上海证券交易所 上证公告（基金）【2026】320号 为促进上证180金融交易型开放式指数证券投资基金（以下简称金融ETF，基金代码:510230）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，本所同意国泰海通证券股份有限公司自2026年02月10日起为金融ETF提供主做市服 务。 特此公告。 2026年02月09日 ...

Core Viewpoint - The majority of brokerages believe that despite recent volatility in the A-share market, market sentiment has been sufficiently released, and the adjustment phase may be nearing its end. The upcoming Spring Festival is expected to bring positive calendar effects, making it a good opportunity to hold stocks during the holiday [1][10][12]. Group 1: Market Sentiment and Predictions - Brokerages suggest that the current external disturbances have not significantly impacted China's industrial fundamentals, and the market's emotional release indicates that the adjustment is largely complete. A spring market rally is anticipated post-Spring Festival, making it advisable to hold stocks during the holiday [1][10][13]. - The sentiment in the market is expected to improve due to the "Spring Festival effect" and increasing event catalysts, which could create a favorable environment for equity assets [14][13]. - Historical data shows that A-shares tend to rise around the Spring Festival, and with manageable external risks, the current market remains in a bullish atmosphere, suggesting that holding stocks during the holiday may be a relatively better strategy [12][10]. Group 2: Investment Strategies and Sector Focus - Investment strategies should focus on maintaining a base in "resources + traditional manufacturing," while also increasing allocations in consumer and real estate chains. There is a recommendation to look for opportunities in the technology sector, particularly in AI-related industries [2][4][18]. - The focus on high-growth technology sectors, such as AI computing, robotics, and semiconductors, is emphasized as a key investment direction, alongside cyclical commodities that are expected to see price increases [18][5]. - The market is expected to experience a rotation, with sectors like TMT (Technology, Media, and Telecommunications) likely to perform better post-holiday, as historical trends indicate a recovery in risk appetite after the Spring Festival [17][11].

为满足广大投资者的理财需求，上海国泰海通证券资产管理有限公司（以下简称"本公司"或"基金管理 人"或"国泰海通资管"）决定，自2026年2月9日起，对本公司旗下满足转换业务规则的所有公开募集证 券投资基金（以下简称"公募基金"）在本公司直销柜台开通基金转换业务。基金转换是指投资者可将其 通过销售机构购买并持有的本公司旗下某只基金的全部或部分基金份额，转换为本公司管理的、同一销 售机构销售的且属同一注册登记机构的另一只开放式基金的份额的行为。现将有关事项公告如下： 一、办理时间 公司旗下满足转换业务规则的所有公募基金的转换业务自2026年2月9日起正式开通，业务办理时间为上 海证券交易所和深圳证券交易所交易日（本公司公告暂停申购、赎回时除外）。 二、适用基金 所有在国泰海通资管直销柜台销售的场外公开募集证券投资基金。基金管理人管理的基金类型为基金中 基金（FOF）、货币市场基金、QDII基金、不动产投资信托基金（REITs）及个人养老金基金名录中的 Y类基金份额暂不开放转换业务。 后续本公司新成立其他证券投资基金在直销柜台上线的，在满足基金转换业务规则后将自动开通基金转 换业务，不再另行公告，敬请投资者留意。 ...

Group 1 - The core viewpoint of the article indicates that the market is expected to continue its oscillation in the upcoming week, based on various technical indicators and market sentiment models [1][2]. - The liquidity shock indicator for the CSI 300 index was reported at 6.21, which is higher than the previous week's 5.07, suggesting that current market liquidity is significantly above the average level over the past year [2]. - The PUT-CALL ratio for the SSE 50 ETF increased to 0.96 from 0.89, indicating a rising caution among investors regarding the short-term performance of the SSE 50 ETF [2]. Group 2 - The Shanghai Composite Index and Wind All A five-day average turnover rates were recorded at 1.34% and 1.97%, respectively, indicating a decrease in trading activity, positioned at the 77.24% and 82.76% percentiles since 2005 [2]. - The official manufacturing PMI for China in January was reported at 49.3, lower than the previous value of 50.1 and below the consensus expectation of 50.18, while the S&P Global China Manufacturing PMI was at 50.3, slightly above the previous value [2]. - The SAR indicator showed that the Wind All A index broke below the reversal indicator on February 2, indicating a potential downward trend [2]. Group 3 - The A-share market experienced fluctuations last week, with the SSE 50 index down by 0.93%, the CSI 300 index down by 1.33%, the CSI 500 index down by 2.68%, and the ChiNext index down by 3.28% [3]. - The current overall market PE (TTM) stands at 23.0 times, which is at the 81.0% percentile since 2005, indicating a relatively high valuation level [3]. - Observations on factor crowding indicate a decrease in high profitability factor crowding, with small-cap factor crowding at 0.06 and low valuation factor crowding at -0.31 [3].

