Core Viewpoint - Recent adjustments in Asian stock markets, cryptocurrencies, and commodities are primarily driven by the nomination of Warsh as the Federal Reserve Chairman, which has impacted liquidity expectations. However, the underlying cause is the prior overly optimistic trading environment, leading speculative funds to take profits amid negative events [1][2]. Group 1: Market Adjustments - The global asset adjustment is correlated with the nomination of Warsh, with a significant negative correlation between the cumulative adjustment since January 30 and the year-to-date performance of major global indices and commodities [2]. - The Hong Kong stock market sentiment index approached the upper limit of 70%, and the future 12-month PE valuation returned to levels seen before October of the previous year, indicating a strong market sentiment [5]. Group 2: A-Share Market Outlook - The A-share market's rise since the beginning of the year is supported by favorable domestic fundamentals, a "New Year" policy boost, and ample liquidity, which are expected to continue driving the spring market [7]. - Key drivers for the spring market include the verification of performance improvement trends through annual report forecasts, macro data releases in February, and a surge in AI applications, which are anticipated to provide structural guidance for further market development [7]. Group 3: Catalysts and Industry Focus - A series of industry catalysts are scheduled for February, including OPEC meetings, AI application events, and significant earnings reports from major companies, which could influence market dynamics [10]. - The AI application sector is expected to see concentrated catalysts in February, with current levels of crowding deemed reasonable, suggesting an opportunity for increased focus during this fundamental gap period [12]. Group 4: Investment Themes - Investment themes to watch include high-performing technology manufacturing sectors (AI hardware, new energy, pharmaceuticals), price increase chains (oil, chemicals, construction materials), and the Spring Festival consumption chain (tourism, hotels, beverages) [10]. - Non-bank financials, particularly brokers and insurance companies, may have potential for recovery after being negatively impacted by broad ETF outflows, indicating a favorable outlook for these sectors [10].

该行表示，金价趋势长期向上，双节消费旺季有望持续提振黄金珠宝消费，中国港澳市场流水增速表现 更佳。六福集团中国港澳&海外业务占比高、直营业务占比高、黄金对冲比例低，将充分享受金价上涨 弹性。 智通财经APP获悉，兴业证券发布研报称，首次覆盖六福集团(00590)，给予"增持"评级，预计 FY26/FY27/FY28归母净利润分别为15.72/17.28/18.91亿港元，同比分别+42.9%/+9.9%/+9.4%，截至1月 29日收盘价对应FY2027预期EPS的PE为11x，潜在股息率为5.2%，估值具备吸引力。 ...

兴业证券表示，对于A股而言，前期上涨虽然受益于全球流动性宽松的β，但核心驱动仍在于国内向好 的基本面、政策"开门红"与充裕的流动性带来的α。往后看，支撑春季行情的这些核心逻辑并未发生任 何变化。我们此前强调，流动性充裕的环境中，国内偏暖的基本面和政策为市场风险偏好打底，从而资 金对于各类宏观和产业层面的叙事做积极响应，推动赚钱效应不断扩散，将是本轮春季行情结构上的一 个重要特征。本周科技、涨价链、消费各类风格轮番演绎，本质上正是资金正在依据各类催化，积极寻 找和挖掘尚未被充分定价的细分领域。往后看，来自基本面、政策和产业层面的催化依然不少，充裕的 增量资金有望继续推动春季行情向纵深演绎。 ...

