1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints of the Report - Since 2026, the continuous improvement of the stock market is the result of the joint action of factors such as the resonance of the technology cycle, the release of policy dividends, the improvement of economic recovery, and the return of overseas funds. In February, the overall situation is still expected to continue the phased positive 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 main lines such as AI and overseas expansion 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 approaching of the Spring Festival holiday, there may be large fluctuations in overseas capital markets during the holiday, especially geopolitical risks, and potential disturbances need to be vigilant [2]. 3. Summary According to Relevant Catalogs 3.1 Stock Index Futures Market - **IF Contracts**: The previous two - day closing prices of IF contracts (current month, next month, next quarter, and far - quarter) were 4657.60, 4653.00, 4625.00, and 4576.20 respectively, and the previous day's closing prices were 4698.80, 4693.60, 4665.00, and 4611.00 respectively. The price increases were 45.00, 42.40, 37.60, and 32.00 respectively, and the corresponding price increase rates of the CSI 300 were 0.97, 0.91, 0.81, and 0.70 respectively. The trading volumes were 20774.00, 65238.00, 17565.00, and 7368.00 respectively, and the positions were 31278.00, 159248.00, 75130.00, and 27954.00 respectively. The changes in positions were - 4353.00, - 11006.00, - 1529.00, and - 546.00 respectively [1]. - **IH Contracts**: The previous two - day closing prices of IH contracts (current month, next month, next quarter, and far - quarter) were 3032.80, 3033.00, 3025.20, and 2999.80 respectively, and the previous day's closing prices were 3071.60, 3071.80, 3065.80, and 3036.80 respectively. The price increases were 41.60, 42.20, 42.00, and 38.00 respectively, and the corresponding price increase rates of the SSE 50 were 1.37, 1.39, 1.39, and 1.27 respectively. The trading volumes were 9444.00, 33658.00, 6464.00, and 3162.00 respectively, and the positions were 13571.00, 59111.00, 23822.00, and 10060.00 respectively. The changes in positions were - 2214.00, - 3666.00, - 1910.00, and - 151.00 respectively [1]. - **IC Contracts**: The previous two - day closing prices of IC contracts (current month, next month, next quarter, and far - quarter) were 8295.80, 8282.00, 8189.60, and 8095.00 respectively, and the previous day's closing prices were 8321.00, 8313.60, 8216.00, and 8105.00 respectively. The price increases were 36.40, 40.40, 33.00, and 22.00 respectively, and the corresponding price increase rates of the CSI 500 were 0.44, 0.49, 0.40, and 0.27 respectively. The trading volumes were 29003.00, 100543.00, 37249.00, and 14601.00 respectively, and the positions were 36698.00, 145579.00, 95513.00, and 40043.00 respectively. The changes in positions were - 4487.00, - 5519.00, 1217.00, and - 542.00 respectively [1]. - **IM Contracts**: The previous two - day closing prices of IM contracts (current month, next month, next quarter, and far - quarter) were 8213.00, 8183.00, 8031.00, and 7885.80 respectively, and the previous day's closing prices were 8230.00, 8203.40, 8045.20, and 7888.60 respectively. The price increases were 19.20, 12.60, 10.60, and 8.20 respectively, and the corresponding price increase rates of the CSI 1000 were 0.23, 0.15, 0.13, and 0.10 respectively. The trading volumes were 38126.00, 136596.00, 37630.00, and 16012.00 respectively, and the positions were 54982.00, 186743.00, 108653.00, and 53144.00 respectively. The changes in positions were - 3669.00, - 2801.00, 2692.00, and 1782.00 respectively [1]. - **Inter - month Spreads**: The current values of the inter - month spreads of IF, IH, IC, and IM contracts were - 5.20, 0.20, - 7.40, and - 26.60 respectively, and the previous values were - 4.60, 0.20, - 13.80, and - 30.00 respectively [1]. 3.2 Stock Index Spot Market - **CSI 300 Index**: The previous value of the index was 4698.68, the trading volume was 264.88 billion lots, and the total trading amount was 6360.19 billion yuan. The previous two - day value was 4660.11, the trading volume was 265.55 billion lots, and the total trading amount was 6666.27 billion yuan. The price increase rate was 0.83 [1]. - **SSE 50 Index**: The previous value of the index was 3069.24, the trading volume was 61.04 billion lots, and the total trading amount was 1698.82 billion yuan. The previous two - day value was 3034.58, the trading volume was 64.83 billion lots, and the total trading amount was 1927.80 billion yuan. The price increase rate was 1.14 [1]. - **CSI 500 Index**: The previous value of the index was 8299.06, the trading volume was 268.86 billion lots, and the total trading amount was 5018.87 billion yuan. The previous two - day value was 8286.70, the trading volume was 272.23 billion lots, and the total trading amount was 5432.64 billion yuan. The price increase rate was 0.15 [1]. - **CSI 1000 Index**: The previous value of the index was 8207.12, the trading volume was 316.46 billion lots, and the total trading amount was 5162.15 billion yuan. The previous two - day value was 8209.10, the trading volume was 299.22 billion lots, and the total trading amount was 5257.60 billion yuan. The price increase rate was - 0.02 [1]. - **Industry Indexes**: Different industries had different price increase rates. For example, the energy industry had a price increase rate of 4.80%, the raw materials industry had a rate of 0.66%, the industrial industry had a rate of 2.79%, and the optional consumer industry had a rate of 1.64%. The main consumer industry had a rate of 2.73%, the pharmaceutical and healthcare industry had a rate of 1.19%, the real estate and finance industry had a rate of 1.46%, and the information technology industry had a rate of - 1.89%. The telecommunications business industry had a rate of - 3.29%, and the public utilities industry had a rate of 1.38 [1]. 