极视角为工业、能源、零售及交通等多个垂直领域的客户提供服务，主要客户来自中国，包括企业、政 府及大学。 中国企业级计算机视觉解决方案市场规模预计将从2024年的人民币368亿元增至2029年的人民币1824亿 元，复合年增长率为37.7%。中国新兴企业级计算机视觉解决方案市场规模预计将从2024年的人民币 111亿元增至2029年的人民币970亿元，复合年增长率为54.3%，其在整体市场中的渗透率将提升至 53.2%。 极视角向港交所主板提交上市申请，中信证券担任独家保荐人。 根据弗若斯特沙利文的报告，按2024年收入计算，极视角在中国新兴企业级计算机视觉解决方案市场中 排名第八，市场份额为1.6%。同时，按相同标准，该公司是中国新兴企业级计算机视觉解决方案市场 第三大以软件为中心的提供商。公司专注于提供AI计算机视觉解决方案(包括标准、定制及软件定义的 一体化AI解决方案)以及大模型解决方案，后者结合客户行业知识，利用多智能体优化、RAG及基于场 景的算法等先进技术，为企业提供定制化服务。 ...

Investment Rating - The report maintains an "Outperform" rating for the non-bank financial sector, indicating a positive outlook for investment opportunities in this industry [2]. Core Insights - The report highlights the strengthening of the "slow bull" market foundation due to new financing regulations, which are expected to stabilize the capital market and promote long-term healthy development [12][13]. - The insurance sector is undergoing a significant transformation, with a notable trend of branch institution exits, indicating a shift from extensive expansion to a more concentrated and quality-focused approach [42][43][44]. Summary by Sections 1. Securities Business Overview and Weekly Review - The financing margin ratio has been raised to 100%, reinforcing the foundation of a "slow bull" market. This adjustment aims to lower market leverage and protect investor rights, promoting long-term stability [12]. - The China Securities Regulatory Commission (CSRC) emphasizes risk prevention, strong regulation, and high-quality development as the main themes for 2026, aiming to enhance the capital market's stability and service to the real economy [13][14]. - CITIC Securities reported a net profit of 30.05 billion CNY for 2025, marking a 38.46% year-on-year increase, reflecting a recovery in the securities industry amid a rising market [15][17]. 2. Insurance Business Overview and Weekly Review - The insurance industry has seen over 3,100 institutions exit in 2025, the highest in six years, indicating a long-term structural adjustment away from extensive physical network expansion [42]. - The exit trend is primarily driven by life insurance companies, focusing on optimizing low-efficiency branches, particularly in third and fourth-tier cities [43]. - This transformation is pushing insurance companies towards digitalization and intelligent management, redefining the role of physical branches to focus on complex business consultations and service integration [44]. 3. Market Liquidity Tracking - The central bank's net injection in the open market was 1,112.8 billion CNY, with significant reverse repos contributing to liquidity [49]. - The interbank lending rates showed mixed performance, with the weighted average rate for interbank lending at 1.33% [54].

Core Viewpoint - Some experts believe that after the recent structural "interest rate cut" by the central bank, the timing for a comprehensive interest rate cut this year may be postponed [1] Group 1 - The chief economist of CITIC Securities, Mingming, indicated that the structural "interest rate cut" has already reduced the cost of liabilities for commercial banks to a certain extent [1] - The urgency for a total interest rate cut is not high, especially considering that credit growth is typically high at the beginning of the year [1]

板块布局价值凸显 当前，证券板块估值与基本面呈现背离态势，为开年布局提供了难得的窗口期。 本报记者 周尚伃 上市券商2025年度业绩预告与快报进入密集披露期。截至《证券日报》记者发稿，中信证券、国联民生、西南证券等多家 券商率先亮出年度"成绩单"，总体来看，龙头券商盈利规模再创新高，合并重组标的预计业绩实现爆发式增长，中小券商则展 现出强劲的发展韧性。 不过，当前证券板块估值与基本面呈现背离态势，机构普遍认为业绩高增长确定性叠加政策持续利好，证券板块中长期成 长逻辑清晰，短期资金面波动不改核心投资价值。 业绩底气十足 作为行业标杆，中信证券的业绩表现印证了头部券商的综合竞争力。中信证券业绩快报显示，2025年，公司实现营业收入 748.3亿元，同比增长28.75%；实现归母净利润300.51亿元，同比增长38.46%。公司全业务链协同发力，经纪、投资银行、自营 业务等收入均实现较快增长。同时，公司坚定推进国际化布局，深化跨境服务能力，境外收入亦实现较快增长。 合并重组已成为证券行业业绩增长的重要引擎，国联民生便是典型代表。国联民生业绩预增公告显示，预计2025年实现归 母净利润20.08亿元，同比增长406% ...

