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].

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法律责任。 重要内容提示： ● 担保对象及基本情况 ■ ● 累计担保情况 ■■ 中信建投证券股份有限公司（以下简称公司）全资子公司中信建投（国际）金融控股有限公司（以下简 称中信建投国际或担保人）之间接全资附属公司CSCIF Hong Kong Limited（以下简称发行人或被担保 人）作为发行主体，于2024年4月26日设立有担保的本金总额最高为40亿美元（或以其它货币计算的等 值金额）的境外中期票据计划（以下简称中票计划，详见公司于2024年4月26日在上海证券交易所网站 披露的相关公告），并在该计划项下完成多次票据发行。发行人于2026年2月5日完成中票计划项下一笔 票据（以下简称本次票据）发行工作，期限为358天，发行本金金额人民币3.50亿元。 中信建投国际于2026年2月5日作为担保人与信托人香港上海汇丰银行有限公司签署担保协议，为发行人 本次票据项下的偿付义务提供无条件及不可撤销的连带责任保证担保（以下简称本次担保）。本次担保 金额为人民币3.57亿元。本次担保无反担保。 （ ...

钛媒体App 2月6日消息，中信建投研报表示，2025年上市券商净利润普遍实现高增，主要受益于日均成 交额同比提升及两融余额维持高位，多家券商净利增幅超70%；与此同时，降准降息与中长期资金入市 方案落地，分类评价优化打开优质券商资本空间，并购重组成效显著。宏观层面经济圆满实现5%增长 目标，资本市场活跃度创十年新高，为业绩提供坚实支撑。当前板块PB估值仅1.36倍，处于历史中等分 位，业绩改善与政策红利有望驱动估值中枢上移。（广角观察） ...

Group 1: Copper Market - The main copper futures in Shanghai fell to 101,130 yuan, with a low of 99,850 yuan, while London copper dropped to around 12,850 USD [4][17] - Macroeconomic sentiment is neutral to bearish, with a significant increase in initial jobless claims in the US and job vacancies hitting a new low since 2020, leading to pessimistic market sentiment [4][17] - The fundamentals are neutral, with an increase in copper warehouse receipts by 907 tons to 160,000 tons on the Shanghai exchange and a rise in LME copper inventory by 1,925 tons to 180,000 tons [4][17] - Recent macroeconomic cooling and expectations of a strong dollar are putting pressure on copper prices, but global efforts to accelerate mineral resource reserves provide bottom support for prices [4][17] Group 2: Nickel and Stainless Steel - Nickel prices are under pressure due to a global decline in major asset classes, with supply constraints from the Philippines and Indonesia affecting the market [5][18] - The stainless steel market faces oversupply pressure, with limited terminal demand, although suppliers are showing a strong willingness to maintain prices due to lower arrivals and strong cost support [5][18] - The operational strategy for nickel and stainless steel suggests a range trading approach, with Shanghai nickel expected to trade between 125,000 and 145,000 yuan per ton [6][19] Group 3: Aluminum Market - The aluminum market saw a slight rebound in alumina futures, with current prices stabilizing due to temporary production halts at a major alumina plant [20][21] - Recent transactions of alumina from Australia indicate a slight price increase, with offshore prices at 310 USD/ton for East Australia and 313 USD/ton for West Australia [20][21] - The operational strategy for aluminum suggests a range trading approach, with the Shanghai aluminum contract expected to trade between 23,000 and 24,000 yuan per ton [22] Group 4: Zinc and Lead Market - Zinc prices are experiencing weak fluctuations, influenced by poor US employment data and a lackluster equity market [23][24] - The supply side for lead remains tight, although some previously shut-down smelters are resuming operations, leading to a relatively loose spot supply [24] - The operational strategy for lead suggests a range trading approach, with the Shanghai lead contract expected to trade between 16,500 and 17,500 yuan per ton [24] Group 5: Precious Metals - Precious metals are experiencing a broad decline due to cautious comments from Federal Reserve officials and negative market sentiment [14][26] - The short-term outlook for precious metals is pressured by a neutral to hawkish stance from the US government and the Federal Reserve, impacting expectations for a weaker dollar [14][26] - The operational strategy for gold suggests holding long positions, while silver, platinum, and palladium should be observed for market movements [14][26]

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 橡胶：预期降温 周四，国产全乳胶 16000 元/吨，环比上日下跌 200 元/吨；泰国 20 号混合胶 15180 元/吨，环比上日下跌 120 元/吨。 原料端：昨日泰国胶水报收 59.0 泰铢/公斤，环比上日上涨 0.2 泰铢/公斤，泰国杯胶价格报收 54.0 泰铢/公斤，环比上日上涨 0.2 泰铢/公斤；云南停割；海 南停割。 截至 2026 年 2 月 1 日，中国天然橡胶社会库存 128.1 万吨，环比增加 0.9 万吨，增幅0.7%。中国深色胶社会总库存为 85.3 万吨，增 0.7%。其中青岛现货库 存增 1.2%；云南降0.8%；越南 10#增 2%；NR 库存小计降 0.5%。中国浅色胶社会总库存为 42.8 万吨，环比增0.8%。其中老全乳胶环比降 0.5%，3L 环比增 5%，RU 库存小计增 1.4%。 观点：随着北半球冬季来临，全球即将进入低产季，也代表着单边价格的定价框架将从供需平衡的动态定价转换至存量库存的静态定价，在近期商品市场预 期全面走强的背景下，预计短期内 RU&NR&Sicom 仍将高位震荡。向后看，尽 ...

