近日，上海市证券同业公会主办的"防非反诈专项技能竞 赛"决赛圆满落幕。申万宏源证券战队凭借扎实专业功底、出色 团队协作及创新案例演绎脱颖而出，斩获团队二等奖，同时，财 富管理事业部冉倩之荣获个人一等奖，财富管理事业部郑龙、上 海广灵四路营业部施玮荣获个人二等奖，成绩斐然。 防非反诈专项技能竞赛 免责声明 投资有风险，入市需谨慎。本内容不构成任何投资建议，最终解释权归申万宏源证券有限公司所有。 免责声明 投资有风险，入市需谨慎。本内容不构成任何投资建议。投 资者不应以该等信息取代其独立判断或仅根据该等信息做出 决策。申万宏源对这些信息的准确性或完整性不作保证，亦 不对因使用该等信息而引发或可能引游躲损豢秃拐չ-α葛磊 本次竞赛以提升行业防非反诈意识与专业能力为目标，分三 阶段开展。初赛吸引90余家券商2万余名从业者参与，申万宏源 证券高度重视、全员备战、层层选拔，顺利晋级复赛。复赛聚焦 案例分析与报告撰写，公司以财富管理事业部为牵头，组建跨部 门备战团队，融合投教、合规等多领域智慧，打磨出逻辑严密、 对策可行的专业报告，成功闯入决赛。 决赛现场竞争白热化，申万宏源战队以"案例演绎+视频展 示+PPT宣讲"多元形 ...

HENWAN HONGYUAN SECURITIES elemit 一 | p II t HAPPY i t NEW YEAR TI N 图片 ● B 投资有风险 入市需谨慎 ellibs 创意价值 2026春节休市安排 星期二 星期五 星期日 星期一 星期三 星期六 2月15日 2月13日 2月14日 2月16日 2月17日 2月18日 版 澳门 澳门 类闭 类闭 鎖加 IRS 开通 iHI 星期四 星期五 星期六 星期 星期 星期日 2月19日 2月24日 2月20日 2月21日 2月22日 2月23日 开市 f 17 0 伊 下 下 D 'DNTD 17 NTD HS 澳门 澳门 澳门 澳门 樂闭 开通 HRA 注: 2026年春节期间, A股2月15日(星期日)至2月23日(星期一)休市, 2月24日(星期二)起照常开 市;港股通2月15日(星期日)至2月23日(星期一)不提供港股通服务, 2月24日(星期二)起照常开通 港股通服务。另外,2月14日(星期六)、2月28日(星期六)为周末休市。 投资有风险 入市需谨慎 | 參自日 | 品种期限 | HIMMASS | 微彩四肖 | 计息天数 | | - ...

Core Viewpoint - The recent management adjustment at Zheshang Securities, with Cheng Jingdong appointed as the new president, is expected to inject new leadership and momentum into the company's operations and the implementation of its "14th Five-Year" strategy [1][2]. Group 1: Management Changes - Cheng Jingdong has been appointed as the deputy secretary of the party committee and nominated as the president of Zheshang Securities, reflecting recognition of his past performance and capabilities [1]. - Cheng has over 30 years of experience in the financial industry, with a diverse background in banking, investment banking, and legal services, providing a solid foundation for leading the company's operations [1]. Group 2: Impact on Business Strategy - Since joining Zheshang Securities in April 2019 as vice president overseeing investment banking, Cheng has revitalized the investment banking sector, leading to significant growth and performance improvements [2]. - Under Cheng's leadership, the investment banking division has transitioned from scale expansion to quality enhancement, aligning with the company's strategy of serving the real economy [2]. Group 3: Future Outlook - Analysts believe Cheng's appointment will strengthen Zheshang Securities' core competitive advantages and development momentum, leveraging his unique background in regulatory perspectives, risk control, and practical investment banking experience [2]. - Cheng's focus on digital transformation and talent development aligns well with the company's strategic goals, enhancing the potential for collaborative success across all business lines [2].

