资产配置 | 动态跟踪 风险偏好主导资产表现，权益关注风格切 换 ——资产配置月报 202602 研究结论 风险提示 报告发布日期 2026 年 02 月 04 日 | 郑月灵 | 执业证书编号：S0860525120003 | | --- | --- | | | zhengyueling@orientsec.com.cn | | 021-63326320 | | | 周仕盈 | 执业证书编号：S0860125060012 | | | zhoushiying@orientsec.com.cn | | 021-63326320 | | | 提 名 沃 什 不 改 美 元 信 用 弱 化 格 局 ： | 2026-02-03 | | --- | --- | | 20260202 多资产配置周报 | | | 预期的变化利好中盘蓝筹：20260126A 股 | 2026-01-28 | | 风格及行业配置周报 | | | 以对冲配置思路应对美股/黄金"畏高" | 2026-01-19 | | 配置关注权益商品，行业聚焦中盘蓝筹： | 2026-01-04 | | ——资产配置月报 202601 | | 有关分析师的申 ...

Core Viewpoint - Both Suzhou Qingyue Optoelectronics Technology Co., Ltd. and Yuandao Communication Co., Ltd. are under investigation by the China Securities Regulatory Commission (CSRC) for financial information disclosure violations, posing a significant risk of forced delisting due to major legal violations [1][2] Group 1: Company Investigations - Qingyue Technology is being investigated for suspected false reporting of financial data in periodic reports, which may lead to forced delisting if found guilty by the CSRC [1] - Yuandao Communication is under investigation for suspected false reporting in annual reports and other financial documents, which could also result in forced delisting if the CSRC confirms violations [2] Group 2: Account Freezes - Qingyue Technology has had three securities accounts frozen, totaling 1,631,343 shares, all of which were repurchased shares, and seven bank accounts with a total of 133,644,123.04 yuan frozen [2] - Yuandao Communication has had two bank accounts frozen, specifically its fundraising accounts, with a total of 9,042,908.12 yuan frozen [2] Group 3: Company Responses - Both companies have stated they will cooperate with the CSRC during the investigation and will adhere to legal and regulatory requirements for information disclosure [2]

第三，政策与资金给力。广东设立1500亿"耐心资本"引导基金，其中1000亿投向未来产业，存续期长、 不追求短期回报。同时前瞻布局6G、具身智能、脑机接口等，建平台、推场景，让未来产业从"实验 室"快速走向"生产线"。 我们已经享受了几十年的传统产业红利，未来产业也不是遥不可及的概念，而是正在落地的现实。传统 产业不会消失，只会被未来技术重构；当然未来产业也不是一句口号就能实现的，需要我们一步一个脚 印去培育。 熬过这段新旧交替的日子，下一个增长周期，属于那些敢于布局未来、拥抱变革的人。但愿我们每个 人，都会在这场产业变革中找到自己的位置。 而我们广东作为经济第一大省，优势是实打实的。 第一，产业底盘厚。2025年规上工业营收超19万亿，连续37年GDP全国第一。工业机器人产量占全国 44%，新能源汽车占全国1/4，AI核心产业规模破3000亿、占全国1/4。传统制造+新兴产业的完整生 态，能给未来产业提供最肥沃的转化土壤。 第二，创新能力强。区域创新能力九连冠，122个大模型通过国家备案，430余个行业模型落地，AI专 精特新"小巨人"147家，全国第一。从芯片设计到终端制造，从算法到算力，全链条布局，技术 ...

- The provided content does not include any quantitative models or factors, nor their construction, evaluation, or backtesting results[1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40][41]

- The "Hong Kong CCASS Preferred 20 Portfolio" model was constructed using a two-step screening method: first selecting brokers and then selecting stocks[35][39] - The model identifies top-performing brokers by standardizing excess Sharpe ratios and monthly win rates, then combines them into a composite score[39] - The portfolio is built by equally distributing funds among the top 10 brokers and selecting the top 20 stocks based on weight, which are then equally weighted[39] - The benchmark index for the portfolio is the Hang Seng Index (HSI.HI)[40] Model Performance - January 2026 portfolio return: 6.32%, Hang Seng Index return: 6.85%, excess return: -0.53%[41] - Full period (2020.1–2026.1) excess annualized return: 19.3%, excess Sharpe ratio: 2.45[41] - Annualized excess returns by year: 2020: 30.9%, 2021: 12.0%, 2022: 11.9%, 2023: 22.5%, 2024: 23.2%, 2025: 18.6%, 2026 YTD: -6.2%[42] - Maximum drawdown during the full period: -7.6%[42] - Monthly win rate during the full period: 75.3%[42]

证 券 研 究 报 告 [T日ab期le_Industry] : shzqdatemark 2026年02月04日 | 固 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 定 | | | | | | | | [T分ab析le师_Author] | 张河生 | : | 收 | Tel: | 021-53686158 | 益 | | E-mail: | zhanghesheng@shzq.com | 周 | 编号: | SAC | S0870523100004 | 报 | | [T相ab关le报_R告e：portInfo] | 《国际避险情绪提升与国内投资风险偏好 | | | | | | | 高企》 | ——2026 | 年 | 月 | 日 | 01 | 30 | | 《结构性降息落地与格陵兰岛局势升级》 | ——2026 | 年 | 月 | 日 | 01 | 21 | | 《投资者风险偏好高企》 | ——2026 | 年 | 月 | 日 | 01 | 13 | [T相ab关le报_R告e：portInfo] 《国际避险情绪提升与国内投资风险 ...

