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！ 出品：新浪财经上市公司研究院 作者：图灵 2月10日，是华泰证券100亿港元的H股可转债的交割日期，交割日期也可能不晚于2026 年2月10日后的14天。 华泰证券100亿港元若全部转换，将新增507614213股H股，相当于公告日期现有已发行H 股数目的约29.53%，接近三成，对H股潜在摊薄效应明显，显著高 于近期发行境外可转债的广发证券。 华泰证券2026年以来频繁发行债券背后，公司短期偿债压力较大。截至2025年9月30日，华泰证券一年以内有息负债金额为3334.81亿元，占同期有息负债总 额的78.77%。在42家上市券商中，华泰证券的应付债券金额排名第二，仅低于国泰海通。 2026年1月，华泰证券投行子公司华泰联合接连撤回两单IPO保荐项目。截至2月8日，华泰联合储备的A股IPO项目数量为15家（以交易所受理为标准，不包 含已发行及已终止企业，下同），在行业中排名第五，但已经属于第二梯队。排名第一的国泰海通，A股IPO储备数量为44家，是华泰联合的近三倍；排名 第四的中金公司，A股IPO储备数量为26家，比华泰联合高出73% ...

Market Overview - The three major indices opened mixed, with the Shanghai Composite Index up 0.11%, the Shenzhen Component down 0.05%, and the ChiNext down 0.33%. Sectors such as media and computing leasing saw gains, while photovoltaic, superhard materials, and power grid equipment sectors experienced declines [1] External Market - U.S. stock indices closed higher, led by technology stocks, with the Nasdaq up nearly 1%. The Dow Jones increased by 0.04%, reaching a new historical high, while the S&P 500 rose by 0.5%, nearing its historical peak. The closing figures were: Dow Jones at 50,135.87 points, S&P 500 at 6,964.82 points, and Nasdaq at 23,238.67 points [2] - Chinese concept stocks showed mixed performance, with the Nasdaq Golden Dragon China Index up 0.12%. Notable movements included Alibaba up 0.30%, JD down 0.21%, and NIO down 2.98% [2] Industry Insights - CITIC Securities maintains an optimistic outlook for precious and non-ferrous metal prices through 2026, despite recent volatility in gold prices driven by market concerns over the Federal Reserve's independence and changes in the Iranian situation. The firm suggests that the market may have overestimated the hawkish stance of the new Fed Chair, Kevin Walsh, and anticipates that gold market fluctuations will stabilize once uncertainties are resolved [3] - Huatai Securities reports a significant increase in excavator sales, with January 2026 sales reaching 18,700 units, a year-on-year increase of 49.5%. Domestic sales were 8,723 units, up 61.4%, and exports were 9,985 units, up 40.5%. The firm expects a positive resonance in the excavator industry driven by key infrastructure projects and a potential recovery in real estate [4] - China Galaxy Securities identifies the current moment as a new starting point for the storage chip sector, driven by rapid growth in AI server demand and domestic production. The firm sees investment opportunities in related listed companies within the domestic storage industry [5] - CITIC Securities notes strong replenishment intentions in the liquor sector as the Spring Festival approaches, predicting that the 2026 Spring Festival will see better-than-expected performance in liquor sales due to increased consumer activity. The firm suggests that the liquor industry is at a long-term fundamental bottom, and any marginal improvements could significantly boost investment sentiment in the sector [6]

来源：市场资讯 据海关总署，2025年我国原油进口量同比增长4.6%至5.8亿吨，自俄罗斯/沙特/伊拉克/马来西亚/巴西进 口量占比分别为17%/14%/11%/11%/8%，其中25年12月我国原油进口量/俄油进口量分别同比增长 10%/13%。此外，受美元对人民币汇率持续下跌影响，25年12月以来中国原油综合进口价格到岸指数与 布伦特期货价格走势逐步分化，考虑26年人民币升值的潜力和动力，我们认为人民币计价的原油采购成 本优势有望凸显。综上所述，我们认为美印"石油换关税"协议达成或将导致印度俄油进口量进一步下 滑，俄油折价水平或将维持高位，叠加人民币升值潜力，均有望带动我国炼厂原油采购成本优势进一步 凸显。 欧盟制裁叠加美印"石油换关税"协议，俄油折价水平显著提升 25年8月，美国宣布对印度额外加征25%的关税，以迫使印度停止购买俄罗斯石油。26年2月2日，美国 总统特朗普表示与印度达成"石油换关税"协议，撤销因购买俄油加征的25%次级关税，同时将对等关税 从25%降至18%，印度将停止购买俄罗斯石油并转而从美国等购买石油。俄乌冲突爆发以来，中国、印 度和土耳其逐步取代欧盟，成为俄罗斯主要的石油出口国。据 ...

