周期尾部去库加速，白酒的商品属性持续重塑 2026年至今，白酒产业呈现如下特征：1)家庭消费和日常消费比较刚性，白酒的快消属性强化，实现消 费群体的第二次转变；2)企业经营理念普遍不再"唯规模导向"，核心考核指标回归到渠道盈利；3)当下 白酒仍处于库存周期后半段，处于被动去库状态，且2026Q1部分品牌库存呈现加速回落，但是库存底 的到来还需要一定时间，商务、政务场景缺失对行业销量拖累仍明显；4)考虑到茅台、五粮液的核心单 品在当下价格体系下，2026年前两个月均呈现量的正增长，倾向于推测，行业2026Q1在价格层面基本 见底，行业2023年调整以来首次出现"价比量刚性"的特征。 智通财经APP获悉，东方证券发布研报称，估测2026年初至今全白酒行业销售额下滑近20%，扣除茅台 后，估测全行业销售额下滑20%-25%。库存上看，当下白酒仍处于库存周期后半段，处于被动去库状 态，且2026Q1部分品牌库存呈现加速回落，但是库存底的到来还需要一定时间，商务、政务场景缺失 对行业销量拖累仍明显。板块在2025年以来的核心矛盾在于"杀业绩"，2026年一季报将协助市场完成对 白酒业绩底的确认。 东方证券主要观点如下： ...

Investment Rating - The report maintains a "Market Perform" rating for the brokerage sector, indicating a synchronized performance with the market [1]. Core Insights - The brokerage index attempted to strengthen in January 2026 but ultimately failed, resulting in a decline of 1.49%, underperforming the CSI 300 index, which rose by 1.65% [5][8]. - The brokerage sector experienced increased differentiation, with a notable number of stocks outperforming the brokerage index, leading to a higher average P/B ratio fluctuating between 1.426 and 1.541 times [5][11][14]. - The overall market conditions for January 2026 were characterized by a significant increase in trading volumes and a record high in margin financing balances, indicating a robust trading environment despite the sector's overall weakness [7][30]. Summary by Sections 1. January 2026 Brokerage Market Review - The brokerage index's performance was weak, with a 1.49% decline, ranking 28th among 30 industry indices [5][8]. - The average P/B ratio for the brokerage sector fluctuated between 1.426 and 1.541 times, reflecting a slight increase in valuation [14]. - A total trading volume of 1.03 trillion yuan was recorded, marking a 40.1% increase month-on-month [9]. 2. Key Market Factors Impacting January 2026 Performance - The equity market faced resistance after an initial rise, while the fixed income market showed signs of mild recovery, contributing to a rebound in proprietary trading [7][18]. - The average daily trading volume reached a historical high of 3.05 trillion yuan, with a total monthly trading volume of 60.90 trillion yuan, indicating a strong recovery in brokerage activity [26]. - Margin financing balances reached 27,153 billion yuan, reflecting a 6.9% month-on-month increase and a 53.1% year-on-year increase [30]. 3. February 2026 Performance Outlook for Listed Brokerages - Proprietary trading is expected to decline due to a cooling equity market, while brokerage activity may experience a seasonal drop in performance [7][40]. - The brokerage index is anticipated to face continued weakness, with a potential drop in overall monthly performance expected to return to relative lows seen in the previous 12 months [7][45]. - The report suggests that if the brokerage sector's valuation drops to 1.3x P/B, it may present a good opportunity for re-entry, particularly for leading firms with strong wealth management capabilities [7].

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！ 记者获悉，东方证券今日下午召开内部大会，宣布周磊出任东方证券党委书记。记者了解到，周磊原为 上海国际集团副总裁，已于春节前调任申能集团副总裁。资料显示，周磊2019年9月起担任上海国际集 团副总裁，曾担任国泰君安证券董事、董事会审计委员会委员、非执行董事。（智通财经记者 王玉 玲） ...

