Market Overview - The A-share market exhibited a pattern of reduced volume and mixed fluctuations, with essential consumer and industrial sectors leading weekly gains[1] - The growth style's congestion level has decreased over the past two weeks, but remains lower than that of high-quality and growth stocks in absolute terms[1] Industry Insights - Congestion levels for agricultural products and banks have increased, while transportation and telecommunications sectors lag behind in weekly trading congestion[1] - Essential consumer and industrial sectors showed strong weekly performance, indicating a potential shift in market focus[4] Investment Trends - Institutional funds generally experienced a pullback as growth stocks declined, reflecting a broader trend of profit-taking among funds[4] - The Longjiang Manufacturing Champions and Low-Carbon Leaders indices performed well, highlighting specific thematic investment opportunities[4] Performance Metrics - The growth style indices showed a notable decline, with the Longjiang Growth Index down by 4.08% and the Longjiang High Valuation Index down by 6.20%[21] - In contrast, the Longjiang Low Valuation Index recorded a modest gain of 0.56%, indicating a preference for value-oriented investments during this period[31]

Group 1: Report Highlights - The widening spread between special-purpose bonds and general bonds was mainly driven by supply shocks and the differentiated risk weights of commercial banks. The relative relationship of spreads between 20Y and 30Y local government bonds was driven by changes in Treasury yields. There were regional differentiations in the primary spread levels of local government bonds, and the difference between primary and secondary spreads verified the differences in the marketization degree of issuance in each region. The liquidity level of local government bonds affected the historical spread changes. There were certain differences in the number of market quotes from brokers in each region, reflecting the differences in liquidity. Moreover, there were regular differentiations in the trading preferences of each province and various institutional entities [3]. Group 2: Core Views - The report systematically analyzed the investment value of local government bonds from two core dimensions: the changes in local government bond spreads and their influencing factors, and the trading and buying situations in the local government bond market. It provided in - depth analyses of the driving factors behind the widening of the spread between special - purpose bonds and general bonds from late 2024 to early 2025 and the change in the relative relationship between 20Y and 30Y local government bonds around Q4 2024. It also focused on the regional differentiations in primary and secondary spreads and their causes, and summarized the regular characteristics in trading and net - buying preferences in the market [78]. Group 3: Summary by Directory 1. Exploration of Factors Affecting Local Government Bond Spreads 1.1 Widening of Spread between Special - Purpose Bonds and General Bonds - From 2020 to early 2024, the spread between special - purpose bonds and general bonds remained stable within the range of - 4 to 4bp. However, from late 2024 to early 2025, the spread widened significantly, reaching a peak of 8bp in early May 2025 and then gradually falling back to around 2bp. The main reasons were the concentrated supply shock of special - purpose bonds and the differentiated risk weights of commercial banks. In November and December 2024, over 2 trillion yuan of special - purpose bonds were issued, which exceeded the market demand and broke the supply - demand balance. The "Commercial Bank Capital Management Measures" implemented on January 1, 2024, differentiated the risk exposure weights of general bonds (10%) and special - purpose bonds (20%), which increased the capital occupation cost of commercial banks for special - purpose bonds and reduced their allocation demand [14][18]. 1.2 Changes in Spreads of 20Y and 30Y Local Government Bonds - The spread between 20Y and 30Y local government bonds changed around Q4 2024, with the spread of 30Y local government bonds minus that of 20Y local government bonds turning from negative to positive. This change was mainly due to the change in the relative level of 20Y and 30Y Treasury yields, as the change point of Treasury yields coincided with that of local government bond spreads [32]. 