【大河财立方消息】近期黄金价格出现大幅度波动。中信证券明明、余经纬、陈炳丞2月9日发表研报认 为，从基本面来看，是市场对美联储独立性的担忧和伊朗局势的预期出现了变化，驱动黄金价格先快速 上行后大幅震荡下跌。市场的投机性资金也放大了这一趋势变化。 展望美联储政策，中信证券认为市场对新提名的美联储主席凯文·沃什的预期存在过度悲观的可能性。 此外，中信证券还提到，伊朗局势的不确定性仍然较高，或需等待局势尘埃落定后黄金市场波动才会收 敛。 展望2026年全年，中信证券依旧维持对黄金价格的乐观展望，不过也需要关注近期经贸关系扰动。 除了黄金及贵金属外，中信证券认为其他有色金属2026年的牛市行情同样值得期待。 研报中提到，随着黄金市场的牛市继续，贵金属市场乐观情绪可能会扩散到有色金属当中，助推有色板 块的牛市延续。如果中国、美国的基建与制造业领先指标在2026年出现改善，有色金属的市场表现可能 会更加良好。 责编:李文玉 | 审核:李震 | 监审:古筝 研报中提到，凯文·沃什在此前支持美联储缩表的表态打消了市场对美联储独立性的担忧，但也带来了 对美联储数量型货币政策过度紧缩的担忧。 但中信证券认为，目前美国的财政债务状 ...

两大交易所再次出手调整！ 上期所再次调整 镍NI2702、锡SN2702合约的涨跌停板幅度调整为12%，套保持仓交易保证金比例调整为13%，一般持仓交易保证金比例调整为14%； 2月9日，上海期货交易所（以下简称上期所）发布关于调整铜等期货新上市合约交易保证金比例和涨跌停板幅度的通知。 黄金AU2605合约的涨跌停板幅度调整为17%，套保持仓交易保证金比例调整为18%，一般持仓交易保证金比例调整为19%； 白银AG2702合约的涨跌停板幅度调整为20%，套保持仓交易保证金比例调整为21%，一般持仓交易保证金比例调整为22%； 螺纹钢RB2702、热轧卷板HC2702、纸浆SP2702、胶版印刷纸OP2702合约的涨跌停板幅度调整为7%，套保持仓交易保证金比例调整为8%，一般持仓交易 保证金比例调整为9%； 燃料油FU2703、石油沥青BU2702、丁二烯橡胶BR2702合约的涨跌停板幅度调整为9%，套保持仓交易保证金比例调整为10%，一般持仓交易保证金比例 调整为11%。 如遇《上海期货交易所风险控制管理办法》第十三条规定情况，则在上述涨跌停板幅度、交易保证金比例基础上调整。 经研究决定，下述合约上市时起，涨 ...

证券代码：600909 证券简称：华安证券 公告编号：2026-011 华安证券股份有限公司（以下简称"公司"）第四届董事会第三十次会议审议通过了《关于拟增资华富基 金管理有限公司暨关联交易的议案》，详见公司于2026年1月13日披露的《第四届董事会第三十次会议 决议公告》（公告编号：2026-002）和《关于拟增资华富基金管理有限公司暨关联交易的提示性公告》 （公告编号：2026-003）。 近日，华富基金管理有限公司（以下简称"华富基金"）召开股东会2026年第一次会议，审议通过了《关 于增资事宜的议案》。公司与安徽省信用融资担保集团有限公司、合肥兴泰金融控股（集团）有限公 司、华富基金签署完成《关于华富基金管理有限公司之增资协议》，本协议将在中国证监会批准此次股 权变更事宜后生效。 关于增资华富基金管理有限公司暨关联交易进展的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 特此公告。 华安证券股份有限公司董事会 华安证券股份有限公司 2026年2月10日 ...

