Core Viewpoint - The approval of Western Securities to conduct market-making business for stocks listed on the Beijing Stock Exchange (BSE) indicates an expansion of the market-making capabilities among brokerages, with a notable divide in participation enthusiasm between small and large brokerages [2][4][7]. Group 1: Approval Process - On February 13, Western Securities announced that the China Securities Regulatory Commission (CSRC) had approved its qualification for market-making in listed securities, specifically for BSE stocks [2][4]. - The application process for this qualification was lengthy, starting with a submission to the CSRC in January 2023, and receiving formal approval only in February 2026 [4]. - Following the approval, Western Securities must undertake several steps, including amending its company charter and completing business registration within specified timeframes [4][5]. Group 2: Market Participation - The number of brokerages qualified for market-making on the BSE has increased, with 21 firms currently engaged in this business [8]. - Among the top ten market makers, six are small brokerages, indicating a more active participation compared to larger firms, which show lower engagement levels [2][8]. - The top three brokerages by the number of market-making stocks are Guojin Securities (62 stocks), CITIC Securities (59 stocks), and Guotou Securities (53 stocks), while some large brokerages like CICC and Huatai Securities have only a handful of stocks [9]. Group 3: Industry Insights - The disparity in engagement levels among brokerages is attributed to the BSE providing opportunities for smaller firms to develop niche businesses, while larger firms view the qualification more as a strategic reserve rather than a primary profit source [9]. - Challenges in the market-making business include insufficient liquidity on the BSE, which complicates profitability for market makers, as well as significant market volatility and a lack of hedging tools [9]. - A recent survey indicated that 34% of brokerages do not plan to participate in the BSE market, while 28% are still considering their options, and only 35% have begun to engage in a limited capacity [9].

泉果基金官宣新一任总经理。 此前，赵诣和刚登峰作为中生代的代表已升任泉果基金总经理助理，分别兼任公募投资部和研究部负责人。经 过四年的系统性建设与专业化打磨，泉果基金已建立起覆盖权益投资、固收投资、行业研究、宏观策略、量化 跟踪、财务分析等方面的立体化专家型投研团队，形成老将、中生代、新生代的人才梯队。 2月14日，泉果基金发布的公告显示，公司创始合伙人李云亮将成为新一任总经理。此前，由泉果基金董事长 任莉代行总经理职务。 在经历短暂调整后，泉果基金实现了管理层团队的平稳更替。公司还将聘任创始合伙人、副总经理姜荷泽兼任 财务负责人，孙媛担任合规负责人和风控负责人，姚钟骁担任公司副总经理等，加上现任副总经理韦海菁，共 同组成泉果基金高管团队。 李云亮升任总经理 泉果基金成立于2022年2月，是经中国证监会批准的全国性公募基金管理公司，注册地位于上海，注册资本为1 亿元人民币。作为著名的"个人系"公募，公司由王国斌、任莉、姜荷泽、李云亮、韦海菁等从业人士共同创 立。 资料显示，泉果基金新任总经理李云亮拥有丰富和全面的资管机构管理经验。作为公司的创始股东之一及核心 管理层，他自公司成立之初即担任合规负责人、风控负责 ...

Core Viewpoint - Anta Sports is progressing with its acquisition of over 29% stake in the German sports brand Puma, which is seen as a strategic move to enhance its global presence and brand recognition in the sports goods market [1][4]. Group 1: Acquisition Details - On February 13, Anta Sports announced that it received written approval from its subsidiaries for the share purchase agreement, with a total of approximately 1.478 billion shares held by its subsidiaries, representing about 52.83% of the total issued shares [2][3]. - The acquisition involves purchasing 29.06% of Puma SE for a cash consideration of €35 per share, totaling €1.506 billion, funded entirely through internal resources [4]. Group 2: Strategic Importance - The acquisition is a significant step in advancing Anta's "single focus, multi-brand, and globalization" strategy, with Puma's strong global influence in professional and trendy sports aligning well with Anta's existing multi-brand strategy [4]. - Anta aims to leverage Puma's established market presence to enhance its competitiveness in the global sports goods market [4]. Group 3: Market Reactions and Financial Implications - Analysts from various institutions have commented on the acquisition, with JPMorgan noting that the valuation is reasonable given Puma's brand history and market positioning [5]. - According to Everbright Securities, the acquisition marks a milestone in Anta's multi-brand strategy, enhancing its footprint in the European and American sports markets [5]. - However, analysts from浦银国际 highlighted potential short-term impacts on Anta's earnings, predicting a significant decrease in net cash post-acquisition, which could affect earnings in 2026 [6][7].

