Market Overview - The A-share market opened with mixed results on February 2, with the Shanghai Composite Index down 0.93%, Shenzhen Component Index down 0.54%, and the ChiNext Index up 0.65 [1] - The market showed slight fluctuations in the morning, with the declines in the Shanghai and Shenzhen indices narrowing while the ChiNext Index continued to rise [1] Nonferrous Metals Sector - The nonferrous metals sector experienced a significant drop, with the index falling nearly 7% and over 30 stocks hitting the daily limit down during the opening [2][3] - Major stocks such as Xiaocheng Technology (300139) and Jiangxi Copper (600362) also faced limit down situations [3] Precious Metals Futures - Domestic precious metals and nonferrous metal futures saw a sharp decline, with silver futures down 17% and gold futures down over 14% [5][6] - Spot gold and silver initially rebounded but then continued to decline, with gold dropping over 6% and silver nearly 8% [7] Oil and Petrochemical Sector - The oil and petrochemical sector also faced declines, with major stocks like Zhongman Petroleum (603619) and PetroChina (600759) hitting limit down [8][9] - The drop in international oil prices was influenced by geopolitical tensions in Iran, with recent statements from U.S. President Trump indicating a desire for negotiations [8] Telecommunications Sector - The three major telecom operators, China Mobile (600941), China Telecom (601728), and China Unicom, all saw declines of over 4% [10] - A recent announcement from the Ministry of Finance and the State Taxation Administration indicated an increase in VAT rates for telecom services starting January 1, 2026, which may impact revenue and profits [11] Liquor Sector - The liquor sector saw a rebound, with stocks like Shui Jing Fang (600779) and Huangtai Liquor (000995) hitting the daily limit up [12][13] - The liquor industry has been in a correction phase for about five years, with current valuations and institutional positions at historical lows, suggesting potential for recovery [14]

岁末年初，在各类公募基金公司业绩榜单回顾中，西部利得基金表现亮眼：近十年固收类基金绝对收益 排名1/73，近五年权益类基金绝对收益排名17/115①。作为西部证券（002673）旗下的公募基金公司， 西部利得基金聚焦主责主业、深耕资管本源，坚守长期主义的经营理念，凭借稳健的经营策略、扎实的 专业能力和坚定的客户导向，在行业高质量发展进程中稳步前行，为中型基金公司差异化发展提供了参 考。 回顾发展历程，西部利得基金的成长颇具行业参考意义。自2014年更名为西部利得基金，2015年，拥有 丰富行业经验的贺燕萍出任公司总经理，带领团队开启"二次创业"新征程，公司进入快速发展新阶段； 2019年，投资出身的何方出任公司董事长，形成了稳健的核心管理格局。依托公司股东的全力支持，加 之稳定高管团队的战略定力，公司规模持续攀升，目前已达到1177亿元②，跃居行业中上游。 三维稳进，筑牢发展根基与业绩底气 公司实现跨越式发展的底气，源于始终坚守长期主义理念，更得益于发展过程中贯穿始终的三个"稳"字 特质，这既是专业能力持续提升的保障，也是产品业绩保持优势的根本原因。 经营战略稳是发展的基础。"二次创业"以来，公司股东与董事会 ...

【导读】沪银主力合约开盘跌停，日韩股市早盘快速拉升 一起来关注下日韩股市及最新资讯。 沪银主力合约开盘跌停 2月2日，国内贵金属期货开盘普跌，沪银主力合约跌停，铂、钯跌超15%，沪金、沪锡跌超9%。 2月2日，上海黄金交易所发布通知称，调整白银延期合约保证金水平和涨跌停板。 个股方面，藤仓、高岛屋、日本永旺等涨幅居前。 | 名称 | 现价 | 涨跌幅 ⇒ | 总市值 三 | | --- | --- | --- | --- | | 藤仓 | 20630.0 | 5.42% | 61037亿 | | 5803.T | | | | | 高岛屋 | 2022.5 | 4.79% | 6382亿 | | 8233.T | | | | | 日本永旺 | 2210.0 | 4.49% | 61516亿 | | 8267.T | | | | | 太阳诱电 | 3383.0 | 4.38% | 4405亿 | | 6976.T | | | | | 荏原制作所 | 4854.0 | 4.25% | 22435亿 | | 6361.T | | | | | TDK电子 | 2067.0 | 4.34% | 40180亿 | | 67 ...

