为促进中证800交易型开放式指数证券投资基金（以下简称800ETF，基金代码:515800）的市场流 动性和平稳运行，根据《上海证券交易所基金自律监管规则适用指引第2号——上市基金做市业务》等 相关规定，本所同意光大证券股份有限公司自2026年02月10日起为800ETF提供主做市服务。 上证公告（基金）【2026】304号 2026年02月09日 特此公告。 上海证券交易所 ...

2026年02月09日 上海证券交易所 上证公告（基金）【2026】309号 为促进华夏中证文娱传媒交易型开放式指数证券投资基金（以下简称文娱ETF，基金代 码:516190）的市场流动性和平稳运行，根据《上海证券交易所基金自律监管规则适用指引第2号——上 市基金做市业务》等相关规定，本所同意光大证券股份有限公司自2026年02月10日起为文娱ETF提供主 做市服务。 特此公告。 ...

Group 1 - China General Nuclear Power Corporation (CGN) Mining (01164) saw its stock price increase by over 10%, currently up 8.61% at HKD 4.54, with a trading volume of HKD 282 million [1] - Huaxi Securities (002926) suggests that the increase in capacity utilization of existing projects and the onset of a production decline period will lead to a supply gap that will depend on the resumption of projects and the progress of new project launches [1] - A recent agreement between Huaneng and Kansai Electric Power for natural uranium supply aims to accelerate the restart of nuclear power in Japan, potentially exacerbating the global tight supply-demand situation for uranium [1] Group 2 - CGN Mining is the only platform for investment and financing in overseas uranium resource development under CGN Group and is a leading player in China's uranium industry [1] - Everbright Securities indicates that supply tightness and stable growth in nuclear power demand support a positive outlook for continued increases in uranium prices [1]

截至2月9日13：20，石化ETF（159731）涨0.69%，持仓股浙江龙盛、彤程新材、华峰化学涨幅居前。 从资金净流入方面来看，石化ETF（159731）近20个交易日资金净流入总计14.47亿元，最新份额达 17.30亿份，最新规模达17.48亿元，均创成立以来新高。 据国家发展改革委2月5日消息，为保障2026年春耕及全年农业生产用肥需求，国家发展改革委近日发布 通知，从保障化肥生产原料供应，稳定化肥生产；促进化肥顺畅流通；加强化肥储备管理；加强化肥进 出口服务管理；加强化肥市场监管；推进科学施肥等六方面，全面部署做好2026年春耕及全年化肥保供 稳价工作。 光大证券认为确保国家粮食安全始终是头等大事，化肥及农药行业的稳健发展不仅是化工产业的重要组 成部分，更是落实乡村振兴战略、提升农业综合生产能力的核心物质基础。上述政策文件的发布体现了 政府部门对于农业发展的高度重视，将为化肥、农药行业提供长期稳定的发展环境和转型升级的动力。 华福证券认为，随着海内外经济回暖，主要化工品价格与需求均步入修复通道。化工行业龙头企业历经 多年竞争和扩张，具有显著规模优势，且通过研发投入持续夯实成本护城河，核心竞争力显著 ...

Group 1: Fund Overview - As of the end of 2025, there are 255 amortized cost bond funds with a total net asset value of approximately CNY 2.04 trillion, an increase of about CNY 612 billion from Q3 2025[4] - The total asset value of these funds is around CNY 2.78 trillion[4] - The average duration of bonds held by these funds is typically less than their closed period, which ranges from 3 to over 5 years[4] Group 2: Credit Bond Allocation - By the end of 2025, the allocation to credit bonds in amortized cost bond funds significantly increased, with non-financial credit bonds rising from 1% to 24%[17] - The market value of policy financial bonds decreased from 74% to 54% of the total allocation[17] - The core allocation among non-financial credit bonds is mid-term notes, which account for 14% of the total bond investment, with a market value of CNY 3,755.77 billion, an increase of CNY 3,675.85 billion from 2024[17] Group 3: Future Expectations - In Q1 2026, the cumulative opening scale of amortized cost bond funds is expected to reach approximately CNY 3,739.7 billion, with a peak in openings anticipated[10] - The ongoing opening of these funds is expected to provide continuous incremental demand for the credit bond market, potentially leading to differentiated performance among various credit bond types[4] - The strategy should focus on 3-5 year high-grade credit bonds, particularly those rated AA+ and above, to capitalize on the upcoming market opportunities[27]

Group 1 - The report highlights that the recent concentration of open-ended amortized cost bond funds may support the credit bond market, with a total net asset value of approximately 2.04 trillion yuan as of the end of 2025, reflecting an increase of about 61.2 billion yuan from the previous quarter [4][9][10] - The report indicates a significant shift in the asset allocation of these funds from primarily interest rate bonds to credit bonds due to limited options in a low-interest-rate environment, with a notable increase in credit bond allocation expected in 2024-2025 [4][9][17] - The anticipated peak of open-ended amortized cost bond funds in the first quarter of 2026 is projected to reach approximately 3739.7 billion yuan, with a focus on bonds with maturities of over five years in January and February, and shorter maturities in March [10][4] Group 2 - The report details that the market share of policy financial bonds decreased from 74% at the end of 2024 to 54% by the end of 2025, while the share of non-financial credit bonds surged from 1% to 24%, indicating a significant reallocation towards credit bonds [17][18] - The core asset in the credit bond allocation is medium-term notes, which accounted for 14.11% of the total bond investment market value, with a holding value of approximately 375.6 billion yuan, marking an increase of 3675.85 billion yuan compared to the previous year [17][18] - The report emphasizes that the open-ended amortized cost bond funds are likely to continue influencing the credit bond market, with a focus on 3-5 year maturity credit bonds, particularly those rated AA+ and above, as they seek to manage duration mismatch risks [27][4][9]

