Group 1 - The core viewpoint of the news highlights the ongoing fluctuations in the software sector, particularly within the ChiNext software ETF, which saw a slight decline of 0.09% as of February 11, 2026, while individual stocks like Wangsu Science & Technology and Guangliwei experienced significant gains of 10.60% and 9.04% respectively [1] - The report from Huatai Securities indicates that 2025 is expected to be the "Year of Agents," with 2026 likely marking a period of accelerated implementation of Agent technologies, driven by rapid iterations in Agentic Coding and fierce competition among major companies for personal agent assistants [1] - The rapid iteration of Agentic Coding is anticipated to reshape the software industry, potentially leading to a paradox where the value of standalone software may decline despite a surge in personalized, AI-generated software [1] Group 2 - As of January 30, 2026, the top ten weighted stocks in the ChiNext software index include Tonghuashun, Runze Technology, and Kunlun Wanwei, collectively accounting for 48.61% of the index [2] - The performance of individual stocks within the index shows varied results, with notable declines in stocks like Kunlun Wanwei at -4.13% and Tonghuashun at -1.26%, while others like Shenshuo Technology and Zhongke Chuangda showed positive movements [3]

马年春节在即，股市进入节前布局关键期。鸿蒙版同花顺近期迎来重磅升级，不仅独家上线「诊大盘」功能，帮助股民更精准把握指数情绪拐点、优化投资 决策，还同步优化个股等多项实用工具与同花顺特色功能，致力于为鸿蒙用户打造专属、高效的交易体验，抢抓春节前的投资机遇，让投资更专业、更省 心。 多项实用工具齐上新，助力投资决策更精准 • 个股页面全面升级：分时支持尾盘集合竞价展示，精准捕捉尾盘市场异动，为短线交易提供关键参考；分时顶部报价新增"涨停基因"，涨停数据一眼锁 定；分时页面还支持弹幕功能，可实时分享个人观点。此外，个股"更多功能"中支持形态选股、股票估值等工具，帮用户高效筛选优质牛股、找准价值区 间。 • 港美股功能优化：港美股指数和板块支持一键查询成分股，快速掌握板块内核心标的，兼顾跨市场投资需求，轻松把握全球市场动向。行情-美股页面新增 大师持仓功能，实时查看沃伦·巴菲特等美股知名投资人持仓情况，跟着大师买，炒股不迷茫。 • 指数、板块直达相关ETF：用户查看指数走势时，可一键关联对应ETF产品，便于布局指数型投资标的。 独有「诊大盘」：一眼看透指数背后真实情绪，告别盲目跟风 作为本次更新的核心亮点，「诊大盘」 ...

Group 1 - The company announced that starting from February 11, 2026, investors can open accounts, subscribe, redeem, and perform regular investment and conversion operations for certain funds through Chuangjin Qifu [1] - The company has signed a supplementary sales agreement with Beijing Chuangjin Qifu Fund Sales Co., Ltd. to enhance service offerings to investors [1] - Investors can enjoy fee discounts when subscribing or performing regular investment and conversion operations through Chuangjin Qifu, with the specifics determined by Chuangjin Qifu [2] Group 2 - The company will suspend subscription, conversion, and regular investment operations for the Ping An Jin Guanjia Money Market Fund from February 12 to February 23, 2026, while redemption and conversion out operations will continue [4][6] - The Ping An Zhongzheng Interbank Certificate of Deposit AAA Index 7-Day Holding Period Securities Investment Fund will also suspend similar operations during the same period [8][10] - The company will resume these operations on February 24, 2026, and will not issue further announcements regarding this resumption [4][8] Group 3 - The company has appointed Fangzheng Securities Co., Ltd. as a liquidity service provider for the Ping An Hang Seng Hong Kong Stock Connect Technology Theme ETF, effective February 11, 2026 [12] - The company has announced the establishment of the Ping An New Sharp Quantitative Stock Selection Mixed Fund, with the fund contract becoming effective on February 11, 2026 [21][22] - The company will handle subscription and redemption operations for the new fund within three months of the fund contract's effectiveness [22]

