2026.02. 09 本文字数：790，阅读时长大约2分钟 封图｜ 图源自嗨锅官方账号 爱企查App显示，近日， 自嗨锅关联公司杭州金羚羊企业管理咨询有限公司新增一则破产审查案件，申请人为马某，经办法院为杭州市余杭区人民法 院。 | 案号 | (2026)浙0110破申18号 | | --- | --- | | 案件类型 | 破产审查案件 | | 申请人 | 马柳青 | | 被申请人 | 杭州金羚羊企业管理咨询有限公司 | | 管理人机构 | - | | 管理人主要负责人 | - | | 经办法院 | 杭州市余杭区人民法院 | | 公开日期 | 2026-02-05 | 企业品牌项目信息显示，自嗨锅成立于2018年，是一个自热方便火锅品牌，产品包括麻辣牛肉自热火锅、自热汤锅、自热干锅、自热煮锅等。 | ◎ 壹企查 酮嘛下剑嫩好 | 育企业,杭州金羚羊企业管理咨询有限公室 查一下 | | | 应用▼ 念老户特惠 供需集市 HAF | | --- | --- | --- | --- | --- | | 基本信息 125 | 司法信息 211 经营诊断 999+ | 知识产权 110 | 企业发展 26 | 经营 ...

截至午间收盘，中证港股通消费主题指数上涨1.5%、冲击五连阳，中证消费50指数上涨0.04%。根据 Wind数据统计，港股通消费ETF易方达（513070）上周合计净流入超4亿元。 | 消费ETF易方达 | | | | 159798 | | --- | --- | --- | --- | --- | | 跟踪中证消费50指数 | | | | | | 该指数由可选消费与除乘用车及 零部件行业外的主要消费行业中 | 截至午间收盘 | 该指数滚动市盈率 | 该指数自2019年 | | | 规模大、经营质量好的50只龙头 | 该指数涨跌 | | | 发布以来估值分位 | | 公司股票组成,食品饮料、家用 电器行业合计占比近75% | 0. 0% | 17.0倍 | | 8.6% | | 港股通消费ETF易方达 低费率 | | | | 513070 | | 跟踪中证港股通消费主题指数 | | | | | | | 截至午间收盘 | 该指数滚动市盈率 | | 该指数自2020年 | | 该指数由港股通范围内流动性较 | 该指数涨跌 | | | 发布以来估值分位 | | 好、市值较大的50只消费主题股 | | | | | | ...

- The report discusses the performance of major domestic market indices over the past week, with the SSE 50, CSI 300, CSI 500, and CSI 1000 indices showing varying degrees of change[2] - The micro-cap stock indicator monitoring includes a rotation strategy based on the relative net value of micro-cap stocks to the "Mao Index" and the 20-day closing price slope of the Wind micro-cap stock index[2][18] - The rotation strategy is currently in a balanced configuration, with part of the positions switching back to the micro-cap stock index based on the 20-day closing price slope and the M1 indicator's 6-month moving average[2][18] - The timing and risk control for micro-cap stocks are monitored using indicators such as the volatility congestion rate and the 10-year government bond yield, which are currently within controllable risk ranges[18][19] - The report also includes a summary of the macroeconomic environment, highlighting the impact of the 2026 Central No. 1 Document on agricultural asset capitalization and the "Happy New Year Shopping" initiative to boost domestic demand[3][37] - The overseas market is experiencing a divergence between manufacturing recovery and employment decline, with AI-driven infrastructure investments in copper and power equipment being seen as opportunities[4][38] - The report suggests a barbell strategy for tactical allocation, focusing on consumer services and AI-related sectors[4][38] - The report tracks the performance of various quantitative stock selection factors, noting that value and volume-price factors performed well, while growth and consensus expectation factors showed some pullback[5][52] - The report includes detailed construction and monitoring of convertible bond selection factors, with positive performance noted for stock value and convertible bond valuation factors[5][57] - The macro timing strategy model recommends a 70% equity position for February, with strong signals from economic growth and monetary liquidity[47][48]

春节前夕，商务部等9部门联合印发的《2026"乐购新春"春节特别活动方案》正式亮相。这项于春节假 期内全面铺开的促消费活动，其意义远不止于营造节日氛围、刺激短期消费。这次系统性的政策部署， 着眼于精准把握长假带来的独特时间窗口，通过释放家庭团圆、购物出行、年俗文化等核心需求潜力， 将传统的节日旺季转化为推动消费市场持续扩容与升级的结构性动能。 "乐购新春"方案的内容清晰折射出"短期激活"与"长期培育"的双重逻辑。一方面，方案围绕"吃住行游 购娱"六大民生领域进行场景化布局，意在通过营造丰富、便捷、实惠的消费环境，直接激发居民消费 意愿，提升节日市场热度，为全年消费开好局。另一方面，"乐购新春"方案将发力点明确指向了首发经 济、数字消费、绿色消费、智能消费、健康消费、入境消费等新兴领域。这一导向绝非简单叠加时髦概 念，而是指向了中国消费市场从规模扩张转向质量提升的必然路径。有关举措都致力于通过供给侧的创 新与优化，创造新的消费需求。 港股消费ETF（513230）跟踪中证港股通消费主题指数，一键打包新消费龙头，成分股近乎囊括港股消 费的各个领域； 旅游ETF（562510）跟踪中证细分旅游指数，专注服务消费，不 ...

