Group 1: Open Market Operations - The central bank conducted a 315 billion yuan 7-day reverse repurchase operation at a fixed rate of 1.40%, with a total bid and winning amount of 315 billion yuan [1] - Additionally, a 3000 billion yuan 14-day reverse repurchase operation was carried out, with a total of 6000 billion yuan in 14-day reverse repos conducted over two days to support the liquidity during the Spring Festival [1] Group 2: Funding Conditions - The interbank market is experiencing a more relaxed funding environment, with the weighted average rate of DR001 dropping over 4 basis points to around 1.27% [3] - Overnight quotes in the anonymous click (X-repo) system fell to 1.25%, indicating ample supply, while non-bank institutions borrowed overnight against credit bonds at rates below 1.5% [3] - The latest overnight financing rate in the U.S. stands at 3.65% [3] Group 3: Interbank Certificates of Deposit - The latest transaction for one-year interbank certificates of deposit in the secondary market is around 1.590% [7] Group 4: Bond Market Overview - The yields on major interbank rate bonds have mostly decreased, with specific yields for various maturities showing declines, such as the 1-year government bond yield at 1.3125% and the 10-year yield at 1.8010% [10] - The data indicates a general downward trend in yields across different types of bonds, including government bonds and policy bank bonds [10] Group 5: Recent Economic Indicators - The Asian Manufacturing Purchasing Managers' Index (PMI) for January 2026 is reported at 51%, a slight decrease of 0.1 percentage points from the previous month, indicating continued expansion in the manufacturing sector [14] - The global manufacturing PMI increased by 1.5 percentage points to 51% in January [14] Group 6: Global Monetary Policy - The European Central Bank has maintained its benchmark interest rate, marking the fifth consecutive pause in rate cuts since June of the previous year, with officials closely monitoring the impact of euro appreciation on export competitiveness and inflation [16]

Core Insights - The article discusses the potential for a shift in U.S. Federal Reserve policy under the new chair, with expectations of interest rate cuts before any balance sheet reduction, which may exceed market expectations [2] - There is a notable interest in Chinese assets from global investors, with several foreign institutions expressing optimism about their performance [1] Market Analysis - The Dow Jones Industrial Average has historically surpassed the 50,000 mark, indicating a shift in market sentiment from growth stocks to value stocks, with increased allocations to high-dividend and defensive consumer staples [1] - Citic Securities suggests that February will see high volatility in the market, with a tilt towards risk assets, making equity assets a more favorable choice [1] Sector Research - Guotai Junan highlights the commercial aerospace industry, particularly the potential of SpaceX's plans to launch a million satellites, which could lower operational costs and make space a viable option for AI computing [7] - Huaxia Fund notes that the transformer industry is entering a high-growth cycle due to surging demand from AI data centers and global grid upgrades, with a focus on solid-state transformers as the next generation [8] - HSBC Jintrust emphasizes the attractiveness of the Hong Kong tech sector, despite recent adjustments influenced by external factors rather than fundamentals [9] Macro and Fixed Income - Tianfeng Securities anticipates that short-term deposit rates will remain stable, with potential downward pressure following the end of the quarter [14] - Morgan Stanley believes that changes in the Federal Reserve's leadership will not significantly alter the policy response function, with potential rate cuts later in the year [15] Asset Allocation - Guotai Fund advises a diversified asset allocation strategy, including A-shares, Hong Kong stocks, U.S. stocks, commodities, and bonds, with a focus on both growth and cash flow assets [3] - The article suggests a continued emphasis on "outbound + technology" strategies, particularly in sectors benefiting from cyclical recovery and AI [18]

