信达证券研报指出，居然智家预计25年归母净利润实现-11.5~-8.5亿元（同期为7.69亿元），根据测算， 单Q4公司归母净利润中值为-13.98亿元（同期为0.38亿元）。受2025年特殊突发事件影响，商场招租及 租金收入、投资性商业用房公允价值下降，据其测算，2025年度公司投资性房地产公允价值变动下降约 10亿元至16亿元。此外，预计受地产疲软&需求低迷等因素影响，租赁业务收入&毛利率均在Q4有所承 压，导致经营利润下滑。截至25H1，公司已在长春、武汉等地运营4家"中商世界里"购物中心，同时在 武汉、咸宁、荆门等城市的核心商圈经营3家现代百货店和125家各类超市，未来伴随宏观经济复苏&公 司自身模式优化，商品销售收入&盈利能力有望稳步复苏。海外扩张加速，展望未来，公司强调26年将 继续深耕家居主业，积极拓展儿童、宠物、银发等家居消费场景，同时通过以AI设计为新的流量入 口、以智能家居为新的消费场景，赋能家居产业链，推动实现从"家居卖场运营商"向"全行业产业数智 服务商"转型。 ...

Core Viewpoint - On February 2, a total of 7 listed companies had their restricted shares unlocked, with a total market value of approximately 43.65 billion yuan [1] Group 1: Company Specifics - Yunding Technology (Stock Code: 000409) had 4.0062 million shares released from equity incentive restrictions [1] - Jinling Pharmaceutical (Stock Code: 000919) had 220,800 shares released from equity incentive restrictions [1] - Dongfang Chuangye (Stock Code: 600278) had 531,600 shares released from equity incentive restrictions [1] - Xinda Securities (Stock Code: 601059) had 2.551 billion shares released from pre-issue share restrictions [1] - Nuo Si Ge (Stock Code: 301333) had 3.9288 million shares with extended lock-up periods released [1] - Jianghan New Materials (Stock Code: 603281) had 12.2 million shares released from pre-issue share restrictions [1] - Fu Er Jia (Stock Code: 301371) had 250,000 shares with extended lock-up periods released [1]

今日看点 2、600.11亿元市值限售股今日解禁 2月2日重点关注的财经要闻与资本市场大事： 1、2026年春运启动 2026年春运自2月2日开始，至3月13日结束，为期40天。据综合研判，全国铁路春运预计发送旅客5.39亿人次，全社会跨区域人员流动量预计将达95亿人 次。 3、美国1月标普全球制造业PMI终值等数据将公布。 （数据来源Wind，内容不构成任何投资建议） 经济观察网 编辑 王俊勇 整理 2月2日，共有15家公司限售股解禁，合计解禁量为30.34亿股，按最新收盘价计算，合计解禁市值为600.11亿元。 从解禁量来看，信达证券、国邦医药、江瀚新材解禁量居前，解禁股数分别为25.51亿股、2.57亿股、1.22亿股。从解禁市值来看，信达证券、国邦医药、江 瀚新材解禁市值居前，解禁市值分别为448.79亿元、70.6亿元、39.62亿元。从解禁股数占总股本比例来看，信达证券、国邦医药、诺思格解禁比例居前，解 禁比例分别为78.67%、46.01%、40.66%。 ...

"牛市"行情下，龙头券商综合竞争力突出。 日前，中金公司（601995）（601995.SH、03908.HK）发布业绩预告。公司预计2025年年度实现归属于 母公司股东的净利润（以下简称"归母净利润"）为85.42亿元到105.35亿元，同比增加50%至85%；扣除 非经常性损益后的净利润为84.28亿元至103.51亿元，同比增长49%至83%。 长江商报记者注意到，在资本市场整体回暖、交投活跃的背景下，2025年证券行业业绩普遍上扬。除了 中金公司之外，中信证券（600030）、国泰海通（601211）等头部券商业绩表现突出，"强者恒强"格局 凸显。 特别是A股、港股IPO市场重拾活力，被誉为"投行贵族"的中金公司优势业务明显回温。数据显示， 2025年港股市场共完成117单IPO，中金公司参与53单，市场覆盖率达45%。 值得关注的是，当前证券行业并购重组整合提速。中金公司正推进与信达证券（601059）、东兴证券 （601198）的重组，交易完成后其将迈入"万亿券商"行列，龙头地位进一步巩固。 头部券商业绩表现突出 受益于资本市场整体上行、交投活跃度提升，2025年多家上市券商业绩表现突出。 日前， ...

