Core Viewpoint - The epoxy propylene sector has experienced a significant price surge since January, with various companies seeing substantial stock price increases, driven by supply-demand dynamics and market speculation [2][3][4]. Price Increase - In January, stock prices of companies related to epoxy propylene saw remarkable increases, with Meibang Technology rising by 67.45% and Hongbaoli by 68.92% [3]. - The benchmark price of epoxy propylene reached 8200.00 yuan/ton by January 30, marking a 6.03% increase from the beginning of the month, with some periods seeing nearly a 10% rise [4]. Supply and Demand Dynamics - The price increase is attributed to changes in the supply-demand landscape, with reduced operating loads in northern regions and a positive outlook in the downstream market leading to increased purchasing activity [4][5]. - The cancellation of export tax rebates for certain products is expected to drive a surge in orders before the April deadline, further boosting demand for epoxy propylene [5]. Market Trends - Despite the price surge, there are signs of a cooling market as purchasing sentiment declines due to high prices, leading to a potential downward adjustment in prices [6]. - The epoxy propylene industry is currently experiencing an oversupply situation, with low operating rates and expected new capacity additions by 2026 [6][7]. Demand Growth - Although there is oversupply, demand for epoxy propylene is showing slight growth, particularly in the appliance and export sectors, which is helping to sustain overall demand [7]. - The market is expected to experience fluctuations in February, with potential price rebounds later in the month as downstream factories resume operations [8].

本报（chinatimes.net.cn）记者王潇雨 北京报道 在2月3日开幕的2026新加坡航展上，中国商用飞机有限责任公司（下称"中国商飞"）携多架国产民机进 行静态展示并参加飞行表演，这也是继上届新加坡航展以及去年迪拜航展之后国产民机再次亮相国际航 展。此举也显示出这家年轻的中国民机制造商正持续通过大规模市场活动为中国制造的商用飞机产品寻 求更多打开海外市场的机会。 前沿阵地 按照一位接近中国商飞方面人士在与《华夏时报》记者交流时的说法，"让更多潜在客户或是旅客能亲 身接触到飞机，能够看到飞机与波音或空客这样强大对手的产品在同一片天空机型演示飞行，这就是更 多参与这样国际航空展会的意义。" 在航展期间，中国商飞还与山西成功通航签署6架C909灭火机订单，其中3架为确认订单，3架为意向订 单。 山西成功通航成立于2010年，是经中国民航局批准的通用航空企业，主要从事应急救援、森林灭火、人 工影响天气、短途运输、公务包机等业务。 作为C909支线喷气式客机的衍生机型，C909灭火机具备在多种地形条件下执行灭火任务的能力，舱内 设有水箱区和乘员区，水箱最大载重10吨，可装载水、灭火剂和灭火袋，同时装配19个座 ...

Core Viewpoint - International oil prices are experiencing fluctuations due to geopolitical factors and macroeconomic sentiment, leading to significant premium trading risks in domestic oil and gas funds, prompting warnings from major public fund institutions [2][4]. Group 1: Fund Company Announcements - Multiple fund companies, including Southern Fund, have issued risk warnings regarding their oil LOF products, highlighting that secondary market prices are significantly higher than net asset values, indicating a large premium [3][4]. - Southern Fund has issued multiple announcements regarding the premium risk of its Southern Oil Securities Investment Fund A class shares, noting a closing price of 1.397 yuan on February 2, 2026, compared to a net asset value of 1.2304 yuan on January 29, 2026 [3]. - Other fund companies, such as GF Fund and E Fund, have also issued similar warnings about their oil LOF products, indicating significant price deviations from net asset values [4]. Group 2: Premium Rate Trends - The premium rates of certain oil LOF funds have shown signs of cooling, with the Huaan S&P Global Oil Index Securities Investment Fund experiencing a drop in premium rates from over 40% to just 2.01% as of February 6 [5][6]. - The measures taken by public fund institutions to manage high premiums have begun to show initial effectiveness, as evidenced by the significant reduction in premium rates [5]. Group 3: Regulatory Measures - Starting from late January, several fund companies implemented a combination of "suspension" and "strict purchase limits" on their oil LOF products to manage the high premium situation [7][8]. - Specific measures included suspending trading for certain funds and drastically reducing purchase limits, with some funds lowering limits from 100 yuan to as low as 2 yuan [8]. Group 4: Market Outlook - Analysts predict that the oil market will continue to face a supply surplus in the medium to long term, despite potential short-term geopolitical disruptions [9]. - Supply from OPEC+ is expected to increase by 1.5 million barrels per day in 2026, while global demand is projected to rise by only 0.8 to 1 million barrels per day, indicating a continued oversupply situation [9].