Market Overview - The A-share market faced overall pressure last week, with major indices declining, particularly the Sci-Tech 50, which fell by 5.76%. The ChiNext Index and ChiNext 50 dropped by 3.28% and 3.68%, respectively, indicating significant pullback pressure on growth sectors [2] - In contrast, the Shanghai 50 and CSI Dividend indices showed relative resilience, with declines of less than 1%, reflecting a defensive stance in value sectors. The Wind Micro Index, however, rose by 1.86%, indicating a rotation of funds towards small-cap stocks [2] - Market sentiment remains cautious, with risk appetite decreasing, despite active trading [2] Industry Performance - The performance of the Wind primary industry indices showed significant divergence. Consumer staples led with a gain of 2.87%, followed by industrials, consumer discretionary, and financials, which rose by 1.14%, 0.77%, and 0.71%, respectively. Conversely, information technology, materials, and communication services experienced the largest declines, falling by 4.86%, 4.52%, and 3.53% [11][12] - The preference for defensive consumer sectors over technology growth sectors is evident, likely driven by rising consumption expectations ahead of the Spring Festival, while tech stocks are under pressure from valuation adjustments and tightening liquidity expectations [11] Fund Issuance and Performance - A total of 40 funds were launched last week, including 16 equity funds, 8 mixed funds, 7 bond funds, and 9 FOF funds, with a total fundraising amount of 30.859 billion units [14] - The overall performance of the Wind All Fund Index declined by 1.19%, with ordinary equity funds down by 2.06% and mixed equity funds down by 2.39%. Bond funds remained stable, while equity funds faced significant pressure [7][14]

1 、 海南自贸港居民进境商品免税额度每人每年 1 万元。 财政部、海关总署、税务总局联合发布通知，对海南自贸港岛内居民在指 定经营场所购买的进境商品，在免税额度和商品清单范围内免征进口关税、进口环节以及国内环节增值税和消费税。免税额度为每人 每年 1 万元人民币，不限购买次数。 2 、 中国光伏行业协会预计 2026 年新增装机回落，工信部聚焦行业内卷治理。 中国光伏行业协会预计 2026 年中国光伏新增装机规 模将回落至 180GW 至 240GW ， " 十五五 " 期间年均新增装机量为 238GW 至 287GW 。工信部电子信息司副司长王世江指出，治理 光伏行业内卷将是今年工作的重中之重。 3 、 全球 HBM （高带宽内存）短缺正从数据中心蔓延至消费电子领域，智能手机行业首当其冲。 高通与 Arm 相继预警，内存短缺 将直接限制手机产量，部分制造商已计划削减生产并下调出货目标。 4 、 银行保险代理销售热度增加。 近期，山东、河北、安徽等地农商行保险代理业务方面动作频繁，纷纷上线保险代理产品、新增 代理险种、密集开展人员培训等。农商行人士指出，春节将至，返乡客流持续增加，客户多元化金融需求增加，为 ...

Group 1 - China's foreign exchange reserves have increased for the sixth consecutive month, reaching $339.91 billion, up by $41.2 billion or 1.23% from December 2025. Gold reserves have also risen for 15 months, now at 74.19 million ounces, with a month-on-month increase of 40,000 ounces [3][6] - The successful launch of a reusable experimental spacecraft by China on February 7, 2026, marks a significant advancement in commercial space endeavors, potentially leading to a normalization of high-frequency launches [3][6] - The State Taxation Administration of China announced that the personal income tax settlement period for 2025 will be from March 1 to June 30, 2026, with appointment services available for taxpayers [5][6] Group 2 - Nvidia's CEO Jensen Huang expressed optimism about AI development, stating that the infrastructure for AI is still in its early stages and demand will remain strong for the next several years. He noted that the overall demand for computing power is "astonishing" and that capital expenditure in the tech sector for AI infrastructure is reasonable and sustainable [4][6] - The logistics costs in China have been steadily decreasing for several years, with the ratio of total logistics costs to GDP dropping to 13.9% in 2025, the lowest level recorded [5][6] Group 3 - Shanghai aims to establish a modern industrial system focusing on advanced manufacturing, targeting six emerging pillar industries, including new-generation electronic information and intelligent connected vehicles, to create a trillion-level industry increment [7][6] - In 2025, Shanghai saw the establishment of 6,300 new foreign-funded enterprises, a year-on-year increase of 6.8%, indicating a focus on attracting foreign investment and expanding institutional openness [7][6] Group 4 - The Chinese futures market experienced a significant increase in total funds, exceeding 400 billion yuan in January, reaching a historical high of 2.57 trillion yuan, with a 19% growth in client equity [17][6] - The People's Bank of China has increased its gold reserves for 15 consecutive months, signaling a strategy to optimize international reserves amid fluctuating international gold prices [17][6]

