EFR 证券■ 时玩人行业 看好 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 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 金黎丹 A0230525060004 jinld@swsresearch.com 联系人 金黎丹 A0230525060004 jinld@swsresearch.com 行业点评 表 2: 重要上市券商估值表一览 (2026 年 2 月 3 日) 申万宏源研究微信服务号 华泰及广发 H 股再融资 加得国际业务 券商板块跟踪 请务必仔细阅读正文之后的各项信息披露与声明 2026 年 02 月 03 日 华泰证券：2026/2/3，华泰证券公告根据一般性授权发行 2027 年到期的 H 股零息转债 100 亿港 0 元。募资净额：拟 99.25 亿港元。初始转股价: 每 H 股 19.70 港元 (可予调整)，较收盘价溢价 率 6.78%。若以初始转股价计，转股约 5.08 亿股，占已发行 H 股的 29.53%，已发行总股本的 5.62%。摊薄影响：BPS 从 9M25 的 ...

行 业 及 产 业 非银金融/ 证券Ⅱ 行 业 研 究 / 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 证 券 研 究 报 告 证券分析师 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 03 日 华泰及广发 H 股再融资落地，持续 加码国际业务 看好 ——券商板块跟踪 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 行 业 点 评 ⚫ 华泰证券：2026/2/3，华泰证券公告根据一般性授权发行 2027 年到期的 H 股零息转债 100 亿港 元。募资净额：拟 99.25 亿港元。初始转股价：每 H 股 19.70 港元（可予调整），较收盘价溢价 率 6.78%。若以初始转股价计，转股约 5.08 ...

Core Viewpoint - The People's Bank of China (PBOC) is implementing measures to maintain ample liquidity in the banking system by conducting a 800 billion yuan reverse repo operation with a three-month term, marking the first increase in this type of operation since November 2025 [1][3]. Group 1: Liquidity Operations - On February 4, the PBOC will conduct a reverse repo operation of 800 billion yuan, with a term of 91 days, to inject medium-term liquidity into the banking system [1][3]. - The PBOC's liquidity injection aims to stabilize the funding environment ahead of the Spring Festival, as February is typically a month with concentrated bank credit issuance [4][5]. - The total medium to long-term liquidity maturing in February is 15,000 billion yuan, including 7,000 billion yuan in three-month reverse repos and 5,000 billion yuan in six-month reverse repos [3][4]. Group 2: Market Impact and Expectations - The net injection from the reverse repo operation will be 1,000 billion yuan, as 7,000 billion yuan in three-month reverse repos will mature on the same day [3]. - Analysts expect that the PBOC will continue to conduct six-month reverse repos around February 15, potentially maintaining or increasing the amount injected [4]. - The PBOC is also expected to conduct Medium-term Lending Facility (MLF) operations around February 25, likely maintaining or increasing the amount as well [4].

Group 1 - In January 2026, A-shares saw a significant increase in new accounts, totaling 4.9158 million, which is an 89% month-on-month increase from December 2025 and a 213% year-on-year increase from January 2025 [1][2] - The majority of new accounts were from individual investors, accounting for 4.9053 million, while institutional investors opened 10,554 accounts [2] - The new account figures for January 2026 surpassed all monthly totals from 2025, indicating a strong market sentiment and a rapid increase in market activity at the beginning of the year [2] Group 2 - Market analysts are generally optimistic about the future market trends, with many brokerage firms predicting that the market is in the second phase of a bull market driven by continuous inflow of new capital [3] - Key drivers for the A-share market include favorable domestic fundamentals, supportive policies, and ample liquidity, which are expected to sustain the spring market rally [3] - Analysts suggest focusing on sectors with limited downside and significant upside potential, particularly in brokerage stocks and banks that are performing well [4]

单月新增近500万户，该数据轻松超越了2025年所有月份的水平。2025年全年A股新开户总数为2743.69万户，从单月来看，2025年3月新增开户最高达到 306.55万户。同时也超过了2024年绝大多数月份，仅次于2024年10月新开户数684.68万户。 【导读】A股开年首月新开户数达491.58万户 2026年首月A股新开户数据来了！ 2月3日，上交所官网发布的数据显示，2026年1月A股新开户491.58万户，环比去年12月的259.67万户增长89%，同比2025年1月的157.0万户增长213%。 单月新增近500万户 上交所官网发布的新开户数据显示，2026年1月A股新开户491.58万户，其中，个人投资者开户490.53万户，机构投资者开户1.0554万户。 机构后市研判普遍乐观 展望后市，主流卖方机构对后续市场走势普遍持乐观预期。多家券商研判认为，市场正处于牛市第二阶段，增量资金的持续流入是关键驱动力量。 兴业证券认为，对于A股而言，前期上涨虽然受益于全球流动性宽松的β，但核心驱动仍在于国内向好的基本面、政策"开门红"与充裕的流动性带来的α。 往后看，这些支撑春季行情的核心逻辑并未发生任何 ...

