智通财经APP获悉，截至2月13日，恒指最新的牛熊街货比例为73:27。 | 牛證街貨 | - 恒指牛熊證期指張數比例- | | | 熊證街貨 | | --- | --- | --- | --- | --- | | 72.99% | | | | 27.01% | | (16,137張) | (以相對期指張數計算) | | | (5,970張) | | 指數區域 | 相對期指張數[括號內為 一日變化 | | 信譜精選 | 曹際槓桿 | | 28,100 - 28,199 | 686(-157) | 車貨品 | 61721 配 | 22.5 | | 28,000 - 28,099 | 85(-59) | | 53605 NE | 24.1 | | 27,900 - 27,999 | 145(-26) | | 64737 NE | 26.2 | | 27,800 - 27,899 | 180(-126) | | 54807 NE | 30.0 | | 27,700 - 27,799 | 337(-109) | | 55005 NE | 33.8 | | 27.600 - 27.699 | 457(-226) | | ...

ETF Industry News - The three major indices collectively rose, with the electronic sector ETFs leading the gains. The Kweichow Moutai ETF (588780.SH) increased by 4.43%, while the E Fund AI ETF (588730.SH) and Bosera AI ETF (588790.SH) rose by 4.20% and 4.15% respectively. Conversely, several bank sector ETFs declined, with E Fund Bank ETF (516310.SH) down by 1.52% [1] - CITIC Securities reported a continuous price increase trend in the electronic components industry, with recent price hikes observed in mid-to-low voltage MOSFETs, built-in storage SOCs, and LED drivers. The report suggests that the price increase trend will continue, particularly benefiting segments like storage, CCL, BT substrates, wafer foundry, and packaging [1] Market Overview - The A-share market saw all three major indices rise today, with the Shanghai Composite Index up by 0.05% to 4134.02 points, the Shenzhen Component Index up by 0.86% to 14283.0 points, and the ChiNext Index up by 1.32% to 3328.06 points. The highest daily increases were recorded by the Sci-Tech 50 and ChiNext indices, with daily gains of 1.78% and 1.32% respectively [4] - In terms of sector performance, the comprehensive, electronic, and power equipment sectors ranked highest, with daily increases of 5.31%, 1.73%, and 1.65% respectively. Conversely, the beauty care, commercial retail, and textile sectors lagged behind with declines of -1.77%, -1.57%, and -1.49% [7] ETF Market Performance - The overall performance of ETFs showed that the stock-themed ETFs had the best average daily increase of 0.92%, while cross-border ETFs had the worst performance with an average decline of -0.76% [10] - The top-performing ETFs today included the Kweichow Moutai ETF (588780.SH), the Kweichow Moutai ETF Guangfa (589210.SH), and the E Fund AI ETF (588730.SH), with returns of 4.43%, 4.28%, and 4.20% respectively [13] - The highest trading volumes were recorded for the A500 ETF Fund (512050.SH) at 12.228 billion, followed by the A500 ETF Huatai Bairui (563360.SH) at 9.240 billion, and the A500 ETF Southern (159352.SZ) at 7.004 billion [16]

