来源：中信建投证券 一、往期观点回顾 在上期策略中我们提到，下周A股料将震荡走稳，结构分化将进一步加剧。春节效应下，尽管节前资金心态 偏谨慎，但充裕的流动性仍为市场提供支撑，成长风格有望逐步回暖，不过板块轮动仍会较快。当前市场核 心逻辑围绕政策托底、业绩分化与流动性充裕展开，资金正向低估值蓝筹、业绩预增股及政策主线聚拢。操 作上，可保留核心仓位把握结构机会，同时警惕业绩暴雷、解禁减持等带来的回调风险，控制仓位逢低布 局。配置可聚焦三大主线：资源周期板块、科技成长赛道及消费基建领域，各主线均有明确的利好支撑与细 分布局方向。 二、一周市场回顾及走势分析 （一）市场整体表现 本周指数出现防御类风格企稳叠加成长类调整，且前期热点方向回落较明显，创业板指调整幅度较大。（见 图1） 图1： 资料来源：中信建投通达信 （二）板块表现 从行业板块表现来看，本周食品饮料、家庭用品和银行涨幅靠前。（见图2） 图2： 资料来源：wind资讯 从概念板块涨幅来看，本周市场白酒、饮料制造、银行等表现靠前。（见图3） 图3： 融资融券余额方面，最近两融余额小幅回落迹象。（见图4） 图4： 资料来源：wind资讯 （三）宏观经济数据 1 ...

摩凭借其多元的经济、不断改善的企业治理及基础设施建设，正日益成为投资马格里布地区和撒哈拉以 南非洲的战略门户。 摩洛哥世界新闻网站2月2日报道，埃及投资银行齐拉资本(Zilla Capital)计划于2026年下半年在摩洛哥设 立运营机构。过去几年，该银行已将业务拓展至埃及、阿联酋和肯尼亚等关键区域市场，目前正计划在 沙特阿拉伯开展业务。 由于经济活动日益活跃、监管框架稳定以及投资潜力巨大，摩已成为齐拉资本的战略市场。摩为筹备 2030年世界杯而采取的重大举措，预计将推动公共和私人领域投资，并在企业融资、项目架构、债务咨 询和战略咨询等领域创造机会。 ...

Group 1 - As of the end of January 2026, China's foreign exchange reserves reached $339.91 billion, an increase of $41.2 billion from the end of December 2025, representing a growth rate of 1.23% [1] - The increase in foreign exchange reserves is attributed to the impact of fiscal and monetary policies of major economies, as well as changes in market expectations, leading to a decline in the US dollar index and an overall rise in global financial asset prices [1] - January marked the sixth consecutive month of growth in foreign exchange reserves, with a total increase of $155.51 billion throughout 2025, maintaining a growth trend for 11 months of the year [2] Group 2 - The chief economist of China Minsheng Bank, Wen Bin, noted that multiple factors contributed to the continued weakness of the US dollar in January, including geopolitical risks and market reactions to US monetary policy [3] - In 2025, China's foreign trade demonstrated strong resilience, with export levels reaching a historical high, particularly in the machinery and electronics sector, which saw an increasing share of exports [3] - The long-term investment willingness of foreign investors in RMB assets is steadily increasing, with net inflows in securities investment and stable foreign direct investment, supported by ongoing policies to facilitate cross-border capital flows [3]

Core Viewpoint - The expansion of import e-commerce and foreign trade enterprises has led to a significant amount of imported goods in bonded and regulatory warehouses, creating a "sweet burden" that ties up cash flow and presents challenges in financing and quick monetization [1] Group 1: Company Summaries - Henan Zhangjin (Zhangjin Technology) is an innovative player in the "technology + data + finance" model, utilizing big data, blockchain, and AI to provide flexible and efficient import goods pledge services for small and medium-sized importers [2] - Certain Bank offers standardized solutions for import goods pledge services, leveraging a large capital pool and a mature asset control system, suitable for high-value, large-scale import enterprises, but with higher entry barriers for small and medium-sized importers [3] - Certain Credit Bank has extensive experience in cross-border finance, providing strict asset supervision through direct connections with customs and bonded warehouse systems, though the multi-layered risk control leads to longer approval cycles [5] - Certain Smart Logistics integrates storage and pledge management through its own warehousing network, but has limited financial partnerships and lacks significant cost advantages, making it more suitable for enterprises with long-term storage needs [6] Group 2: Industry Insights - The different service providers each have their strengths, with Henan Zhangjin's data and reality integration model being more aligned with the flexible financing needs of small and medium-sized importers, effectively addressing the cross-border financing pain point of "goods press funds" [7]

