The Shanghai Futures Exchange also issued a notice saying that the fuel oil futures fu2604 contract had a daily limit unilateral market in the same direction for three consecutive trading days. According to Articles 15 and 16 of the "Shanghai Futures Exchange Risk Control Management Measures",
2022 graduate users who have registered and activated in the school's employment management system can directly authenticate with this account and password. (i.e.: the account password registered when verifying student source information)
2. Identity authentication
After graduates from colleges and universities in the province log in to the online office area for the first time, the system pops up the identity authentication interface, reminding students to complete the identity authentication first. Click the Certify Now button, and the five key information filled in by the student for registration will be checked against the province's student information database. If the verification is consistent, the certification will be passed.
3. Forgot password
Graduates who forget their password can retrieve it in two ways. One is to verify the account, and the other is to contact the administrator.
02 Signing method
There are two main ways for graduates to sign contracts with employers:
The first is online signing of agreements: graduates who sign contracts with employers in the province need to sign employment agreements online. Before signing a contract, the employer must meet the qualifications for online signing: ① Register in the Shandong College Graduate Employment Information Network system and pass the review; ② Operate normally.
Note: Some employers outside the province (registered with Shandong College Graduates Employment Information Network and qualified for online signing) can also sign agreements with graduates online.
If you have received a tripartite employment agreement and signed a contract with an employer in the province in the early stage, you need to sign a new online agreement.
The second is the entry agreement: Graduates and employers outside the province (not registered on the Shandong College Graduates Employment Information Network) use the entry agreement method.
If you have received a tripartite employment agreement and signed a contract with an employer outside the province in the early stage, you need to sign the contract again by entering the agreement.
(1) Online signing agreement process
1. Invitation from the employer to sign a contract. Employers in the province who are qualified for online visas inquire about the graduates they intend to hire and send them invitations to sign contracts.
2. Check the invitation letter. After receiving the contract invitation from the employer, graduates should check the invitation content and respond. Replying to agree will generate an agreement, replying to reject will invalidate the invitation letter.
3. Students should generate an agreement upon appointment and send it for review. Those who sign contracts before graduates leave school will be reviewed by the graduating school, and those who sign contracts after leaving school will be reviewed by the human resources and social security department of the county where the employer is registered.
(2) Entry agreement process
1. Graduates log in to the Shandong College Graduates Employment Information Network, enter the page and select [Signing Center] ---- [Offline Signing] ---- [Enter Agreement]
2. Enter the contracting information: Students enter the basic information of the contracting unit and file reception information as required. If there is any uncertain information, you can save it and not submit it for now. If you confirm that it is correct, you can save it and submit it for review. Submitting to the system will generate a valid agreement. If the agreement is terminated, the student must submit the agreement and must obtain the consent of the school before the agreement can be terminated.
3. Students should generate an agreement upon appointment and send it for review. Those who sign contracts before graduates leave school will be reviewed by the graduating school, and those who sign contracts after leaving school will be reviewed by the human resources and social security department of the county where the employer is registered.
4. Feedback on signing materials: Upload the scanned copy of the paper agreement and submit it for review.
03 Registration of other graduation destination information
(Labor contract employment, flexible employment, further education, going abroad, self-employment, enlistment in the army and grassroots project employment)
1. Labor contract employment registration
Operation instructions: If students are employed by signing a contract with the unit, they should choose the labor contract employment type, fill in the labor contract employment information as required on the interface and upload supporting materials. If you are unsure about the information, you can save it and not submit it for now. If you confirm that the information is correct, you can save it and submit it for review, or you can cancel this operation. Go back and choose your employment destination again.
2. Other forms of employment registration
Operation instructions: If students are employed with other employment forms of the unit, select other employment form types, fill in the other employment form information as required on the interface and upload supporting materials. If you are unsure about the information, you can save it and not submit it for now. If you confirm that the information is correct, you can save it and submit it for review, or you can cancel this operation. Go back and choose your employment destination again.
3. Registration for further studies
Operation instructions: If students want to enter a higher education, they should choose the type of further education, fill in the information for further education as required on the interface and upload supporting materials. If you are unsure about the information, you can save it and not submit it for now. If you confirm that the information is correct, you can save it and submit it for review, or you can cancel this operation. Go back and choose your employment destination again.
Instructions for filling in: Fill in the fields for graduates with various academic qualifications. You need to choose the content according to your academic qualifications.
4. Registration abroad
Operation instructions: If students are going abroad, choose the type of going abroad, fill in the going abroad information as required on the interface and upload supporting materials. If you are unsure about the information, you can save it and not submit it for now. If you confirm that the information is correct, you can save it and submit it for review. You can also cancel this operation and go back to choose your employment destination again.
Instructions for filling in: Going abroad includes working abroad and studying abroad. Select the country and the name of the employment unit or the school for further study according to the category.
5. Registration of self-employment
Operation instructions: If students start their own business, they should choose the type of self-employment, fill in the self-employment information as required on the interface and upload supporting materials. If you are unsure about the information, you can save it and not submit it for now. If you confirm that the information is correct, you can save it and submit it for review, or you can cancel this operation. Go back and choose your employment destination again.
