全产业链规划清晰，深低温液氢技术为核心 蜀道装备作为蜀道集团氢能产业发展的牵头单位和专业平台，制定了"以深低温液氢技术为核、以庞大 场景应用为驱、以开放产业合作为翼"的氢能产业发展路径，目标构建覆盖全产业链的研发制造能力和 示范应用体系。公司牵头编制的《蜀道集团氢能产业发展实施方案》明确将氢能定位为培育新质生产 力、推动产业绿色转型的关键抓手。 核心技术国内领先，多环节布局成果显著 在核心技术布局方面，公司在液氢、制氢、储运加注等环节均取得突破： 登录新浪财经APP 搜索【信披】查看更多考评等级 调研基本情况 2026年1月19日下午18:30-19:30，四川蜀道装备科技股份有限公司（以下简称"蜀道装备"）通过电话会 议形式（长江证券氢能深研专题会）接待了机构调研。本次调研吸引了长江证券、工银瑞信基金、汇丰 晋信基金、中欧基金、中信保诚资产管理等21家机构参与。公司副总经理、董事会秘书马继刚，董事会 办公室副主任、证券事务代表贾雪，证券事务代表向星睿出席会议，就公司业务布局、战略规划及氢能 产业发展等问题与投资者进行深入交流。 氢能产业布局：技术、合作与项目进展 蜀道丰田氢能科技（四川）有限公司于2025年 ...

每经头条（nbdtoutiao）——地方国资开始"抄底"法拍房！单价六七千元"扫货"广州南沙区超60套房 源，同小区二手房挂牌均价逾2万元 （记者 曾健辉） 每经AI快讯，宝武镁业发布公告称，2026年1月22日，宝武镁业接受长江证券等投资者调研，公司董秘 吴剑飞参与接待，并回答了投资者提出的问题。 ...

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 产业速递：从 Claude Code 看 AI coding 产 业趋势 报告要点 [Table_Summary] 以 Claude、GPT-4 等为代表的大模型在长上下文理解、复杂推理与代码生成质量上取得突破， 使其能处理从单文件到整个代码库的工程问题。带来的改变：1）从工具到决策、从被动到主动； 2）生产效率重构：代码生成的边际成本显著下降。从国内外产业进展看，AI Coding 市场正在 快速扩容。根据 Spherical Insights 预测，到 2032 年，AI Coding 市场规模或将超过 295 亿美 元。从渗透率看，根据 IDC 统计，美国 91%的开发者都使用 AI 编程工具，国内目前渗透率 30%、未来有望快速提升。建议关注 AI Coding 相关厂商。 分析师及联系人 [Table_Author] 宗建树 宋浪 SAC：S0490520030004 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% 1 月 12 日，Anthropic 发布 AI 办公新产品 Cowork ...

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！ 来源 ：行家券业 搭伙！天风证券（维权）+长江证券 同样是base湖北的上市券商，长江证券和天风证券之间，并没有剑拔弩张的竞争，而是步调一致的参投 总额3000万的国资项目。 新设机构 据媒体报道，湖北长江企业管理研究院有限公司（简称：长江企业管理研究院）在2026年1月16日登记 成立。 企查查收录的工商信息显示，长江企业管理研究院注册资本为3000万元。经营范围涉及社会经济咨询服 务、信息技术咨询服务、企业管理咨询、咨询策划服务、科技中介服务、企业管理、会议及展览服务、 业务培训等。 此前在2025年10月担任湖北长江高新产业研究院有限公司（简称：长江高新产业研究院）董事，财务负 责人的涂君山，如今担任长江企业管理研究院的法定代表人。 券商携手 而从股权来看，长江企业管理研究院共有三家股东：国资背景的湖北省投资公司持股66.6667%；长江 证券全资子公司长江证券创新投资（湖北）有限公司（简称：长江创新投资），持股16.6667%；天风 证券旗下天风创新投资有限公司（简称：天风创新投资），持股16.6667%。 同为湖北籍上市券商， ...

Core Viewpoint - The Chinese private equity industry is transitioning from quantitative expansion to qualitative transformation, driven by capital market reforms and long-term capital inflows, as highlighted by the "Golden Yangtze" private equity empowerment plan [3]. Group 1: Private Equity Performance and Fundraising - In 2025, the private equity industry achieved remarkable performance, with 75 billion-level private equity firms reporting an average return of 32.77%, with 98.67% of them generating positive returns [4]. - The top five firms, including Lingjun Investment and Yuanshin Investment, reported annual returns exceeding 50%, with the top three surpassing 70% [4]. - Quantitative private equity emerged as a standout performer, with 45 billion-level quantitative firms achieving an average return of 37.61%, all reporting positive returns [4]. Group 2: Product Registration and Market Trends - The number of registered private equity products reached 12,645 in 2025, doubling year-on-year, with stock strategy products accounting for 65.86% of the total [5]. - The dominance of billion-level private equity firms in product registration reflects their advantages in brand, performance, and channels, leading to a concentration of resources in capable institutions [5]. - The regulatory environment is improving, and long-term capital continues to enter the market, positioning the private equity sector for higher quality development [5]. Group 3: Sales and Platform Development - Longjiang Securities' private equity sales business saw a remarkable growth of approximately 350% in sales scale compared to 2024, with a 47% increase in retained volume [7]. - The "Golden Aircraft Carrier" funding platform has established a five-level funding closed-loop system, connecting various financial institutions and facilitating over 10 billion yuan in investments into private equity [8]. - The platform emphasizes building an open, collaborative, and sustainable service ecosystem, enhancing connections between private equity and wealth management [8]. Group 4: Research and Technological Support - Longjiang Securities provides comprehensive research support to private equity managers through reports, surveys, and strategy discussions, enhancing their decision-making capabilities [9]. - The company is focused on building an intelligent, integrated, and efficient operational and trading support system, improving efficiency and accuracy in key processes [10]. - Customized solutions are offered to different strategy managers, enhancing their execution and asset management capabilities [10]. Group 5: Performance Metrics and Strategy Insights - The second phase of the "Golden Yangtze" private equity empowerment plan in 2025 showcased nearly 3,000 participating products, with an average return of 30% and a median return of 22% [11]. - The index enhancement strategy led the performance with a median return of 42.4%, while quantitative stock selection and subjective long strategies followed closely [11]. - The performance of certain strategies, such as CTA, showed a decline in median returns, reflecting challenges posed by market volatility and liquidity changes [11].

