HU-CGS @EC2610A

TRANSTHERA-B

ASIA STRAT TECH

SUMMI

MANY IDEA CLOUD

ZHONGMIAO

SKYMISSION GP

NICHE-TECH SEMI

KFM KINGDOM

INCON

CHINA CHENGTONG

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The report from Galaxy Securities shows that in January, the growth rate of household deposits dropped to 7.18%, a significant decrease from the previous value of 9.68%. The difference between the growth rate of household deposits and M2 growth rate turned negative for the first time, reaching -1.82 percentage points, marking a return to negative values after seven and a half years. The rolling sum of new non-bank deposits over 12 months has risen rapidly. CAITONG SECURITIES pointed out that this portion of funds is mainly flowing into wealth management products rather than simply entering the market as deposits

Wallstreetcn

Guotai CSI All Share Investment Banking & Brokerage ETF

GF Fund CSI HK Connect Financials(ex Banks) Thematic ETF

CAITONG SECURITIES

Yinhua CSI All Share Investment Banking & Brokerage ETF

Hwabao WP CSI All Share Investment Banking & Brokerage ETF

"Deposit migration" accelerates - The difference between the growth rate of household deposits and M2 growth rate turns negative for the first time in 7 and a half years

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The U.S. non-farm payroll data for January exceeded expectations, but analysts expressed concerns about the sustainability of the data. Galaxy Securities pointed out that the new jobs are highly concentrated in a few industries such as healthcare, and there has been no improvement in structural characteristics. HTSC believes that the Federal Reserve will pause interest rate cuts before June; although the risks in the labor market have eased, the sustainability of data improvement still needs to be verified. Market expectations for interest rate cuts in 2026 have narrowed, and analysts believe that the January data has not materially changed the policy path

- January's non-farm employment data in the U.S. exceeded expectations, yet analysts express concerns about the labor market's underlying recovery.  
- Job growth was concentrated in a few sectors, including healthcare, and the overall sustainability of improvements remains uncertain, with significant revisions to previous employment data.  
- While the jobless rate fell to 4.3%, indicating stronger labor utilization, many institutions believe the Federal Reserve will not cut rates until after June, pending further economic indicators.

HTSC

SDHT

ZHONGTAI SECURITIES

What doubts lie behind the unexpectedly strong January non-farm payrolls?

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36Kr learned that China Galaxy Securities stated that in recent years, the effects of film market scheduling and the Matthew effect have become increasingly evident. Based on the current scheduling for the Spring Festival and the popularity on third-party platforms, the audience still shows a high acceptance and willingness to watch quality films. The Spring Festival holiday in 2026 will last for 9 days, which is expected to provide a more ample time window for box office releases during this period. Attention should be paid to the subsequent box office performance during the Spring Festival

36Kr

BOCIC

CGS: The Spring Festival holiday is expected to provide a sufficient time window for the release of box office during the schedule, pay attention to the subsequent box office performance during the Spring Festival

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Bank of America Securities released a research report listing the investment ratings and target prices for Chinese brokerage stocks. CITIC Securities is rated as Buy, with a target price of HKD 35.7; Guotai Haitong is rated as Buy, with a target price of HKD 21.4; HTSC is rated as Buy, with a target price of HKD 22.1; GF SEC is rated as Buy, with a target price of HKD 22.9; CMS is rated as Underperform, with a target price of HKD 15.3; CGS is rated as Neutral, with a target price of HKD 12.1; CICC is rated as Buy, with a target price of HKD 26.9; CSC is rated as Buy, with a target price of HKD 15.7; DFZQ is rated as Underperform, with a target price of HKD 6.1

AASTOCKS

GTHT

CICC

DFZQ

CMSC

CITIC SEC

GF SEC

GUOTAI JUNAN I

Guotai Haitong

CITIC Securities Co., Ltd.

"Major Banks" Bank of America Securities' Investment Ratings and Target Prices for Chinese Brokerage Stocks (Table)

CGS Issues 4 Billion Yuan Commercial Paper

marketscreener

CGS Issues 4 Billion Yuan Commercial Paper

China Galaxy Securities Co. Ltd. has completed its fourth tranche of short-term commercial paper issuance for 2026, raising RMB4 billion. The issuance, finalized on February 9, 2026, has a term of 302 days and a coupon rate of 1.67%. The proceeds will be used to supplement the company's working capital.

