[Table_Title] 四季度主动权益基金主动加仓前四大行业： 金属、化学品、保险和机械设备 金融工程丨深度报告 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 与 2025 年三季报相比，2025 年四季度主动权益基金增持最多的四个行业为电信业务（1.90 pct）、金属材料及矿业（1.90pct）、化学品（1.10 pct）和保险（0.94 pct）。从主动调仓角度来 看，主动加仓最多的四个行业分别是金属材料及矿业（0.99 pct）、化学品（0.86 pct）、保险（0.77 pct）和机械设备（0.59 pct）。剔除行业主题基金影响后，主动加仓最多的四个行业分别是保险 （1.03pct）、金属材料及矿业（0.90pct）、化学品（0.86pct）和机械设备（0.62pct）。 分析师及联系人 [Table_Author] 覃川桃 杨凯杰 SAC：S0490513030001 SAC：S0490525080004 SFC：BUT353 请阅读最后评级说明和重要声明 2 / 31 %% %% %% %% research. ...

中银证券2025年三季报显示，前三季度公司主营收入24.38亿元，同比上升26.95%；归母净利润8.54亿 元，同比上升29.28%；扣非净利润8.18亿元，同比上升35.05%；其中2025年第三季度，公司单季度主营 收入9.33亿元，同比上升38.33%；单季度归母净利润2.89亿元，同比上升22.37%；单季度扣非净利润 2.89亿元，同比上升57.23%；负债率79.44%，投资收益2.76亿元。中银证券（601696）主营业务：公司 根据业务类型将公司业务划分成投资银行业务、证券经纪业务、资产管理业务、证券自营业务、私募股 权投资业务、期货业务和其他业务。其中,公司通过全资子公司中银国际期货从事期货业务,通过全资子 公司中银国际投资从事私募投资基金业务,通过全资子公司中银资本投控从事另类投资业务(中银资本投 控尚未开展业务,中银国际投资的自有资金投资存量项目后续将逐步划转至中银资本投控)。 资金流向名词解释：指通过价格变化反推资金流向。股价处于上升状态时主动性买单形成的成交额是推 动股价上涨的力量，这部分成交额被定义为资金流入，股价处于下跌状态时主动性卖单产生的的成交额 是推动股价下跌的力量，这部 ...

Industry Investment Rating - The investment rating for the industry is Neutral, maintained [1] Core Insights - The current market environment for the brokerage industry is characterized by continued liquidity easing and a seasonal decline in trading activity ahead of the Spring Festival. The 10-year government bond yield has shown a slight decrease, indicating a stable and friendly funding environment for the capital market. The stock-bond spread remains high, suggesting relative value in equity markets, which may lead to increased brokerage activity post-holiday [4][5] - The average daily trading volume for stock funds has decreased by approximately 18.26% week-on-week, reflecting a seasonal cooling in market activity. However, the bond market remains robust with an average daily trading volume of around 30 trillion yuan [5][6] - The balance of margin financing and securities lending has shown a slight decline, indicating reduced willingness to use leverage as market activity cools. As of February 5, 2026, the balance was approximately 2.68 trillion yuan, down about 2.25% from the previous month [7][20] - The new comprehensive wealth index for bonds has continued to rise, indicating a solid liquidity foundation in the bond market, despite a slight decrease in trading volume as the market approaches the holiday [22][23] - The stock-bond spread has shown a slight increase, with an average of 4.98% this week, indicating a favorable environment for equities compared to bonds [24] Summary by Sections 1. Q1 Policy Focus - The derivatives regulations are expected to be implemented in Q1 2026, which may enhance the return on equity (ROE) for leading brokerages. The "14th Five-Year Plan" emphasizes the development of derivatives, signaling potential policy benefits for the industry [15] 2. Industry Fundamentals Tracking 2.1 SHIBOR3M Rate - The SHIBOR3M rate has stabilized around 1.60% from October to December 2025, further decreasing to 1.58% as of February 6, 2026, indicating a stable and loose interbank funding environment [16] 2.2 Stock Fund Trading Volume - The average daily trading volume for stock funds was 30,275 billion yuan, down from approximately 37,040 billion yuan the previous week, reflecting a seasonal decline in trading activity [17] 2.3 Margin Financing Situation - The margin financing balance was 26,808.60 billion yuan as of February 5, 2026, showing a continuous slight decline, which aligns with the decrease in trading activity [20] 2.4 Bond Market Index and Trading Amount - The new comprehensive wealth index for bonds rose from 250.0050 to 250.1665 over the week, while bond trading volumes showed a moderate decrease, maintaining a solid liquidity foundation [22] 2.5 Stock-Bond Spread - The 10-year government bond yield fluctuated between 1.81% and 1.82%, with the stock-bond spread averaging 4.98%, indicating a favorable environment for equities [24] 3. Market Review - The A-share brokerage index decreased by 0.65%, outperforming the CSI 300 index by 0.68 percentage points. However, the brokerage sector's performance over the past year lags behind the CSI 300 index [26][28]

