Group 1 - The article discusses the 2026 Spring Festival market closure schedule, indicating that the A-shares will be closed from February 15 (Sunday) to February 23 (Monday), reopening on February 24 (Tuesday) [7] - It also mentions that the Hong Kong Stock Connect will not provide services from February 15 to February 23, resuming on February 24 [7] - The article outlines the specific dates and types of financial instruments available during the Spring Festival period, including various term repurchase agreements [10][12] Group 2 - The article introduces the "Baolixin/Baoliyuan" products, which are essentially repurchase agreements offered by Shenwan Hongyuan Securities, allowing investors to use eligible assets as collateral for financing [14] - It provides details on how to participate in these products through the Shenwan Hongyuan Securities app, specifically in the "Quote Repurchase" section [15] - The article emphasizes that the interest calculation days provided are for reference only and may vary based on actual occurrences [10][12]

HENWAN HONGYUAN SECURITIES elemit 一 | p II t HAPPY i t NEW YEAR TI N 图片 ● B 投资有风险 入市需谨慎 ellibs 创意价值 2026春节休市安排 星期二 星期五 星期日 星期一 星期三 星期六 2月15日 2月13日 2月14日 2月16日 2月17日 2月18日 版 澳门 澳门 类闭 类闭 鎖加 IRS 开通 iHI 星期四 星期五 星期六 星期 星期 星期日 2月19日 2月24日 2月20日 2月21日 2月22日 2月23日 开市 f 17 0 伊 下 下 D 'DNTD 17 NTD HS 澳门 澳门 澳门 澳门 樂闭 开通 HRA 注: 2026年春节期间, A股2月15日(星期日)至2月23日(星期一)休市, 2月24日(星期二)起照常开 市;港股通2月15日(星期日)至2月23日(星期一)不提供港股通服务, 2月24日(星期二)起照常开通 港股通服务。另外,2月14日(星期六)、2月28日(星期六)为周末休市。 投资有风险 入市需谨慎 | 參自日 | 品种期限 | HIMMASS | 微彩四肖 | 计息天数 | | - ...

t 申万宏源证券 secons weet seconn 专业服务 创造价值 i k = = Part P HAPPY NEW YEAR 國 I n The (0. 6 0 P 9 >> S ● 2026春节休市安排 星期六 星期一 星期五 星期日 阜期二 唐期一 2月13日 2月14日 2月15日 2月16日 2月17日 2月18日 A fficial 优市市 ffitit ffitit 开市 优标同 澳门 澳门 澳门 澳门 澳门 RS 开通 TEE 星期四 星期五 星期六 星期日 星期- 星期 2月19日 2月20日 2月21日 2月23日 2月24日 2月22日 film | fficial 优市 优市 优市 开市 lka 漫词 澳门 澳门 澳门 澳门 股 开通 TH 注:2026年春节期间,A股2月15日(星期日)至2月23日(星期一)休市,2月24日(星期二)起照常开 市;港股通2月15日(星期日)至2月23日(星期一)不提供港股通服务,2月24日(星期二)起照常开通 港股通服务。另外,2月14日(星期六)、2月28日(星期六)为周末休市。 拒绝特币过节 让闹钱动起来 国倩逆回购 …… 国债逆回购简介 ...

t 申万宏源证券 secons weet seconn 专业服务 创造价值 i k = = Part P HAPPY NEW YEAR 國 I n The (0. 6 0 P 9 >> S 计息天数为实际占款天数。所谓实际占款天数即当次回购交易 的首次交收日(含)至到期交收日(不含)的实际日历天数。 | | | 2026春节国债逆回购攻略 | | | | --- | --- | --- | --- | --- | | 参与日 | 品种期限 | 资金可用日 (到期清算日) | 瓷金叫取目 (资金交收日) | 计息天数 | | 2月4日(星期三) | 14天期 | 2月24日 | 2月25日 | 20天 | | 2月5日(星期四) | 14天期 | 2月24日 | 2月25日 | 19天 | | 2月6日(星期五) | 7天期 | 2月13日 | 2月24日 | 15天 | | | 14天期 | 2月24日 | 2月25日 | 16天 | | 2月9日(星期一) | 4大期 | 2月13日 | 2月24日 | 14大 | | | 7/14天期 | 2月24日 | 2月25日 | 15天 | | 2月10日(星期二 ...