Core Viewpoint - On February 5, 2025, Shenzhen Mingdiao Decoration Co., Ltd. (002830.SZ) experienced significant stock volatility, hitting a peak of 34.05 CNY per share before closing at the daily limit of 27.86 CNY after a series of four consecutive trading days of price increases [2][4]. Group 1: Company Dynamics - Mingdiao Decoration has recently established two new companies, one of which focuses on artificial intelligence, indicating a potential shift towards digitalization or new business ventures [2][5]. - The company has a strong market position, targeting mid-to-high-end clients with services including residential design, engineering construction, and customized wood products [3][5]. - The founder, Lan Jixiao, retains a significant ownership stake of 22.55% in the company, which was founded in 1999 and went public in 2016 [3][5]. Group 2: Financial Performance - For the first three quarters of 2025, Mingdiao Decoration reported a revenue of 438 million CNY, reflecting a year-on-year decline of 2.09%, with a net profit of 15.90 million CNY, down 1.21% [5][6]. - The company has been focusing on enhancing service quality and has introduced a high-end comprehensive service brand aimed at young, high-income households [5][6]. Group 3: Digital Transformation - Mingdiao Decoration has made strides in digital transformation, launching the Mingdiao SAAS digital home decoration platform, which integrates cloud computing, AI, big data, and IoT technologies [6]. - The company claims to be a pioneer in digital transformation within the industry, having started exploring digital home decoration paths as early as 2008 [6]. - However, the R&D expenditure for 2024 was reported at 4.59 million CNY, a decrease of 39.13% year-on-year, primarily focused on new materials and the digital home decoration platform [6].

在今年以来的机构调研中，调研频次的差异直观反映了机构对上市公司的关注程度。Wind数据显示， 今年以来有6家上市公司被调研达10次及以上，成为机构反复调研的重点对象，构成了开年以来机构调 研的"第一梯队"，其中洁美科技以15次调研位居榜首，泰和新材、冰轮环境等紧随其后。 本报（chinatimes.net.cn）记者谢碧鹭 北京报道 进入2026年，A股市场机构调研节奏持续提速。作为机构挖掘优质标的、研判行业趋势的重要途径，上 市公司调研数据已成为资本市场的"风向标"之一。 Wind数据显示，截至2月6日收盘，今年以来已有约760家上市公司接受了各类机构的调研走访，涵盖电 子、新能源、机械制造、医疗健康、信息技术等多个热门领域，调研热度较去年同期呈现稳步升温态 势。 从整体情况来看，机构调研呈现出"重点突出、聚焦优质"的特点，部分上市公司凭借其所处赛道的景气 度、核心竞争力以及成长潜力，成为机构重点关注的焦点，不仅调研频次居高不下，接待机构数量也大 幅领先于市场平均水平。 值得注意的是，尽管不同赛道上市公司的调研热度存在差异，但机构调研的核心逻辑高度一致，均围绕 上市公司成长性展开，重点关注行业景气度、业务发 ...

| | | | 国投白银LOF 161226 | 体市 02-06 15:12:48 | | | | --- | --- | --- | --- | --- | --- | --- | | 3.099 | | | | | | 原 L2 | | -0.344 -9.99% | | | | | | | | 今 开 | 3.099 | 慢 | 高 | 3.099 | 載交额 | 2.01亿 | | 收 昨 | 3.443 | 宜 | 任 | 3.099 | 成交量 | 64.95万手 | | 净值0 | 2.4073 | 振 | 幅 | 0.00% | 快写字 | | | 涨 停 | 3.787 | 跌 | 停 | 3.099 | 份额1 | 51.41 亿台 | | 现 111 | 7075 | 출 | 比 | -100.00% | 内 盘 | | | 11 FR | 0.45 | 189 | 差 | -755.07万 | 外 盘 | 64.95万 | | 八月1 CHEVROLE BEAULT | | | Company L. Box L. Be | A 11 11 | | Company College | ...

Group 1: Market Performance - The US stock market saw significant gains on February 6, with the Dow Jones Industrial Average rising by 2.47% to surpass 50,000 points for the first time in history [2] - The Nasdaq increased by 2.18%, and the S&P 500 rose by 1.97% [2] Group 2: Consumer Confidence and Economic Indicators - The University of Michigan's preliminary survey indicated that the consumer confidence index for February 2026 is at 57.3, slightly up from January's final value of 56.4 but down from 64.7 in February 2025 [3] - The current economic conditions index for February is 58.3, up from 55.4 in January but down from 65.7 a year ago [3] - The inflation expectations for the next year decreased from 4.0% in January to 3.5% in February, the lowest since January 2025, while long-term inflation expectations slightly increased from 3.3% to 3.4% [3] Group 3: Semiconductor Sector - The semiconductor sector experienced a strong rally, with the Philadelphia Semiconductor Index rising by 5.7% [6] - Nvidia's stock surged nearly 8%, adding approximately $328.8 billion (about 2281.5 billion RMB) to its market capitalization [6] - Nvidia's CEO emphasized the sustainability of AI investments, stating that the demand for AI is "incredibly high" and that companies will continue to invest heavily in AI technologies [6] Group 4: Precious Metals - Precious metals saw a strong rebound, with spot gold rising by 3.98% to $4,966 per ounce and spot silver increasing by nearly 10% to $77.78 per ounce [10] - The US government announced sanctions against entities involved in trading Iranian oil and petrochemical products, which may impact global oil supply and prices [10]

