具体来看，中国银行拟募集资金规模不超过1650亿元，发行对象为财政部；建设银行拟募集资金规模不 超过1050亿元，发行对象为财政部；交通银行拟募集资金规模不超过1200亿元，发行对象为财政部、中 国烟草和双维投资；邮储银行拟募集资金规模不超过1300亿元，发行对象为财政部、中国移动集团和中 国船舶集团。 （原标题：证监会批了：同意！国有大行增资迎来重要进展） 国有大行增资迎来重要进展！ 5月23日晚间，中国银行、交通银行、邮储银行相继发布公告称，向特定对象发行A股股票申请已获得 中国证监会同意注册批复。 今年政府工作报告明确提出，拟发行特别国债5000亿元，支持国有大型商业银行补充资本。 3月30日，中国银行、建设银行、交通银行、邮储银行相继发布公告称，董事会已通过了向特定对象发 行A股股票的议案。四家银行合计募集金额不超过5200亿元。 募资用途上，四大行均表示，在扣除相关发行费用后将全部用于补充核心一级资本。 截至2024年末，六家国有大型银行的核心一级资本充足率均高于监管最低要求。其中，中国银行、建设 银行、交通银行、邮储银行的核心一级资本充足率分别为12.2%、14.48%、10.24%、9.56%， ...

2025年1—6月新发放企业贷款加权平均利率约为3.3% 据邹澜介绍，社会综合融资成本低位下行。今年1—6月新发放企业贷款加权平均利率约为3.3%，比去 年同期低约45个基点；新发放个人住房贷款利率约3.1%，比上年同期低约60个基点。 继续实施好适度宽松的货币政策，把握好政策实施的力度和节奏 邹澜称，从经济理论和实践经验看，货币政策的传导是需要时间的，已经实施的货币政策的效果还会进 一步显现。下阶段，人民银行将继续实施好适度宽松的货币政策，密切关注评估前期已实施政策的传导 情况和实际效果，根据国内外经济金融形势和金融市场运行情况，把握好政策实施的力度和节奏，更好 地推动扩大国内需求、稳定社会预期、激发市场活力，支持实现全年经济社会发展目标和任务。 （原标题：中国人民银行副行长邹澜：继续实施好适度宽松的货币政策） 7月14日，国务院新闻办公室举行新闻发布会。中国人民银行副行长邹澜介绍2025年上半年货币信贷政 策执行及金融统计数据情况，并答记者问。 同期公布的央行数据显示，2025年上半年社会融资规模增量累计为22.83万亿元，比上年同期多4.74万亿 元。上半年人民币贷款增加12.92万亿元，人民币存款增加 ...

Core Viewpoint - The A-share market experienced a narrow fluctuation on February 10, with significant capital outflows from stock ETFs exceeding 10.26 billion yuan, while sectors like media and humanoid robots showed active performance [1][2]. Group 1: Market Performance - On February 10, the three major A-share indices showed mixed results: the Shanghai Composite Index rose by 0.13%, the Shenzhen Component Index increased by 0.02%, while the ChiNext Index fell by 0.37% [2]. - The overall market saw a net outflow of 102.59 billion yuan from stock ETFs, including cross-border ETFs [2]. Group 2: ETF Capital Flows - The net inflow for the media-related ETFs was significant, with the film and television index-related ETFs seeing a net inflow of 13.39 billion yuan, while the CSI 300 index-related ETFs experienced a net outflow of 29.04 billion yuan [2]. - Over the past five days, the Hang Seng Technology Index-related ETFs attracted over 8.5 billion yuan, and the SGE Gold 9999 Index-related ETFs saw inflows exceeding 6.2 billion yuan [2]. Group 3: Fund Company Insights - E Fund's ETF had a latest scale of 661.58 billion yuan, with a net inflow of 1.05 billion yuan. The China concept internet ETF saw a net inflow of 158 million yuan, while the Hang Seng Technology ETF had a net inflow of 144 million yuan [2]. - Huaxia Fund's robot ETF and sci-tech semiconductor ETF had notable net inflows of 527 million yuan and 117 million yuan, respectively, with their latest scales reaching 25.818 billion yuan and 8.196 billion yuan [3]. Group 4: Notable ETFs - The top ETFs by net inflow on February 10 included the film and television ETF with a net inflow of 720 million yuan, and the robot ETF with a net inflow of 527 million yuan [4]. - Conversely, the top ETFs by net outflow included the CSI 300 ETF with a net outflow of 1.558 billion yuan and the CSI 500 ETF with a net outflow of 1.428 billion yuan [5]. Group 5: Future Market Outlook - The investment focus may shift from January's credit and liquidity performance to macroeconomic and industrial clues as the market enters a relatively data-vacuum period post-Spring Festival [6]. - The media sector is expected to benefit from AI applications, particularly in gaming and film production, which could enhance content creation efficiency and reduce costs [6].

