Core Viewpoint - The report from CITIC Securities indicates that the sentiment surrounding the impact of AI large models on software is spreading, leading to an overall adjustment in the software application sector. Companies with industry know-how and high-quality data are expected to create a competitive moat and benefit significantly from AI empowerment in the AI Agent era [1] Group 1: Industry Insights - The software application sector is experiencing an overall adjustment due to the influence of AI large models [1] - Companies that possess industry know-how and high-quality data are likely to establish a competitive advantage [1] Group 2: Investment Recommendations - It is suggested to focus on companies with advantages in large models, enterprise-level Agent software, vertical Agent software, and AI infrastructure [1] - Companies that exhibit flexibility in new scenarios such as AI for Services (AI4S), advertising and marketing, multimodal applications, and robotics are also recommended for attention [1]

Group 1 - On March 4, CITIC Securities experienced a decline of 2.46% with a trading volume of 3.95 billion yuan. The margin trading data indicated a financing purchase of 589 million yuan and a repayment of 471 million yuan, resulting in a net financing purchase of 118 million yuan. The total margin trading balance reached 19.339 billion yuan [1] - As of March 4, the financing balance of CITIC Securities was 19.322 billion yuan, accounting for 6.07% of the circulating market value, which is above the 90th percentile level over the past year, indicating a high level [1] - In terms of securities lending, on March 4, CITIC Securities repaid 74,700 shares and sold 33,000 shares, with a selling amount of 862,600 yuan. The remaining securities lending volume was 653,600 shares, with a balance of 17.085 million yuan, which is below the 10th percentile level over the past year, indicating a low level [1] Group 2 - As of September 30, CITIC Securities had 669,400 shareholders, an increase of 1.64% from the previous period. The average circulating shares per person decreased by 1.61% to 18,192 shares [2] - For the period from January to September 2025, CITIC Securities reported an operating income of 55.815 billion yuan, representing a year-on-year growth of 20.96%. The net profit attributable to shareholders was 23.159 billion yuan, reflecting a year-on-year increase of 37.86% [2] - CITIC Securities has cumulatively distributed dividends of 93.002 billion yuan since its A-share listing, with 26.306 billion yuan distributed over the past three years [3]

Core Viewpoint - The PCB sector has experienced relative stagnation since early 2026, primarily due to weak overall beta in computing power and artificial intelligence, alongside market concerns regarding application expansion disruptions, delays in scaling and upgrading, lagging performance realization, and material price increases [1] Group 1: Market Concerns - Market worries are focused on application expansion disruptions, delays in scaling and upgrading, lagging performance realization, and the impact of rising material prices [1] - Despite these concerns, the underlying growth logic of the AI PCB industry remains unchanged and is continuously strengthening [1] Group 2: Future Outlook - The sector has potential catalysts in the near future, with increasing visibility for growth in the coming years [1] - Performance expectations for leading manufacturers are gradually being realized, and there is further room for valuation upgrades [1] - The current outlook is optimistic regarding the upward momentum of the PCB sector [1]