华泰证券(06886)公布，华泰证券股份有限公司2026年面向专业投资者公开发行公司债券(第一期)发行工 作已于2026年2月9日结束。本期债券最终品种一发行规模为40亿元，票面利率为1.85%，认购倍数为 2.96倍;品种二未实际发行。 ...

智通财经APP讯，华泰证券(06886)公布，华泰证券股份有限公司 2026 年面向专业投资者公开发行公司 债券(第一期)发行工作已于 2026 年 2 月 9 日结束。本期债券最终品种一发行规模为 40 亿元，票面利率 为 1.85%，认购倍数为 2.96 倍;品种二未实际发行。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部分內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 本公告乃根據上市規則第13.10B條規則作出。 茲載列本公司在上海證券交易所網站刊登之《華泰證券股份有限公司2026年面向專業投資 者公開發行公司債券（第一期）發行結果公告》，僅供參閱。 釋義 於本公告，除文義另有所指外，下列詞彙具有以下涵義。 「本公司」 指 於中華人民共和國以華泰證券股份有限公司的公司名稱註冊成 立的股份有限公司，於2007年12月7日由前身華泰證券有限責任 公司改制而成，在香港以「HTSC」名義開展業務，根據公司條例 第16部以中文獲准名稱「華泰六八八六股份有限公司」及英文公 司名稱「Huatai Securities Co., Ltd.」註冊為註冊非香港公司，其H 股於2015年6月1日在香港聯合交易所有限公司主板上市（股票代 碼：6886），其A股於2010年2月26日在上海證券交易所上市（股 票代碼：601688），其全球存託憑證於2019年6月在倫敦證券交 易所上市（證券代碼 ...

Core Viewpoint - Recent earnings reports from Microsoft, Meta, Google, and Amazon indicate a significant increase in capital expenditures for Q4 2025, with expectations of continued high growth in 2026 [1] Group 1: Industry Insights - Domestic CSPs are increasingly investing in AI infrastructure, leading to a rapid growth in demand for AI chips, with a clear shift towards domestic alternatives due to uncertainties in US export policies [1] - The competitive landscape for domestic AI chips is evolving, with a notable adjustment in market dynamics [1] Group 2: Company Performance - The company has maintained a leading position in supply capability, product iteration speed, and product definition accuracy after years of development, solidifying its status in the top tier of domestic AI chip manufacturers [1] - The net profit forecast for the company has been raised to 6 billion yuan for 2026 and 17.6 billion yuan for 2027, with a target price set at 1,679.4 yuan, reaffirming a "buy" rating [1]

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 ...

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].

Core Viewpoint - The Hong Kong stock market experienced volatility due to global risk asset fluctuations, with significant inflows from foreign and southbound investors driving traditional sectors like agriculture, food and beverage, and transportation to strengthen [1] Fundamental Analysis - Non-financial earnings expectations have been revised upwards, particularly in the semiconductor (4.8%/1.5%), pharmaceutical (1.9%/1.2%), and real estate (0.7%/0.9%) sectors over the past four weeks and one week respectively [2] - The toy sector saw a 1.0%/0.4% upward revision in earnings expectations, while the food and beverage sector experienced a downward revision of 0.4%/1.1% [2] Capital Flow - As of Wednesday, foreign net inflows into Hong Kong stocks amounted to $1.88 billion, down from $2.80 billion the previous week, with active foreign inflows at $420 million and passive inflows at $1.47 billion [3] - Southbound net inflows into Hong Kong stocks reached HKD 56 billion, significantly up from HKD 2.7 billion the prior week, with media, real estate, non-bank financials, transportation, and banking sectors seeing the highest net inflows [3] Market Sentiment - The Hong Kong stock sentiment index stood at 63.8, indicating an optimistic outlook, with net inflows from southbound funds and buying intensity showing further recovery [4] - Despite recent market volatility, there has been no significant adjustment in positions, suggesting that investor sentiment remains resilient [4] Investment Strategy - Short-term focus should be on semiconductor hardware and innovative pharmaceuticals, with a continued emphasis on resource stocks, insurance, and local Hong Kong stocks in the medium term [5]