在2025年资本市场分红热潮中，浙商证券以切实行动彰显责任担当。2025年中期利润分配，公司向全体 股东每股派发现金红利0.07元(含税)，合计派发现金红利3.17亿元(含税)，成为券商行业中期分红的积极 践行者。上述负责人表示，这一举措不仅体现了公司稳健的经营基本面和充裕的现金流储备，更彰显了 其以真金白银回馈股东的坚定决心。 自2017年上市以来，浙商证券持续以现金分红与投资者共享成长红利。截至最新统计，公司累计分红金 额已达40.64亿元。其中，2024年实施年度分红每股0.10元(含税)，分红总额4.54亿元；同年三季度再度 分红每股0.05元(含税)，分红总额2.27亿元。持续稳定的分红水平，有效提升了投资者获得感，树立了 资本市场负责任企业的标杆形象。 2024年，新"国九条"明确提出强化现金分红监管，推动提高股息率、增强分红稳定性，并鼓励上市公司 一年多次分红。证监会同步修订《上市公司监管指引第3号——上市公司现金分红》，进一步简化中期 分红程序，为优质企业加大回报提供制度保障。浙商证券表示，公司深刻领会政策精神，将分红纳入公 司长期发展战略，严格履行决策程序，通过深化业务改革、强化风控能力、优 ...

Core Viewpoint - Zhejiang Securities successfully issued its fourth short-term financing bond for 2025, with a total issuance scale of RMB 1.5 billion and a maturity date set for February 11, 2026 [1]. Group 1 - The company issued the short-term financing bond on May 14, 2025, with a coupon rate of 1.68% and a term of 273 days [1]. - The total amount paid on the maturity date, February 11, 2026, was RMB 1,518,848,219.18, which includes both principal and interest [1].

Core Viewpoint - Zhejiang Securities successfully issued its fourth short-term financing bond for 2025, with a total issuance scale of RMB 1.5 billion and a coupon rate of 1.68% [1] Group 1 - The short-term financing bond has a maturity period of 273 days, with the repayment date set for February 11, 2026 [1] - On February 11, 2026, the company repaid the principal and interest of the short-term financing bond, totaling RMB 1,518,848,219.18 [2]

Core Viewpoint - The appointment of Cheng Jingdong as the new president of Zheshang Securities marks a significant leadership transition, establishing a dual-core management structure alongside Chairman Qian Wenhai, aimed at enhancing the company's development strategy and operational efficiency [3][12][17] Group 1: Leadership Transition - Cheng Jingdong has been nominated as the new president and vice secretary of the party committee of Zheshang Securities, following a decision by the actual controller, Zhejiang Transportation Investment Group [2][11] - This transition ends the previous arrangement where Chairman Qian Wenhai held both the chairman and president roles, allowing for a clearer division of responsibilities between strategic leadership and operational execution [3][7] Group 2: Background of Cheng Jingdong - Cheng Jingdong, aged 56, holds a doctoral degree and has over 30 years of experience in the financial sector, with a diverse background that includes roles in financial regulation, commercial banking, investment banking, and legal services [4][13][14] - His career includes significant positions at the People's Bank of China, the China Securities Regulatory Commission, and various banks, providing him with a comprehensive understanding of risk control, compliance, and capital market operations [4][14] Group 3: Performance and Achievements - Since joining Zheshang Securities in April 2019 as vice president, Cheng has overseen a substantial increase in the investment banking division's performance, completing 64 equity financing projects and 1,537 bond underwriting projects, with a total financing scale exceeding 740 billion yuan [5][15] - In 2025, the company achieved notable results, including 7 equity financing projects and 334 bond underwriting projects, with the underwriting scale surpassing 100 billion yuan, solidifying its leading position in the province [5][15] Group 4: Future Development Strategy - The leadership change is part of Zheshang Securities' strategic focus on high-quality development, with net profits showing steady growth from 1.754 billion yuan in 2023 to 1.149 billion yuan in the first half of 2025 [8][17] - The company aims to become a leading investment bank, with plans to implement its "14th Five-Year Plan," enhance operational efficiency, and integrate with Guodu Securities, targeting the goal of becoming a mid-to-large-sized brokerage [8][17]

