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].

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 ...

用中国定价和海外定价的同类资产，在过去一段时间内的相关性来衡量全球大类资产的协同性，2023年 以来再度冲高 全球大类资产的共振性的逻辑背后是康波萧条期尾声，乌克兰危机、全球贸易摩擦等宏大语境下，人工 智能浪潮带来AI叙事和美元公信力不足驱动追逐避险资产的"科技股+贵金属"双重组合，特别是商品和 股票的相关性同时新高，债券背后的中美货币周期也在由背离走向同步演绎，全球资产一致性的背景下 通过跨资产分散风险和降低波动率也变得尤为困难。 2020年一季度的全资产同向波动则是极端风险厌恶下美元流动性危机的直接体现 智通财经APP获悉，国信证券发布研报称，2023年全球大类资产相关性再度冲高，逻辑源于康波萧条期 尾声、地缘风险及AI叙事下"科技股+贵金属"组合走强，叠加中美货币周期趋于同步，分散风险难度增 加。过去20年类似高相关仅出现两次：2013年缩减恐慌引发流动性拐点预期，2020年新冠疫情导致美元 流动性危机。 国信证券主要观点如下： 过去20年间全球大类资产曾经有两次到过当前的高相关区间 第一次是2013年中，第二次是2020年一季度全球新冠疫情暴发带来的美元现金为王。2013年中的资产高 相关源于美联储政 ...

智通财经APP获悉，2月6日，央行等八部门联合发布《关于进一步防范和处置虚拟货币等相关风险的通 知》，中国证监会发布《境内资产境外发行资产支持证券代币的监管指引》。国信证券发布研报称， 《指引》首次为境内资产境外发行资产支持证券代币（RWA）建立了明确的监管框架；短期将促使市 场出清不合规项目，长期看，《指引》将奠定合规发展的基石，吸引传统主流资金。该行认为，新规为 具备跨境证券化经验的投行带来明确业务增量，但对参与机构的合规风控能力提出更高要求，合规成本 上升，熟悉传统金融与区块链技术、拥有复合型人才的机构将占据先发优势。 国信证券主要观点如下： 一、政策核心内容概括：构建"备案制"为核心的监管框架 本次发布的《指引》是中国监管机构对境内资产在境外进行证券化并代币化这一金融创新的首次系统性 回应。其核心要点可概括为以下三个方面： 1、明确界定与适用范围。《指引》清晰定义了"境内资产境外发行资产支持证券代币"的概念，即以境 内资产现金流为支持，利用加密和分布式账本技术在境外发行代币化权益凭证的活动。这明确了监管对 象，将RWA代币化纳入证券监管范畴。 2、 确立"备案制"管理核心。这是本次《指引》最核心的机制 ...

Core Viewpoint - The report tracks the performance of various active quantitative strategies by GuoXin JinGong, aiming to outperform the median returns of active equity funds, with a focus on four specific strategies: Excellent Fund Performance Enhancement, Exceeding Expectations Selection, Broker Golden Stocks Performance Enhancement, and Growth Stability Combination [2][3]. Group 1: Performance Overview - The Excellent Fund Performance Enhancement strategy had an absolute return of -2.39% this week and a year-to-date return of 6.17%, outperforming the mixed equity fund index by 0.00% and 1.42% respectively [1][10]. - The Exceeding Expectations Selection strategy reported an absolute return of -1.29% this week and a year-to-date return of 10.59%, with an outperformance of 1.10% and 5.84% against the mixed equity fund index [1][18]. - The Broker Golden Stocks Performance Enhancement strategy had an absolute return of -2.27% this week and a year-to-date return of 8.94%, outperforming the mixed equity fund index by 0.12% and 4.19% respectively [1][19]. - The Growth Stability Combination strategy reported an absolute return of -1.79% this week and a year-to-date return of 10.88%, with an outperformance of 0.60% and 6.12% against the mixed equity fund index [1][27]. Group 2: Strategy Details - The Excellent Fund Performance Enhancement strategy benchmarks against the median returns of active equity funds, utilizing a quantitative approach to enhance performance based on the holdings of top-performing funds [5][32]. - The Exceeding Expectations Selection strategy selects stocks based on exceeding expectations events and analyst profit upgrades, focusing on both fundamental and technical criteria to build a portfolio [12][39]. - The Broker Golden Stocks Performance Enhancement strategy uses a stock pool from broker recommendations, optimizing the portfolio to minimize deviations from the stock pool while aiming to outperform the ordinary equity fund index [15][44]. - The Growth Stability Combination strategy employs a two-dimensional evaluation system for growth stocks, prioritizing stocks closer to their earnings announcement dates and using multi-factor scoring to select high-quality stocks [21][47].