6. Registration for military enlistment
Operation instructions: If a student signs up to be drafted into the military, he or she must select the draft type and upload supporting materials on the interface. If you are unsure about the information, you can save it and not submit it for now. If you confirm that the information is correct, you can save it and submit it for review, or you can cancel this operation. Go back and choose your employment destination again.
7. Grassroots project registration
Operation instructions: If students participate in national or local grassroots projects, select the grassroots project type and fill in the grassroots project information as required on the interface. If you are unsure about the information, you can save it and not submit it for now. If you confirm that the information is correct, you can save it and submit it for review, or you can cancel this operation. Go back and choose your employment destination again.
04 Termination process
If graduates have signed the agreement online, entered the agreement and registered other destinations, they need to go through the procedures to terminate the agreement or change their employment information. The specific operation method is as follows:
1. Cancellation of online signing agreement
(1) The student submits a termination application: The student selects the type of termination, fills in the reason for termination, sends it to the unit, and waits for the unit's response.
(2) The unit submits an application for termination: The student receives the unit's termination notice and agrees to reply to complete the termination. If the student cancels, the agreement will continue to be valid.
2. Cancellation of entry agreement
After the agreement comes into effect, the student must fill in the reasons for termination, upload the certificate of termination and submit an application for termination, and wait for the school's review results. If the review is passed, the agreement will be terminated. If the review is not passed, the agreement will still be valid.
3. Termination of other destination agreements
(1) After graduates register their destination information, if the school does not review it, it will be canceled automatically through the function.
(2) After the graduates register their destination information, if the school approves it, they will send it to the school for review through the "Application to Release Current Employment Destiny" function, and the destination information will be released if they pass the review; if the school fails the review, the destination information will still be valid.
I believe that by reading the above content
Graduates of the Class of 2022
Already familiar with the process of using the employment information network guide
hope everyone
You can find a job that suits you
Realize your ideals
Rising once a year or even more than a year is becoming a common practice in the badminton industry. On July 29, a reporter from Beijing Business Daily learned that many dealers of Yonex and several badminton clubs had made comprehensive price increases for the brand of badminton after receiving notices of price increases from the brand. The price increase ranged from 30 yuan to 40 yuan. Not only Yonex, but also brands such as Weikeduo and Double Happiness have increased the price of badminton. A reporter from Beijing Business Daily found that the reasons for price increases of these brands are relatively consistent - rising raw material prices.
When the unit price of a badminton is close to 20 yuan, "hoarding badmintons is like hoarding gold" has become a reality, and consumers can only lament that they cannot afford it while looking for replacement badmintons. In order to cope with a series of problems caused by the shortage of raw materials and rising prices, some brands have chosen to try to produce badminton made of artificial materials. However, it is difficult to completely replace them due to factors such as marketing, technical difficulties, and consumer usage habits.
The replacement method is not yet completely feasible, and the prices of branded products remain high. The badminton market is showing a polarized situation - brands with the ability to charge a premium can make some money while covering costs with price increases, while brands without room for premiums are facing a situation where costs and profits are inverted.
Price increases have become a "routine"
According to the price increase notice issued by Yonex, its badminton products will implement new prices starting from August 1 this year, with many types of badminton products increasing by 30-40 yuan. Among them, AS-05 has increased from 275 yuan/dozen to 350 yuan/dozen, and AS-9 has increased from 225 yuan/dozen to 295 yuan/dozen.
A reporter from Beijing Business Daily learned that some dealers and some badminton clubs have completed the price increase of Yonex badminton.
A Yonex badminton dealer in Beijing said: "We have completed the price increase, and the price has increased by 30 yuan per tube." When asked why the price increase, the dealer said: "It has almost become a routine for badminton prices to increase in the past two years. The brand has no choice but to increase." According to the dealer, the wholesale price of a tube of Yonex AS-05 last year was 190 yuan, and this year it rose to 235 yuan.
Similarly, TZ-one, a badminton club in Tongzhou, Beijing, also completed a price increase. A relevant person from the club said: "We raised the price immediately after receiving the price increase notice in July, and the current selling price is the newly increased price." When talking about the reason for the price increase, the person said: "There is no way, the price of raw material feathers has increased, and we can only follow the increase."
As the above-mentioned dealer said, it has become common practice for badminton prices to increase in the past two years. In April this year, the badminton industry had already experienced a wave of "price increases". Many well-known badminton brands, including Victor, announced price increases, with increases ranging from 5% to 29%. In addition, in early July 2024, many badminton brands such as Yonex, Double Happiness, Lingmei, Victor, Chaopai, Shipeng, Asia Lion, and Viking issued price adjustment announcements. The price increases for each brand and grade of badminton ranged from 40% to 60%.
Relevant personnel from Beijing Pengda Tiancheng Sports Goods Co., Ltd. revealed that "Li Ning basically adjusts its price every month, and has raised its price eight times this year, with each price increase ranging from a few yuan to ten yuan."
