4 1 11 100 6395 r 626- (Cir (56- (0 ed 陈亮 : . , . 111- ( = ) Ma 刘健 t the O T . 4. Jh 顾伟 0 l P t . t . 范力 钱文海 黄德良 王海河 陈戈 张东 钟文岳 刘宗治 高云程 王庆 中金公司党委书记、董事长陈亮： 坚守初心 奋力谱写一流投行建设新篇章 2026年是"十五五"规划开局之年，我国经济长期向好的坚实基础和积极态势将持续巩固，中央经济工作 会议为今年工作指明了方向，助力"十五五"稳健开篇。在这一关键时期，资本市场肩负着服务国家战 略、赋能实体经济的重要使命，金融作为国之重器，更需要在应对外部挑战、维护经济金融安全稳定中 展现更大担当。 2025年恰逢中金公司成立三十周年。三十年来，中金公司始终与国家发展同频共振，以专业服务助力资 本市场建设。站在新的历史起点上，中金公司将坚定不移围绕金融强国建设目标，以打造"让党放心、 让人民满意的国际一流投行"为愿景，积极贡献专业力量。 我们将着力打造"财富投行"与"资产投行"，把握居民财富多元配置趋势，努力做大社会财富"蛋糕"，服 务扩大内需、提振市场信心；深耕"产业投行 ...

Core Viewpoint - The market experienced narrow fluctuations before the New Year, with most broad indices slightly declining. Looking ahead, the rise of Hong Kong stocks and the A50 index during the New Year period suggests a high probability of a "good start" for A-shares after the holiday. However, the sustainability of the three driving factors behind the recent A-share rally (A500 ETF volume and price increase, strong performance of optical modules, and booming commercial aerospace) remains uncertain post-holiday, necessitating a dual-preparation strategy in the short term. From a mid-term perspective, the market is expected to rise further before March [1][4][10]. Market Overview - The major indices showed slight declines before the New Year, with a narrow range of fluctuations observed [7]. - Sector performance indicated strength in petrochemicals and commercial aerospace, while robotics and soft technology sectors also saw gains [7]. - Market sentiment improved with a rise in trading volume in Shanghai and Shenzhen, although stock index futures contracts were generally at a discount [7]. - Fund flows showed an increase in margin trading balances, with the securities ETF experiencing the highest net inflow [7]. Market Attribution - The Ministry of Finance announced a continuation of a more proactive fiscal policy for 2026 [9]. - The official release of the 2026 national subsidy plan was noted [9]. - A reduction in the value-added tax rate from 5% to 3% for individuals selling homes purchased for less than two years was implemented [9]. - The China Securities Regulatory Commission issued new regulations on the management of sales expenses for publicly raised securities investment funds [9]. Investment Strategy - Based on the outlook for the Year of the Horse, the recommendation is to maintain current holdings and avoid chasing prices, especially for those that have seen significant gains this year. If a situation similar to the "golden pit" of early 2025 arises, it is advised to increase allocations at lower prices [5][11]. - Sector focus should be on high-tech sectors that have recently undergone sufficient adjustments, such as the Hang Seng Technology and Sci-Tech 50 indices [5][11]. - Industry attention should be directed towards the brokerage sector, which has shown significant lag and market share expansion, as well as robotics-related machinery and automotive sectors, AI application-related media and computing sectors, and sectors benefiting from the Spring Festival retail surge, including electronics and chemicals [5][11]. - Individual stock selection should prioritize low-priced, lagging stocks within the aforementioned sectors and industries [5][11].

Group 1 - The core viewpoint of the report is that Sichuan Shuangma Technology is positioned for significant growth in the investment and pharmaceutical manufacturing sectors, indicating a potential rise for the technology leader [1] Group 2 - In the private equity investment management business, the company estimates a conservative valuation based on future fund exits, projecting a total cash return of 10.4 billion yuan from the management of funds such as Hexie Jinyu and Hexie Jinhong over the next 2-3 years, assuming a total investment return of 3 times [1] Group 3 - For the biopharmaceutical business, comparable companies include ST Nuotai, Shengnuo Biotech, and Hanyu Pharmaceutical, with average valuation multiples projected at 25x, 21x, and 17x for the years 2025-2027 [1] - The estimated price-to-earnings (PE) ratios for the company are projected to be 39x, 17x, and 13x for the years 2025-2027, based on the closing price on December 31, 2025 [1] - The report initiates coverage with a "Buy" rating for the company [1]

