2026年3月2日星期一 ➢ 美以空袭伊朗；中国两会前瞻。A股午后 上涨。上证指数收涨0.39%报4162.88点， 深证成指跌0.06%，创业板指跌1.04%。算 力硬件股集体调整，资源股走强。港股单 边 走 强 。 香 港 恒 生 指 数 收 涨 0.95% 报 26630.54点；恒生科技指数涨0.56%；恒生 中国企业指数涨0.51%。科技金融股多数回 暖，生物医药股活跃。大市成交额2884.21 亿港元。外盘方面，欧洲三大股指收盘涨 跌不一，美国三大股指全线收跌，道指跌 1.05%报48977.92点，标普500指数跌0.43% 报6878.88点，纳指跌0.92%。美国和以色 列联手打击伊朗，伊朗最高领袖哈梅内伊 身亡，国际油价应声飙涨。中国两会本周 拉开帷幕，政策重心料聚焦科技本土化、 扩大内需和建设金融强国。 资料来源：彭博 | 26630.54 | 0.95 | 3.90 | 8859.49 | 0.51 | -0.61 | | --- | --- | --- | --- | --- | --- | | 5137.84 | 0.56 | -6.86 | 118.17 | -0.54 | -4 ...

Group 1 - The core message emphasizes the transition and high-quality development of the securities and public fund industries, with a focus on the new opportunities and challenges presented by the 14th and 15th Five-Year Plans [3][4] - The 2025 economic outlook predicts a GDP growth of 5%, highlighting the resilience of the Chinese economy despite external uncertainties and domestic challenges [3] - The public fund industry is shifting from a scale-oriented approach to a return-oriented strategy, indicating a structural optimization and prioritization of quality in development [4] Group 2 - Xin Yuan Fund aims to become a trusted first-class asset manager, focusing on innovation and reform to enhance operational quality and core capabilities, with a public fund scale of 247.3 billion yuan [6] - The company has successfully launched its first ETF product and is enhancing its investment research capabilities through a multi-strategy approach, ensuring a collaborative investment framework [6] - The company anticipates continued growth and collaboration with investors, emphasizing a commitment to professional service and stable performance in the face of market fluctuations [6]

专题：资本市场大咖2026新春献词：骏马踏春来 驭势稳行启新程 编者按：辞旧迎新，金马贺岁。值此新春佳节，新浪财经特邀公私募领域数十位领军人物，通过镜头与 文字，为投资者送来马年新春祝福。信心如磐，笃行致远。愿这一声声真挚寄语，伴您策马扬鞭，共赴 投资长路。 鑫元基金党委书记、董事长龙艺送来新春祝福。她表示，展望2026，我们期待与大家携手前进，以革故 鼎新的勇气拥抱市场变化，以乘势而上的姿态挖掘投资机遇，以更专业的服务和更稳健的业绩，回馈每 一份信任与托付。春节将至，值此辞旧迎新之际，恭祝大家马年大吉、骏业腾飞、阖家幸福！ 同鑫致远，共赢未来。回首2025，市场跌宕起伏，我们与各位并肩同行，在震荡中坚守价值，在调整中 积蓄力量；展望2026，我们期待与大家携手前进，以革故鼎新的勇气拥抱市场变化，以乘势而上的姿态 挖掘投资机遇，以更专业的服务和更稳健的业绩，回馈每一份信任与托付。 春节将至，值此辞旧迎新之际，恭祝大家马年大吉、骏业腾飞、阖家幸福！ 数据来源：wind。 风险提示：基金有风险，投资需谨慎。本资料仅为宣传材料，不作为任何法律文件。投资有风险，基金 管理人承诺以诚实信用、勤勉尽职的原则管理和运用基金 ...

2026 年 2 月 10 日 行业研究/行业周报 非银行金融行业近一年市场表现 资料来源：常闻 【山证非银行金融】建设金融强国，关 注板块投资价值-【山证非银】行业周报 （20260126-20260201）： 2026.2.5 【山证非银行金融】公募业绩基准出台， 关注板块投资价值-【山证非银】行业周 报（20260119-20260125）： 2026.1.29 分析师： 刘丽 执业登记编码：S0760511050001 电话：0351--8686985 邮箱：liuli2@sxzq.com 孙田田 执业登记编码：S0760518030001 电话：0351-8686900 邮箱：suntiantian@sxzq.com 彭皓辰 执业登记编码：S0760525060001 邮箱：penghaochen@sxzq.com 非银行金融 行业周报（20260202-20260208） 领先大市-A(维持)) 修订发行承销监管指引，关注板块投资价值 投资要点 相关报告： 沪深交易所修订发行承销违规行为监管指引。沪深交易所分别 修订了《发行承销违规行为监管指引》，完善监管标准与违规情形， 提升发行承销监管的规范性 ...