Core Viewpoint - The article highlights the increasing trend of securities firms in China to sell insurance products, driven by regulatory support and the need for wealth management transformation amid operational pressures [1][5][18]. Group 1: Regulatory Changes and Market Trends - Starting from 2025, the China Securities Association (CSRC) aims to promote more compliant securities firms to obtain licenses for selling bank wealth management and insurance products [1]. - The presence of insurance products on the shelves of securities firms has been steadily increasing, indicating a shift towards insurance sales [4][6]. - Major securities firms like CITIC Securities, China Merchants Securities, and Ping An Securities have launched insurance sections on their apps, showcasing a variety of insurance products alongside traditional financial offerings [3][10]. Group 2: Sales Pressure and Employee Experiences - Employees at leading securities firms are experiencing significant pressure to meet insurance sales targets, leading to a growing emphasis on insurance sales in their daily work [2][22]. - The performance metrics for insurance sales have become a focal point, with employees often feeling overwhelmed during peak sales periods [2][22]. Group 3: Product Offerings and Market Position - As of now, the number of securities firms holding insurance intermediary licenses remains unchanged from 2022, with only 11 firms licensed to sell insurance [6]. - Despite the limited number of licensed firms, major players are actively expanding their insurance product offerings, with Ping An Securities offering 56 products and CITIC Securities offering 20 [8][10]. - The insurance products being sold are primarily focused on life insurance and annuities, reflecting a trend towards financial products with investment attributes rather than pure risk coverage [10][19]. Group 4: Competitive Landscape and Challenges - The competitive landscape for insurance sales is evolving, with securities firms leveraging their existing client bases and expertise in asset management to penetrate the insurance market [20][22]. - However, the dominance of banks in the insurance distribution channel remains a significant challenge for securities firms, as banks have extensive networks and established customer relationships [22]. - Regulatory scrutiny is increasing, with upcoming regulations aimed at ensuring appropriate management of cross-industry sales, which may pose additional challenges for securities firms [24].

Investment Rating - The report maintains an "Outperform" rating for the non-bank financial sector, indicating a positive outlook for investment opportunities in this industry [2]. Core Insights - The report highlights the strengthening of the "slow bull" market foundation due to new financing regulations, which aim to stabilize market operations and protect investor rights. The increase in financing margin requirements to 100% is seen as a measure to prevent excessive leverage and ensure long-term market stability [12][13]. - The insurance sector is undergoing a significant transformation, with a notable trend of branch exits, indicating a shift from extensive expansion to a more concentrated and quality-focused approach. This is driven by cost reduction demands, digital transformation, and regulatory guidance [42][43][44]. Summary by Sections 1. Securities Business Overview and Weekly Review - The financing margin ratio has been raised to 100%, reinforcing the foundation of a "slow bull" market. This adjustment is aimed at reducing market leverage and ensuring investor protection [12]. - The China Securities Regulatory Commission (CSRC) emphasizes a focus on risk prevention, strong regulation, and promoting high-quality development in the capital market for 2026 [13]. - The report notes that CITIC Securities achieved a record net profit of 30.05 billion CNY in 2025, reflecting a 38.46% year-on-year increase, indicating a recovery in the securities industry [15][17]. 2. Insurance Business Overview and Weekly Review - The insurance industry is experiencing a significant net exit of branches, with over 3,100 institutions exiting in 2025, marking a six-year high. This trend reflects a strategic shift towards high-value areas and a reduction in reliance on extensive physical networks [42][43]. - The restructuring is primarily driven by life insurance companies, which account for over 70% of the exits, indicating a transition towards bank cooperation channels and a focus on efficiency [43]. - The ongoing exit process is expected to lead to a fundamental reshaping of the insurance industry's operational logic, moving towards digitalization and a more refined management approach [44]. 3. Market Liquidity Tracking - The report indicates that the central bank conducted a net injection of 111.28 billion CNY in the open market during the week, with significant reverse repurchase operations contributing to liquidity [49].

