Core Viewpoint - The A-share market experienced fluctuations on February 5, with the consumer sector showing strength, leading to significant inflows into various consumer-themed ETFs [1][2]. Group 1: Consumer Sector Performance - The consumer sector was notably strong, driven by the performance of leading stocks such as Kweichow Moutai, with consumer-themed ETFs leading the market [2]. - Eight out of the top ten ETFs by growth on this day were consumer-themed ETFs, indicating a strong investor interest in this sector [2]. Group 2: ETF Trading Activity - Several equity ETFs saw high trading volumes, with the Short-term Bond ETF from Hai Futong reaching a transaction volume of 498.32 billion yuan and a turnover rate exceeding 70% [6][7]. - The Gold ETF had a transaction volume exceeding 200 billion yuan, while the A500 ETF also surpassed 100 billion yuan in trading volume [6][7]. Group 3: Inflows into ETFs - Notable inflows were observed in several ETFs, with the Hang Seng Internet ETF and the Sci-Tech 50 ETF each seeing net inflows exceeding 20 billion yuan this week [8][9]. - Consumer ETFs such as the Tourism ETF and Media ETF also experienced significant net inflows during the same period [8][9]. Group 4: Defensive Style ETFs - Defensive style ETFs, particularly in the banking and dividend sectors, showed active performance, with several banking ETFs experiencing moderate gains [4][5]. - The banking sector ETFs, such as the Bank ETF from E Fund, saw growth rates around 1.95% to 2.36% [5]. Group 5: Market Outlook - The market is expected to transition from valuation recovery to profit-driven growth by 2026, with a balanced focus on both growth and value sectors, particularly the consumer sector [3]. - Analysts suggest that the current liquidity environment supports a continued spring market, with a focus on technology growth and advanced manufacturing sectors [10].

Group 1 - The People's Bank of China (PBOC) has outlined key areas for credit allocation in 2026, focusing on expanding domestic demand, supporting technological innovation, and aiding small and micro enterprises [1] - The PBOC aims to enhance financial support for technology innovation, small and micro enterprises, and regional collaboration, while promoting high-quality development of inclusive finance [1] - Chief economist Dong Xiemiao emphasizes that monetary policy will act as an "irrigation channel," ensuring precise funding allocation to key sectors and weak links, integrating investments in both human and physical capital [1] Group 2 - In the technology innovation sector, the PBOC plans to increase the quota for re-lending for technological innovation and technological transformation by 400 billion yuan, raising the total to 1.2 trillion yuan [2] - The PBOC will expand policy support to include private small and micro enterprises with high R&D investment levels starting in 2026 [2] - For green development, projects with direct carbon reduction effects will be included in the carbon reduction support tool, with an annual operation volume not exceeding 800 billion yuan [2] Group 3 - The PBOC will continue to implement a moderately loose monetary policy to create a favorable financial environment for boosting consumption and expanding domestic demand [3] - The PBOC plans to enhance financial support for service consumption and pension re-lending, with potential inclusion of the health industry once standards are established [3] - Incentives will be provided through preferential interest rates on re-lending to encourage financial institutions to increase credit in the consumption sector, focusing on industries closely related to people's livelihoods [3]

2月5日，沪深北交易所发布关于2026年春节休市安排的公告。 根据公告，2月15日（星期日）至2月23日（星期一）休市，2月24日（星期二）起照常开市。2月14日（星期六）、2月28日（星期六）为周末休市。有关 清算事宜将根据中国证券登记结算有限责任公司的安排进行。 同时，沪深交易所网站还发布关于2026年春节期间港股通交易日安排的通知，2月15日（星期日）至2月23日（星期一）不提供港股通服务，2月24日（星 期二）起照常开通港股通服务。2月14日（星期六）、2月28日（星期六）为周末休市。 /Ｅ収処加わ。 カバ， ４月 ! 日 【生別ハノ 、 ４ 月 ４０ | 图片来源：上交所网站 (星期六) 为周末休市。 二、港股通交易的清算交收事宜,按照中国证券 登记结算有限责任公司的安排进行。 请各市场参与人据此安排好有关工作。 特此通知。 中国创盈市场服务有限公司 2026年2月4日 图片来源:深交所网站 本所动态 关于2026年春节休市安排的公告 2026-02-05 A- 北证公告〔2026〕7号 根据《关于2026年部分节假日休市安排的公 # (十证公生 (2025) 58号) 刊 坚2026年 图片来源： ...