Quantitative Models and Construction Methods 1. Model Name: Sentiment Model - **Model Construction Idea**: The sentiment model is designed to measure the strength of market sentiment using factors related to limit-up and limit-down stocks[14] - **Model Construction Process**: The model incorporates factors such as the proportion of net limit-up stocks, next-day returns of limit-down stocks, proportion of limit-up stocks, proportion of limit-down stocks, and high-frequency board-hitting returns. These factors are aggregated to generate a sentiment score, with a maximum score of 5. The sentiment score for the current period is 0[14][18] - **Model Evaluation**: The sentiment model indicates weak market sentiment, as reflected by the score of 0[14][18] 2. Model Name: Moving Average Strength Index - **Model Construction Idea**: This model evaluates the strength of market trends by calculating the moving average strength index based on secondary industry indices[14] - **Model Construction Process**: The moving average strength index is calculated using the performance of secondary industry indices. The current market score is 181, which corresponds to the 62.50th percentile since 2023[14] - **Model Evaluation**: The model suggests that the market still has significant downside potential[14] 3. Model Name: High-Frequency Capital Flow Model - **Model Construction Idea**: This model uses high-frequency capital flow trends to generate buy and sell signals for major broad-based indices[14] - **Model Construction Process**: The model tracks high-frequency capital flows and generates signals for indices such as CSI 300, CSI 500, CSI 1000, and CSI 2000. The signals for all indices are currently negative, indicating a bearish outlook[14][18] - **Model Evaluation**: The model shows a bearish signal across all major indices, reflecting weak market conditions[14][18] --- Model Backtesting Results 1. Sentiment Model - Sentiment score: 0 (out of 5)[14][18] 2. Moving Average Strength Index - Current score: 181 (62.50th percentile since 2023)[14] 3. High-Frequency Capital Flow Model - CSI 300: Negative signal - CSI 500: Negative signal - CSI 1000: Negative signal - CSI 2000: Negative signal[14][18] --- Quantitative Factors and Construction Methods 1. Factor Name: Factor Crowding Indicator - **Factor Construction Idea**: The factor crowding indicator measures the degree of crowding in specific factors, which can serve as a warning for factor underperformance[19] - **Factor Construction Process**: The indicator is calculated using four metrics: valuation spread, pairwise correlation, long-term return reversal, and factor volatility. These metrics are aggregated to produce a composite crowding score for each factor. For example: - Small-cap factor crowding score: 0.06 - Low-valuation factor crowding score: -0.31 - High-profitability factor crowding score: -0.01 - High-growth factor crowding score: 0.28[19][20] - **Factor Evaluation**: The crowding scores indicate varying levels of crowding across factors, with low-valuation and high-profitability factors showing negative scores, suggesting potential underperformance[19][20] --- Factor Backtesting Results 1. Factor Crowding Indicator - Small-cap factor crowding score: 0.06 - Low-valuation factor crowding score: -0.31 - High-profitability factor crowding score: -0.01 - High-growth factor crowding score: 0.28[19][20]

Core Viewpoint - The A-share market is experiencing a strong demand for financing from securities firms, leading to a significant increase in bond issuance, with a total approval amount exceeding 3,400 billion yuan for 2026 [5][10]. Group 1: Bond Issuance Trends - As of February 4, 2026, 12 securities firms have received approval for bond issuance, with a total amount reaching 3,400 billion yuan [5]. - In 2026, 46 securities firms have issued 120 domestic bonds, totaling over 3,168 billion yuan, with a net financing amount of 2,227.17 billion yuan [6][10]. - The bond issuance volume in 2026 has increased by over three times compared to the same period last year, driven by a low base from 2025 [6]. Group 2: Major Issuers - Leading securities firms such as Huatai Securities and Guotai Junan Securities have issued 350 billion yuan and 340 billion yuan in bonds, respectively, making them the largest issuers in 2026 [7]. - Other significant issuers include CITIC Securities, China Merchants Securities, and China Galaxy Securities, each exceeding 200 billion yuan in bond issuance [7][8]. Group 3: Purpose of Fundraising - The primary purpose of the bond issuance is to ensure liquidity and support business development, with many firms indicating that funds will be used for debt repayment and to supplement working capital [11][12]. - Specific allocations for capital-consuming businesses have been noted, with firms like Guotai Junan and CITIC Securities committing to limit the use of raised funds for such purposes to no more than 10% [13]. Group 4: H-share Financing - In addition to domestic bond issuance, major securities firms are also engaging in H-share refinancing, with Guangfa Securities planning to raise over 6 billion HKD through a combination of new H-share placements and convertible bonds [15]. - Huatai Securities announced a zero-coupon convertible bond issuance of 10 billion HKD, aimed at supporting overseas business development and enhancing operational capital [18].

