Core Viewpoint - The report from China Galaxy Securities indicates that the rising cycle of upstream raw material prices presents clear profit recovery opportunities for leading textile yarn companies due to a contraction in wool supply and a rebound in demand, alongside fluctuating cotton prices supported by inventory consumption ratios [1][2]. Group 1: Upstream Raw Material Market Dynamics - The upstream raw material market for the textile and apparel industry is undergoing a restructuring of supply and demand dynamics, with Australian wool supply entering a contraction phase since 2025, while downstream apparel demand recovery is driving replenishment intentions, leading to an increase in wool prices [2][3]. - Global cotton production and consumption have remained stable, with the 2025/26 production expected to reach 26 million tons, reflecting a modest year-on-year growth of 0.81%, while consumption is projected to remain steady at 25.89 million tons [4]. Group 2: Wool and Cotton Price Trends - Wool prices have entered a new upward cycle since July 2025, rising from 1208 AUD cents per kilogram to 1665 AUD cents per kilogram by January 29, 2026, marking a year-on-year increase of 39.7% [3]. - The inventory-to-consumption ratio for cotton in 2025/26 is projected to be 62.64%, which is at a lower level compared to the past decade, indicating that strong replenishment intentions and resilient consumption are key drivers supporting domestic cotton prices [4]. Group 3: Impact on Company Profitability - The rising wool price cycle typically corresponds with an increase in profit margins for wool spinning companies, as they adopt a cost-plus pricing model, allowing for higher product prices during periods of rising wool prices [5]. - Cotton constitutes approximately 70% of the raw material costs for yarn companies, and leading companies like Huafu Fashion and Bailong Oriental exhibit a positive correlation between their yarn business profit margins and cotton prices, performing better during periods of rising or high cotton prices [5].

Group 1: Cement Industry - The cement industry is expected to see the effects of capacity reduction by 2026, improving the supply-demand balance and leading to a price recovery, which will gradually restore corporate profitability [1] - In January, the cement market faced seasonal weakness with reduced demand and price pressure, but inventory levels are gradually decreasing, and prices are expected to stabilize in the short term, with potential increases in March due to seasonal construction [1] Group 2: Glass Fiber - In January, the price of raw glass fiber remained stable, supported by some demand recovery and inventory adjustments, while electronic fiber prices increased due to strong demand and supply constraints [2] - The demand for high-end glass fiber products remains robust, and prices are expected to maintain an upward trend in the short term, despite potential temporary declines in traditional electronic fiber demand [2] Group 3: Consumer Building Materials - The retail sales of building and decoration materials decreased by 2.7% year-on-year in 2025, with a significant drop in December, but demand is expected to recover slightly due to urban renewal strategies and the push for high-quality green building materials [3] - Leading companies in the consumer building materials sector are implementing price increases, which, along with anti-competitive policies, may help restore profitability [3] Group 4: Float Glass - The float glass market is experiencing weakening demand, with speculative purchasing increasing, leading to a decline in prices and high overall inventory levels [4] - Short-term demand is expected to continue decreasing, and the price center is likely to shift downward due to ongoing supply-demand pressures [4]

