Core Insights - The report emphasizes the continuous influx of incremental funds into the market, highlighting investment opportunities in the non-bank financial sector [1][7] - The industry rating remains at "Buy," indicating a positive outlook for the sector [2] Group 1: Market Performance - As of February 6, 2026, the Shanghai Composite Index closed at 4065.58 points, down 1.27%, while the Shenzhen Component Index fell 2.11% [12] - The average daily trading volume in the Shanghai and Shenzhen markets was 2.41 trillion yuan, reflecting a 3.38% decrease [7] Group 2: Industry Dynamics and Weekly Commentary Insurance Sector - The performance of listed insurance companies is expected to continue high growth, with a marginal improvement in long-term interest rate spreads [18] - China Ping An Group increased its stake in China Life H shares, indicating positive industry trends [18] - The first quarter of 2026 is anticipated to show better-than-expected performance for some insurance companies due to a low base in the first half of 2025 [18] Securities Sector - A significant increase in new accounts was observed in January 2026, with 491.58 million new A-share accounts opened, a 213% year-on-year increase [19] - The balance of margin trading reached a historical high, providing strong support for interest income in the securities industry [22] - The Hong Kong IPO market is active, with 384 companies applying for listings as of February 6, 2026, and a daily trading volume of 2202 billion yuan in January, a 94% year-on-year increase [24][28] Group 3: Investment Recommendations - The report suggests focusing on specific stocks within the insurance sector, including China Ping An (A/H), China Life (A/H), and New China Life (A/H) [18] - In the securities sector, recommended stocks include Guotai Junan (AH), CICC (H), and Huatai Securities (AH) due to their potential for performance improvement [7][18]

Core Viewpoint - The brokerage industry is actively issuing bonds to supplement capital and enhance financial strength, with a significant increase in bond issuance observed in early 2023 [1][2]. Group 1: Bond Issuance Overview - In February 2023, several brokerages received approval to issue large-scale bonds, including Southwest Securities (up to 14 billion yuan) and China International Capital Corporation (up to 20 billion yuan for long-term bonds and 15 billion yuan for short-term bonds) [1]. - As of February 6, 2023, 28 brokerages had issued a total of 157 bonds, raising 419.35 billion yuan, a 457.65% increase compared to the same period last year [1]. - The breakdown of bond issuance includes 97 securities company bonds (293.53 billion yuan), 18 subordinated bonds (46.62 billion yuan), and 42 short-term financing bonds (79.2 billion yuan) [1]. Group 2: Purpose of Fundraising - The primary uses of the funds raised through bond issuance include repaying maturing debts, supplementing liquidity, and supporting overseas business development [2]. - There has been a notable increase in the issuance of technology innovation bonds, with three brokerages issuing four such bonds totaling 5.7 billion yuan since the beginning of the year [2]. Group 3: International Market Engagement - Five brokerages successfully issued bonds in the international market, raising a total of 1.617 billion USD since the start of 2023, with Huatai Securities, CITIC Securities, and GF Securities leading in issuance amounts [2]. - The international bond issuance is seen as a crucial channel for brokerages to supplement capital [2]. Group 4: Future Outlook - The bond issuance scale is expected to continue growing through 2026, driven by favorable capital market conditions and high demand for funds in brokerage services such as brokerage and margin trading [3]. - Brokerages are accelerating their international expansion, which will further enhance their capital-raising capabilities through multiple channels [3].

