Core Viewpoint - Shenzhen Microstep Information Co., Ltd. has submitted a report for its initial public offering (IPO) and listing on the Shenzhen Stock Exchange, with Guolian Minsheng Securities as the counseling institution [1]. Group 1: Company Overview - Shenzhen Microstep Information Co., Ltd. was established on June 11, 2001, and is located in Shenzhen, Guangdong Province [3]. - The company specializes in intelligent hardware and PCB (Printed Circuit Board) as an ODM (Original Design Manufacturer), providing comprehensive services from research and development to manufacturing [1]. - The registered capital of the company is approximately 59.99 million yuan [3]. - The legal representative of the company is Liu Xiaoyan [3]. - The controlling shareholder is Shenzhen Microstep Investment Co., Ltd., holding 28.34% of the shares [3]. Group 2: Financing History - The company has previously received investments from institutions such as Western Capital and Zheshang Securities [1]. - The financing history includes a directed issuance in December 2016 and another in December 2015, although specific amounts were not disclosed [2]. Group 3: IPO Counseling Details - The counseling agreement was signed on January 27, 2026, with Guolian Minsheng Securities as the underwriting and sponsoring institution, and Beijing Guofeng (Shenzhen) Law Firm and Rongcheng Accounting Firm as legal and accounting advisors, respectively [4]. - The counseling work will include comprehensive due diligence, legal training, and the establishment of internal controls and information disclosure systems [5][6]. - The counseling process is scheduled to take place over several months, with specific tasks outlined for each phase, including compliance checks and preparation of IPO application documents [9].

智通财经APP获悉，浙商证券发布研报称，印尼产量配额削减，海外钢铁需求复苏，全球煤炭供需格局 或重塑，有望抬升煤价中枢。国内社会库存下行，临近春季假期，煤企放假以及政策监管或影响供给， 叠加节后3月需求旺季，看好煤炭价格上行。该行认为，政策在"查超产+保供"之间平衡，全年看好动力 煤价格中枢抬升至800-850元/吨，焦煤/动力煤比价提高到约2.5倍，焦煤价格中枢提高到约2000元/吨， 价格区间1500-2500元/吨，维持行业"看好"评级。建议关注高股息动力煤公司和弹性焦煤公司。 浙商证券主要观点如下： 基本面和历史复盘支撑煤炭板块节后上涨 从基本面看，节前国内煤炭库存持续下行，海外印尼计划减产扰动，国内节后达产尚需时间，进口煤价 格普遍倒挂，电厂+钢厂转向采购内贸煤，看好煤炭价格抬升。从板块复盘看，过去十年煤炭板块春节 后表现持续优于沪深300指数，炼焦煤板块弹性更优。 超预期点 1、供给端：印尼计划削减煤炭产量，国内减产或将继续落地。 2、需求端：全球钢铁需求预计复苏，新兴国家焦煤需求旺盛。 风险提示：海外经济放缓;产能大量释放;新能源的替代;安全事故影响;供给政策是否变化;历史规律未来 失效风险 1 ...

智通财经APP获悉，浙商证券发布研报称，随着商业航天技术突破带来的发射成本大幅下降，以及低轨 卫星互联网星座的爆发式增长，太空光伏正从科学构想加速迈向商业化现实，成为能源革命的终极疆 域。而其中，钙钛矿太阳能电池凭借其高光电转换效率、卓越的抗辐射性能、轻质柔性、低成本潜力等 核心优势，正成为太空光伏应用的理想选择，有望率先实现大规模商业化应用。 2）设备先行：新技术路线的产业化必然率先利好设备供应商，建议重点关注在PVD、激光、封装等领 域具备核心技术，并积极布局钙钛矿专用设备的龙头企业。 3）电池/组件技术为王：掌握钙钛矿核心技术的电池/组件厂商是产业链的中坚力量，建议关注在转换 效率、大面积制备、稳定性方面取得突破，并与航天机构建立合作关系的企业。 风险提示 技术进展不及预期风险、关键技术商业化滞后风险、竞争格局加剧风险、回测局限性风险。 2026年是太空光伏与钙钛矿产业化的关键转折点 一方面，以SpaceX为代表的商业航天巨头加速太空基础设施建设，为太空光伏提供应用场景；另一方 面，地面钙钛矿电池技术已进入GW级产线投产阶段，技术外溢效应显著。此外，多个在轨验证项目的 成功实施，也进一步验证钙钛矿电池在 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 在AI算力需求爆发的浪潮中，罗博特科无疑是A股市场上的一只"长牛股"。 截至2月11日午间收盘，股 价报405.10元，年内上涨近74%，总市值跃升至679亿元。若将时间线拉长，其股价表现更为惊人：从 2024年2月的低点至今，其后复权累计涨幅多达1212.82%，两年内实现超12倍的增长。 事实上，罗博特科能够在两年时间内狂飙12倍，离不开多重概念催化。罗博特科此前主营与光伏设备相 关，但现在可谓是集"科技感"于一身，具体涉及商业航天、OCS、CPO等多个概念，并借此"牵手"英伟 达、博通等核心大厂客户。 值得注意的是，浙商证券机械行业分析师邱世梁持续跟踪覆盖这只个股。 早在2021年11月27日，邱世梁曾发布题为《罗博特科：高端自动化设备龙头，受益光伏、半导体领域双 轮驱动》的研究报告，对罗博特科进行点评。彼时，罗博特科的收盘价仅为61.30元，离后来的百元 股、四百元股还有漫长距离。 2024年年初罗博特科股价持续在低位徘徊，2月6日达到39.63元/股的历史低点。邱世梁团队在行业周报 中连续数周推荐罗博特科。不完全统计显示，2024年1 ...