Investment Rating - The report indicates a positive investment sentiment towards the A-share market, particularly favoring small-cap and technology sectors, with a focus on structural rotation and high volatility [1][30]. Core Insights - The A-share market experienced a strong start in January 2026, with significant gains in various indices, particularly the ChiNext and small-cap indices, reflecting a robust market environment [1]. - The precious metals sector showed strong performance driven by both safe-haven demand and capital allocation needs, while the banking sector faced a decline, breaking a long-standing trend of outperformance [2][12]. - The overall market saw a high number of stocks achieving positive returns, with 3,631 stocks recording monthly gains, and 16 stocks doubling in price during January [2]. Market Review and Outlook - The A-share market indices recorded substantial monthly gains, with the ChiNext Index rising by 12.29% and the CSI 500 Index by 12.12%, indicating a strong performance in small-cap stocks [1]. - The average daily trading volume reached 30,147.10 billion yuan, reflecting increased trading enthusiasm among retail investors [1]. - The report anticipates continued structural rotation in February, with a focus on precious metals and certain new energy sectors due to supply constraints and capital allocation needs [30]. Futures Market - The commodity futures market showed an overall upward trend in January, with the precious metals sector leading the gains, while agricultural products like live pigs and soybean meal faced declines [11][12]. - The report highlights that the macroeconomic environment is characterized by weak recovery and strong differentiation, impacting demand for cyclical commodities [12]. Private Fund Strategies - In January, the average return for private funds was 5.71%, with equity and commodity long strategies showing significant profitability [22]. - The report notes that January was a month of systematic recovery, with many strategies achieving returns in the 7%-10% range, particularly those focused on equities and high elasticity [24]. - The report emphasizes the importance of diversified strategies and risk management in the current market environment, suggesting that private fund strategies can provide opportunities for excess returns while managing risks effectively [33].

【文/观察者网 熊超然】自今年年初以来，美伊紧张关系便不断升级，在经历一系列武力威慑、互放狠话、释放 谈判信号后，两国谈判团队终于走到阿曼的谈判桌前，分别由美国总统特使威特科夫和伊朗外交部长阿拉格齐带 队。 据路透社当地时间2月6日报道，伊朗外长阿拉格齐当天表示，由阿曼斡旋的伊美核谈判"开局良好"，并将继续进 行。此番言论，或有助于缓解人们对未能达成协议可能将中东推向战争边缘的担忧。不过，他也在会谈后表 示："任何对话都必须避免威胁和施压。（伊朗）只讨论核问题……我们不与美国讨论任何其他问题。" 作为交换，伊朗提出了多项要求，包括"高效且立即地制裁解除，涵盖银行和石油领域，以及将美国军事资产从伊 朗周边撤离"。 此外，伊朗官员还多次排除将伊朗导弹（中东地区最大的导弹库之一）问题纳入讨论范围的可能性，并表示，德 黑兰方面希望其铀浓缩权利得到承认。 尽管双方都表态愿意重启外交途径，以解决伊朗与西方之间旷日持久的核争端，但美国国务卿鲁比奥当地时间2月 4日曾表示，美方希望扩大谈判范围，议题涵盖伊朗的弹道导弹、对地区武装团体的支持以及"对待本国人民的方 式"。 一名听取了伊方关于谈判情况简报的地区外交官告诉路透社，伊 ...

