Group 1 - The company Wei Xing Co., Ltd. announced that on January 13, 2026, it will accept investor research from Changjiang Securities and other investors, with company representatives including Xie Jinkun, Huang Zhiqiang, Zheng Tingyan, and Qiu Yiyuan participating in the reception and answering investor questions [1] Group 2 - SpaceX has seen a significant increase in users, with a growth of 114 times over the past four and a half years, leading to a valuation exceeding 5.5 trillion yuan, supported by the U.S. government [1]

Core Insights - The brokerage apps have become an important window for observing the comprehensive strength and service innovation trends of various brokerages, with active users reaching 175 million in December 2025, marking a 1.75% month-on-month increase and a 2.26% year-on-year increase, setting a new monthly record for 2025 [1] Group 1: User Engagement and Competition - Two brokerage apps, Huatai Securities' "Zhangle Wealth" and Guotai Junan's "Guotai Junan Junhong," lead the monthly active user rankings with 12.12 million and 10.40 million users respectively, showing month-on-month growth of 2.59% and 2.12% [2] - Other major brokerage apps also demonstrated high user engagement, with Ping An Securities' app reaching 8.88 million active users (up 2.06%), and several others exceeding 7 million [2] - The brokerage app with the highest month-on-month growth was "Zhangshan Securities," which saw a 2.99% increase, reaching 7.30 million active users [2] Group 2: Year-on-Year Growth - The brokerage app with the most significant year-on-year growth was "Xingye Securities Youlibao," which achieved a 20.66% increase, reaching 1.87 million active users in December [3] - Other apps like "Changjiang e-Number" and "Zhangle Wealth" also experienced steady growth, with year-on-year increases exceeding 5% [3] Group 3: Wealth Management Transformation - In December 2025, the Shanghai Composite Index rose by 2.06%, prompting brokerages to enhance their apps by refining advisory services and adding smart trading tools and insurance sections to meet diverse investment needs [4] - Optimizing advisory services has become a key focus for brokerage app upgrades, with companies like Guosen Securities launching new advisory service sections and products tailored to different customer segments [4] - The introduction of insurance sections in brokerage apps has emerged as a highlight, with Ping An Securities and other firms offering various insurance products and educational content to users [4] Group 4: Industry Trends and Future Directions - Analysts indicate that in the context of declining commission rates, the transformation towards wealth management is essential for brokerages to overcome development bottlenecks, evolving from mere securities brokerage to comprehensive wealth management institutions [5] - The inclusion of insurance products can enhance the stability and risk resistance of customer asset portfolios, allowing brokerages to provide more precise and comprehensive services throughout the customer lifecycle [6]

证券代码：000783 证券简称：长江证券 公告编号：2026-005 长江证券股份有限公司 2025 年面向专业投资者公开发行 公司债券（第二期）（续发行）在深圳证券交易所上市的公告 根据深圳证券交易所债券上市的有关规定，长江证券股份有限公司 2025 年 面向专业投资者公开发行公司债券（第二期）（续发行）符合深圳证券交易所债 券上市条件，将于 2026 年 1 月 19 日起在深圳证券交易所与存量债券合并上市、 合并托管，并面向专业投资者中的机构投资者交易，交易方式包括匹配成交、点 击成交、询价成交、竞买成交和协商成交。存量债券规模为 15 亿元，续发行面 值为 25 亿元。 长: 20 （以下无正文） 1 2025-4747 (本页无正文,为《长江证券股份有限公司 2025年面向专业投资者公开发行公 司债券（第二期）(续发行）在深圳证券交易所上市的公告》之盖章页 ) 该债券证券全称为"长江证券股份有限公司 2025 年面向专业投资者公开发 行公司债券（第二期）"，证券简称为"25 长江 03"，证券代码为"524355"，保 持不变。 其它具体条款内容见债券续发行募集说明书或续发行发行公告。 ...