Some consumers have calculated that by 2025, Yonex's AS-05 badminton has risen from 95 yuan per tube at wholesalers more than two years ago to over 200 yuan per tube today, an increase of more than 100%. Some consumers also joked that hoarding gold is worse than hoarding badminton.
According to Jiang Han, a senior researcher at the Pangu Think Tank Research Institute, in a market economy, the price of badminton as a commodity is strongly affected by the relationship between supply and demand. When demand continues to increase and supply cannot keep up, rising prices are an inevitable economic phenomenon. In recent years, the increasing popularity of badminton around the world has become one of the reasons for the increase in badminton prices.
In the past two years, badminton has become very popular. According to the 2023 "National Sports Status Survey Report", the number of badminton participants in China has reached 250 million, and the number of badminton halls has increased by more than 40% in five years. Weekend venue fees in Beijing, Shanghai and other places have risen to 150 yuan/hour.
Out of stock, premium, replacement
In addition to the increase in market demand, rising raw material prices have become one of the important reasons for frequent price increases of various badminton brands.
A professional engaged in badminton production told a Beijing Business Daily reporter that the production of badminton is a relatively complex process, and high-quality badminton has extremely high requirements for the quality of feathers.
It is understood that currently there are two main materials for badminton on the market: duck feather and goose feather. The former is more suitable for casual beginners, while the latter is more suitable for higher-intensity training. Goose feathers are further divided into ordinary goose feathers, fourth grade goose feathers and special grade goose feathers. The key material for making badminton is duck and goose feathers. The industry insider told reporters: "A duck may normally provide about 20 feathers suitable for badminton, but to reach this number, the duck needs to grow for 3 to 4 months. However, in the actual poultry breeding market, many meat ducks are slaughtered in about 45 days in order to meet the rapid supply demand of the meat market. Due to the short growth time, the feathers of these meat ducks cannot meet the requirements of badminton production in terms of toughness, length, etc., which has led to a relatively insufficient supply of feather raw materials that can be used to produce high-quality badmintons."
According to public data, the scale of duck and goose breeding has been significantly reduced in recent years, resulting in an increase in the price of badminton raw materials. Data show that the number of meat ducks sold nationwide in 2024 will decrease by 658 million compared with 2019. The reduction in supply directly caused the price of knife feathers to soar. At the end of 2023, the wholesale price of a pound of knife feathers was about 200 yuan, including about 600 raw wool, which converted to less than 4 cents per knife feather; by June 2024, the wholesale price of a pound of knife feathers was about 280 yuan, an increase of 40% from the previous year.
The price of raw materials continues to rise, and high-end badminton is out of stock. Many badminton dealers told reporters from Beijing Business Daily that they currently have no Yonex products. It is understood that Yonex badminton is positioned in the high-end market and supplies professional events and professionals.
During the inquiry process, several badminton clubs stated that they only had a small number of Yonex badminton balls in their hands. Relevant personnel from Zhonghe Stationery and Sports Products Co., Ltd., a distributor of Yonex, made it clear that there is basically no stock now. If you want a large amount of goods, you can only charge it at a high price. Relevant personnel from Beijing Shenhemao Sports Goods Sales Co., Ltd., another Yonex distributor, also revealed similar information. It is not completely impossible to buy badmintons unless the price is increased.
When the reporter agreed to increase the price as a consumer, a Yonex dealer said that he could sell five boxes of AS-05 badminton balls at a wholesale price of 255 yuan per tube (a box of 50 tubes), which was 20 yuan higher than the prices of 220 per tube and 230 per tube mentioned by other dealers.
When brands and dealers increase prices or sell products at a premium, some end consumers have chosen to find alternatives.
In the Yonex flagship store, the retail price of AS-05 badminton is 280 yuan per tube, and the AS-9 is 246 yuan per tube. There are 12 balls in a tube, and each ball costs about 10-20 yuan. A tip from a badminton enthusiast said that two balls are basically used in one night, and they are gone for 40 yuan, which is already a bit unaffordable. Muzi recently searched for an unlabeled badminton ball recommended by netizens on Xiaohongshu. Although the feel is not as good as Yonex, it is cheaper than the badminton ball. A tube costs 60 yuan, so you can play as much as you want.
A reporter from Beijing Business Daily browsed social platforms and found that many badminton enthusiasts posted articles stating that they could not afford badminton, lowered their standards, and bought some affordable brands and some unlabeled products as substitutes. However, there are also some "hardcore" enthusiasts who insist on using good products. Li Sheng, who has played badminton for nearly ten years, told reporters that high-end balls have better feel, flight path and stability. At the current affordable price, they will still choose to buy Yonex.
Make money while hanging upside down
Facing the shortage of natural feather supply, badminton brands are looking for ways to break the deadlock, and artificial material badminton has become one of the directions to explore. Products such as the carbon tone series and nylon balls launched by Victor are gradually gaining popularity in the training market. It is reported that the durability of this kind of badminton made of synthetic materials is increased by 50%, and the price is only 1/3 of the natural ball. However, some people in the industry said: "The promotion of alternatives takes time, not only to overcome technical difficulties, but also to change consumers' deep-rooted usage habits."
