中国经济网北京2月24日讯 首药控股（688197.SH）今日股价收报37.36元，跌幅3.84%。目前该股 处于破发状态。 首药控股于2022年3月23日在上交所科创板上市，发行价格为39.90元/股，公开发行股数为3718.00 万股，占发行后总股本的比例为25.00%，保荐机构（主承销商）为中信建投证券股份有限公司，保荐 代表人为杨慧泽、李彦芝。 首药控股上市发行募集资金总额为14.83亿元，扣除发行费用后，募集资金净额13.74亿元。首药控 股于2022年3月18日披露的招股说明书显示，公司拟募集资金20.00亿元，拟分别用于首药控股创新药研 发项目、首药控股新药研发与产业化基地和补充流动资金。 首药控股上市发行费用总额为1.10亿元，中信建投证券股份有限公司获得保荐及承销费用9089.57万 元。 (责任编辑：华青剑) ...

电科蓝天本次公开发行新股发行费用合计6,577.76万元，其中保荐承销费3,859.88万元。 (责任编辑：马欣) 中国经济网北京2月24日讯 电科蓝天(688818.SH)今日收报55.20元，跌幅6.44%。今日系电科蓝天上市第 5个交易日，该股盘中最低价报54.01元，为上市以来最低价。 电科蓝天于2026年2月10日在上交所科创板上市，公开发行股票总数为17,370.0000万股，发行价格为 9.47元/股。电科蓝天本次发行的保荐机构（主承销商）为中信建投证券股份有限公司，签字保荐代表 人为郝智伟、李诗昀，联席主承销商为国泰海通证券股份有限公司。 电科蓝天本次发行募集资金总额164,493.90万元；扣除发行费用后，募集资金净额为157,916.14万元。电 科蓝天最终募集资金净额比原计划多7916.14万元。电科蓝天于2026年2月5日发布的首次公开发行股票 并在科创板上市招股说明书显示，该公司拟募集资金150,000.00万元，用于宇航电源系统产业化（一 期）建设项目。 ...

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].

半导体设备零部件市场空间广阔。半导体设备零部件是半导体设备成本的主要来源，零部件市场约为全 球半导体设备市场规模的50%-55%，伴随本轮AI需求驱动下全球半导体设备景气周期开启，预计2027 年全球、中国大陆半导体设备零部件市场分别为858.00亿美元、343.20亿美元。 智通财经APP获悉，中信建投发布研报称，随着国产零部件供应商的持续研发突破与放量，当前时间点 对于零部件板块的投资更多聚焦于细分品类的赛道投资：一方面，关注对低国产化率赛道的投资，期待 相关品类研发-送样-小批量的持续突破，如EFEM、机械手、真空泵/分子泵、阀门、静电卡盘、射频电 源、MFC、光刻机相关零部件(双工件台/浸液系统、光学类零部件等);另一方面，关注国产化进展顺 畅、业绩逐步释放的品类投资，如机械大类金属零部件、气体输送子系统GASBOX等。公司方面，关 注低国产化率赛道以及产品放量落地、业绩释放赛道。 中信建投主要观点如下： 半导体设备零部件空间广阔，海外限制下国产替代加速推进 集成电路上游核心环节，零部件技术进步推动设备制程提升。半导体设备精密零部件行业是半导体设备 行业的支撑，以百亿美金市场支撑着千亿美金设备市场及万 ...

