● 本报记者 王辉 随着春节假期临近，近期A股市场成交缩量，部分资金从前期火热的科技成长板块流向消费、蓝筹等防 御性板块。本周，第三方机构进行的最新问卷调查显示，超过六成私募表示将选择重仓或满仓（仓位大 于八成）过节。此外，接受问卷调查的私募机构在春节假期的平均测算仓位达75.68%，进一步透露出 专业投资者对A股后市的积极预期。 仓位高企显信心 约七成私募看好节后A股表现 市场分析人士认为，私募高仓位过节的信心来源于多方面因素。陶山私募投资总监张春兵表示："近期 A股市场的调整，可视为风险事件的影响已显著出清。"他进一步分析，前期受国内题材炒作情绪降 温、金属类大宗商品下挫引发的连锁影响，已经逐步消退，全球市场的下行风险得到较为充分的释放。 星石投资分析，驱动本轮A股上行的核心因素并未出现明显削弱。"虽然今年春节假期偏长，但海外不 确定性因素的影响或已提前反映。"这一观点代表了多数高仓位私募的共识——市场已消化了大部分不 确定性因素。 哑铃组合成主流 在具体配置方向上，私募机构的布局思路呈现出明显的结构化特征。调查显示，41.18%的私募看好低 估值蓝筹与科技成长相结合的"哑铃型"配置策略，这一比例居各类私 ...

"大额存单重磅上新，限量发售，先到先得！"春节将至，银行"开门红"进入关键期。中国证券报记者注 意到，江西、河北、安徽、江苏等地中小银行近期聚焦大额存单市场，动作频频，多家银行同日上新个 人及对公大额存单已成常态。中国证券报记者查阅中国货币网发现，2月以来银行发布的大额存单发行 公告超过100条，农商行表现尤为活跃。 近期，大额存单发行市场暖意浓，中小银行尤其是农商行成为大额存单发行市场的主力军。2月以来， 江西、河北、安徽等地中小银行密集上新大额存单，部分银行上新了1个月期等短期大额存单。例如， 乐业农商银行在中国货币网发布公告，该行2026年第一期个人大额存单（1月）产品期限1个月，产品利 率1.15%，计划发行1000万元。 多家银行在同日上新多期限大额存单的情况较为常见。例如，2月9日，淮南通商农商银行、遂川农商银 行、阜阳颍泉农商银行、巢湖农商银行、三河农商银行、沁水农商银行等中小银行均在中国货币网披露 了大额存单发行公告。部分银行于2月9日开始发行大额存单，部分银行则于2月9日前后开始发行大额存 单。 遂川农商银行发布的大额存单发行公告显示，该行最新发行的个人1年期大额存单，发行时间为2月9日 至 ...

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the continuation of a moderately accommodative monetary policy to support stable economic growth and reasonable price recovery, while monitoring liquidity and financial market changes [1] Group 1: Monetary Policy Implementation - The report highlights the importance of maintaining liquidity in the banking system and using various monetary policy tools to ensure reasonable growth in social financing and money supply, aligning with economic growth and price expectations [1] - Experts suggest that the cumulative effects of the moderately accommodative monetary policy will continue to manifest, with both incremental and stock policies working together to support stable economic growth and reasonable price recovery [1] Group 2: Support for Economic Structure Transformation - The report includes measures to optimize financial services to support economic structure transformation, focusing on expanding domestic demand, technological innovation, and support for small and micro enterprises [2] - In January 2026, the PBOC announced policies to lower interest rates on structural monetary policy tools and enhance support for key areas, indicating a comprehensive coverage of financial services for the "Five Major Financial Tasks" [2] Group 3: Financial Support for Consumption and Housing - The report stresses the need to build a robust pension financial system and support the development of the silver economy, while also promoting financial policies to boost service consumption and improve housing finance systems [3] Group 4: Monetary Policy Transmission - The report calls for deepening interest rate marketization reforms and improving the transmission channels of monetary policy, ensuring that short-term market interest rates align with central bank policy rates [4] - It emphasizes the importance of monitoring cross-border capital flows and maintaining the stability of the RMB exchange rate within a reasonable range [4] Group 5: Liquidity Management - Recent statistics indicate that the PBOC has injected a net of 6 trillion yuan into the market through open market operations in 2025, reflecting a relatively loose social financing condition [5] - The adjustment in asset allocation by residents does not imply significant changes in liquidity, as most funds are redirected back into the banking system, indicating a shift in the structure of bank deposits rather than a decrease in overall liquidity [5]

