据公开平台数据统计，除夕夜至大年初七，全市场超100场券商路演密集排期。其中，2月16日至18日（除夕至初二）已有超20场在线路演，2月19 日至23日万得3C会议显示超80场路演陆续上线。卖方分析师假期持续开展电话会议，聚焦AI、港股等领域，为投资者提供不间断研究服务。 【环球网财经综合报道】近日，西部证券"春节八天不打烊，研究相伴不停歇"的线上直播安排在社交平台引发关注。据悉，西部证券研究所于2月 16日至23日（除夕至初七）开展连续八天线上服务，期间共计安排15场电话会议，除夕当晚9点，该研究所副所长、科技首席郑宏达围绕AI产业 开讲，成为假期热门场次。 这场假期路演热潮背后，是公募降费背景下卖方研究行业的竞争加剧。Wind数据显示，2025年上半年券商分仓佣金总额44.72亿元，同比下滑 33.98%。其中，西部证券分仓佣金收入同比下滑超20%，开源证券下滑超40%，方正证券、华安证券、中邮证券、德邦证券、国投证券等下滑幅 度超50%。佣金收入收缩，推动中小券商以更高频次路演与更及时服务争夺市场份额。 对于行业未来发展，中金公司分析称，大型综合券商将保持研究业务战略性投入；以公募分仓佣金为重要盈利来源 ...

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 ...

2月12日，湖南证监局官网披露的行政监管措施公告显示，长江证券（000783）股份有限公司（简称"长 江证券"）长沙晚报大道证券营业部被出具警示函。 经查，该营业部存在以下问题： 经纪人管理不到位，业绩考核激励不规范，产品退订管理不审慎，空白凭证及印章管理欠规范，廉洁从 业管理不够全面。 上述行为违反了《证券经纪人管理暂行规定》第三条、第六条第三款、《证券公司代销金融产品管理规 定》第十六条、《证券经纪业务管理办法》第三十六条第一款、第三十八条、《公开募集证券投资基金 销售机构监督管理办法》第三十条第一款等规定。湖南证监局决定对该营业部采取出具警示函的行政监 管措施，并记入证券期货市场诚信档案。 值得注意的是，长江证券近年来屡现合规漏洞。 例如，2024年11月，湖北证监局官网公告显示，长江证券被出具警示函，公司存在的违规事实包括：部 分从事相关业务的人员未取得从业资格；对部分从业人员注销登记不及时；个别员工的解聘流程不规 范；未在劳动合同中确定薪酬递延支付标准、年限和比例；对高级管理人员和分支机构负责人履职情况 的内部稽核或外部审计落实不到位；未按规定对个别高级管理人员及时进行离任审计并报送离任审计报 告等 ...

●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 ...

长江证券研报指出，比亚迪1月整体销量21.0万辆，同比-30.1%，环比-50.0%，乘用车销量20.6万辆，同 比-30.7%，环比-50.5%。1月出海销量维持高位，1月出口销量10.0万辆，同比+43.3%。国内持续去库 存，蓄势待发迎接新周期。随着海外车型矩阵持续丰富，叠加插混车型海外上市，出口月销量持续提 升。高端化上，随着Z9GT、Z9、豹8、N9、N8L等密集车型投放，有望打开高端化市场，提升单车盈 利能力。智能化大战略下，智驾转型坚定。超级e 平台发布，纯电技术迎来重大革新，持续巩固电动化 技术优势。腾势、仰望与方程豹车型储备丰富，加速布局高端市场。出海持续发力，海外渠道与车型矩 阵将进一步完善。随着出海与高端化放量，盈利能力有望继续提升。预计 2025年公司归母净利润350亿 元，对应PE 23X，维持"买入"评级。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 公告送出日期：2026年02月12日 1.公告基本信息 ■ 注：1、长江乐鑫纯债定期开放债券型发起式证券投资基金以下简称"本基金"； 2、本基金的第二十七个开放期为2026年2月24日（含该日）至2026年3月9日（含该日）。在开放期内， 投资者可以办理基金份额的申购、赎回业务。自2026年3月10日起，本基金进入第二十八个封闭期。在 封闭期内，本基金不办理申购、赎回业务。敬请投资者关注。 2.日常申购、赎回业务的办理时间 本基金以定期开放方式运作，即采取在封闭期内封闭运作、封闭期与封闭期之间定期开放的运作方式。 本基金以三个月为一个封闭期，在封闭期内，本基金不接受基金份额的申购和赎回。本基金的封闭期为 自基金合同生效日（包括基金合同生效日）或每个开放期结束之日次日起（包括该日）至三个月后的对 日的前一日止。如该对日不存在，则对日调整至该对应月度的最后一个工作日；如该对日为非工作日， 则顺延至下一工作日。 开放期为本基金开放申购、赎回等业务的期间。本基金自每个封闭期结束之日的下一个工作日起进入开 放期。本基金的每个开放期不少于5个工作日、不超过20个工作日，开 ...

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]