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]

Core Viewpoints - The non-bank financial sector, including brokerage and insurance, shows continued improvement in fundamentals, highlighting the investment value of the non-bank sector [1] Group 1: Market Performance - As of January 31, 2026, the Shanghai Composite Index reported 4117.95 points, down 0.44%, while the Shenzhen Component Index was at 14205.89, down 1.62% [10] - The CSI 300 Index increased by 0.08%, and the ChiNext Index decreased by 0.09% [10] - The CITIC II Securities Index fell by 0.71%, while the CITIC II Insurance Index rose by 5.41% [10] Group 2: Industry Dynamics and Weekly Commentary Insurance Sector - Listed insurance companies are expected to maintain high growth, with a marginal improvement in long-term interest rate spreads [15] - As of January 30, 2026, the 10-year government bond yield was 1.81%, down 2 basis points from the previous week, indicating a cautious risk preference in the equity market [12] - The insurance sector is benefiting from a stable long-term interest rate environment and an upward trend in the equity market, which is expected to drive performance growth in Q1 2026 [15] Securities Sector - The securities market is showing positive core indicators, with a projected high growth in Q1 2026, supported by improved trading volume and margin financing [16] - As of January 30, 2026, 17 brokerages reported a total net profit of 1153.44 billion CNY for 2025, a year-on-year increase of 60.27% [19] - The average daily trading volume of all A and B shares reached 2.90 trillion CNY, a 144.26% increase compared to the same period in 2025, indicating a significant rise in market activity [21] Group 3: Investment Opportunities - The launch of commercial real estate REITs is expected to expand business opportunities, with the first three products anticipated to raise over 13 billion CNY [27] - The REITs initiative aims to activate existing commercial real estate assets and enhance the supply of capital market products, indicating strong market demand [27] - The insurance sector is advised to focus on companies like China Ping An, China Life, and New China Life, which are expected to benefit from favorable market conditions [15]

春节时点差异亦会放大阶段性扰动。兴业证券认为，在"晚春"年份，1月资金面波动通常相对较小，但 节前阶段性扰动仍可能出现。2026年春节较晚，预计1月末及2月节前资金面或将出现阶段性波动，央行 的呵护力度仍是市场关注的关键变量。 不惧扰动 跨节资金面压力或总体可控 ◎记者 张欣然 在央行持续通过中期工具投放流动性、短端资金利率保持相对稳定的背景下，市场关注的焦点正逐步转 向春节前后的跨月、跨节资金运行节奏。 多家机构认为，尽管受信贷"开门红"、政府债发行前置及季节性取现需求等因素影响，春节前后资金面 扰动因素有所增加，但在央行呵护下，资金面跨节压力总体仍然可控。 资金面或受季节性扰动 进入春节前后这一关键时间节点，资金面运行的季节性特征开始显现，市场关注重点在于扰动强度及其 演化节奏。 兴业证券研报认为，从历史经验看，春节前两周资金价格多进入季节性收紧窗口，节后则往往迎来边际 宽松。 从波动特征看，春节前后两周，DR007和DR001的波动幅度通常相对有限。春节前两周资金收敛节奏相 对更为明显，但在临近假期的一周，资金价格抬升速度往往放缓，市场对央行操作的敏感度随之提高。 王青表示，进入2月，居民取现需求上升， ...

Core Insights - The securities industry is experiencing a significant transformation, with a reduction in workforce and a shift towards a more professional and service-oriented model [3][10]. Workforce Changes - By the end of 2025, the total number of employees in the securities industry is projected to decrease by 5,897, bringing the total to 320,000, marking three consecutive years of decline since 2023 [13]. - The number of employees in general securities business and securities brokers has significantly decreased, with both categories losing over 5,000 employees [10]. - Conversely, the number of analysts increased by 336, and investment advisors saw a net increase of 5,754, indicating a shift towards specialized roles [10][12]. Analyst Growth - The analyst workforce has seen a notable increase, surpassing 6,000 by 2025, doubling from around 3,000 before 2022 [12]. - Despite pressures in other business lines, competition for research talent among brokerages has intensified, with several prominent analysts switching firms [12]. - The top ten firms with the largest increases in analyst numbers include Guotai Junan Securities, CITIC Securities, and Founder Securities, with Guotai Junan adding 43 analysts [14]. Decline in Sponsoring Representatives - The number of sponsoring representatives has decreased for the first time in eight years, totaling 8,526 by the end of 2025, down by 180 from the previous year [15]. - This decline is attributed to a slowdown in equity financing and stricter regulatory requirements, leading to a "project drought" in the market [15].

