钢材价格&利润。截至2月13日，普钢综合指数3409.5元/吨，周环比下降4.73元/吨，周环比下降0.14%， 同比下降4.66%。截至2月13日，特钢综合指数6579.7元/吨，周环比下降2.29元/吨，周环比下降0.03%， 同比下降2.84%。截至2月13日，螺纹钢高炉吨钢利润为80元/吨，周环比增加15.0元/吨，周环比增加 23.08%。截至2月10日，建筑用钢电炉平电吨钢利润为-48元/吨，周环比增加29.0元/吨，周环比增加 37.66%。 供给情况。截至2月13日，样本钢企高炉产能利用率86.4%，周环比增加0.72百分点。截至2月13日，样 本钢企电炉产能利用率21.0%，周环比下降27.11百分点。截至2月13日，五大钢材品种产量696.0万吨， 周环比下降24.86万吨，周环比下降3.45%。截至2月13日，日均铁水产量为230.49万吨，周环比增加1.91 万吨，同比增加2.50万吨。 需求情况。截至2月13日，五大钢材品种消费量689.1万吨，周环比下降71.58万吨，周环比下降9.41%。 截至2月6日，主流贸易商建筑用钢成交量3.5万吨，周环比下降3.25万吨，周环比下降48. ...

Core Viewpoint - Dongxing Securities is undergoing a significant asset restructuring plan involving a share swap merger with China International Capital Corporation and Xinda Securities, which is expected to constitute a major asset reorganization but will not result in a reverse listing [1][3]. Company Announcements - Dongxing Securities issued its fifth phase of short-term financing bonds for 2025 on September 22, 2025, with a total issuance size of RMB 2 billion and a coupon rate of 1.69%, maturing in 143 days. The total principal and interest of these bonds was paid on February 12, 2026, amounting to RMB 2,013,242,191.78 [1][3]. - As of February 13, 2026, the company’s stock price closed at RMB 14.16, showing no change from the previous week, with a market capitalization of RMB 45.771 billion, ranking 24th in the securities sector and 445th among all A-shares [1].

Core Viewpoint - Cinda Securities is facing significant analyst turnover, with a total of 9 analysts leaving in just over a month and a cumulative reduction of 17 analysts since Q4 2025, representing a 23% decline, which may impact the stability of its research business [1] Group 1: Analyst Turnover - The departure of analysts coincides with the announcement of China International Capital Corporation's plan to merge with Cinda Securities, potentially affecting the company's research stability [1] - The overall number of analysts in the securities industry has decreased by nearly 100 in the past two months, indicating intensified competition and accelerated industry reshuffling [1] Group 2: Stock Performance - Cinda Securities' stock has shown volatility over the past seven trading days, with a maximum price of 17.96 yuan on February 10 and a minimum of 17.66 yuan on February 9, resulting in a cumulative increase of 0.57% and a fluctuation of 1.70% [1] - The latest closing price on February 13 was 17.77 yuan, with a daily decline of 0.22% and a trading volume of 212 million yuan, reflecting a turnover rate of 0.37% [1] - On February 13, there was a net outflow of 16.1 million yuan from major investors, although there had been net inflows in the previous three trading days [1] - The securities sector faced pressure overall, with the securities II sector dropping by 1.03%, while Cinda Securities performed slightly better than the industry average [1]

Group 1 - The core point of the article is that China International Capital Corporation (CICC) is planning a major asset restructuring involving a share swap merger with Dongxing Securities and Cinda Securities, which is expected to be classified as a significant asset restructuring under relevant regulations, but will not constitute a reverse listing [2][3]. Group 2 - The transaction is in progress, with the board of directors having approved the merger plan on December 17, 2025, and the company's A-shares resuming trading on December 18, 2025 [3][4]. - As of the announcement date, the audit and related work for the transaction have not been completed, and the company will convene another board meeting to review the transaction once these tasks are finalized [4].

证券代码：601059 证券简称：信达证券 公告编号：2026-003 信达证券股份有限公司 关于重大资产重组的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担相应的法律责任。 一、本次交易的基本情况 信达证券股份有限公司（以下简称公司或信达证券）与中国国际金融股份有 限公司（以下简称中金公司）、东兴证券股份有限公司（以下简称东兴证券）正 在筹划由中金公司通过向东兴证券全体 A 股换股股东发行 A 股股票、向信达证 券全体 A 股换股股东发行 A 股股票的方式换股吸收合并东兴证券、信达证券（以 下简称本次交易）。本次交易预计构成《上市公司重大资产重组管理办法》规定 的重大资产重组，不构成重组上市。 二、本次交易进展情况 公司于 2025 年 12 月 17 日召开第六届董事会第十九次会议，审议通过了《关 于<中国国际金融股份有限公司换股吸收合并东兴证券股份有限公司、信达证券 股份有限公司预案>及其摘要的议案》等与本次交易相关的议案，具体内容详见 公司刊登在上海证券交易所网站的相关公告。经向上海证券交易所申请，公司股 票于 202 ...

