截至2025年12月31日，华夏基金总资产人民币222.46亿元，总负债人民币71.51亿元；2025年实现营业收 入人民币96.26亿元，净利润人民币23.96亿元，综合收益总额人民币23.68亿元。截至2025年12月31日， 华夏基金母公司管理资产规模为人民币30,144.84亿元。 格隆汇2月10日丨中信证券(600030.SH)公布，公司控股子公司华夏基金管理有限公司（以下简称华夏基 金）的股东Mackenzie Financial Corporation持有华夏基金27.8%股权。Mackenzie FinancialCorporation之 控股股东IGM Financial Inc.将刊发其2025年度业绩，其中将载有华夏基金的主要财务数据。基于信息披 露的公平原则，公司对华夏基金2025年度主要财务数据披露如下： ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [7] Core Insights - The non-bank financial sector has shown weak overall performance this week, with a recommendation to seize allocation opportunities in the brokerage sector as market trading has slightly declined but remains at historical highs. In the insurance sector, the long-term outlook is optimistic due to improved return on equity (ROE) and valuation recovery potential, suggesting a positive allocation strategy for insurance stocks [2][4] - The report continues to recommend stable dividend-paying stocks such as Jiangsu Jinzhong, China Ping An, and China Pacific Insurance, which exhibit strong profitability and market positions. Additionally, it highlights companies like New China Life, China Life, Hong Kong Stock Exchange, CITIC Securities, Dongfang Caifu, Tonghuashun, and Jiufang Zhitu Holdings based on performance elasticity and valuation [4] Summary by Sections Market Performance - The non-bank financial index decreased by 0.6% this week, with an excess return of +0.7% relative to the CSI 300, ranking 20th out of 31 sectors. Year-to-date, the non-bank financial index is down 1.1%, with an excess return of -1.4% compared to the CSI 300, ranking 29th out of 31 [5] - The average daily trading volume in the two markets was 24,066.54 billion yuan, down 21.43% week-on-week, with a daily turnover rate of 2.36%, down 60.83 basis points [5][35] Insurance Sector Insights - In December 2025, the cumulative insurance premium income reached 61,194 billion yuan, reflecting a year-on-year increase of 7.43%. Life insurance premiums increased by 8.91%, while property insurance premiums rose by 3.92% [20][21] - The total assets of insurance companies reached 41.31 trillion yuan, with life insurance companies holding 36.39 trillion yuan, representing 88.09% of the total [25][26] Brokerage and Investment Business - The brokerage business is experiencing a gradual recovery in profitability, with the average daily trading volume exceeding the 2025 average. The report notes that the commission fee rates are stabilizing, which is expected to support the profitability of the brokerage sector [35][41] - In January 2026, the equity financing scale rebounded to 134.86 billion yuan, up 103.4% month-on-month, while bond financing decreased by 15.6% [45] Asset Management and Fund Issuance - The report indicates a recovery in the issuance of collective asset management products, with January 2026 seeing a new issuance of 9.104 billion units, up 40.1% from the previous month. The new fund issuance also increased to 1,094.51 billion units, reflecting a 41.3% month-on-month rise [47][49]

February 9, 2026 04:14 PM GMT China Brokers | Asia Pacific Refinance Rules Relaxed – Another Signal for Accelerating Fundraising in A Shares Key Takeaways Yet another signal suggesting regulators are turning more supportive on fundraising: This follows relaxation of IPOs since mid-2025 and more supportive tone to drive funding for tech innovation throughout the year. Liquidity is also abundant – A-share ADT rose to Rmb2-3tn in early 2026 prompting CSRC to raise the margin ratio in an effort to cool off the ...

证券日报网讯 2月9日，中信证券发布公告称，截至公告披露日，公司及控股子公司对外担保总额为人 民币2132.07亿元（全部为公司及其控股子公司对其控股子公司提供的担保），占公司最近一期经审计 净资产的比例72.74%。公司无逾期担保。 ...