Core Viewpoint - The Chinese government is launching the "Happy New Spring" campaign for the 2026 Spring Festival, involving multiple departments to stimulate consumer spending and enhance market supply during the holiday period [3][4]. Group 1: Government Initiatives - The Ministry of Commerce is collaborating with nine departments to organize the "Happy New Spring" campaign, mobilizing numerous national trade associations and local businesses to provide substantial consumer benefits [3]. - A total of 20.5 billion yuan has been allocated for consumer incentives, including vouchers, subsidies, and red envelopes, aimed at benefiting consumers during the nine-day holiday [3]. - The online New Year goods festival has generated a national online retail sales figure of 989.73 billion yuan as of February 8, indicating a strong consumer demand [3]. Group 2: Consumer Benefits - Three major consumer benefit packages have been prepared: 1. Trade-in subsidies with an initial allocation of 62.5 billion yuan for local governments to enhance consumer participation [4]. 2. A lottery for invoices in 50 cities, with a total prize pool of 10 billion yuan during the holiday period [4]. 3. Financial support from banks and payment institutions to offer various discounts across travel, dining, and entertainment sectors [4]. Group 3: Cultural and Tourism Activities - The Ministry of Culture and Tourism is launching 22 themed activities under seven major categories to enhance the festive atmosphere, including cultural events and tourism promotions [5][6]. - A nationwide cultural and tourism consumption month will be held, featuring initiatives to promote local performances and community engagement [6]. Group 4: Financial Sector Involvement - The Financial Regulatory Bureau is guiding financial institutions to support consumer activities through cost reduction, improved services, and enhanced consumer protection [8]. - Financial institutions are encouraged to develop tailored financial products for new consumption trends, ensuring accessibility and convenience for consumers [8]. Group 5: Media and Entertainment Engagement - The National Radio and Television Administration is promoting various media activities to drive consumer engagement, including special programming and promotional offers on streaming platforms [9]. - Initiatives include the launch of popular dramas and short videos to attract viewership and stimulate related consumer spending [9]. Group 6: Sports and Outdoor Activities - The General Administration of Sport is introducing 13 outdoor sports routes for the Spring Festival, promoting physical activities and tourism [10]. - A nationwide fitness event will be held, along with various community sports activities to encourage public participation in health and wellness during the holiday [11].

【导读】山西银行新行长、注册资本变更同日获批！ 2月10日，国家金融监督管理总局山西监管局发布两则行政批复，同意山西银行注册资本由258.94亿元增至273.09亿元，同时核准邢毅该行行长的任职资 格。 邢毅任职资格获批 国家金融监督管理总局山西监管局公告显示，核准邢毅山西银行行长的任职资格，要求其严格遵守金融监管总局有关监管规定，自该行政许可决定作出之 日起3个月内到任，并按要求及时报告到任情况。 资料显示，山西银行于2021年4月28日挂牌开业，由山西省政府授权山西省财政厅履行出资人职责，以原大同银行、长治银行、晋城银行、晋中银行、阳 泉市商业银行为基础，是通过新设合并方式设立的省属金融国有企业。 目前，山西银行暂未披露2025年财报数据。财报数据显示，截至2024年末，山西银行资产总额为3590.88亿元，较上年末增长0.84%；2024年，该行实现营 业收入31.68亿元，同比增长0.62%；实现净利润0.51亿元，较2023年同比下降93.89%。 公开资料显示，任凯曾任山西省转型综改办副主任，山西省委政研室（省委改革办、省转型综改办）副主任，山西省发改委党组成员、副主任，吕梁市委 副书记、政法委书 ...

