中原证券股份有限公司是一家从事证券经纪业务的中国公司。该公司运营八个分部。证券经纪业务分部 从事代理客户买卖股票、基金、债券等业务。自营业务分部从事权益投资、固定收益投资。投资银行业 务分部包括股权类承销与保荐业务、债券类产品承销业务等。信用业务分部向客户提供融资融券、约定 购回及股票质押等融资类业务服务。投资管理业务分部包括资产管理业务、私募基金管理业务以及另类 投资业务。期货业务分部涵盖期货经纪业务、期货交易咨询业务及风险管理业务。该公司还运营境外业 务分部和总部及其他业务分部。 证券之星消息，2月26日南向资金增持138.5万股中州证券（01375.HK）。近5个交易日中，获南向资金 增持的有3天，累计净增持363.2万股。近20个交易日中，获南向资金增持的有11天，累计净增持297.1万 股。截至目前，南向资金持有中州证券（01375.HK）7.07亿股，占公司已发行普通股的59.14%。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

智通财经APP获悉，中原证券发布研报称，受多因素综合影响，2026年春节档的整体表现弱于市场预 期。在另一方面，大档期的带动效应失灵或将推动影片出品方在进一步精细打磨影片、凭借影片质量以 拉动需求的同时，在产业端加速对于IP开发、衍生品、线下实景娱乐等多元化渠道的转型投入力度，优 化盈利结构，由内容票房驱动收入增长转为由内容IP全产业链运营驱动收入增长。同时在技术端，利用 AI视频模型等技术能力，优化影视内容的制作流程，降低制作成本、提高制作效率。建议关注在优质 内容建设、IP孵化、衍生品授权等全产业链变现能力方面具备竞争优势的影视内容公司以及影院运营效 率高、非票收入占比高的头部院线公司。 中原证券主要观点如下： 2026年春节假期累计放映电影388.0万场，同比增加15.24%，日均放映场次55.43万场，同比增加 15.24%，达到历年最高水平。但以观影人次和放映场次计算，测算2026年春节档场均人次30.67人，同 比减少44.78%，降幅高于观影人次下降幅度，导致影院的上座率下滑更加显著，从2025年的43.3%下降 至22.2%。 《飞驰人生3》持续领跑，影片票房断层 《飞驰人生3》档期内总票房近 ...

券商板块2026年1月行情回顾 自营：权益市场明显降温，固收市场低位延续反弹但幅度收窄，自营业务环比将出现明显下滑。经纪： 月度日均股票成交量明显下滑，交易日减少导致月度成交总量降幅更大，经纪业务景气度将出现季节性 较大幅度回落。两融：两融余额环比将出现小幅下滑，但两融业务的业绩贡献度将保持在近12月以来的 高位。投行：受股权融资规模、债权融资规模同步出现较大幅度下滑的影响，预计2月行业投行业务总 量环比将出现较大幅度回落。整体经营业绩：综合目前市场各要素的最新变化，受季节性因素的影响， 预计2026年2月上市券商母公司口径单月整体经营业绩将回落至近12月以来的相对低位。 1月券商指数尝试转强但以失败告终，全月在各行业指数中的表现较为落后，短周期依然延续弱势格 局。中信二级行业指数证券Ⅱ全月下跌1.49%，跑输沪深300指数(上涨1.65%)3.14个百分点。1月券商板 块分化加剧，头部券商显著压制券商指数月度表现，全月跑赢券商指数的个股数量环比显著增多，板块 平均P/B的震荡区间上移至1.426-1.541倍。 (1)权益冲高遇阻、固收温和回暖，自营业务进一步明显回升。(2)月度日均成交量、成交总量均创历史 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 通信资源行业领涨 A 股震荡上行 ——市场分析 相关报告 《市场分析：航天传媒行业领涨 A 股小幅上 行》 2026-02-10 《市场分析：成长行业领涨 A 股震荡上行》 2026-02-09 《市场分析：电池电子行业领涨 A 股先抑后 扬》 2026-02-06 联系人： 李智 电话： 0371-65585629 地址： 郑州郑东新区商务外环路10号18楼 地址： 上海浦东新区世纪大道 1788 号 T1 座 22 楼 证券研究报告-市场分析 发布日期：2026 年 02 月 24 日 投资要点： ◼ A 股市场综述 周二（02 月 24 日）A 股市场跳空高开、小幅震荡上行，早盘股指高 开后震荡回落，盘中沪指在 4105 点附近获得支撑，随后股指企稳回 升，盘中煤炭、石油、贵金属以及通信设备等行业表现较好；影视 院线、旅游零售、软件开发以及游戏等行业表现较弱，沪指全天基 本呈现小幅震荡上扬的运行特征。创业板市场周二震荡上行，创业 板成分指数全天表现强于主板市场。 ◼ 后市研判及投资建议 ...