2026年02月06日，瑞鹄模具披露接待调研公告，公司于02月06日接待睿远基金、国泰海通证券、开源证 券等3家机构调研。 瑞鹄模具（002997）最新股价为 34.77元，与前一交易日收盘价持平，总市值72.78亿元。从行业市盈率 来看，瑞鹄模具所处的汽车零部件行业滚动市盈率平均56.51倍，行业中值41.00倍，瑞鹄模具16.08倍排 名第10位。 天眼查资料显示，瑞鹄汽车模具股份有限公司成立于 2002年03月15日，是一家以从事专用设备制造业 为主的企业。截至2026年01月30日，瑞鹄模具股东户数24042户，较上次减少1358户，户均持股市值 30.27万元，户均持股数量0.87万股。 参与此次调研的睿远基金是一家以价值投资、研究驱动和长期投资风格为主的长期价值投资机构，聚焦 于权益投资和固定收益投资领域。截至目前，管理基金数量5只，其中睿远成长价值混合A最新单位净 值为1.9237，近一年增长66.96%。 调研情况显示，瑞鹄模具针对投资者关注的可转债募投项目进行了详细说明，公司表示三个募投项目分 别为"中高档乘用车大型精密覆盖件模具智能制造升级扩产项目"、"大型精密覆盖件模具关键材料智能 增材 ...

成熟商业化团队及分销网络构建，海外订单爆发式增长 精锋医疗于2017年5月在深圳创立，是中国自主研发手术机器人领域的深耕者，为中国首家、全球第二 家同时取得多孔腔镜手术机器人、单孔腔镜手术机器人及自然腔道手术机器人注册审批的公司，已构建 多孔+单孔+远程系统的"三合一"外科手术解决方案。公司全球首创的单多孔手术机器人超级系统 MSP2000已于2025年10月获得CE证，为全球手术机器人的技术演进与临床应用提供创新范本。 24年国内厂商销量第一，持续落地中国顶级医院圈层 自精锋多孔腔镜手术机器人于2022年12月商业化以来，于2024年在中国售出了20台精锋多孔腔镜手术机 器人，在国内手术机器人制造商中排名第一，临床应用范围已覆盖全国30个省份，超过220家医院，包 括国内顶尖三甲医院乃至多个省份的县域基层医院，实现了"省-市-县"三级医院网络的全覆盖。伴随国 内销量大幅增长以及海外的商业化，公司总收入由2023年的0.48亿元增加至2024年的1.6亿元，并由 2024H1的0.30亿元增加至2025H1的1.49亿元。 国泰海通证券发布研报称，首次覆盖精锋医疗-B(02675)给予评级为"增持"。预测公司 ...

自精锋多孔腔镜手术机器人于2022年12月商业化以来，于2024年在中国售出了20台精锋多孔腔镜手术机 器人，在国内手术机器人制造商中排名第一，临床应用范围已覆盖全国30个省份，超过220家医院，包 括国内顶尖三甲医院乃至多个省份的县域基层医院，实现了"省-市-县"三级医院网络的全覆盖。伴随国 内销量大幅增长以及海外的商业化，公司总收入由2023年的0.48亿元增加至2024年的1.6亿元，并由 2024H1的0.30亿元增加至2025H1的1.49亿元。 智通财经APP获悉，国泰海通证券发布研报称，首次覆盖精锋医疗-B(02675)给予评级为"增持"。预测公 司2025-2027年的收入分别为4.32、8.11、12.36亿元，参考可比公司，考虑公司产品布局领先，海外进 展迅速，给予公司2026年35XPS，对应目标价73.20元/79.57港元（汇率为1港元=0.92人民币）。 国泰海通证券主要观点如下： 国产手术机器人引领者，持续革新推动技术进步 精锋医疗于2017年5月在深圳创立，是中国自主研发手术机器人领域的深耕者，为中国首家、全球第二 家同时取得多孔腔镜手术机器人、单孔腔镜手术机器人及自然腔道手术 ...

2026年02月06日，锐明技术披露接待调研公告，公司于02月03日至02月05日接待睿远基金管理有限公 司、国泰海通证券股份有限公司、东方证券股份有限公司、招商证券股份有限公司、合众资产管理股份 有限公司、大家资产管理有限责任公司等68家机构调研。 天眼查资料显示，深圳市锐明技术股份有限公司成立于 2002年09月03日，是一家以从事专业技术服务 业为主的企业。截至2025年09月30日，锐明技术股东户数26704户，较上次增加6611户，户均持股市值 49.29万元，户均持股数量0.68万股。 参与此次调研的睿远基金是一家以价值投资、研究驱动和长期投资风格为主的长期价值投资机构，聚焦 于权益投资和固定收益投资领域。截至目前，管理基金数量5只，其中睿远成长价值混合A最新单位净 值为1.9237，近一年增长66.96%。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 财经频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 锐明技术（002970）股价报72.87元，较前一交易日收盘价上涨0.13元，涨幅为0.18%，总市值131.63亿 元。从行业市盈率来看 ...