该研究团队认为，短期内，非标产品成立高增长态势或仍将维持惯性，但随着资产管理信托新规落地的 临近与业务额度的逐步耗尽，市场热度可能逐步消退。 另外，标品信托发行端和成立端表现均较为突出。发行市场方面，2025年12月份，标品信托共发行1873 款，环比增长14.14%。其中，固收类产品、混合类产品及权益类产品发行数量分别环比增长8.56%、 37.57%和43.48%，呈现全面开花的态势。 本报记者 方凌晨 1月8日，用益金融信托研究院发布的资产管理信托市场数据显示，2025年12月份，资产管理信托市场整 体维持较高热度，产品发行数量与成立数量均实现显著增长。其中，标品信托发行数量创近五年月度新 高。业内人士认为，标品与非标产品的双轮驱动共同推动了资产管理信托发行端和成立端数量的增长。 发行市场方面，2025年12月份共计发行资产管理信托产品3364款，环比增长18.28%；已披露发行规模 为1354.00亿元，环比减少8.05%。成立市场方面，2025年12月份共计成立资产管理信托产品2875款，环 比增长30.45%，同比增长17.73%；已披露成立规模为782.91亿元，环比减少1.63%，同比下降8. ...

券商研究框架：探寻产业变迁和投资价值 20260106 摘要 2026 年券商行业的整体展望如何？ 展望 2026 年，券商板块有望迎来补涨机会。2025 年券商板块整体跑输大盘， 主要受到市场结构性行情和监管逆周期调控的影响。进入 2026 年后，新赛季 启动，券商板块补涨空间充足。目前行业 PB 约为 1.47 倍，历史分位数在 35%左右，处于相对低估值位置。在当前监管环境下，慢牛市中券商板块的 ROE 有望继续提升。预计 2026 年市场交投和两融业务将保持 20%左右增速， 同时投行和资管业务边际改善明显。此外，债券自营压力显著减轻。预计 2026 年行业 ROE 有望提升至 9%左右水平，而头部券商则有望提升至 11%~12%。 推荐科创主题相关个股，首推国泰海通，其次是中金公司 H 股，受益于 科创板储备项目领先带来的估值修复。国泰海通 PB 约 1.15 倍，仍有估 值修复空间。 券商轻资产业务增长值得期待，重资产业务中自营业务是重点。头部券 商利用 OCI 资产池平滑利润波动，优化资产负债表。政策优化优质券商 资产负债表限制，提高杠杆率上限，有助于提升 ROE。 券商行业的盈利模型是如何构建 ...

尽管规模持续增长，但银行理财的产品结构依然呈现"单极主导"特征。 普益标准的数据显示，固收类产品规模占比连续四个季度超过74%。截至12月26日，固收类产品存续规 模24.22万亿元，在全市场总规模中占比超7成，产品数量占比超过8成。 2025年进入尾声，银行理财市场在震荡与修复中走过关键一年。智通财经进行了盘点观察，规模逐季回 升、结构集中、收益分化，成为全年理财发展的三条主线。 据中国理财网数据显示，银行理财存续规模在一季度末为29.14万亿元，二季度末回升至30.67万亿元， 三季度进一步增至32.13万亿元。另据华西证券测算显示，截至12月19日，银行理财规模约33.74万亿。 全年理财规模呈现"V型"复苏，凸显出在利率下行与市场波动双重考验下的韧性。 理财规模呈现V型回升，从29.14万亿增至33.74万亿、全年增幅15.76%，四重动力助推 2025年，银行理财市场整体呈现"前低后高"的走势。中国理财网数据显示，一季度末，理财存续规模为 29.14万亿元，较年初下降0.81万亿元。中信证券银行业首席分析师肖斐斐分析指出，当季债市波动较 大，影响理财收益表现，叠加市场资金面偏紧、银行吸储压力上升，共 ...

