北交所策略专题报告 2026 年 02 月 08 日 2025 北交所券商执业全景：特色券商优势巩固，头部券商逐渐跃居前列 ——北交所策略专题报告 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 专题：2025 年格局重塑：头部券商成为执业主力军，特色券商优势巩固 2026 年 1 月 30 日北京证券交易所、全国股转公司根据对证券公司 2025 年的执 业质量情况进行了评价。2025 年度，115 家证券公司中，14 家证券公司子公司 纳入其母公司合并评价，由高到低分别被评为一、二、三、四档，其中，一档占 比 19.80%；二档占比 39.60%；三档占比 19.80%；四档占比 20.79%。从一档券 商变化来看，北交所市场券商执业格局"大洗牌"，头部券商逐渐跃居前列。2025 年排名前十名分别为国泰海通、华泰证券、招商证券、申万宏源、中信证券、国 金证券、东吴证券、开源证券、中信建投、平安证券，其中华泰证券、中信证券、 平安证券分别由 2024 年的第二档跃升为第一档。从专业质量总分变化来看，头 部券商进步明显。2025 年排名前五名分别为 ...

重组委会议现场问询的主要问题： 请上市公司代表结合控股股东尚未注入的水力发电业务经营业绩、光伏发电业务代为培育的进展、控股 股东关于避免同业竞争的承诺及履行情况，说明同业竞争后续解决措施及其可行性。请独立财务顾问代 表、律师代表发表明确意见。 无。 湖南发展表示，本次交易尚需取得中国证券监督管理委员会同意注册的批复，最终能否取得中国证券监 督管理委员会同意注册的批复及最终取得时间仍存在不确定性。公司将根据本次交易的进展情况，严格 按照有关法律法规的规定及时履行信息披露义务。 根据湖南发展于2026年1月30日披露的发行股份及支付现金购买资产并募集配套资金暨关联交易报告书 (草案)(上会稿)，上市公司拟以发行股份及支付现金的方式购买电投公司持有的铜湾水电90%股权、清 水塘水电90%股权、筱溪水电88%股权及高滩水电85%股权。同时，上市公司拟向不超过35名符合条件 的特定投资者发行股份募集配套资金 中国经济网北京2月8日讯深圳证券交易所并购重组审核委员会2026年第3次审议会议于2026年2月6日召 开，审议结果显示，湖南能源集团发展股份有限公司(证券简称：湖南发展（000722），证券代码： 000722) ...

Investment Rating - Maintain "Buy" rating for the non-bank financial sector [1] Core Views - The non-bank financial sector has shown resilience, with various sub-sectors outperforming the Shanghai and Shenzhen 300 Index recently [9][10] - The report highlights the ongoing regulatory tightening on virtual currencies by eight government departments, which may impact market dynamics [16] - The insurance sector is expected to see significant growth in new business value (NBV) and profitability in 2026, driven by favorable market conditions and product demand [23][33] - The securities industry is undergoing transformation, with potential new growth points emerging from market recovery and supportive policies [21] - The trust industry is entering a stable transition phase, while the futures market continues to maintain high transaction volumes [40][41] Summary by Sections 1. Recent Performance of Non-Bank Financial Sub-Sectors - All sub-sectors of non-bank financials outperformed the Shanghai and Shenzhen 300 Index in the last five trading days [9] - The multi-financial sector rose by 0.49%, while the securities and insurance sectors fell by 0.63% and 0.73%, respectively [9] 2. Non-Bank Financial Sub-Sector Insights 2.1 Securities - February trading volume decreased month-on-month, with average daily stock trading at 28,613 billion yuan, a 17.64% decline from the previous month but a 40.43% increase year-on-year [14] - The margin balance reached 26,809 billion yuan, up 49.43% year-on-year [14] - The average price-to-book (PB) ratio for the securities industry is projected at 1.2x for 2026 [21] 2.2 Insurance - The insurance sector is projected to see a significant increase in NBV, with expectations of a 50% year-on-year growth in net profit for 2025 [23] - The total premium income for life insurance is expected to reach 52,696 billion yuan in 2025, reflecting an 8.5% year-on-year increase [27] - The "insurance + health care" model is gaining traction, with ongoing developments in commercial health insurance [30] 2.3 Multi-Financial - The trust industry saw its asset scale reach 32.43 trillion yuan by mid-2025, a 20.11% year-on-year increase [34] - The futures market recorded a transaction volume of 9.51 billion contracts and a transaction value of 90.81 trillion yuan in December 2025, marking a 45.17% and 58.55% year-on-year growth, respectively [41] 3. Industry Ranking and Key Company Recommendations - The non-bank financial sector is currently undervalued, providing a safety margin for investors [21] - The insurance sector is favored due to its recovery potential and improving liability side, while the securities sector is expected to benefit from market recovery and policy support [21] - Recommended companies include China Life, Ping An, New China Life, China Pacific Insurance, CITIC Securities, and Tonghuashun [21]