Group 1 - The core viewpoint is that the Dow Jones Industrial Average (DJIA) has seen a shift in momentum from technology stocks to a broader range of sectors, benefiting traditional and defensive sectors significantly [2] - Notable performers in the DJIA include Goldman Sachs (GS.US), Caterpillar (CAT.US), Amgen (AMGN.US), and Sherwin-Williams (SHW.US), which have contributed to the index's upward movement [2] - The DJIA's price-weighted calculation means that higher-priced components have a more substantial impact on the index compared to market-cap weighted indices, with Boeing's recent stock strength also providing support [2] Group 2 - Gina Bolvin, president of Bolvin Wealth Management Group, states that the DJIA's breakthrough of 50,000 points is more of a confirmation than a celebration, indicating that the market has adapted to higher interest rates and slower growth while still rising [3] - The resilience of healthcare stocks is becoming evident, with Johnson & Johnson (JNJ.US) and Merck (MRK.US) being the second and fifth best-performing components in the DJIA over the past 12 months [3] - Investors are increasing allocations to high-dividend and defensive consumer staples stocks, with Coca-Cola (KO.US) and Walmart (WMT.US) ranking among the top gainers in the DJIA over the past year [3] - Despite the market's broadening focus, technology and AI sectors remain strong, with Nvidia (NVDA.US) seeing a 44% increase in stock price over the past year, making it the third-largest gainer in the DJIA [3]

全球资产大爆发。 当地时间2月6日（周五），美股三大股指全线大涨，截至收盘，道指大涨2.47%，涨超1200点，报50115.67点，首次站上5万点关口；标普500指数上涨 1.97%，创出自去年5月以来最大单日涨幅；纳指上涨2.18%。 经济数据方面，当地时间2月6日，美国密歇根大学发布的初步调查数据显示，美国2026年2月份消费者信心指数初值为57.3，环比高于1月份的终值56.4， 同比低于2025年2月份的终值64.7。 密歇根大学发布的2月份当前经济状况指数初值为58.3，环比高于1月份的终值55.4，同比低于去年2月份的终值65.7。消费者预期指数初值为56.6，环比低 于1月份的终值57，同比低于去年2月份的终值64。 同时发布的未来一年通胀预期从1月份的4.0%降至2月份的3.5%，为2025年1月以来最低读数。长期通胀预期则从1月份的3.3%微升至2月份的3.4%，连续第 二个月小幅上升。 调查显示，虽然目前消费者信心指数处于2025年8月以来最高水平，但近几个月的月度增幅较小，从历史角度来看，整体信心水平仍然非常低。高物价和 失业风险上升导致对个人财务状况恶化的担忧仍然普遍存在。 美联储戴 ...

Core Viewpoint - The Hang Seng Index (HSI) experienced a closing price of 26,985.57, reflecting an increase of 425.62 points or 1.60% [1]. Group 1: Market Performance - The Hang Seng Index (HSI) closed at 26,985.57, up by 425.62 points or 1.60% [1]. - The index reached a high of 26,989.63 and a low of 26,628.55 during the trading session [1]. - The trading volume was 47.8275 million shares, with an average price of 26,809.09 [1]. Group 2: Major Blue-Chip Stocks - Major blue-chip stocks mostly declined, with HSBC Holdings closing at 134.800 HKD, down 2.67% from the previous close [2]. - Tencent Holdings closed at 547.500 HKD, reflecting a decrease of 1.97% [2]. - Other notable declines included AIA Group, which fell by 5.54%, and Meituan, which decreased by 2.56% [3]. Group 3: Stock Price Movements - Tencent Holdings (00700) reported a price of 547.500 HKD, down by 11.000 HKD or 1.97% [3]. - HSBC Holdings (00005) closed at 134.800 HKD, down by 3.700 HKD or 2.67% [3]. - AIA Group (01299) saw a significant drop of 4.900 HKD, translating to a 5.54% decrease [3].

德意志银行包括Parag Thatte在内的策略师在研究报告中写道，周四，超大盘股和科技股相对于标普500 指数其余成份股的表现，从长达十年的趋势通道底部回升，并于周五延续了反弹势头。策略师们表示， 过去在盈利持续上升的背景下，该群体在触及通道底部后通常都会出现一轮上涨。报告指出，今年的表 现"完全取决于估值倍数的变化，而非盈利预期的调整，这与去年完全由盈利预期上修驱动的情况形成 了鲜明对比。" 来源：滚动播报 ...