Financing Overview - The financing balance increased from 2.45 trillion to 2.68 trillion CNY, marking a growth of 9.63% over 8 weeks starting from November 28, 2025[9] - The previous high for financing balance was 2.26 trillion CNY on June 19, 2015, which was surpassed on September 5, 2025[26] - The total market capitalization reached 104 trillion CNY as of January 14, 2026, compared to only 50 trillion CNY in June 2015[26] Market Dynamics - The financing buy-in ratio was only 11.31% during the first three trading days of the new year, indicating that the market rally was primarily driven by self-funding[26] - The sectors with relatively high leverage ratios include communication, computer, and military industries[26] - Non-bank financials, communication, and electronics contributed significantly to the recent market uptrend in terms of financing buy-in[26] Sector-Specific Financing Data - The financing balance for the computer sector was 213.4 billion CNY, with a financing net buy of 21.2 billion CNY, representing 3.41% of the market capitalization[21] - The financing balance for the electronics sector was 387.6 billion CNY, with a financing net buy of 17.1 billion CNY, accounting for 3.27% of the market capitalization[21] - The non-bank financial sector had a financing balance of 189.6 billion CNY, with a financing net buy of 10.6 billion CNY, which is 2.96% of the market capitalization[21]

瑞财经 1月15日，由瑞财经推出的"2025年度证券行业十大杰出人物"榜单揭晓，长江证券董事长刘正斌 入选。 | | 度证券行业十大? | | | --- | --- | --- | | 序号 | 姓名 | 职务 | | 1 | 沈和付 | 国元证券节事长 | | 2 | 刘正斌 | 长江证券节事长 | | 3 | 李海超 | 上海证券董事长 | | 4 | 徐朝晖 | 西部证券董事长 | | 5 | 龚目求 | 中邮证券总经理 | | 6 | 顾伟 | 国联民生证券董事长 | | 7 | 刘健 | 申万宏源董事长 | | 8 | 林传辉 | 广发证券董事长 | | 9 | 朱健 | 国泰海通证券董事长 | | 10 | ◎ 陈亮 | 中金公司董事长 | | | 梓单尚明:排名不分先后,围绕专业能力、业绩表现 行业/ | | | | 响力等维度综合评选得出。 | | 刘正斌，男，1972年出生，法学学士。现任长江证券党委书记、董事长，董事会战略与ESG委员会主任 委员、薪酬与提名委员会委员。曾任湖北省促进中部地区崛起工作办公室副主任（正处级），湖北省发 改委国民经济综合处处长、资源节约和环境保护处处长、综合交 ...

Core Insights - The issuance of bonds has become a mainstream method for securities firms to supplement capital and optimize their liability structure, driven by the need for business expansion and innovation, alongside the current low-interest financing window [1][2] Group 1: Bond Issuance Trends - Securities firms have issued bonds exceeding 90 billion yuan this year, with a year-on-year increase of nearly 50% [1] - As of January 14, securities firms have cumulatively issued 31 bonds, amounting to 90.5 billion yuan, representing a year-on-year growth of 47.4% [2] - The main type of bonds issued is securities company bonds, with 24 bonds issued totaling 72.2 billion yuan, a year-on-year increase of 37% [2] Group 2: Diversification in Bond Issuance - The bond issuance has shown significant diversification, with traditional leading firms like China Galaxy and Shenwan Hongyuan, as well as internet brokers like Oriental Fortune, participating [2] - The product types have expanded to include conventional corporate bonds, technology innovation corporate bonds, and perpetual subordinated bonds [2] Group 3: Cost Advantages - The average coupon rate for securities company bonds issued this year is 1.78%, down 0.19 percentage points from the average level of 1.97% in 2025 [2] - The average coupon rate for short-term financing bonds is 1.71%, slightly down 0.05 percentage points from 1.76% in 2025, enhancing the incentive for firms to issue bonds for capital supplementation [2] Group 4: Purpose of Fundraising - The primary purposes for bond issuance by securities firms include meeting business development needs, supplementing working capital, and repaying maturing debts [3]

证券代码：000783 证券简称：长江证券 公告编号：2026-004 长江证券股份有限公司 2025 年面向专业投资者公开发行 本期债券承销机构中信证券股份有限公司、中信建投证券股份有限公司、华 泰联合证券有限责任公司及其关联方合计认购 10.10 亿元，上述认购报价公允， 程序合规。 公司债券（第二期）（续发行）发行结果公告 认购本期续发行债券的投资者均符合《公司债券发行与交易管理办法》《深 圳证券交易所公司债券上市规则（2023 年修订）》《深圳证券交易所债券市场 投资者适当性管理办法（2023 年修订）》及《关于进一步规范债券发行业务有 关事项的通知》等各项有关要求。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 长江证券股份有限公司（以下简称"发行人"）发行不超过 200 亿元公司债 券已获得中国证券监督管理委员会"证监许可〔2025〕2145 号"文注册。根据 《长江证券股份有限公司 2025 年面向专业投资者公开发行公司债券（第二期） （续发行）发行公告》，长江证券股份有限公司 2025 年面向专业投资者公开发 行公司债券（第二期）（续发行）（ ...

