Market Overview - In January 2026, the equity market showed a good profit effect with major indices rising, while the bond market stabilized. The cyclical and growth sectors performed well, with non-ferrous metals, media, and oil and petrochemicals leading gains at 23.02%, 18.85%, and 14.95% respectively. Conversely, the banking, comprehensive finance, and transportation sectors experienced declines of -6.18%, -4.46%, and -0.89% respectively [3] - The bond market exhibited resilience after a period of decline, with major bond fund indices showing slight increases: the Wind medium to long-term pure bond fund index rose by 0.24%, the Wind bond index fund index by 0.20%, and the Wind short-term pure bond fund index by 0.16%. Additionally, the first-level bond fund, second-level bond fund, and convertible bond fund indices increased by 0.85%, 1.65%, and 6.90% respectively [3] Equity Fund Allocation Strategy - The A-share market in February faces a complex environment influenced by both internal and external factors. Externally, the Federal Reserve's pause on interest rate cuts and rising "Wall Street expectations" have led to a rebound in the US dollar. Internally, the combination of "RMB appreciation + gradual inflow of long-term funds from residents + regulatory guidance for stable market operation" is observed. The market may enter a short-term adjustment phase before the Spring Festival due to tightening liquidity and holiday effects, with limited systemic opportunities and a focus on structural trends [4] - Future price increases driven by a reversal in supply-demand dynamics are expected to release stronger profit elasticity and further valuation recovery. The technology sector, particularly in areas with clear patterns and certain benefits such as "light, electricity, and storage," is likely to continue to outperform. Traditional dividend stocks are also becoming more attractive in terms of cost-effectiveness, serving as a stabilizing tool for investment portfolios [4] Fixed Income Fund Allocation Strategy - Looking ahead to February, the pessimism in the bond market has eased, but caution is still advised regarding extending duration. Holding high coupon bonds is seen as more cost-effective. Despite current ample liquidity and the emphasis on long-term interest rates in the fourth quarter monetary policy report, the recent 10-year yield has fallen below 1.8%, and the credit spreads for medium to long-term credit bonds are currently narrow, limiting further contraction [5] - Overall, the difficulty in obtaining short-term capital gains may increase, making coupon strategies a more favorable choice. Specific fund products are recommended to focus on high coupon bonds while actively managing positions in response to market conditions [6]

2月10日，商业航天领域重要企业"电科蓝天"于科创板上市，首日收盘涨幅达596%。在此次IPO 中，宁银理财成功获配电科蓝天新股，旗下6只产品入围。 分析师：蔡梦苑 登记编号：S0890521120001 分析师：周佳卉 登记编号：S0890525040001 投资要点 同业创新动态： 1、2月10日，商业航天领域重要企业"电科蓝天"于科创板上市，首日收盘涨幅 达596%。在此次IPO中，宁银理财成功获配电科蓝天新股，旗下6只产品入围。2、苏银理财推 出以套利策略为核心的"套利+"系列理财产品，面向大众客群发行45天、100天等短持有期产 品。该策略以一价定律为核心，通过捕捉国债期货、ETF、贵金属等多市场的定价偏差获取价 差收益。 收益率表现： 上周（2026.2.2-2026.2.8，下同）现金管理类产品近7日年化收益率录得1.28%， 环比基本持平；同期货币型基金近7日年化收益率报1.17%，环比上升2BP。 上周各期限纯固 收、固收+产品收益普遍下降。 受1月PMI数据弱于预期、央行重启14天逆回购、地方债发行结 果向好、风险资产波动加剧、避险情绪有所升温等因素影响，债市收益率整体下行。全周来 看，1 ...

Key Points - The article discusses the recent developments in the banking wealth management sector, highlighting a new wave of fee reductions and regulatory changes aimed at lowering investor costs and promoting long-term investment [3][4]. - The total scale of wealth management products in January 2026 was reported at 31.57 trillion yuan, showing a slight month-on-month decrease of 0.10% but a year-on-year increase of 5.75% [10]. - The average yield of wealth management products has dropped below 2% for the first time, indicating a challenging environment for returns [4][11]. Regulatory and Industry Dynamics - The new public fund sales regulations were officially implemented, allowing for a relaxation of redemption fees and an extended transition period, which is expected to benefit the market by reducing potential redemption pressures [3][4]. - A "fee reduction wave" has emerged in the banking wealth management industry, with many institutions lowering management and service fees to enhance product attractiveness [3][4]. - The wealth management market is projected to grow to 33.29 trillion yuan by 2025, with a structural shift towards fixed-income products and an increase in allocations to public funds and bank deposits [4][11]. Market Trends - The market for cash management products has been contracting, while fixed-income products, particularly those with minimum holding periods and daily opening types, have been expanding steadily [10][11]. - The average annualized yield for cash management products was recorded at 1.28%, reflecting a decrease of 7.45 basis points, while pure fixed-income products saw an increase in yield to 2.67% [4][10]. - The issuance of new wealth management products in January showed a seasonal increase, with a continued dominance of fixed-income and closed-end products [4][11]. Innovation and Product Development - Several institutions, including Bank of Communications Wealth Management and Ping An Wealth Management, have successfully launched new systems for direct registration of wealth management products, enhancing compliance and operational efficiency [7][8]. - New product strategies, such as the "micro-wave fixed income+" approach, have been introduced to balance liquidity and stability, reflecting the industry's response to evolving market demands [7][9]. - Wealth management companies are increasingly participating in IPOs, particularly in the technology sector, to capture growth opportunities and align with policy directions [7][9].

