中信证券表示，截至2026年1月31日，A股共有2976家公司披露2025年年报业绩预告，总披露率为 54.0%。其中预喜公司占比达37%，相比于2024年报预告的33%有进一步提升。本轮业绩预告呈现出"科 技驱动、外需支撑、金融压仓"的结构性特征，大市值龙头盈利修复显著，中小市值企业业绩压力仍然 突出。 ...

每经AI快讯，2月13日，中信证券发布研报指出，2025年畜禽价格震荡下行，板块多数公司业绩承压， 畜禽龙头竞争优势持续拉大。展望2026年，生猪价格继续寻底，产能去化持续，2026年下半年以及2027 年景气有望回升，推荐成本能力领先的头部公司。肉鸡行业关注海外禽流感进展和消费复苏情况。后周 期领域推荐经营能力领先、穿越周期的企业等。此外，关注减产兑现、景气高位的菌菇行业。 ...

Fundraising Overview - The company has received approval from the China Securities Regulatory Commission for its initial public offering (IPO), allowing it to issue 34.19 million shares at a price of RMB 15.38 per share, raising a total of RMB 525.84 million, with a net amount of RMB 457.44 million after deducting issuance costs [2]. Fund Management and Regulatory Compliance - The company has established a special account for the raised funds and signed a tripartite supervision agreement with CITIC Securities and Jiujiang Bank to ensure proper management and protection of investor rights [3][4]. - The special account is designated solely for the "Electronic Technology Park and High-end Smart Home Industrial Park Project," with a total of RMB 63.45 million stored in this account [4]. Agreement Details - The tripartite agreement outlines the responsibilities of each party, including the management of the special account, cash management procedures, and the requirement for monthly account statements to be provided to the sponsor [5][6]. - The agreement stipulates that any withdrawal exceeding RMB 50 million or 20% of the net raised funds must be reported to the sponsor within five working days [7][8]. Compliance and Monitoring - The sponsor is responsible for ongoing supervision of the fund management and usage, with the right to conduct on-site inspections and inquiries [6][8]. - The agreement will remain in effect until all funds are fully utilized and the supervision period by the sponsor concludes [8][9].

智通财经APP获悉，截至2月13日，恒指最新的牛熊街货比例为73:27。 | 牛證街貨 | - 恒指牛熊證期指張數比例- | | | 熊證街貨 | | --- | --- | --- | --- | --- | | 72.99% | | | | 27.01% | | (16,137張) | (以相對期指張數計算) | | | (5,970張) | | 指數區域 | 相對期指張數[括號內為 一日變化 | | 信譜精選 | 曹際槓桿 | | 28,100 - 28,199 | 686(-157) | 車貨品 | 61721 配 | 22.5 | | 28,000 - 28,099 | 85(-59) | | 53605 NE | 24.1 | | 27,900 - 27,999 | 145(-26) | | 64737 NE | 26.2 | | 27,800 - 27,899 | 180(-126) | | 54807 NE | 30.0 | | 27,700 - 27,799 | 337(-109) | | 55005 NE | 33.8 | | 27.600 - 27.699 | 457(-226) | | ...