"岁末年初，分析师跳槽其实是行业常态，都想趁机看看其他机会，或者有在年中已经谈好了下家。不 过，浙商证券研究所这次人员流动规模较大，同时，内部还涉及到管理层调整，还是比较罕见的。"一 名中小券商分析师向智通财经评价称。 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！ 智通财经记者 | 孙艺真 浙商证券（601878.SH）研究所正面临2019年末扩容以来最大规模的人员变动。 "最近的离职人数是超预期的。"尽管岁末年初历来是券商研究领域人事变动高峰期，但有浙商证券分析 师向智通财经感叹。 "工作群巅峰人数大概是350人，不久前，群内人数已经跌破300人。"另有一名接近该券商的人士向智通 财经透露。 自2019年末邱冠华担任浙商证券研究所所长，该研究所曾扩张迅猛。根据浙商证券研究所官方公众号披 露的数据，截至2024年12月，研究所员工超过350人；2023年年末，该研究所员工超300人。 具体来看，浙商证券研究所开年的"离职潮"除涉及分析师人数众多，几乎包括了从宏观、固收到各个行 业研究的多组别。 离职人员包括宏观联席首席分析师廖博、化工首席分析师李辉、银行首席分析师梁凤洁等多名核心研 ...

Group 1 - The company announced that starting from February 11, 2026, investors can open accounts, subscribe, redeem, and perform regular investment and conversion operations for certain funds through Chuangjin Qifu [1] - The company has signed a supplementary sales agreement with Beijing Chuangjin Qifu Fund Sales Co., Ltd. to enhance service offerings to investors [1] - Investors can enjoy fee discounts when subscribing or performing regular investment and conversion operations through Chuangjin Qifu, with the specifics determined by Chuangjin Qifu [2] Group 2 - The company will suspend subscription, conversion, and regular investment operations for the Ping An Jin Guanjia Money Market Fund from February 12 to February 23, 2026, while redemption and conversion out operations will continue [4][6] - The Ping An Zhongzheng Interbank Certificate of Deposit AAA Index 7-Day Holding Period Securities Investment Fund will also suspend similar operations during the same period [8][10] - The company will resume these operations on February 24, 2026, and will not issue further announcements regarding this resumption [4][8] Group 3 - The company has appointed Fangzheng Securities Co., Ltd. as a liquidity service provider for the Ping An Hang Seng Hong Kong Stock Connect Technology Theme ETF, effective February 11, 2026 [12] - The company has announced the establishment of the Ping An New Sharp Quantitative Stock Selection Mixed Fund, with the fund contract becoming effective on February 11, 2026 [21][22] - The company will handle subscription and redemption operations for the new fund within three months of the fund contract's effectiveness [22]

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！ 中国证券业协会数据显示，证券业从业人数连续3年下滑，从2022年末35.61万人，减少至2025年末32.78 万人，近3万人离场。从结构来看，"一般证券业务"人员连续两年减少超过2万人。证券经纪人数量更是 每年下滑，8年间（2018年至2025年）累计减少逾6万人。 数据显示，2025年浙商证券在整体从业人员保持增长的同时，内部业务线条的人员结构出现明显调整。 截至2025年末，公司从业人员总数达4386人，较上年增加82人。其中，一般证券业务与证券经纪人分别 减少36人和22人；分析师人数由165人下降至152人；与之形成对比的是，投资顾问团队大幅扩张151 人，达到489人；保荐代表人则微增3人至139人。 | 浙商证券人数变化 | | | | | --- | --- | --- | --- | | 分类 | 2024/12/31 | 2025/12/31 人数变化 | | | 从业人员数 | 4304 | 4386 | 82 | | 一般证券业务 | 3350 | 3314 | -36 | | 证券经纪人 | 310 | 288 ...

