刘熹 国海证券计算机分析师: 那下面的话，会议就正式开始。那首先的话，还是想请这个云赛的张总先做一个开场，然 后后面再请武博士，再做，结合这个 PPT 再做一个分享。好，下面有请张总。 云杉智联董秘张欣欣: 好，各位投资者，大家晚上好。今天那个是还是年初八，八，在在中国农历那个新年当中 又是马年的那个开始第一天，那么有幸国海证券刘老师安排，今天晚上利用一点时间跟大 家见面。我觉得非常意义，非常有意义的。那么我是银赛智联董秘张欣欣，那么银赛智联 大家应该各位大概应该都有所了解。那么它现在的那个主要是一一家信息服务业企业，主 要业务有三三块，一个是云服务大数据，第二个是解决方案，第三个是智能产品。然后云 服务大数据板块，里面包括一个是云服务，一个是数据要素，数据治理，那么解决方案主 要做城市安全治理和和那个民生，包括医疗、教育，很多信息化服务。 那么还有一块就是智能产品智能产品。那么目前应该说我们那个银盛智联各块业务，就是 运营比，很正常。那个应该说我们目前还在对 25 年的那个年报的数据还在审计，那么应 该很快吧，大概还有一个月。到 3 月底的时候，我们会公布年报。那么应该说还不错的， 还不错的，因为整个 25 ...

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 ...

Investment Rating - The report maintains an "Overweight" rating for the securities and banking sectors [9]. Core Insights - The report highlights the structural relaxation of refinancing policies, which is expected to improve profitability in the banking sector. The central bank's Q4 monetary policy report emphasizes the implementation of personal credit repair measures, supporting micro-entities [1][28]. - The report identifies investment opportunities in the order of securities > insurance > banking, with a focus on the potential for marginal improvements in the brokerage business due to the recent refinancing policy adjustments [12][24]. Summary by Sections Securities Sector - The optimization of refinancing measures announced by the exchanges is expected to lead to marginal improvements in the brokerage business, with leading firms likely to solidify their advantages through professional capabilities. The Chinese brokerage index performed better than the Hang Seng index during the holiday period, increasing by 0.20% [2][13]. - Recommended stocks include leading brokerages such as CITIC Securities, Guotai Junan, and GF Securities, as well as quality regional firms like Guoyuan Securities [3][12]. Insurance Sector - The report notes a mixed performance in the insurance sector, with property insurance companies showing gains while life insurance companies mostly declined. China Property & Casualty Insurance rose by 5%, while China Taiping fell by 4% [24][25]. - Investors are advised to focus on quality leaders in the insurance sector, with a preference for defensive stocks like China Ping An and China Life Insurance for conservative investors [24][25]. Banking Sector - The banking sector is experiencing a recovery in performance, with Q4 profits improving and net interest margins stabilizing. The report indicates a year-on-year increase in social financing, primarily due to the pre-positioning of government bonds and a rebound in off-balance-sheet financing [28][37]. - Recommended stocks include quality regional banks such as Nanjing Bank and Chengdu Bank, which are expected to perform well due to their strong fundamentals [3][28].

Group 1 - The core point of the news is that Huaxin Co., Ltd. has experienced a decline in stock price, falling 0.36% to 16.60 CNY per share, with a total market value of 17.611 billion CNY and a cumulative drop of 5.41% over the past four days [1] - Huaxin Co., Ltd. was established on November 5, 1992, and listed on December 2, 1992. The company is primarily engaged in property leasing, property management, and securities services [1] - The revenue composition of Huaxin Co., Ltd. includes: Other businesses 44.80%, Brokerage business 39.48%, Investment banking 8.08%, Asset management 7.43%, Credit business 5.50%, and Futures business 3.33% [1] Group 2 - From the perspective of the top ten circulating shareholders, Guotai Fund's ETF has increased its holdings by 5.5068 million shares, totaling 13.706 million shares, which represents 1.29% of the circulating shares [2] - The Guotai CSI All-Share Securities Company ETF (512880) has a current scale of 57.029 billion CNY and has reported a loss of 1.45% this year, ranking 5445 out of 5569 in its category [2] - The fund manager of Guotai CSI All-Share Securities Company ETF is Ai Xiaojun, who has a total fund asset scale of 188.936 billion CNY and has achieved a best fund return of 329.78% during his tenure [3]

申港证券认为，证券行业当前估值处于2021年以来的相对低位，PE水平约在16-17倍区间，具备较 好的安全边际，但仍需警惕政策变化及市场波动带来的风险。 每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 盘面上，两市窄幅震荡，证券板块下跌。相关ETF方面，证券ETF（159841）标的指数盘中跌 0.15%，成交额达1.08亿元。成分股中，华林证券、华鑫股份、财通证券等多股跟跌。 值得关注的是，Wind显示，证券ETF（159841）近2个交易日（2026年02月06日—2026年02月09 日）实现连续"吸金"，最近20个交易日累计获资金净流入10.67亿元。截至2026年02月09日，该基金最 新规模为108.35亿元，再创上市以来新高。 证券ETF（159841）跟踪标的一键打包优质上市券商，其中近6成仓位集中于十大龙头券商，"大资 管"+"大投行"龙头齐聚；另外 ...

