英特尔、AMD均已发布支持CXL2.0的CPU，SK海力士、三星电子正积极研发并量产CXL兼容的内存模 块，阿里云联合英特尔已推出全球首款基于CXL2.0Switch技术的PolarDB数据库专用服务器。 财通证券（601108）发布研报称，在AI时代，对内存带宽与容量的需求持续增加，存在着内存供给与 计算节点需求不匹配、以及内存使用效率较低的痛点。CXL有望通过构建内存池，实现"存算解耦"，渗 透率有望不断提升，随着CXL生态不断完善，适配CXL协议的CPU、服务器的出货量有望逐步提升。 财通证券主要观点如下： 服务器级CPU新增适配CXL协议，生态正不断完善 参考阿里云首款基于CXL2.0Switch技术的PolarDB数据库专用服务器的分布式内存池系统架构，该行认 为，2030年，CXLSwitch、CXLMXC芯片在乐观情况下的需求量有望分别达706/6452万颗。 投资建议：建议关注：澜起科技(CXLMXC芯片供应商)、江波龙（301308）(CXLAIC扩展卡供应商)、 佰维存储(CXL2.0DRAM内存扩展模块供应商)、聚辰股份(CXL模组的VPD芯片供应商)。 CXL可通过构建内存池解决AI时 ...

摘 要 未来一周资金的核心扰动因素聚焦于资金跨节，地方政府债发行等，预计跨春节等因素导致资金价格可能环比周五（2月6日）略上抬，资金分层加大，非 银杠杆套息策略或受到一定影响，但央行在春节特殊时间点会延续呵护，因此判断资金压力整体不大，资金体感延续稳健，节后资金面判断重点之一在于 央行6个月期买断式逆回购的投放情况。 一、节前资金无忧 过去一周（2月2日-2月6日，下同）央行整体回笼流动性，资金体感宽松，其中值得注意有三点：（1）央行呵护跨年和特定时间点的资金面明显，整 体"缩短放长"，更有利于资金面的稳健性；（2）大型银行净融出持续抬升，除去央行呵护，或有"信贷走弱，存款流失并不大"等逻辑；（3）资金价格延 续回落，反映短期资金的DR001和反映中长期资金的Shibor 3M处于下行通道中。 展望未来一周，资金压力并不大，但重点需关注6个月期买断式的续作情况。 （1）存单视角，最近几周存单净融资连续负值收敛，直到本周转正，虽然有到期量少的原因，但叠加一级部分银行存单提价压力增加，本质上说明银行 资负处于再平衡过程中，当然当前还是负债端相对更好，短期资金比长期资金更乐观； （2）因此下周关注6M操作是重点，若 ...

Market Performance - As of February 6, 2026, the Shanghai Composite Index fell by 1.27%, the Shenzhen Component Index decreased by 2.11%, and the CSI 300 Index dropped by 1.33%[8] - The market saw a rise in micro-cap stocks despite the overall market adjustment[8] - Year-to-date, the CSI 300 Index has increased by 0.3%, while the CSI 300 enhanced portfolio has risen by 0.5%, yielding an excess return of 0.2%[20] Enhanced Fund Performance - For the CSI 300 enhanced fund, the minimum excess return was -1.39%, the median was 0.24%, and the maximum was 1.33% for the week ending February 6, 2026[12] - The CSI 500 enhanced fund had a minimum excess return of -0.67%, a median of 0.38%, and a maximum of 1.40%[12] - The CSI 1000 enhanced fund reported a minimum excess return of -0.78%, a median of 0.34%, and a maximum of 1.66%[12] Sector Performance - The food and beverage, beauty care, and electric equipment sectors performed well this week with returns of 4.31%, 3.69%, and 2.20% respectively[9] - Conversely, the non-ferrous metals, telecommunications, and electronics sectors underperformed with returns of -8.51%, -6.95%, and -5.23% respectively[9] Risk Considerations - There are risks associated with factor failure, model failure, and market style changes that could impact the effectiveness of the investment strategies employed[4]

