Group 1: Market Overview - The last trading week before the Spring Festival sees brokerages, public funds, and private equity leaning towards "holding stocks for the festival" with expectations for a positive post-holiday market driven by portfolio structure [1] - A "barbell strategy" is emerging as a consensus among institutions, focusing on high-dividend, low-valuation defensive assets on one end and technology growth offensive varieties on the other to prepare for potential spring market excitement [1] - On February 10, A-shares exhibited a "structural differentiation" pattern, with the Shanghai Composite Index rising by 5.28 points (0.13%) to 4128.37 points, while the Shenzhen Component Index increased by 2.19 points (0.02%) to 14210.63 points, and the ChiNext Index fell by 12.23 points (0.37%) to 3320.54 points [1] Group 2: Fund News - No new funds were launched on February 10, but 43 funds distributed dividends, primarily bond funds, with the highest dividend payout from the Bank of China Income Mixed Securities Investment Fund at 1.8500 yuan per 10 fund shares [2] - From February 3, there was a reversal in net outflows from stock ETFs, with a significant inflow of over 10 billion yuan into the market, particularly favoring small-cap ETFs like the CSI 1000 and CSI 2000, while ETFs related to non-ferrous metals faced net outflows [2] - By the end of 2025, the total scale of domestic ETFs is expected to exceed 6 trillion yuan, with an annual growth rate of 62%, increasing their share of A-share market capitalization to 6.1% [2]

Core Viewpoint - The prevailing sentiment among institutions is to hold stocks during the Spring Festival, supported by historical data and current market conditions [2][6][9]. Group 1: Historical Data and Market Trends - Historical analysis shows a clear "pre-festival weakness and post-festival strength" pattern in the A-share market, with an average return of -2.20% in the week before the festival and a recovery to 0.53% in the last week before the festival [3]. - The first week after the festival typically sees an average return of 2.03%, with an 80% probability of an increase over the past decade [3]. - Small-cap and growth stocks exhibit a more pronounced reversal effect around the festival, making them attractive for pre-festival allocation [4]. Group 2: Investment Strategies - Institutions recommend a "stable before the festival, aggressive after" strategy, focusing on balanced and defensive positions before the festival and shifting to technology growth and industry trends afterward [9][10]. - The "barbell strategy" is commonly suggested, combining defensive high-dividend stocks with aggressive growth sectors like technology [11]. - A significant portion of private equity firms (62.16%) prefers to hold heavy or full positions during the festival, indicating confidence in structural opportunities despite market fluctuations [6]. Group 3: Sector Focus and Recommendations - Key sectors expected to perform well post-festival include technology, AI, semiconductors, and high-end manufacturing, while traditional sectors like banking and food and beverage show weaker reversal effects [4][12]. - Institutions emphasize the importance of holding quality assets and suggest a focus on sectors with strong performance potential, such as resource and traditional manufacturing [12]. - Defensive positions in consumer sectors and high-dividend stocks are recommended to balance the portfolio against current market conditions [12].

Group 1: Report's Industry Investment Rating - Not provided in the content Group 2: Report's Core Viewpoints - In the context of an upward - shifted market volatility center and increased external uncertainties, adopt a "pre - holiday defense, structural balance" strategy, use a dumbbell - style allocation of value and technology to smooth portfolio fluctuations, and dynamically allocate high - quality growth targets with fully adjusted valuations and clear performance growth paths to capture structural flexibility from pricing misalignments [1] - The convertible bond market is in a high - volatility and low - certainty environment. The "pre - holiday defense, structural balance" should be the core strategy, using a dumbbell - style allocation of value and technology to smooth portfolio fluctuations [2][11] - As the Spring Festival approaches, investors should be prudent, mainly adopt the dumbbell strategy, and focus on low - volatility dividend - paying bonds such as "Zhongte" and "Tian 23" [3][14] - With the resonance of external volatility and risk - aversion sentiment, the valuation of convertible bonds is rationally returning. Low - volatility and value - style bonds are preferred for cross - holiday risk - aversion [4][15] - In the future, switch from "allocation thinking" to "trading thinking", adopt the "dumbbell strategy", focus on defensive varieties at one end and high - quality growth targets at the other, while strengthening the exploration of alpha premium and setting strict risk - control thresholds [18][21] Group 3: Summary by Relevant Catalogs 1.1 Convertible Bond Market Conditions - In the past week (2026/02/02 - 2026/02/06), the convertible bond market was weak and highly volatile. The large - cap index (0.77%) outperformed the mid - cap (0.25%) and small - cap (- 0.04%) indexes. The mid - price index performed well (0.96%), while high - price convertible bonds were weak (- 1.19%) [2][11] - The performance of various convertible bond indexes in different time frames is presented in Table 1, showing significant differences in trends [22] 1.2 Convertible Bond Individual Securities - In the past week, the convertible bond market was deeply adjusted. Only "Huicheng Convertible Bond" in the environmental protection sector had a positive return (+ 0.90%), and the value - style showed strong resilience, such as "Zhongte Convertible Bond" with a slight decline of 0.02% [3][14] - The technology industry, represented by software services, performed poorly. For example, "Xinzhi Convertible Bond" fell - 28.29% in a week, while the special steel and electrical equipment sectors had defensive advantages [3][14] 1.3 Convertible Bond Valuations - Due to the Fed's balance - sheet reduction expectations and the approaching Spring Festival, the convertible bond market has seen increased risk - aversion sentiment and active valuation compression. Low - volatility and value - style bonds are more resistant to declines, while volume - price and momentum - style bonds are weaker [4][15] 1.4 Convertible Bond Prices - Not provided in the content other than the performance of high - price, mid - price, and low - price convertible bond indexes in the market conditions section