Core Viewpoint - The A-share market is experiencing a strong demand for financing from securities firms, leading to a significant increase in bond issuance, with a total approval amount exceeding 3,400 billion yuan for 2026 [5][10]. Group 1: Bond Issuance Trends - As of February 4, 2026, 12 securities firms have received approval for bond issuance, with a total amount reaching 3,400 billion yuan [5]. - In 2026, 46 securities firms have issued 120 domestic bonds, totaling over 3,168 billion yuan, with a net financing amount of 2,227.17 billion yuan [6][10]. - The bond issuance volume in 2026 has increased by over three times compared to the same period last year, driven by a low base from 2025 [6]. Group 2: Major Issuers - Leading securities firms such as Huatai Securities and Guotai Junan Securities have issued 350 billion yuan and 340 billion yuan in bonds, respectively, making them the largest issuers in 2026 [7]. - Other significant issuers include CITIC Securities, China Merchants Securities, and China Galaxy Securities, each exceeding 200 billion yuan in bond issuance [7][8]. Group 3: Purpose of Fundraising - The primary purpose of the bond issuance is to ensure liquidity and support business development, with many firms indicating that funds will be used for debt repayment and to supplement working capital [11][12]. - Specific allocations for capital-consuming businesses have been noted, with firms like Guotai Junan and CITIC Securities committing to limit the use of raised funds for such purposes to no more than 10% [13]. Group 4: H-share Financing - In addition to domestic bond issuance, major securities firms are also engaging in H-share refinancing, with Guangfa Securities planning to raise over 6 billion HKD through a combination of new H-share placements and convertible bonds [15]. - Huatai Securities announced a zero-coupon convertible bond issuance of 10 billion HKD, aimed at supporting overseas business development and enhancing operational capital [18].

来源：新浪证券-红岸工作室 融资方面，华泰证券当日融资买入1.20亿元。当前融资余额64.55亿元，占流通市值的3.95%，融资余额 低于近一年30%分位水平，处于低位。 机构持仓方面，截止2025年9月30日，华泰证券十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股4.42亿股，相比上期减少1.08亿股。中国证券金融股份有限公司位居第七大流通股东，持 股1.53亿股，持股数量较上期不变。国泰中证全指证券公司ETF（512880）位居第九大流通股东，持股 1.31亿股，为新进股东。 融券方面，华泰证券2月5日融券偿还4.68万股，融券卖出4.08万股，按当日收盘价计算，卖出金额91.35 万元；融券余量53.76万股，融券余额1203.69万元，超过近一年80%分位水平，处于高位。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 资料显示，华泰证券股份有限公司位于江苏省南京市江东中路228号,香港皇后大道中99号中环中心 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 华泰证券（06886）发布公告，根据《华泰证券股份有限公司2026年面向专业投资者公开发行公司债券 （第一期）发行公告》，华泰证券股份有限公司2026年面向专业投资者公开发行公司债券（第一期） （以下简称"本期债券"）分为两个品种，其中品种一期限为3 年，票面利率询价区间为1.3%-2.3%；品 种二期限为5年，票面利率询价区间为 1.5%-2.5%。本期债券票面利率由发行人和主承销商根据网下利 率询价结果在利率询价区间内协商确定。 2026年2月5日，发行人和主承销商在网下向专业机构投资者进行了票面利率询价。根据网下专业机构投 资者询价结果，经发行人和主承销商协商一致，最终确定本期债券品种一的票面利率为1.85%，品种二 未实际发行。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 责任编辑：卢昱君 客户端 华泰证券（06886）发布公告，根据《华泰证券股份有限公司2026年面向专业投资者公开发行公司债券 （第一期）发行公告》，华泰证券股份有限公司2026年面向专业投资者公开发行公司债券（第一期） （以下简称"本期债券"）分为两个品 ...

Group 1 - The three major indices narrowed their declines after initially dropping over 1%, with the North Stock 50 Index falling over 2% [1] - The total trading volume in the Shanghai and Shenzhen markets was 2.18 trillion, a decrease of 304.8 billion compared to the previous trading day [1] - Over 3,700 stocks in the market declined, while the consumer sector saw significant gains, particularly in food and beverage, retail, film and television, and tourism [1] Group 2 - CITIC Securities predicts faster profit growth in sectors such as aerospace, electricity, and non-ferrous metals based on industrial indicators [2] - The Industrial Prosperity Index, constructed using six industrial indicators, shows a strong correlation with profit growth in manufacturing companies [2] - The index indicates that over 60% of industry prosperity indices correlate with corresponding profit growth rates above 50% [2] Group 3 - Huatai Securities reports that the ongoing negotiations regarding Indonesia's coal production quotas for 2026 are impacting spot coal exports [3] - The reduction in Indonesian coal spot exports is estimated to affect China's monthly average thermal coal consumption and import volumes by 0.5% and 4.2%, respectively [3] - The timing of the quota negotiations coincides with the Lunar New Year, which may amplify the emotional impact on coal consumption beyond the fundamental effects [3]

