| 025 | Xiaoe Inc. | | --- | --- | | | 05/09/2025 整體協調人公告 - 委任（經修訂） | | | 22/08/2025 申請版本（第一次呈交） 全文檔案 [四] 多檔案》 | | | 前提交文件: | | | 22/08/2025 整體協調人公告 - 委任 阿 | 根据灼识咨询报告，以2024年的收益计算，公司位列中国交互型私域运营解决方案供应商第一名，私域运营解决方案供应商前三名。根据同一资料来源，以 收益衡量，公司亦是往绩记录期间内中国前五大私域运营解决方案供应商中增长最快的。 Xiaoe Inc.(简称：小鹅通)于2025年8月22日所递交的港股招股书满6个月，于2026年2月22日失效，递表时中金公司（601995）为其独家保荐人。 招股书显示，小鹅通是一家在私域运营领域中领先的产品驱动SaaS解决方案供应商，赋能企业构建、运营并扩展其去中心化电商基础设施。公司基于云端的 一站式解决方案包括电商、数字化营销及CRM三大模块，将私域运营从流量转化到客户关系管理、从营销到交易促成等全生命周期环节无缝整合为统一系 统。通过消除传统工具的低效与割裂，赋能企业以 ...

智通财经APP获悉，根据2026年2月23日披露数据，喜相逢集团（02473）、兆易创新（03986）、盈富 基金（02800）港股通持股占比增加值最大，分别增加4.32%、2.65%、2.54%；昭衍新药（06127）、 FORTIOR TECHNOLOGY (SHENZHEN) CO., LTD.（01304）、中金公司（03908）港股通持股占比减少 值最大，分别减少-0.73%、-0.57%、-0.38%。 在最近有统计数据的5个交易日内，喜相逢集团（02473）、钧达股份（02865）、兆易创新（03986）港 股通持股占比增加值最大，分别增加16.84%、11.07%、5.84%；国恩科技（02768）、中石化炼化工程 （02386）、亿华通（02402）港股通持股占比减少值最大，分别减少-4.14%、-3.60%、-1.77%。 具体数据如下（交易所数据根据T+2日结算）： 1、港股通最新日占比增持榜（前20名） | 公司名称 | 占比值变动 | 最新持股比例 | | --- | --- | --- | | 喜相逢集团(02473) | +4.32% | 45.14% | | 兆易创新(0398 ...

2026年分行业展望：①美妆医美：中金公司判断2026板块增长更多来自供给侧驱动，如PDRN等成分创 新和功能升级带来的结构性机会，格局上国货龙头份额仍有望继续提升。②潮玩零售：中金公司判断潮 玩品类仍将在全球范围内持续高景气，龙头持续的品类和产品创新、IP深度运营、渠道迭代升级有望创 造新的增长机遇，同时出海仍方兴未艾。③轻工制造：我们判断行业需求弱复苏但存在结构性机会，看 好具备产能优势、品牌优势的出口型企业，和抓住产业变革机会布局新业务焕发成长新动能的企业。 2026投资策略围绕三条主线：一是坚守对情绪及悦己消费的长期布局，如潮玩、美妆个护、新型烟草 等；二是关注新技术催化下的产业革命和投资机会，如AI+等板块；三是积极布局刺激政策托底和基本 面反转型机会，对传统板块可能带来提振。 智通财经APP获悉，中金公司发布研究报告称，展望2026年，伴随着消费者对情绪、功能价值的持续追 求，产业供给升级和消费政策的配套支持，轻工零售美妆行业叙事逻辑从"扩容"进一步转向"提质"，投 资应坚守三大方向：情绪消费、基本面反转和新技术催化下的产业变革。 2026年趋势研判：供给提质，需求升级。①需求端：中金公司梳理轻工 ...

备注：持股数变动有可能因供股、合股、拆股等情况引起，请注意对照实际情况进行辨别。 | 股票名称 | 机构名称 | 性质 | 变动前持股 | 变动后持股 | 持股比 | | --- | --- | --- | --- | --- | --- | | 网易云音乐 | 丁磊 | 好仓 | 1.30 亿股 | 1.30 亿股 | 59.54%(最新) | | (09899) | | | | | 59.50%(前次) | | 中金公司(03908) | Tencent Holdings | 好仓 | 9580.67 万股 | 9515.67 万股 | 4.99%(最新) | | | Limited | | | | 5.03%(前次) | | 爱世纪集团 | 吴奇峰 | 好仓 | 2.53 亿股 | 2.51 亿股 | 62.86%(最新) | | (08507) | | | | | 63.36%(前次) | | 爱世纪集团 | Three Apple | 好仓 | 2.53 亿股 | 2.51 亿股 | 62.86%(最新) | | (08507) | Industry Holdings | | | | 63.36%( ...