● 2026春节休市安排 星期六 星期一 星期五 星期日 阜期二 唐期一 2月13日 2月14日 2月15日 2月16日 2月17日 2月18日 A fficial 优市市 ffitit ffitit 开市 优标同 澳门 澳门 澳门 澳门 澳门 RS 开通 TEE 星期四 星期五 星期六 星期日 星期- 星期 2月19日 2月20日 2月21日 2月23日 2月24日 2月22日 film | fficial 优市 优市 优市 开市 lka 漫词 澳门 澳门 澳门 澳门 股 开通 TH 注:2026年春节期间,A股2月15日(星期日)至2月23日(星期一)休市,2月24日(星期二)起照常开 t 申万宏源证券 secons weet seconn 专业服务 创造价值 i k = = Part P HAPPY NEW YEAR 國 I n The (0. 6 0 P 9 >> S 【风险揭示】投资有风险，入市需谨慎！国债逆回购风险等级为R1，以上计息天数仅供参考，以实际 发生数据为准。本内容不构成对投资者的任何投资建议,投资者不应以该等信息取代其独立判断或仅 依据该等信息做出投资决策。 市;港股通2月15日(星期 ...

Core Viewpoint - The article discusses the arrangements for the 2026 Spring Festival market closure and provides strategies for participating in government bond reverse repos during this period, highlighting the potential for investors to earn returns on idle funds [5][9]. Market Closure Arrangements - The A-shares market will be closed from February 15 (Sunday) to February 23 (Monday) for the Spring Festival, reopening on February 24 (Tuesday) [3][4]. - The Hong Kong Stock Connect will also suspend services from February 15 to February 23, resuming on February 24 [4]. Government Bond Reverse Repo Overview - Government bond reverse repos are short-term loans where individuals lend their funds to earn fixed interest, with government bonds used as collateral. This investment is considered as safe as government bonds [5]. - The interest rates for government bond reverse repos typically increase significantly before month-end, quarter-end, year-end, and long holidays, making it an attractive option for idle funds [5]. Participation Strategies for 2026 Spring Festival - A detailed table outlines the participation dates, product terms, available fund dates, and interest days for various reverse repo products, indicating that investors can choose from different terms based on their needs [7][9]. - For example, a 14-day term starting on February 4 will have a fund availability date of February 24 and an interest period of 20 days [7]. Tips for Investors - The minimum investment for government bond reverse repos is 1,000 yuan, with various term options available [8]. - Investors are advised to consider higher-yielding products when interest days are the same across different terms and to execute one-day reverse repos two days before the market closure to maximize holiday earnings without affecting other account operations [8].

Core Viewpoint - The article discusses the arrangements for the 2026 Spring Festival market closure and provides strategies for participating in government bond reverse repos during this period, highlighting the potential for earning fixed interest income with low risk [5][9]. Market Closure Arrangements - The A-shares market will be closed from February 15 (Sunday) to February 23 (Monday) for the Spring Festival, reopening on February 24 (Tuesday) [3][4]. - The Hong Kong Stock Connect will also suspend services from February 15 to February 23, resuming on February 24 [4]. Government Bond Reverse Repo Overview - Government bond reverse repos are short-term loans where individuals lend their funds to earn fixed interest, with government bonds used as collateral, considered as safe as the bonds themselves [5]. - The interest rates for government bond reverse repos typically rise significantly before month-end, quarter-end, year-end, and holidays, making them an attractive option for idle funds [5]. Participation Strategies for 2026 Spring Festival - A detailed table outlines the participation dates, product terms, available fund dates, and interest days for various reverse repo products, indicating that investors can choose from different terms based on their needs [7][9]. - For example, a 14-day term starting on February 4 will have a fund availability date of February 24 and an interest period of 20 days [7]. Tips for Participation - The minimum investment for government bond reverse repos is 1,000 yuan, with various term options available [8]. - Investors are advised to consider higher-yielding products when interest days are the same across different terms and to execute a one-day reverse repo two days before the market closure to earn holiday interest without affecting other account operations [8].

