Group 1 - The core point of the article is that Zhipu Company has updated its IPO guidance progress, indicating a strategic shift in its plans for going public [1] - Zhipu has withdrawn its previous IPO guidance filed in April 2025 and has registered a new guidance for its initial public offering [1] - The company plans to issue shares and list on the Science and Technology Innovation Board of the Shanghai Stock Exchange [1] Group 2 - The IPO guidance institution has changed from China International Capital Corporation (CICC) to a combination of Guotai Junan Securities and CICC [1]

每周 一 景 ：甘孜藏族自治州四川省贡嘎雪山 点击右上角菜单，收听朗读版 【 宏观 】美 国的"再通胀"之路 "K型分化"的来路 →"高净值群体"可以通过再融资贷款（cash-out refinance）将净资产变现，支撑消费端韧性和美股流动性，所以当新旧贷款利差（再融资扩张的边际成本）收 窄，再融资扩张动能显著增强；而"新举债群体"刚好反过来，需要用现金流和债务来换资产，若经济预期未出现趋势性扭转，则该群体对利率的敏感度偏弱。 这是美国经济"K型分化"本质："高净值群体"对应的美股代表上端，"新举债群体"对应的地产代表下端。 "再通胀"的归途 当"K型分化"转向"再 通 胀" →我们观察到，近期美国"K型分化"的下端正在向上端靠拢。也就是说，"高净值群体"通过再融资贷款扩张，稳定了实体经济和资产价格预期，为"新举债群 体"扩张创造了良好条件，从而实现"先富带后富"。而下端对应的住房部门，恰好是"通胀之源"。美国经济似乎正在从"K型分化"向"再通胀"悄然切换。 通胀预期的"自我强化"机制 →实际上，需求端主导的通胀预期具有"自我强化"机制。一是通胀预期强化能够被动压低实际利率，二是信用利差（抵押贷款利率-国债 ...

报告导读： 博弈偏股条款，挖掘偏高利差。 产业永续债的发行主要以降低企业杠杆率为目标，过去有两轮发行与净融资的高峰 。 （ 1 ） 2018 年 -2020 年，《关于加强国有企业资产负债约束的指导 意见》的落地，推动国有企业平均资产负债率到 2020 年年末比 2017 年年末降低 2 个百分点左右，产业永续债发行规模逐年抬升，每年的净融资规模在 4000 亿元左右。（ 2 ） 2023 年至今，部分资产负债率较高的央国企仍有降负债需求，利差收窄背景下企业发行动力抬升，每年净融资规模在 2000- 3000 亿元之间。叠加产业永续债偿还规模攀升，借新还旧的规模亦有所抬升，产业永续债的发行规模持续扩容， 2025 年创下发行规模新高。 近两年产业永续债发行期限中， 5+N 的占比有所抬升，发行期限的变化整体分为三个阶段 ： （ 1 ） 2018 年 -2020 年， 3+N 期限成为绝对主品种，连 续 3 年占比在 70% 以上，（ 2 ） 2021 年 -2023 年， 3+N 仍为主品种，但 2+N 占比抬升明显， 2022 年末的理财负反馈冲击信用债情绪，机构行为偏 好以短为主。（ 3 ） 2024 年 ...

国泰海通业务 arded 3 国泰海通证券2026春季策略会 更多国泰海通研究和服务 亦可联系对口销售获取 重要提醒 本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、 控制投资风险，还请取消关注，请勿订阅、接收或使用本订阅号中的任何信息。我们对由此给您造成的 不便表示诚挚歉意，非常感谢您的理解与配合！如有任何疑问，敬请按照文末联系方式与我们联系。 法律声明 本公众订阅号(微信号 GTHT RESEARCH )为国泰海通证券股份有限公司(以下简称"国泰海通证券") 研 3月24-26日 · 深圳 24 + 分论坛深度研讨 多场特色会议、全领域研究阵容 | 会场一览 | | | | | --- | --- | --- | --- | | 3月24日 | | | 更新时间2026/02/12 | | 09:00-12:00 主会场 | | | | | 13:30-17:30 | | 13:30-17:00 | | | 总量分会场:远望又新峰 | 1 | Al 分会场:算力应用全面 开 ...

