Core Insights - In the first quarter of 2026, a total of 30 new companies were listed on the A-share market, representing an 11% increase compared to the same period last year, which had 27 new listings [1] - The net fundraising amount for these 30 new companies reached 23.834 billion yuan, a significant increase of 65.25% from 14.423 billion yuan in the same period last year [1] Group 1: Underwriters' Performance Ranking - A total of 17 underwriting institutions were involved in the IPO business for the 30 new listed companies [2] - China International Capital Corporation (CICC) ranked first with 4 deals, while Dongwu Securities, Guojin Securities, and Guotou Securities tied for second place with 3 deals each [3][4] - The top five underwriters also included Guotai Junan, Shenwan Hongyuan, CITIC Securities, and Zhongtai Securities, each with 2 deals [5] Group 2: Law Firms' Performance Ranking - Thirteen law firms provided legal services for the 30 new listed companies during the same period [6] - Beijing Zhonglun ranked first with 5 deals, followed by Shanghai Jintiancheng with 4 deals [7] - Beijing DeHeng, Beijing Kangda, and Beijing Jindu each ranked third with 3 deals [7] Group 3: Accounting Firms' Performance Ranking - Nine accounting firms provided auditing services for the 30 new listed companies [8] - Lixin ranked first with 9 deals, while Tianjian ranked second with 6 deals [9] - Rongcheng and Xinyong Zhonghe followed with 5 and 4 deals, respectively [10]

固定收益丨深度报告 [Table_Title] 中东乱局下，油价节奏和大类资产配置展望 ——长研霍尔木兹系列报告（二） %% %% %% %% research.95579.com 分析师及联系人 [Table_Author] 赵增辉 马骏 SAC：S0490524080003 SAC：S0490525120004 SFC：BVN394 请阅读最后评级说明和重要声明 2 / 20 %% %% %% %% 1 丨证券研究报告丨 报告要点 [Table_Summary] 年内原油定价由地缘风险主导，短期受供给冲击驱动显著上行，价格中枢相较战前水平呈现系 统性抬升；节奏上或将呈现"一季度冲高、随后逐季回落"的特征。随着战略储备释放及替代 供给修复，地缘溢价或将逐步消退。从宏观影响看，高油价通过推升通胀与抑制增长，引发阶 段性滞胀压力，并延缓主要央行降息节奏，高利率环境或继续维持。资产配置建议持有现金， 择机布局股债。由于股债商等大类资产在经历通胀和衰退交易后，行情都会经历大幅回落，于 是持有现金（美元短债或存款）保有流动性是首要选择。同时，黄金也可适时加仓。 research.95579.com 2 [Table_ ...

Investment Rating - The industry investment rating is "Positive" and is maintained [2]. Core Viewpoints - The necessity of quartz electronic cloth applications is driven by the increasing demand for high-speed data transmission in AI computing, making quartz cloth a necessary choice for PCB materials [13][15]. - The application rhythm of quartz electronic cloth is expected to accelerate due to the transition from traditional materials to advanced materials that meet the requirements of 224G technology nodes, which are becoming the new standard in the industry [15][21]. - The core barriers to quartz electronic cloth production lie in its manufacturing process, which includes four main stages: sand, rod, fiber, and weaving, ensuring high purity and excellent electrical performance [40][44]. Summary by Sections 1. Necessity of Quartz Electronic Cloth Applications - Quartz electronic cloth is essential for various applications, including PCB, high-speed cable modules, and optical modules, particularly in data centers [12][9]. - The transition to AI computing necessitates an upgrade in PCB base materials, with quartz electronic cloth being a critical solution to meet the demands of high-speed interconnects [13][15]. 2. Outlook on the Application Rhythm of Quartz Electronic Cloth - The demand for quartz electronic cloth is expected to grow as AI computing increases data transmission rates, leading to a shift in material requirements from traditional to advanced materials [15][21]. - The introduction of 224G technology nodes will force a material upgrade, effectively phasing out traditional electronic cloth due to its limitations [15]. 3. Core Barriers to Quartz Electronic Cloth - The production of quartz electronic cloth involves a complex process that ensures high purity and uniformity, which are critical for meeting the stringent requirements of the electronics industry [40][44]. - The manufacturing process includes sourcing high-purity quartz sand, melting, filtering, and weaving into cloth, which presents a significant barrier to entry for potential competitors [44].

