Core Insights - The total box office for the 2026 Spring Festival has surpassed 600 million yuan, with significant contributions from major films [1] - "Fast and Furious 3" has achieved over 250 million yuan in pre-sales, indicating strong audience interest [3] - "Silent Awakening," directed by Zhang Yimou, has also performed well with pre-sales exceeding 100 million yuan [6] Box Office Performance - "Fast and Furious 3" is leading the pre-sale box office with over 250 million yuan, featuring a storyline about a racer facing new challenges [3] - "Silent Awakening," featuring a star-studded cast, has garnered over 100 million yuan in pre-sales, showcasing Shenzhen's urban narrative [6][9] - "Biao Ren: Wind Rises in the Desert," based on a popular comic, has achieved over 63 million yuan in pre-sales [9][11] - "Boonie Bears: Year of the Bear" has also performed well, with pre-sales exceeding 62 million yuan, continuing the franchise's success [12] Market Trends - The 2026 Spring Festival box office is primarily driven by domestic films, with several high-value IP movies contributing to the strong performance [14] - The extended holiday period of nine days is expected to provide ample opportunity for box office growth [15] - The recognition of high-value IPs and the emergence of new consumer products related to films are anticipated to further energize the industry [15]

Core Viewpoint - The article highlights a significant trend of residents shifting their savings from traditional bank deposits to asset management products, driven by recent financial data and changing market conditions [2][6]. Group 1: Financial Data Overview - In January, household deposits increased by 2.13 trillion yuan, non-financial enterprise deposits rose by 2.61 trillion yuan, and non-bank financial institution deposits grew by 1.45 trillion yuan [2][3]. - The broad money supply (M2) reached 347.19 trillion yuan, with a year-on-year growth of 9%, while the narrow money supply (M1) was 117.97 trillion yuan, growing by 4.9% [3][4]. - Compared to the same period in 2025, non-bank deposits increased significantly by 2.56 trillion yuan, while household deposits saw a decrease of 3.39 trillion yuan [4][5]. Group 2: Analysis of Deposit Trends - Analysts note that the acceleration of household deposit migration is evident, with the growth rate of household deposits turning negative for the first time in 7.5 years [5]. - The difference between household deposit growth and M2 growth is -1.82 percentage points, indicating a significant shift in savings behavior [5]. - The trend of residents moving their savings to non-bank financial institutions reflects a broader movement towards asset management products [6][7]. Group 3: Future Implications - The upcoming maturity of a large volume of household fixed-term deposits, estimated between 30 trillion to 70 trillion yuan, is expected to influence where these funds will be allocated, particularly towards equity markets [6][7]. - Analysts suggest that while there may be a flow of funds into low-risk assets, the actual movement into riskier assets like equities will depend on market conditions [7][8]. - The potential for continued adjustment in asset allocation between stocks and bonds is anticipated, especially in light of fixed asset investment trends and economic growth expectations [8].

2025年恰逢中金公司成立三十周年。三十年来，中金公司始终与国家发展同频共振，以专业服务助力资 本市场建设。站在新的历史起点上，中金公司将坚定不移围绕金融强国建设目标，以打造"让党放心、 让人民满意的国际一流投行"为愿景，积极贡献专业力量。 专题：资本市场大咖2026新春献词：骏马踏春来 驭势稳行启新程 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！ 2026年是"十五五"规划开局之年，我国经济长期向好的坚实基础和积极态势将持续巩固，中央经济工作 会议为明年工作指明了方向，助力"十五五"稳健开篇。在这一关键时期，资本市场肩负着服务国家战 略、赋能实体经济的重要使命，金融作为国之重器，更需要在应对外部挑战、维护经济金融安全稳定中 展现更大担当。 我们将着力打造"财富投行"与"资产投行"，把握居民财富多元配置趋势，努力做大社会财富"蛋糕"，服 务扩大内需、提振市场信心；深耕"产业投行"建设，发挥"投早投小投长期"的专业优势，为科技创新和 产业升级注入金融活水；持续强化"交易投行"特色与国际化优势，加强跨境互联互通，服务高水平对外 开放，助力提升中国资本市场的全球竞争力。 新征程上，中金公 ...

