Group 1 - The core viewpoint is that bank stocks have seen a reduction in under-allocation, yet they still represent the largest under-allocation among all industries, indicating potential for future allocation as long-term incremental capital enters the market [1] - By 2026, the investment logic for bank stocks is expected to shift from purely dividend defense to a dual drive of "dividend + growth," maintaining their characteristics of high dividends and low valuations [1] - The decline in risk-free interest rates will continue to attract stable capital due to the bond-like attributes of bank stocks, while improved net interest margins, regional credit demand recovery, and growth in non-interest income will enhance the performance elasticity of quality banks [1] Group 2 - The Financial ETF (510230) tracks the 180 Financial Index (000018), which selects representative securities from the financial industry in the A-share market, covering sub-industries such as banking, insurance, and securities to reflect the overall performance of listed companies in the financial sector [1]

2026年开年，全球金融市场率先奏响"迎春曲"，迎来久违的开门红行情。A股三大指数开年以来累计涨幅超3%，创业板指表现尤为强势；美 股道琼斯工业平均指数一度站上49000点高位，纳斯达克综指同步走高，即便偶有回调仍难掩上行势头；国际金价表现更为亮眼，截至2月10 日，伦敦金现报价已达5042.11美元/盎司，开年以来涨幅逐步扩大，避险与增值属性双重凸显，国内黄金T+D价格也同步攀升至1122.09元/ 克，金店零售价普遍突破1500元/克大关。但这份暖意背后，宏观局势正加速进入"博弈深水区"，特朗普对美联储的施压层层加码，鲍威尔遭 刑事调查的风波持续发酵，1月美联储利率会议如期落幕且维持利率不变，进一步激化白宫与央行的矛盾，"美联储影子银行"热度攀升引发市 场对流动性风险的担忧，再叠加国内持续升温的"存款搬家"浪潮，黄金、美元、债市、A股、美股、港股六大核心资产的走向，不仅取决于短 期利好共振，更受制于长期宏观逻辑的切换，其背后的机遇与风险值得每一位投资者深度审视。 结合上述宏观博弈与市场动态，我们可清晰拆解六大核心资产的后续走向，其逻辑均围绕"美联储政策不确定性""影子银行风险""存款搬家结 构化"三大核心 ...

Group 1 - The overall equity market experienced adjustments, with the Shanghai Composite Index declining by 1.27% to 4065.58 points, and the Shenzhen Component Index falling by 2.11% to 13906.73 points [8][10] - The convertible bond market showed weak fluctuations, with the China Convertible Bond Index rising by 0.05% and the Shanghai Convertible Bond Index decreasing by 0.36% [15][16] - The bond market saw most yields rise, with the 1-year government bond yield increasing by 2.08 basis points, while the 3-year, 5-year, 7-year, and 10-year yields decreased [18][19] Group 2 - The commodity futures market weakened overall, with significant declines in silver prices, which dropped by 9.06%, while gold prices increased by 1.65% [9][28] - The market for agricultural products showed mixed results, with CBOT soybeans rising by 4.75% and corn increasing by 0.58% [9][10] - The overall commodity index experienced a decline of 4.49%, with precious metals leading the drop at 17.11% [27][30]

2026年2月6日晚间，中国证监会更新了最新的境内中概股企业赴美上市名单（不包含已经备案通过的企业，也不包含秘交备案企业），已有53家企业由秘 交转公开，还有很大一部分企业在秘交中。截止目前，中概股企业赴美上市企业已递表排队侯场等持境外上市备案路条的近200家企业。2025年受CSRC 备案路条进度和SEC新政策提高首发募资要求，对中企赴上市速有所滞后影响，预计2026年4月特普朗访华后会有所改观。 ...

在提升再融资的灵活性和便利度的同时，措施也强化了再融资的全链条监管：①严防上市公司"带病"申 报再融资，压严压实上市公司信息披露第一责任人和中介机构"看门人"职责，建立交易所再融资预案披 露工作机制。②完善锁价定增承诺机制，要求相关主体公开承诺在批文有效期内完成发行，并严肃惩处 违规变更资金用途等行为，有利于营造规范、透明、高效的再融资市场生态。③加强募集资金监管，严 肃惩处违规变更募集资金用途、擅自延长临时补充流动资金期限等情形。 措施的落地对上市公司、资本市场和实体经济均具有深远影响 东吴证券主要观点如下： 流程优化与监管强化并行 智通财经APP获悉，东吴证券发布研报称，2月9日，沪深北交易所推出优化再融资一揽子举措，进一步 提高灵活性和便利度。主要内容包括：①对优质上市公司优化再融资审核，进一步提高再融资效率。② 更好适应科创企业再融资需求，破发公司可通过竞价定增、发行可转债等方式合理融资。③提升再融资 灵活性、便利度，合理简化再融资申报材料，优化再融资简易程序负面清单。④加强募集资金监管与事 中事后监管力度，从严处理再融资违法违规行为。 ①对上市公司而言，措施降低了优质企业的融资门槛与成本，拓宽了融资 ...

