Equity Market Review and Outlook - The Shanghai Composite Index fell by 1.27%, the CSI 300 dropped by 1.33%, and the ChiNext Index decreased by 3.28% during the week of February 2-6, 2026, amid significant volatility in global resource futures and earnings disclosures from major US tech companies [1][4] - A-shares experienced increased volatility, with a notable drop of 100 points on Monday, followed by a recovery on Tuesday, and a shift to a fluctuating market for the rest of the week, influenced by upstream resource stocks and internet giants [4][5] - The market's risk appetite was constrained, with an average daily trading volume of 24,032 billion, reflecting a decrease from the previous week [4] - The technology sector is becoming increasingly sensitive to negative news, with potential pressure on tech styles as positive factors may be realized following the Two Sessions after the Spring Festival [5] Fixed Income Market Review and Outlook - The bond market saw a flattening yield curve during the week, with the 1-year government bond yield rising by 1.80 basis points to 1.32%, while the 10-year and 30-year yields fell to 1.81% and 2.25%, respectively [2][6] - The bond market is currently experiencing a strong oscillation, with some risk-averse funds flowing into bonds due to increased stock market volatility before the holiday [6][7] - The People's Bank of China has been actively injecting liquidity, with a net injection of 700 billion yuan through MLF in January, and the bond market is expected to remain stable without significant fluctuations in the short term [7] REITs Market Overview - The CSI REITs total return index fell by 0.91% to 1,042.84 points during the week, with most sectors declining, particularly consumption, data centers, and industrial parks [8] - Four new public REITs made progress in the primary market, indicating ongoing developments in the sector [8] Fund Index Performance Tracking - The monetary enhancement strategy index increased by 0.03% for the week, while the short-term bond fund index rose by 0.04% [11] - The mid-to-long-term bond fund index saw a gain of 0.09%, while the low-volatility fixed income plus fund index decreased by 0.04% [11] - The REITs fund index experienced a significant drop of 1.86%, reflecting the overall market trend [11] Investment Strategy Indices - The active stock fund selection index focuses on 15 funds with equal weight, emphasizing performance competitiveness and style stability [12] - The value stock fund selection index includes deep value and quality value styles, assessing companies based on absolute valuation levels and cash flow efficiency [14] - The growth stock fund selection index aims to capture high-growth opportunities, focusing on companies with significant future potential [17] Industry Theme Indices - The pharmaceutical stock fund selection index is constructed based on the intersection of fund holdings and representative indices, ensuring a minimum purity of 60% [19] - The consumer stock fund selection index targets funds with significant holdings in consumer-related sectors, maintaining a minimum purity of 50% [21] - The technology stock fund selection index is based on funds with substantial investments in technology sectors, also ensuring a minimum purity of 60% [24] Other Fixed Income Indices - The convertible bond fund selection index focuses on funds with a high proportion of convertible bonds, assessing performance and risk management [43] - The QDII bond fund selection index includes overseas bonds, prioritizing funds with stable returns and good risk control [44] - The REITs fund selection index emphasizes funds with stable cash flows from quality infrastructure projects [46]