P F N TO ETF网格策略 ETF网格策略重点关注标的 (1) 证券保险ETF易方达 2026年1月A股共20个交易日，其中沪深两市成 交额突破3万亿的天数为8日，体现出"春季躁动" 行情的火热,也对券商经纪、两融等业务收入直接 构成利好。据财联社采访显示，多家保险公司"开 门红"销售同样火热，其中尤以分红险为最。券商 及保险"开门红"均对行业构成短期催化。2月1 日,《求是》杂志发表习近平总书记重要文章《走 好中国特色金融发展之路,建设金融强国》，强调 "金融强国"战略的建设路径。其与资本市场改革 持续推进,为证券与保险行业营造了有利的政策环 境。全面注册制改革、公募基金三阶段改革方案、 中长期资金入市、交易机制优化、"保险+养老" 第三支柱养老保险发展等措施,有望持续引导券商 与保险行业中长期高质量发展,并在保障金融稳健 运行、推动实体经济高质量发展方面发挥其重要作 用。 图3:证券保险 ETF 易方达(512070.SH)网格策略回测收益曲线 证券保险ETF易方达(512070.SH) 5809: 58094 1905Z 注:回测区间为近 120 交易日,数据截至 2026/2/6;由于数据获取限 ...

Equity Market Review and Outlook - The Shanghai Composite Index fell by 1.27%, the CSI 300 dropped by 1.33%, and the ChiNext Index decreased by 3.28% during the week of February 2-6, 2026, amid significant volatility in global resource futures and earnings disclosures from major US tech companies [1][4] - A-shares experienced increased volatility, with a notable drop of 100 points on Monday, followed by a recovery on Tuesday, and a shift to a fluctuating market for the rest of the week, influenced by upstream resource stocks and internet giants [4][5] - The market's risk appetite was constrained, with an average daily trading volume of 24,032 billion, reflecting a decrease from the previous week [4] - The technology sector is becoming increasingly sensitive to negative news, with potential pressure on tech styles as positive factors may be realized following the Two Sessions after the Spring Festival [5] Fixed Income Market Review and Outlook - The bond market saw a flattening yield curve during the week, with the 1-year government bond yield rising by 1.80 basis points to 1.32%, while the 10-year and 30-year yields fell to 1.81% and 2.25%, respectively [2][6] - The bond market is currently experiencing a strong oscillation, with some risk-averse funds flowing into bonds due to increased stock market volatility before the holiday [6][7] - The People's Bank of China has been actively injecting liquidity, with a net injection of 700 billion yuan through MLF in January, and the bond market is expected to remain stable without significant fluctuations in the short term [7] REITs Market Overview - The CSI REITs total return index fell by 0.91% to 1,042.84 points during the week, with most sectors declining, particularly consumption, data centers, and industrial parks [8] - Four new public REITs made progress in the primary market, indicating ongoing developments in the sector [8] Fund Index Performance Tracking - The monetary enhancement strategy index increased by 0.03% for the week, while the short-term bond fund index rose by 0.04% [11] - The mid-to-long-term bond fund index saw a gain of 0.09%, while the low-volatility fixed income plus fund index decreased by 0.04% [11] - The REITs fund index experienced a significant drop of 1.86%, reflecting the overall market trend [11] Investment Strategy Indices - The active stock fund selection index focuses on 15 funds with equal weight, emphasizing performance competitiveness and style stability [12] - The value stock fund selection index includes deep value and quality value styles, assessing companies based on absolute valuation levels and cash flow efficiency [14] - The growth stock fund selection index aims to capture high-growth opportunities, focusing on companies with significant future potential [17] Industry Theme Indices - The pharmaceutical stock fund selection index is constructed based on the intersection of fund holdings and representative indices, ensuring a minimum purity of 60% [19] - The consumer stock fund selection index targets funds with significant holdings in consumer-related sectors, maintaining a minimum purity of 50% [21] - The technology stock fund selection index is based on funds with substantial investments in technology sectors, also ensuring a minimum purity of 60% [24] Other Fixed Income Indices - The convertible bond fund selection index focuses on funds with a high proportion of convertible bonds, assessing performance and risk management [43] - The QDII bond fund selection index includes overseas bonds, prioritizing funds with stable returns and good risk control [44] - The REITs fund selection index emphasizes funds with stable cash flows from quality infrastructure projects [46]

