Core Viewpoint - The capital market in 2025 was driven by clear industry trends and rapid market rotations, with active equity funds demonstrating strong value capture capabilities, contributing over 2.6 trillion yuan in profits to investors, with active equity funds alone contributing approximately 1.1 trillion yuan [1] Group 1: Performance of Active Equity Funds - Active equity funds are valued for their ability to generate excess returns and convert them into real profits for holders, exemplified by Xingzheng Global Fund, which generated 40.94 billion yuan in profits for holders in 2025 [2] - Over the past decade, Xingzheng Global Fund's 28 active equity products averaged over 2 billion yuan in profits per product, with Xingquan Heiyi leading with 13.056 billion yuan in profits [3][4] - Xingzheng Global Fund's active equity funds established for over ten years achieved an average annualized return of 12.58%, providing long-term returns across market cycles [4] Group 2: Fund Manager Performance - Fund managers at Xingzheng Global Fund managing over 20 billion yuan have shown strong alpha generation capabilities, with their longest-managed products achieving excess returns over 1, 3, and 5 years [6][7] - In 2025, 26 out of 27 active equity funds managed by Xingzheng Global Fund outperformed their benchmarks, indicating a broad-based ability to generate excess returns across the platform [8] Group 3: Investment Methodology and Organizational Structure - The profit generation is supported by a systematic investment methodology and organizational structure, with flagship products providing long-term value and a diverse range of funds contributing to profit stability [10][11] - The investment approach emphasizes broad market selection and balanced allocation, avoiding reliance on single industries or styles, which helps manage large-scale funds effectively [12][13] - The platform's research and investment system ensures a high success rate in generating profits, with a focus on deep research and cross-group collaboration to uncover investment opportunities [14][15] Group 4: Long-term Value and Client Focus - The investment philosophy is rooted in a long-term value perspective, with a focus on creating sustainable returns for clients, supported by a robust assessment framework for fund managers [15][16] - The organizational culture promotes resilience and reduces dependency on individual star fund managers, ensuring stable investment capability output [16][17]

商业不动产REITs申报启幕。 截至2月8日，首批10家商业不动产REITs已经申报，合计拟募资377亿元。华泰证券固收张继强认为，这是继2025年12月31日 证监会发布《中国证监会关于推出商业不动产投资信托基金试点的公告》以来，商业不动产REITs的首次申报，标志中国公募 REITs市场正式进入"基础设施不动产+商业不动产"全面发展时期。 据悉，REITs政策助推多层次市场快速形成，供给端形成了基础设施REITs、商业不动产REITs、机构间REITs等多层次的产品 体系。券商在REITs业务中扮演着财务顾问的角色，本次首批10家商业不动产REITs的申报，国泰海通、中信证券作为财务顾 问，占据6家份额。 以中金唯品会封闭式商业不动产证券投资基金为例，其不动产项目是郑州杉杉奥特莱斯项目、哈尔滨杉杉奥特莱斯项目，预 计募资规模74.70亿元。郑州杉杉奥特莱斯项目于2016年9月开业，迄今已运营近10年，该项目分三期建设，其中一期为2层地 上广场及地下车库，二期为3层地上广场（其中第3层为车库），三期为1层地上广场，总建筑面积约11.20万平方米。截至2025 年12月31日，该项目土地剩余使用年限约为30. ...

大基金，有新动作！ 2月8日晚间，半导体公司安路科技在上交所公告，公司股东国家集成电路产业投资基金（简称"国家大基 金"）、深圳思齐、士兰创投、士兰微等拟合计减持不超过4%公司股份。其中，国家大基金拟减持不超802万 股，占公司总股本的比例不超过2%。 此前，2月6日晚间，半导体企业沪硅产业公告，股东国家大基金拟减持不超过3%公司股份；同日晚间，慧智 微公告，大基金二期在1月12日至1月27日期间合计减持269万股，占公司总股本的0.575%；2月3日晚间，泰凌 微公告，国家大基金于2025年12月24日至2026年2月3日期间，通过集中竞价方式减持公司股份232万股。 市场分析人士指出，国家大基金一期早已进入回收期，正加速减持退出成熟领域。大基金二期目前已进入投退 并举的阶段，在有序推进部分项目退出的同时，仍持续在半导体产业链的关键薄弱环节进行战略性布局。而大 基金三期正全面开展投资，加速投向半导体设备、材料等核心环节，持续支持集成电路产业发展。 沪硅产业：国家大基金拟减持不超3%股份 2月6日晚间，沪硅产业公告，基于自身经营管理需要，国家大基金计划自公告披露之日起15个交易日后的3个 月内，通过大宗交易或 ...