监管重拳砸向"规模崇拜"，年度大考悄然变题 又至年末，基金行业的"规模冲刺战"如期上演，但今年的剧本已悄然改写。 Wind数据显示，12月17日全市场股票型ETF单日净流入162.9亿元，近5日累计加仓近505亿元，宽基ETF 成为资金"主战场"。其中，中证A500ETF赛道最为火热，近5日狂揽283.83亿元，再次吸引市场目光。 华泰柏瑞、南方、华夏旗下产品规模稳居前三，一场围绕"规模领先"的暗战悄然升温。 然而，这场冲刺并非单纯的"冲量游戏"。据第一财经从业内了解，此轮资金涌入，既有头部险资等机构 的年底配置需求，也离不开基金公司将其作为战略产品进行重点营销与持续推广。此外，固收类产品则 成为机构年末规模冲刺的另一个重点。 值得关注的是，在资金追逐规模的同时，行业生态正经历深刻转向。受访人士认为，随着监管部门一系 列引导文件出台，推动行业向收益导向转型，传统年底"冲规模"的模式正悄然改变，基金公司正试图在 长期发展与短期排名间寻求新平衡，行业竞争逐步转向投研、服务等核心能力的立体化角逐。 宽基ETF是资金布局的重点方向之一，仅华泰柏瑞、南方、华夏基金旗下三只中证A50ETF的净申购额 就合计近280亿元。 ...

Group 1 - The core point of the article is the announcement of a management change at Bank of China Fund Management Co., with Liu Xinqun appointed as the new chairman and legal representative, marking a new development phase for the company, which manages over 700 billion yuan [2][3] Group 2 - Liu Xinqun has a strong financial background and has held key positions within the Bank of China system, including roles such as assistant general manager of the treasury and branch manager, before joining Bank of China Fund in 2025 [3] - As of the third quarter of 2025, the company's asset management scale reached 710.2 billion yuan, ranking 20th in the public fund industry, with non-monetary fund scale at 333.5 billion yuan [4] - The company primarily focuses on fixed-income products, which account for 95% of its total assets, with bond funds totaling 295.7 billion yuan, while mixed and equity funds are significantly smaller at 22.8 billion yuan and 7.1 billion yuan, respectively [4]

从净值表现来看，"固收+"及混合类产品破净占比更为明显。根据Wind数据显示，截至12月9日，近600 只理财产品最新单位净值跌破1，其中"固收+"和混合类产品合计数量接近500只。 中经记者 秦玉芳 广州报道 近两个月来，多家理财公司的理财产品宣布提前终止。据公开数据，仅11月1日至12月9日，就有近百只 理财产品宣布提前终止，包括现金管理类、混合类、固收类等多类型的产品。 对于理财产品遭遇密集提前终止的原因，邮储银行（601658.SH）研究员娄飞鹏认为，这主要受债市波 动加剧、底层资产收益下行及产品收益目标难以达成影响，部分产品因触及止盈或止损条款而主动终 止。 盘古智库高级研究员余丰慧进一步表示，底层资产收益率的下滑确实是一个重要因素，尤其是在经济增 速放缓背景下，各类投资标的回报率普遍下降，导致一些理财产品难以达到预期收益目标。 据Wind数据统计，截至12月9日，900余只理财产品近3月回报率为负，其中跌幅超过1%的超过250只。 娄飞鹏也强调，固收类产品虽仍为配置主力，但长久期债券与非标资产的流动性与定价难度上升，促使 机构更倾向缩短久期、提升流动性管理，主动收缩高波动、低流动性资产配置。 对理 ...