33万亿元银行理财市场 大幅增配存款类资产 近日，银行业理财登记托管中心发布的《中国银行业理财市场年度报告（2025年）》（以下简称《年度 报告》）显示，截至2025年末，银行理财市场存续规模为33.29万亿元，较年初增长11.15%。 【导读】理财市场投资新动向：拓展含权产品，多资产、多策略增强收益 2025年，在存款利率下行、居民财富管理需求升级的背景下，理财市场规模显著增长，其大类资产配置 也出现新动向：大幅增配存款类资产以平抑波动。 展望2026年，受访市场机构和专家建议理财公司优化产品分层与资产配置，以多资产、多策略寻求收益 增强，提升对公募基金等工具产品的配置强度，并审慎增加权益资产暴露，以应对低利率环境下的收益 挑战。 2025年资本市场回暖，理财产品也逐渐加大含权产品布局。数据显示，截至三季度末，理财十大重仓公 募基金中，股票型基金、混合型基金占比较季初分别提升3个、0.4个百分点至4.1%、1.8%，债券型基金 持仓较季初下降5.2个百分点至81.8%，配置占比呈现明显的"跷跷板"效应。 "权益类资产配置下降主要是受到老产品整改扰动，如果处置老产品涉及相关权益类资产，很可能导致 总规模下降， ...

Core Viewpoint - The precious metals market is experiencing significant declines, with gold and silver prices dropping sharply due to panic selling and market reactions to recent events [1][5]. Group 1: Precious Metals Price Movements - Spot gold fell below $4,700, reaching a low of $4,696.01 per ounce, with a daily decline of over 3% [2]. - Spot silver dropped below $79, hitting a low of $78.495 per ounce, with a daily decline of 7% [2]. - The current price of spot gold is reported at $4,719.818 per ounce, while spot silver is at $79.357 per ounce [2]. Group 2: Market Analysis and Factors - A significant sell-off in the precious metals market is attributed to a "gamma squeeze," where traders holding short options positions are forced to buy futures to balance their portfolios as prices fluctuate [6]. - The Chicago Mercantile Exchange (CME) announced an increase in margin requirements for gold and silver futures, effective after Monday's close, raising margins for non-high-risk accounts for gold from 6% to 8% and for silver from 11% to 15% [8]. - The recent volatility in precious metals prices coincided with a substantial increase in the US dollar, which saw its largest single-day gain since May of the previous year, influenced by political developments [8]. Group 3: Upcoming Market Events - The market anticipates key events this week, including interest rate decisions from the European Central Bank, the Bank of England, and the Reserve Bank of Australia, as well as the US non-farm payroll report and numerous corporate earnings releases [9].

申万宏源发布研报表示，过去4年房地产行业量价持续下行，导致目前部分房企预告业绩下降或亏损。 不过我们认为，房企最困难时期或将逐渐过去。 【导读】中信、申万等头部券商最新发声：房地产市场现积极信号！ 2026年初，A股及AH主流上市房企密集披露2025年业绩预告，引发市场关注。在这个关键时刻，中信 证券、申万宏源等头部机构同步发声，认为房地产行业最差时期已逐步过去，政策托底发力叠加行业基 本面调整到位，优质房企有望率先迎来盈利修复，行业将逐步企稳回升。 中信证券：房地产市场呈现了一些积极信号 从A股地产板块业绩表现来看，中信证券统计显示，78家发布业绩预告或快报的企业中，58家公告预亏 （首亏或续亏），总归母净亏损达2060.4亿—2397.5亿元；5家业绩预减，总归母净利润较2024年下降 75%—78%；6家实现业绩预增，总归母净利润17.6亿—19.4亿元。综合测算，A股地产板块2025年归母 净亏损区间为1455.0亿—1984.2亿元，2024年为归母净亏损1614.0亿元。 中信证券表示，业绩下滑是过去几年市场调整的客观呈现结果，但当前房地产市场也呈现了一些积极信 号。国家统计局数据显示，截至202 ...

Core Viewpoint - The United States has expressed willingness to meet with Iran and negotiate an agreement, as reported by Israeli Channel 12 on February 1 [1] Group 1: Diplomatic Efforts - The Trump administration has communicated through various channels to indicate its readiness for discussions with Iran regarding a potential agreement [1] - Turkey, Egypt, and Qatar are reportedly working to facilitate a meeting between U.S. special envoy Wittecoff and Iranian officials in Ankara [1] Group 2: Iranian Response - Iranian Foreign Minister Zarif stated that Iran is cooperating with regional partners and has made some progress in contacting the U.S. through intermediaries [1] Group 3: U.S. Military Posture - The U.S. has been increasing pressure on Iran by deploying multiple naval vessels, including an aircraft carrier, in the Middle East, indicating a potential for military intervention [1] - President Trump mentioned on January 31 that Iran is "seriously" engaging in dialogue with the U.S. [1]