Group 1 - The southbound capital has significantly increased, with a cumulative net purchase exceeding 41.2 billion HKD, including net purchases of over 13.3 billion HKD and 24.9 billion HKD on February 4 and 5, respectively, marking a new high since September 2025 [1] - Current global dollar cycle is at a peak decline, and the RMB has transitioned from depreciation to a mild appreciation phase, combined with foreign capital inflow and a shift from valuation recovery to profit-driven growth, suggesting a favorable re-pricing window for Chinese equity assets [1] - Despite recent fluctuations in the Hong Kong tech sector, funds are actively positioning through ETFs, with the Hang Seng Tech ETF (513130) seeing a net inflow of over 3.1 billion HKD in the past four trading days, contributing to an increase in its latest share count to 67.5 billion [1] Group 2 - The Hang Seng Tech ETF (513130) is a key product for investing in the Hong Kong tech sector, tracking the Hang Seng Tech Index, which includes competitive and high-potential tech companies in areas like internet, mobile payments, cloud computing, AI, and semiconductors, currently valued at a low percentile of 29.23% over the past five years [2] - The ETF supports intraday T+0 trading, with a low annual management fee of 0.2%, potentially enhancing investment efficiency and reducing costs for investors [2] - The fund manager, Huatai-PB Fund, is one of the first ETF managers in China, with a strong track record in industry ETFs and broad-based, dividend-themed indices, offering a range of products that may serve as defensive options in a "barbell strategy" [2]

Core Insights - Alibaba has made a significant investment of 3 billion yuan in its "Spring Festival Hospitality Plan," setting a record for historical spending on Spring Festival activities [3][11] - Alibaba is now one of only two companies globally, alongside Google, that possesses top-tier capabilities in large models, cloud computing, and chip development, marking a strategic advancement in its AI initiatives [3][11] Investment Strategy - The targeted index employs a "technology + dividend" barbell strategy, featuring heavyweight stocks such as Alibaba and Tencent, alongside high-dividend leaders like China Construction Bank and Ping An Insurance, making it an ideal long-term investment tool for Hong Kong stocks [7][12] - The top ten weighted stocks in the index include major players in both technology and dividend sectors, indicating a balanced approach to investment [7][12] Performance Metrics - The index has demonstrated superior long-term performance, with an annualized return of 6.45% since inception, outperforming other benchmarks in the Hong Kong market [14]

电力及公用事业 分析师：陈拓 登记编码：S0730522100003 chentuo@ccnew.com 英国章鱼能源进军我国电力市场，建议以 哑铃策略配置电力资产 ——电力及公用事业行业月报 证券研究报告-行业月报 强于大市(维持) 发布日期：2026 年 02 月 04 日 投资要点： -5% -1% 4% 8% 13% 17% 22% 26% 2025.02 2025.06 2025.10 2026.02 电力及公用事业 沪深300 资料来源：中原证券，聚源 相关报告 《电力及公用事业行业月报：全球市值最大的 电力上市公司与谷歌开展 AI 合作》 2025-12-29 《电力及公用事业行业月报：充换电服务业以 及信息传输、软件和信息技术服务业用电量增 长较快》 2025-12-03 《电力及公用事业行业年度策略：关注稳定性 和股东回报》 2025-11-28 联系人：李智 ⚫ 行情回顾：1 月电力及公用事业指数表现强于市场。截至 2026 年 1 月 30 日，中信电力及公用事业指数 1 月上涨 2.76%，跑赢沪深 300 （1.65%）1.11 百分点。子行业方面，截至 2026 年 1 月 30 ...