以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 中原证券股份有限公司是一家从事证券经纪业务的中国公司。该公司运营八个分部。证券经纪业务分部 从事代理客户买卖股票、基金、债券等业务。自营业务分部从事权益投资、固定收益投资。投资银行业 务分部包括股权类承销与保荐业务、债券类产品承销业务等。信用业务分部向客户提供融资融券、约定 购回及股票质押等融资类业务服务。投资管理业务分部包括资产管理业务、私募基金管理业务以及另类 投资业务。期货业务分部涵盖期货经纪业务、期货交易咨询业务及风险管理业务。该公司还运营境外业 务分部和总部及其他业务分部。 证券之星消息，2月23日南向资金增持254.0万股中州证券（01375.HK）。近5个交易日中，获南向资金 减持的有3天，累计净减持275.6万股。近20个交易日中，获南向资金增持的有11天，累计净增持371.1万 股。截至目前，南向资金持有中州证券（01375.HK）7.06亿股，占公司已发行普通股的59.02%。 ...

Group 1 - The article highlights the top three companies with the highest AH premium rates: Northeast Electric (00042) at 785.25%, Beijing Jingcheng Machinery Electric (00187) at 291.45%, and Sinopec Oilfield Service (01033) at 284.04% [1] - The bottom three companies with the lowest AH premium rates are CATL (03750) at -16.62%, WuXi AppTec (02359) at -6.17%, and China Merchants Bank (03968) at -3.27% [1] - The article provides a detailed ranking of the top ten and bottom ten AH stocks based on their premium rates and deviation values, indicating significant disparities in market valuations between A-shares and H-shares [1][2] Group 2 - The top three companies with the highest deviation values are Beijing Jingcheng Machinery Electric (00187) at 23.16%, Dongjiang Environmental Protection (00895) at 18.78%, and Zhongzhou Securities (01375) at 16.54% [1] - Conversely, the companies with the lowest deviation values include Morning Paper (01812) at -52.60%, Junda Co., Ltd. (02865) at -34.18%, and Changfei Optical Fiber Cable (06869) at -34.18% [1][2] - The article emphasizes that the deviation value represents the difference between the current premium rate and the average premium rate over the past 30 days, providing insights into market trends [2]

Performance Overview - The company expects a net profit attributable to shareholders for the year 2025 to be between 400 million to 480 million yuan, representing a year-on-year growth of 62.70% to 95.24%. The non-recurring net profit is anticipated to grow by 100.08% to 138.19% year-on-year, driven by an overall upturn in the capital market and increased revenue from wealth management and securities investment businesses [2]. Subsidiary Development - The company's subsidiary, Zhongzhou Blue Ocean Investment Management Co., Ltd., has repeatedly reduced its registered capital since 2025, with a cumulative decrease of over 27%. This adjustment aims to optimize the parent company's capital utilization efficiency, but it may have a certain impact on the subsidiary's business expansion [3]. Stock Performance - As of February 11, 2026, the A-shares of the company experienced a price increase of 2.31% from February 4 to February 11, while the Hong Kong shares rose by 1.85% during the same period. On February 11, there was a net outflow of 1.8465 million yuan from the main funds in A-shares, while retail investors showed a net inflow [4]. Industry Policy and Environment - Dongwu Securities released an industry commentary on February 10, 2026, indicating that the optimization of refinancing measures by the Shanghai and Shenzhen Stock Exchanges may indirectly benefit the brokerage sector, including the company. However, attention should be paid to regulatory compliance requirements [5].

