Market Overview - The A-share market experienced a significant increase, with the Shanghai Composite Index rising by 1.41% to 4,123.09 points, the Shenzhen Component Index increasing by 2.17% to 14,208.44 points, and the ChiNext Index climbing by 2.98% to 3,332.77 points. The total market turnover reached 2.27 trillion yuan, up from 2.16 trillion yuan the previous day [10][5]. - In the Asia-Pacific market, the Hang Seng Index rose by 1.76%, the Nikkei 225 surged by 3.89% to 56,363.94 points, and the Korean Composite Index increased by 4.1% to 5,298.04 points [10][5]. - European markets saw all major indices close higher, with the DAX Index up by 1.19% to 25,014.87 points and the CAC40 Index rising by 0.6% to 8,323.28 points [10][5]. - In the US market, all three major indices closed higher, with the Dow Jones Industrial Average up by 0.04% to 50,135.87 points, marking a new closing high [10][5]. International News - The US plans to reduce the most-favored-nation tariff on Bangladesh to 19%, down from 20%, and provide exemptions for certain textiles, which will support Bangladesh's garment industry [9]. - In the UK, a political "black swan" event occurred as the Prime Minister's chief of staff and communications director resigned amid a scandal involving a former ambassador [9]. - Japan's Prime Minister announced plans to promote nationwide discussions on food tax reductions without issuing new debt, emphasizing fiscal sustainability [9]. Domestic News - The Shanghai and Shenzhen Stock Exchanges announced a package of measures to optimize refinancing, aiming to support the innovative development of quality listed companies [12]. - The Chinese government is focusing on technological self-reliance and innovation, as highlighted by President Xi Jinping during his recent inspection of a technology innovation center [11]. - A meeting involving multiple departments addressed labor rights for new employment forms, guiding 16 companies, including major delivery services, to improve labor management [13]. Important Announcements - Contemporary Amperex Technology Co., Ltd. plans to launch an employee stock ownership plan for 2026 [15]. - Jinhui Mining intends to acquire Fusheng Mining for 210 million yuan, with an annual gold production capacity of 50,000 tons [15]. - Efort will purchase 100% of Shengpu shares, with stock resuming trading [15].

周一（2 月 9 日）大盘量价齐升，震荡上扬。截至收 盘，上证综指收于 4123.09 点，上涨 1.41%；深成指 收于 14208.44 点，上涨 2.17%；科创 50 上涨 2.51%； 创业板指上涨 2.98%，万得全 A 成交额共 22702 亿元， 较前一日略有上升。 行业方面，30 个中信一级行业有全线上涨，其中通信、 传媒及电子涨幅居前 。概念方面，光电路交换机、光 模块及钙钛矿电池等指数表现活跃。 海外市场综述 美国三大股指全线收涨，微软涨超 3% 周一（2 月 9 日），美国三大股指全线收涨，道指涨 0.04%，标普 500 指数涨 0.47%，纳指涨 0.9%。微软涨 超 3%，英伟达涨逾 2%，领涨道指。万得美国科技七巨 头指数涨 1.02%，甲骨文涨超 9%。纳斯达克中国金龙 指数涨 0.12%，万物新生涨超 6%，世纪互联涨近 6%。 新闻精要 量价齐升 震荡上扬 国内市场综述 1. 习近平在北京考察科技创新工作 2. 沪深北交易所宣布优化再融资一揽子措施 3. 公安部环食药侦局下发通知要求 依法严厉打击涉 网食品安全犯罪 4. 外交部回应高市早苗将继续执政，再次敦促日方撤 回高 ...

Core Viewpoint - The emphasis on "technological self-reliance and strength" is crucial for building a modern socialist country, as highlighted by President Xi Jinping during his visit to the National Innovation Park in Beijing [4]. Group 1: Importance of Technological Innovation - The "14th Five-Year Plan" emphasizes the significance of technological innovation amidst a rapidly changing global landscape, where China has established advantages in certain fields [5]. - There is a need to enhance original innovation capabilities and address critical core technology challenges to avoid falling into a "catch-up" cycle [5]. - The "15th Five-Year Plan" aims for a significant improvement in the level of technological self-reliance and strength compared to the previous plan [5][6]. Group 2: Integration of Technology and Industry - The integration of technological innovation and industrial innovation is essential for developing new productive forces, as demonstrated by the 1,000 companies in the National Innovation Park focusing on cutting-edge fields like quantum information and 6G communication [7]. - President Xi has repeatedly stressed the importance of a collaborative innovation system that combines enterprises, academia, and research to enhance the depth of integration between technology and industry [7]. Group 3: Development of International Innovation Centers - The establishment of international technology innovation centers in Beijing, Shanghai, and the Guangdong-Hong Kong-Macao Greater Bay Area aims to create primary sources of original innovation in China [8]. - Each region is focusing on specific fields such as artificial intelligence and synthetic biology to enhance their competitive edge in technology innovation [8].