此前，即2月9日上午，香港特区高等法院就反中乱港分子黎智英涉嫌违反香港国安法等案件作出宣判，判处黎 智英20年有期徒刑。 然而，多个美西方国家、反华媒体、组织及政客等借此针对香港特别行政区（特区）作出污蔑抹黑和攻击，甚 至诋毁法庭依法独立作出的裁决及判刑。 2月9日，香港特区政府发言人表示，特区政府坚决反对此等卑劣行径，并予以强烈谴责。在香港国安法的坚实 保障下，外部势力"以港遏华"的图谋无法得逞，只好针对香港特区维护国家安全的努力作出抹黑诋毁等徒劳无 功的卑劣政治操弄，歪曲事实、颠倒是非，其险恶用心昭然若揭，必须直斥其非，以正视听。 综合自：长安街知事 责编：罗晓霞 校对： 吕久彪 百万用户都在看 集体大涨！刚刚，利好突袭！芯片，大消息 突变！美联储，重磅来袭！ 据"外交部驻香港特派员公署"微信公众号2月14日消息，2月11日和12日，外交部驻港公署约见英国、美国、澳 大利亚等国和欧盟驻港机构负责人，针对其官方和政客就黎智英案量刑裁决发表负面言论提出严正交涉，表达 强烈不满和坚决反对，敦促上述国家、组织及有关政客切实尊重中国主权和香港法治，立即停止对香港国安案 件审理发表不负责任言论，立即停止以任何形式干预 ...

中方将对53个非洲建交国全面实施零关税举措 中方将于2026年5月1日起对53个非洲建交国全面实施零关税举措，同时继续推动商签共同发展经济伙伴 关系协定，并通过升级"绿色通道"等进一步扩大非洲输华产品准入。 未 经 授 权 禁 止 转 载 ， 否 则 将 追 究 相 应 法 律 责 任 。 看券商中国 知天下财经 F 百万用户都在看 刚刚，集体大涨！美国财长，突发重磅信号！ 深夜变局！美联储，降息大消息！ 集体大涨！刚刚，利好突袭！芯片，大消息 突变！美联储，重磅来袭！ 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 , 来源：央视新闻 责编：罗晓霞 校对： 吕久彪 ...

为深入贯彻落实党的二十大和二十届历次全会精神，落实《中共中央 国务院关于统筹建立常态 化防止返贫致贫机制促进乡村全面振兴的意见》和《中共中央 国务院关于锚定农业农村现代化 扎实推进乡村全面振兴的意见》部署要求，深入学习运用"千万工程"经验，加快构建过渡期后常 态化金融帮扶机制，持续提升金融支持的力度、精度和实效，扎实推进乡村全面振兴，推动城乡 融合发展。近日，中国人民银行、金融监管总局、中国证监会、农业农村部联合发布《关于统筹 建立常态化金融支持机制 助力防止返贫致贫和乡村全面振兴的意见》（以下简称《意见》）。 《意见》要求，要强化金融多业态协同，发挥债券市场融资功能，鼓励金融机构尤其是欠发达地区地方法 人金融机构发行小微、 "三农"等专项金融债券。构建资本市场综合支持体系，继续实施企业上市"绿色通 道"政策。创新发展保险产品和服务。强化政策保障和组织实施，充分发挥货币、信贷政策的激励作用， 引导金融机构持续加大对乡村振兴领域尤其是防止返贫致贫对象和欠发达地区的信贷资源投入。建立健全 常态化的金融帮扶政策效果统计与动态监测机制，定期跟踪分析政策落实成效。 下一步，中国人民银行将加强与金融监管总局、中国证监会、 ...

美股风格大变局！ 今年以来，Mag7杀跌惨重。微软是首家进入熊市的Mag7成员，股价于1月29日跌入熊市。截至周五收盘，微软股价较近期高点下跌27.8%。Meta可能成为下一个跌 入熊市的Mag7成员，截至周五收盘，较去年高点累跌19.6%，距离熊市的20%跌幅门槛仅差0.4%。 据券商中国记者统计，今年以来，Mag7市值皆出现了显著收缩，总市值蒸发约1.51万亿美元。 | 序号 | 证券代码 | 证券简称 | 总市值1 | 总市值1 | | | --- | --- | --- | --- | --- | --- | | | | | [交易日期] 2026-2-14 [单位] 亿元 | [交易日期] 2025-12-31 [单位] 亿元 | | | 1 | MSFT.O | 微软(MICROSOFT) | 29,800.5346 | | 35,928.1298 | | 2 | AMZN.O | 亚马逊(AMAZON) | 21.339.9492 | | 24.450.7626 | | 3 | NVDA.O | 英伟达(NVIDIA) | 44,422.8300 | | 45,319.5000 | | ব | ...

