Core Insights - The "I Am Chef" Food Carnival held in Nanjing aims to promote local culinary culture and stimulate consumer activity through various engaging activities [1][3][16] Group 1: Event Overview - The event features three main components: a culinary competition among city teams, a marketplace for local delicacies, and the launch of the "I Am Chef New Year Reunion Feast" [3][4] - The first day attracted over 15,000 visitors, with sales exceeding 600,000 yuan [3] Group 2: Culinary Competitions - The competition involved 13 city teams showcasing their culinary skills, with dishes evaluated by both experts and the public [4] - Notable dishes from Nanjing's team included "Salted Duck" and "Vegetarian Delicacies," with several dishes making it to the provincial rankings [4] Group 3: Community Engagement - A "Folk Chef" competition allowed over 30 amateur cooks to participate, enhancing community involvement and culinary appreciation [8] - Interactive experiences included DIY cooking sessions and tastings of local snacks, fostering a vibrant atmosphere [6][8] Group 4: Marketplace Experience - The marketplace featured over 200 vendors, showcasing regional specialties and promoting a festive shopping environment [9][10] - Different sections of the market focused on local cuisine, gifts, and green products, creating a comprehensive shopping experience [9] Group 5: Consumer Engagement and Economic Impact - The event serves as a platform for promoting Nanjing's culinary identity and boosting local consumption, aligning with broader economic strategies [15][16] - The launch of the "Reunion Feast" package and various prizes aims to enhance consumer participation and stimulate spending [13][16]

股 票 研 究 股票研究 /[Table_Date] 2026.02.01 战略投资者拟扩围，利好银行长期资本补充 [Table_Industry] 商业银行 本报告导读： 证监会拟扩大可参与定增的战略投资者类型，并明确最低持股比例要求，利好上市 银行长期资本补充、金融机构合作深化，以及银行理财多元资产投资转型。 投资要点： [Table_Report] 相关报告 商业银行《银行快报陆续披露，25A 业绩稳健增 长》2026.01.25 商业银行《全年增量 3.34 万亿元，公募基金配置 占比提升 2.1pct 至 5.1%》2026.01.25 商业银行《国有大行投放力度较大，不良压力或 企稳》2026.01.23 商业银行《主动基金环比持平，被动基金增持》 2026.01.23 商业银行《利息净收入增速转正，业绩延续改善 趋势》2026.01.19 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 行 银行周报（2026/1/26-2026/1/30） | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 马婷婷(分析 ...

股 票 研 究 股票研究 /[Table_Date] 2026.02.01 战略投资者拟扩围，利好银行长期资本补充 [Table_Industry] 商业银行 银行周报（2026/1/26-2026/1/30） | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 马婷婷(分析师) | 021-23185608 | matingting@gtht.com | S0880525100001 | | 刘源(分析师) | 021-38677818 | liuyuan2@gtht.com | S0880521060001 | 本报告导读： 证监会拟扩大可参与定增的战略投资者类型，并明确最低持股比例要求，利好上市 银行长期资本补充、金融机构合作深化，以及银行理财多元资产投资转型。 投资要点： [Table_Report] 相关报告 商业银行《银行快报陆续披露，25A 业绩稳健增 长》2026.01.25 商业银行《全年增量 3.34 万亿元，公募基金配置 占比提升 2.1pct 至 5.1%》2026.01.25 商业银行《国有大行投放力度 ...

