编者按 当前，资本市场改革持续深化，证券行业正处在乘势而上、建设一流投资银行和投资机构的关键战略机 遇期，学习、宣传、贯彻党的二十届四中全会精神是当前和今后一个时期的重要政治任务。为此，中国 证券报联合中国证券业协会推出"证券公司学习宣传贯彻党的二十届四中全会精神"系列专题报道，聚焦 证券公司在强化功能发挥、提升专业能力、推进差异化发展、筑牢合规风控底线、厚植行业文化底蕴等 方面的实践探索与丰硕成果，生动展现证券公司作为资本市场重要践行者、改革排头兵、服务主力军的 责任担当与时代作为。本篇为系列报道第二十六篇。 "党的二十届四中全会为中国式现代化建设擘画了宏伟蓝图，为新时代新征程的金融改革发展指明了前 进方向。"中银国际证券股份有限公司党委书记、董事长周权日前在接受中国证券报记者专访时感慨 道。 长风破浪，正当扬帆远航。在他看来，"十五五"是推进中国式现代化、加快建设金融强国的关键时期， 证券行业作为直接融资的主要"服务商"、资本市场的重要"看门人"、社会财富的专业"管理者"，肩负着 服务实体经济、守护投资者利益、助力国家战略落地的时代使命。 "十四五"以来，中银证券（601696）始终以党建为引领，以实干笃 ...

中银证券健康产业混合（002938）基金经理为李明蔚。 截至发稿，李明蔚累计任职时间2年355天，现任基金资产总规模1.24亿元，任职期间最佳基金回 报-12.73%， 任职期间最差基金回报-12.73%。 数据显示，中银证券旗下1只基金重仓百奥赛图。中银证券健康产业混合（002938）四季度持有股数9万 股，占基金净值比例为3.82%，位居第七大重仓股。根据测算，今日浮盈赚取约32.4万元。 中银证券健康产业混合（002938）成立日期2016年9月7日，最新规模1.24亿。今年以来亏损0.49%，同 类排名8601/8880；近一年收益24.49%，同类排名4485/8127；成立以来收益114.52%。 2月10日，百奥赛图涨5.02%，截至发稿，报75.25元/股，成交8095.11万元，换手率3.05%，总市值 336.29亿元。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 资料显示，百奥赛图(北京)医药科技股份有限公 ...

中银证券2025年三季报显示，前三季度公司主营收入24.38亿元，同比上升26.95%；归母净利润8.54亿 元，同比上升29.28%；扣非净利润8.18亿元，同比上升35.05%；其中2025年第三季度，公司单季度主营 收入9.33亿元，同比上升38.33%；单季度归母净利润2.89亿元，同比上升22.37%；单季度扣非净利润 2.89亿元，同比上升57.23%；负债率79.44%，投资收益2.76亿元。中银证券（601696）主营业务：公司 根据业务类型将公司业务划分成投资银行业务、证券经纪业务、资产管理业务、证券自营业务、私募股 权投资业务、期货业务和其他业务。其中,公司通过全资子公司中银国际期货从事期货业务,通过全资子 公司中银国际投资从事私募投资基金业务,通过全资子公司中银资本投控从事另类投资业务(中银资本投 控尚未开展业务,中银国际投资的自有资金投资存量项目后续将逐步划转至中银资本投控)。 资金流向名词解释：指通过价格变化反推资金流向。股价处于上升状态时主动性买单形成的成交额是推 动股价上涨的力量，这部分成交额被定义为资金流入，股价处于下跌状态时主动性卖单产生的的成交额 是推动股价下跌的力量，这部 ...

2月9日，中银证券涨0.43%，截至发稿，报14.10元/股，成交7.07亿元，换手率1.81%，总市值391.70亿 元。中银证券股价已经连续5天上涨，区间累计涨幅5.46%。 资料显示，中银国际证券股份有限公司位于上海市浦东新区银城中路200号中银大厦,北京市西城区西单 北大街110号7层，成立日期2002年2月28日，上市日期2020年2月26日，公司主营业务涉及投资银行业 务、证券经纪业务、资产管理业务、证券自营业务、私募股权投资业务、期货业务和其他业务。主营业 务收入构成为：证券经纪业务64.12%，资产管理业务16.46%，投资银行业务6.48%，期货业务5.60%， 证券自营业务4.30%，其他1.74%，私募股权投资业务1.30%。 国泰中证全指证券公司ETF（512880）成立日期2016年7月26日，最新规模570.29亿。今年以来亏损 2.3%，同类排名5342/5580；近一年收益7.36%，同类排名4014/4290；成立以来收益18.46%。 国泰中证全指证券公司ETF（512880）基金经理为艾小军。 截至发稿，艾小军累计任职时间12年31天，现任基金资产总规模1889.36亿元 ...

