伴随交易活跃度的提升，VLCC二手船资产价值呈现爆发式增长，而期租端的高价锁定进一步反哺资产 估值。根据船经纪公司Xclusiv2026年2月数据，15年船龄的VLCC价值约为8300万美元，较去年同期增 长57%;10年船龄的VLCC当期价格约1.05亿美元，同比涨幅达26%。 VLCC供需缺口加速放大，二手船回笼资金有望投入新造船市场 根据克拉克森，截至2025年底，当前在航VLCC中有近20%船龄超过20年，而VLCC手持订单占船队比 重仅有17.2%，老旧运力淘汰进程持续加速，供需缺口加速放大。叠加欧美监管升级，通过保险断供、 物理封锁等手段推动违规黑船加速出清，正规船队的稀缺性进一步强化。 智通财经APP获悉，方正证券发布研报称，2025年，全球累计新造船订单2036艘、5643万CGT，按CGT 计同比下降27%，主要系船厂排期较久、美国301调查等因素短暂压制船东下单欲望。25年12月、26年1 月单月全球新船订单成交量(CGT计)分别同比增长73%、34%，行业景气度拐点已显。该行认为船龄老 化主动更新、航运脱碳进程加速倒逼船队更新这两个结构性支撑将长期存在，继续推动本轮造船周期上 行，未来造 ...

方正证券发布研报称，短期看，多样化政策组合放大客流价值，有效促进节庆消费。全国及各地方推动 春节期间以旧换新、有奖发票、消费券补贴等促消费政策，有效拉动节庆期间消费，全面提升春节期间 线下渠道的客流、转化和动销效率，短期内推动线下终端的真实销售增长。长期看，伴随国补资金计划 陆续就位，市场对国补后周期预期的不确定性逐渐下降，利于家电市场长期企稳。 方正证券主要观点如下： 2025年国补杠杆效应亮眼，充分证明政策工具激活市场活力的必要性与可行性 国补促进消费基本面持续向好，2025年中国社会消费品零售总额同比增长3.7%，其中家电和音像器材 类商品零售额同比增长13.5%。国补政策自2024年下半年起陆续推广，推动家电类社零增速迅速超越社 零总体并保持高速增长，表明国补充分激发家电消费活力。 2026年"国补"范围调整，聚焦环保、科技产品 1)国补资金提前就位。发改委于2025年末向各地提前下达2026年第一批625亿元超长期特别国债支持消 费品以旧换新的资金计划，该计划资金已于春节前夕就位。同时商务部要求在春节假期内保障消费者通 过线下渠道申领补贴，加强产品供货、增加农村市场参与度、组织举办专场促销，引导消费 ...

方正证券电力设备行业2026年策略指出，回顾2025年AIDC板块股价表现共经历五轮上涨行情，国内外 厂商上调CAPEX预计、业绩超预期和行业及公司技术进展成为主要驱动因素。展望2026年，AIDC行业 仍将保持高景气，一方面国内外头部互联网厂商纷纷公布2026年资本开支计划，海外厂商CAPEX指引 普遍高于50%，另一方面维谛、西门子、Flunce等海外头部电力设备厂商业绩表现亮眼，AIDC行业高成 长性或已反应在业绩端。而美国需求端因数据中心增长带来的用电量增长与供给端电力设备老旧现象严 重的矛盾为国内电力设备出海厂商带来机会。 ...

