Core Viewpoint - The Hong Kong Financial Secretary, Paul Chan, announced initiatives in the 2026-27 fiscal budget to enhance connectivity with the mainland, including the introduction of government bond futures and the inclusion of Real Estate Investment Trusts (REITs) in the mutual market access programs [1][2] Group 1: Initiatives for Connectivity - Hong Kong will actively collaborate with the mainland to expedite the launch of government bond futures [1] - The inclusion of REITs in mutual market access is planned to enhance investment opportunities [1] - The establishment of a Renminbi trading counter under the Stock Connect program is being explored [1] Group 2: Renminbi Business Enhancements - The total quota for Renminbi business arrangements has doubled to 200 billion Renminbi, facilitating broader use of Renminbi in trade and cross-border transactions [2] - Efforts are being made to enable more convenient foreign exchange quotations and transactions for Renminbi with other regional currencies, thereby reducing transaction costs [2] - Regular issuance of Renminbi bonds with varying maturities is planned to enrich the offshore Renminbi market and improve the yield curve [2] Group 3: Market Development Strategies - Collaboration with the industry to expand the offshore Renminbi interest rate curve is underway, focusing on enhancing the price discovery function for short to medium-term rates [2] - There is a push to attract high-quality issuers to increase the issuance of Renminbi bonds in Hong Kong, aiming to tap into emerging markets and promote more cross-border Renminbi transactions [2]

截至2月13日，恒生指数夜期(2月)收报27703点，跌283点或1.049%，低水330点。未平仓合约总数为 113661张，减少16251张；未平仓合约净数报44586张，增加2476张。 ...

【导读】南华期货H股12亿港元募资全部增资境外子公司横华国际 期货公司也在积极"出海"。 刚刚完成H股上市的南华期货，要将全部12.03亿港元的IPO募资用于境外子公司横华国际的增资，增资后，南华期货对横华国际的出 资金额将达到20.29亿港元。横华国际是南华期货在境外从事期货、证券等金融服务的平台。 12亿港元全部增资境外子公司 2月9日晚间，南华期货披露，拟对境外全资子公司横华国际金融股份有限公司（以下简称横华国际）进行增资，增资金额为12.03亿 港元，按中国人民银行公布的2026年2月6日人民币汇率中间价换算，约合人民币10.72亿元。 南华期货对横华国际的增资资金，来自H股IPO募资。南华期货股份刚于2025年12月在H股上市，募资净额正是12.03亿港元。在南华 期货H股的招股书中，南华期货表示，募资净额全部用于横华国际，计划加强中国香港、英国、美国及新加坡境外附属公司的资本基 础，以进一步扩展公司的境外业务、优化公司的境外业务架构，提升公司在全球市场的竞争力及风险应对能力。 值得注意的是，横华国际有着较强的盈利能力。如2024年底的净资产为17.83亿元人民币，营业收入和净利润分别高达6.54亿 ...

Core Viewpoint - U.S. stock index futures experienced an increase ahead of significant employment and inflation data expected later in the week [1] Group 1: Market Performance - Dow Jones Industrial Average futures rose by more than 100 points, representing a 0.2% increase [1] - S&P 500 futures advanced by 0.2% [1] - Nasdaq-100 futures increased by 0.3% [1] Group 2: Market Context - The market experienced a volatile week, leaving market-watchers feeling exhausted [1]

培训旨在加强会员单位从业人员全面准确深入学习领会党的二十届四中全会战略部署，进一步提升政治 站位，增强对国情国策和发展大势的把握能力，切实强化从业人员作为直接融资"服务商"、资本市 场"看门人"、社会财富"管理者" 的责任担当，助力金融强国建设和资本市场高质量发展。 本次培训特邀长江资管固定收益研究部宏观策略分析师杨秀昶担任主讲嘉宾。他聚焦"十五五规划的宏 观视角"，结合大量权威数据与前沿政策，深入剖析了"十五五"规划的核心要义，系统阐释了我国经济 展现出的韧性、深化改革的方向以及资本市场的长期价值。培训高屋建瓴、见解独到、为学员打开新思 路。 期货日报网讯（记者 杨美）为帮助会员学习领会二十届四中全会精神和准确把握"十五五"转型升级机 遇期，谨记金融工作的政治性和人民性，奋力谱写中国式现代化河北金融篇章，2026年1月27日下午， 河北省证券期货业协会举办"资本赋能 冀往开来"系列培训第2期——"二十届四中全会精神及十五五规 划解读 "专题培训。各会员单位近300人通过线上方式参加本次视频培训。 ...

