炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 中信建投证券发布研究报告称，股票市场活跃度是证券行业估值与业绩的同频指标，其景气度决定了板 块估值的下限；超预期金融政策则是打开板块估值上限的核心变量。当前，资本市场活跃度较高叠加慢 牛行情预期，构筑了2026年股市交投活跃的坚实基础；而"十五五"规划建议稿释放出对资本市场的高度 关注，未来不排除金融政策超预期催化的可能性。综合来看，证券板块具备下方有底、上方有空间的清 晰格局。 2)金融政策催化是打开估值上限的关键变量。若后续出现超预期金融政策催化，市场将基于政策驱动的 成长逻辑给予更高估值溢价，板块估值弹性有望媲美2014~2015年(2.0-4.0倍PB)、2020~2021年(1.8-2.0倍 PB)两轮景气周期，从而突破现有估值区间。 从定量维度看，以50家样本券商为研究对象，在18000/20000/22000亿元日均成交额的不同场景下，对 应2025年Q3净资产基数的PB(LF)分别为1.36倍、1.43倍、1.50倍，该测算结果构成了板块的估值下限。 1)当前估值已触及板块坚实下限，安全边际充足。截至2026年1月16日 ...

财富管理"新旧动能"加速转换。 头部券商投顾数量优势显著。截至去年年底，共有22家券商的投顾人员规模超过千人，国泰海通投顾数 量5990人排名第一，中信证券以4817人紧随其后，广发证券、中国银河、中信建投、华泰证券、国信证 券等5家券商投顾数量超三千人。 Wind统计数据显示，截至2月3日，证券投资顾问人数已突破8.78万人，距离9万人大关仅一步之遥。与 2024年末的8.06万人相比，投顾队伍净增人数已超过7000人，刷新了历史纪录。 在证券行业整体"瘦身"、从业总人数回落的大背景下，这一结构性调整的背后，是行业发展逻辑的变 革。 "降费对券商行业形成了短期收入承压，长期生态重塑的核心格局，代销收入、分仓佣金等传统业务直 面冲击，同时倒逼行业加速向买方投顾与综合财富管理转型。"中航证券分析师薄晓旭认为，在此背景 下，以资产配置、持仓复盘、市场解读为核心的买方投顾服务成为行业竞争核心。ETF等低费率产品竞 争力进一步凸显，成为券商代销布局的重点方向。 易方达财富副董事长、首席投资官安伟则表示，ETF投资看似简单，但实际隐藏着较高的认知门槛与策 略复杂度。在客户资产配置需求不断提升的背景下，有必要通过专业的投 ...

【头条要闻】 中方领导人将于今年年底访美？外交部回应 关于美国总统特朗普称中方领导人将于今年年底访问美国，中国外交部发言人林剑2月5日在例行记者会 上应询表示，中美两国元首保持着沟通和互动。 记者会上，有记者提问：在2月4日中美元首通话之后，美国总统特朗普表示，中方领导人将于今年年底 访问美国。中方能否证实这一说法？是否可以提供有关此次会晤的更多细节？ "中美两国元首保持着沟通和互动。关于你提到的具体问题，我目前没有可以提供的消息。"林剑说。 "普京计划上半年访华"，外交部回应 外交部发言人林剑主持2月5日例行记者会。会上有俄媒记者提问称：2月4日立春当天，俄中两国元首举 行了视频通话，据俄罗斯总统助理乌沙科夫表示，应中国领导人的邀请，普京总统计划在2026上半年对 中国进行访问，请问中方能否提供更多的信息？林剑对此表示，昨天习近平主席同普京总统举行视频会 晤，就双边关系和共同关心的国际和地区热点问题深入交换意见。中俄两国元首一直通过各种方式保持 战略沟通，引领新时代中俄关系稳步前行。 中方要求国企暂停与巴拿马的新项目谈判？外交部回应 2月5日，外交部发言人林剑主持例行记者会。 彭博社记者提问，据报道，在巴拿 ...

在股市升温以及监管层引导中长期资金入市的背景下，凭借相对稳健的业绩表现，量化私募基金获得保险 资金的青睐。 由于险资直接投资私募的路径尚未获得监管明确，因此通过私募MOM（管理人中管理人）模式进行"绕道"投 资成为部分险资机构的选择，这也直接推动私募MOM产品的发展。根据记者统计，2025年备案数量创下历史 新高。 过去一年新增备案的产品，其母基金管理人主要为券商资管、期货。然而，记者从多位券商资管人士处交叉核 实获悉，私募MOM产品新增备案已被叫停，主要因为监管担忧该业务在实践中可能异化为"通道"，偏离主动 管理。 担忧沦为通道业务 一直以来，市场持续关注保险资金"借道"私募MOM布局量化策略。（ 详见《调查｜险资"灰色"投资私募量 化，中小险企借道MOM试水》 ）但这一业务已被悄然按下"暂停键"。 "叫停至少有三个月了，至今没有恢复。"深圳一家中小券商资管人士向记者表示。中国证券投资基金业协会 （以下简称"协会"）公开信息显示，自2025年9月2日协会新增备案一批私募MOM产品后，再无新的私募MOM 产品备案记录。 谈及原因，多名券商资管人士均向记者表明，监管担心私募MOM业务"通道化"。华北地区一家中小 ...