FICC日报 | 2026-02-10 市场压力缓解，股指反弹 市场分析 关注科技。宏观方面，总书记在察看代表性科技创新成果展示时指出，建设社会主义现代化强国，关键在科技自 立自强。要充分发挥我们国家集中力量办大事的优势，把各种优质要素集合起来攻关，加快解决突出短板问题， 实现我们的战略目标。海外方面，哈塞特表示，美国就业增长数据预计将出现放缓，但这并不意味着经济增长势 头减弱，而是反映了劳动力市场结构性变化。1月非农就业报告将于周三公布，市场预计将新增就业约7万人。 指数上涨。现货市场，A股三大指数高开高走，上证指数涨1.41%收于4123.09点，创业板指涨2.98%。行业方面， 板块指数全部收红，通信、传媒、电子、计算机、机械设备行业领涨。当日沪深两市成交额约为2.2万亿元。沪深 北交易所宣布优化再融资一揽子措施，聚焦优质上市公司和科技创新领域，主要举措包括：提高审核效率；修订"轻 资产、高研发投入"认定标准；支持募集资金用于与主业有协同的新产业、新业态、新技术领域；对未盈利上市企 业缩短融资间隔等。海外方面，美国三大股指全线收涨，道指涨0.04%报50135.87点，续创收盘新高。 期指升水。期货市场 ...

新在区域布局优化，比较优势持续释放。发展新质生产力绝非一味"求高求新"，更不是走单一路 径、开展同质化竞争；相反，必须坚持因地制宜，形成各具特色、错位竞争、优势互补的区域生产力布 局。在长三角，来自苏浙皖三地的机器人零部件在上海完成整机集成，"四地合造机器人"证明世界级产 业集群并不依赖某一地的绝对优势，而是在协作中挖掘更大红利。在大西北，戈壁荒滩成为绿色电 源，"西电东送"输电能力达到3.4亿千瓦，"东数西算"八大枢纽节点算力规模约占全国的70%，清洁能源 与数字基建等新质生产力将西北地区的资源禀赋转化为发展优势和动力。 新在产业提质升级，发展动能持续增强。从机械化到电气化，再到信息化、智能化，每次产业革命 都意味着新技术的普及应用，推动主导产业和支柱产业迭代升级。"十四五"时期，我国新能源汽车年产 销量从2020年的均约140万辆跃升至2025年的均超1600万辆，汽车产业实现"换道超车"；冶金、化工、 机械、轻工等传统产业高端化、智能化、绿色化加快推进，"十四五"时期工业机器人新增装机量全球占 比过半。当前，中国传统产业正在持续提质升级，在"十五五"时期预计可以新增10万亿元左右的市场空 间；新兴产业和 ...