针对严重影响市场秩序的操纵市场和内幕交易等犯罪活动，公安经侦部门坚持深入研判、快速打击， 2025年公安部经侦局部署地方公安经侦部门依法办理证监部门移送的130余起证券交易类涉嫌犯罪案 件，部署北京、江苏、浙江等地经侦部门会同证监稽查部门对重大、疑难、典型的30余起证券交易犯罪 线索开展联合情报研判，切实提高犯罪线索的主动发现、拓展延伸和深度研判能力，实现快速精准打 击。积极配合最高人民法院推动内幕交易、泄露内幕信息案件司法解释的修订工作，着力解决执法办案 中遇到的实际问题。各地公安经侦部门在案件办理中大力推进"金析为证"（资金分析成果证据转化）落 地见效，指导形成典型案例。 针对网上非法证券期货犯罪猖獗态势，公安经侦部门按照"一地先导研判、摸清生态规律、批量生成线 索、集中移交成案、各地同步收网"模式，首次启动研判式集群打击，集中侦破12起网上非法证券期货 犯罪案件，现场抓获犯罪嫌疑人230余名，追缴各类违法所得3500余万元，涉案金额高达2000余亿元。 针对利用网络直播荐股、假冒券商等非法证券活动的新趋势、新特点，加强与证监、网信等部门的合 作，开展深度研判和全链条波次打击，共同净化资本市场生态。 公安 ...

着力打通数据跨境流通堵点方面，广州将建立健全穗港澳常态化数据治理协调机制，重点推进跨境数字 身份认证等规则互认，推动广东自贸试验区数据出境负面清单落地南沙，携手港澳打造大湾区可信数据 空间，推动三地合规医疗数据共享互查。 同时，广州将着力提升物资跨境流通效能，扩大跨境通关服务平台应用范围，推动大湾区绿色船用燃料 加注规则衔接和供应链合作；创新海关监管机制，推广"船边直提""抵港直装""机坪直提"等模式。 此外，广州将着力深化民生领域务实合作，深入实施"五乐计划"2.0版；深化基础教育交流与职业教育 合作，加快建设香港科技大学(广州)二期，支持其开展高校科技成果转化试点。 广州将加快筹设大湾区国际商业银行 中新网广州1月28日电 (记者 程景伟)广东省十四届人大五次会议28日召开地市专场记者会，广州市委副 书记、市长孙志洋称，广州将坚持"中央要求、湾区所向、港澳所需、广州所能"，充分发挥广州大湾区 核心引擎作用，携手港澳、通力协作，围绕"五个着力"推动大湾区市场一体化水平迈上新台阶。 据孙志洋介绍，广州将着力促进人员跨境便利流动，扩大职业资格互认范围，迭代发布境外职业资格便 利执业认可清单，简化港澳金融、医护人 ...

