【导读】埃夫特拟购买盛普股份100%股份，自2月10日开市起复牌中国基金报记者 闻言2月9日晚间， 埃夫特发布交易预案称，公司拟通过发行股份及支付现金的方式，购买上海盛普流体设备股份有限公司 （以下简称盛普股份）100%股份，预计构成重大资产重组。 埃夫特针对上述交易自1月27日开市起停牌，计划自2月10日开市起复牌。1月26日收盘，埃夫特股价报 22.57元/股，总市值为117.8亿元。 初步确定交易方案分两部分 发行股份价格为17.96元/股 在此前的公告中，埃夫特仅提及拟收购盛普股份的股份。如今，埃夫特在交易预案中表示，公司拟收购 盛普股份100%的股份，并且交易方案分为两部分。一是埃夫特拟通过发行股份及支付现金的方式，购 买上海至骞实业发展有限公司等10名交易对方所持盛普股份95.97%的股份。交易预案显示，埃夫特拟 发行股份的价格为17.96元/股，不低于其定价基准日前60个交易日股票交易均价的80%。以此估算，埃 夫特拟发行股份的价格，相较其1月26日收盘价22.57元/股，折价率达20.43%。二是埃夫特拟通过支付 现金的方式，购买上海翌耀科技股份有限公司、共青城凯翌投资合伙企业（有限合伙）所持 ...

Group 1 - Nanjing has established a market-oriented mother fund with a total scale of 100 billion yuan, featuring a 20-year duration, which is rare among government-led innovation funds in China [1] - The mother fund aims to attract quality fund management institutions and social capital to support the high-quality development of the real economy, focusing on cultivating enterprises with long-term core competitiveness [1] - The total scale of funds launched and signed at the 2026 Zijin Mountain Venture Capital Conference exceeds 700 billion yuan, including various provincial and central enterprise funds [2][3] Group 2 - In addition to the mother fund, two other funds, each with a scale of 100 billion yuan, were unveiled, focusing on modern service industry innovation and the full lifecycle cultivation of sci-tech enterprises [2] - A total of 15 artificial intelligence industry chain funds were established to meet the equity financing needs of AI enterprises, while 9 angel investment funds with a total scale of 47 billion yuan were also signed to support early-stage tech startups [3] - The Nanjing municipal government has introduced policies to accelerate the cultivation of new productive forces, aiming to create an industrial fund cluster exceeding 2000 billion yuan [3][4]

【导读】沪深北交易所宣布优化再融资一揽子措施 2月9日，沪深北交易所相继宣布推出优化再融资一揽子措施。 进一步提高再融资便利性和灵活性 具体举措上，上交所表示，一是进一步支持优质上市公司创新发展；二是更好适应科技创新企业再融资需求；三是提升再融资灵活性、便利度；四是加强 再融资全过程监管。 上交所提到，对经营治理、信息披露规范，具有代表性与市场认可度的优质上市公司，优化再融资审核，进一步提高再融资效率。研究推出交易所主板上 市公司"轻资产、高研发投入"认定标准。优化再融资间隔期要求，按照未盈利标准上市且尚未盈利的科技型上市公司再融资，前次募集资金基本使用完毕 或未改变募集资金投向的，前次募集资金到位日6个月后，可以启动再融资预案公告等程序。存在破发情形的上市公司，可以通过竞价定增、发行可转债 等方式合理融资，募集资金需投向主营业务。 深交所提到，对经营治理、信息披露规范，具有代表性与市场认可度的优质上市公司，优化再融资审核，进一步提高再融资效率。存在破发情形的上市公 司，可以通过竞价定增、发行可转债等方式合理融资发展主营业务。研究推出交易所主板上市公司"轻资产、高研发投入"认定标准，放宽募集资金补流比 例限制 ...

深交所表示，一是加大对优质上市公司支持力度；二是提高对科技创新企业的包容性、适应性；三是着力提升再融资机制灵活性、便利性；四是加强再融 资全链条监管。 2月9日，沪深北交易所相继宣布推出优化再融资一揽子措施。 进一步提高再融资便利性和灵活性 具体举措上，上交所表示，一是进一步支持优质上市公司创新发展；二是更好适应科技创新企业再融资需求；三是提升再融资灵活性、便利度；四是加强 再融资全过程监管。 上交所提到，对经营治理、信息披露规范，具有代表性与市场认可度的优质上市公司，优化再融资审核，进一步提高再融资效率。研究推出交易所主板上 市公司"轻资产、高研发投入"认定标准。优化再融资间隔期要求，按照未盈利标准上市且尚未盈利的科技型上市公司再融资，前次募集资金基本使用完毕 或未改变募集资金投向的，前次募集资金到位日6个月后，可以启动再融资预案公告等程序。存在破发情形的上市公司，可以通过竞价定增、发行可转债 等方式合理融资，募集资金需投向主营业务。 北交所表示，一是大力支持优质上市公司再融资；二是提高对创新型中小企业再融资的制度包容性；三是提高再融资制度便利性；四是强化再融资全链条 监管。 北交所提到，对经营治理、信息披 ...

