双融日报 --鑫融讯 2026 年 02 月 04 日 市场情绪：71 分（较热） 2、银行主题：银行股具有高股息特性，如中证银行指数的股 息率高达 6.02%，显著高于 10 年期国债收益率。在经济增 速放缓和市场波动加大时，银行股凭借稳定的分红能力，成 为险资、社保等长期资金的重要配置标的。相关标的：农业 银行（601288）、宁波银行（002142） 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 最近一年大盘走势 资料来源：Wind，华鑫证券研究 -10 -5 0 5 10 15 20 25 30 (%) 沪深300 相关研究 ▌ 华鑫市场情绪温度指标：（较热） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 71 分，市场情绪处于"较热"。历史市场情绪趋势变化可参 考图表 1 ▌ 热点主题追踪 今日热点主题：电网设备、银行、消费 1、电网设备主题：全球 AI 数据中心（AIDC）耗电量巨大， 催生了对高功率、高稳定性变压器等核心电力设备的刚性需 求。目前全球供需严重失衡，美国市场交货周期已长达 127 周。与此同时，国内"十五五"期间，国家电网 4 万亿元的 巨 ...

Market Sentiment - The current market sentiment score is 28, indicating a "cold" market environment. Historical trends suggest that when the sentiment score is below or close to 50, the market tends to find support, while scores above 80 may indicate resistance [6][10]. Hot Themes Tracking - **Power Equipment Theme**: The global demand for high-power and high-stability transformers is driven by the significant electricity consumption of AI data centers. The supply-demand balance is severely disrupted, with delivery times in the U.S. reaching 127 weeks. China's State Grid is set to invest 4 trillion yuan during the 14th Five-Year Plan, focusing on ultra-high voltage and smart distribution networks, providing long-term order support for the industry. Relevant stocks include China Xidian (601179) and TBEA (600089) [6]. - **Banking Theme**: Bank stocks are characterized by high dividend yields, with the CSI Bank Index yielding 6.02%, significantly higher than the 10-year government bond yield. In a slowing economy with increased market volatility, bank stocks become important investment targets for long-term funds such as insurance and social security. Relevant stocks include Agricultural Bank of China (601288) and Ningbo Bank (002142) [6]. - **Consumer Theme**: As the first year of the 14th Five-Year Plan, 2026's macro policies emphasize expanding domestic demand and promoting consumption. The consumer market is undergoing profound changes, characterized by three new trends: "emotional value" (self-consumption in gold and jewelry), "extreme value-for-money" (bulk snacks and discount stores), and "efficiency innovation" (AI e-commerce and brand expansion). Relevant stocks include Yonghui Superstores (601933) and Wangfujing (600859) [6]. Capital Flow Analysis - The top ten stocks with the highest net inflow include Zhongchao Holdings (002471) with 143.78 million yuan, Xinyi Technology (300502) with 71.58 million yuan, and Shenghong Technology (300476) with 67.37 million yuan [11]. - The top ten stocks with the highest net buy in financing include Hunan Gold (002155) with 81.42 million yuan and China Xidian (601179) with 28.19 million yuan [13]. - The top ten industries with the highest net inflow include the power equipment sector with 213.56 million yuan and the food and beverage sector with 61.63 million yuan [16][18].

Group 1: Free Trade Port Development - Hainan Free Trade Port is positioned as a strategic hub for dual circulation, leveraging the vast domestic market and special economic zone advantages to create a supply chain center, offshore trade service center, and high-end industrial cluster by December 2025 [1][9] - The tax reform is a core driver, with zero tariff items expanding to 6,600, covering 74% of goods, and the processing value-added policy lowering entry barriers for industries like medical devices and high-end manufacturing [1][9] - The implementation of six facilitation measures aims to eliminate barriers to cross-border flow of factors, promoting offshore trade, headquarters economy, and digital economy, with the digital economy's core industry revenue expected to exceed 230 billion yuan by 2025 [1] Group 2: Duty-Free Industry Insights - The duty-free industry is at a new cycle starting point, with a recovery inflection point expected in 2025 after supply-demand adjustments from 2022 to 2024 [2][9] - New policies in November expanded product categories and customer source restrictions, leading to a sales increase of 50.2 billion yuan in the first month post-closure, a 46.8% year-on-year growth [2][9] - Long-term prospects for the industry are supported by the construction of an international tourism consumption center, positioning high-end brands, and cultivating experiential retail formats, with a recovery in consumption confidence among high-net-worth individuals [2][9]

