作者：骏逸JUNYI 这个春节，金融圈最热闹的不是开门红，而是"搬家"。 2月4日，节后开工第二天，一批券商从业者的履历悄然变更。赵炳皓从中信建投证券跳槽华安基金，陈 守白从中国国际金融股份有限公司加入工银瑞信基金，周晓琪从世纪证券转投中信保诚基金——他们的 流向出奇一致：从券商到公募。 这不是个例，而是一场正在加速的迁徙潮。 数据不会说谎。 截至2025年底，证券公司从业人数32.78万人，一年净减少近8000人。与此同时，公募 基金总规模37.71万亿元，全年九次刷新历史纪录，增量近5万亿元。一个在瘦身，一个在膨胀。 来源：今日头条 钱往哪里流，人就往哪里走。这话糙，理不糙。 为什么走？ 先看券商。佣金费率持续下行，经纪业务萎缩，投行项目收紧，券商"躺赚"的时代已经翻篇。曾经最吃 香的营业部客户经理，如今既要面对佣金价格战，又要应付客户赎回压力，收入缩水已成普遍现象。更 关键的是，券商内部的晋升通道变窄，头部券商人均薪酬连续三年下调，"金饭碗"不香了。 再看公募。37.71万亿元的规模背后，是150家基金管理公司、3.36万从业人员。人均管理规模超过11亿 元，这个数字本身就说明问题——公募太缺人了。缺的 ...

Core Viewpoint - The company has provided a guarantee of 50 million RMB for its wholly-owned subsidiary, Ningbo Daxia Development Zone Mugaodi Trading Co., Ltd., to fulfill its debt obligations to CITIC Bank Co., Ltd. Quzhou Branch, without any counter-guarantee [2][7]. Group 1: Guarantee Details - The company approved a total guarantee limit of up to 2 billion RMB for its subsidiaries during a board meeting held on April 25, 2025, allowing for internal adjustments based on operational needs [3]. - The company plans to reallocate the unused guarantee limit of 50 million RMB from its subsidiary, Zhejiang Mugaodi Outdoor Products Co., Ltd., to Ningbo Daxia Development Zone Mugaodi Trading Co., Ltd. while keeping the total guarantee limit unchanged [4]. Group 2: Guarantee Agreement - The guarantor is Mugaodi Outdoor Products Co., Ltd., and the creditor is CITIC Bank Co., Ltd. Quzhou Branch, with the debtor being Ningbo Daxia Development Zone Mugaodi Trading Co., Ltd. [7]. - The guarantee covers the principal debt, interest, penalties, and all related costs, with a guarantee amount of 50 million RMB and a guarantee period of three years from the debt fulfillment deadline [7]. Group 3: Board Opinion and Risk Assessment - The board believes that the guarantee is necessary to meet the operational needs of the subsidiary and is within the approved limits, ensuring no harm to the company or its shareholders [8]. - As of January 2026, the total amount of guarantees provided by the company is 1.554 billion RMB, which accounts for 273.96% of the company's latest audited net assets, with no overdue guarantees [8].

证券代码：603908 证券简称：牧高笛 公告编号：2026-004 牧高笛户外用品股份有限公司 关于担保额度调剂及为全资子公司提供担保的进展 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法律责任。 重要内容提示： 担保对象及基本情况 2026 年 1 月，牧高笛户外用品股份有限公司（以下简称"公司"）新增为全 资子公司大榭牧高笛向中信银行股份有限公司衢州分行履行债务提供 5,000.00 万元的最高额保证担保。本次为全资子公司大榭牧高笛提供的担保，无反担保。 （二）内部决策程序 公司于 2025 年 4 月 25 日召开了第七届董事会第三次会议，审议通过了《关 于公司 2025 年度为子公司提供担保额度的议案》，同意为子公司提供总额不超过 20 亿元的担保额度。公司在预计的担保额度范围内可根据公司及子公司经营情 况内部调剂使用。调剂发生时资产负债率为 70%以上的子公司仅能从股东大会审 议时资产负债率为 70%以上的子公司处获得担保额度。上述担保事项已经 2025 年 5 月 19 日召开的 2024 年年度股东大会审议通过， ...

Group 1 - The issuer of the bond is China National Railway Group Co., Ltd., and the total issuance scale is 10 billion yuan for the "2026 Third Phase China Railway Construction Bond" [4][29] - The bond is divided into two types: a 10-year bond with a scale of 5 billion yuan and a 30-year bond with a scale of 5 billion yuan, totaling 10 billion yuan [21][29] - The bonds will be issued at a fixed interest rate, with the 10-year bond's interest rate being the Shibor benchmark rate plus a basic spread ranging from -0.3% to 0.7%, and the 30-year bond's interest rate ranging from 0.1% to 1.1% [21][29] Group 2 - The main underwriter for this bond issuance is Guotai Junan Securities Co., Ltd., which is responsible for managing the underwriting team and coordinating the issuance process [5][31] - The bonds will be publicly issued to institutional investors through a bidding system on the Shenzhen Stock Exchange [22][31] - The bonds will be registered and held by the Shenzhen branch of the China Securities Depository and Clearing Corporation and the Central Government Bond Registration and Clearing Co., Ltd. [24][30] Group 3 - The bonds will have a maturity date of February 5, 2036, for the 10-year bond and February 5, 2056, for the 30-year bond [27] - The bonds will be issued at par value of 100 yuan, with a minimum subscription unit of 10 million yuan [24][29] - The bonds will be guaranteed by the Railway Construction Fund, providing an irrevocable joint liability guarantee [29]