智通财经APP获悉，2月11日,盈富基金（02800）、阿里巴巴-W（09988）、腾讯控股（00700）南向资 金净流入金额位列市场前三，分别净流入37.70 亿、23.83 亿、23.32 亿 中国太保（02601）、中金公司（03908）、中国黄金国际（02099）南向资金净流出金额位列市场前 三，分别净流出-2.82 亿、-1.62 亿、-1.52 亿 在净流入比方面，华夏恒生科技（03088）、南方东西精选（03441）、南方港美科技（03442）以 879.94%、591.15%、309.32%位列市场前三。 在净流出比方面，艾迪康控股（09860）、波司登（03998）、碧桂园服务（06098） 以-144.44%、-105.57%、-96.30%位列市场前三。 前10大资金净流入榜 | 股票名称 | 净流出(元)↓ | 净流出比 | 收盘价 | | --- | --- | --- | --- | | 中国太保(02601) | -2.82 亿 | -69.02% | 38.920（-2.70%） | | 中金公司(03908) | -1.62 亿 | -52.09% | 21.960（+0.8 ...

具体来看，首批申报的10单商业不动产REITs有9单登陆上交所、1单登陆深交所，包括保利发展、锦江 国际集团、上海地产、陆家嘴集团、凯德、唯品会、砂之船、银泰百货等项目，参与主体汇聚了央企、 地方国有龙头企业、优质民营企业、外资企业等。项目底层资产涵盖商业综合体、商业零售、办公、酒 店等业态，均位于上海、广州、深圳、武汉、合肥、西安、郑州等城市的核心区域。 近期，首批商业不动产REITs（不动产投资信托基金）项目已正式提交申报，并获中国证监会及交易所 受理，标志着我国REITs市场资产类型正式拓展至商业不动产领域。 商业不动产REITs，是指通过持有商业不动产以获取稳定现金流并向基金份额持有人分配收益的封闭式 公开募集证券投资基金。从全球成熟市场发展经验来看，商业综合体、商业零售、写字楼、酒店等商业 不动产是REITs重要的底层资产。我国商业不动产存量规模庞大，具有通过REITs盘活并拓宽权益融资 渠道的内在需求。在相关政策推动下，目前REITs多层次市场正在加速成型，供给端已形成基础设施 REITs、机构间REITs、商业不动产REITs等多元产品体系。 东源投资首席分析师刘祥东表示，首批商业不动产REIT ...

Group 1: Domestic Consumption and Market Performance - During the Spring Festival, the domestic consumption market showed strong performance, with 20.5 billion yuan allocated for consumer benefits through vouchers and subsidies [1] - The total box office for the 2026 Spring Festival exceeded 5 billion yuan, with over 100 million viewers for the eighth consecutive year [1] - The transportation sector saw a record 5.08 billion people moving across regions during the first 20 days of the Spring Festival, averaging 250 million daily, a 5.6% increase from the same period in 2025 [1] - The steady growth in domestic travel and consumption data provides solid fundamental support for the market post-holiday [1] Group 2: Robotics Industry Insights - The appearance of humanoid robots during the Spring Festival Gala has sparked significant market interest, marking a key transition for AI from concept to practical application [2] - The robotics sector is expected to become the fourth major industry in China, following home appliances, smartphones, and new energy vehicles, with a favorable investment outlook over the next three years [2] - By 2026, the market is anticipated to shift from concept speculation to order-driven performance, with a clear distinction between companies with core technologies and those merely speculating [2] Group 3: U.S. Trade Policy Impact - The U.S. Supreme Court ruled that the large-scale tariff measures implemented by the Trump administration lacked legal authorization, leading to a dramatic reversal in trade policy [3] - Following this ruling, a new 15% tariff was announced, effective for 150 days, which may create a "tariff gap" as the process for extending it is complex [3] - Short-term implications include a potential recovery for export-oriented companies in sectors like light industry, consumer electronics, and automotive parts due to reduced effective tax rates [3] Group 4: Market Trends and Predictions - The Hong Kong stock market showed strong performance, with the Hang Seng Index rising by 2.53%, providing a reference for A-share movements post-holiday [4] - Historical data indicates a 75% probability of the Shanghai Composite Index rising in the five days following the Spring Festival, with an average increase of 1.2% [7] - Analysts expect a structural differentiation in the A-share market, with AI and humanoid robotics sectors likely to be highlights due to their increased attention during the holiday [7] Group 5: AI Industry Developments - OpenAI announced a significant reduction in its planned capital expenditure for computing power to approximately $600 billion by 2030, down from a previous commitment of $1.4 trillion [8] - This reduction has led to mixed market interpretations, with some viewing it as a signal of slowing industry expansion, while others argue that the two figures are not directly comparable [8] - Despite potential short-term disturbances in A-share AI-related sectors, the domestic AI industry is expected to maintain independent growth driven by its own demand and application needs [8]

