Investment Rating - The industry rating is "Buy" [4] Core Views - The trade return ratio has turned positive again, and the service trade deficit has significantly narrowed [16][18] - The cross-border capital flow is expected to gradually return, positively impacting domestic liquidity [5][19] - The service trade deficit for December 2025 was 966 billion CNY, a year-on-year decrease of 466 billion CNY, with a full-year deficit of 13,760 billion CNY, down 2,544 billion CNY, approximately 16% [18] Summary by Sections 1. Current Observation - The State Administration of Foreign Exchange (SAFE) released data on China's international balance of payments for December 2025, indicating a potential impact on the central bank's willingness to settle foreign exchange [16] - The trade return ratio is at a historical high, with a monthly unconverted trade net outflow of 447 billion CNY, a year-on-year increase of 1,392 billion CNY [17] 2. Arbitrage Trading Returns - The arbitrage trading return rate for 10Y US Treasury bonds in CNY has dropped significantly to -1.77%, indicating a shift in cross-border capital dynamics [17] 3. Service Trade Deficit - The service trade deficit has narrowed significantly, with major contributions from improved policies for foreign visitors, reduced international shipping costs, and enhanced competitiveness in high-tech services [18] 4. Cross-Border Liquidity Outlook - Despite the recent appointment of Kevin Warsh as the next Federal Reserve Chair, the trend of cross-border capital return is expected to continue, influenced by the Fed's monetary policy stance [19][21] - The short-term liquidity in the US remains tight, with limited space for balance sheet reduction, while long-term prospects depend on economic performance [20][21]

登录新浪财经APP 搜索【信披】查看更多考评等级 基金管理人：永赢基金管理有限公司 基金托管人：平安银行股份有限公司 二零二六年二月 重要提示 1. 永赢元嘉平衡多资产90天持有期混合型基金中基金（FOF）（以下简称"本基金"）的募集已于2025年 8月28日获中国证监会证监许可【2025】1873号文注册。中国证监会对本基金募集申请的注册，并不表 明其对本基金的投资价值和市场前景做出实质性判断或保证，也不表明投资于本基金没有风险。 2. 基金运作方式为契约型开放式，但对于每份基金份额设定90天的最短持有期。 3. 本基金的基金管理人和登记机构为永赢基金管理有限公司（以下简称"本公司"或"永赢基金"），基金 托管人为平安银行股份有限公司。 4. 本基金的发售期为2026年2月13日至2026年5月12日。本基金通过本公司的直销机构（本公司直销柜台 和线上直销渠道）及其他基金销售机构的销售网点公开发售。其中，A类基金份额通过本公司直销柜 台、线上直销渠道和其他销售机构公开发售；C类基金份额在认购阶段暂不开通本公司直销柜台、线上 直销渠道的发售，投资者在认购阶段如需选择C类基金份额的，可通过其他销售机构进行认购。 ...

2026.02. 08 本文字数：1451，阅读时长大约2分钟 作者 | 第一财经 林春挺 今年以来，吉电股份（现电投绿能）、中国能建、国家能源集团等国央企密集布局氢能领域，通过战 略重组、机构升格、平台设置等举措，推动氢能从"辅助业务"向"核心战略板块"跃升，加速构建覆盖 技术研发、工程应用、市场消纳的全产业链生态。 2月4日，吉林电力股份有限公司（即"吉电股份"）正式更名为国电投绿色能源股份有限公司（即"电 投绿能"，000875.SZ）。截至2025年末，该公司管理资产规模超1000亿元。而此次更名后，公司将 聚焦"新能源+"和绿色氢基能源双赛道。 国家能源局发布的《中国氢能发展报告（2025）》指出，中国的氢能产业正从试点探索逐步进入有 序破局的新阶段。根据该报告，2024年中国氢能生产消费规模突破3650万吨，连续多年位居全球第 一，占全球总消费量的三分之一以上。国家发改委原副主任、中国国际经济交流中心特邀专家张晓强 预测，到2030年，中国绿氢产量完全有可能达300万吨以上，形成万亿元以上大市场。 微信编辑 | 苏小 第 一 财 经 持 续 追 踪 财 经 热 点 。 若 您 掌 握 公 司 动 ...

