股票研究 /[Table_Date] 2026.02.26 赋能金融强国，券商国际业务迎新篇 投资银行业与经纪业 [Table_Industry] 券商国际业务系列专题之一 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘欣琦(分析师) | 021-38676647 | liuxinqi@gtht.com | S0880515050001 | | 张轩铭(分析师) | 021-38038437 | zhangxuanming@gtht.com | S0880526020001 | | 吴浩东(分析师) | 010-83939780 | wuhaodong@gtht.com | S0880524070001 | 本报告导读： 国际化发展即是券商自身业务发展的主动选择，也是建设全球一流投行的题中之义， 在金融强国的使命责任下，证券行业需进一步提升国际市场中资本配置能力和资产 定价话语权，国际业务有望成为头部券商未来业绩成长重要驱动。 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 [Table_Invest] 评级： ...

春节前夕，兴业银行围绕"惠民生、促消费"主线，以"龙马精神 兴福万里——好运兴福年"为主题，在 多地启动春节便民服务与促消费活动，聚焦节日期间群众高频需求，在网点服务、社区活动、支付便 利、适老关怀等方面推出一系列举措，让金融服务的暖意浸润千家万户。 走进兴业银行网点，从门头装饰到厅堂布置，处处点缀新春元素，尽显浓浓年味。各地网点结合当地特 色，通过设置国风打卡区、挂起红灯笼等方式，让客户在办理业务、咨询服务的同时，感受更具烟火气 的年味。 此外，兴业银行还将传统文化中"马"的元素与"兴福龙"IP有机结合，打造统一的新春视觉体系，并特别 推出"兴福龙"系列定制新春礼品，客户可通过参与网点活动获取，或在手机银行、兴业生活App等线上 平台轻松兑换。 新春的暖意不止于厅堂。兴业银行将服务触角延伸至社区、企业与商户，组织工作人员"走出去"开展便 民服务。在成都，工作人员以"套圈、糖画、春联福字"等形式，开展进企服务；在武汉，工作人员走访 上千家收单商户，了解节日期间客户结算与经营周转需求，在送上定制福袋的同时，提供金融服务支 持，帮助商户更加顺畅地迎接节日客流。 据了解，秉持"以客户为中心"的服务理念，兴业银行围绕 ...

岁末洞见·2026湾区财富管理高端访谈 吴显鏖提到，充分依托大湾区联结内外循环的优势，中金财富建立了具备全球视野的资产配置能力，和以客户 为中心的买方投顾体系。面对粤港澳大湾区进一步金融开放带来的发展机遇，中金财富也在积极把握，以跨境 理财通业务为例，截至2025年末客户资产的配置量、保有量增幅分别近260%和90%。他还就未来如何做好跨 境财富管理服务，分享了最新思考。 跨境理财通配置规模同比增幅超200% 在粤港澳大湾区建设中，深圳以其改革创新基因，持续强化"科创+金融"双轮驱动，成为驱动区域高质量发展 的重要引擎。而这片创新热土，同样是财富管理行业深耕布局的沃土。深圳市政府相关负责人曾在2025年10月 的公开会议中提到，彼时深圳财富管理总规模已超过31万亿元，较年初增加7%，占全国20%，位列国内大中 城市第三。 作为中金公司财富管理业务平台，中金财富自创立起就以深圳为发展根据地。据吴显鏖介绍，过去几年，中金 财富全面整合财富管理业务平台，以深圳为境内业务总部，以香港为国际业务中心，将该公司的财富管理服务 能力广泛拓展至共建"一带一路"国家和地区。 编者按： 2026年正处于"十四五"收官、"十五五" ...

