Core Viewpoint - The prevailing sentiment among institutions is to hold stocks during the Spring Festival, supported by historical data and current market conditions [2][6][9]. Group 1: Historical Data and Market Trends - Historical analysis shows a clear "pre-festival weakness and post-festival strength" pattern in the A-share market, with an average return of -2.20% in the week before the festival and a recovery to 0.53% in the last week before the festival [3]. - The first week after the festival typically sees an average return of 2.03%, with an 80% probability of an increase over the past decade [3]. - Small-cap and growth stocks exhibit a more pronounced reversal effect around the festival, making them attractive for pre-festival allocation [4]. Group 2: Investment Strategies - Institutions recommend a "stable before the festival, aggressive after" strategy, focusing on balanced and defensive positions before the festival and shifting to technology growth and industry trends afterward [9][10]. - The "barbell strategy" is commonly suggested, combining defensive high-dividend stocks with aggressive growth sectors like technology [11]. - A significant portion of private equity firms (62.16%) prefers to hold heavy or full positions during the festival, indicating confidence in structural opportunities despite market fluctuations [6]. Group 3: Sector Focus and Recommendations - Key sectors expected to perform well post-festival include technology, AI, semiconductors, and high-end manufacturing, while traditional sectors like banking and food and beverage show weaker reversal effects [4][12]. - Institutions emphasize the importance of holding quality assets and suggest a focus on sectors with strong performance potential, such as resource and traditional manufacturing [12]. - Defensive positions in consumer sectors and high-dividend stocks are recommended to balance the portfolio against current market conditions [12].

Core Viewpoint - The consensus among 13 brokerage firms is to hold stocks during the holiday period, as the current policy environment, fundamental expectations, and liquidity conditions support a spring market rally [1] Group 1: Market Outlook - Brokerages believe that the previous adjustments have released some risks, and the historical "Spring Festival effect" suggests a higher probability of market recovery after the holiday [1] - Everbright Securities indicates that high-frequency data and industry hotspots suggest a potential new round of increases post-holiday [1] Group 2: Investment Strategies - Galaxy Securities recommends a balanced approach of "lightly holding stocks during the holiday" [1] - Small-cap stocks are highlighted by multiple brokerages as having better performance in the spring market, with a focus on growth and cyclical themes [1] Group 3: Sector Focus - Dongwu Securities emphasizes three key areas for investment: overvalued technology sectors from the recent adjustment, sectors with positive outlooks such as energy storage and lithium batteries, and themes related to the "14th Five-Year Plan" including commercial aerospace, 6G, and nuclear power [1]

行 业 研 究 / 行 业 点 评 相关研究 《证券行业 2026 年投资策略：权益浪潮 下的券商机遇：财富扩容，国际增效》 2025/11/17 券 研 究 报 告 证券分析师 行 业 及 产 业 非银金融/ 证券Ⅱ 罗钻辉 A0230523090004 luozh@swsresearch.com 金黎丹 A0230525060004 jinld@swsresearch.com 联系人 金黎丹 A0230525060004 jinld@swsresearch.com 2026 年 02 月 10 日 优化再融资措施意在扶优服科，券 商中介机构业务迎来发展机遇 看好 ——沪深北交易所发布《优化再融资一揽子措施》点评 事件：2026/2/9，沪深北交易所同步发布《优化再融资一揽子措施》。 请务必仔细阅读正文之后的各项信息披露与声明 注：中信证券、招商证券、东方证券、国联民生数据采用业绩快报/预告 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 ⚫ 坚持扶优限劣。对经营治理、信息披露规范，具有代表性与市场认可度的优质上市公司，优化再融 资审核，进一步提高再融资效率。 支持优质上市公司将募集资金用于与主营业务有 ...

证券代码：601555 证券简称：东吴证券 公告编号：2026-003 东吴证券股份有限公司 关于公司 2026 年度第一期短期融资券发行结果的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 东吴证券股份有限公司2026年度第一期短期融资券已于2026年2月9日 发行，缴款日为2026年2月10日，相关发行情况如下： | 短期融资券名称 | | 东吴证券股份有限公司2026年度第一期短期融资券 | | | --- | --- | --- | --- | | 短期融资券简称 | 26东吴证券CP001 | 短期融资券期限 | 330天 | | 短期融资券代码 | 072610043 | 发行日期 | 2026年2月9日 | | 起息日期 | 2026年2月10日 | 兑付日期 | 2027年1月6日 | | 计划发行总额 | 20亿元人民币 | 实际发行总额 | 20亿元人民币 | | 发行价格 | 100元/张 | 票面利率 | 1.69% | 本期发行短期融资券的相关文件已在以下网站上刊登： 1、中国货币网（www.c ...

