上证公告（不动产基金）【2026】20号 为促进华夏中核清洁能源封闭式基础设施证券投资基金（以下简称中核清能，基金代码:508050） 的市场流动性和平稳运行，根据《上海证券交易所基金自律监管规则适用指引第2号——上市基金做市 业务》等相关规定，本所同意中国国际金融股份有限公司自2026年02月06日起为中核清能提供一般做市 服务。 特此公告。 上海证券交易所 2026年02月05日 ...

中金公司(03908.HK)于周三(2月4日)发布公告，公司近日收到中国证监会出具的批复，同意公司向专业 投资者公开发行公司债券的注册申请。 其中，本次公开发行一年期以上公司债券面值总额不超过200亿元人民币(下同)，本次公开发行短期公 司债券面值余额不超过150亿元。 该批复自同意注册之日起24个月内有效，公司在注册有效期内可以分期发行公司债券。 版权声明：所有瑞恩资本Ryanben Capital的原创文章，转载须联系授权，并在文首/文末注明来源、作 者、微信ID，否则瑞恩将向其追究法律责任。部分文章推送时未能与原作者或公众号平台取得联系。 若涉及版权问题，敬请原作者联系我们。 更多香港上市、美国上市等境外IPO资讯可供搜索、查阅，敬请浏览: www.ryanbencapital.com 中金公司(03908.HK)于周三(2月4日)发布公告，公司近日收到中国证监会出具的批复，同意公司向专业 投资者公开发行公司债券的注册申请。 其中，本次公开发行一年期以上公司债券面值总额不超过200亿元人民币(下同)，本次公开发行短期公 司债券面值余额不超过150亿元。 该批复自同意注册之日起24个月内有效，公司在注册有 ...

点评：沈明高卸任广发证券全球首席经济学家，属于正常的人事变动。作为资深专家，其离任短期内可 能引发市场对公司研究品牌号召力的关注；长期看，平稳交接有助于维持研究业务的稳定性。该事件折 射出券商行业人才结构的新陈代谢，行业竞争核心将转向研究团队的持续创新能力，投资者需关注机构 研究实力的动态变化。 NO.3公募今年已分红逾330亿元，权益类基金占比近八成 点评：头部券商获批大规模发债，将显著补充资本实力，提升抗风险能力与业务扩张空间。此举不仅优 化券商自身资产负债结构，也为行业注入流动性信心，有助于大金融板块估值修复。市场信心得到提 振，有望引导资金关注低估值蓝筹，利好股市整体资金面与稳定性。 NO.2广发证券全球首席经济学家沈明高到龄退休 每日经济新闻2月4日消息，记者从广发证券获悉，沈明高博士自2026年2月起到达法定退休年龄，不再 担任公司全球首席经济学家、产业研究院院长职务。目前，中国证券业协会（下称"中证协"）官网上， 已查询不到沈明高在广发证券的任职信息。公开资料显示，沈明高出生于1965年，已超60岁。在加盟广 发证券前，沈明高历任北京大学中国经济研究中心副教授，花旗银行（中国）有限公司首席经济学 ...

Group 1 - The recent volatility in gold and silver prices indicates a significant market shift, raising questions about whether the precious metals market has reached its peak or is in a transitional phase [1][6][44] - The analysis by the chief overseas strategy analyst at CICC highlights that gold prices have surpassed $5500, marking a critical threshold that could signify a new order in the financial landscape [4][16][54] - The unprecedented market behavior, including a 25% increase in gold prices within a month and a single-day drop exceeding 10%, suggests a departure from traditional pricing models [4][46][57] Group 2 - The primary catalyst for the recent adjustment in gold prices is the nomination of a new Federal Reserve chair, which has altered market expectations and triggered significant corrections in precious metals [5][51][50] - The current market dynamics reflect a dual sentiment where some investors are buying gold while others continue to accumulate U.S. Treasuries, indicating a split in global attitudes towards these assets [58][57] - The analysis suggests that the $5500 mark represents a point of equilibrium between gold and U.S. Treasury securities, indicating a potential challenge to the existing dollar-centric financial system [52][54][16] Group 3 - The traditional models for gold pricing, which rely on real interest rates and inflation, have proven inadequate in explaining the current price levels, indicating a shift in the underlying factors driving gold's value [4][56][57] - The market's reaction to geopolitical and monetary factors has become more pronounced, with the potential for gold to serve as a substitute for U.S. dollar-denominated assets due to growing distrust in the dollar [56][57][58] - The ongoing adjustments in the market are not necessarily indicative of a liquidity crisis, as evidenced by stable interbank rates and the absence of significant dollar strength, which typically signals such a crisis [12][50][49]

