Group 1: Report Highlights - The widening spread between special-purpose bonds and general bonds was mainly driven by supply shocks and the differentiated risk weights of commercial banks. The relative relationship of spreads between 20Y and 30Y local government bonds was driven by changes in Treasury yields. There were regional differentiations in the primary spread levels of local government bonds, and the difference between primary and secondary spreads verified the differences in the marketization degree of issuance in each region. The liquidity level of local government bonds affected the historical spread changes. There were certain differences in the number of market quotes from brokers in each region, reflecting the differences in liquidity. Moreover, there were regular differentiations in the trading preferences of each province and various institutional entities [3]. Group 2: Core Views - The report systematically analyzed the investment value of local government bonds from two core dimensions: the changes in local government bond spreads and their influencing factors, and the trading and buying situations in the local government bond market. It provided in - depth analyses of the driving factors behind the widening of the spread between special - purpose bonds and general bonds from late 2024 to early 2025 and the change in the relative relationship between 20Y and 30Y local government bonds around Q4 2024. It also focused on the regional differentiations in primary and secondary spreads and their causes, and summarized the regular characteristics in trading and net - buying preferences in the market [78]. Group 3: Summary by Directory 1. Exploration of Factors Affecting Local Government Bond Spreads 1.1 Widening of Spread between Special - Purpose Bonds and General Bonds - From 2020 to early 2024, the spread between special - purpose bonds and general bonds remained stable within the range of - 4 to 4bp. However, from late 2024 to early 2025, the spread widened significantly, reaching a peak of 8bp in early May 2025 and then gradually falling back to around 2bp. The main reasons were the concentrated supply shock of special - purpose bonds and the differentiated risk weights of commercial banks. In November and December 2024, over 2 trillion yuan of special - purpose bonds were issued, which exceeded the market demand and broke the supply - demand balance. The "Commercial Bank Capital Management Measures" implemented on January 1, 2024, differentiated the risk exposure weights of general bonds (10%) and special - purpose bonds (20%), which increased the capital occupation cost of commercial banks for special - purpose bonds and reduced their allocation demand [14][18]. 1.2 Changes in Spreads of 20Y and 30Y Local Government Bonds - The spread between 20Y and 30Y local government bonds changed around Q4 2024, with the spread of 30Y local government bonds minus that of 20Y local government bonds turning from negative to positive. This change was mainly due to the change in the relative level of 20Y and 30Y Treasury yields, as the change point of Treasury yields coincided with that of local government bond spreads [32]. 1.3 Difference between Primary and Secondary Spreads - From 2015 - 2025, the primary spreads of local government bonds showed significant regional differentiations and term - related characteristics. Regionally, the primary spreads were inversely related to the regional economic development level, with higher spreads in the central, western, and northeastern regions. In terms of term, the primary spread of 1Y local government bonds was relatively low, while those of 2 - 10Y bonds were generally over 20bp, and the spread of 5Y bonds was the highest at 23.21bp. The spreads of 15 - 30Y long - term local government bonds fluctuated around 18bp. The difference between primary and secondary spreads reflected the regional differentiations in the marketization degree of local government bond issuance. Some provinces had a small difference between primary and secondary spreads, while in some areas such as Ningbo, Shanghai, and Shenzhen, the non - marketization of issuance was more serious [35][40]. 1.4 Factors Affecting Spreads - The offensive and defensive characteristics of local government bonds changed significantly around August 2023. Before August 2023, local government bonds had stronger defensive attributes than Treasury bonds, and their spread changes were mainly passive. After August 2023, their offensive attributes became prominent, and the active widening and narrowing of spreads were obvious. The main reasons were the change in the participation of trading desks and the impact of policies on the supply term structure of local government bonds. The increase in the supply of special - purpose bonds also led to the widening of spreads in some stages [45][49][52]. 2. Analysis of Local Government Bond Trading and Buying 2.1 Bid/Ofr Quote Quantity and Spread - According to the sampling data of 10Y new local government bonds issued after August 8, 2025, in the broker market, there were significant differences in the liquidity of local government bonds in each region. Some regions had high broker - market activity, with sufficient bid and ofr quotes and active trading, while some regions had poor liquidity. The average bid - ofr difference of the sampled provinces was about 1.68bp, and the ChinaBond valuation price was generally 1 - 2bp higher than the ofr price [58]. 2.2 Regional Trading Patterns - By comparing the trading volume and trading value of local government bonds in 2024 and 2025, it was found that some regions had obvious trading preferences for certain - term local government bonds. For example, 1 - 3Y bonds were more actively traded in Zhejiang, 5 - 7Y bonds were more popular in Shenzhen, Chongqing, and Jiangsu, and long - term bonds with a term of over 20Y were actively traded in Fujian, Shandong, and Sichuan. The weighted average trading terms calculated by trading volume and trading value were consistent with the above - mentioned trading preferences [63]. 2.3 Net Buying - Based on the data from 2021 - 2025, different institutional entities had different net - buying preferences for local government bonds of different terms. Large - scale banks mainly focused on local government bonds with a term of less than seven years, rural commercial banks had a more diverse range of term preferences, city commercial banks' net - buying characteristics were similar to those of rural commercial banks, securities firms' self - operation mainly concentrated on 1 - 5Y local government bonds, funds' net - buying terms were more dispersed, and insurance companies showed an increasing preference for long - term local government bonds and were the largest net - buying entities for 15 - 30Y local government bonds [68]. 2.4 Cross - Market Trading Comparison - After the optimization of the local government bond transfer - custody business, it became more convenient to transfer local government bonds between the inter - bank market and the exchange market. The inter - bank market had the largest trading volume of local government bonds, and the absolute values of the differences between the trading prices in the inter - bank and broker markets and the ChinaBond valuation were smaller. The Shanghai Stock Exchange had a larger trading volume than the Shenzhen Stock Exchange, with higher trading yields [73][76].