作者：柳白 中信建投表示，考虑到春节前避险情绪升温，情绪指数回落的季节性效应，预计市场短期面临情绪降温和指数回调压力。综合考虑当前市场增量资金和情绪 指数各分项指标，预计全A指数调整空间有限，且有望在春节前企稳，春节前后迎来新一轮上行行情。 招商证券指出，春节之后，由于临近两会召开，政策催化将会加速出现，春节之后指数有望有更好的表现。基本面层面，1-2月是数据真空期，从目前来 看，产业端的边际变化带来的业绩改善趋势仍然是市场关注的方向。顺周期涨价品种，以半导体光模块为代表的AI链依然是景气趋势之所在。 对于今年的春节行情，天风证券表示，不论是"十五五"开局之年的政策预期，全球流动性宽松前景，还是居民资金向权益资产配置的趋势，都可能强化节后 市场上涨的规律，今年"春节躁动"行情或更持续。另外，今年受"史上超长九天春节假期"的影响，消费需求释放明显早于往年，出行与消费规模有望再突 破，市场对"经济开门红"的预期或更稳定。 粤开证券则对当前市场行情提示了相关风险。粤开证券指出，2月行情并非毫无风险，短期仍需警惕三大扰动因素：一是海外市场的波动传导，美国加征关 税的政策落地、美股科技股的调整，或对A股相关板块形成短期 ...

Group 1 - Western Securities launched an online service from February 16 to 23, featuring 15 conference calls, with a focus on the AI industry, which gained significant attention during the holiday period [1] - Over 100 brokerage roadshows were scheduled during the Spring Festival, with more than 20 online roadshows from February 16 to 18 and over 80 roadshows from February 19 to 23, indicating a strong demand for research services [3] - Smaller brokerages have become the main players in holiday roadshows, using differentiated competition strategies to effectively reach target clients and meet the research needs of institutions holding stocks during the holiday [3] Group 2 - The surge in holiday roadshows is attributed to increased competition in the sell-side research industry amid a backdrop of reduced fees for public funds, with brokerage commission income declining significantly [4] - In the first half of 2025, total brokerage commission income fell by 33.98% year-on-year, with Western Securities experiencing a decline of over 20% and other firms like Open Source Securities seeing declines exceeding 40% [4] - Future industry developments suggest that large comprehensive brokerages will continue strategic investments in research, while medium-sized brokerages will intensify competition to offset the impact of declining fees [4]

智通财经APP获悉，方正证券发布研报称，原油作为全球能源体系的核心大宗商品，其价格受供需基本 面影响较大。美国、俄罗斯和沙特阿拉伯在供给方面呈三足鼎立之势。原油金融属性易引发短期价格偏 离。石油美元体系受多种影响驱动，面临脱钩风险，但是美元资产的吸引力仍然存在，短期内核心地位 难以取代。此外，原油政治属性重塑其供需结构。"页岩革命"和OPEC+机制的建立促进了新三极石油 供应体系供应的建立，能源博弈中的互动与冲突也在不断增加。2026年初，美国对委内瑞拉的进行军事 行动干预，而委内瑞拉丰富的石油储量在美国插手干预的情况下，未来可能成为石油美元的新锚点。 方正证券主要观点如下： 原油价格和影响因素：三大属性影响原油价格 原油三大价格体系：三大体系以不同基准原油为定价核心 全球原油市场主要存在三大价格体系。分别以不同基准原油为定价核心，反映区域供需、品质差异及市 场特征。这三种基准原油分别是：美国西得克萨斯中间基原油(WTI)、英国布伦特原油(Brent)以及阿联 酋迪拜原油(Dubai) 国际原油价格影响因素：商品属性、金融属性、政治属性 影响原油价格原油价格主要受商品属性、金融属性、政治属性影响。原油作为目前 ...

这种走势背后，是不是出乎很多市场投资人的预料？力场君就不多做评价了。但就亚辉龙的经营情况， 却出乎很多机构的预料吧，特别是方正证券（601901.SH）的分析师周超泽。 登录新浪财经APP 搜索【信披】查看更多考评等级 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！ 来源：基本面力场 今年2月初，亚辉龙（维权）（688575.SH）发布公告称，因涉嫌信息披露违法违规，被证监会予以立 案调查。 公告发布后，亚辉龙股价波动并不大，次日跌幅还不到3%。但往前看几天，波动却让人咋舌，先是在1 月5日和6日大幅拉高，1月7日却上演了高开低走大阴线，随后一路震荡下跌，把1月7日追高的资金套了 个结结实实。 力场君查询到，在亚辉龙因信披违规遭立案前不久，方正证券两次发布研究报告，针对亚辉龙给出"推 荐"评级。 先是8月底，发布了题为《国内业绩短期承压，关注装机+出海驱动业绩回升》，判断驱动下半年公司 业绩回升，并针对2025年和2026年的归母净利给出了1.26亿元和2.97亿元的预测值。 随后亚辉龙在10月底发布的三季报，报出了还不到5500万元的归母净利润水平，这与此前在研报中的预 测值，相差 ...