东吴证券研报指出，欣旺达与威睿诉讼和解，港股上市推进顺利，动储业务高增长。测算25年欣旺达动 力计提费用12.5-20亿元，相关计提处理非常充分，不会影响26年及之后业绩，本次和解避免陷入长期 的价格战和诉讼战，同时消除对未来港股上市、海外扩张、新客户导入和银行合作等多方面的不确定 性，集中全部精力回归经营基本面。公司26年动力毛利率目标15%，同增2pct，储能目标10-12%，同增 2-3pct，海外客户占比提升（由30%提升至40-50%），并通过技术创新、规模效应、良率提升覆盖未传 导的成本，全年动力扭亏目标不变。由于诉讼事件影响25年盈利、但26、27年公司动储业务出货强劲， 预计25-27年归母净利润14.1/30.3/41.2亿元（原预测值为20.5/30.0/41.1亿元），同比-4%/+115%/+36%， 对应PE为32x/15x/11x，给予26年25x估值，对应目标价41元，维持"买入"评级。 ...

Core Viewpoint - As the Spring Festival approaches, the choice between "holding stocks or holding cash" has become a focal point for investors, with a consensus emerging among major brokerages favoring "holding stocks" as the better option this year [1][2]. Group 1: Market Sentiment and Predictions - Major brokerages, including Guotai Junan and GF Securities, express optimism about the market's potential for recovery post-holiday, suggesting that the A-share market may experience a favorable "timing, location, and human factors" for an upward trend [2][17]. - Despite a general consensus on holding stocks, several brokerages caution that market performance may still be influenced by multiple risks, including slower-than-expected economic recovery and geopolitical uncertainties [3]. Group 2: Investment Strategies and Sector Focus - Guotai Junan recommends focusing on emerging technology and value sectors, highlighting themes such as commercial aerospace, robotics, urban renewal, and domestic consumption [4]. - Dongwu Securities suggests three main investment directions: overvalued technology sectors, booming industries like energy storage and lithium batteries, and themes related to the 14th Five-Year Plan, including commercial aerospace and 6G technology [5]. - Galaxy Securities advocates for a cautious approach with "light positions," emphasizing the importance of the upcoming "Two Sessions" and the shift towards "new productive forces" in sectors like semiconductors and artificial intelligence [6][7]. - Huaxia Securities emphasizes the importance of preparing for the post-holiday "red envelope" market, noting that technology sectors typically show better elasticity after the holiday [13]. - The investment focus should also include sectors that have underperformed but are expected to recover, such as food and beverage, agriculture, and healthcare [12]. Group 3: Market Dynamics and Historical Trends - Historical data indicates that the market tends to perform better after the Spring Festival, with a common pattern of "lower before the holiday and higher after" across various style indices [11]. - The current market environment is characterized by a high trading volume, with brokerages maintaining a cautious yet optimistic stance, suggesting that the market is not likely to turn bearish easily [8][9]. - The upcoming Spring Festival is seen as a critical period for potential market recovery, with many brokerages encouraging investors to remain confident and prepared for the first wave of the new year's upward cycle [17].

在提升再融资的灵活性和便利度的同时，措施也强化了再融资的全链条监管：①严防上市公司"带病"申 报再融资，压严压实上市公司信息披露第一责任人和中介机构"看门人"职责，建立交易所再融资预案披 露工作机制。②完善锁价定增承诺机制，要求相关主体公开承诺在批文有效期内完成发行，并严肃惩处 违规变更资金用途等行为，有利于营造规范、透明、高效的再融资市场生态。③加强募集资金监管，严 肃惩处违规变更募集资金用途、擅自延长临时补充流动资金期限等情形。 措施的落地对上市公司、资本市场和实体经济均具有深远影响 东吴证券主要观点如下： 流程优化与监管强化并行 智通财经APP获悉，东吴证券发布研报称，2月9日，沪深北交易所推出优化再融资一揽子举措，进一步 提高灵活性和便利度。主要内容包括：①对优质上市公司优化再融资审核，进一步提高再融资效率。② 更好适应科创企业再融资需求，破发公司可通过竞价定增、发行可转债等方式合理融资。③提升再融资 灵活性、便利度，合理简化再融资申报材料，优化再融资简易程序负面清单。④加强募集资金监管与事 中事后监管力度，从严处理再融资违法违规行为。 ①对上市公司而言，措施降低了优质企业的融资门槛与成本，拓宽了融资 ...

