Group 1 - The A-share market experienced adjustments with the Guozheng Free Cash Flow Index dropping over 2%, while component stocks showed mixed performance, with companies like Fenghuo Communication, Pinggao Electric, and Huaren Health leading the gains [1] - The largest free cash flow ETF (159201) has seen continuous net inflows over the past 11 days, totaling 2.259 billion yuan, with its latest share count reaching 9.357 billion and total scale hitting 12.409 billion yuan, marking a new high since its inception [1] - Citic Securities suggests that historical trends indicate a rotation cycle of approximately 10 years between large and small caps, as well as quality and thematic stocks. Currently, the excess returns of small and thematic stocks are at extreme levels, which is deemed unsustainable [1] Group 2 - The free cash flow ETF (159201) and its linked funds (A: 023917; C: 023918) closely track the Guozheng Free Cash Flow Index, selecting stocks with positive and high free cash flow after liquidity, industry, and ROE stability screening, indicating high quality and strong risk resistance suitable for long-term investment [1] - The annual management fee for the fund is 0.15%, and the custody fee is 0.05%, both representing the lowest rates in the market, maximizing benefits for investors [1]

Group 1 - The core viewpoint indicates that the recent movements in the consumer and real estate sectors are likely driven by expectations of a preemptive rally, with total market capitalization of real estate and pure consumer chains being only 8.6% of the total A-share market, which is inconsistent with the goals outlined in the "14th Five-Year Plan" [1] - CITIC Securities suggests that the recovery in the consumer and real estate sectors is expected to occur in spring, aligning with the broader market sentiment of recovery and confidence, indicating that sectors at relatively low levels with logical narratives could experience a round of expected trading and recovery [1] - JPMorgan highlights that the upcoming "Five-Year Plan" in early March is expected to set targets for the proportion of consumption in GDP, which may enhance expectations for supportive real estate policies, leading to a potential rotation of funds into the consumer sector, especially during the seasonal peak around the Spring Festival [1] Group 2 - The Food and Beverage ETF tracks the CSI sub-index for food, with leading stocks in first and second-tier liquor accounting for over 60% of its weight, currently offering low expectations, low positions, low valuations, and high dividend advantages [2] - The Consumer ETF from Huaxia tracks the main consumption industry index, providing balanced coverage across various consumer sub-sectors including liquor, dairy, condiments, soft drinks, and beer [2] - The Food ETF from Huaxia tracks the CSI All Food Index, focusing on essential food segments such as dairy, fermented products, meat products, and snacks, excluding liquor and beer, thus demonstrating resilience in demand [2] - The Optional Consumer ETF tracks the CSI All Optional Consumption Index, excluding food and beverage sectors, covering areas like automobiles, home appliances, and retail, benefiting from the continuation of "two new" national subsidy policies [2] - The Tourism ETF tracks the CSI sub-index for tourism, focusing on service consumption and excluding commodity consumption, covering sectors such as duty-free, airlines, and hotel dining [2]

Core Viewpoint - The metal market is expected to enter a premium era in 2026, supported by strong price momentum from supply disruptions, localized high demand, and inventory accumulation, alongside increased trading activity due to loose liquidity and heightened geopolitical tensions [1][7]. Group 1: 2025 Market Performance - In 2025, the non-ferrous metal sector index rose by 98.6%, outperforming the CSI 300 index by 77.4 percentage points [2]. - Key segments leading the gains included tungsten (+144.8%), nickel-cobalt-tin-antimony (+130.7%), and copper (+123.9%) [2]. - Precious metals saw significant price increases, with gold and silver averaging over 70% higher year-on-year [2]. Group 2: Supply and Demand Dynamics - Supply disruptions in the metal industry are becoming more frequent and severe, with cobalt, tin, lithium, copper, and nickel prices significantly impacted [3][11]. - Factors such as resource depletion, insufficient investment, and resource nationalism contribute to a long-term normalization of supply constraints [3][11]. - Despite potential weaknesses in demand from sectors like real estate and home appliances, strong demand is expected from electric grid investments, energy storage batteries, and AI servers [3][11]. Group 3: Trading Activity and Price Elasticity - Increased trading activity is anticipated to amplify price elasticity, with precious metals reaching new highs and benefiting from heightened investor interest [4][12]. - Geopolitical conflicts have intensified, leading to increased risk aversion and price premiums across various metals, including copper, rare earths, tungsten, and natural uranium [4][12]. Group 4: Price Outlook for Major Metals in 2026 - Precious metals are expected to benefit from monetary attributes and risk aversion, with gold projected to reach $6,000 per ounce and silver potentially hitting $120 per ounce [5][12]. - Copper and aluminum prices are forecasted to average $12,000 per ton and 23,000 yuan per ton, respectively, supported by supply constraints and resilient demand [5][12]. - Lithium prices are expected to rise to 120,000-200,000 yuan per ton due to strong demand from energy storage, while cobalt and nickel prices are also projected to increase significantly [5][12].

