以上内容基于公开资料整理，不构成投资建议。 股票近期走势 如何抓住"黄金牛市"波段机会？升级投资账户，一键配置金+银>> 经济观察网 东方证券资产管理公司（东证资管）权益产品份额规模持续下滑引发市场关注。根据东方 财富Choice数据，截至2025年四季度末，东证资管权益产品（股票型+混合型）份额规模降至618亿份， 同比减少12.09%，已连续四年收缩；主动权益业务份额规模降至539亿份，同比下降16.69%。这一趋势 反映了公司在明星基金经理流失后面临的业务挑战，可能对母公司东方证券的资管收入预期产生压力。 近7个交易日内（截至2026年2月20日），东方证券A股（600958.SH）股价呈现震荡下行态势。2月13日 收盘价为10.18元，单日下跌0.78%，5日累计跌幅为1.64%，20日累计跌幅达3.23%；港股（03958.HK） 同期表现疲软，2月20日收盘报6.57港元，单日下跌0.45%，5日累计跌幅为5.74%。资金面上，2月13日 A股主力资金净流出483.57万元，散户资金呈净流入状态；技术面显示股价承压于20日均线（10.35元附 近），短期支撑位关注10.12元。 ...

我们坚守"长期主义"理念，践行价值投资之道，致力于实现客户、公司与社会的共生共赢。2025年，公 司公募管理规模重回两千亿元台阶，这不仅是市场对我们投研实力的认可，更包含了万千投资者的信 任。每一份信任都弥足珍贵，我们唯有勤勉尽责、不负所托。 我们秉持"金融为民"初心，积极履行让利惠民责任。在行业费率改革进程中，东方红资产管理主动探索 机制创新，成功发行两只采用分档收费模式的浮动费率基金，通过收益共享、风险共担的设计，切实追 求基金管理人与持有人的利益一致性，让更多人公平分享金融发展成果。 我们坚持守正创新、前瞻布局，在巩固主动权益、固收+等传统优势领域的同时，稳步推进指数量化、 FOF等战略性业务发展，并持续深耕机构客户与集合资产管理服务，不断完善多元化产品线与资产配置 策略，全面满足不同客群的差异化需求。 2026年是"十五五"规划的开局之年，是中国经济在新起点上谋突破、开新局的关键之年，更是资本市场 深化改革、提质增效的重要之年。我们坚信，中国经济底盘实、韧性足，资本市场改革的纵深推进将释 放更多制度红利，中国资产的全球吸引力必将持续提升，居民财富通过公募基金共享国家发展成果的大 趋势不可逆转。新的一年 ...

据安徽证监局公开信息显示，安徽三绿科技股份有限公司于2026年2月14日正式启动上市辅导备案，东 方证券股份有限公司担任辅导机构。 图源：安徽证监局 安徽三绿科技股份有限公司致力于为全球3D打印用户提供完善的一体化材料解决方案。公司产品以 FDM耗材、LCD耗材为核心,涵盖通用、美学、快打、功能、工程等全产品品类,并紧密围绕耗材使用场 景提供3D打印周边电子产品,全面满足多样化应用场景与客户的个性化需求。 公司是国家高新技术企业, 并获得安徽省专精特新中小企业、安徽省科技型中小企业等多项荣誉称号。公司掌握3D打印高分子材 料改性核心技术,专注于生物降解材料、功能材料、工程材料及特种材料的研发,产品具备易打印、环境 友好、力学性能优异等特点。公司自主研发的精密线径控制、智能收卷排线和自动化设备等关键技术, 在显著提升生产效率的同时,确保了产品品质的高度稳定与一致性。截至2025年6月30日,公司及其子公司 拥有境内外专利合计288项,其中发明专利11项。 公司控股股东、实际控制人为蒋昆，直接持有公司49.9896%的股份。 天眼查APP数据显示，截至目前安徽三绿科技股份有限公司已完成1轮融资，是2022年2月公 ...