Group 1: Report Industry Investment Rating - The mid - term outlook for the black building materials sector is "Oscillation" [7] Group 2: Core Views of the Report - The pressure of inventory accumulation in the steel sector during the off - season is becoming more obvious, the fundamentals lack highlights, and the futures market is under pressure. The resumption of production in steel mills is slow, the high shipment and high inventory of iron ore are putting pressure on the market, and the futures market is weak. As winter storage is coming to an end, the support for coal and coke replenishment is gradually weakening, and the import of Mongolian coal is at a high level, causing the futures market to fall from its high. The oversupply of glass and soda ash suppresses the futures prices. The sector is expected to oscillate widely at the bottom, and attention should be paid to macro - policy disturbances [1][2][3] Group 3: Summary by Related Catalogs Iron Element - Iron ore: The inventory pressure of iron ore continues to increase, there are still expectations of weather disturbances on the supply side, and the post - holiday demand is expected to be average. The futures market is under pressure, but there are still macro - expectations due to the upcoming Two Sessions after the holiday. It is expected to oscillate in the short term. For example, the port trading volume of iron ore is 98.6(-4.8) million tons, and the price of 61.5% PB powder in Qingdao Port is 772(-2) yuan/ton [2][8][9] - Scrap steel: The supply and daily consumption of scrap steel are expected to decline seasonally. As the replenishment is approaching the end, the overall fundamentals will weaken marginally, and the spot price is expected to follow the finished products. The average price of crushed materials in East China is 2108 (0) yuan/ton, and the price difference between rebar and scrap steel in East China is 1079 (-10) yuan/ton [2][10] Carbon Element - Coke: The subsequent growth space of coke supply is limited, while the expectation of downstream steel mill复产 still exists. The coke supply - demand structure will remain healthy, but the bullish driving force of the fundamentals is also limited. The spot price is expected to remain stable, and the futures market is expected to follow the cost - side coking coal. The quasi - first - grade coke price in Rizhao Port is 1480 (0) yuan/ton, and the basis of the 05 contract in the port is -18 (+32) yuan/ton [2][10][13] - Coking coal: As the Spring Festival approaches, the production of domestic coal mines will gradually decline. The fundamentals of coking coal will remain healthy, but the bullish driving force of the fundamentals is also limited. The spot price may oscillate, and the futures market is expected to oscillate widely due to the influence of capital sentiment. The price of medium - sulfur main coking coal in Jiexiu is 1280 (0) yuan/ton, and the price of Mongolian 5 coking coal in Wubulangkou Jinquan Industrial Park is 1230 (0) yuan/ton [2][14] Alloys - Manganese silicon: The market continues to be in a state of loose supply and demand, and the upstream has great pressure to destock. The futures price of the main contract of manganese silicon is expected to oscillate around the cost. The ex - factory price of 6517 manganese silicon in Inner Mongolia is 5650 (0) yuan/ton, and the price of Australian ore with 45.0% Mn in Tianjin Port is 41.5 (0) yuan/ton degree [3][17] - Ferrosilicon: The supply and demand of ferrosilicon are both weak, and the fundamental contradictions are limited. Before the festival, the market trading activity is low, and the upward driving force of the futures market is insufficient. The futures price of ferrosilicon is expected to oscillate around the cost. The ex - factory price of 72 ferrosilicon in Ningxia is 5300 (0) yuan/ton, and the price of 99.9% magnesium ingot in Fugu is 16450 (0) yuan/ton [3][18] Glass and Soda Ash - Glass: There are still expectations of supply disturbances, but the inventory of the middle and lower reaches is moderately high. The current supply and demand are still in surplus. If there is no more cold - repair before the end of the year, the high inventory will suppress the price. The mainstream large - plate price in North China is 1020 yuan/ton (0 yuan/ton), and the national average price is 1106 yuan/ton (0 yuan/ton) [3][15] - Soda ash: The overall supply and demand are still in surplus. It is expected to oscillate in the short term. In the long run, the oversupply pattern will further intensify, the price center will continue to decline, and capacity reduction will be promoted. The delivered price of heavy soda ash in Shahe is 1149 yuan/ton (-20 yuan/ton) [3][15][16]

Market Overview - The A-share market is experiencing a significant style shift, with strong performance in dividend sectors such as coal, oil and gas, and banking, while previous hot topics like AI applications are retreating [2][9] - The market's inclination towards dividend sectors is driven by a decrease in risk appetite and a preference for low-valuation, stable-profit sectors as investors seek safety ahead of the upcoming Spring Festival [2][9] - The upcoming two sessions after the Spring Festival are expected to boost market risk appetite, favoring small-cap stocks [3][9] Sector Analysis Coal Sector - The coal sector has seen a substantial rise, evolving from a purely cyclical asset to a composite investment target with high dividend defensive attributes and growth potential due to long-term supply constraints [6] Real Estate Sector - The real estate sector is experiencing an upward trend, supported by government policies aimed at stabilizing the market, including relaxed lending and purchasing restrictions [6] - The sector is expected to benefit from ongoing policy support and improving supply-demand dynamics, with a focus on companies with strong land reserves and those returning to stable growth [6] New Energy Sector - The new energy sector, particularly solar equipment and batteries, remains active, driven by global carbon neutrality goals and ongoing demand for lithium batteries, solar energy, wind energy, and energy storage [7] - The government is implementing reforms to prevent unhealthy competition in the solar sector, with significant investment expected in new energy projects [7] Investment Strategy - Investors are advised to balance stability and flexibility in their strategies, focusing on dividend sectors for valuation recovery before the Spring Festival while preparing for potential growth opportunities in small-cap stocks post-festival [3][10]

