2026年02月09日 上海证券交易所 上证公告（基金）【2026】309号 为促进华夏中证文娱传媒交易型开放式指数证券投资基金（以下简称文娱ETF，基金代 码:516190）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，本所同意光大证券股份有限公司自2026年02月10日起为文娱ETF提供主 做市服务。 特此公告。 ...

Core Viewpoint - The A-share market is expected to experience a significant upward trend after the Spring Festival, with a 70% probability of rising in the first five trading days post-holiday, and a projected increase of 4.85% in 2024 [1][2]. Market Trends - Historical data shows that the market typically rebounds in the five trading days leading up to the Spring Festival, with a notable upward trend continuing until around T+6 days post-holiday [2]. - The trading volume is characterized by a "decrease before the holiday and an increase after" [1]. Institutional Recommendations - Major brokerage firms recommend "holding stocks over the holiday," anticipating a resurgence in market activity post-Spring Festival [1][3][4]. - Economic and profit expectations are likely to improve during the holiday, with positive consumer data anticipated [5]. Liquidity and Market Sentiment - Liquidity is expected to remain loose during the Spring Festival, with potential for accelerated capital inflow post-holiday [5]. - Market sentiment is projected to be neutral, with limited external risks impacting domestic markets [5]. Sector Focus - Key sectors to watch include technology growth and cyclical industries, which are expected to outperform due to policy support and ongoing industry trends [5][6]. - Specific attention is recommended for AI computing, chemicals, and power equipment sectors [6]. Style Rotation - There is a notable style rotation expected, with large-cap stocks outperforming small-cap stocks before the holiday, while small-cap stocks are anticipated to lead post-holiday [7]. - The market is expected to shift towards a more defensive strategy, gradually moving towards growth sectors [8].

Primary Market - In the week from February 2 to February 6, 2026, a total of 432 credit bonds were issued, with a total issuance scale of 399.33 billion yuan, a decrease of 15.10% week-on-week [4] - Among the issuances, industrial bonds accounted for 184 bonds with an issuance scale of 166.02 billion yuan, down 30.88%, representing 41.57% of the total issuance [4] - Local government bonds issued 210 bonds with an issuance scale of 141.50 billion yuan, an increase of 19.61%, making up 35.43% of the total [4] - Financial bonds totaled 38 bonds with an issuance scale of 91.82 billion yuan, down 17.94%, accounting for 22.99% of the total [4] - The average issuance term for credit bonds was 2.82 years, with industrial bonds at 2.29 years, local government bonds at 3.49 years, and financial bonds at 2.19 years [4] - The average coupon rate for credit bonds was 2.13%, with industrial bonds at 2.03%, local government bonds at 2.25%, and financial bonds at 1.91% [4] - Four credit bonds were canceled during the week [4] Secondary Market - In terms of credit spreads, the largest increase for AAA-rated industries was in food and beverage, up 2.2 basis points, while the largest decrease was in light industry, down 1.2 basis points [5] - For AA+ rated industries, the largest increase was in non-ferrous metals, up 5.6 basis points, and the largest decrease was in agriculture, down 2.4 basis points [5] - The largest increase for AA-rated industries was in non-bank financials, up 1.8 basis points, while the largest decrease was in computers, down 6.3 basis points [5] - Regionally, the largest increase in AAA-rated local government bonds was in Jilin, up 5.9 basis points, and the largest decrease was in Inner Mongolia, down 2.1 basis points [5] - For AA+ rated local government bonds, the largest increase was in Beijing, up 5.8 basis points, and the largest decrease was in Fujian, down 2.7 basis points [5] - The largest increase for AA-rated local government bonds was in Guangxi, up 1.5 basis points, while the largest decrease was in Yunnan, down 6.7 basis points [5] Trading Volume - The total trading volume of credit bonds was 1,470.41 billion yuan, a decrease of 8.17% week-on-week [6] - The top three categories by trading volume were commercial bank bonds, corporate bonds, and medium-term notes [6] - Commercial bank bonds had a trading volume of 497.06 billion yuan, down 8.95%, accounting for 33.80% of the total trading volume [6] - Corporate bonds had a trading volume of 413.42 billion yuan, down 9.23%, representing 28.12% of the total [6] - Medium-term notes had a trading volume of 312.07 billion yuan, down 7.75%, making up 21.22% of the total [6]

近日，多家券商研究所陆续发布关于春节行情的研判观点。根据记者梳理，"持股过节"是机构的主流建议，其 理由既来自对历史"春节效应"的复盘，也基于对当前经济预期、流动性环境及风险偏好的综合评估。 投资者该如何把握春节前后的市场节奏？对此，多家券商认为，节前要注重均衡与防御，节后聚焦成长与产业 趋势。 解码"春节效应" A股在春节前后往往呈现明显的"日历效应"，无论是量能变化、风格轮动还是行业表现，均有规律可循。记者 注意到，多家券商近期对近20年A股春节前后的市场表现进行复盘。 "节前缩量、节后放量"是券商眼中春节行情的典型特征。 据东吴证券策略团队分析历史数据，节前市场量能 通常自T-8日（T为春节）起开始回落。该团队认为，本轮行情亦贴合上述规律，2026年2月4日成为量能分水 岭，5日、6日成交金额跌破2.5万亿元，向2万亿元水平靠拢。"根据历年经验，缩量的趋势一般会持续到节后 首个交易日，T+2日起市场量能中枢显著抬升，交投热情回暖，市场流动性逐步修复。" 如何应对春节前的最后一个交易周？ 春节长假将至，近期A股成交量下滑，杠杆资金持续流出。投资者再次面临选择：是持币观望规避不确定性， 还是持股博弈"红包行 ...