Core Viewpoint - The announcement from Quan Guo Fund reveals significant changes in its management team, with Li Yunliang appointed as the new General Manager, indicating a strategic shift in leadership aimed at enhancing the company's operational capabilities and governance structure [1][9]. Management Changes - Li Yunliang has been appointed as the new General Manager, effective from February 13, 2026, succeeding Ren Li, who will no longer act in this capacity [1][10]. - Jiang Heze, a founding partner and Vice General Manager, will take on the role of Financial Responsible Person [1][10]. - Sun Yuan has been appointed as the Compliance and Risk Responsible Person, while Yao Zhongxiao will serve as a Vice General Manager [1][10]. - The management team is being strengthened with the addition of existing Vice General Manager Wei Haiqing [1][9]. Background of New Executives - Li Yunliang has extensive experience, having previously held positions such as General Manager at Southwest Securities and Deputy Researcher at Chongqing Securities Regulatory Bureau [2][11]. - Jiang Heze has been with Quan Guo Fund since March 2022 and has a background in asset management [2][11]. - Yao Zhongxiao has experience as a Fund Product Manager at China Merchants Bank and has been with Quan Guo Fund since March 2022 [3][12]. - Sun Yuan has a background in compliance and risk management, having worked at various positions in Oriental Securities before joining Quan Guo Fund [3][12]. Departure of Executives - Li Yunwan, the former Compliance and Risk Responsible Person, has left the position due to work arrangements and will transition to another role within the company [4][13]. Company Overview - Quan Guo Fund was established on February 8, 2022, with a registered capital of 100 million RMB and is based in Shanghai [6][15]. - The fund's assets reached 17.45 billion RMB by the end of 2025, reflecting its growth trajectory [6][15]. Employee Stock Ownership Plan - The company has initiated an employee stock ownership plan, which aligns the interests of shareholders, new management, and core employees, promoting long-term sustainable development [8][17].

Stock Performance - On February 11, 2026, the stock price of Jinhe Industrial rose by 5.07%, closing at 27.55 CNY per share, with a cumulative increase of 13.75% over three consecutive trading days and a trading volume of 816 million CNY [2] - The stock also saw a rise of 5.55% on February 6, indicating increased market activity in the short term [2] Financial Position - As of February 3, 2026, the company's financing balance was 653 million CNY, accounting for 4.93% of the circulating market value, which is above the 90th percentile level over the past year, indicating a high level of financing [3] - The high financing balance may reflect investors' concerns regarding short-term volatility [3] Institutional Insights - Dongfang Securities maintained a "Buy" rating for Jinhe Industrial on February 12, 2026, with a target price of 28.8 CNY, noting a recovery signal in the export volume of sucralose and potential growth opportunities from new domestic scenarios such as piglet feed additives [4] - The report also revised down the profit forecasts for 2025-2027, highlighting the need to monitor risks related to raw material price fluctuations [4] Institutional Holdings - As of September 30, 2025, Huaxia CSI 1000 ETF became the ninth largest circulating shareholder, holding 1.8532 million shares; meanwhile, Southern CSI 1000 ETF held 3.1164 million shares but reduced its holdings by 27,800 shares compared to the previous period [5] - The divergence in institutional holdings may impact market sentiment [5] Company Fundamentals - For the period from January to September 2025, the company reported revenue of 3.543 billion CNY, a year-on-year decrease of 12.35%, and a net profit attributable to shareholders of 391 million CNY, down 4.44% year-on-year, indicating pressure on performance [6] - The food additive business accounted for 48.10% of total revenue, demonstrating resilience in the core business [6] - Future attention is needed on consumer demand recovery and industry policy direction [6]

Core Viewpoints - The current A-share market is characterized as a "confidence bull," driven by improved expectations of national governance and enhanced expectations of technology leading the economy, with the movement of residents' deposits being a result rather than a cause [2][5] - The outlook for A-shares in 2026 is expected to be a "sideways fluctuation with slight strengthening," emphasizing the pursuit of a long-term, slow, and healthy bull market while being cautious of rapid bull markets that may lead to sharp declines [2][6] - The previous "dumbbell" market trend has ended, shifting investment opportunities from "high-growth technology + low-volatility high-dividend" extremes to a focus on mid-cap blue chips, particularly in the cyclical and manufacturing sectors [2][6] Investment Opportunities - Opportunities in cyclical industries are not in the real estate chain but are related to national strategies in three sectors: chemicals, metals, and agriculture [3][7] - AI remains a core focus in technology, with long-term potential, but is currently in a phase of expectation verification, requiring careful stock selection [3][9] - The investment focus for the next 3 to 6 months should be on cyclical and manufacturing sectors, as these align with national strategies and economic transformation [7][8] Market Dynamics - The core drivers of the current market uptrend are improvements in national governance and stronger expectations for technology-led economic growth, with significant achievements in diplomacy, defense, and trade contributing to economic resilience [4][5] - The market is currently at a critical juncture around the 4100-point level, with the need for new drivers to support further upward movement, as previous gains have largely reflected the core drivers [6][12] - The transition from a "dumbbell" market structure to a focus on mid-cap blue chips indicates a shift in risk appetite, with low-volatility, high-dividend stocks losing their appeal [11][12] Future Outlook - The AI sector is expected to experience a period of consolidation and differentiation, with the potential for long-term growth remaining intact despite short-term fluctuations [9][10] - The public fund commission rate reform is prompting a strategic shift in brokerage research departments, moving towards comprehensive service for institutional clients beyond just public funds [17] - The securities research industry is seen as a field of continuous learning and growth, with a call for new talent to join and contribute to the evolving landscape [18]