Market Overview - The Shanghai Composite Index fell by 1.27% to close at 4065.58 points, with a weekly high of 4104.62 points [2] - The Shenzhen Component Index decreased by 2.11% to 13906.73 points, reaching a high of 14213.61 points [2] - The ChiNext Index dropped by 3.28% to 3236.46 points, with a peak of 3390.3 points [2] - In the global market, the Nasdaq Composite Index declined by 1.84%, while the Dow Jones Industrial Average rose by 2.5% and the S&P 500 fell by 0.1% [2] - In the Asia-Pacific region, the Hang Seng Index decreased by 3.02%, and the Nikkei 225 Index increased by 1.75% [2] New Stock Issuance - Three new stocks were issued last week, including: - 易思维 (688816.SH) on February 2, 2026 - 海圣医疗 (920166.BJ) on February 4, 2026 - 爱得科技 (920180.BJ) on February 2, 2026 [3] Margin Trading - The total margin trading balance in the Shanghai and Shenzhen markets was 26,549.98 billion yuan, with a financing balance of 26,383.84 billion yuan and a securities lending balance of 166.14 billion yuan [4] - The margin trading balance decreased by 514.76 billion yuan compared to the previous week [4] - The Shanghai market's margin trading balance was 13,470.36 billion yuan, down by 270.75 billion yuan, while the Shenzhen market's balance was 13,079.62 billion yuan, down by 244.01 billion yuan [4] - A total of 3,485 stocks had margin buying, with 193 stocks having buying amounts exceeding 1 billion yuan, led by 中际旭创 (179.37 billion yuan), 新易盛 (169.0 billion yuan), and 信维通信 (81.09 billion yuan) [4] Fund Issuance - One new fund was issued last week: 民生加银现金增利货币C [6] Share Buybacks - Eight companies announced share buybacks last week, with the top five by execution amount being: - 步长制药 (603858) - 金田铜业 (未提供代码) - 中炬高新 (600872) - 极米科技 (未提供代码) - 泰禾智能 (603656) [8] - The highest amounts for buybacks were in the pharmaceutical, non-ferrous metals, and food and beverage industries [8]

市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2026 年 02 月 09 日 星期一 [Table_Summary] 概览 3096 核心观点 【市场回顾】 上周五，A 股低开后震荡上行，尾盘有所回落，截至收盘，上证指数 收跌 0.25%，报 4065.58 点，深证成指跌 0.33%，创业板指跌 0.73%。 沪深两市 A 股成交额约 2.15 万亿元人民币，超 2500 股上涨。申万行 业方面，石油石化、基础化工行业领涨，食品饮料行业领跌；概念板 块方面，氟化工概念、染料概念涨幅居前。港股方面，香港恒生指数 收跌 1.21%，恒生科技指数跌 1.11%。美国三大股指全线收涨，道指 涨 2.47%，报 50115.67 点，创历史新高，标普 500 指数涨 1.97%，纳 指涨 2.18%。欧洲股市全线上涨，亚太股市多数下跌。 【重要新闻】 【李强主持召开国务院第十次全体会议，讨论政府工作报告稿和"十 五五"规划纲要草案稿】国务院总理李强 2 月 6 日主持召开国务院第 十次全体会议，讨论拟提请十四届全国人大四次会议审议的政府工作 报告稿和"十五五"规 ...