Core Insights - The article discusses the strategic positioning of CITIC Securities in the Guangdong-Hong Kong-Macao Greater Bay Area, emphasizing its commitment to enhancing wealth management services and cross-border financial solutions in line with national policies [2][24][28]. Group 1: Company Strategy and Developments - CITIC Securities has been actively deepening its business layout in the Greater Bay Area since the initiation of the regional development framework in 2017, focusing on financial interconnectivity and high-quality development [24][25]. - The company has established a dedicated subsidiary, CITIC Securities South China, to enhance its wealth management services in the region, following the acquisition of Guangzhou Securities [24][25]. - The firm aims to create a comprehensive financial platform that connects local services with global resources, leveraging its full-license advantages in various financial sectors [25][26]. Group 2: Cross-Border Financial Services - CITIC Securities is enhancing its cross-border service capabilities, using Hong Kong as a hub to facilitate international investments and asset management for Greater Bay Area enterprises [25][26]. - The company has been approved for the "Cross-Border Wealth Management Connect" pilot program, allowing it to offer compliant and diversified cross-border asset allocation options to residents [26][34]. - The firm has reported significant market engagement, with its cross-border wealth management services capturing nearly 10% of new market clients and over 20% of total fund transfers in the industry [36][37]. Group 3: Market Opportunities and Challenges - The Greater Bay Area's wealth management market presents both opportunities and challenges, with a notable increase in demand for cross-border wealth management solutions as residents seek diversified asset allocation [27][30]. - The Hong Kong stock market is expected to see a significant increase in IPO fundraising, projected to exceed HKD 180 billion in 2025, enhancing investment opportunities for the region [27]. - Regulatory differences between mainland China and Hong Kong pose challenges for compliance and risk management, necessitating increased investor education and support [27][30]. Group 4: Investor Education Initiatives - CITIC Securities has implemented a comprehensive investor education program tailored to the unique needs of Greater Bay Area investors, utilizing both online and offline channels to enhance understanding of cross-border investment opportunities [32][33]. - The firm has organized numerous educational events in collaboration with the Hong Kong Stock Exchange, focusing on key topics such as the "Cross-Border Wealth Management Connect" and "Hong Kong Stock Connect" [32][33]. - These initiatives have successfully improved investor awareness of market rules and risks, fostering a more informed investment community in the region [33]. Group 5: Product Development and Innovation - The company is continuously optimizing its cross-border product offerings, integrating international investment strategies and asset allocation concepts to enhance its service capabilities [34][35]. - CITIC Securities has developed a diverse range of public and private fund products, covering various asset classes and investment strategies to meet the evolving needs of clients [35][36]. - The firm aims to provide a robust and comprehensive cross-border wealth management ecosystem, ensuring high-quality financial services that align with the Greater Bay Area's development goals [37][38].

Core Viewpoint - The article discusses the evolving landscape of wealth management in the Guangdong-Hong Kong-Macau Greater Bay Area, emphasizing the transition from scale expansion to quality enhancement in the industry as it approaches the end of the 14th Five-Year Plan and prepares for the 15th [1] Group 1: Company Strategy and Positioning - CITIC Securities has been actively deepening its business layout in the Greater Bay Area since the launch of the regional development framework in 2017, aligning with national strategic directives [3][4] - The company aims to create a comprehensive financial platform that connects local services with global resources, focusing on financial interconnectivity and high-quality development [4] - CITIC Securities has established a dedicated subsidiary in South China to enhance its wealth management services, focusing on compliance and professional financial services for both individual and institutional clients [4][5] Group 2: Cross-Border Services and Innovations - The company is enhancing its global integration by using Hong Kong as a hub for cross-border services, providing integrated solutions for businesses looking to expand internationally [5] - CITIC Securities has been approved for the "Cross-Border Wealth Management Connect" pilot program, allowing it to offer compliant and diverse cross-border asset allocation options to residents in the Greater Bay Area [6][13] - The firm has developed a comprehensive cross-border product system, collaborating with top asset management institutions to provide a wide range of investment options [13][14] Group 3: Market Opportunities and Challenges - The wealth management market in the Greater Bay Area presents both opportunities and challenges, with significant growth in cross-border wealth management demand driven by increasing wealth accumulation and global asset allocation awareness [7][10] - The Hong Kong stock market is expected to see continued value and financing function releases, with a projected IPO fundraising scale exceeding HKD 180 billion in 2025 [7] - Regulatory differences between mainland China and Hong Kong pose challenges for compliance and risk management, necessitating enhanced investor education and risk disclosure [7][10] Group 4: Investor Education and Engagement - CITIC Securities has implemented a series of investor education activities tailored to the needs of cross-border investors, utilizing both online and offline methods to enhance understanding of investment mechanisms [11][12] - The company aims to break down information barriers in cross-border investment, improving investor awareness of market rules and risks, thereby fostering a healthier investment ecosystem [12] - Future initiatives will focus on specialized education in areas such as technology innovation and green finance, contributing to the development of a robust financial hub in the Greater Bay Area [12][19] Group 5: Wealth Management Transformation - CITIC Securities is committed to enhancing its wealth management capabilities by adopting a buyer advisory model, which has already seen significant growth in assets under management [16][17] - The company emphasizes a client-centered approach, ensuring that investor interests are prioritized and integrated into its operational strategies [16][18] - Future plans include refining the product and service offerings to meet the diverse needs of clients, promoting long-term investment strategies and sustainable wealth growth [18][19]