Group 1 - Cambricon Technologies issued a statement addressing misleading information regarding its products, clients, and production capacity circulating in the media and online [1] - The company emphasized that such information is intended to mislead the market [1] Group 2 - The Huacheng Future Stable Income Fund experienced a significant decline, with a cumulative drop of over 7.4% over four trading days from November 27 to December 2 [2] - The decline was attributed to substantial adjustments in certain bonds held by the fund due to market conditions, along with large redemptions exacerbating the fund's net value fluctuations [2] Group 3 - ST Xianhe announced that its stock will be suspended for trading on December 5 and will resume trading on December 8, with its name changing from "ST Xianhe" to "Xianhe Environmental Protection" [3][21] - The stock will have its risk warnings removed, but the daily price fluctuation limit will remain at 20% [3][21] Group 4 - Country Garden disclosed significant progress in its debt restructuring, completing the restructuring of domestic bonds totaling approximately 137.7 billion yuan [4][22] - The final domestic bond restructuring plan was approved by bondholders on December 3 [4][22] Group 5 - The People's Bank of China announced a 1 trillion yuan reverse repurchase operation scheduled for December 5, with a term of three months [5][10][23] - This operation aims to maintain ample liquidity in the banking system, coinciding with the maturity of a similar amount of reverse repos in December [5][10][23] Group 6 - The Supreme People's Court released seven typical civil and commercial cases to protect the legal rights of private enterprises, addressing issues related to financing difficulties and high costs [6][24] - The cases highlight the need for financial institutions to comply with regulations and ensure equal protection for both state-owned and private enterprises [6][24] Group 7 - The "domestic GPU first stock" Moer Thread successfully listed on the STAR Market, achieving commercialization and capitalization in just five years [12][29] - The company received substantial support from over 80 early investors, raising a total of 9.498 billion yuan across eight funding rounds [12][29] Group 8 - The market regulatory authority introduced a national standard for food delivery platforms to address issues like "ghost deliveries" and irrational competition [13][31] - The standard aims to enhance service management and promote high-quality development in the industry [13][31] Group 9 - The A-share market saw a stable increase in new investor accounts, with 2.3814 million new accounts opened in November, reflecting a 3.1% month-on-month growth [15][33] - This stability indicates growing confidence among investors regarding China's economic fundamentals and capital market reforms [15][33] Group 10 - The lithium iron phosphate industry is experiencing upward price pressure, with leading companies planning to raise processing fees by 3,000 yuan per ton starting in 2026 [16][34] - This price increase is driven by rising downstream demand and industry initiatives to combat excessive competition [16][34] Group 11 - The World Gold Council projected that gold prices may fluctuate within a range in 2026, influenced by ongoing geopolitical uncertainties [18][35] - Following a remarkable year in 2025, where gold prices reached historical highs, the outlook for 2026 suggests potential for moderate price increases if economic growth slows and interest rates decline [18][35]

Core Insights - The bank wealth management market has shown a continuous recovery in November, with a total scale of 31.65 trillion yuan, reflecting a month-on-month increase of approximately 25 billion yuan and a year-on-year growth of 6.1% [1] Group 1: Market Trends - The sustained growth in bank wealth management scale is driven by two main factors: structural adjustment in residents' asset allocation and improved product attractiveness through optimized asset allocation and investment strategies by wealth management companies [1][3] - Fixed income products remain the dominant category, accounting for 76.56% of the total market scale, with a total of 38,957 products and a scale of approximately 24.23 trillion yuan, reflecting an increase of about 33.6 billion yuan from October [2] Group 2: Product Structure - The structure of bank wealth management products in November shows a clear trend: fixed income products dominate, cash management products slightly decreased, while mixed and equity products steadily expanded [2] - Cash management products saw a slight contraction, with a total of 2,421 products and a scale of approximately 6.6 trillion yuan, down about 16 billion yuan from October [2] Group 3: Future Outlook - The continuous growth of bank wealth management scale is expected to persist, supported by a deepening understanding of wealth management among residents and a shift towards diversified asset allocation [4] - The market outlook for December remains optimistic, with expectations of continued growth in the scale of bank wealth management, driven by the final phase of product valuation adjustments and the release of accumulated floating profits [4][5]