Investment Rating - The report maintains a "Buy" rating for key stocks including CITIC Securities and Guotai Junan, with target prices set at 42.24 and 28.84 respectively [9][20]. Core Insights - The report highlights the optimization of refinancing policies by the Shanghai and Shenzhen Stock Exchanges, which aims to support high-quality listed companies and enhance the flexibility and convenience of refinancing mechanisms [1][2][3]. - The new regulations emphasize a structural loosening of refinancing rules, particularly for innovative small and medium-sized enterprises and unprofitable technology companies, allowing for a reduced refinancing interval from 18 months to 6 months [2][4]. - The report anticipates a recovery in the A-share refinancing market, projecting a total fundraising amount of 424.7 billion yuan in 2025, a 90% year-on-year increase, with expectations for continued improvement in 2026 [4][5]. Summary by Sections Refinancing Policy Changes - The new rules support quality listed companies in raising funds for core business-related new industries and technologies, while preventing blind diversification [2][11]. - Companies facing share price declines can now utilize methods like competitive placements and convertible bonds for reasonable financing [2][11]. - The disclosure requirements for refinancing plans have been simplified, allowing companies to report previous fundraising usage and future plans more efficiently [3][11]. Market Outlook for Securities Firms - The report expresses optimism regarding the strategic value of the securities sector, predicting continued marginal improvement in investment banking business due to increased market financing demand [5][9]. - The average price-to-book ratio (PB) for major A-share securities firms is currently at 1.44x, indicating a low valuation level, which presents a strategic investment opportunity [5][20]. - The report identifies leading firms such as CITIC Securities and Guotai Junan as having strong competitive advantages in investment banking, making them attractive investment targets [5][9].

主要玩家今日累计加空1667，净空单总数159136 三市成交22704亿，较上个交易日放量1067亿，主力净流入261.26亿，两融余额26636.6亿，较上个交易日减少172 亿。 20260209更新数据 中信icon 中证500减空53，净空11508 沪深300加空165，净空11944 上证50减空506，净空4612 中证1000加空328，净空34300 中信今日累计减空66，净空单总数62364 主要玩家数据 中证500加空821，净空40266 沪深300加空987，净空38818 上证50减空1545，净空21197 20260209更新数据 中信icon 中证500减空53，净空11508 沪深300加空165，净空11944 上证50减空506，净空4612 中证1000加空328，净空34300 中信今日累计减空66，净空单总数62364 主要玩家数据 中证500加空821，净空40266 沪深300加空987，净空38818 上证50减空1545，净空21197 中证1000加空1404，净空58855 ...

Market Overview - The three major indices opened mixed, with the Shanghai Composite Index up 0.11%, the Shenzhen Component down 0.05%, and the ChiNext down 0.33%. Sectors such as media and computing leasing saw gains, while photovoltaic, superhard materials, and power grid equipment sectors experienced declines [1] External Market - U.S. stock indices closed higher, led by technology stocks, with the Nasdaq up nearly 1%. The Dow Jones increased by 0.04%, reaching a new historical high, while the S&P 500 rose by 0.5%, nearing its historical peak. The closing figures were: Dow Jones at 50,135.87 points, S&P 500 at 6,964.82 points, and Nasdaq at 23,238.67 points [2] - Chinese concept stocks showed mixed performance, with the Nasdaq Golden Dragon China Index up 0.12%. Notable movements included Alibaba up 0.30%, JD down 0.21%, and NIO down 2.98% [2] Industry Insights - CITIC Securities maintains an optimistic outlook for precious and non-ferrous metal prices through 2026, despite recent volatility in gold prices driven by market concerns over the Federal Reserve's independence and changes in the Iranian situation. The firm suggests that the market may have overestimated the hawkish stance of the new Fed Chair, Kevin Walsh, and anticipates that gold market fluctuations will stabilize once uncertainties are resolved [3] - Huatai Securities reports a significant increase in excavator sales, with January 2026 sales reaching 18,700 units, a year-on-year increase of 49.5%. Domestic sales were 8,723 units, up 61.4%, and exports were 9,985 units, up 40.5%. The firm expects a positive resonance in the excavator industry driven by key infrastructure projects and a potential recovery in real estate [4] - China Galaxy Securities identifies the current moment as a new starting point for the storage chip sector, driven by rapid growth in AI server demand and domestic production. The firm sees investment opportunities in related listed companies within the domestic storage industry [5] - CITIC Securities notes strong replenishment intentions in the liquor sector as the Spring Festival approaches, predicting that the 2026 Spring Festival will see better-than-expected performance in liquor sales due to increased consumer activity. The firm suggests that the liquor industry is at a long-term fundamental bottom, and any marginal improvements could significantly boost investment sentiment in the sector [6]

