此次初始转换价较公告前最后交易日收盘价溢价约6.78%，较前五个交易日平均收盘价溢价约5.09%。 扣除相关费用后，本次发行预计净募集资金约99.25亿港元，将用于支持公司境外业务发展及补充营运 资金。 债券发行后，华泰证券预期仍能维持足够的公众持股量。但值得一提的是，2月3日在宣布将进行再融资 后当天，华泰证券A股和H股均出现重挫。A股下跌4.05%，H股下跌8.24%，之后则有小幅反弹，但总 体而言，今年以来，华泰证券A股与H股均表现不佳，A股2026年以来跌幅超过4%，H股跌幅则超过 5%。有卖方研究上调盈利预测 对华泰证券投资者来说，本次再融资靴子落地，是否是有利空出尽的意味呢？ 2月10日晚间，华泰证券发布公告，公司H股可转换债券已于2026年2月10日完成发行，将在维也纳证券 交易所运营的 Vienna MTF上市。 开源证券指出，对于华泰证券再融资，市场已有预期。从时间线来看，2026年1月1日华泰证券董事会拟 建议股东会授予其在特定期间内发行不超过公司已发行总股本20%的股份的一般性授权，2026年1月23 日股东大会通过了上述一般性授权，同日董事会审议通过向华泰国际金控增资90亿港元。本次公 ...

Group 1 - The Hang Seng Index rose by 0.6%, while the Hang Seng China Enterprises Index and the CSI Hong Kong Stock Connect China 100 Index increased by 0.8% [1] - Huatai Securities noted that despite global risk asset fluctuations, the capital situation in the Hong Kong stock market remains relatively abundant, with significant inflows from foreign and southbound investors driving traditional sectors like agriculture, food and beverage, and transportation to strengthen [1] - Looking ahead, the peak earnings season for US tech stocks is nearing its end, and fluctuations in precious metals are expected to decrease, with potential catalysts in technology and consumer sectors around the Chinese New Year [1]

丨证券研究报告丨 战略数据研究丨专题报告 [Table_Title] 春节配置，谁主沉浮 报告要点 [Table_Summary] 本报告结合历史春节假期前后数据回测与当前特殊的政策资金博弈环境，对"持股还是持币"的 假期配置进行分析推荐：建议维持中高仓位"持股过节"，但需进行严格的结构优化。历史数据 显示，春节后 10 个交易日 A 股上涨概率较高，且风格往往从节前的大盘防御向节后的小盘成 长切换。当前宏观层面虽处于政策"空窗期"，但"十五五"规划预期与流动性宽松底色未变。策略 上，建议利用节前调整窗口，布局 AI 应用、人形机器人及涨价顺周期板块，以博弈节后或有可 能出现的"春躁下半场"。 分析师及联系人 [Table_Author] 陈洁敏 SAC：S0490518120005 SFC：BUT348 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title2] 春节配置，谁主沉浮 [Table_Summary2] 1 月复盘及当前市场位置 回顾 2026 年 1 月，市场经历了从亢奋到理性的显著切换，经历了开门红（1-10 日）后，监管 在 ...

（文章来源：证券日报） 证券日报网讯 2月10日，光大证券在互动平台回答投资者提问时表示，公司充分发挥光大集团协同优 势，坚持"以客户为中心"的发展理念，建设协同场景，挖掘协同资源，支持业务发展，以协同助力公司 强化服务实体经济和落实国家战略的力度和能力。 ...

证券日报网讯 2月10日，天风证券在互动平台回答投资者提问时表示，公司于1月31日披露了《2025年 年度业绩预盈公告》，请关注公司在指定信息披露媒体上发布的公告。公司没有应披露而未披露事项。 公司将继续严格遵守信息披露的有关要求，及时履行信息披露义务。 （文章来源：证券日报） ...

Core Viewpoint - The prevailing sentiment among institutions is to hold stocks during the Spring Festival, supported by historical data and current market conditions [2][6][9]. Group 1: Historical Data and Market Trends - Historical analysis shows a clear "pre-festival weakness and post-festival strength" pattern in the A-share market, with an average return of -2.20% in the week before the festival and a recovery to 0.53% in the last week before the festival [3]. - The first week after the festival typically sees an average return of 2.03%, with an 80% probability of an increase over the past decade [3]. - Small-cap and growth stocks exhibit a more pronounced reversal effect around the festival, making them attractive for pre-festival allocation [4]. Group 2: Investment Strategies - Institutions recommend a "stable before the festival, aggressive after" strategy, focusing on balanced and defensive positions before the festival and shifting to technology growth and industry trends afterward [9][10]. - The "barbell strategy" is commonly suggested, combining defensive high-dividend stocks with aggressive growth sectors like technology [11]. - A significant portion of private equity firms (62.16%) prefers to hold heavy or full positions during the festival, indicating confidence in structural opportunities despite market fluctuations [6]. Group 3: Sector Focus and Recommendations - Key sectors expected to perform well post-festival include technology, AI, semiconductors, and high-end manufacturing, while traditional sectors like banking and food and beverage show weaker reversal effects [4][12]. - Institutions emphasize the importance of holding quality assets and suggest a focus on sectors with strong performance potential, such as resource and traditional manufacturing [12]. - Defensive positions in consumer sectors and high-dividend stocks are recommended to balance the portfolio against current market conditions [12].

