Group 1 - Wang Gang has been approved as the chairman of Lujiazui Guotai Life Insurance by the Shanghai Financial Regulatory Bureau on January 30 [2] - Wang Gang, born in 1982, holds multiple positions including member of the Party Committee and Deputy General Manager of Shanghai Lujiazui Financial Trade Zone Development Co., Ltd. [2] - His previous roles include various positions at the Shanghai Municipal Taxation Bureau, China Securities Regulatory Commission, and Hai Tong Securities [2]

2025 年 A 股业绩前瞻：结构分化加剧，资源与制造板块领跑 证券研究报告/策略专题报告 2026 年 02 月 01 日 分析师：徐驰 执业证书编号：S0740519080003 Email：xuchi@zts.com.cn 分析师：张文宇 执业证书编号：S0740520120003 Email：zhangwy01@zts.com.cn 一、业绩预告全景：整体偏弱，分化显著 截至 2026 年 1 月 31 日共有 2963 家上市公司披露业绩预警，整体喜忧参半，但以"报 忧"为主基调。"报喜"类（预增、续盈、略增、扭亏）公司共 1095 家，占比约 37%； "报忧"类（预减、略减、续亏、首亏）公司则有 1867 家，占比约 63%。整体来看， 2025 年上市公司盈利整体呈现企稳回升趋势，但整体仍处于弱通道。另外，不少企业 盈利同比有所改善，但分化明显，仍有大批公司未能实现盈利增长。 相关报告 行业方面，2025 年出现集中"报喜"的行业有非银金融，有色金属，美容护理，汽车 与公用事业。集中"报忧"的行业有煤炭，房地产，轻工制造，食品饮料和建筑装饰。 非银金融板块集体预增，业绩预警表现远好于其他行业， ...

Core Viewpoint - The recent submission of eight commercial real estate REITs marks a significant step in China's efforts to revitalize its vast commercial real estate sector, with expectations of enhancing asset valuations in traditional real estate categories such as office buildings and hotels [1][4]. Group 1: REITs Submission and Asset Coverage - Eight commercial real estate REITs have been submitted for approval, covering various asset types including commercial office buildings, hotels, and shopping malls [1]. - The submitted REITs include products from companies such as Huaxia Fund, China International Capital Corporation, and others, indicating a diverse range of underlying assets [1][2]. Group 2: Performance of Outlet Malls - Despite challenges in offline consumption, outlet malls have seen steady growth in foot traffic and revenue, becoming a key shopping destination for middle-class families [2]. - Specific REITs, such as Guotai Haitong Sand Ship and CICC Vipshop, are focused on investing in outlet mall projects, highlighting the sector's resilience [2]. Group 3: Office Buildings as Investment Focus - Commercial office buildings are a primary focus for several of the submitted REITs, with notable investments in projects located in Shanghai and Guangzhou [3]. - The REITs targeting office spaces include Huaxia Poly Development and Huaxia Lujiazui, which are investing in significant office and retail complexes [3]. Group 4: Dividend Returns - The expected net cash flow distribution rates for the first batch of REITs show promising returns for investors, with rates ranging from 4.50% to 5.47% [3]. - The anticipated cash distributions are a critical factor for attracting investors to these new REITs [3]. Group 5: Fundraising Expectations - The expected fundraising amounts for the eight REITs vary significantly, with CICC Vipshop leading at 7.47 billion yuan, followed by Guotai Haitong at 5.064 billion yuan [4]. - Other REITs have projected fundraising amounts between 4.002 billion yuan and 4.279 billion yuan, indicating a diverse interest in the market [4]. Group 6: Impact on Valuation - The introduction of commercial real estate REITs is expected to enhance the valuation of traditional real estate assets, as they provide a new avenue for capital and asset management [5]. - The REITs are anticipated to reshape asset pricing logic, potentially leading to higher valuations for office buildings, hotels, and shopping malls [5].

