图为截至1月30日三大人民币汇率指数。来源：中国外汇交易中心 国际方面：特朗普正式提名前美联储理事凯文·沃什接替鲍威尔出任下任美联储主席。该提名需参议院批准，但民主党领袖舒默与共 和党参议员蒂利斯已明确表示，除非撤销对鲍威尔的调查，否则将联手阻止沃什上任。 此外，美联储将基准利率维持在3.50%-3.75%不变，结束自去年9月以来的连续三次降息。尽管符合市场预期，但政策声明透露出内 部意见分化：理事米兰和沃勒投下反对票，主张降息25个基点。 新华财经北京2月2日电中国外汇交易中心最新计算的2026年1月30日CFETS人民币汇率指数为96.99，按周跌1.25%；BIS货币篮子人民 币汇率指数报104.06，按周跌1.25%；SDR货币篮子人民币汇率指数报92.52，按周跌0.77%。 中国人民银行副行长邹澜在第19届亚洲金融论坛上表示，中国人民银行持续推进内地与香港金融市场互联互通机制，全面覆盖债 券、股票、货币衍生品、黄金等多个子市场，有效支持全球投资者通过香港开展人民币投融资活动。邹澜表示，香港已成为全球最 大、最具影响力的人民币离岸业务枢纽。 近日，中国人民银行与斯里兰卡央行签署人民币清算安排合作备忘 ...

Summary of Key Points from the Conference Call Industry and Company Overview - The focus is on the Chinese equity market, particularly in relation to US investor interest and the implications of regulatory actions on companies like Trip.com [2][3][10]. Core Insights and Arguments 1. **US Investor Interest in Chinese Equities**: There is a growing interest from US investors in diversifying their portfolios to include Chinese equities, with expectations of potential upside from government measures to boost household income and consumption [2][4]. 2. **Trip.com Anti-Trust Investigations**: Concerns were raised regarding the anti-trust investigations into Trip.com, but it is viewed as a company-specific issue rather than a sector-wide problem. Historical trends suggest that affected companies may see their share prices underperform for 4-6 months [3][10]. 3. **Economic Outlook Alignment**: US investors' views on the Chinese economy align with domestic investors, acknowledging challenges like the property downturn but not anticipating a systemic breakdown. There is hope for more stimulus to boost consumption [4][5]. 4. **Market Sentiment and Regulatory Actions**: Recent tightening of regulations in the A-share market has cooled sentiment, but these measures are seen as temporary, aimed at fostering a sustainable bull market rather than suppressing long-term growth [5][20]. 5. **Performance Expectations Leading to NPC Meeting**: Historically, the A-share market performs well leading up to the National People's Congress (NPC) meetings, and there is an expectation for a buoyant market in the first half of the year due to institutional inflows and retail participation [5][33]. 6. **Sector Preferences**: The model portfolio has shifted to favor copper over the solar supply chain, reflecting better supply/demand dynamics and a thematic play on global energy shortages [8][9]. 7. **Bullish and Bearish Scenarios for 2026**: - **Base Case**: Assumes 10% earnings growth driven by 5% revenue growth and margin expansion [29]. - **Bull Case**: Envisions a global AI boom leading to higher productivity and earnings growth, with a potential re-rating of valuations [30]. - **Bear Case**: Considers a global AI bust leading to a significant selloff in equities, particularly impacting AI-related stocks in the MSCI China index [31]. 8. **Going Global Theme**: US investors are interested in "going abroad" stocks, which are high-quality exporters with significant overseas revenue exposure, as domestic demand remains subdued [50][55]. Other Important Insights 1. **Regulatory Environment**: The tightening of margin financing requirements is seen as a measure to prevent market overheating, with historical highs in A-share market turnover and margin financing balance [20][21]. 2. **Market Performance Around Key Events**: The HK equity market typically performs better before the Chinese New Year, while A-shares tend to do well before NPC meetings, with expectations of policy stimulus influencing market reactions [46][47]. 3. **Valuation and Risk Considerations**: Risks facing Chinese equities include a potential hard landing in the property market and slow structural reforms. Excessive stimulus could hinder the transition to a consumption-driven economy [57]. This summary encapsulates the key points discussed in the conference call, highlighting the current sentiment and outlook for the Chinese equity market, particularly in relation to US investors and regulatory impacts.

