to solidify its position in Southeast Asia [3] Group 2: Wealth Management - The wealth management division aims to resonate with national goals, collaborate with partners, and align closely with client needs, continuously upgrading its trading systems to create a diverse and stable service ecosystem [3] Group 3: Institutional Services - The institutional business is focused on becoming a reliable full-service provider, integrating technology deeply into operations, and offering a comprehensive range of services including research, derivatives, asset management, and brokerage [3] Group 4: Investment Strategy - In the current low-interest environment, traditional fixed-income investments face challenges such as low spreads and high volatility, prompting a shift towards quantitative, neutral, and structured investment strategies to enhance returns [3] - The company is also leveraging its own funds and responding to new financial policies to maintain stable investment scales in OCI accounts while exploring opportunities in the convertible bond market [4] Group 5: Strategic Planning - The company is engaged in thorough discussions and rigorous evaluations for its new strategic plan, which is crucial for its development over the next five years and beyond, ensuring that the strategy is clear, feasible, and capable of creating long-term value for shareholders [4]