节前以震荡为主 关注结构性机会 ——股指周报2026.02.09 数字金融部：李卫红 联系方式：0371-68599157 电子邮箱：liwh_qh@ccnew.com 投资咨询编号：Z0017812 本期观点 | 品种 | 主要逻辑 | 策略建议 | 风险提示 | | --- | --- | --- | --- | | | 1、证监会公布《关于境内资产境外发行资产支持证券代币的监管指引》，自公布之日 | | | | | 起施行。指引所称境内资产境外发行资产支持证券代币是指，以境内资产或相关资产权 | | | | | 利所产生的现金流为偿付支持，利用加密技术及分布式账本或类似技术，在境外发行代 | 操作上，综合来 | | | | | 看，春节前海外 | | | | 币化权益凭证的活动。证监会对境内资产境外发行资产支持证券代币依法依规进行严格 | 扰动偏多、贵金 | | | | 监管。 | 属巨震，叠加资 | | | | 中国人民银行等八部门联合发文，明确虚拟货币相关业务活动属于非法金融活动，境内 | | | | | 一律严格禁止。境内外任何单位和个人未经同意不得在境外发行挂钩人民币的稳定币， | 金的止盈需求 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - On February 6, the overall capital situation was loose, with major repurchase rates declining; the bond market continued its positive trend; the main indices of the convertible bond market closed higher, and most convertible bond issues rose; yields on U.S. Treasuries of various maturities generally increased, and the yields on 10-year government bonds of major European economies showed divergent trends [2] Summary by Directory I. Bond Market News (1) Domestic News - Premier Li Qiang chaired the tenth plenary meeting of the State Council, emphasizing promoting effective investment, using various funds and tools, and promoting major projects in key areas [4] - As of the end of January 2026, China's foreign exchange reserves increased for the 6th consecutive month to $3399.1 billion, and gold reserves increased for 15 consecutive months to 74.19 million ounces. The increase in foreign exchange reserves was due to factors such as exchange rate conversion and asset price changes [5] - Eight departments jointly re - emphasized the ban on virtual currency in China and put forward policy requirements for related businesses [5] - The China Securities Regulatory Commission issued a regulatory guideline for the overseas issuance of asset - backed security tokens of domestic assets to prevent speculation risks [6][7] - The first meeting of the China - UK Financial Working Group was held in Beijing, reaching many practical cooperation results [7] (2) International News - In February 2026, the preliminary reading of the U.S. consumer confidence index was 57.3, higher than the January final value. The short - term inflation expectation dropped to 3.5%, while the long - term inflation expectation rose slightly to 3.4% [8] - The U.S. and India reached a temporary trade framework. The U.S. will impose a 18% tariff on Indian goods, and India will purchase $500 billion of U.S. products in five years [9] - On February 6, international crude oil futures prices rose, with WTI March crude oil futures up 0.41% and Brent April crude oil futures up 0.74%. COMEX gold futures rose 1.96%. The NYMEX natural gas price fell 3.16% [10] II. Capital Situation (1) Open Market Operations - On February 6, the central bank conducted 7 - day reverse repurchase operations of 31.5 billion yuan at an interest rate of 1.40% and 14 - day reverse repurchase operations of 300 billion yuan. With 477.5 billion yuan of reverse repurchases maturing, the net capital withdrawal was 146 billion yuan [12] (2) Capital Interest Rates - On February 6, the capital situation was loose, and major repurchase rates declined. DR001 dropped 4.41bp to 1.275%, and DR007 dropped 2.08bp to 1.461% [13] III. Bond Market Dynamics (1) Interest - rate Bonds - Spot Bond Yield Trends: On February 6, the bond market continued its positive trend. As of 20:00, the yield of the 10 - year Treasury bond active issue 250016 dropped 0.60bp to 1.8020%, and the yield of the 10 - year CDB bond active issue 250220 dropped 1.55bp to 1.9625% [15] - Bond Tendering Situation: The 3 - year 25Jinchujin13 (Increment 10), 1 - year 26Fuxiguozhai01 (Re - issue), and 30 - year 26Fuxiguozhai02 (Re - issue) were issued, with their respective issuance scales, winning bid yields, full - field multiples, and marginal multiples provided [16] (2) Credit Bonds - Secondary Market Transaction Anomalies: On February 6, the trading price of one industrial bond, "23Chanrong11", deviated by more than 10%, falling more than 17% [16] - Credit Bond Events: Multiple companies announced events such as debt repayment issues, mergers and reorganizations, and bond issuance cancellations [19] (3) Convertible Bonds - Equity and Convertible Bond Indices: On February 6, the three major A - share indices fell, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index down 0.25%, 0.33%, and 0.73% respectively. The convertible bond market rose, with the CSI Convertible Bond Index, Shanghai Convertible Bond Index, and Shenzhen Convertible Bond Index up 0.75%, 0.56%, and 1.02% respectively [18][20] - Convertible Bond Tracking: On February 7, Shenergy Co., Ltd.'s convertible bond issuance was approved by the exchange. On February 6, some convertible bonds announced adjustments to conversion prices, early redemptions, or approaching redemption conditions [24] (4) Overseas Bond Markets - U.S. Bond Market: On February 6, yields on U.S. Treasuries of various maturities generally increased. The 2 - year yield rose 3bp to 3.50%, and the 10 - year yield rose 1bp to 4.22%. The 2/10 - year and 5/30 - year yield spreads narrowed by 2bp. The 10 - year inflation - protected Treasury (TIPS) break - even inflation rate rose 2bp to 2.34% [23][25][26] - European Bond Market: On February 6, the yields on 10 - year government bonds of major European economies showed divergent trends. The German, French, and Italian yields rose 1bp, the Spanish yield remained unchanged, and the British yield dropped 5bp [27] - Daily Price Changes of Chinese - funded U.S. Dollar Bonds: As of the close on February 6, the prices of some Chinese - funded U.S. dollar bonds rose or fell, with details on the daily and monthly changes, credit subjects, bond balances, and yields provided [29]