Group 1 - The Ministry of Industry and Information Technology has approved solid-state battery testing, with industrialization expected to occur soon, targeting an energy density of over 400Wh/kg by 2026-2027, focusing on electrolyte and negative electrode collector materials [1] - Solid-state batteries are anticipated to see a bidding catalyst in 2025, with high certainty in equipment and significant flexibility in materials, offering a unit value five times that of liquid batteries [1] - JinkoSolar may collaborate with SpaceX to resolve TOPCon patent issues within the equipment chain, with auxiliary materials and flexibility being maximized, and the semiconductor and copper paste business valued at 80 billion [1] Group 2 - As of February 9, 09:43, the Kexin New Energy ETF (588830.SH) rose by 3.97%, with its related index Kexin New Energy (000692.SH) increasing by 3.89%; major constituent stocks included JinkoSolar up 10.44%, Juhua Materials up 20.00%, Rongbai Technology up 9.61%, Trina Solar up 4.15%, and Aotewi up 3.06% [1] - Guosen Securities highlights the promising prospects of space photovoltaics in the new energy power equipment sector, with global tech giants continuously expanding AI capital expenditures, leading to "outperform" ratings for certain storage equipment sector stocks [1] - Great Wall Securities believes that solid-state battery technology is entering a golden development period, with a combination of cold isostatic pressing and warm isostatic pressing processes offering efficiency and cost advantages in large-scale production, driving technological innovation in the equipment sector [1]

Group 1 - The capital market is experiencing increased volatility, leading to a common concern among investors about where to allocate their funds [1][17] - The topic of "fixed income +" is gaining popularity on social media, with many investors recognizing its defensive strategy during market fluctuations [2][10] - Financial institutions are actively promoting "fixed income +" products, with significant growth in demand observed in early 2025 [3][12] Group 2 - "Fixed income +" is characterized as a combination of stable income from fixed assets and performance bonuses from equities and other assets, appealing to investors seeking both stability and growth [8][10] - The "fixed income +" strategy aligns with the trend of wealth management focusing on stability while still aiming for additional returns [11][13] - The market for "fixed income +" products has seen a substantial increase, with a reported growth of 16% year-on-year, reaching a total of 10.8 trillion yuan by the end of 2025 [12][18] Group 3 - The average annualized return for "fixed income +" products is approximately 4%, outperforming pure bond funds while maintaining lower volatility [20] - Financial institutions are expected to diversify their strategies to include more equity exposure through "fixed income +" and multi-asset approaches, potentially bringing in an additional 150 to 250 billion yuan in annual funds [21][22] - The rise of "fixed income +" reflects a shift in investor behavior towards more proactive and diversified asset allocation strategies [33]

Core Viewpoint - The phosphochemical industry is an essential raw material sector in the national economy, with products widely used in agriculture, food, pharmaceuticals, electronics, construction materials, and new energy [1] Group 1: Industry Outlook - By the second half of 2025, the lithium battery industry is expected to show significant recovery, with steady increases in production scheduling and operating rates across the entire industry chain [1] - The strong demand for phosphorus-containing materials is expected to drive consumption of upstream raw materials such as phosphate rock and high-purity phosphoric acid, supporting the recovery of the phosphochemical industry chain [1] Group 2: Resource Constraints - China has limited phosphate rock resources and strong environmental constraints, leading to a continuous tightening of domestic supply [1] - Phosphate rock is the core raw material for the phosphochemical industry, with China supporting nearly half of the global production with only 5% of the world's reserves, highlighting significant resource security pressures [1] Group 3: Market Dynamics - The long-term price center for phosphate rock is expected to remain high, with leading companies currently enjoying a gross profit margin of around 80% [1] - Downstream demand for phosphate fertilizers remains rigid, but its proportion is expected to decrease from 78% in 2015 to 54% in 2024; meanwhile, the consumption share of wet phosphoric acid is projected to increase from 7% in 2021 to 17% in 2024, partly driven by new energy demand [1]

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].