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月28日，据公安部经侦局发布，2025年以来，全国公安经侦部门坚持以习近平新时代中国特色社会主 义思想为指导，全面贯彻党的二十大和二十届历次全会精神，深入贯彻落实中办国办《关于依法从严打 击证券违法活动的意见》，依法严厉打击、严密防范证券期货犯罪活动，全年共办理重大证券犯罪案件 200余起，有力净化资本市场生态、保护投资者合法权益，保障资本市场高质量发展。在1月16日召开的 中国证监会第十四届稽查办案表彰奖励会上，共有28名经侦民警在参与办理证券犯罪大要案件中勇于担 当、作风过硬、成绩突出而获得表彰。 1月28日，据公安部经侦局发布，2025年以来，全国公安经侦部门坚持以习近平新时代中国特色社会主 义思想为指导，全面贯彻党的二十大和二十届历次全会精神，深入贯彻落实中办国办《关于依法从严打 击证券违法活动的意见》，依法严厉打击、严密防范证券期货犯罪活动，全年共办理重大证券犯罪案件 200余起，有力净化资本市场生态、保护投资者合法权益，保障资本市场高质量发展。在1月16日召开的 中国证监会第十四届稽查办案表彰奖励会上，共有28名经侦民警在 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - Despite policy cooling, market liquidity remains abundant, and the speculation sentiment for small and medium - cap stocks is still strong. The regulatory orientation balances short - term market rhythm guidance and long - term stable growth, and short - term fluctuations are not expected to change the medium - to - long - term upward trend of stock indices [7] 3. Summary by Relevant Catalogs 3.1 Interest Rate and Bond Market - **Interest Rate Changes**: DROO1 closed at 1.40 with a - 1.88bp change, DR007 at 1.49 with a - 1.39bp change, GC001 at 1.29 with a - 24.00bp change, GC007 at 1.55 with a - 0.50bp change, SHBOR 3M at 1.60 with no change, LPR 5 - year at 3.50 with no change [4] - **Bond Yield Changes**: 1 - year Treasury bond yield was 1.28 with a - 0.70bp change, 5 - year at 1.60 with a - 1.01bp change, 10 - year at 1.83 with a - 0.44bp change, and 10 - year US Treasury bond at 4.24 with a - 2.00bp change [4] - **Central Bank Operations**: Last week, the central bank conducted 1181 billion yuan of reverse repurchase operations. With 951.5 billion yuan of reverse repurchases maturing, the net injection was 229.5 billion yuan. On Friday, 150 billion yuan of treasury cash fixed - term deposits matured, and the central bank conducted 900 billion yuan of MLF operations. This week, 1181 billion yuan of reverse repurchases will mature, and 200 billion yuan of MLF will mature on Monday [4][5] 3.2 Stock Index Market - **Stock Index Closing Prices and Changes**: The CSI 300 closed at 4702 with a - 0.45% change, the SSE 50 at 3032 with a - 0.69% change, the CSI 500 at 8590 with a 2.42% change, and the CSI 1000 at 8471 with a 1.94% change. Their corresponding futures contracts also had respective price changes [6] - **Trading Volume and Open Interest**: IF, IH, IC, and IM contracts all saw increases in trading volume and open interest. For example, IF trading volume increased by 22.5% to 140482, and its open interest increased by 3.5% to 299730 [6] - **Last Week's Stock Index Performance**: The CSI 300 fell 0.62% to 4702.5, the SSE 50 fell 1.54% to 3032.2, the CSI 500 rose 4.34% to 8590.2, and the CSI 1000 rose 2.89% to 8470.7. In the Shenwan primary industry index, building materials (9.2%), steel (7.3%), basic chemicals (7.3%), non - ferrous metals (6%), and real estate (5.2%) led the gains, while banks (- 2.7%), communications (- 2.1%), non - bank finance (- 1.5%), food and beverages (- 1.4%), and pharmaceutical biology (- 0.4%) led the losses. The average daily trading volume of A - shares last week decreased by 666.12 billion yuan compared to the previous week [6] - **ETF Fund Flows**: From January 12th to January 21st, various broad - based ETFs had significant outflows. The CSI 300 theme ETF had a net outflow of over 220 billion yuan, the CSI 1000 theme ETF had a net outflow of over 57 billion yuan, the SSE 50 and STAR 50 theme ETFs both had net outflows of over 40 billion yuan, and the ChiNext Index and CSI 500 theme ETFs also had net outflows of over 25 billion yuan [7] 3.3 Futures Contract Premium and Discount - **IF Premium and Discount**: The current - month contract had a - 0.45% premium/discount, the next - month contract - 0.96%, the current - quarter contract 0.80%, and the next - quarter contract 1.83% [8] - **IH Premium and Discount**: The current - month contract had a - 0.10% premium/discount, the next - month contract - 1.25%, the current - quarter contract - 0.32%, and the next - quarter contract 1.34% [8] - **IC Premium and Discount**: The current - month contract had a - 10.79% premium/discount, the next - month contract - 5.35%, the current - quarter contract 0.33%, and the next - quarter contract 1.79% [8] - **IM Premium and Discount**: The current - month contract had a - 10.12% premium/discount, the next - month contract - 3.66%, the current - quarter contract 3.11%, and the next - quarter contract 4.60% [8]

Group 1 - The core point of the article is that South Korea has suspended program trading on the KOSDAQ market due to a significant rise in futures prices [1] Group 2 - The decision to halt program trading indicates a response to market volatility and aims to stabilize trading conditions [1] - The suspension reflects the regulatory measures taken by the authorities to manage excessive market fluctuations [1] - The KOSDAQ market's reaction to futures price movements highlights the interconnectedness of different financial markets [1]