Core Viewpoint - The article emphasizes the benefits of participating in government bond reverse repos as a short-term investment strategy, particularly during the year-end period when interest rates tend to rise, providing a safe and profitable option for idle funds [3][5]. Summary by Sections Government Bond Reverse Repo Overview - Government bond reverse repos are essentially short-term loans where individuals lend their funds to earn fixed interest, with government bonds used as collateral by the borrower [3]. - The safety of government bond reverse repos is considered equivalent to that of government bonds themselves [3]. Year-End Strategy - The article highlights that interest rates for government bond reverse repos typically increase significantly at month-end, quarter-end, year-end, and before long holidays, making it an attractive time for investors to consider this investment option [3]. - Investors are encouraged to monitor yield rates and select suitable term products to maximize the value of idle funds [3]. Interest Calculation Days - The interest calculation days for government bond reverse repos are based on the actual number of calendar days from the first settlement date to the maturity settlement date [4]. Year-End Reverse Repo Guide - A detailed table outlines various reverse repo options available around the New Year, including the start date, term, maturity date, and interest calculation days for different products [5][8]. - For example, a 7-day term starting on December 24, 2025, will have an interest calculation of 11 days, with funds available for withdrawal on January 5, 2026 [5][8]. Participation Tips - The minimum participation threshold for government bond reverse repos is set at 1,000 yuan, with multiple term options available for investors to choose from based on their needs [7]. - It is advisable to consider higher-yielding products when the interest calculation days are the same across different term options [7]. - Investors can execute a 1-day reverse repo operation two days before the market closure to earn holiday interest without affecting other account operations [7].

Core Viewpoint - The article emphasizes the benefits of participating in government bond reverse repos as a short-term investment strategy, especially during the holiday season, highlighting their safety and potential returns [3][9]. Summary by Sections Government Bond Reverse Repo Overview - Government bond reverse repos are essentially short-term loans where individuals lend their funds to earn fixed interest, with government bonds used as collateral by the borrower [3]. - The safety of government bond reverse repos is considered equivalent to that of government bonds themselves [3]. Year-End Holiday Trading Schedule - The trading schedule for the New Year 2026 indicates that the A-shares market will be closed from January 1 to January 3, 2026, reopening on January 5, 2026 [2]. - The Hong Kong Stock Connect will also be unavailable during the same period, with services resuming on January 5, 2026 [2]. Investment Strategy for Year-End - Investors are encouraged to take advantage of the higher interest rates typically seen in government bond reverse repos around month-end, quarter-end, and year-end [3]. - The minimum investment threshold for participating in government bond reverse repos is set at 1,000 yuan [7]. Interest Calculation and Options - The interest calculation for government bond reverse repos is based on the actual number of days the funds are occupied, from the first settlement date to the maturity date [4]. - A detailed table outlines various investment options, including different terms and corresponding interest days, allowing investors to choose based on their needs [5][8]. Specific Investment Products - The article introduces specific products like Baolixin and Baoliyuan, which are part of the Shenzhen Stock Exchange's quoted repo business, allowing investors to use eligible assets as collateral for financing [9]. - These products offer various terms and interest rates, providing flexibility for investors looking to optimize their returns during the holiday period [8].

Core Viewpoint - The article emphasizes the benefits of participating in government bond reverse repos as a short-term investment strategy, particularly during the holiday season, highlighting their safety and potential returns [3][9]. Summary by Sections Government Bond Reverse Repo Overview - Government bond reverse repos are essentially short-term loans where individuals lend their funds to earn fixed interest, with government bonds used as collateral by the borrower [3]. - The safety of government bond reverse repos is considered equivalent to that of government bonds themselves [3]. Year-End Holiday Trading Schedule - The trading schedule for the New Year 2026 indicates that the A-shares market will be closed from January 1 to January 3, 2026, reopening on January 5, 2026 [2]. - The Hong Kong Stock Connect will also be unavailable during the same period, resuming services on January 5, 2026 [2]. Investment Strategy for Year-End - Investors are encouraged to take advantage of the higher interest rates typically seen in government bond reverse repos around month-end, quarter-end, and year-end [3]. - The minimum investment threshold for participating in government bond reverse repos is set at 1,000 yuan, making it accessible for individual investors [7]. Interest Calculation and Options - The interest calculation for government bond reverse repos is based on the actual number of days the funds are occupied, from the first settlement date to the maturity date [4]. - A detailed table outlines various investment options, including different terms and corresponding interest days, allowing investors to choose based on their needs [5][8]. Specific Investment Options - The article provides specific dates and terms for government bond reverse repos leading up to the New Year, including 1-day, 2-day, and 7-day options, with corresponding interest days and maturity dates [5][8]. - Investors are advised to consider higher-yielding options when terms and interest days are the same [7].