Group 1 - The core viewpoint emphasizes that there is no need to worry about short-term market fluctuations, as the underlying trends indicate a shift from virtual to real economies in Europe and the US, alongside the disruptive innovation brought by AI [2] - The article highlights the increasing urgency for strategic security investments and the balancing act between short-term shareholder interests and long-term infrastructure investments in the US and Europe [2] - It suggests that China's capital market has already completed the transition from virtual to real pricing and is currently in the process of validating and pricing for quality and efficiency improvements [2] Group 2 - The outlook for the A-share market in the next 1-2 months is optimistic, with historical data indicating a strong seasonal effect around February and the Spring Festival [3] - The article notes that the number of companies with low expectations or losses has reached a new high, suggesting that negative earnings reports are being digested, which may lead to a lighter market environment starting in February [3] - It encourages investors to regain confidence and prepare for the first wave of the upcoming bullish cycle around the 4000-point level [3] Group 3 - The article advocates for holding stocks during the holiday season, citing a positive outlook for the Chinese market driven by a shift towards domestic demand and government support for capital market stability [4] - It mentions a resurgence in stock buybacks among A-share companies, indicating a strengthening market sentiment [4] - The recommendation includes maintaining positions in sectors such as consumer services, food and beverage, and emerging technologies like internet and robotics [5] Group 4 - The article discusses the limited impact of external shocks on the Chinese market, suggesting that the recent adjustments are more about emotional digestion rather than fundamental changes [6] - It highlights the potential for a recovery in the market post-Spring Festival, driven by increased risk appetite and upcoming catalysts in various sectors [6] - The focus is on sectors like AI computing, chemicals, and power equipment, which are expected to perform well in the upcoming market environment [10] Group 5 - The article indicates that the Hang Seng Technology Index has potential for recovery, especially if the liquidity shock subsides and new catalysts emerge in the AI sector [7] - It suggests that the market may experience a rotation towards sectors benefiting from major projects outlined in the 14th Five-Year Plan, such as construction materials and energy [7] - The overall sentiment is that the market will likely see a stronger performance post-holiday compared to pre-holiday levels [7] Group 6 - The article emphasizes the revaluation of Chinese assets, driven by a recovery in manufacturing and the return of capital from export enterprises [8] - It suggests that the focus should be on physical assets and sectors with global competitive advantages, such as energy and equipment manufacturing [8] - The recommendation includes sectors like oil, copper, and lithium, which are expected to benefit from a stabilization in demand and low inventory levels [8]

中国银河证券研报表示，经历近期回调后，港股估值吸引力进一步增大，预计春节前后港股市场震荡上 行。配置方面，建议关注：（1）消费板块当前估值处于相对低位，临近春节，促消费政策增多，消费 活力逐渐提升，消费板块有望继续上涨。（2）美联储降息预期不确定性较高，地缘政治局势反复无 常，贵金属、能源等板块有望震荡上行。（3）科技板块仍是中长期投资主线，经历近期的回调后，估 值压力下降，相关板块有望反弹回升。 ...

Group 1 - The announcement states that from February 9, 2026, China Galaxy Securities will begin selling certain funds managed by the company [1][5][12] - The sales will include a variety of funds, such as mixed-type funds and specific investment strategies [1][5] - The announcement also mentions that the sales will be conducted in accordance with the fund contracts, prospectuses, and related business announcements [2][6] Group 2 - Investors can consult details through various sales institutions, including China Galaxy Securities and the company's own customer service [3][7] - A comprehensive list of sales institutions and their contact information is provided for investor convenience [8][9][10]

Group 1 - The announcement states that from February 9, 2026, China Galaxy Securities will begin selling certain funds managed by the company [1] - The announcement also mentions that Huatai Securities will start selling some of the company's funds from the same date [2] - Investors can consult details through the respective websites and customer service numbers of China Galaxy Securities and the company [1][2] Group 2 - The sales agreements with both securities firms are subject to compliance with fund contracts, prospectuses, and related business announcements [1][2] - Specific details regarding the sales process, types of business, and any fee discount activities will be determined by the sales institutions [1][2]