Core Insights - The report highlights the performance of various active quantitative strategies, indicating that all four major active quantitative portfolios outperformed the stock index this week, despite a general market downturn [1][12][13]. Group 1: Performance Overview - The Excellent Fund Performance Enhancement Portfolio had an absolute return of -2.39% this week and a year-to-date return of 6.17%, ranking in the 32.03 percentile among active equity funds [1][21]. - The Exceeding Expectations Selected Portfolio reported an absolute return of -1.29% this week and a year-to-date return of 10.59%, ranking in the 9.41 percentile among active equity funds [1][29]. - The Broker's Golden Stock Performance Enhancement Portfolio had an absolute return of -2.27% this week and a year-to-date return of 8.94%, ranking in the 15.59 percentile among active equity funds [1][34]. - The Growth and Stability Portfolio recorded an absolute return of -1.79% this week and a year-to-date return of 10.88%, ranking in the 8.73 percentile among active equity funds [1][38]. Group 2: Strategy Summaries - The Excellent Fund Performance Enhancement Portfolio aims to outperform the median return of active equity funds by utilizing a quantitative approach based on the holdings of top-performing funds [3][43]. - The Exceeding Expectations Selected Portfolio is constructed by filtering stocks based on exceeding expectations and analyst profit upgrades, focusing on both fundamental and technical strengths [4][49]. - The Broker's Golden Stock Performance Enhancement Portfolio is designed to optimize stock selection from a pool of broker-recommended stocks, aiming to maintain alignment with the performance of active equity funds [5][54]. - The Growth and Stability Portfolio employs a time-series evaluation framework to identify growth stocks that are likely to yield excess returns, particularly around earnings announcements [6][59].

Core Viewpoint - The upcoming Chinese New Year has prompted many A-share listed companies to distribute dividends, with a total planned payout of 18.926 billion yuan, reflecting both corporate profitability and enhanced shareholder return awareness under policy guidance [1] Group 1: Dividend Distribution Overview - A total of 34 A-share listed companies have announced profit distribution plans, with a combined payout amounting to 18.926 billion yuan before the Chinese New Year [1] - Major companies leading the dividend distribution include China Yangtze Power Co., Ltd., Luxshare Precision Industry Co., Ltd., CITIC Securities Co., Ltd., Huadian New Energy Group Co., Ltd., and Guosen Securities Co., Ltd., with Yangtze Power planning to distribute over 5.1 billion yuan [2] - State-owned enterprises play a significant role in this dividend distribution, with 14 out of the 34 companies being state-owned, accounting for 73.82% of the total payout [2] Group 2: Industry and Company Characteristics - The dividend distribution spans various industries, including traditional high-dividend sectors like banking and utilities, as well as growth sectors such as pharmaceuticals, new materials, and consumer goods [2] - The participation of both large-cap and small-cap companies indicates a broad improvement in operational quality across different sectors, with many smaller firms focusing on specialized fields [2] Group 3: Policy and Market Implications - The trend of pre-holiday dividends reflects the ongoing improvement of the A-share dividend mechanism, enhancing investor returns and fostering a positive interaction between listed companies and investors [3] - Continuous policy guidance encourages companies to adopt proactive profit distribution strategies, shifting from passive to active dividend practices [4][5] - The combination of strong corporate performance and supportive policies is expected to lead to an increase in the number of companies engaging in active dividend distribution, further solidifying the foundation for value investment in the capital market [6]

Group 1 - Jiangsu Shentong announced that on February 5, 2026, it will accept a research visit from Guosen Securities, with the participation of Vice President and Board Secretary Zhang Qiqiang and Investor Relations Manager Zhang Jian to address investor inquiries [1] - The company is engaging with investors to enhance transparency and provide insights into its operations and future prospects [1] Group 2 - The article also discusses the legality of personal stock trading by fund managers, revealing unexpected responses from several leading public funds [1] - This indicates a broader industry conversation regarding the ethical and legal implications of fund managers engaging in personal trading activities [1]

证券代码：524660 证券简称：26 国证 Y1 国信证券股份有限公司 2026 年面向专业投资者公开发行 永续次级债券（第一期）发行结果公告 发行人及全体董事及高级管理人员保证本公告内容真实、准确和完整，并 对公告中的虚假记载、误导性陈述或者重大遗漏承担责任。 国信证券股份有限公司（以下简称"公司"或"发行人"）向专业投资者公开 发行面值总额不超过 200 亿元永续次级债券已获得中国证券监督管理委员会证 监许可[2025]628 号文注册同意。 根据《国信证券股份有限公司 2026 年面向专业投资者公开发行永续次级债 券（第一期）发行公告》，国信证券股份有限公司 2026 年面向专业投资者公开 发行永续次级债券（第一期）（以下简称"本期债券"）的发行规模为不超过 40 亿元（含 40 亿元）。本期债券简称为 26 国证 Y1，债券代码为 524660。本期 债券发行价格为每张 100 元，采取网下面向专业投资者询价配售的方式发行。 本期债券发行时间自 2026 年 2 月 5 日至 2026 年 2 月 6 日，共 2 个交易日。 最终发行规模 40 亿元，票面利率 2.33%，全场认购 2.12 倍。 ...

（本页以下无正文） (本页无正文,为《国信证券股份有限公司 2026 年面向专业投资者公开发行公 司债券（第一期）(品种一）在深圳证券交易所上市的公告》的盖章页 ) 国信证 5 日 根据深圳证券交易所债券上市的有关规定，国信证券股份有限公司 2026 年 面向专业投资者公开发行公司债券（第一期）（品种一）符合深圳证券交易所债 券上市条件，将于 2026 年 2 月 9 日起在深圳证券交易所上市，并面向专业投资 者中的机构投资者交易，交易方式包括匹配成交、点击成交、询价成交、竞买成 交和协商成交。债券相关要素如下： | 债券名称 | 国信证券股份有限公司 | | | | 2026 | | 年面向专业投资者公开发行公司债券 | | --- | --- | --- | --- | --- | --- | --- | --- | | | （第一期）（品种一） | | | | | | | | 债券简称 | 国证 02 | 26 | | | | | | | 债券代码 | 524649 | | | | | | | | 信用评级 | AAA/AAA | | | | | | | | 评级机构 | 中诚信国际信用评级有限责任公司 ...