中国人寿集团旗下另类保险资管公司宣告"一把手"新老交棒。 近日，国寿投资保险资产管理有限公司（简称"国寿投资公司"）召开2026年工作会议。会议新闻稿信息显示， 刘凡以国寿投资公司党委书记身份，在会上作全面从严治党促进高质量发展报告。这正式官宣了该公司党委书 记已变更为1971年出生的刘凡。 国寿投资公司前任党委书记、总裁为1965年出生的张凤鸣。张凤鸣经历了国寿投资公司获批另类保险资管牌照 的过程，并在该公司成为另类保险资管公司后，一直担任国寿投资公司党委书记、总裁，直至近期正式退休。 作为中国人寿集团的一级子公司，国寿投资公司惯例是党委书记和总裁"一肩挑"。刘凡已出任新的党委书记， 在履行内部公司治理和监管审批有关手续后，他有望出任国寿投资公司总裁。 会议披露的"十四五"成绩单显示，国寿投资公司累计签约规模超1万亿元，累计划款规模9214亿元，在管规模 6272亿元，居另类保险投资行业首位，服务实体经济在管规模5979亿元。 责编：王璐璐 排版：刘珺宇 校对： 杨立林 百万用户都在看 重大信号！49万亿巨头，批量减持！ 利好来了！刚刚，福建重磅发布！ 周末突发！数十枚导弹发射！俄罗斯，发动大规模袭击 刘凡 ...

Group 1 - The core viewpoint is that there is no need to worry about short-term market fluctuations, as the underlying trends indicate a shift from virtual to real economies in Europe and the US, alongside the disruptive innovation brought by AI [2] - The urgency for strategic security investments and new infrastructure in the US reflects a growing competition, balancing short-term shareholder interests with long-term strategic value [2] - China's capital market has already completed the pricing adjustment from virtual to real, currently undergoing a verification and pricing process for quality and efficiency improvements [2] Group 2 - A potential "favorable timing and conditions" for a new upward cycle in the A-share market is anticipated in the coming months, particularly around the Spring Festival [3] - Historical data shows that February, especially around the Spring Festival, is a period of strong market activity, with small-cap stocks likely to outperform [3] - The recent market pullback is seen as an opportunity to regain confidence and prepare for the upcoming upward cycle, especially around the 4000-point level [3] Group 3 - The global market is quickly pricing in the potential hawkish stance of the Federal Reserve, while the Chinese government is shifting its focus towards domestic demand, which is expected to boost economic prospects [5] - The recent emphasis from the China Securities Regulatory Commission on stabilizing the capital market is expected to support a gradual recovery in the A-share market [5] - Recommendations include focusing on emerging technologies and sectors such as consumer services, food and beverage, and traditional manufacturing [5] Group 4 - The recent global asset adjustment is more about digesting emotions rather than fundamental changes, with a favorable environment for market recovery expected post-Spring Festival [6] - Key sectors to focus on include technology manufacturing, resource products, and infrastructure chains, with a particular emphasis on AI hardware and high-end manufacturing [6] - The upcoming period is expected to see increased industry catalysts and a rise in risk appetite, creating opportunities for thematic investments [6] Group 5 - The Hang Seng Technology Index is seen as having value for investment, with expectations of a rebound once the liquidity shock subsides [7] - The market is expected to experience a stronger performance post-Spring Festival, with a focus on sectors benefiting from the "14th Five-Year Plan" [7] - The rotation of investment focus is anticipated to accelerate in February, particularly towards sectors like oil, food and beverage, and construction materials [7] Group 6 - The global risk-off mode has led to a reevaluation of assets, with a focus on physical assets and a recovery in manufacturing trends [8] - Recommendations include investing in commodities like oil, copper, and lithium, as well as sectors with confirmed bottoming out in the Chinese manufacturing industry [8] - The return of capital and easing of pressure from quantitative tightening are expected to support a recovery in consumer sectors [8] Group 7 - The recent adjustments in the A-share market are primarily driven by internal factors, with external shocks having limited impact on the fundamental industry landscape [9][10] - The market sentiment has been sufficiently released, and a continuation of the spring market rally is anticipated post-Spring Festival [10] - Key sectors to watch include AI computing, chemical industries, and power equipment, with potential catalysts from local policy signals [10] Group 8 - The market is expected to maintain a range-bound oscillation, with a shift towards value and consumer sectors as high-valuation tech stocks face selling pressure [12] - Defensive sectors like banking and food and beverage are likely to attract investment, while growth sectors may regain focus post-Spring Festival [12] - The upcoming policy window and recovery in risk appetite are expected to shift market attention back to growth sectors with clear performance catalysts [12]

