智通财经APP获悉，中国银河证券发布研报称，家电面临成本驱动的提价，以及部分结构性升级。本轮 成本上涨周期与2020Q3-2022Q2连续8个季度的成本大幅上涨差异。空调提价坚决，该行预计2025年Q4 是空调市场竞争、成本压力最大的时期。2026年以来的提价将明显缓解行业成本压力。扫地机试图结束 自补，但情况较为复杂。彩电结构升级、运动相机竞争激烈。 1)扫地机国补受益于部分地方政府选品。2025年下半年，扫地机国补基本停止，科沃斯、石头等品牌自 补(对消费者宣称国补)导致企业盈利承压。2)扫地机企业试图结束自补，但由于2026年初以来部分省份 恢复对扫地机的补贴，JD、TMALL也倾向于给与补贴，目前已经全面恢复"国补"(补贴来自国家、平 台、企业)。3)AVC监测的扫地机线上零售均价，2025年10、11、12月零售均价3645、3387、3291，同 比分别-2.9%、-6.2%、-5.1%，环比也呈现下降。到2026年第四周、第五周均价回升到3535、3403元， 有所回升。但扫地机市场没有摆脱 "国补"名义的影响(补贴来自国家、平台、企业)。 彩电结构升级、运动相机竞争激烈 本轮成本上涨周期与20 ...

证券代码：601881 证券简称：中国银河 公告编号：2026-017 中国银河证券股份有限公司 特此公告。 中国银河证券股份有限公司董事会 2026 年 2 月 10 日 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导 性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带 责任。 中国银河证券股份有限公司 2026 年度第四期短期融资券已于 2026 年 2 月 9 日发行完毕，相关发行情况如下： | 债券名称 | 中国银河证券股份有限公司 | 2026 | 年度第四期短期融资券 | | --- | --- | --- | --- | | 债券简称 | 26 银河证券 CP004 | 债券流通代码 | 072610041 | | 发行日 | 2026 年 2 月 6 日 | 起息日 | 2026 年 2 月 9 日 | | 到期兑付日 | 2026 年 12 月 8 日 | 期限 | 302 天 | | 计划发行总额 | 40 亿元人民币 | 实际发行总额 | 40 亿元人民币 | | 票面年利率 | 1.67% | 发行价格 | 100 元/百元面值 | 本 期 发 行 短 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依 賴該等內容而引致之任何損失承擔任何責任。 （在中華人民共和國註冊成立之股份有限公司） （股份代號：06881） 公告 2026年度第四期短期融資券發行完畢 於本公告日期，本公司執行董事為王晟先生（董事長）及薛軍先生（副董事長及總 裁）；非執行董事為楊體軍先生、李慧女士、黃焱女士及宋衛剛先生；以及獨立非 執行董事為羅卓堅先生、劉力先生、麻志明先生及范小雲女士。 董事會欣然宣佈，根據上述股東授權，本公司已於2026年2月9日完成2026年度第 四期短期融資券發行（「本期融資券」）。本期融資券的發行規模為人民幣40億元， 面值及發行價均為每單位人民幣100元。本期融資券的期限為302天，最終票面利 率為1.67%。本期融資券發行所募集的資金將用於補充本公司流動資金。 承董事會命 中國銀河證券股份有限公司 王晟 董事長及執行董事 中國北京 2026年2月9日 茲提述中國銀河證券股份有限公司（「本公司」）日期為2025年1月23日的通函以及 2025年2 ...

ETF Market Overview - As of February 9, 2026, the total number of ETFs in the market reached 2,310, with an overall scale of 1.8 trillion yuan and a weekly trading volume of 0.4 trillion yuan [1][3] - Stock ETFs dominate the market, with broad-based stock ETFs accounting for 61.3% of the total scale and a weekly trading volume of 0.3 trillion yuan, representing 73.1% of the total market trading volume [1][3] - Bond ETFs are the most actively traded, with a weekly trading volume of 0.1 trillion yuan, accounting for 12.3% of the total market trading volume [1][3] Fund Inflows and Outflows - The top inflow ETFs include the Hang Seng Technology ETF, which saw an inflow of 1.2 billion yuan, followed by the Short-term Bond ETF with 0.5 billion yuan, and the Sci-Tech Innovation ETF with 0.3 billion yuan [5][6] - The top outflow ETF was the CSI 300 ETF, which experienced an outflow of 0.4 billion yuan, followed by the Hu-Shen 300 ETF with 0.3 billion yuan [7][8] Industry Sector Fund Flows - The technology and manufacturing sectors attracted a net inflow of 1.2 billion yuan, while the financial real estate and consumer sectors saw net inflows of 0.5 billion yuan and 0.3 billion yuan, respectively [13] - The resources and public services sector experienced the highest net outflow, totaling 0.6 billion yuan [13] Core Broad-based Index and ETF Performance - Core broad-based indices showed varying degrees of decline, with the Sci-Tech Innovation indices experiencing the largest drops, while large-cap blue-chip indices remained relatively resilient [18][19] - The Sci-Tech Innovation Entrepreneurship Index and the Sci-Tech Innovation Index had weekly returns of -1.5% and -1.3%, respectively, while the large-cap indices like the Shanghai Composite Index and the Hu-Shen 300 Index had smaller declines [18][19] Industry Theme Index and ETF Performance Technology and Manufacturing - The photovoltaic industry was the only segment to achieve positive returns, with a weekly return of 1.2%, while chip and AI-related sectors faced significant declines [20] - The CS Artificial Intelligence Index dropped by 3.5%, and the Sci-Tech AI Index fell by 3.2%, with corresponding ETFs reflecting similar declines [20] New ETF Listings - Last week, 12 new ETFs were launched, primarily in the stock category, covering broad-based, thematic, and cross-border classifications [15][16] - The largest new ETF was the Shipbuilding ETF, with a listing scale of 0.5 billion yuan, while the Color Metal ETF also had a significant scale of 0.4 billion yuan [16][17]