Core Viewpoint - The report from CITIC Securities indicates that both domestic and overseas demand for computing power continues to exceed expectations, suggesting sustained price increases and a favorable outlook for the technology sector [1] Group 1: Market Overview - The technology sector experienced significant differentiation in February, with CSP and software stocks under pressure. Major companies like Amazon, Microsoft, and Google saw cumulative declines of 17%, 9%, and 2% respectively, reflecting a clear discount on the sustainability of capital expenditures and return paths [1] - The IGV software index dropped by 21.8% during the same period, with notable declines in individual stocks such as Salesforce and AppLovin exceeding 30% [1] Group 2: Factors Influencing Market Sentiment - Despite positive guidance on AI investments and revenues during the 2025 Q4 earnings season, concerns remain about the long-term impact of AI on traditional SaaS value capture [2] - The emergence of Anthropic's new Claude model, showcasing capabilities in autonomous software interface operations, has intensified market worries regarding the sustainability of SaaS pricing power [2] Group 3: Supply Chain Dynamics - The upstream supply chain, particularly components like GPUs, TPUs, and HBM, is experiencing strong demand driven by CSPs increasing their AI capital expenditures. Micron's stock rose by 45.36% in February, while semiconductor equipment and liquid cooling server indices also outperformed [2] - TSMC has raised its 2026 capital expenditure forecast to a range of $52-56 billion, driven by increased demand for storage, advanced packaging, and hybrid integration [2] Group 4: Investment Recommendations - Investors are advised to focus on technology sectors with sustained growth, particularly those driven by dual forces of training and inference in computing power demand. The release of new models like Doubao-Seed-2.0 and Qwen3.5 has led to a surge in training computing power needs [3] - The report highlights the expected price increases across various components in Q1 2026, recommending attention to storage, PCB, and optical fiber sectors [4] Group 5: Upcoming Events - Key upcoming events in March 2026 include the GTC and OFC conferences, which are expected to showcase advancements in computing power technologies and new product releases [5] - The GTC will focus on the Feynman architecture and its 3D stacking capabilities, while the OFC will highlight progress in CPO technology [5] Group 6: Long-term Outlook - The report suggests that the current volatility in U.S. tech stocks is leading to structural undervaluation, particularly in the software sector. The narrative around AI potentially replacing software is causing short-term valuation pressures [6] - Long-term, a rebalancing between Agents and SaaS is anticipated, with SaaS providers expected to deliver enterprise-level solutions that integrate Agent capabilities [6]

Core Viewpoint - The PCB sector has experienced relative stagnation since early 2026, primarily due to weak overall beta in computing power and artificial intelligence, alongside market concerns regarding application expansion disruptions, delays in scaling and upgrading, lagging performance realization, and material price increases [1] Group 1: Market Concerns - Market worries are focused on application expansion disruptions, delays in scaling and upgrading, lagging performance realization, and the impact of rising material prices [1] - Despite these concerns, the underlying growth logic of the AI PCB industry remains unchanged and is continuously strengthening [1] Group 2: Future Outlook - The sector has potential catalysts in the near future, with increasing visibility for growth in the coming years [1] - Performance expectations for leading companies are gradually being realized, and there is further room for valuation upgrades [1] - The current outlook is optimistic regarding the upward momentum of the PCB sector [1]

（文章来源：第一财经） 中信证券研报表示，AI大模型对软件的影响情绪扩散，软件应用板块整体调整。具备行业know-how、 高质量数据等优势的软件公司有望构成护城河，在AI Agent时代充分受益于AI赋能带来价值增长。建议 关注大模型、企业级Agent软件、垂直Agent软件、AI Infra具备相关优势的公司，以及AI大模型时代下 在AI4S、广告营销、多模态、机器人等新场景弹性较大的公司。 ...

特此公告。 上证公告（基金）【2026】436号 为促进摩根恒生生物科技交易型开放式指数证券投资基金（以下简称港股生物，基金代 码:520760）的市场流动性和平稳运行，根据《上海证券交易所基金自律监管规则适用指引第2号——上 市基金做市业务》等相关规定，本所同意中信证券股份有限公司自2026年03月05日起为港股生物提供主 做市服务。 上海证券交易所 2026年03月04日 ...

智通财经获悉，据瑞恩资本统计，过去的24个月(2024年3月至2026年2月)香港迎来209家新上市公司， 共有53间券商参与207家新上市公司(不包括2家以简易方式从GEM转主板)的保荐工作。就保荐的新上市 项目情况来看，中金公司，以70家排在第一位，保荐参与率 33.8%；中信证券、华泰国际分别以22.2% 与16.4%的保荐参与率位列第二和第三。 | 香港上市中介机构排行(Top3) | | | | >瑞恩 | | --- | --- | --- | --- | --- | | 中介机构 | 排名 | 过去24个月 | 过去12个月 | 过去6个月 | | | | 2024.03-2026.02 | 2025.03-2026.02 | 2025.09-2026.02 | | 保存券商 | 1 | 中我公司 | 中金公司 | 中我公司 | | 2 | | 中信证券 | 中信证券 | 中信证券 | | 3 | | 华泰国际 | 华泰国际 | 华泰国际 | 根据统计，在过去的24个月，共有53间券商，以上市保荐人、联席保荐人的身份参与保荐工作。在这53 间券商中，中资券商32间(占60.4%)，外资券商13间 ...

