涂标认为，中国菜系估值有望重新国际化。就目前的国际油菜籽和油粕市场格局而言，国际菜粕价格相 对较弱，而加拿大菜油价格获得美国市场支撑，当前同比偏强。中加菜系贸易重启之后，预计国际菜粕 的供给压力将逐步在国内市场得到体现，而加拿大菜油取决于后期美国RVO政策的兑现情况。预计未 来国际菜系油粕比震荡走强可期。不过，从绝对估值水平看，国内菜粕价格已经与玉米价格相对接近， 若价格进一步下跌，预计菜粕需求量有望改善。另外，从国内菜油期货的运行趋势分析，菜油3月合约 价格走势需关注进口澳大利亚油菜籽的压榨情况，澳大利亚油菜籽入榨节点相对关键。目前，俄菜油、 迪拜菜油报价仍相对偏高，菜油价格获得了节奏性支撑，若澳大利亚油菜籽迟迟无法入榨，预计近月菜 油高基差局面仍将维持。 乔林生 期货日报记者,新华社特邀经济分析师。从业以 来,一直在农产品市场一线做基层研究工作,擅 长跟踪与分析国内外农产品期现货市场政策变动 趋势,在品种供需变化、价格涨跌动向、热点问 题等领域有着自己独特的分析方法与敏锐的新闻 洞察力。 中信建投（601066）期货研究发展部研究助理涂标告诉期货日报记者，目前，我国菜粕库存在47万吨左 右，其中的15万~ ...

Core Insights - The brokerage apps have become an important window for observing the comprehensive strength and service innovation trends of various brokerages, with active users reaching 175 million in December 2025, marking a 1.75% month-on-month increase and a 2.26% year-on-year increase, setting a new monthly record for 2025 [1] Group 1: User Engagement and Competition - Two brokerage apps, Huatai Securities' "Zhangle Wealth" and Guotai Junan's "Guotai Junan Junhong," lead the monthly active user rankings with 12.12 million and 10.40 million users respectively, showing month-on-month growth of 2.59% and 2.12% [2] - Other major brokerage apps also demonstrated high user engagement, with Ping An Securities' app reaching 8.88 million active users (up 2.06%), and several others exceeding 7 million [2] - The brokerage app with the highest month-on-month growth was "Zhangshan Securities," which saw a 2.99% increase, reaching 7.30 million active users [2] Group 2: Year-on-Year Growth - The brokerage app with the most significant year-on-year growth was "Xingye Securities Youlibao," which achieved a 20.66% increase, reaching 1.87 million active users in December [3] - Other apps like "Changjiang e-Number" and "Zhangle Wealth" also experienced steady growth, with year-on-year increases exceeding 5% [3] Group 3: Wealth Management Transformation - In December 2025, the Shanghai Composite Index rose by 2.06%, prompting brokerages to enhance their apps by refining advisory services and adding smart trading tools and insurance sections to meet diverse investment needs [4] - Optimizing advisory services has become a key focus for brokerage app upgrades, with companies like Guosen Securities launching new advisory service sections and products tailored to different customer segments [4] - The introduction of insurance sections in brokerage apps has emerged as a highlight, with Ping An Securities and other firms offering various insurance products and educational content to users [4] Group 4: Industry Trends and Future Directions - Analysts indicate that in the context of declining commission rates, the transformation towards wealth management is essential for brokerages to overcome development bottlenecks, evolving from mere securities brokerage to comprehensive wealth management institutions [5] - The inclusion of insurance products can enhance the stability and risk resistance of customer asset portfolios, allowing brokerages to provide more precise and comprehensive services throughout the customer lifecycle [6]