Summary of Key Points from the Conference Call Industry Overview - The focus is on the Hong Kong stock market, particularly during the Chinese New Year period, which historically shows strong absolute return characteristics [1] Core Insights and Arguments - The "Chinese New Year red envelope" effect is significantly evident in historical performance during this period [1] - From 2021 to 2025, the Hang Seng Index recorded an average absolute return increase of 3.32%, with a median increase of 2.93% [1] - The Hang Seng Technology Index showed an even higher average absolute return increase of 5.93%, with a median increase of 5.50% [1] - Other indices also experienced positive returns during the same period [1] Additional Important Content - The historical data suggests a consistent trend of positive performance in the Hong Kong stock market during the Chinese New Year, indicating potential investment opportunities [1]

t 申万宏源证券 secons weet seconn 专业服务 创造价值 i k = = Part P HAPPY NEW YEAR 國 I n The (0. 6 0 P 9 >> S 计息天数为实际占款天数。所谓实际占款天数即当次回购交易 的首次交收日(含)至到期交收日(不含)的实际日历天数。 | | | 2026春节国债逆回购攻略 | | | | --- | --- | --- | --- | --- | | 参与日 | 品种期限 | 资金可用日 (到期清算日) | 瓷金叫取目 (资金交收日) | 计息天数 | | 2月4日(星期三) | 14天期 | 2月24日 | 2月25日 | 20天 | | 2月5日(星期四) | 14天期 | 2月24日 | 2月25日 | 19天 | | 2月6日(星期五) | 7天期 | 2月13日 | 2月24日 | 15天 | | | 14天期 | 2月24日 | 2月25日 | 16天 | | 2月9日(星期一) | 4大期 | 2月13日 | 2月24日 | 14大 | | | 7/14天期 | 2月24日 | 2月25日 | 15天 | | 2月10日(星期二 ...

ิ源证券 | ETF周度配置指南 ETFFIC 配置指南 2026.02.06 (总05期) 本周Ａ股下跌主因是美联储政策预期转向触发贵金属大幅回调、节前资金避险引致热门板块获利回吐等。特朗普提名鹰 派沃什任美联储主席，其"降息 + 缩表" 主张扭转宽松预期，美元走强压制风险偏好,触发金银暴跌并拖累周期股。春 节临近，资金"持币过节"，成交额缩量，北向资金波动，前期涨幅大的半导体、资源等板块集中兑现。短期谨慎，长 期不必悲观。投资策略上，攻防均衡、低吸不追高为核心。方向上，坚持长期趋势占优品种进行配置，回避短期博弈。 长期方向可关注：1）美国反复TACO，可能导致各国加速转向国防、资源、金融和供应链层面的自给自足，资源竞争加 剧，大宗商品整体行情正处于上行周期，实物资产重估逻辑可能反复演绎。目前资源品价格上涨已经呈现出扩散迹象， 非常值得关注。2）全球科技竞争加剧推动国内科技自立自强战略加速落地，A 股科技成长赛道迎来国产替代与产业升级 的双重发展机遇。 风险提示：本材料非产品宣传推介材料，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。申万宏源证券对本材料拥有最终解释权，本 ...

Core Insights - The report indicates that employment data in the U.S. is expected to decline slightly, but this should not cause panic [3] - The U.S. is moving to lower the so-called reciprocal tariffs on Bangladeshi goods and provide new exemptions for textiles [3] - The price of memory chips has surged nearly 90% quarter-on-quarter, setting a historical record [3] - The Ministry of Commerce held a meeting with automotive companies to promote the expansion and quality improvement of automotive consumption [3] - The penetration rate of new energy in light commercial vehicles is expected to continue increasing by 2026 [3] Economic Data Summary - The Baltic Dry Index closed at 1923.00, down 0.67% [4] - The Nasdaq Index closed at 23238.67, up 0.90% [4] - The Dow Jones Industrial Average closed at 50135.87, up 0.04% [4] - The S&P 500 closed at 6964.82, up 0.47% [4] - The Shanghai Composite Index closed at 4123.09, up 1.41% [4] - The Shenzhen Composite Index closed at 2700.22, up 1.91% [4] - The Hang Seng Index closed at 27027.16, up 1.76% [4]

Market Overview - The A-share market is experiencing a shift in sentiment as the Spring Festival approaches, with an increasing consensus among investors to "hold stocks over the holiday" [1] - The Shanghai and Shenzhen Stock Exchanges announced a package of measures to optimize refinancing, aiming to support the innovative development of quality listed companies [1][3] Refinancing Measures - The exchanges will enhance refinancing efficiency for quality companies with good governance and information disclosure practices, allowing companies facing share price declines to raise funds through methods like private placements and convertible bonds [1] - New standards for "light asset" and "high R&D investment" recognition have been introduced, with light assets defined as physical assets accounting for no more than 20% of total assets, and high R&D investment requiring an average R&D expenditure of at least 15% of revenue over the last three years [3] Investment Strategies - Multiple brokerages suggest a balanced and defensive investment strategy before the holiday, while focusing on growth sectors and industry trends after the holiday [3] - Historical data indicates a typical pattern of reduced trading volume leading up to the holiday, with a significant increase in trading volume expected after the first trading day post-holiday [3][4] Sector Focus - The technology sector is anticipated to see new growth opportunities post-holiday, driven by advancements in artificial intelligence, 5G, and semiconductors [4] - Specific sectors to watch during the holiday include humanoid robots, AI industry chain, gaming, and film, as well as cyclical sectors supported by strong commodity prices and policy backing [5] Conclusion - The overall sentiment suggests a potential "opening red" phenomenon after the Spring Festival, with increased investor participation expected as wealth stories circulate during the holiday [3]