岁末年初历来是券商研究领域的人事变动高峰期，2026年同样如此。开年以来，有中型券商集中"换 血"，也有头部机构进行布局调整，从各家分析师的流动看，呈现"离职集中、高端集聚、赛道分化"的 特点。据中证协执业信息及公开资料，开年仅一个多月，已有十余名券商分析师发生离职、跳槽或履 新。其中，浙商证券成为人员调整最为集中的机构之一。与此同时，部分头部券商在宏观策略、海外研 究等方向持续加码。业内人士认为，2026年开年的人事变动潮，本质是卖方研究从"规模扩张"向"质量 竞争"转型的阵痛。 对于本轮人事变动，某券业知名分析人士向北京商报记者透露，从过往经验看，分析师在一家券商的任 职时间大多在3—4年，此次开年密集出现人事调整也属正常情况，相关分析师也可能都在探索新的发展 方向。据其分析，本轮调整应属于各家券商研究所正常的更新换代，并非被动调整或其他因素，而时间 上的集中也可能是一种巧合。 两位领军人物现调整 2026年初，券商研究领域人事变动越发频繁。头部券商研究所在跨境研究、宏观策略等关键方向出现人 事调整。北京商报记者注意到，兴业证券原经济与金融研究院联席院长、全球首席策略分析师张忆东已 于今年2月正式加盟国泰 ...

Group 1 - The core viewpoint of the article highlights a significant personnel turnover in the brokerage research sector at the beginning of 2026, characterized by a trend of "concentrated departures, high-end aggregation, and track differentiation" [1][3][6] - Major brokerage firms are adjusting their personnel in key areas such as cross-border research and macro strategy, indicating a shift from "scale expansion" to "quality competition" in sell-side research [3][6][8] - The personnel changes are not isolated incidents but reflect broader pressures within the industry, including the impact of public fund fee reforms and mismatches in incentive mechanisms [6][8] Group 2 - Mid-sized brokerages are experiencing rapid and widespread personnel changes, with over 10 analysts leaving or joining new positions at Zhejiang Securities alone since the beginning of 2026 [4][5] - Notable departures from Zhejiang Securities include top analysts in various sectors, indicating a significant reshuffling of talent within the firm [4][5] - The turnover of core research personnel raises concerns about the stability and adjustment paths of mid-sized brokerages, with analysts typically staying at a firm for 3-4 years [5][6] Group 3 - Zhejiang Securities is simultaneously undergoing talent replenishment and team restructuring, bringing in experienced researchers from other firms to strengthen its capabilities [7][8] - The introduction of analysts with backgrounds in policy research and macro analysis suggests a strategic shift towards a more streamlined and efficient operational model [8][9] - The industry is expected to see a trend towards specialization and structural talent flow, with a growing demand for high-end talent across different sectors [8][9]

Group 1 - The main consensus among multiple brokerage firms is to recommend "holding stocks during the festival," based on historical analysis of the "Spring Festival effect" and current economic expectations, liquidity environment, and risk appetite [2][3] - A review of nearly 20 years of A-share market performance around the Spring Festival indicates a significant "calendar effect," with indices typically starting a trend rebound about five trading days before the festival [2] - The East Wu Securities strategy team explains that the market often experiences a "down then up" pattern due to uncertainties in overseas macro events during the long holiday, leading some funds to exit the market temporarily before the festival [2] Group 2 - The Guangda strategy team believes that the current spring market is promising, with favorable policy and fundamental news expected in the coming months, although a brief period of market correction may occur before the festival [3] - The Huajin Securities strategy team suggests that the risks during the Spring Festival may be limited, citing potential improvements in economic and profit expectations, as well as a possible recovery in real estate sales [3] - The East Wu Securities strategy team highlights the need to focus on overvalued technology sectors and sectors with growth potential, such as energy storage, lithium battery supply chains, and emerging industries related to the "14th Five-Year Plan" [3]