3.3 Futures - Spot Basis - **IF Contracts and CSI 300**: The previous values of the basis of IF contracts (current month, next month, next quarter, and far - quarter) relative to the CSI 300 were 0.12, - 5.08, - 33.68, and - 87.68 respectively, and the previous two - day values were - 2.51, - 7.11, - 35.11, and - 83.91 respectively [1]. - **IH Contracts and SSE 50**: The previous values of the basis of IH contracts (current month, next month, next quarter, and far - quarter) relative to the SSE 50 were 2.36, 2.56, - 3.44, and - 32.44 respectively, and the previous two - day values were - 1.78, - 1.58, - 9.38, and - 34.78 respectively [1]. - **IC Contracts and CSI 500**: The previous values of the basis of IC contracts (current month, next month, next quarter, and far - quarter) relative to the CSI 500 were 21.94, 14.54, - 83.06, and - 194.06 respectively, and the previous two - day values were 9.10, - 4.70, - 97.10, and - 191.70 respectively [1]. - **IM Contracts and CSI 1000**: The previous values of the basis of IM contracts (current month, next month, next quarter, and far - quarter) relative to the CSI 1000 were 22.88, - 3.72, - 161.92, and - 318.52 respectively, and the previous two - day values were 3.90, - 26.10, - 178.10, and - 323.30 respectively [1]. 3.4 Other Domestic and Overseas Indexes - **Domestic Indexes**: The previous values of the Shanghai Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, and ChiNext Index were 4102.20, 14156.27, 8526.31, and 3311.51 respectively, and the previous two - day values were 4067.74, 14127.11, 8524.43, and 3324.89 respectively. The price increase rates were 0.85%, 0.21%, 0.02%, and - 0.40% respectively [1]. - **Overseas Indexes**: The previous values of the Hang Seng Index, Nikkei 225, S&P 500, and DAX Index were 26847.32, 54293.36, 6882.72, and 24603.04 respectively, and the previous two - day values were 26834.77, 54720.66, 6917.81, and 24780.79 respectively. The price increase rates were 0.05%, - 0.78%, - 0.51%, and - 0.72% respectively [1]. 3.5 Macro Information - President Xi Jinping had a phone call with US President Trump, emphasizing the importance of the Taiwan issue and asking the US to handle the issue of arms sales to Taiwan carefully. He also had a video meeting with Russian President Putin, stating that China and Russia should promote the international community to adhere to fairness and justice and maintain global strategic stability [2]. - The central bank deployed key work in the credit market in 2026, requiring continuous improvement of high - quality financial services for major strategies, key areas, and weak links, and strengthening financial support in the consumption field, focusing on supporting key areas such as expanding domestic demand, scientific and technological innovation, and small and medium - sized enterprises [2]. - The EU Commission launched an in - depth investigation into Chinese wind power enterprises under the "Foreign Subsidies Regulation". The Ministry of Commerce responded that the investigation was discriminatory, and China would take necessary measures to safeguard the legitimate rights and interests of Chinese enterprises [2]. 3.6 Industry Information - The Minister of Housing and Urban - Rural Development, Ni Hong, said that efforts should be made to meet the basic housing needs of young people, develop affordable rental housing, public rental housing, and affordable housing for sale, and increase the area of affordable housing according to the needs of multi - child families [2]. - According to data from the China Index Academy, in January, 20 cities had a total of 118,000 second - hand housing transactions, a slight month - on - month decrease of 3.1% and a year - on - year increase of 15.3%. However, the market still had prominent structural contradictions and obvious differentiation between new and second - hand housing [2]. - During the "15th Five - Year Plan" period, China will strongly support the innovation and development of the bio - manufacturing industry, and promote the transformation of the pharmaceutical industry from "follow - up innovation" to "systematic innovation". In 2026, attention will be paid to frontier technology fields such as new drug targets and mechanisms, AI - driven drug R & D, and cell and gene therapy, and efforts will be made to accelerate the launch of new and good drugs [2]. - The Ministry of Culture and Tourism and the National Fire and Rescue Bureau issued a notice to clarify the fire safety standards for new - type performance venues and optimize the performance approval process to promote the healthy and orderly development of new - type performance venues [2].

