为深入探讨湾区财富管理行业的最新动态，展现行业前沿理念与实践，证券时报·券商中国携手深圳市财富管理协会，共同推出"岁末洞见·2026湾区财富 管理高端访谈"专栏，全方位擘画湾区财富管理领域的最新实践与助力行业高质量发展的责任担当。本文为专栏第五篇，敬请垂注！ 进入2026年，全球经济仍在寻找新的平衡点。 一方面，美联储政策周期由紧转松，全球利率中枢下移；另一方面，地缘政治冲突、产业链重构、资源品供需再平衡，使金融市场与大宗商品价格的波动 幅度显著放大。传统股债资产相关性趋同，分散化效果弱化，投资者迫切需要新的风险对冲与收益来源。 在此背景下，期货及衍生品如何在大类资产配置中发挥"危机阿尔法"价值？期货公司又该如何完成从经纪通道向衍生品特色财富管理机构的转型？ 围绕这些问题，券商中国记者在岁末之际专访了平安期货总经理袁建峰，就衍生品的配置价值、期货公司的转型路径、期货资管的差异化竞争、服务实体 经济的创新实践，以及2026年的市场前瞻，进行了深入交流。 期货不是资产，是工具 岁末洞见·2026湾区财富管理高端访谈 编者按： 2026年正处于"十四五"收官、"十五五"时期谋篇的关键节点，也是财富管理行业由"规模扩 ...

阅文集团上市后只有2020、2024年净亏损，恰在这两年阅文都有大额商誉减值。10日晚，$阅文集团(HK0772)发布盈利预警，公司全年净亏损7.5亿至8.5 亿，原因依旧是商誉减值！不过股市炒预期，商誉风险出清后资产质量会大幅提升，反倒是有助于阅文形成基本面向上拐点。 2020年新丽传媒计提40.16亿元商誉减值及3.9亿商标减值。2024年阅文集团再计提新丽传媒11.04亿减值。 01 新丽传媒商誉清零有迹可循，包袱全部出清乃"毕其功于一役" 商誉是企业在并购过程中支付价格超过被购买企业净资产公允价值的部分，反映的是企业品牌、团队、技术等无形资产的超额盈利能力。商誉减值不会损失 现金流，更像是对之前付出收购溢价的集中清算！ 内容精品化趋势下，影视剧制作成本水涨船高，以至于新丽传媒毛利率承压，触发商誉减值。新丽可比公司柠萌影视、稻草熊近年来也陷入盈利困境，现市 值仅为发行市值的十分之一左右，新丽传媒商誉减值的"达摩克利斯之剑"落下只是时间问题。 | | 商譽 | 不競爭協議 | 商標 | 内容版權 | 軟件 | 域名 | 合計 | | --- | --- | --- | --- | --- | --- | ...

华福证券 2026 年 02 月 10 日 金 融 工 程 金 融 工 程 定 期 报 衍生品信号反转，股指升水、波动预期升温——2 月衍生品月报（2026/2） 投资要点： 股指期货 主要股指（沪深 300、上证 50、中证 500 和中证 1000）市场活跃 度 12 月份止住跌势，2026 年 1 月份成交额出现反弹。 告 从贴水比例来看，IF 和 IM 合约由贴水转为升水，显示市场最近 空头力量持续较弱，情绪中性偏乐观。 国债期货 1 月份国债期货小幅震荡， 10 年期国债期货对应隐含收益率为 1.69%，低于现货对应的 1.8%。 从升贴水结构来看，近远月合约价差在 0 附近波动，整体投资者 对于未来债券市场情绪中性偏乐观。 期权市场 1 月份主要指数 VIX 中枢向上提升，市场波动率预期相比之前有 所上升。 期权市场 PCR，上证 50 和沪深 300 指数的 PCR 在 1 月有所下降， PCR 指标显示市场情绪中性偏谨慎。 风险提示 本报告所有分析均基于公开信息，不构成任何投资建议；若市场 环境或政策因素发生不利变化将可能造成行业发展表现不及预期；报 告采用的样本数据有限，存在样本不足以代表整 ...