Core Viewpoint - The gold market experienced significant volatility, with international gold prices reaching a historical high before a sharp decline and subsequent rebound, leading to a substantial reduction in the scale of domestic gold-themed ETFs [1][11]. ETF Market Impact - Domestic gold-themed ETFs saw a total reduction of approximately 427 billion yuan over the week, bringing the total scale down to 3,489.54 billion yuan [4][15]. - Approximately 1.89% of gold-themed ETF funds opted for redemption, resulting in a net outflow of about 66 billion yuan, primarily due to a decline in net asset value [1][5]. - The scale reduction was largely attributed to passive shrinkage from declining net values, amounting to around 361 billion yuan [1][5]. Market Sentiment and Investor Behavior - Analysts noted that there was no panic selling among domestic investors; rather, the adjustments were seen as short-term emotional responses [1][5]. - On January 30, despite a significant drop in gold prices, there was still a net subscription of 23.38 billion yuan in some ETFs, indicating attempts by investors to "buy the dip" [5][16]. - The outflows were primarily driven by short-term speculative funds, stable short-term allocation funds, and passive following funds, with the latter showing a tendency to react to market movements [6][17]. Long-term Investment Logic - The long-term investment logic for gold remains intact, supported by three core factors: the unchanged Fed's interest rate cycle, ongoing global central bank gold purchases, and gold's role as a hedge against international order risks and sovereign credit currency risks [8][20]. - Institutions generally agree that the recent price fluctuations are a technical adjustment rather than a reversal of long-term trends, with concerns about rapid price increases being a significant factor [7][19]. Future Market Outlook - Institutions have differing views on future gold prices, with UBS predicting a target price of 7,200 USD/oz in a bullish scenario and 4,600 USD/oz in a bearish scenario [9][21]. - Analysts suggest that gold should be viewed as part of a diversified asset portfolio rather than a single heavy investment, emphasizing the importance of long-term perspectives in investment strategies [10][22].

Core Viewpoint - The National Cybersecurity Incident Response Center has identified 72 mobile applications that illegally collect and use personal information, including several financial apps, highlighting significant compliance issues in the industry [1][2]. Group 1: Overview of Violations - A total of 72 mobile applications were flagged for illegal collection and use of personal information between December 26, 2025, and January 20, 2026 [1]. - Among the flagged apps, several financial applications were noted, including Zhongshan Securities, Dazhihui, Guotai Junan Futures, and Wukuang Futures [1]. Group 2: Specific Violations in Financial Apps - Dazhihui was found to have the most violations, totaling six, including failure to clearly inform users about privacy policies and collection practices [2]. - Specific violations included not providing clear consent mechanisms, not listing the purposes and methods of data collection, and failing to inform users about third-party data sharing [2][3]. - Other issues included inadequate options for users to correct or delete their personal information and lack of mechanisms for withdrawing consent for data collection [3].

2月1日出版的《求是》杂志发表习近平总书记重要文章《走好中国特色金融发展之路，建设金融强 国》。习近平总书记指出："我国金融必须守好服务实体经济本分，推动高质量发展，决不能脱实向 虚。" 实体经济是金融的根基，金融是实体经济的血脉，服务实体经济是金融的天职。近年来，金融系统坚持 把金融服务实体经济作为根本宗旨，持续做好金融"五篇大文章"，我国在绿色金融、普惠金融、数字金 融等方面走在世界前列。本版约请金融业从业人员、企业负责人和相关专家，探讨如何走好中国特色金 融发展之路，以金融高质量发展更好服务实体经济。 ——编者 为实体经济提供高质量金融服务 金融必须守好服务实体经济本分，围绕国家重大战略和政策传导落实，企业的多样化多元化金融需求， 广大人民追求美好生活的需要，深化金融供给侧结构性改革，为实体经济提供高质量金融服务。 首先，要服务好国家重大战略落地和政策落实。金融具有资金资源配置功能，可以引导资金流向，推动 国家重大战略和政策更有效落实。近期，在财政政策上，有关部门增加、优化贷款贴息，实施民间投资 专项担保计划，在货币政策上，降低结构性货币政策工具利率。金融业要积极主动作为，实现财政政策 与货币政策的协同 ...