Investment Rating - The report maintains a "Market Perform" rating for the brokerage sector, indicating a synchronized performance with the market [1]. Core Insights - The brokerage index experienced a decline of 2.08% in February 2026, underperforming the CSI 300 index, which saw a slight increase of 0.09% [4][7]. - The average Price-to-Book (P/B) ratio for the brokerage sector fluctuated between 1.398 and 1.433, indicating a downward trend compared to the historical average of 1.52 since 2016 [12][4]. - The report highlights a significant divergence within the brokerage sector, with only 13 out of 42 listed brokerages showing an increase in stock prices during February [8][10]. Summary by Sections Market Performance - The brokerage index attempted a rebound in early February but ultimately closed lower, reflecting a weak short-term trend [7]. - The average trading volume in February dropped significantly, with a total transaction volume of 408.6 billion yuan, marking a 60.3% decrease month-on-month [7][20]. Key Market Factors - The brokerage sector's performance was influenced by a decline in equity market activity, with average daily trading volume falling to 2.31 trillion yuan, a 24.1% decrease from the previous month [20][21]. - Margin financing balances slightly decreased by 1.7% to 26,692 billion yuan, although this still represents a 40.6% year-on-year increase [26][27]. Business Outlook - For March 2026, the brokerage sector is expected to face continued pressure on self-operated business performance due to external geopolitical risks and market volatility [35][42]. - The investment outlook remains cautious, with a focus on leading brokerages and those with strong wealth management capabilities, as well as smaller firms that are developing competitive advantages [6][40].

Investment Rating - The report maintains a "Positive" investment rating for the industry [2]. Core Insights - The report identifies four major trends in the connector industry during the "14th Five-Year Plan" period, focusing on computing power, new energy vehicles, commercial aerospace, and military trade [4][20][30][39]. Summary by Sections Computing Power - Copper interconnects can meet transmission needs within 7 meters in data centers, with a significant increase in demand driven by AI cluster growth and bandwidth requirements [6][8]. - The transition from CPU-centric to GPU-centric architectures has shifted the bottleneck from computation to data interconnect capabilities, necessitating a multi-layer interconnect structure within data centers [10]. New Energy Vehicles - The report highlights a shift towards high-voltage, high-speed, and integrated connector solutions in new energy vehicles, with current usage of high-voltage connectors ranging from 6 to 15 pairs per passenger vehicle and 12 to 45 pairs per commercial vehicle [22][26]. - The market for high-speed connectors is expected to grow rapidly, driven by the increasing data transmission needs of advanced driver-assistance systems (ADAS) and the rise of intelligent connected vehicles [26]. Commercial Aerospace - The commercial aerospace sector is moving towards miniaturization, lightweight designs, and high integration of connectors, with a projected increase in satellite launches and the development of reusable rocket technologies [33][35]. - The demand for connectors is expected to rise due to the electrification of aerospace systems and the need for high-bandwidth, low-latency connections for satellite communications [38]. Military Trade - The report notes a shift in military trade, particularly in air defense systems, from optional to essential configurations, driven by geopolitical tensions and the need for multi-layered defense architectures [41][44]. - Recent military sales approvals indicate a growing demand for integrated air defense systems, highlighting the importance of cost-effective solutions to counter emerging threats [44].