豫商卡发行与受理业务停止后，聚宝支付提供两种方式供客户选择：一是办理赎回，2026年2月1日— 2026年4月30日期间，客户可选择到聚宝支付公司购卡大厅办理赎回；二是选择办理置换，即等额置换 河南建业支付科技有限公司发行的预付卡，置换后可在河南建业支付科技有限公司签约商户使用。 河南聚宝支付有限公司(下称"聚宝支付")支付牌照于近日被正式注销，这是今年首张被注销的支付牌 照。 据了解，聚宝支付的支付牌照可开展预付卡发行与受理业务，是第109张被注销的支付牌照。截至目 前，央行总计发出271张支付牌照，其中162张仍存续。 记者粗略统计109张被注销的支付牌照发现，七成以上是预付卡牌照。受访行业专家预计，未来储值账 户Ⅱ类(发行和受理预付卡相关服务)牌照和银行卡收单牌照仍然会继续缩量。 支付牌照注销有三方面原因 聚宝支付的支付牌照被注销有迹可循。 早在2025年10月，聚宝支付就因"通过登记的住所或者经营场所无法联系"被郑州市市场监督管理局自贸 区服务中心列入经营异常名录。 1月30日，聚宝支付发布关于终止支付业务的公告称，受经济环境等诸方面影响，公司决定终止预付卡 发行与受理业务，即日起停止豫商卡发行与受理 ...

Core Viewpoint - Bailian Co., Ltd. (600827) emphasizes its independence from Wangfujing (600859) and highlights its ongoing efforts to innovate business models and enhance supply chain construction in response to new consumer market trends [1] Group 1: Business Strategy - The company is continuously exploring innovative business models to adapt to new characteristics and highlights in the consumer market [1] - Bailian is focusing on expanding its supply chain construction and promoting asset securitization [1] - The company is optimizing its product structure and deepening organizational changes to improve efficiency [1] Group 2: Project and Efficiency - Bailian has achieved positive results in promoting major benchmark project construction and transforming business districts [1] - The company is actively working on cost reduction and efficiency enhancement initiatives [1]

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Insights - The report highlights the acceleration of service consumption policies, with the State Council issuing a plan to enhance service consumption across various sectors, including transportation, tourism, and home services. This is expected to significantly boost the industry's outlook in 2026 [4] - The social service sector has shown strong relative performance, with a 1-month increase of 4.2%, a 3-month increase of 4.9%, and a 12-month increase of 17.5%, outperforming the CSI 300 index [3] Summary by Relevant Sections Service Consumption Policy - The government has introduced a comprehensive plan to enhance service consumption, focusing on expanding supply, innovating scenarios, and providing financial support. Key initiatives include promoting railway tourism, upgrading cruise and yacht products, and enhancing home service professionalization [4] Human Resources Service Sector - The report mentions that Core International expects a net profit of 267 million to 334 million yuan for 2025, representing a year-on-year growth of 30% to 62.5%. The company is leveraging technological innovation and industry integration to meet talent demands [5] Scenic Area Sector - Three Gorges Tourism anticipates a net profit of 56 million to 72 million yuan for 2025, reflecting a decline of 38.77% to 52.38% year-on-year, primarily due to tax payments and asset impairment losses [6][7] Investment Recommendations - The report suggests focusing on the human resources service sector, particularly companies like Core International and Beijing Renli. It also highlights opportunities in the duty-free sector, scenic areas, medical aesthetics, catering, tea drinks, and hotels, with specific companies recommended for investment [8]

川观新闻记者 罗韬 文/图 便利店作为贴近民生的"城市毛细血管"，无论年轻人还是老年人都有购买需求。记者走访红旗连锁、舞东风等便利店，虽然这些便利店已经实现微信、支付 宝、抖音等支付方式，但当记者提出现金支付后依旧可以完成交易。"其实用线上支付比较划算，有些支付还有立减。"一位舞东风工作人员"温馨提示"。 2月1日起，中国人民银行联合国家发展改革委、金融监管总局制定的《人民币现金收付及服务规定》正式实施。其中规定：人工收款、面对面服务及线上线 下结合的交易必须支持现金支付，并备足零钱；无人设备需公示现金转换方式，保障公众支付。这意味着，超市收银台拒绝老人现金结账、快餐店诱导顾客 使用扫码点餐等行为将被视为违规。 成都个体零售店探访。 成都IFS楼下Ole精品超市。 2月2日下午，记者来到成都IFS楼下Ole精品超市，琳琅满目的商品吸引着来这里购物的消费者，工作人员也会引导，建议大家通过微信、支付宝等方式自助 结算。不过，这个超市依旧设置有人工柜台。下午时分，自助结算屏并无客户，但人工柜台则安排有人工值班。"买点礼物送亲朋好友。"一位女士说，她拿 出3张100元人民币，递给了超市工作人员，超市工作人员也很快找给 ...