Group 1: Company Overview - Shandong Lichuang Mould Co., Ltd. has developed a 4.0 intelligent automated flexible production line for tire molds, significantly reducing the number of operators needed from 11 to 2, enhancing product consistency, precision, and reliability [1] - The company has received multiple recognitions, including being a national high-tech enterprise and a "specialized, refined, distinctive, and innovative" small giant enterprise in Shandong, establishing its leading position in the domestic tire mold industry [2] - Shandong Lichuang Mould has accumulated 22 invention patents and 38 utility model patents, and has established long-term strategic partnerships with major domestic tire manufacturers, exporting products to markets in South Korea, Thailand, and Russia [2] Group 2: Financial Support and Innovation - The company invested over 40 million yuan in the construction of its new production line, leading to increased funding needs for raw material procurement, production preparation, and technology upgrades [2] - Rizhao Bank provided a 10 million yuan pre-approved credit limit through its "Kechuang Yidai" online product, facilitating easier access to financing for the company [2] - The bank also offered a knowledge property pledge interest subsidy loan, allowing the company to secure 10 million yuan in subsidized funds within two weeks [2][3] Group 3: Industry Trends and Challenges - Technology-intensive companies like Shandong Lichuang Mould often face financing challenges due to asset-light structures and insufficient collateral [3] - The local financial institutions are innovating financing models, such as the "technology flow" approval method, to support companies with strong technological capabilities but limited physical assets [4] - By the end of 2025, the balance of technology-related loans in Weifang reached 223.29 billion yuan, with significant growth in loans to specialized and innovative small and medium-sized enterprises [5][6]

Core Viewpoint - By December 2025, residents' asset allocation is primarily focused on deposits, with a marginal increase in equity investments. Securities firms will benefit multidimensionally as residents' funds enter the market [1]. Group 1: Asset Allocation - As of December 2025, the total market stock of wealth management products available for residents reached 352.5 trillion yuan, with a quarter-on-quarter change of +1.05% and a year-on-year change of +10.4%. The net increase in value was 3.7 trillion yuan, with a quarter-on-quarter change of +364.2% [1]. - The incremental growth of various wealth management products includes public funds (+695.7 billion yuan), private funds (+59.3 billion yuan), private asset management (-206.2 billion yuan), bank wealth management (-122.3 billion yuan), and deposits (+2.585 trillion yuan), contributing 19%, 2%, -6%, -3%, and +70% respectively [1]. Group 2: Market Performance - The equity market showed strong performance, with major indices rising as residents' risk appetite increased, leading to a shift from deposits to higher-yield assets. The stock fund index, mixed fund index, bond fund index, and money market fund index saw changes of +2.12%, +3.28%, +0.17%, and +0.11% respectively [2]. - By the end of December, the total market size of public funds reached 37.7 trillion yuan, with a quarter-on-quarter change of +1.88%. The sizes of stock funds, mixed funds, bond funds, and QDII saw quarter-on-quarter changes of +4.39%, +2.13%, +3.92%, and +1.64% respectively [2]. - New fund issuance in December totaled 113.22 billion units, with a quarter-on-quarter change of +19.72%. Equity fund issuance decreased by -10.73%, while bond fund issuance increased by +136.82% [2]. Group 3: Private Funds and Asset Management - The stock of private funds reached 22.2 trillion yuan by the end of December, with a quarter-on-quarter growth of +0.27%. The newly registered private fund scale was 98.9 billion yuan, with a quarter-on-quarter change of +38.6% [3]. - The stock of private asset management reached 12.3 trillion yuan, with a quarter-on-quarter change of -1.65%. The year-on-year changes for equity, fixed income, commodity and financial derivatives, and mixed categories were -2.35%, -4.11%, +73.61%, and +38.69% respectively [3]. Group 4: Investment Recommendations - The low interest rate environment and the profit effect from the equity market are driving residents' funds into the market steadily. Securities firms are expected to benefit from the influx of incremental funds. It is anticipated that firms adapting to the transition from vertical to public flow will perform better [4]. - The combination of fixed income and equity is expected to be a core strategy for this round of residents' incremental market entry, with a focus on firms that balance both capabilities [4].

