Group 1 - The core viewpoint emphasizes a shift from narrative-driven trends to performance-based evaluations as the market enters the earnings forecast period, with a focus on sectors like chemicals, non-ferrous metals, and power equipment [2][5] - The adjustment of financing margin ratios is seen as a measure to stabilize the market and guide rational investment, indicating a potential shift towards a more balanced market environment [7][10] - The article highlights the acceleration of thematic rotation in the market, particularly focusing on domestic semiconductor and power sectors, driven by regulatory actions and strong demand [3][4] Group 2 - The market is expected to experience short-term fluctuations due to increased financing margin ratios and the cooling of previously hot themes, with a focus on sectors that show strong demand and industrial catalysts [4][8] - There is a recommendation for investors to adopt a cautious approach, focusing on sectors that benefit from structural changes and performance improvements, such as new energy and consumer goods [6][12] - The AI industry chain is identified as a key area for investment, with a consensus forming around its growth potential, despite some volatility in related sectors [13]

Core Viewpoint - Guotai Fund Management Co., Ltd. has announced the convening of a fund holders' meeting for the Guotai ChiNext Pharmaceutical and Health Exchange-Traded Open-Ended Index Securities Investment Fund via communication methods, scheduled for January 15, 2026, to discuss the continuous operation of the fund [1][19]. Meeting Basic Information - The meeting will be held via communication methods, with voting starting from January 15, 2026, to March 2, 2026, at 17:00 [2]. - Fund holders must register their rights by the end of trading on January 15, 2026, to participate in the meeting [6]. - Holders of the linked fund can participate in the meeting and vote [3]. Voting Process - Voting tickets can be obtained from the fund management's website or relevant newspapers, and must be submitted by the specified deadline [7][8]. - Each fund share grants one voting right, and the voting process will be supervised by authorized personnel [12][11]. Meeting Agenda - The main agenda item is the proposal regarding the continuous operation of the Guotai ChiNext Pharmaceutical and Health Exchange-Traded Open-Ended Index Securities Investment Fund [5][19]. Decision Effectiveness - The meeting requires that the fund shares represented by participants must account for at least half of the total shares as of the rights registration date for the resolutions to be valid [16]. - The resolutions will take effect immediately upon approval and must be reported to the China Securities Regulatory Commission within five days [17].

Core Viewpoint - The approval of Shanghai Securities' sponsorship business license by the China Securities Regulatory Commission is expected to enhance the firm's investment banking service system and open new avenues for business development [1]. Group 1: Business Development - Shanghai Securities, established in 2001 with a registered capital of 5.327 billion yuan, has a total asset of 75.539 billion yuan as of mid-2025, reflecting a 3.63% increase year-on-year [2]. - In the first half of 2025, Shanghai Securities achieved an operating income of 1.526 billion yuan, a year-on-year growth of 53.73%, and a net profit of 706 million yuan, up 70.03% year-on-year [2]. - The newly acquired sponsorship business qualification is anticipated to inject new momentum into Shanghai Securities' investment banking operations, enhancing revenue sources and improving income structure [2]. Group 2: Competitive Landscape - The competitive landscape shows that leading brokers have significant advantages, with industry concentration continuing to rise. In 2025, CITIC Securities led with 43 sponsored projects, followed by Guotai Junan with 41 projects [3]. - The underwriting fees indicate a stark performance disparity among brokers, with CITIC Securities and Guotai Junan exceeding 1 billion yuan in fees, while many others earned less than 200 million yuan [3]. Group 3: Market Trends - The overall development of the investment banking sector is supported by a favorable market and active trading, with total net income from investment banking services for A-share listed brokers reaching 15.53 billion yuan in the first half of 2025, a year-on-year increase of 18.11% [4]. - Despite the positive market conditions, competition remains fierce, with 17 listed brokers experiencing over 30% growth in investment banking income, while 14 brokers saw a decline [4]. Group 4: Differentiation Strategies - In response to intensified competition, smaller brokers are accelerating the exploration of differentiated development paths, focusing on regional markets and specific client groups [4]. - For instance, First Capital aims to leverage shareholder resources to expand its coverage in Beijing and capitalize on opportunities in the bond market, while Northeast Securities focuses on high-growth SMEs [4][5]. - The industry is transitioning from a "channel-driven" model to a "professional-driven" model, emphasizing the importance of specialization and functionality in investment banking services [5].