证券代码：601878 证券简称：浙商证券 公告编号：2026-011 2026 年 2 月 11 日，本公司按期兑付了本期短期融资券本息共计人民币 1,518,848,219.18 元。 浙商证券股份有限公司 2025 年度第四期短期融资券兑付完成公告 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个别及连带责任。 浙商证券股份有限公司（以下简称"本公司"）于 2025 年 5 月 14 日成功发 行了浙商证券股份有限公司 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 1.68%， 短期融资券期限为 273 天，兑付日期为 2026 年 2 月 11 日（详见本公司于 2025 年 5 月 15 日登载于上海证券交易所网站 www.sse.com.cn 的《浙商证券股份有限 公司 2025 年度第四期短期融资券发行结果公告》）。 浙商证券股份有限公司董事会 2026 年 2 月 13 日 特此公告。 ...

Group 1 - The core point of the article is that Zhejiang Securities (601878.SH) has announced the appointment of Cheng Jingdong as the Deputy Secretary of the Party Committee and has nominated him as the candidate for the position of Director and President of the company [1] Group 2 - The company will follow relevant laws, regulations, and its Articles of Association to expedite the election process for the Director and the appointment process for the President [1] - The company will fulfill its information disclosure obligations in accordance with the relevant procedures [1]

Core Viewpoint - The appointment of Cheng Jingdong as the new president of Zheshang Securities marks a significant management change, filling the vacancy left by Qian Wenhai's promotion to chairman, and aims to stabilize the company's leadership structure [2][3][10]. Management Changes - Cheng Jingdong has been appointed as the deputy secretary of the party committee and nominated as the president of Zheshang Securities, following the announcement by Zhejiang Transportation Group [10][12]. - This appointment fills the presidential vacancy that has existed since October of the previous year when Qian Wenhai became chairman [3][12]. Executive Background - Cheng Jingdong, born in January 1970, holds a doctoral degree and is the highest-educated executive in the current management team of Zheshang Securities [4][12]. - He has extensive experience in the financial sector, having worked in various roles within regulatory bodies and financial institutions since 1992 [6][14]. Business Performance - Under Cheng's leadership, Zheshang Securities has seen a significant increase in its investment banking performance, with a total of 64 equity financing projects and 1,537 bond underwriting projects completed from 2019 to 2025, amounting to over 740 billion yuan in financing [7][15]. - In 2025, the company completed 7 equity financing projects, ranking in the top 15 nationally, and its bond underwriting projects exceeded 1 trillion yuan, ranking 12th in the country [7][15]. Financial Goals - Zheshang Securities aims to double its core indicators, including revenue, total profit, total assets, and net assets by the end of 2030, with a goal to enter the top 15 in the industry [8][15]. - As of the third quarter of 2025, the company reported a revenue of 6.789 billion yuan, a year-on-year increase of 66.73%, and a net profit of 1.892 billion yuan, up 49.57% [17]. Shareholder Structure - As of the end of the reporting period, the only shareholder with more than 5% ownership is Zhejiang Shangsan Expressway Co., Ltd., holding 46.46% of the shares [9][17].

Core Insights - The recent surge in the release of domestic large models indicates the commencement of an AI arms race, with significant advancements in capabilities and applications [1] - The availability of agents is increasing, transitioning large models from chat-based interactions to collaborative tasks, with notable improvements in multi-modal applications [2] - The demand for inference power is expected to rise significantly as large models are applied on a larger scale, particularly in video production and agent functionalities [3] Group 1: Recent Developments in Large Models - Domestic large models have been released intensively, including DeepSeek's new model with a context processing capability of 1M tokens, significantly higher than the previous maximum of 128K [1] - GLM-5 has been launched on the Zhipu website, focusing on programming and agent enhancement, outperforming the latest model Claude Opus 4.6 in global programming tests [1] - ByteDance's Seedance 2.0 has been introduced, which significantly lowers the barriers and costs of video creation, potentially transforming the video production industry [1] Group 2: Advancements in Agent and Multi-Modal Applications - The usability of agents is improving, with models like Claude Opus 4.5 capable of autonomous programming for up to 5 hours [2] - AI coding agents are expected to double their task handling time every 4 months from 2024-2025, a significant acceleration compared to the previous rate of doubling every 7 months from 2019-2024 [2] - Seedance 2.0 supports various combinations of video, audio, and text inputs, producing high-quality video outputs while reducing creation costs [2] Group 3: Inference Demand and Cost Implications - The token consumption for large models is shifting from dialogue and image generation to more intensive applications like agent functionalities and video production, leading to a rapid increase in inference power requirements [3] - The cost of generating a 5-second 720P video is approximately 4 RMB, with Seedance costing around 2.3 RMB, highlighting the significant cost advantages over manual production [3] - The increase in AI penetration in video creation is expected to drive demand for computational power [3] Group 4: Related Companies - Relevant companies include MiniMax-WP (00100), Zhipu (02513), Yunsai Zhili (600602.SH), Youke De-W (688158.SH), Capital Online (300846.SZ), Qingyun Technology-U (688316.SH), Wangsu Technology (300017.SZ), and Nanxing Co. (002757.SZ) [4]