Core Viewpoint - The speech by General Secretary Xi Jinping emphasizes the importance of high-quality financial development in China, outlining a strategic vision for building a financial power that aligns with China's unique characteristics and governance principles [2][3][4]. Group 1: Significance of Xi Jinping's Speech - The speech provides a comprehensive and systematic explanation of the direction, principles, and policies for financial work, enhancing the understanding of the essential laws and development paths of financial work under the leadership of the Communist Party [3][4]. - It highlights the necessity of adhering to the Party's centralized leadership in financial work, ensuring that financial development benefits the people and aligns with China's national conditions [3][4]. Group 2: Key Elements of Financial Development - The speech introduces the "Eight Persistences" which encapsulate the fundamental principles of China's financial development path, emphasizing the need for a people-centered approach and the importance of serving the real economy [9][10][30]. - It outlines the "Six Key Core Financial Elements" necessary for building a financial power, stressing that while China is a financial giant, it must transition from being large to strong [29][32]. Group 3: Building a Modern Financial System - The construction of a financial power is described as a complex system project involving six major pillars: financial regulation, markets, institutions, supervision, products and services, and infrastructure [11][32]. - A modern financial system must be adaptable, competitive, and inclusive, requiring a systematic approach to strengthen key areas and ensure balance among various components [11][32]. Group 4: Risk Prevention and Financial Stability - The speech underscores the critical importance of preventing systemic financial risks, which is essential for national security and sustainable development [12][33]. - It emphasizes the need for comprehensive financial regulation and proactive risk management to maintain stability and prevent crises [12][33]. Group 5: Financial Openness and Cultural Development - Expanding high-level financial openness is identified as a key characteristic of a financial power, with a focus on balancing openness with security [14][35]. - The cultivation of a distinctive financial culture that integrates traditional Chinese values with modern financial principles is deemed essential for guiding the industry and fostering ethical practices [15][36]. Group 6: Implementation and Reform - The speech calls for a commitment to implementing the principles outlined, focusing on risk prevention, regulatory strength, and promoting high-quality development [37][38]. - It advocates for reforms in the financial sector, including enhancing the central bank's role and improving the legal framework governing financial activities [40][41].

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the non-bank financial industry [1][27]. Core Insights - The report emphasizes the importance of building a strong financial nation and highlights the investment value within the sector [1][6]. - It discusses the recent developments in regulatory policies aimed at enhancing the quality of the capital market and increasing the proportion of medium- and long-term funds entering the market [3][7]. - The report notes that certain brokerage firms are expected to achieve steady growth in performance through both external and internal development strategies, including exploring overseas business opportunities [3][7]. Market Performance - During the period from January 26 to February 1, major indices showed mixed performance, with the Shanghai Composite Index declining by 0.44% and the CSI 300 Index increasing by 0.08% [3][8]. - The average daily trading volume in A-shares reached 3.11 trillion yuan, reflecting an increase of 11.27% compared to the previous period [3][8]. - The non-bank financial index rose by 1.04%, ranking 7th among 31 primary industries [8]. Key Data Tracking 1) Market Performance and Scale: The report highlights the top-performing stocks, including Yiyaton (5.94%), Huaxin Shares (4.53%), and Jiangsu Jinzu (3.92%), while noting the worst performers such as Yuexiu Capital (-8.00%) and Zhejiang Dongfang (-6.37%) [9][13]. 2) Credit Business: As of January 30, the market had 2,892.27 million pledged shares, accounting for 3.51% of the total share capital, with a margin balance of 2.72 trillion yuan, reflecting a decrease of 0.30% [13][15]. 3) Fund Issuance: In December 2025, new fund issuance totaled 52.195 billion shares, with a decrease of 1.62% in the number of funds issued [13][16]. 4) Investment Banking: The report states that the equity underwriting scale in December 2025 was 70.318 billion yuan, with IPO amounts at 31.412 billion yuan and refinancing amounts at 38.906 billion yuan [13][16]. 5) Bond Market: The total price index of bonds decreased by 2.22% compared to the beginning of 2025, with the 10-year government bond yield at 1.81%, up by 20.35 basis points [13][16]. Regulatory Policies and Industry Dynamics - The report discusses recent regulatory actions to standardize public fund sales and enhance supervision of fund marketing practices [20]. - It mentions the expansion of strategic investors in the refinancing of listed companies, aimed at facilitating long-term capital entry into the market [20][22].