长江证券股份有限公司 2023 年面向专业投资者公开发行次 级债券（第一期）2026 年付息公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示： ●债券简称及代码：23 长江 C1（148171） ●计息期限：2025 年 1 月 16 日至 2026 年 1 月 15 日 ●债权登记日：2026 年 1 月 15 日 证券代码：000783 证券简称：长江证券 公告编号：2026-003 债券代码：148171 债券简称：23 长江 C1 ●债券付息日：2026 年 1 月 16 日 长江证券股份有限公司（以下简称"发行人"或"本公司"）发 行的长江证券股份有限公司 2023 年面向专业投资者公开发行次级债 券（第一期）（以下简称"本期债券"）将于 2026 年 1 月 16 日支付 2025 年 1 月 16 日至 2026 年 1 月 15 日期间的利息。为保证本次付息 工作的顺利进行，现将有关事宜公告如下： 一、本期债券基本情况 1、发行人：长江证券股份有限公司。 1 2、债券名称：长江证券股份有限公司 2023 年面向专业投资者公 开发行 ...

Market Overview - On January 13, the securities sector declined by 0.64%, with Guosheng Securities leading the drop [1] - The Shanghai Composite Index closed at 4138.76, down 0.64%, while the Shenzhen Component Index closed at 14169.4, down 1.37% [1] Individual Stock Performance - Huayin Securities (002945) saw a closing price of 18.92, up 3.61% with a trading volume of 1.0787 million shares and a turnover of 20.85 million [1] - Fangzheng Securities (601901) closed at 8.18, up 2.25%, with a trading volume of 2.5925 million shares and a turnover of 2.146 billion [1] - Other notable performers include Huatai Securities (601688) at 24.08, up 0.71%, and GF Securities (000776) at 22.86, up 0.66% [1] Capital Flow Analysis - The securities sector experienced a net outflow of 2.057 billion from institutional investors, while retail investors saw a net inflow of 1.835 billion [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors increased their positions [2] Detailed Capital Flow by Stock - Huayin Securities (002945) had a net inflow of 1.92 million from institutional investors, while retail investors experienced a net outflow of 83.81 million [3] - Fangzheng Securities (601901) reported a net inflow of 1.42 million from institutional investors, with retail investors seeing a net outflow of 29.78 million [3] - Other stocks like Dongfang Securities (600958) and Huatai Securities (601688) also showed varied capital flows, reflecting differing investor sentiments [3]

Core Viewpoint - BYD's overall sales in December reached 420,000 units, showing a year-on-year decline of 18.3% and a month-on-month decline of 12.5% [1] Sales Performance - Passenger vehicle sales in December totaled 415,000 units, with a year-on-year decrease of 18.6% and a month-on-month decrease of 12.7% [1] - December's overseas sales exceeded 130,000 units, setting a new record, while total annual overseas sales surpassed 1 million units [1] Strategic Developments - The company is firmly committed to its intelligent driving transformation under its smart strategy [1] - The launch of the Super e-platform marks a significant breakthrough in pure electric technology, reinforcing its advantages in electrification [1] Product and Market Expansion - The company has a rich lineup of models including Tengshi, Yangwang, and Fangchengbao, accelerating its presence in the high-end market [1] - Continuous efforts in overseas expansion will enhance the overseas channel and model matrix [1] Future Outlook - The second half of the year is expected to boost scale effects, with profitability anticipated to improve as overseas and high-end sales ramp up [1] - The company forecasts a net profit attributable to shareholders of 35 billion yuan by 2025, corresponding to a PE ratio of 25X, maintaining a "buy" rating [1]