Group 1 - Western Securities launched an online service from February 16 to 23, featuring 15 conference calls, with a focus on the AI industry, which gained significant attention during the holiday period [1] - Over 100 brokerage roadshows were scheduled during the Spring Festival, with more than 20 online roadshows from February 16 to 18 and over 80 roadshows from February 19 to 23, indicating a strong demand for research services [3] - Smaller brokerages have become the main players in holiday roadshows, using differentiated competition strategies to effectively reach target clients and meet the research needs of institutions holding stocks during the holiday [3] Group 2 - The surge in holiday roadshows is attributed to increased competition in the sell-side research industry amid a backdrop of reduced fees for public funds, with brokerage commission income declining significantly [4] - In the first half of 2025, total brokerage commission income fell by 33.98% year-on-year, with Western Securities experiencing a decline of over 20% and other firms like Open Source Securities seeing declines exceeding 40% [4] - Future industry developments suggest that large comprehensive brokerages will continue strategic investments in research, while medium-sized brokerages will intensify competition to offset the impact of declining fees [4]

资金面情况2月13日主力资金净流出6875.96万元，占总成交额15.82%，近5日融资净流出2835.84万元。 资金持续流出对股价形成压制。 行业政策与环境证券Ⅱ板块当日下跌1.03%，非银金融板块下跌1.26%，弱于大盘表现。证监会2月14日 公布对天风证券（601162）等券商的处罚决定，监管趋严对行业情绪产生一定影响。 未来发展股价突破60日新低是技术面调整、资金流出与行业情绪共同作用的结果，与公司基本面表现形 成反差。投资者可关注公司"四个服务"战略推进情况及行业政策变化。 经济观察网 长江证券（000783）股价于2月13日创下60日新低，收盘报7.80元，当日下跌2.01%。 股票近期走势2026年2月13日，长江证券收盘价7.80元，当日下跌2.01%，创60日新低，成交额4.35亿 元，换手率1.0%。该股5日累计下跌2.01%，20日累计下跌8.34%，年初至今下跌4.29%。 公司基本面公司2025年业绩表现亮眼，预计全年净利润36.95亿元，同比增长101.37%；扣非净利润 37.75亿元，同比增长108.60%。2025年前三季度实现营业总收入84.9亿元，归母净利润33.7亿元 ...

Group 1 - The Hunan Securities Regulatory Bureau issued a warning letter to Changjiang Securities' Changsha Wanjin Avenue Securities Business Department due to various compliance issues [1][2] - The identified problems include inadequate management of brokers, irregular performance assessment incentives, imprudent product cancellation management, and insufficient management of blank vouchers and seals [2] - Changjiang Securities has a history of compliance violations, including issues with unqualified personnel, untimely deregistration of staff, and incomplete records in investment advisory services [3] Group 2 - Changjiang Securities, established in 1991 and listed on the Shenzhen Stock Exchange in 2007, offers a wide range of services including securities brokerage, investment banking, asset management, and private equity [4] - The company expects to achieve a net profit of 3.695 billion yuan in 2025, representing a year-on-year growth of 101.37% [4] - As of February 12, the stock price of Changjiang Securities closed at 7.96 yuan per share, with a total market capitalization of 44.02 billion yuan [5]

●债权登记日：2026 年 2 月 13 日 ●最后交易日：2026 年 2 月 13 日 ●本息兑付日：2026 年 2 月 24 日（2026 年 2 月 16 日为休息日， 故顺延至下一个交易日） ●债券摘牌日：2026 年 2 月 24 日 长江证券股份有限公司（以下简称"发行人"或"本公司"）发 行的长江证券股份有限公司 2023 年面向专业投资者公开发行公司债 券（第一期）（品种二）（以下简称"本期债券"）将于 2026 年 2 月 24 日支付 2025 年 2 月 16 日至 2026 年 2 月 15 日期间的利息及本 期债券的本金。为保证本次本息兑付工作的顺利进行，现将有关事宜 公告如下： 证券代码：000783 证券简称：长江证券 公告编号：2026-008 债券代码：148184 债券简称：23 长江 02 长江证券股份有限公司 2023 年面向专业投资者公开发行公 司债券（第一期）（品种二）2026 年本息兑付及摘牌公告 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。 特别提示： ●债券简称及代码：23 长江 02（148184） 5 ...