Group 1 - The core viewpoint of the article indicates that the growth-oriented selected portfolio is expected to achieve a cumulative return of 84.1% by 2025, outperforming the 885001 index by 50.9% [1] - The article suggests that the ICIR weighted return method is superior to the IC mean weighted method from the perspective of index enhancement [1] Group 2 - The market outlook for the upcoming week (January 19-23, 2026) anticipates a potential upward trend, supported by a liquidity shock indicator of 3.32, which is significantly higher than the previous week's 0.60, indicating current market liquidity is 3.32 times the average level over the past year [2] - The PUT-CALL ratio for the Shanghai Stock Exchange 50 ETF has increased to 0.80 from 0.64, reflecting a growing caution among investors regarding the short-term performance of the index [2] - The five-day average turnover rates for the Shanghai Composite Index and Wind All A Index are 1.71% and 2.71%, respectively, indicating increased trading activity, positioned at the 84.10% and 92.01% percentiles since 2005 [2] - The article notes that the RMB exchange rate fluctuated last week, with onshore and offshore rates increasing by 0.19% and 0.12%, respectively [2] - New RMB loans in December reached 910 billion, exceeding the Wind consensus estimate of 679.4 billion and the previous value of 390 billion [2] - The broad money supply (M2) grew by 8.5% year-on-year, surpassing the Wind consensus estimate of 7.93% and the previous value of 8% [2] - Technical analysis indicates that the Wind All A Index broke above the reversal indicator on December 1, and the market score based on the moving average strength index is currently at 213, positioned at the 76.93% percentile for 2023 [2] - The sentiment model score is 2 out of 5, with a positive trend model signal and a negative weighted model signal [2] - The quantitative team has issued buy signals for the CSI 300, CSI 500, and CSI 1000 indices based on high-frequency capital flow analysis [2] Group 3 - The market review for the previous week (January 12-16, 2026) shows that the Shanghai 50 Index fell by 1.74%, while the CSI 300 Index decreased by 0.57%. In contrast, the CSI 500 Index rose by 2.18%, and the ChiNext Index increased by 1% [3] - The current overall market PE (TTM) stands at 23.3 times, which is at the 82.0% percentile since 2005 [3] Group 4 - The factor crowding degree remains stable, with small-cap factor crowding at 0.20, low valuation factor crowding at -0.75, high profitability factor crowding at 0.35, and high profitability growth factor crowding at 0.55 [4] Group 5 - The industry crowding degree is relatively high in telecommunications, non-ferrous metals, comprehensive sectors, electronics, and national defense industries, with significant increases noted in the crowding degree of national defense and electronics [5]

Group 1: Federal Reserve and Political Landscape - Trump's stance on the nomination of the new Federal Reserve Chair has changed, with Waller becoming the candidate with the highest probability of being elected [1] - The U.S. Department of Justice has initiated a criminal investigation into Powell, raising concerns about the independence of the Federal Reserve [1] - Several Federal Reserve officials have adopted a hawkish tone, indicating a potential pause in interest rate cuts in January [1] Group 2: Global Market Performance - Commodities performed well during the week of January 12-16, 2026, with oil and gold prices rising due to heightened tensions with Iran, although prices later retreated following Trump's more conciliatory remarks [2] - The S&P 500 index declined by 0.4%, while the Nikkei 225 and Hang Seng indices rose by 3.8% and 2.3%, respectively [2] - The 10-year U.S. Treasury yield increased by 6 basis points to 4.24%, while the domestic 10Y government bond futures price rose by 0.3% [2] Group 3: Economic Indicators - U.S. inflation remained moderate in December, with a weak performance in goods and strong performance in services [3] - Retail sales in November showed resilience, and December saw a rebound in existing home sales [3] - Industrial production growth in December maintained a high level, with an increase in capacity utilization [3]

Core Viewpoint - The article discusses the performance of the 30-year government bond, highlighting its unique position in the market characterized by high elasticity and liquidity, which has led to a "negative premium" situation [1][2]. Group 1: Market Dynamics - Since December 2025, the yield on the 10-year government bond has fluctuated, returning to 1.83%, while the 10-year policy bank bond increased from 1.90% to 1.96%, and the 30-year government bond surged from 2.19% to 2.30% [1]. - The high elasticity and liquidity of the 30-year and 10-year bonds make them preferred for flexible trading strategies, allowing for easier execution of hedging strategies [1][2]. Group 2: Strategic Insights - In a rising interest rate environment, the 30-year government bond faces directional trading challenges, but it is also a key instrument for various hedging strategies, including credit bonds and local government bonds [2]. - The borrowing and selling volume of the 30-year government bond has seen significant growth, with borrowing rates reaching 140-150 basis points [2]. Group 3: Future Outlook - The potential for the 30-year government bond yield spread to recover depends on three scenarios: a sharp rebound, stable interest rate expectations, and central bank interventions [3]. - The upcoming market conditions may favor strategies that involve holding high coupon, low elasticity, and low liquidity bonds, particularly around the Spring Festival [3].