Summary of Key Points Core Viewpoint - In February 2026, a total of 111 companies in the A-share market will face the unlocking of restricted shares, with a total unlocking volume of approximately 12.902 billion shares and an unlocking scale of 233.584 billion yuan, representing a month-on-month decrease of about 21.32% and a year-on-year decrease of about 50.63% [1][3]. Group 1: Unlocking Scale and Key Companies - The largest unlocking scale is attributed to Xinda Securities, with an unlocking market value exceeding 40 billion yuan [1][3]. - Five stocks will have an unlocking market value exceeding 10 billion yuan, with Xinda Securities, Hunan YN, and Huaxi Nonferrous Metals leading the list [3][4]. - Xinda Securities will unlock 2.5514 billion shares on February 2, with an unlocking market value of approximately 44.93 billion yuan, accounting for 78.67% of its total share capital [3][4]. Group 2: Industry Distribution - The industries with the highest unlocking market values are non-bank financials, electronics, and power equipment [1][9]. - In the non-bank financial sector, Xinda Securities has a significant unlocking scale, while in the electronics sector, Zhongwei Semiconductor has a notable unlocking scale [9][10]. Group 3: Additional Notable Unlockings - Hunan YN will unlock 374 million shares on February 9, with an unlocking market value of approximately 24.179 billion yuan, accounting for 49.13% of its total share capital [7][9]. - Huaxi Nonferrous Metals will have an unlocking volume of 357 million shares, representing 56.47% of its total share capital, with an unlocking market value of approximately 22.47 billion yuan [7][9]. - Honghai Technology will have its anniversary unlocking in February, with an unlocking volume of approximately 137 million shares and a market value of about 1.955 billion yuan [9][10].

Group 1 - The first annual report of the Shanghai Stock Exchange will be released by Chip Guidance Technology on February 3, 2025, making it the first listed company to disclose its annual report [1][13] - Other companies scheduled to release their annual reports include *ST Huawang on February 13 and Shangwei Co., Ltd. on February 14 [1][13] Group 2 - The domestic gasoline and diesel prices are expected to increase by 190 yuan per ton due to a 4.68% change in the average price of crude oil, which was $64.09 per barrel as of January 30 [2][14] - The price adjustment window will open at 24:00 on February 3 [2][14] Group 3 - The China Photovoltaic Industry Association will hold a seminar on February 5 in Beijing to review the development of the photovoltaic industry in 2025 and forecast the trends for 2026 [3][15] - A Brain-Computer Interface Developer Conference will be held in Tianjin from February 3 to 4, organized by the Brain-Computer Interface Industry Alliance and Tianjin University [4][15] Group 4 - A total of 42 companies will have their restricted shares unlocked from February 2 to 6, with a total of 4.657 billion shares and a market value of 103.669 billion yuan based on the closing price on January 30 [6][16] - February 2 is the peak day for unlocks, with 18 companies unlocking shares worth a total of 60.71 billion yuan, accounting for 58.56% of the total unlock value for the week [6][16] - The top three companies by unlock value are Xinda Securities (44.879 billion yuan), Zhongwei Semiconductor (13.381 billion yuan), and Changjiang Electric Power (12.151 billion yuan) [6][16] Group 5 - Two new stocks, Aide Technology and Yisiwei, will be available for subscription on February 2 [9][19] - The issue price for Yisiwei is 55.95 yuan, while Aide Technology is priced at 7.67 yuan [10][20]

Group 1: Precious Metals and Market Trends - The precious metals sector is showing increasing speculative attributes, warranting caution [2] - The current market is experiencing a style shift from small-cap to large-cap stocks and from themes to quality [2] - The overall trend indicates a potential for profit margin recovery in cyclical sectors, driven by a shift in Chinese policy from expansion to quality improvement [2] Group 2: AI and Technology Opportunities - There is a focus on AI applications and energy storage as key growth areas, with expectations for recovery in lithium battery materials and storage sectors [3] - The AI industry remains a long-term focus, with significant policy support and market optimism surrounding its applications [5] - The technology theme, including AI applications and structural recovery opportunities, is highlighted as a key area for investment [7] Group 3: Spring Market Dynamics - The spring market is expected to continue its upward trend, supported by ample liquidity and positive domestic fundamentals [5] - High elasticity growth themes may still perform well after a phase of profit-taking, with potential for further gains in February [4] - Sector rotation is anticipated to be a dominant theme leading up to the Spring Festival, with a focus on structural opportunities [9] Group 4: Commodity Recommendations - A recommendation has been made to adjust the order of investment focus to include crude oil, copper, aluminum, tin, and lithium, reflecting a shift towards industrial pricing [8] - The emphasis on physical assets is expected to strengthen, with a focus on sectors like chemicals and consumer goods benefiting from domestic recovery [8] Group 5: Market Sentiment and Future Outlook - The market sentiment remains cautious but optimistic, with expectations for continued support from domestic policies and liquidity [5][6] - The potential for structural recovery in manufacturing and resource sectors is noted, with clear paths for profit recovery [9] - The upcoming credit and inflation data in January may provide additional positive signals for the market [4]