Group 1: Consumer Sector - The consumer sector experienced significant gains, with retail concepts seeing a notable rise in the afternoon, highlighted by Maoye Commercial's stock hitting the daily limit within 4 minutes, marking its third consecutive trading day of gains [3][6] - The retail sector's growth is supported by a recent announcement from the Ministry of Finance, Customs, and the State Taxation Administration regarding a "zero tariff" policy for imported goods purchased by residents in Hainan Free Trade Port [8] - The smart retail market is projected to grow to approximately 64.5 billion yuan by 2030, with a compound annual growth rate of 22%, driven by the application of AI technology [9] Group 2: Financial Sector - The financial sector showed strong performance in the afternoon, with banks and securities firms experiencing notable increases, including Xiamen Bank and Huayin Securities hitting the daily limit [10][11] - Predictions indicate that by 2026, new funds entering the insurance sector may exceed 2 trillion yuan, increasing demand for high-dividend assets, particularly in the banking sector [13] - Major securities firms reported positive earnings for 2025, with Citic Securities expecting revenue of 74.83 billion yuan and a net profit of 30.05 billion yuan, both showing significant year-on-year growth [14] Group 3: Aerospace and Photovoltaic Sector - The space photovoltaic concept saw a significant pullback, with stocks like Junda Co. and Mingyang Smart Energy hitting the daily limit down [15][16] - Several listed companies announced they had not engaged in cooperation with Elon Musk's team regarding space photovoltaic projects, highlighting the uncertainty surrounding the commercialization of this technology [19] - The China Photovoltaic Industry Association indicated that space photovoltaic technology is still in the early stages of exploration and verification, with mainstream choices remaining high-efficiency GaAs batteries despite their high costs [20]

Core Viewpoint - The adjustment of the excess performance fee extraction rules by Nanyin Wealth Management has raised concerns among investors regarding the fairness and transparency of such changes, as they make it easier for managers to achieve performance benchmarks and earn additional fees [1][2][3]. Group 1: Adjustments to Performance Fee Rules - Nanyin Wealth Management's product "Nanyin Wealth Management Zhu Lian Bi He An Wen 1910 One-Year Open-End Wealth Management Product" has recently adjusted its performance fee extraction rules, lowering the performance fee benchmark from an annualized return of 3.3% to a range of 2.525% to 2.775% [2][3]. - The previous performance fee extraction rule allowed managers to charge 60% of the returns exceeding 3.3%, while the new rule significantly reduces the threshold for managers to earn excess performance fees [2][3]. - This product has undergone multiple adjustments to its performance fee extraction rules, with the most recent change occurring after November 2024, when it initially did not charge excess performance fees [3]. Group 2: Industry Practices and Concerns - Many wealth management products have similar excess performance fee extraction rules, with varying benchmarks and extraction ratios, often hidden in lengthy product announcements, complicating investor understanding [1][4]. - The common practice in the industry is to set performance fee benchmarks based on performance comparison benchmarks, with extraction ratios typically ranging from 10% to 40%, with 20% being the most common [5]. - There is a growing concern among investors regarding the fairness of one-sided incentives for managers, as they benefit from excess performance fees when returns exceed benchmarks but do not face corresponding reductions in fees when performance is below benchmarks [5][6]. Group 3: Information Disclosure and Transparency - Information disclosure regarding changes to performance fee extraction rules is often inadequate, with adjustments not prominently highlighted, making it difficult for average investors to understand the implications [8][9]. - Experts suggest that the wealth management industry should enhance the convenience of information disclosure, including establishing a tiered disclosure mechanism for significant changes, such as fee adjustments [8][9]. - Recommendations include using clear indicators for key information changes, prominently displaying fee adjustments, and providing examples of how these changes affect investor returns [8][9].

近期，脑机接口领域热点不断。 据央视新闻消息，2月3日至4日，全国首届脑机接口开发者大会在天津召开，近千名来自全国各地脑机 接口领域的技术开发者、算法工程师、头部企业代表、临床医生及行业专家齐聚天津，集中探讨脑机接 口技术的前瞻布局和场景落地，构建更具活力的脑机接口未来产业创新生态。 "脑机交互与人机共融海河实验室"微信公众号2月4日发布消息称，近日，由脑机交互与人机共融海河实 验室周鹏智慧中医团队牵头，天津中医药大学第一附属医院等多家优势单位联合研发的全国首个脑控针 灸融合神经康复装备平台"神工—华佗"在津落地。 （文章来源：中国证券报） 中国证监会网站显示，脑机接口企业博睿康技术（上海）股份有限公司（简称"博睿康"）2月4日在上海 证监局办理辅导备案登记，拟首次公开发行股票并上市，辅导机构为中信证券。 博睿康成立于2011年11月18日，注册资本6000万元，法定代表人为胥红来。 辅导备案报告显示，胥红来直接持有公司12.2453%股份，通过北京博睿康投资合伙企业（有限合 伙）、上海博睿康企业管理合伙企业（有限合伙）控制公司11.0879%股份，合计控制23.3332%股份， 为公司控股股东。 博睿康网站 ...

