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].

Group 1 - The company announced the full redemption of its 2021 perpetual subordinated bonds (first phase) on March 29, 2026, without exercising the extension option [1][2] - The bonds have a re-pricing cycle of five years, allowing the issuer to either extend the bond term or redeem it at the end of each cycle [2] - The company will ensure proper information disclosure and repayment of principal and interest for the bonds [3] Group 2 - The company successfully issued corporate bonds (second phase) aimed at professional investors, with a total face value not exceeding 30 billion yuan [5][6] - The second phase of the bond issuance has a maximum scale of 6 billion yuan, divided into two varieties with maturities of 25 months and 37 months [6] - The actual issuance scale for the first variety was 4.3 billion yuan with a final coupon rate of 1.80%, while the second variety was 1.7 billion yuan with a coupon rate of 1.85% [6][7]

Group 1 - A total of 685 listed companies have received broker research teams as of February 6, indicating a proactive approach by institutional funds for asset allocation in 2023 [1] - Leading brokerages, such as CITIC Securities with 213 research sessions, dominate the market, while other firms like Changjiang Securities and Guotai Junan also show significant activity with over 150 sessions each [1] - The most frequently researched company is Dajin Heavy Industry, with 83 sessions, followed by Naipu Mining Machinery with 50 sessions, and several others exceeding 40 sessions [1] Group 2 - The research focus has shown high industry concentration, with the industrial machinery sector leading at 70 companies, followed by electronic components and electrical equipment [2] - The current trend in broker research serves as an important reference for identifying market themes, with a recommendation to consider multiple broker consensus, particularly in the "technology + dividend" theme [2] - Intensive research not only enhances the brokerage's investment research capabilities but also connects various business lines, potentially leading to improved net asset returns and valuation recovery [2]

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]

隆达股份首次公开发行股票募集资金总额241,179.43万元，募集资金净额为220,127.16万元。隆达股份最 终募集资金净额比原计划多120,127.16万元。2022年7月15日，隆达股份发布的招股书显示，该公司拟募 集资金100,000.00万元，分别用于新增年产1万吨航空级高温合金的技术改造项目、新建研发中心项目、 补充流动资金。 隆达股份首次公开发行股票的发行费用总额为21052.28万元，其中，国信证券、华英证券获得承销和保 荐费用19,335.63万元。 中国经济网北京2月6日讯隆达股份(688231.SH)今日收报29.30元，跌幅5.18%。目前该股处于破发状 态。 隆达股份于2022年7月22日在上交所科创板上市，发行价格为39.08元。隆达股份首次公开发行股票 6,171.4286万股，联合保荐机构(主承销商)为国信证券股份有限公司、华英证券有限责任公司，保荐代 表人为马军、唐慧敏、苏锦华、金城。 ...

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。 ...

Group 1: Investor Relations Activity - The investor relations activity included a site visit on February 5, 2026 [2] - Participating institutions were Guosen Securities, Hu'an Securities, Western Securities, Wanbo Investment, and Banxia Investment [2] - The meeting was held in the company conference room, hosted by Vice President and Board Secretary Mr. Zhang Qiqiang [2] Group 2: Discussion Topics - Institutional investors discussed the company's production and operational status, future development plans, and strategies [2] - The meeting aimed to facilitate communication between the company and institutional investors regarding its business outlook [2] - The detailed content of the discussions is available in the attachment: Investor Research Meeting Record dated February 5, 2026 [2]