证券研究报告 | 行业点评 gszqdatemark 2026 02 05 年 月 日 保险：资负共振，寿险景气度提升新周期确立。1）资产端：长端利率企 稳、资本市场稳中向好，保险投资端全面向好，具备业绩弹性，且头部公 司利差损风险大幅缓解释放估值修复空间。2）负债端：开门红表现为全 年新单奠定良好基调，有望提振 2026 年负债端整体表现，寿险行业长期 持续受益于银行存款搬家趋势，除银行存款外，保险也是具备刚性兑付特 征的金融产品。多元化的理财储蓄、医疗、养老等保险需求将推动行业持 续扩容。随着头部险企产品结构转向分红险，投资环境的向好进一步提升 保险产品的竞争力，实现资产负债两端正向循环。 券商：慢牛环境下，基本面与估值严重错配，配置性价比高。2025 年全年 A 股市场股基日均成交额 2.08 万亿，同比增长 70.36%；IPO 审核通过家 数同比大增 109.43%，募资金额增长 208.01%；全年上证指数上涨 18.41%、沪深 300 指数上涨 17.66%、创业板指上涨 49.57%。已发布业 绩预告的上市券商合计归母净利润同比增长约 60%左右，头部券商稳健 增长，部分中小券商业绩弹性凸显 ...

2月5日，国投白银LOF（161226）开盘再度跌停，这已是该基金自2月2日复牌以来连续第四个交易日开盘即跌停。各大平台基金评论区充斥着投资者的愤怒 声讨，其中被"闷杀"的投资者不在少数，这些之前并不了解LOF基金操作规则的投资者，多是被自媒体的"套利教程"吸引而来。 其中最典型的是一个名叫"猫笔叨拓展笔记"的自媒体博主（小号"猫笔刀啊"），自去年12月起就在多个平台上发布名为"白银基金的套利教程"的系列文章， 文章中不仅详细指导如何在华宝智投APP进行"一拖六"账户绑定，还附带了VIP付费咨询群的二维码，其中干货最集中的一篇"猫笔刀说的白银基金怎么套 利"已经删除。 理财自媒体的套利狂欢 "一拖六"是指通过一个主账户关联多个子账户（通常为3个深圳A股股东账户和3个深圳封闭式基金账户），通过这些账户同时进行LOF基金的申购、赎回或 买卖操作来实现套利。 在华宝证券APP上，类似操作确实有其技术可行性，有投资者登录华宝证券交易APP，在"账户管理"中找到"多账户关联"功能，按照提示将主账户与最多6个 子账户进行关联。一位投资者在社区分享了自己"组装拖拉机"的过程：通过华宝证券APP的"业务办理-股东账户管理"功 ...

（文章来源：证券日报） 证券日报网讯 2月5日，中金公司在互动平台回答投资者提问时表示，中金公司积极探索有效的市值管 理手段，通过稳定分红、提升ROE、推进资本运作等举措强化资本实力，夯实长期价值基础。 ...

Core Viewpoint - The People's Bank of China (PBOC) is enhancing its macro-prudential management framework, focusing on the establishment of liquidity support mechanisms for non-bank financial institutions as a proactive measure to prevent systemic financial risks [1][2]. Group 1: Macro-Prudential Management Developments - The PBOC's macro-prudential management is transitioning to a "comprehensive coverage" and "prevention-first" paradigm, with a focus on liquidity support mechanisms for non-bank financial institutions [2][3]. - The PBOC's policy focus from 2023 to 2024 is on defensive regulation and risk prevention in key areas, while 2025 marked a shift towards enhancing mechanisms and expanding functions within the regulatory framework [3][4]. Group 2: Liquidity Support Mechanisms - The liquidity support mechanism for non-bank financial institutions is designed as an emergency arrangement for specific scenarios, reflecting a forward-looking approach to macro-prudential management [1][8]. - Experts suggest that the PBOC may explore liquidity support tools similar to the Federal Reserve's ONRRP, but the likelihood of such tools being implemented in China is low due to structural differences in the financial market [6][7]. Group 3: Regulatory Focus on Non-Bank Financial Institutions - Non-bank financial institutions manage trillions of yuan in assets and play a significant role in the bond, stock, and derivatives markets, making their regulation crucial [5]. - The PBOC aims to gradually expand its regulatory coverage to include more systemically important financial institutions, enhancing monitoring of non-bank institutions and cross-border capital flows [5][6]. Group 4: Future Directions for Policy Tools - Future innovations in liquidity support tools may include specialized liquidity facilities for systemically important non-bank institutions, temporary liquidity support during systemic pressures, and expanded collateral options for non-bank institutions [9].