Core Viewpoint - The event held in Hunan aimed to enhance financial risk awareness among residents, particularly vulnerable groups, by integrating traditional cultural elements with modern financial education [1][11]. Group 1: Event Overview - The event took place on February 7, coinciding with the Lunar New Year, and was themed "Ink and Calligraphy Celebrating the New Year, Financial Safety" [1]. - It focused on educating residents about the risks of illegal financial activities, especially during a period of high financial activity and potential scams [3][13]. Group 2: Target Audience and Content - The event specifically targeted elderly individuals and community families, who are often more susceptible to financial fraud [3][13]. - Topics covered included prevalent scams in the areas of elder financial fraud, virtual currency speculation, and illegal agency rights protection [3][13]. Group 3: Innovative Approach - Unlike traditional one-way communication, the event utilized an interactive and relatable approach, featuring calligraphy displays that combined cultural elements with financial safety messages [5][15]. - Special spring couplets created during the event served as both cultural gifts and tools for spreading financial safety awareness [5][15]. Group 4: Community Engagement - Eight financial institutions set up public consultation booths, where staff and volunteers provided face-to-face advice on rational investment and identifying financial scams [7][17]. - The consultations aimed to make complex financial legal knowledge accessible and practical for everyday life, enhancing the public's ability to recognize and prevent financial risks [7][17]. Group 5: Feedback and Future Plans - Participants expressed appreciation for the combination of traditional culture and modern financial knowledge, finding it memorable and engaging [21]. - The organizers plan to continue innovating educational methods tailored to different community groups, aiming to solidify financial legal knowledge and enhance community protection against financial risks [21].