长江证券研报指出，锡业股份成长为全球规模最大的一体化锡企业。2024年，公司精锡国内市占率 48%，全球市占率25%。尽管锡资源日趋紧缺，但公司的锡资源静态可开发20年；考虑勘探找矿的新增 储量，动态开发年限或提升至62年；叠加后续对堆存尾矿的利用，储采比或高达82年。结合整合集团托 管矿山或外延并购资源的预期，百年锡业的锡资源或再接续一百年无虞，彰显锡业之贵。当下，公司锡 资源和产能规模遥遥领先，长期对优质资源的深耕，有望兑现长期价值。作为半导体领域优质的焊接材 料，锡是名副其实的"未来金属"。对比金属供需格局，锡脱颖而出。锡业股份作为高纯度、长久期的龙 头，高光有望来临。予"买入"评级。 ...

天眼查工商信息显示，近日，湖北长江企业管理研究院有限公司成立，法定代表人为涂君山，注册资本 3000万人民币，经营范围包括社会经济咨询服务、信息技术咨询服务、企业管理咨询等。股权全景穿透 图显示，该公司由湖北省投资公司、长江证券创新投资(湖北)有限公司、天风创新投资有限公司共同持 股。 ...

天眼查工商信息显示，近日，湖北长江企业管理研究院有限公司成立，法定代表人为涂君山，注册资本 3000万人民币，经营范围包括社会经济咨询服务、信息技术咨询服务、企业管理咨询等。股权全景穿透 图显示，该公司由湖北省投资公司、长江证券创新投资（湖北）有限公司、天风创新投资有限公司共同 持股。 ...

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！ 投资者可通过以下途径咨询有关详情： 1、长江证券股份有限公司 客服电话：95579或4008-888-999 特此公告。 摩根基金管理（中国）有限公司已与长江证券股份有限公司（以下简称"长江证券"）签订了基金销售代 理协议，现决定自本公告之日起，新增长江证券为摩根聚利稳健三个月持有期混合型基金中基金(FOF) （A类份额代码：026576；C类份额代码：026577）的代销机构。 摩根基金管理（中国）有限公司 有关摩根聚利稳健三个月持有期混合型基金中基金(FOF)（A类份额代码：026576；C类份额代码： 026577）销售的具体事宜请仔细阅读本基金的招募说明书、基金产品资料概要及基金合同等相关法律文 件。 公司网址：www.95579.com 2、摩根基金管理（中国）有限公司 客服电话：400-889-4888 公司网址：am.jpmorgan.com/cn 二○二六年一月十九日 ...

Group 1 - The core viewpoint of the article highlights a significant surge in bond issuance by securities firms at the beginning of 2026, driven by a strong A-share market and an increase in capital demand, with a total issuance of 119.52 billion yuan, representing a year-on-year growth of 71.87% [1][2] - The bond issuance is characterized by diversification, with both traditional leading firms like China Galaxy and internet brokers like East Money participating, and various types of products being issued, including conventional corporate bonds and perpetual subordinated bonds [2][3] - The bond issuance trend is a continuation from 2025, where the total issuance exceeded 1.89 trillion yuan, with both the number and scale of bonds issued showing over 44% year-on-year growth [3] Group 2 - The increase in bond issuance is attributed to a combination of business transformation, policy guidance, and a low-cost environment, with firms transitioning from traditional channel businesses to capital-intensive models [4][5] - The active A-share market has led to a growing demand for capital-intensive business expansion, prompting firms to leverage debt financing to seize profit opportunities [4][6] - The current low interest rate environment has made bond issuance an attractive option for firms to refinance high-interest debt and optimize financial structures, thereby enhancing profit margins for future business expansion [4][6] Group 3 - The regulatory environment has positively influenced the expansion of financing channels, with securities firms being included in the issuance of technology innovation bonds, aligning fundraising with national strategic goals [5][6] - The bond issuance trend is expected to continue in the short to medium term, as long as market activity remains robust, sustaining the demand for capital [6][7] - The competitive landscape is shifting towards a "stronger gets stronger" dynamic, where leading firms are better positioned to capitalize on low-cost debt financing, potentially widening the gap between them and smaller firms [7][8]