Group 1 - The article highlights the successful completion of the fourth rehearsal for the 2026 Spring Festival Gala, showcasing a mature performance with smooth transitions and a blend of traditional culture and international art [1] - The gala features innovative expressions of traditional culture, with performances like the song "Lichun" depicting the beauty of spring and the song "Mama Has a Cinema" capturing the essence of childhood growth [1] - The dance performance "Tadi Weijie" integrates various cultural dance styles, including Chinese ethnic dances and international folk dances, symbolizing the beauty of cultural diversity [2] Group 2 - The Spring Festival has become an important cultural link between China and the world, with approximately one-fifth of the global population celebrating this festival in various forms [2] - The "Spring Festival Prelude Global Viewing" event has been held in multiple countries, allowing participants to experience the festive atmosphere through artistic performances and cultural activities [2] - The gala serves as a "cultural reunion dinner," inviting friends from around the world to share in the joy and traditions of the Chinese New Year [2]

Core Viewpoint - The article highlights the active M&A market in A-shares, with multiple companies announcing significant acquisition plans, indicating a trend towards resource optimization and market vitality through mergers and acquisitions [2]. Group 1: Company Announcements - Yongtai Technology plans to issue shares to acquire a 25% stake in Yongtai High-tech held by CATL, with the stock suspended from trading starting February 9 [1][3]. - Ruili Kemi is planning to issue shares to acquire a 16% stake in Wuhan Kedes, with its stock also suspended from trading starting February 9 [2][7]. - The M&A activities include over ten A-share listed companies, such as Yongtai Technology and Ruili Kemi, announcing their restructuring progress since February 1 [2]. Group 2: Financial Performance and Projections - Yongtai Technology expects a revenue of 5 billion to 5.5 billion yuan for 2025, up from 4.589 billion yuan in the previous year, while projecting a net loss of 25.6 million to 48.6 million yuan, an improvement from a loss of 478 million yuan in the prior year [6]. - The demand in the new energy vehicle and energy storage sectors has significantly boosted the sales and prices of Yongtai's lithium battery materials, contributing to a notable increase in gross profit [6]. - Ruili Kemi's subsidiary, Wuhan Kedes, reported a revenue of 152 million yuan and a net profit of 19.06 million yuan for the year 2024, indicating its role in the company's core business [8].

日本广播协会出口民调显示，日本执政联盟将获得众议院过半议席。 日本国会众议院选举投票结束 当地时间8日20时，日本国会众议院选举投票全部结束，接下来将进入计票环节。 当地时间8日7时，日本第51届国会众议院选举开始投票，共有1284名候选人参与争夺众议院465个议席。由 自民党和日本维新会组成的执政联盟在选后能否获得过半数议席为舆论关注焦点。 责编：刘珺宇 校对： 杨立林 百万用户都在看 重大信号！49万亿巨头，批量减持！ 利好来了！刚刚，福建重磅发布！ 周末突发！数十枚导弹发射！俄罗斯，发动大规模袭击 A股突发！多只大牛股，紧急提示风险！ 盘中，大幅拉升！重大突破！量子科技，突传利好！ 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 券中社 × 券商中国 券 中 社 扫码下载券中社APP 扫码关注券商中国公众号 quanshangcn qzs.stcn.com 舞中 券中社APP 券 商 中 国 是 证 券 市 场 权 威 媒 体 《 证 券 时 报 》 旗 下 新 媒 体 , 券 商 中 国 对 该 平 台 所 刊 载 的 原 创 内 容 享 有 著 作 权 , 未 经 ...

