2月25日消息，港股"海螺系"早盘走高，截至发稿， 涨9.01%，报13.67港元； 涨6.4%，报26.62港元。 00586 海螺創業 交易中 02/25 09:51:26 13.670↑ +1.130 +9.01% 交易中 02/25 09:51:54 26.920↑ +1.620 +6.40% | 最高 | | 27.060 | 最低 | | | | 25.500 | 開市 | | | 25.500 | 前收 | 25.300 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 成交量 | | 530.39萬 | 成交額 | | | | 1.41億 | | | | | | | | 들 | 5日 | 日K 周K | 月K | 季K | 年K | 1分 | 3分 | 5分 | 10分 | 15分 | 30分 ▼ | 1月 ▼ | | | 27.071 | | | | | | | | | | | | | 7.00% | | 26.920 | | | | | | | | | | | ...

截至2026年2月24日收盘，机器人ETF(159770)换手5.4%，成交5.62亿元。跟踪的中证机器人指数(H30590)下跌0.51%。成分股方面涨跌互现，景业智能 领涨8.19%，大族激光上涨7.94%，中信重工上涨4.35%。 值得一提的是，机器人ETF(159770)获资金逆势布局，全天净申购2.12亿份。 业内消息，荣耀确认将于2026年巴塞罗那世界移动通信大会（MWC2026，2月26日-29日）正式发布旗下首款消费级人形机器人，成为全球首家正式进 军人形机器人赛道的手机终端厂商。据了解，该产品定位家庭服务与智能陪伴场景，并非实验室样机，而是依托成熟消费电子供应链推进的落地级产 品。 业内指出，荣耀此次跨界是AI终端生态的关键布局，其将通过集成AI手机、具身智能与高清摄像三大能力，重构人机交互方式，也标志着手机厂商正式 从硬件内卷切入下一代机器人产业赛道。 截至2月24日，机器人ETF(159770)最新规模达105.52亿元，最新份额达94.77亿份，均创近1月新高。 资金流入方面，机器人ETF(159770)最新资金净流入2.37亿元。拉长时间看，近10个交易日内有7日资金净流入，合计"吸 ...

公司专注于新能源汽车动力电池热失控防护零部件及电力电工绝缘产品的研发、生产和销售，为客 户提供定制化的热失控防护解决方案和电力电工高性能绝缘解决方案。 公司控股股东、实际控制人为自然人朱国来。朱国来直接持有公司46.76%股份，为公司第一大股 东，并通过苏州国浩、苏州虢丰分别控制公司9.12%、3.55%的表决权；朱英直接持有公司1.12%股份， 系朱国来的一致行动人。综上，公司控股股东、实际控制人及其一致行动人合计可以控制公司60.55% 的表决权。同时，朱国来担任公司董事长、总经理，在股东会表决、董事会成员选任、公司经营管理等 决策中均居于主导地位。 固德电材2026年2月6日披露的首次公开发行股票并在创业板上市招股意向书 显示，公司拟募资 117,571.15万元，用于年产新能源汽车热失控防护新材料零部件725万套及研发项目、陆河麦卡动力电池 热失控防护材料生产基地建设项目和补充流动资金。 固德电材2026年2月24日披露的首次公开发行股票并在创业板上市发行公告显示，按本次发行价格 58.00元/股计算，公司预计募集资金总额为120,060.00万元，扣除预计发行费用约11,877.40万元(不含增 值 ...

2026年02月14日 证券研究报告|行业研究|行业点评 非银金融 非银行业周报 (2026年第六期) 关注券商并购重组主线,行业迎来估值业绩双修复 市场表现: 本期(2026.2.9-2026.2.13)非银(申万)指数-1.59%,行业排 26/31,券商Ⅱ指 数-1.19%,保险II指数-2.48%; 上证综指+0.41%，深证成指+1.39%，创业板指+1.22%。 个股涨跌幅排名前五位：锦龙股份（+6.85%）、浙江东方（+4.89%）、华金资本 (+3.16%）、华南华铁（+0.98%）、永安期货（+0.92%）; 个股涨跌幅排名后五位：九鼎投资（-14.46%）、华林证券（-8.11%）、国盛证券 (-4.80%）、华鑫股份（-4.40%）、中国太保（-4.28%）。 (注：去除 ST 及退市股票) 核心观点: 证券: 市场层面,本周,证券板块下跌 1.19%,跑输沪深 300 指数 1.55pct,跑输上证综 指数 1.60pct。当前券商板块 PB 估值为 1.34 倍。 本周,西南证券2月13日披露60亿元定增预案,成为沪深北交易所2月9日推出 优化再融资一揽子措施后,首家披露大额定增预案 ...