Group 1: Domestic News - The State Council, led by Premier Li Qiang, emphasized the importance of promoting effective investment to stabilize economic growth and enhance development momentum during the 10th plenary meeting on February 6 [2] - The meeting discussed innovative policy measures to optimize the use of central budget investments, ultra-long special bonds, and local government special bonds, focusing on key areas such as infrastructure and emerging industries [2] Group 2: Foreign Exchange and Monetary Policy - As of January 2026, China's foreign exchange reserves increased to $339.91 billion, up by $41.2 billion from December 2025, while gold reserves rose to 74.19 million ounces, an increase of 40,000 ounces [3] - The People's Bank of China conducted a 7-day reverse repo operation of 31.5 billion yuan at a rate of 1.40% and a 14-day reverse repo operation of 300 billion yuan, resulting in a net withdrawal of 146 billion yuan on February 6 [8][9] Group 3: Bond Market Dynamics - The bond market showed positive sentiment with a decline in yields; the 10-year government bond yield fell by 0.60 basis points to 1.8020% and the 10-year policy bank bond yield decreased by 1.55 basis points to 1.9625% [10][11] - The secondary market for credit bonds experienced significant price deviations, with one industrial bond, "23产融11," dropping over 17% [12] Group 4: Equity and Convertible Bond Market - The convertible bond market saw major indices rise, with the China Convertible Bond Index increasing by 0.75% and trading volume reaching 88.755 billion yuan, up by 14.689 billion yuan from the previous trading day [20][21] - Notable individual convertible bonds included 泰瑞转债, which rose over 10%, while 新致转债 fell over 9% [21] Group 5: International Trade Developments - The U.S. and India reached a temporary trade framework, reducing tariffs on Indian goods to 18% and committing to a $500 billion purchase of U.S. products over five years [6] - The U.S. consumer confidence index slightly increased to 57.3 in February 2026, while long-term inflation expectations rose marginally to 3.4% [5]

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints - This week, there are numerous significant events in the global market. Domestically, China's January CPI, PPI, and credit data such as new loans and social financing are to be released, and the results of the Q4 2025 Hang Seng Index series review will be announced. Internationally, the delayed US January non - farm payrolls and inflation data are coming, and the US and Iran plan to hold a new round of negotiations. Many companies will disclose their latest financial reports [7]. - The A - share ETF market at the beginning of 2026 shows a "polarized" situation. Mainstream broad - based ETFs have suffered nearly 100 billion yuan in redemptions, while theme ETFs such as those in the chemical, non - ferrous metals, and power grid equipment sectors have attracted funds, indicating a strategic shift of funds from large - cap blue - chips to specific high - growth tracks [8]. - Since the beginning of 2026, southbound funds have continuously increased their investment in the Hong Kong stock market. As of February 8, southbound funds have had net inflows for seven consecutive trading days, with net purchases exceeding 10 billion yuan in the last three trading days [8]. - The A - share market is currently adjusting around the 4100 - point mark, but active equity funds have shown strong performance resilience, with 135 funds hitting new highs in their reinvested unit net values since February [9]. - The prices of various futures products show different trends. For example, in the chemical sector, natural rubber and 20 - number rubber have risen, while asphalt and fuel oil have fallen; in the agricultural products sector, yellow soybean No.2 and soybean meal have risen, while palm oil and yellow corn have fallen [4]. 