Core Insights - The overall performance of the securities industry is recovering, prompting small and medium-sized brokerages to strategically position themselves for 2026 [1] - These brokerages are focusing on differentiated, specialized, and refined development paths to navigate the competitive landscape [2] Differentiation Strategy - Small and medium-sized brokerages are abandoning the "large and comprehensive" development model in favor of a "small but beautiful" approach, emphasizing differentiation and specialization [2] - In 2025, many brokerages reported significant growth, with Zhongyou Securities achieving a 22% revenue increase and a 50% profit increase, showcasing their strategic adaptability [2] Key Strategic Focus Areas - "Differentiation positioning" is a primary keyword in the strategic deployment of brokerages, with firms like Dongwu Securities focusing on three key areas: collaborative empowerment, research empowerment, and technological empowerment [3] - Zhejiang Securities aims to become a leading national comprehensive brokerage aligned with the economic status of Zhejiang, while Xinyi Securities emphasizes high-quality development and competitive advantages [3] Regional Development - Many brokerages are aligning their growth with national regional strategies and local economic development, emphasizing local market service [4] - Zhongyuan Securities aims for regional leadership, while Huayuan Securities focuses on deepening its presence in niche markets [4] Wealth Management and Investment Banking - The transformation towards wealth management is a core focus, with brokerages like Zhongyou Securities planning to enhance institutional demand and expand their service systems [5] - Investment banking efforts are directed towards premium and specialized services, with firms like Xinyi Securities targeting key clients and industries [5] Overall Development Path - The development path for small and medium-sized brokerages in 2026 is becoming clearer, moving away from scale competition to capability competition [6] - The focus is on specialized tracks and serving the real economy, with brokerages leveraging strategic determination and innovative vitality to find new opportunities [6]

2026年02月04日，杰瑞股份披露接待调研公告，公司于02月03日接待睿远基金、天风证券、申万宏源证 券、财通证券等10家机构调研。 财经频道更多独家策划、专家专栏，免费查阅>> 责任编辑：磐石 调研情况显示，杰瑞股份在燃气轮机发电机组业务方面取得重要进展，公司2月份与美国客户签署了第 四份燃气轮机发电机组销售合同，合同金额1.815亿美元，交付期限为30个月，这标志着公司在北美市 场的客户基础进一步扩大，客户群体更加多元化，进一步巩固了公司在数据中心供电领域的竞争优势。 在供应链体系建设方面，公司已与西门子、贝克休斯、川崎重工等燃气轮机厂商建立了长期稳定的合作 关系，合作范围涉及SGT-A05、LM2500、NovaLT等多个型号的燃气轮机，同时具备成熟的内燃机供应 体系。在生产能力建设上，公司通过在美国杰瑞原有厂房基础上进行产能扩建，目前已具备电驱/涡轮 压裂成套设备、燃气轮机发电设备等多种类设备总装配的生产能力，并正在积极推进在阿联酋迪拜新建 生产及办公基地的相关工作。 调研现场参观了公司展厅、高端设备制造产业园和天然气产业园，详细介绍了公司的企业文化、发展历 程和整体业务布局，现场展示了柴驱/电驱压 ...

Group 1 - In January 2026, a total of 17 companies were reviewed for A-share IPOs, with 15 approved, resulting in an approval rate of 88.24% [1][6][28] - Two companies, Ningbo Huikang Industrial Technology Co., Ltd. and Zhejiang Xingsheng Technology Co., Ltd., were deferred for review [1][6][28] - Four companies terminated their A-share IPO processes in January, continuing the trend of single-digit terminations per month [11][33] Group 2 - The total amount raised from the 9 companies that went public in January 2026 was 9.053 billion yuan, a significant decrease compared to the previous month [1][39][44] - Among these, Zhenstone Co., Ltd. raised the highest amount at 2.919 billion yuan, while Guoliang New Materials raised the least at 194 million yuan [1][39][44] - The leading underwriter was China International Capital Corporation, which handled 2 IPOs with a total underwriting amount of 4.474 billion yuan [1][22][44] Group 3 - Xingsheng Technology was the first company in 2026 to fail to pass the IPO review, with issues raised regarding the authenticity of its sales revenue [6][28][30] - The company has a significant portion of its revenue (over 50%) coming from overseas markets, making compliance and verification of cross-border fund flows critical [7][29][30] - The underwriter, Guoxin Securities, faced scrutiny over its diligence in the review process, particularly regarding third-party payments [30][31] Group 4 - Huikang Technology was also deferred for review, with questions raised about its competitive position in the ice-making industry and the sustainability of its future performance [8][30][31] - The company must clarify the relationships with its main suppliers and ensure the accuracy of its disclosures [9][31] - Huikang Technology's main suppliers were established shortly before they began collaborating with the company, raising potential concerns about their relationships [10][31] Group 5 - In January, four companies withdrew their IPO applications, with two of them sponsored by Huatai United Securities, indicating a high withdrawal rate for this underwriter [11][14][38] - The companies that withdrew included Guangxi Baifei Dairy Co., Ltd., Nanjing Qinheng Microelectronics Co., Ltd., Jiangsu Yadian Technology Co., Ltd., and Zhuhai Saiwei Electronic Materials Co., Ltd. [11][33] - Zhuhai Saiwei had previously faced rejection in its first IPO attempt and withdrew its application after being approved in a second attempt [13][36] Group 6 - The issuance and underwriting situation showed that the average underwriting fee rate for the companies was relatively high, with Hengyun Chang's fee rate at 7.50%, which is above the industry average [19][42] - Hengyun Chang was the only company with an issuance price-to-earnings ratio exceeding the industry average, raising 1.561 billion yuan [19][42] - The underwriting fees for other companies were significantly lower, indicating a disparity in costs among different IPOs [19][42]