Core Insights - The report emphasizes the continuous influx of incremental funds into the market, highlighting investment opportunities in the non-bank financial sector [1][7] - The industry rating remains at "Buy," indicating a positive outlook for the sector [2] Group 1: Market Performance - As of February 6, 2026, the Shanghai Composite Index closed at 4065.58 points, down 1.27%, while the Shenzhen Component Index fell 2.11% [12] - The average daily trading volume in the Shanghai and Shenzhen markets was 2.41 trillion yuan, reflecting a 3.38% decrease [7] Group 2: Industry Dynamics and Weekly Commentary Insurance Sector - The performance of listed insurance companies is expected to continue high growth, with a marginal improvement in long-term interest rate spreads [18] - China Ping An Group increased its stake in China Life H shares, indicating positive industry trends [18] - The first quarter of 2026 is anticipated to show better-than-expected performance for some insurance companies due to a low base in the first half of 2025 [18] Securities Sector - A significant increase in new accounts was observed in January 2026, with 491.58 million new A-share accounts opened, a 213% year-on-year increase [19] - The balance of margin trading reached a historical high, providing strong support for interest income in the securities industry [22] - The Hong Kong IPO market is active, with 384 companies applying for listings as of February 6, 2026, and a daily trading volume of 2202 billion yuan in January, a 94% year-on-year increase [24][28] Group 3: Investment Recommendations - The report suggests focusing on specific stocks within the insurance sector, including China Ping An (A/H), China Life (A/H), and New China Life (A/H) [18] - In the securities sector, recommended stocks include Guotai Junan (AH), CICC (H), and Huatai Securities (AH) due to their potential for performance improvement [7][18]

转自：新华财经 2月6日，浙江交通集团甬台温改扩建台州北段项目关键控制性工程——新建灵江特大桥正式建成通车。这座横跨灵江、连接南北的现代化斜拉桥完成交通组 织转换后，将承担宁波方向车辆通行任务，温州方向车辆暂借老桥宁波方向通行。 目前，甬台温改扩建台州项目已进入全面冲刺阶段，桥隧、路面、机电等工程正加快推进。截至1月底，项目累计完成投资91.382亿元，占总投资119.22亿元 的76.6%，计划于2026年底建成。 据悉，甬台温改扩建台州北段项目起点为宁波台州分界点，经三门县、临海市，终于临海南互通处，路线全长42.8公里。全线沿现甬台温高速公路线位，采 用两侧加宽为双向8车道（局部10车道）的总体方案。建成后，将进一步畅通南北向运输大动脉，为长三角一体化高质量发展注入强劲交通动能。（李密、 孙嘉炜、陈英） 编辑：马萌伟 新建灵江特大桥全长1690米，主桥为双塔双索面钢混叠合梁斜拉桥，主跨380米，钻石型主塔高132.8米，相当于40层楼高，由中交路建承建。该桥紧邻既有 高速公路，最近处仅5米，是国内罕见的近距离紧邻既有高速施工的大跨度桥梁工程，施工中面临潮汐、台风、地质复杂等多重挑战，技术难度与安全风险 ...

Core Viewpoint - Kema Technology (301611.SZ) has received approval from the Shenzhen Stock Exchange's Listing Review Committee for its application to issue convertible bonds to unspecified objects, with a total fundraising target of up to RMB 75 million [1][2]. Group 1: Issuance Details - The issuance application was reviewed on February 6, 2026, and was found to meet the conditions for issuance, listing, and information disclosure [1]. - The final approval from the China Securities Regulatory Commission (CSRC) is still pending, and the timing of this decision remains uncertain [1]. Group 2: Fundraising Allocation - The total investment for the projects funded by the issuance is RMB 87.82 million, with the following allocations: - Expansion of modular ceramic components: Total investment of RMB 60.27 million, with RMB 48.80 million from the fundraising [2]. - Silicon carbide materials and components for semiconductor equipment: Total investment of RMB 6.54 million, with RMB 5.20 million from the fundraising [2]. - Supplementing working capital: Total investment of RMB 21 million, with the entire amount sourced from the fundraising [2]. Group 3: Shareholding Structure - As of September 30, 2025, Liu Xianbing directly holds 192.65 million shares, accounting for 44.19% of the total share capital, and controls an additional 5.53% through other entities, totaling 49.72% control over the company [2].