每经记者：王海慜 每经编辑：贾运可 2月9日，沪深北交易所分别在官网推出优化再融资一揽子措施。沪深北交易所明确，对经营治理与信息披露规范，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。 每日经济新闻 上交所在相关指引中新增主板上市公司"轻资产、高研发投入"认定标准。明确沪市主板上市公司"轻资产"认定标准为实物资产占总资 产比重不高于20%；沪市主板上市公司"高研发投入"认定标准为最近三年平均研发投入占营业收入比例不低于15%，或者最近三年累计 研发投入不低于3亿元且最近三年平均研发投入占营业收入比例不低于5%。发行证券募集资金用于补充流动资金和偿还债务的比例可 以在充分论证合理性后超过募集资金总额的30%，但超过部分原则上应当用于主营业务相关的研发投入。深交所相关规定与上交所一 致。 利好轻资产科创类企业 2月9日，上交所在官网推出优化再融资一揽子措施。值得关注的是，此次上交所同步发布了修订《上海证券交易所发行上市审核规则 适用指引第6号——轻资产、高研发投入认定标准》（以下简称《6号指引》）的征求意见稿。 2024年10月，上交所发布《6号指引》，在科创板建立"轻资产、高研发 ...

Core Viewpoint - Chen Zhixiang, Vice President and President of Hubei Open University, is under investigation for serious violations of discipline and law, marking a significant event in the educational and financial sectors of Hubei Province [1][3]. Group 1: Background Information - Chen Zhixiang was appointed as the President of Hubei Open University in June 2024, having served in this role for less than two years before the investigation [5][6]. - Prior to his role at Hubei Open University, Chen held various positions, including Vice President and General Manager of Hubei Hongtai Group and Secretary of the Party Committee at Tianfeng Securities [4][6]. Group 2: Financial Implications - Hubei Hongtai Group became the controlling shareholder of Tianfeng Securities in February 2023, holding 22.62% of the shares, which increased to 28.33% [6]. - Tianfeng Securities announced a projected net profit of between 125 million to 185 million yuan for 2025, indicating a turnaround from previous losses, attributed to increased investment income [7]. - The company aims to enter a new phase of high-quality development, supported by its controlling shareholder, Hubei Hongtai Group [7].

Investment Rating - The report maintains an "Outperform" rating for the non-bank financial sector, indicating a positive outlook for investment opportunities in this industry [2]. Core Insights - The report highlights a significant increase in new A-share accounts, with January 2026 seeing 4.92 million new accounts opened, a year-on-year increase of 213% and a month-on-month increase of 89%, marking one of the highest monthly figures in nearly a decade [5][13]. - The insurance industry is projected to achieve steady growth in 2025, with original insurance premium income expected to reach CNY 6.12 trillion, a year-on-year increase of 7.43%, and total assets expected to grow to CNY 41.32 trillion, a 15.06% increase [36][37]. - The report emphasizes the positive correlation between market recovery and the performance of brokerage firms, suggesting that the high growth in account openings will provide a solid customer base for the brokerage industry in 2026 [5][13]. Summary by Sections 1. Securities Business Overview and Weekly Review - The report notes that the recent regulatory measures on virtual currencies aim to strengthen financial security and curb speculative activities, which is expected to create a more stable investment environment [12]. - The performance of major indices showed a mixed trend, with the Shanghai Composite Index down 1.27% and the Shenzhen Component Index down 2.11% during the week [14]. - The brokerage sector's PB valuation stands at 1.37 times, which is at the 67th percentile of its historical range over the past three years, indicating a relatively attractive valuation [30]. 2. Insurance Business Overview and Weekly Review - The insurance sector is experiencing a clear differentiation in growth, with life insurance premiums reaching CNY 4.36 trillion, up 8.9%, while property insurance premiums grew by 3.9% to CNY 1.76 trillion [36][37]. - The report identifies life insurance as the core growth driver, with significant contributions from bancassurance channels, while property insurance is seeing growth in non-auto segments, particularly in agricultural and health insurance [37][38]. - The future growth trajectory of the insurance industry is expected to be shaped by a shift towards high-quality development, with an emphasis on diversified product offerings and enhanced distribution channels [38]. 3. Market Liquidity Tracking - The report indicates that the central bank's recent operations resulted in a net withdrawal of CNY 6.56 billion, reflecting ongoing adjustments in liquidity management [44]. - The issuance of local government bonds totaled CNY 5.80 billion, with a net injection of CNY 5.79 billion, highlighting active fiscal measures in the market [44].