Core Viewpoint - The recent management adjustment at Zheshang Securities, with Cheng Jingdong appointed as the new president, is expected to inject new leadership and momentum into the company's operations and the implementation of its "14th Five-Year" strategy [1][2]. Group 1: Management Changes - Cheng Jingdong has been appointed as the deputy secretary of the party committee and nominated as the president of Zheshang Securities, reflecting recognition of his past performance and capabilities [1]. - Cheng has over 30 years of experience in the financial industry, with a diverse background in banking, investment banking, and legal services, providing a solid foundation for leading the company's operations [1]. Group 2: Impact on Business Strategy - Since joining Zheshang Securities in April 2019 as vice president overseeing investment banking, Cheng has revitalized the investment banking sector, leading to significant growth and performance improvements [2]. - Under Cheng's leadership, the investment banking division has transitioned from scale expansion to quality enhancement, aligning with the company's strategy of serving the real economy [2]. Group 3: Future Outlook - Analysts believe Cheng's appointment will strengthen Zheshang Securities' core competitive advantages and development momentum, leveraging his unique background in regulatory perspectives, risk control, and practical investment banking experience [2]. - Cheng's focus on digital transformation and talent development aligns well with the company's strategic goals, enhancing the potential for collaborative success across all business lines [2].

Company Overview - Yingweike Technology Co., Ltd. is located in Longhua District, Shenzhen, Guangdong Province, and was established on August 15, 2005. The company went public on December 29, 2016. Its main business involves the research, production, and sales of precision temperature control energy-saving equipment, as well as air conditioning and maintenance services for rail transit trains and traditional buses [1]. Business Revenue Composition - The revenue composition of Yingweike is as follows: 52.50% from data center temperature control energy-saving products, 36.00% from cabinet temperature control energy-saving products, 9.82% from other sources, 0.93% from rail transit train air conditioning and services, and 0.75% from bus air conditioning [1]. Stock Performance - On February 12, Yingweike's stock rose by 6.03%, reaching a price of 105.50 yuan per share, with a trading volume of 1.227 billion yuan and a turnover rate of 1.35%. The total market capitalization is 103.027 billion yuan [1]. Fund Holdings - According to data from fund holdings, one fund under Zheshang Securities Asset Management has a significant position in Yingweike. The Zheshang Huijin Advanced Manufacturing Mixed Fund (013145) held 20,100 shares in the fourth quarter, accounting for 5.46% of the fund's net value, making it the fourth-largest holding. The estimated floating profit for today is approximately 120,600 yuan [2]. Fund Performance - The Zheshang Huijin Advanced Manufacturing Mixed Fund (013145) was established on August 16, 2021, with a latest scale of 39.3699 million yuan. Year-to-date, it has experienced a loss of 1.3%, ranking 8659 out of 8882 in its category. Over the past year, it has achieved a return of 22.62%, ranking 4781 out of 8127. Since its inception, it has incurred a loss of 5.11% [2]. Fund Manager Information - The fund manager of Zheshang Huijin Advanced Manufacturing Mixed Fund (013145) is Wang Ting, who has been in the position for 6 years and 257 days. The total asset scale of the fund is 39.371 million yuan, with the best return during his tenure being 73.74% and the worst being 6.09% [3].