Group 1 - The core viewpoint of the news is the adjustment of the minimum margin requirement for margin trading in the Shanghai and Shenzhen stock exchanges, increasing it from 80% to 100% for new margin contracts, which reflects a regulatory approach to stabilize the market and manage leverage [2][3] - The adjustment is expected to lead to a slowdown in the growth of margin financing in the short term, but it will create a more stable overall business environment for the securities industry [3] - The securities sector is anticipated to benefit from the migration of household deposits and the reconstruction of the stock market mechanism, which will support the growth of wealth management, investment banking, and institutional business [2][3] Group 2 - The adjustment of the margin requirement is seen as a measure to guide the market towards a healthier and more sustainable medium to long-term trend, similar to adjustments made in 2015 [2] - Companies in the securities industry, particularly those with strong capital and risk management capabilities, are recommended for investment opportunities [3] - The news highlights several Chinese securities firms listed in Hong Kong, including Huatai Securities, GF Securities, and China Galaxy, among others, indicating a broad interest in the sector [4]

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！ 出品：新浪财经上市公司研究院 作者：喜乐 2025年港股IPO市场热度强势回归，全年共有114家公司完成上市（不含介绍上市、de-SPAC），合计募资2856亿港元（截至2026年1月16日）， 一跃成为全球IPO募资规模第一大交易所。从后市表现来看，市场整体盈利效应显著，上市首日平均涨幅达37%，远高于去年的8%；但市场并 非"普涨无差"，48单项目首日破发，破发率超四成，而作为港股IPO"标配"的绿鞋机制，其护盘效果的分化成为影响新股表现的关键变量。 理论上，绿鞋机制本应成为新股上市后的"稳定器"，但2025年的市场数据却揭示了其现实局限。按上市首日盘中最低价计算，破发率达42%；其 中，设置绿鞋的项目破发率高达48%，这一数值甚至高于未设置绿鞋的项目的22%。 值得注意的是，绿鞋机制的设置本身就与市场需求高度相关：绿鞋股份是配售给非基石的机构投资者的，因此只有在机构认购需求充足时，发 行人才会选择设置绿鞋；而当发行人面临机构需求不足的情况时，智能放弃设置绿鞋。这一背景也使得"有绿鞋项目破发率更高"的数据反差更 值得关注。 而要解开 ...

据深水财经社发布的《2025年A股上市公司发展报告中介机构篇》显示，2025年A股共有116家公司完成 首发上市，较上年增加16家。 2025年A股IPO市场暖意渐浓，全面注册制改革的深化让资本市场服务实体经济的功能愈发凸显。 作为企业上市进程中的核心枢纽，券商、会计师事务所、律师事务所三大中介机构的竞争格局与服务质 量，直接关系到IPO市场的健康度。 合计募集资金1317.71亿元，同比激增95.63%，创下近年新高。截至2025年末，两市A股上市公司总数 已达5469家。 头部集聚效应极致凸显 小睿就带大家拆解2025年A股IPO中介机构格局，头部扎堆抢食，监管趋严下 "看门人" 责任再升级。 容诚会计师事务所以29个IPO项目遥遥领先，天健、立信分别以20个和17个项目位列第二、第三。 容诚的异军突起得益于对硬科技企业的深耕，在半导体、生物医药等高景气赛道的项目储备量持续走 高。 专业细分成突围关键 天健则凭借浙江区域的深厚根基，成为浙商企业上市的首选合作伙伴，其申报项目储备量以74家位居行 业第一。 2025年券商IPO保荐赛道的"马太效应"呈现白热化态势，不仅项目数量高度集中，承销金额的头部垄断 特 ...

每经AI快讯，海得控制发布公告称，2026年1月15日至2026年1月16日期间，海得控制接受中信建投证 券调研，公司副总经理兼董事会秘书吴秋农，证券事务代表邱扬凡，证券事务代表助理王雪婷参与接 待，并回答了投资者提出的问题。 （记者 曾健辉） 每经头条（nbdtoutiao）——白银50天涨逾80%，疯狂程度远超黄金，历史上爆炒白银往往预示贵金属 牛市已到高潮，这次有何不同？ ...