Core Insights - The Sci-Tech Innovation Board (STAR Market) has become a central battleground for technological innovation in China, with the STAR Composite Index (Sci-Tech Composite Index) launched in early 2025, showcasing a significant annual increase of 46.3% and a cumulative rise of nearly 115% since the "9·24" market rally, outperforming major indices like the Shanghai Composite Index and CSI 300 [1][2]. Market Performance - The STAR Composite Index has demonstrated strong market performance, ranking among the top of major broad-based indices, with a 46.3% increase in 2025 and a cumulative increase of 114.97% since the "9·24" rally [2]. - The number of products linked to the STAR Composite Index has expanded from 12 to 58, with a total scale exceeding 26.6 billion yuan, reflecting increased investor interest and product diversity [2][3]. Product Performance - Most products linked to the STAR Composite Index have achieved positive returns, with over 60% of products yielding more than 20% cumulative returns. Notably, the Jiashi STAR Composite Enhanced Strategy ETF has a cumulative return of 43.19%, leading the pack [3][4]. Index Differentiation - The STAR Composite Index provides comprehensive coverage of both industry leaders and growth potential companies, filling a gap in the representation of the STAR Market's overall ecosystem, unlike the more focused Sci-Tech 50 and Sci-Tech 100 indices [4][5]. - The STAR Composite Index serves as a core allocation anchor for investors looking to gain exposure to the entire STAR Market, while the Sci-Tech 50 and Sci-Tech 100 indices cater to different investment strategies [5][6]. Institutional Interest - The STAR Composite Index is increasingly viewed as a long-term allocation option for institutional investors, such as insurance and pension funds, due to its strategic alignment, long-term return potential, and risk diversification capabilities [6][7]. - The average daily trading volume of leading STAR Composite Index ETFs has reached a significant scale, enhancing liquidity and reducing concerns for institutional investors [6][8]. Future Directions - The future of the STAR Composite Index may involve product innovation and the introduction of derivatives, which could activate the market and attract diverse investor preferences [7][8]. - Suggestions for future developments include creating cross-market ETFs, thematic ETFs based on technology sectors, and implementing systematic investment plans to lower barriers for ordinary investors [7][8].

Group 1: Core Insights - The proposal from the Central Committee emphasizes the need to steadily develop futures, derivatives, and asset securitization as essential measures for establishing a well-structured financial market system and accelerating the construction of a financial powerhouse [1] - The derivatives market in China is projected to exceed 230 trillion yuan in trading volume by 2024, highlighting the importance of derivatives in price discovery and risk management [2] - The current development of the derivatives market in China is lagging, with the daily trading volume of interest rate derivatives being only about 0.8% of the outstanding government bonds, compared to 8%-9% for USD and EUR derivatives [2] Group 2: Derivatives Market Development - To enhance the derivatives market, it is crucial to optimize regulatory approaches, allowing more qualified entities like insurance companies and banks to access derivatives, thus diversifying participants and trading scenarios [3] - Strengthening regulatory capabilities is essential to avoid systemic risks, improve transparency, and enhance regulatory effectiveness [3] - Financial institutions should develop internal management systems tailored to derivatives business characteristics, improve hedge accounting, and build talent in pricing and risk control [3] Group 3: Asset Securitization - Asset securitization plays a vital role in revitalizing existing assets, stabilizing macro leverage ratios, optimizing asset-liability structures, and broadening financing channels [4] - The asset securitization market in China has entered a normalization phase since 2014, with annual issuance reaching around 2 trillion yuan, but faces challenges such as unclear underlying legal relationships and high issuance management costs [4] - There is significant potential for asset securitization to support the real economy, particularly in infrastructure, public utilities, and advanced manufacturing sectors [5] Group 4: Future Directions - The focus should be on serving key areas of the real economy, enhancing innovation in standards, financial products, and policy guidance [5] - It is necessary to improve the legal framework and supporting arrangements for the market, ensuring clear rights and obligations among participants [5] - Diversifying investors and enhancing the secondary market's liquidity are critical for the long-term healthy development of the asset securitization market [5]