Group 1 - The company has announced the addition of new liquidity service providers for multiple exchange-traded funds (ETFs) to enhance market liquidity and stability, effective from February 2, 2026 [1][3][5][7] - The newly appointed liquidity service providers include Huatai Securities, CITIC Securities, and Guotai Junan Securities for the "创业板ETF汇添富" [1], and Everbright Securities for both the "电池ETF汇添富" and "软件ETF汇添富" [3][5], as well as for the "油气ETF汇添富" [7] - The "创业板ETF汇添富" will begin trading on the Shenzhen Stock Exchange on February 2, 2026, with an opening reference price of 1.002 yuan per share [9] Group 2 - The "汇添富中证A500指数量化增强型证券投资基金" will have its subscription period from February 2, 2026, to February 27, 2026, with fees according to the fund's prospectus [1] - The fund's investment in the underlying index components and alternative components will account for 98.20% of the net asset value as of January 30, 2026 [9]

Core Viewpoint - The announcement details the signing of sales agreements between Shangyin Fund Management Co., Ltd. and multiple fund sales agencies, indicating that these agencies will begin selling certain funds managed by the company starting from February 2, 2026 [1]. Group 1: Fund Sales Agreements - Shangyin Fund Management has entered into sales agreements with various fund sales agencies, including Ant (Hangzhou) Fund Sales Co., Ltd., JD Kenterui Fund Sales Co., Ltd., and others [1]. - The sales will commence on February 2, 2026, involving a range of funds managed by Shangyin Fund [1]. Group 2: Fund Sales Agencies - A total of 44 fund sales agencies are listed, including major players such as Shanghai Tian Tian Fund Sales Co., Ltd., and China International Capital Corporation Wealth Securities Co., Ltd. [1][2][3][4][5][6][7]. - Each agency has provided contact details, including websites and customer service phone numbers, for investors seeking more information [2][3][4][5][6][7].

1月31日，"Panda AI 2026年度峰会暨第二届因子大赛论坛"在重庆金融会展中心举行。本次峰会由国内AI量化科技公司Panda AI发起，联合国泰海通证券重 庆分公司、宏源期货共同主办，吸引了逾300位来自学术界、金融机构及科技企业的专业人士齐聚山城，共同探讨AI技术如何深度重构量化投资研究与交易 生态。 上证报中国证券网讯（章林 记者 徐锐）1月31日，"Panda AI 2026年度峰会暨第二届因子大赛论坛"在重庆金融会展中心举行。本次峰会由国内AI量化科技公 司Panda AI发起，联合国泰海通证券重庆分公司、宏源期货共同主办，吸引了逾300位来自学术界、金融机构及科技企业的专业人士齐聚山城，共同探讨AI 技术如何深度重构量化投资研究与交易生态。 人机协同：AI不是替代者，而是执行伙伴 Panda AI创始人李昱琦在主旨演讲《AI与人的交易未来》中表示，当前大模型虽已能参与交易全流程，但其"脆弱性"如规则理解偏差、自我矛盾、指令博弈 等问题，仍是阻碍其独立承担实盘交易的关键瓶颈。 LCC f e 他表示："金融投资的未来并非人类与AI的零和替代，而是在一套精心设计的系统内，人类负责定义规则、设定 ...

报告导读： Moderna 个体化 mRNA 癌症疫苗 V940 在高危黑色素瘤中的 5 年随访结果 支持疫苗机制能提供持久免疫应答，为后续 III 期与注册推进提供了更充分的临床依据。 事件。 2026 年 1 月 21 日， Moderna 与默沙东联合披露个体化 mRNA 癌症疫苗 V940 （ mRNA-4157 ）联合 Keytruda 用于高危黑色素瘤辅助治疗的 IIb 期 5 年随访结果。该联合治疗方案在较长时间内维持了既往观察到的疗效水平，支持其能够诱导并维持相对持久的免疫应答。 核心读出数据支持疫苗机制能提供持久免疫应答。 KEYNOTE-942 研究结果显示 V940 联合 Keytruda 降低 49% 高危黑色素瘤患者复发或死亡风险，疗效 从 2 年随访时的 44% 提升至 3 年的 49% 并在 5 年随访时仍维持在 49% 。同时未发现新的安全性信号。 V940 的整体推进节奏在同类项目中较为靠前。 mRNA-4157 目前已开展 8 项 II/III 期临床研究，适应症覆盖黑色素瘤、非小细胞肺癌、膀胱癌及肾细胞癌 等多种实体瘤。其中黑色素瘤 III 期临床试验已完成入组，预计将于 ...