•五部门联合治理不法"代理维权" ，剑指短视频、直播等自媒体平台乱象 • 资金抄底美股大幅反弹， 道指首次突破5万点关口 •美伊核谈破冰，双方就继续谈判达成共识 • 涨价补钱！ 三大存储巨头拟推"短期合同+后结算"模式 •快手回应因直播间事故被罚1.19亿元：诚恳接受，坚决整改 1、 国务院常务会议研究促进有效投资政策措施 ，要求创新完善政策措施，加力提效用好中央预算内投资、超长期特别国债、地方政府专项债券等 资金和新型政策性金融工具。在基础设施、城市更新、公共服务、新兴产业和未来产业等重点领域，深入谋划推动一批重大项目、重大工程。 2、 中国人民银行等八部门联合发文，明确虚拟货币相关业务活动属于非法金融活动，境内一律严格禁止。 境内外任何单位和个人未经同意不得在境外发 行挂钩人民币的稳定币，境内主体及其控制的境外主体不得在境外发行虚拟货币。禁止在境内开展现实世界资产代币化相关活动；未经同意、备案等，任 何单位和个人不得赴境外开展现实世界资产代币化业务。 •国常会研究促进有效投资政策措施 ，深入谋划推动一批重大项目及工程 •虚拟货币再迎监管新规 ，央行等八部门联合发文重申境内禁止性政策 •证监会：对境内资产境 ...

Win.d 马斯克十倍目标 如何激发团队 突破上限 你敢试吗? 第一性原理驱动变革,十倍目标催化跃迁 为什么"合理KPI" 正在谋杀销售潜力? 肪脚够得到的指标 惯用方法推进 月底挣 扎达标 安全,却难见突破。 马斯克铁律: "目标高十倍,解题方式必须颠覆!" 当马斯克要求SpaceX将火箭成本降90%时 团队惊呼不可能! 结果 ? 可回收火箭改写航天史 -- 突破性目标激发颠覆创新! 方式一(官网直通车) 速递简历至万得招聘官网 https://www.wind.com.cn Q 方式二 (扫码闪电投) 长按识别二维码,一键抢占席位 十倍目标如何激发超常战力? × 传统 十倍 日成交X单 ← 日打X电话 推动探索社群运营 ← KOL合作 成交1.5单 AI获客 ... 撕碎路径依赖 当旧方法失效,创新方案自然浮现 激活专注力 放弃无效社交,话术/客户分层极致优化 在万得 正是那些敢于设定非凡目标的突破者 正在重塑增长边界 他们坚信: 取法乎上,得乎其中 -- 即使未能完 全实现远大目标,仍然碾压'合理'目标! 突破者 加入万得, 置身专属成长加速体系, 锚定非凡目标, 让潜力十倍释放。 - 即刻行动 - ...

Group 1 - Meituan has agreed to acquire Dingdong Fresh Holding Limited for $717 million, which will make Dingdong a wholly-owned subsidiary of Meituan, enhancing its core competitive advantages on a larger platform [3] - Nvidia will not launch new gaming graphics chips this year due to a shortage of storage chips, marking the first time in thirty years, and will reduce the production of the current GeForce RTX50 series [3] - Amazon announced a capital expenditure of approximately $200 billion for 2026, exceeding market expectations, primarily for cloud infrastructure and AI technology development [3] Group 2 - Alphabet's Q4 revenue reached $113.83 billion, a year-on-year increase of 18%, with Google Cloud revenue growing by 48% to $17.66 billion [4] - NIO expects to achieve an adjusted operating profit of 700 million to 1.2 billion yuan in Q4 2025, marking its first quarterly profit [4] Group 3 - Baidu's board has approved a $5 billion share buyback plan and a dividend policy, with the first dividend expected in 2026, reflecting confidence in its growth prospects [6] - TSMC plans to invest approximately $17 billion in its Kumamoto plant for 3nm chip production, while also evaluating adjustments to its second wafer fab's process planning [6] - Guoxuan High-Tech plans to issue A-shares to raise up to 5 billion yuan for various battery projects and to supplement working capital [6] Group 4 - Samsung Electronics announced the construction of a dedicated HBM4 DRAM production line at its P4 plant, aiming to increase production capacity by nearly 20% [12] - Toyota continues to focus on hybrid vehicles after achieving six consecutive years of global sales leadership, with a projected decline in net profit for Q3 [12] - Sony Group's Q3 operating profit was 515.04 billion yen, exceeding market expectations, and it raised its full-year operating profit forecast to 1.54 trillion yen [12]