Core Viewpoint - The A-share market is expected to experience a significant upward trend after the Spring Festival, with a 70% probability of rising in the first five trading days post-holiday, and a projected increase of 4.85% in 2024 [1][2]. Market Trends - Historical data shows that the market typically rebounds in the five trading days leading up to the Spring Festival, with a notable upward trend continuing until around T+6 days post-holiday [2]. - The trading volume is characterized by a "decrease before the holiday and an increase after" [1]. Institutional Recommendations - Major brokerage firms recommend "holding stocks over the holiday," anticipating a resurgence in market activity post-Spring Festival [1][3][4]. - Economic and profit expectations are likely to improve during the holiday, with positive consumer data anticipated [5]. Liquidity and Market Sentiment - Liquidity is expected to remain loose during the Spring Festival, with potential for accelerated capital inflow post-holiday [5]. - Market sentiment is projected to be neutral, with limited external risks impacting domestic markets [5]. Sector Focus - Key sectors to watch include technology growth and cyclical industries, which are expected to outperform due to policy support and ongoing industry trends [5][6]. - Specific attention is recommended for AI computing, chemicals, and power equipment sectors [6]. Style Rotation - There is a notable style rotation expected, with large-cap stocks outperforming small-cap stocks before the holiday, while small-cap stocks are anticipated to lead post-holiday [7]. - The market is expected to shift towards a more defensive strategy, gradually moving towards growth sectors [8].

Core Viewpoint - The A-share market is expected to experience a cautious sentiment ahead of the Spring Festival, with the prevailing advice from institutions being to "hold stocks during the holiday" due to historical trends indicating a higher probability of market gains post-holiday [1][3]. Market Trends - Historical data shows that the probability of market gains after the Spring Festival is significantly higher than before, with a 70% chance of an increase in the first five trading days post-holiday, and the expected gain for 2024 is projected at 4.85% [1][2]. - The market typically exhibits a pattern of "reduced volume before the holiday and increased volume afterward" [1]. Institutional Recommendations - Multiple securities firms, including Guangda Securities and Huajin Securities, suggest maintaining stock positions through the holiday, anticipating a rebound in market activity post-festival [3][4]. - Citic Securities indicates that the spring market rally is likely to continue after the holiday, despite recent adjustments, and recommends holding stocks during the holiday [5][6]. Economic and Liquidity Outlook - Economic and profit expectations are anticipated to improve during the Spring Festival, with favorable consumer data expected [4]. - Liquidity is expected to remain loose, with potential increases in net injections by the central bank and a stable level of market funds before the holiday [4]. Sector Performance - Technology growth and certain cyclical sectors are expected to outperform, supported by policy initiatives and ongoing industry trends [5][7]. - There is a potential for a rebound in sectors such as pharmaceuticals, computing, chemicals, and non-bank financials, which have historically low valuation percentiles [5][6]. Market Sentiment and Style Rotation - The market sentiment is expected to stabilize post-adjustment, with a notable rotation in style from large-cap to small-cap stocks after the holiday [6][7]. - The "Spring Festival effect" and increasing event catalysts are likely to create a favorable environment for market recovery [7].

Primary Market - In the week from February 2 to February 6, 2026, a total of 432 credit bonds were issued, with a total issuance scale of 399.33 billion yuan, a decrease of 15.10% week-on-week [4] - Among the issuances, industrial bonds accounted for 184 bonds with an issuance scale of 166.02 billion yuan, down 30.88%, representing 41.57% of the total issuance [4] - Local government bonds issued 210 bonds with an issuance scale of 141.50 billion yuan, an increase of 19.61%, making up 35.43% of the total [4] - Financial bonds totaled 38 bonds with an issuance scale of 91.82 billion yuan, down 17.94%, accounting for 22.99% of the total [4] - The average issuance term for credit bonds was 2.82 years, with industrial bonds at 2.29 years, local government bonds at 3.49 years, and financial bonds at 2.19 years [4] - The average coupon rate for credit bonds was 2.13%, with industrial bonds at 2.03%, local government bonds at 2.25%, and financial bonds at 1.91% [4] - Four credit bonds were canceled during the week [4] Secondary Market - In terms of credit spreads, the largest increase for AAA-rated industries was in food and beverage, up 2.2 basis points, while the largest decrease was in light industry, down 1.2 basis points [5] - For AA+ rated industries, the largest increase was in non-ferrous metals, up 5.6 basis points, and the largest decrease was in agriculture, down 2.4 basis points [5] - The largest increase for AA-rated industries was in non-bank financials, up 1.8 basis points, while the largest decrease was in computers, down 6.3 basis points [5] - Regionally, the largest increase in AAA-rated local government bonds was in Jilin, up 5.9 basis points, and the largest decrease was in Inner Mongolia, down 2.1 basis points [5] - For AA+ rated local government bonds, the largest increase was in Beijing, up 5.8 basis points, and the largest decrease was in Fujian, down 2.7 basis points [5] - The largest increase for AA-rated local government bonds was in Guangxi, up 1.5 basis points, while the largest decrease was in Yunnan, down 6.7 basis points [5] Trading Volume - The total trading volume of credit bonds was 1,470.41 billion yuan, a decrease of 8.17% week-on-week [6] - The top three categories by trading volume were commercial bank bonds, corporate bonds, and medium-term notes [6] - Commercial bank bonds had a trading volume of 497.06 billion yuan, down 8.95%, accounting for 33.80% of the total trading volume [6] - Corporate bonds had a trading volume of 413.42 billion yuan, down 9.23%, representing 28.12% of the total [6] - Medium-term notes had a trading volume of 312.07 billion yuan, down 7.75%, making up 21.22% of the total [6]

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 ...