值得关注的是，陈志祥此次被查，距离其从金融国企高管调任高校校长一职，尚不足两年时间。而在赴任高校 前，他的另一个关键身份是湖北宏泰集团党委副书记、总经理，同时兼任天风证券党委书记。 调任高校不足2年即被查 履历显示，陈志祥生于1973年8月生，博士研究生学历，经济学博士学位，2002年7月参加工作。曾任湖北证监 局上市公司监管一处副处长、机构监管处副处长、信息调研处副处长，湖北省农村信用社联合社副主任、党委 委员，武汉光谷联合产权交易所有限公司党委书记、董事长。2019年9月任湖北省宏泰国有资本投资运营集团 有限公司党委副书记、总经理，2022年1月任湖北宏泰集团有限公司党委副书记、总经理；2023年4月任天风证 券党委书记。 湖北开放大学是湖北省人民政府举办的省属本科新型高等学校。学校前身为湖北广播电视大学，创办于1979年 1月。2005年5月，湖北冶金技术学校并入。2016年9月，湖北省人民政府批复同意湖北广播电视大学与湖北科 技职业学院实行"一套班子、两块牌子"的办学管理模式。2020年12月，经湖北省人民政府批准并报教育部备 案，湖北广播电视大学正式更名为湖北开放大学。 2024年陈志祥的职业生涯迎 ...

Core Viewpoint - The article highlights the ongoing enthusiasm of institutional investors in A-share listed companies, with significant stock price increases observed in several companies following recent institutional research activities [3]. Group 1: Institutional Research and Stock Performance - As of February 6, 113 A-share listed companies disclosed institutional investor research records, with 50% of these companies experiencing stock price increases [3]. - Notable stock performers include ZeRun New Energy with a 70.84% weekly increase, followed by Euro-Lai New Materials at 32.25%, and Triangle Defense at 19.14% [3]. - Companies such as ZeRun New Energy, Euro-Lai New Materials, and Guoneng Rixin have recently reached historical stock price highs [3]. Group 2: Company-Specific Developments - Naipu Mining Machine terminated its investment in overseas mining projects, citing significant changes in equity transfer conditions and increased risks associated with Colombia's political and economic environment [5]. - The total investment amount for the terminated project was $146 million (approximately 1.02 billion RMB), representing 56% of Naipu's net assets [5]. - Naipu plans to focus on strengthening its core business in mineral processing and will consider investment opportunities in stable regions like Central Asia and Southeast Asia [5]. Group 3: Market Trends and Customer Insights - Naipu Mining Machine noted a significant increase in downstream customers' willingness to increase capital expenditures, driven by the production ramp-up of Zijin's Jilong Copper Mine [6]. - The processing capacity of the mine is expected to increase from 45 million tons to over 105 million tons, positively impacting Naipu's sales of complete machines and aftermarket consumables [6]. Group 4: Ringxu Electronics' Performance - Ringxu Electronics reported a 5.3% quarter-over-quarter decline in Q4 2025 revenue, with a year-over-year decline of 6.8%, primarily due to decreased material procurement costs and a downturn in the automotive and electronics sectors [7]. - The company anticipates growth in AI accelerator card revenues, driven by strong demand from CSP customers, and is actively engaging with clients for AI server motherboard opportunities [7]. - Ringxu believes that rising storage prices will enhance the competitiveness of its major clients' products in the consumer electronics market [7]. Group 5: Dajin Heavy Industry's Offshore Base - Dajin Heavy Industry hosted 109 institutional investors to discuss its offshore engineering base, which aims to become a world-class factory for large-scale offshore wind foundation structures [9]. - The base will have an annual design capacity of 500,000 tons and will address industry challenges related to high costs and low delivery efficiency in offshore wind development [9]. - Dajin plans to enhance local assembly capabilities and service levels through its overseas terminal layout in Denmark, Germany, and Spain, improving project delivery and profitability [9].