| 编纂 的 编纂 數目 : | [编纂]股H股(視乎[编纂]行使與否而定) | | --- | --- | | 编纂 敏目 : | 编纂 股H股(可予[编纂]) | | 编纂 敷目 : | 编纂 股H股(可予 编纂 及視乎 编纂 行使與否而定) | | 最高 编纂 : | 母[編纂][編纂]港元,另加1.0%經紀佣金、0.0027% | | | 證監會交易徵費、0.00565%聯交所交易費及 | | | 0.00015% 會財局交易微費(須於申請時以港元繳 | | | 足,多繳股款可予退還) | | 面值 : | 每股H股人民幣1.00元 | | 编纂 : | 【需要】 | 2026年2月20日，来自浙江杭州西湖区的杭州绿云软件股份有限公司Hangzhou GreenCloud Software Co., Ltd.(以下简称"绿云软件")在港交 所递交招股书，拟香港主板IPO上市。 绿云软件招股书链接： 主要业务 绿云软件，成立于2010年，作为中国领先的住宿业数字化服务商，主要提供住宿业数字化解决方案、数字营销服务和其他数字增值服 务。 住宿业数字化行业的核心模块为PMS(酒店物业管理系统)，根据灼识咨询 ...

股票近期走势 来源：经济观察网 经济观察网 中金公司近期热点集中于业务动态与市场参与。2026年2月21日，公司在投资者互动中回应 投行业务与研究业务质疑，强调投行业务维持全球IPO承销规模第一地位，并介绍研究团队覆盖40多个 行业及1,800余家公司。同时，智谱A股IPO辅导新增国泰海通证券，中金公司继续参与辅导，显示其投 行项目储备活跃。此外，春节期间券商电话会议密集，中金公司于正月初二至初九举办新春系列电话 会，覆盖电池、通信、计算机等7大行业，反映研究业务持续投入。 财报分析 中金公司于2026年1月30日发布2025年业绩预增公告，预计归母净利润为85.42亿至105.35亿元，同比增 加50%到85%，扣非净利润同比增49%到83%。该业绩预增源于投行、投资等业务增长，可能对估值形 成支撑（基于最新市盈率17.81倍）。 截至2026年2月13日（春节前最后交易日），中金公司股价报34.69元，当日跌0.34%，5日累计涨 0.20%，但证券Ⅱ板块同期跌1.03%。资金面显示主力净流入3569.67万元，散户资金呈净流出态势。技 术面提示20日压力位35.45元，支撑位34.28元，近期处于震荡格 ...

2025年恰逢中金公司成立三十周年。三十年来，中金公司始终与国家发展同频共振，以专业服务助力资 本市场建设。站在新的历史起点上，中金公司将坚定不移围绕金融强国建设目标，以打造"让党放心、 让人民满意的国际一流投行"为愿景，积极贡献专业力量。 专题：资本市场大咖2026新春献词：骏马踏春来 驭势稳行启新程 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 2026年是"十五五"规划开局之年，我国经济长期向好的坚实基础和积极态势将持续巩固，中央经济工作 会议为明年工作指明了方向，助力"十五五"稳健开篇。在这一关键时期，资本市场肩负着服务国家战 略、赋能实体经济的重要使命，金融作为国之重器，更需要在应对外部挑战、维护经济金融安全稳定中 展现更大担当。 我们将着力打造"财富投行"与"资产投行"，把握居民财富多元配置趋势，努力做大社会财富"蛋糕"，服 务扩大内需、提振市场信心；深耕"产业投行"建设，发挥"投早投小投长期"的专业优势，为科技创新和 产业升级注入金融活水；持续强化"交易投行"特色与国际化优势，加强跨境互联互通，服务高水平对外 开放，助力提升中国资本市场的全球竞争力。 新征程上，中金公 ...

岁末洞见·2026湾区财富管理高端访谈 吴显鏖提到，充分依托大湾区联结内外循环的优势，中金财富建立了具备全球视野的资产配置能力，和以客户 为中心的买方投顾体系。面对粤港澳大湾区进一步金融开放带来的发展机遇，中金财富也在积极把握，以跨境 理财通业务为例，截至2025年末客户资产的配置量、保有量增幅分别近260%和90%。他还就未来如何做好跨 境财富管理服务，分享了最新思考。 跨境理财通配置规模同比增幅超200% 在粤港澳大湾区建设中，深圳以其改革创新基因，持续强化"科创+金融"双轮驱动，成为驱动区域高质量发展 的重要引擎。而这片创新热土，同样是财富管理行业深耕布局的沃土。深圳市政府相关负责人曾在2025年10月 的公开会议中提到，彼时深圳财富管理总规模已超过31万亿元，较年初增加7%，占全国20%，位列国内大中 城市第三。 作为中金公司财富管理业务平台，中金财富自创立起就以深圳为发展根据地。据吴显鏖介绍，过去几年，中金 财富全面整合财富管理业务平台，以深圳为境内业务总部，以香港为国际业务中心，将该公司的财富管理服务 能力广泛拓展至共建"一带一路"国家和地区。 编者按： 2026年正处于"十四五"收官、"十五五" ...

