Core Viewpoint - The People's Bank of China (PBOC) conducted reverse repurchase operations totaling 315 billion yuan for 7-day and 3000 billion yuan for 14-day tenors, resulting in a net withdrawal of 1460 billion yuan from the market due to 4775 billion yuan of 7-day reverse repos maturing on the same day [1]. Group 1: Market Operations - This week, the PBOC performed a total of 10055 billion yuan in reverse repos, leading to a cumulative net withdrawal of 7560 billion yuan as 17615 billion yuan of 7-day reverse repos matured [1]. - The Shanghai Interbank Offered Rate (Shibor) showed a downward trend, with the 14-day rate falling to 1.5%. Specifically, the overnight Shibor decreased by 4.20 basis points to 1.2770%, the 7-day Shibor fell by 2.90 basis points to 1.4350%, and the 14-day Shibor dropped by 11.00 basis points to 1.5040% [1][2]. Group 2: Interbank Repo Market - In the interbank pledged repo market, short-term funding rates slightly declined. The weighted average rates for DR001 and R001 fell by 4.4 basis points and 3.2 basis points, respectively, to 1.275% and 1.3605%, with transaction volumes increasing by 706 billion yuan and 1314 billion yuan [4]. - The weighted average rates for DR007 and R007 decreased by 2.1 basis points and 2.3 basis points, respectively, to 1.4613% and 1.5288%, with transaction volumes increasing by 142 billion yuan and decreasing by 1569 billion yuan [4]. Group 3: Money Market Rates - The money market maintained a balanced and slightly loose stance, with overnight deposit rates trading in the range of 1.48%-1.50% and 7-day rates around 1.52%-1.54% [10]. - The secondary market for negotiable certificates of deposit (NCDs) remained active, with long-end yields showing a slight downward trend while short-end yields remained stable. The 1-month NCD closed at approximately 1.55%, unchanged from the previous day [11].

Group 1 - The core viewpoint of the report indicates that by 2025, China's domestic ETF market has surpassed Japan, becoming the largest ETF market in Asia [1][2] - As of the end of 2025, the total number of ETFs listed globally reached 13,865, with total assets amounting to $19.7 trillion, reflecting a 31% increase from the end of 2024 [1] - The report highlights that the U.S. ETF market accounts for approximately $13.5 trillion, representing 68% of the global market, while Europe and Asia-Pacific account for about $3.2 trillion (16%) and $2.4 trillion (12%) respectively [1] Group 2 - In 2025, China's domestic ETF market exceeded 6 trillion yuan, with the number of listed ETF products reaching 1,381, a 35.7% increase from the end of 2024 [2] - The total scale of ETFs in China reached 6.02 trillion yuan by the end of 2025, marking a 61.4% growth compared to the previous year [2] - The Shanghai Stock Exchange's ETF scale increased to 4.22 trillion yuan, with significant growth in various categories: stock ETFs at 2.72 trillion yuan (30% increase), bond ETFs at 0.6 trillion yuan (291% increase), cross-border ETFs at 0.57 trillion yuan (106% increase), and commodity ETFs at 0.16 trillion yuan (289% increase) [2]

Core Insights - The establishment of the Korea Skin Health Industry Association in Shanghai aims to provide systematic support for Korean companies entering the Chinese market and deepen Sino-Korean industrial cooperation [1] - There is a growing demand among Chinese consumers for skin health management and high-quality products, making the Chinese market highly attractive to the Korean industry [1] - The skin health industry is currently experiencing a dual benefit period from both policy and market perspectives, with Korea having advantages in skin science research and China possessing vast clinical resources and rapid technology transfer capabilities [1] Group 1 - The association will strengthen technology implementation and talent exchange between Korea and China, potentially incubating joint projects among research institutions, hospitals, and companies [5] - The association will serve as a key node for Korean companies to gain insights into the Chinese skin health market trends, policy information, and local partners [5] - The Korean cosmetics export value has been steadily increasing, with China being a major export market, although there has been significant performance differentiation among Korean beauty brands in the domestic market [5] Group 2 - The growth drivers in the domestic market have changed, leading to increased costs and risks for foreign brands operating independently [5] - The Korean government and industry are exploring organized industrial chain collaboration and market resource integration to lower the entry barriers for small and medium-sized brands in China [5] - The "Korean National Pavilion" project, supported by Korean official institutions, is set to launch in February 2026 in Hainan Free Trade Port, aiming to serve as a permanent platform for high-quality Korean beauty products to systematically enter the Chinese market [5]