3. Summary by Relevant Catalogs 3.1 Chemical Industry | Product | Price on 2026/2/9 (8:00) | Price on 2026/2/6 (15:00) | Change | Change Rate | | --- | --- | --- | --- | --- | | Coking Coal | 1,134.50 | 1,138.50 | - 4.0 | - 0.351% | | Coke | 1,688.00 | 1,698.50 | - 10.50 | - 0.618% | | Natural Rubber | 16,205.00 | 16,080.00 | 125.0 | 0.777% | | 20 - number Rubber | 13,115.00 | 13,050.00 | 65.0 | 0.498% | | Plastic | 6,769.00 | 6,812.00 | - 43.0 | - 0.631% | | Polypropylene PP | 6,668.00 | 6,691.00 | - 23.0 | - 0.344% | | (PTA) | 5,188.00 | 5,166.00 | 22.0 | 0.426% | | PVC | 4,989.00 | 4,981.00 | 8.0 | 0.161% | | Asphalt | 3,354.00 | 3,386.00 | - 32.0 | - 0.945% | | Methanol | 2,240.00 | 2,244.00 | - 4.0 | - 0.178% | | Ethylene Glycol | 3,739.00 | 3,743.00 | - 4.0 | - 0.107% | | Styrene | 7,609.00 | 7,625.00 | - 16.0 | - 0.210% | | Glass | 1,065.00 | 1,072.00 | - 7.0 | - 0.653% | | Crude Oil | 466.50 | 465.40 | 1.10 | 0.236% | | Fuel Oil | 2,804.00 | 2,831.00 | - 27.0 | - 0.954% | | Soda Ash | 1,178.00 | 1,190.00 | - 12.0 | - 1.008% | | Pulp | 5,220.00 | 5,234.00 | - 14.0 | - 0.267% | | LPG | 4,225.00 | 4,258.00 | - 33.0 | - 0.775% | | Caustic Soda | 1,923.00 | 1,862.00 | 61.0 | 3.276% | | ЬХ | 7,272.00 | 7,262.00 | 10.0 | 0.138% | [4] 3.2 Agricultural Products | Product | Price on 2026/2/9 (8:00) | Price on 2026/2/6 (15:00) | Change | Change Rate | | --- | --- | --- | --- | --- | | Yellow Soybean No.1 | 4,380.00 | 4,378.00 | 2.0 | 0.046% | | Yellow Soybean No.2 | 3,483.00 | 3,468.00 | 15.0 | 0.433% | | Soybean Meal | 2,742.00 | 2,735.00 | 7.0 | 0.256% | | Rapeseed Meal | 2,240.00 | 2,239.00 | 1.0 | 0.045% | | Soybean Oil | 8,130.00 | 8,102.00 | 28.0 | 0.346% | | Rapeseed Oil | 9,146.00 | 9,144.00 | 2.0 | 0.022% | | Palm Oil | 9,018.00 | 9,026.00 | - 8.0 | - 0.089% | | White Sugar | 5,228.00 | 5,228.00 | 0 | 0 | | Yellow Corn | 2,263.00 | 2,274.00 | - 11.0 | - 0.484% | | Corn Starch | 2,535.00 | 2,540.00 | - 5.0 | - 0.197% | | No.1 Cotton | 14,655.00 | 14,580.00 | 75.0 | 0.514% | | Cotton Yarn | 20,425.00 | 20,405.00 | 20.0 | 0.098% | [4] 3.3 Main Variety Morning Meeting Views 3.3.1 Agricultural Products - **Sugar**: On February 6, the price was in a narrow - range shock. The supply pressure is the core contradiction, but there are marginal changes. The price may continue to consolidate in the short term, with the upper resistance at 5250 - 5280 yuan and the lower support at 5200 yuan [12]. - **Corn**: On February 6, the price continued to be oscillating and strengthening. The supply - side sales progress is faster, and the demand - side support is limited. One can consider buying on dips near 2250 - 2260 yuan, with short - term resistance at 2280 - 2300 yuan [12]. - **Peanut**: On February 6, the price was in a narrow - range shock. The supply - side import reduction supports the price, and the demand - side situation is relatively balanced. It is expected to remain in a bottom - oscillating pattern in the short term. One can wait and see or try to go long lightly near 8000 yuan [12]. - **Pig**: The current supply is abundant and the downstream demand is limited. The futures market is in a state of near - weak and far - strong [12]. - **Egg**: The current spot price is mainly stable, and the demand is the main factor. The futures market is oscillating, with near - strong and far - weak characteristics [13]. - **Jujube**: The price in the producing area is stable, and the sales area is in normal trading. The price is expected to remain stable in the short term, and the futures market is looking for support [13]. - **Cotton**: On February 6, the price was in a narrow - range shock. The supply - side has a long - term reduction expectation, but the short - term high inventory suppresses the price. It is expected to maintain a wide - range shock in the short term, and one can consider going long on dips [13]. 