首创证券公告称，近日收到中国证监会批复，同意公司向专业投资者公开发行面值总额不超过50亿元的 永续次级公司债券。本次发行应按报送上海证券交易所的募集说明书进行，批复自同意注册之日起24个 月内有效，可分期发行。公司将在股东会授权范围内办理发行相关事宜，并及时披露信息。 ...

Group 1: Market Overview - The three major concerns previously affecting the bond market have been partially alleviated, with actual impacts being lower than market expectations[1] - The bond market remains relatively calm compared to other asset classes, with the 10-year government bond yield fluctuating around 1.84%[10] - The recent rise in the 30-year government bond yield has been a moderate response to the supply impact of long-term bonds[12] Group 2: Key Focus Areas - Economic performance in early 2026 is expected to be supported by a fiscal policy injection of 1 trillion yuan, with 625 billion yuan in special bonds already allocated[17] - Market expectations for monetary policy easing may be delayed, but the current expectations for rate cuts are considered rational[22] - The supply of long-term government bonds is manageable, with a planned issuance of approximately 1.54 trillion yuan in the first quarter of 2026[24] Group 3: Investment Strategy - The willingness of institutional investors to increase their allocation to long-term bonds is viewed positively, with net purchases of long-term local bonds reaching 1.90 trillion yuan in 2025[28] - The current risk premium in the stock market has decreased to the 1/2 to 3/4 percentile range since 2002, indicating a shift towards median valuation[29] - The bond market's overall outlook is not pessimistic, and current strategies should focus on asset allocation while waiting for trading opportunities[33]

Group 1 - The trading commission for ETF funds in Wuhan in 2026 is generally aligned with stock account commissions, but it is negotiable with customer managers, with some brokers offering a minimum rate of 0.0005 for ETF transactions [1] - Investors need to prepare their ID and bank card to open a regular stock fund account before trading ETFs, which can be done through this account [1] - The trading rules for ETFs include specific trading hours, with trading sessions on weekdays from 9:30-11:30 and 13:00-15:00, and different settlement systems for stock-type ETFs (T+1) and money/bond/cross-border ETFs (T+0) [1] Group 2 - The minimum trading unit for ETFs is 1 lot (100 shares), with price changes occurring in increments of 0.001 yuan, and less liquid ETFs may have larger spreads [1] - The price fluctuation limits for ETFs are ±10% for main board ETFs, ±20% for ChiNext and Sci-Tech Innovation Board ETFs, and no limits for cross-border and commodity ETFs [1] - ETFs are generally considered more stable compared to stocks, which contributes to their popularity among investors [1]

中航证券首席经济学家董忠云告诉21世纪经济报道记者，2026年货币政策将以"适度宽松"为总基 调，以"促进经济高质量发展、物价合理回升"为核心目标，以"灵活高效"的总量型工具操作保障流动性 充裕，并以"精准有力"的结构型工具引导资源流向重点领域。这一政策组合旨在短期内有效托底总需 求、稳定市场预期，在中长期则为科技创新和产业升级提供稳定的金融支持，体现"逆周期调节"与"跨 周期设计"的有机结合。 其次，畅通货币政策传导机制，发挥好政策利率引导作用，做好利率政策执行和监督，促进社会综 合融资成本低位运行。央行曾在《2025年第三季度中国货币政策执行报告》的专栏四中指出，保持合理 的利率比价关系是畅通货币政策传导的需要，并列出了需要关注的五组重要的利率比价关系：一是央行 政策利率和市场利率的关系；二是商业银行资产端和负债端利率的关系；三是不同类型资产收益率的关 系；四是不同期限利率的关系；五是不同风险利率的关系。 SHMET 网讯：2026年中国人民银行工作会议1月5日—6日召开。会议明确，2026年要重点抓好以 下七项工作：一是持之以恒推进全面从严治党；二是继续实施好适度宽松的货币政策；三是提升金融服 务实体经 ...