现在的这新股真的是不能碰了，上市之后，只要你敢买，他就敢跌，你敢抄底，他就敢抄家，真的是一路下跌，跌的亲爹都不认识了，到最后都敢把公司 卖给你，然后潇洒离场！ 这不，世盟股份就是这样，就是这样，上市9天直接跌了8天，股价直接从70元跌到了43元，短短几天时间，马上就腰斩了，除了上市第一天大涨，剩下的 时间都在下跌，一天比一天跌的多，对于高位买进的散户来说，想解套太难了！ 那么世盟股份是做什么的？公司业绩怎么样？保荐机构是哪家？我们一起来看看！ 世盟股份全称世盟供应链管理股份有限公司，主营为跨国制造企业提供定制化、一体化、嵌入式供应链物流服务，聚焦汽车、锂电、包装等领域，核心客 户包括北京奔驰、马士基、利乐包装等行业巨头，属于深度嵌入大厂生产体系的第三方物流服务商！ 通过世盟股份的财务数据可以看到，公司2022-2024年，营收分别为8.079亿元、8.345亿元、10.28亿元，净利润分别为1.125亿元、1.33亿元、1.701亿元， 可以看到世盟股份这几年的净利润还可以，一直都在增长，就是不知道会不会上市就变脸！ 世盟股份的保荐机构是中金公司，本来准备募集7.08亿，用于网络扩张和技术升级，在询价之后，中 ...

Core Viewpoints - The report highlights a positive outlook for the non-bank financial sector, driven by favorable policies and continued capital inflow, suggesting potential for sector rebound [1][6]. - The report maintains a "Buy" rating for the sector, indicating expected strong performance relative to the market [2]. Market Performance - As of February 14, 2026, the Shanghai Composite Index rose by 0.41%, while the Shenzhen Component Index increased by 1.39%. The CSI 300 Index saw a modest gain of 0.36% [12]. - The average daily trading volume in the Shanghai and Shenzhen markets was 2.11 trillion yuan, reflecting a 12.3% decrease week-on-week [6]. Industry Dynamics and Weekly Commentary Insurance Sector - The report indicates that listed insurance companies are expected to maintain high growth, with a marginal improvement in long-term interest margins. The insurance fund utilization scale reached 38.5 trillion yuan in Q4 2025, up 15.7% year-on-year [18]. - The report suggests that the upcoming spring market rally may drive better-than-expected performance for insurance companies in Q1 2026, supported by a stable long-term interest rate and an upward trend in the equity market [18]. Securities Sector - The report discusses the recent optimization measures for refinancing announced by the three major exchanges, which aim to enhance financing efficiency and support high-quality enterprises [19]. - The new refinancing rules are expected to create structural opportunities for securities firms, shifting the focus from compliance to the ability to identify and serve quality clients [20]. - The report emphasizes that the optimization of refinancing will lead to a more differentiated regulatory system, benefiting quality companies while tightening controls on weaker entities [22]. Key Company Valuations and Financial Analysis - The report provides detailed valuations for several key companies in the sector, including: - China Ping An (601318.SH) with a target price of 85.17 yuan and a "Buy" rating [7]. - New China Life (601336.SH) with a target price of 94.21 yuan and a "Buy" rating [7]. - China Life (601628.SH) with a target price of 55.47 yuan and a "Buy" rating [7]. - The report also highlights the expected earnings per share (EPS) growth for these companies, indicating a positive outlook for their financial performance in 2025 and 2026 [7].

机构观点 中金公司1月12日研报维持目标价2.9港元（基于0.9倍2026年市净率），较当前股价有约15.5%上行空 间，静态看新免税合约租金弹性提升，但提示客流增长不及预期风险。当前机构目标均价为2.86港元， 2026年2月机构观点中买入或增持占比50%。 以上内容基于公开资料整理，不构成投资建议。 经济观察网 新免税合约于2026年2月11日正式生效，采用"保底+提成"模式，首年保底租金5.9亿元，静 态测算较原合约水平高约10%，中国中免和王府井分别中标T3、T2航站楼。同期春节返程高峰带动航 空客流，海南机场数据显示2月23日单日航空旅客量突破23.2万人次，可能间接提振机场板块需求预 期。 股票近期走势 近一周股价震荡回升，2月20日收盘价2.47港元（单日跌跌幅-2.37%），2月23日收盘价2.51港元（单日 涨跌幅1.62%），区间涨跌幅-0.79%，振幅2.77%。技术面显示MACD柱状图从-0.018收窄至-0.014， KDJ的J线从13.866升至28.784，脱离超卖区间。资金流向方面，2月23日总净流入169.8万港元，主力资 金净流入103万港元。 ...