Cheng Weixiong, an independent analyst in the fashion industry and founder of Shanghai Liangqi Brand Management Co., Ltd., said that the price of badminton has increased frequently. In addition to covering costs, it is more about brands wanting to reflect brand premiums. In the current fierce competition in the entire sports market, insisting on high-end positioning and brand premiums, constantly widening the competitive gap between brands. A Beijing Business Daily reporter found that in the high-end badminton market, natural feather raw materials are still the mainstream. Some high-end events and professional consumer markets are still firmly occupied by natural badminton.
In fact, some brands do make money in the process of continuous price increases. According to financial report data, in fiscal year 2025 (April 1, 2024 to March 31, 2025), Yonex’s revenue increased by 18.8% year-on-year to 138.2 billion yen; operating profit increased by 22.1% year-on-year, reaching 14.1 billion yen. From the perspective of market segments, the Asian market with the Greater China market as the core has the greatest contribution to Yonex's revenue. Its revenue share in the Asian market reached 49.2%, while the Japanese market accounted for 42%. At the same time, revenue in the Greater China market increased by 24% year-on-year to 68 billion yen, and operating profit increased by 9.3% year-on-year to 9.7 billion yen.
Yonex also mentioned in its financial report that although the raw materials for manufacturing badminton have increased significantly in price, squeezing gross profit margins, the revenue-increasing effect of badminton has boosted sales, outweighing the impact of rising costs.
But for some brands, they are facing a situation where costs and profits are inverted. According to public reports, on September 1, 2024, Asia Lion issued a notice stating that "2024 is an extremely extraordinary year in the history of badminton development. In this year, the price of raw wool and raw flakes has increased. The increase in raw wool is even greater than the increase in raw flakes. The sales price and production cost of badminton flakes and badminton are upside down..."
Wu Daiqi, CEO of Shenzhen Siqisheng Company, said that in order to fundamentally solve the problem, brands need to innovate and develop some new materials or raw materials to replace feather materials that are in short supply in future development. This is an issue that these brands need to consider. At the moment, raising prices may be the most effective and direct way.
"Faced with the current situation of continued rise in badminton prices, it seems difficult for brands to find effective mitigation measures in the short term. Considering practical problems such as long production cycles and high costs, badminton prices are expected to remain high in the future. However, in the long run, with the development of alternatives and self-regulation of the market, badminton prices are expected to return to a relatively reasonable level." Jiang Han added.
The three major A-share indexes collectively made a correction today (March 4). As of the close, the Shanghai Composite Index fell 0.98%, losing 4,100 points, the Shenzhen Component Index fell 0.75%, and the ChiNext Index fell 1.41%. The turnover of Shanghai, Shenzhen and Beijing was 2.39 trillion yuan, a decrease of nearly 770 billion yuan from yesterday.
On the market, the agricultural concept is active, with many stocks in the seed industry sector hitting the daily limit. The only agriculture, animal husbandry and fishery ETF (159275) in the market bucked the trend and rose 1.81%; the military industry quickly counterattacked, with military industry ETF Warbao (512810) and general aviation ETF Warbao (1 59231) both rose by more than 1% on the market; AI computing power detonated the demand for electricity, and the power grid sector continued to be active. The core asset of "HALO"-power ETF Huabao (159146) closed up nearly 1% on the market, hitting a new listing closing high. In terms of decline, brokerage stocks fell across a large area, and the price of brokerage ETF (512000) fell by more than 2%.
In the past two days, A shares have performed poorly. China Galaxy Securities stated that the violent fluctuations in A-shares are not a trend change, but a concentrated release of short-term emotions under the superposition of external pressures. The mid- to long-term market's upward trend has not changed. It will gradually return from "emotion-driven" to "fundamental-driven", showing an operating pattern of "shock digestion, momentum improvement, and structural focus." The current valuation of A-shares is still at a reasonable level, long-term funds are gradually entering the market, and the market's mid- to long-term positive trend is clear. *
Regarding the specific allocation direction of the market outlook, Ping An Securities pointed out that the impact of macro events and fundamentals in March will increase (important meetings, economic data, Trump's planned visit to China, the approaching financial reporting season, etc.), combined with the recent increase in geopolitical risks, and market fluctuations are expected to be amplified. It is recommended to continue to grasp the two main lines of cyclical price increases and technology manufacturing that are supported by the prosperity. *
[Review of all-knowing ETF hot spots] Focus on the transactions and fundamentals of ETFs in industries such as agriculture, animal husbandry, fishery, military industry, and securities companies.
1. Favorable policies have been introduced intensively! The seed industry set off a rising trend, and the Agriculture, Animal Husbandry and Fishery ETF (159275) bucked the trend and rose 1.81%! Institutions: The value of sector allocation has increased significantly
The agriculture, animal husbandry and fishery sector bucked the market trend today (March 4). The only agriculture, animal husbandry and fishery ETF (159275) in the market rose rapidly after opening, and then continued to fluctuate at high levels. As of the close, the price on the market rose by 1.81%.
In terms of component stocks, the seed industry has made a large-scale rally. As of the close, Nongfa Seed Industry and Yasheng Group both hit their daily limit, and Shennong Seed Industry soared 11.19%. Tsuen Yin Hi-Tech, Long Ping Hi-Tech, Denghai Seed Industry and other stocks rose more than 7%.