经济观察网华康股份（605077）近期终止重大资产重组，实控人减持可转债，前三季度营收增长但净利 润下滑。 近期事件 机构持仓分析 机构持仓显示，截至2025年9月30日，华夏卓越成长混合A新进成为第八大流通股东，持股415.33万股。 此外，公司"华康转债"转股进展缓慢，截至2025年12月31日，累计转股比例仅0.0157%。 公司于2025年11月28日终止了发行股份及支付现金购买河南豫鑫糖醇有限公司100%股权的重大资产重 组事项，终止原因为市场环境较筹划初期发生较大变化。该事项的独立财务顾问为东方证券股份有限公 司，标的资产交易价格原定为10.98亿元。 以上内容基于公开资料整理，不构成投资建议。 公司状况 华康股份2025年前三季度实现营业收入29.59亿元，同比增长40.52%，但归母净利润1.68亿元，同比减 少9.91%。 股票近期走势 股价表现上，截至2026年2月2日，公司股价报15.84元/股，今年以来上涨7.17%，近60日下跌6.05%，当 日主力资金净流入76.42万元。 2026年1月期间，公司实际控制人及其一致行动人通过减持可转债导致合并权益比例由27.40%下降至 26.3 ...

Group 1 - The core viewpoint of the article highlights a significant decline in the prices of non-ferrous metal stocks, driven by a global "de-risking" sentiment in financial markets, leading to a sell-off in precious metals [1] - Specific stock performances include China Nonferrous Mining (01258) down 5.27% to HKD 14.91, Zijin Mining (02899) down 4.98% to HKD 42.78, Luoyang Molybdenum (03993) down 4.71% to HKD 22.24, and Minmetals Resources (01208) down 4.54% to HKD 9.89 [1] - The article notes that the recent drop in metal prices is characterized by algorithmic trading and systematic strategies, particularly a "momentum deleveraging" triggered by programmatic trend funds reducing positions after key price levels were breached [1] Group 2 - According to Dongfang Securities, the previous liquidity shock has been largely absorbed, and the pricing of various metals is expected to return to fundamentals [1] - In the industrial metals sector, despite short-term setbacks in easing narratives, the overall direction remains towards interest rate cuts, with copper and aluminum inventories still accumulating but at a slowing pace [1] - The article indicates that as prices adjust in the short term, downstream acceptance is improving, and overall supply-demand dynamics for certain metals are expected to continue performing well [1]

Group 1 - The A-share market opened lower on February 13, 2026, with the securities sector experiencing fluctuations, as evidenced by the China Securities Index rising by 0.22% [1] - Recent policies from the Shanghai, Shenzhen, and Beijing stock exchanges aim to optimize refinancing mechanisms, which are expected to benefit brokerage firms' investment banking businesses [1] - The new refinancing mechanism emphasizes support for high-quality and high-tech companies, with specific criteria for asset-light and high R&D investment firms, addressing the capital challenges faced by innovative enterprises [1] Group 2 - As of January 30, 2026, the top ten weighted stocks in the China Securities Index accounted for 60.66% of the index, including major firms like Dongfang Caifu and CITIC Securities [2] - The securities ETF managed by Harvest (562870) closely tracks the China Securities Index, providing comprehensive coverage of the securities industry [2] - Investors without stock accounts can access brokerage sector opportunities through the Harvest Securities ETF linked fund (016842) [3]

Group 1 - The Securities ETF Index Fund (516200) opened with a slight increase of 0.09%, priced at 1.134 yuan [1] - Major holdings in the Securities ETF Index Fund include Dongfang Caifu, which rose by 0.18%, and other securities firms like CITIC Securities and Huatai Securities, which remained stable or showed minor fluctuations [1] - The fund's performance benchmark is the CSI All Share Securities Company Index return rate, managed by Huaan Fund Management Co., Ltd., with a return of 13.19% since its inception on March 9, 2021, and a recent one-month return of -5.46% [1]