Core Viewpoint - Dongxing Securities announced that China International Capital Corporation (CICC) is planning a stock swap merger with Dongxing Securities and Xinda Securities, which is expected to constitute a significant asset restructuring but will not qualify as a restructuring listing [1] Group 1 - The board of Dongxing Securities approved the relevant proposal on December 17, 2025, and the A-share stock will resume trading the following day [1] - As of the announcement date, related auditing and other work have not been completed, and the board will convene again to review and follow regulatory procedures [1] - The transaction requires approval from various boards, shareholders, and regulatory agencies, indicating a level of uncertainty [1]

Core Viewpoint - The announcement indicates that Cinda Securities is planning a share swap merger with Dongxing Securities and China International Capital Corporation (CICC) through the issuance of A-shares to all shareholders of both companies [1] Group 1: Transaction Details - The transaction is expected to constitute a significant asset restructuring as defined by the "Measures for the Administration of Major Asset Restructuring of Listed Companies" but will not qualify as a restructuring listing [1] - CICC will issue A-shares to all A-share shareholders of Dongxing Securities and Cinda Securities as part of the share swap merger [1] Group 2: Current Status - As of the date of the announcement, the auditing and related work for the transaction has not been completed [1] - The company will convene a board meeting to review the relevant proposals for the transaction once the related work is finalized, and will fulfill subsequent legal and regulatory disclosure obligations [1]

Group 1 - The core point of the article is that China International Capital Corporation (CICC) is planning a major asset restructuring by issuing A-shares to acquire Dongxing Securities and Xinda Securities, which is expected to be a significant merger but will not constitute a restructuring listing [1] - The trading plan is subject to approval from the boards of directors, shareholders, and regulatory authorities, with the outcome and timeline remaining uncertain [1] - The resumption of trading for the company's A-shares is scheduled for December 18, 2025, after the completion of relevant audits and procedures [1]

消息面上，2月13日，工信部公开征求《智能网联汽车自动驾驶系统安全要求》等五项强制性国家标 准。此外，上海市智能网联汽车测试与示范推进工作小组近日编制发布《上海市智能网联汽车发展报告 (2025年度)》。截至去年年底，全市累计开放3173条5238.82公里自动驾驶测试道路。 部分智驾概念股早盘走高，截至发稿，浙江世宝（002703）(01057)涨6.32%，报5.89港元；耐世特 (01316)涨6.21%，报7.7港元；佑驾创新(02431)涨2.6%，报13.79港元；敏实集团(00425)涨1.56%，报43 港元。 信达证券（601059）指出，当前国内关于智能网联汽车的法规持续完善，行业发展环境逐步规范化。同 时自主品牌加快智驾技术研发，行业智驾渗透率持续提升。在高阶自动驾驶层面，Robo-X持续落地， Robotaxi2030年市场规模有望达到2700亿元，且无人物流车逐步落地，2030年中国无人驾驶物流车产业 产值增量有望升至5948亿元。 ...

Core Viewpoint - Yutong Technology is acquiring 51% of Huayan Technology for 449 million yuan, transitioning its growth model from packaging support to a full industry chain support [1] Group 1: Acquisition Details - The acquisition price for Huayan Technology is set at 449 million yuan, with the seller being Guankai Investment, which is 100% controlled by Yutong's actual controller [1] - The profit commitment targets for Huayan Technology are projected to grow by 33% and 55% for the years 2027 and 2028, respectively, indicating a positive outlook for future profits [1] Group 2: Product and Market Position - Huayan Technology's existing precision components and module products are widely used in consumer electronics and smart terminal products, including foldable phones, smartwatches, and smart glasses [1] - The company has established a leading position in AI glasses hinge technology, providing one-stop services from R&D to product delivery [1] Group 3: Global Expansion Strategy - Yutong Technology has completed its layout in Southeast Asia and Mexico, with a leading capability in overseas delivery and service [1] - The company plans to consider establishing new bases in Europe, the Middle East, and the United States within the next 2-3 years, aiming to enhance core customer global supply share through product horizontal expansion and strengthened local delivery capabilities [1]