Core Viewpoint - The article discusses the tightening of gold-related business by banks in response to recent volatility in gold prices and the upcoming Chinese New Year holiday, highlighting the need for investors to manage risks effectively during this period [3][4][6]. Group 1: Market Conditions - As of February 12, gold prices are experiencing high volatility, with London gold at $5063 per ounce and Shanghai gold at 1123 yuan per gram, while retail prices in major cities reach up to 1556 yuan per gram [3][4]. - The gold market has seen significant fluctuations, with prices peaking above $5600 per ounce at the end of January and then dropping below $4500, indicating a volatility of over 20% within three trading days [6]. Group 2: Bank Responses - Major banks, including China Construction Bank, Industrial Bank, and Bank of Communications, have raised margin requirements and implemented dynamic trading limits on gold transactions to mitigate risks associated with market volatility [4][5][6]. - The minimum investment amounts for gold accumulation products have been increased by several banks, with China Bank raising the threshold from 950 yuan to 1200 yuan, and Construction Bank increasing it to 1500 yuan [5][6]. Group 3: Investor Guidance - Analysts suggest that investors should be cautious about holding positions over the holiday, as the Shanghai Gold Exchange will be closed while international markets remain open, creating a "time difference risk" [6][9]. - For those considering gold as a long-term investment, a strategy of gradual buying and holding is recommended, with a suggested allocation of 5% to 10% of the investment portfolio to gold as a risk hedge [10].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In 2025, the number and scale of issued accounts - receivable asset - backed securities increased year - on - year. The actual financiers were still concentrated in construction central enterprises and their subsidiaries, with a more prominent head - effect. These entities were more inclined to introduce in - system factoring companies, capital companies, asset management companies, trust companies, other financial platforms, and off - system commercial factoring companies as original equity holders or agents of original equity holders to issue securitized products. - In 2025, the average issuance scale of single accounts - receivable asset - backed special plans decreased compared to the previous year, the product term was slightly shortened, the issuance interest rate continued to decline, the securities were mainly of AAAsf credit rating, and the overall product credit risk remained at a low level. The trading activity in the secondary market increased significantly [38]. 3. Summary According to the Directory Issuance Situation - In 2025, 157 accounts - receivable asset - backed securitization products were issued in the exchange market, with a total issuance scale of 180.806 billion yuan. The number of issuances increased by 22, and the issuance scale rose by 9.40% year - on - year. The issuance scale accounted for 12.37% of the total issuance scale of enterprise asset - securitization products for the whole year, a decrease of 0.85 percentage points year - on - year [4][5]. - In terms of issuance venues, 140 products with an issuance amount of 172.474 billion yuan (accounting for 95.39%) were issued on the Shanghai Stock Exchange, and 17 products with an issuance amount of 8.332 billion yuan (accounting for 4.61%) were issued on the Shenzhen Stock Exchange [8]. - Regarding the distribution of original equity holders, the top five original equity holders were China Railway Capital Co., Ltd., China Railway Trust Co., Ltd., China Railway Construction Asset Management Co., Ltd., CCCC Commercial Factoring Co., Ltd., and Shenzhen United Factoring Co., Ltd., with issuance scale proportions of 32.27%, 16.95%, 11.06%, 2.73%, and 2.48% respectively. The total issuance scale of the top five original equity holders was 118.429 billion yuan, accounting for 65.50%; the total issuance scale of the top ten was 134.983 billion yuan, accounting for 74.66% [8]. - In terms of actual financiers, the total issuance scale of the top ten actual financiers was 165.964 billion yuan, accounting for 91.79%, an increase of 1.89 percentage points year - on - year. The actual financiers were mainly concentrated in central enterprises and their subsidiaries, with an issuance scale of 162.126 billion yuan, accounting for 89.67%, a year - on - year increase of 3.06 percentage points. In terms of industries, the