Group 1: Company Performance - SMIC reported a net profit of 1.223 billion yuan for Q4 2025, representing a year-on-year increase of 23.2% [1] - The company's revenue for the same period reached 17.813 billion yuan, up 11.9% year-on-year, driven by increased wafer sales and higher capacity utilization [1] - Longi Green Energy's net profit for 2025 is expected to grow by 16% to 26% [7] Group 2: Stock Market Activity - Jia Mei Packaging's stock price surged by 567.11% from December 17, 2025, to February 10, 2026, leading to multiple trading suspensions for verification [1] - Hengdian Film's stock experienced a cumulative price increase of 100% over ten trading days, prompting a warning of potential trading suspension if the price continues to rise [1] - Dawi Technology clarified that its Zhangbei data center project does not involve computing leasing services, despite media speculation [3] Group 3: Investment and Projects - Zhongtung High-tech plans to invest 145 million yuan in a new PCB drill needle project to expand market share and secure raw material supply [4] - Yunda Group's subsidiary signed a 1.331 billion yuan EPC contract, accounting for 86.66% of the company's audited revenue for 2024 [8] - Dong'a Ejiao intends to invest 1.485 billion yuan in a health consumer goods industrial park project [8] Group 4: Market Trends and Demand - Demand for new optical fiber and cable products for data centers is growing, but currently represents a small portion of the global market [2] - The overall demand for telecommunications optical fiber and cable products remains stable, despite price fluctuations [2] - The market for AI short drama business remains uncertain, with no revenue generated yet [1]

证券日报网讯 2月10日，天风证券在互动平台回答投资者提问时表示，公司没有应披露而未披露事项。 公司将继续严格遵守信息披露的有关要求，及时履行信息披露义务。 （文章来源：证券日报） ...

北京商报讯（记者 刘宇阳 实习生 姚榕琰）2月10日，华安证券发布公告称，近日，公司收到中国证监会《关于华安证券股份有限公司向香 港子公司增资有关意见的复函》（以下简称《复函》）， 对公司向华安金控增资5亿港元无异议。 华安证券表示，将按照《复函》的要求及国家外汇管理部门的相关规定，办理外汇登记、资金划转有关手续，并在增资完成后10个工作日 内，将境外有关监管当局核准的华安金控变更注册证明文件等报送安徽证监局。公司将严格按照向证监会报告的增资用途使用有关资金， 不变更增资用途。 ...

Investment Rating - The report maintains a "Buy" rating for several financial institutions including China Merchants Bank and Ningbo Bank, and a "Hold" rating for others like GF Securities and Dongfang Securities [9]. Core Insights - The report highlights a net outflow of 1.01 trillion yuan from broad-based ETFs in January 2026, indicating increased market volatility and a shift in investor sentiment towards high-quality financial stocks [1][3]. - The overall market for wealth management products saw a decrease in issuance, with 2,728 new products launched in January 2026, down 10.4% month-on-month, while the average yield for these products increased to 3.62%, up 177 basis points from the previous month [2][15]. - The report emphasizes the importance of the newly implemented performance benchmark guidelines for public funds, which aim to strengthen the alignment of interests between fund managers and investors [3][15]. Summary by Sections Wealth Management Products - In January 2026, the total issuance of wealth management products was 2,728, a decrease of 10.4% from December, while the total market size for these products was 31.57 trillion yuan, showing a slight decline [2][16]. - The average yield for wealth management products increased to 3.62%, reflecting a positive trend in returns despite the decrease in issuance [2][15]. Public Funds - The public fund market saw a 6% increase in new issuance in January, but the total market size decreased to 36.30 trillion yuan, down 1.24% month-on-month [3][15]. - The net asset value of ETFs fell to 5.46 trillion yuan, with a significant outflow of 1.01 trillion yuan from broad-based ETFs [3][15]. Private Funds - As of December 2025, the total size of private fund products reached 22.15 trillion yuan, with a month-on-month increase of 0.27% [5][15]. - The report notes a strong growth in the registration of private securities investment funds, which increased by 157% year-on-year [5][15]. Insurance Asset Management - By the end of Q3 2025, the balance of insurance funds reached 37.46 trillion yuan, reflecting a year-on-year increase of 17% [6][15]. - The report indicates a rising trend in the allocation of insurance funds to equities, with a notable increase in stock investment ratios [6][15]. Securities Asset Management - The size of securities asset management reached 6.37 trillion yuan by the end of Q3 2025, with a quarter-on-quarter increase of 4% [4][15]. - New issuance in January 2026 amounted to 77.42 billion units, representing a 20% increase from the previous month [4][15]. Trust Industry - The trust industry reported an asset size of 32.43 trillion yuan as of June 2025, marking a 10% increase since the beginning of the year [7][15]. - In January 2026, 1,377 trust products were issued, totaling 110.5 billion yuan, which is a 15% month-on-month increase [7][15].