1. Report Industry Investment Rating - Not mentioned in the report 2. Core View of the Report - The continuous improvement of the stock market in 2026 is the result of the resonance of the technology cycle, the release of policy dividends, the recovery of the economy, and the return of overseas funds. In February, the market is expected to continue its phased upward trend, benefiting from the "Spring Market" window period, the release of policy dividends at the beginning of the "15th Five-Year Plan", clear profit expectations for AI and overseas expansion themes, seasonal recovery in the consumer sector, and the implementation of investment projects. However, potential disturbances from overseas capital market fluctuations during the Spring Festival holiday, especially geopolitical risks, need to be watched out for [2] 3. Summary by Relevant Catalogs 3.1 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 4582.20, 4577.40, 4540.00, and 4491.80 respectively, with declines of -136.20, -142.20, -167.60, and -170.60 and drops of -2.89%, -3.01%, -3.56%, and -3.66%. The trading volumes were 34422.00, 110802.00, 33589.00, and 12595.00, and the open interests were 37542.00, 174613.00, 75115.00, and 26611.00, with decreases of -2648.00, -11760.00, -4210.00, and -145.00 [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 3032.80, 3033.00, 3025.20, and 2999.80 respectively, with increases of 26.00, 27.40, 34.80, and 34.20 and rises of 0.86%, 0.91%, 1.16%, and 1.15%. The trading volumes were 11671.00, 39958.00, 7948.00, and 4357.00, and the open interests were 15785.00, 62777.00, 25732.00, and 10211.00, with changes of -1198.00, -3469.00, -199.00, and 67.00 [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 7951.00, 7903.20, 7765.20, and 7647.00 respectively, with declines of -434.60, -475.20, -558.00, and -593.00 and drops of -5.18%, -5.67%, -6.70%, and -7.20%. The trading volumes were 43997.00, 151002.00, 69294.00, and 24711.00, and the open interests were 43403.00, 153481.00, 93095.00, and 38790.00, with changes of -3591.00, -10216.00, -7752.00, and 869.00 [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 8213.00, 8183.00, 8031.00, and 7885.80 respectively, with increases of 223.00, 228.20, 251.40, and 251.80 and rises of 2.79%, 2.87%, 3.23%, and 3.30%. The trading volumes were 44819.00, 150161.00, 42375.00, and 20281.00, and the open interests were 58651.00, 189544.00, 105961.00, and 51362.00, with changes of -2382.00, -5304.00, -1872.00, and 826.00 [1] - **Inter - month Spreads**: The current inter - month spreads of IF (next month - current month), IH (next month - current month), IC (next month - current month), and IM (next month - current month) were -4.80, 0.20, -47.80, and -30.00 respectively, compared with the previous values of 1.00, 0.60, -14.80, and -38.20 [1] 3.2 Stock Index Spot Market - **CSI 300 Index**: The previous day's index points were 4660.11, with a trading volume of 265.55 billion lots and a total trading value of 6666.27 billion yuan, showing a 1.18% increase [1] - **SSE 50 Index**: The previous day's data showed a decline of -2.07%, but specific index points, trading volume, and total trading value were not fully presented [1] - **CSI 500 Index**: The previous day's index points were 8286.70, with a trading volume of 272.23 billion lots and a total trading value of 5432.64 billion yuan, showing a 3.11% increase [1] - **CSI 1000 Index**: The previous day's index points were 8209.10, with a trading volume of 299.22 billion lots and a total trading value of 5257.60 billion yuan, showing a 2.93% increase [1] - **CSI 300 Industry Index**: Different industries had varying changes. For example, energy, raw materials, industry, and optional consumption decreased by -4.44%, -7.74%, -0.96%, and -1.14% respectively; major consumption, medical and health, real - estate finance, and information technology changed by 1.12%, -2.05%, -0.53%, and -2.85% respectively; telecommunications services and public utilities decreased by -3.36% and -0.81% respectively [1] 3.3 Futures - Spot Basis - **IF Contracts and CSI 300**: The previous two days' values of the basis for IF (current month - CSI 300), IF (next month - CSI 300), IF (next quarter - CSI 300), and IF (the quarter after next - CSI 300) were -23.78, -28.58, -65.98, and -114.18 respectively [1] - **IH Contracts and SSE 50**: The previous two days' values of the basis for IH (current month - SSE 50), IH (next month - SSE 50), IH (next quarter - SSE 50), and IH (the quarter after next - SSE 50) were 0.46, 1.06, -17.14, and -39.54 respectively [1] - **IC Contracts and CSI 500**: The previous values of the basis for IC (current month - CSI 500), IC (next month - CSI 500), IC (next quarter - CSI 500), and IC (the quarter after next - CSI 500) were -65.43, -103.63, -273.83, and -426.83 respectively [1] - **IM Contracts and CSI 1000**: Specific basis data was not fully presented [1] 3.4 Other Domestic and Overseas Indexes - **Domestic Indexes**: The previous day's values of the Shanghai Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, and ChiNext Index were 4067.74, 14127.11, 8524.43, and 3324.89 respectively, showing increases compared to the previous two days [1] - **Overseas Indexes**: The previous day's values of the Hang Seng Index, Nikkei 225, S&P 500, and DAX Index were 26834.77, 54720.66, 6917.81, and 24781.38 respectively, with changes of 0.22%, 3.92%, -0.84%, and -0.07% respectively [1] 3.5 Macroeconomic Information - The first central government's No. 1 Document of the "15th Five - Year Plan" was released on February 3, aiming to promote rural revitalization and modernize agriculture [2] - The central bank will conduct an 800 - billion - yuan 3 - month repurchase operation on February 4, with an additional 100 billion - yuan roll - over, the first increase in the past four months. The net investment in treasury bond trading in the open market in January was 100 billion yuan [2] - The State - owned Assets Supervision and Administration Commission emphasized the development of strategic emerging industries and future industries and the transformation and upgrading of traditional industries in central enterprises [2] - Thirty provinces have set their GDP growth targets for 2026, with many large economic provinces aiming for over 5%. Shanghai aims for about 5% GDP growth and plans to implement major industrial projects in the fields of integrated circuits and artificial intelligence [2] - In January, the sales volume of 6 types of