截至2026年2月6日收盘，中国银河(601881)报收于15.15元，下跌1.43%，换手率0.41%，成交量29.95万 手，成交额4.57亿元。 中国银河：2025年度第二十四期短期融资券兑付完成的公告 中国银河证券股份有限公司于2025年10月15日发行了2025年度第二十四期短期融资券，发行额为人民币 40亿元，票面利率为1.66%，期限为112天，兑付日期为2026年2月4日。2026年2月4日，公司已兑付本 期短期融资券本息共计人民币4,020,374,794.52元。 来自交易信息汇总：2月6日主力资金净流出5385.74万元，占总成交额11.79%。 来自公司公告汇总：中国银河已于2026年2月4日完成2025年度第二十四期短期融资券本息兑付， 合计人民币4,020,374,794.52元。 当日关注点 交易信息汇总资金流向 2月6日主力资金净流出5385.74万元，占总成交额11.79%；游资资金净流入3465.53万元，占总成交额 7.59%；散户资金净流入1920.21万元，占总成交额4.2%。 公司公告汇总 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310104345 ...

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, indicating an "Overweight" rating for the industry [4][48]. Core Insights - The report highlights a significant increase in new account openings, with 4.9158 million new accounts in January 2026, representing a year-over-year increase of 213% and a quarter-over-quarter increase of 89% [4]. - The report emphasizes the ongoing shift of funds from traditional banks to capital markets and non-bank financial institutions, driven by the expiration of 70 trillion yuan in one-year or longer deposits and a decline in net interest margins [4]. - The report discusses the need for China's financial sector to transition from being large to strong, focusing on mergers and acquisitions as a core growth engine for brokerages [4]. - The report notes that the international business landscape for brokerages is expanding due to the deepening process of RMB internationalization and the demand for cross-border wealth management and investment banking services [4]. - The report mentions that Ping An Group has increased its stake in China Life (H) multiple times, reflecting a strong confidence in the insurance sector [4][12]. Summary by Sections Market Review - The Shanghai Composite Index closed at 4,643.60 with a decline of 1.33%, while the non-bank index closed at 2,030.92 with a decline of 0.60% [8]. - The brokerage, insurance, and diversified financial indices reported declines of 0.65%, 0.71%, and an increase of 0.43%, respectively [8]. Non-Bank Industry News and Key Announcements - The report outlines regulatory updates regarding virtual currencies and asset tokenization, indicating a tightening of oversight in these areas [10]. - Ping An Group's recent acquisitions of shares in China Life (H) are detailed, showcasing a strategic investment approach [12]. - Huatai Securities plans to issue 10 billion HKD in zero-coupon convertible bonds to support overseas business development [14]. Investment Analysis Recommendations - The report suggests focusing on brokerages with strong comprehensive capabilities, recommending stocks such as Guotai Junan A+H, GF Securities A+H, and CITIC Securities A+H [4]. - For insurance, the report recommends China Life (H), New China Life, Ping An, China Pacific Insurance, and China Property & Casualty Insurance, highlighting the systemic value reassessment opportunities in the insurance sector [4].

Core Viewpoints - The contradiction between short-term profits and long-term value is intensifying in overseas markets, with a focus on strategic safety and innovation driven by AI [2] - External shocks have limited impact on the fundamentals of the Chinese market, suggesting a continuation of the spring market rally post-Spring Festival [4] - A new upward cycle is anticipated in the A-share market, driven by favorable timing and conditions [5] Group 1: Market Trends and Conditions - Recent adjustments in the A-share market are primarily driven by internal factors, with external disturbances not significantly impacting the fundamentals [4] - The upcoming period is expected to see a strong seasonal effect, particularly around the Spring Festival, with historical data indicating high probabilities of market gains [5] - The market is currently experiencing a "Risk-off" mode, with a shift towards simpler investment themes as the AI industry cycle matures [6] Group 2: Investment Strategies - Recommendations include maintaining a focus on "resources + traditional manufacturing" while increasing allocations to consumer and real estate sectors [3] - Key sectors to watch include AI computing, chemicals, and power equipment, with a focus on high-growth technology and cyclical recovery [4][7] - Emphasis on high-dividend stocks is expected to gain traction as the market transitions from high-volatility trading to more stable, predictable investments [9] Group 3: Sector-Specific Insights - The technology sector, particularly AI hardware and semiconductor industries, is expected to recover following recent adjustments [7][8] - High-quality real estate developers and related industries are recommended for investment, given the anticipated recovery in property sales during the Spring Festival [11] - The focus on cyclical recovery in sectors such as chemicals and construction materials is advised, alongside monitoring for potential rebounds in consumer spending [12]