3.3.2 Energy and Chemicals - **Caustic Soda**: The overall fundamentals remain in an oversupply pattern, and attention should be paid to the impact of supply - side disturbances on prices [13]. - **Coking Coal and Coke**: As the holiday approaches, the supply and demand of coking coal and coke will be weak, and the prices will oscillate weakly [13]. - **Log**: On February 6, the price fell significantly. The pre - holiday demand decline pressure dominates, and it is expected to continue to be weakly oscillating in the short term [14]. - **Pulp**: The supply pressure persists, and the demand support is weak. The pulp price is expected to remain weakly oscillating in the short term [14]. - **Double - offset Paper**: The market is in a weak - balance state. The price is expected to maintain an interval shock in the short term, and one can consider high - selling and low - buying in the 4000 - 4100 yuan/ton range [14]. - **Urea**: The domestic urea market price is mainly stable. The supply has recovered to a high level, and the demand shows different trends. Attention should be paid to the impact of Indian tenders on market sentiment [14][16]. 3.3.3 Non - ferrous Metals - **Copper and Aluminum**: Recently, the market sentiment has cooled down, and copper and aluminum prices have adjusted at high levels, waiting to stop falling and stabilize [18]. - **Alumina**: The fundamentals of alumina remain in an oversupply pattern, waiting for new market drivers [19]. 3.3.4 Ferrous Alloys - **Silicon Iron and Manganese Silicon**: The overall fundamentals of ferrous alloys are relatively healthy. The short - term trend maintains a callback - biased - long thinking, and attention should be paid to the impact of the macro - environment [21]. 3.3.5 Lithium Carbonate - On February 6, the price was volatile. The supply is expected to shrink in February, and the demand provides short - term support, but the expected import increase in March suppresses the price. It is recommended to wait and see before the holiday [21]. 3.3.6 Option Finance - **Stock Index Options**: On February 6, the three major A - share indexes pulled back. Different index futures and options have different performance characteristics. Trend investors can pay attention to the strength - weakness arbitrage opportunities between varieties, and volatility investors can go long on volatility before the Spring Festival [21][22]. - **Stock Index**: Before the Spring Festival, the market is mainly oscillating. One can consider buying a straddle strategy. After the festival, the probability of an upward trend is high, and short - term trading should follow the thinking of a wide - range shock market [22][23]

连日来，东鹏饮料、国恩科技先后登陆港股，推动"A+H"上市阵营持续扩容，成为香港新股市场持续繁荣的生动缩影。Wind数据显示，截至2月5 日，今年以来港股市场已迎来15家新股上市，同比增长87.50%，总募资额达513.07亿港元，同比激增757.71%，其中东鹏饮料以101亿港元募资额， 成为港股2026年首个百亿规模IPO。 尽管香港证监会持续加强IPO申请文件质量审核，但行业对2026年港股IPO市场保持高位运行已形成共识。近日发布的《2025年香港IPO市场及二级 市场白皮书》显示，截至2025年底，港股IPO有效上市申请达277家，另有4家企业已通过聆讯，项目储备充足。其中93家为A+H公司，占比高达 33.6%，软件服务、医疗保健、工业制造三大领域递表企业合计占比超六成。 A股龙头企业赴港上市热潮持续，成为市场重要增长动力。2025年港股新增19家A+H公司，募资额占港股半壁江山，较2024年大幅增长。截至目 前，仍有9家千亿市值A股公司排队候场，93家A股公司已递表。"A+H"模式不仅帮助企业对接内地与国际资金、优化股东结构，也为港股注入优质 资产，提升市场整体质量。 港交所制度改革持续释放红利 ...

