Core Viewpoint - The first batch of 10 commercial real estate REITs has been submitted for approval, aiming to raise a total of 37.7 billion yuan, marking the official entry of China's public REITs market into a comprehensive development phase for both infrastructure and commercial real estate [1][9]. Group 1: REITs Submission Details - As of February 8, 10 commercial real estate REITs have been submitted, with 9 to the Shanghai Stock Exchange and 1 to the Shenzhen Stock Exchange [3]. - The specific funds include Everbright's closed-end commercial real estate fund, Bosera's infrastructure fund, and several others, with notable fundraising targets [3][4]. - The largest fundraising target is for the CICC Vipshop closed-end commercial real estate fund at 7.47 billion yuan, followed by Guotai Junan's fund at 5.064 billion yuan [4]. Group 2: Asset Types and Market Dynamics - The underlying assets of the commercial real estate REITs are diverse, including hotels, office buildings, shopping malls, and commercial complexes [5]. - The hotel assets are primarily four-star and above, with only one project involving hotel assets, indicating sensitivity to economic cycles [5]. - The CICC Vipshop fund's underlying projects include the Zhengzhou and Harbin Outlets, with significant operational history and remaining land use rights [5][6]. Group 3: Regulatory and Institutional Support - The development of commercial real estate REITs is supported by regulatory bodies, with the China Securities Regulatory Commission emphasizing its importance for the capital market and real estate sector [9][10]. - Various local securities regulatory bureaus are actively promoting the implementation of commercial real estate REITs, conducting training sessions and preparing for pilot submissions [10]. - Multiple listed companies, including Poly Developments, are preparing to submit their commercial real estate REITs, aligning with regulatory calls to enhance their real estate management capabilities [11]. Group 4: Role of Intermediaries - The commercial real estate REITs involve various intermediaries, including fund managers, custodians, and financial advisors, with major firms like Guotai Junan and CITIC Securities playing significant roles [7][12]. - The regulatory framework mandates strict adherence to responsibilities by all involved parties to ensure compliance and effective operation of the REITs [7].

人民银行 42 号文，证监会 1 号文点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘欣琦(分析师) | 021-38676647 | liuxinqi@gtht.com | S0880515050001 | | 孙坤(分析师) | 021-38038260 | sunkun@gtht.com | S0880523030001 | 境内虚拟货币违法，境外 RWA 监管明晰 [Table_Industry] 综合金融 本报告导读： 虚拟货币再迎新规，境内发行虚拟货币仍是违法行为，境外开展 RWA 监管明确， 相关中介机构及具备优质基础资产公司受益。 投资要点： [Table_Report] 相关报告 综合金融《支付牌照缩减，多家投资咨询公司暂 停新增》2026.02.01 综合金融《消金监管趋严，行业加速出清》 2026.01.25 综合金融《业绩基准新规落地，助推行业长期发 展》2026.01.24 综合金融《保险券商均获增配，看好居民资金入 市下的非银机会》2026.01.23 综合金融《零售及自营业务驱动全年高增 ...

Group 1 - The core viewpoint emphasizes that there is no need to worry about short-term market fluctuations, as the underlying trends indicate a shift from virtual to real economies in Europe and the US, alongside the disruptive innovation brought by AI [2] - The article highlights the increasing urgency for strategic security investments and the balancing act between short-term shareholder interests and long-term infrastructure investments in the US and Europe [2] - It suggests that China's capital market has already completed the transition from virtual to real pricing and is currently in the process of validating and pricing for quality and efficiency improvements [2] Group 2 - The outlook for the A-share market in the next 1-2 months is optimistic, with historical data indicating a strong seasonal effect around February and the Spring Festival [3] - The article notes that the number of companies with low expectations or losses has reached a new high, suggesting that negative earnings reports are being digested, which may lead to a lighter market environment starting in February [3] - It encourages investors to regain confidence and prepare for the first wave of the upcoming bullish cycle around the 4000-point level [3] Group 3 - The article advocates for holding stocks during the holiday season, citing a positive outlook for the Chinese market driven by a shift towards domestic demand and government support for capital market stability [4] - It mentions a resurgence in stock buybacks among A-share companies, indicating a strengthening market sentiment [4] - The recommendation includes maintaining positions in sectors such as consumer services, food and beverage, and emerging technologies like internet and robotics [5] Group 4 - The article discusses the limited impact of external shocks on the Chinese market, suggesting that the recent adjustments are more about emotional digestion rather than fundamental changes [6] - It highlights the potential for a recovery in the market post-Spring Festival, driven by increased risk appetite and upcoming catalysts in various sectors [6] - The focus is on sectors like AI computing, chemicals, and power equipment, which are expected to perform well in the upcoming market environment [10] Group 5 - The article indicates that the Hang Seng Technology Index has potential for recovery, especially if the liquidity shock subsides and new catalysts emerge in the AI sector [7] - It suggests that the market may experience a rotation towards sectors benefiting from major projects outlined in the 14th Five-Year Plan, such as construction materials and energy [7] - The overall sentiment is that the market will likely see a stronger performance post-holiday compared to pre-holiday levels [7] Group 6 - The article emphasizes the revaluation of Chinese assets, driven by a recovery in manufacturing and the return of capital from export enterprises [8] - It suggests that the focus should be on physical assets and sectors with global competitive advantages, such as energy and equipment manufacturing [8] - The recommendation includes sectors like oil, copper, and lithium, which are expected to benefit from a stabilization in demand and low inventory levels [8]

沪深两市数据显示，2月6日，融资净买入前十的股票分别为： 亨通光电（4.04亿元）、500ETF（2.34 亿元）、 双良节能（2.23亿元）、转债ETF（2.02亿元）、 宏达股份（1.92亿元）、 中信证券（1.81亿 元）、 寒武纪（1.53亿元）、 兆易创新（1.50亿元）、 炬光科技（1.31亿元）、1000ETF（1.17亿 元）。 ...