Group 1: Open Market Operations - The central bank conducted a 7-day reverse repurchase operation of 118.5 billion yuan at a fixed rate of 1.40%, with a total bid amount of 118.5 billion yuan and a successful bid amount of 118.5 billion yuan [1] - Additionally, a 14-day reverse repurchase operation of 300 billion yuan was conducted using a fixed quantity and multi-price bidding method [1] - On the same day, 354 billion yuan of reverse repos matured, resulting in a net injection of 64.5 billion yuan, or a net withdrawal of 235.5 billion yuan if excluding the 14-day operation [1] Group 2: Market Liquidity - The interbank market liquidity remains stable but slightly loose, with the weighted average rate of DR001 staying around 1.32% [3] - Overnight quotes in the anonymous click (X-repo) system are around 1.3%, indicating ample supply; non-bank institutions are borrowing overnight against credit bonds at rates around 1.5% or slightly lower [3] - The latest overnight financing rate in the U.S. is reported at 3.69% [3] Group 3: Interbank Certificates of Deposit - The latest transaction rate for one-year interbank certificates of deposit among major banks is around 1.60%, showing a slight decline from the previous day [6] Group 4: Bond Market Overview - Major interest rate bonds in the interbank market have generally seen a decline in yields [8] - The closing prices for government bond futures indicate a rise, with the 30-year main contract up by 0.38%, the 10-year main contract up by 0.08%, the 5-year main contract up by 0.07%, and the 2-year main contract up by 0.04% [14] Group 5: Recent News and Developments - The Ministry of Finance, General Administration of Customs, and State Taxation Administration jointly issued a notice regarding tax exemptions for residents of Hainan Free Trade Port on imported goods within specified limits [12] - The U.S. has officially formed a critical minerals alliance, emphasizing the importance of maintaining a stable and secure global supply chain for critical minerals [12] - U.S. Treasury Secretary Basant noted continued significant inflows of foreign capital into U.S. Treasury bonds and the stock market [15]

1 、 2026 年全国服务消费和服务贸易工作会议在京召开。 会议强调，当前消费结构加快从商品消费主导向服务消费主导转变，要培育 服务消费新增长点，鼓励支持服务出口，创新发展数字贸易。 2 、 商务部公布数据显示， 2025 年我国服务贸易进出口总额 80823.1 亿元，同比增长 7.4% ，服务贸易逆差减少 3439.5 亿元。 旅 行服务增长较快，进出口达 22067 亿元，增长 7.6% 。 3 、国家网信办等十一部门联合出台 14 条工作举措，提升境外人员入境数字化服务便利性，到 2027 年， 居住、医疗、支付、旅游、 公共服务等领域的数字化应用服务堵点基本打通、应用场景全面拓展。 • 海南自贸港岛内居民消费进境商品免税额度为每人每年 1 万元 • AI 热潮退烧、疲软就业数据冲击美股， 三大指数跌逾 1% • 市场陷入"信心危机"， 贵金属再遭抛售，比特币跌破 7 万美元 • " AI 编程大战"打响， OpenAI 与 Anthropic 同步发布新模型 • A 股 2026 年春节休市安排公布 •亚马逊最新财报出炉， 今年支出指引"爆表"盘后股价大跌 1 、 财政部、海关总署、税务总局联合发 ...