Core Viewpoint - The stock ETF market experienced a net outflow of over 10.26 billion yuan on February 10, with significant movements in various thematic ETFs and broad-based ETFs [2][4][5]. Group 1: Market Overview - On February 10, the three major A-share indices showed mixed results, with the Shanghai Composite Index rising by 0.13%, the Shenzhen Component Index increasing by 0.02%, and the ChiNext Index declining by 0.37% [2]. - The overall market saw a net outflow of 10.26 billion yuan in stock ETFs, including cross-border ETFs [2]. Group 2: ETF Performance - The net inflow for the China Film Index-related ETFs was the highest, reaching 1.339 billion yuan, while the net outflow for the CSI 300 Index-related ETFs was the largest at 2.904 billion yuan [2]. - Over the past five days, the Hang Seng Technology Index-related ETFs saw inflows exceeding 8.5 billion yuan, and the SGE Gold 9999 Index-related ETFs attracted over 6.2 billion yuan [2]. Group 3: Fund Company Insights - E Fund's ETF had a latest scale of 661.58 billion yuan, with an increase of 1.05 billion yuan. The China Internet ETF from E Fund had a scale of 41.921 billion yuan, with a net inflow of 158 million yuan [2]. - Huaxia Fund's Robot ETF and Sci-Tech Semiconductor ETF had significant net inflows of 527 million yuan and 117 million yuan, respectively, with latest scales of 25.818 billion yuan and 8.196 billion yuan [3]. Group 4: Thematic ETF Trends - Popular thematic ETFs such as the Film ETF, Robot ETF, and Satellite ETF saw the highest net inflows, while broad-based ETFs like the CSI 300 ETF and CSI 500 ETF were the biggest losers in terms of net outflows [4][5]. - The Media ETF from GF Fund received the most net inflow, amounting to 460 million yuan, and has seen a year-to-date increase of over 26%, making it one of the top performers in the market [3]. Group 5: Future Market Outlook - The investment focus may shift from January's credit and liquidity performance to macroeconomic and industrial cues as the market enters a relatively quiet period for macro data [6]. - The core assets in the market are currently at historical median valuation levels, suggesting potential for valuation recovery, supported by stable profit expectations and a warming trend in foreign capital inflows [6].

Core Viewpoint - The Chinese government is launching the "Happy Shopping Spring Festival" initiative for 2026, aiming to boost consumer spending during the Spring Festival through various promotional activities and financial support measures [2][3]. Group 1: Government Initiatives - The Ministry of Commerce will collaborate with nine departments to plan the "Happy Shopping Spring Festival" activities, mobilizing numerous national trade associations and local businesses to participate, with a total of 2.05 billion yuan allocated for consumer benefits during the nine-day holiday [3]. - The "National Online New Year Goods Festival" has been initiated, with online retail sales reaching 989.73 billion yuan as of February 8, indicating a strong consumer demand [3]. Group 2: Consumer Benefits - Three major consumer benefit packages have been prepared: 1. Trade-in subsidies with 62.5 billion yuan allocated for local governments to provide consumer subsidies during the holiday [4]. 2. A lottery for invoices in 50 cities, with 10 billion yuan in prizes during the holiday period [4]. 3. Financial support from banks and payment institutions to offer various discounts across travel, dining, and entertainment sectors [4]. Group 3: Cultural and Tourism Activities - The Ministry of Culture and Tourism will introduce 22 themed activities under seven major categories to enhance the festive atmosphere, including cultural events and tourism promotions in over 100 countries [5][6]. - A nationwide cultural and tourism consumption month will be launched, featuring initiatives to promote local performances and community engagement [6]. Group 4: Financial Sector Involvement - The Financial Regulatory Bureau will guide financial institutions to support consumer activities by providing subsidies and enhancing financial services, focusing on cost reduction and improved service delivery [8]. - Financial institutions will be encouraged to develop tailored financial products for new consumption trends, ensuring accessibility and convenience for consumers [8]. Group 5: Media and Entertainment Engagement - The National Radio and Television Administration will promote the "Happy Shopping Spring Festival" through various media initiatives, including special programming and member discounts on streaming platforms [9]. - The administration will also support promotional activities for traditional dining brands through short video campaigns [9]. Group 6: Sports and Outdoor Activities - The General Administration of Sport will release 13 outdoor sports routes for the Spring Festival, promoting physical activities during the holiday [10]. - Various fitness events and community sports activities will be organized to encourage public participation in sports during the festive period [11].