为深入探讨湾区财富管理行业的最新动态，展现行业前沿理念与实践，证券时报·券商中国携手深圳市财富管理协会，共同推出"岁末洞见·2026湾区财富 管理高端访谈"专栏，全方位擘画湾区财富管理领域的最新实践与助力行业高质量发展的责任担当。本文为专栏第五篇，敬请垂注！ 进入2026年，全球经济仍在寻找新的平衡点。 一方面，美联储政策周期由紧转松，全球利率中枢下移；另一方面，地缘政治冲突、产业链重构、资源品供需再平衡，使金融市场与大宗商品价格的波动 幅度显著放大。传统股债资产相关性趋同，分散化效果弱化，投资者迫切需要新的风险对冲与收益来源。 在此背景下，期货及衍生品如何在大类资产配置中发挥"危机阿尔法"价值？期货公司又该如何完成从经纪通道向衍生品特色财富管理机构的转型？ 围绕这些问题，券商中国记者在岁末之际专访了平安期货总经理袁建峰，就衍生品的配置价值、期货公司的转型路径、期货资管的差异化竞争、服务实体 经济的创新实践，以及2026年的市场前瞻，进行了深入交流。 期货不是资产，是工具 岁末洞见·2026湾区财富管理高端访谈 编者按： 2026年正处于"十四五"收官、"十五五"时期谋篇的关键节点，也是财富管理行业由"规模扩 ...

Core Viewpoint - Multiple securities firms received penalties from the China Securities Regulatory Commission (CSRC) for violations in bond business, indicating a shift away from a "scale-first" approach and a heightened regulatory focus on compliance and internal controls in the industry [2][5]. Summary by Sections Penalties Issued - On February 13, the CSRC issued warnings to three securities firms: Caitong Securities, Pacific Securities, and Zhongtian Guofu Securities, due to violations in their bond business [2]. - The penalties highlight common issues such as inadequate internal controls and insufficient due diligence in bond underwriting and management [3]. Common Issues Identified - Caitong Securities faced three main issues: 1. Inadequate execution of internal control mechanisms, with insufficient checks on certain projects [3]. 2. Non-compliance in due diligence, failing to adequately verify significant financial information affecting the issuer's repayment ability [3]. 3. Lack of diligence in trustee management, not sufficiently monitoring the issuer's obligations for information disclosure [3]. - Zhongtian Guofu Securities exhibited similar problems, including poor internal control and inadequate management of the underwriting process [3]. - Pacific Securities also had issues with internal controls and insufficient monitoring of asset transfers in certain ABS projects [3]. Regulatory Environment - The bond business has become a significant area of regulatory scrutiny, with many firms facing penalties for similar violations, including inadequate due diligence and failure to monitor issuer repayment risks [5][6]. - The CSRC emphasizes the need for securities firms to establish robust internal control mechanisms and adhere strictly to regulatory guidelines [4]. Historical Context - Since 2025, several securities firms have been penalized for bond underwriting violations, indicating a trend of increasing regulatory enforcement in this area [6][7].

Core Viewpoint - The cryptocurrency market has experienced a significant rebound, with Bitcoin rising by 5.5% to $69,027 and Ethereum increasing by 7.5% to $2,059.2, following a statement from U.S. Treasury Secretary Scott Bensent regarding new federal regulations for digital assets [1][2]. Group 1: Market Reaction - In the last 24 hours, a total of 89,241 individuals were liquidated in the cryptocurrency market, with a total liquidation amount of $265 million [1]. - The recent surge in cryptocurrency prices is attributed to Bensent's announcement that Congress will pass a bill to establish federal regulations for digital assets, which is expected to calm market sentiments [2]. Group 2: Legislative Impact - Bensent emphasized that the proposed "Digital Asset Market Clarity Act" could significantly soothe market volatility during turbulent times [2]. - He noted that while there has been resistance from cryptocurrency companies, a bipartisan group of lawmakers is pushing for the bill's passage, although its future may be uncertain if the Democrats gain control of the House in November [2]. Group 3: Market Analysis - Bitget's CEO, Gracie Chen, believes that the recent market weakness is not related to deteriorating fundamentals but rather a structural liquidity shock that occurred on October 10 last year [4]. - Chen pointed out that declining interest rates and a friendly stance from the new U.S. government towards cryptocurrencies, along with increased adoption of blockchain technology, could present opportunities for long-term investors despite the industry's challenging conditions [4]. Group 4: Diverging Opinions - Ari Paul, founder of BlockTower, suggests that the cryptocurrency market is at a critical juncture, facing two potential outcomes: either reaching a peak or continuing to decline due to slow real-world adoption and the risk of large-scale liquidations [5]. - Paul expressed concerns about the long-term viability of Bitcoin, highlighting the mixed results of Bitcoin adoption experiments in countries like El Salvador [5].