1.3 Difference between Primary and Secondary Spreads - From 2015 - 2025, the primary spreads of local government bonds showed significant regional differentiations and term - related characteristics. Regionally, the primary spreads were inversely related to the regional economic development level, with higher spreads in the central, western, and northeastern regions. In terms of term, the primary spread of 1Y local government bonds was relatively low, while those of 2 - 10Y bonds were generally over 20bp, and the spread of 5Y bonds was the highest at 23.21bp. The spreads of 15 - 30Y long - term local government bonds fluctuated around 18bp. The difference between primary and secondary spreads reflected the regional differentiations in the marketization degree of local government bond issuance. Some provinces had a small difference between primary and secondary spreads, while in some areas such as Ningbo, Shanghai, and Shenzhen, the non - marketization of issuance was more serious [35][40]. 1.4 Factors Affecting Spreads - The offensive and defensive characteristics of local government bonds changed significantly around August 2023. Before August 2023, local government bonds had stronger defensive attributes than Treasury bonds, and their spread changes were mainly passive. After August 2023, their offensive attributes became prominent, and the active widening and narrowing of spreads were obvious. The main reasons were the change in the participation of trading desks and the impact of policies on the supply term structure of local government bonds. The increase in the supply of special - purpose bonds also led to the widening of spreads in some stages [45][49][52]. 2. Analysis of Local Government Bond Trading and Buying 2.1 Bid/Ofr Quote Quantity and Spread - According to the sampling data of 10Y new local government bonds issued after August 8, 2025, in the broker market, there were significant differences in the liquidity of local government bonds in each region. Some regions had high broker - market activity, with sufficient bid and ofr quotes and active trading, while some regions had poor liquidity. The average bid - ofr difference of the sampled provinces was about 1.68bp, and the ChinaBond valuation price was generally 1 - 2bp higher than the ofr price [58]. 2.2 Regional Trading Patterns - By comparing the trading volume and trading value of local government bonds in 2024 and 2025, it was found that some regions had obvious trading preferences for certain - term local government bonds. For example, 1 - 3Y bonds were more actively traded in Zhejiang, 5 - 7Y bonds were more popular in Shenzhen, Chongqing, and Jiangsu, and long - term bonds with a term of over 20Y were actively traded in Fujian, Shandong, and Sichuan. The weighted average trading terms calculated by trading volume and trading value were consistent with the above - mentioned trading preferences [63]. 2.3 Net Buying - Based on the data from 2021 - 2025, different institutional entities had different net - buying preferences for local government bonds of different terms. Large - scale banks mainly focused on local government bonds with a term of less than seven years, rural commercial banks had a more diverse range of term preferences, city commercial banks' net - buying characteristics were similar to those of rural commercial banks, securities firms' self - operation mainly concentrated on 1 - 5Y local government bonds, funds' net - buying terms were more dispersed, and insurance companies showed an increasing preference for long - term local government bonds and were the largest net - buying entities for 15 - 30Y local government bonds [68]. 2.4 Cross - Market Trading Comparison - After the optimization of the local government bond transfer - custody business, it became more convenient to transfer local government bonds between the inter - bank market and the exchange market. The inter - bank market had the largest trading volume of local government bonds, and the absolute values of the differences between the trading prices in the inter - bank and broker markets and the ChinaBond valuation were smaller. The Shanghai Stock Exchange had a larger trading volume than the Shenzhen Stock Exchange, with higher trading yields [73][76].