Core Insights - The gold market experienced unprecedented price fluctuations on February 7, 2026, with international gold prices surging over 5%, reaching above $5000 per ounce, while domestic gold prices varied significantly across different sales channels [1][3]. Price Disparity - The price divergence in the gold market is attributed to different pricing mechanisms in international and domestic markets, influenced by geopolitical tensions in the Middle East and U.S. economic data, which affected investor sentiment and demand [3][6]. - Domestic gold consumption faced a seasonal demand slump post-Chinese New Year, leading brand gold stores to reduce prices to stimulate sales, while the Shanghai Gold Exchange reported a rise in spot prices [3][5]. Channel Pricing Differences - Bank investment gold bars are priced lower due to their focus on investment attributes, with prices around 1079.60 to 1106.64 yuan per gram, reflecting lower premiums compared to brand gold stores [5][6]. - Brand gold stores incorporate various costs such as design, processing, and operational expenses, leading to higher prices, with quotes ranging from 1480 to 1500 yuan per gram [5][10]. - The Shenzhen Shui Bei wholesale market offers competitive pricing at approximately 1247 yuan per gram, appealing to consumers seeking better value [5][11]. Recovery Market Dynamics - The gold recovery market operates on a different pricing structure, with recovery prices for 999 gold around 1050-1070 yuan per gram, disregarding brand premiums and craftsmanship [6][8]. - Consumers face potential pitfalls in the recovery market, including deceptive practices by some shops that reduce the actual recovery price [8][13]. Regional and Timing Factors - Regional price variations exist, with first-tier cities generally having higher prices due to increased operational costs, and the timing of price adjustments in domestic markets lagging behind international fluctuations [8][10]. - The gold market's short-term volatility is normal, with significant price swings observed, highlighting the risks for leveraged traders [10][15]. Consumer Guidance - Understanding the gold market's pricing logic and channel differences is crucial for consumers to make informed purchasing decisions and avoid overspending due to information asymmetry [15].

Fund Size Statistics - The top three equity ETF types by fund size change are: Scale Index ETF (¥15.406 billion), Cross-border Industry Index ETF (¥6.624 billion), and Strategy Index ETF (¥5.384 billion) [9] - The bottom three equity ETF types by fund size change are: Theme Index ETF (-¥26.004 billion), Cross-border Scale Index ETF (-¥1.807 billion), and Cross-border Theme Index ETF (¥0.203 billion) [9] - The top three equity ETF products by fund size change are: CSI 500 ETF (¥2.832 billion), Chemical ETF (¥2.386 billion), and HuShen 300 ETF (¥2.229 billion) [9] - The bottom three equity ETF products by fund size change are: Communication ETF (-¥30.885 billion), Non-ferrous Metals ETF (-¥3.932 billion), and Gold Stock ETF (-¥2.963 billion) [13] Market Outlook - The macro timing model for February 2026 has a score of 0, indicating a historical 78.57% probability of the full A index rising in the following month, with an average increase of 3.37% [23] - A-shares are expected to experience a short-term volatile market, influenced by liquidity from overseas markets and the recent AI bubble discussions affecting tech growth stocks [23] - The recommendation is to adopt a balanced ETF allocation strategy due to the anticipated short-term fluctuations in the market [60]

2026年2月6日，对于所有盯着黄金市场的人来说，注定是个难忘的日子。 前一晚还在为暴跌哀嚎，一 觉醒来却发现行情来了个"回马枪"，手快的或许庆幸，手慢的只剩懊恼，而更多的人则被彻底搞懵了： 这金价，到底唱的哪一出？ 就在2月5日晚上，国际黄金市场还是一片惨淡。 伦敦金现的价格从白天的相对高位一路向下，跌得毫 无阻力，最终单日暴跌超过190美元，收盘价砸到了4815美元/盎司附近，跌幅接近4%。 这种跌幅在近 期的高位震荡中，算得上是一次实实在在的"踩踏"。 国内市场的反应同样迅速。 上海黄金交易所的黄金T D合约，价格跟着国际金价一起跳水，最低探到了 1082元/克左右。 传导到零售端，就是大家最熟悉的金店牌价跟着往下调。 那天晚上，周大福、周大生 这些头部品牌的足金首饰克价，纷纷跌破了1560元关口，老凤祥也回落到了1568元/克。 不少之前在高 位买入，指望着"黄金永远涨"的投资者，心态开始崩了，有些人甚至忍痛割肉离场。 然而，市场的剧本在2月6日清晨被彻底改写。 从凌晨开始，伦敦金现的价格像被一只无形的手猛地托 起，从4815美元附近启动，短短四个小时里，一路狂飙超过160美元，最高冲到了4980美元 ...

Core Viewpoint - The recent fluctuations in the gold market have been dramatic, with significant price drops and increased volatility, prompting banks to issue risk warnings and adjust their precious metal business rules [1][3][5]. Group 1: Market Dynamics - On January 30, 2026, international gold prices fell sharply, with spot gold dropping below $4,700 per ounce, marking a nearly 10% decline, the largest single-day drop in 40 years [1]. - The volatility in gold prices is attributed to multiple factors, including political pressures on Trump, fiscal expansion, a weakening dollar, and a resurgence of liquidity in the market [3]. - The recent surge in gold prices had exceeded normal macro pricing rhythms, leading to concentrated positions and leverage among investors, which triggered a chain of sell-offs when market sentiment shifted [3][5]. Group 2: Geopolitical and Economic Influences - Geopolitical factors have also played a role, with a significant drop in gold prices on October 21, 2025, attributed to easing geopolitical tensions, particularly regarding the Ukraine conflict [5]. - A strengthening dollar has further suppressed gold prices, as the appreciation of the dollar increases the cost of purchasing gold for investors holding other currencies [5]. - The rapid rise in gold prices has led to a desire among investors to take profits, contributing to increased short-term volatility [3][7]. Group 3: Banking Sector Response - Major banks in China, including ICBC, CCB, and ABC, have issued multiple risk warnings and adjusted their gold accumulation business rules in response to market volatility [5][7]. - Banks have raised the minimum investment amounts for gold accumulation and emphasized the need for investors to operate cautiously based on their risk tolerance [7][10]. - Despite the banks' warnings, the demand for physical gold remains high, with many investment gold bars reported as "out of stock" or "sold out" [7][8]. Group 4: Investor Behavior and Market Sentiment - Investor behavior has shown a divide, with some viewing the price drop as a buying opportunity while others remain cautious due to potential further volatility [10][16]. - The market sentiment has shifted rapidly, with some investors feeling the urge to "catch the bottom," which poses operational risks during high volatility periods [16]. - The gold market's performance in 2025 saw prices rise from under $2,700 per ounce at the beginning of the year to over $4,500 per ounce by year-end, driven primarily by investment demand [12].