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Core Viewpoint - The financial industry is experiencing a significant migration trend, with professionals moving from brokerage firms to public funds, indicating a shift in resource allocation within the wealth management sector [3][17][24]. Group 1: Migration Trends - A notable number of brokerage employees have changed their careers to join public funds, exemplified by individuals like Zhao Binghao moving from CITIC Securities to Huazhang Fund [3][17]. - As of the end of 2025, the number of employees in securities companies is projected to decrease to 327,800, reflecting a net loss of nearly 8,000 in one year, while public fund assets are expected to reach 37.71 trillion yuan, marking an increase of nearly 5 trillion yuan [5][19]. Group 2: Reasons for Migration - The decline in commission rates and shrinking investment banking projects have led to reduced income for brokerage employees, making the once lucrative positions less attractive [7][20]. - In contrast, public funds are experiencing rapid growth, with a significant demand for investment research talent, as evidenced by the average management scale per employee exceeding 1.1 billion yuan [20][25]. Group 3: Characteristics of Migrating Professionals - Two main groups are migrating: experienced professionals returning to their roots in public funds and investment managers transferring their product management rights as part of a business transition [9][22]. - The migration is not merely a job change but reflects a strategic realignment in response to market demands and opportunities [24][26]. Group 4: Industry Dynamics - The surge in public fund assets is driven by a shift in consumer investment preferences, as traditional wealth management products face challenges, leading to increased inflows into public funds [11][25]. - The current trend signifies a structural transformation in China's wealth management industry, moving from a focus on brokerage services to a greater emphasis on product management and research capabilities [14][26].

Core Insights - The sell-side research sector is intensifying efforts to boost performance during the Chinese New Year, with a significant number of conference calls scheduled, including 292 calls from February 16 to 23, averaging over 32 calls per day [1][2] - The spring strategy meetings are also being held earlier and more densely than in previous years, with seven brokerages confirmed to host events, indicating a competitive landscape for research market share [2][11] Conference Calls and Meetings - A total of 176 sell-side roadshow meetings are planned, with 108 occurring during the Chinese New Year holiday from February 15 to 23, involving over 13 brokerages [3][4] - Notable brokerages participating include Pacific Securities, Guotai Junan, and CITIC Securities, with a focus on various industries such as food and beverage, real estate, and technology [3][7] Spring Strategy Meetings - The spring strategy meetings are characterized by early initiation and dense scheduling, with the first meeting held by Huafu Securities on February 3, 2026 [11][12] - The themes of these meetings reflect a positive outlook for the capital market, with keywords like "new," "breakthrough," and "upgrade" being prevalent [12][13] - Brokerages are also expanding their geographical reach, with events planned in locations beyond traditional financial hubs, indicating a shift in focus towards emerging economic regions [12] Competitive Landscape - The competition among brokerages for research market share is intensifying, driven by pressures on research income due to ongoing reforms in public fund fees [10][11] - Medium-sized brokerages are particularly focused on enhancing their research capabilities to capture market share, while larger firms maintain strategic investments in research to support both external and internal functions [10]

Core Viewpoint - The introduction of new refinancing regulations by the Shanghai, Shenzhen, and Beijing stock exchanges is seen as a positive development for the investment banking sector, providing opportunities for both large and small brokerage firms to adapt and capitalize on the changes [1][2][8]. Group 1: Market Response and Opportunities - The new refinancing regulations are expected to enhance the efficiency of refinancing processes, addressing previous concerns raised by market participants [2][10]. - In the first week following the announcement of the new regulations (February 10-12), at least 10 listed companies in the three exchanges issued new refinancing proposals, indicating a quick market response [2][11]. - The refinancing market in January saw a significant increase, with a total of 130 billion yuan raised, marking a 56% year-on-year growth and a 234% month-on-month increase [3][11]. Group 2: Impact on Brokerage Firms - Analysts believe that leading brokerage firms with strong pricing and underwriting capabilities will benefit the most from the new regulations, while smaller firms will need to find differentiated strategies to compete [4][12]. - The top five brokerage firms accounted for 54% of the underwriting volume in 2025, with CITIC Securities leading by underwriting 36 companies [4][12]. - Smaller brokerage firms are focusing on the Beijing Stock Exchange's refinancing market, which is seen as a key area for growth due to the concentration of small and medium-sized enterprises [5][13][14]. Group 3: Challenges and Requirements - The new regulations emphasize "supporting the strong and limiting the weak," which raises the bar for brokerage firms in terms of their capabilities, particularly in pricing for unprofitable technology companies [7][16]. - There is a limited number of firms with experience in pricing for unprofitable companies, highlighting a potential challenge for many in the industry [7][16]. - The ability to effectively integrate technology and finance is becoming increasingly important, requiring firms to enhance their understanding of industries and technologies [7][16].