household appliances and 4 types of digital and intelligent products exceeded 15 million units, with sales of nearly 59 billion yuan. The offline sales of home appliance trade - ins and new digital and intelligent product purchases accounted for nearly 80%, a year - on - year increase of about 20% [2] 3.6 Industry Information - The Ministry of Industry and Information Technology emphasized the need to strengthen technological supply for future industries, promote breakthroughs in 6G, quantum technology, brain - computer interfaces, and embodied intelligence, and establish a policy system for cultivating future industries [2] - Eight departments jointly issued guidelines for the safe cross - border transfer of automobile data to improve data security protection [2] - The Central Cyberspace Affairs Commission formulated a negative list for algorithms of life - service platforms, requiring relevant platforms to develop implementation plans [2] - Domestic refined oil retail prices increased for the second consecutive time. Starting from 24:00 on February 3, gasoline and diesel retail prices per ton increased by 205 yuan and 195 yuan respectively [2]

Industry Investment Rating - The industry investment rating is Neutral, maintained [1] Core Insights - The report highlights a "general increase with differentiation" in the performance of listed securities firms, with a median year-on-year net profit growth rate exceeding 60% for 26 firms. Leading firms like CITIC Securities and Guotai Junan achieved growth rates of 38.5% and 111%-115% respectively, supported by comprehensive, international, and merger integration advantages. Smaller firms showed even higher growth rates due to low base effects and unique business breakthroughs [4][16] - The report notes that despite strong fundamentals, the securities sector underperformed last week, with the Shenwan Securities II Index declining by 0.68%, lagging behind the CSI 300 Index by 0.77 percentage points. Current valuations remain significantly behind the pace of profit recovery [4][10] - The report emphasizes that the current market liquidity is abundant, with the SHIBOR 3M rate stable at a historical low of 1.59%. The A-share market remains active, with an average daily trading volume of 3.70 trillion yuan, reflecting a 7.63% increase compared to the previous week [5][21] Summary by Sections 1. Performance of Listed Companies - The report indicates that the securities industry experienced widespread high growth in 2025, driven by a favorable capital market environment, core business synergy, and policy resonance. The head firms benefited from scale effects and comprehensive service capabilities, while smaller firms achieved aggressive growth through mergers and unique business focuses [16][17] 2. Industry Fundamentals Tracking 2.1 SHIBOR 3M Rate - The SHIBOR 3M rate was reported at 1.59% as of January 30, 2026, indicating a stable and abundant liquidity environment [5][20] 2.2 Stock Fund Trading Volume - The average daily trading volume of A-share stock funds reached approximately 37,040 billion yuan, reflecting a significant increase of about 7.63% compared to the previous week [21][22] 2.3 Margin Trading Situation - The margin trading balance was reported at 27,393.63 billion yuan, maintaining a historical high level. The balance fluctuated slightly but remained above 27 trillion yuan [24][23] 2.4 Bond Market Index and Trading Volume - The bond market showed a "trading cooling, index rising" pattern, with a daily average trading volume of 30,927.60 billion yuan, reflecting a slight increase of about 3% compared to the previous week [27][28] 2.5 Stock-Bond Spread - The average yield of 10-year government bonds was reported at 1.82%, showing a slight decrease, while the stock-bond spread remained stable at an average of 4.90% [29][30] 3. Market Review - The Shenwan Securities II Index underperformed the CSI 300 Index, ranking 12th among 31 first-level industries. The report notes that the securities sector's performance over the past year was significantly lower than that of the CSI 300 Index [31][33]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - Since 2026, the continuous improvement of the stock market is the result of the combined action of four factors: the resonance of the technology cycle, the release of policy dividends, the economic recovery, and the return of overseas funds. The market has gradually shifted from being dominated by valuation expansion to a new stage driven by profitability. It is expected that in 2026, supply - side reforms will continue, pushing up the prices of bulk commodities and driving up resource - based stocks. Under the strategic guidance of the "15th Five - Year Plan", with the continuous release of policy effects, the further enhancement of economic recovery momentum, and the continuous progress of overseas funds allocating Chinese assets, the stock market is expected to continue its upward trend in a volatile manner [2] 3. Summary by Relevant Catalogs 3.1 Stock Index Futures Market - **IF Contracts**: The previous day's closing prices of IF contracts (current month, next month, next quarter, and far - quarter) were 4710.00, 4711.00, 4699.80, and 4655.00 respectively, with price drops of - 56.60, - 63.00, - 61.60, and - 60.60 and percentage drops of - 1.19%, - 1.32%, - 1.29%, and - 1.29%. The trading volumes were 30941.00, 108273.00, 29303.00, and 10684.00 respectively, and the open interests were 40190.00, 186373.00, 79325.00, and 26756.00 respectively, with increases of 712.00, 1489.00, 3407.00, and 3479.00 [1] - **IH Contracts**: The previous day's closing prices of IH contracts (current month, next month, next quarter, and far - quarter) were 3068.20, 3074.00, 3080.00, and 3053.20 respectively, with price drops of - 51.40, - 51.20, - 48.40, and - 51.40 and percentage drops of - 1.65%, - 1.64%, - 1.55%, and - 1.66%. The trading volumes were 14721.00, 48327.00, 9614.00, and 4387.00 respectively, and the open interests were 16154.00, 70443.00, 26626.00, and 9143.00 respectively, with decreases of - 2163.00, - 3226.00, - 393.00, and - 81.00 [1] - **IC Contracts**: The previous day's closing prices of IC contracts (current month, next month, next quarter, and far - quarter) were 8377.20, 8362.40, 8300.00, and 8210.00 respectively, with price drops of - 166.40, - 176.60, - 191.20, and - 191.40 and percentage drops of - 1.95%, - 2.07%, - 2.25%, and - 2.28%. The trading volumes were 36443.00, 137793.00, 56729.00, and 