Investment Rating - The report maintains a "Positive" investment rating for the industry [7] Core Insights - The non-bank financial sector has shown weak overall performance this week, with a recommendation to seize allocation opportunities in the brokerage sector as market trading has slightly declined but remains at historical highs. In the insurance sector, the long-term outlook is optimistic due to improved return on equity (ROE) and valuation recovery potential, suggesting a positive allocation strategy for insurance stocks [2][4] - The report continues to recommend stable dividend-paying stocks such as Jiangsu Jinzhong, China Ping An, and China Pacific Insurance, which exhibit strong profitability and market positions. Additionally, it highlights companies like New China Life, China Life, Hong Kong Stock Exchange, CITIC Securities, Dongfang Caifu, Tonghuashun, and Jiufang Zhitu Holdings based on performance elasticity and valuation [4] Summary by Sections Market Performance - The non-bank financial index decreased by 0.6% this week, with an excess return of +0.7% relative to the CSI 300, ranking 20th out of 31 sectors. Year-to-date, the non-bank financial index is down 1.1%, with an excess return of -1.4% compared to the CSI 300, ranking 29th out of 31 [5] - The average daily trading volume in the two markets was 24,066.54 billion yuan, down 21.43% week-on-week, with a daily turnover rate of 2.36%, down 60.83 basis points [5][35] Insurance Sector Insights - In December 2025, the cumulative insurance premium income reached 61,194 billion yuan, reflecting a year-on-year increase of 7.43%. Life insurance premiums increased by 8.91%, while property insurance premiums rose by 3.92% [20][21] - The total assets of insurance companies reached 41.31 trillion yuan, with life insurance companies holding 36.39 trillion yuan, representing 88.09% of the total [25][26] Brokerage and Investment Business - The brokerage business is experiencing a gradual recovery in profitability, with the average daily trading volume exceeding the 2025 average. The report notes that the commission fee rates are stabilizing, which is expected to support the profitability of the brokerage sector [35][41] - In January 2026, the equity financing scale rebounded to 134.86 billion yuan, up 103.4% month-on-month, while bond financing decreased by 15.6% [45] Asset Management and Fund Issuance - The report indicates a recovery in the issuance of collective asset management products, with January 2026 seeing a new issuance of 9.104 billion units, up 40.1% from the previous month. The new fund issuance also increased to 1,094.51 billion units, reflecting a 41.3% month-on-month rise [47][49]

Group 1: Software ETF Performance - The software ETF Huatai (159590) saw most of its constituent stocks perform positively, with Dongfang Guoxin rising over 16%, Wanjing Technology increasing by over 11%, and 360 reaching the daily limit [2] - Key stocks and their performance include: - 360 (601360): 4.03% weight, 9.97% increase, trading volume of 4.363 billion - Keda Xunfei (002230): 12.40% weight, 2.72% increase, trading volume of 2.972 billion - Tonghuashun (300033): 7.02% weight, 3.54% increase, trading volume of 2.591 billion - Dongfang Guoxin (300166): 0.92% weight, 16.83% increase, trading volume of 2.201 billion - Wanjing Technology (300624): 1.18% weight, 11.57% increase, trading volume of 2.154 billion [3] Group 2: AI Video Generation Technology - ByteDance's AI video generation model, Seedance 2.0, has gained significant attention for its ability to create high-quality videos from text or images in under 60 seconds, featuring multi-scene narratives [4] - The model addresses key pain points in AI video generation, such as controllability and coherence, and is expected to catalyze a rebound in AI applications [5][6] - The technology is seen as a turning point for video generation, shifting the focus from technical capabilities to content quality and narrative value [7][8] Group 3: Market Sentiment and Future Outlook - Market sentiment is currently at a low point, but the introduction of Seedance 2.0 is expected to stimulate the AI application sector, particularly in cloud services and computing [5] - Analysts predict that the AI industry will see significant growth as the technology matures, with a focus on AI applications and the integration of AI agents into business processes [10][11] - The evolution of AI agents is anticipated to lead to structural changes in the industry, with increased demand for hardware and a shift in application entry points [12]