ETF Industry News - The three major indices collectively rose, with the electronic sector ETFs leading the gains. The Kweichow Moutai ETF (588780.SH) increased by 4.43%, while the E Fund AI ETF (588730.SH) and Bosera AI ETF (588790.SH) rose by 4.20% and 4.15% respectively. Conversely, several bank sector ETFs declined, with E Fund Bank ETF (516310.SH) down by 1.52% [1] - CITIC Securities reported a continuous price increase trend in the electronic components industry, with recent price hikes observed in mid-to-low voltage MOSFETs, built-in storage SOCs, and LED drivers. The report suggests that the price increase trend will continue, particularly benefiting segments like storage, CCL, BT substrates, wafer foundry, and packaging [1] Market Overview - The A-share market saw all three major indices rise today, with the Shanghai Composite Index up by 0.05% to 4134.02 points, the Shenzhen Component Index up by 0.86% to 14283.0 points, and the ChiNext Index up by 1.32% to 3328.06 points. The highest daily increases were recorded by the Sci-Tech 50 and ChiNext indices, with daily gains of 1.78% and 1.32% respectively [4] - In terms of sector performance, the comprehensive, electronic, and power equipment sectors ranked highest, with daily increases of 5.31%, 1.73%, and 1.65% respectively. Conversely, the beauty care, commercial retail, and textile sectors lagged behind with declines of -1.77%, -1.57%, and -1.49% [7] ETF Market Performance - The overall performance of ETFs showed that the stock-themed ETFs had the best average daily increase of 0.92%, while cross-border ETFs had the worst performance with an average decline of -0.76% [10] - The top-performing ETFs today included the Kweichow Moutai ETF (588780.SH), the Kweichow Moutai ETF Guangfa (589210.SH), and the E Fund AI ETF (588730.SH), with returns of 4.43%, 4.28%, and 4.20% respectively [13] - The highest trading volumes were recorded for the A500 ETF Fund (512050.SH) at 12.228 billion, followed by the A500 ETF Huatai Bairui (563360.SH) at 9.240 billion, and the A500 ETF Southern (159352.SZ) at 7.004 billion [16]