17220.00 respectively, and the open interests were 46994.00, 163697.00, 100847.00, and 37921.00 respectively, with changes of 625.00, - 7265.00, - 13.00, and 2280.00 [1] - **IM Contracts**: The previous day's closing prices of IM contracts (current month, next month, next quarter, and far - quarter) were 8282.40, 8260.60, 8143.80, and 7996.60 respectively, with price drops of - 70.80, - 69.60, - 60.40, and - 55.80 and percentage drops of - 0.85%, - 0.84%, - 0.74%, and - 0.69%. The trading volumes were 41174.00, 167342.00, 47656.00, and 19670.00 respectively, and the open interests were 58272.00, 191798.00, 111274.00, and 47496.00 respectively, with changes of - 614.00, - 4571.00, - 482.00, and 2912.00 [1] - **Inter - month Spreads**: The current values of inter - month spreads for IF (next month - current month), IH (next month - current month), IC (next month - current month), and IM (next month - current month) were 1.00, 5.80, - 14.80, and - 21.80 respectively, with previous values of 9.40, 6.20, - 13.60, and - 22.40 [1] 3.2 Stock Index Spot Market - **Index Points and Trading Data**: The previous values of the CSI 300, SSE 50, CSI 500, and CSI 1000 indexes were 4706.34, 3066.50, 8370.52, and 8254.86 respectively, with percentage drops of - 1.00%, - 1.43%, - 1.73%, and - 0.93%. The trading volumes (in billions of lots) were 319.79, 79.01, 328.95, and 364.92 respectively, and the total trading amounts (in billions of yuan) were 7505.65, 2222.33, 6004.97, and 5967.49 respectively [1] - **Industry Indexes**: Among different industries, the energy industry had a 0.39% increase, the raw materials industry had a - 6.32% decrease, the industrial industry had a - 0.26% decrease, the optional consumption industry had a - 1.04% decrease, the major consumption industry had a - 2.75% decrease, the medical and health industry had a - 1.42% decrease, the real estate and finance industry had a - 0.98% decrease, the information technology industry had a 0.19% increase, the telecommunications business industry had a 3.90% increase, and the public utilities industry had a 0.44% increase [1] 3.3 Futures - Spot Basis - The previous values of the basis for IF (current month - CSI 300), IF (next month - CSI 300), IF (next quarter - CSI 300), and IF (far - quarter - CSI 300) were 3.66, 4.66, - 6.54, and - 51.34 respectively, with previous two - day values of 20.73, 30.13, 17.73, and - 26.87 [1] - The previous values of the basis for IH (current month - SSE 50), IH (next month - SSE 50), IH (next quarter - SSE 50), and IH (far - quarter - SSE 50) were 1.70, 7.50, 13.50, and - 13.30 respectively, with previous two - day values of 13.29, 19.49, 21.69, and - 2.31 [1] - The previous values of the basis for IC (current month - CSI 500), IC (next month - CSI 500), IC (next quarter - CSI 500), and IC (far - quarter - CSI 500) were 6.68, - 8.12, - 70.52, and - 160.52 respectively, with previous two - day values of 13.36, - 0.24, - 54.84, and - 143.84 [1] - The previous values of the basis for IM (current month - CSI 1000), IM (next month - CSI 1000), IM (next quarter - CSI 1000), and IM (far - quarter - CSI 1000) were 27.54, 5.74, - 111.06, and - 258.26 respectively, with previous two - day values of 19.19, - 3.21, - 132.61, and - 284.21 [1] 3.4 Other Domestic and Overseas Indexes - **Domestic Indexes**: The previous values of the SSE Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, and ChiNext Index were 4117.95, 14205.89, 8547.18, and 3346.36 respectively, with percentage changes of - 0.96%, - 0.66%, - 1.34%, and 1.27% [1] - **Overseas Indexes**: The previous values of the Hang Seng Index, Nikkei 225, S&P 500, and DAX Index were 27387.11, 53322.85, 6939.03, and 24538.81 respectively, with percentage changes of - 2.08%, - 0.10%, - 0.43%, and 0.94% [1] 3.5 Macroeconomic Information - The State Taxation Administration adjusted the criteria for determining the VAT threshold for natural persons. The threshold for each (daily) sale increased from 500 yuan to 1000 yuan, and 6 specific situations will directly apply the monthly sales threshold of 100,000 yuan [2] - This week, there are many important events in the global market. Domestically, the first annual report of 2025 in the Shanghai Stock Exchange will be released, multiple industrial conferences will be held, and China's foreign exchange and gold reserve data for January will be announced. Internationally, PMI data for January in many European and American countries, the US non - farm payrolls report will be released, the European Central Bank and the Bank of England will announce interest rate decisions, the Japanese House of Representatives election will be held, and technology giants such as Google and Amazon will release their latest financial reports. Additionally, the CME will raise the trading margins for gold and silver futures, and the SHFE will follow suit. The "AI war" is intensifying [2] - US President Trump stated that the relationship between the US and Venezuela is good, and the two sides will "share" oil revenues. Regarding Cuba, he said that Cuba may seek negotiations with the US. Negotiations on Greenland have started and are basically agreed upon. He also mentioned that Iran is having "serious" talks with the US and hopes to reach an acceptable agreement [2] - OPEC+ members agreed to maintain the policy of suspending production increases, keeping oil production unchanged in March. The Organization of the Petroleum Exporting Countries stated that eight OPEC+ members reaffirmed their commitment to market stability, with a sound global economic outlook, healthy current oil market fundamentals, and low inventory levels [2] - The Fourth Session of the 14th Shanghai Municipal Political Consultative Conference will open on February 2nd. In the "15th Five - Year Plan" era, "high - end industry leadership", "low - altitude scenario commercialization", and "new AI business models" are hot topics among Shanghai CPPCC members [2] 3.6 Industry Information - In 2025, driven by the trade - in policy, the sales revenues of the household appliance retail industry (such as refrigerators), kitchenware and sanitary ware retail industry (such as gas stoves), and communication equipment retail industry (such as mobile phones) increased by 17.4%, 12.9%, and 18.6% year - on - year respectively. In rural areas, the order volume of household appliances increased by 64% year - on - year, and the number of users increased by 38% [2] - In 2025, China's shipbuilding industry had a new