Macro Dynamics - In January 2026, the social financing scale increased by 7.22 trillion yuan, which is 166.2 billion yuan more than the same period last year [2] - The increase in RMB loans to the real economy was 4.9 trillion yuan, a decrease of 317.8 billion yuan year-on-year [2] - Net financing of corporate bonds was 503.3 billion yuan, an increase of 57.9 billion yuan year-on-year [2] - Government bonds net financing reached 976.4 billion yuan, an increase of 283.1 billion yuan year-on-year [2] Financial Institutions - The People's Bank of China and the National Financial Regulatory Administration have identified 21 systemically important banks in China, including 6 state-owned commercial banks, 10 joint-stock commercial banks, and 5 city commercial banks [3] Market Data - On February 13, A-shares saw all three major indices drop over 1%, with the Shanghai Composite Index falling 1.26% to below 4100 points [10] - The Hong Kong stock market closed with the Hang Seng Index down 1.72% and the Hang Seng Tech Index down 0.9% [11] Company Dynamics - Zhengyuan Wisdom's actual controller, Chen Jian, was sentenced to three years in prison for manipulating the securities market, but the company's operations remain normal [12] - CATL, Luoyang Molybdenum, and Laopu Gold will be included in the Hong Kong Hang Seng Index, increasing the number of constituent stocks from 88 to 90 [13] - Sinopec announced the resignation of Li Yonglin from his positions as executive director and senior vice president [14][15] - Zongshen Power plans to swap its motorcycle engine business with Longxin General's general machinery business, which is expected to constitute a major asset restructuring [16]

Core Viewpoint - The company warns investors about illegal securities activities conducted by fraudsters impersonating the company and its staff [1] Group 1: Company Identity and Communication - The official app of the company is named "Xiao Fang" and the official websites are www.foundersc.com and www.95571.cn [1] - The national customer service phone number is 95571, and any other apps, websites, or customer service numbers using the company's name or logo are illegal and counterfeit [1] Group 2: Prohibited Activities - The company has not authorized any organization to add investors on social media under its name [1] - Employees are strictly prohibited from creating customer groups privately and from collecting funds or assets from clients [1] - Any promises of guaranteed returns in securities investment activities are forbidden [1] Group 3: Legal Actions - The company reserves the right to take legal action against any illegal securities activities that damage its reputation [1]

Core Viewpoint - The People's Bank of China (PBOC) has initiated temporary reverse and repurchase operations to maintain liquidity in the banking system and enhance the precision of open market operations [1][3]. Group 1: Market Reactions - Long-term bond yields have generally increased by approximately 3 basis points, with the 30-year government bond yield reaching 2.5225% [2]. - Short to medium-term bond yields have risen by 5-7 basis points, with the 1-year government bond yield increasing to 1.58% [2]. Group 2: Impact of Temporary Operations - The introduction of temporary reverse and repurchase operations aims to narrow the interest rate corridor and reduce volatility in the funding market [3]. - The new interest rate corridor is set with an upper limit of 2.30% and a lower limit of 1.60%, which is expected to stabilize the funding market [3]. Group 3: Market Sentiment and Strategy - Analysts suggest that the PBOC's actions signal a significant shift in monetary policy, indicating a potential increase in market interest rates [3][6]. - There is a cautionary stance regarding the bond market, with recommendations for institutions to secure profits and avoid bottom-fishing until uncertainties are resolved [5][6].