In terms of news, agricultural support policies have been introduced intensively in many places! On March 3, Fujian issued implementation opinions anchoring agricultural and rural modernization and solidly promoting comprehensive rural revitalization, proposing to improve the quality and efficiency of characteristic modern agriculture development, focusing on grain production and circulation reserves, ensuring the supply of important agricultural products, cultivating tens of billions of characteristic agricultural industry clusters, and improving agricultural product cold chain logistics systems. On March 2, Sichuan issued the No. 1 Provincial Party Committee Document for 2026, clarifying that the annual grain sown area will be stable at more than 96 million acres, and the output will be stable at more than 73 billion kilograms.
Some analysts pointed out that from the perspective of variety fundamentals, the current upward trend in grain prices has been established, the fundamentals of the planting & seed industry are good, and large-scale planting investment opportunities are highlighted.
From a valuation perspective, the current valuation level of the agriculture, animal husbandry and fishery sector is still at a relatively low level, and this may be a good opportunity for sector allocation. Data show that as of the close of yesterday (March 3), the market-wide market's only agriculture, animal husbandry and fishery ETF (159275) underlying index CSI All-Agriculture, Animal Husbandry and Fishery Index had a price-to-book ratio of 2.55 times, which is at the low of the 31.96% quantile in the past five years, highlighting the cost-effectiveness of medium- and long-term allocations.
Looking forward to the market outlook, Huayuan Securities pointed out that agriculture, as the foundation of the country, is one of the few industries with "insufficient domestic supply, price decline in the past few years, asset prices at the bottom and capital withdrawal". Multiple attributes such as "confrontational asset premium" + "relatively independent and smooth industrial logic" + "protection of farmers' income needs" + "the overall sector valuation is at a historical low" have significantly increased the value of sector allocation. *
One-click layout for the reversal of the pig cycle, focusing on the only agriculture, animal husbandry and fishery ETF in the market (159275). According to statistics from the China Securities Index Company, the Agriculture, Animal Husbandry and Fishery ETF (159275) passively tracks the CSI All-Inclusive Agriculture, Animal Husbandry and Fishery Index. The heavyweight stocks include leading stocks in the pig breeding industry such as Muyuan Shares and Wen's Shares, and also cover major sub-sectors of the agriculture, animal husbandry and fishery industry chain such as feed, grain planting, and animal health. Off-market investors can also invest in the agriculture, animal husbandry and fishery sector through the Agriculture, Animal Husbandry and Fishery ETF Feeder Fund (Class A 013471/Class C 013472).
2. OpenAI joins hands with the Pentagon, military AI is booming! Military ETF Huabao (512810) bucked the trend and gained 2%! Aerospace Rainbow has 2 boards in 3 days, a record high for medium-sized UAVs
After the heavy setback, the military industry quickly counterattacked and returned to the top of the industry growth list! The main force took action upon hearing the news and made a large-scale return. The net purchase of the national defense and military industry exceeded 8.1 billion yuan throughout the day.
The core asset of the military industry - the military industry ETF Huabao (512810) opened low and moved high. It once bucked the trend and surged more than 2%, closing up 1.28% to regain its 20-day moving average. The amplitude exceeded 4.3% throughout the day, showing its high elasticity and high volatility. It is worth noting that in the past two days, a total of more than 94 million yuan was added to the position.
Aerospace, ground military equipment, and navigation equipment-related stocks were among the top gainers. China UAVs soared more than 18% during the session, hitting a record high. Aerospace Rainbow rose to its daily limit of 2 boards in 3 days, Guoke Military Industry rose 7.62%, and Zongshen Power, China Dynamics, Highlander and other stocks rose more than 5%.
In terms of news, international geopolitical conflicts have continued to escalate recently, and the military industry has continued to pay high attention. Analysts believe that intensified geopolitical risks will further strengthen expectations for military expenditure growth, and the certainty of procurement pace and scale will significantly increase. China's military trade may welcome opportunities for structural expansion.
According to media reports, OpenAI has reached an agreement with the U.S. Department of Defense to deploy its AI model on the Pentagon’s confidential network. The analysis pointed out that countries around the world are rushing to promote the application of AI in the military industry. AI has shown a revolutionary impact on national defense security, reshaping a new paradigm of national defense security, and the construction of systematic and intelligent equipment is expected to be strengthened.
[To invest in the military industry, choose "August 1"] The military ETF Huabao (512810) (formerly the National Defense and Military Industry ETF) with the code "August 1" brings together cutting-edge military technology in "sea, land, air and space" and comprehensively covers popular topics such as "commercial aerospace, large aircraft, low-altitude economy, satellite navigation, military informatization, controllable nuclear fusion". It is also the subject of margin financing and securities lending + interconnection, and is an efficient tool for one-click investment in core military assets.