智通财经APP获悉，财通证券发布研报称，美国当地时间2026年2月2日，美国总统特朗普表示美印双方 达成一项贸易协议，印度总理莫迪同意印度停止购买俄罗斯石油并从美国购买更多石油。2026年1月印 度自俄罗斯原油海运进口量为370万吨，约合日均90万桶，占比2025年全球日均原油海运量约2.3%。后 续伴随政策落地，印度将停止购买俄油，国内需求转向合规原油，有望进一步支撑合规市场运价。中期 来看，伴随上游扩产&地缘事件&制裁收紧利好供需，运价中枢有望保持上涨。 财通证券主要观点如下： 事件：美国当地时间2026年2月2日，美国总统特朗普表示美印双方达成一项贸易协议，印度总理莫迪同 意印度停止购买俄罗斯石油并从美国购买更多石油，并表示还将可能从委内瑞拉购买石油，同时承诺将 大幅增加对美国产品的采购，包括价值超过5000亿美元的美国能源、技术、农产品、煤炭以及其他许多 产品。美国方面将对印度商品加征25%的对等关税降至18%，立即生效，同时将取消此前因进口俄油对 印度加征的25%惩罚性关税。 自美国对印加征惩罚性关税，印度已逐步减少俄油海运进口 2025年8月6日，美国总统特朗普签署行政令，以印度"通过直接或间接方 ...

Group 1 - The core point of the news is the announcement of the resignation of Gong Zhifang as the fund manager of the Caitong Asset Management Fengqian 39-Month Open-Ended Bond Fund [1] - The fund has been managed by Jin Yu, who joined Caitong Securities Asset Management in February 2023 and previously worked at Luoyang Bank and Zhongyuan Bank [1] - The fund was established on August 24, 2020, and as of January 30, 2026, it has a year-to-date return of 0.20% and 0.18%, with cumulative returns since inception of 18.76% and 17.04% [1] Group 2 - The fund's main code is 009552, and it is managed by Caitong Securities Asset Management Co., Ltd. [2] - The announcement is made in accordance with the "Measures for the Disclosure of Information on Publicly Raised Securities Investment Funds" [2] - The change in fund management is classified as the dismissal of the fund manager [2]

马航曾在国金证券股份有限公司工作。2020年3月起加入财通证券资产管理有限公司，曾任固收研究部 助理研究员、固收公募投资部基金经理助理，2022年10月31日任基金经理。 中国经济网北京2月4日讯今日，财通证券（601108）资产管理有限公司公告，马航离任财通资管鸿睿12 个月定开债券。 财通资管鸿睿12个月定开债A/C成立于2018年08月10日，截至2026年01月30日，其今年来收益率为 0.22%、0.18%，成立来收益率为42.77%、38.54%，累计净值为1.3983元、1.3591元。 ...

| 代码 | 名称 | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | | 002945 | 华林证券 | 7.47 | 517亿 | 24.85 | | 601555 | 东吴证券 | 3.26 | 473亿 | 4.97 | | 600621 | 华鑫股份 | 2.65 | 181亿 | 12.01 | | 601211 | 国泰海通 | 2.51 | 3524 Z | -2.73 | | 600369 | 西南址券 | 2.00 | 304亿 | 2.23 | | 601688 | 华泰证券 | 1.88 | 2002亿 | -5.98 | | 002736 | 国信证券 | 1.72 | 1275亿 | -5.11 | | 601881 | 中国银河 | 1.65 | 1680亿 | -2.29 | | 601066 | 中信建投 | 1.62 | 1893亿 | -8.31 | | 601108 | 财通证券 | 1.58 | 419亿 | 3.44 | | 601377 | 兴业证券 | 1.49 | 590亿 | -7.95 | | ...