Core Viewpoint - The Hong Kong government is committed to developing the local bond market to enhance its role as an international financial center, focusing on innovative bond issuance and various supportive measures [1][2]. Group 1: Bond Market Development - The Hong Kong government aims to activate the bond market through regular issuance of government bonds, including institutional, retail, green, and tokenized bonds [1]. - Since 2008, Hong Kong has been the leading hub for bond issuance in Asia, with over $130 billion in issuance planned for 2024, capturing nearly 30% of the market share [1]. - Hong Kong accounts for approximately 70% of the first-time bond issuance market and 45% of the green and sustainable bond issuance market, indicating its leadership in various segments [1]. Group 2: Regulatory and Market Measures - The Hong Kong government and financial regulators are implementing measures to enhance primary market issuance, improve secondary market liquidity, and expand offshore RMB business [2]. - As of January 2, 2026, there are 1,351 listed bonds on the Hong Kong Stock Exchange, with 1,302 being professional investor bonds, which are primarily traded over-the-counter [2]. - The Hong Kong Securities and Futures Commission is exploring the feasibility of an electronic bond trading platform to improve market liquidity [3]. Group 3: Offshore RMB and Risk Management - The offshore RMB bond market has seen significant growth, with issuance reaching 1.07 trillion RMB in 2024, a 37% year-on-year increase [1]. - The Hong Kong Stock Exchange is enhancing its role in the offshore RMB market by allowing foreign investors to use onshore government bonds as collateral for derivatives trading [3]. - The Hong Kong government is working on introducing offshore government bond futures to provide effective risk management tools for investors [5]. Group 4: Tokenized Bonds - The Hong Kong government has issued three batches of tokenized green bonds since 2023, with the largest issuance of 10 billion HKD in November 2025, attracting significant global institutional interest [5]. - The Hong Kong Monetary Authority is researching the secondary market applications for tokenized bonds to enhance their attractiveness and demand [6]. - Efforts are underway to optimize the legal framework for broader application of tokenization technology in the bond market [6].

产业观察 [table_Header]2026.01.29 四大增长极经济与产业洞察报告（2025） 产业研究中心 摘要：聚焦四大战略区域 2025 年协同发展，解构要素配置与产业生态新格局 期 2026.01.18 [Table_Summary] 核心观点：区域协同、产业升级与统一大市场建设的联动是高质量发展的 关键支撑。四大增长极通过制度协同破除行政壁垒，要素市场化改革畅通 资源流动，形成"顶层引领+地方创新"的协同格局。产业层面呈现梯度分 工与集群化演进，长三角技术密集型产业领跑，粤港澳大湾区聚焦跨境融 合，京津冀疏解赋能并重，川渝强化双核联动。通过"要素流动—产业协 同 —市场统一"联动路径，推动区域从"集群化"迈向"链群化"，既发挥比 较优势实现差异化发展，又通过跨域平台与规则衔接强化协同，为全国构 建优势互补、高质量发展的区域经济布局提供实践支撑。 筑基与引领：2025 年四大区域聚焦制度协同、规则衔接与跨域合作，以顶 层规划与专项政策为支撑，形成"顶层引领+地方创新"的协同格局，筑牢 区域高质量发展制度根基。 破壁与赋能：要素市场化改革正推动资源配置逻辑从"区域内优化"向"跨 区域重组"转化。人 ...

Core Insights - Guangdong's cross-border RMB settlement volume reached a historic high in 2025, ranking among the top three provinces in China, with a year-on-year growth of 21.5%, accounting for over 50% of total cross-border receipts and payments [1][2] Group 1: Cross-Border RMB Settlement - In 2025, the cross-border RMB settlement scale in Guangdong exceeded 800 billion yuan, with "new foreign trade entities" accounting for over 90% of the total cross-border settlement volume [3][2] - The People's Bank of China (PBOC) in Guangdong implemented a "post-random inspection" model for cross-border RMB settlements for high-credit enterprises, significantly reducing processing time by 2 to 3 hours per transaction [3][2] Group 2: Financial Innovation and Trade Facilitation - The PBOC in Guangdong has enhanced the Free Trade Account system, with a total of 12,800 accounts opened by the end of 2025, representing a 2.2-fold increase in multi-functional accounts since the beginning of the year [5][6] - Guangdong's cross-border financial services have been optimized through institutional innovation, allowing enterprises to flexibly utilize both domestic and international markets [5][6] Group 3: Cross-Border Investment and Economic Growth - Guangdong's total cross-border receipts and payments reached 2.5 trillion USD in 2025, with a year-on-year growth of 7.2%, and a net inflow of 289.3 billion USD, up 23.4% [6][4] - The province saw the addition of 2,773 new pilot enterprises in cross-border trade and investment, a 1.7-fold increase year-on-year, with private and "specialized, refined, unique, and innovative" enterprises making up 71% and 21.5% respectively [6][4] Group 4: Regional Highlights - Shenzhen ranked third nationally in cross-border receipts and payments, with a total of 5.83 trillion yuan in RMB cross-border transactions, maintaining its position as the primary currency for cross-border settlements between Shenzhen and Hong Kong [7][6]