Core Insights - Longhua Technology (联化科技) is positioned as a leading player in the agricultural and pharmaceutical CDMO sectors, with significant achievements in small nucleic acid CDMO and potential in functional chemicals [1][2] Business Overview - Longhua Technology has established a collaborative development framework across four core industrial segments: agricultural protection, pharmaceuticals, functional chemicals, and equipment & engineering services [2] - The agricultural protection segment generated revenue of 1.702 billion yuan in the first half of 2025, with a gross margin increase of 9.48% year-on-year [2] - The pharmaceutical segment, focusing on APIs and intermediates, achieved revenue of 1.018 billion yuan in the first half of 2025, reflecting a year-on-year growth of 42.80% [2] Small Nucleic Acid CDMO - The company is leveraging small nucleic acid CDMO to tap into new growth opportunities, with advantages over traditional small molecule and antibody drugs, including broader target selection and higher success rates [3] - Since 2022, the market for small nucleic acid drugs has seen significant activity, with 32 transactions totaling 29.022 billion USD in 2025, indicating strong commercial value [3] - Longhua Technology has developed scalable production processes for modified nucleotides and has established a high-efficiency delivery system for nucleic acid drugs, enhancing its competitive edge [3] Functional Chemicals and Market Potential - The functional chemicals segment reported revenue of 0.265 billion yuan in the first half of 2025, marking a year-on-year doubling [4] - The company is focusing on lithium battery materials, including lithium hexafluorophosphate and LiFSI, with ongoing product development in various testing phases [4] - The National Development and Reform Commission's new storage action plan aims for over 1.8 million kilowatts by 2027, which is expected to drive significant market demand in the energy storage sector [4] Financial Performance - For the first three quarters of 2025, Longhua Technology reported total revenue of 4.718 billion yuan, an increase of 8.25% year-on-year, and a net profit of 316 million yuan, surging by 871.65% [1] - The projected net profit for 2025 is estimated to be between 350 million and 420 million yuan, representing a year-on-year growth of 239.35% to 307.22% [4]

Group 1 - The overall A-share pre-announcement rate has improved, indicating a potential recovery in profitability [1][7] - As of February 3, 2026, approximately 3,000 out of 5,478 A-share companies have disclosed their 2025 annual performance forecasts, resulting in a disclosure rate of 54.0% and a pre-announcement rate of 37.0%, up from 33.7% in 2024 [1][7] - In the 2025 annual performance forecasts, there are 623 companies expecting profit increases and 378 companies expecting profit decreases [1][7] Group 2 - Large-cap stocks are expected to show better profitability compared to small-cap stocks, with the ChiNext board having a higher pre-announcement rate [2][8] - The maximum profit change for major indices in 2025 is projected to be 55.2% for CSI 300, 82.8% for SSE 50, 54.7% for CSI 500, and 50.8% for CSI 1000 [2][8] - The pre-announcement rates for major indices are 63.2% for CSI 300, 83.3% for SSE 50, 59.0% for CSI 500, and 49.4% for CSI 1000 [2][8] Group 3 - In terms of industry performance, the defense and electronics sectors have shown high disclosure and pre-announcement rates, indicating a strong potential for profitability improvement [3][9] - The highest disclosure rates among primary industries are coal (81%), real estate (78%), agriculture, forestry, animal husbandry, and fishery (74%), and computer industry (72%) [3][9] - The highest pre-announcement rates are in non-bank financials (96.2%), non-ferrous metals (67.6%), automotive (52.7%), and steel (50.0%) [3][9] Group 4 - The market outlook for 2026 suggests a gradual bull market, with signs of a profitability bottom emerging and ample liquidity supporting corporate earnings [4][10] - Valuation metrics are near historical averages, with a low interest rate environment providing upward valuation momentum [4][10] - There is significant potential for increased market capitalization in the Chinese stock market as long-term capital flows in [4][10] Group 5 - The industry allocation outlook favors technology and cyclical sectors, with a focus on U.S. stocks and commodities [5][11] - Key areas of interest include technology, domestic circulation, strategic security, and opening up to foreign markets, driven by policy directions from the next five-year plan [5][11] - The market is expected to experience a more comprehensive bull market driven by technological manufacturing and certain cyclical trends [5][11]