Group 1: Macro Policy Insights - The core policy proposition of Walsh is "rate cuts + balance sheet reduction," emphasizing the need for the Federal Reserve to take responsibility for inflation, attributing it to prolonged quantitative easing (QE) post-crisis, and advocating for quantitative tightening (QT) to control inflation [6] - Walsh criticizes the Federal Reserve's large balance sheet, arguing that QE distorts market incentives and leads to a decline in banks' willingness to lend to the real economy, thus promoting a transition from a "sufficient reserves" mechanism to a "scarce reserves" mechanism [6] - The policy approach aims to balance the independence of the Federal Reserve with the administration's desire for rate cuts, reflecting a commitment to controlling inflation while addressing the administration's economic goals [6] Group 2: Economic Implications - QT is viewed as "responsible balance sheet management," correcting the idea of unlimited support for demand, while rate cuts are intended to enhance supply capacity from an industrial policy perspective [6] - The implementation of QT has shown effectiveness in controlling inflation, as evidenced by the Consumer Price Index (CPI) dropping from 9% to around 3% following the announcement of passive balance sheet reduction in 2022 [6] - However, the use of QT has limitations, as recent liquidity tensions in the repurchase market have led to a halt in QT, necessitating the initiation of Reserve Management Purchases (RMP) [6] Group 3: Market Dynamics - The transition to a "scarce reserves" mechanism is expected to be challenging, with liquidity issues remaining a constraint on QT implementation until bank reserves return to a relatively sufficient level [6] - Policies aimed at revitalizing manufacturing and the real estate sector under the Trump administration require credit expansion from banks, which is dependent on adequate reserve levels [6] - The shift in policy focus from Wall Street to Main Street is seen as beneficial for addressing the "K"-shaped economic divergence in the U.S., but balancing the conflicts between the upper end (stock market) and lower end (inflation) remains a challenge for Walsh [6]

Core Viewpoint - The market may present certain structural opportunities in the upcoming week, despite a generally pessimistic market sentiment indicated by technical models [1][2]. Market Overview - Last week (January 26-30, 2026), the Shanghai Composite Index rose by 1.13%, while the CSI 300 Index increased by 0.08%. Conversely, the CSI 500 Index fell by 2.56%, and the ChiNext Index decreased by 0.09% [3]. - The current overall market PE (TTM) stands at 23.3 times, which is at the 82.0% percentile since 2005 [3]. Quantitative Indicators - The liquidity shock indicator for the CSI 300 Index was 5.07 on Friday, slightly lower than the previous week (5.09), indicating current market liquidity is 5.07 times the average level over the past year [2]. - The PUT-CALL ratio for the SSE 50 ETF decreased to 0.89 from 0.98, suggesting a decline in investor caution regarding the short-term performance of the SSE 50 ETF [2]. - The five-day average turnover rates for the Shanghai Composite Index and Wind All A were 1.75% and 2.49%, respectively, indicating increased trading activity [2]. Macro Factors - The RMB exchange rate fluctuated last week, with onshore and offshore rates increasing by 0.07% and 0.27%, respectively [2]. - The official manufacturing PMI for China in January was reported at 49.3, lower than the previous value (50.1) and below the consensus expectation (50.18) [2]. Seasonal Trends - Historical data since 2005 shows that major indices have a high probability of rising in the first half of February, with average gains of 2.85% for the Shanghai Composite, 3.61% for the CSI 300, 5.34% for the CSI 500, and 4.65% for the ChiNext [2]. Technical Analysis - The SAR indicator for the Wind All A Index broke downwards on January 20 but rebounded upwards on January 23 [2]. - The market score based on moving average strength is currently at 172, placing it at the 59.50% percentile for 2023 [2]. - The sentiment model score is at 0 (out of 5), indicating a negative trend signal [2]. Industry Crowding - The industry crowding levels are relatively high in telecommunications, non-ferrous metals, comprehensive sectors, electronics, and basic chemicals, with notable increases in electronics and defense industries [4].

非银金融 2026 年 02 月 01 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -10% 0% 10% 19% 29% 2025-02 2025-06 2025-10 非银金融 沪深300 相关研究报告 《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 《衍生品监管透明化，规模限制有望 放松利好头部券商—衍生品监管政策 点评》-2026.1.18 （1）本周日均股基成交额 3.71 万亿，环比+7.7%，2026 年 1 月市场日均股基成 交额 3.65 万亿，同比+157%；2026 年 1 月新成立股票和混合类基金份额 812 亿， 环比+66%，同比+187%。开年首月基金新发和交易量均显著扩张。（2）1 月 30 日证监会召开资本市场"十五五"规划上市公司座谈会，证监会主席吴清强调：全 力巩固资本市场稳中向好势头，聚焦持续深化资本市场投融资综合改革、提高制 度包容性适应性，抓紧推出深化创业板改革，提高再融资制度便利性、灵活性和 吸引力。（3）截至 1 月末，已披 ...