- The report does not contain any specific quantitative models or factors, nor their construction, evaluation, or backtesting results. The content primarily focuses on market performance, style indices, valuation, and other financial metrics without detailing any quantitative models or factors[1][2][3]

Core Insights - The article highlights the increasing establishment of venture capital funds in niche sectors, particularly focusing on "hard technology" by bank-affiliated Asset Investment Companies (AIC) [1][3]. Group 1: Investment Trends - Several bank-affiliated AICs are launching funds targeting artificial intelligence and aerospace industries, with notable examples including a 1 billion yuan fund by Lushin Venture Capital and a similar fund by Bank of China Capital [2]. - The investment focus is on sectors such as artificial intelligence hardware and software, commercial aerospace, and core application technologies [2][3]. Group 2: Drivers of Investment - The acceleration in fund establishment is driven by three main factors: expanding policy support for AIC equity investment, the growth potential of artificial intelligence as a strategic emerging industry, and the need for banks to explore new growth avenues due to narrowing profit margins in traditional lending [3]. - The shift from traditional credit support to a combination of equity and debt financing reflects a strategic move by banks to enhance their role in key technological breakthroughs and modernize industrial chains [3]. Group 3: Investment Focus and Strategy - Bank-affiliated AICs are prioritizing investments in areas aligned with national strategic directions, particularly in artificial intelligence and aerospace, to facilitate industrial upgrades and attract social capital [3][4]. - There is a tendency to focus on foundational infrastructure and closely integrated application scenarios, which present clearer business models and manageable technical risks, aligning with banks' risk control requirements [4]. Group 4: Market Impact and Future Trends - The establishment of these funds is expected to significantly increase the supply of capital in the primary market, guiding resources toward high-quality innovation projects and key industries [5]. - The entry of bank-affiliated AICs is likely to deepen the integration of production and finance, stabilizing valuation fluctuations and supporting companies with solid technology and clear applications [5]. - Future trends may include deeper exploration of vertical industries, attention to intersections between artificial intelligence and data elements, and enhanced international collaboration to introduce advanced technologies [5].

近5日资金流向一览见下表： 证券之星消息，截至2026年2月5日收盘，中银证券(601696)报收于13.75元，上涨0.15%，换手率 1.44%，成交量39.92万手，成交额5.49亿元。 中银证券2025年三季报显示，前三季度公司主营收入24.38亿元，同比上升26.95%；归母净利润8.54亿 元，同比上升29.28%；扣非净利润8.18亿元，同比上升35.05%；其中2025年第三季度，公司单季度主营 收入9.33亿元，同比上升38.33%；单季度归母净利润2.89亿元，同比上升22.37%；单季度扣非净利润 2.89亿元，同比上升57.23%；负债率79.44%，投资收益2.76亿元。中银证券（601696）主营业务：公司 根据业务类型将公司业务划分成投资银行业务、证券经纪业务、资产管理业务、证券自营业务、私募股 权投资业务、期货业务和其他业务。其中,公司通过全资子公司中银国际期货从事期货业务,通过全资子 公司中银国际投资从事私募投资基金业务,通过全资子公司中银资本投控从事另类投资业务(中银资本投 控尚未开展业务,中银国际投资的自有资金投资存量项目后续将逐步划转至中银资本投控)。 2月5日的资金流 ...

