（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].

Core Viewpoint - CITIC Securities has experienced a decline in stock price and trading volume, with significant net outflows of capital, indicating potential challenges in market sentiment and investor confidence [1][2]. Group 1: Stock Performance - As of March 4, CITIC Securities' stock price fell by 2.01% to 26.26 CNY per share, with a trading volume of 20.19 billion CNY and a turnover rate of 0.63%, resulting in a total market capitalization of 389.18 billion CNY [1]. - Year-to-date, the stock price has decreased by 7.60%, with a 5-day decline of 5.34%, a 20-day decline of 4.75%, and a 60-day decline of 3.81% [1]. Group 2: Financial Performance - For the period from January to September 2025, CITIC Securities reported operating revenue of 55.81 billion CNY, representing a year-on-year growth of 20.96%, and a net profit attributable to shareholders of 23.16 billion CNY, reflecting a year-on-year increase of 37.86% [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of CITIC Securities shareholders reached 669,400, an increase of 1.64% from the previous period, while the average number of circulating shares per person decreased by 1.61% to 18,192 shares [2]. - The company has distributed a total of 93.00 billion CNY in dividends since its A-share listing, with 26.31 billion CNY distributed over the past three years [3]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 500.10 million shares, a decrease of 83.45 million shares from the previous period, while the Guotai CSI All-Index Securities Company ETF is a new entrant holding 252 million shares [3].

Core Viewpoint - The report from CITIC Securities highlights the optimistic outlook for AIDC and overseas expansion, particularly in sectors like space photovoltaics, AIDC, power equipment, and energy storage, while also suggesting attention to high safety margin sectors like the power grid during the domestic demand policy window [1] Group 1: Space Photovoltaics - The satellite photovoltaic battery market is expected to approach 1 trillion yuan in the long term, with satellite launches projected to increase from 5,000 to 100,000 annually between 2026 and 2035, driving total demand for space photovoltaic batteries from 0.1 GW to 5-10 GW [2] - GaAs batteries will dominate in the short term with a penetration rate of 70%, but as costs decrease and technology advances, the penetration of P-type heterojunction (HJT) and perovskite/silicon tandem batteries is expected to rise, particularly with perovskite & silicon tandem batteries projected to reach a 70% penetration rate in the long term [2] Group 2: AIDC & Overseas Expansion - The upgrade of AIDC power supply systems is creating new opportunities, with a clear trend towards overseas power grid upgrades [3] - The AI power supply system is evolving from uninterruptible power supply (UPS) to fully direct current systems, with increasing output voltage levels and accelerated SST solution matching; the demand for supercapacitors is rising due to increased power density in server power supplies [3] - The competitive landscape shows that HVDC segments are dominated by VRT and Delta Electronics, while Taiwanese manufacturers hold an advantage in rack power supplies; domestic supercapacitors and SST products are expected to benefit from capacity shortages and solution iterations, presenting investment opportunities [3] Group 3: Domestic Power Grid Demand - The "14th Five-Year Plan" investment in the power grid is expected to be robust, with significant projects like UHV expected to catalyze growth; the State Grid announced a 4 trillion yuan investment plan for the "15th Five-Year Plan," a 40% increase from the previous plan [4] - The investment will focus on green transformation, aiming for an annual increase of 200 million kilowatts in wind and solar energy capacity, with non-fossil energy consumption targeted to reach 25% and electricity's share of final energy consumption to reach 35% [4] - The report suggests that the current construction of UHV projects is likely to enhance the market's attractiveness, benefiting core equipment segments [4]

天星医疗向港交所主板递交上市申请，中信证券与建银国际担任联席保荐人。 中国运动医学设备市场仍处于发展初期，预计2024年至2030年的年复合增长率将达16.5%，国产提供商 的市场渗透率有望进一步提升。目前市场高度集中且由国际参与者主导（前五名占59.3%份额），天星 医疗在手术设备及相关耗材、运动医学植入物等细分领域均位居国产品牌首位。 按2024年销售收入计，天星医疗是中国第四大运动医学设备提供商（市场份额约6.5%），在所有国产 品牌中排名第一。公司专注于运动医学临床解决方案，产品涵盖植入物、有源设备、耗材及手术工具， 主要用于肩、膝、髋等部位的软组织损伤治疗及运动康复。 公司拥有62款产品，其中27项获得第三类医疗器械证书，是国内运动医疗行业中持证最多的公司；同时 在海外获得超过200项监管批准。截至2024年底，公司产品已进入超过3000家医院，累计产品销量超过 180万件。 ...