Report Industry Investment Rating - Not provided in the report Core Viewpoints - Last week, the market adjusted, with a decline in risk appetite. Weighted indices were relatively resilient. The food and beverage, beauty care, and power equipment sectors led the gains, while non-ferrous metals, communications, and electronics sectors led the losses. The core driver was the news of the new Fed chair appointment, which led to a convergence of easing expectations and continuous disruptions. In the commodity market, precious metals and non-ferrous sectors continued to fluctuate weakly, and related A-share sectors led the decline. In the technology theme, although some large US technology companies and domestic AI leading companies released good financial reports or performance forecasts, they failed to show stronger upward momentum due to over-optimistic expectations, resulting in a pullback after reaching a high. Funds shifted to the previously underperforming weighted blue-chip sectors, and the consumption recovery expectation before the Spring Festival led to a continuous rebound of blue-chip weighted stocks such as Kweichow Moutai, driving the weighted indices to perform strongly [1]. - This week is the last trading day before the Spring Festival. Trading may become light, and trading volume is expected to decline. Due to the long holiday and many external uncertainties, the wait-and-see sentiment among funds is rising. The market is expected to show no significant performance this week, and the style may still focus on high-to-low switching. However, the domestic policy continues to support the market, and there are policy expectations for the upcoming Two Sessions. The AI industry is booming, and the global monetary and fiscal easing is certain in the long term, so the market is expected to have certain support and is unlikely to have a large adjustment space. If there are no black swans externally, the stock index is expected to have a good start after the holiday. After the holiday, the market will enter the trading time for the Two Sessions and then transition to the "Golden March and Silver April" trading logic at the real economy level [2]. Summary by Directory 1. Market Review and Outlook - **Spot Market Review** - Last week, global stock indices showed mixed performance. The Dow Jones Industrial Average rose 2.5%, the S&P 500 fell 0.1%, and the Nasdaq Composite fell 1.84%. In Europe, the UK's FTSE 100 rose 1.43%, Germany's DAX rose 0.74%, and France's CAC 40 rose 1.81%. In the Asia-Pacific market, Japan's Nikkei 225 rose 1.75%, and the Hang Seng Index fell 3.02%. The Shanghai Composite Index fell 1.27% [9]. - Since 2025, major indices have risen, but last week, all major domestic indices fell. The Shanghai Composite Index fell 1.27%, and the ChiNext Index fell 3.28% [11]. - Last week, industries in the CSI 300 Index showed mixed performance, while most industries in the CSI 500 Index declined. The market trading volume and turnover rate declined [12]. - **Stock Index Futures Market Review** - Last week, among the stock index futures main contracts, IM had the largest decline, and IC had the largest amplitude. The trading volume of stock index futures remained flat, and the open interest increased slightly. The basis of the main contracts and the cross-variety ratio of stock index futures showed certain trends [17]. - **Index Valuation Tracking** - As of January 30, the price-to-earnings ratio (TTM) of the Shanghai Composite Index was 17.15 times, that of the CSI 300 Index was 14.22 times, and that of the SSE 50 Index was 11.74 times. The price-to-earnings ratio (TTM) of the CSI 500 Index was 38.13 times, and that of the CSI 1000 Index was 50.72 times [18][20]. - **Market Capital Flow Review** - The margin trading balance in the two markets and the share of newly established equity funds showed certain trends. The capital interest rate once declined last week, and the central bank had a net withdrawal of funds [20][21]. 2. Strategy Recommendations - **Short-term Strategy** - The intraday trading frequency can refer to the 1-minute and 5-minute K-line charts. The stop-loss and take-profit levels of IF, IH, IC, and IM can be set at 91 points/114 points, 74 points/45 points, 179 points/251 points, and 221 points/294 points respectively [4]. - **Trend Strategy** - Adopt an interval thinking or buy on dips. It is expected that the core operating interval of the main contract IF2602 of IF is between 4524 and 4733 points; that of the main contract IH2602 of IH is between 2961 and 3098 points; that of the main contract IC2602 of IC is between 7815 and 8426 points; and that of the main contract IM2602 of IM is between 7746 and 8348 points [4]. - **Cross-variety Strategy** - Hold the strategy of going long on IF (or IH) and shorting IC (or IM) cautiously [5]. 3. Factors to Watch - Fed policy trends and China's January monetary and credit data [3]