沪深港通方面，2月15日（星期日）至2月23日（星期一）不提供港股通服务，2月24日（星期 二）起照常开通港股通服务。另外，2月14日（星期六）、2月28日（星期六）为周末休市。 A股春节休市安排出炉！ 来源丨沪深北交易所官网 编辑丨刘雪莹 蔚来首次实现单季盈利，美股盘前大涨10% 英皇娱乐酒店卖掉大堂金砖，豪赚9020万 上海二手房收购试点正式落地 SFC 21君荐读 2月15日（星期日）至2月23日（星期一）休市，2月24日（星期二）起照常开市。另外，2月 14日（星期六）、2月28日（星期六）为周末休市。 此外，为保证节后交易正常进行，北交所定于2026年2月23日（星期一）9:15至12:00进行交易 系统联调测试。 2月5日，沪深北交易所均公布了2026年春节休市安排： ...

近5日资金流向一览见下表： 证券之星消息，截至2026年2月5日收盘，中银证券(601696)报收于13.75元，上涨0.15%，换手率 1.44%，成交量39.92万手，成交额5.49亿元。 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)。 2月5日的资金流 ...

Core Viewpoint - The article discusses the rising trend of collaborative IPO investments in the Hong Kong stock market, highlighting the associated risks and legal implications of such practices, especially in light of the declining success rates for individual investors in IPO allocations [1][2][3]. Group 1: Market Trends - The Hong Kong IPO market is expected to recover by 2025, with increased returns on new stock investments, yet the success rate for individual investors is decreasing [1][2]. - The average return rate for Hong Kong IPOs in 2025 is projected to be around 40%, with the failure rate dropping to a historical low of 28%, significantly lower than the average since 2018 [2]. - The average success rate for IPO allocations has fallen to 20% in 2025, marking the lowest level in nearly a decade [2][3]. Group 2: Regulatory Changes - The introduction of the FINI system by the Hong Kong Stock Exchange in 2023 has effectively eliminated the practice of multiple account applications for IPOs, thereby reducing the chances of individual investors winning allocations [3]. - New regulations effective from August 2025 allow IPO applicants to choose between two mechanisms for share distribution, which has made it more challenging for individual investors to secure allocations [3]. Group 3: Collaborative Investment Risks - Collaborative IPO investment schemes, where individuals pool resources under the promise of shared profits and guaranteed losses, pose significant legal risks, including potential violations of securities regulations [5][6]. - The legality of informal agreements in collaborative investments is uncertain, and such arrangements may not hold up in court, especially if they involve unlicensed asset management activities [7]. - Individuals who lend their accounts for IPO participation may face legal repercussions if the accounts are used for illicit activities, and they could also incur tax liabilities due to cross-border financial transactions [6][7]. Group 4: International Placement Services - Some financial institutions in Hong Kong are offering international placement services to individual investors, claiming to provide access to popular IPO shares with lower investment thresholds [8][9]. - The investment threshold for these international placements is set at $100,000, with the potential for allocation rates ranging from 10% to 40% depending on the specific IPO [9]. - However, there are concerns that these offerings may involve less desirable stocks or even fraudulent schemes, necessitating caution from investors [9][10].

证券日报网讯2月5日，华创云信（600155）在互动平台回答投资者提问时表示，公司将根据《市值管 理》等相关规定要求制定上市公司估值提升计划，并经董事会审议后披露。具体内容请关注公司公告。 ...

Group 1 - The core viewpoint of the article is that Huaxin Co., Ltd. has established a financial shared service center at the end of 2019, which is centralized at the company's headquarters [1] - The financial shared service center integrates financial and business systems to automate most processes such as accounting, tax reporting, and financial reporting [1]

证券研究报告 | 行业点评 gszqdatemark 2026 02 05 年 月 日 非银板块整体业绩与估值均具备强 beta 属性，全面看好非银板块。 保险：资负共振，寿险景气度提升新周期确立。1）资产端：长端利率企 稳、资本市场稳中向好，保险投资端全面向好，具备业绩弹性，且头部公 司利差损风险大幅缓解释放估值修复空间。2）负债端：开门红表现为全 年新单奠定良好基调，有望提振 2026 年负债端整体表现，寿险行业长期 持续受益于银行存款搬家趋势，除银行存款外，保险也是具备刚性兑付特 征的金融产品。多元化的理财储蓄、医疗、养老等保险需求将推动行业持 续扩容。随着头部险企产品结构转向分红险，投资环境的向好进一步提升 保险产品的竞争力，实现资产负债两端正向循环。 券商：慢牛环境下，基本面与估值严重错配，配置性价比高。2025 年全年 A 股市场股基日均成交额 2.08 万亿，同比增长 70.36%；IPO 审核通过家 数同比大增 109.43%，募资金额增长 208.01%；全年上证指数上涨 18.41%、沪深 300 指数上涨 17.66%、创业板指上涨 49.57%。已发布业 绩预告的上市券商合计归母净利润 ...