Group 1 - The core viewpoint emphasizes a shift from narrative-driven trends to performance-based evaluations as the market enters the earnings forecast period, with a focus on sectors like chemicals, non-ferrous metals, and power equipment [2][5] - The adjustment of financing margins is seen as a part of counter-cyclical regulation, which does not affect the overall upward market trend but influences market structure [2][6] - The article suggests that a good investment combination should be based on "resources + traditional manufacturing pricing weight estimation," with recommendations to increase allocations in non-bank sectors and high-growth areas like semiconductors [2][6] Group 2 - The article discusses the acceleration of thematic rotation in the market, particularly focusing on domestic semiconductor and power sectors, driven by regulatory actions and increased demand for domestic computing power [3][4] - It highlights the importance of monitoring investor sentiment and market stability, suggesting that the current market may enter a period of volatility with potential for structural differentiation in investments [4][8] - The focus on performance-driven investment strategies is expected to intensify as companies begin to disclose earnings, with a recommendation to prioritize sectors that are likely to benefit from cyclical recovery and technological advancements [5][11] Group 3 - The article notes that the recent increase in financing margins reflects a policy signal aimed at guiding rational investment and maintaining market stability, which is crucial for the long-term bullish outlook [7][10] - It emphasizes that while the market may face short-term pressures, the underlying fundamentals and supportive policies are expected to sustain a gradual upward trend in the market [8][9] - The discussion includes the potential for new growth drivers post-holiday, with a focus on sectors like electronics, power equipment, and non-ferrous metals, as well as the ongoing interest in commercial aerospace [9][12] Group 4 - The article indicates that the AI industry chain is becoming a focal point for investment, with a notable shift in capital towards sectors related to AI applications and computing power [12] - It suggests that despite some funds exiting high-flying sectors, liquidity remains strong, allowing for continued investment in less leveraged sectors like chemicals and home appliances [12] - The overall sentiment is that the market is transitioning from rapid growth to a more stable and sustainable pace, with a focus on sectors that can provide solid returns amidst changing market dynamics [10][11]

Group 1 - The report emphasizes the importance of focusing on coupon rates and suggests taking advantage of the 3-5 year credit bond allocation opportunities during the concentrated opening period of amortized cost method bond funds [6][7] - The credit bond market is characterized by strong buying power despite a short-term contraction in liquidity, with a notable shift in demand from short-term to medium and long-term bonds [6][9] - The report indicates that the market will benefit from multiple supportive factors, including accelerated credit issuance by banks and the upcoming concentrated opening period for amortized cost method bond funds, which is expected to provide sustained buying support for medium to long-term credit bonds [7][9] Group 2 - In the primary market, net financing decreased to 49.04 billion yuan, with a total issuance of 278.6 billion yuan and maturities of 229.57 billion yuan during the week of January 12-16, 2026 [9][10] - The secondary market saw an increase in trading volume, with total transactions reaching 861.775 billion yuan, up by 65.925 billion yuan from the previous week, and a general decline in medium-term note yields [9][12] - The report highlights that AAA-rated issuers accounted for the largest share of new issuances, with construction sector issuers being the most prominent [9][10]

Meeting Announcement - The meeting for the fund holders of the Guotai ChiNext Pharmaceutical and Health Exchange-Traded Open-Ended Index Securities Investment Fund will be held via communication method, as announced on January 15, 2026 [1][2] - Voting for the meeting will be open from January 15, 2026, to March 2, 2026, until 17:00 [1] - The meeting is organized by Guotai Fund Management Co., Ltd., in collaboration with Guotai Haitong Securities Co., Ltd. [1] Voting Rights and Participation - Holders of the linked fund can participate in the meeting and vote by representing their shares [2] - The record date for the rights of fund holders is January 15, 2026, allowing all registered holders to participate [5] - Each fund share grants one voting right, ensuring equal voting power among holders [12][13] Voting Process - Detailed instructions for filling out and submitting voting ballots are provided, including requirements for individual and institutional investors [7][8] - Voting ballots must be submitted by the deadline of March 2, 2026, at 17:00, through designated delivery methods [8] - The counting of votes will be supervised by authorized personnel and notarized [11] Proposal for Continuous Operation - The main agenda for the meeting is to discuss the proposal for the continuous operation of the fund, which has faced challenges with net asset value falling below 50 million yuan for 60 consecutive working days [19][20] - The proposal includes authorizing the fund manager to handle specific matters related to the continuous operation [20] Important Dates and Contact Information - The fund will be suspended for trading from January 15, 2026, until 10:30 on the same day, and again from March 3, 2026, until 10:30 on the announcement day of the voting results [18] - For inquiries, investors can contact Guotai Fund Management Co., Ltd. at the provided phone numbers [9][10]

国泰海通证券股份有限公司 二○二六年一月十七日 为进一步优化网点布局，国泰海通证券股份有限公司（以下简称"公司"）决定撤销深圳深南大道证券营 业部，根据新修订的《中华人民共和国证券法》和《关于取消或调整证券公司部分行政审批项目等事项 的公告》（证监会公告（2020）018）相关要求，公司将妥善处理深圳深南大道证券营业部客户资产， 结清深圳深南大道证券营业部证券业务并终止营业活动，办理工商注销等相关手续，并向上述营业部所 在地中国证监会派出机构备案。 特此公告。 ...