Core Viewpoint - The article discusses the recent volatility in the stock market, particularly in resource-related sectors, and highlights the ongoing global resource cycle, with a focus on investment opportunities and market dynamics [1]. Equity Market Summary - A-shares experienced a decline in prices but an increase in trading volume, with average daily trading exceeding 3 trillion yuan. Resource sectors such as oil, coal, non-ferrous metals, and agriculture led the market, indicating a broad revaluation of physical assets [1]. - The CSI Value Index rose by 1.01%, while the CSI Growth Index fell by 0.59%. The Hang Seng Index outperformed A-shares with a 2.38% increase [1]. - The market is expected to exhibit a "slow bull" characteristic until the Spring Festival, with rapid thematic rotations. Long-term investment strategies focusing on resource competition and technological self-reliance are recommended [4]. Bond Market Summary - The bond market remained stable, with the central bank supporting liquidity. Short-term bonds showed little volatility, while long-term bonds were relatively weaker. The low interest rate environment is expected to persist, but increased market speculation and volatility are anticipated [5]. Commodity Market Summary - Gold prices experienced significant fluctuations, reaching historical highs before a technical correction. The volatility was driven by geopolitical risks and a strengthening dollar due to potential hawkish signals from the Federal Reserve [6]. - The South China Commodity Index rose by 2.60%, with notable increases in precious metals and energy sectors, while non-ferrous metals and black commodities saw declines [35]. Overseas Market Summary - The US stock market showed overall gains, with large-cap stocks outperforming small-cap stocks. The Federal Reserve maintained interest rates, aligning with market expectations, while the dollar weakened significantly due to political statements [2]. - The AI industry trend remains strong, with a focus on productivity and revenue growth, while traditional cycles are being monitored for recovery [7].

Group 1 - The net supply of ordinary credit bonds increased on a month-on-month basis, while there were no new issuances or maturities for perpetual bonds [3][5][6] - The total issuance and net financing of ordinary credit bonds for the period from January 26 to February 1, 2026, were 307.4 billion yuan and 183.6 billion yuan, respectively, compared to 328.8 billion yuan and 140.9 billion yuan in the previous period [3][5] - The issuance of industrial bonds decreased to 196.5 billion yuan, while the issuance of urban investment bonds slightly increased to 110.9 billion yuan, with net financing for urban investment bonds significantly rising to 64.3 billion yuan [3][5] Group 2 - In the secondary market, yields and credit spreads showed differentiation, with high-quality bonds performing better than perpetual bonds [3][5][6] - Most yields for high-quality bonds decreased, except for certain maturities, with the best performance seen in 5-year urban investment bonds, which saw a decline of 6.32 basis points [3][5] - The credit spreads for various categories varied, with short-term low-quality high-quality bonds showing better performance, particularly in the 3-year AA-rated medium-term notes and urban investment bonds [3][5][6] Group 3 - The overall pressure in the bond market for February is manageable, with limited room for compression in credit spreads, but the certainty of carry value in short- to medium-term credit bonds remains [3][5] - Recent positive performance in the bond market has been driven by allocation and a cooling equity market, with expectations for stable liquidity from the central bank [3][5] - The real estate sector may see a relaxation of financing restrictions, particularly with new loan support for major developers, which could benefit the valuation recovery of leading state-owned enterprises in the sector [3][5] Group 4 - The strategy suggests focusing on short- to medium-term coupon assets, with a recommendation to extend the duration of high-quality bonds to 3-5 years under the current market conditions [3][5] - There is a cautious outlook on perpetual bonds, with a recommendation to wait for better valuation opportunities as supply increases [3][5] - The demand for high-quality bonds is supported by the need for amortized bond funds, with expectations for a delayed start in related credit market activities [3][5]

申万宏源固收研究 【申万固收|利率】内需偏弱支撑债市短期配置行情——1月中采PMI点评 原创 阅读全文 ...

申万宏源固收研究 阅读全文 【申万固收|机构行为】债市杠杆率下行，中长期利率债基久期回落——机构行为观察周报20260130 原 创 ...

Group 1 - The core viewpoint of the article highlights a shift in the spring market, indicating a change in the market's profit-making effect, with large-cap stocks experiencing a rebound after a decline, while small-cap and tech stocks faced adjustments [1] - The market is characterized by a phase of oscillation and differentiation, moving away from a uniform upward trend to a more volatile and segmented market environment [1] - The average daily trading volume in the two markets increased to approximately 30 trillion yuan, showing a recovery compared to the previous week, with market hotspots primarily in upstream resource products and the telecommunications industry [1] Group 2 - The Shanghai Composite Index has entered a consolidation phase after a series of rebounds, with the current market features being sector differentiation and rapid industry rotation [2] - There is a need to monitor whether various classification indices can reclaim their 5-day moving averages in the short term [2]

申万宏源策略 【申万宏源策略】联储换帅金银巨震，静待波动率回到低位 原创 阅读全文 ...

