推广热泵采暖是2050年碳中和目标的重要抓手，国际能源署预计至2050年，热泵将满足全球超半数采暖 需求，市场规模可达万亿级别，装机量有望提升至2023年的3.3-4.3倍。目前欧洲市场热泵渗透率仍较 低，2024年为12%，多数国家渗透率低于20%;欧洲热泵保有量Top2的国家，法国、意大利2024年渗透率 为20.4%、16%，有较大提升空间;德国、英国渗透率极低，仅为5.4%和1.9%，2024年起两国从政策层面 明显加强补贴力度，例如英国BUS计划多次提升公共资金预算，德国建筑能源法案力推可再生能源的使 用，热泵补贴上限最高可达70%。欧盟设定2030年达到6000万台热泵保有量的战略目标，2024年保有量 为2553.7万台，仍有3400多万台的缺口，据此测算，2024-2030年欧洲热泵保有量复合增速有望达 15.3%，将带动我国热泵出口持续增长。 风险提示 海外宏观环境变化的风险;海运费波动的风险;原材料成本上行的风险。 25年12月热泵出口创历史12月的新高，26年出口景气度有望延续 欧洲是我国热泵最主要的出口目的地，其热泵补贴政策的变化是导致我国热泵出口波动的重要原因。 2021-2022年 ...

下游：从跑马圈地到高质量增长，收入增长仍具持续性&盈利能力提升。1）传统店型仍有较大开店空 间，预计2025年零食量贩传统门店接近5万家，未来开店总空间约7.4万家（增量2万家以上），但需平 衡好门店数量与单店收入的关系。2）盈利能力有望持续提升，2023至2025年前三季度鸣鸣很忙经调整 净利率从2.3%提升至3.9%，万辰净利率则从-1.6%提升至4.4%，主要得益于开店补贴收窄与品类结构调 整，我们认为上述二大逻辑在2026年仍有持续性。3）新店型支撑门店扩张与单店改善，2025年鸣鸣很 忙与万辰均开设折扣超市新店型，拓展烘焙、速冻与日化等品类，目前新店型数量占比预计不到20%， 参考堂吉诃德新店型数量占比约50%，我们判断2026年新店型仍有开店空间。4）开发自有产品提振收 入与毛利率，两强目前开发的自有产品包括定制化商品与自有品牌商品，其中自有品牌收入占比预计个 位数，对标堂吉诃德与国内"胖山盒"自有品牌占比（20-30%）提升空间明显。 每经AI快讯，中国银河1月27日发布研报，给予食品饮料行业推荐评级。 鸣鸣很忙港股上市，板块投资关注度提升。鸣鸣很忙计划于1月28日在港交所挂牌上市，将成为港股" ...

本期债券存在承销机构及其关联方认购情况，为主承销商中信证券股份有限公司和中信建投证券股份有 限公司的关联方中信银行股份有限公司参与认购并获配本期债券品种二金额人民币0.9亿元；主承销商 中信建投证券股份有限公司参与认购并获配本期债券品种一金额人民币0.5亿元和品种二金额人民币1.7 亿元；主承销商国信证券股份有限公司的关联方华润深国投信托有限公司参与认购并获配本期债券品种 二金额人民币2.3亿元；主承销商光大证券股份有限公司参与认购并获配本期债券品种二金额人民币1.1 亿元。前述认购报价及程序均符合相关法律法规的规定。 特此公告。 中国银河证券股份有限公司（以下简称"发行人"）面向专业投资者公开发行面值总额不超过300亿元 （含300亿元）的公司债券已于2026年1月6日获中国证券监督管理委员会出具的《关于同意中国银河证 券股份有限公司向专业投资者公开发行公司债券注册的批复》（证监许可〔2026〕37号）注册。 根据《中国银河证券股份有限公司2026年面向专业投资者公开发行公司债券（第一期）募集说明书》， 中国银河证券股份有限公司2026年面向专业投资者公开发行公司债券（第一期）（以下简称"本期债 券"）的发 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依 賴該等內容而引致之任何損失承擔任何責任。 （在中華人民共和國註冊成立之股份有限公司） 本期債券承銷機構及其關聯方參與認購了本期債券。主承銷商中信証券股份有限 公司和中信建投証券股份有限公司的關聯方中信銀行股份有限公司參與認購並獲 配三年期品種人民幣0.9億元；主承銷商中信建投証券股份有限公司參與認購並獲 配兩年期品種人民幣0.5億元和三年期品種人民幣1.7億元；主承銷商國信證券股 份有限公司的關聯方華潤深國投信託有限公司參與認購並獲配三年期品種人民幣 2.3億元；主承銷商光大證券股份有限公司參與認購並獲配三年期品種人民幣1.1 億元。 1 本公司的董事、高級管理人員、持股比例超過5%的股東及其他關聯方未參與本期 債券認購。 承董事會命 中國銀河證券股份有限公司 （股份代號：06881） 公告 2026年公司債券（第一期）公開發行完畢 茲提述中國銀河證券股份有限公司（「本公司」）日期為2025年1月23日的通函以 及2025年2月17日之公告。於 ...

