鉴于近年虚拟资产相关业务在香港政府支持下迅速发展，董事会认为，胜利数码科技经获取有关监管批 核后营运虚拟资产交易平台乃符合本集团策略，为客户提供更为多元的服务，创造机会使本集团各业务 线之间产生协同效应，并会为本集团增值。此外，继胜利数码科技获发牌照后，本集团目前已成为少数 取得证监会引入的全面监管制度下虚拟资产生态系统关键环节的市场参与者。董事会预期，虚拟资产业 务分部将会迎来更多业务机遇，能继续扩张，并为本集团开创新的收入来源。 智通财经APP讯，胜利证券(08540)发布公告，本集团旗下一间联营公司胜利数码科技有限公司(胜利数 码科技)已接获证券及期货事务监察委员会(证监会)有关申请证券及期货条例第116条项下进行第一类(证 券交易)及第七类(提供自动化交易服务)受规管活动的牌照(证券及期货条例牌照);及《打击洗钱及恐怖分 子资金筹集条例》(打击洗钱条例)第53ZRK条项下提供有关营运一个虚拟资产(虚拟资产)交易所的虚拟 资产服务的牌照(打击洗钱条例牌照)的正式通知。证券及期货条例牌照及打击洗钱条例牌照已获证监会 批准，惟须遵守证监会施加的若干条件。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 Victory Securities (Holdings) Company Limited 勝利證券（控股）有限公司 （於開曼群島註冊成立的有限公司） （股份代號：8540） 本 公 告 是 由 勝 利 證 券（控 股）有 限 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」） 根據香港聯合交易所有限公司GEM證 券 上 市 規 則（「GEM上市規則」）第17.10(2) (a)條及香港法例第571章《證 券 及 期 貨 條 例》（「證券及期貨條例」）第XIVA部項下 內 幕 消 息 條 文（定 義 見GEM上 市 規 則）作 出。 主 席 高 鵑 本 公 司 董 事（「董 事」）會（「董事會」）謹 此 知 會 本 公 司 股 東 及 潛 在 投 資 者，本 集 團 旗 下 一 間 聯 營 公 司 勝 利 數 碼 科 技 有 限 公 ...

凯投宏观的Jonas Goltermann和Thomas Mathews在一份报告中称，强劲的美国经济数据与恐慌的美国金 融市场之间的脱节不太可能持续。这些经济学家称："我们预计美国股市、美国国债收益率和美元将反 弹。"他们称，最近美国国债收益率的下降很难与1月份的劳动力市场数据和通胀数据相符。前者出人意 料地强劲，而后者并不像市场反应所暗示的那么疲软。更广泛地说，美国经济似乎在2026年开局良好， 大多数数据好于普遍预期，"我们预计这种情况在未来几个月将持续下去"。他们称，通常情况下，这会 导致收益率上升，而不是下降。 ...

Core Viewpoint - The article highlights a significant trend of residents shifting their savings from traditional bank deposits to asset management products, driven by recent financial data and changing market conditions [2][6]. Group 1: Financial Data Overview - In January, household deposits increased by 2.13 trillion yuan, non-financial enterprise deposits rose by 2.61 trillion yuan, and non-bank financial institution deposits grew by 1.45 trillion yuan [2][3]. - The broad money supply (M2) reached 347.19 trillion yuan, with a year-on-year growth of 9%, while the narrow money supply (M1) was 117.97 trillion yuan, growing by 4.9% [3][4]. - Compared to the same period in 2025, non-bank deposits increased significantly by 2.56 trillion yuan, while household deposits saw a decrease of 3.39 trillion yuan [4][5]. Group 2: Analysis of Deposit Trends - Analysts note that the acceleration of household deposit migration is evident, with the growth rate of household deposits turning negative for the first time in 7.5 years [5]. - The difference between household deposit growth and M2 growth is -1.82 percentage points, indicating a significant shift in savings behavior [5]. - The trend of residents moving their savings to non-bank financial institutions reflects a broader movement towards asset management products [6][7]. Group 3: Future Implications - The upcoming maturity of a large volume of household fixed-term deposits, estimated between 30 trillion to 70 trillion yuan, is expected to influence where these funds will be allocated, particularly towards equity markets [6][7]. - Analysts suggest that while there may be a flow of funds into low-risk assets, the actual movement into riskier assets like equities will depend on market conditions [7][8]. - The potential for continued adjustment in asset allocation between stocks and bonds is anticipated, especially in light of fixed asset investment trends and economic growth expectations [8].