actual financiers in the construction industry had an issuance scale of 165.423 billion yuan, accounting for 91.49% [10]. - Regarding the distribution of managers, the top five managers with the highest proportion of new management scale were CITIC Securities Co., Ltd., Huaxi Securities Co., Ltd., Ping An Securities Co., Ltd., Shanghai Guotai Haitong Securities Asset Management Co., Ltd., and CITIC Construction Securities Co., Ltd., with scale proportions of 17.61%, 16.95%, 14.64%, 10.13%, and 9.39% respectively. The total new management scale of the top five managers was 124.244 billion yuan, accounting for 68.72%, a year - on - year increase of 5.54 percentage points; the total new management scale of the top ten managers was 160.486 billion yuan, accounting for 88.76%, a year - on - year increase of 9.70 percentage points [14]. - In terms of product scale distribution, the highest single - product issuance scale was 5.4 billion yuan, and the lowest was 100 million yuan. The products with a single - scale in the (5, 10] billion yuan range had the largest number of issuances, with 51 units and a scale proportion of 21.47%. The average single - issuance scale was 1.152 billion yuan, a decrease of 73 million yuan compared to the previous year [16]. - Regarding the term distribution, the shortest term was 0.69 years, and the longest was 4.99 years. The products with a term in the (1, 3] - year range had the largest number of issuances, with 88 units and a scale proportion of 49.97%. The weighted average term was 2.14 years, slightly shorter than the previous year [17]. - In terms of level distribution, in 2025, AAAsf - rated securities accounted for 90.08%, AA + sf - rated securities accounted for 6.33%, and sub - grade securities accounted for 3.59% [19]. - Regarding the issuance interest rate, the median issuance interest rate of AAAsf - rated securities with a term of around 1 year was 1.85%, a year - on - year decrease of about 29BP [4][21]. Issuance Spread Statistical Analysis - Compared with government bonds of the same term, the average issuance spreads of 1 - year and 3 - year accounts - receivable asset - backed securities in 2025 narrowed compared to the previous year. For example, the average 1 - year spread decreased from 0.74 percentage points in 2024 to 0.48 percentage points in 2025 [26][28]. - Compared with AAA - rated corporate bonds of the same term, the average issuance spreads of 1 - year and 3 - year AAAsf - rated accounts - receivable asset - backed securities in 2025 also narrowed compared to the previous year. The average 1 - year spread decreased from 0.18 percentage points in 2024 to 0.14 percentage points in 2025 [31][32]. - In terms of issuance cost, the average issuance interest rate of 1 - year AAAsf - rated accounts - receivable asset - backed securities issued in 2025 decreased by 32BP year - on - year [32]. Filing Situation - In 2025, 105 accounts - receivable asset - backed special plans were filed with the Asset Management Association of China, with a total scale of 129.051 billion yuan. Compared with the previous year, the number of filings decreased by 12, and the filing scale decreased by 14.02% [4][33]. Secondary Market Trading Situation - In 2025, accounts - receivable asset - backed securities had 5,596 transactions in the secondary market, a year - on - year increase of 102.90%. The total transaction scale was 147.768 billion yuan, a year - on - year increase of 47.63%. The transaction scale accounted for 13.76% of the total transaction scale of enterprise asset - backed securities in the current period, a decrease of 1.11 percentage points year - on - year, ranking second in terms of transaction scale [4][36]. Maturity Situation in 2026 - It is estimated that 261 outstanding accounts - receivable asset - backed securities will mature in the exchange market in 2026, with a maturity scale of 168.808 billion yuan, accounting for 21.19% of the total maturity scale of all enterprise asset - backed securities in 2026, ranking second in terms of maturity scale [4][37]. - From the perspective of original equity holders, China Railway Capital Co., Ltd. had 43 maturing accounts - receivable asset - backed securities, with a repayment scale of 43.229 billion yuan, accounting for 25.61%; China Railway Trust Co., Ltd. had 33 maturing securities, with a repayment scale of 33.605 billion yuan, accounting for 19.91%; China Railway Construction Asset Management Co., Ltd. had 22 maturing securities, with a repayment scale of 25.449 billion yuan, accounting for 15.08% [37].