Group 1 - The core message emphasizes the importance of technological self-reliance and innovation for building a modern socialist country, as highlighted by President Xi Jinping during his visit to the National Innovation Center in Beijing [1][5][7] - The founder and chief scientist of Zhiyuan, Tang Jie, expressed pride and motivation after engaging with President Xi, reinforcing the commitment to independent innovation in large model technology [3][7] - Tang Jie noted that the current era presents unprecedented opportunities for technological disruption, with large models being a key foundation for general artificial intelligence (AGI) and a potential core engine for driving productivity transformation [3][7] Group 2 - Zhiyuan aims to achieve the vision of making machines think like humans, focusing on breakthroughs in domestic original technology to compete globally in artificial intelligence [3][7] - The company is dedicated to empowering various industries in China and ensuring that artificial intelligence technology serves the development of the real economy and improves people's livelihoods [3][7]

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The stock index rebounded significantly in the previous trading session, with the communication sector leading the gains and the petroleum and petrochemical sector leading the losses. The market turnover was 2.27 trillion yuan. Looking forward to February, the overall situation is still expected to continue the phased improvement pattern. February is in the window period of the "Spring Market", coupled with the release of policy dividends at the beginning of the "15th Five-Year Plan", the profit expectations of the AI and overseas expansion main lines are clear. At the same time, the seasonal recovery of the consumer side and the implementation of investment projects will further enhance market confidence. However, with the upcoming Spring Festival holiday, there may be significant fluctuations in overseas capital markets during the holiday, especially geopolitical risks, and potential disturbances need to be vigilant [2] Summary by Directory 1. Stock Index Futures Market - **IF Contracts**: The previous day's closing prices of IF contracts for the current month, next month, next quarter, and the quarter after next were 4722.60, 4721.20, 4691.20, and 4637.40 respectively, with increases of 64.80, 64.80, 64.20, and 61.20. The trading volumes were 17217.00, 51368.00, 16681.00, and 5251.00, and the open interests were 26451.00, 154559.00, 76883.00, and 30540.00 respectively. The changes in open interests were -4885.00, -2093.00, 958.00, and 437.00 [1] - **IH Contracts**: The previous day's closing prices of IH contracts for the current month, next month, next quarter, and the quarter after next were 3083.60, 3084.00, 3079.00, and 3048.20 respectively, with increases of 39.60, 38.60, 35.60, and 36.40. The trading volumes were 8201.00, 26188.00, 4988.00, and 1960.00, and the open interests were 11631.00, 57290.00, 24315.00, and 10234.00 respectively. The changes in open interests were -2132.00, -1831.00, -1101.00, and -583.00 [1] - **IC Contracts**: The previous day's closing prices of IC contracts for the current month, next month, next quarter, and the quarter after next were 8322.00, 8311.60, 8215.20, and 8095.20 respectively, with increases of 133.00, 135.20, 133.80, and 121.60. The trading volumes were 22324.00, 76113.00, 28444.00, and 9988.00, and the open interests were 30709.00, 138576.00, 96339.00, and 41362.00 respectively. The changes in open interests were -4656.00, -7513.00, 799.00, and -286.00 [1] - **IM Contracts**: The previous day's closing prices of IM contracts for the current month, next month, next quarter, and the quarter after next were 8256.00, 8232.60, 8063.20, and 7890.20 respectively, with increases of 173.60, 175.20, 173.40, and 169.20. The trading volumes were 28961.00, 112370.00, 31900.00, and 13607.00, and the open interests were 45633.00, 179169.00, 107292.00, and 57020.00 respectively. The changes in open interests were -6572.00, -8746.00, -2127.00, and 524.00 [1] - **Inter - month Spreads**: The current inter - month spreads of IF next month - IF current month, IH next month - IH current month, IC next month - IC current month, and IM next month - IM current month were -1.40, 0.40, -10.40, and -23.40 respectively, compared with the previous values of -2.20, -0.80, -23.20, and -36.00 [1] 2. Stock Index Spot Market - **Index Performance**: The previous day's values of the CSI 300, SSE 50, CSI 500, and CSI 1000 indices were 4719.06, 3081.78, 8311.28, and 8233.78 respectively, with increases of 1.63%, 1.45%, 2.02%, and 2.26%. The trading