Core Insights - The Jiangsu provincial government emphasizes the importance of financial support for the real economy, aiming to build a strong financial province that aligns financial services with industrial development [1] Group 1: Economic Growth and Financial Performance - Jiangsu's GDP reached 14.2 trillion yuan, with an average annual growth rate of 5.7% [1] - By 2025, the province's new social financing scale is projected to reach 3.2 trillion yuan, an increase of 316.7 billion yuan year-on-year, maintaining the top position in the country [2] - As of the end of 2025, the RMB loan balance in Jiangsu is expected to reach 28.25 trillion yuan, with an average annual growth rate of 12.8% from 2021 to 2025, consistently outpacing the nominal GDP growth rate [2] Group 2: Financial System and Innovation - Jiangsu is focused on enhancing the financial system to support a modern industrial framework, with provincial financial enterprises' total assets exceeding 15 trillion yuan, doubling since the end of 2018 [4] - The establishment of the Jiangsu National Financial Group and the Jiangsu Rural Commercial Bank aims to optimize the management of state-owned financial capital and improve financial services [4] - The province has introduced various financial products and services tailored to meet the diverse needs of the real economy, including a multi-layered financial supply system for technology enterprises [3] Group 3: Support for Enterprises - By the end of 2025, the loan balance for private enterprises in Jiangsu is expected to be around 8 trillion yuan, with inclusive small and micro loans exceeding 4 trillion yuan [3] - The province has implemented innovative financing models, such as the "Torch Innovation Credit Loan + Trade Financing" to address the financing challenges faced by technology companies [2] Group 4: Financial Ecosystem and Risk Management - Jiangsu is committed to creating a favorable financial ecosystem by enhancing information sharing and collaboration among various departments, establishing a coordinated financial regulatory mechanism [8] - The province has conducted 122 financial service events in 2025, benefiting over 53,000 small and micro enterprises, and has set up 105 new financial service points for private enterprises [7] - Recent measures have been introduced to optimize the financial ecosystem, focusing on improving the financial business environment and enhancing the legal framework for finance [8]

票据包括2028票据(即于2028年到期的5.50亿美元浮动利率票据)及2029票据(即于2029年到期的8.50亿美 元浮动利率票据)，发行人拟将发售票据所得款项净额用于偿还担保人及其子公司部分现有债务以及其 他一般企业用途。已向联交所申请票据的上市及允许买卖，票据以仅售予专业投资者的债务证券方式于 联交所上市及买卖。预期票据的上市将于2026年2月13日生效。 格隆汇2月6日丨中金公司(03908.HK)发布公告，2026年2月5日，发行人(即CICC Hong Kong Finance 2016 MTN Limited，为担保人的全资附属公司)、担保人(即中国国际金融(国际)有限公司，为公司的全 资附属公司)及公司就根据计划发行票据与中金香港证券、花旗及渣打银行作为联席全球协调人以及中 金香港证券、花旗、渣打银行、中国农业银行等作为联席帐簿管理人和联席牵头经办人订立认购协议。 ...

Market Overview - The A-share market showed weakness, with the Shanghai Composite Index falling over 1% during the day and closing down 0.64% at 4075.92 points, while the Shenzhen Component Index and ChiNext Index dropped 1.44% and 1.55% respectively, with total trading volume around 2.19 trillion yuan, a decrease of over 300 billion yuan from the previous day [1] Financial Sector Performance - The financial sector, particularly banks and brokerages, performed actively in the afternoon, with notable gains in stocks such as Xiamen Bank, Chongqing Bank, and Shanghai Bank [2] - Institutions expect recent fiscal and monetary policies to support banks' performance, with a stable recovery in earnings projected for 2025 [2] - 中邮证券 forecasts that the insurance sector will see over 2 trillion yuan in new market funds by 2026, increasing demand for high-dividend assets [2] Brokerage Sector Insights - The brokerage sector also strengthened, with companies like Huayin Securities hitting the daily limit [3] - Major brokerages reported positive earnings for 2025, with CITIC Securities achieving revenue of 748.3 billion yuan and net profit of 300.51 billion yuan, both showing significant year-on-year growth [3] - Investment institutions believe that the brokerage sector will benefit from China's economic development and capital market reforms, enhancing its long-term investment value [3] Consumer Sector Trends - The consumer sector saw a collective rise, with retail, food and beverage, and tourism sectors performing well, highlighted by stocks like Maoye Commercial and Sanjiang Shopping hitting the daily limit [4] - The Ministry of Finance and other authorities announced a "zero tariff" policy for imported goods purchased by residents in Hainan Free Trade Port, which is expected to boost consumer spending [4] Food and Beverage Industry Analysis - The food and beverage industry is currently at a historical low in valuation, with potential investment opportunities emerging as market conditions improve [5] - The sector is expected to benefit from the application of AI technology, enhancing efficiency in retail operations, with the smart retail market projected to grow to approximately 64.5 billion yuan by 2030, at a compound annual growth rate of 22% [6]