Group 1: Bond Market Outlook - The current funding and fundamental conditions are favorable for bond assets, presenting a relatively good investment opportunity [1] - Year-to-date, the 10-year government bond yield has decreased from approximately 1.9% to around 1.8%, while the 30-year yield has fallen from 2.3% to about 2.25% [1] - The investment value of bond assets is marginally recovering in the first quarter, marking a rare window of opportunity for the year [1] Group 2: Economic Indicators - The funding environment remains loose, with government bond issuance expected to rise, and financial support for fiscal bond issuance keeping funding rates low [1] - The overnight rate DR001 has dropped below 1.3%, and DR007 has decreased to around 1.45%, indicating a significant narrowing of the policy interest rate spread [1] - Short-term fundamentals are likely to remain weak, with last year's fixed asset investment growth showing negative growth for the first time, and significant declines in real estate and manufacturing investment [1] Group 3: Industry Operating Rates - The asphalt sample enterprise operating rate was 24.5%, down 1.0 percentage points week-on-week, with a year-on-year growth of 10.9% [3] - The national electric furnace operating rate was 52.56%, down 8.98 percentage points week-on-week, with a year-on-year growth of 86.3% [5] - The operating rate of major steel enterprises' blast furnaces was 73.7%, down 0.1 percentage points week-on-week, with a year-on-year decline of 2.4% [8] Group 4: Production and Capacity Utilization - The steel mill capacity utilization rate was 86.33%, up 0.42 percentage points week-on-week, with a year-on-year decline of 0.6% [30] - The average daily crude steel production of key enterprises was 1.935 million tons in late January, down 44,000 tons from mid-January, with a year-on-year decline of 8.3% [54] - The average daily cement production was 8.118 million tons, down 654,000 tons week-on-week, but up 36.5% year-on-year [71] Group 5: Real Estate Market - The transaction area of commercial housing in 30 cities was 1.395 million square meters, down 42,300 square meters week-on-week, but up 242.2% year-on-year [131] - The land transaction area was 12.0525 million square meters, up 4.4562 million square meters week-on-week [134] - The land transaction premium rate was 3.12%, down 0.45 percentage points week-on-week [135] Group 6: Logistics and Transportation - The subway passenger volume was 419.951 million trips, up 5.1195 million trips week-on-week, with a year-on-year increase of 44.8% [142] - The domestic civil aviation flight execution was 100,919 flights, up 6.7% week-on-week, but down 1.5% year-on-year [146] - The port cargo throughput was 281.597 million tons, up 9.27% week-on-week [151]

Group 1 - The US and Japanese stock markets have surged, with the Dow Jones reaching a historic high, and commodities rebounding while the US dollar index has depreciated for two consecutive days [2] - US Treasury Secretary Mnuchin indicated that the Federal Reserve may not quickly reduce its balance sheet, and White House economic advisor Hassett noted that job growth is below expectations, suggesting continued monetary easing which is favorable for the stock market and commodities [2] - The Chinese State Council emphasized the need to plan for major projects and engineering initiatives, indicating that monetary easing and fiscal stimulus are expected in China by 2026, along with relaxed housing market restrictions [2] Group 2 - The successful launch of the Long March 2F rocket carrying a reusable experimental spacecraft marks a milestone for China's commercial space and satellite communication sectors [2] - The A-share market is experiencing a significant rebound, driven by AI and commodities, with the "confidence bull" market since September 2024 being characterized by a combination of policy, technology, and monetary factors [2]

光期研究 光期黑色：铁矿石基差及价差监测日报 2026 年 2 月 1 0 日 1 光大证券 2020 年 半 年 度 业 绩 E V E R B R I G H T S E C U R I T I E S 1.1 合约价差 | 期货合约 | 今日收盘价 | 上日收盘价 | 变化 | 合约价差 | 今日价差 | 上日价差 | 变化 | | --- | --- | --- | --- | --- | --- | --- | --- | | I05 | 761.5 | 760.5 | 1.0 | I05-I09 | 18.5 | 18.0 | 0.5 | | I09 | 743.0 | 742.5 | 0.5 | I09-I01 | 11.0 | 10.0 | 1.0 | | I01 | 732.0 | 732.5 | -0.5 | I01-I05 | -29.5 | -28.0 | -1.5 | -50 0 50 100 150 200 09 10 10 10 11 11 12 12 01 01 02 02 03 03 04 04 05 2105-2109 2205-2209 2305-2309 2405-24 ...