2026 年 2 月 12 日 晨会速递 分析师点评 市场数据 总量研究 【宏观】涨价开始向下游传导——2026 年 1 月价格数据点评 1 月受春节错月、鲜菜价格超季节性下跌影响，CPI 同比涨幅明显回落，但上行趋势 依然延续。一是，原材料涨价对下游耐用消费品传导持续；二是，中央一号文件指出 "强化生猪产能综合调控"，或加快生猪去产能进程，预计下半年猪价有望温和改善。 PPI 方面，环比涨幅明显加快，涨价领域进一步扩散，与输入性影响扩大以及国内"反 内卷"政策深化有关，预计二季度 PPI 同比有望回正。 【宏观】如何解读 2025 年四季度货币政策执行报告——2025Q4 货币政策执行报告 学习体会 2025Q4 货政报告中，央行肯定了国内经济工作成果和物价回升的积极变化，对 2026 年国内经济增长较为乐观。货币政策基调不变，提出要稳定短端利率，可能顺应推出 相应政策工具；降息更需要"择时"，但应关注汇率持续升值对货币政策调节的影响； 重申货币政策和财政政策的协同配合，关注到"大资管"行业内部资金流动产生的摩 擦，流动性总体无忧，利好国内股债市场。风险提示：货币宽松力度不及预期，财政 政策落地进度不及预期 ...

Core Viewpoint - The company emphasizes its commitment to aligning with national goals and enhancing its core competitiveness while actively participating in the construction of a strong financial nation, aiming for high-quality development during the "14th Five-Year Plan" period [1][11]. Group 1: Implementation of Party's Guidelines - The company has actively implemented the spirit of the 20th Central Committee, organizing over 780 collective study sessions and nearly 260 concentrated publicity activities for employees [1][2]. - The company has undergone internal audits and inspections, resulting in a purified political ecosystem and more standardized operational mechanisms [2]. Group 2: Focus on Real Economy - The company has shifted its focus from merely facilitating IPOs to providing comprehensive support for listed companies, enhancing their operational standards and value [2]. - It has prioritized green finance, significantly increasing its issuance and underwriting of green bonds, supporting projects in clean energy and transportation [2]. Group 3: Governance and Risk Management - The company has strengthened its governance by integrating party leadership into all governance aspects, enhancing the effectiveness of its governance structure [4]. - A comprehensive risk management system has been established, with over 20 new or revised regulations to meet regulatory requirements by 2025 [6]. Group 4: Investment Banking Development - The company aims to build a first-class service-oriented investment bank, with a target of achieving a record high in financing for the real economy by 2025, reflecting a 10% year-on-year increase [5]. - It has successfully launched several market-first projects, including technology innovation bonds and real estate asset-backed securities [5]. Group 5: Talent and Cultural Development - The company is focused on building a high-quality talent pool, implementing training programs that have reached over 8,000 participants [7]. - It promotes a unique financial culture, integrating cultural values into its operational framework and enhancing its influence in the industry [8]. Group 6: Commitment to Social Responsibility - The company is dedicated to serving the real economy and fulfilling its social responsibilities, actively participating in initiatives that support rural revitalization and public welfare [10]. - It aims to enhance its product offerings to better meet the wealth management needs of residents, while also responding to social responsibility assessments [10].

Core Viewpoint - The securities market has shown significant structural trends since the beginning of the year, with increasing attention on the economic and industrial development outlook for 2026 and investment opportunities [1][7]. Group 1: Market Outlook - The macroeconomic policy is expected to remain proactive, with growth-stabilizing policies likely to continue, and monetary policy is expected to maintain a steady and loose stance [1][7]. - Despite frequent market concerns regarding the macroeconomic fundamentals, there is a belief in the need for confidence and determination to adapt to potential changes and actively seek allocation opportunities across various industries [1][7]. Group 2: Investment Focus - The company continues to favor growth sectors such as pharmaceuticals and medical devices, defense and military industry, and humanoid robots, while also looking at cyclical industries like non-ferrous metals, steel, and securities for potential returns driven by macroeconomic fluctuations [1][7]. - In the fourth quarter of 2025, the company increased its overall equity position based on a high position from the third quarter, maintaining holdings in sectors like robotics, semiconductors, non-ferrous metals, and finance, while also adding to other cyclical industries [10][11].