Quantitative Models and Construction Methods 1. Model Name: Volume Timing Model - **Model Construction Idea**: The model uses volume-based timing signals to assess market sentiment and provide trading signals[23] - **Model Construction Process**: - The model evaluates the volume timing signals of major broad-based indices - Signals are categorized as "cautious" or "optimistic" based on volume trends - As of January 30, 2026, all major indices (e.g., SSE Composite Index, CSI 300, etc.) showed "cautious" volume timing signals[24] - **Model Evaluation**: The model provides a straightforward approach to gauge market sentiment but may lack granularity in capturing nuanced market dynamics[23][24] 2. Model Name: Momentum Sentiment Indicator - **Model Construction Idea**: This model identifies market sentiment by analyzing the proportion of stocks with positive returns in the CSI 300 Index over a specific period[24] - **Model Construction Process**: - The indicator is calculated as: $ \text{CSI 300 N-day Upward Stock Proportion} = \frac{\text{Number of CSI 300 stocks with positive returns over N days}}{\text{Total number of CSI 300 stocks}} $ - The indicator is smoothed using two moving averages with different window periods (N1 = 50, N2 = 35) to create a "fast line" and a "slow line" - A buy signal is generated when the fast line exceeds the slow line, and a neutral signal is generated when the fast line falls below the slow line[26][28] - **Model Evaluation**: The indicator is effective in capturing upward market opportunities but may fail to predict downturns accurately. It also tends to miss gains during prolonged market exuberance[25] 3. Model Name: Moving Average Sentiment Indicator - **Model Construction Idea**: This model uses an eight-moving-average system to assess the trend state of the CSI 300 Index and generate trading signals[32] - **Model Construction Process**: - Calculate the eight moving averages of the CSI 300 Index closing price with parameters: 8, 13, 21, 34, 55, 89, 144, and 233 - Assign values to the indicator based on the number of moving averages the current price exceeds: - If the price exceeds more than five moving averages, the sentiment is bullish - Generate a buy signal when the current price exceeds five moving averages[36] - **Model Evaluation**: The model provides a clear framework for trend analysis but may oversimplify complex market dynamics[36] --- Model Backtesting Results 1. Volume Timing Model - All major indices (e.g., SSE Composite Index, CSI 300, CSI 500, etc.) showed "cautious" volume timing signals as of January 30, 2026[24] 2. Momentum Sentiment Indicator - The CSI 300 N-day upward stock proportion indicator was above 60% as of January 30, 2026, indicating high market sentiment[25] - The fast line was above the slow line, suggesting a bullish outlook for the CSI 300 Index[26] 3. Moving Average Sentiment Indicator - The CSI 300 Index was in a "sentiment prosperity zone" as of January 30, 2026, indicating a bullish sentiment[36] --- Quantitative Factors and Construction Methods 1. Factor Name: Cross-sectional Volatility - **Factor Construction Idea**: Measures the dispersion of returns among index constituents to assess the Alpha environment[37] - **Factor Construction Process**: - Calculate the cross-sectional volatility of index constituents (e.g., CSI 300, CSI 500, CSI 1000) - Compare the recent quarter's average volatility to historical percentiles to evaluate the Alpha environment[38] - **Factor Evaluation**: The factor effectively captures short-term Alpha opportunities but may not fully reflect long-term trends[37] 2. Factor Name: Time-series Volatility - **Factor Construction Idea**: Measures the volatility of index constituents over time to assess the Alpha environment[38] - **Factor Construction Process**: - Calculate the time-series volatility of index constituents (e.g., CSI 300, CSI 500, CSI 1000) - Compare the recent quarter's average volatility to historical percentiles to evaluate the Alpha environment[41] - **Factor Evaluation**: The factor provides insights into market stability but may be less effective in highly volatile markets[38] --- Factor Backtesting Results 1. Cross-sectional Volatility - CSI 300: Recent quarter average volatility at 2.14%, in the 69.55th percentile of the past two years[38] - CSI 500: Recent quarter average volatility at 2.45%, in the 50.79th percentile of the past two years[38] - CSI 1000: Recent quarter average volatility at 2.61%, in the 66.93rd percentile of the past two years[38] 2. Time-series Volatility - CSI 300: Recent quarter average volatility at 0.96%, in the 57.20th percentile of the past two years[41] - CSI 500: Recent quarter average volatility at 1.22%, in the 50.79th percentile of the past two years[41] - CSI 1000: Recent quarter average volatility at 1.17%, in the 64.94th percentile of the past two years[41]