order volume of 107.82 million deadweight tons, accounting for 69% of the global market, and the order backlog at the end of December was 274.42 million deadweight tons, a year - on - year increase of 31.5% and accounting for 66.8% of the global market, reaching a new historical high [2] - In January, most domestic car companies reported year - on - year sales growth. Leapmotor delivered 32,059 vehicles, a 27% increase; Xiaomi delivered over 39,000 vehicles; NIO delivered 27,182 new vehicles, a 96.1% increase; Great Wall Motors sold 90,300 vehicles, an 11.59% increase; Seres' new energy vehicle sales reached 43,034, a 140.33% increase; GAC Group sold 116,600 vehicles, an 18.47% increase; Li Auto delivered 27,668 new vehicles, a decline of over 7% [2] - In January, the average price of second - hand homes in 100 cities was 12,905 yuan per square meter, a 0.85% month - on - month decrease and an 8.67% year - on - year decrease. In the new home market, high - end improved properties were launched in cities such as Chengdu, Shanghai, and Hangzhou, driving a structural month - on - month increase in the average price of new homes in 100 cities [2]

Core Insights - The article emphasizes the importance of immediate action and execution in the context of the Hainan Free Trade Port's development, highlighting a proactive approach to seizing opportunities and addressing challenges [1][2][3] Group 1: Immediate Action and Execution - The government report stresses the need to act swiftly on identified opportunities, showcasing a commitment to high standards in building the Hainan Free Trade Port [1] - It outlines ten key areas of focus for the year, reflecting a deep understanding of national strategies and local conditions, with an emphasis on translating decisions into actionable plans [1][2] Group 2: Accountability and Practicality - The report underscores the significance of responsibility and practical implementation, stating that effective execution is crucial for the success of various initiatives [2] - Each deployment requires targeted efforts and precise strategies to avoid bureaucratic inefficiencies and ensure tangible outcomes [2] Group 3: Proactive Policy Engagement - The article highlights the advantageous policies available for the Hainan Free Trade Port, encouraging proactive engagement with these policies to maximize their benefits [2] - It mentions successful initiatives such as the first cross-border asset management pilot and the launch of a new air route, illustrating the positive outcomes of a proactive approach [2] Group 4: Innovation and Exploration - The need for innovation and a willingness to explore uncharted territories is emphasized, as the development of the Hainan Free Trade Port faces unprecedented challenges [3] - The article advocates for a spirit of exploration and creativity within a legal framework to overcome development obstacles and set new examples for higher levels of openness [3] Group 5: Commitment to Action - The article concludes with a call for a strong commitment to action, emphasizing that maintaining a focus on execution will help navigate challenges and turn development visions into reality [3]

Core Viewpoint - The petrochemical market in China is expected to experience a "weak adjustment and structural differentiation" in Q4 2025 due to falling crude oil prices and capacity release, with most product prices declining year-on-year [1] Group 1: Market Outlook - In Q1 2026, the petrochemical industry may see improvements in supply-demand dynamics and policy benefits, as new capacity enters a lull period and pre-holiday stocking demand increases [1] - Domestic policies aimed at boosting internal demand will continue to be reinforced, contributing to a recovery in terminal demand in sectors such as new energy and infrastructure [1] Group 2: Structural Trends - The market is expected to stop declining and operate strongly, with a continued structural trend of "aromatics being strong and olefins being slightly weak" [1] - Cost support and demand differentiation will jointly drive structural opportunities within the industry [1]

1. Report Industry Investment Rating - There is no information provided about the report industry investment rating in the given content. 2. Core Viewpoints of the Report - The continuous improvement of the stock market since 2026 is the result of the joint action of four factors: the resonance of the technology cycle, the release of policy dividends, the improvement of economic recovery, and the return of overseas funds. Currently, the market has gradually shifted from being dominated by valuation expansion to a new stage driven by earnings. It is expected that in 2026, supply - side reform will continue, pushing up the prices of commodities and driving up the prices of resource - based stocks. Under the strategic guidance of the "15th Five - Year Plan", with the continuous release of various policy effects, the further enhancement of economic recovery momentum, and the continuous progress of overseas funds' allocation of Chinese assets, the stock market is expected to continue its volatile upward trend [2]. 3. Summary According to Relevant Catalogs 3.1 Stock Index Futures Market - **IF Contracts**: The previous day's closing prices of IF contracts (current month, next month, next quarter, and alternate quarter) were 4766.20, 4763.00, 4758.60, and 4715.00 respectively, with declines of - 26.80, - 22.20, - 20.80, and - 21.00 and declines of - 0.56, - 0.46, - 0.44, and - 0.44. The trading volumes were 39504.00, 11881.00, 97329.00, and 24015.00, and the open interests were 43353.00, 18273.00, 184613.00, and 61171.00, with changes in open interests of - 4859.00, 4351.00, 1785.00, and 4163.00 [1]. - **IH Contracts**: The previous day's closing prices of IH contracts (current month, next month, next quarter, and alternate quarter) were 3136.60, 3132.40, 3137.60, and 3128.60 respectively, with declines of - 6.60, - 9.40, - 4.60, and - 6.80 and declines of - 0.21, - 0.30, - 0.15, and - 0.22. The trading volumes were 14480.00, 4204.00, 41076.00, and 7618.00, and the open interests were 14532.00, 5098.00, 57216.00, and 18012.00, with changes in open interests of - 1655.00, 1612.00, 2024.00, and 1155.00 [1]. - **IC Contracts**: The previous day's closing prices of IC contracts (current month, next month, next quarter, and alternate quarter) were 8172.80, 8150.60, 8131.20, and 7985.20 respectively, with declines of - 104.60, - 99.00, - 98.80, and - 89.40 