证券代码：601878 证券简称：浙商证券 公告编号：2026-001 浙商证券股份有限公司 第四届董事会第三十九次会议决议公告 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"浙商证券"或"公司"）第四届董事会 第三十九次会议于 2025 年 12 月 26 日以书面方式通知全体董事，会议于 2025 年 12 月 31 日以通讯表决方式召开。会议应出席董事 9 人，实际出席董事 9 人。 会议的召开符合《公司法》和《公司章程》规定。 经审议，作出决议如下： 一、审议通过《关于修订＜浙商证券股份有限公司章程＞的议案》 表决结果：9 票同意，0 票反对，0 票弃权。 本议案尚需提交股东会审议。 表决结果：9 票同意，0 票反对，0 票弃权。 本议案提交董事会前已经公司董事会提名与薪酬委员会审议通过。 三、审议通过《关于提议召开公司 2026 年第一次临时股东会的议案》 董事会授权董事长根据相关工作进展，确定具体 2026 年第一次临时股东会 召开时间和地点。 表决结果：9 票同意，0 票反 ...

证券代码：601878 证券简称：浙商证券 公告编号：2026-002 浙商证券股份有限公司 关于召开2026年第一次临时股东会的通知 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。 重要内容提示： 一、 召开会议的基本情况 (一) 股东会类型和届次 2026年第一次临时股东会 召开的日期时间：2026 年 1 月 16 日 10 点 00 分 召开地点：杭州市五星路 201 号浙商证券十一楼会议室 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者 的投票，应按照《上海证券交易所上市公司自律监管指引第 1 号 — 规范运 作》等有关规定执行。 (七) 涉及公开征集股东投票权 无 (五) 网络投票的系统、起止日期和投票时间。 股东会召开日期：2026年1月16日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 (四) 现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东会网络投票 ...

二〇二六年一月 浙商证券股份有限公司 2026 年第一次临时股东会 会议资料 浙商证券股份有限公司董事会 1 2026年第一次临时股东会议程 现场会议时间：2026年1月16日上午10:00 现场会议地点：杭州市五星路201号浙商证券十一楼会议室 主持人：董事长钱文海 一、宣布会议开始 七、投票表决 八、会场休息（统计现场、网络投票结果） 九、宣布会议表决结果 十、律师宣布法律意见书 十一、宣布会议结束 2 二、宣布出席现场会议的股东人数、代表股份数 三、介绍现场参会人员、列席人员 四、推举现场计票人、监票人 五、审议议案 六、股东发言及公司董事、高管人员回答股东提问 会议须知 为维护股东的合法权益，确保浙商证券股份有限公司（以下简称 "公司"）2026年第一次临时股东会（以下简称"本次会议"）的正 常秩序和议事效率，根据《公司法》《上市公司股东会规则》等法律、 法规和《公司章程》等规定，现就会议须知通知如下： 3 持人可安排公司董事和高级管理人员等集中回答股东提问。在大会进 行表决时，股东不再进行大会发言。股东违反上述规定，大会主持人 有权加以拒绝或制止。 五、本次会议的现场会议采用记名方式投票表决。股东以 ...

浙商证券股份有限公司章程 第一章 总则 浙商证券股份有限公司 章程 二零二五年十二月 第二章 经营宗旨和经营范围 公司经中国证券监督管理委员会（以下简称"中国证监会"）批准，由 浙商证券有限责任公司整体变更，并由浙商证券有限责任公司全体股东 作为发起人，以发起设立的方式设立。公司依法在浙江省市场监督管理 局注册登记，取得营业执照，统一社会信用代码为 91330000738442972K。 中文简称：浙商证券 英文简称：ZHESHANG SECURITIES 第一条 为适应社会主义市场经济发展的要求，建立中国特色现代国有企业制度， 维护浙商证券股份有限公司（以下简称"公司"）、股东、职工和债权人 的合法权益，规范公司的组织和行为，根据《中华人民共和国公司法》 （以下简称"《公司法》"）《中华人民共和国证券法》（以下简称"《证券 法》"）《中华人民共和国企业国有资产法》《中国共产党章程》（以下简 称"《党章》"）《证券公司监督管理条例》《证券公司治理准则》《上市公 司章程指引》《证券公司股权管理规定》和其他有关规定，制定本章程。 第二条 公司系依照《公司法》《证券法》《证券公司监督管理条例》和其他有关 规定成立的 ...