Core Viewpoint - Despite the positive earnings forecasts from 28 brokerage firms, investor anxiety persists as stock prices continue to decline even with increasing profits [1][2]. Group 1: Earnings Performance - As of February 4, 2026, 29 brokerage firms have reported significant earnings growth, with CITIC Securities achieving a net profit exceeding 30 billion yuan, setting a new industry record [2][6]. - The overall performance of the brokerage sector has been lackluster, with the CSI Securities Index showing a year-to-date decline of 1.83%, underperforming the Shanghai Composite Index, which rose by 3.36% [2][11]. - Notably, the net profit of Guolian Minsheng surged by 406%, highlighting the disparity in performance among different firms [2][7]. Group 2: Market Dynamics - On February 2, 2026, while the A-share market experienced a pullback, brokerage stocks also dipped, but on February 3, they continued to decline despite a market rebound [3][4]. - The CSI Securities Index saw a collective rise on February 4, with all 49 constituent stocks closing in the green, indicating a potential recovery in sentiment [4][5]. Group 3: Future Outlook - Analysts predict that the brokerage sector will experience a significant earnings growth of approximately 46% in 2025, driven by improved market conditions and policy benefits [8][9]. - The brokerage industry's profitability is expected to be bolstered by three main factors: improved market conditions, optimized business structures, and ongoing policy support [9][12]. - Current valuations of brokerage stocks are considered low, with a price-to-book ratio of 1.36, suggesting potential for recovery as the sector enters a new growth cycle [11][12].

- The report focuses on the release of the "Public Fund Performance Benchmark Element Library" by the China Securities Investment Fund Association on January 27, 2026, which includes the operational guidelines and classification of stock indices into Category I and Category II libraries[2][5][12] - Category I library includes indices with strong market representation and high recognition, aiming to standardize the selection and usage of benchmarks for actively managed funds, thereby improving comparability among products[13][14] - Category II library complements Category I by incorporating innovative and differentiated indices with certain usage rates and large market capitalization, providing additional options for fund managers[13][14] - The inclusion criteria for Category I indices require a higher level of market representation, recognition, and alignment with national strategic directions, with specific conditions for broad-based, sectoral, and thematic indices[14][16] - The inclusion criteria for Category II indices focus on broad-based indices with diversified components, minimum market capitalization thresholds, and usage by at least two actively managed funds[14] - The benchmark element library achieves a coverage rate of approximately 96% for actively managed equity funds, with Category I covering 89.27% and Category II covering 10.21% of such funds[8][24][26] - The report suggests that the high coverage of Category I indices is unlikely to trigger significant adjustments in benchmarks for actively managed equity funds, while the coverage of Category II indices may increase as standardization progresses[8][25]

证券之星消息，2月2日证券板块较上一交易日下跌0.01%，长江证券领跌。当日上证指数报收于 4015.75，下跌2.48%。深证成指报收于13824.35，下跌2.69%。证券板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 000712 | 锦龙股份 | 12.23 | 3.38% | 43.25万 | | 5.34亿 | | 601881 | 中国银河 | 15.11 | 0.60% | 63.91万 | | 9.751Z | | 601456 | 国联民生 | 9.75 | 0.41% | 55.55万 | | 5.47亿 | | 002670 | 国盛证券 | 16.43 | 0.18% | 35.99万 | | 5.97亿 | | 600918 | 中泰证券 | 6.40 | 0.16% | 57.54万 | | 3.74亿 | | 6501059 | 信达证券 | 17.59 | 0.00% | 32.92万 | | 5.83亿 | | 60123 ...

2月2日，长江证券跌5.08%，截至发稿，报8.22元/股，成交8.86亿元，换手率1.92%，总市值454.57亿 元。 资料显示，长江证券股份有限公司位于湖北省武汉市江汉区淮海路88号，成立日期1997年7月24日，上 市日期1997年7月31日，公司主营业务涉及证券代理买卖、证券自营、证券承销、受托资产管理等证券 类业务。主营业务收入构成为：经纪及证券金融业务分部60.03%，证券自营业务分部21.94%，另类投 资及私募股权投资管理业务分部9.27%，投资银行业务分部3.97%，资产管理业务分部3.23%，其他业务 分部0.99%，海外业务分部0.55%。 申万菱信中证500指数优选增强A（003986）基金经理为刘敦。 截至发稿，刘敦累计任职时间8年118天，现任基金资产总规模28.08亿元，任职期间最佳基金回报 89.05%， 任职期间最差基金回报-70.72%。 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。 责任编辑 ...