此前中金公司刘刚认为："对于那些因为外部或者个股意外因素已经大幅回调的，倒不妨逢低再介入， 毕竟每次假期期间看似突然拉升的"传统"其实也都是经历了前期较长时间低迷的铺垫。"并维持"恒生指 数28000~29000"的点位预测。 招商证券张夏也指出：从流动性看，海外流动性冲击高峰已过，"buy the dip"是有效策略；从相对估值 看，目前港股科技相对于A股科技的折价接近历史最高水平，或将迎来触底反弹；从绝对估值来看，目 前恒生科技PE位于上市以来24.3%分位数，若回到中位数水平，对应恒生科技指数点位7431，涨幅为 39%；从产业趋势看，大模型百花齐放，积跬步以至千里。往后看去，逢低买入、持股过节或是较为有 效策略。 相关ETF：恒生科技指数ETF(513180.SH)恒生互联网ETF(513330.SH)港股通科技ETF基金(159101.SZ)港 股通互联网ETF基金(520910.SH)。 2月11日(周三)，南向资金单日净流入48.2亿港元，2月以来累计净流入590.8亿港元，节前维持温和流入 态势。与往年春节当月相比，今年南向资金净流入规模仅次于2025年春节。 南向资金是指内地投资者通过沪港通 ...

Core Viewpoint - Guotou Securities has faced multiple regulatory penalties in the past 10 months, indicating persistent compliance issues within the company [1][9]. Summary by Sections Compliance Violations - On January 13, 2026, Guotou Securities' Zaozhuang Qingtan Middle Road Securities Branch was penalized for giving physical gifts to investors during marketing activities, violating the Securities Brokerage Business Management Measures [3][11]. - The branch manager, Wang Wei, was also held accountable and received a warning letter [4][11]. Recent Regulatory Actions - This incident marks the fourth regulatory warning for Guotou Securities in less than 10 months, highlighting a widespread compliance management issue across various departments [4][6]. - A summary of recent penalties includes: - January 2026: Zaozhuang branch for marketing gift violations [5][12]. - December 2025: Xiamen branch for inadequate compliance management of brokers [6][12]. - June 2025: Shenzhen branch for multiple violations in public fund sales [6][12]. - May 2025: Regulatory warning for failing to report disciplinary actions in a refinancing project [6][12]. Broader Implications - The penalties reflect a broader trend of compliance failures from local branches to investment banking operations, indicating a lack of comprehensive compliance management [7][14]. - Industry insiders suggest that the frequent penalties reveal a tendency among some brokerages to prioritize business expansion over compliance [7][14]. - Guotou Securities, originally known as Anxin Securities, has a significant presence with 50 branches and 225 securities offices across 25 provincial regions, making compliance a critical issue for its operational integrity [7][14].

Group 1 - The recent Japanese House of Representatives election resulted in a ruling coalition led by the Liberal Democratic Party and the Japan Innovation Party securing a majority of seats, which has led to a strong rally in the Japanese stock market and a slight rebound in the yen [1][2] - The Nikkei 225 index reached a historical high of 57,960.19 points following the election, driven by expectations of policy continuity, overseas investments, yen arbitrage trading, and the Bank of Japan's asset purchase program [2][3] - The Japanese stock market's performance is not reflective of domestic economic improvement but is influenced by the government's commitment to fiscal policies, including increased spending in defense and semiconductor subsidies, and tax reductions to alleviate inflation impacts [2][3] Group 2 - Japanese companies are increasingly focusing on overseas investments, with 50% of their revenues coming from international markets, particularly in the top ten companies where this figure rises to 70% [3] - The low financing costs in Japan have facilitated yen arbitrage trading, making it an attractive tool for global capital operations, which has led to significant inflows into the Japanese stock market [3][5] - The Bank of Japan holds a substantial portion of Japanese stocks, with its holdings accounting for 29.8% of the total market capitalization, which has been a key driver of the stock market's rise [3][5] Group 3 - Long-term uncertainties include fiscal sustainability, inflation expectations, and potential geopolitical risks stemming from Japan's "Japan First" policy, which could destabilize the region and affect the yen's safe-haven status [5][6] - The expansionary fiscal policy may lead to rising inflation and increased debt levels, with the government needing to issue more bonds, which could negatively impact bond prices and yields [5][6] - If the Bank of Japan is forced to raise interest rates, it could lead to higher financing costs and a reduction in arbitrage trading, potentially causing significant issues for the stock market [6]

智通财经APP获悉，香港联交所最新资料显示，2月11日，中天宏信(00994)股东将股票存入英皇证券香 港，存仓市值3015万港元，占比8.10%。 此前中天宏信发布公告，于2026年1月29日，公司根据购股权计划，向5名承授人要约授出5000万份购股 权，以供认购公司股本中每股面值0.01港元的普通股，但须待承授人接纳购股权后方可作实。 ...