财通证券公告称，2025年9月16日成功发行2025年度第六期短期融资券，发行规模20亿元，票面利率 1.69%，期限150天。2026年2月13日，公司按期兑付该短期融资券本息，共计20.14亿元。 ...

证券研究报告 | 宏观深度 2026 年 02 月 13 日 分析师：罗志恒 执业编号：S0300520110001 电话：010-83755580 邮箱：luozhiheng@ykzq.com 分析师：方堃 执业编号：S0300521050001 电话：010-83755575 邮箱：fangkun@ykzq.com 近期报告 《【粤开宏观】透视 2026 物价新局：基期 轮换、体感差异与回升之路》2026-02-11 《【粤开宏观】从地方调研看宏观经济：市 场预期、收入分配与微观活力》2026-02-09 《【粤开宏观】如何认识 5%与 140 万亿》 2026-02-02 《【粤开宏观】2025 年中国区域经济版图： 东进西稳，南升北降》2026-02-01 《【粤开宏观】美联储新主席沃什将如何 "掌舵"？能否保持独立？》2026-01-31 摘要 我们在《2025 年中国区域经济版图：东进西稳，南升北降》中回顾了 2025 年地方经济的成果，中国经济的韧性在于战略纵深空间广、区域经济阶梯式 发展，东南西北中各有千秋。本文是"2026 年地方经济怎么干"系列的上篇， 主要聚焦 2026 年 GDP 目标 ...

Group 1 - The three major indices experienced a decline, while individual stocks showed a broad increase, leading to disappointment as it was the last trading day before the Spring Festival [1][3] - Trading volume decreased significantly, with around 120 billion yuan, indicating a lack of market activity as participants prepared for the holiday [3] - The performance of the securities sector was underwhelming, with no support for the market, while sectors like liquor saw a rise [1][3] Group 2 - There is speculation about a potential rebound in the A-share market, as the current position is seen as promising for future gains [5] - The market is characterized by a lack of selling pressure, suggesting that patience may be rewarded post-holiday [5][7] - The overall sentiment is that holding onto stocks through the holiday may be beneficial, as the market could surprise with upward movement after the break [7]

Group 1 - The A-share market experienced a collective decline, with the A500 ETF (512050) dropping by 0.88% and trading volume exceeding 10.9 billion yuan, leading its peers [1] - The market sentiment is influenced by risk aversion and profit-taking ahead of the Spring Festival, although the spring market trend is expected to continue with limited risks during the holiday [1] - The A500 ETF (512050) offers investors a convenient way to invest in core A-share assets, benefiting from low fees (0.2%), strong liquidity, and a large scale exceeding 40 billion yuan [1] Group 2 - The A500 ETF tracks the CSI A500 Index, employing a dual strategy of industry-balanced allocation and leading stock selection, covering all 35 sub-industries [1] - The ETF is designed to integrate value and growth attributes, with a natural "barbell" investment characteristic, particularly overweighting sectors like AI, pharmaceuticals, and renewable energy compared to the CSI 300 [1] - Investors are encouraged to consider related products such as the A500 ETF (512050) and the A500 Enhanced ETF (512370) [2]

Core Viewpoint - The article highlights the increasing foreign investment in Hong Kong stocks, particularly through the Hong Kong Stock Connect 50 ETF, driven by favorable geopolitical changes and economic conditions expected in 2026 [1] Group 1: Foreign Investment Dynamics - The Hong Kong Stock Connect 50 ETF (159712) saw a net inflow of 29 million units, indicating strong demand for investment [1] - According to Industrial Securities, the motivation for foreign capital to allocate more to Hong Kong stocks in 2026 is expected to be stronger due to changes in the geopolitical landscape [1] - The risk premium of the Hang Seng Index relative to the 10-year US Treasury yield is significantly higher than that of major indices in developed markets like the US, Europe, and Japan [1] Group 2: Economic Factors - A stable RMB is anticipated to enhance the attractiveness of RMB-denominated assets, historically correlating with an increase in Hong Kong stocks when the RMB appreciates [1] - The improvement in China's nominal GDP in 2026 is projected to be a key driver for the return of more allocation-type foreign capital to Hong Kong stocks [1] - Expectations of high-level interactions between China and the US are also expected to positively influence sentiment towards Chinese assets [1] Group 3: ETF Characteristics - The Hong Kong Stock Connect 50 ETF tracks the Hong Kong Stock Connect 50 Index, which selects 50 representative securities from Hong Kong-listed companies eligible for trading through the Stock Connect [1] - The index focuses on the financial sector while also encompassing telecommunications, consumer goods, and other sectors, reflecting the overall performance of large-cap blue-chip companies in the Hong Kong stock market [1]