Market Overview - The A-share market opened with mixed results, with the Shanghai Composite Index up 0.05%, the Shenzhen Component up 0.12%, and the ChiNext Index up 0.32% [1] - AI application stocks continued to show strength, with companies like Rongxin Culture and Zhangyue Technology achieving consecutive gains [1] - Computing power concept stocks also rose, with Dawi Technology achieving consecutive gains and TeFa Information hitting the daily limit [1] - The commercial aerospace new stock, Electric Science Blue Sky, surged 750% on its first trading day, approaching a market value of 140 billion [1] Sector Performance AI Application Sector - The AI application and video generation sectors opened strongly, with companies like Zhongwen Online and Fengyuzhu nearing daily limits, and Bona Film and Vision China also opening high [2] - Notable stocks in the AI application sector included Yongxin Zhicheng, which rose 5.76%, and Yuntian Lifi, which increased by 4.32% [3] Computing Power Sector - The computing power sector saw initial gains, with stocks like Dawi Technology and TeFa Information performing well [4] - Key stocks in this sector included Yakang Co., which rose 13.35%, and TeFa Information, which increased by 10.03% [5] Institutional Insights - CITIC Securities indicated that the market is likely to experience a period of consolidation before the Spring Festival, with a moderate short-term bullish sentiment [7] - Guoxin Securities suggested that the current spring market may still have room for further development, with a short-term strategy of holding stocks during the holiday being relatively favorable [8] - Dongwu Securities noted that the week before the festival is often the best window for index positioning, with historical trends indicating a rebound around this time [9]

Market Overview - The A-share market is experiencing a shift in sentiment as the Spring Festival approaches, with an increasing consensus among investors to "hold stocks over the holiday" [1] - The Shanghai and Shenzhen Stock Exchanges announced a package of measures to optimize refinancing, aiming to support the innovative development of quality listed companies [1][3] Refinancing Measures - The exchanges will enhance refinancing efficiency for quality companies with good governance and information disclosure practices, allowing companies facing share price declines to raise funds through methods like private placements and convertible bonds [1] - New standards for "light asset" and "high R&D investment" recognition have been introduced, with light assets defined as physical assets accounting for no more than 20% of total assets, and high R&D investment requiring an average R&D expenditure of at least 15% of revenue over the last three years [3] Investment Strategies - Multiple brokerages suggest a balanced and defensive investment strategy before the holiday, while focusing on growth sectors and industry trends after the holiday [3] - Historical data indicates a typical pattern of reduced trading volume leading up to the holiday, with a significant increase in trading volume expected after the first trading day post-holiday [3][4] Sector Focus - The technology sector is anticipated to see new growth opportunities post-holiday, driven by advancements in artificial intelligence, 5G, and semiconductors [4] - Specific sectors to watch during the holiday include humanoid robots, AI industry chain, gaming, and film, as well as cyclical sectors supported by strong commodity prices and policy backing [5] Conclusion - The overall sentiment suggests a potential "opening red" phenomenon after the Spring Festival, with increased investor participation expected as wealth stories circulate during the holiday [3]

Group 1 - The A-share ETF market is experiencing a shift in capital flow, with traditional broad-based ETFs seeing outflows while sector-specific ETFs in high-growth industries like chemicals, telecommunications, and non-ferrous metals are attracting significant inflows [2][3] - As of February 6, 2026, seven industry ETFs have seen net inflows exceeding 10 billion yuan, with notable inflows into the Guotai Communication ETF (239.54 billion yuan), Penghua Chemical ETF (155.34 billion yuan), and Southern Non-ferrous Metals ETF (127.58 billion yuan) [3] - The overall net profit growth rate for A-shares in 2025 is projected to be 17.94% and 37.26% based on different calculation methods, indicating a recovery trend in corporate earnings [4] Group 2 - The current capital flow reflects investor interest in sectors aligned with industrial trends, particularly AI, price increase chains, and overseas expansion, which are expected to drive market performance [5] - Three key growth areas have been identified: AI demand in electronics and communications, price increases in non-ferrous metals and chemicals, and overseas expansion in pharmaceuticals and renewable energy [4][6] - The free cash flow analysis of A-share companies (excluding financial stocks) indicates an improving fundamental trend, with expectations for a turning point in corporate earnings growth in 2026 driven by AI technology and supportive policies [7] Group 3 - Investment opportunities in A-shares are expected to be abundant, driven by technological innovation, industrial upgrades, and green transformation, with a focus on sectors that are experiencing gradual earnings improvement and policy support [8] - The semiconductor industry in China is projected to continue its growth trajectory, with self-sufficiency rates expected to rise from 16% in 2020 to approximately 26% by 2025, driven by domestic demand and technological advancements [8] - High-end manufacturing sectors, including military, nuclear power, wind energy, and energy storage, are anticipated to produce globally competitive leading enterprises [10]