Core Viewpoint - The Chinese economy is transitioning from high-speed growth to high-quality development, with public funds playing a crucial role in supporting the real economy and stabilizing the market [1] Group 1: Strategic Positioning of Fund Companies - The development landscape of public funds will further optimize, with a clear differentiation between large comprehensive fund companies and small specialized fund companies [1][2] - Large fund companies will focus on being "big and comprehensive," while small fund companies will adopt a "small and beautiful" strategy [1] Group 2: Industry Structure and Trends - The public fund industry will continue to concentrate towards the top, highlighting a "Matthew Effect" where strong companies become stronger [2] - Large fund companies will benefit from brand effects, research resources, and sales channels, leading to increased concentration in equity and index products [2] Group 3: Development Strategies for Comprehensive Fund Companies - Comprehensive fund companies should maintain their strengths while expanding into other product types, as demonstrated by E Fund and Huaxia Fund, which have seen significant growth in non-monetary management scale [3] - E Fund's non-monetary scale growth rate is approximately 79% since the end of 2020, while Huaxia Fund's growth rate is around 147% [3] Group 4: Development Strategies for Specialized Fund Companies - Small fund companies should pursue differentiated development strategies, focusing on their unique strengths, as seen with Guojin Fund and Pengyang Fund [4] - Guojin Fund's non-monetary management scale grew from 10.2 billion to 37.2 billion, a 265% increase, by focusing on quantitative and fixed-income investments [4] Group 5: Research and Investment System Construction - Strengthening research and investment capabilities is essential for fund companies to enhance investor returns, with a push towards a "platform-based, integrated, multi-strategy" research system [5] - Fund companies are shifting from relying on star fund managers to building a comprehensive research brand [6] Group 6: Enhancing Efficiency through AI - Talent development is crucial for fund companies' core competitiveness, with a focus on long-term assessment and a robust training system [7] - Employee stock ownership plans are still in early stages in China, and enhancing these plans can improve team stability and operational efficiency [8] - AI is becoming essential for optimizing workflows, enhancing customer experiences, and improving investment performance across the entire business chain of fund companies [9]

Core Insights - The asset management business has become a key competitive arena for securities firms during the strategic transformation towards high-quality development, with a reported scale of 5.79 trillion yuan as of the end of October, reflecting an increase of over 320 billion yuan since the beginning of the year [1][2]. Group 1: Growth and Structure - The private asset management industry of securities firms has shown a structural optimization characterized by active growth and a reduction in channel business, with total product scale reaching 5.79 trillion yuan, an increase of 325.28 billion yuan, or 5.95% [2]. - Collective asset management plans, as the core vehicle for active management transformation, have seen their scale rise to 3.27 trillion yuan, an increase of 370.87 billion yuan, or 12.81%, now accounting for 56.4% of the total scale [2]. - In contrast, single asset management plans focused on channel business have decreased to 2.52 trillion yuan, down by 45.58 billion yuan, with their share shrinking to 43.6% [2]. Group 2: Product Structure - Fixed-income products continue to be the cornerstone of the private asset management scale, reaching 4.72 trillion yuan, which constitutes 81.55% of the total, with an increase of 198.83 billion yuan, or 4.42% [3]. - Mixed products account for 11.58% of the total scale, while equity products and futures/derivatives represent 6.27% and 0.6%, respectively [3]. - The registration data for products further confirms the deepening trend of active management transformation, with a cumulative registration scale of 383.60 billion yuan for the first ten months, where collective asset management plans accounted for 61.59% [3]. Group 3: Future Outlook - The asset management scale of securities firms has stabilized and rebounded, driven by the dual forces of deepening active management transformation and recovering market demand, indicating a robust development trend [4]. - Analysts predict that by 2026, the asset management business is expected to achieve simultaneous breakthroughs in scale expansion and revenue growth, supported by the implementation of long-term mechanisms and enhanced active management capabilities [4]. - The focus will be on enhancing the inclusivity of long-term capital in the capital market, which is essential for expanding brokerage and asset management businesses [4]. Group 4: Diversification Strategies - To align with policy directions and capitalize on market opportunities, the industry must diversify equity product types and establish a multi-faceted product matrix [5]. - The policy environment is expected to enhance the diversity and investability of index investments, guiding the issuance of index and enhanced index equity products [5]. - The future development direction will focus on enriching product categories based on traditional fixed-income investments and promoting active management transformation through subsidiary establishment or acquisitions [5].