Group 1 - The software concept is experiencing a surge, with the ChiNext Software ETF (159256) rising by 3.86% as of February 9, 2026, and notable stocks like Dongfang Guoxin and Wanxing Technology increasing by 16.73% and 11.63% respectively [1] - In the past 21 trading days, the ChiNext Software ETF has attracted a total of 539 million yuan [1] - ByteDance has launched its latest video model, Seedance 2.0, which is now available on the Jiemeng platform, allowing users to generate videos from text/images and use video/audio as reference materials [1] Group 2 - The ChiNext Software ETF closely tracks the ChiNext Software Index, which as of January 30, 2026, has its top ten weighted stocks including Tonghuashun, Runze Technology, and Kunlun Wanwei, accounting for a total of 48.61% of the index [2] - The top ten stocks in the ChiNext Software Index are as follows: Tonghuashun (3.64% increase, 8.68% weight), Guiding Compass (1.10% increase, 6.38% weight), and Runhe Software (2.31% increase, 4.93% weight) among others [3]

Investment Rating - The report maintains a positive outlook on the stock trading software industry, indicating a bullish market trend and recommending a focus on leading companies in this sector [1][4]. Core Insights - The report highlights a significant increase in new account openings and trading volumes, which are directly benefiting stock trading software companies. In January 2026, new account openings surged by 213.11% year-on-year, while total trading volume increased by 180.64% [9][10]. - The performance of stock trading software is closely correlated with market conditions, particularly during bull markets. For instance, the net profit of Tonghuashun in Q4 2025 is expected to grow by 30.5% to 77.1% year-on-year, driven by increased trading activity [10][28]. - The report emphasizes the role of ETFs, insurance capital, and household deposits as new growth drivers for the market, suggesting that these factors will support further index gains in 2026 [2][26]. Summary by Sections Stock Trading Software Performance - Tonghuashun is identified as a market leader benefiting from increased user engagement and demand for financial services, with projected net profits for Q4 2025 ranging from 15.29 to 20.76 billion yuan [28][29]. - Dongfang Caifu's securities business is noted as a primary growth driver, with a 50.57% increase in net profit for the first three quarters of 2025 [32]. - Jiufang Zhitu's revenue for the first half of 2025 saw a remarkable growth of 596.81%, attributed to a surge in demand for its financial software and services [37]. Market Dynamics - The report indicates that the insurance industry is experiencing robust growth, with total assets increasing by 15.1% year-on-year in 2025, which is expected to enhance the investment landscape [17][19]. - The report also notes a shift in household deposits, with a significant slowdown in growth observed in late 2025, suggesting potential implications for market liquidity [22][26]. - The anticipated continued liquidity in 2026, supported by a moderately loose monetary policy, is expected to further enhance market attractiveness [26]. Recommendations - The report suggests focusing on key players such as Tonghuashun, Dongfang Caifu, Jiufang Zhitu, and others, indicating their strong market positions and growth potential [43].

Investment Rating - The report maintains a positive outlook on the stock trading software industry, highlighting it as a "bull market pioneer" and recommending a focus on specific companies within this sector [4][43]. Core Insights - The report emphasizes a significant increase in new account openings and trading volumes, which are directly benefiting stock trading software companies. In January 2026, new account openings surged by 213.11% year-on-year, while total trading volume increased by 180.64% [9][10]. - The performance of stock trading software is closely correlated with market conditions, particularly during bull markets. For instance, the net profit of Tonghuashun in Q4 2024 is projected to grow by 30.5% to 77.1% year-on-year, indicating strong earnings potential in the current market environment [10][28]. - The report identifies several key players in the stock trading software industry, including Tonghuashun, Dongfang Caifu, Jiufang Zhitu, and Guiding Compass, all of which are expected to benefit from the ongoing market dynamics [3][40][43]. Summary by Sections Section 1: Account Openings and Trading Volume - In 2025, the total number of new accounts reached 27.44 million, a 9.8% increase year-on-year, with an average daily trading volume of 1.2 trillion yuan, up 63.7% [9]. - January 2026 saw new account openings of 4.916 million, a staggering 213.11% increase year-on-year, and total trading volume of 60.9 trillion yuan, reflecting a 180.64% increase [9][10]. Section 2: ETF and Insurance Capital - The report notes a net inflow into index ETFs, with the total net asset value of these ETFs reaching 25,656.20 billion yuan by the end of 2025, a 17% increase from the previous year [14]. - The insurance sector's total assets grew by 15.1% in 2025, with premium income reaching 6.12 trillion yuan, a 7.4% increase year-on-year [17][19]. Section 3: Key Companies Performance - Tonghuashun is highlighted as a leader in financial terminals, with a projected net profit for Q4 2025 ranging from 15.29 to 20.76 billion yuan, indicating substantial growth [28]. - Dongfang Caifu's net profit for the first three quarters of 2025 reached 90.97 billion yuan, a 50.57% increase year-on-year, driven primarily by its securities business [32]. - Jiufang Zhitu reported a net profit of 8.65 billion yuan in the first half of 2025, marking a 596.81% increase, showcasing its strong market position [37]. Section 4: Market Outlook - The report anticipates continued upward movement in the index, supported by the influx of new accounts and trading volumes, alongside the backing of insurance capital and the migration of household deposits [26][28].