Core Viewpoint - The recent data from the central bank indicates a significant shift in household deposits towards non-bank financial institutions, reflecting an acceleration in the trend of residents moving their savings from traditional deposits to asset management products [1][4][12]. Group 1: Financial Data Overview - In January, household deposits increased by 2.13 trillion yuan, non-financial corporate deposits rose by 2.61 trillion yuan, and deposits in non-bank financial institutions grew by 1.45 trillion yuan [1][8]. - The total balance of broad money (M2) reached 347.19 trillion yuan, with a year-on-year growth of 9%, while narrow money (M1) stood at 117.97 trillion yuan, growing by 4.9% [8][9]. - Compared to the same period in 2025, non-bank deposits increased by 2.56 trillion yuan year-on-year, while household deposits decreased by 3.39 trillion yuan [1][9]. Group 2: Analysis of Deposit Trends - Analysts from various brokerages agree that the data indicates an acceleration in the migration of household deposits, with the growth rate of household deposits declining sharply [3][10]. - The difference between the growth rates of household deposits and M2 has turned negative for the first time in 7.5 years, indicating a significant shift [10][11]. - The increase in non-bank deposits is attributed to both a low base effect from previous self-regulation in interbank deposit pricing and a potential shift of household savings towards the stock market [2][9]. Group 3: Wealth Migration to Asset Management Products - There is a growing discussion regarding the reallocation of deposits as a large volume of fixed-term deposits is set to mature, estimated to be between 30 trillion and 70 trillion yuan by 2026 [4][12]. - By the end of 2025, deposits in non-bank financial institutions are projected to reach 34.6 trillion yuan, marking a 22.8% year-on-year increase, the highest in a decade [12]. - The balance of asset management products sourced from households and enterprises is expected to grow to 56.3 trillion yuan by the end of 2025, reflecting a 9.7% increase [12]. Group 4: Market Implications - Despite the migration of deposits, analysts caution that this does not necessarily imply a significant influx of capital into the equity market, as much of the funds may flow into low-risk assets rather than riskier investments [5][13]. - The expected path of fund flow is projected to be from household deposits to non-bank deposits, then to financial products, and finally into the bond and stock markets [6][13]. - Analysts suggest that the liquidity in the equity market will depend on various macroeconomic indicators, and the sentiment may shift as the high point of deposit maturity pressure approaches in early 2026 [13][14].

Core Viewpoint - The recent financial statistics from the central bank indicate a significant shift in household deposits towards non-bank financial institutions, reflecting a broader trend of wealth migration from traditional savings to asset management products [2][6][7]. Group 1: Financial Data Overview - In January, household deposits increased by 2.13 trillion yuan, while non-financial corporate deposits rose by 2.61 trillion yuan, and deposits from non-bank financial institutions grew by 1.45 trillion yuan [1][3]. - The total balance of broad money (M2) reached 347.19 trillion yuan, with a year-on-year growth of 9%, while narrow money (M1) stood at 117.97 trillion yuan, growing by 4.9% [3][4]. Group 2: Deposit Migration Trends - Compared to the same period in 2025, non-bank deposits increased by 2.56 trillion yuan, while household deposits decreased by 3.39 trillion yuan, indicating a clear trend of "deposit migration" [2][4]. - Analysts noted that the decline in household deposits and the increase in non-bank deposits are influenced by factors such as the timing of the Spring Festival and a shift in investment preferences towards the stock market [4][5]. Group 3: Asset Management Product Migration - The discussion around the "massive maturity of deposits" has led to speculation about where these funds will be reallocated, with estimates suggesting that between 3 trillion to 7 trillion yuan of household time deposits will mature in 2026 [6][7]. - By the end of 2025, the balance of deposits in non-bank financial institutions is projected to reach 34.6 trillion yuan, marking a 22.8% year-on-year increase, which reflects the ongoing trend of deposit migration [6][7]. Group 4: Market Implications - Analysts express caution regarding the potential impact of deposit migration on the equity market, suggesting that the primary destination for matured deposits may be low-risk assets rather than high-risk equities [7][8]. - The outlook for 2026 indicates that if household investment remains stable, funds may flow from household deposits to non-bank deposits, and subsequently into financial products like funds and insurance, before reaching the bond and stock markets [7][8].