（http://www.sse.com.cn/）和符合中国证监会规定条件网站（中证网：http://www.cs.com.cn；中国证券 网：http://www.cnstock.com；证券时报网：http://www.stcn.com；证券日报网：http://www.zqrb.cn；经济 参考网：https://www.jjckb.cn；中国日报网：http://cn.chinadaily.com.cn；中国金融新闻网： https://www.financialnews.com.cn）披露，并置备于发行人、上交所、本次发行保荐人（主承销商）中国 国际金融股份有限公司的住所，供公众查阅。 ■ 发行人：浙江振石新材料股份有限公司 浙江振石新材料股份有限公司（以下简称"振石股份"、"发行人"或"公司"）首次公开发行股票并在主板 上市的申请已经上海证券交易所（以下简称"上交所"）上市审核委员会审议通过，并已经中国证券监督 管理委员会（以下简称"中国证监会"）证监许可〔2025〕2672号同意注册。《浙江振石新材料股份有限 公司首次公开发行股票并在主板上市招股意向书》及附录在上海证券交易所网站 保荐人（主承销商 ...

上证公告（基金）【2026】113号 为促进天弘上证科创板芯片设计主题交易型开放式指数证券投资基金（以下简称科芯TH，基金代 码:589070）的市场流动性和平稳运行，根据《上海证券交易所基金自律监管规则适用指引第2号——上 市基金做市业务》等相关规定，本所同意中国国际金融股份有限公司自2026年01月23日起为科芯TH提 供主做市服务。 特此公告。 上海证券交易所 2026年01月22日 ...

Group 1 - The core viewpoint of the news is that MGH has experienced a significant decline in revenue and net profit for the period ending September 30, 2025, indicating potential challenges for the company [2] - As of January 21, MGH's financing balance reached 71.42 million yuan, with a net financing purchase of 1.0591 million yuan on that day, suggesting a high level of investor interest [1] - MGH's main business revenue composition includes tents and equipment at 89.46%, clothing and shoes at 7.23%, and accessories and others at 3.20%, highlighting its focus on outdoor products [1] Group 2 - As of September 30, 2025, MGH's total number of shareholders decreased by 4.30% to 12,300, while the average circulating shares per person increased by 4.49% to 7,602 shares [2] - MGH has distributed a total of 491 million yuan in dividends since its A-share listing, with 220 million yuan distributed in the last three years [3] - Among the top ten circulating shareholders, the Noan Multi-Strategy Mixed Fund (320016) increased its holdings by 149,700 shares, now holding 551,600 shares [3]

Group 1 - The core viewpoint of the article highlights the decline in the number of enterprises in the leather, fur, feather, and footwear industries in China, with a total of 8,783 enterprises reported for the period from January to November 2025, representing a decrease of 123 enterprises or a 1.38% year-on-year decline [1][1][1] Group 2 - The report indicates that the proportion of leather, fur, feather, and footwear enterprises within the total industrial enterprises stands at 1.67% [1][1][1] - The data referenced in the article is sourced from the National Bureau of Statistics and compiled by Zhiyan Consulting, a leading industry consulting firm in China [1][1][1] - The article mentions that the threshold for large-scale industrial enterprises has been raised from an annual main business income of 5 million yuan to 20 million yuan since 2011 [1][1][1]

Group 1 - The company has achieved a global business layout, covering multiple countries and regions, including Europe [2] - Investors are encouraged to refer to the company's periodic reports for details on operational conditions [2]

Core Viewpoint - The company Muguo has reported its first annual loss since its listing, with a projected net loss of 22 million to 33 million yuan for 2025, marking a significant decline from a net profit of 83.76 million yuan the previous year, representing a drop of 126.27% to 139.40% [1][25][27] Group 1: Performance Decline - Muguo's performance has been on a downward trend since the peak of the camping economy in 2022, with each quarter in 2025 showing a year-on-year decline in net profit, culminating in a loss of 10.56 million yuan in Q3 [3][7][27] - The company’s revenue growth has significantly slowed, with a mere 1.40% increase in 2023 and a 10.42% decline in 2024, while net profit dropped by 24.05% to 10.7 million yuan in 2023 and by 21.57% in 2024 [7][32][34] - The projected loss for Q4 2025 could reach as high as 58.65 million to 69.65 million yuan, indicating a severe downturn in financial performance [7][32][34] Group 2: Market Dynamics - The initial success of Muguo was driven by the camping boom during the pandemic, with revenues soaring to 1.436 billion yuan in 2022, a 55.52% increase from the previous year [3][28] - However, as the pandemic subsided and tourism resumed, the camping trend waned, leading to a sharp decline in Muguo's sales and profitability [7][32][34] - The company has failed to capitalize on the growing outdoor apparel market, which is projected to reach 150.4 billion yuan in 2024 with a growth rate of 23% [12][36] Group 3: Management and Strategy Issues - Muguo's management has seen significant salary increases despite the company's declining performance, with the chairman's salary rising from 722,700 yuan in 2022 to 5.629 million yuan in 2024 [19][44] - The company has struggled with its transition from an OEM model to a brand-focused strategy, missing opportunities in the outdoor apparel segment while relying heavily on its core camping gear business [39][41] - Employee incentive plans have been undermined by the company's poor performance, leading to the termination of stock option plans that were contingent on achieving specific revenue and profit growth targets [41][43]