Core Insights - The Securities ETF (159841) has reached a record high of 10.772 billion yuan as of February 4, 2026, indicating strong investor interest and confidence in the sector [2] - The ETF has seen significant inflows, with a total of 343 million yuan over the past five trading days, reflecting a positive trend in market participation [3] - The overall performance of the securities sector is bolstered by a substantial increase in new margin trading accounts, which rose by 157% year-on-year in January 2026 [4] Fund Performance - The Securities ETF (159841) recorded a trading volume of 209 million yuan on February 5, 2026, with the underlying index, the CSI All Share Securities Companies Index (399975), increasing by 0.64% [1] - Notable individual stock performances include Huayin Securities up by 10.02%, Huaxin Shares up by 5.05%, and Guosheng Securities up by 3.26% [1] Market Trends - In January 2026, the number of new margin trading accounts reached 190,500, a month-on-month increase of 29.5% and a year-on-year increase of 157% [4] - The Shanghai Composite Index and Shenzhen Component Index saw increases of 3.76% and 5.03% respectively during the same month, with average daily stock trading volume rising to 3.47 trillion yuan, a year-on-year increase of 155.35% [4] Institutional Outlook - Ping An Securities has indicated that listed securities firms are expected to report strong earnings growth in 2025, with a notable recovery in performance compared to previous years [4] - The ongoing "slow bull" market environment, coupled with supportive policies for mergers and acquisitions, is likely to sustain the performance recovery trend in the securities industry [4]

Group 1 - The A-share market saw a rise in brokerage stocks, with Huayin Securities increasing by 6% [1] - Huaxin Co. experienced a rise of over 2% [1] - Other brokerage firms such as Guosheng Securities, CITIC Securities, Industrial Securities, and China Merchants Securities also saw gains [1]

Group 1 - Zhang Yidong, former Chief Strategist of Industrial Securities and Chief Economist of Everbright Securities International, has joined Haitong International at the beginning of this month [2][4] - This transition occurred just one month after he announced his departure from Industrial Securities via his personal public account at the end of last year [2][4]

中国经济网北京2月4日讯福昕软件(688095.SH)今日收报96.09元，跌幅7.37%。 福昕软件于2020年9月8日在上交所科创板上市，发行数量为1204万股，发行价格238.53元/股，保荐机 构为兴业证券，保荐代表人为李蔚岚、黄实彪，联席主承销商为国泰君安证券(现更名为国泰海通证券 股份有限公司)。 福昕软件于2023年6月15日发布的2022年年度权益分派实施公告显示，该公司拟每股现金红利0.5元(含 税)，每股转增0.4股，股权登记日为2023年6月20日，除权(息)日为2023年6月21日。 福昕软件首次公开发行股票的发行费用为2.85亿元，其中保荐及承销费用为2.67亿元。 据福昕软件上市发行结果公告显示，福昕软件跟投机构为兴证投资管理有限公司，最终战略配售数量为 36.12万股，跟投金额为8615.70万元，占发行总量的3%，限售期为24个月。 福昕软件实控人为熊雨前，中国国籍，拥有美国永久居留权。 福昕软件于2022年6月22日发布的2021年年度权益分派实施公告显示，该公司拟每股现金红利0.8元(含 税)，每股转增0.4股，股权登记日为2022年6月27日，除权(息)日为2022年6月 ...

每经头条（nbdtoutiao）——特朗普的"完美人选"颠覆美联储？解码凯文·沃什的"新政构想"：左手放水 右手抽水，要靠AI驯服通胀，拒做美债"大买家" （记者 曾健辉） 每经AI快讯，华联控股发布公告称，2026年2月4日上午9:30~11:30，华联控股接受兴业证券等投资者调 研，公司董事长龚泽民等人参与接待，并回答了投资者提出的问题。 ...

| 代码 | 名称 | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | | 002945 | 华林证券 | 7.47 | 517亿 | 24.85 | | 601555 | 东吴证券 | 3.26 | 473亿 | 4.97 | | 600621 | 华鑫股份 | 2.65 | 181亿 | 12.01 | | 601211 | 国泰海通 | 2.51 | 3524 Z | -2.73 | | 600369 | 西南址券 | 2.00 | 304亿 | 2.23 | | 601688 | 华泰证券 | 1.88 | 2002亿 | -5.98 | | 002736 | 国信证券 | 1.72 | 1275亿 | -5.11 | | 601881 | 中国银河 | 1.65 | 1680亿 | -2.29 | | 601066 | 中信建投 | 1.62 | 1893亿 | -8.31 | | 601108 | 财通证券 | 1.58 | 419亿 | 3.44 | | 601377 | 兴业证券 | 1.49 | 590亿 | -7.95 | | ...