3. Opportunities breed in dormancy! Brokerages hit a new low, institutions remind: It is necessary to seize the cost-effective layout window
The Shanghai Stock Exchange Index shrunk and closed below 4,100 points. The brokerage sector pulled back with the market, and individual stocks fell on a large scale. The price of the 38.5 billion top brokerage ETF (512000) fell by more than 2%, hitting a new low since July 2025.
As of the latest, the price-to-book ratio PB (LF) of the CSI Securities Company Index tracked by the brokerage ETF (512000) is only 1.4 times, falling back to the low range of 31.51% in the past 10 years. At the same time, funds are showing more obvious signs of "buying the dip". Data from the Shanghai Stock Exchange shows that the brokerage ETF (512000) has received a cumulative net inflow of 454 million yuan in the past five days.
In fact, since the second half of 2025, the brokerage sector has shown a stagflation trend with a significant mismatch between performance growth and valuation. The influence of market theme preferences and financial constraints may be the main reasons. As the sector once again reaches a cost-effective range, institutions suggest that multiple factors are expected to support the upward momentum of securities firms.
① Performance has maintained high growth, and market transactions have remained high. In 2025, the net profits attributable to shareholders of many securities companies have reached a record high. Since the beginning of the year, various market indicators have grown strongly year-on-year. It is expected that the performance in the first quarter of 2026 will continue to show high flexibility.
② Industry integration is accelerating. Soochow Securities recently announced the integration of Donghai Securities, marking a new stage of securities mergers and acquisitions in the region. As the first year of the "15th Five-Year Plan", 2026 is expected to accelerate the integration process of the securities industry and promote high-quality development of the industry.
③ The valuations and positions of the brokerage sector are at historically low levels, and institutions’ allocation ratios to brokerages are mismatched with industry prosperity. In the future, driven by factors such as the continued implementation of public offering benchmarks, the sector is expected to gain upward elasticity.
At present, despite the rise in short-term geopolitical risks, supporting factors such as the domestic two sessions, loose liquidity, and profit restoration are still there, and the market may be gaming the expectations of easing policies. Great Wall Securities pointed out that the brokerage sector is in the stage of "high prosperity + low central valuation + marginal easing of capital suppression". In the short term, it is likely to fluctuate with high market fluctuations, but in the medium term, it is still on an upward channel of valuation repair, with high cost performance. *
If there is a market trend, buy a broker! The Brokerage ETF (512000) and its feeder funds (Class A 006098; Class C 007531) passively track the CSI All-Inclusive Securities Company Index, covering 49 listed brokerage stocks with one click. It is an efficient investment tool that concentrates on leading securities firms while also taking into account small and medium-sized securities firms. The latest fund size of the Securities ETF (512000) exceeds 38.5 billion yuan, and the average daily trading volume during the year exceeded 1.1 billion yuan. It is the top securities industry ETF with the largest A-share scale and liquidity.
Note 1: When investors subscribe and redeem fund shares, the subscription and redemption agent may charge a commission of no more than 0.5%, which includes relevant fees charged by stock exchanges, registration agencies, etc. Please refer to the legal documents of each fund for details of fund rates.
Note 2: The only agriculture, animal husbandry and fishery ETF in the market (159275) refers to the only ETF that tracks the CSI All-Inclusive Agriculture, Animal Husbandry and Fishing Index.
Reminder: The market may be volatile in the near future, and short-term increases and decreases do not predict future performance. Investors are requested to invest rationally based on their own financial situation and risk tolerance, and pay close attention to position and risk management.
* Sources of reference materials for institutional views: ① Galaxy Securities' March 3, 2026 strategic research "The "positive and negative hands" of A-share market fluctuations and investment prospects"; ② Ping An Securities' March 3, 2026 strategic allocation research "Grasping the two main lines of cyclical price increases and technological manufacturing that are supported by the economy" ; ③ Huayuan Securities' regular report on the agriculture, forestry, animal husbandry and fishery industry on March 3, 2026 "Pork prices continue to decline, and cycle reversal can be expected"; ④ Great Wall Securities 20250303 "Accelerate the merger and acquisition of local state-owned assets and continue to build a first-class investment bank - Comments on Soochow Securities' proposed acquisition of Donghai Securities".
