（文章来源：证券日报） 证券日报网讯 2月25日，国元证券在互动平台回答投资者提问时表示，截至2026年2月13日，公司股东 人数87731户。 ...

Investment Rating - The report maintains an "Overweight" rating for the securities and banking sectors [9]. Core Insights - The report highlights the structural relaxation of refinancing policies, which is expected to improve profitability in the banking sector. The central bank's Q4 monetary policy report emphasizes the implementation of personal credit repair measures, supporting micro-entities [1][28]. - The report identifies investment opportunities in the order of securities > insurance > banking, with a focus on the potential for marginal improvements in the brokerage business due to the recent refinancing policy adjustments [12][24]. Summary by Sections Securities Sector - The optimization of refinancing measures announced by the exchanges is expected to lead to marginal improvements in the brokerage business, with leading firms likely to solidify their advantages through professional capabilities. The Chinese brokerage index performed better than the Hang Seng index during the holiday period, increasing by 0.20% [2][13]. - Recommended stocks include leading brokerages such as CITIC Securities, Guotai Junan, and GF Securities, as well as quality regional firms like Guoyuan Securities [3][12]. Insurance Sector - The report notes a mixed performance in the insurance sector, with property insurance companies showing gains while life insurance companies mostly declined. China Property & Casualty Insurance rose by 5%, while China Taiping fell by 4% [24][25]. - Investors are advised to focus on quality leaders in the insurance sector, with a preference for defensive stocks like China Ping An and China Life Insurance for conservative investors [24][25]. Banking Sector - The banking sector is experiencing a recovery in performance, with Q4 profits improving and net interest margins stabilizing. The report indicates a year-on-year increase in social financing, primarily due to the pre-positioning of government bonds and a rebound in off-balance-sheet financing [28][37]. - Recommended stocks include quality regional banks such as Nanjing Bank and Chengdu Bank, which are expected to perform well due to their strong fundamentals [3][28].

中国经济网北京2月13日讯 北交所网站今日公布关于终止对安徽省小小科技股份有限公司（以下简 称"小小科技"）公开发行股票并在北京证券交易所上市审核的决定。 (责任编辑：田云绯) 公司控股股东为许道益，实际控制人为许道益、许茂源，两人系父子关系。截至招股说明书签署 日，许道益持有公司2,190.00万股，占公司股本总额的48.91%；许茂源持有公司10.00万股，占公司股本 总额的0.22%；两人合计持有公司2,200.00万股，占公司股本总额的49.13%；同时许道益任公司董事 长，许茂源任公司董事、总经理。 小小科技原拟向不特定合格投资者公开发行股票不超过9,800,000股（含本数，不含超额配售选择 权）。公司及主承销商将根据具体发行情况择机采用超额配售选择权，采用超额配售选择权发行的股票 数量不得超过本次公开发行股票数量的15%，即不超过1,470,000股（含本数）；包含采用超额配售选择 权发行的股票数量在内，公司本次拟向不特定合格投资者发行股票数量不超过11,270,000股（含本 数）；本次发行不涉及公司原股东公开发售股份，最终发行数量以北京证券交易所审核通过并经中国证 监会注册的数量为准。 小小 ...

Core Viewpoint - The company, iFlytek, has received approval from the Shenzhen Stock Exchange for its application to issue shares to specific investors, pending final approval from the China Securities Regulatory Commission (CSRC) [1][2]. Group 1: Issuance Details - The total amount to be raised from the issuance is capped at 400 million yuan, which will be used for the Spark Education model, computing platform, and to supplement working capital [1][3]. - The issuance will involve no more than 100 million shares, representing 4.33% of the total share capital prior to the issuance [2][3]. - The pricing mechanism for the shares will be based on 80% of the average trading price over the 20 trading days preceding the issuance date [2]. Group 2: Specific Investors - The issuance will target no more than 35 specific investors, including Anhui Yanzhi Technology Co., Ltd., which is controlled by iFlytek's actual controller, Liu Qingfeng, and plans to subscribe for between 250 million yuan and 350 million yuan [2][3]. - The issuance constitutes a related party transaction due to the involvement of Yanzhi Technology, which is an affiliate of Liu Qingfeng [2]. Group 3: Control and Governance - Following the issuance, Liu Qingfeng's voting rights in iFlytek are expected to decrease slightly to between 11.16% and 11.26%, but he will remain the actual controller of the company [3]. - The lead underwriter for this issuance is Guoyuan Securities Co., Ltd., with representatives Zhu Peifeng and Liu Ziqi overseeing the process [3].

北京商报讯（记者 刘宇阳 实习生 姚榕琰）2月12日，国元证券发布公告称，国元证券近日收到全资子公司国元股权投资有限公司通知，安徽国元量子星动 能股权投资合伙企业（有限合伙）（暂定名）近日名称确定为安徽国元星能未来股权投资合伙企业（有限合伙）（以下简称"国元星能未来基金"），国元星 能未来基金已在中国证券投资基金业协会完成私募投资基金备案手续，取得《证券公司私募投资基金备案证明》。 公告显示，国元星能未来基金备案编码为SBRL39，管理人为国元股权投资有限公司与安徽国元基金管理有限公司，备案日期为2月10日，实缴出资总额为 6230万元。 ...