Core Viewpoint - The company, Weipage (603956), is forecasting a net loss of approximately 130.93 million yuan for the year 2025, although it expects to reduce its losses by about 90 million yuan compared to the previous year [1]. Financial Performance - In 2024, the company reported an operating revenue of 1.24 billion yuan, a year-on-year decrease of 12.51% [1]. - The net profit attributable to the parent company for 2024 was a loss of 21.2 million yuan, compared to a profit of 2.33 million yuan in the previous year [1]. - The net profit attributable to the parent company after deducting non-recurring gains and losses was a loss of 23.8 million yuan, compared to a loss of 1.1 million yuan in the previous year [1]. - The net cash flow from operating activities was -163 million yuan, down from 24.96 million yuan in the previous year [1]. Fundraising Activities - The total amount raised from the initial public offering (IPO) was approximately 242.80 million yuan, with a net amount of about 204.20 million yuan after expenses [2]. - The company planned to use the raised funds for upgrading its R&D technology center, marketing network system, and to supplement working capital [2]. - The total fundraising from the IPO expenses was 38.60 million yuan, with the lead underwriter, CITIC Securities, receiving approximately 27.25 million yuan [2]. - The company issued 4.2 million convertible bonds in November 2020, raising a total of 420 million yuan, with a net amount of approximately 416.54 million yuan after expenses [2]. - In 2021, the company conducted a non-public offering of 82.47 million shares at a price of 11.76 yuan per share, raising a total of approximately 969.90 million yuan, with a net amount of about 959.04 million yuan after expenses [3]. - The total amount raised from all three fundraising activities was approximately 1.633 billion yuan [4].

人民财讯1月16日电，1月16日，由第一创业（002797）联合国家金融与发展实验室主办、深圳市第一创 业债券研究院承办的"2026债券市场年度论坛"在北京举办。中信建投（601066）固定收益首席分析师曾 羽在展望2026年利率趋势时认为，预计长期利率仍是底部宽幅震荡。如果房价在今明两年企稳，则宏观 经济有望自发性回暖，叠加"反内卷"持续推进，利率中枢有缓慢回升趋势。她认为，在震荡为主与收益 率中枢缓慢上行市场，不建议单边押注久期策略，建议以票息策略为主，即以短久期信用债为底仓，同 时通过杠杆策略适度套息，辅以更加灵活的长端波动操作增厚收益，并积极布局"固收+"。 ...

1月16日，数据港跌5.63%，截至发稿，报36.03元/股，成交19.23亿元，换手率7.22%，总市值258.83亿 元。 资料显示，上海数据港股份有限公司位于上海市静安区江场路1401弄14号1601室，成立日期2009年11月 18日，上市日期2017年2月8日，公司主营业务涉及数据中心服务器托管服务及网络带宽服务。主营业务 收入构成为：IDC服务业99.31%，IDC解决方案0.69%。 中信建投科技主题6个月持有混合A（017034）基金经理为冷文鹏。 截至发稿，冷文鹏累计任职时间9年220天，现任基金资产总规模13.31亿元，任职期间最佳基金回报 233.78%， 任职期间最差基金回报-21.77%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 从基金十大重仓股角度 数据显示，中信建投基金旗下1只基金重仓数据港。中信建投科技主题6个月持有混合A（017034）三季 度持有股数12.19万股，占基金净值比例为2.88%，位居第八大重仓股 ...

1月16日，豆神教育跌5.1%，截至发稿，报8.18元/股，成交7.72亿元，换手率5.53%，总市值169.05亿 元。 截至发稿，张青累计任职时间4年267天，现任基金资产总规模2197.54万元，任职期间最佳基金回报 20.55%， 任职期间最差基金回报-20.83%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 资料显示，豆神教育科技(北京)股份有限公司位于北京市海淀区东北旺西路8号院25号楼豆神教育集 团，成立日期1999年1月8日，上市日期2009年10月30日，公司主营业务涉及内容(安全)管理解决方案业 务、教育产品及管理解决方案业务以及视音频解决方案及服务业务。主营业务收入构成为：教育产品及 管理解决方案91.33%，内容(安全)管理解决方案及服务收入7.88%，其他(补充)0.79%。 从基金十大重仓股角度 数据显示，中信建投基金旗下1只基金重仓豆神教育。中信建投臻选成长混合发起式A（018788）三季 度增持1万股，持有股数15 ...