绿通科技首次公开发行股票的发行费用总额（不含增值税）为19,189.96万元，其中保荐及承销费用 16,251.80万元。 绿通科技经董事会审议通过的2022年利润分配预案为：以69,933,799股为基数，向全体股东每10股 派发现金红利9.00元（含税），送红股0股（含税），以资本公积金向全体股东每10股转增5股。股权登 记日为2023年5月24日，除权除息日为2023年5月25日。 公司2023年年度权益分派实施：向全体股东每10股派10元人民币现金(含税)，同时，以资本公积金 向全体股东每10股转增4股。本次权益分派股权登记日为2024年5月28日，除权除息日为2024年5月29 日。 (责任编辑：蔡情) | | | | 项目 | 本报告期 | | | | 上年同期 | | --- | --- | --- | --- | --- | --- | | 归属于上市公司 股东的净利润 | | 4.000 | 14 | 5.000 | 14,212.34 | | | 比上年同 | 71.86% | 14 | 64.82% | | | | 期下降 | | | | | | 扣除非经常性损 | | 200 | 14 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The public - offering funds are important participants in the treasury bond futures market. In Q4 2025, the number of public - offering funds participating in treasury bond futures decreased marginally, but the participation degree was still at a historical high. Treasury bond futures played a role in managing interest - rate risks, stabilizing net - value fluctuations, and flexibly adjusting duration for public - offering products [6]. 3. Summary According to Relevant Catalogs 3.1 Public - Offering Fund Investment Scope Covering Treasury Bond Futures - As of January 25, 2026, 917 medium - and long - term pure - bond funds, about 43% of the total, had treasury bond futures in their investment scope; 251 short - term pure - bond funds, about 68% of the total, also included it. Additionally, 226 first - tier bond funds, 515 second - tier bond funds, and 594 partial - debt hybrid funds had treasury bond futures in their investment scope [11]. - Since 2021, the proportion of newly established medium - and long - term pure - bond funds and short - term pure - bond funds with treasury bond futures in their investment scope has been increasing [12]. - As of February 1, 2026, 40 out of 53 bond ETFs had treasury bond futures in their investment scope, and all newly listed bond ETFs in 2025 covered treasury bond futures [22]. 3.2 Q4 2025: Marginal Decrease in the Number of Public - Offering Funds Participating in the Treasury Bond Futures Market - In Q4 2025, 362 public - offering funds (incomplete statistics) participated in the treasury bond futures market, 51 fewer than in Q3 2025, possibly due to the decreasing duration of public - offering bond funds after September 2025, reducing the need for hedging with treasury bond futures [28]. - Among them, there were 118 medium - and long - term pure - bond funds (15 fewer than Q3), 49 short - term pure - bond funds (15 fewer), 45 partial - debt hybrid funds (8 fewer), 58 first - tier hybrid bond funds (9 fewer), 83 second - tier hybrid bond funds (2 more), 6 flexible - allocation funds (4 fewer), and 3 index bond funds (the same as Q3) [28]. 3.3 Improvement of Maximum Drawdown and Annualized Volatility Indicators for Products Participating in Treasury Bond Futures - In Q4 2025, more than half of the public - offering products participating in treasury bond futures had better maximum drawdown and annualized volatility indicators than the industry average, indicating that treasury bond futures played a role in managing interest - rate risks and promoting net - value stability. This conclusion also holds for pure - bond products [34]. - In the long run, participating in treasury bond futures can still improve the maximum drawdown and annualized volatility of products, and the effect on improving annualized volatility is more stable [36]. 3.4 Sample Analysis of Public - Offering Funds Holding Treasury Bond Futures at the End of the Quarter - At the end of Q4 2025, there were 113 public - offering funds disclosing treasury bond futures positions (28 fewer than the end of Q3). Among them, 39 funds bought treasury bond futures (22 fewer), 55 sold (7 fewer), and 15 had cross - variety transactions (2 more). The proportion of public - offering funds holding long positions in treasury bond futures decreased [45]. - For public - offering products, treasury bond futures can flexibly adjust duration, mainly to reduce it. As of the end of 2025, for products with a scale of ≥ 500 million yuan, the proportion of the contract value of treasury bond futures held by public - offering funds to the total value of bonds held by the funds was between - 20% and 8.1%, with a median of about - 0.5%; the impact on portfolio duration was between - 3.4 and + 1.01, with a median of about - 0.07 [51]. - For medium - and long - term pure - bond funds at the end of Q4 2025, the number of bought treasury bond futures contracts increased slightly compared to the end of Q3, and the number of sold contracts decreased significantly [52]. - For short - term pure - bond funds at the end of Q4 2025, the number of bought treasury bond futures contracts decreased significantly compared to the end of Q3, and the number of sold contracts increased significantly. For products with a scale of ≥ 500 million yuan, the proportion of the contract value of treasury bond futures held by public - offering funds to the total value of bonds held by the funds was between - 4.8% and 1.8%, with a median of about - 0.8%; the impact on portfolio duration was between - 0.51 and + 0.08, with a median of about - 0.06 [60].