Group 1: Economic Indicators - 30 provinces in China have set GDP growth targets for 2026, with several major economic provinces aiming for over 5% growth. Shanghai's government report indicates a target growth of around 5% for 2026 [4][16] - China's official manufacturing PMI for January is 49.3%, a decrease of 0.8 percentage points month-on-month, indicating a decline in manufacturing activity due to seasonal factors and insufficient market demand [4][16] Group 2: Shipbuilding Industry - In 2025, China's shipbuilding completion volume reached 53.69 million deadweight tons, a year-on-year increase of 11.4%, accounting for 56.1% of the global total. However, new orders decreased by 4.6% year-on-year [4][16] Group 3: Steel Market Overview - On February 5, the national main port iron ore transactions totaled 986,000 tons, a decrease of 4.6% month-on-month, while the transaction volume of construction steel from 237 mainstream traders dropped by 22.7% [5][17] - The profitability rate of 247 steel mills is 39.39%, remaining stable compared to the previous week, with an average daily pig iron output of 2.2858 million tons, a slight increase of 0.6 tons [6][18] - Total supply of five major steel products is 8.199 million tons, a week-on-week decrease of 32,700 tons, while total inventory increased by 4.6% to 13.3775 million tons [6][18] Group 4: Rebar and Hot Rolled Steel - Rebar production decreased by 81,500 tons to 1.9168 million tons, with total inventory increasing by 440,400 tons to 5.1957 million tons. Demand has decreased significantly due to seasonal factors [7][19] - Hot rolled steel production slightly decreased by 500 tons to 3.0916 million tons, with total inventory increasing by 36,200 tons. The market is expected to continue experiencing narrow fluctuations as demand declines [8][20] Group 5: Alloy Market - Alloy prices are expected to fluctuate within a limited range, with overall supply remaining low and production changes being minimal. Demand from steel mills has slightly increased, but recovery progress is constrained by profit margins and safety production [10][22]

每经AI快讯，2月6日，中信建投（601066）研报表示，2025年上市券商净利润普遍实现高增，主要受 益于日均成交额同比提升及两融余额维持高位，多家券商净利增幅超70%；与此同时，降准降息与中长 期资金入市方案落地，分类评价优化打开优质券商资本空间，并购重组成效显著。宏观层面经济圆满实 现5%增长目标，资本市场活跃度创十年新高，为业绩提供坚实支撑。当前板块PB估值仅1.36倍，处于 历史中等分位，业绩改善与政策红利有望驱动估值中枢上移。 ...

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！ 中信建投证券发布研究报告称，股票市场活跃度是证券行业估值与业绩的同频指标，其景气度决定了板 块估值的下限；超预期金融政策则是打开板块估值上限的核心变量。当前，资本市场活跃度较高叠加慢 牛行情预期，构筑了2026年股市交投活跃的坚实基础；而"十五五"规划建议稿释放出对资本市场的高度 关注，未来不排除金融政策超预期催化的可能性。综合来看，证券板块具备下方有底、上方有空间的清 晰格局。 2)金融政策催化是打开估值上限的关键变量。若后续出现超预期金融政策催化，市场将基于政策驱动的 成长逻辑给予更高估值溢价，板块估值弹性有望媲美2014~2015年(2.0-4.0倍PB)、2020~2021年(1.8-2.0倍 PB)两轮景气周期，从而突破现有估值区间。 从定量维度看，以50家样本券商为研究对象，在18000/20000/22000亿元日均成交额的不同场景下，对 应2025年Q3净资产基数的PB(LF)分别为1.36倍、1.43倍、1.50倍，该测算结果构成了板块的估值下限。 1)当前估值已触及板块坚实下限，安全边际充足。截至2026年1月16日 ...

中信建投証券股份有限公司截至2026年1月31日，法定注册资本无变动。H股和A股的法定股份数目分别 为1,261,023,762股和6,495,671,035股，面值均为人民币1元。已发行股份总数无增减，H股为 1,261,023,762股，A股为6,495,671,035股，库存股数量为零。公司确认H股类别已符合香港联交所规定的 公众持股量要求。 交易信息汇总资金流向 2月5日主力资金净流入2411.43万元，占总成交额4.5%；游资资金净流入255.27万元，占总成交额 0.48%；散户资金净流出2666.7万元，占总成交额4.97%。 截至2026年2月5日收盘，中信建投(601066)报收于24.58元，上涨1.03%，换手率0.34%，成交量21.87万 手，成交额5.36亿元。 当日关注点 公司公告汇总H股市场公告：截至2026年1月31日止月份之股份發行人的證券變動月報表 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 来自交易信息汇总：2月5日主力资金净流入2411.43万元，占总成交额4.5%。 来自公司公告汇总： ...

截至2026年2月5日收盘，中信建投（601066）报收于24.58元，较前一交易日上涨1.03%，最新总市值为 1906.6亿元。该股当日开盘24.35元，最高24.78元，最低24.33元，成交额达5.36亿元，换手率为0.34%。 近日，中信建投证券股份有限公司发布《关于间接全资附属公司根据中期票据计划进行发行并由全资子 公司提供担保的公告》。公告显示，公司全资子公司中信建投（国际）金融控股有限公司的间接全资附 属公司CSCIF Hong Kong Limited在境外中期票据计划下发行一笔本金为人民币3.50亿元、期限358天的 票据；中信建投国际为该票据提供无条件及不可撤销的连带责任保证担保，担保金额为人民币3.57亿 元，无反担保。本次担保用于补充境外业务营运资金，被担保人资产负债率超过70%，但公司对其持股 100%。截至公告日，公司及控股子公司对外担保总额为人民币473.38亿元，占最近一期经审计净资产 的44.46%，无逾期担保。 最新公告列表 《关于间接全资附属公司根据中期票据计划进行发行并由全资子公司提供担保的公告》 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104 ...