市场分析人士指出，A股开年13连阳的强势表现，得益于多重积极因素的共振。一方面，元旦假期后市场情绪回暖，港股节前的强势表现为A股提供了良 好的外部环境；另一方面，资金层面呈现积极信号，市场对保险资金等长期增量资金入市抱有强烈期待，全球流动性宽松预期也进一步提振了市场风险偏 好。此外，"十五五"开局之年的宏观稳增长政策预期，以及围绕新质生产力的产业政策细则落地预期，成为推动指数持续走高的核心逻辑。 齐鲁晚报·齐鲁壹点记者 尹睿 2026年元旦假期刚过，A股市场便以一场气势如虹的上涨拉开全年序幕。1月6日收盘，上证指数延续强势走出13连阳，盘中逼近4100点整数关口，最终收 于十年以来的历史新高，两市成交额突破2.8万亿元，逾140只个股实现涨停，市场赚钱效应全面释放。 沪指13连阳再创十年新高 今日A股市场的表现堪称"开年最强音"，上证指数以高开高走的态势延续上涨势头，实现罕见的13连阳，不仅创下逾十年以来的收盘新高，更距离4100点 整数关口仅一步之遥。截至收盘，沪指报收于4083.67点，上涨1.5%；深证成指与创业板指同步走强，分别上涨1.4%和0.75%，三大指数形成共振上涨格 局，市场整体呈现"普涨" ...

光期研究 光期黑色：铁矿石基差及价差监测日报 2026 年 1 月 6 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 | 797.0 | 789.5 | 7.5 | I05-I09 | 22.0 | 21.0 | 1.0 | | I09 | 775.0 | 768.5 | 6.5 | I09-I01 | -39.5 | -36.5 | -3.0 | | I01 | 814.5 | 805.0 | 9.5 | I01-I05 | 17.5 | 15.5 | 2.0 | 图表1：05-09合约价差（单位：元/吨） 图表2：01-05合约价差（单位：元/吨） p 2 -100 -50 0 50 100 150 05 06 07 08 09 10 11 12 01 2101-2105 2201- ...

1. Report Industry Investment Rating - No investment rating for the industry is provided in the report. 2. Core Viewpoints - Prudent control of the scale of bond net - buying is the most appropriate approach at the initial stage of restarting bond purchases to avoid the superposition and resonance of the two channels affecting bond yields [1][3] - The ideal state is that investors treat information on treasury bond trading operations like daily open - market reverse repurchase operations, and the central bank can flexibly use open - market treasury bond trading tools to inject base money and adjust bank - system liquidity without overly affecting bond yields [4] 3. Summary by Relevant Catalogs Why did the central bank only purchase 50 billion yuan of treasury bonds? - On January 5, 2026, the People's Bank of China announced the liquidity injection situation of the central bank's various tools in December 2025, showing a net liquidity injection of 50 billion yuan through open - market treasury bond trading tools. Compared with the monthly net purchases of 100 - 300 billion yuan from August to December 2024, the monthly net purchases of 20 - 50 billion yuan since the restart of treasury bond trading in October 2025 are relatively small. Prudent control of the purchase scale is appropriate in the initial months after restarting bond purchases [1] Impact of open - market treasury bond trading on bond yields - Open - market treasury bond trading affects bond yields through two channels. The asset - liability - sheet channel is that the central bank's trading of treasury bonds changes market supply - and - demand relations, and the expected channel is that investors trade on the information of the central bank's treasury bond trading, increasing the volatility of bond yields. The decline in yields largely comes from the expected channel [2] Measures to suppress the impact of the expected channel - The way to suppress the second channel is to dilute investors' attention to the central bank's bond purchases and weaken the relationship between the central bank's bond purchases and yields. At the beginning of restarting bond purchases, it is necessary to control the scale of bond net purchases to avoid the superposition of the two channels. When the market no longer overly focuses on the central bank's bond - purchase scale, the central bank can gradually increase the scale [3]