1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - The bond market is continuously recovering, with the net inflow of interest - rate bond ETFs turning positive. The scale of interest - rate bond and credit - bond ETFs may increase in the future. Short - term financing ETFs are favored due to year - end cash withdrawal and redemption needs, and there may be an opportunity for incremental funds in science - innovation bond ETFs and benchmark market - making credit - bond ETFs after the Chinese New Year [2][6]. 3. Summary According to Relevant Catalogs 3.1 各类债券 ETF 资金净流入情况 (Net Inflow of Funds for Various Bond ETFs) - The bond market is in continuous recovery, and the net inflow of interest - rate bond ETFs has turned positive. Last week, the net inflow of funds for interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs was +1.268 billion yuan, - 7.003 billion yuan, and +1.096 billion yuan respectively, with a total net inflow of - 4.639 billion yuan in the bond ETF market. The scale of the bond ETF market is 721.328 billion yuan, down 0.57% from the previous week's close and 13.01% from the beginning of the year, but its proportion in the total ETF market has increased by 28bp [2][5]. - Short - term financing ETFs, treasury - bond ETFs, and convertible - bond ETFs led in terms of net inflow of funds last week, with amounts of +3.256 billion yuan, +1.293 billion yuan, and +1.096 billion yuan respectively. Science - innovation bond ETFs and benchmark market - making credit - bond ETFs had relatively large net outflows, with amounts of - 8.056 billion yuan and - 2.453 billion yuan respectively [6]. 3.2 各类债券 ETF 份额及代表产品净值走势 (Share and Net Value Trends of Representative Products of Various Bond ETFs) - The shares of short - term financing ETFs and treasury - bond ETFs have increased. As of February 6, 2026, the shares of treasury - bond, policy - financial bond, local - bond, benchmark market - making credit - bond, science - innovation bond, corporate - bond, short - term financing, urban investment - bond, and convertible - bond ETFs changed by +1.8%, 0.0%, - 0.2%, - 2.3%, - 2.8%, 0.0%, +5.0%, +0.9%, and +1.5% respectively compared to the previous week's close, with a total change of +0.3% for bond - type ETFs [12][20]. - The net values of major bond ETFs generally increased, while the net value of convertible - bond ETFs declined. As of February 6, 2026, the net values of 30 - year treasury - bond ETF, policy - financial bond ETF, 0 - 4 - year local - bond ETF, corporate - bond ETF, short - term financing ETF, urban investment - bond ETF, and convertible - bond ETF changed by 0.68%, 0.23%, 0.06%, 0.03%, 0.04%, 0.03%, and - 0.02% respectively compared to the close on January 30, 2026 [21]. 3.3 各基准做市信用债 ETF 份额及净值走势 (Share and Net Value Trends of Each Benchmark Market - Making Credit - Bond ETF) - The shares of existing 8 credit - bond ETFs continued to have a net outflow. As of February 6, 2026, the shares changed by - 2.82%, no change, - 0.91%, no change, - 4.95%, - 1.48%, - 3.74%, and - 2.70% respectively compared to the close on January 30, 2026 [26]. - The net values of the 8 credit - bond ETFs increased slightly. As of February 6, 2026, the net values changed by 0.03%, 0.03%, 0.02%, 0.03%, 0.02%, 0.01%, 0.02%, and 0.01% respectively compared to the close on January 30, 2026 [27]. 3.4 各科创债 ETF 份额及净值走势 (Share and Net Value Trends of Each Science - Innovation Bond ETF) - Most science - innovation bond ETF products had a net outflow of shares. The total net inflow of shares last week was - 67.16 million, a 2.36% decrease from the previous week. The top three products in terms of share size were Science - Innovation Bond ETF Jiashi, Science - Innovation Bond ETF Yinhua, and Science - Innovation Bond ETF Penghua. The top three products with net outflows were Science - Innovation Bond ETF Jiashi, Science - Innovation Bond ETF Huitianfu, and Science - Innovation Bond ETF Fuguo [32][33]. - The net values of science - innovation bond ETFs continued to rise. As of February 6, 2026, the top - ranked products in terms of net value were Science - Innovation Bond ETF Wanjia, Science - Innovation Bond ETF Yongying, and Science - Innovation Bond ETF Huatai Bairui. The median net values of the first - batch and second - batch science - innovation bond ETFs increased by 0.02% and 0.03% respectively compared to the previous week's close [34]. 3.5 上周单只债券 ETF 市场表现情况 (Market Performance of Single Bond ETFs Last Week) - Convertible - bond ETFs led in terms of decline. Most bond ETF product net values increased last week, with 30 - year treasury - bond ETF and 30 - year treasury - bond ETF Boshi leading the increase, up 0.93% and 0.92% respectively. Only convertible - bond ETF and Shanghai - Stock - Exchange Convertible - Bond ETF had a slight decline in net value, down 0.30% and 0.23% respectively [37]. - In terms of premium - discount rates, 30 - year treasury - bond ETF Boshi, 30 - year treasury - bond ETF, and treasury - bond ETF had leading premium rates. Among science - innovation bond ETFs, the premium - discount performance of each product was differentiated, with Science - Innovation Bond ETF Yinhua and Science - Innovation Bond ETF Fuguo having a slight premium [37]. - In terms of scale changes, short - term financing ETF (+3.256 billion yuan), 30 - year treasury - bond ETF (+842 million yuan), and 30 - year treasury - bond ETF Boshi (+831 million yuan) had the highest net inflow of funds [37]. 3.6 基准做市信用债和科创债 ETF 的 PCF 清单边际变化 (Marginal Changes in the PCF Lists of Benchmark Market - Making Credit - Bond and Science - Innovation Bond ETFs) - The estimated change in the modified duration of Credit - Bond ETF Haifutong was relatively large (- 0.14 years). The average modified duration of new bonds added to the PCF lists of Corporate - Bond ETF Nanfang and Credit - Bond ETF Huaxia was 4.35 years and 1.64 years respectively. For products tracking the Shenzhen - Market - Made Corporate - Bond Index, the average modified duration of new bonds added to the PCF lists of Credit - Bond ETF Guangfa, Credit - Bond ETF Boshi, and Credit - Bond ETF Dacheng was 2.78 years, 2.72 years, and 0.21 years respectively [39]. - Bonds such as 26 Zhongjin K1, Shanmei KY07, and 24 Yankuang K4 were repeatedly included in the PCF lists of benchmark market - making credit - bond ETFs, mainly from industries such as Coal II, Non - Banking Finance, Construction, and Public Utilities II. Bonds such as 24 Baju K1, 24 Zhongmei K2, and 25 Zhaozheng K2 were repeatedly removed from the PCF lists of benchmark market - making credit - bond ETFs [40]. - The estimated changes in the modified durations of Science - Innovation Bond ETF Tianhong and Science - Innovation Bond ETF Jiashi were relatively large, - 0.12 years and - 0.09 years respectively. The average modified duration of new bonds added to the PCF list of Science - Innovation Bond ETF Tianhong was significantly longer than that of similar bonds, at 6.53 years. The average modified duration of new bonds added to the PCF list of Science - Innovation Bond ETF Boshi was significantly shorter than that of similar bonds, at 2.26 years [43]. - Bonds such as 25 Zhezi K2, 25CHNG2K, and Jingzi K14 were repeatedly included in the PCF lists of science - innovation bond ETFs, while bonds such as 23 Yuehuanbao K1, 24TCLK1, and 25 Jingzi K2 were removed from multiple science - innovation bond ETFs [45].

