A 股点评报告：冲突转机初现 布局时机 2026 年 3 月 26 日 A 股策略 点评报告 | | | 观点： 美伊冲突转机初现，油价回落有利于风险释放。据央视新闻报道，当地时间周二（24 日），美国总统特朗普表示，美国和伊 朗目前正在进行谈判，并暗示德黑兰渴望达成和平协议。美国政府还通过巴基斯坦向伊朗提出了一份包含 15 项条件的结束 冲突方案，涵盖核计划、导弹能力及地区问题。随着市场不断传出谈判消息，冲突出现缓和的迹象，我们认为，未来虽然谈 判进程会有所反复，但双方均无全面开战的意愿和条件，且存在通过谈判缓解冲突的现实需求，但因立场悬殊、互信基础薄 弱，谈判过程将充满波折，局部军事对抗仍会偶有发生。从美国方面来看，其核心诉求是遏制伊朗核能力、确保霍尔木兹海 峡通航安全、削弱伊朗在中东的影响力，同时避免陷入长期战争泥潭。特朗普政府第二次执政后，一直强调在中东转移责任、 构建和平，避免重蹈阿富汗战争、伊拉克战争的覆辙，当前财政压力和军工能力也难以支撑一场全面战争，而通过谈判实现 停火，既能实现其核心战略目标，又能减少战争消耗，符合美国的根本利益。但美国的以打促谈策略不会改变，大概率会通 过持续的军事威慑，逼 ...

3月26日，证券ETF南方（512900）开盘跌0.29%，报1.045元。证券ETF南方（512900）重仓股方面，东 方财富开盘跌0.45%，中信证券跌0.32%，国泰海通跌0.23%，华泰证券跌0.37%，广发证券跌0.27%，招 商证券跌0.07%，东方证券跌0.22%，东兴证券跌0.16%，兴业证券跌0.16%，申万宏源涨0.00%。 证券ETF南方（512900）业绩比较基准为中证全指证券公司指数收益率，管理人为南方基金管理股份有 限公司，基金经理为孙伟，成立（2017-03-10）以来回报为4.70%，近一个月回报为-10.11%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 MACD金叉信号形成，这些股涨势不错！ 责任编辑：小浪快报 3月26日，证券ETF南方（512900）开盘跌0.29%，报1.045元。证券ETF南方（512900）重仓股方面，东 方财富开盘跌0.45%，中信证券跌0.32%，国泰海通跌0.2 ...

东兴证券股份有限公司 2025 年度第四期短期融资券兑付完成的公告 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法律责任。 东兴证券股份有限公司（以下简称公司）于 2025 年 9 月 17 日成功发行东兴 证券股份有限公司 2025 年度第四期短期融资券（以下简称本期短期融资券），本 期短期融资券发行规模为人民币 15 亿元，票面利率为 1.69%，期限为 182 天， 兑付日期为 2026 年 3 月 18 日（详见公司于 2025 年 9 月 22 日登载于上海证券交 易所网站 http://www.sse.com.cn 的《东兴证券股份有限公司 2025 年度第四期短 期融资券发行结果公告》）。 证券代码：601198 证券简称：东兴证券 公告编号：2026-008 2026 年 3 月 18 日 ， 公 司 兑 付 了 本 期 短 期 融 资 券 本 息 共 计 人 民 币 1,512,640,273.97 元。 特此公告。 东兴证券股份有限公司 董事会 2026 年 3 月 19 日 1 ...

证券代码：601198 证券简称：东兴证券 公告编号：2026-006 东兴证券股份有限公司 2026 年度第二期短期融资券发行结果公告 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法律责任。 2026 年 3 月 6 日 1 东兴证券股份有限公司2026年度第二期短期融资券已于2026年3月5日发行 完毕，相关发行情况如下： | 债券名称 | | | 东兴证券股份有限公司 | | 2026 年度第二期短期融资券 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 债券简称 | 东兴证券 26 | | | CP002 | 债券代码 | 072610050 | | | | 发行日 | 2026 3 | 年 | 月 4 | 日 | 起息日 | 年 2026 | 3 | 月 日 5 | | 兑付日 | 2026 12 | 年 | 月 | 10 日 | 期限 | 280 天 | | | | 计划发行总额 | 人民币 20 | | 亿元 | | 实际发行总额 | 人 ...