公开发行公司债券（第一期）发行结果公告 证券代码：601881 证券简称：中国银河 公告编号：2026-012 中国银河证券股份有限公司2026年面向专业投资者 本期债券存在承销机构及其关联方认购情况，为主承销商中信证券股份有 限公司和中信建投证券股份有限公司的关联方中信银行股份有限公司参与认 购并获配本期债券品种二金额人民币 0.9 亿元；主承销商中信建投证券股份有 限公司参与认购并获配本期债券品种一金额人民币 0.5 亿元和品种二金额人民 币 1.7 亿元；主承销商国信证券股份有限公司的关联方华润深国投信托有限公 司参与认购并获配本期债券品种二金额人民币 2.3 亿元；主承销商光大证券股 份有限公司参与认购并获配本期债券品种二金额人民币 1.1 亿元。前述认购报 价及程序均符合相关法律法规的规定。 特此公告。 中国银河证券股份有限公司董事会 2026 年 1 月 27 日 本公司及其董事会全体成员保证公告内容的真实、准确和完整，不存 在虚假记载、误导性陈述或重大遗漏，并对其内容的真实性、准确性和完 整性承担个别和连带的法律责任。 中国银河证券股份有限公司（以下简称"发行人"）面向专业投资者公开 发行面值总 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 当一个未经核实的"江湖传说"被金融终端和券商App确权为"顶级游资"，在这桩既收割金钱又收割认知 的流量生意背后，其中是否有违证券市场信息披露的严肃性与合规底线，值得各方深思。 对于由此引发的"陈小群"等游资的"互联网战法"，有观点认为，有大户可能用龙虎榜机制来收割散户。 金舆资产基金经理赵彤向《每日经济新闻》记者指出，这类操作手法其实多年前就在A股市场一直存 在，"游资先建仓，然后主动上龙虎榜，吸引散户，这个方式在2015年牛市中就很常见。'陈小群'的动 向在最近持续发酵，让这一问题再度凸显。" 另外，他指出，也可能会有另一种情形，比如某只个股的龙虎榜显示是"陈小群"席位在买，但实际上， 是某个游资穿了"陈小群"的马甲来迷惑市场。 游资身份深陷重重迷雾 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！ "陈小群"概念股炒作利益链调查："交易软件+券商"龙虎榜信息造神，游资借"互联网战法"收割散户 每经记者|王海慜 陈晨 每经编辑|李凯 张昊 彭水萍 2026年1月，随着商业航天板块的剧烈震荡，一个在A股市场萦绕已久的神秘名字——"陈小 ...

免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 每经AI快讯，中国银河1月25日发布研报称，给予立高食品（300973.SZ）"推荐"评级。评级理由主要包 括：1）全年收入提速增长，Q4 增速环比略放缓；2）全年净利率中值提升，费效与人效改善；3）短期 看好26Q1收入端表现，长期新渠道与国产替代持续贡献增量。风险提示：需求下滑的风险，竞争激烈 度超预期的风险，费用投放力度超预期的风险，食品安全问题的风险。 每经头条（nbdtoutiao）——国际金价冲破5000美元！7年涨了280%，什么时候才见顶？专家：关键还 看美元，重点关注国际货币体系、降息和科技革命 （记者 曾健辉） ...

Core Viewpoint - The A-share market is characterized by "structural differentiation and simultaneous repair," with various institutions noting that despite ongoing redemption pressure on broad-based ETFs, sectors such as consumer chains, real estate chains, and resource products are entering a repair window [1][2]. Group 1: Market Trends - The broad-based ETF redemption pressure continues to grow, with significant differences in the承接力 (support capacity) among different industries and stocks [2]. - The consumer chain is expected to see an increase in allocation leading up to the Two Sessions, with the real estate chain also likely to experience noticeable recovery during this period [2]. - The spring market is supported by ample liquidity and policy backing, which may sustain the ongoing spring rally, although caution is advised regarding the marginal contraction of profit effects at high levels [1][3]. Group 2: Investment Focus - The consensus among institutions is to focus on technology (AI, semiconductors) and resource products (non-ferrous metals, chemicals) as key investment directions [1][7]. - There is growing attention on cyclical sectors showing signs of bottom reversal, such as power grid equipment and lithium batteries, as well as non-bank sectors [1][3]. - The current market environment is conducive to exploring basic combinations centered around chemicals, non-ferrous metals, new energy, and power equipment, while also considering low allocation in non-bank sectors like securities and insurance [2][4]. Group 3: Performance and Earnings - As the annual report forecast disclosure period peaks, the impact of earnings on market structure is expected to become more pronounced, with a focus on sectors with earnings highlights [4][11]. - The performance of sectors such as AI hardware, batteries, pharmaceuticals, steel, and non-bank financials is anticipated to improve, given their relatively low price increases [4][12]. - The market is likely to experience a rotation among sectors, with a focus on high-growth areas and those benefiting from price increases [12][14]. Group 4: Future Outlook - The market is expected to continue its slow bull trend, with the potential for a correction after reaching a phase high between 4200 and 4300 points [6][10]. - The spring market is seen as an extension of the structural bull market, with a likelihood of a consolidation phase following the current rally [3][5]. - The focus for 2026 includes a clearer dual mainline of asset allocation towards physical assets and Chinese assets, with thematic investments becoming essential [9][10].