Group 1 - The core viewpoint emphasizes that there is no need to worry about short-term market fluctuations, as the underlying trends indicate a shift from virtual to real economies in Europe and the US, alongside the disruptive innovation brought by AI [2] - The article highlights the increasing urgency for strategic security investments and the balancing act between short-term shareholder interests and long-term infrastructure investments in the US and Europe [2] - It suggests that China's capital market has already completed the transition from virtual to real pricing and is currently in the process of validating and pricing for quality and efficiency improvements [2] Group 2 - The outlook for the A-share market in the next 1-2 months is optimistic, with historical data indicating a strong seasonal effect around February and the Spring Festival [3] - The article notes that the number of companies with low expectations or losses has reached a new high, suggesting that negative earnings reports are being digested, which may lead to a lighter market environment starting in February [3] - It encourages investors to regain confidence and prepare for the first wave of the upcoming bullish cycle around the 4000-point level [3] Group 3 - The article advocates for holding stocks during the holiday season, citing a positive outlook for the Chinese market driven by a shift towards domestic demand and government support for capital market stability [4] - It mentions a resurgence in stock buybacks among A-share companies, indicating a strengthening market sentiment [4] - The recommendation includes maintaining positions in sectors such as consumer services, food and beverage, and emerging technologies like internet and robotics [5] Group 4 - The article discusses the limited impact of external shocks on the Chinese market, suggesting that the recent adjustments are more about emotional digestion rather than fundamental changes [6] - It highlights the potential for a recovery in the market post-Spring Festival, driven by increased risk appetite and upcoming catalysts in various sectors [6] - The focus is on sectors like AI computing, chemicals, and power equipment, which are expected to perform well in the upcoming market environment [10] Group 5 - The article indicates that the Hang Seng Technology Index has potential for recovery, especially if the liquidity shock subsides and new catalysts emerge in the AI sector [7] - It suggests that the market may experience a rotation towards sectors benefiting from major projects outlined in the 14th Five-Year Plan, such as construction materials and energy [7] - The overall sentiment is that the market will likely see a stronger performance post-holiday compared to pre-holiday levels [7] Group 6 - The article emphasizes the revaluation of Chinese assets, driven by a recovery in manufacturing and the return of capital from export enterprises [8] - It suggests that the focus should be on physical assets and sectors with global competitive advantages, such as energy and equipment manufacturing [8] - The recommendation includes sectors like oil, copper, and lithium, which are expected to benefit from a stabilization in demand and low inventory levels [8]

中国银河证券研报表示，经历近期回调后，港股估值吸引力进一步增大，预计春节前后港股市场震荡上 行。配置方面，建议关注：（1）消费板块当前估值处于相对低位，临近春节，促消费政策增多，消费 活力逐渐提升，消费板块有望继续上涨。（2）美联储降息预期不确定性较高，地缘政治局势反复无 常，贵金属、能源等板块有望震荡上行。（3）科技板块仍是中长期投资主线，经历近期的回调后，估 值压力下降，相关板块有望反弹回升。 ...

Group 1 - The announcement states that from February 9, 2026, China Galaxy Securities will begin selling certain funds managed by the company [1][5][12] - The sales will include a variety of funds, such as mixed-type funds and specific investment strategies [1][5] - The announcement also mentions that the sales will be conducted in accordance with the fund contracts, prospectuses, and related business announcements [2][6] Group 2 - Investors can consult details through various sales institutions, including China Galaxy Securities and the company's own customer service [3][7] - A comprehensive list of sales institutions and their contact information is provided for investor convenience [8][9][10]

Group 1 - The announcement states that from February 9, 2026, China Galaxy Securities will begin selling certain funds managed by the company [1] - The announcement also mentions that Huatai Securities will start selling some of the company's funds from the same date [2] - Investors can consult details through the respective websites and customer service numbers of China Galaxy Securities and the company [1][2] Group 2 - The sales agreements with both securities firms are subject to compliance with fund contracts, prospectuses, and related business announcements [1][2] - Specific details regarding the sales process, types of business, and any fee discount activities will be determined by the sales institutions [1][2]

截至2026年2月6日收盘，中国银河(601881)报收于15.15元，下跌1.43%，换手率0.41%，成交量29.95万 手，成交额4.57亿元。 中国银河：2025年度第二十四期短期融资券兑付完成的公告 中国银河证券股份有限公司于2025年10月15日发行了2025年度第二十四期短期融资券，发行额为人民币 40亿元，票面利率为1.66%，期限为112天，兑付日期为2026年2月4日。2026年2月4日，公司已兑付本 期短期融资券本息共计人民币4,020,374,794.52元。 来自交易信息汇总：2月6日主力资金净流出5385.74万元，占总成交额11.79%。 来自公司公告汇总：中国银河已于2026年2月4日完成2025年度第二十四期短期融资券本息兑付， 合计人民币4,020,374,794.52元。 当日关注点 交易信息汇总资金流向 2月6日主力资金净流出5385.74万元，占总成交额11.79%；游资资金净流入3465.53万元，占总成交额 7.59%；散户资金净流入1920.21万元，占总成交额4.2%。 公司公告汇总 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345 ...