Report Title - New Bond Prices Pull Back, Market Cools Slightly Before the Festival: Weekly Observation of the Convertible Bond Market [2] Report Industry Investment Rating - Not provided Core Views - The current trend of the convertible bond market depends on the underlying stocks. Recent equity fluctuations have not affected the market's expectation of a slow bull market but have intensified the volatility of the convertible bond market, especially the significant pullback of new bonds. Before the Spring Festival, market activity has declined, although the inflow of convertible bond ETFs has continued but at a slower pace. Despite the high valuation of convertible bonds, the probability of active valuation killing is low in the short term, and the market is expected to remain range-bound with possible structural adjustments [6]. - The view on convertible bonds remains unchanged. Currently, trading opportunities are far greater than allocation opportunities. Attention should be paid to technical indicators, and investors can actively participate if there is a pullback before the festival. The reference value of the overall premium rate decreases after it becomes too high, and the importance of the remaining term increases. It is recommended to focus on sub - new bonds, bonds that have waived redemption, and bonds where shareholders have not yet reduced their holdings [6]. - Last Monday, the market tumbled due to concerns caused by public opinions and quickly recovered after the rumors were refuted. As the Spring Festival approaches, investors' willingness to take profits has increased, and trading activity has significantly decreased. Recently, the technology and non - ferrous sectors have weakened, and funds have shifted to cyclical and consumer sectors, and this trend may continue. Short - term market fluctuations should not be feared. In an environment where domestic stability contrasts with external turmoil, it is beneficial for domestic assets, and foreign capital inflows are worth looking forward to. The main tone is still sideways consolidation with a slight upward trend, and the slow - bull pattern remains unchanged. Mid - cap blue - chip stocks will become the mainstay in the future [6]. Summary by Directory 1. Convertible Bond Views: New Bond Prices Pull Back, Market Cools Slightly Before the Festival - The current convertible bond market trend is mainly determined by the underlying stocks. Recent equity fluctuations have not changed the slow - bull market expectation but have increased market volatility, especially for new bonds. Before the Spring Festival, market activity has declined, and the inflow of convertible bond ETFs has slowed down. The market is expected to remain range - bound with possible structural adjustments [9]. - The view on convertible bonds remains that trading opportunities are more significant than allocation opportunities. Attention should be paid to technical indicators, and investors can participate during pre - festival pullbacks. It is recommended to focus on sub - new bonds, bonds that have waived redemption, and bonds where shareholders have not yet reduced their holdings [9]. - Last week, the market tumbled due to rumors and recovered quickly after refutation. As the Spring Festival approaches, profit - taking willingness has increased, and trading activity has decreased. Funds have shifted from technology and non - ferrous sectors to cyclical and consumer sectors, and this trend may continue. Short - term fluctuations should not be feared, and the slow - bull pattern remains unchanged, with mid - cap blue - chips expected to play a key role [9]. 2. Convertible Bond Review: Convertible Bond Trading Volume Declines Slightly, Valuation Oscillates Upward 2.1 Market Overall Performance: Most Equity Indexes Close Lower, Trading Volume Declines - Last week, the equity market was volatile. The consumer dividend index performed strongly, while the commodity and technology sectors corrected significantly. Market sentiment was cautious. Most major equity indexes declined, such as the Shanghai Composite Index (-1.27%), Shenzhen Component Index (-2.11%), and others. In terms of industries, food and beverage, beauty care, and power equipment led the gains, while non - ferrous metals, communication, and electronics sectors led the losses. The average daily trading volume decreased significantly by 656.51 billion yuan to 2.4 trillion yuan [12]. - The top ten convertible bonds in terms of gains last week were Naipu Zhuan 02, Dongshi Convertible Bond, etc. In terms of trading volume, Shuangliang Convertible Bond, Baichuan Zhuan 2, etc. were more active [12]. 2.2 Convertible Bond Trading Volume Declines, High - Rating and Large - Cap Convertible Bonds Lead the Gains - Last week, convertible bonds rose slightly against the trend. The 100 - yuan premium rate oscillated upward, and the average daily trading volume decreased slightly to 8.1168 billion yuan. The CSI Convertible Bond Index rose 0.05%, the median conversion value rose 0.3% to 108.7 yuan, and the median conversion premium rate rose slightly by 0.4% to 32.8%. In terms of style, high - rating and large - cap convertible bonds led the gains last week, while high - price and low - rating convertible bonds performed weakly [14].