丨证券研究报告丨 行业研究丨点评报告丨软件与服务 [Table_Title] AI 应用正当时： Kimi 发布论文预览下一代模型 架构，模型商业化落地继续加速 报告要点 research.95579.com 3 月 16 日，月之暗面发布论文，提前预览下一代模型的关键模块——注意力残差（Attention Residuals，简称 AttnRes）。 分析师及联系人 [Table_Author] 宗建树 刘思缘 SAC：S0490520030004 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% 1 软件与服务 cjzqdt11111 [Table_Title AI 应用正当时：2] Kimi 发布论文预览下一代模型 架构，模型商业化落地继续加速 [Table_Summary2] 事件描述 3 月 16 日，月之暗面发布论文，提前预览下一代模型的关键模块——注意力残差（Attention Residuals，简称 AttnRes）。 事件评论 风险提示 丨证券研究报告丨 2026-03-22 行业研究丨点评报告 [Table_Rank] 投资评级 看好丨维持 市场表现对比图(近 ...

Investment Rating - The investment rating for the industry is "Positive" and is maintained [5]. Core Insights - On March 16, Zhiyu released GLM-5-Turbo, a foundational model optimized for the OpenClaw scenario, significantly enhancing task execution capabilities and transitioning large models from "chatting" to "performing tasks" [2][5]. - The API price increase indicates a shift to a demand-driven phase in the market, with domestic model vendors' MaaS (Model as a Service) business expected to experience explosive growth, driving demand for cloud infrastructure and domestic computing power [2][5]. Summary by Sections Event Description - Zhiyu launched GLM-5-Turbo, a model specifically optimized for the OpenClaw scenario [5]. Event Commentary - GLM-5-Turbo has shown significant improvements in complex instruction breakdown, tool calling stability, and long task execution capabilities, addressing previous limitations of large models [5]. - Feedback from major internet companies like Alibaba, Meituan, Kuaishou, and ByteDance indicates that GLM-5-Turbo exhibits first-tier competitive advantages in tool calling accuracy and task stability [5]. - The introduction of the ZClawBench evaluation benchmark aims to standardize capabilities in the OpenClaw scenario, with GLM-5-Turbo outperforming other mainstream models in various key tasks [5]. - The API price for GLM-5-Turbo has increased by approximately 20%, reflecting a growing demand for tokens, with the usage of tool skills rising from 26% to 45% over the past six months [5]. - The model's enhanced usability and deeper integration are expected to lead to a surge in the MaaS business for domestic model vendors, fostering industry-wide collaboration [5].

Group 1 - The core point of the article is the appointment of Xiao Jian as the new chairman of Changxin Fund Management Co., Ltd., following the departure of the former chairman Liu Yuanrui due to work adjustments, which is described as a normal personnel change [1] - This personnel adjustment is seen as a significant step for Changjiang Securities to strengthen its asset management business strategy, with the president directly overseeing the asset management sector and appointing an experienced executive familiar with the Shanghai financial market [1][6] - Changxin Fund, established in 2003, is one of the early public fund managers in China, co-founded by Changjiang Securities, Shanghai Haixin Group, and Wuhan Iron and Steel Corporation [6][7] Group 2 - As of the end of 2025, Changxin Fund's asset management scale is close to 200 billion yuan, specifically reported at 197.24 billion yuan [7] - The fund's product structure is dominated by fixed-income products, with money market funds exceeding 100 billion yuan and bond funds also at a high level, forming the core support of the company's scale [7] - Changxin Fund currently manages a total of 90 funds, with an average of 32 fund managers overseeing 2.81 products each, and an average management scale of 6.226 billion yuan per manager, which is above the industry average [7]