编者按 当前，资本市场改革持续深化，证券行业正处在乘势而上、建设一流投资银行和投资机构的关键战略机 遇期，学习、宣传、贯彻党的二十届四中全会精神是当前和今后一个时期的重要政治任务。为此，中国 证券报联合中国证券业协会推出"证券公司学习宣传贯彻党的二十届四中全会精神"系列专题报道，聚焦 证券公司在强化功能发挥、提升专业能力、推进差异化发展、筑牢合规风控底线、厚植行业文化底蕴等 方面的实践探索与丰硕成果，生动展现证券公司作为资本市场重要践行者、改革排头兵、服务主力军的 责任担当与时代作为。本篇为系列报道第二十六篇。 "党的二十届四中全会为中国式现代化建设擘画了宏伟蓝图，为新时代新征程的金融改革发展指明了前 进方向。"中银国际证券股份有限公司党委书记、董事长周权日前在接受中国证券报记者专访时感慨 道。 长风破浪，正当扬帆远航。在他看来，"十五五"是推进中国式现代化、加快建设金融强国的关键时期， 证券行业作为直接融资的主要"服务商"、资本市场的重要"看门人"、社会财富的专业"管理者"，肩负着 服务实体经济、守护投资者利益、助力国家战略落地的时代使命。 "十四五"以来，中银证券（601696）始终以党建为引领，以实干笃 ...

吴说获悉，据 Techub News，香港胜利证券于2026年2月9日下午起正式关闭所有中国大陆身份用户的虚 拟货币交易功能，仅保留提币权限，不再支持充币及新交易。平台对内地用户逐步收紧服务的延续措 施，包括此前禁止买入、暂停新地址认证等，旨在符合香港证监会监管要求及内地相关政策。目前，非 大陆税务居民用户仍可正常使用加密货币交易服务，受影响用户可继续提取资产。 （来源：吴说） ...

作者｜张楠 来源｜锦天城律师事务所郇海亮团队 二、监管逻辑：锁定期优先看"身份"；没有"身份"再看"排名" 之所以产生上述关于锁定期的误解，系源于对《<首次公开发行股票注册管理办法>第十二条、第十三条、第三十一条、第四十四条、第四十五条和<公开 发行证券的公司信息披露内容与格式准则第57号——招股说明书>第七条有关规定的适用意见——证券期货法律适用意见第17号》（以下简称"《17号意 见》"）规定的理解不充分。《17号意见》规定，发行人控股股东和实际控制人所持股份自发行人股票上市之日起36个月内不得转让；发行人没有或者难 以认定实际控制人的，发行人股东应当按持股比例从高到低依次承诺其所持股份自上市之日起锁定36个月，直至锁定股份的总数不低于发行前股份总数的 51%。 根据交易所与证监会的监管要求，对锁定期的核心判断是"是否构成控制或一致行动"，而非"持股排名"或"表决权是否达到一定比例"： 因此，公司存在实际控制人的情况下，即便实际控制人表决权未达30%，第二大股东甚至第三大股东只要属于财务投资人，仍可适用12个月锁定。 三、实务启示：财务投资人如何"干净"锁定12个月？ 在A股IPO的语境里，"第一大股东表 ...

Core Viewpoint - The recent adjustments in the organizational structure of major securities firms reflect strategic shifts in business development, emphasizing both centralized operations and regional deepening as concurrent trends in the industry [1][8]. Group 1: Organizational Changes - Major securities firms are restructuring their headquarters, establishing specialized subsidiaries for core businesses such as investment banking and research, which has drawn industry attention [1][2]. - Zhongtai Securities announced plans to set up three subsidiaries focused on underwriting, proprietary trading, and research consulting, while dissolving existing committees related to investment banking and financial markets [3][4]. - The establishment of independent subsidiaries allows for more flexible mechanisms, compensation, and incentives, enhancing the vitality of business units to adapt to rapidly changing market demands [4][5]. Group 2: Wealth Management Focus - Wealth management has seen the most frequent changes in branch establishments and closures, with a trend towards reducing physical branches and reshaping headquarters' functions [7][9]. - As of 2025, 42 listed securities firms have collectively closed nearly 300 branches, with firms like Changcheng Securities and Zhongyou Securities announcing branch closures [7]. - The restructuring aims to create specialized subsidiaries for independent operations in investment banking and wealth management, which is crucial for enhancing competitiveness in niche markets [5][10]. Group 3: Digital Transformation and Client Management - Digital transformation is driving changes in wealth management operations, supporting the trends of centralized operations and regional deepening [10]. - Firms are increasingly focusing on optimizing client segmentation and regional market layouts, with companies like CITIC Securities adjusting their management committees to enhance wealth management services [9][10]. - The establishment of new centers for retail and high-net-worth clients aims to provide tailored services and improve asset allocation capabilities, leveraging financial technology for better data support [9].