Core Insights - The wealth management transformation in the financial industry is at a critical juncture, requiring institutions to possess strong capabilities in asset allocation to ensure continuous value preservation and growth for clients [1][2]. Industry Challenges - The transformation is likened to a challenging summer season, testing the resilience of institutions due to the cyclical nature of the brokerage industry, talent loss, and the need for strategic adjustments in various sectors such as banks, public funds, and trusts [2]. - The end of the fixed income bull market poses significant pressure on banks and wealth management subsidiaries, while public funds face regulatory adjustments and talent retention issues [2]. Key Capabilities for Transformation - Successful transformation hinges on building three core capabilities: timing in large cycles, an integrated research and investment system across multiple assets and strategies, and a product line that can navigate both bull and bear markets [2][3]. Talent as a Driving Force - Two key talent categories are essential for successful transformation: "soul players" with unique insights into asset classes and "mid-to-upper stream players" who can dynamically optimize asset allocation based on guidance from the "soul players" [3]. - The implementation of a platform-based, integrated, multi-strategy research system is becoming standard in the industry, enhancing efficiency and addressing traditional pain points in research and investment [3]. Product Ecosystem Development - The construction of a product line that can withstand market fluctuations is crucial, with a dual-cycle business model that leverages core advantages and digital platforms to create benchmark products during bull markets [4]. - A strategic approach involves capitalizing on market opportunities during bull phases while shifting focus to bank wealth management during bear phases, ensuring a consistent upward trajectory in returns [4].

中信证券：房地产市场呈现了一些积极信号 2026年初，A股及AH主流上市房企密集披露2025年业绩预告，引发市场关注。在这个关键时刻，中信 证券、申万宏源等头部机构同步发声，认为房地产行业最差时期已逐步过去，政策托底发力叠加行业基 本面调整到位，优质房企有望率先迎来盈利修复，行业将逐步企稳回升。 申万宏源发布研报表示，过去4年房地产行业量价持续下行，导致目前部分房企预告业绩下降或亏损。 不过我们认为，房企最困难时期或将逐渐过去。 研报解释，一方面，我们认为我国房地产基本面底部正逐步临近，在行业深度调整4年多后，我国新开 工自2021年高点以来已下降75%，已显著超过美国、日本和德国降幅50%—70%，我国二手房房价自 2021年高点以来已下降40%，也已显著超过1970年至今42国平均跌幅34%；另一方面，申万宏源认为主 流房企存货减值压力逐步得到释放2019-2025H1主流房企累计资产及信用减值损失占比存货均值达8%， 其中部分房企减值占比更高。 中央强调着力稳定房地产，《求是》发文建议政策一次性给足，政策基调更趋积极。2025年12月，中央 经济工作会议指出："积极稳妥化解重点领域风险，着力稳定房地产市 ...

Core Viewpoint - The Indian stock market experienced a significant decline following the government's proposal to increase transaction taxes on stock derivatives, reflecting a broader trend of market volatility influenced by geopolitical factors and profit-taking activities in the region [1][5]. Group 1: Indian Market Reaction - The NSE Nifty 50 index fell approximately 2%, marking the largest drop on a budget day since 2020, while the Bombay Stock Exchange saw a nearly 8% decline [1]. - The Indian government proposed to raise the Securities Transaction Tax (STT) on stock futures from 0.02% to 0.05% and on options to 0.15%, aiming to curb speculative trading among retail investors [1]. - This move indicates India's commitment to regulating the surge in retail trading activity, as the country has become a leading market for such products globally [1]. Group 2: Impact on Trading and Investment - A. Balasubramanian from Aditya Birla Sun Life Asset Management noted that the increased STT could shift market focus towards spot trading and long-term investments, although it may negatively impact high-frequency trading (HFT) firms [2]. - Analysts suggest that the higher tax burden could reduce the after-tax returns for foreign traders, making India less competitive for short-term and derivative-focused foreign investments [2]. - The budget proposal is expected to generate approximately ₹150 billion (around $1.6 billion) in annual revenue for the government, but it is viewed as a negative sentiment for the already struggling Indian stock market [3]. Group 3: Broader Market Context - Global funds withdrew over $3 billion from Indian equities in January, continuing a trend of record foreign capital outflows due to mixed corporate earnings, high valuations, and insufficient exposure to AI-related stocks [3]. - The Saudi stock market also faced a decline, with the Tadawul index dropping 2.6%, attributed to geopolitical tensions and profit-taking, particularly in mining stocks linked to falling gold prices [5].