Group 1 - The total cross-border payment and receipt amount in Guangdong is projected to reach $2.5 trillion in 2025, with a year-on-year growth of 7.2%, and a net inflow of $289.3 billion, reflecting a 23.4% increase [1] - The scale of cross-border RMB settlement in Guangdong is expected to grow by 21.5% year-on-year in 2025, surpassing 50% of the total cross-border payment and receipt, marking a historical high in both settlement volume and proportion [1] - Shenzhen's total RMB cross-border payment and receipt amount is projected to reach CNY 5.83 trillion, maintaining its position as the largest cross-border settlement currency between Shenzhen and Hong Kong [1] Group 2 - In 2025, cooperation among banks in the Guangdong-Hong Kong-Macao Greater Bay Area is expected to strengthen, with 10 banks from the mainland collaborating with banks in Hong Kong and Macao for multi-business connections [2] - By the end of 2025, 70 banks, 28 securities companies, and 178,000 participants are involved in the "Cross-Border Wealth Management Connect" pilot, with cross-border RMB fund transfers amounting to CNY 131.3 billion [2] - The Free Trade Account system in Guangdong's Free Trade Zone has seen new banks like Shanghai Pudong Development Bank and China Merchants Bank join, with the total number of accounts reaching 12,800 by the end of 2025, a 2.2-fold increase in multi-functional free trade accounts since the beginning of the year [2]

Core Insights - The People's Bank of China and the State Administration of Foreign Exchange held a press conference on Shenzhen's financial operations in 2025, emphasizing the use of structural monetary policy tools to support consumption and technological innovation [2] Group 1: Financial Support and Loan Growth - By the end of 2025, loans for technology, green, and digital economy sectors in Shenzhen increased by 1.9%, 3.3%, and 1.4% respectively compared to the end of 2024, significantly supporting the transition to high-end, intelligent, and green production [2] - The balance of loans for the private economy in Shenzhen reached 4.35 trillion yuan, accounting for 43.7% of total loans, while inclusive micro and small loans surpassed 2 trillion yuan, reaching 2.01 trillion yuan [3] - The balance of technology loans in Shenzhen reached 2.28 trillion yuan by the end of 2025, with the issuance of technology innovation bonds totaling 44.15 billion yuan, ranking second among cities nationwide [2] Group 2: Green Finance Initiatives - Shenzhen initiated a pilot program for green foreign debt and enhanced the application of corporate "carbon accounts," promoting innovation in carbon financial products [4] - Loans issued using carbon reduction support tools amounted to 2.72 billion yuan, supporting small-scale green projects [4] - The "carbon reduction loan" product provided credit of 1.23 billion yuan to 44 enterprises, aiding the green and low-carbon transformation of small and micro enterprises [4] Group 3: Consumer Finance and Digital Economy - Personal medium- and long-term non-housing consumption loans in Shenzhen grew by 13.12% year-on-year, outpacing overall loan growth by 8 percentage points [4] - The total inbound consumption in Shenzhen reached 1.88 billion transactions worth 26.462 billion yuan, reflecting a year-on-year increase of 27.7% and 31.3% respectively [4] - The balance of loans in the digital economy sector increased by 17.3% year-on-year, with innovative financial scenarios such as "cross-border credit" providing 2.092 billion yuan in loans to enterprises in Shenzhen and Hong Kong [4] Group 4: Cross-Border Financial Developments - Shenzhen ranked third nationwide in cross-border payment and receipt scale, with a total of 5.83 trillion yuan in cross-border RMB transactions, maintaining its position as the primary currency for cross-border settlements between Shenzhen and Hong Kong [5] - The cross-border RMB payment and receipt for goods trade reached 1.2352 trillion yuan, a year-on-year increase of 191.3 billion yuan, marking a new high since the business commenced in 2009 [6] - The upgraded "3.0 version" of the integrated currency pool trial has benefited nearly 2,000 member enterprises, with a business scale of 390 billion USD [5]