非银金融 非银行业周报 (2026年第六期) 关注券商并购重组主线,行业迎来估值业绩双修复 市场表现: 2026年02月14日 证券研究报告|行业研究|行业点评 本期(2026.2.9-2026.2.13)非银(申万)指数-1.59%,行业排 26/31,券商Ⅱ指 数-1.19%,保险II指数-2.48%; 上证综指+0.41%，深证成指+1.39%，创业板指+1.22%。 个股涨跌幅排名前五位：锦龙股份（+6.85%）、浙江东方（+4.89%）、华金资本 (+3.16%）、华南华铁（+0.98%）、永安期货（+0.92%）; 个股涨跌幅排名后五位：九鼎投资（-14.46%）、华林证券（-8.11%）、国盛证券 (-4.80%）、华鑫股份（-4.40%）、中国太保（-4.28%）。 (注：去除 ST 及退市股票) 核心观点: 证券: 市场层面,本周,证券板块下跌 1.19%,跑输沪深 300 指数 1.55pct,跑输上证综 指数 1.60pct。当前券商板块 PB 估值为 1.34 倍。 本周,西南证券2月13日披露60亿元定增预案,成为沪深北交易所2月9日推出 优化再融资一揽子措施后,首家披露大额定增预案 ...

分析师：张洋 登记编码：S0730516040002 证券Ⅱ zhangyang-yjs@ccnew.com 021-50586627 券商板块 2026 年 1 月回顾及 2 月前瞻 ——券商板块月报 证券研究报告-行业月报 同步大市(维持) 证券Ⅱ相对沪深 300 指数表现 资料来源：聚源、中原证券研究所 -14% -9% -4% 1% 6% 11% 16% 21% 2025.02 2025.06 2025.10 2026.02 证券Ⅱ 沪深300 相关报告 | 《证券Ⅱ行业月报：券商板块 | 2025 年 | 12 月 | | --- | --- | --- | | 回顾及 2026 年 | 1 月前瞻》 2026-01-28 | | | 《证券Ⅱ行业月报：券商板块 | 2025 年 | 11 月 | | 回顾及 12 月前瞻》 | 2025-12-26 | | | 《证券Ⅱ行业月报：券商板块 | 2025 年 | 10 月 | | 回顾及 11 月前瞻》 | 2025-11-25 | | 联系人：李智 ⚫ 券商板块 2026 年 1 月行情回顾：1 月券商指数尝试转强但以失败 告终，全月在各行业指数中 ...

截至2026年2月24日收盘，东吴证券（601555）报收于9.29元，较前一交易日下跌0.43%，最新总市值为 461.59亿元。该股当日开盘9.39元，最高9.41元，最低9.28元，成交额达3.96亿元，换手率为0.86%。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 东吴证券股份有限公司近日披露《关于向香港子公司增资事项获得中国证监会复函的公告》。公告显 示，2025年4月24日，公司第四届董事会第二十九次会议审议通过向东吴证券（香港）金融控股有限公 司增资不超过20亿港元的议案。近日，公司收到中国证监会《关于东吴证券股份有限公司向香港子公司 增资有关意见的复函》，对中国证监会无异议。增资事项尚需获得国资监管部门批准后方可实施。公司 将在增资完成后10个工作日内，将境外监管当局核准的变更注册证明文件等报送江苏证监局，并严格按 照报告用途使用资金，不变更用途。 最新公告列表 《东吴证券股份有限公司关于向香港子公司增资事项获得中国证监会复函的公告》 《东吴证券股份有限公司关于公司2026年度第一期短期融资券发行结果的公告》 ...