Core Viewpoint - The National Energy Administration held a symposium on the development of the green fuel industry, emphasizing its strategic goals of ensuring energy security, reducing carbon emissions, and promoting the non-electric utilization and consumption of new energy [1][2]. Group 1: Strategic Goals - The meeting outlined three strategic goals for green fuel: 1. "Replacing oil to ensure energy security," addressing the reliance on oil imports amid rising global oil prices due to geopolitical tensions [2][3]. 2. "Reducing carbon emissions and promoting green development," aligning with carbon neutrality targets and industrial emission reduction needs [2][3]. 3. "Promoting non-electric utilization and consumption of new energy, enhancing new development momentum," tackling the issue of renewable energy waste [2][3]. Group 2: Industry Development Requirements - Five requirements were proposed to promote healthy industry development: 1. Systematic planning 2. Pilot projects 3. Innovation leadership 4. Environmental optimization 5. Demand-driven approach [1][2]. Group 3: Policy and Economic Focus - The policy focus is shifting from encouraging technological breakthroughs to addressing economic viability and demand-side issues through institutional measures [4]. - The domestic market may see new demand-side policies during the "14th Five-Year Plan" period, fostering accelerated development of the green fuel industry [4]. Group 4: Investment Opportunities - The company suggests focusing on investment operators of green hydrogen, ammonia, and alcohol projects, as well as manufacturers of key equipment for green hydrogen production [7].

Investment Rating - The report maintains an "Overweight" rating for the brokerage sector [7] Core Insights - The brokerage sector has experienced a mismatch between performance growth and valuation, influenced by funding constraints and market preferences. The report emphasizes four dimensions for sector allocation opportunities: strong reality and stable expectations, increased contribution from international business profits, capital enhancement through mergers and refinancing, and low valuations and positions that suggest strong upside potential [2][4][5] Summary by Sections Strong Reality & Stable Expectations - The breadth and depth of China's capital market have significantly improved over the past decade, with the number of A-share listed companies nearing that of the US and total market capitalization ranking second globally. The trading volume in the A-share market has become a new norm, with a daily average turnover rate of 4.2% as of February 25, 2026. The report forecasts that many brokerages will achieve record net profits in 2025, with a projected increase in industry ROE from 7.7% to 9.1% for 2026 [2][13][16] Increased Contribution from International Business - The international business of leading brokerages has shown higher leverage, broader markets, and stronger profitability. For instance, CITIC's Hong Kong subsidiary achieved an annualized ROE of 23%, significantly higher than the group's overall ROE of 9.8%. The report highlights that the contribution of net profits from Hong Kong subsidiaries is on the rise, with major brokerages actively increasing capital in these subsidiaries [3][35][33] Capital Utilization Still Has Expansion Space - Capital leverage is a core indicator constraining brokerage expansion, with many leading brokerages experiencing capital consumption acceleration. As of Q3 2025, capital leverage ratios were at historical lows for some firms. However, there is still room for capital utilization expansion due to recent mergers and regulatory support for quality institutions [4][39] Low Valuations and Positions - The average P/B ratios for large and small brokerages are at 1.41x and 1.65x, respectively, indicating low valuations compared to historical levels. The H-share index for Chinese brokerages stands at 0.84x, also reflecting low absolute valuations. The report suggests that the current low allocation of brokerage stocks in equity funds presents a high cost-performance opportunity [5][24][30] Key Recommendations - The report recommends focusing on high-cost performance opportunities within the sector, particularly on leading brokerages such as CITIC, Guotai Junan, and Guangfa, as well as quality regional brokerages [9][5]