Core Viewpoint - As of the end of January 2026, China's foreign exchange reserves reached $339.91 billion, marking a 1.23% increase from December 2025, and setting a new ten-year high [1][4]. Group 1: Foreign Exchange Reserves - China's foreign exchange reserves have been on a continuous rise since July 2025, surpassing $3.3 trillion for six consecutive months [1][4]. - The increase in reserves is attributed to factors such as the decline in the US dollar index and the overall rise in global financial asset prices [4]. - The stable performance of China's economy has provided support for maintaining the foreign exchange reserves at a stable level [5]. Group 2: Gold Reserves - As of January 2026, China's official gold reserves stood at 7.419 million ounces, with an increase of 40,000 ounces from December 2025 [1][6]. - The People's Bank of China has been increasing its gold reserves for 15 consecutive months, with a total increase of 860,000 ounces over the past year [7]. - The continuous accumulation of gold is seen as a strategy to enhance the safety and stability of reserve assets amid global economic uncertainties [7].

国家外汇管理局（下称"外汇局"）2月7日发布的最新统计数据显示，截至2026年1月末，我国外汇储备规模为33991亿美元，较2025年12月末上升412亿美元，升 幅为1.23%，续创十年以来新高。 自2025年7月起，我国外汇储备规模环比持续上升，并数次刷新2015年12月以来的规模新高。目前，我国外储规模已连续六个月处于3.3万亿美元之上。 当天更新的官方储备资产数据还显示，2026年1月末，中国官方黄金储备为7419万盎司，较2025年12月末增加4万盎司。目前，中国央行已连续15个月增持黄金。 | 索 引 号: 000014453-2026-00089 | 分 类： 新闻报道 外汇储备经营管理 各类社会公众 | | --- | --- | | 来 源： 国家外汇管理局 | 发布日期： 2026-02-07 | | 名 称： 国家外汇管理局公布2026年1月末外汇储备规模数据 | | 1月外储规模环比上升 过去一年，美元指数、10年期美国国债收益率总体下行；我国经济运行平稳向好，为外汇储备规模保持基本稳定提供支撑。对于2026年外汇储备规模变动，英大证 券首席经济学家郑后成在研报中表示，我国外汇储备大概 ...

Core Viewpoint - The People's Bank of China has continued to increase its gold reserves, reflecting a strategic shift towards diversifying its foreign exchange reserves and enhancing the safety and stability of its reserve assets [6][7]. Group 1: Foreign Exchange Reserves - As of the end of January 2026, China's foreign exchange reserves reached $339.91 billion, an increase of $41.2 billion from December 2025, marking a rise of 1.23% and a ten-year high [1]. - Since July 2025, China's foreign exchange reserves have been on a continuous upward trend, remaining above $3.3 trillion for six consecutive months [1]. - The increase in foreign exchange reserves is attributed to factors such as the depreciation of the US dollar index and rising global financial asset prices, influenced by major economies' fiscal and monetary policies [4]. Group 2: Gold Reserves - By the end of January 2026, China's official gold reserves stood at 74.19 million ounces, an increase of 40,000 ounces from December 2025, marking 15 consecutive months of gold accumulation by the central bank [1][7]. - The central bank has been gradually increasing its gold reserves since March 2025, with a total addition of 860,000 ounces over the past year, maintaining a monthly increase of less than 100,000 ounces [7]. - The rising demand for gold as a safe asset globally has led to an increase in central banks' gold allocations, with China's strategy reflecting a focus on enhancing the proportion of "non-credit assets" in its foreign exchange reserves [7].