▶ 建设金融强国，习近平总书记这样部署 金融是国民经济的血脉，是国家核心竞争力的重要组成部分。我国虽然已是金融大国，银行体量、外汇 储备等指标世界第一，债市、股市规模世界第二，保险规模也名列前茅，但总体上大而不强。加快建设 金融强国是全面建成社会主义现代化强国、推动高质量发展的必然要求。 ▶ 李强在山东调研 党的十八大以来，在以习近平同志为核心的党中央集中统一领导下，各方凝心聚力、通力合作，京津冀 协同发展成效显著、成果丰硕。编制实施《规划》是新起点上深入推进京津冀协同发展战略的重大举 措，对进一步优化提升首都功能、打造区域高质量发展增长极、推进中国式现代化建设具有重要意义。 中共中央政治局常委、国务院总理李强2月2日在山东调研。他强调，要深入贯彻习近平总书记关于做好 今年和"十五五"时期经济社会发展工作的重要指示精神，坚持远近结合，抓好开局起步，靠前发力实施 各项政策，坚决把党中央各项决策部署落实到位，更加扎实有效地促发展惠民生增后劲。 ▶ 十四届全国人大常委会第二十次会议2月4日在京举行 十四届全国人大常委会第五十九次委员长会议2日上午在北京人民大会堂举行。会议决定，十四届全国 人大常委会第二十次会议2月 ...

中央金融委员会办公室 中央金融工作委员会在《求是》杂志发文指出，精准务实促进高质量发展。经 济金融共生共荣，只有将金融发展融入经济社会高质量发展大局中，才能实现金融自身的高质量发展。 要优化宏观调控，继续实施适度宽松的货币政策，把促进经济稳定增长、物价合理回升作为货币政策的 重要考量。要提升服务质效，顺应"十五五"时期高质量发展的战略需要、阶段特征和结构特点，切实加 强对重大战略、重点领域和薄弱环节的金融支持，做好金融"五篇大文章"，优化对扩大内需、科技创 新、中小微企业的金融供给质量，促进稳就业、稳企业、稳市场、稳预期。要加强预期管理，强化金融 政策与财政、产业等政策协调配合，打好"组合拳"，形成同向合力、放大政策效能、提振社会信心。 ...

建设金融强国 习近平总书记这样部署 新华社国内部制作 新华社第一工作室出品 新华社北京2月1日电 题：建设金融强国，习近平总书记这样部署 新华社记者吴雨 2月1日出版的第3期《求是》杂志，发表了习近平总书记重要文章《走好中国特色金融发展之路， 建设金融强国》。这篇重要文章，是习近平总书记2024年1月16日在省部级主要领导干部推动金融高质 量发展专题研讨班上讲话的节录。 金融是国民经济的血脉，是国家核心竞争力的重要组成部分。我国虽然已是金融大国，银行体量、 外汇储备等指标世界第一，债市、股市规模世界第二，保险规模也名列前茅，但总体上大而不强。加快 建设金融强国是全面建成社会主义现代化强国、推动高质量发展的必然要求。 习近平总书记对金融强国建设的部署深谋远虑、一以贯之。2023年10月召开的中央金融工作会议 上，习近平总书记首次明确提出加快建设金融强国的宏伟目标，将金融工作上升到更高的战略高度。 2024年1月，在省部级主要领导干部推动金融高质量发展专题研讨班开班式上，习近平总书记对金 融强国建设的科学内涵和目标任务作了系统深刻阐述，明确了实践路径与方向。 2025年10月，党的二十届四中全会对"十五五"时期加 ...

习近平总书记以宏阔的战略视野和深刻的历史洞察，系统阐明了金融工作的道路方向、重要方针、原则立场，对做好金融工作具有重大 而深远的指导意义。 把我们党对金融工作本质规律和发展道路的认识提升到了新高度。 我们党历来高度重视金融工作，在领导中国革命、建设、改革的长期 实践中，不断深化对金融作用和地位的认识。党的十八大以来，在以习近平同志为核心的党中央领导下，金融实践创新、理论创新、制 度创新持续推进，金融事业发展取得新的重大成就。在这一过程中，我们对金融本质的把握以及对金融发展规律的认识也得到进一步深 化。我们愈发深刻认识到，我国金融事业是中国共产党领导下的金融事业，归根结底要造福人民；我们的金融发展道路既遵循现代金融 习近平总书记在2024年1月省部级主要领导干部推动金融高质量发展专题 研讨班开班式上发表重要讲话，以马克思主义政治家、思想家、战略家的 深刻洞察力、敏锐判断力，从历史和现实相贯通、国际和国内相关联、理 论和实际相结合的宽广视角，就推动我国金融高质量发展的重大理论和实 践问题作出全面、系统、深入阐述。必须深入学习领会习近平总书记重要 讲话精神，从政治和全局的高度坚决抓好贯彻落实。 锚定建设金融强国目标 ...