Market Overview - The Hong Kong stock market experienced a significant rebound, with the Hang Seng Index rising by 1.76% to close at 27,027.16 points, while the Hang Seng Tech Index and the Hang Seng China Enterprises Index increased by 1.34% and 1.52%, respectively [1][2]. Trading Volume - The total trading volume for the day reached HKD 255.14 billion, an increase from HKD 247.87 billion in the previous trading session, with net southbound capital outflow of HKD 1.88 billion [2]. Individual Stock Performance - Pop Mart saw a notable increase of 5.76%, while Zijin Mining and Ping An of China rose by 5.58% and 4.89%, respectively. Conversely, China Telecom and Kuaishou experienced declines of 2.96% and 2.74% [3]. Key Stock Transactions - Tencent Holdings had a trading volume of HKD 14.68 billion, Alibaba-W reached HKD 9.29 billion, and Kuaishou recorded HKD 5.62 billion in trading volume [4]. Pop Mart's Growth - Pop Mart's founder announced ambitious sales targets for 2025, projecting over 100 million units sold for LABUBU and over 400 million units across all product lines, with operations in over 100 countries and more than 700 global stores [7]. New Listing Performance - Celerate Technology debuted on the Hong Kong Stock Exchange with a 63.72% increase, opening at HKD 168, which was a 57.1% rise from its issue price. The company anticipates a net profit growth of 52% to 66% by 2025, driven by strong demand in the AI sector [8]. Internet Technology Sector - The internet technology sector rebounded strongly, with Tencent and Alibaba shares rising by 2.28% and 1.87%, respectively. This surge is attributed to major AI initiatives, including Tencent's HKD 1 billion cash giveaway and Alibaba's HKD 3 billion promotional plan [10][13]. Insurance Sector Performance - The insurance sector showed remarkable performance, with China Life and Ping An rising by 3.98% and 4.89%, respectively. Analysts attribute this to declining deposit rates and improving industry fundamentals, with a projected insurance premium income exceeding HKD 6 trillion by 2025 [13].

Group 1 - The stock price of Zhiyuan surged over 40% on February 9, closing at 276.8 HKD per share, marking a 36.22% increase and reaching a market capitalization of 123.4 billion HKD, a record high since its listing [1] - The launch of the global model service platform OpenRouter introduced a mysterious model named "Pony Alpha," which quickly gained attention in the developer community due to its strong coding capabilities and optimization for intelligent agent workflows [1][2] - Predictions from tech bloggers and Silicon Valley entrepreneurs suggest that Pony Alpha may be related to DeepSeek-V4 or Zhiyuan's upcoming GLM-5 model, with a higher likelihood of being developed by a Chinese company due to its name's association with the Year of the Horse [1] Group 2 - Pony Alpha is described as a "cutting-edge foundational model" excelling in programming, intelligent agent workflows, reasoning, and role-playing, with a particular emphasis on its "extremely high tool invocation accuracy" [2] - The emergence of Pony Alpha coincides with the impending explosion of AI Agent applications, which require models to perform multi-round tool invocations, maintain long context memory, and plan complex tasks, leading to exponential increases in token consumption per interaction [2] - Community testing demonstrated that developers used Pony Alpha with Claude Code to run a MineCraft project, generating 170KB of pure JavaScript code in approximately 2 hours, with output quality rated as "beyond expectations" [2]

Market Overview - The Hong Kong stock market experienced a significant rebound on February 9, with the Hang Seng Index rising by 1.76% to close at 27,027.16 points [2] - The Hang Seng Technology Index increased by 1.34% to 5,417.6 points, while the Hang Seng China Enterprises Index rose by 1.52% to 9,168.33 points [2][3] - The total market turnover reached HKD 255.14 billion, an increase from HKD 247.87 billion in the previous trading day [3] Individual Stock Performance - Pop Mart saw a notable increase of 5.76%, while Zijin Mining and Ping An Insurance rose by 5.58% and 4.89%, respectively [4] - Tencent Holdings had a trading volume of HKD 14.68 billion, and Alibaba-W had a trading volume of HKD 9.29 billion [4] Pop Mart's Growth - Pop Mart's founder Wang Ning announced ambitious sales targets for 2025, projecting over 100 million units sold for LABUBU and over 400 million units across all product lines [8] - The company has expanded its business to over 100 countries and regions, with more than 700 global stores and six supply chain bases [8] New Listings - On February 9, Lattice Semiconductor debuted on the Hong Kong Stock Exchange, with its stock price increasing by 63.72% on its first day of trading [9][10] - The company, a leading supplier of memory interconnect chips, anticipates a net profit growth of 52% to 66% by 2025, driven by strong demand from the AI industry [10] Internet Technology Sector - Internet technology stocks rebounded strongly, with Tencent and Alibaba-W rising by 2.28% and 1.87%, respectively [13] - Major internet companies are launching AI-related promotional activities, such as Tencent's HKD 1 billion cash giveaway and Alibaba's HKD 3 billion "Spring Festival Treat" initiative [14][17] Insurance Sector Performance - The insurance sector showed strong performance, with China Life and Ping An Insurance rising by 3.98% and 4.89%, respectively [18] - Analysts attribute this growth to declining deposit rates and ongoing improvements in the industry fundamentals, with a projected insurance premium income of over HKD 6 trillion by 2025 [18]