Core Insights - The capital market in 2025 is characterized by resilience amidst complex changes, with China's economy demonstrating strong growth stability and a shift towards high-quality development [2] - The public fund industry is transitioning from a "scale competition" to a "investor-centric" high-quality development phase, emphasizing the importance of professional capabilities and social responsibility [3] - In 2026, the focus will be on enhancing active management and long-term value investment, with a strong emphasis on integrating party leadership into corporate governance [4] Group 1: Market Trends - The total market value of A-shares has surpassed one trillion yuan, reflecting the maturation of the capital market and the increasing share of the technology sector [2] - The public fund industry is moving towards high-quality development guided by the "Action Plan for Promoting High-Quality Development of Public Funds" [3] Group 2: Company Strategy - The company aims to deepen the integration of party leadership with business operations, enhancing governance and driving product innovation and customer service [4] - The company will focus on solid fixed-income investment strategies, optimizing cash and bond product layouts to provide stable returns amidst interest rate fluctuations [5] Group 3: Research and Development - The company is committed to reforming its research and investment system, emphasizing absolute return principles and aligning with national strategic priorities [5] - The investment research team is enhancing macro, meso, and micro-level analysis to identify valuable targets in emerging sectors [3][5] Group 4: Risk Management - The company is upgrading its risk control and compliance systems to ensure transparent and standardized business operations, in line with national financial security strategies [6] - A comprehensive risk prevention mechanism will be established to monitor risks across markets and industries [6] Group 5: Customer Engagement - The company is enhancing customer service experiences by offering customized support and improving communication effectiveness [5] - Investment education initiatives are being expanded to help investors develop long-term investment philosophies [3]

盘面来看，收官日呈现结构性行情，板块走势分化，资金以节前稳健布局为主，市场情绪整体平稳。具 体来看，半导体板块普涨，澜起科技涨14.05%，兆易创新涨9.78%，华虹半导体涨1.16%；黄金股同步 走强，灵宝黄金涨4.80%，中国黄金国际涨4.75%，紫金矿业涨4.67%，潼关黄金涨3.55%，赤峰黄金涨 3.51%。 对于短期市场运行节奏，中国工商银行(亚洲)证券业务部分析员叶泽恒接受中新社记者采访时表示，受 农历新年假期影响，大市成交金额逐步回落。科技板块估值相对较低，未来业务增长较快，调整后有望 重新获得资金关注。当前市场资金已从网购、游戏类科技股，转向拥有人工智能大模型的相关企业。 耀才证券研究部总监植耀辉表示，港股当周仅一个半日市，市场难以看出明确方向，预计在北向资金回 归前，恒生指数短期难有大幅波动，成交量亦持续收缩，恒生指数大概率在26000点至27000点区间震 荡。 中新社香港2月16日电 (记者戴小橦)2月16日，港股迎来蛇年收官半日市，市场以红盘为蛇年画上句号。 截至收盘，恒生指数涨0.52%，报26705.94点；恒生科技指数涨0.13%；国企指数涨0.42%，三大指数当 日同步上扬， ...