Core Viewpoint - The China Securities Association (CSRC) has reported issues regarding the integrity and fee management practices of securities firms, highlighting the need for improved compliance and ethical standards in the industry [1][2]. Group 1: Integrity Management Issues - Some securities firms have not established clear standards for marketing expenses, leading to violations such as gifting clients during marketing activities [2]. - There are deficiencies in the management of third-party institutions, including inadequate qualification criteria and conflict of interest checks [2]. - Internal financial and procurement management systems are not effectively enforced, resulting in insufficient scrutiny of unusual cost expenditures [2]. - Annual integrity checks are often replaced with self-assessments, failing to cover high-risk departments and activities [2]. - There is a lack of sufficient integrity training for employees and inadequate promotion of integrity practices to clients and stakeholders [2]. Group 2: Fee Management in Investment Banking - The fee management system for investment banking services requires strengthening, as some firms have not clearly defined or agreed upon ongoing supervisory fee standards [2]. - Certain firms have failed to timely report sponsorship fee principles and project agreements to the association [2]. - There is a need for timely updates to internal fee structures to comply with regulations [2]. Group 3: Industry Response - A head of investment banking at a leading securities firm emphasized that issues such as third-party management and marketing expense regulations are long-standing challenges in the industry [3]. - The industry is encouraged to shift from "passive compliance" to "active prevention" to enhance integrity management and risk control [3].

Group 1 - The article discusses the recent developments in the investment banking sector, highlighting significant trends and shifts in market dynamics [1] - It emphasizes the impact of regulatory changes on investment strategies and the overall performance of financial institutions [1] - The report indicates a growing interest in sustainable finance, with companies increasingly integrating ESG (Environmental, Social, and Governance) factors into their investment decisions [1] Group 2 - The analysis points out that mergers and acquisitions (M&A) activity has seen a notable increase, driven by favorable market conditions and low interest rates [1] - It mentions that technology adoption in investment banking is accelerating, with firms leveraging digital tools to enhance efficiency and client engagement [1] - The article also notes the competitive landscape, where traditional banks are facing challenges from fintech companies that are disrupting conventional business models [1]

新加坡海峡时报指数稳健创新高、逼近5000点，中企赴新上市回暖，A股核心资产ETF 首登新交所。本 周将公布宏观数据，企业业绩也将集中披露，这会否扰动市场走势？新加坡辉立证券股票经纪、新交所 学院讲师刘宇航的介绍。 新加坡海峡时报指数稳健创新高、逼近5000点，中企赴新上市回暖，A股核心资产ETF 首登新交所。本 周将公布宏观数据，企业业绩也将集中披露，这会否扰动市场走势？新加坡辉立证券股票经纪、新交所 学院讲师刘宇航的介绍。 ...