Core Viewpoint - The report from CITIC Securities indicates that after a significant market surge in 2025, the momentum for the prices of non-ferrous metals and stocks remains strong, supported by supply disruptions, localized high demand, and inventory accumulation, with liquidity easing and geopolitical tensions likely amplifying price elasticity for metals [1] Group 1: Market Performance and Price Trends - In 2025, the CITIC non-ferrous metal sector index increased by 98.6%, outperforming the CSI 300 index by 77.4 percentage points [1] - The leading segments included tungsten (+144.8%), nickel, cobalt, tin, and antimony (+130.7%), and copper (+123.9%) [1] - Precious metals showed the most significant price increases, with average prices for gold and silver in 2025 rising over 70% year-on-year [1] Group 2: Supply and Demand Dynamics - Supply disruptions in the metal industry are expected to become more frequent and severe, with significant price increases for cobalt, tin, lithium, copper, and nickel due to these disturbances [2] - Structural demand resilience remains strong despite potential weaknesses in sectors like real estate and home appliances, with high demand expected in areas such as power grid investment, energy storage batteries, and AI servers [2] - Inventory accumulation driven by trade disputes is expected to amplify demand for copper, lithium, and rare earths, leading to price increases [2] Group 3: Trading Activity and Geopolitical Impact - The report anticipates that global liquidity will remain loose in 2026, with increased trading activity in precious metals likely leading to unexpected price surges for silver, copper, tin, and lithium carbonate [3] - Ongoing geopolitical conflicts are expected to elevate risk aversion, driving up prices for precious metals and extending to other non-ferrous metals like copper, rare earths, tungsten, and natural uranium [3] Group 4: Price Outlook for Major Metals in 2026 - Precious metals are expected to benefit from monetary attributes and sustained risk aversion, with gold projected to reach $6,000 per ounce and silver potentially rising to $120 per ounce due to extreme shortages and trading enthusiasm [4] - Supply constraints and resilient demand are expected to support strong price performance for copper and aluminum, with average prices projected at $12,000 per ton and 23,000 yuan per ton, respectively [4] - Battery metals like lithium are anticipated to rise to a price range of 120,000 to 200,000 yuan per ton, while cobalt prices are expected to be between 400,000 and 500,000 yuan per ton due to quota reductions [4] - Other metals such as rare earths, tungsten, tin, and natural uranium are expected to continue benefiting from supply-demand tightness, with price targets of 600,000 to 800,000 yuan per ton, 450,000 to 550,000 yuan per ton, 450,000 to 500,000 yuan per ton, and $100 per pound, respectively [4]

（记者 张喜威） 每经AI快讯，万兴科技发布公告称，2026年2月1日，万兴科技接受中信证券等投资者调研，公司董事 会秘书、副总经理刘江华等参与接待，并回答了投资者提出的问题。 每经头条（nbdtoutiao）——曾卖劳斯莱斯、保时捷等豪车，汽车销售巨头宝利德如今破产清算：杭州 总部已人去楼空，义乌子公司贴上了封条 ...

Core Viewpoint - The report from CITIC Securities predicts significant price increases for various metals by 2026, driven by factors such as monetary attributes, safe-haven demand, supply constraints, and structural low inventories [1] Group 1: Precious Metals - Precious metals are expected to benefit from the continued resonance of monetary attributes and safe-haven sentiment, with gold projected to reach $6,000 per ounce by 2026 [1] - Silver is anticipated to experience strong price elasticity due to extreme shortages and trading enthusiasm, with a price target of $120 per ounce by 2026 [1] Group 2: Base Metals - Supply constraints, resilient demand, and structural low inventories are expected to support strong price performance for copper and aluminum, with average prices projected at $12,000 per ton for copper and 23,000 yuan per ton for aluminum by 2026 [1] Group 3: Battery Metals - Lithium prices are expected to rise to a range of 120,000 to 200,000 yuan per ton by 2026, driven by strong demand from energy storage batteries [1] - Cobalt prices are projected to be in the range of 400,000 to 500,000 yuan per ton due to quota reductions [1] - Nickel prices are expected to rebound to $22,000 per ton, influenced by quota reductions in Indonesia [1] Group 4: Other Metals - Other metals such as rare earths, tungsten, tin, and natural uranium are expected to continue benefiting from supply-demand tightness and strategic metal premiums, with price targets of 600,000 to 800,000 yuan per ton for rare earths, 450,000 to 550,000 yuan per ton for tungsten, 450,000 to 500,000 yuan per ton for tin, and $100 per pound for natural uranium by 2026 [1]

