文/梧桐数据中心 2026年1-3月A股合计新上市公司30家，其中沪市主板4家、科创板6家、深市主板2家、创业板2家、北交所16家，相较去年同期的27家，同比上升11%。这30家新 上市公司募资净额为238.34亿元，相较去年同期的144.23亿元，同比上升65.25%。 一、保荐机构业绩排名 二、律师事务所业绩排名 2026年1-3月，共有13家律师事务所为这30家新上市公司IPO提供了法律服务。 北京中伦排名第一，业务单数为5单；上海锦天城排名第二，业务单数为4单； 2026年1-3月，共有17家保荐机构承担了这30家新上市公司的IPO上市业务。 中金公司排名第一，业务单数为4单； 东吴证券、国金证券、国投证券3家券商并列第二，业务单数各3单。 | 排名 | 保荐机构 | 业务单数 | | --- | --- | --- | | 1 | 中金公司 | 4 | | 2 | 东吴证券 | 3 | | 2 | 国金证券 三 市 | 3 | | 2 | 国投证券 NW00D | TORI | | 5 | 国泰海通 | 2 | | 5 | 申万宏源 | 2 | | 5 | 中信建投 | 2 | | --- | -- ...

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_ ...

空天有清音第5期： 当前时点如何看待石英电子布？ 长江证券研究所军工研究小组 2026-03-30 %% %% %% %% research.95579.com 01 石英电子布的应用必要性在哪里？ 02 石英电子布的应用节奏如何展望？ 03 石英电子布的核心壁垒在哪里？ 目 录 3 1 分析师 王贺嘉 分析师 王清 SAC执业证书编号：S0490520110004 SAC执业证书编号：S0490524050001 SFC执业证书编号：BUX462 分析师及联系人 证券研究报告 • 证券研究报告 • 评级 看好 维持 %% %% %% %% research.95579.com 2 %% research.95579.com 01 石英电子布的应用必要性在哪里？ %% %% %% %% research.95579.com 4 5 |  | 板内：PCB； | | | | --- | --- | --- | --- | |  | 板间：高速铜缆或正交背板； | | | |  | 机柜内：高速线缆模组； | | | |  | 机柜间：光模块/光纤等； | | | | 图：印刷电路板（PCB）是一种用于固 ...

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].

去年12月，长江证券在高管换届选举中，对时任副总裁的肖剑做出另有任用的安排，此次任命意味着其新的履职方向正式 落定。 据知情人士透露，刘元瑞卸任长信基金董事长后，仍将以长江证券总裁的身份，分管长信基金及同属长江证券旗下的长江 证券（上海）资产管理有限公司。 业内人士分析认为，此次人事调整可视为长江证券强化资产管理业务战略布局的重要一步。由总裁直管资管板块，并派驻 熟悉上海金融市场、具备高管经验的老将出任子公司董事长，体现出长江证券对提升资管业务能级的重视，以及在该领域 持续发力的决心。 又一家公募基金迎来换帅。 3月21日，长信基金管理有限责任公司（以下简称"长信基金"）发布公告，宣布任命肖剑为新任董事长，原董事长刘元瑞 因工作调整离任，但仍将继续担任公司董事。公告称，本次调整属于公司正常的人事变动。 | 基金管理人名称 | 长信基金管理有限责任公司 | | --- | --- | | 公告依据 | 《证券基金经营机构董事、监事、高级管理人员及从业人员监督管 | | | 理办法》、《公开募集证券投资基金信息披露管理办法》等 | | 高管变更类型 | 新任基金管理人董事长、离任基金管理人董事长 | | 新任高级 ...

丨证券研究报告丨 固定收益丨点评报告 [Table_Title] 通胀交易有望结束，债市修复行情或即将启动 报告要点 [Table_Summary] 债市"输入性通胀定价"走向尾声的第一个信号，或是油价与长端利率"跷跷板"开始失灵。 从定量结果看，我们构建的 30 年期国债收益率定价模型显示，在其他变量保持不变的情况， 假设 3 月 PPI 同比增速在原油价格上涨带来的成本输入推动下快速转正至 0%附近，对应的 30Y 国债拟合收益率仅小幅抬升至 2.34%附近。当前交易性机构持有的超长债筹码较少，30Y 国债收益率继续连续多日上行的空间或较为有限。30 年国债以及地方债进一步调整后，或也会 进入配置盘的合意配置区间。 分析师及联系人 [Table_Author] 赵增辉 赖逸儒 马玮健 SAC：S0490524080003 SAC：S0490524120005 SFC：BVN394 SFC：BVZ968 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title2] 通胀交易有望结束，债市修复行情或即将启动 [Table_Summary2] 事件 ...

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].