Investment Rating - The report maintains an "Overweight" rating for the non-bank financial industry [1] Core Insights - The equity market is expected to perform well, with a projected net profit growth of 50% year-on-year for 2025, and a 16% growth in 2026 from a high base [1][30] - The average daily trading volume of stock funds is anticipated to reach 19.814 trillion yuan in 2025, representing a 67% year-on-year increase [1][9] - The report highlights a significant recovery in IPO and refinancing activities, with IPO fundraising expected to grow by 96% in 2025 [1][14] - The bond issuance scale is expected to increase steadily, with a 13% year-on-year growth in 2025 [1][19] - The report emphasizes the low valuation of brokerage stocks and the potential for valuation recovery, particularly for large brokerages [1][24] Summary by Sections 1. Equity Market Performance - The average daily trading volume of stock funds is projected at 19.814 trillion yuan, a 67% increase year-on-year [1][9] - The number of new accounts opened in the Shanghai market is expected to average 2.5 million per month, an 8% increase from 2024 [1][9] - The financing balance is projected to reach 2.5242 trillion yuan, a 36% increase year-on-year [1][12] - The IPO market is expected to see 116 IPOs raising 131.8 billion yuan, a 96% increase year-on-year [1][14] - The refinancing market is expected to recover significantly, with a total of 950.9 billion yuan raised, a 326% increase [1][18] 2. Profit Forecast for 2025 - The report forecasts a 50% year-on-year increase in net profit for listed brokerages in 2025, with a 16% increase in Q4 [1][30] - The total revenue for the industry is expected to grow by 21% year-on-year [1][30] 3. 2026 Outlook - The report anticipates a 16% year-on-year increase in net profit for the industry in 2026, based on high baseline assumptions [1][37] - The growth in brokerage income from various segments is expected, including a 25% increase in brokerage business revenue [1][37] 4. Valuation and Recommendations - The report notes that the current valuation of brokerages is relatively low, with the CITIC Securities II index at 1.43x PB, indicating potential for valuation recovery [1][24] - Key recommendations include major brokerages such as CITIC Securities, Huatai Securities, and Guotai Junan [1][24]

誉辰智能首次公开发行股票募集资金总额83,900.00万元，扣除发行费用后，募集资金净额为 75,450.71万元。该公司最终募集资金净额比原计划多32,648.93万元。誉辰智能于2023年7月6日披露的招 股说明书显示，其拟募集资金42,801.78万元，分别用于研发生产基地新建项目和补充营运资金。 誉辰智能于2023年7月12日在上交所科创板上市，发行数量为1,000.00万股，发行价格为83.90元/ 股，保荐人（主承销商）为兴业证券股份有限公司，保荐代表人为尹涵、王海桑。 上市首日，誉辰智能盘中最高价报84.20元，为该股上市以来最高价。该股目前处于破发状态。 中国经济网北京2月3日讯 誉辰智能(688638.SH)近日发布2025年年度业绩预告。经公司财务部门初 步测算，预计2025年年度实现归属于母公司所有者的净利润与上年同期（法定披露数据）相比亏损增 加，预计实现归属于母公司所有者的净利润为-16,500.00万元到-13,500.00万元；归属于母公司所有者扣 除非经常性损益后的净利润为-17,050.00万元到-14,050.00万元。 2024年，誉辰智能归属于母公司所有者的净利润为-1 ...