中信证券作为公司首次公开发行股票并在深圳证券交易所（以下简称"深交所"）创业板上市项目的保荐 人，原委派张磊先生、王琦先生作为公司首次公开发行股票并在创业板上市项目持续督导保荐代表人。 2026年2月，因王琦先生工作变动，不再负责公司持续督导工作。为继续履行持续督导义务，中信证券 委派保荐代表人沈子权先生（简历附后）接替王琦先生担任公司首次公开发行股票并在创业板上市项目 持续督导保荐代表人，负责公司首次公开发行股票并在创业板上市项目的持续督导工作。本次变更后， 公司首次公开发行股票并在创业板上市项目持续督导保荐代表人为张磊先生、沈子权先生，持续督导期 至中国证券监督管理委员会和深交所规定的持续督导义务结束为止。 公司董事会对王琦先生在公司持续督导期间所做出的贡献表示衷心的感谢！ 特此公告。 登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 近日，上海建发致新医疗科技集团股份有限公司（以下简称"公司"）收到中信证券股份有限公司（以下 简称"中信证券"）《上海建发致新医疗科技集团股份有限公司首次公开发行股票并在创业板 ...

涪陵电力今日涨停，成交额16.93亿元，换手率8.49%，盘后龙虎榜数据显示，沪股通专用席位买入1.34 亿元并卖出6188.16万元，2家机构专用席位净买入1.53亿元。中信证券上海徐汇区漕溪北路证券营业部 净卖出1.64亿元。 ...

Group 1 - The core viewpoint of the news highlights the strong performance of the computing power leasing sector, with significant price increases announced by Hetzner, a major data center operator, affecting cloud services and dedicated servers across Europe, the US, and Singapore [1][2] - Hetzner's price adjustments, effective from April 1, will see cloud service prices in Germany and Finland rise by 30% to 38%, while dedicated vCPU cloud server prices in the US will increase by approximately 30% [1] - The report from Zhongyin Securities indicates that rising computing power prices signal supply bottlenecks, suggesting that the computing power industry chain is likely to continue benefiting from these trends [1] Group 2 - Citic Securities notes that the explosive growth of tokens reflects an exponential increase in AI inference demand, with domestic computing power expected to gradually dominate the infrastructure layer due to cost advantages and an improving ecosystem [2] - The Huaxia Cloud Computing ETF (516630) focuses on domestic AI hardware and software, with a combined weight of 84.3% in computer software, cloud services, and computer equipment [3] - The Huaxia AI ETF (159381) has a balanced layout between hardware and AI software applications, with the top ten holdings including major companies in the sector, and a total fund size nearing 2 billion [3]

中国经济网北京2月27日讯 亚虹医药（688176.SH）近期发布2025年年度业绩预亏公告。经财务部门初步测算，预计2025年度实现归 属于母公司所有者的净利润为-37,766.54万元到-45,319.85万元，与上年同期相比，净利润增加-6,913.51万元（亏损同比增长18.00%）到 639.80万元（亏损同比减少1.67%）。 亚虹医药上市首日开盘即破发，当日盘中最高价报20.00元，为上市以来最高价。 亚虹医药首次公开发行股票募集资金总额为25.28亿元，扣除发行费用后募集资金净额为23.81亿元。亚虹医药最终募集资金净额比原 计划多3.11亿元。亚虹医药于2021年12月31日披露的招股说明书显示，该公司拟募集资金20.70亿元，拟分别用于药品、医疗器械及配套 用乳膏生产项目，新药研发项目，营销网络建设项目，补充流动资金。 亚虹医药首次公开发行股票的费用总额为1.47亿元，其中中信证券获得承销费及保荐费1.30亿元。 亚虹医药的控股股东、实际控制人、董事长兼总经理是PANKE，美国国籍。 预计公司2025年度归属于母公司所有者扣除非经常性损益后的净利润为-39,628.87万元到-47,554 ...

Summary of Key Points Core Viewpoint - In the first two months of 2026, the A-share market saw a total of 17 new listed companies, marking a 31% increase compared to the same period last year, with total fundraising reaching 13.946 billion yuan, up 118.25% year-on-year [1]. Group 1: New Listings and Fundraising - A total of 17 new companies were listed in January and February 2026, including 4 on the Shanghai Main Board, 4 on the Sci-Tech Innovation Board, 1 on the Shenzhen Main Board, and 8 on the Beijing Stock Exchange [1]. - The net fundraising amount for these new listings was 13.946 billion yuan, significantly higher than the 6.390 billion yuan raised in the same period last year [1]. Group 2: Underwriting Institutions Performance - Eleven underwriting institutions participated in the IPOs of the 17 new companies, with China International Capital Corporation (CICC) leading with 4 deals [2]. - Other notable institutions included Guotou Securities, Dongwu Securities, and CITIC Securities, each handling 2 deals [2][3]. Group 3: Legal Services Performance - Nine law firms provided legal services for the IPOs, with Shanghai Jintiancheng and Beijing Zhonglun both ranking first, each handling 4 cases [5]. - Beijing Kangda followed with 3 cases, while several other firms contributed to the total of 17 cases [5][7]. Group 4: Accounting Firms Performance - Seven accounting firms provided auditing services for the IPOs, with Rongcheng and Lixin both leading with 4 cases each [8]. - Tianjian handled 3 cases, while Xinyong Zhonghe and Zhonghui each managed 2 cases [8][10].