Core Viewpoint - Regional banks are experiencing increased institutional interest, with a focus on credit issuance and net interest margin trends during the "opening red" period, indicating a positive outlook for the banking sector in 2026 [1][3][5]. Group 1: Institutional Interest and Research - As of February 10, 2023, 14 regional banks have received nearly 400 institutional research visits, with Nanjing Bank and Shanghai Bank being the most scrutinized, each hosting over 70 institutional visits [1]. - The types of institutions showing interest include securities firms, fund companies, insurance companies, and foreign institutions, with 130 fund companies and 116 securities firms participating in research activities [1]. Group 2: Regional Economic Activity - The banks receiving the most institutional attention are primarily located in economically active regions, particularly Jiangsu, Zhejiang, and Shanghai, indicating a correlation between regional economic vitality and institutional interest [2]. - Regional banks are leveraging local market advantages to stabilize interest margins and optimize asset quality, making them attractive for low-risk, high-certainty investment strategies [2]. Group 3: Credit Issuance and Asset Quality - During the "opening red" period, credit issuance has been a focal point, with banks like Suzhou Bank and Hangzhou Bank reporting strong performance in corporate credit issuance, exceeding previous years [3]. - Asset quality and risk management are critical areas of focus, with banks like Nanjing Bank maintaining stable asset quality and robust risk mitigation strategies [3][6]. Group 4: Net Interest Margin Stability - The stability of net interest margins has been a recurring topic in institutional discussions, with Qilu Bank implementing measures such as optimizing asset management and managing funding sources to maintain margin stability [4]. Group 5: Future Outlook - Looking ahead to 2026, banks plan to focus on supporting regional economic development and enhancing service quality for the real economy, while also promoting consumer policies and managing deposit pricing effectively [5]. - Banks are committed to building comprehensive credit risk management systems to ensure overall asset quality stability, with expectations of a favorable operating environment in the first quarter of 2026 [6].

Core Insights - The establishment of private equity funds by insurance companies is increasing, driven by policy encouragement and the need for asset-liability matching in a low-interest-rate environment [1][4][5] Group 1: Recent Developments - Tianjin Lanqin Equity Investment Partnership was recently established with a total investment of 8.601 billion, involving several insurance companies including Taikang Life and China Life [2] - The Huizhi Yangtze River Delta Private Fund Partnership, also established recently, has China Life as its largest partner with an investment of 4 billion [2] - The Taibao War New M&A Private Fund, with a target size of 30 billion, is focusing on key areas of state-owned enterprise reform and modern industrial system construction in Shanghai [3] Group 2: Policy and Market Trends - Policies supporting insurance capital participation in private equity investments have been introduced, promoting long-term capital investment in strategic sectors like integrated circuits and biomedicine [4] - The trend of insurance capital increasing its allocation to private equity funds reflects a shift in asset allocation needs, particularly in response to a declining interest rate environment [4][5] Group 3: Investment Strategy and Focus - Private equity funds are characterized by long investment cycles and high return potential, making them attractive for insurance companies seeking to enhance their yield [6] - Insurance companies are expected to broaden their investment fields within private equity, focusing on hard technology and industries related to public welfare, while enhancing their research capabilities [7] - Companies are emphasizing the importance of investing in high-quality technology enterprises and aligning with national strategies to provide stable funding for innovation and production [7]

Group 1: Company Announcements - Multiple listed companies are increasing their gold business through acquisitions, with Zijin Mining announcing plans to reach gold production of 105 tons by 2026 [1] - Jinhui Co. signed an agreement to acquire 100% of Fusheng Mining for 210 million yuan, which holds a mining license for a gold mine with an annual production capacity of 50,000 tons [1] - Zijin Mining's subsidiary, Zijin Gold International, plans to acquire Allied Gold Corporation for approximately 5.5 billion CAD (about 28 billion yuan), targeting gold resources of 533 tons [2] Group 2: Production and Financial Projections - Zijin Mining's production plan includes targets of 105 tons of gold, 120 tons of copper, and 520 tons of silver by 2026, with further growth expected by 2028 [2][3] - The company anticipates a net profit of 51 to 52 billion yuan for 2025, a year-on-year increase of 59% to 62%, with significant increases in production across key minerals [3] Group 3: Market Trends and Consumption - China's gold consumption is projected to decline by 3.57% in 2025, while gold production is expected to increase by 1.09% [4] - The demand for gold in industrial applications is rising, driven by emerging industries, despite a decrease in jewelry consumption [4][5] - Global gold demand is expected to exceed 5,000 tons for the first time, with a total value reaching 555 billion USD, marking a 45% year-on-year increase [5]

● 本报记者 何昱璞 在钼制品生产车间内，机器轰鸣，一根根银亮的钼丝在生产线上快速流转，工作人员正全神贯注地监控 着各项数据指标。"1月份产线几乎满负荷，在手订单饱满。"一位生产负责人向记者介绍。 2026年首月，金钼股份旗下重要的深加工子公司金钼光明交出了一份令人瞩目的成绩单：钼金属总产量 同比增长79.31%，细分产品如细钼丝产量增幅更是高达86.92%。这份"开门红"业绩，为金钼股份在"十 五五"开局之年奠定了高速发展基调。 深加工板块产销两旺 进入2026年，金钼股份的股价与业绩表现备受市场瞩目。这一切的底气，源于公司此前一年打下的坚实 基础。 公司表示，2025年，面对钼产品价格较上年同期上升的机遇，通过狠抓精细管理、强化产销协同、有效 压控成本、积极开拓新市场等一系列举措，实现了经营指标的全面提升。 业绩快报显示，2025年，金钼股份实现营业总收入约140.56亿元，同比增长3.57%；归母净利润约31.88 亿元，同比增长6.89%。钼产品营销总量连续两年创历史新高，钼精矿产量完成年计划的102%。 这份业绩为金钼股份在2026年，即"十五五"开局之年，谋求更大发展提供了充足的财务保障和战略自 ...