登录新浪财经APP 搜索【信披】查看更多考评等级 国投瑞银中证全指公用事业交易型开放式指数 证券投资基金上市交易公告书提示性公告 国投瑞银基金管理有限公司（以下简称"本公司"）董事会及董事保证基金上市交易公告书所载资料不存 在虚假记载、误导性陈述或重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 国投瑞银中证全指公用事业交易型开放式指数证券投资基金（场内简称：公用事业ETF国投瑞银，基金 代码：159159）将于2026年2月12日开始在深圳证券交易所上市交易。上市交易公告书全文于2026年2月 9日在本公司网站（www.ubssdic.com）和中国证监会基金电子披露网站（http://eid.csrc.gov.cn/fund）披 露，供投资者查阅。如有疑问可拨打本公司客服电话（400-880-6868）咨询。 本基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证本基金一定盈利，也不 保证最低收益。请充分了解本基金的风险收益特征，审慎做出投资决定。 特此公告。 国投瑞银基金管理有限公司 2026年2月9日 国投瑞银中证同业存单AAA指数7天持有期证券 投资基金调整大额申购（ ...

范雨露 制图 ◎记者 汪友若 过去一周，A股市场整体呈震荡调整态势，节前资金观望情绪有所升温。本周，A股即将迎来春节假期 前最后一个交易周。每逢春节临近，市场对持股过节还是持币过节的讨论就会升温。 机构策略展望报告显示，此前市场调整的核心原因，是海外AI产业链情绪扰动与主要市场流动性预期 边际变化共同作用，导致了市场风险偏好的阶段性回落，而非基本面发生了根本性走弱。 从历史规律来看，春节假期前A股市场往往因资金观望出现短线调整，而春节假期后随着资金回流，市 场量能通常会迎来显著提升。综合历史经验与当下市场基本面来看，A股具备积极布局的基础，持股过 节的性价比相对较高。 并且春节假期前后A股宽基指数上涨概率均较高。其中，春节假期前一周上证指数上涨概率为81%、涨 幅均值为1.8%，春节假期后一周上证指数上涨概率为76%、涨幅均值为1.3%。因此，国信证券称，当前 持股过节或为上策。1月中旬以来A股横盘震荡，最近一周波动加大，但市场仍处上行趋势中，本轮春 季行情仍有进一步演绎空间。 在华创证券看来，从2025年12月至2026年1月初，商业航天、脑机接口等科技板块、以有色金属为代表 的顺周期板块，以及近期以白酒、 ...

非银金融 2026 年 02 月 08 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2025-02 2025-06 2025-10 非银金融 沪深300 相关研究报告 《1 月基金新发显著增长，头部券商业 绩预告符合预期 — 行 业 周 报 》 -2026.2.1 《偏股基金新发同比明显增长，公募 强化基准约束—行业周报》-2026.1.25 《逆周期调节呵护"慢牛"，券商和 保险业务开门红 — 行 业 周 报 》 -2026.1.18 1 月新开户高增超预期，银保渠道实现开门红 ——行业周报 | 高超（分析师） | 卢崑（分析师） | 张恩琦（联系人） | | --- | --- | --- | | gaochao1@kysec.cn | lukun@kysec.cn | zhangenqi@kysec.cn | | 证书编号：S0790520050001 | 证书编号：S0790524040002 | 证书编号：S0790125080012 | |  周观点：1 | 月新开户高增超预期，银保渠道实现开门红 | | 保险在个险和银保两端均实现开 ...

被市场称为虚拟货币领域"史上最严"的监管新规近日正式落地。 2月6日，央行联合八部门发布《关于进一步防范和处置虚拟货币等相关风险的通知》（下称《通 知》），再次重申虚拟货币相关业务活动属于非法金融活动，并首次明确任何单位和个人不得在境外发 行挂钩人民币的稳定币。 与此同时，证监会同步发布具有实操意义的附件《关于境内资产境外发行资产支持证券代币的监管指 引》（下称《指引》），首次正面定义现实世界资产（RWA）代币化，并确立"境内严禁、境外严 管"的监管原则。 八部门协同发力联合绞杀非法金融活动，由此形成了对虚拟货币全链条的严格管控。 在此次新规对境内主体赴境外开展虚拟货币业务实施严监管、明确境外发币红线的背景下，北京大成律 师事务所高级合伙人肖飒认为，从现实落地的角度，内地重申加密资产监管态度，意味着内地大型企业 会继续审慎，科技巨头未来可能不会继续申请稳定币牌照。 不过肖飒也提出，从制度看，内地企业的海外控股公司不能发行虚拟货币，但合作公司是否可以参与发 行稳定币，值得探讨，并未被完全封死机会。同时，虽然不能直接发币，但不意味着海外控股公司不能 参与WEB3.0的基础设施建设和科技赋能服务。 从香港稳定币牌照 ...

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 ...