Investment Rating - The report maintains an "Overweight" rating for the securities and banking sectors [9]. Core Insights - The report highlights the structural relaxation of refinancing policies, which is expected to improve profitability in the banking sector. The central bank's Q4 monetary policy report emphasizes the implementation of personal credit repair measures, supporting micro-entities [1][28]. - The report identifies investment opportunities in the order of securities > insurance > banking, with a focus on the potential for marginal improvements in the brokerage business due to the recent refinancing policy adjustments [12][24]. Summary by Sections Securities Sector - The optimization of refinancing measures announced by the exchanges is expected to lead to marginal improvements in the brokerage business, with leading firms likely to solidify their advantages through professional capabilities. The Chinese brokerage index performed better than the Hang Seng index during the holiday period, increasing by 0.20% [2][13]. - Recommended stocks include leading brokerages such as CITIC Securities, Guotai Junan, and GF Securities, as well as quality regional firms like Guoyuan Securities [3][12]. Insurance Sector - The report notes a mixed performance in the insurance sector, with property insurance companies showing gains while life insurance companies mostly declined. China Property & Casualty Insurance rose by 5%, while China Taiping fell by 4% [24][25]. - Investors are advised to focus on quality leaders in the insurance sector, with a preference for defensive stocks like China Ping An and China Life Insurance for conservative investors [24][25]. Banking Sector - The banking sector is experiencing a recovery in performance, with Q4 profits improving and net interest margins stabilizing. The report indicates a year-on-year increase in social financing, primarily due to the pre-positioning of government bonds and a rebound in off-balance-sheet financing [28][37]. - Recommended stocks include quality regional banks such as Nanjing Bank and Chengdu Bank, which are expected to perform well due to their strong fundamentals [3][28].

Group 1 - The core point of the news is that Huaxin Co., Ltd. has experienced a decline in stock price, falling 0.36% to 16.60 CNY per share, with a total market value of 17.611 billion CNY and a cumulative drop of 5.41% over the past four days [1] - Huaxin Co., Ltd. was established on November 5, 1992, and listed on December 2, 1992. The company is primarily engaged in property leasing, property management, and securities services [1] - The revenue composition of Huaxin Co., Ltd. includes: Other businesses 44.80%, Brokerage business 39.48%, Investment banking 8.08%, Asset management 7.43%, Credit business 5.50%, and Futures business 3.33% [1] Group 2 - From the perspective of the top ten circulating shareholders, Guotai Fund's ETF has increased its holdings by 5.5068 million shares, totaling 13.706 million shares, which represents 1.29% of the circulating shares [2] - The Guotai CSI All-Share Securities Company ETF (512880) has a current scale of 57.029 billion CNY and has reported a loss of 1.45% this year, ranking 5445 out of 5569 in its category [2] - The fund manager of Guotai CSI All-Share Securities Company ETF is Ai Xiaojun, who has a total fund asset scale of 188.936 billion CNY and has achieved a best fund return of 329.78% during his tenure [3]

Group 1 - Guosheng Securities (002670.SZ) closed at 16.59 yuan, with a decline of 0.36% [1] - Huaxin Co., Ltd. (600621.SH) closed at 16.92 yuan, with a decline of 0.65% [1] - The securities sector experienced an increase of 0.93%, with Guosheng Securities and Huaxin Co., Ltd. being the only two companies in the sector that saw a decline [1]

证券代码：600621 证券简称：华鑫股份 编号：临 2026-003 上海华鑫股份有限公司关于全资子公司 华鑫证券有限责任公司 2026 年面向专业投资者 公开发行公司债券（第一期）发行结果的公告 根据中国证券监督管理委员会《关于同意华鑫证券有限责任公司向专业投资 者公开发行公司债券注册的批复》（证监许可[2024]636 号，详见上海华鑫股份 有限公司（以下简称"公司"）于 2024 年 4 月 25 日披露的《公司关于收到中国 证监会同意华鑫证券有限责任公司向专业投资者公开发行公司债券注册的批复 的公告》），公司全资子公司华鑫证券有限责任公司于2026年2月6日完成了2026 年面向专业投资者公开发行公司债券（第一期），实际发行规模为人民币 6 亿元， 期限为 2 年，票面利率为 1.90%。华鑫证券有限责任公司将按规定履行相关手续。 按照债券相关规定，华鑫证券有限责任公司在上海证券交易所网站 （https://www.sse.com.cn）披露《华鑫证券有限责任公司 2026 年面向专业投 资者公开发行公司债券（第一期）发行结果公告》。 特此公告 上海华鑫股份有限公司 董 事 会 2026 年 2 月 ...