格隆汇2月8日丨中国银河证券表示，在当前A股市场趋势下，"轻仓持股过节"是一种审慎且符合历史规 律的合理策略，既规避了节前市场缩量调整的波动风险，又保留了节后春季行情的参与机会，尤其适用 于当前政策预期已部分兑现、业绩验证尚未启动的过渡阶段。在配置机会上，建议关注两条主线。主线 一，供需格局改善与行业盈利修复带动的"反内卷"概念，以及估值具备安全边际的红利资产，配置逻辑 依然清晰，建议关注有色、基础化工、钢铁、水泥、建筑材料、金融等板块。主线二，全球百年未遇之 大变局加速演进，国内经济底层逻辑转向新质生产力，半导体、人工智能、新能源、军工、航空航天 等"十五五"重点领域值得关注。 ...

近日，多家券商研究所陆续发布关于春节行情的研判观点。根据记者梳理，"持股过节"是机构的主流建议，其 理由既来自对历史"春节效应"的复盘，也基于对当前经济预期、流动性环境及风险偏好的综合评估。 投资者该如何把握春节前后的市场节奏？对此，多家券商认为，节前要注重均衡与防御，节后聚焦成长与产业 趋势。 解码"春节效应" A股在春节前后往往呈现明显的"日历效应"，无论是量能变化、风格轮动还是行业表现，均有规律可循。记者 注意到，多家券商近期对近20年A股春节前后的市场表现进行复盘。 "节前缩量、节后放量"是券商眼中春节行情的典型特征。 据东吴证券策略团队分析历史数据，节前市场量能 通常自T-8日（T为春节）起开始回落。该团队认为，本轮行情亦贴合上述规律，2026年2月4日成为量能分水 岭，5日、6日成交金额跌破2.5万亿元，向2万亿元水平靠拢。"根据历年经验，缩量的趋势一般会持续到节后 首个交易日，T+2日起市场量能中枢显著抬升，交投热情回暖，市场流动性逐步修复。" 如何应对春节前的最后一个交易周？ 春节长假将至，近期A股成交量下滑，杠杆资金持续流出。投资者再次面临选择：是持币观望规避不确定性， 还是持股博弈"红包行 ...

2月4日，2025年度Wind最佳路演榜单揭晓。中国银河证券凭借高质量路演输出与深厚研究积淀，成功入选机构篇"证券公司影响力榜"。此外，宏观、策 略、固收研究团队也分别登榜人物篇三张人气榜单，彰显公司在路演交流与研究服务领域的综合实力。 Wind最佳路演榜基于Wind 3C会议平台2025年度实际运行数据，围绕"路演浏览量、参会规模、会议活跃度与持续影响力"三大核心维度交叉核验、客观评 估，设置机构篇、人物篇共11个子榜单，结果兼具数据支撑与行业参考价值，是对机构路演成效与研究影响力的权威认可。 此次机构榜单的入选，是对中国银河证券研究服务能力的又一印证。2025年，公司通过高频次、体系化的路演安排构建稳定的市场沟通与服务机制——从 宏观经济研判、行业趋势分析到资产配置建议，多维度输出研究观点，有效衔接研究成果与投资者需求，全年路演覆盖广度与内容深度均获市场认可。人 物篇三项人气奖项的斩获，进一步彰显总量团队专业实力，分析师凭借清晰的观点输出、扎实的研究支撑，在路演关注度、内容传播力等维度表现突出， 成为各自领域广受认可的路演嘉宾。 未来，中国银河证券将继续深化研究能力建设，优化路演服务质量，以更专业的研究输 ...