Group 1: Market Overview - On the first trading day of the Year of the Horse (February 24), the three major indices in A-shares opened higher, with the Shanghai Composite Index up 1.15%, the Shenzhen Component Index up 1.52%, and the ChiNext Index up 1.70 [1] - The market saw strong performance in the gold and oil sectors, with active trading in energy metals, CPO, ultra-high voltage, consumer electronics, and semiconductor concept stocks [1] Group 2: Oil and Gas Sector - The recent strength in oil prices and the oil and gas sector is driven by a tight supply-demand balance, escalating regional conflicts, and insufficient long-term capital expenditure [1] - OPEC+ continues to maintain large-scale voluntary production cuts, strictly controlling crude oil exports, while the U.S. tightens restrictions on oil-producing countries like Iran and Venezuela, leading to a significant decrease in global crude oil supply elasticity [1] - International agencies like EIA have raised global crude oil demand forecasts for 2026, with steady recovery in industrial and transportation fuel demand, and global crude oil inventories at historically low levels [1] Group 3: Precious Metals - The precious metals market experienced heightened risk aversion due to new tariff policies announced by the Trump administration and recent U.S. economic data, with international gold prices significantly rising to $5,200 per ounce [2] - During the Spring Festival holiday (February 16-23), spot gold saw a cumulative increase of 3.64% [2] Group 4: Coal Market - The overseas coal market remained strong during the Spring Festival, with ICE Rotterdam coal futures closing at $113.0 per ton, up 5% from before the holiday and up 16% year-on-year [2] - Factors such as cold weather in Europe and the U.S. increasing electricity demand, along with Trump's proposals to revitalize the coal industry, have catalyzed this trend [2] - Domestic coal prices are expected to rise as the supply from Indonesia, the world's largest coal exporter, decreases, potentially leading to a significant tightening in the global coal market [2] Group 5: ETF Performance - The Shanghai Gold ETF (518600) saw a maximum intraday increase of over 4%, with a cumulative increase of 19.65% over the past three months as of February 13, 2026 [3] - The Energy ETF managed by Guangfa (159945) also saw a maximum intraday increase of over 5%, with significant gains in component stocks such as China National Offshore Oil Corporation and Guanghui Energy [3] - Analysts predict that the A-share market will continue its upward trend post-holiday, with a focus on policy-driven industry themes and rapid style switching [3][4] Group 6: Investment Strategies - Citic Securities emphasizes a dual focus on "technology and resource products," with key sectors including AI, humanoid robots, new energy, and innovative pharmaceuticals for technology, and precious metals, oil and petrochemicals, and basic chemicals for resources [4] - The current surge in global commodity prices is prompting a comprehensive investment strategy across various ETFs, including energy, gold, rare metals, materials, and grain [4]

智通财经APP获悉，中信建投发布研报称，春节期间美国关税体系发生重构，综合税率下降对家电行业 整体形成利好，但不同品类受益程度有所分化。展望2026年，该行认为海外需求韧性优于国内，竞争格 局亦有望边际改善，铜价压力可通过产业涨价基本对冲，行业基本面扎实稳健。新兴家电与智能硬件领 域建议关注AI具身智能、消费级3D打印、AINAS等三条结构性机会，相关赛道商业化进程正在加速推 进。传统家电中制造力外溢与险资增配两条主线亦值得重点关注。 中信建投主要观点如下： Q1：近期美国关税变化影响几何? 关税体系重构，对华综合税率由31%小幅降至28.6%，家电整体受益但程度分化。产能集中于国内的小 家电企业净利率仅5%-10%，税率下调直接改善盈利;大家电企业已推进产能全球化布局，叠加钢制家电 50%高关税仍存，受益幅度有限。关税短期变动不改变企业全球化布局趋势。 Q2：26年家电行业的基本面如何看? 投资建议 1)出海链依然是该行的年度级别主推：TCL电子、海信视像和春风动力，美的集团和海尔智家;2)新行业 新方向：涛涛车业2026年机器狗业务的落地和卧安机器人的网球机器人和家庭人形机器人落地;AINAS 落地带来行 ...