and declines of - 1.26, - 1.20, - 1.20, and - 1.11. The trading volumes were 43150.00, 15560.00, 120900.00, and 32704.00, and the open interests were 40507.00, 31014.00, 171420.00, and 74145.00, with changes in open interests of - 5529.00, 4930.00, 3885.00, and 2850.00 [1]. - **IM Contracts**: The previous day's closing prices of IM contracts (current month, next month, next quarter, and alternate quarter) were 8233.80, 8200.40, 8160.40, and 7960.40 respectively, with declines of - 161.00, - 149.60, - 145.80, and - 135.00 and declines of - 1.92, - 1.79, - 1.76, and - 1.67. The trading volumes were 60818.00, 21828.00, 178731.00, and 43725.00, and the open interests were 54431.00, 39945.00, 207812.00, and 99430.00, with changes in open interests of - 11425.00, 5127.00, - 632.00, and 5511.00 [1]. - **Inter - month Spreads**: The current inter - month spreads of IF, IH, IC, and IM (next month - current month) were - 3.20, - 4.20, - 22.20, and - 33.40 respectively, compared with the previous values of - 8.80, - 2.40, - 15.60, and - 40.80 [1]. 3.2 Stock Index Spot Market - **Major Indexes**: The previous values of the Shanghai - Shenzhen 300, Shanghai 50, CSI 500, and CSI 1000 indexes were 4761.03, 3132.93, 8143.28, and 8203.13 respectively, with declines of - 0.60, - 0.34, - 1.28, and - 1.84. The trading volumes (in billions of lots) were 301.45, 63.16, 364.13, and 454.44, and the total trading amounts (in billions of yuan) were 8010.55, 1888.53, 7352.19, and 8246.52 [1]. - **Industry Indexes**: Among the Shanghai - Shenzhen 300 industry indexes, the energy, raw materials, main consumption, and pharmaceutical sectors had increases of 0.76%, 1.40%, - 0.94%, and 1.65% respectively, while the industrial, optional consumption, real - estate finance, and information technology sectors had declines of - 0.70%, - 1.36%, 0.37%, and - 2.58% respectively [1]. 3.3 Futures - Spot Basis - **IF Contracts and Shanghai - Shenzhen 300**: The previous values of the basis between IF contracts (current month, next month, next quarter, and alternate quarter) and the Shanghai - Shenzhen 300 index were 5.17, 1.97, - 2.43, and - 46.03 respectively, compared with the previous two - day values of - 0.52, - 9.32, - 15.92, and - 54.72 [1]. - **IH Contracts and Shanghai 50**: The previous values of the basis between IH contracts (current month, next month, next quarter, and alternate quarter) and the Shanghai 50 index were 3.67, - 0.53, 4.67, and - 4.33 respectively, compared with the previous two - day values of - 1.94, - 4.34, - 3.54, and - 10.34 [1]. - **IC Contracts and CSI 500**: The previous values of the basis between IC contracts (current month, next month, next quarter, and alternate quarter) and the CSI 500 index were 29.52, 7.32, - 12.08, and - 158.08 respectively, compared with the previous two - day values of 24.67, 9.07, - 12.53, and - 165.73 [1]. - **IM Contracts and CSI 1000**: The previous values of the basis between IM contracts (current month, next month, next quarter, and alternate quarter) and the CSI 1000 index were 30.67, - 2.73, - 42.73, and - 242.73 respectively, compared with the previous two - day values of 38.19, - 2.61, - 45.61, and - 252.21 [1]. 3.4 Other Domestic and Overseas Indexes - **Domestic Indexes**: The previous values of the Shanghai Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, and ChiNext Index were 4138.76, 14169.40, 8730.75, and 3321.89 respectively, with declines of - 0.64%, - 1.37%, - 0.91%, and - 1.96% [1]. - **Overseas Indexes**: The previous values of the DAX index, Hang Seng Index, Nikkei 225, and S&P index had increases of 0.90%, 3.10%, - 0.19%, and 0.06% respectively [1]. 3.5 Macro Information - **US - Iran Tension**: US President Trump cancelled all talks with Iranian officials, and the US State Department asked US citizens to leave Iran immediately. The US Department of Defense officials said Trump had been briefed on military and covert operation options for the Iranian situation, but the White House said diplomacy was the "preferred" option [2]. - **Fed Chairman Issue**: The criminal investigation of Fed Chairman Powell continued to ferment. Many former US financial officials criticized the Trump administration's investigation, and global central bank governors were drafting a statement to support Powell. Trump said Powell exceeded the budget by billions and would announce the next Fed chairman in the coming weeks [2]. - **Trade Threat**: Trump threatened to impose 25% tariffs on countries with business with Iran. The Chinese Foreign Ministry spokesperson said China would firmly safeguard its legitimate rights and interests. Regarding the G7 finance ministers' agreement to reduce rare - earth imports from China, the spokesperson said China's stance on maintaining the stability and security of the global supply chain of key minerals remained unchanged [2]. - **Domestic Policies**: The Ministry of Industry and Information Technology held a symposium on manufacturing enterprises, emphasizing active participation in industry rule - making and self - discipline. Eight departments jointly introduced 14 measures to promote the high - quality development of elderly care services and the silver economy. By the end of 2024, the elderly population over 60 in China reached 310 million, and it is expected to exceed 400 million by 2035, with the silver economy scale expected to exceed 30 trillion yuan [2]. 3.6 Industry Information - **Industrial Internet**: In 2025, the core industrial scale of China's industrial Internet is expected to exceed 1.6 trillion yuan, driving an increase of about 2.5 trillion yuan in industrial added value. The average operating cost of 100 5G factories with global leading levels will be reduced by 19%. The Ministry of Industry and Information Technology deployed the development of industrial Internet platforms, aiming to have over 450 influential platforms, more than 120 million connected industrial devices, and a platform penetration rate of over 55% by 2028 [2]. - **Solar - Grade Polysilicon**: Starting from January 14, anti - dumping duties will continue to be imposed on imported solar - grade polysilicon from the US and South Korea for a period of 5 years [2]. - **Medical Supplies**: The latest batch of national high - value medical supplies procurement is scheduled to open bids on January 14, including 12 types of medical supplies in two categories: drug - coated balloons and urological interventions, with 496 products from 227 enterprises bidding [2].