Core Viewpoint - The introduction of new refinancing regulations by the Shanghai, Shenzhen, and Beijing stock exchanges is expected to improve the investment banking business, creating opportunities for both large and small brokerages [1][2]. Group 1: Policy Changes and Market Reactions - The new refinancing regulations aim to enhance the efficiency of refinancing approvals, responding to market demands and facilitating the rapid development of new economies [2]. - The first week following the policy announcement saw at least 10 listed companies in the three exchanges release new refinancing plans, indicating a positive market response [2][3]. - The refinancing market had already shown significant growth prior to the new regulations, with A-share refinancing in January reaching 130 billion, a year-on-year increase of 56% and a month-on-month increase of 234% [3]. Group 2: Impact on Investment Banking Landscape - The new regulations are expected to benefit leading brokerages with strong pricing and underwriting capabilities, while smaller firms may need to find differentiated development paths [4][5]. - The top five brokerages accounted for 54% of the underwriting cases in 2025, indicating a concentration of market power among leading firms [5]. - Smaller brokerages are focusing on the Beijing Stock Exchange's refinancing market, which presents opportunities for growth due to the concentration of small and medium enterprises [6][5]. Group 3: Challenges and Requirements for Brokerages - The new refinancing rules emphasize "supporting the strong and limiting the weak," raising the capability requirements for investment banks [7]. - There is a limited number of brokerages experienced in pricing for unprofitable companies, highlighting a gap in expertise that needs to be addressed [8]. - The ability to integrate industry knowledge and resources is becoming increasingly important for brokerages, especially in the context of financing technology innovation [8].

Core Viewpoint - The article discusses the transformation of panoramic and action cameras from professional equipment to consumer-friendly devices, driven by the growing demand from short video creators and outdoor enthusiasts in China. It highlights how domestic brands have outperformed established foreign competitors in this market [2][3]. Group 1: Camera Technology - Consumer-grade panoramic cameras utilize a "dual-lens + automatic stitching" technology, allowing users to capture 360° images effortlessly with AI algorithms [5][7]. - Professional-grade panoramic cameras feature multiple optical sensors and are designed for high-end applications, providing immersive experiences for events like parades and VR experiences [7]. - Action cameras are characterized by strong protection and high stability, making them suitable for extreme sports and outdoor activities, thus meeting the recording needs of outdoor enthusiasts [9]. Group 2: Market Growth - The market for handheld smart imaging devices has seen significant growth, expanding from 16.4 billion yuan in 2017 to 36.5 billion yuan in 2023, with projections to reach 59.2 billion yuan by 2027 [11][13]. - The rise in popularity of platforms like Douyin and Xiaohongshu has turned content creation into a widespread activity, contributing to the increased demand for panoramic cameras among users who want to elevate their video content [13]. - The global retail market for panoramic cameras grew from 2.51 billion yuan in 2017 to 5.03 billion yuan in 2023, with an expected compound annual growth rate (CAGR) of 11.8% [13]. Group 3: Domestic Brand Success - Domestic brands have captured 67.2% of the global consumer-grade panoramic camera market in 2023, significantly outperforming foreign competitors, which hold only 9.2% [18]. - These brands have successfully innovated by understanding the preferences of younger consumers and enhancing product features, such as editing capabilities and image quality [18]. - The second leading domestic brand leveraged its expertise in drone technology to expand into the action camera market, creating a comprehensive smart imaging product lineup [20]. Group 4: Competitive Advantages - Domestic brands have thrived by recognizing the "shallow water" nature of the handheld smart imaging device market, characterized by diverse demands and low competition barriers [21]. - Key technological advancements include high-performance image sensors and intelligent algorithms that enhance image capture and processing capabilities [21]. - Product innovation focuses on meeting user needs for content creation, with new features and designs tailored to various usage scenarios [21].