证券代码：000728 证券简称：国元证券 公告编号：2026-003 国元证券股份有限公司 关于全资子公司国元股权投资有限公司发起设立安徽国元 量子星动能股权投资合伙企业（有限合伙）（暂定名） 暨关联交易的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、关联交易概述 国元证券股份有限公司（以下简称公司）于 2026 年 1 月 14 日召开第十一届 董事会第三次会议，审议通过了《关于全资子公司国元股权投资有限公司发起设 立安徽国元量子星动能股权投资合伙企业（有限合伙）（暂定名）暨关联交易的 议案》，具体公告见 2026 年 1 月 16 日的《中国证券报》《上海证券报》《证券 时报》《证券日报》和巨潮资讯网。 二、进展情况 统一社会信用代码：91340111MAK5H65Y71 类型：有限合伙企业 主要经营场所：安徽省合肥市包河区大圩镇黑龙江路 8 号滨湖金融小镇 1 BH373 近日，公司收到国元股权投资有限公司的通知，安徽国元量子星动能股权投 资合伙企业（有限合伙）（暂定名）名称确定为安徽国元星能未来股权投资合伙 企业（有限合伙）（以下简称 ...

Core Viewpoint - New Energy announced that its major shareholder, Anhui Xinjie Coal Power Group, holds 185,902,860 shares, representing 7.18% of the total share capital, and has released the pledge of 72,700,000 shares [2] Group 1 - The company has a major shareholder, Anhui Xinjie Coal Power Group, which holds 7.18% of the total shares [2] - Anhui Xinjie Coal Power Group has released the pledge on 72,700,000 shares at Guoyuan Securities [2] - The announcement was made on February 12, 2026, indicating a significant corporate action regarding shareholding [2]

Group 1: Photovoltaics - The supply-side clearing and production restrictions in the photovoltaic industry are expected to accelerate, leading to a clear upward trend in the sector [2] - The dual effects of price control and supply-side clearing are likely to drive industry profitability recovery, with some tail-end companies exiting the market [2] - The global photovoltaic demand may exceed expectations due to AI computing power construction and the "14th Five-Year Plan" supporting photovoltaic installations [2] Group 2: Wind Power - The supply-demand structure of the wind power industry in China is reasonable, with good profitability among listed companies [3] - The construction of offshore wind power is expected to accelerate in 2025, becoming a key focus for the marine economy [3] - The wind power bidding has maintained a high level of activity since 2025, indicating a favorable outlook for the industry [3] Group 3: New Energy Vehicles - In 2025, China's new energy vehicle sales are projected to reach 16.49 million units, reflecting a year-on-year growth of 28.2% [4] - The industry is experiencing a recovery in profitability due to effective control of disorderly expansion on the supply side [4] - The second half of 2025 will see significant price increases for key materials, contributing to overall profitability recovery in the sector [4] Group 4: Investment Recommendations - For photovoltaics, focus on leading silicon material and battery component companies with technological and cost advantages, as well as firms leading in production equipment and high-demand auxiliary material companies [5] - In wind power, attention should be given to turbine manufacturers and companies involved in subsea cable production, as well as those in the offshore wind installation sector [5] - In the lithium battery sector, key companies include CATL and others benefiting from the recovery of midstream material prices [6]

Company Overview - Wenhui Optoelectronics, located in Huainan City, Anhui Province, specializes in the research, production, and sales of high-performance and high-reliability special cables and optoelectronic components, widely used in aerospace, military electronics, naval, and nuclear industries [2][16]. Financial Data - The company's revenue from 2022 to the first half of 2025 was 267 million, 207 million, 194 million, and 134 million yuan respectively, while net profits were 107 million, 69.5 million, 58.1 million, and 48.6 million yuan [3]. - As of June 30, 2025, total assets amounted to approximately 584.27 million yuan, with total equity of about 546.53 million yuan and a debt-to-asset ratio of 6.46% [4]. - The gross profit margin for the first half of 2025 was 60.83%, with a net profit margin of 36.29% [4][5]. Product and Service Structure - The main business revenue is categorized as follows: cables accounted for 84.88% of revenue in the first half of 2025, optoelectronic components 11.85%, and assembly testing services 3.26% [7]. - The gross profit margins for cables, optoelectronic components, and assembly testing services were 58.91%, 73.72%, and 65.58% respectively in the first half of 2025 [7]. Client and Supplier Relationships - The top five clients contributed 81.71% of total sales in the first half of 2025, with significant clients including Aviation Industry Corporation of China and Aerospace Science and Industry Corporation [9][10]. - The top five suppliers accounted for 76.03% of total purchases in the first half of 2025, with the largest supplier being Changzhou Ronis Special Conductor Co., Ltd. [14][15]. Competitive Advantages - The company has developed 27 invention patents and core technologies, establishing a strong competitive edge in the military cable sector and participating in key national defense projects [16]. - The ability to provide customized services and high reliability in extreme environments creates a competitive barrier, as military clients prioritize performance and quality [17]. - The product range includes nearly 50 series and over 400 categories, with the "Wenli" brand recognized as a famous trademark in Anhui Province [18]. Industry Landscape - The industry has high entry barriers, which serve as a foundation for the company's stable development [19]. - Wenhui Optoelectronics is positioned as a key player in the military special cable market, with a focus on innovation and participation in national standards [21].

（文章来源：证券日报） 证券日报网讯 2月5日，雅葆轩发布公告称，本次保荐代表人的变更不影响国元证券对公司的持续督导 工作。变更后，国元证券负责公司持续督导工作的保荐代表人为樊俊臣先生、汤雨城先生。 ...