Group 1 - The core viewpoint of the report indicates a significant recovery in China's M&A market in 2025, with total disclosed transaction value exceeding $400 billion, a 47% year-on-year increase, and total transactions surpassing 12,000, marking a nearly 20% rise [1] - The strong recovery in the M&A market is primarily driven by domestic strategic investments, with 3,639 transactions amounting to $239 billion, reflecting an 83% year-on-year increase [1] - Over half of the 34 large-scale transactions in the domestic strategic investment sector were led by state-owned enterprises, focusing on national strategic industries such as semiconductors, artificial intelligence, and new energy [1] Group 2 - The financial investor market showed continuous recovery, with private equity fund transactions reaching 1,189, totaling $139.4 billion, representing year-on-year growth of 14% and 16% respectively [2] - The venture capital market performed exceptionally well, driven by trends in artificial intelligence and robotics, achieving a record high of 7,382 transactions, with over 3,000 in the high-tech sector, accounting for 42% [2] - The exit activities for private equity funds were notably active, with M&A exits being the most significant, and the Hong Kong Stock Exchange IPOs achieving a record 70 transactions, providing a crucial alternative exit route [2] Group 3 - Chinese mainland enterprises showed a rebound in overseas M&A activities in 2025, with 272 announced transactions, a 5% year-on-year increase, and total transaction value reaching $23 billion, an 88% increase [3] - Europe remained the preferred investment destination for Chinese enterprises, leading in both transaction value and volume compared to other regions [3]

Core Viewpoint - The A-share market is experiencing a structural trend, with the engineering machinery sector showing strong resilience supported by solid fundamentals, indicating a dual development opportunity of "domestic demand recovery + export breakthrough" [1] Industry Overview - The engineering machinery industry is closely tied to infrastructure investment and the overall economic climate, encompassing various machinery used in large projects such as construction, road building, and mining [1] - The industry is expected to see a market size of $23.4 billion in 2024, accounting for 11.0% of the global market, with projections to grow to $57.0 billion by 2030, reflecting a compound annual growth rate (CAGR) of approximately 16% [3] Sales and Demand - Excavator sales, a core product in the engineering machinery market, are projected to reach 235,257 units in 2025, marking a 17% year-on-year increase, with December 2025 sales expected to hit 23,095 units, a 19.2% increase [2] - The domestic market is expected to see excavator sales of 118,518 units in 2025, up 17.9%, while overseas sales are projected to exceed 116,739 units, a 16.1% increase, indicating a "dual-wheel drive" growth pattern [2] Export Performance - Excavator exports are anticipated to reach 76.64 billion yuan in 2025, a significant increase of 31.1%, highlighting the global competitiveness of Chinese excavator products [3] - Emerging markets and traditional markets are both contributing to export growth, with regions like Asia, Europe, and Africa maintaining high growth rates, while Latin America and Oceania markets are seeing growth rates around 30% [3] Company Performance - Leading companies in the sector, such as Sany Heavy Industry, XCMG, and Zoomlion, have shown robust performance with significant revenue and profit growth in 2025 [5] - Sany Heavy Industry reported a revenue of 66.104 billion yuan, a 13.27% increase, and a net profit of 7.136 billion yuan, up 46.58% [5] - XCMG achieved a revenue of 78.157 billion yuan, an 11.61% increase, and a net profit of 5.977 billion yuan, up 11.67% [5] - Zoomlion reported a revenue of 37.156 billion yuan, an 8.06% increase, and a net profit of 3.920 billion yuan, up 24.89% [5] Market Dynamics - The engineering machinery sector is undergoing a technological innovation wave focused on "intelligent, high-end, and green" development, with leading firms increasing R&D investments to drive industry upgrades [4] - The overall recovery in the industry is reflected in the performance of A-share engineering machinery stocks, with significant market capitalization growth among leading companies [4]

平安银行 公告称，"26国耀融汇MTN003"在申购结束前一小时内出现投资人撤标情况， 江苏银行 撤标 规模2000万元，申购价位2.33%，撤标时间17:55:18。 ...