Core Viewpoint - The pig prices have shown a recovery since the end of December 2025, but have started to decline again in February 2026, indicating a serious oversupply situation in the market [1][2]. Industry Supply and Demand Performance - In January 2026, the average prices for piglets, live pigs, and pork were 25.38 yuan/kg, 13.18 yuan/kg, and 23.40 yuan/kg, respectively, with month-on-month changes of 8.44%, 7.50%, and 3.39% [2]. - The supply side saw a normal pace of slaughter from large-scale farms in January, while small and medium-sized farmers slowed down, which supported the prices [2]. - Demand was boosted by pre-holiday stocking for the Spring Festival, but the slaughtering sector faced significant profit pressure, limiting operational rates and price increases [2]. Capacity Change Trends - As of the end of December 2025, the number of breeding sows was 39.61 million, a decrease of 1.10% from the end of October [3][4]. - The recent improvement in profitability during the peak season has slowed the pace of capacity reduction, but the downward trend in capacity has already begun [3]. Policy Regulation and Price Trends - The central government's policy for 2026 emphasizes comprehensive regulation of pig production capacity, with a trend towards more refined policy measures [4]. - As of February 13, 2026, the average loss per self-bred pig was 98.32 yuan, indicating a return to losses for self-bred operations [4]. Company Recommendations - Companies with leading cost structures and high performance realization rates, such as Muyuan Foods (002714.SZ), are recommended for attention, along with other beneficiaries like Wens Foodstuff Group (300498.SZ), Dekang Agriculture (02419), Tiankang Biological (002100.SZ), and Shennong Group (605296.SH) [5]. January Sales Data of Listed Companies - In January, Muyuan Foods, Wens Foodstuff Group, Zhengbang Technology, and New Hope achieved average sales prices of 12.57, 12.75, 12.45, and 12.48 yuan/kg, respectively, with month-on-month increases of 10.17%, 9.91%, 6.41%, and 10.64% [6]. - The sales volume for January showed a decline for several companies, with Muyuan Foods selling 701,000 pigs, a slight increase, while Wens Foodstuff Group, New Hope, and Zhengbang Technology saw declines of 35.05%, 37.98%, and 9.83%, respectively [6]. - The average weight of pigs at slaughter varied, with some companies reporting increases while others reported decreases [6].

Summary of Key Points Core Viewpoint - In the first two months of 2026, the A-share market saw a total of 17 new listed companies, marking a 31% increase compared to the same period last year, with total fundraising reaching 13.946 billion yuan, up 118.25% year-on-year [1]. Group 1: New Listings and Fundraising - A total of 17 new companies were listed in January and February 2026, including 4 on the Shanghai Main Board, 4 on the Sci-Tech Innovation Board, 1 on the Shenzhen Main Board, and 8 on the Beijing Stock Exchange [1]. - The net fundraising amount for these new listings was 13.946 billion yuan, significantly higher than the 6.390 billion yuan raised in the same period last year [1]. Group 2: Underwriting Institutions Performance - Eleven underwriting institutions participated in the IPOs of the 17 new companies, with China International Capital Corporation (CICC) leading with 4 deals [2]. - Other notable institutions included Guotou Securities, Dongwu Securities, and CITIC Securities, each handling 2 deals [2][3]. Group 3: Legal Services Performance - Nine law firms provided legal services for the IPOs, with Shanghai Jintiancheng and Beijing Zhonglun both ranking first, each handling 4 cases [5]. - Beijing Kangda followed with 3 cases, while several other firms contributed to the total of 17 cases [5][7]. Group 4: Accounting Firms Performance - Seven accounting firms provided auditing services for the IPOs, with Rongcheng and Lixin both leading with 4 cases each [8]. - Tianjian handled 3 cases, while Xinyong Zhonghe and Zhonghui each managed 2 cases [8][10].