电力及公用事业 分析师：陈拓 登记编码：S0730522100003 chentuo@ccnew.com 英国章鱼能源进军我国电力市场，建议以 哑铃策略配置电力资产 ——电力及公用事业行业月报 证券研究报告-行业月报 强于大市(维持) 发布日期：2026 年 02 月 04 日 投资要点： -5% -1% 4% 8% 13% 17% 22% 26% 2025.02 2025.06 2025.10 2026.02 电力及公用事业 沪深300 资料来源：中原证券，聚源 相关报告 《电力及公用事业行业月报：全球市值最大的 电力上市公司与谷歌开展 AI 合作》 2025-12-29 《电力及公用事业行业月报：充换电服务业以 及信息传输、软件和信息技术服务业用电量增 长较快》 2025-12-03 《电力及公用事业行业年度策略：关注稳定性 和股东回报》 2025-11-28 联系人：李智 ⚫ 行情回顾：1 月电力及公用事业指数表现强于市场。截至 2026 年 1 月 30 日，中信电力及公用事业指数 1 月上涨 2.76%，跑赢沪深 300 （1.65%）1.11 百分点。子行业方面，截至 2026 年 1 月 30 ...

Core Viewpoint - Goldman Sachs maintains a significant upward risk in its prediction of gold prices reaching $5,400 per ounce by December 2026, driven by structural factors rather than speculative excess [2][8] Group 1: Market Dynamics - January's volatility in gold and silver prices was primarily influenced by Western capital flows rather than Asian speculation, with silver experiencing larger corrections due to ongoing liquidity issues in the London market [2][8] - The shift in global central bank reserves from the US dollar to precious metals has fundamentally altered the demand structure for gold, making it more sensitive to changes in official sector demand [8][9] Group 2: Investor Behavior - Financial speculators have limited participation in the gold market, with only a small portion of global gold inventory held by them, indicating that the current price increase is driven by central banks' long-term asset allocation decisions [3][8] - The recent surge in gold prices is viewed as a partial revaluation after a prolonged period of underperformance, reflecting a rebalancing of asset preferences rather than a market bubble [3][9] Group 3: Future Outlook - While Goldman Sachs does not expect gold to continue its exponential rise seen in the past year, it remains optimistic about the overall upward trajectory, suggesting further price increases as reserve diversification continues [9] - The firm advocates for an upgraded traditional barbell strategy in asset allocation, recommending a combination of stocks and gold to provide risk diversification amid geopolitical uncertainties and changing monetary systems [9]

Core Viewpoint - The article emphasizes that in the short term, the dividend style allocation offers a favorable risk-return profile during market fluctuations, suggesting a "barbell" strategy that combines dividends with growth assets. In the long term, the new "National Nine Articles" guidelines and the decline in risk-free yields enhance the allocation value of dividend assets [1] Group 1 - Short-term market conditions favor dividend style investments as a defensive base, potentially providing better returns relative to volatility [1] - The "barbell" strategy is recommended, combining dividend and growth investments for optimal performance [1] - Long-term outlook indicates that new policies and lower risk-free rates increase the attractiveness of dividend assets [1] Group 2 - Investors are encouraged to consider the Cash Flow ETF (159399), which has outperformed the CSI Dividend Index and the CSI 300 Index for nine consecutive years from 2016 to 2024 [1] - The underlying index of the Cash Flow ETF focuses on large and mid-cap stocks, with a higher proportion of central state-owned enterprises compared to similar cash flow indices [1] - Monthly assessments of dividends are possible for the Cash Flow ETF, making it a continuous point of interest for investors [1]

Core Viewpoint - The cash flow ETF (159399) has seen a significant inflow of over 100 million units, indicating a strong demand for defensive investment strategies amid market volatility [1]. Group 1: Market Performance - The cash flow ETF (159399) recorded a net inflow of 1.02 million units during trading, reflecting a strategic shift by investors towards defensive assets [1]. - The underlying index, the FTSE Cash Flow Index, has outperformed both the CSI Dividend Index and the CSI 300 Index for nine consecutive years from 2016 to 2024 [1]. Group 2: Investment Strategy - Short-term market conditions suggest that dividend-style investments offer a favorable risk-return profile, making them suitable as a defensive core in a portfolio [1]. - A "barbell" strategy combining dividend and growth investments is recommended for optimal asset allocation [1]. Group 3: Long-term Outlook - The new "National Nine Articles" guidelines, along with a decline in risk-free interest rates, enhance the allocation value of dividend assets [1]. - The cash flow ETF (159399) focuses on large and mid-cap stocks, with a higher proportion of central state-owned enterprises compared to similar cash flow indices [1].