聚焦业务 明确目标 ◎卢伊 记者 徐蔚 近期，多家券商相继召开年度工作会议，总结2025年的经营情况，部署2026年及"十五五"期间的重点任 务。上海证券报记者梳理发现，过去一年，不少中小券商坚定推进转型升级，持续深耕区域、服务实体 经济。对于"十五五"期间的任务部署，部分券商进一步明确战略方向，也有券商细化目标与排名，规划 出差异化发展路径。 业绩向好 转型显效 2025年，券商交出一份扎实的"成绩单"，为"十五五"开局打好坚实基础。Choice数据显示，截至2月5 日，共计32家券商发布2025年度业绩预告或快报。其中，30家券商实现净利润同比增长，19家券商净利 润增幅超50%，5家券商净利润增幅超1倍。 亮眼的业绩来自券商转型升级的坚定步伐。东吴证券董事长范力表示，公司在过去一年坚持根据地战 略、特色化经营、市场化考核，找到了一条适合自己的发展道路，预计2025年实现归母净利润34.31亿 元至36.68亿元，同比增长45%至55%。 中邮证券积极向现代化综合性券商转型，完成向"产品+投顾"模式转型，实现托管资产规模和客户数量 双增长，公司预计2025年营业收入同比增长22%、净利润同比增长50%。 ...

最近刷手机的朋友大概率刷到了人民币升值的消息，可不少人看着"6.9533""上调75个基点"这些数字，心里直犯嘀咕："这到底啥意思？我手里的钱是不是真 的变值钱了？" 不管是计划春节出境旅游的小夫妻、孩子要出国留学的家长，还是喜欢海淘的年轻人，甚至是手里有理财的普通老百姓，都在悄悄关心这事 儿。 毕竟汇率这东西看着抽象，实则和咱的钱包息息相关——换外币能多换点、买进口货能省点、就连股市基金都可能跟着受影响。 2月4日，中国外汇交易中心最新数据显示，人民币兑美元汇率中间价报6.9533，较前一交易日上调75个基点，一举升破6.96关键关口，创下2023年5月以来的 强势表现。 一、先搞懂：75点跳涨意味着啥？换钱能省多少钱？ 可能有人觉得"上调75个基点"没啥概念，咱先把账算明白，这可是真金白银的差别！2月4日人民币兑美元中间价是6.9533，也就是说1美元能换6.9533元人民 币，而前一天还是6.9608，看似不起眼的0.0075的变化，换钱时差别可不小。 咱举几个最常见的例子： - 计划去美国旅游的朋友，换1万美元零花钱，按前一天的汇率得花69608元，2月4日换只需要69533元，直接省了75元；要是换 ...

随着2026年时间轴逐步展开，多家中小型券商陆续召开经营工作会议。证券时报记者注意到，不少券商在 2025年取得业绩突破，为"十五五"开局奠定了良好基础。 面对"十五五"开局之年，各家券商正积极谋划未来五年的差异化布局。根据证券时报记者梳理，区域深耕、集 团主业协同、从"通道中介"向"综合服务商"转型、科技赋能等成为2026年券商战略部署的主线，部分中小券商 着力构建与地方经济、股东产业紧密结合的特色化发展路径。 一些已于去年完成股东变更的券商表示，2026年将开启高质量发展新征程；另一些仍受股东问题困扰的券商则 坦言，2026年或将面临多重挑战，但亦需迎难而上。 券业释放好成绩信号 过去一年，伴随着市场行情向好、交投活跃，证券行业业绩整体实现高增长，多家券商也透露了"好成绩"信 息。 东方财富Choice数据显示，截至2月2日，共有17家上市券商披露2025年业绩预告，其中16家预增，另外1家扭 亏为盈。同时，还有5家券商发布了2025年业绩快报，同样皆为报喜。 比如，国泰海通预计归母净利润为275.33亿至280.06亿元，申万宏源预计归母净利润为91亿至101亿元，中金公 司预计归母净利润为85.42亿 ...