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, indicating an "Overweight" rating for the industry [4][48]. Core Insights - The report highlights a significant increase in new account openings, with 4.9158 million new accounts in January 2026, representing a year-over-year increase of 213% and a quarter-over-quarter increase of 89% [4]. - The report emphasizes the ongoing shift of funds from traditional banks to capital markets and non-bank financial institutions, driven by the expiration of 70 trillion yuan in one-year or longer deposits and a decline in net interest margins [4]. - The report discusses the need for China's financial sector to transition from being large to strong, focusing on mergers and acquisitions as a core growth engine for brokerages [4]. - The report notes that the international business landscape for brokerages is expanding due to the deepening process of RMB internationalization and the demand for cross-border wealth management and investment banking services [4]. - The report mentions that Ping An Group has increased its stake in China Life (H) multiple times, reflecting a strong confidence in the insurance sector [4][12]. Summary by Sections Market Review - The Shanghai Composite Index closed at 4,643.60 with a decline of 1.33%, while the non-bank index closed at 2,030.92 with a decline of 0.60% [8]. - The brokerage, insurance, and diversified financial indices reported declines of 0.65%, 0.71%, and an increase of 0.43%, respectively [8]. Non-Bank Industry News and Key Announcements - The report outlines regulatory updates regarding virtual currencies and asset tokenization, indicating a tightening of oversight in these areas [10]. - Ping An Group's recent acquisitions of shares in China Life (H) are detailed, showcasing a strategic investment approach [12]. - Huatai Securities plans to issue 10 billion HKD in zero-coupon convertible bonds to support overseas business development [14]. Investment Analysis Recommendations - The report suggests focusing on brokerages with strong comprehensive capabilities, recommending stocks such as Guotai Junan A+H, GF Securities A+H, and CITIC Securities A+H [4]. - For insurance, the report recommends China Life (H), New China Life, Ping An, China Pacific Insurance, and China Property & Casualty Insurance, highlighting the systemic value reassessment opportunities in the insurance sector [4].

Core Viewpoints - The contradiction between short-term profits and long-term value is intensifying in overseas markets, with a focus on strategic safety and innovation driven by AI [2] - External shocks have limited impact on the fundamentals of the Chinese market, suggesting a continuation of the spring market rally post-Spring Festival [4] - A new upward cycle is anticipated in the A-share market, driven by favorable timing and conditions [5] Group 1: Market Trends and Conditions - Recent adjustments in the A-share market are primarily driven by internal factors, with external disturbances not significantly impacting the fundamentals [4] - The upcoming period is expected to see a strong seasonal effect, particularly around the Spring Festival, with historical data indicating high probabilities of market gains [5] - The market is currently experiencing a "Risk-off" mode, with a shift towards simpler investment themes as the AI industry cycle matures [6] Group 2: Investment Strategies - Recommendations include maintaining a focus on "resources + traditional manufacturing" while increasing allocations to consumer and real estate sectors [3] - Key sectors to watch include AI computing, chemicals, and power equipment, with a focus on high-growth technology and cyclical recovery [4][7] - Emphasis on high-dividend stocks is expected to gain traction as the market transitions from high-volatility trading to more stable, predictable investments [9] Group 3: Sector-Specific Insights - The technology sector, particularly AI hardware and semiconductor industries, is expected to recover following recent adjustments [7][8] - High-quality real estate developers and related industries are recommended for investment, given the anticipated recovery in property sales during the Spring Festival [11] - The focus on cyclical recovery in sectors such as chemicals and construction materials is advised, alongside monitoring for potential rebounds in consumer spending [12]

格隆汇2月8日丨中国银河证券表示，在当前A股市场趋势下，"轻仓持股过节"是一种审慎且符合历史规 律的合理策略，既规避了节前市场缩量调整的波动风险，又保留了节后春季行情的参与机会，尤其适用 于当前政策预期已部分兑现、业绩验证尚未启动的过渡阶段。在配置机会上，建议关注两条主线。主线 一，供需格局改善与行业盈利修复带动的"反内卷"概念，以及估值具备安全边际的红利资产，配置逻辑 依然清晰，建议关注有色、基础化工、钢铁、水泥、建筑材料、金融等板块。主线二，全球百年未遇之 大变局加速演进，国内经济底层逻辑转向新质生产力，半导体、人工智能、新能源、军工、航空航天 等"十五五"重点领域值得关注。 ...