Group 1 - The company, Nuon Fund Management Co., Ltd., has signed a fund sales service agreement with Dongxing Securities Co., Ltd., allowing Dongxing Securities to act as a sales agency for certain funds starting from February 27, 2026 [1] - Investors can conduct various fund-related transactions such as subscription, redemption, regular investment, and conversion through Dongxing Securities, with specific rules and procedures determined by Dongxing Securities [1] Group 2 - Investors will enjoy fee rate discounts for subscription and regular investment transactions conducted through Dongxing Securities, with the specific discount rates subject to Dongxing Securities' regulations [2] - The minimum subscription amount for the funds at Dongxing Securities is set at 1 yuan, including subscription fees, as per Dongxing Securities' guidelines [3] Group 3 - The fund management company commits to managing and utilizing fund assets with honesty and diligence but does not guarantee profits or minimum returns, emphasizing that past performance does not predict future results [4] - Investors are advised to read the latest fund contracts, prospectuses, and product summaries to fully understand the risk-return characteristics and product features before making investment decisions [4]

Core Viewpoint - The report from Dongxing Securities indicates a decline in domestic flight capacity for January 2026 compared to the previous year, attributed to the later timing of the Spring Festival, while overall performance during the Spring Festival period shows improvement in passenger metrics [1][2]. Domestic Routes - In January 2026, the domestic flight capacity of listed companies decreased by approximately 4.3% year-on-year but increased by about 5.8% compared to December 2025 [1][2]. - The overall passenger load factor for January improved by approximately 1.6 percentage points year-on-year, although it decreased by 0.4 percentage points compared to December [1][2]. - The Spring Festival indicators show improvements compared to the previous year, with a significant increase in passenger volume outpacing flight volume growth by over 3 percentage points, leading to expectations of a notable rise in load factors in February [2]. International Routes - In January 2026, the international flight capacity of listed airlines increased by about 2.6% year-on-year and by 0.6% compared to December [3]. - The passenger load factor for international routes improved by 0.8 percentage points year-on-year and by 0.5 percentage points month-on-month [3]. - The negative impact from Japanese routes is gradually easing, although Spring Airlines and Juneyao Airlines still face challenges due to the timing of the Spring Festival [3]. Airport Sector - In January, Shanghai Airport's international passenger throughput decreased by 5.6% year-on-year, while Beijing, Baiyun, and Shenzhen airports saw increases of 4.7%, 19.8%, and 2.7% respectively [4]. - Baiyun Airport has shown significant improvement in passenger throughput since December, while Shanghai Airport's decline is partly due to a shift in travel demand towards Southeast Asia following restrictions on Japanese routes [4]. Investment Recommendations - The industry is experiencing a long-term process of reducing competition, which is expected to enhance overall profitability as supply growth is constrained and load factors steadily improve [5]. - Large airlines are anticipated to benefit more significantly from this trend, making them a focal point for investment [5].

Group 1 - The core viewpoint of the news is that Dongxing Securities has shown a mixed performance in its financing activities, with a net financing outflow on February 25, and a relatively low financing balance compared to historical levels [1] - On February 25, Dongxing Securities had a financing buy amount of 43.35 million yuan and a financing repayment of 55.76 million yuan, resulting in a net financing outflow of 12.41 million yuan [1] - As of February 25, the total financing and securities lending balance of Dongxing Securities was 1.542 billion yuan, with the financing balance accounting for 3.35% of the circulating market value, which is below the 40th percentile level over the past year [1] Group 2 - Dongxing Securities was established on May 28, 2008, and listed on February 26, 2015, with its main business activities including securities brokerage, investment banking, asset management, proprietary trading, alternative investment, credit trading, futures, and direct investment [2] - The revenue composition of Dongxing Securities includes wealth management business (38.98%), investment trading business (37.14%), investment banking business (11.16%), other businesses (6.78%), and asset management business (5.94%) [2] - For the period from January to September 2025, Dongxing Securities achieved an operating income of 3.610 billion yuan, a year-on-year decrease of 55.25%, while the net profit attributable to shareholders increased by 69.56% to 1.599 billion yuan [2] Group 3 - Since its A-share listing, Dongxing Securities has distributed a total of 5.055 billion yuan in dividends, with 1.202 billion yuan distributed in the last three years [3] - As of September 30, 2025, the number of shareholders of Dongxing Securities was 101,300, a decrease of 10.54% from the previous period, while the average circulating shares per person increased by 11.79% to 31,925 shares [2] - Among the top ten circulating shareholders, the Guotai CSI All-Share Securities Company ETF ranked as the fourth largest shareholder, increasing its holdings by 20.136 million shares to 50.1041 million shares [3]

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].