预售开启第6天，2月15日午间，2026 春节档（2.15—2.23）预售总票房已突破3亿，第三方平台灯塔专 业版、猫眼电影专业版同步披露这一消息。从预售表现来看，在这个8部国产影片云集的"最长春节 档"，一超多强、头部集中的特点已经显现。 从预售票房结构来看，韩寒执导的《飞驰人生3》以超1.2亿的预售票房暂时领跑，作为目前唯一预售金 额突破亿元的电影占据"一超"格局。该片作为系列的第三部，请回沈腾、尹正、张本煜 "铁三角"，上 演燃油车与AI新能源赛车的对决。 在"多强"格局中，张艺谋执导的《惊蛰无声》、袁和平执导的《镖人：风起大漠》分别以约6500万、 4000万的预售成绩位列前位，两部电影以及《飞驰人生3》合计囊括了接近八成预售票房。在随后2000 万至3000万预售票房区间则为《熊出没・年年有熊》以及《星河入梦》。 银河证券方面认为，预售票房的表现与观众对这些IP的高度认可密切相关，高价值IP的电影续作不断推 进将激励更多新的优秀IP涌现。从目前春节档定档以及第三方平台热度来看，观影群体对优质影片仍有 较高接受度和观影意愿。 预售开启第6天，2月15日午间，2026 春节档（2.15—2.23）预售总 ...

记者从猫眼专业版获悉，截至2月15日11时20分，春节档预售总票房正式突破3亿元大关，《飞驰人生3》《惊蛰无声》《镖人：风起大漠》《星 河入梦》《熊出没·年年有熊》等预售票房排名居前。 | (四) 强眼专业版 | | | | | | --- | --- | --- | --- | --- | | 2026年春节档票房榜 | | | | | | 全国总票房 | | | | | | 30000.25, | | | | | | 2026年 春节档/02.15-02.23 | | | | | | 数据截至2026-02-15 11:20:00 | | | | | | 总出票614.8万张 2018 总场次151.2万场 2020 平均票价48.8元 | | | | | | ◎ 票房排名 | | | | | | 档期票房 票房占比 排片占比 上座率 | 影片 (万) | | | | | 飞驰人生3 | 12057.57 | 40.1% | 21.1% | 4.6% | | 2026-02-17上映 | | | | | | 惊蛰无声 | 6242.11 | 20.8% | 17.2% | 4.0% | | 2026-02 ...

Core Viewpoint - The approval of Western Securities to conduct market-making business for stocks listed on the Beijing Stock Exchange (BSE) indicates an expansion of the market-making capabilities among brokerages, with a notable divide in participation enthusiasm between small and large brokerages [2][4][7]. Group 1: Approval Process - On February 13, Western Securities announced that the China Securities Regulatory Commission (CSRC) had approved its qualification for market-making in listed securities, specifically for BSE stocks [2][4]. - The application process for this qualification was lengthy, starting with a submission to the CSRC in January 2023, and receiving formal approval only in February 2026 [4]. - Following the approval, Western Securities must undertake several steps, including amending its company charter and completing business registration within specified timeframes [4][5]. Group 2: Market Participation - The number of brokerages qualified for market-making on the BSE has increased, with 21 firms currently engaged in this business [8]. - Among the top ten market makers, six are small brokerages, indicating a more active participation compared to larger firms, which show lower engagement levels [2][8]. - The top three brokerages by the number of market-making stocks are Guojin Securities (62 stocks), CITIC Securities (59 stocks), and Guotou Securities (53 stocks), while some large brokerages like CICC and Huatai Securities have only a handful of stocks [9]. Group 3: Industry Insights - The disparity in engagement levels among brokerages is attributed to the BSE providing opportunities for smaller firms to develop niche businesses, while larger firms view the qualification more as a strategic reserve rather than a primary profit source [9]. - Challenges in the market-making business include insufficient liquidity on the BSE, which complicates profitability for market makers, as well as significant market volatility and a lack of hedging tools [9]. - A recent survey indicated that 34% of brokerages do not plan to participate in the BSE market, while 28% are still considering their options, and only 35% have begun to engage in a limited capacity [9].

