Core Viewpoint - The recent Japanese general election results indicate a continued dominance of the ruling Liberal Democratic Party, which may influence Japan's geopolitical and economic landscape, particularly in the context of the shifting global order from unipolarity to multipolarity [1][2][3] Group 1: Japanese Yen and Bond Market Dynamics - Since the beginning of the year, the Japanese capital market has experienced significant volatility, with both the yen and Japanese government bonds weakening, indicating a diminished safe-haven status [5][10] - Recent government interventions have temporarily stabilized market sentiment, but the underlying structural changes in the yen and bond markets are attributed to broader geopolitical shifts rather than short-term economic fluctuations [5][20] - The transition from a unipolar to a multipolar world order is fundamentally reshaping the pricing logic of global assets, with Japan's asset volatility reflecting this transformation [5][20] Group 2: Japan's Geopolitical Role and Economic Implications - Japan's previous status as a safe-haven asset was rooted in its unique role within the U.S.-led unipolar order, benefiting from low-risk environments and stable capital returns [2][11] - As the global order shifts, Japan's geopolitical position is becoming increasingly precarious, with a reduced reliance from the U.S. on Japan as a financial lever and an expectation for Japan to take on more regional security responsibilities [2][15] - The decline of U.S. hard power and its strategic contraction in Asia are pushing Japan towards the forefront of geopolitical tensions, which may undermine its status as a safe asset [3][15][18] Group 3: Long-term Market Trends - The ongoing transition from a unipolar to a multipolar world will continue to impact global financial markets, with a trend of "de-securitization" of Japanese assets serving as a specific reflection of this narrative [20] - The U.S. is attempting to maximize its interests through strategic contractions in various regions, which may exacerbate the internal "shrinking circle" effect among developed economies [20] - Long-term trends indicate a shift of global capital and growth focus towards emerging markets, leading to a diversification of the international monetary and financial system, which will further reshape the underlying logic of asset pricing [20]

Core Viewpoint - The first batch of 10 commercial real estate REITs has been submitted for approval, aiming to raise a total of 37.7 billion yuan, marking the official entry of China's public REITs market into a comprehensive development phase for both infrastructure and commercial real estate [1][9]. Group 1: REITs Submission Details - As of February 8, 10 commercial real estate REITs have been submitted, with 9 to the Shanghai Stock Exchange and 1 to the Shenzhen Stock Exchange [3]. - The specific funds include Everbright's closed-end commercial real estate fund, Bosera's infrastructure fund, and several others, with notable fundraising targets [3][4]. - The largest fundraising target is for the CICC Vipshop closed-end commercial real estate fund at 7.47 billion yuan, followed by Guotai Junan's fund at 5.064 billion yuan [4]. Group 2: Asset Types and Market Dynamics - The underlying assets of the commercial real estate REITs are diverse, including hotels, office buildings, shopping malls, and commercial complexes [5]. - The hotel assets are primarily four-star and above, with only one project involving hotel assets, indicating sensitivity to economic cycles [5]. - The CICC Vipshop fund's underlying projects include the Zhengzhou and Harbin Outlets, with significant operational history and remaining land use rights [5][6]. Group 3: Regulatory and Institutional Support - The development of commercial real estate REITs is supported by regulatory bodies, with the China Securities Regulatory Commission emphasizing its importance for the capital market and real estate sector [9][10]. - Various local securities regulatory bureaus are actively promoting the implementation of commercial real estate REITs, conducting training sessions and preparing for pilot submissions [10]. - Multiple listed companies, including Poly Developments, are preparing to submit their commercial real estate REITs, aligning with regulatory calls to enhance their real estate management capabilities [11]. Group 4: Role of Intermediaries - The commercial real estate REITs involve various intermediaries, including fund managers, custodians, and financial advisors, with major firms like Guotai Junan and CITIC Securities playing significant roles [7][12]. - The regulatory framework mandates strict adherence to responsibilities by all involved parties to ensure compliance and effective operation of the REITs [7].

根据方正富邦基金管理有限公司（以下简称"本公司"）与国联民生证券股份有限公司（以下简称"国联 民生证券"）签署的申购赎回代理协议，自2026年2月9日起，本公司旗下部分基金将新增国联民生证券 为场内申购、赎回业务的代办券商。投资者可通过上述券商办理下述基金的场内申购、赎回等业务。具 体基金如下： ■ 方正富邦基金管理有限公司 2026年2月9日 关于增加国联民生证券为方正富邦深证100交易型开放式指数证券投资基金申购、 赎回代办券商公告 投资者可通过以下途径咨询有关详情： 1）国联民生证券股份有限公司 ■ 风险提示： 基金管理人承诺以恪尽职守、诚实信用、谨慎勤勉的原则管理和运用基金资产，但不保证基金一定盈 利，也不保证最低收益。基金管理人提醒投资者在做出投资决策前应全面了解基金的产品特性并充分考 虑自身的风险承受能力，理性判断市场，投资者自行承担基金运营状况与基金净值变化引致的投资风 险。投资有风险，选择须谨慎。敬请投资者于投资前认真阅读基金的基金合同、最新招募说明书及其他 法律文件。 特此公告。 2）方正富邦基金管理有限公司 ■ 风险提示： 基金管理人承诺以恪尽职守、诚实信用、谨慎勤勉的原则管理和运用基金资 ...