Group 1 - The core point of the article is that Qingniao Fire announced the pledge of shares by its controlling shareholder, Beijing Peking University Qingniao Huanyu Technology Co., Ltd. [2] - The controlling shareholder pledged 14,317,403 shares to CITIC Securities, with the pledge starting on January 19, 2026, for business needs [2] - After this pledge, the total number of pledged shares by the controlling shareholder reached 107,487,403, accounting for 41.89% of its total holdings [2]

Group 1 - Recent net redemptions in A-share broad-based ETFs have drawn market attention, with significant outflows recorded on January 15 and 16, totaling 687 billion and 863 billion respectively, marking the highest single-day outflows in history [1] - As of January 19, four out of six major broad-based ETFs saw their shares decline by over 10% in the last three trading days, with the largest, Huatai-PB CSI 300 ETF, dropping to 778.63 billion shares, a scale of approximately 369.2 billion, the lowest since August 2024 [1] - The ChiNext and STAR Market ETFs also experienced significant declines, with the E Fund STAR 50 ETF and E Fund ChiNext ETF seeing share reductions of 34.55% and 20.22% respectively [3] Group 2 - In contrast to the outflows from broad-based ETFs, certain commodity, cross-border, and narrow-based ETFs attracted significant inflows, with the Southern Nonferrous ETF being the only product to receive over 10 billion in net inflows, totaling 100.87 billion, driven by rising base metal prices [3] - Other ETFs such as Yongying Satellite ETF, Harvest Software ETF, and GF Media ETF also received net inflows exceeding 6 billion [3] - According to CITIC Securities, the impact of ETF redemptions on individual stocks was significant, with main board, ChiNext, and STAR Market stocks experiencing sell-offs of 946 billion, 334 billion, and 265 billion respectively during the peak outflow days [3] Group 3 - Regulatory measures have been implemented to cool down the market following rapid price increases and overheated sentiment, including raising the minimum margin requirement for margin trading from 80% to 100% [5][6] - The China Securities Regulatory Commission emphasized the need for comprehensive market monitoring and timely counter-cyclical adjustments to maintain market stability and prevent excessive volatility [6] - There are differing views on the long-term outlook for A-shares, with some analysts suggesting the potential for a slow bull market due to reforms, while others remain skeptical about escaping historical volatility patterns [7]

2023年6月6日，禾迈股份公告分红方案，每10股派息(税前)53元，转增4.9股，除权除息日为2023年 6月13日。 2024年6月13日，禾迈股份公告分红方案，每10股派息(税前)36元，转增4.9股，除权除息日为2024 年6月19日。 (责任编辑：魏京婷) 禾迈股份于2021年12月20日在上交所科创板上市，发行价格为557.80元/股，发行股票数量为 1000.00万股，保荐人（主承销商）为中信证券股份有限公司，保荐代表人为金波、董超。 禾迈股份首次公开发行股票募集资金总额为55.78亿元，扣除发行费用后募集资金净额为54.06亿 元。该公司最终募集资金净额比原计划多48.48亿元。禾迈股份于2021年12月15日披露的招股说明书显 示，该公司拟募集资金5.58亿元，拟分别用于禾迈智能制造基地建设项目、储能逆变器产业化项目、智 能成套电气设备升级建设项目、补充流动资金。 禾迈股份首次公开发行股票的发行费用总额为1.72亿元，其中，承销费及保荐费1.42亿元。 2022年5月30日，禾迈股份公告分红方案，每10股派息(税前)30元，转增4股，除权除息日为2022年 6月7日。 中国经济网北京1月20 ...

中国经济网北京1月20日讯 莱斯信息（688631.SH）昨晚披露了2025年年度业绩预告。经财务部门初步测 算，预计公司2025年年度实现营业收入为120,000.00万元到135,000.00万元，与上年同期（法定披露数据）相 比，将减少25,982.99万元到40,982.99万元，同比减少16.14%到25.46%。 预计公司2025年年度实现归属于母公司所有者的净利润为4,000.00万元到6,000.00万元，与上年同期（法定 披露数据）相比，将减少6,904.35万元到8,904.35万元，同比减少53.50%到69.00%；预计公司2025年年度实现归 属于母公司所有者的扣除非经常性损益的净利润为3,500.00万元到5,000.00万元，与上年同期（法定披露数据） 相比，将减少5,628.63万元到7,128.63万元，同比减少52.96%到67.07%。 莱斯信息本次发行募集资金总额103,319.36万元；扣除发行费用后，募集资金净额为96,979.59万元。莱斯信 息最终募集资金净额比原计划少4743.97万元。2023年6月21日，莱斯信息发布的招股说明书显示，公司拟募集 资金101 ...