Core Insights - Google's Q4 performance significantly exceeded expectations, with revenue growth of 18% year-over-year to $113.8 billion, marking the first time annual revenue surpassed $400 billion, and net profit increased by 30%, confirming that AI investments have entered a harvest phase [2] - The management has revised the 2026 capital expenditure guidance to $175-185 billion to alleviate ongoing pressure on computing power supply, reflecting strong internal and external AI demand [2] Group 1: Financial Performance - Google's Q4 revenue reached $113.8 billion, a year-over-year increase of 18%, with net profit rising by 30% [2] - Core businesses showed robust growth: Google Search and other revenues increased by 17%, YouTube's annual revenue exceeded $60 billion, and Google Cloud's revenue surged by 48% to $17.7 billion, with operating profit margin rising by 12.6 percentage points to 30.1% [2] - Backlog orders for Google Cloud increased by 55% quarter-over-quarter to $240 billion, indicating strong enterprise AI demand [2] Group 2: AI and Technology Developments - The Gemini ecosystem is progressing rapidly, with version 3.0 becoming the fastest adopted model in the company's history, achieving over 750 million monthly active users and more than 8 million enterprise paid seats, while unit service costs decreased by 78% [2] - Google has formed a significant partnership with Apple to develop the next generation of foundational models, and Waymo has completed new financing to accelerate global expansion [2] Group 3: ASIC Chip Developments - Google's TPU, representing certain ASIC chips, has optimized original computing performance and system efficiency, allowing it to compete with NVIDIA on cost [3] - The cost of inference per unit token has decreased by approximately 70% from TPUv6 to TPUv7, making it competitive with NVIDIA's GB200NVL72 [3] Group 4: PCB Market Implications - The upgrade of ASIC chip architecture is expected to drive demand for high-value PCBs, similar to the impact of NVIDIA's GPU architecture upgrades [4] - The introduction of advanced PCB technologies, such as HDI processes in future TPU models, is anticipated to enhance the value of PCB manufacturing [4] - Companies with comprehensive process capabilities and core customers in the PCB sector are likely to benefit from the growth driven by AI [5]

智通财经APP获悉，浙商证券发布研报称，马斯克旗下Neuralink首款产品Telepathy预计在今年量产，目 前超10000人申请体验。Neuralink现估值超90亿美金，公司愿景是增加沟通带宽，提高交流效率，联接 人脑与AI。在未来，假设交流带宽将成为生物与技术之间的瓶颈，普通人将通过脑机接口实现与AI的 交流和复杂机械的操控。政策端，我国脑计划十年规划(2021-2030)进入下半场关键落地期，脑机接口成 为新质生产力未来产业之一，迎政策东风。建议关注脑机接口与大模型、具身智能技术深入融合。 浙商证券主要观点如下： Neuralink的首款产品Telepathy(心灵感应)预计在今年量产，目前超10000人申请体验 Telepathy聚焦"大脑功能正常，但运动/交流通路断裂"的重症群体，例如脊髓损伤、渐冻症患者。量产 的三个重要条件——N1性能提升、手术安全性提升、成本降低：1)预计2026年N1设备电极数量从1000 个增加到3000个，提升神经信号的接收量。2)针对手术流程，未来将直接穿过包裹大脑的硬脑膜植入电 极线的技术，可降低手术的侵入性，减少风险，降低感染隐患。3)第二代设备将电极植入速度 ...

Group 1 - The financial data for January is expected to show a significant increase in new RMB loans and social financing compared to December, with estimates suggesting new loans could reach 5 trillion yuan, an increase of approximately 4 trillion yuan month-on-month, but a decrease of about 100 billion yuan year-on-year [1] - Analysts predict that the new social financing in January will be around 7 trillion yuan, with bond financing expected to be a major support factor, indicating a stable overall performance in credit and social financing [2] - The growth rates of various loan balances, social financing, and M2 (broad money) are anticipated to slightly decline, yet remain significantly above the nominal GDP growth rate, reflecting a continued supportive monetary policy stance [2] Group 2 - The chief economist at Zheshang Securities forecasts a potential reduction in reserve requirement ratios by 25 to 50 basis points and a 10 basis point interest rate cut in 2026, alongside ongoing structural monetary policy tools aimed at supporting sectors like technology innovation and small to medium enterprises [2]