国泰海通证券发布研报称，2026年以来地缘局势紧张，船东情绪高涨，且有海外船东加大租船控制市 场，近期油运运价维持高位。中东-中国VLCCTCE维持在12万美元以上高位。提示船东情绪仍将可能持 续影响短期运价，该行建议关注运价中枢同比上升趋势，该行预计2026Q1油轮盈利将同比大增数倍。 油运市场相关港股： 中远海能（600026）(01138)：中远海能经过多年的业务重组整合，现已构建起油、气、化及仓储一体 化链式经营新格局。油运作为公司的核心业务，近十年营收占比长期超过8成，其中外贸原油及外贸成 品油运输业务贡献主要盈利弹性，内贸油运及LNG运输构筑盈利基石。截至2025年9月，统一换算载重 吨口径下，油轮、LNG船、化学品船、LPG船运力分别占比83.2%、16.5%、0.3%、0.1%。 而最新型、燃油效率最高的船舶，日租金更是超过了 10 万美元。 据报道，美军在约旦、沙特、巴林、阿联酋等多国部署了战机、预警机和无人机等力量。此外，美国总 统特朗普正考虑对伊朗实施一次"有限规模"的军事打击，以迫使其接受美国提出的核协议要求。值得注 意的是，此前有报道称，美国考虑扣押涉伊朗油轮以施压。 中信建投（60 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 铜：铜价高位震荡，关注复工情况 假期间伦铜震荡运行于12500-13000美元区间。 宏观中性偏空。2月21日特朗普宣布将对全球对等关税上调至15%，贸易政策不确定性叠加美国伊朗谈判无果，市场避险情绪升温。 基本面中性。假期间LME累库约3万吨至24万吨，COMEX铜累库0.8万吨至54.46万吨。节前国内加工企业开工率大幅下滑，关注节后复工情况。 总体来看，受中国假期影响海外铜价波动放缓，节后在下游复工推动下，铜价具备一定韧性，预计价格有望企稳回暖。今日沪铜主力运行参考9.9万-10.25万 元/吨。策略上，逢低布局远月多单。 重要声明 本报告中的信息均来源于公开可获得资料，中信建投期货力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。本报告不构 成个人投资建议，也没有考虑到个别客户特殊的投资目标、财务状况或需要。客户应考虑本报告中的任何意见或建议是否符合其特定状况。（虞璐 彦/Z0023596，仅供参考） 镍&不锈钢：宏观方面，美国关税走向不确定性扰动市场，地缘风险亦有担忧。消息面上，WBN的RKAB配额被削减至1 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 玉米：中性 1．市场梳理：春节期间东北天气经历先升后降，前期快速升温带来的地趴粮存储压力，已被近日的寒潮降温暂时缓解。2月21-22日，内蒙古东北部、黑龙 江等地出现较强降雪，气温显著下降，局地降温幅度达12-14℃。预计23日黑龙江、吉林等地仍有小到中雪，气温维持低位。节后地趴粮集中上量的紧迫性 暂时减轻。企业库存相对安全，价格平稳运行（黑龙江2249元/吨）；华北深加工企业节后补库需求释放，基层余粮约四成且质量分化，价格小幅上涨（山 东2315元/吨）。 2．外盘速览：美玉米春节期间维持高位震荡，主力5月合约收报439.75美分/蒲式耳，周度涨幅1.9%。上涨主要受美国农业部展望论坛预测2026年美玉米种 植面积低于市场预期支撑，且基金持有的玉米期货投机净空头头寸大幅下调。 3．市场关注&观点总结：节前玉米市场进入低波动、弱博弈阶段，现货与盘面均以整理运行为主，价格上下空间均受约束。在东北天气短暂降温，交易情 绪后移下，区域分化将延续，震荡通道仍将持续。 豆粕：中性 风险提示：本资讯由期货公司研究发展部分析师团队完成，资讯中的信息均来源于公 ...

| 美股重要指数区间涨跌幅（%） | 2月16日-2月20日 | | --- | --- | | 费城半导体指数 | 1.51 | | 纳斯达克指数 | 1.51 | | 标普500 | 1.07 | | 罗素2000指数 | 0.65 | | 道琼斯工业指数 | 0.25 | | 纳斯达克中国金龙指数 | -0.55 | 【环球网财经综合报道】Wind数据显示，近十年春节假期后A股首个交易日，上证指数、创业板指上涨 概率均达六成，与此同时，多家券商机构针对节后A股行情做出预判。 开源证券复盘春节后市场规律发现，节后5个、10个、20个交易日内，市场上涨概率逐步提升，大盘日 渐回暖；风格上，呈现"中小盘优于大盘，成长占优"的特征，市场以追求超额为目的。 东吴证券提出，历史上A股"春节效应"特征显著，节后资金有望"重振旗鼓"带动量价共振修复，A股有 望迎来积极开局；产业趋势层面，机器人、国产大模型在内的科技主线在假期期间持续发酵。 中信建投也认为，春节期间全球股市整体强势，无重大风险事件，当前市场情绪仍然高涨，节后A股有 望开启新一轮上行。行业配置上继续坚持"科技 资源品"双主线；其中科技主线以AI、人形机器人 ...