Core Viewpoint - The annual Feng Shui guide by Citic Securities indicates a positive outlook for the Hang Seng Index in the Year of the Fire Horse, suggesting a stable upward trend despite potential initial declines in early 2024 [1]. Market Outlook - The Hang Seng Index is expected to experience stable growth, having shown positive performance in three out of the last four Horse years [1]. - A forecasted initial decline is anticipated at the beginning of the year, with a gradual recovery expected after April [1]. - The second half of the year is predicted to exhibit a "two steps forward, one step back" pattern, with peak performance expected between November and early December, followed by a slight softening before a year-end rebound [1]. Sector Analysis - Industries associated with Wood, such as furniture, herbal products, and pharmaceuticals, are expected to thrive in the Year of the Horse [1]. - Fire-related sectors, including telecommunications and energy, are also anticipated to benefit from favorable conditions [1]. - The financial products sector, categorized under Metal, is recommended for focused attention throughout the year [1]. - The real estate sector, associated with Earth, is expected to struggle to gain momentum [1]. - The Water element is predicted to be the weakest, leading to stagnation in the shipping industry and challenges for the tourism sector [1].

新华社香港2月4日电 香港恒生指数4日涨12.55点，涨幅0.05%，收报26847.32点。全日主板成交2854.33 亿港元。 国企指数跌4.73点，收报9048.38点，跌幅0.05%。恒生科技指数跌100.82点，收报5366.44点，跌幅 1.84%。 中资金融股方面，中国银行涨1.09%，收报4.65港元；建设银行涨0.9%，收报7.88港元；工商银行涨 0.78%，收报6.43港元；中国平安涨1.05%，收报72.05港元；中国人寿涨2.03%，收报35.16港元。 石油石化股方面，中国石油化工股份涨2.26%，收报5.44港元；中国石油股份涨2.12%，收报9.16港元； 中国海洋石油涨1.37%，收报23.68港元。 【纠错】 【责任编辑:薛涛】 蓝筹股方面，腾讯控股跌3.96%，收报558港元；香港交易所跌0.43%，收报420.2港元；中国移动涨 1.34%，收报79.35港元；汇丰控股涨0.07%，收报139港元。 香港本地股方面，长实集团涨1.14%，收报45.94港元；新鸿基地产涨0.41%，收报123.6港元；恒基地产 涨0.88%，收报32.08港元。 ...

Core Viewpoint - The A-share market has entered a phase of fluctuation and adjustment after a continuous rise at the beginning of the year, with popular sectors like commercial aerospace, gold, and silver also experiencing corrections. A balanced investment strategy across different industries is recommended to capture opportunities and mitigate risks associated with concentrated investments [1][7]. Investment Strategy - The newly issued fund, Invesco Great Wall Smart Mixed Fund (code: 026709), is managed by Guo Lin, a member of the Invesco Great Wall Technology Legion, who emphasizes a growth-oriented investment style with balanced allocations across various sectors [1][3]. - Guo Lin's investment philosophy focuses on "trends, timing, and cost," seeking to identify sub-industries with mid-term growth potential by analyzing industry policies, technological innovations, and supply-demand changes [3][9]. Portfolio Composition - In Guo Lin's managed funds, over 50% of the holdings are in growth-style stocks, primarily concentrated in TMT (Technology, Media, and Telecommunications), with additional allocations in non-ferrous metals, pharmaceuticals, military, and new consumption sectors [4][10]. - The fund has shown strong performance, with returns of 54.77% and 98.12% over the past 1 and 2 years, respectively, significantly outperforming the benchmark [10]. Market Outlook - The A-share market is currently fluctuating around the 4000-point mark, with expectations of increased trading volume and active performance in growth sectors due to a favorable liquidity environment [5][11]. - Guo Lin suggests that the first quarter is an opportune time for stock selection, as many companies will provide clearer guidance for the new year, and the market is expected to undergo differentiation after an active investment phase [12]. Fee Structure - The Invesco Great Wall Smart Mixed Fund employs a floating fee structure linked to excess returns, aligning the interests of the fund manager with those of investors and promoting a focus on sustainable long-term performance [6][12].

2025年，依托智慧消保平台功能，湖北省市场监管部门完善消费纠纷多元调处机制，文娱演出、通信、 水电气等领域消费投诉平均下降20%。针对在线消费小额纠纷，推行快速解决机制，超过60%的纠纷在 三日内得到解决，有效提升了消费体验。健全人民调解、行政调解、司法调解"三调联动"机制，选聘 201名公益律师、专家担任社会调解员。 此外，湖北省市场监管部门紧盯食品、药品、重点工业产品和特种设备安全监管，持续构建安全放心的 市场消费环境。大力实施优化消费环境三年行动，以零售、餐饮、住宿等行业和商圈、景区等部位为重 点，动态培育放心消费单元2.3万家，打造放心消费聚集区180个，承诺"七天无理由退换货"的经营主体 达1万家。（完） 中新网武汉2月4日电（武一力朱锐郭姗姗）记者4日从湖北省市场监督管理局获悉，2025年，该省通过 12315平台共接收处理消费者投诉 【下载黑猫投诉客户端】举报75.5万件，为消费者挽回经济损失1.28 亿元；投诉举报平均处理周期从2024年的13.4天缩短至11.6天，消费纠纷化解效率显著提高。 转自：中国新闻网 ...