Group 1 - BYD's overall sales in January reached 210,000 units, representing a year-on-year decline of 30.1% and a month-on-month decline of 50.0% [1] - Passenger vehicle sales totaled 206,000 units, with a year-on-year decrease of 30.7% and a month-on-month decrease of 50.5% [1] - Export sales remained strong at 100,000 units in January, showing a year-on-year increase of 43.3% [1] Group 2 - Domestic inventory reduction is ongoing, positioning the company to embrace a new cycle [1] - The expansion of the overseas vehicle matrix and the launch of plug-in hybrid models abroad are expected to sustain monthly export sales growth [1] - The introduction of high-end models such as Z9GT, Z9, Leopard 8, N9, and N8L is anticipated to enhance market penetration and improve per-vehicle profitability [1] Group 3 - The company is committed to its strategic transformation towards intelligent driving, with the release of the Super e platform marking a significant innovation in pure electric technology [1] - The product lineup for high-end markets is being accelerated with a rich reserve of models from brands like Tengshi, Yangwang, and Fangchengbao [1] - Continued efforts in overseas expansion and the enhancement of overseas channels and vehicle matrix are expected to further improve profitability [1] Group 4 - The company forecasts a net profit attributable to shareholders of 35 billion yuan by 2025, corresponding to a PE ratio of 23X, maintaining a "buy" rating [1]

Group 1 - The fund "Changjiang Lexin Pure Bond Regular Open-End Fund" will have its 27th open period from February 24, 2026, to March 9, 2026, during which investors can apply for subscription and redemption [1][2] - The fund operates on a regular open-end basis, with a closed period of three months between open periods, and will enter its 28th closed period starting March 10, 2026 [1][2] - The minimum subscription amount for the fund is set at RMB 10 for the first subscription and RMB 1 for additional subscriptions through sales institutions, while the minimum for direct sales is RMB 1 [4][5] Group 2 - The fund's subscription fee is structured to decrease as the subscription amount increases, and it is charged on a front-end basis [6] - Investors must submit their subscription applications during the specified business hours on open days, and the confirmation of successful subscriptions will occur on the next business day [7][10] - The fund allows a minimum redemption of 10 fund shares per transaction, and if the balance falls below this threshold, the sales institution may process a full redemption [8][9] Group 3 - The fund management company is responsible for disclosing the fund's net asset value at least weekly during the closed period and daily during the open period [12] - Investors are encouraged to refer to the fund's prospectus and other legal documents for detailed information regarding the fund's operations and regulations [14] - The fund allows a single investor to hold more than 50% of the fund shares and is not available for individual investors [15]

重磅！"2025年度十大宏观经济学家"名单揭晓 2025年，中国经济承压前行、向新向优，财政更加积极、货币适度宽松，宏观政策协同提效、精准发 力，推动经济运行稳中有进、高质量发展取得新成效。立足变局交织与转型攻坚的关键阶段，宏观经济 学家们紧扣时代脉搏，以全局视野、专业研判与扎实立论洞察发展大势；他们聚焦新质生产力、内需提 振、风险化解与长期增长建言献策，在变局中厘清发展逻辑，于前行中领航宏观方向。 新浪财经携手首席经济学家论坛、新经济学家智库，评选出"2025年度十大宏观经济学家"。 伍戈：经济如何收官？ 伍戈：反内卷，另一侧呢？ 伍戈：从三个维度来理解上半年宏观经济 责任编辑：张文 重磅！"2025年度十大宏观经济学家"名单揭晓 2025年，中国经济承压前行、向新向优，财政更加积极、货币适度宽松，宏观政策协同提效、精准发 力，推动经济运行稳中有进、高质量发展取得新成效。立足变局交织与转型攻坚的关键阶段，宏观经济 学家们紧扣时代脉搏，以全局视野、专业研判与扎实立论洞察发展大势；他们聚焦新质生产力、内需提 振、风险化解与长期增长建言献策，在变局中厘清发展逻辑，于前行中领航宏观方向。 新浪财经携手首席经济学家论 ...