Core Viewpoint - The China Securities Association (CSRC) has reported issues regarding the integrity and fee management practices of securities firms, highlighting the need for improved compliance and ethical standards in the industry [1][2]. Group 1: Integrity Management Issues - Some securities firms have not established clear standards for marketing expenses, leading to violations such as gifting clients during marketing activities [2]. - There are deficiencies in the management of third-party institutions, including inadequate qualification criteria and conflict of interest checks [2]. - Internal financial and procurement management systems are not effectively enforced, resulting in insufficient scrutiny of unusual cost expenditures [2]. - Annual integrity checks are often replaced with self-assessments, failing to cover high-risk departments and activities [2]. - There is a lack of sufficient integrity training for employees and inadequate promotion of integrity practices to clients and stakeholders [2]. Group 2: Fee Management in Investment Banking - The fee management system for investment banking services requires strengthening, as some firms have not clearly defined or agreed upon ongoing supervisory fee standards [2]. - Certain firms have failed to timely report sponsorship fee principles and project agreements to the association [2]. - There is a need for timely updates to internal fee structures to comply with regulations [2]. Group 3: Industry Response - A head of investment banking at a leading securities firm emphasized that issues such as third-party management and marketing expense regulations are long-standing challenges in the industry [3]. - The industry is encouraged to shift from "passive compliance" to "active prevention" to enhance integrity management and risk control [3].

其中，"固收+"产品中信建投双颐3个月持有于2月9日发行，该基金拟由中信建投基金固定收益部行政负责人、固收投研总监许健掌舵。许健表示，债券投资策略是"票息为王， 久期灵活"。在经济弱复苏的局面下，央行维持资金面宽松，资金利率围绕政策利率DR007波动，资金面维持低位运行，中短端债券票息依然是最确定的收益。在经济保持平 稳，央行防止债券大幅波动情况下，长端债券依然难有单边趋势下跌和上涨的行情，在高胜率和赔率的情况下，长端债券波段操作，增厚组合收益。 另一只量化赋能的"固收+"产品大成招享汇智将于2月13日发行，该基金拟任基金经理是"量化投资老将"大成基金指数与期货投资部副总监夏高，他拥有14年证券从业经验，其 中11年基金管理经验。他的投资理念是在长期有价值的beta上持续创造alpha。 来源：中国基金报 作者：曹雯璟 （原标题：近50只，"同台竞技"） 春节前的最后一个交易周，多只"固收+"、FOF、指数产品"同台竞技"。Wind数据显示，目前正在发行的基金达47只，等待发行的基金有23只。 从上周新基金发行情况来看，多只FOF产品受到资金青睐，其中，不乏小爆款产品。 "固收+"、FOF、指数产品"同台竞技 ...

【导读】大和证券（中国）国资股东拟清仓49%股权 近日，据北京产权交易所披露，大和证券（中国）33%股权及16%股权集中被挂牌公开出售，转让方分别是北京国有资本运营管理有限公司、北京熙诚资 本控股有限公司，底价约7.05亿元。 | 项目编号 | 标的名称 | 挂牌价格 (万元) ⇒ | 披露起始日期 | 点击量 ◆ | | --- | --- | --- | --- | --- | | G32025BJ1000880-5 | 滨海投资集团股份有限公司100万股 ... | de | 2026-02-09 | 176 | | G32025BJ1000040-5 | 湖南中兵天马科技有限公司49%股权 | 19.89 | 2026-02-09 | 278 | | G32026BJ1000056 | 大和证券(中国)有限责任公司33% ... | 47,533.3952 | 2026-02-06 | ਦੇਖੋਰੇ | | G32026BJ1000055 | 大和证券(中国)有限责任公司16% ... | 23,022.9717 | 2026-02-06 | 501 | | G32026BJ1000054 | 辽宁福 ...