volumes (in billions of lots) were 207.25, 41.92, 211.67, and 282.85, and the total trading amounts (in billions of yuan) were 5227.57, 1357.22, 4279.82, and 4825.57 respectively [1] - **Industry Performance**: Different industries showed different growth rates. For example, the energy, raw materials, and industrial sectors had growth rates of 0.54%, 2.04%, and 1.76% respectively. The major consumer, medical and health, real - estate and finance, and information technology sectors had growth rates of 0.33%, 0.15%, 0.91%, and 2.69% respectively. The telecommunications and public utilities sectors had growth rates of 4.93% and 0.09% respectively [1] 3. Futures - Spot Basis - **IF Contracts**: The previous day's values of IF current month - CSI 300, IF next month - CSI 300, IF next quarter - CSI 300, and IF the quarter after next - CSI 300 were 3.54, 2.14, -27.86, and -81.66 respectively, compared with the previous two - day values of -3.80, -6.00, -33.40, and -83.80 [1] - **IH Contracts**: The previous day's values of IH current month - SSE 50, IH next month - SSE 50, IH next quarter - SSE 50, and IH the quarter after next - SSE 50 were 1.82, 2.22, -2.78, and -33.58 respectively, compared with the previous two - day values of -0.86, -1.66, -4.46, and -36.66 [1] - **IC Contracts**: The previous day's values of IC current month - CSI 500, IC next month - CSI 500, IC next quarter - CSI 500, and IC the quarter after next - CSI 500 were 10.72, 0.32, -96.08, and -216.08 respectively, compared with the previous two - day values of -5.81, -29.01, -130.81, and -246.41 [1] - **IM Contracts**: The previous day's values of IM current month - CSI 1000, IM next month - CSI 1000, IM next quarter - CSI 1000, and IM the quarter after next - CSI 1000 were 22.22, -1.18, -170.58, and -343.58 respectively, compared with the previous two - day values of -24.77, -60.77, -220.77, and -395.97 [1] 4. Other Domestic and Overseas Indices - **Domestic Indices**: The previous day's values of the Shanghai Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, and ChiNext Index were 4123.09, 14208.44, 8594.83, and 3332.77 respectively, with increases of 1.41%, 2.17%, 1.74%, and 2.98% [1] - **Overseas Indices**: The previous day's values of the Hang Seng Index, Nikkei 225, S&P 500, and DAX Index were 27027.16, 56363.94, 6964.82, and 25014.87 respectively, with increases of 1.76%, 3.89%, 0.47%, and 1.19% [1] 5. Macro Information - President Xi Jinping inspected the National Information Technology Application Innovation Park in Beijing, emphasizing the importance of scientific and technological self - reliance and strength [2] - The Shanghai, Shenzhen, and Beijing Stock Exchanges announced a package of measures to optimize refinancing, focusing on high - quality listed companies and the technology innovation field [2] - The Ministry of Finance and other three departments extended the tax preferential policy for returned cross - border e - commerce export goods for two years until the end of 2027 [2] - Seven departments including the Ministry of Human Resources and Social Security conducted administrative guidance on 16 platform companies to protect the rights and interests of new - form employment workers [2] 6. Industry Information - The Ministry of Commerce held a symposium on automobile enterprises to promote the expansion and quality improvement of automobile consumption [2] - Market supervision and other departments introduced new regulations to manage the transportation of liquid food [2] - Chongqing introduced a package of real - estate policies, including housing purchase subsidies for multi - child families [2] - The first Global Humanoid Robot Free Fighting League (URKL) was officially launched [2] 7. Stock Index Views - The three major US indices rose. The stock index rebounded significantly in the previous trading session. The communication sector led the gains, and the petroleum and petrochemical sector led the losses. The market turnover was 2.27 trillion yuan. In February, the overall situation is expected to continue the phased improvement pattern, but potential disturbances during the Spring Festival holiday need to be vigilant [2]

ิ源证券 | ETF周度配置指南 ETFFIC 配置指南 2026.02.06 (总05期) 本周Ａ股下跌主因是美联储政策预期转向触发贵金属大幅回调、节前资金避险引致热门板块获利回吐等。特朗普提名鹰 派沃什任美联储主席，其"降息 + 缩表" 主张扭转宽松预期，美元走强压制风险偏好,触发金银暴跌并拖累周期股。春 节临近，资金"持币过节"，成交额缩量，北向资金波动，前期涨幅大的半导体、资源等板块集中兑现。短期谨慎，长 期不必悲观。投资策略上，攻防均衡、低吸不追高为核心。方向上，坚持长期趋势占优品种进行配置，回避短期博弈。 长期方向可关注：1）美国反复TACO，可能导致各国加速转向国防、资源、金融和供应链层面的自给自足，资源竞争加 剧，大宗商品整体行情正处于上行周期，实物资产重估逻辑可能反复演绎。目前资源品价格上涨已经呈现出扩散迹象， 非常值得关注。2）全球科技竞争加剧推动国内科技自立自强战略加速落地，A 股科技成长赛道迎来国产替代与产业升级 的双重发展机遇。 风险提示：本材料非产品宣传推介材料，不构成任何投资建议。投资者不应以该等信息取代其独立判断或仅根据该等信息做出决 策。申万宏源证券对本材料拥有最终解释权，本 ...