中国经济网北京1月30日讯 贝隆精密(301567.SZ)昨日晚间披露2025年度业绩预告，预计净利润为负 值。 根据披露数据，2025年公司预计实现归属于上市公司股东的净利润为-800万元至-400万元，同比由 盈转亏；预计实现扣除非经常性损益后的净利润为-1,400万元至-1,000万元，同比由盈转亏；预计实现 营业收入为38,000万元至41,000万元。 贝隆精密于2024年1月16日在深交所创业板上市，发行股票数量为1,800.00万股，占发行后总股本的 比例为25.00%，发行价格为21.46元/股。公司上市发行的保荐机构是兴业证券股份有限公司，保荐代表 人是张华辉、贾晓斌。 贝隆精密上市发行募集资金总额为38,628.00万元，扣除发行费用后的募集资金净额为32,541.51万 元。公司募集资金净额比原计划少18,064.49万元。贝隆精密2024年1月3日披露的招股书显示，公司拟募 集资金50,606.00万元，用于精密结构件扩产项目、研发中心建设项目、补充流动资金。 贝隆精密上市发行费用总额（不含增值税）为6,086.49万元，其中保荐及承销费用3,611.72万元。 2022年至2024年 ...

Market Overview - The A-share market showed a slight increase with the Shanghai Composite Index up by 0.16% and the Shenzhen Component Index down by 0.57% on January 29, 2026 [1][6] - The total trading volume across both markets reached 3.23 trillion yuan, an increase of 264.6 billion yuan compared to the previous day [1][6] - The number of stocks that rose was 3,566, while 1,803 remained unchanged, and 1,071 declined [1][6] Institutional Insights - Industrial Securities noted that although the market's pace has slowed, the upward trend continues, with a broadening profit effect across sectors [2][4] - The focus is shifting towards the earnings reports of A-share companies and major North American tech firms, which are expected to have a significant impact on market structure [2][4] - Key sectors with promising earnings and relatively low recent gains include AI hardware (North American computing power, consumer electronics), batteries, pharmaceuticals, steel, and non-bank financials [2][4] ETF Products - Huabao Fund has launched three major broad-based ETFs tracking the China A50 Index, China A100 Index, and A500 Index, providing diverse investment options for investors [2] - The A50 ETF (159596) focuses on 50 leading companies, while the A100 ETF (562000) encompasses the top 100 industry leaders [2] - The A500 ETF is set to launch on December 2, 2024, further expanding investment opportunities in the Chinese market [1][2]

内容概要：随着房地产行业步入平稳发展新常态，叠加储蓄利率市场化持续下行的趋势，大众投资理财 需求正从单一的保值诉求，向多元的增值目标进阶，在此背景下，国民资产配置结构发生显著调整，资 金正从传统的储蓄、房地产领域，加速向标准化的权益类、固收类基金产品迁移，基金作为专业的资产 管理载体，在承接居民财富迁移浪潮中具备广阔的发展空间，据中国证券投资基金业协会数据显示，截 止2025年10月我国基金数量151286只，其中，公募基金13381只，私募基金137905只；基金规模 590112.3亿元，其中，公募基金3269598.5亿元，私募基金220513.8亿元，目前，我国多层次的基金产品 体系已初步形成，能够有效适配居民多元化的财富管理需求。 相关上市企业：广发证券（000776）、招商银行（600036）、中国银行（601988）、建设银行 （601939）、兴业证券（601377） 相关企业：广发基金管理有限公司、招商基金管理有限公司、中银基金管理有限公司、建信基金管理有 限责任公司、兴证全球基金管理有限公司、易方达基金管理有限公司、华夏基金管理有限公司、南方基 金管理股份有限公司、富国基金管理有限公司、天 ...