Core Viewpoint - The S&P 500 is projected to finish 2026 around $7,500, indicating an 11.5% price upside from the current level of $6,728, along with a dividend yield of over 1% [1] Group 1: Investment Philosophy - The investment philosophy focuses on deep fundamentals, impactful narratives, and Austrian economics [1] - Long-horizon research emphasizes digital assets, macroeconomic factors, and general value opportunities, while short-horizon research targets options and volatility for income generation and hedging [1] Group 2: Market Outlook - The analysis presents a global, long-run macro view as the foundation for investment considerations, suggesting a balanced approach to market conditions [1]

Core Viewpoint - STRC is a variable-rate preferred stock designed to trade around a $100 stated amount, with the board adjusting the dividend monthly to maintain a price range of approximately $99 to $101, currently priced at around $97 [1] Group 1: Investment Philosophy - The investment philosophy focuses on deep fundamentals, impactful narratives, and Austrian economics, with a primary emphasis on a global, long-run macro view for investment considerations [1] - Long-horizon research will concentrate on digital assets, macroeconomic factors, and general value opportunities, while short-horizon research will focus on options and volatility for income generation and hedging [1]

Core Insights - QCP analysis indicates that after a roughly 30% pullback, BTC shows initial signs of rebound, with the Federal Reserve's dovish comments raising the expectation of a rate cut in December to 75% [1] - Market liquidity may be shifting, as derivative data shows that investors have not abandoned bullish bets, with open interest in call options at year-end remaining higher than that of put options, concentrated in the $85K to $200K range [1] - Negative funding rates suggest that long leverage has been cleared, reducing short-term downside risks [1] - Future price movements may depend on upcoming U.S. retail data, core PCE, and ETF fund flows [1]

Core Insights - The book "The Trading Game" by Gary Stevenson highlights the emotional struggles and failures in the financial industry, emphasizing that personal pain is more genuine than the illusion of money [1][11] - Stevenson’s journey from a disadvantaged background to becoming a successful trader at Citibank illustrates the harsh realities of the financial world and the moral dilemmas faced by those who profit from it [4][11] Group 1: Background and Context - Stevenson grew up in a poor area of East London, which shaped his views on wealth and class disparity [3][4] - The 2008 financial crisis served as a pivotal moment for both Stevenson and the broader financial industry, marking the collapse of major institutions like Lehman Brothers [1][3] Group 2: Career Development - Stevenson initially struggled to fit into the competitive environment of London School of Economics, realizing that academic success alone would not secure a high-paying job [5] - He eventually secured an internship at Citibank through a trading game competition, leveraging his unique perspective as someone with nothing to lose [5][7] Group 3: Trading Philosophy and Success - At Citibank, Stevenson specialized in foreign exchange swaps, a role that required predicting economic trends and interest rates [7][10] - His unconventional insights allowed him to capitalize on the financial instability during the European debt crisis, leading to significant profits for the bank [10] Group 4: Moral and Ethical Reflections - Stevenson's success led to a conflict between his background and the lifestyle of the wealthy, resulting in feelings of self-hatred and moral shame [11] - The latter part of the book serves as a confession, revealing the emptiness behind financial success and the need for redemption beyond monetary gain [11]

Core Viewpoint - The Central Committee of the Communist Party of China has released recommendations for the 15th Five-Year Plan, emphasizing the importance of developing direct financing methods such as equity and bonds, and promoting the steady growth of futures, derivatives, and asset securitization [1] Group 1 - The recommendations highlight the need for active development of direct financing methods, including equity and bond markets [1] - There is a focus on the gradual development of futures and derivatives markets [1] - The plan also emphasizes the importance of asset securitization as a means to enhance financial stability and efficiency [1]