Risk warning: The general aviation ETF Warbao passively tracks the National Securities General Aviation Industry Index, the index's base day is 2012.6.29, and was released on 2012.12.28; the Agriculture, Animal Husbandry and Fishery ETF passively tracks the CSI All Agriculture, Animal Husbandry and Fishery Index, the index's base day is 2004.12.31, and was released on 2016.12.12; the military industry ETF Warbao passively tracks the CSI Military Industry Index, the index The base day is 2004.12.31 and was released on 2013.12.26; the power ETF Huabao passively tracks the CSI All-Share Electric Power Utilities Index, which has a base day of 2004.12.31 and was released on 2013.7.15; the brokerage ETF passively tracks the CSI All-Share Securities Company Index, which has a base day of 2007.6.29 and was released on 2013.7.15. The composition of index constituent stocks is adjusted in a timely manner according to the index compilation rules, and its backtested historical performance does not predict the future performance of the index. The individual stocks mentioned in the article are only an objective display of index constituent stocks and do not serve as recommendations for any individual stocks. They do not represent the investment direction of the fund manager or fund. Any information appearing in this article (including but not limited to individual stocks, comments, predictions, charts, indicators, theories, any form of expression, etc.) is for reference only, and investors must be responsible for any independent investment decisions. In addition, any opinions, analyzes and predictions in this article do not constitute any form of investment advice to readers, and we are not responsible for any direct or indirect losses caused by the use of the content of this article. Investors should carefully read fund legal documents such as the "Fund Contract", "Prospectus", "Fund Product Information Summary", understand the risk and return characteristics of the fund, and choose products that are consistent with their own risk tolerance. The past performance of a fund does not predict its future performance, and the performance of other funds managed by the fund manager does not constitute a guarantee of the fund's performance. According to the fund manager's assessment, the risk level of the military ETF Warburg, the general aviation ETF Warburg, the agriculture, animal husbandry and fishery ETF, the power ETF Warburg, and the brokerage ETF are R3-medium risk and are suitable for balanced (C3) and above investors. Please refer to the sales agency for suitability matching opinions. Sales agencies (including direct sales agencies of fund managers and other sales agencies) conduct risk assessments on the above funds in accordance with relevant laws and regulations. Investors should pay attention to the suitability opinions issued by the fund managers in a timely manner. The opinions on suitability of each sales agency are not necessarily consistent, and the fund product risk level evaluation results issued by the fund sales agencies must not be lower than the risk level evaluation results made by the fund manager. There are differences in the fund risk-return characteristics and fund risk levels in the fund contract due to different considerations. Investors should understand the risks and returns of funds, carefully select fund products based on their own investment purposes, duration, investment experience and risk tolerance, and bear their own risks. The registration of the above funds by the China Securities Regulatory Commission does not indicate that it has made a substantial judgment or guarantee on the investment value, market prospects and income of the fund. Fund investments must be made with caution.
Recently, Chinese citizens in Russia have clearly felt a "tide of returning home." Since late February, the price of air tickets from Moscow to major domestic cities such as Beijing and Shanghai has increased rapidly. Economy class has been frequently sold out during popular periods, and many flights have only high-priced business class or connecting tickets that require multiple transfers. Some international students and Chinese people who have been working and living in Russia for a long time said that ticket prices, which were relatively stable in previous years, have now almost doubled, and tickets need to be purchased more than half a month in advance.
This change is closely related to a new regulation in Russia targeting foreigners’ long-term residence. On November 5, 2025, Russian President Vladimir Putin signed Presidential Decree No. 821 "Provisional Regulations on the Acceptance of Applications for Citizenship of the Russian Federation and the Issuance of Long-term Residence Permits in the Russian Federation."
According to the regulations, when eligible foreign men apply for a long-term residence permit in Russia, they need to choose between "signing a military service contract for at least one year" or "providing a certificate of exemption from service." Although the decree came into effect last year, after February 2026, the implementation has become significantly stricter in some areas. Applicants in the Far East have been asked to sign a service contract on the spot, and the impact of the policy has quickly emerged.
At the same time, on February 22, 2026, the Chinese Consulate General in Vladivostok issued a reminder and officially posted it on the official website on February 24, reminding Chinese citizens in the consular district to pay attention to relevant policy changes and make prudent decisions based on their own circumstances. The official reminder further amplified public attention and prompted some people who originally planned to stay for a long time to reassess their future arrangements and speed up their return trip.
It should be noted that this new regulation is not “one size fits all”. Those who have obtained a long-term residence permit or permanent residence status in Russia are not affected; Chinese citizens holding student visas, tourist visas or short-term business visas are also not within the scope of application. Those who are really affected are foreign male groups aged 18 to 65 who are applying for long-term residence permits. Public information shows that there are currently about 220,000 to 270,000 Chinese citizens in Russia, including about 110,000 to 135,000 men. However, those who actually need to choose between military service and residence are only some people who are applying for permanent residence.
In the departure hall of Moscow Sheremetyevo Airport, the number of Chinese faces dragging suitcases increased significantly. Some people originally planned to settle down for a long time, but now they have changed their plans temporarily; some people stayed up late refreshing the ticket purchase page, just to get back home as soon as possible. "It doesn't matter if you spend more money, as long as you get home safely." This sentence expresses the true feelings of many people.
The Dutch cabinet is considering sending a naval ship to the Mediterranean. France made the request, Foreign Minister Berenson and Defense Minister Yesilgoz wrote in a letter to the second chamber on Wednesday.
France's request involves the deployment of the air defense command frigate "Zr. Ms. Evertsen" to the eastern Mediterranean for defense. France hopes that the ship will support the French aircraft carrier "Charles de Gaulle" in its operations in the eastern Mediterranean.
The "Everson" is currently a member of the fleet sailing with the "Charles de Gaulle". However, deployment to the eastern Mediterranean requires political approval. France wants to deploy aircraft carriers to the region to help protect trade and oil and gas supplies.
"Charles de Gaulle" is the largest aircraft carrier in the European Union. Along with the U.S. aircraft carrier, the French carrier is currently the only two in the world powered by nuclear reactors.