Core Viewpoint - The alternative investment landscape among securities firms in China is experiencing a significant divergence, with some firms retracting while others are expanding their investments [2][5]. Group 1: Firms Retracting - Firms like Caida Securities and Dongxing Securities are reducing their capital in alternative investment subsidiaries due to poor financial performance, with Caida's subsidiary reporting a revenue of -1.19 million yuan and a net loss of 2.47 million yuan for the first nine months of 2025 [2][3]. - Northeast Securities' alternative subsidiary reported a total revenue of -1.84 million yuan and a net loss exceeding 16 million yuan in 2024, leading to a capital reduction to 1 billion yuan [3]. - The overall trend shows that many smaller securities firms are facing capital pressure and liquidity risks due to the requirements of the Sci-Tech Innovation Board's co-investment system, which mandates a 2%-5% co-investment ratio and a 24-month lock-up period [3][6]. Group 2: Firms Expanding - In contrast, firms like Caitong Securities and Guohai Securities are increasing their capital in alternative investment subsidiaries, with Caitong planning to raise up to 2 billion yuan to enhance its capital strength [5][6]. - Guohai Securities announced a 500 million yuan capital increase, citing rapid growth in investment business and the need to bolster capital for competitive advantage [5]. - Other firms, such as Zhongtai Securities and Nanjing Securities, are also focusing on alternative investments, targeting specialized and innovative enterprises, indicating a shift from passive co-investing to proactive investment strategies [5][6]. Group 3: Industry Trends - The divergence in strategies reflects a broader shift in the industry from a focus on scale to a more refined approach to capital management, emphasizing project selection, post-investment support, and exit management [6]. - Experts suggest that the current environment necessitates a transition from "broad arbitrage" to "meticulous cultivation," focusing on precise project screening, risk control, and efficient capital turnover [6]. - The changes in capital allocation strategies among securities firms highlight the industry's adaptation to regulatory changes and market conditions, with a growing emphasis on professional capabilities and risk management [6].

Group 1 - The core viewpoint of the report is that the overall valuation of lithium batteries and the ChiNext board is projected to be 28.69 times and 46.07 times, respectively, as of February 12, 2026, maintaining a strong market rating for the industry based on development prospects [1] - In January 2026, the lithium battery sector outperformed the CSI 300 index, attributed to prior sector corrections and overall price increases in the supply chain [1] - The overall industry prosperity is expected to continue rising, with short-term focus on upstream raw material price trends, monthly sales, domestic and international policies, and advancements in solid-state batteries [1] Group 2 - The long-term outlook for the domestic and international electric vehicle industry is confirmed, making the sector a key area of interest [1] - It is anticipated that individual stock performance and trends will show divergence, suggesting a continued focus on leading companies within specific sub-sectors [1]

智通财经APP获悉，中原证券发布研报称，维持行业"强于大市"投资评级。2026年1月锂电池板块走势 强于沪深300指数，主要系板块前期回调、产业链价格总体上涨等相关。短期重点关注上游原材料价格 走势、月度销量、国内外相关政策及固态电池相关进展。考虑行业相关政策表述、原材料价格走势、板 块业绩情况、目前市场估值水平及行业未来增长预期，短期建议关注板块投资机会，同时密切关注指数 走势及市场风格。中长期而言，国内外新能源汽车行业发展前景确定，板块值得重点关注，同时预计个 股业绩和走势也将出现分化，建议持续重点围绕细分领域龙头布局。 中原证券主要观点如下： 1月锂电池板块指数走势强于沪深300指数 2026年1月，锂电池指数上涨3.31%，新能源汽车指数上涨0.44%，而同期沪深300指数上涨1.65%，锂电 池指数走势强于沪深300指数。 截至2026年2月12日，电池级碳酸锂价格为14.30万元/吨，较2026年1月初价格上涨19.17%;氢氧化锂价格 为14.25万元/吨，较1月初上涨26.67%，预计二者价格短期震荡为主。电解钴价格42.80万元/吨，较1月 初回落7.16%，短期预计震荡为主;钴酸锂价格40 ...