｜2026年2月5日星期四｜ NO.1 中金公司、中国银河获批发债 中金公司4日公告称，近日收到中国证监会批复，中国证监会同意公司向专业投资者公开发行公司债券 的注册申请。其中，本次公开发行一年期以上公司债券面值总额不超过200亿元，本次公开发行短期公 司债券面值余额不超过150亿元。同一天，中国银河发布公告表示，近日，公司收到中国证监会批复， 同意公司向专业投资者公开发行面值总额不超过200亿元次级债券的注册申请。 点评：头部券商获批大规模发债，将显著补充资本实力，提升抗风险能力与业务扩张空间。此举不仅优 化券商自身资产负债结构，也为行业注入流动性信心，有助于大金融板块估值修复。市场信心得到提 振，有望引导资金关注低估值蓝筹，利好股市整体资金面与稳定性。 每日经济新闻2月4日消息，记者从广发证券获悉，沈明高博士自2026年2月起到达法定退休年龄，不再 担任公司全球首席经济学家、产业研究院院长职务。目前，中国证券业协会（下称"中证协"）官网上， 已查询不到沈明高在广发证券的任职信息。公开资料显示，沈明高出生于1965年，已超60岁。在加盟广 发证券前，沈明高历任北京大学中国经济研究中心副教授，花旗银行（中国） ...

Core Viewpoint - AI is enhancing the capabilities of investment advisors, allowing them to reach a broader range of individual investors while maintaining the essence of personalized service [1][2][3] Group 1: AI in Investment Advisory - AI is helping investment advisors expand their service radius, making investment advisory services more accessible to individual investors [1][2] - The role of securities advisory is likened to that of a "doctor," focusing on professional and empathetic service rather than merely providing solutions [1][2] - AI-driven stock diagnosis services are being developed to analyze A-share investments based on client trading habits, aiming to reduce information asymmetry and promote rational trading [1][2][3] Group 2: Development of AI Capabilities - The company is advancing the "AI + buy-side advisory" model towards large-scale implementation, transitioning from "digital" to "intelligent" capabilities [2][3] - The upgrade of search tools to "IC Copilot" is designed to assist investment advisors in market interpretation and quick product inquiries, addressing limitations of traditional service models [2][3] - The buy-side trading service system has signed over 450,000 clients, with an increasing emphasis on AI attributes within the service framework [3]

Core Viewpoint - The Chinese commercial aerospace industry is experiencing a "listing rush" driven by policy support and capital investment, with multiple companies updating their IPO processes [1][2][3] Group 1: IPO Progress of Rocket Companies - Blue Arrow Aerospace is leading in IPO progress, attracting investments from major institutions like Guotai Junan Securities and CICC, with CICC also serving as its IPO advisor and underwriter [1] - Zhongke Aerospace has completed its IPO advisory work, with a large number of brokerage shareholders including Guotai Junan Securities and CITIC Securities, which is also its advisory institution [2] - Other rocket companies such as Tianbing Technology, Xinghe Power, and Xingti Glory are currently in the IPO advisory stage, with various brokerage firms involved in their processes [2] Group 2: Investment Strategies of Brokerages - Brokerages are primarily investing in commercial aerospace companies through their direct investment subsidiaries or affiliated funds, with Blue Arrow Aerospace being a typical example [2] - Leading brokerages prefer to cover multiple companies broadly, while smaller brokerages tend to focus on concentrated investments in single targets [2] Group 3: Industry Outlook and Brokerage Roles - Commercial aerospace has entered the category of national strategic emerging industries, with clear policy support and long-term demand in sectors like satellite internet [3] - Brokerages like CICC and CITIC Securities play dual roles as shareholders and IPO advisory institutions, which is a significant path for brokerages to participate in the capitalization of strategic emerging industries [3] - The "investment + advisory/underwriting" model aligns the interests of brokerage firms with the companies they serve, ensuring that the companies have genuine investment value [3]

Group 1 - CICC and China Galaxy have received approval from the China Securities Regulatory Commission (CSRC) to issue bonds [1] - CICC plans to publicly issue corporate bonds with a total face value not exceeding 20 billion yuan for bonds with a maturity of more than one year, and short-term corporate bonds with a balance not exceeding 15 billion yuan [1] - China Galaxy intends to publicly issue subordinated bonds with a total face value not exceeding 20 billion yuan [1]

Group 1 - The core point of the article is that E Fund Management Co., Ltd. has reduced its stake in China International Capital Corporation (CICC) by selling 2.108 million shares at an average price of HKD 21.5397 per share, resulting in a total transaction value of approximately HKD 45.4057 million [1] - After the reduction, E Fund's total shareholding in CICC is now 169,736,000 shares, which represents a decrease in ownership percentage from 9.03% to 8.92% [1][3] - The transaction took place on January 29, 2026, and the updated shareholding percentage reflects the latest disclosure from the Hong Kong Stock Exchange [1][2]

Group 1 - The core viewpoint of the article emphasizes that the company, as a sponsor, is committed to maintaining its role as a "gatekeeper" in the listing of technology companies, focusing on identifying "hard technology" and preventing the listing of "pseudo-technology" firms [1] - The company conducts comprehensive industry research and interviews with upstream and downstream stakeholders to cross-verify key business, financial, and technological information of the enterprises it sponsors [1] - The company implements strict internal control processes to ensure that the recommended enterprises meet the listing standards [1]