"只需缴纳一点服务费，就能帮你'征信洗白'，彻底清除大额逾期记录""欠银行的钱可申请'债务清零'"……打开短视频平台，此类极具诱惑力的宣传随处可 见，直播间里，所谓"维权专家""专业律师"滔滔不绝传授"维权技巧"，诱导金融消费者委托"代理维权"层出不穷。 2月6日，金融监管总局、中央网信办、公安部、中国人民银行、中国证监会发布风险提示，直指此类不法"代理维权"短视频及直播陷阱，明确其以"依法维 权"之名行"非法牟利"之实，严重扰乱金融市场秩序、侵害金融消费者合法权益。风险提示发布后，有平台相关治理负责人向北京商报记者表示，未来会持 续迭代治理策略，加强相关违规内容的管控。 对金融消费者而言，也要认清合法维权渠道，警惕不法"代理维权"陷阱，共同守护清朗金融环境。 "代理维权"迷惑性升级 五部门在风险提示中明确，不法"代理维权"的核心乱象集中在短视频、直播等自媒体平台，主要通过编造虚假信息、伪装专业身份等方式诱导受众，收取高 额咨询费、服务费。 譬如，谎称"监管部门出新政"。此类短视频、直播以监管部门强化监管、出台监管新规为名，以"全额退保""债务回收清零""债务置换""免费代看征信"等为 噱头，散布"退保新政" ...

2026年2月6日，国内黄金价格降至1093.5元/克，国际金价跌至4884.3美元/盎司，黄金回收价格维持在1070元/克，市场整体呈现下跌趋势。周大福和六福的 黄金价格均降至1555元/克，周生生的金价也降至1558元/克，表明市场对黄金的需求减少，投资者信心不足。 一、市场价格与金饰报价 2月6日，贵金属市场呈现分化态势，上海现货黄金9999报1107元/克，沪金期货主力报1106元/克，白银现货价格为22.5元/克，铂金、钯金分别报503元/克和 392元/克。 国内品牌金饰价格维持高位稳定，六福、周大生等品牌足金报价1555元/克，周生生为1558元/克，老凤祥报1568元/克。 星光达珠宝金店的黄金饰品价格为1555.00元/克，铂金首饰价格为960.00元/克。 金兰首饰金店的黄金饰品价格为1555.00元/克，铂金首饰价格为960.00元/克。 金银街投资金条价格为1530.00元/克，工艺金条价格为1545.00元/克，千足金首饰价格为1535.00元/克。 从各地区具体成交看，如常州水贝黄金1261元/克、嘉兴周大福1555元/克等，实际购买总价因克重不同有差异。 上海黄金交易所主要合约延 ...

Group 1 - The company will hold its first extraordinary general meeting of shareholders in 2026 on February 25, 2026, at 14:30 [2][3] - The meeting will be conducted in a combination of on-site voting and online voting [4] - Shareholders registered by the cut-off date of February 11, 2026, will have the right to attend the meeting [5][6] Group 2 - The board of directors approved a proposal to apply for financing and provide guarantees, with a total limit not exceeding RMB 600 million [18][34] - The financing will be conducted with various banks, including Guangzhou Bank, Ping An Bank, and China Communications Bank [18][34] - The proposal includes provisions for the company to provide guarantees using its own assets and for its subsidiaries [18][34] Group 3 - The company’s actual controllers will provide joint liability guarantees for the financing without charging guarantee fees [18][26] - The proposal is valid for one year from the date of approval by the extraordinary general meeting [18][26] - The independent directors have unanimously agreed to submit the proposal to the board for approval [27][37] Group 4 - As of the announcement date, the total amount of guarantees provided by the company and its subsidiaries is RMB 422 million, accounting for 55.19% of the company's audited net assets for 2024 [28][46] - The actual amount of guarantees is RMB 359.63 million, which is 47.04% of the company's audited net assets for 2024 [28][46] - The company has no overdue guarantees or guarantees involving litigation [28][46]