Core Viewpoint - Southwest Securities has announced a private placement plan to raise no more than 6 billion yuan, marking a significant move in the securities industry's refinancing market and reflecting a shift from "scale expansion" to "quality improvement" in the sector [1][5]. Group 1: Financing Details - The private placement involves issuing up to 1.994 billion shares, with total fundraising capped at 6 billion yuan, all intended to supplement the company's capital after deducting issuance costs [2]. - Notably, the controlling shareholder, Yufu Capital, and its affiliates are set to invest a combined 2.5 billion yuan, accounting for 42% of the total fundraising [2][4]. - The shares acquired by these state-owned shareholders will have a lock-up period of five years, indicating strong confidence in the company's long-term development [4]. Group 2: Fund Allocation - The funds will be allocated primarily to two areas: securities investment and debt repayment, each receiving up to 1.5 billion yuan, together making up about 50% of the total raised [4]. - Additionally, up to 900 million yuan will be directed towards asset management, while 750 million yuan and 600 million yuan will be invested in information technology and compliance risk control, respectively [4]. Group 3: Market Context and Strategic Importance - The move comes amid a broader trend in the securities industry where firms are increasingly focusing on balanced business development rather than solely on high-yield self-operated investments [9][10]. - Since 2025, several securities firms have completed private placements, indicating a competitive capital race, with Southwest Securities aiming to strengthen its position in the market [6][8]. - The company is positioned as a key player in the Chengdu-Chongqing economic circle, with its capital strength being essential for achieving strategic goals in this context [7]. Group 4: Regulatory Environment - The timing of the private placement aligns with recent regulatory changes aimed at optimizing refinancing policies, which emphasize supporting quality enterprises and innovation [10]. - The new regulations encourage a shift in capital allocation towards balanced business structures and improved operational efficiency, which Southwest Securities is responding to with its fundraising strategy [9][10].

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 attempted to strengthen in January 2026 but ultimately failed, resulting in a decline of 1.49%, underperforming the CSI 300 index, which rose by 1.65% [5][8]. - The brokerage sector experienced increased differentiation, with a notable number of stocks outperforming the brokerage index, leading to a higher average P/B ratio fluctuating between 1.426 and 1.541 times [5][11][14]. - The overall market conditions for January 2026 were characterized by a significant increase in trading volumes and a record high in margin financing balances, indicating a robust trading environment despite the sector's overall weakness [7][30]. Summary by Sections 1. January 2026 Brokerage Market Review - The brokerage index's performance was weak, with a 1.49% decline, ranking 28th among 30 industry indices [5][8]. - The average P/B ratio for the brokerage sector fluctuated between 1.426 and 1.541 times, reflecting a slight increase in valuation [14]. - A total trading volume of 1.03 trillion yuan was recorded, marking a 40.1% increase month-on-month [9]. 2. Key Market Factors Impacting January 2026 Performance - The equity market faced resistance after an initial rise, while the fixed income market showed signs of mild recovery, contributing to a rebound in proprietary trading [7][18]. - The average daily trading volume reached a historical high of 3.05 trillion yuan, with a total monthly trading volume of 60.90 trillion yuan, indicating a strong recovery in brokerage activity [26]. - Margin financing balances reached 27,153 billion yuan, reflecting a 6.9% month-on-month increase and a 53.1% year-on-year increase [30]. 3. February 2026 Performance Outlook for Listed Brokerages - Proprietary trading is expected to decline due to a cooling equity market, while brokerage activity may experience a seasonal drop in performance [7][40]. - The brokerage index is anticipated to face continued weakness, with a potential drop in overall monthly performance expected to return to relative lows seen in the previous 12 months [7][45]. - The report suggests that if the brokerage sector's valuation drops to 1.3x P/B, it may present a good opportunity for re-entry, particularly for leading firms with strong wealth management capabilities [7].

Group 1 - The core viewpoint of the article is that Dongfang Shenghong is a leading global large-scale refining enterprise, with significant growth in refining, new energy materials, and polyester fiber sectors [1] - The refining industry is experiencing a reduction in internal competition, leading to a recovery in the market conditions of several product chains, which is expected to release the company's potential [1] - Future capital expenditures for the company are anticipated to gradually decline, and with the overall improvement in product market conditions, operational performance is expected to be promising [1] Group 2 - The report highlights that the company is entering a harvest period for new materials such as EVA and POE, benefiting from the ongoing reduction in internal competition within the refining sector [1] - The initial coverage of the company has been given a "buy" rating based on the situation in the refining industry and the progress of product launches [1]