Core Viewpoint - The article discusses the tightening of gold-related business by banks in response to recent volatility in gold prices and the upcoming Chinese New Year holiday, highlighting the need for investors to manage risks effectively during this period [3][4][6]. Group 1: Market Conditions - As of February 12, gold prices are experiencing high volatility, with London gold at $5063 per ounce and Shanghai gold at 1123 yuan per gram, while retail prices in major cities reach up to 1556 yuan per gram [3][4]. - The gold market has seen significant fluctuations, with prices peaking above $5600 per ounce at the end of January and then dropping below $4500, indicating a volatility of over 20% within three trading days [6]. Group 2: Bank Responses - Major banks, including China Construction Bank, Industrial Bank, and Bank of Communications, have raised margin requirements and implemented dynamic trading limits on gold transactions to mitigate risks associated with market volatility [4][5][6]. - The minimum investment amounts for gold accumulation products have been increased by several banks, with China Bank raising the threshold from 950 yuan to 1200 yuan, and Construction Bank increasing it to 1500 yuan [5][6]. Group 3: Investor Guidance - Analysts suggest that investors should be cautious about holding positions over the holiday, as the Shanghai Gold Exchange will be closed while international markets remain open, creating a "time difference risk" [6][9]. - For those considering gold as a long-term investment, a strategy of gradual buying and holding is recommended, with a suggested allocation of 5% to 10% of the investment portfolio to gold as a risk hedge [10].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In 2025, the number and scale of issued accounts - receivable asset - backed securities increased year - on - year. The actual financiers were still concentrated in construction central enterprises and their subsidiaries, with a more prominent head - effect. These entities were more inclined to introduce in - system factoring companies, capital companies, asset management companies, trust companies, other financial platforms, and off - system commercial factoring companies as original equity holders or agents of original equity holders to issue securitized products. - In 2025, the average issuance scale of single accounts - receivable asset - backed special plans decreased compared to the previous year, the product term was slightly shortened, the issuance interest rate continued to decline, the securities were mainly of AAAsf credit rating, and the overall product credit risk remained at a low level. The trading activity in the secondary market increased significantly [38]. 3. Summary According to the Directory Issuance Situation - In 2025, 157 accounts - receivable asset - backed securitization products were issued in the exchange market, with a total issuance scale of 180.806 billion yuan. The number of issuances increased by 22, and the issuance scale rose by 9.40% year - on - year. The issuance scale accounted for 12.37% of the total issuance scale of enterprise asset - securitization products for the whole year, a decrease of 0.85 percentage points year - on - year [4][5]. - In terms of issuance venues, 140 products with an issuance amount of 172.474 billion yuan (accounting for 95.39%) were issued on the Shanghai Stock Exchange, and 17 products with an issuance amount of 8.332 billion yuan (accounting for 4.61%) were issued on the Shenzhen Stock Exchange [8]. - Regarding the distribution of original equity holders, the top five original equity holders were China Railway Capital Co., Ltd., China Railway Trust Co., Ltd., China Railway Construction Asset Management Co., Ltd., CCCC Commercial Factoring Co., Ltd., and Shenzhen United Factoring Co., Ltd., with issuance scale proportions of 32.27%, 16.95%, 11.06%, 2.73%, and 2.48% respectively. The total issuance scale of the top five original equity holders was 118.429 billion yuan, accounting for 65.50%; the total issuance scale of the top ten was 134.983 billion yuan, accounting for 74.66% [8]. - In terms of actual financiers, the total issuance scale of the top ten actual financiers was 165.964 billion yuan, accounting for 91.79%, an increase of 1.89 percentage points year - on - year. The actual financiers were mainly concentrated in central enterprises and their subsidiaries, with an issuance scale of 162.126 billion yuan, accounting for 89.67%, a year - on - year increase of 3.06 percentage points. In terms of industries, the actual financiers in the construction industry had an issuance scale of 165.423 billion yuan, accounting for 91.49% [10]. - Regarding the distribution of managers, the top five managers with the highest proportion of new management scale were CITIC Securities Co., Ltd., Huaxi Securities Co., Ltd., Ping An Securities Co., Ltd., Shanghai Guotai Haitong Securities Asset Management Co., Ltd., and CITIC Construction Securities Co., Ltd., with scale proportions of 17.61%, 16.95%, 14.64%, 10.13%, and 9.39% respectively. The total new management scale of the top five managers was 124.244 billion yuan, accounting for 68.72%, a year - on - year increase of 5.54 percentage points; the total new management scale of the top ten managers was 160.486 billion yuan, accounting for 88.76%, a year - on - year increase of 9.70 percentage points [14]. - In terms of product scale distribution, the highest single - product issuance scale was 5.4 billion yuan, and the lowest was 100 million yuan. The products with a single - scale in the (5, 10] billion yuan range had the largest number of issuances, with 51 units and a scale proportion of 21.47%. The average single - issuance scale was 1.152 billion yuan, a decrease of 73 million yuan compared to the previous year [16]. - Regarding the term distribution, the shortest term was 0.69 years, and the longest was 4.99 years. The products with a term in the (1, 3] - year range had the largest number of issuances, with 88 units and a scale proportion of 49.97%. The weighted average term was 2.14 years, slightly shorter than the previous year [17]. - In terms of level distribution, in 2025, AAAsf - rated securities accounted for 90.08%, AA + sf - rated securities accounted for 6.33%, and sub - grade securities accounted for 3.59% [19]. - Regarding the issuance interest rate, the median issuance interest rate of AAAsf - rated securities with a term of around 1 year was 1.85%, a year - on - year decrease of about 29BP [4][21]. Issuance Spread Statistical Analysis - Compared with government bonds of the same term, the average issuance spreads of 1 - year and 3 - year accounts - receivable asset - backed securities in 2025 narrowed compared to the previous year. For example, the average 1 - year spread decreased from 0.74 percentage points in 2024 to 0.48 percentage points in 2025 [26][28]. - Compared with AAA - rated corporate bonds of the same term, the average issuance spreads of 1 - year and 3 - year AAAsf - rated accounts - receivable asset - backed securities in 2025 also narrowed compared to the previous year. The average 1 - year spread decreased from 0.18 percentage points in 2024 to 0.14 percentage points in 2025 [31][32]. - In terms of issuance cost, the average issuance interest rate of 1 - year AAAsf - rated accounts - receivable asset - backed securities issued in 2025 decreased by 32BP year - on - year [32]. Filing Situation - In 2025, 105 accounts - receivable asset - backed special plans were filed with the Asset Management Association of China, with a total scale of 129.051 billion yuan. Compared with the previous year, the number of filings decreased by 12, and the filing scale decreased by 14.02% [4][33]. Secondary Market Trading Situation - In 2025, accounts - receivable asset - backed securities had 5,596 transactions in the secondary market, a year - on - year increase of 102.90%. The total transaction scale was 147.768 billion yuan, a year - on - year increase of 47.63%. The transaction scale accounted for 13.76% of the total transaction scale of enterprise asset - backed securities in the current period, a decrease of 1.11 percentage points year - on - year, ranking second in terms of transaction scale [4][36]. Maturity Situation in 2026 - It is estimated that 261 outstanding accounts - receivable asset - backed securities will mature in the exchange market in 2026, with a maturity scale of 168.808 billion yuan, accounting for 21.19% of the total maturity scale of all enterprise asset - backed securities in 2026, ranking second in terms of maturity scale [4][37]. - From the perspective of original equity holders, China Railway Capital Co., Ltd. had 43 maturing accounts - receivable asset - backed securities, with a repayment scale of 43.229 billion yuan, accounting for 25.61%; China Railway Trust Co., Ltd. had 33 maturing securities, with a repayment scale of 33.605 billion yuan, accounting for 19.91%; China Railway Construction Asset Management Co., Ltd. had 22 maturing securities, with a repayment scale of 25.449 billion yuan, accounting for 15.08% [37].