在今年省政府工作报告中，有两组数据放在一起，备受关注。"地区生产总值连续迈上4个万亿元台阶、 达14.2万亿元、年均增长5.7%。""新增本外币贷款连续4年保持全国首位，科创板、北交所上市公司数 量居全国第一。" □ 本报记者 赵伟莉 陈娴 崔昊 服务实体经济，是金融的天职和宗旨。江苏紧扣"支撑服务能力强、改革创新活力强、产业发展实力 强、金融生态环境优"目标加快建设金融强省，把更多金融"活水"精准引向实体经济，实现金融与产业 发展同频共振，为高质量发展持续注入强劲金融动能。 强服务，量足质优促发展 优生态，夯实营商环境根基 壮产业，构筑金融集聚高地 建设现代化产业体系，需要现代金融体系做支撑。近年来，江苏加快建设省域现代金融体系。2025年， 设立省国金集团，优化国有金融资本管理体制；组建江苏农商联合银行，高效完成农信社改革；设立华 东地区首家省级信用增进公司，构造支持民企、科创企业发债政策重要拼图…… 目前，省属金融企业均跻身国内同类机构"第一方阵"，全省地方法人金融企业总资产超过15万亿元、较 2018年末翻一番。其中，作为全国系统重要性银行、省属法人银行，江苏银行（600919）总资产规模近 4.8万 ...

2026年2月5日，发行人和主承销商在网下向专业机构投资者进行了票面利率询价。根据网下专业机构投 资者询价结果，经发行人和主承销商协商一致，最终确定本期债券品种一的票面利率为1.85%，品种二 未实际发行。 华泰证券(06886)发布公告，根据《华泰证券股份有限公司2026年面向专业投资者公开发行公司债券(第 一期)发行公告》，华泰证券股份有限公司2026年面向专业投资者公开发行公司债券(第一期)(以下简 称"本期债券")分为两个品种，其中品种一期限为3年，票面利率询价区间为1.3%-2.3%;品种二期限为5 年，票面利率询价区间为1.5%-2.5%。本期债券票面利率由发行人和主承销商根据网下利率询价结果在 利率询价区间内协商确定。 ...

智通财经APP讯，华泰证券(06886)发布公告，根据《华泰证券股份有限公司2026年面向专业投资者公开 发行公司债券(第一期)发行公告》，华泰证券股份有限公司2026年面向专业投资者公开发行公司债券(第 一期)(以下简称"本期债券")分为两个品种，其中品种一期限为3 年，票面利率询价区间为1.3%-2.3%;品 种二期限为5年，票面利率询价区间为 1.5%-2.5%。本期债券票面利率由发行人和主承销商根据网下利 率询价结果在利率询价区间内协商确定。 2026年2月5日，发行人和主承销商在网下向专业机构投资者进行了票面利率询价。根据网下专业机构投 资者询价结果，经发行人和主承销商协商一致，最终确定本期债券品种一的票面利率为1.85%，品种二 未实际发行。 ...

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分內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （ 於 中 華 人 民 共 和 國 註 冊 成 立 之 股 份 有 限 公 司 ， 中 文 公 司 名 稱 為華 泰 證 券 股 份 有 限 公 司 ， 在 香 港 以HTSC名 義 開 展 業 務 ） （股份代號：6886） 海外監管公告 本公告乃根據上市規則第13.10B條規則作出。 於本公告，除文義另有所指外，下列詞彙具有以下涵義。 「本公司」 指 於中華人民共和國以華泰證券股份有限公司的公司名稱註冊成 立的股份有限公司，於2007年12月7日由前身華泰證券有限責任 公司改制而成，在香港以「HTSC」名義開展業務，根據公司條例 第16部以中文獲准名稱「華泰六八八六股份有限公司」及英文公 司名稱「Huatai Securities Co., Ltd.」註冊為註冊非香港公司，其H 股於2015年6月1日在香港聯合交易所有限公司主板上市（股票代 碼：6886），其A股於2010年2月26日在上海證券交易所 ...