Reuters

China Galaxy Securities Completes RMB4 Billion Short-Term Commercial Paper Issuance

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Multiple research institutions believe that there is a significant "calendar effect" around the Spring Festival in the A-share market, suggesting that investors hold stocks during the holiday. GF Securities pointed out that the period before and after the Spring Festival is the strongest phase of the "spring rally" effect, with a high market win rate. Dongwu Securities and Guosen Securities also support holding stocks during the holiday, believing that the market is likely to rebound. Historical data shows that the probability of the SSE Index rising in the week before the Spring Festival is 81%. China Galaxy Securities recommends "lightly holding stocks during the holiday" to avoid pre-holiday volatility risks while retaining opportunities to participate in post-holiday market trends

GF SECURITIES

GUOSEN SECURITIES

SSE Index

CSI 300

Institution: The A-share market has a significant Chinese New Year "calendar effect," holding stocks during the holiday may be a better choice

China Galaxy Securities Co. Ltd. has announced the successful placement of the second tranche of its 2026 Corporate Bonds. The issuance includes 25-month corporate bonds worth 4.3 billion RMB with a final coupon of 1.80%, and 37-month corporate bonds valued at 1.7 billion RMB with a final coupon of 1.85%. The proceeds will strengthen the company's working capital. Related parties of the involved lead underwriters participated in the subscription.

China Galaxy Securities platziert Unternehmensanleihen über 6 Milliarden RMB

CGS Redeems 4 Billion Yuan Bonds

China Galaxy Securities Co. Ltd. has received approval from the China Securities Regulatory Commission to issue subordinated bonds worth up to RMB20 billion. The bonds will be offered to professional investors and may be issued in tranches over a 24-month period. The company will comply with information disclosure obligations as per relevant laws and regulations.

China Galaxy Securities Wins Approval to Issue RMB20 Billion Subordinated Bonds

China Galaxy Securities Co. Ltd. has successfully completed its public issuance of RMB6 billion in corporate bonds, consisting of a Two-year Corporate Bond worth RMB1.5 billion at a 1.79% coupon rate and a Three-year Corporate Bond totaling RMB4.5 billion. This issuance was authorized by shareholders and approved by regulators, with allocations including subscriptions from related parties and underwriters.

China Galaxy Securities Completes RMB6 Billion Corporate Bond Issuance

On July 11, the three major stock indices in Hong Kong rose together. In terms of sectors, technology stocks rose collectively, and securities and brokerage stocks mostly increased.

CPIC

ZA ONLINE

LAOPU GOLD

POP MART

MIXUE GROUP

GUMING

WUXI APPTEC

WuXi AppTec

AIA Group

LIANLIAN

OSL GROUP

HENGRUI PHARMA

Hengrui Pharma

PICC P&C

MAO GEPING

BLOKS

PING AN

Ping An Ins HK SDR2to1

Ping An

Ping An Insurance

EB SECURITIES

EBSCN

WUXI BIO

WuXi Biologics

CHINA LIFE

China Life

CHICMAX

XIAOMI-W

Xiaomi HK SDR 2to1

Xiaomi Corporation

AKESO

CHINA EB LTD

BEONE MEDICINES

BeOne Medicines

Beigene

REMEGEN

RemeGen

LINKLOGIS-W

Circle

The Hang Seng Index is approaching its highest level in nearly 3 years, with Chinese brokerage, insurance, and stablecoin concept stocks remaining hot!

HU-CGS @EC2610A(26295.HK)

"Deposit migration" accelerates - The difference between the growth rate of household deposits and M2 growth rate turns negative for the first time in 7 and a half years

What doubts lie behind the unexpectedly strong January non-farm payrolls?

CGS: The Spring Festival holiday is expected to provide a sufficient time window for the release of box office during the schedule, pay attention to the subsequent box office performance during the Spring Festival

"Major Banks" Bank of America Securities' Investment Ratings and Target Prices for Chinese Brokerage Stocks (Table)

CGS Issues 4 Billion Yuan Commercial Paper