2025年，幸福蓝海新增加盟影城超100家，全国排名跃升至第六位，规模扩张与结构优化同步推进，综合实力持续增强。 会上，幸福蓝海正式发布了"2026生态战略"，并与浪潮集团有限公司、江苏银行股份有限公司、中影科技（北京）有限公司、 上海电影技术厂有限公司、猫眼娱乐/北京萌谷文化传媒有限公司等多家行业领军企业就智慧影院建设、新技术融合应用、内 容消费场景拓展、影视IP运营等领域达成合作，现场完成签约仪式。 幸福蓝海相关负责人表示，此次会议不仅是幸福蓝海年度工作的总结与规划，更是一次行业智慧的碰撞与未来前景的共 绘。在电影产业迈向高质量发展的新阶段，幸福蓝海将继续与各方伙伴携手——智造光影，连接未来。 当前中国电影正处于复苏向好和转型升级的关键阶段，影院功能和行业竞争方式正在发生深刻变化。影院已从单一放映空 间拓展为集文化体验、社交互动和沉浸式消费于一体的综合文化场景，成为连接内容供给与城市文化生活的重要载体。幸福蓝 海相关负责人表示，公司将立足产业协同发展，强化资源整合和平台功能，推动内容与场景、技术与体验的有效衔接，在构建 电影全产业链生态中发挥枢纽作用。 在行业洞察环节，有券商分析师认为，电影市场在整体复苏 ...

Core Viewpoint - The 2026 Jiangsu Green Low-Carbon Building International Expo will focus on "Technological Innovation Empowering High-Quality Urban and Rural Development," scheduled for April 9-11 in Nanjing, aiming to integrate technological innovation with industry development [1][4]. Group 1: Previous Expo Achievements - The previous expo in 2025 showcased nearly 15,000 square meters, attracting 119 renowned domestic and international enterprises, and hosted around 50 events with 17,000 attendees, effectively promoting the integration of the "four chains" [3]. - Notable technological displays included smart home solutions and construction robots from companies like Huawei and China State Construction Engineering Corporation [3]. - Financial collaborations resulted in 14 billion yuan in cooperation intentions, a fourfold increase from the previous year, with Jiangsu Bank and Pacific Insurance offering targeted financial and insurance services [3]. Group 2: Current Expo Preparations - The 2026 expo aligns with national strategic deployments and emphasizes the cultivation of new productive forces in the housing and urban-rural construction sector [4]. - Key areas of focus include the latest technologies and products in artificial intelligence, urban renewal, and smart construction, alongside various activities such as talent recruitment and public science education [4]. - Preparations are progressing well, with a dedicated exhibition team engaging with nearly 300 companies, including over 50 leading enterprises and several Fortune 500 companies [4]. Group 3: Innovative Exhibition Features - The expo will feature an innovative exhibition model with a "1+3" guest city approach, showcasing Nanjing, Suzhou, Yangzhou, and Yancheng, along with a dedicated theme area for "Artificial Intelligence + Housing and Urban-Rural Construction" [5]. - Activities will promote deep integration of policy dissemination, technical exchanges, and industrial upgrades, facilitating cross-border promotion of technological achievements [5]. - The event aims to enhance service precision by aligning supply and demand, incorporating exhibition attendance into continuing education for registered professionals, and optimizing scheduling for public access [5].

北京银行新掌门人选落地进程持续推进。 1月下旬引关注 已通过董事会提名 关文杰近期的职务变动引发业内高度关注，成为2026年开年城商行领域的核心人事看点。 1月28日，北京银行发布公告，该行董事会2026年第一次会议于当日召开。会议通过了《关于提名关文 杰先生为董事候选人的议案》，同意提名关文杰为该行董事候选人，任期三年，任职资格尚需监管机构 核准。同日，该行发布召开2026年第一次临时股东会的通知显示，将于2026年2月12日投票审议选举关 文杰先生为董事的议案。 据了解，关文杰原为北京农商行董事长。1月27日，北京农商行在官网披露，该行董事会已收到关文杰 提交的书面辞职报告。这也意味着，关文杰将集齐北京三家市属银行履历"大满贯"。 南都·湾财社记者对时间线进行梳理发现，此次人事调整节奏紧凑。1月20日，业内传出消息，关文杰已 正式被任命为北京银行党委书记；仅两天后的1月22日晚间，北京银行官方微信发布2026年工作会议相 关信息。推文显示，党委书记关文杰发表讲话，党委副书记、行长戴炜作工作报告。 值得注意的是，这也是其履新后首次公开亮相，更是首次对全行年度经营工作作出公开部署。 与北京银行履新进程同步，关 ...