▍风险因素： 消费信心提升不及预期；关税政策超预期变化；内需修复进度慢于预期；收费公路政策落地慢于预期； 高速公路车流量增长不及预期。 ▍盈利预测、估值与评级： 文｜扈世民 张庆焕 林睦锦 风格切换背景下，优选现金流稳健增长稀缺资产，建议重点关注政策端重视市值管理以及基本面悲观因 素充分反应、2026年净利润和现金流有望转增的铁路、高速公路及港口龙头。以高速公路为例，2H25 车流量经过两年消化进入同比转增区间，预计2026年PPI降幅收窄、稳增长政策与"十五五"开局支撑工 业与社零回暖有望成为车流量增长支撑因素。2026年2月第一周红利板块日均成交额较2025年12月增长 48.9%，同时A股红利类ETF日均净申购增长152.1%，关注风格切换过程中红利股布局机会。优选市值 管理重视度提升及基本面悲观因素充分反映、2026年净利润和现金流有望转增的稀缺资产。 ▍风格切换背景下，优选现金流稳健增长稀缺资产，建议重点关注政策端重视市值管理以及基本面悲观 因素充分反应、2026年净利润和现金流有望转增的铁路、高速公路及港口龙头。 以高速公路为例，我们预计华南主要路产12月车流量平均同增5%左右，腹地经济的修复有望 ...

春节假期是白酒传统消费旺季，今年春节前第3~4周白酒实际动销流速已经开始加快，比往年提前1~2 周，主要受益于礼赠市场需求表现好于市场预期。节前1-2周以及春节假期期间，大众聚饮等需求有望 逐步释放，再考虑到2026年春节假期同比2025年多一天，且春节等重要节假日消费存在一定韧性，春节 白酒消费以居民返乡聚饮为主，长假多一天有利于白酒消费场景的增加，综合判断2026年春节旺季白酒 动销表现有望平稳好于市场预期。截至2026年2月6日，白酒板块市盈率(TTM)约为19.5x，处于中长期 的历史底部区间，在3年/5年/10年/上市以来的30%/18%/10%/16%分位，已反应较多中长期的悲观预期。 此外，2024年以来白酒头部企业股东回报稳步提升，龙头公司分红率普遍在65%以上，不断增厚投资安 全边际。 智通财经APP获悉，中信证券发布研报称，临近春节白酒动销逐步升温，考虑到2026年春节假期同比 2025年多一天，且春节等重要节假日消费存在一定韧性，春节白酒消费以居民返乡聚饮为主，长假多一 天有利于白酒消费场景的增加，综合判断2026年春节旺季白酒动销表现有望平稳好于市场预期。 白酒行业已连续调整多年，当前 ...

文｜明明 余经纬 陈炳丞 近期黄金价格出现大幅度波动。从基本面来看，我们认为是市场对美联储独立性的担忧和伊朗局势的预 期出现了变化，驱动黄金价格先快速上行后大幅震荡下跌。市场的投机性资金也放大了这一趋势变化。 展望短期市场，我们认为市场可能高估了新美联储主席凯文·沃什的鹰派立场，但伊朗局势的不确定性 仍然较高，或需等待局势尘埃落定后黄金市场波动才会收敛。展望2026年全年，我们仍然维持对贵金属 和有色金属价格的乐观预期。 ▍2026年1月以来，黄金价格出现了大幅度波动，从基本面来看主要是两个因素：美联储独立性和伊朗 局势。 2025年伦敦现货黄金收官于4300美元/盎司左右，2025年全年已经实现了大幅度上行。但在2026年1月黄 金价格仍然在加速上行，伦敦金现最高接近5600美元/盎司。但在1月29日触顶之后，黄金价格开始大幅 度震荡下行。其他贵金属等同样开始下跌。我们认为，这种先大幅上行后下行的基本面驱动因素有两 条：市场对美联储独立性担忧的变动以及伊朗局势的变化。 2026年至今，特朗普政府在对内和对外政策方面已经多次超出市场预期。在中期选举的驱动下，特朗普 政府导致的政策与地缘的不确定性可能仍然较高。 ...