2026年首月，A股市场完成9家公司首发上市，合计募集资金90.53亿元。从发行结构看，北交所成为当月IPO主阵地，5家企业登陆该板块，占比超五成；募 资端呈现"头部集中、袖珍分散"特征，4个项目募资超10亿元，均由头部券商承揽，而北交所5家企业募资均未过10亿元。券商阵营中，头部效应持续放大， 中金公司以2家保荐项目、44.74亿元募资额领跑市场，行业前三券商募资总额占比超八成。市场层面，IPO发行进入"新常态化"，在审企业达319家，北交所 占比超六成，战略性新兴产业成为申报主力。面对市场中各类信息与走势波动，我始终以量化大数据为核心线索，观察资金行为的真实轨迹。 | | | | 1月券商保存情况一览 | | | | --- | --- | --- | --- | --- | --- | | 본을 | 机构简称 | 募集资金(亿元) | 承销家数(家) | 承销及保荐费用(亿元) 承销及保存费用(亿元 | | | | 中金公司 | 44.74 | 2 | 1.22 | 1.22 | | 2 | 中信证券 | 15.61 | 1 | 1.17 | 1.17 | | 3 | 甲万宏源承销保存 | 12.38 ...

Core Viewpoint - The upcoming Chinese New Year has prompted many A-share listed companies to distribute dividends, with a total planned payout of 18.926 billion yuan, reflecting both corporate profitability and enhanced shareholder return awareness under policy guidance [1] Group 1: Dividend Distribution Overview - A total of 34 A-share listed companies have announced profit distribution plans, with a combined payout amounting to 18.926 billion yuan before the Chinese New Year [1] - Major companies leading the dividend distribution include China Yangtze Power Co., Ltd., Luxshare Precision Industry Co., Ltd., CITIC Securities Co., Ltd., Huadian New Energy Group Co., Ltd., and Guosen Securities Co., Ltd., with Yangtze Power planning to distribute over 5.1 billion yuan [2] - State-owned enterprises play a significant role in this dividend distribution, with 14 out of the 34 companies being state-owned, accounting for 73.82% of the total payout [2] Group 2: Industry and Company Characteristics - The dividend distribution spans various industries, including traditional high-dividend sectors like banking and utilities, as well as growth sectors such as pharmaceuticals, new materials, and consumer goods [2] - The participation of both large-cap and small-cap companies indicates a broad improvement in operational quality across different sectors, with many smaller firms focusing on specialized fields [2] Group 3: Policy and Market Implications - The trend of pre-holiday dividends reflects the ongoing improvement of the A-share dividend mechanism, enhancing investor returns and fostering a positive interaction between listed companies and investors [3] - Continuous policy guidance encourages companies to adopt proactive profit distribution strategies, shifting from passive to active dividend practices [4][5] - The combination of strong corporate performance and supportive policies is expected to lead to an increase in the number of companies engaging in active dividend distribution, further solidifying the foundation for value investment in the capital market [6]

Group 1 - The core point of the article is the announcement by Green Power regarding a change in the designated sponsor representative for its 2022 non-public issuance of A-shares [2] - CITIC Securities has appointed Wu Zuo Jun as the new sponsor representative to replace Ma Bin, who has had a change in work arrangements [2] - The new representative will continue to fulfill the responsibilities related to the ongoing supervision of the stock issuance project [2]

Core Viewpoint - The A-share market is experiencing a strong demand for financing from securities firms, leading to a significant increase in bond issuance, with a total approval amount exceeding 3,400 billion yuan for 2026 [5][10]. Group 1: Bond Issuance Trends - As of February 4, 2026, 12 securities firms have received approval for bond issuance, with a total amount reaching 3,400 billion yuan [5]. - In 2026, 46 securities firms have issued 120 domestic bonds, totaling over 3,168 billion yuan, with a net financing amount of 2,227.17 billion yuan [6][10]. - The bond issuance volume in 2026 has increased by over three times compared to the same period last year, driven by a low base from 2025 [6]. Group 2: Major Issuers - Leading securities firms such as Huatai Securities and Guotai Junan Securities have issued 350 billion yuan and 340 billion yuan in bonds, respectively, making them the largest issuers in 2026 [7]. - Other significant issuers include CITIC Securities, China Merchants Securities, and China Galaxy Securities, each exceeding 200 billion yuan in bond issuance [7][8]. Group 3: Purpose of Fundraising - The primary purpose of the bond issuance is to ensure liquidity and support business development, with many firms indicating that funds will be used for debt repayment and to supplement working capital [11][12]. - Specific allocations for capital-consuming businesses have been noted, with firms like Guotai Junan and CITIC Securities committing to limit the use of raised funds for such purposes to no more than 10% [13]. Group 4: H-share Financing - In addition to domestic bond issuance, major securities firms are also engaging in H-share refinancing, with Guangfa Securities planning to raise over 6 billion HKD through a combination of new H-share placements and convertible bonds [15]. - Huatai Securities announced a zero-coupon convertible bond issuance of 10 billion HKD, aimed at supporting overseas business development and enhancing operational capital [18].