《通知》明确，现实世界资产代币化主要是指使用加密技术及分布式账本或类似技术，将资产的所有 权、收益权等转化为代币（通证）或者具有代币（通证）特性的其他权益、债券凭证，并进行发行和交 易的活动。《通知》强调，在境内开展现实世界资产代币化活动，以及提供有关中介、信息技术服务 等，涉嫌非法发售代币票券、擅自公开发行证券、非法经营证券期货业务、非法集资等非法金融活动， 应予以禁止；经业务主管部门依法依规同意，依托特定金融基础设施开展的相关业务活动除外。境外单 位和个人不得以任何形式非法向境内主体提供现实世界资产代币化相关服务。 据央行官微消息，近日，中国人民银行、国家发展改革委、工业和信息化部、公安部、市场监管总局、 金融监管总局、中国证监会、国家外汇局等八部门联合发布《关于进一步防范和处置虚拟货币等相关风 险的通知》（下称：《通知》）。 《通知》明确表示在境内开展虚拟货币相关业务活动属于非法金融活动，境外单位和个人不得以任何形 式非法向境内主体提供虚拟货币相关服务。 关于现实世界资产代币化，近年来现实世界资产代币化发展较快，相关国家和地区纷纷通过加强立法、 健全规则等多种方式强化监管。 文/ 刘佳 此外《通知》还强 ...

Group 1 - The core viewpoint of the article highlights the diverse and high-quality consumption trends during the Spring Festival in Beijing, driven by various sectors including digital appliances, jewelry, and high-end retail [2][3][10] - Financial institutions are playing a crucial role in boosting consumption by offering various incentives such as discounts, digital currency red envelopes, and interest rate reductions, which are integrated into holiday shopping scenarios [2][11][12] - Young consumers are significantly contributing to the festive spending, with individuals like a 95-year-old spending over 20,000 yuan on gifts and personal items, reflecting a cultural emphasis on new clothing for the New Year [3][8] Group 2 - The promotion of digital products is enhanced by government policies encouraging trade-in programs, leading to substantial discounts from major brands like Huawei, which offers up to 1,500 yuan in subsidies [6][10] - The jewelry and trendy toy markets are thriving, with stores like Chow Tai Fook and Pop Mart attracting customers with special New Year-themed products and interactive activities [8][10] - High-end retail and nighttime consumption are also on the rise, with luxury chocolate brands and beauty products seeing increased demand, indicating a shift towards quality consumption during the holiday [8][10] Group 3 - Multiple government departments are collaborating to enhance financial support for consumer spending, introducing measures to stimulate consumption across various sectors [10][11] - Banks like China Construction Bank are launching promotional activities that include cash discounts, consumption vouchers, and interest rate benefits to encourage spending during the Spring Festival [11][12] - Innovative financial products are being developed to better meet consumer needs, with services embedded in shopping experiences to facilitate easier access to credit and financing [10][12]

Group 1 - The People's Bank of China announced a 0.25 percentage point reduction in re-lending and rediscount rates effective January 19, 2026, along with the establishment of a 1 trillion yuan re-lending facility for private enterprises and an adjustment of the total quota for technological innovation and transformation re-lending to 1.2 trillion yuan [2] - The central bank's carbon reduction support tool will operate quarterly, with an annual operation volume not exceeding 800 billion yuan, aimed at enhancing credit supply to specific sectors and reducing financing costs for enterprises [2] - The overall GDP growth target for 2025 is set at 5.0%, with a gradual decline in quarterly growth rates from 5.4% in Q1 to 4.5% in Q4, indicating that weak demand remains a significant obstacle to economic growth [2] Group 2 - The Consumer Price Index (CPI) for 2025 is projected to remain flat compared to the previous year, reflecting a low demand environment, with the real estate sector being a critical factor [3] - In 2025, the sales area of newly built commercial housing is expected to decline by 8.7% to 881 million square meters, with sales revenue dropping by 12.6% to 8.39 trillion yuan, indicating a significant downturn in the real estate market [3] - The average selling price of new residential properties in major cities is expected to show an expanding decline, with first-tier cities experiencing a 1.7% drop, while second and third-tier cities see declines of 2.5% and 3.7% respectively [3] Group 3 - The central bank's monetary policy aims to stabilize economic growth and promote reasonable price recovery, with a focus on appropriate easing measures, including interest rate cuts [4] - Lowering interest rates is intended to reduce borrowing costs, stimulate investment and consumption, particularly in the real estate sector, where declining prices have weakened buyer sentiment [4][5] - The balance of consumer loans excluding personal housing loans increased by 0.7% in 2025, indicating a slowdown in growth compared to 6.2% in 2024, attributed to relatively high interest rates [5] Group 4 - The central bank's deputy governor indicated that there is still room for further reductions in the required reserve ratio and interest rates, with the average reserve ratio currently at 6.3% [6] - The overall direction of monetary policy for the year is expected to focus on comprehensive interest rate cuts, supported by stable exchange rates and a steady net interest margin for banks [7]