分析师：郝一凡 登记编号：S0890524080002 分析师：刘 芳 登记编号：S0890524100002 01 重要事件回顾 1、2月4日晚，国家主席习近平同美国总统特朗普通电话。习近平指出，中方言必信， 行必果，说到做到。只要双方秉持平等、尊重、互惠的态度相向而行，就可以找到解决 彼此关切的办法。习近平强调，台湾问题是中美关系中最重要的问题。台湾是中国的领 土，中方必须捍卫国家主权和领土完整，永远不可能让台湾分裂出去。美方务必慎重处 理对台军售问题。 2、欧洲央行一如市场预期维持利率不变。欧洲央行总裁拉加德在记者会上表示，"当前 形势总体平衡"，同时提及该前景面临的上行与下行风险，重申货币政策仍处于"良好位 置"。 3、美国劳工部周四报告称，上周首次申请失业救济人数大幅攀升。在席卷南部和东部大 片地区的暴风雪之后，截至1月31日当周，经季节性调整的首次申请失业救济人数总计 为23.1万人。 4、亚马逊预测今年资本支出将激增逾50%，加入人工智能(AI)基础设施投资狂潮，其股 价在盘后大跌9%。这再次表明，科技巨头短期内不会放缓AI巨额投资。由于市场对AI热 潮的巨额成本担忧加剧，亚马逊股价在常规交易时 ...

Macro Overview - The U.S. labor market remains weak, with the Federal Reserve likely to maintain interest rates in the short term and a low probability of balance sheet reduction [3] - December's non-farm payrolls showed weakness, and previous data was revised down, indicating a deteriorating labor market despite a "virtually low" unemployment rate [3] - Inflation in December was moderate, reflecting previous market concerns about tariff transmission effects, which may be "one-off"; future inflation will depend more on rental prices, service industries, and energy prices [3] - The Federal Reserve is expected to keep interest rates unchanged until at least June 2026, influenced by fiscal stimulus measures supporting the economy and inflation [3] - The nomination of Kevin Warsh as the next Fed Chair suggests a preference for policy independence through balance sheet reduction, but this view lacks consensus and empirical support within the Fed [3] Domestic Macro - Economic downward pressure is increasing, with Q4 GDP growth slowing to 4.5%, but the annual growth target of 5% is expected to be met [3] - Domestic consumption, investment, and real estate continue to decline, with investment growth slowing due to debt reduction and subsidy withdrawal, leading to increased pressure on consumption [3] - External demand and production remain strong, providing important support for economic growth [3] - Price indices are stabilizing, showing the effects of anti-inflation measures, but internal demand remains insufficient, with a divergence in pressures between upstream high-tech manufacturing and lower-tier sectors [3] - Policies are still focused on proactive measures, with a relatively mild overall intensity; 2026 policies are expected to be more pragmatic, with many local targets set lower than last year [3] A-share Strategy - The market is returning to rationality, with a short-term shift towards stability; investment and consumption are declining, while price indicators are stabilizing [3] - A-share trading volume has decreased, but overall sentiment remains high; medium to long-term policies are increasingly focused on technological innovation, with national subsidies continuing but at a reduced intensity [3] - External geopolitical risks, particularly from Trump, have increased but have a limited impact on the domestic market [3] - The spring market rally may be nearing its end, with expectations for a more rational market in February; the early spring rally has progressed quickly, and regulatory measures are cooling the market [3] - Investors are advised to consider taking profits or shifting to a more stable investment style before the Spring Festival, as the market is expected to experience increased volatility [3] Industry/Style - Investors are encouraged to take profits in high-growth technology sectors before the Spring Festival and shift to a more defensive style [3] - Focus on large-cap indices such as the Shanghai Composite, CSI 300, and A500, as market volatility is expected to rise [3] - Short-term strategies should include high-dividend stocks and sectors like banking, utilities, consumption, and real estate for potential opportunities [3] - Mid-term outlook suggests support for commodity-based sectors like non-ferrous metals and chemicals, while technology hardware sectors should be monitored for guidance from earnings reports [3] Asset Allocation Views - A-shares: Neutral [5] - Hong Kong stocks: Neutral [5] - Interest rate bonds: Neutral [5] - Credit bonds: Neutral [5] - Convertible bonds: Neutral [5] - U.S. stocks: Relatively optimistic [5] - U.S. bonds: Relatively optimistic [5] - U.S. dollar: Neutral [5] - Japanese stocks: Relatively optimistic [5] - Gold: Neutral [5] - Oil: Relatively cautious [5] - Currency/deposits: Neutral [5]