Industry Investment Rating - The investment rating for the industry is Neutral, maintained [1] Core Insights - The current market environment for the brokerage industry is characterized by continued liquidity easing and a seasonal decline in trading activity ahead of the Spring Festival. The 10-year government bond yield has shown a slight decrease, indicating a stable and friendly funding environment for the capital market. The stock-bond spread remains high, suggesting relative value in equity markets, which may lead to increased brokerage activity post-holiday [4][5] - The average daily trading volume for stock funds has decreased by approximately 18.26% week-on-week, reflecting a seasonal cooling in market activity. However, the bond market remains robust with an average daily trading volume of around 30 trillion yuan [5][6] - The balance of margin financing and securities lending has shown a slight decline, indicating reduced willingness to use leverage as market activity cools. As of February 5, 2026, the balance was approximately 2.68 trillion yuan, down about 2.25% from the previous month [7][20] - The new comprehensive wealth index for bonds has continued to rise, indicating a solid liquidity foundation in the bond market, despite a slight decrease in trading volume as the market approaches the holiday [22][23] - The stock-bond spread has shown a slight increase, with an average of 4.98% this week, indicating a favorable environment for equities compared to bonds [24] Summary by Sections 1. Q1 Policy Focus - The derivatives regulations are expected to be implemented in Q1 2026, which may enhance the return on equity (ROE) for leading brokerages. The "14th Five-Year Plan" emphasizes the development of derivatives, signaling potential policy benefits for the industry [15] 2. Industry Fundamentals Tracking 2.1 SHIBOR3M Rate - The SHIBOR3M rate has stabilized around 1.60% from October to December 2025, further decreasing to 1.58% as of February 6, 2026, indicating a stable and loose interbank funding environment [16] 2.2 Stock Fund Trading Volume - The average daily trading volume for stock funds was 30,275 billion yuan, down from approximately 37,040 billion yuan the previous week, reflecting a seasonal decline in trading activity [17] 2.3 Margin Financing Situation - The margin financing balance was 26,808.60 billion yuan as of February 5, 2026, showing a continuous slight decline, which aligns with the decrease in trading activity [20] 2.4 Bond Market Index and Trading Amount - The new comprehensive wealth index for bonds rose from 250.0050 to 250.1665 over the week, while bond trading volumes showed a moderate decrease, maintaining a solid liquidity foundation [22] 2.5 Stock-Bond Spread - The 10-year government bond yield fluctuated between 1.81% and 1.82%, with the stock-bond spread averaging 4.98%, indicating a favorable environment for equities [24] 3. Market Review - The A-share brokerage index decreased by 0.65%, outperforming the CSI 300 index by 0.68 percentage points. However, the brokerage sector's performance over the past year lags behind the CSI 300 index [26][28]

Group 1 - Guosheng Securities (002670.SZ) closed at 16.59 yuan, with a decline of 0.36% [1] - Huaxin Co., Ltd. (600621.SH) closed at 16.92 yuan, with a decline of 0.65% [1] - The securities sector experienced an increase of 0.93%, with Guosheng Securities and Huaxin Co., Ltd. being the only two companies in the sector that saw a decline [1]

证券代码：600621 证券简称：华鑫股份 编号：临 2026-003 上海华鑫股份有限公司关于全资子公司 华鑫证券有限责任公司 2026 年面向专业投资者 公开发行公司债券（第一期）发行结果的公告 根据中国证券监督管理委员会《关于同意华鑫证券有限责任公司向专业投资 者公开发行公司债券注册的批复》（证监许可[2024]636 号，详见上海华鑫股份 有限公司（以下简称"公司"）于 2024 年 4 月 25 日披露的《公司关于收到中国 证监会同意华鑫证券有限责任公司向专业投资者公开发行公司债券注册的批复 的公告》），公司全资子公司华鑫证券有限责任公司于2026年2月6日完成了2026 年面向专业投资者公开发行公司债券（第一期），实际发行规模为人民币 6 亿元， 期限为 2 年，票面利率为 1.90%。华鑫证券有限责任公司将按规定履行相关手续。 按照债券相关规定，华鑫证券有限责任公司在上海证券交易所网站 （https://www.sse.com.cn）披露《华鑫证券有限责任公司 2026 年面向专业投 资者公开发行公司债券（第一期）发行结果公告》。 特此公告 上海华鑫股份有限公司 董 事 会 2026 年 2 月 ...

Group 1 - The core point of the article is that Huaxin Co., Ltd. announced the completion of a public issuance of corporate bonds by its wholly-owned subsidiary, Huaxin Securities, aimed at professional investors [1] - The actual issuance scale of the bonds is 600 million yuan, with a maturity of 2 years and a coupon rate of 1.90% [1] - Huaxin Securities will fulfill the relevant procedures as required and disclose the issuance results on the Shanghai Stock Exchange website [1]