2月9日，沪深京交易所分别在官网推出优化再融资一揽子措施。沪深京交易所明确，对经营治理与信息披露规范，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。 上交所在相关指引中新增主板上市公司"轻资产"和"高研发投入"认定标准：明确沪市主板上市公司"轻资产"认定标准为实物资产占总资产比重不高于20%； 沪市主板上市公司"高研发投入"认定标准为最近三年平均研发投入占营业收入比例不低于15%，或者最近三年累计研发投入不低于3亿元且最近三年平均研 发投入占营业收入比例不低于5%。 有投行人士认为，这将意味着，未来符合"轻资产、高研发投入"认定标准的主板企业将不再受30%补流比例限制，而这类公司的特点就是流动资金投入大， 限制补流规模不符合行业特点。 此外，沪深京交易所新规定，存在破发情形的上市公司，可以通过竞价定增、发行可转债等方式合理融资，募集资金需投向主营业务。而根据此前规定，存 在破发情形的上市公司被严格限制再融资。 放宽主板公司再融资补流比例限制 2月9日，上交所在官网推出优化再融资一揽子措施。值得关注的是，此次上交所同步发布了修订《上海证券交易所发行上市审核规则适用指引第6号--轻 ...

Core Viewpoint - The article discusses the narrowing of the AH premium, highlighting the significant reduction in the discount rate for companies listed in both A-shares and H-shares, with a focus on the factors driving this trend and the implications for market dynamics [1][3]. Group 1: AH Premium Dynamics - The AH premium has decreased significantly, with the recent listing of Dongpeng Beverage showing a discount rate of only 14%, the second lowest since 2015, compared to an average of about 33% [1]. - The Hang Seng A-share premium index has declined from a near ten-year high of 161.36 points in February 2024 to 119.44 points by February 2026, returning to levels seen in 2019 [1]. Group 2: Factors Influencing Premium Narrowing - The core reason for the narrowing AH premium is the recovery of liquidity discounts in the Hong Kong market, driven by increased participation from southbound funds, a weak dollar environment, and improved earnings in the Hong Kong market [3]. - Southbound funds have reached a record net inflow of 1.4 trillion HKD in 2025, with over 120 billion HKD net inflow recorded in early 2026, indicating a strong trend of capital flow into the Hong Kong market [5]. Group 3: Market Structure and Investor Behavior - The participation of southbound funds has increased from 20% at the beginning of 2024 to around 35%, enhancing the pricing power of mainland investors in the Hong Kong market [6]. - The liquidity gap between A-shares and H-shares has narrowed due to the influx of southbound funds, which have improved the liquidity conditions in the Hong Kong market [5]. Group 4: Valuation Disparities and Market Preferences - Some leading companies have experienced a phenomenon where H-shares are priced higher than A-shares, with notable examples including CATL and China Merchants Bank, indicating a preference for globally competitive firms by foreign investors [7]. - The article notes a "Matthew Effect" in the market, where larger companies enjoy better valuations, while smaller companies face greater discounts, with smaller IPOs often seeing discounts of around 50% compared to larger firms [10][11]. Group 5: Future Trends and Market Adjustments - The trend of narrowing AH premiums and structural differentiation is expected to continue, with high-quality leading stocks potentially experiencing a "premium inversion" becoming a norm [12]. - Adjustments in listing rules allowing growth companies to list in Hong Kong may attract more high-growth firms to global investors, further influencing the AH premium dynamics [12].