作为数字化财富管理转型的深入践行者，国泰海通始终坚持以客户为中心，坚守长期主义，以高质量财富管理专业服务助力广大人民群众持续拓宽财产性收入来 源，构建满足客户个人发展、家业传承、企业成长与社会责任等多维需求的买方综合金融服务生态，在全球市场新格局中，助力每一位投资者行稳致远。 为满足客户日益高涨的资产配置需求，践行"金融为民"初心与使命，值此马年新春，国泰海通打造"2026五福临门"活动，推出资产配置专业服务，陪伴投资者开启财 富新程。本届活动将专业资产配置服务与新春主题深度融合，以数字平台为载体、场景服务为纽带，将国泰海通财富管理优势服务转化为客户可感知、可参与的温暖 实践，为4000万客户献上一份承载美好祝愿与财富智慧的五福新年礼。 专业筑基：资产配置服务创造长期价值 在低利率时代背景下，资产配置的重要性日益凸显。国泰海通秉持"全球视野、中国智慧"，构建系统化的买方投研体系与服务范式，升级"买方资产配置服务体 系"和"win产品体系"，着力提升投资体验与长期回报。国泰海通资产配置服务构建了覆盖全球的系统化资产配置框架，研究范围覆盖22个国家和地区，权益、固收与 另类投资三大核心资产及百余细分领域；形成了业 ...

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！ 上海证券交易所 2026年02月10日 为促进中金沪深300交易型开放式指数证券投资基金（以下简称300中金，基金代码:510320）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，本所同意国泰海通证券股份有限公司自2026年02月11日起为300中金提供主做市服 务。 特此公告。 上证公告（基金）【2026】330号 ...

Core Viewpoint - As the Spring Festival approaches, the choice between "holding stocks or holding cash" has become a focal point for investors, with a consensus emerging among major brokerages favoring "holding stocks" as the better option this year [1][2]. Group 1: Market Sentiment and Predictions - Major brokerages, including Guotai Junan and GF Securities, express optimism about the market's potential for recovery post-holiday, suggesting that the A-share market may experience a favorable "timing, location, and human factors" for an upward trend [2][17]. - Despite a general consensus on holding stocks, several brokerages caution that market performance may still be influenced by multiple risks, including slower-than-expected economic recovery and geopolitical uncertainties [3]. Group 2: Investment Strategies and Sector Focus - Guotai Junan recommends focusing on emerging technology and value sectors, highlighting themes such as commercial aerospace, robotics, urban renewal, and domestic consumption [4]. - Dongwu Securities suggests three main investment directions: overvalued technology sectors, booming industries like energy storage and lithium batteries, and themes related to the 14th Five-Year Plan, including commercial aerospace and 6G technology [5]. - Galaxy Securities advocates for a cautious approach with "light positions," emphasizing the importance of the upcoming "Two Sessions" and the shift towards "new productive forces" in sectors like semiconductors and artificial intelligence [6][7]. - Huaxia Securities emphasizes the importance of preparing for the post-holiday "red envelope" market, noting that technology sectors typically show better elasticity after the holiday [13]. - The investment focus should also include sectors that have underperformed but are expected to recover, such as food and beverage, agriculture, and healthcare [12]. Group 3: Market Dynamics and Historical Trends - Historical data indicates that the market tends to perform better after the Spring Festival, with a common pattern of "lower before the holiday and higher after" across various style indices [11]. - The current market environment is characterized by a high trading volume, with brokerages maintaining a cautious yet optimistic stance, suggesting that the market is not likely to turn bearish easily [8][9]. - The upcoming Spring Festival is seen as a critical period for potential market recovery, with many brokerages encouraging investors to remain confident and prepared for the first wave of the new year's upward cycle [17].

上海证券交易所 2026年02月09日 为促进华泰柏瑞中证全指自由现金流交易型开放式指数证券投资基金（以下简称现金基金，基金代 码:563390）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，本所同意国泰海通证券股份有限公司自2026年02月10日起为现金基金提 供主做市服务。 特此公告。 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！ 上证公告（基金）【2026】301号 ...