Core Viewpoint - The adjustment of the VAT tax category for telecommunications services will impact the revenue and profit of the three major telecom operators in China, with an estimated net profit reduction of approximately 6%-8% [1][2][4]. Group 1: VAT Adjustment Details - The Ministry of Finance and the State Administration of Taxation announced that from January 1, 2026, the VAT rate for basic telecommunications services will increase from 6% to 9% [2]. - The three major telecom operators have acknowledged that this adjustment will affect their financial performance [2]. Group 2: Business Impact Analysis - The telecom operators have diversified business segments, including voice calls, internet services, cloud computing, and hardware sales, which complicates the precise measurement of the VAT adjustment's impact [3]. - The adjustment's effect on net profit is estimated based on various assumptions, including a 50% pass-through of VAT to downstream customers and a 2% initial revenue reduction, with a gradual recovery expected [4]. Group 3: Future Outlook and Investment Recommendations - Despite the VAT adjustment, the high dividend yield of the telecom operators remains stable, with projected dividend payout ratios of 75% for China Mobile and China Telecom, and 58% for China Unicom, leading to dividend yields of 5.2%, 4.9%, and 3.6% respectively [5]. - The operators are expected to focus on enhancing network construction, technology research, and service quality, with significant investments in emerging fields such as 6G and AI anticipated to increase by approximately 10 percentage points [5][6]. - The operators are well-positioned to benefit from the growth of AI applications and the expansion of their computing capabilities, which may lead to a valuation uplift [7].

航天发展今日涨停，成交额138.72亿元，换手率28.12%，盘后龙虎榜数据显示，深股通专用席位买入 1.42亿元并卖出1.73亿元，1家机构专用席位净买入1.52亿元。中国银河证券大连黄河路证券营业部净买 入7.56亿元。 ...

美联新材公告，公司控股股东黄伟汕新增质押1300万股，占其所持股份5.62%、占公司总股本1.83%， 质押期限2026/2/2至2027/2/2，质权人为中国银河证券股份有限公司，质押用途为股权类投资、债权类 投资。截至公告披露日，黄伟汕持股2.31亿股，累计质押8224万股，占其所持股份35.53%、占公司总股 本11.56%。 ...

（文章来源：第一财经） | 公告日期 2026-02-03 | 异常期间 元 | | | | | --- | --- | --- | --- | --- | | 航天发展 (000547) | 成交量 | 446,843,944 份/股 | 成交金额 | 13,872,226,054 元 | | 日价格涨幅偏离值达到7.65% | | | | | | 买卖 | 会员营业部名称 | 买入金额 | 幸出会额 | | --- | --- | --- | --- | | | | (元) | (元) | | 买1 | 中国银河证券股份有限公司大连黄河路 证券营业部 | 903,142,026 | 147,252,921 | | 买2 | 国泰海通证券股份有限公司武汉紫阳东 路证券营业部 | 232,970,591 | 69,461,510 | | 买3 | 东吴证券股份有限公司苏州相城大道证 券营业部 | 194,308,722 | 215,687 | | 买4 | 机构专用 | 165,216,613 | 13,031,398 | | ಶಿಕ | 中泰证券股份有限公司湖北分公司 | 158,421,646 | 32, ...

一方面，美伊局势持续紧张，风险溢价攀升。1月23日，美国财政部宣布针对伊朗实施新一轮制裁措 施，涉及多家与石油和天然气相关的公司和多艘油轮。此外，美国多次威胁军事干涉伊朗局势。目前， 伊朗原油产量超过300万桶/日，出口量约200万桶/日，约占全球供应的3%。市场担忧若美伊冲突爆发， 伊朗原油出口可能受阻。此外，若局势恶化，霍尔木兹海峡或面临封锁危机。 智通财经APP获悉，中国银河证券发布研报称，当前原油市场聚焦美伊局势，短期油价波动或加剧。建 议后续密切关注地缘局势、OPEC+产量政策、全球贸易争端等指引。2025年我国原油表观需求改善、 天然气表观需求微增、成品油表观需求回落。该行预计2026年2月Brent原油价格运行区间参考60-70美 元/桶，受地缘不确定性因素影响，短期油价波动将加剧。推荐PX、PTA、石化新材料等领域投资机 会。 中国银河证券主要观点如下： 1月油价重心上移 截至1月30日，Brent、WTI月均价分别为64.7、60.2美元/桶，环比分别上涨5.0%、4.1%。供给端，地缘 因素叠加北美寒潮，供给缩量预期升温。 2025年我国天然气表观消费量4322亿立方米，同比增长2.4%， ...