本报讯 （记者 郑思哲） 1月25日上午，省十四届人大四次会议、省政协十三届四次会议新闻发布会在 西宁举行。 据悉，省十四届人大四次会议将于1月27日至30日在西宁召开；省政协十三届四次会议将于1月26日至29 日在西宁召开。目前，全省两会筹备工作均已准备就绪。 目前，全省两会各项报告和有关文件材料已准备就绪。会前，人大代表和政协委员深入基层开展走访调 研，广泛了解社情民意，精准把握发展实际，为在会议期间提出高质量的议案和提案做了充分准备。两 会各工作组已全面进入"会议"时间，为会议顺利召开提供有力的服务保障。会议期间，会风会纪监督组 将严格落实大会会风会纪各项要求措施，对代表、委员、列席人员、工作人员遵守会议纪律等情况进行 全程监督检查，全力营造风清气正、务实高效的会议氛围。 今年全省两会是在全省上下深入学习贯彻党的二十大和二十届二中、三中、四中全会精神，不折不扣落 实习近平总书记对青海工作的重大要求，认真贯彻落实省委十四届历次全会决策部署，实现"十四五"圆 满收官，"十五五"良好开局的重要历史节点召开的一次重要会议，是全省人民政治生活中的一件大事。 为开好今年全省两会，省委、省人大常委会、省政府、省政协及 ...

会议通报了大会议程（草案）和日程安排（草案）。 1月20日下午，市政协九届五次会议讨论组组长会议召开，进一步统一思想、深化认识，扎实做好 各项工作，确保大会圆满成功。市政协主席郭建出席会议并讲话，市委常委、市委组织部部长范健宣布 关于在市政协九届五次会议期间成立临时党组的决定，市政协党组副书记、副主席吴彤主持会议并宣布 成立临时党支部的决定。 郭建指出，一年一度的两会是全市人民政治生活中的一件大事，各讨论组组长要聚焦重点关键，组 织好学习讨论审议、大会发言、大会选举以及提案、反映社情民意等其他工作，以一流的工作标准、饱 满的精神状态高标准完成全会各项工作任务。 要严格纪律规矩，把思想政治引领、广泛凝聚共识贯穿 大会全过程，严守政治纪律、会议纪律，切实改进工作作风，严格执行廉洁自律要求，营造风清气正政 治生态，确保大会圆满成功，向市委和全市人民交上一份满意的答卷。 市政协副主席陈红、蒋鹏程、路月中、周文娟、杜秀芹、马国进、夏军，市政协党组成员周必松、 庄旭，秘书长张军出席会议。（记者 周迎） ...

武汉两会即将开幕！ 1月4日、5日，参会的市政协委员、市人大代表将分别前往会议驻地报到。 市十五届人大六次会议的议程草案主要有：审议武汉市人民政府工作报告；审查武汉市 国民经济和社会发展第十五个五年规划纲要草案；审查武汉市2025年国民经济和社会发展计 划执行情况与2026年国民经济和社会发展计划草案的报告、2026年国民经济和社会发展计划 草案；审查武汉市2025年全市和市本级预算执行情况与2026年全市和市本级预算草案的报 告、2026年全市和市本级预算草案；审议武汉市人民代表大会常务委员会工作报告；审议武 汉市中级人民法院工作报告；审议武汉市人民检察院工作报告；审议《武汉市人民代表大会 关于全力打造"五个中心"全面建设现代化大武汉的决定（草案）》；选举；票决武汉市2026 年民生实事项目。 市政协十四届五次会议的议程草案主要有：听取并审议政协武汉市第十四届委员会常务 委员会工作报告；听取并审议政协武汉市第十四届委员会常务委员会关于十四届四次会议以 来提案工作情况的报告；补选政协武汉市第十四届委员会常务委员会组成人员；列席武汉市 第十五届人民代表大会第六次会议，听取并讨论政府工作报告及其他有关报告；审议通 ...

涨势猛、回调急，波动变大的科技股，总能吸引市场的更多关注。 有趣的是，这一回的调整，似乎大多数的研报并不意外，更有不少类似"符合此前预期"的表述。 这些预期又是怎么来的？ 短期过热， 是许多研报对于这一轮科技行情的共识。 兴业证券的报告中提到，经历春节以来的主线聚焦、行情加速上行后，其跟踪的成交占比、拥挤度、滚动收益 差等指标此前均已提示，AI行情出现短期过热信号。 信达证券的报告中提到，上周市场的走弱，恰恰是因为越来越接近两会。两会后，高频产业和宏观数据重要性 提升，和两会前投资方法会略有不同，此时也容易出现高低切。 此外，兴业证券的报告中提到，3-4月市场将逐渐进入更"看现实"的阶段。前期科技成长风格持续演绎，除产业 趋势催化外，也有基本面和政策真空期下市场风险偏好抬升的助力。进入3月，随着两会召开、1-2月经济数据 以及上市公司年报和一季报开始陆续披露等一系列重要节点临近，市场也将进入基本面和政策因子有效性提升 的传统窗口，行情会有意识地向一些受益于政策支持、景气边际改善的低位方向扩散。 正因为分歧不大，所以才有市场对于回调早有预期。然而，在高度预期的方向中找到超额收益，从来都是不容 易的。 事实上，并 ...