据悉，自企业申请登记以来，北京市区两级市场监管部门在企业名称登记、股东资格证明、组织机构设 置等关键环节，提供精准、高效的登记服务，压缩了企业设立周期。下一步，市场监管部门将持续总结 涉外服务经验，深化服务创新，为首都高水平对外开放和经济高质量发展注入新动能。 ● 本报记者 昝秀丽 中国证监会日前宣布，新增确定14个期货期权品种为境内特定品种，将督促相关期货交易场所做好各项 准备工作，平稳有序落地上述品种引入境外交易者参与交易。业内人士认为，此举释放出资本市场开放 步伐加快的鲜明信号。从"引进来"到"走出去"，从制度完善到监管协同，中国资本市场正以高质量开放 为抓手，积极参与国际金融治理，推动双向开放迈向更深层次、更高水平。 围绕提升跨境投融资便利性、完善境外上市监管、增强开放环境下风险防控能力等一系列举措，资本市 场正逐步构建起外资"愿意来、留得住、发展得好"的长远格局，持续提升中国市场的全球吸引力。 "引进来"蹄疾步稳 在"引进来"方面，外资机构不仅着眼于进入中国市场，更致力于长远布局、深度融入。 近日，瑞穗证券（中国）有限公司负责人在北京市朝阳区市场监管局顺利领取营业执照，这标志着这家 注册资本23亿元 ...

Group 1 - The core viewpoint of the article emphasizes the ongoing recovery of market confidence, with potential for sector and stock recovery, particularly in consumer and real estate chains before the Two Sessions [2] - The article highlights the significant outflow of funds from broad-based ETFs, with a notable impact on sectors and stocks that are underweight by institutions [2] - It suggests that sectors with strong fundamentals and logical narratives, particularly those not heavily weighted in broad-based indices, are likely to see recovery [2] Group 2 - The spring market is characterized by a transition towards a more stable phase, with the potential for a perfect spring market driven by increased profitability [3] - The article notes that the overall profitability effect is nearing a high point, indicating that the market may face limitations in time and space for further growth [3] - It anticipates a correction phase following the spring market, where the focus will shift to clearer industrial trends and performance digestion [3] Group 3 - The article discusses the supportive role of abundant liquidity in driving the current spring market, stemming from various factors including insurance capital and foreign fund inflows [4] - It emphasizes the importance of focusing on fundamental performance as companies begin to disclose annual reports, with particular attention to sectors like AI hardware, batteries, and pharmaceuticals [5] Group 4 - The article identifies the current market phase as a structural bull market, transitioning from the second consolidation phase to the third upward phase [6] - It suggests that the market may face a correction after reaching a temporary high between 4200 and 4300 points, with a focus on the support levels and core sectors [6] Group 5 - The article advocates for a dual focus on technology and resource sectors, highlighting the importance of macroeconomic conditions and liquidity in shaping investment strategies [7] - It identifies key sectors such as semiconductors, AI, and new energy as central to current market trends, with a positive outlook for resource industries [7] Group 6 - The article suggests that the market's optimism is necessary, particularly in light of the recent volatility and the need to consider the relationship between market optimism and regulatory cooling [8] - It emphasizes the importance of focusing on physical assets and Chinese assets in investment strategies, with a recommendation for sectors like equipment exports and consumer recovery [9] Group 7 - The article indicates that the current market is entering a phase of high volatility and differentiation, with expectations for policy-driven demand expansion [10] - It highlights the potential for the non-ferrous metals sector to benefit from both industrial trends and financial attributes, particularly in light of geopolitical factors [11] Group 8 - The article notes that the A-share market is returning to a slow bull trend, with an increasing importance of sector rotation and fundamental performance [12] - It emphasizes the need to focus on structural investment opportunities, particularly in technology innovation and manufacturing sectors [12] Group 9 - The article suggests that the current market may be entering the latter half of the spring market, with a focus on sectors with strong performance and clear industrial trends [13] - It highlights the potential for price increases in sectors like basic chemicals and new energy materials, as well as opportunities in export-driven sectors [13] Group 10 - The article maintains that the slow bull trend is likely to continue, with a focus on technology, resource sectors, and industries with high growth potential [14] - It suggests that the current market conditions provide ample opportunities for investment, particularly in sectors with strong earnings forecasts [14]