Group 1 - The core point of the article is that Huaxin Co., Ltd. announced the completion of a public issuance of corporate bonds by its wholly-owned subsidiary, Huaxin Securities, aimed at professional investors [1] - The actual issuance scale of the bonds is 600 million yuan, with a maturity of 2 years and a coupon rate of 1.90% [1] - Huaxin Securities will fulfill the relevant procedures as required and disclose the issuance results on the Shanghai Stock Exchange website [1]

Group 1 - The core viewpoint of the article is that Huaxin Co., Ltd. has established a financial shared service center at the end of 2019, which is centralized at the company's headquarters [1] - The financial shared service center integrates financial and business systems to automate most processes such as accounting, tax reporting, and financial reporting [1]

Group 1 - The core point of the article highlights a collective decline in the three major indices, while the banking sector shows strength, and the securities and fintech sectors experience an afternoon rally [1] - As of 1:55 PM, the securities ETF Huaxia (515010) rose by 0.81%, with its holdings such as Hualin Securities hitting the daily limit, and other stocks like Huaxin Co., Guosheng Securities, and Southwest Securities also performing well [1] - The financial technology ETF Huaxia (516100) saw a slight decline of 0.22% [1] Group 2 - The Shanghai Stock Exchange reported that in January, the number of new A-share accounts reached 4.9158 million, representing a month-on-month increase of 89% and a year-on-year increase of 213%, marking the highest level in nearly 15 months since November 2024 [1] - This surge in new A-share accounts indicates a sustained boom in brokerage business, driven by the upward trend in A-shares over the past year, which has significantly boosted brokerage and proprietary trading business, leading to an overall performance recovery [1] - The management fee rate for the securities ETF Huaxia (515010) and the fintech ETF Huaxia (516100) is 0.15%, with a custody fee rate of 0.05%, which are the lowest among comparable funds, facilitating investors' access to sector trends [1]

Market Overview - The indices experienced fluctuations in the afternoon, with declines narrowing. The Shanghai Composite Index reported at 4078.82 points, down 0.57%, while the Shenzhen Component Index was at 13969.10 points, down 1.32%, and the ChiNext Index at 3266.71 points, down 1.35% [1] Sector Performance - The banking sector saw significant gains, with Xiamen Bank hitting the daily limit and reaching a new high since June 2021 [1] - The innovative drug sector was notably active, with Guangsheng Tang rising over 10% [1] - The securities sector also experienced a surge, with Hualin Securities hitting the daily limit and other companies like Huaxin Securities, Huatai Securities, and Dongfang Caifu following suit [1] - The tourism and hotel sector showed strength, with Sanxia Tourism reaching the daily limit [1] - Conversely, the precious metals sector faced ongoing adjustments, with Hunan Gold and Hunan Silver hitting the daily limit down [1] - The afternoon saw weakness in the electric grid equipment stocks, with Sifang Co. hitting the daily limit down [1] Stock Movement - Overall, the market saw more stocks declining than rising, with over 3500 stocks down [1] - The beauty care, film and television, and banking sectors led in gains, while BC batteries, photovoltaic equipment, and precious metals sectors led in losses [1]

Core Insights - The Securities ETF (159841) has reached a record high of 10.772 billion yuan as of February 4, 2026, indicating strong investor interest and confidence in the sector [2] - The ETF has seen significant inflows, with a total of 343 million yuan over the past five trading days, reflecting a positive trend in market participation [3] - The overall performance of the securities sector is bolstered by a substantial increase in new margin trading accounts, which rose by 157% year-on-year in January 2026 [4] Fund Performance - The Securities ETF (159841) recorded a trading volume of 209 million yuan on February 5, 2026, with the underlying index, the CSI All Share Securities Companies Index (399975), increasing by 0.64% [1] - Notable individual stock performances include Huayin Securities up by 10.02%, Huaxin Shares up by 5.05%, and Guosheng Securities up by 3.26% [1] Market Trends - In January 2026, the number of new margin trading accounts reached 190,500, a month-on-month increase of 29.5% and a year-on-year increase of 157% [4] - The Shanghai Composite Index and Shenzhen Component Index saw increases of 3.76% and 5.03% respectively during the same month, with average daily stock trading volume rising to 3.47 trillion yuan, a year-on-year increase of 155.35% [4] Institutional Outlook - Ping An Securities has indicated that listed securities firms are expected to report strong earnings growth in 2025, with a notable recovery in performance compared to previous years [4] - The ongoing "slow bull" market environment, coupled with supportive policies for mergers and acquisitions, is likely to sustain the performance recovery trend in the securities industry [4]

Group 1 - Brokerage stocks experienced a rebound in the afternoon on February 5, with Huayin Securities rising over 6% [1] - Other stocks that followed the upward trend include Huaxin Shares, Guosheng Securities, CITIC Securities, China Merchants Securities, and Dongxing Securities [1]