Core Viewpoint - The overall trend for the RMB exchange rate in February 2026 is expected to be characterized by "two-way fluctuations with a slowing appreciation rate," maintaining a narrow range of volatility [2]. Group 1: Predicted Trends - The consensus among institutions is that the onshore RMB/USD exchange rate will fluctuate between 6.95 and 7.05, while the offshore rate will range from 6.93 to 7.08 [2]. - Factors such as seasonal dollar rebounds and reduced domestic settlement demand around the Spring Festival will limit the pace of RMB appreciation [2]. Group 2: Influencing Factors - The dollar's performance and the uncertainty of the Federal Reserve's interest rate policy are key external variables affecting the RMB exchange rate [3]. - Predictions regarding the Federal Reserve's rate cuts vary, with Goldman Sachs suggesting potential cuts in Q1 and a small cut in Q3, while Mysteel anticipates three cuts throughout the year [3]. - The internal economic fundamentals show a mix of support and drag, with a trade surplus exceeding $1 trillion in 2025 providing hard support for the RMB [4]. - The seasonal nature of the Spring Festival will reduce corporate settlement demand, impacting short-term support for the RMB [4]. Group 3: Institutional Perspectives - Different institutions share a consensus on "two-way fluctuations," but there are slight differences in their predictions regarding the appreciation extent and volatility range [7]. - China International Capital Corporation (CICC) expects a slight appreciation, while Minsheng Bank predicts a significant slowdown in appreciation [7]. - Zhongyin Securities warns of the risks of unilateral bets, suggesting potential for slight corrections if the dollar rebounds unexpectedly [7]. Group 4: Practical Decision-Making Guidelines - Ordinary investors are advised to avoid unilateral bets and focus on risk hedging, prioritizing investments in core RMB assets such as new energy and biotechnology [9]. - Companies engaged in import and export should adopt a "risk-neutral" approach, utilizing multi-currency settlements to mitigate risks associated with exchange rate fluctuations [10].

Core Insights - The report introduces a macro factor assetization framework for timing strategies in government bond futures, demonstrating robust return characteristics and strong risk resistance through backtesting [1][2]. Group 1: Macro Real-Time (PIT) Indicator Library Construction - The macro factor assetization strategy utilizes real-time macro data, contrasting with traditional models that lag by 1-2 months, by employing a precise macroeconomic calendar to obtain macro data disclosure dates and times [4][19]. - The PIT macro indicators are designed across four dimensions: economic growth, inflation, monetary credit policy, and central bank open market operations, creating a macro factor library [4][19]. Group 2: Strategy Construction and Backtesting - The strategy framework consists of three main steps: macro factor construction, macro trading logic net value realization, and dynamic factor selection and combination [4][29]. - The model achieved a post-fee Sharpe ratio of approximately 1.3 and a Calmar ratio of about 1.1, indicating strong performance despite challenges in capturing significant excess returns during the bull market from 2021 to 2024 [4][29]. - The model's performance is relatively insensitive to the lag parameter n, with optimal settings found between 10 to 30 minutes, leading to a standardized approach of a 10-minute lag for all signals [4][29]. Group 3: Factor Dynamic Selection and Combination - The macro factors are categorized into four types: economic growth, inflation, monetary credit, and open market operations, with each factor's performance analyzed for effective timing signals [4][29]. - The report emphasizes the importance of dynamic factor selection to enhance model performance, utilizing momentum factor selection methods to optimize the factor pool [4][29][56]. - The empirical results indicate that the combined signals from multiple factors significantly improve timing effectiveness compared to single-factor performance [4][29][74].

Group 1 - The core point of the article is the issuance of the "2026 Third Phase China Railway Construction Bonds" with a total scale of 10 billion yuan, divided into two types: 5 billion yuan for 10-year bonds and 5 billion yuan for 30-year bonds [4][39]. - The bonds will be issued through a single-rate (Dutch-style) bidding process, with the bidding date set for February 4, 2026, and results to be announced on February 5, 2026 [17][40]. - The final coupon rates for the bonds will be determined based on market bidding results, with the 10-year bond's bidding rate range set between 1.33% and 2.33%, and the 30-year bond's range between 1.73% and 2.73% [39][40]. Group 2 - The lead underwriter for this bond issuance is Guotai Junan Securities, with a syndicate including several other securities firms [5][6]. - The bonds will be registered and settled through the China Securities Depository and Clearing Corporation and the Central Government Securities Depository Trust and Clearing Co., Ltd [8][41]. - Investors are encouraged to consult legal and professional advisors regarding the legality and compliance of their bond purchases [27]. Group 3 - The bonds are government-supported bonds approved by the State Council, with specific tax benefits for both corporate and individual investors [38]. - The issuance is part of a broader plan where the total registered issuance of railway construction bonds is set at 300 billion yuan, valid for 24 months [38]. - The bonds will be publicly issued to institutional investors, with trading available post-listing for both institutional and individual investors [41].