Regulatory and Industry Dynamics - The scale of existing bank wealth management products continues to shrink, with a consensus in the market towards transformation into agency sales. By the end of 2025, there are 159 banking institutions and 32 wealth management companies with existing products, a decrease of 59 banks compared to the end of 2024. The total scale of bank wealth management products is 2.58 trillion yuan, a year-on-year decline of 29.12%, with its market share dropping from 12.2% in 2024 to 7.8% in 2025 [3][6][9] - Some wealth management products are still showcasing short-term high yields as a strategy, which may attract regulatory scrutiny. Certain companies may use "shell products" to adjust yields, presenting high annualized returns initially, but these typically revert to normal levels as the scale expands [3][9][11] Peer Innovation Dynamics - Ningyin Wealth Management is actively participating in the new stock offline subscription business, with 7 products involved in inquiries for 40 new stocks, achieving a 90% success rate with over 15 million yuan allocated. The "Ningying Balanced Increment" series is a key product in this strategy [4][12] - The wealth management funds are increasingly seen as an important component of long-term capital in the A-share market, particularly focusing on hard technology sectors, aligning with national innovation-driven development strategies [12][13] Performance Tracking - The annualized yield of cash management products recorded 1.28% in the last week, up 1 basis point, while the yield of money market funds decreased to 1.15%, down 1 basis point. The yield difference between cash management products and money market funds increased to 0.13% [15] - The net asset value (NAV) breach rate for bank wealth management products rose to 0.61%, an increase of 0.08 percentage points. The credit spread narrowed by 1.96 basis points, indicating a potential upward pressure on the breach rate if the credit spread continues to widen [20][22]

Group 1 - The core viewpoint of the article highlights the volatility and differentiation in the A-share market, with significant trading activity and a tendency for individual stocks to decline more than rise, indicating a competitive environment between inflation trades and technology growth themes [3][8][10] - The market's performance is influenced by price trends in commodities and technology sectors, with notable fluctuations in gold, silver, copper, NAND flash memory, and cloud computing services, reflecting a high sensitivity to marginal changes [3][10] - The ongoing anti-involution policies are leading to negative investment growth across various industries, suggesting a future supply contraction, while demand stabilizes under fiscal stimulus and economic recovery, reinforcing performance recovery for leading companies [3][10] Group 2 - In the bond market, there was a mixed performance with the 1-year government bond yield rising by 1.80 basis points to 1.30%, while the 10-year yield fell by 1.86 basis points to 1.81%, indicating a stabilizing trend in the bond market [4][11] - The central bank's commitment to maintaining stable liquidity supports the bond market, and cautious economic growth targets in various regions alleviate expectations for strong fiscal stimulus [4][11] - The overall sentiment in the bond market is gradually improving, with expectations that the 10-year government bond yield may trend down towards 1.80% in the near future, enhancing the relative value of bond coupon allocations [4][11] Group 3 - The China Securities Regulatory Commission has proposed new guidelines for public fund disclosures, emphasizing long-term performance over short-term results, which aims to promote a focus on long-term and value investing within the industry [13][14] - The new disclosure requirements include the addition of long-term performance metrics for funds over 7 and 10 years, and the elimination of one-month performance disclosures, reflecting a shift towards more sustainable investment practices [13][14]

分析师：郝一凡 登记编号：S0890524080002 (1.26-1.30) 02 周度行情回顾 债市修复 债市延续修复。权益市场震荡偏弱，债市情绪延续改善，周初长债收益率再度向下，多地 地方政府GDP目标与去年全国增速（5%）持平或略有下调，显示出不追求强刺 ... 报告正文共计3251字 分析师：刘 芳 登记编号：S0890524100002 01 重要事件回顾 1、1月27日，统计局公布数据显示，2025年，全国规模以上工业企业实现利润总额 73982.0亿元，比上年增长0.6%。12月份，规模以上工业企业利润同比增长5.3%。 2、当地时间1月28日，美联储公布货币政策委员会FOMC的会议决定：将联邦基金利 率的目标区间维持在3.50%至3.75%不变。本次美联储声明删除了就业风险增加的说 辞，指出经济形势有改善、尤其在失业率上升方面已有企稳迹象，暗示联储决策者更 谨慎，并不急于继续行动。 3、当地时间1月29日，美国总统特朗普在肯尼迪中心对媒体表示，在紧张局势不断升 级之际，他已与伊朗方面进行接触，并计划继续展开对话，同时再次以军事行动相威 胁，敦促伊朗接受协议条件。 4、1月30日，特朗普总统宣 ...