Core Viewpoint - The acquisition of 100% equity of Yingda Futures by Zhongyou Capital for 1.129 billion yuan marks a significant step in the collaboration between China National Petroleum Corporation (CNPC) and State Grid Corporation of China, enhancing Zhongyou Capital's financial capabilities and aligning with the broader energy transition goals of both companies [1][2]. Group 1: Acquisition Details - Zhongyou Capital announced plans to acquire 100% equity of Yingda Futures for 1.129 billion yuan, with the transaction approved by the State-owned Assets Supervision and Administration Commission [1]. - The acquisition price represents an 8.3% premium over Yingda Futures' net asset value of approximately 1.043 billion yuan as of March 2025 [1]. - The transfer of 3.79 million A-shares (3.00% of total shares) from CNPC to State Grid Yingda Group is also part of this transaction, pending regulatory approval [1]. Group 2: Strategic Implications - For State Grid Yingda, divesting the non-core asset Yingda Futures aligns with its strategy to streamline operations [2]. - The acquisition allows Zhongyou Capital to complete its financial license portfolio, enhancing its capabilities in hedging and risk management related to its core oil and gas business [2]. - Zhongyou Capital's diverse financial interests include stakes in various financial institutions, which will be bolstered by this acquisition [2]. Group 3: Industry Context - The collaboration between CNPC and State Grid has intensified since last year, with significant investments aimed at developing a new energy system [3]. - Predictions indicate that China's oil consumption may peak around 2025, prompting CNPC to transition towards a comprehensive energy supplier model that includes oil, gas, and renewable energy [3]. - CNPC aims to achieve a balanced energy portfolio by 2035, with a focus on clean energy generation exceeding 20 billion kilowatt-hours in 2025 [4].

Core Viewpoint - The State-owned Assets Supervision and Administration Commission (SASAC) has approved the equity cooperation between China Petroleum and State Grid, involving the transfer of shares and acquisition of a futures company [2][12]. Group 1: Share Transfer Announcement - China Petroleum Group plans to transfer 379,262,372 A-shares, representing 3.00% of the total share capital, to State Grid Yingda Group through a state-owned share transfer agreement signed on December 26, 2025 [2][6]. - The transfer has received approval from the SASAC [6][12]. Group 2: Acquisition of Yingda Futures - China Petroleum's wholly-owned subsidiary, China Petroleum Capital Co., intends to acquire 100% of Yingda Futures for a price of RMB 1,129,286,232.00 [12]. - This acquisition was also approved by the SASAC [12]. - The qualification of China Petroleum Capital as the controlling shareholder of Yingda Futures requires approval from the China Securities Regulatory Commission, indicating potential uncertainty regarding the successful implementation of the transaction [12].

Group 1: Global Asset Revaluation - A new round of asset revaluation is underway, focusing on gold, RMB assets, stocks, and emerging markets due to a shift in global macroeconomic conditions [1] - The transition from a unipolar to a multipolar international order and the renewed divergence in the macro cycles of China and the U.S. are driving this revaluation [1] Group 2: Federal Reserve Policy Shift - The Federal Reserve's policy direction is a key variable for global asset pricing, with expectations of continued interest rate cuts and a return to balance sheet expansion by 2026 [2][5] - The relationship between unemployment rates and inflation suggests that the Fed is likely to maintain a dovish stance, putting downward pressure on the U.S. dollar index [5] Group 3: Precious Metals Outlook - Gold is transitioning from a traditional safe-haven asset to a core anchor in the new asset pricing system, with expectations of significant price increases [9] - Silver and certain base metals are also seen as having potential due to their historical correlation with global liquidity [9] Group 4: Emerging Markets Valuation - Emerging markets are viewed as undervalued, with their manufacturing output surpassing that of developed economies, yet their asset valuations have not fully adjusted to this reality [12] - The ongoing transition to a multipolar world is not yet reflected in asset prices, presenting future investment opportunities [12] Group 5: RMB Assets and Stock Market - The RMB is expected to appreciate steadily through 2026, with potential cumulative gains exceeding 30% in the long term, influenced by the Fed's rate cuts and rising price levels in China [13] - The stock market outlook is positive, with expectations of a peak in A-shares in the second half of the year, driven by economic recovery and price increases [15]

Core Viewpoint - The 2026 China Chief Economist Forum will be held on January 10-11 in Shanghai, focusing on the theme "Chess in the Middle Game: Building a Strong Nation" [1][2] Group 1: Market Outlook - The A-share market is expected to have support in 2026, with the annual high likely occurring in the second half of the year [3][5] - The fundamental upward movement of the A-share market is primarily dependent on cyclical stocks rather than technology stocks [3][5] - A significant rally in cyclical stocks is necessary for a solid foundation for the upward movement of the A-share market [3][5]