Investment Rating - Maintain "Buy" rating for the non-bank financial sector [1] Core Views - The non-bank financial sector has shown resilience, with various sub-sectors outperforming the Shanghai and Shenzhen 300 Index recently [9][10] - The report highlights the ongoing regulatory tightening on virtual currencies by eight government departments, which may impact market dynamics [16] - The insurance sector is expected to see significant growth in new business value (NBV) and profitability in 2026, driven by favorable market conditions and product demand [23][33] - The securities industry is undergoing transformation, with potential new growth points emerging from market recovery and supportive policies [21] - The trust industry is entering a stable transition phase, while the futures market continues to maintain high transaction volumes [40][41] Summary by Sections 1. Recent Performance of Non-Bank Financial Sub-Sectors - All sub-sectors of non-bank financials outperformed the Shanghai and Shenzhen 300 Index in the last five trading days [9] - The multi-financial sector rose by 0.49%, while the securities and insurance sectors fell by 0.63% and 0.73%, respectively [9] 2. Non-Bank Financial Sub-Sector Insights 2.1 Securities - February trading volume decreased month-on-month, with average daily stock trading at 28,613 billion yuan, a 17.64% decline from the previous month but a 40.43% increase year-on-year [14] - The margin balance reached 26,809 billion yuan, up 49.43% year-on-year [14] - The average price-to-book (PB) ratio for the securities industry is projected at 1.2x for 2026 [21] 2.2 Insurance - The insurance sector is projected to see a significant increase in NBV, with expectations of a 50% year-on-year growth in net profit for 2025 [23] - The total premium income for life insurance is expected to reach 52,696 billion yuan in 2025, reflecting an 8.5% year-on-year increase [27] - The "insurance + health care" model is gaining traction, with ongoing developments in commercial health insurance [30] 2.3 Multi-Financial - The trust industry saw its asset scale reach 32.43 trillion yuan by mid-2025, a 20.11% year-on-year increase [34] - The futures market recorded a transaction volume of 9.51 billion contracts and a transaction value of 90.81 trillion yuan in December 2025, marking a 45.17% and 58.55% year-on-year growth, respectively [41] 3. Industry Ranking and Key Company Recommendations - The non-bank financial sector is currently undervalued, providing a safety margin for investors [21] - The insurance sector is favored due to its recovery potential and improving liability side, while the securities sector is expected to benefit from market recovery and policy support [21] - Recommended companies include China Life, Ping An, New China Life, China Pacific Insurance, CITIC Securities, and Tonghuashun [21]

Group 1 - The main stocks with significant capital outflows include Xinyi Technology (-28.83 billion), Zhongji Xuchuang (-15.50 billion), and Aerospace Development (-13.04 billion) [1] - The sectors affected by the capital outflows primarily include communication equipment, internet services, and optical electronics [2][3] - The largest percentage decline in stock prices was observed in Zhejiang Wenlian, which fell by 9.79% [2] Group 2 - Other notable stocks with substantial capital outflows include Guizhou Moutai (-5.44 billion), Sunshine Power (-5.46 billion), and Sanan Optoelectronics (-4.11 billion) [1][3] - The overall trend indicates a negative sentiment in the market, particularly in the communication equipment and internet service sectors [2][3] - The data reflects a broader market trend of capital withdrawal, impacting various industries including agriculture, aerospace, and cultural media [1][2]