Market Overview - The A-share market exhibited a pattern of reduced volume and mixed fluctuations, with essential consumer and industrial sectors leading weekly gains[1] - The growth style's congestion level has decreased over the past two weeks, but remains lower than that of high-quality and growth stocks in absolute terms[1] Industry Insights - Congestion levels for agricultural products and banks have increased, while transportation and telecommunications sectors lag behind in weekly trading congestion[1] - Essential consumer and industrial sectors showed strong weekly performance, indicating a potential shift in market focus[4] Investment Trends - Institutional funds generally experienced a pullback as growth stocks declined, reflecting a broader trend of profit-taking among funds[4] - The Longjiang Manufacturing Champions and Low-Carbon Leaders indices performed well, highlighting specific thematic investment opportunities[4] Performance Metrics - The growth style indices showed a notable decline, with the Longjiang Growth Index down by 4.08% and the Longjiang High Valuation Index down by 6.20%[21] - In contrast, the Longjiang Low Valuation Index recorded a modest gain of 0.56%, indicating a preference for value-oriented investments during this period[31]

Group 1: Report Highlights - The widening spread between special-purpose bonds and general bonds was mainly driven by supply shocks and the differentiated risk weights of commercial banks. The relative relationship of spreads between 20Y and 30Y local government bonds was driven by changes in Treasury yields. There were regional differentiations in the primary spread levels of local government bonds, and the difference between primary and secondary spreads verified the differences in the marketization degree of issuance in each region. The liquidity level of local government bonds affected the historical spread changes. There were certain differences in the number of market quotes from brokers in each region, reflecting the differences in liquidity. Moreover, there were regular differentiations in the trading preferences of each province and various institutional entities [3]. Group 2: Core Views - The report systematically analyzed the investment value of local government bonds from two core dimensions: the changes in local government bond spreads and their influencing factors, and the trading and buying situations in the local government bond market. It provided in - depth analyses of the driving factors behind the widening of the spread between special - purpose bonds and general bonds from late 2024 to early 2025 and the change in the relative relationship between 20Y and 30Y local government bonds around Q4 2024. It also focused on the regional differentiations in primary and secondary spreads and their causes, and summarized the regular characteristics in trading and net - buying preferences in the market [78]. Group 3: Summary by Directory 1. Exploration of Factors Affecting Local Government Bond Spreads 1.1 Widening of Spread between Special - Purpose Bonds and General Bonds - From 2020 to early 2024, the spread between special - purpose bonds and general bonds remained stable within the range of - 4 to 4bp. However, from late 2024 to early 2025, the spread widened significantly, reaching a peak of 8bp in early May 2025 and then gradually falling back to around 2bp. The main reasons were the concentrated supply shock of special - purpose bonds and the differentiated risk weights of commercial banks. In November and December 2024, over 2 trillion yuan of special - purpose bonds were issued, which exceeded the market demand and broke the supply - demand balance. The "Commercial Bank Capital Management Measures" implemented on January 1, 2024, differentiated the risk exposure weights of general bonds (10%) and special - purpose bonds (20%), which increased the capital occupation cost of commercial banks for special - purpose bonds and reduced their allocation demand [14][18]. 1.2 Changes in Spreads of 20Y and 30Y Local Government Bonds - The spread between 20Y and 30Y local government bonds changed around Q4 2024, with the spread of 30Y local government bonds minus that of 20Y local government bonds turning from negative to positive. This change was mainly due to the change in the relative level of 20Y and 30Y Treasury yields, as the change point of Treasury yields coincided with that of local government bond spreads [32]. 1.3 Difference between Primary and Secondary Spreads - From 2015 - 2025, the primary spreads of local government bonds showed significant regional differentiations and term - related characteristics. Regionally, the primary spreads were inversely related to the regional economic development level, with higher spreads in the central, western, and northeastern regions. In terms of term, the primary spread of 1Y local government bonds was relatively low, while those of 2 - 10Y bonds were generally over 20bp, and the spread of 5Y bonds was the highest at 23.21bp. The spreads of 15 - 30Y long - term local government bonds fluctuated around 18bp. The difference between primary and secondary spreads reflected the regional differentiations in the marketization degree of local government bond issuance. Some provinces had a small difference between primary and secondary spreads, while in some areas such as Ningbo, Shanghai, and Shenzhen, the non - marketization of issuance was more serious [35][40]. 1.4 Factors Affecting Spreads - The offensive and defensive characteristics of local government bonds changed significantly around August 2023. Before August 2023, local government bonds had stronger defensive attributes than Treasury bonds, and their spread changes were mainly passive. After August 2023, their offensive attributes became prominent, and the active widening and narrowing of spreads were obvious. The main reasons were the change in the participation of trading desks and the impact of policies on the supply term structure of local government bonds. The increase in the supply of special - purpose bonds also led to the widening of spreads in some stages [45][49][52]. 2. Analysis of Local Government Bond Trading and Buying 2.1 Bid/Ofr Quote Quantity and Spread - According to the sampling data of 10Y new local government bonds issued after August 8, 2025, in the broker market, there were significant differences in the liquidity of local government bonds in each region. Some regions had high broker - market activity, with sufficient bid and ofr quotes and active trading, while some regions had poor liquidity. The average bid - ofr difference of the sampled provinces was about 1.68bp, and the ChinaBond valuation price was generally 1 - 2bp higher than the ofr price [58]. 2.2 Regional Trading Patterns - By comparing the trading volume and trading value of local government bonds in 2024 and 2025, it was found that some regions had obvious trading preferences for certain - term local government bonds. For example, 1 - 3Y bonds were more actively traded in Zhejiang, 5 - 7Y bonds were more popular in Shenzhen, Chongqing, and Jiangsu, and long - term bonds with a term of over 20Y were actively traded in Fujian, Shandong, and Sichuan. The weighted average trading terms calculated by trading volume and trading value were consistent with the above - mentioned trading preferences [63]. 2.3 Net Buying - Based on the data from 2021 - 2025, different institutional entities had different net - buying preferences for local government bonds of different terms. Large - scale banks mainly focused on local government bonds with a term of less than seven years, rural commercial banks had a more diverse range of term preferences, city commercial banks' net - buying characteristics were similar to those of rural commercial banks, securities firms' self - operation mainly concentrated on 1 - 5Y local government bonds, funds' net - buying terms were more dispersed, and insurance companies showed an increasing preference for long - term local government bonds and were the largest net - buying entities for 15 - 30Y local government bonds [68]. 2.4 Cross - Market Trading Comparison - After the optimization of the local government bond transfer - custody business, it became more convenient to transfer local government bonds between the inter - bank market and the exchange market. The inter - bank market had the largest trading volume of local government bonds, and the absolute values of the differences between the trading prices in the inter - bank and broker markets and the ChinaBond valuation were smaller. The Shanghai Stock Exchange had a larger trading volume than the Shenzhen Stock Exchange, with higher trading yields [73][76].