Group 1 - The core viewpoint of the news is that the non-ferrous metal sector continues to decline, influenced by the drop in gold and silver prices, with the Huabao non-ferrous ETF experiencing significant fluctuations [1][9] - The Huabao non-ferrous ETF opened with a price drop exceeding 7% and is currently down 5.35%, although there has been a net subscription of 10.8 million units, indicating potential buying interest [1][9] - Among the constituent stocks, 15 stocks hit the daily limit down, while Guocheng Mining, Shengxin Lithium Energy, and Gangyan High-tech saw gains of over 2% [1][9] Group 2 - The recent appointment of Waller as the Federal Reserve Chairman has raised market concerns due to his hawkish stance, but the current economic conditions may limit aggressive monetary policy actions [3][11] - Market expectations for the first interest rate cut remain stable at June, with predictions of two cuts throughout the year, while the Fed continues its balance sheet expansion at a rate of $40 billion per month [3][11] - Analysts believe that the current pullback in gold prices may present a buying opportunity, as the implied volatility of precious metals has reached extreme levels, suggesting a potential rebound [4][12] Group 3 - The Huabao non-ferrous ETF and its linked funds cover a wide range of metals, including copper, aluminum, gold, rare earths, and lithium, allowing investors to capture the overall sector's performance [5][13] - The ETF serves as an efficient tool for investors to gain exposure to the non-ferrous metal sector, being a financing and margin trading target [5][13] - Analysts from Guosheng Securities predict that the combination of supply-demand mismatch, macroeconomic easing, and industrial upgrades will sustain high profitability in the non-ferrous sector for the next 3-5 years [4][12]

华泰证券指出，上周A股高位震荡，大盘价值占优。向后看，节前风险偏好抬升的制约因素偏多：外 部，凯文·沃什或接任美联储主席，由于其此前被认为是通胀鹰派，美元、美债利率上行，风险资产承 压；内部，随着行情向白酒等估值低位板块扩散，轮动加快下攫取超额收益的难度加大，技术性调整压 力和长假效应下资金获利了结意愿上升。但本轮春季行情启动的核心驱动并未发生根本性变化，春节后 至两会前胜率提升，若市场调整或提供新的布局窗口。配置上重视胜率，建议关注绩优、低位方向，如 电力设备、存储及半导体设备、化工、工程机械、农业、美护等，长假受益的消费与出行链也可逢低布 局。 ...

针对"国投白银LOF周一开盘不设涨跌停"这一市场传闻，国投瑞银基金最新发布公告予以澄清。 2月1日晚间，国投白银LOF公告称，该基金将于2026年2月2日开市起至当日10:30停牌，自2026年2月2 日10:30复牌。复牌后的交易按照《深圳证券交易所交易规则》的相关规定执行，价格涨跌幅限制比例 为10%。 与此同时，国投瑞银基金强调，若该基金2026年2月2日二级市场交易价格溢价幅度未有效回落，该基金 有权通过向深圳证券交易所申请盘中临时停牌、延长停牌时间等措施，向市场警示风险，具体以届时公 告为准。 在此前国际白银期货价格屡创新高之际，作为全市场唯一一只主要投资于白银期货的公募基金，国投白 银LOF的热度一直居高不下。为保护投资者利益，国投白银LOF于2026年1月30日开市起停牌至收市。 停牌之前，该基金在二级市场已连续两个交易日涨停，最新价格报收于5.247元/份，相较于其最新净值 3.2838溢价约为60%。 近期白银走势极为震荡。2026年开年至今，现货白银最高涨超65%，拉长时间维度来看，其2025年全年 的累计涨幅更是突破140%。然而，市场在北京时间1月31日凌晨遭遇剧烈反转，现货白银日内一 ...

华泰证券股份有限公司 证券代码：601688 证券简称：华泰证券 公告编号：临2026-014 关于高级管理人员任职的公告 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。 2026年1月23日，华泰证券股份有限公司（以下简称"公司"）第七届董事会第一次会议审议通过了《关 于聘任公司高级管理人员的议案》，聘任王宇捷先生担任公司执行委员会委员，待其通过证券公司高级 管理人员水平评价测试后正式任职。 近日，王宇捷先生通过证券公司高级管理人员水平评价测试，正式任职公司执行委员会委员。 特此公告。 华泰证券股份有限公司董事会 2026年2月2日 ...

（文章来源：证券日报） 证券日报网讯 2月1日，华泰证券发布公告称，公司聘任王宇捷先生担任公司执行委员会委员，待其通 过证券公司高级管理人员水平评价测试后正式任职。 ...