Group 1 - The China Securities Regulatory Commission (CSRC) is proposing to expand the types of strategic investors and clarify minimum shareholding requirements, allowing various institutional investors such as social security funds and public funds to act as strategic investors with a minimum shareholding of 5% [2][3] - The CSRC emphasizes that capital investors must hold a significant proportion of shares for a long term and participate in corporate governance, while also requiring them to have a deep understanding of the company's industrial development [3][4] Group 2 - CSRC Chairman Wu Qing held discussions with representatives from domestic and foreign listed companies to gather opinions on enhancing the capital market's adaptability and improving the quality and investment value of listed companies [3][4] - The CSRC aims to consolidate the positive momentum of the capital market, focusing on risk prevention, strong regulation, and promoting high-quality development, while also enhancing the efficiency of refinancing and supporting the globalization of listed companies [4] Group 3 - Fenglong Co. and Jiamei Packaging announced the end of their stock suspension, with Fenglong's stock set to resume trading on February 2, 2026, after confirming no significant changes in its main business [5][6] - Jiamei Packaging's stock also resumes trading on February 2, 2026, despite a significant price increase that deviated from its fundamentals, with an expected net profit decline of 53.38% to 43.02% year-on-year [6] Group 4 - The National Development and Reform Commission and the National Energy Administration have issued a notice to improve the capacity pricing mechanism for power generation, including establishing a new capacity pricing mechanism for independent energy storage [7][8] - The notice aims to enhance fair competition among different technology types in the power industry and is expected to have minimal impact on electricity costs for residential and agricultural users [8] Group 5 - The transformer industry in China is experiencing a surge in demand due to the global AI computing power boom, with many factories operating at full capacity and orders extending to 2027 [9] - China's transformer export value is projected to reach 64.6 billion yuan in 2025, representing a nearly 36% increase from 2024 [9] Group 6 - The Ministry of Finance and the State Taxation Administration announced adjustments to the VAT tax rate applicable to telecommunications services, which will affect the revenue and profits of major telecom operators [10] - The adjustment will change the applicable tax category for services provided by major telecom operators from value-added telecommunications services to basic telecommunications services, increasing the VAT rate from 6% to 9% [10] Group 7 - The semiconductor industry is witnessing a significant increase in demand, with South Korea's semiconductor exports reaching $20.5 billion in January, a year-on-year increase of over 102% [11] - Domestic chip manufacturers are raising prices across various segments, with increases of up to 80% expected to continue into the first half of 2026 [11]

重点关注 锋龙股份（002931）2月1日晚间公告称，停牌期间，公司就股票交易波动情况进行了核查。目前，相关核查工作已完成，公司股票自2 月2日起复牌。公司股票自2025年12月25日至2026年1月23日已连续17个交易日涨停，价格涨幅为405.74%。 同日，嘉美包装（002969）公告称，公司股票自2025年12月17日至2026年1月23日期间价格涨幅为408.11%，已背离公司基本面。停 牌期间，公司就股票交易波动情况进行了核查。相关核查工作已完成。公司股票自2月2日起复牌。 宏观•要闻 统计局最新发布，重要经济数据出炉 1月31日，国家统计局服务业调查中心和中国物流与采购联合会发布了中国采购经理指数。数据显示，1月份，制造业采购经理指数（制造业PMI）、非制 造业商务活动指数和综合PMI产出指数分别为49.3%、49.4%和49.8%，比上月下降0.8个、0.8个和0.9个百分点，经济景气水平有所回落。不过，价格指数 释放积极信号，1月份，主要原材料购进价格指数和出厂价格指数双双回升，其中出厂价格指数近20个月来首次升至临界点（50%）以上。同时，新动能 延续扩张态势，金融业商务活动指数较上月和去 ...

Group 1 - The core conclusion indicates that since the launch of the spring market in mid-December 2025, the market has experienced two phases: from December 17, 2025, to January 12, 2026, there was a rapid inflow of leveraged funds and ETF purchases, leading to a significant rise in the Shanghai Composite Index by 8.9% and a sharp increase in turnover rate. From January 13 to January 30, 2026, the market saw a correction due to policy guidance cooling down, with a large outflow from broad-based ETFs and a decline in the index by 1.14% [3][9][10] - The report identifies two internal reasons for the short-term adjustment: first, the market tends to experience fluctuations or corrections after rapid increases in turnover rates, as seen in previous bull markets. Second, the trading volume of certain sectors, particularly non-ferrous metals, reached a high level, increasing internal adjustment pressure [4][10][14] - February is expected to continue the second half of the spring market, as it typically has the highest win rate during this period. Potential positive factors for incremental funds include increased allocation of equity assets by insurance funds, the maturity of fixed deposits, a rebound in public fund issuance, private fund replenishment, and foreign capital inflow [4][16][21] Group 2 - The report suggests that in February, small-cap growth stocks usually outperform, with a focus on themes rather than industries. High-elasticity growth themes, such as military and AI applications, may still perform well after a phase of profit-taking [4][16][24] - The analysis emphasizes the importance of mid-term logical directions in the industrial sector, indicating that after short-term valuation adjustments, there may be strong mid-term sustainability [4][16][24] - The report highlights that the current bull market is supported by a favorable liquidity environment, with potential for continued strong performance in the market, despite some expected volatility [21][24][25]