Core Viewpoint - The A-share market experienced a strong start on the first trading day of 2026, with the Shanghai Composite Index rising by 1.38% and achieving a rare 12 consecutive days of gains, surpassing the 4000-point mark [1] Market Performance - The Shanghai Composite Index, Shanghai 50, and Shenzhen Component Index all saw significant increases, reaching new highs [1] - Total trading volume for the day was 2.57 trillion yuan, an increase of over 500 billion yuan compared to the previous trading day [1] Sector Performance - Sectors such as brain-computer interfaces, insurance, and technology led the gains [1] Economic and Policy Factors - The market's performance is attributed to a combination of improved fundamentals, the release of policy dividends, and the restoration of liquidity, as stated by Huang Fusheng, Vice President and Chief Economist of Zhongyou Securities [1] - Multiple favorable factors, including the appreciation of the yuan, concentrated positive news in the technology sector, improved macroeconomic expectations, and positive signals in the funding environment, are expected to continue driving the A-share market's performance into the new year, according to Xia Fanjie, a strategist at CITIC Securities [1]

Core Insights - The "One Permit, Multiple Entries" policy in Hengqin has shown significant results one year after its implementation, with over 830,000 people using the permit to cross the border into Macau [1][3]. Group 1: Policy Impact - The policy has activated new momentum for integrated development between Hengqin and Macau, with a notable increase in cross-border travel [1]. - As of September 2025, the resident population in the Hengqin Guangdong-Macau Deep Cooperation Zone reached 46,000, a year-on-year increase of 20.4% [3]. - Approximately 60% of eligible residents have successfully applied for the "One Permit, Multiple Entries" permit, indicating a strong alignment between the policy and public demand for cross-border convenience [3]. Group 2: Usage Statistics - The usage of the "One Permit, Multiple Entries" permit has shown a steady growth trend, with monthly crossings increasing from 32,000 in January to over 120,000 in December, representing a growth of over 275% [3]. - Most permit holders travel to Macau at least once a month, with some residents making weekly trips for various purposes such as tourism, shopping, and visiting friends [3]. Group 3: Future Projections - The Hengqin border inspection station anticipates that daily passenger flow during the New Year holiday in 2026 will exceed 100,000, a year-on-year increase of over 30% [4]. - Peak outbound traffic is expected between 9:00 AM and 2:00 PM, while peak inbound traffic will occur from 4:00 PM to 10:00 PM [4].

Group 1 - The A-share real estate sector is experiencing a significant upward trend, with leading companies driving market attention and creating a collaborative growth pattern among various players [1] - Key companies such as Chengjian Development and Hefei Urban Construction have shown strong performance, contributing to the overall market momentum [1] - The trading volume in the sector has notably increased, indicating a clear influx of capital and reflecting market confidence in the resolution of real estate risks and the release of policy benefits [1] Group 2 - In 2025, 21 distressed real estate companies have completed or received approval for debt restructuring, with a total debt reduction scale of 1.2 trillion yuan [2] - Notable cases include Sunac China, which successfully restructured approximately 96 billion USD in offshore debt, and Country Garden's 177 billion USD debt restructuring plan approved by the court [2] - The national housing and urban-rural construction work conference confirmed that the task of ensuring housing delivery has been fully completed, restoring buyer confidence [2] Group 3 - The financing environment for the real estate industry is improving, with bond financing totaling 62.04 billion yuan in November 2025, a year-on-year increase of 28.5% [3] - The total bond financing for the first 11 months of 2025 reached 550.28 billion yuan, reflecting a 10.5% year-on-year growth [3] - Leading real estate companies are gradually breaking through in overseas bond issuance, maintaining low financing costs [3] Group 4 - High-quality real estate development is expected to benefit directly from policy optimization, improved financing, and debt reduction efforts, particularly for companies in high-tier cities [4] - Real estate services are poised to gain from the recovery of industry confidence and the increasing share of second-hand housing transactions [4] - Urban renewal is accelerating, driving demand growth in related industries, with significant increases in special bonds for urban village renovations [4]