Just a day earlier, a British military base in Cyprus was attacked by a drone. This incident marked the first time that an EU member state directly intervened in the conflict in Iran and surrounding areas. Previously, the United Kingdom had decided to send military equipment to Iran.
Recently, the United States and Israel launched air strikes on Iran, resulting in the death of Iran's Supreme Leader Ayatollah Ali Khamenei, and the situation in the Middle East has rapidly deteriorated. Iran retaliated by attacking U.S. military bases in at least nine countries in the region.
Netherlands plans to give green light to jointly develop nuclear weapons with France
Like the Dutch cabinet, the Dutch second chamber appears to be positive about French President Emmanuel Macron's proposal to strengthen cooperation on nuclear weapons. In particular, the Democratic 66 Party, the Liberal Democratic Party and the Christian Democrats in the ruling coalition all hope to accept this challenge. The atmosphere is very different from recent decades.
In a speech on France's nuclear strategy on Monday, Macron said he wanted to expand France's nuclear arsenal and cooperate with several European countries, including the Netherlands.
Although Dutch policy has so far focused mainly on limiting the number of nuclear weapons in the world, Jetten's cabinet immediately announced its willingness to engage in dialogue with France. The Second House appears to provide space for this as well.
"We have seen that Russia's aggressive behavior is very serious, and we must ensure our own security in Europe, which also includes nuclear security," said Belhirsi, a member of the Democratic Six-Sixth Party.
Breckelmans, chairman of the Liberal Democratic Party's parliamentary group, also welcomed Macron's desire to strengthen European cooperation and deploy French nuclear weapons, believing that this is "more to defend Europe" and "more to deter the enemy."
CDU lawmaker Van Ranschott added that Europe can only have a strong position in the world through cooperation among its member states, "so we see Macron's extended hand as a positive development."
The reaction of the largest opposition party, the Green Party-Labor Alliance (GroenLinks-PvdA), was more cautious, but given the unpredictability of the international situation, MP Piri still considered France's negotiation proposal "very interesting."
"We are currently very dependent on the United States for defence. My parliamentary group believes that it is absolutely necessary that we reduce this dependence," Pirie said. However, she added that it should not be considered "safe only to have nuclear weapons against the most powerful countries".
Another opposition party, the Socialist Party, firmly opposed this proposal. Congressman Dobe said more nuclear weapons could lead to a new nuclear arms race like the one during the Cold War, which would only make the world less safe.
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China News Service, Beijing, January 30 (Reporter Zuo Yuqing) A "nut gift box" with a net weight of 958 grams is advertised, but in fact it only has 33 grams of real nuts, and the rest is 660 grams of drinks and some biscuit snacks. Recently, Baicao’s “Nut Gift Box” has caused controversy.
Faced with doubts, Baicaowei blamed the dealers. According to media reports, Baicaowei claimed that the gift boxes involved were assembled by the dealers themselves and that the official store had never sold the product. It had instructed dealers to remove all the gift boxes from the shelves.
However, this response is unconvincing. China News Network noticed that although Baicaowei tried to "pass the blame" to distributors, similar gift boxes were still on sale in its official flagship store.
For example, a "nut snack gift box" weighing 1,260 grams in its official flagship store is marked in large characters on the product sales page with "10 large items weighing 2.5 pounds", and the promotional pictures are all nuts. However, nearly 70% of the weight of the gift box actually comes from "nut plant protein drink", jelly refreshing and gray dates, which obviously contradicts Baicaowei's explanation of "only a dealer behavior".
Yan Bing, senior partner of Times Jiuhe Law Firm, pointed out that the graphic introduction of such "nut gift boxes" is enough to make most consumers mistakenly believe that the gift boxes contain real nuts, which has a substantial impact on consumers' purchasing behavior. Therefore, this behavior violates consumers' right to know the truth and is suspected of fraud. Consumers can claim "refund one and compensate three".
As a brand owner, Baicaowei has unshirkable publicity, review and quality supervision responsibilities for both directly operated stores and authorized distribution channels. Denying the "official" nature of the "Nut Gift Box" involved and simply blaming the problem on the channel is not only difficult to convince the public, but also exposes loopholes in its internal control, which is not conducive to maintaining consumer trust.
What's more, they only removed the gift boxes involved from the shelves, focusing the verification and rectification on the omni-channel brand authorization logo, but did not modify the promotional images and logos that may mislead consumers. Similar gift boxes in the official flagship store are still being sold normally, which is difficult to reflect the sincerity of Baicaowei's rectification.
Using beautiful pictures and vague labels to mislead consumers is a long-standing "routine" in the current consumer market. Merchants often highlight "high value" and "sufficient quantity" visually and textually, but they "secretly make a fuss" about the physical composition. This type of approach may increase sales in the short term, but in the long run, it seriously overdrafts consumers' trust in the brand.
The evergreen brand comes from integrity. Baicaowei should not use dealers as a "shield", but should truly recognize the problem, comprehensively review the authenticity and transparency of product promotion, clearly identify the actual content of various products in the gift box, so that consumers can clearly understand the purchase. Only in this way can we truly safeguard the trust and future of the market. (over)
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