Summary of Key Points Core Viewpoint - In the first two months of 2026, the A-share market saw a total of 17 new listed companies, marking a 31% increase compared to the same period last year, with a net fundraising amount of 13.946 billion yuan, up 118.25% year-on-year [1]. Group 1: Underwriting Institutions Performance Ranking - A total of 11 underwriting institutions were involved in the IPO business for the 17 new listed companies [2]. - China International Capital Corporation (CICC) ranked first with 4 deals, while Guotai Junan Securities, Dongwu Securities, and CITIC Securities each handled 2 deals [3][4]. Group 2: Law Firms Performance Ranking - Nine law firms provided legal services for the 17 new listed companies during the same period [5]. - Shanghai Jintiancheng and Beijing Zhonglun ranked first, each with 4 deals, followed by Beijing Kangda with 3 deals [6][8]. Group 3: Accounting Firms Performance Ranking - Seven accounting firms provided auditing services for the 17 new listed companies [9]. - Rongcheng and Lixin both ranked first with 4 deals each, while Tianjian had 3 deals, and Xinyong Zhonghe and Zhonghui each had 2 deals [10][12].

Core Viewpoint - The internationalization of securities firms is both a proactive choice for their own business development and a necessary step towards building a world-class investment bank, with the expectation that international business will become a significant driver of performance growth for these firms [1][3]. Group 1: International Business Growth - The contribution of international business to the profits of securities firms has become increasingly significant, with the profit contribution from international subsidiaries of 18 sample firms rising from 0.7% in 2018 to 258.2% in the first half of 2023 [2]. - Leading firms such as CITIC Securities, China International Capital Corporation (CICC), and Huatai Securities have seen international business contribute 20%, 55%, and 14% to their profits, respectively, indicating that international business is a major driver of profit growth for top firms [2]. - There is a clear trend of Chinese securities firms increasing capital investment in their international subsidiaries since 2025, with firms like GF Securities and Huatai Securities planning to enhance their international business capital strength [2]. Group 2: Strategic Importance of Internationalization - The internationalization of securities firms is an inevitable path under the strategy of becoming a financial powerhouse, as seen in global leaders like Goldman Sachs and Morgan Stanley, which capitalized on domestic enterprises' cross-border operations and overseas expansion needs [3]. - The development of international business is essential for building a world-class investment bank, as it enables firms to have a say in capital allocation and asset pricing in the international market, supporting high-level openness and national rise [3]. - International business is expected to be a primary direction for the expansion of top securities firms' balance sheets, especially in a context where the room for long-term interest rate declines is limited [3]. Group 3: Business Segments in International Operations - Wealth management is becoming a new growth engine for international business, driven by the increasing demand from Chinese residents for cross-border wealth management services [4]. - The investment banking sector is witnessing more Chinese companies going overseas for development, leading to frequent global capital operations such as overseas financing and cross-border mergers and acquisitions [4]. - Cross-border proprietary trading has gained traction as firms explore opportunities in overseas bond markets, which offer significant yield spreads compared to the domestic fixed income market [4]. Group 4: Future Outlook - The international business of leading securities firms is expected to steadily increase its profit share, driven by the rising demand for domestic enterprises to go abroad and the growing cross-border investment needs of domestic investors [5]. - The global leaders in the securities industry typically have an international business share of over 30%, indicating a benchmark for future growth in this area [5].

Core Viewpoint - The internationalization of securities firms is a proactive choice for their business development and is essential for building a world-class investment bank, with the expectation that international business will become a significant driver of performance growth for leading firms [1][2]. Group 1: International Business Development - International business has become a crucial focus for securities firms, with the profit contribution from international subsidiaries of 18 sample firms increasing from 0.7% in 2018 to 58.2% in the first half of 2023 [1]. - Leading firms like CITIC Securities, China International Capital Corporation (CICC), and Huatai Securities have seen international business profit contributions of 20%, 55%, and 14% respectively, indicating that international business is a major driver of profit growth for top firms [1]. - There is a noticeable trend of capital increase in international subsidiaries by Chinese securities firms since 2025, with firms like GF Securities and Huatai Securities planning to enhance their international business capital strength [1][2]. Group 2: Strategic Importance of Internationalization - The internationalization of securities firms is a necessary path under the strategy of becoming a financial powerhouse, as seen in global leaders like Goldman Sachs and Morgan Stanley, which leveraged local enterprises' cross-border needs to transition into international investment banks [2]. - The construction of a world-class investment bank requires firms to have a voice in capital allocation and asset pricing in international markets, supporting high-level openness and national rise [2]. - International business is expected to be a primary direction for the expansion of leading securities firms, especially in a context where domestic equity self-operation has not seen significant expansion [2]. Group 3: Business Segments in International Operations - Wealth management is witnessing growth in demand from Chinese residents for cross-border asset allocation services, which is expected to become a new growth engine for international business [3]. - The investment banking sector is increasingly active due to the Belt and Road Initiative and the globalization strategies of Chinese enterprises, leading to more overseas development, cross-border financing, and mergers and acquisitions [3]. - Cross-border proprietary trading has gained attention as the domestic fixed income market shows signs of "asset scarcity," making the overseas bond market more attractive for investment opportunities [3]. Group 4: Future Outlook - Global leading securities firms typically have over 30% of their business in international operations, and with the rising demand for overseas expansion from domestic enterprises and cross-border investment needs from domestic investors, international business is expected to steadily increase its profit share among leading firms [4].