东方证券发布研报称，自体CAR-T凭借优异的疗效具备极大的吸引力，2025年全球销售额已接近60亿美 元。近期TCE优异的数据引起市场对自体CAR-T前景的担忧，主要因为疗效接近的情况下自体CAR-T复 杂的制备和使用过程，以及高昂的成本带来的价格劣势格外突出。in vivo CAR-T是解决以上问题极具 潜力的方向，目前整体处于临床早期，初步数据已经验证疗效，安全性有望优于自体CAR-T，MNC已 下场达成众多大额合作交易或收购，国内企业布局数量众多，未来有望达成多项交易。 CAR-T是血液瘤疗效天花板和单次给药即可"治愈"的代名词，全球已有15款自体CAR-T获批，2025年销 售额已达59亿美元(同比+30%)。ASH2025大会披露了BCMATCE(T细胞接合器)特立妥单抗联合达雷妥 尤单抗治疗复杂/难治性多发性骨髓瘤(R/RMM)的MajesTEC-3研究数据，疗效表现不弱于CARVYKTI， PFS率甚至更优，同时安全性良好，这使得自体CAR-T复杂的生产、使用过程和高昂的成本、价格等劣 势凸显，亟需新的突破。 2025年以来，已发生超10项in vivo CAR-T相关交易，阿斯利康、艾伯维、B ...

万家基金管理有限公司 2026年2月24日 为促进万家中证人工智能主题交易型开放式指数证券投资基金（以下简称：人工智能 ETF 万家）的市 场流动性和平稳运行，根据《深圳证券交易所证券投资基金业务指引第2号一一流动性服务》等有关规 定，自2026年2月24日起，本公司新增东方证券股份有限公司为人工智能 ETF 万家（代码：159248）流 动性服务商。 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！ 上个马年沪指涨近60%！新年新福利来了，炒股排面要拉满，新号启幸运>> ...

Core Viewpoints - The report highlights a positive outlook for the non-bank financial sector, driven by favorable policies and continued capital inflow, suggesting potential for sector rebound [1][6]. - The report maintains a "Buy" rating for the sector, indicating expected strong performance relative to the market [2]. Market Performance - As of February 14, 2026, the Shanghai Composite Index rose by 0.41%, while the Shenzhen Component Index increased by 1.39%. The CSI 300 Index saw a modest gain of 0.36% [12]. - The average daily trading volume in the Shanghai and Shenzhen markets was 2.11 trillion yuan, reflecting a 12.3% decrease week-on-week [6]. Industry Dynamics and Weekly Commentary Insurance Sector - The report indicates that listed insurance companies are expected to maintain high growth, with a marginal improvement in long-term interest margins. The insurance fund utilization scale reached 38.5 trillion yuan in Q4 2025, up 15.7% year-on-year [18]. - The report suggests that the upcoming spring market rally may drive better-than-expected performance for insurance companies in Q1 2026, supported by a stable long-term interest rate and an upward trend in the equity market [18]. Securities Sector - The report discusses the recent optimization measures for refinancing announced by the three major exchanges, which aim to enhance financing efficiency and support high-quality enterprises [19]. - The new refinancing rules are expected to create structural opportunities for securities firms, shifting the focus from compliance to the ability to identify and serve quality clients [20]. - The report emphasizes that the optimization of refinancing will lead to a more differentiated regulatory system, benefiting quality companies while tightening controls on weaker entities [22]. Key Company Valuations and Financial Analysis - The report provides detailed valuations for several key companies in the sector, including: - China Ping An (601318.SH) with a target price of 85.17 yuan and a "Buy" rating [7]. - New China Life (601336.SH) with a target price of 94.21 yuan and a "Buy" rating [7]. - China Life (601628.SH) with a target price of 55.47 yuan and a "Buy" rating [7]. - The report also highlights the expected earnings per share (EPS) growth for these companies, indicating a positive outlook for their financial performance in 2025 and 2026 [7].

以上内容基于公开资料整理，不构成投资建议。 股票近期走势 如何抓住"黄金牛市"波段机会？升级投资账户，一键配置金+银>> 经济观察网 东方证券资产管理公司（东证资管）权益产品份额规模持续下滑引发市场关注。根据东方 财富Choice数据，截至2025年四季度末，东证资管权益产品（股票型+混合型）份额规模降至618亿份， 同比减少12.09%，已连续四年收缩；主动权益业务份额规模降至539亿份，同比下降16.69%。这一趋势 反映了公司在明星基金经理流失后面临的业务挑战，可能对母公司东方证券的资管收入预期产生压力。 近7个交易日内（截至2026年2月20日），东方证券A股（600958.SH）股价呈现震荡下行态势。2月13日 收盘价为10.18元，单日下跌0.78%，5日累计跌幅为1.64%，20日累计跌幅达3.23%；港股（03958.HK） 同期表现疲软，2月20日收盘报6.57港元，单日下跌0.45%，5日累计跌幅为5.74%。资金面上，2月13日 A股主力资金净流出483.57万元，散户资金呈净流入状态；技术面显示股价承压于20日均线（10.35元附 近），短期支撑位关注10.12元。 ...