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！ 来源：五道口江湖 浙商证券2026年1月14日的任免通知： 研究事业部内部设置首席产业研究官、首席全球策略研究官、首席政策研究官各1名。 邱世梁为首席产业研究官，被免去研究所联席所长、副所长职务； 廖静池为首席全球策略研究官，被免去研究所副所长职务； 于科为首席政策研究官，被免去产业研究院副院长职务； 李超被免去研究所联席所长、副所长职务。 ps： 1、覃隶属于李超所管理的总量大组。 来源：五道口江湖 浙商证券2026年1月14日的任免通知： 研究事业部内部设置首席产业研究官、首席全球策略研究官、首席政策研究官各1名。 邱世梁为首席产业研究官，被免去研究所联席所长、副所长职务； 廖静池为首席全球策略研究官，被免去研究所副所长职务； 于科为首席政策研究官，被免去产业研究院副院长职务； 李超被免去研究所联席所长、副所长职务。 ps： 2、基本上联席所长，副所长，副院长职务都免了，成了新设岗位的首席领导，马莉保持了原有的联席 所长、副所长职级 责任编辑：郭栩彤 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！ 1、覃隶 ...

Group 1 - The core point of the article is that Guolian Minsheng Securities has announced a capital increase of 200 million yuan to Minsheng Securities, with the shareholding ratio remaining unchanged after the increase [1] - The funds for the capital increase will come from the proceeds of a specific stock issuance by Guolian Minsheng Securities [1] - The capital raised will be used to develop Minsheng Securities' wealth management business and invest in information technology [1]

国联民生(601456.SH)公告称，公司拟向民生 证券增资2亿元，增资后持股比例不变。 ...

2026 年地方两会和"十五五"时期主要目标任务有何亮点？ ——区域经济深度研究报告 核心观点 2026 年地方 GDP 增速加权目标值约为 5.04%，预计 2026 年全国 GDP 增速目标大概 率设定为 4.5-5%区间，表述或为"在实际工作中全力争取更好结果"。对比 2025 年， 维持经济目标不变的省份有 12 个（例如江苏、山东、四川、上海、河北、北京等）， 下调目标或下调至区间目标的省份有 18 个（例如广东、浙江、河南、湖北、福建、湖 南、重庆等），上调目标的省份仅有江西 1 省（上调至 5-5.5%区间），经济大省半数下 调目标。关于 2026 年的 GDP 增速预测，我们在 2025 年 11 月 2 日报告《直挂云帆济 沧海—2026 年宏观年度展望》指出：2026 年作为"十五五"时期开局之年，预计经济 增长仍将力争开门红，实现 4.8%的 GDP 增长，与各地两会政府工作报告设定目标规 律基本符合。 证券研究报告 | 宏观深度报告 | 中国宏观 宏观深度报告 报告日期：2026 年 02 月 08 日 一、消费方面，社零加权目标下调至 4.8%，更合理更务实，新方向重视服务消费。 二 ...

Core Viewpoint - Rosen Law Firm has announced a class action lawsuit on behalf of purchasers of PomDoctor Ltd. securities, alleging fraudulent activities during the Class Period from October 9, 2025, to December 11, 2025 [1][5]. Group 1: Lawsuit Details - The lawsuit claims that PomDoctor was involved in a fraudulent stock promotion scheme that included misinformation on social media and impersonation of financial professionals [5]. - It is alleged that insiders used offshore accounts to facilitate the dumping of shares during a price inflation campaign, and that PomDoctor's public statements omitted critical information regarding false rumors and artificial trading activity [5]. - The lawsuit asserts that the misleading statements made by the defendants about PomDoctor's business and prospects caused investors to suffer damages when the truth was revealed [5]. Group 2: Participation Information - Investors who purchased PomDoctor securities during the Class Period may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [2]. - To join the class action, interested parties can visit the provided link or contact Phillip Kim, Esq. for more information [3][6]. - A lead plaintiff must be appointed by April 7, 2026, to represent other class members in the litigation [1][3]. Group 3: Rosen Law Firm's Credentials - Rosen Law Firm has a strong track record in securities class actions, having achieved the largest securities class action settlement against a Chinese company and being ranked No. 1 for the number of settlements in 2017 [4]. - The firm has recovered hundreds of millions of dollars for investors, including over $438 million in 2019 alone [4]. - Founding partner Laurence Rosen has been recognized as a leading figure in the plaintiffs' bar, further establishing the firm's credibility [4].

证券代码：601555 股票简称：东吴证券 公告编号：2026-002 东吴证券股份有限公司 2025年度第四期短期融资券兑付完成的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 东吴证券股份有限公司（以下简称"公司"）于2025年6月18日成功发行东吴证券股份有限公司2025年度 第四期短期融资券,发行总额为人民币15亿元，票面利率为1.68%，期限为232天，兑付日期为2026年2月 5日。 2026年2月5日，公司完成兑付本期短期融资券本息共计人民币1,516,017,534.25元。 特此公告。 东吴证券股份有限公司 董事会 2026年2月7日 ...

Group 1 - The company has completed the registration change for its wholly-owned subsidiary, Dongxing Securities Investment Co., Ltd., following the approval of a capital reduction at the second extraordinary shareholders' meeting in 2025 [2] - The registered capital of Dongxing Securities Investment Co., Ltd. is now 700 million RMB, and the company operates in financial product investment, project investment, and equity investment [2] - The business operations and financial status of the company remain stable, with sufficient financing channels and bank credit [2]