Group 1: Overview of Private Equity and Venture Capital - Private equity (PE) and venture capital (VC) investments are divided into four stages: fundraising, project investment, post-investment management, and exit [2][7] - PE funds primarily invest in private equity of non-listed companies, while VC funds focus on equity investments in early-stage companies with growth potential [4][5] Group 2: Fundraising Stage - Since 2022, the number of registered private equity and venture capital fund managers in China has decreased, with a total of 11,567 managers as of November 2025, down by 516 from the end of 2024 [2][7] - The number of fund registrations has shown a recovery in 2025, with 1,456 private equity funds registered, totaling 135.25 billion yuan, and 2,780 venture capital funds registered, totaling 124.81 billion yuan [2][8] Group 3: Project Investment Stage - In 2025, the number of investment cases in China's VC/PE market reached 11,015, a year-on-year increase of 30.6%, with an investment scale of 1,339.68 billion yuan, up 23.43% [2] - The average investment amount was 12.2 million yuan, driven by improved macroeconomic expectations and supportive government policies in technology innovation and industrial upgrades [2] Group 4: Exit Stage - From 2022 to 2024, the number of exit cases in the equity investment market decreased, with 2,029 exits recorded in the first three quarters of 2025, a year-on-year decline of 29.2% [2] - IPOs remain the primary exit method, accounting for 49.4% of exits, while mergers and acquisitions have seen a significant increase of 84.3% year-on-year, indicating a growing importance as an exit strategy [2]

Core Viewpoint - The narrative surrounding AI has led to a decline in domestic and foreign insurance stocks, primarily due to concerns over interest rate predictions and the sustainability of insurance companies' business models. However, the company believes that the potential negative impacts have been exaggerated, and the opportunities in the insurance sector outweigh the challenges, maintaining that the industry is in a significant opportunity period [1]. Group 1: Market Dynamics - Since early 2026, insurance stocks have experienced a notable correction, influenced by factors such as the stock market decline in Q4 2025 affecting 2025 annual reports, increased ETF volumes leading to funding pressures, and AI narratives causing emotional concerns [1]. - From an interest rate perspective, insurance stocks benefit from the steepening of China's bond yield curve. The company anticipates that China's fiscal deficit will be around 4% in 2026, with long-term bond supply remaining high. In a loose monetary policy environment, the bond yield curve is expected to continue its steepening trend observed since 2025 [1]. - The company projects that due to the unclear real estate situation and low CPI, interest rates in China will likely remain low for an extended period. Leading insurance companies are actively selling policies during this phase, expanding low-cost liabilities through dividend insurance and bank insurance channels, thus enjoying the benefits of term spreads [1]. Group 2: AI Impact on Insurance Value Chain - The company identifies six attributes that redefine the insurance value chain in the AI era, including necessity, amount, human behavior, frequency, service requirements, and trust requirements. The key is to balance human weaknesses (such as procrastination and optimism bias) with risk management needs. Products that counter human tendencies require stronger trust intermediaries and scenario-triggered mechanisms [2]. - AI applications present more opportunities than challenges for both tech companies and traditional insurers, given China's relatively low insurance penetration and diverse customer needs [2]. Group 3: Traditional vs. Tech Insurance Companies - Traditional insurance companies possess a strong competitive advantage, particularly in areas requiring long-term trust and complex service demands. They can continue to invest in extending their value into the physical world and human relationships, while also integrating technology to enhance standardization and data-driven processes [4]. - Tech companies have potential breakthroughs in various combinations of insurance products, including high-risk, scale, barrier, and flow combinations, each with specific characteristics and market opportunities [3]. Group 4: Investment Strategy and Regulatory Environment - The insurance sector is still in a significant opportunity period, with the adjustment of AI narratives creating a right-side investment window. Over the next 3-5 years, insurance companies are expected to benefit from a highly regulated and competitive environment, with market share likely to continue concentrating among the top seven companies [6]. - Regulatory policies are pushing the industry to strengthen asset-liability management and encourage insurance companies to participate as strategic investors in large-scale equity offerings. These policies are expected to act as catalysts for insurance stock prices [7].