智通财经APP获悉，中信证券发布研报称，马斯克下注光伏制造，为轨道算力和AI供电铺路。中国头部光伏设备厂商具备极强的高效迭代和快速响应能 力，有望跻身特斯拉和SpaceX等相关设备供应链，并收获高额订单，打开全新成长空间。此外，太空光伏设备或具备明显"通胀"效应，价值量或将实现跃 迁式提升。重点推荐光伏设备龙头。 中信证券主要观点如下： SpaceX剑指轨道算力，太空光伏需求增长或远超想象。 SpaceX引领商业航天发展，加快星链(Starlink)建设和卫星升级，并申请部署百万颗卫星，正式进军太空数据中心。太空光伏是现阶段卫星和轨道算力的唯 一能源，其需求增速和市场空间有望迎来指数级增长。测算在保守情景下，2030年全球太空光伏需求量和市场空间或分别达1GW和800亿元以上;在乐观情 景下，2030年全球太空光伏需求和市场空间或分别达70GW和近3万亿元。预计未来5年，太空P型HJT和钙钛矿电池市场成长空间或达百倍、甚至千倍以 上。 马斯克下注光伏制造，光伏设备龙头迎重大机遇。 马斯克在2026年达沃斯论坛透露，特斯拉和SpaceX或分别基于地面用电和太空光伏需求规划在未来几年各建100GW光伏上下游制造产 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 中信证券研究 文|林劼 吴子祎 华夏 李越 ▍光伏设备龙头成长空间打开，设备价值量有望跃迁式提升。 除SpaceX已明确自建光伏产能外，国内外其他厂商也有望加快产能规划，且随着太空算力发展加速， 以及钙钛矿叠层电池技术逐步趋于成熟，设备升级需求亦将持续释放，有望打开远期百GW/年级别市 场。同时，太空光伏技术在工艺难度、定制化程度、设备标准和由于低产效率所需的配置冗余等方面显 著高于传统光伏，或令相关设备价值量迎来显著提升，太空光伏设备市场空间亦有望超预期。 太空光伏需求有望迎来指数级增长。马斯克下注光伏制造，为轨道算力和AI供电铺路。中国头部光伏 设备厂商具备极强的高效迭代和快速响应能力，有望跻身特斯拉和SpaceX等相关设备供应链，并收获 高额订单，打开全新成长空间。此外，太空光伏设备或具备明显通胀效应，价值量或将实现跃迁式提 升。重点推荐具备技术、产品和份额优势的光伏各环节设备龙头厂商。 ▍SpaceX剑指轨道算力，太空光伏需求增长或远超想象。 SpaceX引领商业航天发展，加快星链（Starlink）建设和卫星升级，并申请部署百 ...

4)银行业增值税政策是否有调整可能?首先，2026年1月1日施行的《中华人民共和国增值税法》，并未 对银行业相关税率作出任何调整。其次，金融业作为现代服务业的重要组成，其适用于6%基准税率的 延续性较强，短期通过立法程序修订或调整业务归类的可能性均较低。最后，考虑到银行业和金融业的 特殊性，从防范金融风险和确保金融体系稳定的角度出发，该行预计中短期对于银行业适用增值税率的 调整定极为审慎。 板块分析：当前处于较好的价值配置区间。 上周，银行板块总体企稳反弹。本期银行业投资观点，重点聚焦市场近期关注的金融业增值税情况与板 块位置和空间。 银行业增值税：《中华人民共和国增值税法》落地施行，银行业相关税率不受影响。对于市场最为关心 的四个问题，分析如下： 1)增值税法律法规历史沿革如何?2016年，国内全面推开"营改增"(营业税改征增值税)试点，旨在规范财 税治理体系，理顺制造业与服务业税收关系，并降低相关企业税负。彼时，国务院两次修订《中华人民 共和国增值税暂行条例》，明确相关税务要求。2024年，十四届全国人大常委会第十三次会议表决通过 《中华人民共和国增值税法》，标志着增值税制度由行政法规上升为国家法律。此外 ...

中信证券研报称，2025年 乳制品供给小幅增加，液奶需求承压，固体乳需求高景气。2026年1月散奶价 格维持高位，原奶供需矛盾短期缓解，龙头乳企深加工布局持续推进。1月以来淘汰母牛价格涨至20 元/kg以上，龙头牧业公司增加肉牛业务布局，2024年以来存栏累计去化或超过10%，2026年肉牛供给 端存在下降压力，参考上轮肉牛周期去化及价格回升节奏，判断本轮周期活牛价格仍有上行空间。继续 看好肉牛原奶周期共振，推荐牧业养殖龙头及原奶自给率行业领先的全产业链龙头。 ...

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].

中信证券研报表示，已披露的11家银行业绩快报显示，银行业经营质效保持平稳态势。展望2026年，预 计1季度信贷开门红和银行经营格局良好，息差和资产质量预期稳定，营收和利润增速恢复，夯实核心 权益资产价值。资金流出高峰已过，结合市场风偏变化因素，板块配置具备较高的性价比。 （文章来源：第一财经） ...