中国银河国际分析师Kasem Prunratanamala在一份报告中写道，随着政治局势日渐明朗，泰国外资流入 可能会回升。自豪泰党很可能在大选后成为第一大党，这一结果好于该经纪机构的预期。"获得强有力 授权后，我们相信新政府很可能带来一个更稳定的政治环境，这应会提振投资者信心，"该分析师称。 中国银河国际将其2026年底SET指数目标从之前的1,400点上调至1,480点。SET指数上涨3.3%，报 1,398.88点。 ...

Core Viewpoint - The report from China Galaxy Securities indicates that the rising cycle of upstream raw material prices presents clear profit recovery opportunities for leading textile yarn companies due to a contraction in wool supply and a rebound in demand, alongside fluctuating cotton prices supported by inventory consumption ratios [1][2]. Group 1: Upstream Raw Material Market Dynamics - The upstream raw material market for the textile and apparel industry is undergoing a restructuring of supply and demand dynamics, with Australian wool supply entering a contraction phase since 2025, while downstream apparel demand recovery is driving replenishment intentions, leading to an increase in wool prices [2][3]. - Global cotton production and consumption have remained stable, with the 2025/26 production expected to reach 26 million tons, reflecting a modest year-on-year growth of 0.81%, while consumption is projected to remain steady at 25.89 million tons [4]. Group 2: Wool and Cotton Price Trends - Wool prices have entered a new upward cycle since July 2025, rising from 1208 AUD cents per kilogram to 1665 AUD cents per kilogram by January 29, 2026, marking a year-on-year increase of 39.7% [3]. - The inventory-to-consumption ratio for cotton in 2025/26 is projected to be 62.64%, which is at a lower level compared to the past decade, indicating that strong replenishment intentions and resilient consumption are key drivers supporting domestic cotton prices [4]. Group 3: Impact on Company Profitability - The rising wool price cycle typically corresponds with an increase in profit margins for wool spinning companies, as they adopt a cost-plus pricing model, allowing for higher product prices during periods of rising wool prices [5]. - Cotton constitutes approximately 70% of the raw material costs for yarn companies, and leading companies like Huafu Fashion and Bailong Oriental exhibit a positive correlation between their yarn business profit margins and cotton prices, performing better during periods of rising or high cotton prices [5].

Group 1: Cement Industry - The cement industry is expected to see the effects of capacity reduction by 2026, improving the supply-demand balance and leading to a price recovery, which will gradually restore corporate profitability [1] - In January, the cement market faced seasonal weakness with reduced demand and price pressure, but inventory levels are gradually decreasing, and prices are expected to stabilize in the short term, with potential increases in March due to seasonal construction [1] Group 2: Glass Fiber - In January, the price of raw glass fiber remained stable, supported by some demand recovery and inventory adjustments, while electronic fiber prices increased due to strong demand and supply constraints [2] - The demand for high-end glass fiber products remains robust, and prices are expected to maintain an upward trend in the short term, despite potential temporary declines in traditional electronic fiber demand [2] Group 3: Consumer Building Materials - The retail sales of building and decoration materials decreased by 2.7% year-on-year in 2025, with a significant drop in December, but demand is expected to recover slightly due to urban renewal strategies and the push for high-quality green building materials [3] - Leading companies in the consumer building materials sector are implementing price increases, which, along with anti-competitive policies, may help restore profitability [3] Group 4: Float Glass - The float glass market is experiencing weakening demand, with speculative purchasing increasing, leading to a decline in prices and high overall inventory levels [4] - Short-term demand is expected to continue decreasing, and the price center is likely to shift downward due to ongoing supply-demand pressures [4]

中国银河证券研报表示，经历近期回调后，港股估值吸引力进一步增大，预计春节前后港股市场震荡上 行。配置方面，建议关注：（1）消费板块当前估值处于相对低位，临近春节，促消费政策增多，消费 活力逐渐提升，消费板块有望继续上涨。（2）美联储降息预期不确定性较高，地缘政治局势反复无 常，贵金属、能源等板块有望震荡上行。（3）科技板块仍是中长期投资主线，经历近期的回调后，估 值压力下降，相关板块有望反弹回升。 ...

Group 1 - The announcement states that from February 9, 2026, China Galaxy Securities will begin selling certain funds managed by the company [1][5][12] - The sales will include a variety of funds, such as mixed-type funds and specific investment strategies [1][5] - The announcement also mentions that the sales will be conducted in accordance with the fund contracts, prospectuses, and related business announcements [2][6] Group 2 - Investors can consult details through various sales institutions, including China Galaxy Securities and the company's own customer service [3][7] - A comprehensive list of sales institutions and their contact information is provided for investor convenience [8][9][10]

Group 1 - The announcement states that from February 9, 2026, China Galaxy Securities will begin selling certain funds managed by the company [1] - The announcement also mentions that Huatai Securities will start selling some of the company's funds from the same date [2] - Investors can consult details through the respective websites and customer service numbers of China Galaxy Securities and the company [1][2] Group 2 - The sales agreements with both securities firms are subject to compliance with fund contracts, prospectuses, and related business announcements [1][2] - Specific details regarding the sales process, types of business, and any fee discount activities will be determined by the sales institutions [1][2]