Core Insights - Hong Kong has welcomed 209 new listed companies in the past 24 months, with 53 brokerage firms participating in the sponsorship of 207 of these listings [1][5]. Group 1: Sponsorship Participation - CICC ranked first with 70 sponsored listings, accounting for a participation rate of 33.8% [6]. - CITIC Securities and Huatai International followed with 46 and 34 sponsored listings, representing participation rates of 22.2% and 16.4%, respectively [6]. - Among the 53 brokerage firms involved, 32 were Chinese firms (60.4%), 13 were foreign firms (24.5%), and 8 were Hong Kong firms (15.1%) [2]. Group 2: Recent Trends in Sponsorship - In the past 12 months, 44 of the 53 brokerage firms participated in the sponsorship of 132 new listings [9]. - CICC again led with 51 listings and a participation rate of 38.6%, followed by CITIC Securities with 34 listings (25.8%) and Huatai International with 25 listings (18.9%) [10]. - In the last 6 months, 36 firms participated in the sponsorship of 83 new listings, with CICC leading again with 31 listings (37.3%) [12]. Group 3: Additional Insights - A total of 16 brokerage firms only participated in one listing, making up 30.2% of all firms [8]. - The trend of participation rates and the number of listings sponsored by top firms indicates a competitive landscape among brokerage firms in Hong Kong [6][10][12].

Core Viewpoint - Tianxing Medical Co., Ltd. is seeking to list on the Hong Kong Stock Exchange, marking its second attempt after a previous application lapsed in August 2025 [2]. Company Overview - Established in 2017, Tianxing Medical is a leading medical device company in China, focusing on comprehensive sports medicine solutions, including treatments for soft tissue injuries in various joints [3]. - The company serves over 3,000 hospitals in mainland China and exports to more than 50 countries and regions across Europe, the Middle East, and Southeast Asia [3]. - According to Frost & Sullivan, Tianxing Medical is the fourth largest sports medicine equipment provider in China, holding a market share of approximately 6.5% in the domestic market [3]. Technology Platforms - Tianxing Medical operates four patented technology platforms: biomaterials, imaging dynamics, smart medical technology, and tissue engineering, which support a diverse product matrix and sustainable development [4]. - The biomaterials and imaging dynamics platforms enhance the development of surgical devices and related consumables, improving surgical efficiency [4]. - The smart medical platform allows expansion into the smart rehabilitation market, focusing on precision surgical robots and AI rehabilitation solutions [4]. - The tissue engineering platform is dedicated to developing products for joint soft tissue regeneration and repair [4]. Product Range - The company offers a total of 62 products, including implants, active devices, related consumables, surgical tools, and regenerative repair products, providing comprehensive clinical sports medicine solutions [4]. Financial Performance - Tianxing Medical's revenue for the years 2022, 2023, 2024, and the first nine months of 2025 were RMB 146.6 million, RMB 238.5 million, RMB 327.1 million, and RMB 273.3 million, respectively [10]. - Corresponding net profits for the same periods were RMB 40.3 million, RMB 57.1 million, RMB 95.4 million, and RMB 89.9 million [10]. Shareholder Structure - Prior to the IPO, the major shareholder is Mr. Dong Wenxing, holding 41.47% of the shares [5][6]. - Other significant shareholders include Xiamen Defu, Junlian Capital, and OrbiMed, among others [6][7]. Board Composition - The board consists of 11 members, including 2 executive directors and 5 non-executive directors, along with 4 independent non-executive directors [9].