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！ 马年A股"开门红"如期而至，点燃了市场对春季攻势的期待。 事实上，节前就有多家机构提出"春季行情提前启动"的预判。值得注意的是，为了接住这波"春潮"，不少券商研究所春节前后开启了"连轴 转"模式。 春节期间，有券商直接打出"春节不打烊"的口号，路演日程从除夕排到了大年初七。进门APP数据显示，2月16日至23日，券商研究所合计安 排了292场电话会议，日均超32场。 假期刚过，券商春季策略会又提上日程。节后第二天，天风证券（维权）、西部证券同日拉开春季策略会序幕。近两周内，还有开源证券、东 吴证券等多家券商将陆续召开策略会。 从已披露的会议安排来看，各家策略会呈现出鲜明的差异化定位，有的聚焦科技成长与资源周期，主打"小而美"；有的除了传统的宏观经济分 析，还覆盖商业航天、脑机接口等前沿赛道，尽显"全而新"。 展望后市，在市场活跃度进一步提高的共识下，化工、TMT等多个板块的投资线索正成为券商重点挖掘的方向。 图片来源：本报记者 梁远浩 摄 "春节不打烊" "春节八天不打烊，研究相伴不停歇！"春节前夕，一则券商电话会参会邀请截图在社交媒体 ...

21世纪经济报道记者 刘夏菲 春节期间，有券商直接打出"春节不打烊"的口号，路演日程从除夕排到了大年初七。进门APP数据显示，2月16日至23日，券商 研究所合计安排了292场电话会议，日均超32场。 假期刚过，券商春季策略会又提上日程。节后第二天，天风证券、西部证券同日拉开春季策略会序幕。近两周内，还有开源证 券、东吴证券等多家券商将陆续召开策略会。 从已披露的会议安排来看，各家策略会呈现出鲜明的差异化定位，有的聚焦科技成长与资源周期，主打"小而美"；有的除了传 统的宏观经济分析，还覆盖商业航天、脑机接口等前沿赛道，尽显"全而新"。 展望后市，在市场活跃度进一步提高的共识下，化工、TMT等多个板块的投资线索正成为券商重点挖掘的方向。 "春节不打烊" "春节八天不打烊，研究相伴不停歇！"春节前夕，一则券商电话会参会邀请截图在社交媒体上广泛传播。多位业内人士指出该 机构或为西部证券。 马年A股"开门红"如期而至，点燃了市场对春季攻势的期待。 事实上，节前就有多家机构提出"春季行情提前启动"的预判。值得注意的是，为了接住这波"春潮"，不少券商研究所春节前后 开启了"连轴转"模式。 图：网传券商电话会参会邀请截图 ...

具体来看，华泰证券的"涨乐财富通"和国泰海通的"国泰海通君弘"保持行业领跑地位，1月份月活分别为1281.5万、1100.99 万，环比分别增长5.73%、5.85%。 本报记者 于宏 随着市场趋势向好，证券类App的用户活跃程度水涨船高。易观千帆数据显示，1月份，证券类App月活跃用户数（以下简 称"月活"）达1.84亿，同比增长13.86%，环比增长5.11%。 多家券商增速亮眼 同时，多家综合实力较强的大型券商旗下App也展现出强劲活力。1月份，平安证券App"平安证券"月活为937.28万，环比 增长5.56%；招商证券App"招商证券"、中信证券App"中信证券信e投"、国泰海通App"国泰海通通财"、中信建投证券App"蜻蜓 点金"月活均超700万，环比增幅均在4%以上。同期，广发证券App"广发易淘金"月活规模环比增长5.53%，达736.42万，跻身月 活700万以上阵营。 从环比增速来看，1月份，月活环比增速居首的券商App是国信证券的"国信金太阳"，月活规模达442.1万，环比增长 7.94%；紧随其后的是国投证券App"国投证券"，月活规模达368.64万，环比增长7.08%。 "展望未 ...