Market Overview - The A-share market showed mixed performance with the Shanghai Composite Index closing at 4137.55 points, up 0.22%, while the Shenzhen Component Index fell by 0.07% and the ChiNext Index dropped by 0.91% [2][3] - A total of 2728 stocks rose, with 53 hitting the daily limit, while 2475 stocks declined. The trading volume for the day was 1.3 trillion yuan, a decrease of 949 billion yuan from the previous trading day [3] Sector Performance - The non-ferrous metals sector rebounded significantly, with tungsten-related stocks experiencing a surge, including companies like Xianglu Tungsten Industry and Zhongtung High-tech [4][5] - The chemical sector also showed strength, driven by price increases, with a report from UBS predicting a new upward cycle for the Chinese chemical industry from 2026 to 2028 [9] Individual Stock Highlights - Baichuan Co. saw its stock price rise sharply, achieving 8 consecutive limit-ups over 11 days, attributed to advancements in its new materials business and rising product prices. The company reported a projected 165% year-on-year increase in negative electrode material shipments by 2025 [9][10] - In the tungsten market, prices have been on the rise, with 65% black tungsten concentrate quoted at 697,000 yuan per ton, an increase of 7,000 yuan from the previous day [7] Media and Entertainment Sector - The media and entertainment sector faced a significant downturn, with major stocks like Huayi Brothers and Wanda Film dropping over 10%. This decline follows a previous surge driven by expectations of increased box office revenues during the Spring Festival [10][11][12]

Group 1 - BlackRock China predicts a "slow bull" market for Chinese assets in 2026, supported by fundamental and policy resonance, with conditions such as liquidity and profit improvement necessary for the bull market's continuation [1][2] - The global investment landscape in 2026 will be driven by the AI wave, with the U.S. economy showing resilience and a shift from consumption-led growth to a balance of AI investment and consumption [1][2] - The Chinese economy is expected to maintain a significant global position, with strong export performance as a key growth driver and an improved environment for the Hong Kong stock market [2] Group 2 - Dynamic asset allocation is essential in the current high-volatility market, with active rebalancing strategies showing better long-term results than static approaches [2][3] - The 2025 performance of the CSI 300 index saw an increase of nearly 18%, driven by valuation expansion, indicating a sentiment-driven bull market [2][3] - Four conditions are necessary for the continuation of the bull market: ample liquidity, a transition to profit realization in the stock market, supportive policy measures, and a reduction in geopolitical risks [2] Group 3 - The negative correlation between traditional asset classes, particularly stocks and bonds, is weakening, necessitating a focus on expected returns and risk trade-offs [3] - ETFs are highlighted as a flexible investment tool suitable for capturing structural opportunities in the A-share market, reflecting a trend towards more sophisticated investment products [3][4] - The bond market is expected to exhibit "corridor-style" fluctuations, with limited volatility due to ongoing economic recovery and supportive monetary policy [3][5] Group 4 - Approximately 50 trillion yuan in deposits are set to mature this year, with expectations that some will flow into the capital markets, potentially influencing asset prices [4] - The Chinese bond ETF market, currently at 830 billion yuan, has significant growth potential compared to the total bond market size of nearly 200 trillion yuan, indicating room for innovation in bond strategies [5] Group 5 - Gold is expected to maintain its long-term hedging value due to factors such as global central bank purchases, potential dollar weakness, and persistent geopolitical uncertainties [5][6] - The investment landscape is shifting towards themes of financial stability, energy, technology, and national defense, with commodities closely linked to these themes [6] Group 6 - The trend in global pension investments is moving from defined benefit (DB) plans to defined contribution (DC) plans, reflecting the need for individuals to take on more retirement responsibility [7] - BlackRock aims to localize overseas strategies for the Chinese market, focusing on adapting investment approaches to align with local risk preferences and improving client investment behavior [7]

【导读】A股主要指数走势分化；玻璃纤维概念股大爆发，中国巨石直线封板；影视股盘初跳水，通信板块走低 2月11日，A股主要指数早间小幅低开，随后走势分化。截至发稿，上证指数率先翻红，深证成指、科创综指、创业板指飘 绿。 建筑材料板块直线拉升小金属走强 2月11日，建筑材料板块盘初走高，玻璃纤维方向大爆发。国际复材迅速拉出20cm涨停，宏和科技、中材科技、九鼎新材、 山东玻纤等多股涨停。 | 序号 代码 | 名称 | 现价 涨跌幅 ▼ | | --- | --- | --- | | 1 | 301526 国际复材 | 1.97 20.04% 11.80 | | വ | 300196 长海股份 | 19.73 2.17 12.36% | | က | 603256 | 66.61 6.06 10.01% | | ব | 603601 再升科技 | 12.10 1.10 10.00% | | ഗ | 002080 中材科技 45.34 4.12 10.00% | | | 6 | 600176 中国巨石 | 25.65 2.33 9.99% | | 7 - 1 | 002201 九鼎新材 | 14.22 1.29 9.9 ...