申万宏源策略 【申万宏源策略】周度研究成果（20260126 - 20260201) 原创 阅读全文 ...

Core Viewpoint - Shenzhen Zhimi Electronics Technology Co., Ltd. successfully listed on the National Equities Exchange and Quotations (NEEQ) on January 28, 2026, with the support of Shenwan Hongyuan Securities as the lead underwriter, showcasing its commitment to the capital market [1]. Group 1: Company Overview - Zhimi Electronics was established in 2016 and is recognized as a national high-tech enterprise and a "specialized, refined, distinctive, and innovative" small giant enterprise [3]. - The company focuses on integrated circuit design and core technologies for new power systems, providing domestic power IoT terminal OS systems and AI algorithms to support the construction of new power systems characterized by clean, low-carbon, safe, abundant, economically efficient, and flexible intelligence [3]. Group 2: Business Model and Technology - Zhimi Electronics has a long-standing focus on the power IoT sector, with its main business covering the research, design, and sales of power IoT chips, carrier communication units, measurement units, and related smart terminal products, forming a business model centered on "integrated circuit design," "industrial operating systems," and "AI power applications" [5]. - The company has invested continuously in core technology research and has established a technical system covering two major areas: wired and wireless communication, and large-scale integrated circuit design, including key technologies such as weak signal processing, carrier aggregation, channel estimation, and high-precision measurement of current and voltage [5][7]. Group 3: Product Development and Market Position - Zhimi Electronics has successfully launched multiple high-performance SoC chips with independent intellectual property rights, which have passed interoperability and performance testing certifications from the State Grid and Southern Power Grid, achieving large-scale commercialization [7]. - The company has built a strong reputation in the industry due to its excellent technical performance, good compatibility, and high reliability of its products [7]. Group 4: Future Outlook - Shenwan Hongyuan Securities played a crucial role in the listing project by leveraging its professional advantages and deep capital market experience to systematically analyze and accurately position the company's technological innovation capabilities, market competitiveness, and core advantages [7]. - The company aims to continue discovering and nurturing high-growth quality enterprises to help them achieve leapfrog development and support the implementation of innovation-driven development strategies [7].

● 免责声明 投资有风险，入市需谨慎。本内容不构成任何投资建议。投 资者不应以该等信息取代其独立判断或仅根据该等信息做出 决策。申万宏源对这些信息的准确性或完整性不作保证，亦 不对因使用该等信息而引发或可能引游躲损豢秃拐չ-α葛磊 02 三 O 今日中签缴 .. 今日申 .. <1 股 易思维 787816 闭 网 55.95 发行/行业市盈率 90.39/44.28 申购上限 0.6万股 发行价(元) 股 爱得科技 920180 配 7.67 发行/行业市盈率 14.98/42.57 申购上限 132.88万股 发行价(元) 今日无新债 ...

股商波动剧烈，全球资源品大周期？ 2026 2026年年11月月2626日日-2026 -2026年年11月月3030日日 基金投顾观点 本周A股价跌量升，资源属性行业领涨，债市稳定，黄金大幅上涨后剧烈波动。具体来看，市场有以下几个重要方面： | 权益方面，本周A股价跌量升，除周五波动较大外，市场整体呈窄幅震荡，沪深两市日均成交金 | | --- | | 额重回3万亿以上。全周涨幅最高的前五个行业中，资源属性行业占据四席，分别是石油石化、 煤炭、有色金属、农林牧渔，市场对实物资产重估的范围出现扩大迹象。本周国证价值上涨 | | 1.01%，国证成长下跌0.59%。恒生指数上涨2.38%，港股股表现优于A股。 | | 债市方面，本周资金面维持稳定，债市整体表现较好，国债期货走强，现券结构分化，央行呵 | | 护资金面流动性，短债波动变化不大，而超长短相对较弱。基本面来看，GDP目标达成但内需 动能仍待修复，低利率环境预计延续。情绪面来看，本周权益市场和商品市场波动较大，市场 | | 风险偏好维持高位，对债市有一定压制。机构行为来看，节前交易盘较为谨慎，配置盘有一定 | | 支撑力量。 | | 商品方面，黄金市场 ...