中邮证券表示，基本面方面，当前券商行业基本面呈现"资金面宽松托底、交易端活性稳固、债券市场 韧性凸显"的核心特征，各项核心指标相互印证，为行业业绩增长提供坚实支撑。当前股债利差水平表 明股票市场相对债券市场更具吸引力，但需警惕市场波动和政策变化带来的风险。后续需持续跟踪利差 是否能突破历史区间中枢、形成趋势性上行，这将直接影响权益市场活跃度及券商经纪、自营等业务的 业绩弹性。 截至2月25日10点0分，上证指数涨0.52%，深证成指涨0.52%，创业板指涨0.08%。ETF方面，证券ETF 易方达（512570）涨1.19%，成分股第一创业（002797.SZ）涨超5%，中银证券（601696.SH）、天风证 券（601162.SH）、长城证券（002939.SZ）、中原证券（601375.SH）、东吴证券（601555.SH）、西 南证券（600369.SH）、华林证券（002945.SZ）、太平洋、西部证券（002673.SZ）等上涨。 消息方面，中证协近日发布第二版《证券公司交易结算系统压力测试指引（征求意见稿）》，二稿在第 一版基础上对条款进行补充、细化与调整。其中，测试频次与触发机制的调整是二稿核心 ...

可孚医疗于2021年10月25日在深交所创业板上市，公开发行股票数量为4000万股，发行价格为 93.09元/股，保荐机构为西部证券股份有限公司，保荐代表人为邹扬、瞿孝龙，联席主承销商为光大证 券股份有限公司。 中国经济网北京2月24日讯 可孚医疗(301087.SZ)今日股价下跌，截至收盘报54.38元，跌幅3.32%。 目前该股处于破发状态。 2022年5月12日，可孚医疗发布的2021年度权益分派实施公告显示，公司2021年年度权益分派方案 为：以公司现有总股本160,375,000股为基数，向全体股东每10股派16.00元人民币现金，同时，以资本 公积金向全体股东每10股转增3.00股。分红前公司总股本为160,375,000股，分红后总股本增至 208,487,500股。本次权益分派股权登记日为2022年5月19日，除权除息日为2022年5月20日。 (责任编辑：华青剑) 可孚医疗首次公开发行股票发行募集资金总额为37.24亿元，扣除发行费用后，募集资金净额为 35.27亿元。可孚医疗最终募集资金净额比原计划多25.20亿元。可孚医疗于2021年10月19日披露的招股 书显示，该公司拟募集资金10. ...

Group 1 - The core message emphasizes the resilience of the Chinese economy during its transformation, highlighting structural adjustments, the release of domestic demand potential, and the deepening of the open economic framework, which injects strong momentum into modernization efforts [5][14] - The capital market reforms are ongoing, with improvements in foundational systems, regulatory frameworks, and investor protection, leading to enhanced market vitality and solid progress towards high-quality development [5][14] - The company, as a state-owned financial enterprise, adheres to the leadership of the Communist Party and integrates party leadership with modern corporate governance to drive high-quality development [5][14] Group 2 - The securities industry is evolving rapidly, with leading brokerages deepening their comprehensive layouts and smaller firms growing through differentiation and specialization, contributing to a solid foundation for healthy market development [6][15] - The company aims to provide comprehensive financial services through a full lifecycle business chain, transitioning from a market intermediary to a key executor of national strategies [6][15] - The company is focused on transforming its business structure to emphasize functional services, including think tank research and industry investment banking, while aligning with local economic development needs [6][15] Group 3 - The company is committed to enhancing its wealth management and institutional business lines, improving asset preservation and appreciation capabilities for clients [7][16] - Digital transformation is prioritized, with efforts to strengthen information platform construction, digital application implementation, and risk compliance [7][16] - The acquisition of controlling interest in Guorong Securities is aimed at expanding scale and complementing business advantages, leveraging synergies for enhanced performance [7][16] Group 4 - In 2026, the company plans to deepen its understanding of the responsibilities of the securities industry during the 14th Five-Year Plan, focusing on customer connections and business expansion [8][17] - The company aims to collaborate with various partners to navigate market cycles and share development opportunities, contributing to a strong start for the 14th Five-Year Plan [8][17]