Macro Insights - The average weekly working hours for corporate employees decreased to 48.43 hours, lower than in 2023 and 2024, but still above pre-pandemic levels[2] - The reduction in working hours has led to an increase in leisure time, with over 54.5 hours of leisure time available weekly, which is expected to boost consumer spending[2] Strategy Insights - The nomination of Waller as Fed Chair has raised hawkish monetary policy expectations, causing the dollar index to rebound and impacting emerging markets and commodities negatively[4] - Future market stability may depend on the Fed's interest rate decisions and the performance of various asset classes, with a focus on sectors benefiting from the 14th Five-Year Plan[4] Fixed Income Insights - The bond market sentiment index rose to 116.1, indicating a slight recovery in market sentiment[5] - The average duration for funds increased to 1.39 years, while the duration for insurance decreased to 7.56 years, reflecting varying risk appetites across sectors[7] Banking Insights - New regulations on digital currencies were introduced to mitigate risks associated with virtual currencies, emphasizing the illegal status of such currencies compared to legal tender[9] - The new regulations also include management requirements for Real World Asset (RWA) tokenization, aiming to prevent speculative activities in the market[10]

Core Viewpoint - The recent policies issued by the People's Bank of China and other departments aim to prevent and manage risks associated with virtual currencies and the tokenization of real-world assets (RWA), continuing the regulatory framework established in 2021 [1][2]. Summary by Sections Virtual Currency Regulations - Domestic virtual currencies are classified as illegal activities, with a strict prohibition on all related business activities, including stablecoins [2] - For overseas activities, it is specified that domestic entities and their controlled overseas entities are not allowed to issue virtual currencies abroad without proper authorization [2]. RWA Business Regulations - RWA activities are prohibited within the domestic market, except for those approved by relevant authorities and conducted through specific financial infrastructures [2] - The guidelines clarify that overseas RWA business will be regulated by various authorities, including the National Development and Reform Commission and the China Securities Regulatory Commission, depending on the nature of the RWA [2][3]. Compliance and Risk Management - The issuance of RWA tokens is expected to develop in a compliant manner, with detailed requirements for domestic enterprises engaging in RWA activities both domestically and internationally [3] - Domestic institutions are not allowed to service unauthorized RWA activities, but their overseas subsidiaries can provide RWA-related services abroad, indicating a higher acceptance of overseas RWA business under regulatory compliance [3]. Investment Recommendations - Comprehensive and internationally oriented brokerage firms are likely to benefit more from these regulatory changes [4].

节前以震荡为主 关注结构性机会 ——股指周报2026.02.09 数字金融部：李卫红 联系方式：0371-68599157 电子邮箱：liwh_qh@ccnew.com 投资咨询编号：Z0017812 本期观点 | 品种 | 主要逻辑 | 策略建议 | 风险提示 | | --- | --- | --- | --- | | | 1、证监会公布《关于境内资产境外发行资产支持证券代币的监管指引》，自公布之日 | | | | | 起施行。指引所称境内资产境外发行资产支持证券代币是指，以境内资产或相关资产权 | | | | | 利所产生的现金流为偿付支持，利用加密技术及分布式账本或类似技术，在境外发行代 | 操作上，综合来 | | | | | 看，春节前海外 | | | | 币化权益凭证的活动。证监会对境内资产境外发行资产支持证券代币依法依规进行严格 | 扰动偏多、贵金 | | | | 监管。 | 属巨震，叠加资 | | | | 中国人民银行等八部门联合发文，明确虚拟货币相关业务活动属于非法金融活动，境内 | | | | | 一律严格禁止。境内外任何单位和个人未经同意不得在境外发行挂钩人民币的稳定币， | 金的止盈需求 ...

春节前，沪深北交易所集中发布重大政策，提出优化再融资的一揽子措施，一时之间，A股再融资吸引 力大提升。 三是提高再融资机制灵活性与便利性，预案披露需说明前次募资使用及后续计划，申报时前次募资需基 本使用完毕，申报材料可直接引用已公告内容，同时优化简易程序负面清单/情形。 四是强化再融资全链条监管，压实上市公司信披责任和中介"看门人"职责，严防"带病"申报；锁价定增 获控制权的需承诺批文有效期内完成发行，违诺严肃追责；加强募集资金监管，加大事中事后监管及违 法违规惩处力度。 哪些内容最受市场关注？综合智通财经调研来看，目前有三大方面的细节尚待明确，也成为市场热议的 核心焦点。 其一，破发企业再融资相关政策成为市场关注度最高的举措。沪深北三大交易所均明确，存在破发情形 的上市公司可通过定增、发行可转债等方式开展合理融资，且募集资金须全部投向主营业务。 统计显示，当前A股破发上市公司合计537家，其中深市291家、沪市236家、北交所10家。 文件出台后，破发企业再融资落地的具体标准成为上市公司的重要重点关注。 这次核心举措主要有四个方面： 一是加大优质上市公司支持力度，优化其再融资审核、提升审核效率，允许将募资投 ...