Group 1 - The Hang Seng Index increased by over 30% throughout the year, closing with a rise of 0.52% on the last trading day before the Lunar New Year [1] - The Hang Seng Technology Index also showed a slight increase of 0.13% on the same day [1] - AI application concepts saw significant gains, with MINIMAX-WP rising by 24% and other companies in the sector, such as Zhiyuan and semiconductor firms, also experiencing notable increases [3] Group 2 - ByteDance announced the launch of the Doubao-Seed-2.0 model, optimized for large-scale production environments, enhancing capabilities in time series and motion perception [3] - Zhiyuan is planning a secondary listing on the STAR Market, with recent updates indicating a change in its IPO advisory firms [3] - Southbound funds have seen continuous net inflows for six weeks, with cross-border ETFs experiencing significant growth, totaling a net inflow of 313.87 billion yuan in February alone [3] Group 3 - GF Securities noted that the recent breakthrough of the Hang Seng Technology Index above the annual line indicates a release of emotional suppression, suggesting potential for market recovery [4] - The firm recommends gradual investments in technology leaders benefiting from the AI industry trend, while also highlighting the importance of monitoring the upcoming lock-up period for shares, which could involve nearly 100 billion yuan [4] - The market may find a temporary bottom if it adjusts to absorb selling pressure before the lock-up expiration [4]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has approved changes to the business scope of CITIC Securities, allowing for specific regional limitations on its financing and securities brokerage services [1][2]. Group 1: Business Scope Changes - CITIC Securities' financing and securities brokerage services will now be limited to specific regions, excluding Shenzhen and certain counties in Zhejiang [1][2]. - The approved changes include modifications to the securities brokerage, investment fund sales, and investment consulting services, which will also be restricted to designated areas [2][3]. Group 2: Compliance and Transition - CITIC Securities is required to complete the business registration changes within six months and apply for a new securities business license within 15 days of receiving the new business license [1][3]. - The company must ensure the protection of client rights and the proper arrangement of employees during this transition period [1][3]. Group 3: Strategic Context - The changes are part of CITIC Securities' strategy following its acquisition of Guangzhou Securities, aimed at avoiding competition with its subsidiaries [3][4]. - The restructuring will position CITIC Securities South China as a subsidiary focused on specific regional operations, with a clear delineation of business activities to prevent conflicts of interest [4]. Group 4: Financial Performance - In 2024, CITIC Securities South China reported revenues of 1.113 billion yuan, a growth of 33.95%, and operating profits of 431 million yuan, an increase of 17.76% [4].

市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 作者：观察君 为稳定市场预期，印尼监管层快速推出多项改革措施，宣布将上市公司自由流通股最低比例从7.5%提 升至15%，覆盖新上市及已上市公司；同时强化投资者信息披露制度，放宽养老基金投资限制，针对性 回应明晟提出的监管要求。印尼经济统筹部长艾尔朗加公开表示，政府将严厉打击股价操纵等投机行 为，确保金融监管和市场运行保持正常，提升市场透明度，推动治理机制改革，维护投资者权益与金融 体系公信力。 截至目前，全球指数编制机构对印尼市场的态度出现分化。标普道琼斯指数公司表示将按计划推进3月 季度指数调整，密切关注印尼股市股权透明度进展；富时罗素则推迟原定于3月的印尼市场指数评估， 将于6月重新评估局势；明晟仍维持对印尼市场的可投资性警告，预计5月前完成最终评估。 年初印尼股市剧烈波动引发监管层人事大地震，总统普拉博沃下令撤换金融监管领域核心高层，以应对 市场信任危机。 1月27日，全球指数编制机构明晟对印尼上市公司自由流通股比例及市场可投资性提出警告，称将暂时 冻结印尼股票的指数编制工作。该消息引发外资集中抛售 ...

新 春 快 乐 作为中央金融工作会议与新"国九条"后首单成功的券商市场化并购案例，我们深刻体会到"国资背景+市场化机制"所带来的活力与韧性。这一年，我们不仅明确 了打造一流投资银行的战略愿景，更实现了业务整合的"加速度"，资本实力与经营业绩双双跃升，彰显出协同之力。这让我们更加坚信：在高质量发展的道路 上，唯有脚踏实地，方能行稳致远。 展望2026，恰逢"十五五"开局之年，亦是中国传统的马年。马象征着奔腾、奋进与担当。证券行业肩负金融强国使命，更应以专业守护价值，以创新驱动成长。 新的一年，国联民生证券将继续为企业客户，提供全生命周期综合金融服务，助力产业升级；在低利率环境下为零售客户构建多策略配置组合，守护财富稳健增 值；为金融机构客户，定制综合解决方案和风险可控的结构化产品，共筑稳健回报。 顺流逆流，皆为行路的风景；心有罗盘，便有笃定的方向。券商中国微信平台粉丝总量已强势突破600万大关，值此2026年新春佳节来临之际，我们深深感恩每一位读 者朋友长久的信任与陪伴。在此，券商中国、券中社APP诚邀各大金融机构共同录制新春寄语视频，一起回顾2025年的精彩历程与深刻洞察，携手展望2026年的崭新蓝 图与无限 ...