2026年以来，港股IPO市场保持活跃。牧原股份于2月6日在港股上市，首发募集资金超100亿港元，位 居2026年以来港股IPO募资金额第一位；此前，东鹏饮料于2月3日在港股上市，首发募集资金也超100 亿港元，位居2026年以来港股IPO募资金额第二位。澜起科技、壁仞科技首发募集资金均超60亿港元， 分列2026年以来港股新股募资额第三和第四位。在2026年以来上市的21只新股中，有8只为A股上市公 司，"A+H"上市模式热度持续升温。 从上市首日表现来看，2026年以来在港股IPO上市的21只新股中，共20只新股在上市首日收涨，1只新 股收平；上市首日收涨的比例超95%，上市首日平均涨幅约31.17%。其中，MINIMAX-WP在上市首日 上涨109.09%，成为2026年以来港股市场上市首日涨幅最大的新股。此外，乐欣户外、壁仞科技、鸣鸣 很忙、澜起科技上市首日涨幅均超60%，2026年以来港股IPO募资金额最多的牧原股份上市首日涨幅为 3.90%。 ● 本报记者 吴玉华 2026年以来，港股IPO市场持续活跃，募资金额已超790亿港元，同比增长超1220%。澜起科技、牧原股 份、大族数控等A股上市公司已 ...

Group 1 - The core idea of the news is the launch of the "2026 Spring Festival Special Activity Plan" by the relevant authorities, aimed at promoting consumption during the Spring Festival holiday from February 15 to 23 [1] - The Bank of Communications Shandong Branch has introduced a themed consumption promotion activity titled "Happy New Year · A Wonderful Life is So Beneficial," focusing on enhancing consumer experiences and meeting diverse spending needs [1] - The promotional activities include discounts on payments, cashback offers, and multiple points rewards, targeting various consumer demands such as food, accommodation, travel, and entertainment [1] Group 2 - In collaboration with major supermarkets and over a thousand dining merchants, the bank offers payment discounts and 50% off on food purchases, while also supporting the national policy of replacing old items with new ones [1] - The bank has integrated resources to provide activities like "One Cent Movie Tickets," winter sports consumption events, and discounts on fuel and travel, aiming to enhance the festive experience for residents [1] - To improve payment experiences, the bank has launched several benefits including "Overseas Consumption Cashback," "Online Payment Discounts," and a monthly lottery with a prize pool of 10 million yuan, with consumers eligible to win up to 2026 yuan in card credits [2]

Core Viewpoint - The article emphasizes the strategic direction of Huaxin Securities, focusing on leveraging technology and responsibility to enhance its role in the financial sector during the critical "14th Five-Year Plan" and "15th Five-Year Plan" periods [1][8]. Group 1: Empowering the Real Economy - Huaxin Securities aims to enhance the quality and efficiency of the real economy by focusing on bond financing and asset securitization as primary services [1][2]. - The company has successfully issued its first technology innovation corporate bond, raising funds specifically for the technology innovation sector [2]. - Huaxin Securities plans to expand its green bonds and technology innovation bonds, establishing a collaborative mechanism that integrates bonds, investment banking, and research [2][3]. Group 2: Digital Transformation and Professional Services - Since establishing its financial technology core strategy in 2017, Huaxin Securities has focused on technological innovation to drive business upgrades, creating a unique "AI + Finance" service ecosystem [3][4]. - The company has developed the "Xin i" intelligent investment research platform, which supports investment research personnel with full-process intelligent assistance [4]. - Huaxin Securities has enhanced its service capabilities for both professional and ordinary investors, leading to a continuous growth in client asset scale [4]. Group 3: Compliance and Risk Management - The company emphasizes the importance of compliance and risk management as foundational elements for high-quality development [5][6]. - Huaxin Securities has established a comprehensive risk control system, integrating AI and big data technologies to create an intelligent risk monitoring platform [6]. - The company aims to balance risk prevention and business development through a dynamic risk management model [6]. Group 4: Cultural Development and Social Responsibility - Huaxin Securities integrates cultural development with its operational strategies, emphasizing the importance of industry culture for high-quality growth [7][8]. - The company promotes a "customer-first" philosophy, establishing a comprehensive customer service system and actively engaging in social responsibility initiatives [7]. - Huaxin Securities plans to deepen the integration of party building and cultural development, enhancing its cultural soft power as a support for growth [8].