今日，A股三大指数回调。截至收盘，上证指数跌0.64%，深证成指跌1.44%，创业板指跌1.55%。 从板块来看，大消费板块大涨，其中零售概念午后拉升，茂业商业4分钟内直线涨停，走出5天3板；大金融板块午后走强，华林证券、厦门银行涨停；商 业航天概念局部活跃，神剑股份3天2板；算力租赁概念回暖，群兴玩具4天2板，二六三涨停。 贵金属概念集体大跌，湖南白银跌停。今日，黄金、白银盘中直线跳水，伦敦银现一度跌超16%，伦敦金现盘中跌破4800美元/盎司。 此外，电网设备、油气等板块跌幅居前，太空光伏概念大幅回调。 零售概念午后拉升 今日，大消费板块大涨，食品饮料、零售、影视院线、旅游酒店方向轮番活跃。 其中，零售概念午后拉升，茂业商业4分钟内直线涨停，走出5天3板。 茂业商业此前发布股票交易异常波动公告称，公司股票于1月30日、2月2日连续两个交易日内日收盘价格涨幅偏离值累计达到20%。经公司财务部门初步 测算，预计公司2025年实现归属于上市公司股东的净利润为亏损2.01亿元至2.42亿元。 消息面上，2月5日，财政部、海关总署、税务总局三部门联合发布《关于海南自由贸易港岛内居民消费的进境商品"零关税"政策的通知 ...

"我们尝试将优秀传统文化、地域文化与证券行业文化相融合。"徐朝晖阐述道，公司以"贵和尚中、善 解能容、厚德载物、和而不同"的宽容品格作为企业文化的人文基础；将黄河文化、渭水文化、丝路文 化所共有的"团结自强，和谐包容"文化特性等结合起来，为公司发展注入深厚的人文底蕴与鲜明的时代 内涵。 编者按 当前，资本市场改革持续深化，证券行业正处在乘势而上、建设一流投资银行和投资机构的关键战略机 遇期，学习、宣传、贯彻党的二十届四中全会精神是当前和今后一个时期的重要政治任务。为此，中国 证券报联合中国证券业协会推出"证券公司学习宣传贯彻党的二十届四中全会精神"系列专题报道，聚焦 证券公司在强化功能发挥、提升专业能力、推进差异化发展、筑牢合规风控底线、厚植行业文化底蕴等 方面的实践探索与丰硕成果，生动展现证券公司作为资本市场重要践行者、改革排头兵、服务主力军的 责任担当与时代作为。本篇为系列报道第二十二篇。 扎根中国资本市场二十五载，西部证券（002673）步履坚实地从西北热土走向全国舞台。在"十五五"开 局之年，公司以学习贯彻党的二十届四中全会精神为引领，经营发展稳中有进，服务实体经济质效持续 提升，正朝着建设一流上市综 ...

2026年，日本央行重启加息，是否会给全球宽松环境带来变数？科技主题是否依然能引领市场？在复杂 多变的环境下，如何进行多元资产配置，才能应对全球不确定性带来的挑战？近期，汇丰晋信基金与汇 丰投资管理携手举办了2026年全球投资展望分享会，邀请投资专家拨开市场迷雾，前瞻2026年环球市场 表现，捕捉多元资产配置机遇。 全球宏观：正处于人工智能超级周期的开端 在汇丰投资管理固定收益环球首席投资官、亚洲区首席投资官Michael Cross看来，市场正处于人工智能 超级周期的开端，也处于大宗商品超级周期的早期阶段。谈及美国市场，他表示："我们预计美元不会 出现大幅贬值。美国正经历一场巨大的投资热潮，流入美国的资金仍然有望保持强劲。" Michael Cross表示："关于人工智能，目前存在着广泛的观点，美国的劳动生产率目前为2%。一些学术 估算认为人工智能可以使生产率增长0.2%。还有一些估算认为，人工智能可以将生产率提高4.5%，这 是前所未有的。虽然我们毫不怀疑人工智能将会带来益处，但无法准确衡量其益处究竟有多大。这意味 着股票价格将会出现上涨趋势，但随着人们对人工智能益处的看法逐渐明朗，预计市场会出现一些波 ...

2月5日，在由中国光伏行业协会主办的光伏行业2025年发展回顾与2026年形势展望研讨会上，工业和信 息化部电子信息司副司长王世江明确表示，治理行业"内卷"将是今年工作的重中之重。 "我们将通过加强部门协同、统筹施策、综合运用产能调控、标准引领、质量监督、价格执法、防范垄 断风险、加强知识产权保护等手段，加快实现供需动态平衡。"王世江表示，光伏行业当前正处于新一 轮深度调整期，行业深层次的供需错配尚未解决，企业的经营依然面临较大挑战。为此，工信部将通过 完善标准与质量的监管，以高标准引领高质量，遏制功率虚标、侵犯知识产权等行为，加强产品的质量 监督和抽查，形成优质优价良性竞争的局面。 "'十五五'光伏行业需从'比规模、拼价格'转向'价值竞争'，需要通过政策组合拳来推动光伏行业的转型 升级。"中国光伏行业协会顾问王勃华表示，光伏行业需要从全产业链能耗与能效双约束来推动光伏产 业从"规模为王"向"能效领先+技术创新"的转型。同时，光伏企业需要拓展第二增长曲线，通过构筑技 术护城河，如加速推进无银/低银技术量产，来降低对白银的依赖等。 此外，"发挥'光伏+'模式的协同优势，降低单一业务的波动风险；构建光伏与储能、氢 ...