2月9日，按照中国证监会部署，北京证券交易所推出优化再融资一揽子措施，明确"扶优扶科"的鲜明导 向，支持优质上市公司用好再融资相关机制，更好支持创新型中小企业高质量发展。提升再融资制度机 制的包容性、灵活性、便利度，是一揽子措施的最大亮点。 再融资作为资本市场投融资功能的重要组成部分，对上市公司特别是中小企业借助资本市场发展壮大、 做优做强具有重要作用。一揽子措施提出，将大力支持经营治理、信息披露规范，具有代表性与市场认 可度的优质上市公司再融资。 登录新浪财经APP 搜索【信披】查看更多考评等级 为进一步提高融资效率，一揽子措施提出，允许上市公司披露再融资预案时，不受前次募集资金原则上 应基本使用完毕的限制。等到申报时，前次募集资金使用进度原则上应当达到基本使用完毕的标准。这 将更加便利有融资需求的上市公司，及时决策、提前规划部署，抢抓市场机遇。 一揽子措施将进一步激发北交所市场融资活力。业内人士认为，一方面，此举有利于建立北交所再融资 与首发小额按需、快速接续的融资机制，持续服务中小企业长远发展。企业在北交所公开发行上市时， 重点在于把握投融平衡，获得上市"入场券"的同时，适当减缓股权稀释速度。上市后，经 ...

央广网北京2月9日消息（记者 牛谷月）2月9日，沪深北交易所推出优化再融资一揽子措施。 在加大对优质上市公司的支持力度方面。沪深北交易所明确，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，沪深北交易所将坚 持优中选优、宁缺毋滥，调整优质上市公司募投资金投向要求，支持优质上市公司将募集资金用于与主 营业务有协同整合效应的新产业、新业态、新技术领域，发展第二增长曲线业务，同时严防盲目跨界投 资、多元化投资。 在提高对科技创新企业的包容性适应性方面，沪深北交易所宣布，研究推出交易所主板上市公司"轻资 产、高研发投入"认定标准，放宽募集资金补流比例限制。沪深北交易所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发展主营业务。此外，优化按照未盈利标准上市且尚未盈 利的科创企业再融资间隔期要求，前次募集资金基本使用完毕或未改变募集资金投向的，前期募集资金 到位满6个月，可启动新一轮再融资。 在提升再融资机制灵活性、便利性方面，沪深北交易所优化上市公司再融资预案披露机制，要求公司简 要披露前次募集资金使用情况以及下一步使用计划，将前次募 ...

Group 1: Gold Market Insights - Solomon analysts indicate that the current volatility in gold prices is merely "short-term noise," with strong confidence in the long-term upward trend, expecting gold prices to break $5,000 in the coming weeks and retest $5,600 in the second quarter [1] - Investinglive analysts note that while gold has struggled to maintain the $5,000 level, it remains relatively stable compared to silver, and the market is looking for a decrease in volatility, which may lead to a slight price drop [1] - Dongwu Securities highlights a shift in gold pricing from "trend-based allocation" to "emotion and expectation-driven" due to rising macro uncertainty and risk premiums, indicating a faster response to bullish factors [1] Group 2: Oil Price Forecast - Capital Economics predicts that oil prices will decline to around $50 per barrel by the end of 2026, driven by easing supply concerns and geopolitical risks [2] - Brent crude oil futures recently rebounded but are expected to record their first weekly decline in nearly two months due to investor focus on geopolitical developments [2] Group 3: Japanese Monetary Policy - BNP Paribas economists expect the Bank of Japan to raise interest rates at a faster pace than previously anticipated, with potential hikes starting in April and continuing every four to five months until reaching a 2% policy rate [3] Group 4: Commodity Market Outlook - CICC reports that the commodity market remains a beneficiary of global fund diversification, with structural demand and supply gaps in various sectors, suggesting that the commodity market's structural trend is not over yet [5] - CICC also notes that the recent Japanese election results may lead to a stronger stock market and potential foreign exchange interventions if the yen depreciates excessively [5] Group 5: A-Share Market Analysis - Huatai Securities suggests that the A-share market's adjustment phase may be nearing its end, with a recommendation to gradually increase portfolio flexibility and focus on sectors with high valuation and growth potential [6] - CITIC Securities anticipates significant growth in the space photovoltaic sector, driven by demand from AI and related technologies [7] Group 6: Broker Sector Insights - CITIC Securities indicates that the brokerage sector is expected to experience a valuation recovery and earnings growth by 2026, with significant room for improvement in valuations compared to historical levels [8] - Guosen Securities highlights that the brokerage sector's fundamentals are improving, with a notable mismatch between fundamentals and valuations, suggesting high cost-effectiveness for current investments [13]