来源：企业上市 聘任董事会秘书的情况 公司于 2026 年 2 月 11 日召开第五届董事会第十五次会议，审议通过了《关于聘任公司董事会秘书的议 案》。经公司董事长提名，董事会提名委员会审核通过，公司董事会同意聘任刘源先生（简历详见附 件）为公司董事会秘书，任期自第五届董事会第十五次会议审议通过之日起至第五届董事会届满之日 止。 刘源先生，1989 年出生，中国国籍，硕士研究生学历，无境外永久居留权。 2015 年 6 月至 2020 年 11 月，任国投证券股份有限公司投资银行业务委员会项目经理、高级经理、副 总裁； 2020 年 12 月至 2025 年 12 月，任中信证券股份有限公司投资银行管理委员会副总裁、高级副总裁； 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ | 姓名 | 性别 | 年齡 | 职务 | 任职状态 | 从公可获得的 | 是否在公司关 | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 税前报酬总额 | 联方获取报酬 | | 林伟通 | तेते | 52 | 董事、董事长 | 现任 | 3 ...

Core Viewpoint - The restaurant supply chain sector is showing significant signs of recovery, with expectations for substantial sales improvement in 2026 due to a combination of marginal recovery, the timing of the Spring Festival, and low base effects [1] Group 1: Industry Recovery Signals - The restaurant industry's recovery is indicated by a rise in revenue growth, with Q4 2025 restaurant income growth accelerating to 3.0%, up from 1.6 percentage points in Q3 2025, suggesting improved consumer demand [2] - The introduction of new products and channels is expected to drive growth, with companies innovating and expanding into overseas markets [2] - The competitive landscape is stabilizing, with price competition diminishing and some companies beginning to cut costs to improve profitability, supported by a recovering Consumer Price Index (CPI) [2] Group 2: Sector-Specific Insights - The condiment sector is expected to benefit from improved restaurant channel dynamics, with price signals showing positive trends as retail prices for soy sauce have started to recover [3] - The frozen food sector is anticipated to reach a turning point in 2026, characterized by reduced competition and demand recovery, with a clear expectation that the price war will lose its effectiveness [4] - The light meal chain sector has stabilized after a period of store closures, with expectations for steady store numbers in 2026 and early signs of success in exploring new growth avenues [5]

关于沃什任内的降息路径判断，中信证券分析师认为沃什不会按特朗普诉求大幅降息，仍以经济基本面 为主要决策依据。沃什关注通胀风险但并非绝对鹰派，中信证券分析师认为下半年基准情形降息1–2 次，核心取决于通胀走势：若油价及关税等因素推动通胀与通胀预期出现反弹，则降息空间将受到限 制，下半年或仅降息一次25bps；若通胀平稳回落，则下半年或降息两次25bps。 实习编辑:金怡杉 | 审核:李震 | 监审:古筝 【大河财立方消息】2月12日，中信证券分析师李翀、崔嵘和韦昕澄发表研报认为，1月非农发布后，市 场对"年度基准大修"的担忧消除，降息预期下调。CME FedWatch显示3月美联储维持利率不变的概率由 78.4%上升至94.1%；4月维持利率不变的概率由57.3%上升至76.6%。 ...

中信证券研报指出，在2025年末，漫剧行业景气度加速破峰，主要得益于漫剧供给端优质内容形成的号 召力以及漫剧逐步破圈、商业化空间持续提升带来的供需两端催化。展望2026年，一方面我们认为漫剧 受众群体扩大、更多元的商业化变现模式有望推动需求侧景气度延续，漫剧商业化空间广阔；另一方 面，优质内容依然供不应求，各平台激励政策聚焦优质IP、精品漫剧产能，具备相关积累的公司有望充 分受益。AI工具的能力边界和工作流融入深度也在快速发展。我们建议关注：1）手握内容IP储备、优 质漫剧产能布局的公司；2）平台方、漫剧投流方等参与漫剧商业化环节的公司。 ...

中信证券表示，2026年以来，商品投资热度持续升温，虽然经历了贵金属价格剧烈震荡引发的投资情绪 降温，但在避险情绪、基本面改善、战略储备等因素影响下，我们预计商品仍将作为2026年的投资优选 方向。避险以及对冲美元风险角度，贵金属和原油预计受益；基本面角度，碳酸锂和镍的改善趋势明 确；工业金属铜铝阶段性需求承压，但中长期逻辑依然坚实，硅料、煤炭和钢铁等行业继续受到反内卷 政策影响，价格走势等待政策和基本面指引。 （文章来源：第一财经） ...

【中信证券：依旧预计鲍威尔任期内美联储将不再降息】智通财经2月12日电，中信证券研报指出， 2026年1月美国新增非农就业人数超预期、失业率低于预期。失业率下行至4.3%，教育和保健服务业撑 起整个私人服务新增就业。美国就业市场仍以招聘收缩为主，实际裁员尚未扩散，但裁员意向有所抬 升。市场在1月非农报告发布前本更加关注2025-March基准终值修订情况，担心年度修订"破百万"。不 过，与初值相近的终值并未掀起波澜，反而是1月强于预期的就业数据使得市场降息预期下修。我们依 旧预计鲍威尔任期内将不再降息，认为沃什担任美联储主席后，下半年基准情形降息1–2次25bps。 ...