Report Industry Investment Rating No information provided in the report. Core Viewpoints - Input - type inflation expectation is the main reason for the significant adjustment of long - term interest rates. The bond market may go through three steps in trading input - type inflation, and it is expected to reach the third step, where inflation trading may end and a bond market repair rally may start [4][12]. - The first sign that the "imported inflation pricing" in the bond market is coming to an end may be the failure of the "seesaw" between oil prices and long - term interest rates, indicating that the bond market's sensitivity to "imported inflation" is decreasing and a new round of repair rally may be on the way [6][13]. - The quantitative results show that the impact of this round of imported inflation on long - term interest rates is limited. The market has already priced in the imported inflation expectation brought by rising oil prices, and the marginal driving force of oil prices on long - term interest rates has weakened [6][17]. - Currently, trading institutions hold few ultra - long bond chips, so the room for the 30Y Treasury bond yield to continue rising for multiple consecutive days is limited [6][22]. - After further adjustments, 30 - year Treasury bonds and local bonds will enter the desirable allocation range of allocation investors [6][27]. Summary by Relevant Catalogs Domestic Bond Market and Crude Oil Pricing Correlation Weakens - The "seesaw" between oil prices and long - term interest rates starts to fail. In the context of high or rising oil prices, long - term interest rates no longer rise significantly in sync. The negative correlation between oil prices and long - term interest rates has weakened, indicating that the market's sensitivity to "imported inflation" is rapidly decreasing, and the main pricing of re - inflation may be over, which may signal a new round of repair rally [6][13]. - The 30 - year Treasury bond yield pricing model shows that PPI has a significant positive impact on ultra - long - term interest rates, but the elasticity is limited. Assuming the PPI year - on - year growth rate turns positive to around 0% in March, the fitted yield of the 30Y Treasury bond only rises slightly to around 2.34%. As of March 18, the yield of the 30Y Treasury bond was 2.36%, and the yield of the 30Y Treasury bond active bond was about 2.29%. The market has fully priced in the imported inflation expectation, and the marginal driving force of oil prices on long - term interest rates has weakened [17]. Trading Institutions Hold Few Ultra - Long Bond Chips - From January to March 2026, the proportion of funds' holdings of 3 active 30Y Treasury bonds mostly fluctuated between 7% - 10%, significantly lower than the phase high of 16.03% on November 14, 2025. On March 17, it dropped to 8.43%. The scale of securities firms' proprietary lending of 30Y Treasury bonds has increased, but the selling positions of funds are limited. When the short - selling effectiveness of securities firms weakens, they need to buy back bonds, which will bring some buying power. The trading direction of securities firms' proprietary trading is volatile, and the selling strength of funds is weaker than that of securities firms, so the room for the 30Y Treasury bond to fall further is limited [6][22]. Ultra - Long Bonds May Enter the Desirable Allocation Range of Allocation Investors after Correction - For banks, 30 - year Treasury bonds have significant advantages due to low taxes and no need to set aside capital. After considering all costs, the 30Y Treasury bond yield is more advantageous at present. For insurance companies, the purchase volume of 30Y Treasury bonds is affected by the net supply of local bonds and the yield of 30Y Treasury bonds. When the yield of 30Y Treasury bonds is high, insurance companies tend to increase their purchases or reduce their sales. The static nominal yield of 30Y Treasury bonds has a 36bp safety cushion compared with the liability - side cost of insurance companies, with sufficient allocation value [27][28].

Core Viewpoint - The "Golden Yangtze" award selection for private equity funds in China has officially started, marking a significant event in the industry as it aims to promote long-term investment and support the real economy and national strategies [3]. Group 1: Event Overview - The 11th "Golden Yangtze" award selection was launched on March 18, 2026, and will run until April 20, 2026, inviting private equity institutions to participate [3][6]. - The award has evolved from over 60 participating managers in its inception to more than 400 institutions currently, establishing itself as a prestigious and authoritative award in the private equity sector [3]. Group 2: Industry Development - The private equity fund industry in China is experiencing a significant rebound, with the total scale surpassing 22 trillion yuan, marking a strong growth trajectory [4]. - As of January 2026, the management scale of private equity funds reached 22.44 trillion yuan, an increase of 2.52 trillion yuan compared to the same period last year, indicating a solid foundation for high-quality development in the industry [4]. - The industry is returning to the "double hundred era," with a rapid increase in the number of private equity firms managing over 10 billion yuan, accelerating the process of industry consolidation and specialization [4].