我们坚守"长期主义"理念，践行价值投资之道，致力于实现客户、公司与社会的共生共赢。2025年，公 司公募管理规模重回两千亿元台阶，这不仅是市场对我们投研实力的认可，更包含了万千投资者的信 任。每一份信任都弥足珍贵，我们唯有勤勉尽责、不负所托。 我们秉持"金融为民"初心，积极履行让利惠民责任。在行业费率改革进程中，东方红资产管理主动探索 机制创新，成功发行两只采用分档收费模式的浮动费率基金，通过收益共享、风险共担的设计，切实追 求基金管理人与持有人的利益一致性，让更多人公平分享金融发展成果。 我们坚持守正创新、前瞻布局，在巩固主动权益、固收+等传统优势领域的同时，稳步推进指数量化、 FOF等战略性业务发展，并持续深耕机构客户与集合资产管理服务，不断完善多元化产品线与资产配置 策略，全面满足不同客群的差异化需求。 2026年是"十五五"规划的开局之年，是中国经济在新起点上谋突破、开新局的关键之年，更是资本市场 深化改革、提质增效的重要之年。我们坚信，中国经济底盘实、韧性足，资本市场改革的纵深推进将释 放更多制度红利，中国资产的全球吸引力必将持续提升，居民财富通过公募基金共享国家发展成果的大 趋势不可逆转。新的一年 ...

Core Viewpoint - The announcement from Quan Guo Fund reveals significant changes in its management team, with Li Yunliang appointed as the new General Manager, indicating a strategic shift in leadership aimed at enhancing the company's operational capabilities and governance structure [1][9]. Management Changes - Li Yunliang has been appointed as the new General Manager, effective from February 13, 2026, succeeding Ren Li, who will no longer act in this capacity [1][10]. - Jiang Heze, a founding partner and Vice General Manager, will take on the role of Financial Responsible Person [1][10]. - Sun Yuan has been appointed as the Compliance and Risk Responsible Person, while Yao Zhongxiao will serve as a Vice General Manager [1][10]. - The management team is being strengthened with the addition of existing Vice General Manager Wei Haiqing [1][9]. Background of New Executives - Li Yunliang has extensive experience, having previously held positions such as General Manager at Southwest Securities and Deputy Researcher at Chongqing Securities Regulatory Bureau [2][11]. - Jiang Heze has been with Quan Guo Fund since March 2022 and has a background in asset management [2][11]. - Yao Zhongxiao has experience as a Fund Product Manager at China Merchants Bank and has been with Quan Guo Fund since March 2022 [3][12]. - Sun Yuan has a background in compliance and risk management, having worked at various positions in Oriental Securities before joining Quan Guo Fund [3][12]. Departure of Executives - Li Yunwan, the former Compliance and Risk Responsible Person, has left the position due to work arrangements and will transition to another role within the company [4][13]. Company Overview - Quan Guo Fund was established on February 8, 2022, with a registered capital of 100 million RMB and is based in Shanghai [6][15]. - The fund's assets reached 17.45 billion RMB by the end of 2025, reflecting its growth trajectory [6][15]. Employee Stock Ownership Plan - The company has initiated an employee stock ownership plan, which aligns the interests of shareholders, new management, and core employees, promoting long-term sustainable development [8][17].

Group 1 - The Securities ETF Index Fund (516200) opened with a slight increase of 0.09%, priced at 1.134 yuan [1] - Major holdings in the Securities ETF Index Fund include Dongfang Caifu, which rose by 0.18%, and other securities firms like CITIC Securities and Huatai Securities, which remained stable or showed minor fluctuations [1] - The fund's performance benchmark is the CSI All Share Securities Company Index return rate, managed by Huaan Fund Management Co., Ltd., with a return of 13.19% since its inception on March 9, 2021, and a recent one-month return of -5.46% [1]