Core Insights - The T3 terminal of Sanya Phoenix International Airport commenced operations on February 6, marking a significant step in the airport's expansion and operational upgrade, which will provide substantial support for air traffic during the Spring Festival in Hainan [1] - The T3 terminal is designed with a focus on the "Safe, Green, Intelligent, and Cultural" airport construction philosophy, and it began trial operations just before the Spring Festival [1] - Hainan Airlines started transferring flights to the T3 terminal on February 1, with a complete transition planned by February 8, aimed at alleviating operational pressure on the T1 and T2 terminals [1] Industry Overview - Sanya Airport serves as a crucial transportation hub for travelers entering and exiting the Hainan Free Trade Port, playing a vital role in facilitating passenger travel and empowering regional development [2] - Since its opening on July 1, 1994, with an initial design capacity of 1.5 million passengers annually, Sanya Airport has undergone multiple expansions, now reaching a capacity of 20 million passengers, and is transitioning to the T3 terminal as a reflection of rapid regional economic and social development [2]

此次董事提名，标志着宁波银行将延续完善的治理架构、成熟的经营体系和稳定的管理团队，将为稳健 可持续发展奠定坚实基础。 根据最新发布的2025年度业绩快报，宁波银行2025年全年实现营业收入719.68亿元，同比增长8.01%， 实现归属于母公司股东的净利润293.33亿元，同比增长8.13%，不良贷款率0.76%，资产质量继续保持业 内较好水平。 宁波银行有关负责人表示，下一步，该行将继续坚守金融为民初心，秉持"真心对客户好"的理念，扎实 践行金融五篇大文章，加大服务实体经济力度，紧扣客户差异化需求，用专业创造价值，以责任诠释担 当，在服务实体的过程中不断锤炼自身的核心竞争力，持续积累银行差异化比较优势，积极推动银行稳 健可持续发展。 （文章来源：新华财经） 新华财经北京2月6日电（记者吴丛司）2月6日，宁波银行召开第八届董事会第十三次会议，审议通过了 《关于宁波银行股份有限公司第九届董事会董事候选人名单的议案》。 会议同意提名新一届董事会候选人，其中执行董事候选人3名，分别为庄灵君、冯培炯、楼松松；股东 董事候选人5名，分别来自宁波开发投资集团、新加坡华侨银行、雅戈尔集团等主要股东单位；独立董 事候选人5名 ...

Core Insights - The Southern Peninsula Palm Oil Millers Association (SPPOMA) reported an increase in Malaysia's palm oil yield for the period of February 1-5, 2026, with a month-on-month rise of 5.71% in yield per hectare [1] - The extraction rate also saw a month-on-month increase of 0.37% during the same period [1] - Overall production of palm oil increased by 7.65% compared to the previous month [1]

Core Insights - Turkey's automotive market experienced a strong start in January 2026, with passenger and light commercial vehicle sales increasing by 9.77% year-on-year to 75,362 units, continuing the robust performance from 2025 [1] - In 2025, Turkey's automotive market achieved a record high, with total sales reaching 1.37 million units, reflecting a year-on-year growth of 10.5% [1] Market Breakdown - In January 2026, passenger car sales reached 61,055 units, marking a 9.14% increase year-on-year, while light commercial vehicle sales rose by 12.56% to 14,307 units [1] - Gasoline vehicles dominated the passenger car segment with sales of 26,671 units, accounting for 43.7% of the market, followed by hybrid models at 18,774 units (30.7%), and pure electric vehicles at 11,304 units (18.5%) [1] Import and Electric Vehicle Insights - Imported vehicles comprised 49,503 units, representing approximately 66% of total sales, maintaining a dominant position in Turkey's automotive market [1] - In the electric vehicle sector, Chinese automaker BYD led the market in January with sales of 3,866 units, while Turkey's local electric vehicle brand Togg followed with 2,029 units sold [1]