Core Viewpoint - The asset management industry for securities firms is experiencing significant growth, with a management scale exceeding one trillion yuan by 2025 and an annual growth rate of 17%. However, this growth is accompanied by increasing differentiation among firms, with some achieving rapid growth while others face declines in scale [1][2]. Group 1: Industry Growth and Differentiation - By 2025, the total management scale of securities firm asset management is expected to surpass one trillion yuan, driven by a recovery in the capital market and policies encouraging long-term capital inflow [3]. - Five securities firms have entered the "billion club," with Dongfanghong Asset Management leading at 216.27 billion yuan, a 30% increase year-on-year, followed by Huatai Securities Asset Management at 180.83 billion yuan, up 31% [2]. - Some smaller firms, such as Changjiang Securities and Shandong Securities, have shown remarkable growth rates of 47% and 49%, respectively, while others like Guodu Securities and Zheshang Securities have seen significant declines of 32% and 8% [2]. Group 2: Product Structure and Strategy - Firms are adopting differentiated product strategies based on their strengths, with Dongfanghong focusing on non-monetary market funds, while Huatai Securities emphasizes cash management products, which constitute over 85% of its portfolio [2]. - The industry is witnessing a shift towards a more professional and long-term asset allocation approach, with a focus on enhancing the "investment-research-product-sales-service" closed-loop efficiency [3][4]. Group 3: Future Investment Strategies - For 2026, the industry outlook remains moderately optimistic, driven by factors such as the "deposit migration" effect and a recovering profit cycle [6]. - Specific product strategies include targeting low-volatility short-term bond funds for retail clients and medium-volatility credit bond funds for institutional clients, creating a clear product differentiation [6][7]. - The technology sector, particularly AI, is highlighted as a key growth area, with opportunities arising from increased capital expenditure and domestic production ratios [7].

（来源：合富永道） 平安养老受托资管部总经理罗庆忠：2026年权益配置聚焦三条主线 在2016年1月23日济安金信及华泰证券在北京共同举办的中国资管群星汇颁奖典礼暨私募基金高质量发展论坛上， 2025年度理财公司、商业银行、养老金 产品及管理人"群星汇"多项大奖榜单隆重发布。本次颁奖盛典在予以表彰优秀资管管理人的同时，全新增设私募基金评选赛道。出席本次盛典的有100多 家银行理财、商业银行、养老金管理人等资管机构，100多家私募基金，10多家证券公司高管和10多家主流媒体领袖。本次论坛最精彩的环节之一是2026 资产配置畅谈圆桌论坛环节， 华泰证券研究所所长张继强作为主持嘉宾，华夏理财副总裁贾志敏、宁银理财副总经理王俊、青银理财总裁助理姚庆、宁 波鄞州农商行副行长沈华、平安养老受托资管部总经理罗庆忠进行了精彩对话。 2026资产配置畅谈 圆桌论坛 嘉宾： 华泰证券研究所所长张继强 华夏理财副总裁 贾志敏 宁银理财副总经理 王俊 青银理财总裁助理 姚庆 宁波鄞州农商行副行长 沈华 第一，"924"行情以来的情况。"924"以来应该讲是国家对股票市场重新定位，它从以前的融资变成了投资跟融资并重。这点如果得到市场不 ...

（来源：合富永道） 在2016年1月23日济安金信及华泰证券在北京共同举办的中国资管群星汇颁奖典礼暨私募基金高质量发展论坛上，2025年度理财公司、商业银行、养老金 产品及管理人"群星汇"多项大奖榜单隆重发布。本次颁奖盛典在予以表彰优秀资管管理人的同时，全新增设私募基金评选赛道。出席本次盛典的有100多 家银行理财、商业银行、养老金管理人等资管机构，100多家私募基金，10多家证券公司高管和10多家主流媒体领袖。本次论坛最精彩的环节之一是2026 资产配置畅谈圆桌论坛环节， 华泰证券研究所所长张继强作为主持嘉宾，华夏理财副总裁贾志敏、宁银理财副总经理王俊、青银理财总裁助理姚庆、宁 波鄞州农商行副行长沈华、平安养老受托资管部总经理罗庆忠进行了精彩对话。 嘉宾： 华泰证券研究所所长 张继强 华夏理财副总裁 贾志敏 宁银理财副总经理 王俊 青银理财总裁助理 姚庆 宁波鄞州农商行副行长 沈华 平安养老受托资管部总经理 罗庆忠 现在来看，第一是我们已经看到了强有力的汇金公司为主的平准基金，不仅可以很强有力托住市场的底部。其实它的存在，本身是在降低A股的波动率。 如果说A股的波动率出现明显的降低之后，本身就是很重要的吸引 ...