为深入贯彻落实国家"促消费、扩内需"的决策部署，进一步激发市场活力，近日，中国银联联合多家商 业银行、主流平台及海量商户，正式启动"锦绣团圆好礼，惠聚四海一家"年度大型惠民活动。即日起至 2026年3月底，活动将紧密围绕岁末年初消费旺季，通过覆盖线上线下、联接境内外的全景式优惠矩 阵，推动消费扩容提质，让政策暖意与市场红利精准触达广大消费者。 一件普惠民生消费的"关键小事"，将"国之大者"的宏大叙事以细密"针脚"缝合进群众美好幸福生活。作 为国家重要金融基础设施，中国银联响应国策、聚焦民需，以开放包容的新"四方模式"与全球网络优 势，高效联接供需两端，凝聚促消费"同盟军"合力，向重点消费领域引入金融活水，持续为畅通国民经 济循环、服务新发展格局提供坚实支撑。 场景贯通 传统与新兴消费共振 此次惠民活动深入全国36个省市，涵盖购物、餐饮、出行、文旅、冰雪等多元场景，兼顾传统高频消 费，以及悦己经济、文旅经济、银发经济、绿色消费等新业态新消费增长点。 在传统零售与国潮换新方面，携手王府井、百联、银泰百货等全国性百货，安踏、斐乐、太平鸟等国货 品牌，提供丰富满减优惠。餐饮方面，既涵盖爷爷不泡茶、德克士等休闲品牌，也 ...

上周逛上海比斯特的时候，我意外发现了一个很有意思的变化——设计师买手店BLOCK居然开到了这里，全场3折起还叠加满减活动。 在我过去的印象里，这类买手店以往大多扎根在城市核心商圈，很少涉足奥莱赛道。 品牌的风向，代表着市场的变化。这两年奥莱的热度确实肉眼可见地攀升。周末去任何一家热门奥莱，停车场都得排队，年轻人拿着奶茶在潮牌店外打 卡，家庭客群推着婴儿车穿梭在餐饮区和儿童乐园，完全不是过去印象里只有阿姨辈淘货的模样。 数据显示，2021-2025年，中国奥特莱斯行业总销售额从约1,260亿元攀升至2,480亿元，五年间几乎翻了一倍。更是在市场波动期，展现出了极强的抗周期 韧性。 在数据暴涨的背后，奥莱也正在发生肉眼可见的变化——变得更像购物中心，也更像消费者的周末休闲目的地。 奥莱正在"武力升级" 仔细看这两年的奥莱，最直观的改变是业态边界被不断打破，从过去的零售独大，变成了全业态融合的消费场景。 北京湾里奥莱与万象滨海购物村 | 来源：小红书@商业企划圈/@yue 放在几年前，去奥莱的目的很明确：买折扣服装、鞋包，逛完就走，全程几乎没有其他消费环节。而如今，"一站式"和"全业态"成为了奥莱的新方向。首 先是 ...

双融日报 2026 年 02 月 02 日 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：40 分（中性） 最近一年大盘走势 资料来源：Wind，华鑫证券研究 -10 -5 0 5 10 15 20 25 30 (%) 沪深300 相关研究 1、《双融日报》2026-01-30 2、《双融日报》2026-01-29 3、《双融日报》2026-01-28 ▌ 华鑫市场情绪温度指标：（中性） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 40 分，市场情绪处于"中性"。历史市场情绪趋势变化可参 考图表 1 ▌ 热点主题追踪 今日热点主题：化工、银行、消费 1、化工主题："十五五"规划强调扩大内需，叠加美国降息 周期，化工品需求预期提升。行业供需双底基本确立，政策 助力产能出清，且资本开支连续两年负增长，供给端持续收 缩。市场普遍预计，2026 年化工行业将迎来周期拐点，有望 实现从估值修复到业绩增长的"戴维斯双击"，开启新一轮 上 升 周 期 。 相 关 标 的 ： 卫 星 化 学 （ 002648 ） 、 云 天 化 （600096） 2、银行主题 ...