投资咨询业务资格：证监许可【2011】1778 号 专业研究·创造价值 1 / 14 请务必阅读文末免责条款 期货研究报告 期货研究报告 资讯早班车-2026-02-10 一、 宏观数据速览 | 发布日期 | 指标日期 | 指标名称 | 单位 | 当期值 | 上期值 | 去年同期值 | | --- | --- | --- | --- | --- | --- | --- | | 2026-01-19 | 2025/12 | GDP:不变价:当季同比 | % | 4.5 | 4.8 | 5.4 | | 2026-01-31 | 2026/01 | 制造业 PMI | % | 49.3 | 49.0 | 49.1 | | 2026-01-31 | 2026/01 | 非制造业 PMI:商务活动 | % | 49.4 | 50.1 | 50.2 | | 2026-01-15 | 2025/12 | 社会融资规模:当月值 | 亿元 | 22075 | 35299 | 28537 | | 2026-01-15 | 2025/12 | M0:同比 | % | 10.2 | 11.5 | 13.0 | | 2026-01-1 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Treasury futures prices generally rose, and the 10-year treasury bond active bond yield declined to 1.795%. The central bank's open market reverse repurchase had a net injection of 38 billion yuan, and the short - end Shibor varieties mostly rose, but the overnight interest rate was below 1.3%. The central bank continued to expand the scale of open - market treasury bond trading operations, and the capital market remained loose before the Spring Festival. - After three consecutive 25 - basis - point interest rate cuts, the Fed paused. The market expects the new - nominated Fed chairman's monetary policy to be a unique combination of "interest rate cuts and balance - sheet reduction". The preliminary reading of the University of Michigan Consumer Confidence Index in February reached 57.3, the highest in six months, and US Treasury yields rebounded. - In January, the three major manufacturing PMIs showed a seasonal decline. In December, the profits of industrial enterprises above a designated size increased by 5.3% year - on - year, and the annual fixed - asset investment decreased by 3.8% year - on - year, mainly dragged down by the decline in real estate development investment. The real estate market is still in adjustment. - The Ministry of Finance said that in 2026, the fiscal deficit and total expenditure will remain at a necessary level. The central bank pointed out that in 2026, it will continue to implement a moderately loose monetary policy, and there is still some room for reserve requirement ratio cuts and interest rate cuts this year. The market capital is loose, and treasury futures prices continue to stabilize. It is recommended to operate cautiously before the festival [3]. 3. Summary by Relevant Catalogs Futures Market - **Price and Volume**: The prices of treasury futures generally rose. For example, the T2603 contract rose 0.06%. The trading volume and open interest of different contracts changed. For instance, the open interest of TS2603 decreased by 3,008, while that of TS2606 increased by 4,514 [2]. - **Arbitrage**: The IRR of the CTD bonds corresponding to the main treasury futures contracts was at a low level, and there were no arbitrage opportunities [2]. Spot Market - **Short - term Market Interest Rates**: Short - term market interest rates showed mixed trends. SHIBOR7 - day interest rate rose 7bp, DR007 interest rate rose 4.61bp, and GC007 interest rate rose 3.7bp [2]. - **China's Key - term Treasury Yields**: The yields of key - term treasury bonds generally declined. The 10Y treasury bond yield declined 0.46bp to 1.81%, and the long - short (10 - 2) treasury bond yield spread was 34.38bp [2]. Overseas Market - **Overseas Key - term Treasury Yields**: The US 10Y Treasury yield remained unchanged, the German 10Y Treasury yield rose 3bp, and the Japanese 10Y Treasury yield rose 5.3bp. The internal - external yield spreads also changed accordingly [2]. Macro and Policy Information - **Central Bank Operations**: On February 9, the central bank carried out 113 billion yuan of 7 - day reverse repurchase operations, with a net injection of 38 billion yuan [3]. - **Policy Adjustments**: The Shanghai, Shenzhen, and Beijing stock exchanges optimized a package of refinancing measures, focusing on high - quality listed companies and the science and technology innovation field. The Ministry of Finance and other three departments extended the tax - preferential policy for returned cross - border e - commerce export goods for two years until the end of 2027 [3]. - **Economic Data and Expectations**: The preliminary reading of the University of Michigan Consumer Confidence Index in February reached 57.3. The US employment growth data is expected to slow down, and the market expects about 70,000 new jobs in the January non - farm payroll report [3].