地缘格局变动与美国势力范围收缩，是本次日债、日元动荡的根本原因。美国硬实力相对衰落，对外资产扩张速度放缓，削弱了其通过日本等盟友进行资 本杠杆操作的能力与意愿。同时，美国在亚洲的战略调整，为日本国内政治右倾与战略冒险倾向提供了空间，潜在破坏了自上世纪七八十年代以来形成的 相对稳定的区域安全框架。市场开始重新评估日本资产所依托的地缘安全基础，其"避险"光环随之褪色，这直接反映在日元与日债价格的同步调整上。 尽管日本政府干预能在短期内稳定市场情绪，但中期来看，日元与日债的基础依然脆弱。日本当局的引导，能够暂时平缓市场波动、缓解流动性压力。然 而，这些措施无法从根本上扭转因地缘角色转变而引发的资产逻辑嬗变。只要日本被持续置于大国博弈的前沿，其资产所蕴含的地缘政治风险溢价就将持 续存在，甚至可能随着区域紧张局势的起伏而放大，使得日元和日债难以恢复过往的稳定"避险"地位。 来源：王涵论宏观 新华社2月9日援引日本广播协会开票数据报道，在8日举行的日本众议院选举中，自民党获得316个议席，执政联盟赢得过半数议席。我们此前在《2026年 潜在的六只地缘"黑天鹅"》中曾指出，"亚太地区机会主义主体的战略冒险"是2026年需关 ...

Core Viewpoint - The first batch of 10 commercial real estate REITs has been submitted for approval, aiming to raise a total of 37.7 billion yuan, marking the official entry of China's public REITs market into a comprehensive development phase for both infrastructure and commercial real estate [1][9]. Group 1: REITs Submission Details - As of February 8, 10 commercial real estate REITs have been submitted, with 9 to the Shanghai Stock Exchange and 1 to the Shenzhen Stock Exchange [3]. - The specific funds include Everbright's closed-end commercial real estate fund, Bosera's infrastructure fund, and several others, with notable fundraising targets [3][4]. - The largest fundraising target is for the CICC Vipshop closed-end commercial real estate fund at 7.47 billion yuan, followed by Guotai Junan's fund at 5.064 billion yuan [4]. Group 2: Asset Types and Market Dynamics - The underlying assets of the commercial real estate REITs are diverse, including hotels, office buildings, shopping malls, and commercial complexes [5]. - The hotel assets are primarily four-star and above, with only one project involving hotel assets, indicating sensitivity to economic cycles [5]. - The CICC Vipshop fund's underlying projects include the Zhengzhou and Harbin Outlets, with significant operational history and remaining land use rights [5][6]. Group 3: Regulatory and Institutional Support - The development of commercial real estate REITs is supported by regulatory bodies, with the China Securities Regulatory Commission emphasizing its importance for the capital market and real estate sector [9][10]. - Various local securities regulatory bureaus are actively promoting the implementation of commercial real estate REITs, conducting training sessions and preparing for pilot submissions [10]. - Multiple listed companies, including Poly Developments, are preparing to submit their commercial real estate REITs, aligning with regulatory calls to enhance their real estate management capabilities [11]. Group 4: Role of Intermediaries - The commercial real estate REITs involve various intermediaries, including fund managers, custodians, and financial advisors, with major firms like Guotai Junan and CITIC Securities playing significant roles [7][12]. - The regulatory framework mandates strict adherence to responsibilities by all involved parties to ensure compliance and effective operation of the REITs [7].