Core Viewpoint - The stock market appears to be largely unfazed by the recent geopolitical developments in Venezuela, particularly the arrest of Nicolás Maduro, with investors focusing on broader market themes such as AI and corporate earnings [1][2]. Group 1: Market Reactions - The positive response in stocks indicates that the market is not particularly concerned about the geopolitical situation in Venezuela, suggesting a focus on potential positive outcomes like "peace through strength" [2]. - Investors are assessing the implications of the US incursion into Venezuela but are currently prioritizing established market themes from 2025, including a resurgence in AI investments [2][3]. Group 2: Economic Impact - Portfolio managers believe that the current geopolitical climate will not significantly impact company fundamentals or the global economy, indicating a perception of the situation as manageable [3]. - The market's reaction may be interpreted as a "risk-on" event, suggesting that investors are willing to take on more risk in light of the geopolitical developments [3]. Group 3: Geopolitical Context - The year 2026 is anticipated to be a significant geopolitical year, potentially acting as a catalyst for market rallies similar to those seen in 2016 during major regime shifts [4]. - Concerns are raised about China, the largest buyer of Venezuelan oil, as a potential source of greater risk due to its economic interests in Venezuela [4][5]. Group 4: Venezuela's Oil Reserves - Venezuela possesses the world's largest proven oil reserves, but its output has dwindled to less than 1% of global supply due to mismanagement, underinvestment, and US sanctions [5]. - The US administration's focus on reparations and reclaiming oil rights from Venezuela may lead to legal battles, particularly as China seeks to protect its economic interests [5].

Core Viewpoint - The article discusses the implications of special refinancing bonds for debt management and infrastructure financing, highlighting the expected changes in the issuance schedule of local government bonds and the impact of policy adjustments on project funding efficiency [1]. Group 1: Special Refinancing Bonds - The use of special refinancing bonds for debt management is expected to accelerate the issuance of infrastructure-related bonds, thereby speeding up construction timelines [1]. - The issuance schedule for infrastructure bonds is primarily influenced by local project preparation and willingness to construct [1]. Group 2: Bond Issuance Forecast - The peak issuance period for the first quarter is anticipated to occur in late January and early March, with the overall peak for the year likely in the second quarter [1]. - A decline in issuance is expected in the third quarter, although the supply will remain at a high level, with the fourth quarter seeing a tapering off of local bond issuance [1]. Group 3: Policy Adjustments - The Central Economic Work Conference's proposal to "optimize the management of local government special bond usage" has garnered market attention [1]. - The deepening of the "self-examination and self-issuance" pilot program has expanded the areas where local special bonds can be directed, significantly shortening project application cycles and enhancing local autonomy in bond issuance [1]. Group 4: Future Expectations - It is expected that the optimization direction will allow for broader use of special bonds as capital, increasing their catalytic effect [1]. - The expansion of the "self-examination and self-issuance" pilot program is anticipated to enhance the efficiency of special bond issuance as pilot regions mature in project review, fund management, and risk prevention [1].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002673 证券简称：西部证券 公告编号：2025-099 西部证券股份有限公司 关于获得非金融企业债务融资工具 一般主承销业务资格的公告 近日，中国银行间市场交易商协会发布《关于2025年非金融企业债务融资工具承销业务相关会员申请从 事承销相关业务市场评价结果的公告》（〔2025〕25号）。根据上述公告，西部证券股份有限公司（以 下简称"公司"）可开展银行间债券市场非金融企业债务融资工具一般主承销业务（以下简称"主承销业 务"）。 公司将按照《银行间债券市场非金融企业债务融资工具管理办法》《银行间债券市场非金融企业债务融 资工具中介服务规则》及其他相关自律规则，设立主承销业务相关部门，配备专职主承销业务人员，建 立健全主承销业务操作规程、风险管理和内部控制制度，并将规范开展非金融企业债务融资工具主承销 业务。 特此公告。 西部证券股份有限公司董事会 2025年12月31日 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 ...