Group 1 - In the past five trading days, a total of 162 companies were investigated by institutions, with Jiangsu Bank, Aerospace Hongtu, and Nanjing Bank being the most frequently researched [1][8] - Among the 162 companies, 143 were surveyed by securities firms, accounting for 88.27% of the total investigations, followed by 118 by fund companies and 67 by private equity firms [1][8] - Jiangsu Bank received the highest attention with 133 institutions participating in its research, followed by Aerospace Hongtu with 101 institutions and Nanjing Bank with 76 institutions [1][8] Group 2 - In terms of research frequency, Hai'an Group was the most intensely surveyed, receiving four investigations, while Haixia Co. and Tianlu Technology were each surveyed three times [1][8] - Among the stocks investigated by more than 20 institutions, 12 experienced net capital inflows in the past five days, with Jiangsu Bank seeing a net inflow of 1.047 billion yuan, the highest among them [1][8] Group 3 - In market performance, 17 stocks among those investigated rose in the past five days, with the highest increase seen in Liancheng CNC at 61.55%, followed by Zhongwei New Materials at 11.49% and Huatong Cable at 11.42% [2][9] - Conversely, 17 stocks declined, with the largest drop in Haozhi Electromechanical at 16.74%, followed by Wolong Nuclear Materials at 16.19% and Kaitai Co. at 12.37% [2][9] Group 4 - Among the stocks investigated, Nanjing Bank reported a net profit increase of 8.08% in its 2025 performance forecast, while Shenghong Technology is expected to have a median net profit of 4.36 billion yuan, representing a year-on-year increase of 277.68% [2][9]

截至2026年1月28日，当月申赎带来的股票型ETF净流出规模达7579.9亿元，根据目前各指数中银行板 块权重，测算申赎带来的银行板块资金净流出约831.4亿元。结合规模与权重来看，沪深300ETF规模变 动对银行板块影响较大，1月以来沪深300ETF申赎净流出约5438亿元，测算带来银行板块资金净流出约 654亿元。规模最大的四只沪深300ETF持有结构集中，前十大持有人平均持有比例约90%，其中市场化 金融机构持有人主要为险资和头部券商。目前四大沪深300ETF市场份额已低于2025年上半年前十大持 有人持有份额，平均减少约43%。预计卖盘压力虽然仍存，但申赎流出空间收敛，对银行板块的影响预 计减弱。 长线资金对银行定价的影响力进一步凸显，北向资金影响也值得关注 随着资金扰动加速出清，长线资金对银行板块定价影响力上升，主动型和被动型公募资金影响力减弱。 从中长期来看，险资等中长期资金主导定价有望稳定银行板块估值中枢并推动其进一步提升，带来超跌 反弹机遇，开启配置窗口。对于以险资为代表的长线资金来说，在低利率环境与资产荒延续背景下，银 行分红稳健、股息率高，可计入OCI以应对业绩波动，也可以权益法入账分享 ...

数字金融是中央金融工作会议提出的金融"五篇大文章"之一，对于提升金融业竞争力和服务实体经济效率具有深刻意义。 为推动金融机构加快数字化转型，政策方面持续跟进。早在2022年，原银保监会印发《关于银行业保险业数字化转型的指导意见》（以下简称《指导意 见》），明确了银行保险机构数字化转型的指导思想和基本原则，核心在于为金融机构提供监管指引。此外，2025年3月，国务院办公厅印发《关于做好金 融"五篇大文章"的指导意见》提出，加快数字金融创新，支持巩固拓展数字经济优势。 此次《方案》立足金融机构数字化转型的实际，旨在推动金融机构高质量发展。金融监管总局有关司局负责人就《方案》答记者问时表示，《方案》与《指 导意见》在原则导向上一脉相承。《指导意见》侧重战略规划与能力建设，引导金融机构启动数字化转型，《方案》则聚焦具体举措与质量提升，指引金融 机构通过深化数字化转型推进数字金融高质量发展，两份政策文件构成递进关系，共同构建了数字金融发展的监管政策框架。 （来源：经济日报） 转自：经济日报 为推动金融机构数字化转型，国家金融监督管理总局日前发布《银行业保险业数字金融高质量发展实施方案》（以下简称《方案》），围绕金融机构 ...