Core Insights - The sell-side research sector is intensifying efforts to boost performance during the Chinese New Year, with a significant number of conference calls scheduled, including 292 calls from February 16 to 23, averaging over 32 calls per day [1][2] - The spring strategy meetings are also being held earlier and more densely than in previous years, with seven brokerages confirmed to host events, indicating a competitive landscape for research market share [2][11] Conference Calls and Meetings - A total of 176 sell-side roadshow meetings are planned, with 108 occurring during the Chinese New Year holiday from February 15 to 23, involving over 13 brokerages [3][4] - Notable brokerages participating include Pacific Securities, Guotai Junan, and CITIC Securities, with a focus on various industries such as food and beverage, real estate, and technology [3][7] Spring Strategy Meetings - The spring strategy meetings are characterized by early initiation and dense scheduling, with the first meeting held by Huafu Securities on February 3, 2026 [11][12] - The themes of these meetings reflect a positive outlook for the capital market, with keywords like "new," "breakthrough," and "upgrade" being prevalent [12][13] - Brokerages are also expanding their geographical reach, with events planned in locations beyond traditional financial hubs, indicating a shift in focus towards emerging economic regions [12] Competitive Landscape - The competition among brokerages for research market share is intensifying, driven by pressures on research income due to ongoing reforms in public fund fees [10][11] - Medium-sized brokerages are particularly focused on enhancing their research capabilities to capture market share, while larger firms maintain strategic investments in research to support both external and internal functions [10]

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]

Core Viewpoint - The article discusses various grassroots financial education activities organized by multiple securities firms during the Spring Festival, aiming to enhance investor awareness and participation in financial literacy while addressing the rise of illegal financial activities during this period [1][2]. Group 1: Financial Education Activities - Securities firms have organized community events such as Spring Festival garden parties, where residents engage in games like financial knowledge quizzes and anti-fraud knowledge contests to learn about financial concepts [2][4]. - Activities include interactive elements like writing Spring Festival couplets and financial knowledge spinning wheels, making the learning process enjoyable and culturally relevant [4][5]. - Over a dozen securities firms, including Dongwu Securities and Huabao Securities, have launched similar festive educational activities targeting grassroots communities since late January [4]. Group 2: Innovative Approaches - Some firms, like Kaisheng Securities, have integrated traditional crafts with financial education, creating themed events that promote anti-fraud awareness and rational investment concepts through hands-on activities [5]. - The use of MBTI personality tests in investment profiling has been introduced by firms like Zhongxin Jianshe Securities, allowing investors to receive personalized investment reports based on their preferences and behaviors [7][8]. Group 3: Online and Offline Integration - Firms are leveraging both online and offline channels to maximize the reach and impact of their educational initiatives, ensuring comprehensive coverage of their activities [9]. - Zhongxin Jianshe Securities has developed a mini-program for investment education, enhancing accessibility and engagement through digital platforms [7][9]. Group 4: Challenges and Future Directions - Despite the success of these initiatives, there are challenges in making financial education sustainable and effective, particularly in adapting content to meet the diverse needs of different community demographics [10][12]. - Suggestions for improvement include establishing fixed educational service points in community centers and enhancing collaboration among various stakeholders to create a more integrated approach to financial education [12].

Core Viewpoint - The approval of Western Securities to conduct market-making business for stocks listed on the Beijing Stock Exchange (BSE) indicates an expansion of the market-making capabilities among brokerages, with a notable divide in participation enthusiasm between small and large brokerages [2][4][7]. Group 1: Approval Process - On February 13, Western Securities announced that the China Securities Regulatory Commission (CSRC) had approved its qualification for market-making in listed securities, specifically for BSE stocks [2][4]. - The application process for this qualification was lengthy, starting with a submission to the CSRC in January 2023, and receiving formal approval only in February 2026 [4]. - Following the approval, Western Securities must undertake several steps, including amending its company charter and completing business registration within specified timeframes [4][5]. Group 2: Market Participation - The number of brokerages qualified for market-making on the BSE has increased, with 21 firms currently engaged in this business [8]. - Among the top ten market makers, six are small brokerages, indicating a more active participation compared to larger firms, which show lower engagement levels [2][8]. - The top three brokerages by the number of market-making stocks are Guojin Securities (62 stocks), CITIC Securities (59 stocks), and Guotou Securities (53 stocks), while some large brokerages like CICC and Huatai Securities have only a handful of stocks [9]. Group 3: Industry Insights - The disparity in engagement levels among brokerages is attributed to the BSE providing opportunities for smaller firms to develop niche businesses, while larger firms view the qualification more as a strategic reserve rather than a primary profit source [9]. - Challenges in the market-making business include insufficient liquidity on the BSE, which complicates profitability for market makers, as well as significant market volatility and a lack of hedging tools [9]. - A recent survey indicated that 34% of brokerages do not plan to participate in the BSE market, while 28% are still considering their options, and only 35% have begun to engage in a limited capacity [9].