证券代码：601878 证券简称：浙商证券 公告编号：2026-003 浙商证券股份有限公司 关于修订《公司章程》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个别及连带责任。 | 六 | 公司董事会设立审计委员会、 | 六 | 会设立审计委员会、合规与风险 | 要求修改 | | --- | --- | --- | --- | --- | | 十 | 合规与风险控制委员会、提名 | 十 | 控制委员会、提名与薪酬委员会、 | | | 三 | 与薪酬委员会、战略发展与 | 三 | 战略发展与 ESG（环境、社会和 | | | 条 | ESG 委员会。 | 条 | 公司治理）委员会。 | | | | 专门委员会成员由董事组成， | | 专门委员会成员由董事组成，审 | | | | 审计委员会成员为 3 人，应当 | | 计委员会成员为 3 人，应当为不 | | | | 为不在公司担任高级管理人 | | 在公司担任高级管理人员的董 | | | | 员的董事，其中独立董事 2 | | 事，其中独立董事 2 人，由独立 | | | | 人 ...

Core Viewpoint - The company reflects on the significant year of 2025, emphasizing its role in China's modernization journey and the importance of the capital market as a driver of innovation and a bridge to common prosperity [4][16]. Group 1: Achievements in 2025 - The company issued 8 equity underwriting projects and surpassed a bond underwriting scale of 100 billion yuan, maintaining a leading position for three consecutive years in main underwriting scale [6][17]. - The establishment of multiple government-guided funds has facilitated investments in technology innovation and regional development, contributing to the growth of green industries and advanced technologies [6][17]. - The company has strengthened its core capabilities in brokerage, credit business, and asset management, achieving record market share and business scale [6][17][18]. Group 2: Embracing Change and Innovation - The company has actively pursued digital transformation, launching self-developed platforms and applications that enhance collaboration between humans and machines [7][18]. - It has expanded into new business areas such as cross-border wealth management and options market-making, obtaining new qualifications that enhance its professional service capabilities [7][18]. - Recognition as a "supporting collective for Zhejiang's development" highlights the company's commitment to serving the real economy [7][18]. Group 3: Future Directions - The company aims to adhere to three principles: serving national strategies, deepening reform, and promoting inclusive finance, to contribute to the construction of a financial powerhouse [8][19]. - It plans to focus on high-level technological self-reliance and optimize resource integration to build a comprehensive financial platform driven by technology and professionalism [8][19]. - The company expresses its commitment to supporting the high-quality development of China's capital market and contributing to the "14th Five-Year Plan" for economic and social development [8][19].

Core Viewpoint - The article emphasizes the importance of rational, objective, and in-depth professional research as the foundation for identifying long-term value in the capital market amidst a plethora of information and opinions [1][16]. Group 1: Award Recipients - The "2025 Capital Market Professional Voices" list highlights top research leaders and seasoned investors who provide critical insights and decision-making support through solid research and prudent judgment [1][15]. - Notable individuals on the list include: - Chen Guo, Deputy Director and Chief Strategist at Dongfang Caifu Securities - Huang Yanming, Director of Dongfang Securities Research Institute - Li Chao, Chief Economist at Zheshang Securities - Lin Yuan, Chairman of Lin Yuan Investment - Liu Chenming, Chief Strategy Analyst at GF Securities - Luo Zhiheng, Chief Economist and Director of Research Institute at Yuekai Securities - Wang Qing, Chairman of Chongyang Investment - Wang Sheng, General Manager and Chief Strategy Analyst at Shenwan Hongyuan - Wang Yiping, Founder of Evolutionary Assets - Xun Yugen, Chief Economist and Director of Research Institute at Guosen Securities [2][17]. Group 2: Evaluation Criteria - The selection process adheres to principles of fairness, justice, and transparency, utilizing a comprehensive assessment system that combines quantitative data and professional evaluations [2][13]. - Specific evaluation metrics and their weights include: - Weibo comprehensive data (35%): Assessed based on total posts, effective reading volume, exposure volume, interaction numbers, and interaction volume [2][13]. - Baidu Index (35%): Evaluated based on daily average indices to reflect sustained attention and influence across the internet [2][13]. - Professional recommendations (30%): Involves consulting seasoned institutional investors, brokerage research heads, financial media leaders, and academics to assess the professionalism, depth, and market impact of their views [2][13].