Core Insights - Longhua Technology (联化科技) is positioned as a leading player in the agricultural and pharmaceutical CDMO sectors, with significant achievements in small nucleic acid CDMO and potential in functional chemicals [1][2] Business Overview - Longhua Technology has established a collaborative development framework across four core industrial segments: agricultural protection, pharmaceuticals, functional chemicals, and equipment & engineering services [2] - The agricultural protection segment generated revenue of 1.702 billion yuan in the first half of 2025, with a gross margin increase of 9.48% year-on-year [2] - The pharmaceutical segment, focusing on APIs and intermediates, achieved revenue of 1.018 billion yuan in the first half of 2025, reflecting a year-on-year growth of 42.80% [2] Small Nucleic Acid CDMO - The company is leveraging small nucleic acid CDMO to tap into new growth opportunities, with advantages over traditional small molecule and antibody drugs, including broader target selection and higher success rates [3] - Since 2022, the market for small nucleic acid drugs has seen significant activity, with 32 transactions totaling 29.022 billion USD in 2025, indicating strong commercial value [3] - Longhua Technology has developed scalable production processes for modified nucleotides and has established a high-efficiency delivery system for nucleic acid drugs, enhancing its competitive edge [3] Functional Chemicals and Market Potential - The functional chemicals segment reported revenue of 0.265 billion yuan in the first half of 2025, marking a year-on-year doubling [4] - The company is focusing on lithium battery materials, including lithium hexafluorophosphate and LiFSI, with ongoing product development in various testing phases [4] - The National Development and Reform Commission's new storage action plan aims for over 1.8 million kilowatts by 2027, which is expected to drive significant market demand in the energy storage sector [4] Financial Performance - For the first three quarters of 2025, Longhua Technology reported total revenue of 4.718 billion yuan, an increase of 8.25% year-on-year, and a net profit of 316 million yuan, surging by 871.65% [1] - The projected net profit for 2025 is estimated to be between 350 million and 420 million yuan, representing a year-on-year growth of 239.35% to 307.22% [4]