Fund Overview - The fund is named "Xingye Zhongzheng Hong Kong Stock Connect Internet Exchange-Traded Open-Ended Index Securities Investment Fund" with a code of 520790 and a subscription code of 520793 [23] - The fund is a stock-type open-ended index fund that aims to closely track its benchmark index while minimizing tracking deviation and tracking error [24] - The fund's initial subscription price is set at 1.00 RMB per share [23] Fund Management and Custody - The fund is managed by Xingye Fund Management Co., Ltd. and the custodian is Changjiang Securities Co., Ltd. [2][63] - The fund's registration for fundraising was approved by the China Securities Regulatory Commission (CSRC) on November 14, 2025 [1] Fund Subscription Details - The subscription period is from March 2, 2026, to March 13, 2026, with options for online cash subscription and offline cash subscription [2][26] - The maximum fundraising scale for the fund is set at 2 billion RMB, and the fundraising may end early if this limit is reached [5][40] - Investors can subscribe in multiples of 1,000 shares, with a maximum limit of 99,999,000 shares for online subscriptions [10][34] Subscription Process - Investors must have a Shanghai Stock Exchange A-share account or a securities investment fund account to subscribe [41] - The fund allows multiple subscriptions, and the total subscription amount is not capped unless specified by laws or regulations [39][40] - Subscription fees may apply, with a maximum commission of 0.30% for online subscriptions [4][33] Index Tracking - The fund aims to track the "China Securities Hong Kong Stock Connect Internet Index," which consists of 30 selected stocks related to internet services [12][13] - The index is calculated based on the adjusted market capitalization of the selected stocks, with specific weight factors to limit the influence of individual stocks [14][15] Regulatory Compliance - The fund's operations are subject to the regulations set forth by the CSRC, and the fund management must ensure compliance with all legal requirements [1][28] - The fund's contract will only take effect upon meeting specific fundraising conditions, including a minimum of 200 investors and a total subscription of at least 200 million RMB [61]

Group 1 - The nomination of Kevin Warsh as the next Federal Reserve Chairman by President Trump has sparked hawkish expectations, leading to a significant sell-off in the global precious metals market, with silver dropping over 35% and gold nearly 13% [3][5] - The Federal Reserve's policy framework may see a notable shift if Warsh assumes leadership, as Deutsche Bank suggests a unique combination of "rate cuts and balance sheet reduction" could emerge under his guidance [3] - The U.S. Treasury Department reported a projected decline in national fiscal revenue for 2025, with total revenue expected to be 21.6 trillion yuan, a decrease of 1.7% year-on-year [4] Group 2 - The World Trade Organization ruled that U.S. clean energy subsidy measures violate WTO rules in the dispute initiated by China regarding the Inflation Reduction Act [4] - The China-UK economic relationship is set to deepen with the signing of four economic cooperation documents, focusing on "Export to China" initiatives and service trade agreements [4] - The Panama Supreme Court ruled that the contract for the operation of ports along the Panama Canal held by CK Hutchison is invalid, prompting a response from the Chinese government to protect its legitimate rights [4] Group 3 - The China Securities Regulatory Commission (CSRC) is working to enhance the attractiveness and flexibility of refinancing systems to support the capital market's stable growth [6] - The A-share market experienced a decline, with the Shanghai Composite Index falling by 0.96% and significant sell-offs in gold stocks [6] - The CSRC is revising the registration management measures for listed companies to clarify the types of strategic investors and enforce a minimum holding requirement of 5% [6] Group 4 - The regulatory body has issued new guidelines for fund sales and marketing practices, prohibiting collaborations with unqualified internet influencers and requiring the removal of misleading features from fund platforms [7] - The Hong Kong Securities and Futures Commission is addressing issues related to the surge in IPO applications expected in 2025, highlighting deficiencies in the preparation of listing documents [8] - The Shanghai Stock Exchange is monitoring stocks with abnormal fluctuations and has reported several cases of suspected violations to the CSRC [8]