Core Viewpoint - Chinese securities firms are increasingly expanding their overseas operations, with multiple major and mid-sized firms announcing initiatives for international capital operations at the beginning of the year [1][2]. Group 1: Recent Developments - On February 13, major firms including CITIC Securities, CICC, and Zhongtai Securities announced guarantees for their overseas subsidiaries [2]. - GF Securities reported a change in registered capital from 7.606 billion RMB to 7.825 billion RMB due to a completed H-share placement, with funds aimed at enhancing overseas subsidiary capital [2]. - GF Securities plans to list its zero-interest convertible bonds on the Vienna MTF [3]. Group 2: Industry Trends - GF Securities is not the first to pursue overseas financing; Huatai Securities recently issued 10 billion HKD in zero-interest convertible bonds for international business support [5]. - Since 2025, over ten securities firms have made significant strides in international business, with firms like Western Securities and Dongwu Securities establishing wholly-owned subsidiaries in Hong Kong [6]. - The push into overseas markets represents a shift for Chinese securities firms from local intermediaries to global traders, driven by the need for risk hedging and capital flow [6]. Group 3: Performance Metrics - As of mid-2025, 13 out of 16 comparable A-share listed securities firms reported over 10% year-on-year growth in overseas business revenue [7]. - Notable revenue figures include CITIC Securities at 6.912 billion RMB (up 13.57%), CICC at 4.024 billion RMB (up 75.66%), and Haitong Securities at 2.459 billion RMB (up 76.21%) [8]. Group 4: Future Outlook - Experts predict that a significant number of quality domestic enterprises will connect with global markets through Hong Kong, creating opportunities for IPOs and cross-border capital services [9]. - The competitive edge in overseas business will increasingly focus on cross-border derivatives and FICC (Fixed Income, Currency, and Commodity) operations [10]. - Chinese securities firms are expanding beyond Hong Kong to Southeast Asia and the Middle East, establishing a comprehensive international business landscape [10]. Group 5: Strategic Considerations - The future growth potential for Chinese securities firms lies in cross-border wealth management, offshore RMB-related businesses, and investment banking in emerging markets [11]. - Firms are advised to build a composite team that understands both international rules and Chinese industries, while also enhancing cross-cultural integration [12].

银河证券方面认为，工业遗产的保护性改造契合城市更新政策导向，相关运营商将持续受益于政策红利 与市场需求释放。 新华财经上海2月14日电 随着我国城市发展进入存量提质增效的关键阶段，老旧工业厂房作为城市工业 文明的载体，正从"闲置存量"向"消费增量"加速转型。 城市更新政策的持续发力，正推动工业遗存与新消费需求深度绑定，并催生了一批兼具文化底蕴与商业 活力的特色空间。 多位业内专家指出，在城市更新赛道中，工业厂房改造相关板块正迎来明确的投资机会，优质改造项目 有望实现资产增值与消费提振的双重收益。 那么，老旧工业厂房如何通过空间更新、场景迭代，激活新消费增长极？ 空间重生：工业遗产的存量价值重估 不可否认，老旧工业厂房作为城市存量资产的核心组成部分，其改造核心在于实现"保护性利用"与"功 能性重塑"的双向平衡——在改造过程中，通过保留红砖墙体、钢铁构架、标志性烟囱等原生工业肌 理，以最小干预原则完成空间活化，既能有效延续城市工业文脉、留住时代记忆，又可为构建不可复制 的特色消费场景奠定坚实基底。 来自中信证券的研究观点指出，当前城市更新政策正持续向盘活存量商业与工业资产倾斜，具备专业改 造能力与运营经验的优质空 ...