中国经济网北京2月8日讯 纳芯微(688052.SH)近日发布2025年年度业绩预告。 经财务部门初步测算，纳芯微预计2025年度实现营业收入330,000.00万元至340,000.00万元，较上年同期 相比，将增加133,972.58万元至143,972.58万元，同比增长68.34%至73.45%；预计2025年度实现归属于 母公司所有者的净利润-25,000.00万元至-20,000.00万元，较上年同期相比，亏损将收窄15,287.82万元至 20,287.82万元；预计2025年度实现扣除非经常性损益后归属于母公司所有者的净利润-29,000.00万元 至-24,000.00万元，较上年同期相比，亏损将收窄16,677.81万元至21,677.81万元。 纳芯微2024年实现营业收入19.60亿元，同比增长49.53%；归属于上市公司股东的净利润-4.03亿元，上 年同期为-3.05亿元；归属于上市公司股东的扣非净利润-4.57亿元，上年同期为-3.93亿元；经营活动产 生的现金流量净额为9505.33万元，上年同期为-1.39亿元。 纳芯微于2022年4月22日在上交所科创板上市，公开发行股票2 ...

证券日报网讯 2月6日，光大证券在互动平台回答投资者提问时表示，光大证券和光大银行均为光大集 团旗下子公司，光大证券为光大集团唯一具有证券牌照的子公司。我国金融行业仍为商业银行业、证券 业分业经营的格局，混业经营政策尚未出台。《证券法》总则第六条规定，证券业和银行业、信托业、 保险业实行分业经营、分业管理，证券公司与银行、信托、保险业务机构分别设立。 （文章来源：证券日报） ...

证券日报网讯 2月6日，光大证券（601788）在互动平台回答投资者提问时表示，公司聚焦主责主业， 树牢合规风控意识，坚持稳健经营，走资本节约型、高质量发展的新路，发挥好资本市场"看门人"作 用。公司会根据公司实际情况，参考监管和行业趋势，认真研究配股的可行性和必要性。 ...

Group 1 - The core viewpoint of the articles highlights the strong performance of A-share brokerage firms in their margin financing and securities lending (two-in-one) business, with a significant increase in new accounts and profitability forecasts for 2025 [1][2] - In January 2026, the number of new margin financing accounts reached 190,500, representing a month-on-month growth of 29.5% and a year-on-year increase of 157% [1] - Major brokerages like CITIC Securities and Guotai Junan are expected to maintain their market leadership, with CITIC Securities forecasting a net profit exceeding 30 billion yuan for 2025, while Guotai Haitong anticipates a net profit growth rate of over 100% [1] Group 2 - The brokerage sector's performance is driven by robust growth in brokerage and proprietary trading businesses, with smaller firms like Guolian Minsheng expected to see net profit growth exceeding 400% in 2025 [1] - The overall market activity is supported by policy measures aimed at counter-cyclical adjustments, leading to a historical high in margin financing balances, which is expected to boost brokerage performance [1][2] - The average daily trading volume and high margin financing balances are key factors contributing to the projected high net profit growth for listed brokerages, with many firms expecting profit increases exceeding 70% [2] Group 3 - Related Hong Kong-listed brokerage firms include Huatai Securities, GF Securities, China Galaxy, Guotai Haitong, CICC, CITIC Securities, and others [3]

Group 1 - The overall performance of medium to long-term credit bonds in January 2026 was better than that of short-term credit bonds, with significant yield declines observed in 3-15 year medium-term notes [4] - The insurance sector continued to play a major role in the allocation of medium to long-term credit bonds, focusing on 3-5 year and over 7-year maturities [4] - Fund managers increased their allocation to 3-5 year credit bonds due to the impact of the amortized cost method and the concentration of bond funds [4] Group 2 - Credit bond ETFs saw a significant increase in scale, exceeding 100 billion yuan in December 2025, but experienced a notable contraction in January 2026 due to market adjustments [5] - The relative excess yield of component bonds over non-component bonds increased, providing investment opportunities for stable institutional investors [5][6] - The policy environment continues to support the long-term healthy development of the ETF market, with expectations for a compression of excess yields in component bonds [7]

Core Viewpoint - Guangdong Jushi Chemical Co., Ltd. has been warned by the Shanghai Stock Exchange for violations in information disclosure, including inaccurate revenue accounting and failure to disclose related party transactions [1][2][3][4]. Group 1: Revenue Accounting Issues - The company engaged in circular trading through its subsidiary, Guangdong Guanzhen Technology Co., Ltd., leading to inaccurate revenue recognition [1][4]. - The subsidiary Anhui Jurun Trading Co., Ltd. sold isooctane to third parties without actual delivery, resulting in inflated revenue [1][4]. - The total inflated revenue for the first half of 2023 amounted to 156.81 million yuan, representing 8.32% of total revenue [5][7]. Group 2: Related Party Transactions - The company failed to disclose transactions with Guangzhou Kaishi Pharmaceutical Co., Ltd., which is controlled by the actual controller Chen Gang, constituting a related party transaction [1][2]. Group 3: Internal Control and Governance - The company exhibited poor internal control, including inadequate management of trade operations and financial processes, leading to discrepancies in revenue recognition [2][6]. - Key executives, including Chen Gang (Chairman), Zhou Kan (General Manager), and Wu Yang (CFO), were found responsible for these governance failures [3][6]. Group 4: Regulatory Actions - The Shanghai Stock Exchange issued a public reprimand against the company and its executives for the violations, including fines totaling 2.4 million yuan for the company and individual fines for the executives [8][7]. - The company has been ordered to correct its practices and has received a warning from the Guangdong Securities Regulatory Bureau [8].