Core Viewpoint - As the Spring Festival approaches, the choice between "holding stocks or holding cash" has become a focal point for investors, with a consensus emerging among major brokerages favoring "holding stocks" as the better option this year [1][2]. Group 1: Market Sentiment and Predictions - Major brokerages, including Guotai Junan and GF Securities, express optimism about the market's potential for recovery post-holiday, suggesting that the A-share market may experience a favorable "timing, location, and human factors" for an upward trend [2][17]. - Despite a general consensus on holding stocks, several brokerages caution that market performance may still be influenced by multiple risks, including slower-than-expected economic recovery and geopolitical uncertainties [3]. Group 2: Investment Strategies and Sector Focus - Guotai Junan recommends focusing on emerging technology and value sectors, highlighting themes such as commercial aerospace, robotics, urban renewal, and domestic consumption [4]. - Dongwu Securities suggests three main investment directions: overvalued technology sectors, booming industries like energy storage and lithium batteries, and themes related to the 14th Five-Year Plan, including commercial aerospace and 6G technology [5]. - Galaxy Securities advocates for a cautious approach with "light positions," emphasizing the importance of the upcoming "Two Sessions" and the shift towards "new productive forces" in sectors like semiconductors and artificial intelligence [6][7]. - Huaxia Securities emphasizes the importance of preparing for the post-holiday "red envelope" market, noting that technology sectors typically show better elasticity after the holiday [13]. - The investment focus should also include sectors that have underperformed but are expected to recover, such as food and beverage, agriculture, and healthcare [12]. Group 3: Market Dynamics and Historical Trends - Historical data indicates that the market tends to perform better after the Spring Festival, with a common pattern of "lower before the holiday and higher after" across various style indices [11]. - The current market environment is characterized by a high trading volume, with brokerages maintaining a cautious yet optimistic stance, suggesting that the market is not likely to turn bearish easily [8][9]. - The upcoming Spring Festival is seen as a critical period for potential market recovery, with many brokerages encouraging investors to remain confident and prepared for the first wave of the new year's upward cycle [17].

记者从北交所获悉，在广泛调研基础上，北京证券交易所近日推出优化再融资一揽子举措，旨在着力提 升市场功能，更好支持创新型中小企业高质量发展。 再融资作为资本市场投融资功能的重要组成部分，对于上市公司特别是中小企业借助资本市场发展壮 大、做优做强具有重要意义和作用。近段时间以来，北交所上市公司数量持续增加，再融资需求逐步增 强。 "我们坚持目标导向、问题导向，聚焦上市公司合理诉求和市场关心关切，优化再融资机制安排，切实 提高再融资工作质效。坚持扶优、扶科导向，对优质上市公司和科技创新公司再融资作出针对性安排， 加大政策支持力度，引导资源加快向新质生产力领域聚集。"北交所相关负责人介绍。 同时，坚持防风险、强监管、促高质量发展的工作主线，着力构建活而有序的市场秩序，以防风险、强 监管促进高质量发展。坚持稳中求进，区分不同情形，有序推动各项制度优化和典型案例落地。 大力支持优质上市公司再融资。对经营治理、信息披露规范，具有代表性与市场认可度的优质上市公 司，优化再融资审核，进一步提高再融资效率。过程中，将坚持优中选优、宁缺毋滥。支持优质上市公 司将募集资金用于与主营业务紧密相关或高度协同的新产业、新业态、新技术领域， ...

Core Viewpoint - The China Securities Association (CSRC) has issued a notice highlighting the need for improvement in the integrity and fee charging practices of securities firms in their investment banking operations [1][2]. Group 1: Fee Charging Practices - The notice indicates that some securities firms have not clearly defined or agreed upon the standards for ongoing supervision fee collection [2]. - Certain firms failed to timely report their fee principles and project sponsorship agreements to the CSRC [2]. - There are instances where firms did not update their internal fee structures as required [2]. Group 2: Integrity and Compliance Issues - The notice points out that the integrity-related systems and mechanisms need further enhancement, with some firms not executing requirements adequately [3]. - Some companies have not clearly defined the specific standards for marketing expenses in their marketing systems [3]. - There are violations where firms have improperly given gifts to clients during brokerage marketing activities [3]. Group 3: Internal Management and Training - Several firms have not effectively implemented internal financial and procurement management systems, failing to scrutinize unusual cost expenditures [3]. - Some companies have replaced annual integrity checks with self-assessments, neglecting high-risk departments and business areas [3]. - There is insufficient promotion of integrity practices to clients and stakeholders, and inadequate training for all employees on integrity-related requirements [3]. Group 4: Regulatory Developments - The CSRC has mandated that securities firms enhance their internal control mechanisms for integrity and ensure compliance with integrity requirements in their business activities [4]. - The importance of integrity in the industry is increasing, with new regulations emphasizing integrity as a key component in personnel assessment and promotion [4]. - In November of the previous year, a securities firm was penalized for integrity violations, highlighting the need for deep reforms and enhanced integrity education and internal control [4].