Group 1 - Zhang Yidong has joined Guotai Junan and will serve as the head of the equity research department and chief economist, focusing on cross-border integration of research business [2] - Zhang Yidong is a highly influential strategist in the sell-side research field, with over 20 years of industry experience and multiple awards from New Fortune [2] Group 2 - The recent volatility in the COMEX gold futures market saw the RSI indicator reach a high of 89.46, followed by a significant price correction due to hawkish policy expectations after the nomination of Powell [3] - The long-term bullish logic for gold remains intact, driven by high debt levels in major economies and ongoing geopolitical tensions, with expectations of a loose monetary policy from the Federal Reserve until 2026 [4] Group 3 - The recommendation to hold stocks during the holiday season aims to capitalize on potential market rebounds in the spring months of February and March, based on historical trends [5] - The overall short-selling ratio in the Hong Kong stock market is approximately 19%, with the Hang Seng Tech Index seeing a rise in short-selling activity to 21%, indicating a potential turnaround [6] Group 4 - Specific investment directions include focusing on technology sectors aligned with the "14th Five-Year Plan" and maintaining value assets while increasing exposure to cyclical industry leaders [8]

每经AI快讯，2月13日，中信证券发布研报指出，截至2026年1月31日，A股共有2976家公司披露2025年 年报业绩预告，总披露率为54.0%。其中预喜公司占比达37%，相比于2024年报预告的33%有进一步提 升。本轮业绩预告呈现出"科技驱动、外需支撑、金融压仓"的结构性特征，大市值龙头盈利修复显著， 中小市值企业业绩压力仍然突出。 （文章来源：每日经济新闻） ...

[Table_scodeMsg1] 公司研究丨深度报告丨广发证券（000776.SZ） [Table_Title] 广发证券深度报告：大湾区迈向国际一流的财富 管理先驱 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 随着慢牛市延续，财富管理有望迎来黄金发展期，广发证券凭借区位优势、多元化布局、市场 化机制，围绕财富管理业务形成较强先发优势。展望中长期，一方面财富管理成券商竞争"胜 负手"，广发成长潜质优于同业，另一方面公司发力国际业务，强化跨境综合能力，自营也有望 受益于风控指标优化。 分析师及联系人 [Table_Author] 吴一凡 戴永飞 SAC：S0490519080007 SAC：S0490524070001 SFC：BUV596 请阅读最后评级说明和重要声明 2 / 24 %% %% %% %% research.95579.com 2 [Table_scodeMsg2] 广发证券（000776.SZ） cjzqdt11111 [Table_Title 广发证券深度报告：大湾区迈向国际一流的财 2] 富管理先驱 以区 ...

截至午间收盘，中证港股通医药卫生综合指数下跌0.5%，中证港股通消费主题指数下跌0.8%，恒生港 股通新经济指数下跌1.5%，恒生科技指数下跌1.7%，中证港股通互联网指数下跌2.2%。相关ETF受资 金青睐，截至昨日，恒生科技ETF易方达（513010）和港股通互联网ETF（513040）近一月资金净流入 分别达33亿元和15亿元。 23.7倍 中国银河证券表示，展望2026年，中国宏观政策将保持连续性和稳定性，经济增长保持韧性，通胀有望 自低位回升，港股市场基本面依赖于国内宏观经济。指数方面，根据彭博一致预期，预计2026年恒生指 数、恒生科技指数、恒生中国企业指数每股盈利分别同比增长9.64%、34.63%、9.90%，建议关注科技 创新、周期、消费等主题的投资机会。 联网龙头公司的股票组成,主 要包括信息技术、可选消费行 AF 以值效,拟以 滚动币盆举 友布以来估值分位 | 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 | | | | | 该指数由港股通范围内流动性 | 截至午间收盘 | 该指数 | 该 ...

Group 1 - The A-share market is expected to experience a "red envelope" effect post-Spring Festival, with historical data showing a higher probability of gains after the holiday [1][6][7] - Various institutions suggest holding stocks during the holiday to capitalize on post-holiday capital inflows and policy catalysts, while some recommend a cautious approach with light positions to manage volatility [1][6] - Historical trends indicate that the A-share market tends to favor high-dividend, defensive sectors before the holiday, with a shift towards small-cap and growth sectors after [7][12] Group 2 - Goldman Sachs predicts a 20% increase in the MSCI China Index by the end of 2026, driven primarily by earnings growth supported by AI, overseas expansion, and anti-involution policies [3] - Five major capital flows are expected to support the market, including record net inflows from southbound funds, domestic asset reallocation, and significant share buybacks [3] - Foreign institutions anticipate a gradual diversification away from USD assets towards Chinese markets over the next 3 to 5 years, highlighting China's complete industrial chain and strong innovation capabilities [4] Group 3 - The average performance of the Shanghai Composite Index in the ten trading days following the Spring Festival is better than in the first five days, indicating a warming trend in the market [6][7] - Analysts emphasize the importance of the last trading day before the holiday as a key window for positioning, with expectations of a trend reversal starting in the last five trading days before the holiday [12] - The current market environment suggests a focus on both cyclical and growth sectors, with a recommendation to maintain a balanced portfolio that includes resource assets like gold [9][10]