来源：企业上市 聘任董事会秘书的情况 公司于 2026 年 2 月 11 日召开第五届董事会第十五次会议，审议通过了《关于聘任公司董事会秘书的议 案》。经公司董事长提名，董事会提名委员会审核通过，公司董事会同意聘任刘源先生（简历详见附 件）为公司董事会秘书，任期自第五届董事会第十五次会议审议通过之日起至第五届董事会届满之日 止。 刘源先生，1989 年出生，中国国籍，硕士研究生学历，无境外永久居留权。 2015 年 6 月至 2020 年 11 月，任国投证券股份有限公司投资银行业务委员会项目经理、高级经理、副 总裁； 2020 年 12 月至 2025 年 12 月，任中信证券股份有限公司投资银行管理委员会副总裁、高级副总裁； 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！ | 姓名 | 性别 | 年齡 | 职务 | 任职状态 | 从公可获得的 | 是否在公司关 | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 税前报酬总额 | 联方获取报酬 | | 林伟通 | तेते | 52 | 董事、董事长 | 现任 | 3 ...

Core Viewpoint - The restaurant supply chain sector is showing significant signs of recovery, with expectations for substantial sales improvement in 2026 due to a combination of marginal recovery, the timing of the Spring Festival, and low base effects [1] Group 1: Industry Recovery Signals - The restaurant industry's recovery is indicated by a rise in revenue growth, with Q4 2025 restaurant income growth accelerating to 3.0%, up from 1.6 percentage points in Q3 2025, suggesting improved consumer demand [2] - The introduction of new products and channels is expected to drive growth, with companies innovating and expanding into overseas markets [2] - The competitive landscape is stabilizing, with price competition diminishing and some companies beginning to cut costs to improve profitability, supported by a recovering Consumer Price Index (CPI) [2] Group 2: Sector-Specific Insights - The condiment sector is expected to benefit from improved restaurant channel dynamics, with price signals showing positive trends as retail prices for soy sauce have started to recover [3] - The frozen food sector is anticipated to reach a turning point in 2026, characterized by reduced competition and demand recovery, with a clear expectation that the price war will lose its effectiveness [4] - The light meal chain sector has stabilized after a period of store closures, with expectations for steady store numbers in 2026 and early signs of success in exploring new growth avenues [5]

关于沃什任内的降息路径判断，中信证券分析师认为沃什不会按特朗普诉求大幅降息，仍以经济基本面 为主要决策依据。沃什关注通胀风险但并非绝对鹰派，中信证券分析师认为下半年基准情形降息1–2 次，核心取决于通胀走势：若油价及关税等因素推动通胀与通胀预期出现反弹，则降息空间将受到限 制，下半年或仅降息一次25bps；若通胀平稳回落，则下半年或降息两次25bps。 实习编辑:金怡杉 | 审核:李震 | 监审:古筝 【大河财立方消息】2月12日，中信证券分析师李翀、崔嵘和韦昕澄发表研报认为，1月非农发布后，市 场对"年度基准大修"的担忧消除，降息预期下调。CME FedWatch显示3月美联储维持利率不变的概率由 78.4%上升至94.1%；4月维持利率不变的概率由57.3%上升至76.6%。 ...