Core Viewpoint - The report from CITIC Securities indicates that after a significant rally in 2025, the momentum for the rise in prices of non-ferrous metals and stocks remains strong, supported by supply disruptions, localized high demand, and inventory accumulation, with expectations of increased price elasticity due to loose liquidity and heightened risk aversion from geopolitical conflicts [1] Group 1: Precious Metals - Precious metals are expected to benefit from the resonance of monetary attributes and sustained risk aversion, with gold projected to reach $6,000 per ounce by 2026 [1] - The extreme shortage of spot silver and high trading activity may lead to strong price elasticity, with silver prices anticipated to reach $120 per ounce by 2026 [1] Group 2: Industrial Metals - Supply constraints, resilient demand, and structurally low inventories are expected to support strong price performance for copper and aluminum, with average prices projected at $12,000 per ton for copper and 23,000 yuan per ton for aluminum by 2026 [1] Group 3: Battery Metals - Lithium prices are expected to rise to a range of 120,000 to 200,000 yuan per ton by 2026, driven by strong demand from energy storage batteries [1] - Cobalt prices are projected to be in the range of 400,000 to 500,000 yuan per ton due to quota reductions [1] - Nickel prices are expected to rebound to $22,000 per ton by 2026, influenced by quota reductions in Indonesia [1] Group 4: Other Metals - Other metals such as rare earths, tungsten, tin, and natural uranium are expected to continue benefiting from supply-demand tightness and strategic metal premiums, with price targets of 600,000 to 800,000 yuan per ton for rare earths, 450,000 to 550,000 yuan per ton for tungsten, 450,000 to 500,000 yuan per ton for tin, and $100 per pound for natural uranium by 2026 [1]

申万宏源发布研报表示，过去4年房地产行业量价持续下行，导致目前部分房企预告业绩下降或亏损。 不过我们认为，房企最困难时期或将逐渐过去。 【导读】中信、申万等头部券商最新发声：房地产市场现积极信号！ 2026年初，A股及AH主流上市房企密集披露2025年业绩预告，引发市场关注。在这个关键时刻，中信 证券、申万宏源等头部机构同步发声，认为房地产行业最差时期已逐步过去，政策托底发力叠加行业基 本面调整到位，优质房企有望率先迎来盈利修复，行业将逐步企稳回升。 中信证券：房地产市场呈现了一些积极信号 从A股地产板块业绩表现来看，中信证券统计显示，78家发布业绩预告或快报的企业中，58家公告预亏 （首亏或续亏），总归母净亏损达2060.4亿—2397.5亿元；5家业绩预减，总归母净利润较2024年下降 75%—78%；6家实现业绩预增，总归母净利润17.6亿—19.4亿元。综合测算，A股地产板块2025年归母 净亏损区间为1455.0亿—1984.2亿元，2024年为归母净亏损1614.0亿元。 中信证券表示，业绩下滑是过去几年市场调整的客观呈现结果，但当前房地产市场也呈现了一些积极信 号。国家统计局数据显示，截至202 ...

券商2025年度执业质量评价结果发布。 近日，北交所、全国股转公司发布了2025年度券商执业质量评价结果。结果显示，在101家参评券商中，招商 证券等20家为一档，兴业证券等40家二档，联储证券等20家三档，麦高证券等21家四档。 券商中国记者注意到，就一档券商名单而言，2025年榜单与2024年变动较大。多家中小券商掉队，而包括中信 证券、华泰证券等在内的头部券商则冲进了一档。头部券商在新三板、北交所业务方面展现出实力。 8家头部券商获一档 北交所和股转公司根据券商年度评价分值，将券商分为一档、二档、三档、四档。一档为排名前20%（含）的 券商；二档为排名前20%—60%（含）的券商；三档为排名前60%—80%（含）的券商；四档为排名80%之后 的券商。 北交所、股转公司年度主办券商执业质量评价体系由专业质量得分、合规质量扣分等两部分组成：基础分为 100分，专业质量得分会加分，合规质量问题则是扣分，以此来得出最终的合计分值，进行排名。 根据2025年度的评价结果，20家一档券商中，有8家头部券商，包括：国泰海通、国信证券、华泰证券、银河 证券、招商证券、中信建投、中信证券、申万宏源。有12家中小券商，包括 ...

格隆汇2月2日丨根据联交所最新权益披露资料显示，2026年1月29日，中广核电力(01816.HK)获中信证券资产管理有限公司在场内以每股均价3.2046港元增 持1150.8万股，涉资约3687.85万港元。 | 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | 持有權益的股份數目 佔已發行的 有關事件的日期相關 | | | --- | --- | --- | --- | --- | --- | | | 原因 股份數目 | | | (請參閱上述*註 | 有投票權股(日/月/年) 權益 | | | | | | 居 | 份百分比 | | But of the control of the property of the control of the control of the control of the control of the control of the control of the control of the contribution of the contrib CS20260130E00061 | 中信证券资产管理有限公司 1101(L ...