香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 YIXIN GROUP LIMITED 易鑫集團有限公司 （於開曼群島註冊成立的有限公司， 以「Yixin Automotive Technology Group Limited」的名義於香港經營業務） （股份代號：2858） 須予披露交易 行使Yusheng可換股票據轉換權 茲提述本公司日期為2018年6月13日有關認購Yusheng發行的本金額為2.6億美 元的2018年可換股票據的公告。自2019年起，本公司進一步認購Yusheng發行 的本金額為0.43億美元的2019年可換股票據、本金額為12,248,325美元的2020 年可換股票據及本金額為0.12億美元的2023年可換股票據。根據可換股票據條 款，可換股票據免息且可轉換為Yusheng的無投票權優先股。 於2026年3月2日，本公司根據可換股票據條款向Yusheng發出轉換通知，以悉 數行使其附於可換股票據的轉換權。可換股票據的轉換完成， ...

晨会纪要 证券研究报告 2026 年 03 月 02 日 核心结论 分析师 【电子】2026 年电子年度策略：端云算力同频共振，自主可控步履铿锵 AI 硬件：国产 AI 芯片发展迅速，算力高景气度下，PCB、存储等供不应求。 半导体：全球资本开支重回增长轨道，晶圆扩产驱动设备国产化与先进封装 高景气。 端侧：AI 重塑终端形态，硬件升级与新兴品类开启新一轮创新周期。 【航海装备Ⅱ】船舶行业系列报告之二：船舶：摘取皇冠明珠，国产 LNG 船扬帆起航 LNG 运输船是现代造船工业皇冠上璀璨的明珠，其技术壁垒较高，是中国 造船业一直想要突破的高端船舶产品。2008 年 4 月 3 日，中国首制 14.7 万 立方米系列 LNG 船"大鹏昊"成功交付，打破了西方垄断 LNG 船市场的局 面，成功实现了"国轮国造"。 【计算机】英伟达 LPU 方案印证专用推理芯片的可行性 我们认为：英伟达将 LPU 整合进自身 AI 芯片体系，展现了专用推理芯片 （ASIC/DSA）在生成式 AI 推理计算中的重要性。这或将印证国产 AI 芯片 通过专业推理架构，在 AI 推理侧实现性能突破的可能性。AI 推理芯片的高 速迭代，或将推 ...

证券板块 证券类 APP 发展态势良好，行业活跃度显著提升，用户参与意愿与市场吸引力持续走高。据易观千帆最新发布的数 据，2026 年 1 月，证券服务应用领域的月度活跃用户规模达到 1.84 亿，环比增长 5.11%，同比增长 13.86%。多家券 商增速亮眼，华泰证券旗下的"涨乐财富通"与国泰海通的"国泰海通君弘"稳居行业前列，1 月份月活分别为 1281.5 万、1100.99 万，环比分别增长 5.73%、5.85%。此外，平安证券的"平安证券"App 当月活跃用户数为 937.28 万，较 上月提升 5.56%；招商证券的"招商证券"、中信证券的"中信证券信 e 投"、国泰海通的"国泰海通通财"以及中信 建投证券的"蜻蜓点金"、广发证券的"广发易淘金"等应用，月活用户均突破 700 万大关，环比增长率均在 4%以上。 投资建议：建议关注三条主线：（1）强烈推荐估值及业绩错配程度较大的优质券商，重点关注国泰海通；建议关注 AH 溢价率较高、有收并购主题的券商；建议关注短期受益于科技股上市的券商。（2）四川双马：科技赛道占优，创投业 务有望受益，布局基因治疗赛道新标的，深化生物医药产业链。公司管理基金的 ...

行业周报 | 非银金融 外资机构座谈会召开，坚定金融市场改革决心 金融行业周报（2026/03/01） 核心结论 金融行业周涨跌幅跟踪：1）本周非银金融（申万）指数涨跌幅为-1.18%， 跑输沪深 300 指数 2.26pct。本周证券Ⅱ（申万）、保险Ⅱ（申万）、多元金 融指数涨跌幅分别为-0.39%、-3.74%、+3.90%。2）本周银行（申万）涨跌 幅为-0.92%，跑输沪深 300 指数 2.00pct。其中，国有行、股份行、城商行、 农商行本周涨跌幅分别为-1.67%、-0.57%、-0.70%、-0.72%。 投资观点：1）保险：本周保险Ⅱ(申万)涨跌幅为-3.74%，跑输沪深 300 指 数 4.82pct。本周保险板块深度调整，主要受前期获利了结、资金向成长赛 道迁移、政策财报真空期及海外 AI 负面报告情绪扰动影响。中期来看，保 险机构 2026 年增配权益趋势明确，为板块提供支撑，本次回调属短期交易 与情绪冲击。展望 2026 年，负债端居民"挪储"与分红险、银保渠道发力， 资产端险资持续入市提升贝塔属性，成本端负债成本改善，叠加经济复苏、 低估值高股息优势，板块估值修复动力充足，有望迎来 ...

RWA 监管更加明晰，金融信息服务监管趋严 [Table_Industry] 综合金融 ——金融科技行业双周报第二十三期 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘欣琦(分析师) | 021-38676647 | liuxinqi@gtht.com | S0880515050001 | | 孙坤(分析师) | 021-38038260 | sunkun@gtht.com | S0880523030001 | 本报告导读： 国内大模型产品与营销均有亮点，带动金融科技相关标的受益，境外 RWA 监管明 细，金融信息监管趋严。合规金融机构更加受益。 投资要点： [Table_Report] 相关报告 综合金融《权益市场火热，居民边际配置权益资 产》2026.02.09 综合金融《境内虚拟货币违法，境外 RWA 监管 明晰》2026.02.08 综合金融《支付牌照缩减，多家投资咨询公司暂 停新增》2026.02.01 综合金融《消金监管趋严，行业加速出清》 2026.01.25 综合金融《业绩基准新规落地，助推行业长期发 展 ...

Investment Rating - The report assigns an "Overweight" rating for the financial technology sector [4]. Core Insights - The domestic large model products and marketing have shown highlights, benefiting related financial technology stocks. The overseas RWA regulation has become clearer, and financial information regulation is tightening. Compliant financial institutions are expected to benefit more [2]. Summary by Sections 1. AI - From February 2 to February 20, 2026, the financial technology index decreased from 3116.08 to 3093.77, with a return of -0.72%. The Hong Kong financial technology index fell by 3.48% during the same period. Financial IT and third-party payment sectors performed well due to increased marketing efforts of major AI models and new regulations on virtual currencies [7][8]. 2. Overseas RWA Regulation - **2.1 Financial IT**: On February 6, the People's Bank of China and eight departments issued a notice to prevent risks related to virtual currencies and clarified the RWA regulatory framework for overseas issuance [12][13]. - **2.2 Financial Information Services**: On February 9, the Shanghai and Shenzhen Stock Exchanges announced optimized refinancing measures, benefiting high-quality R&D enterprises [14]. - **2.3 Third-party Payment**: New scenarios for digital currency have emerged, and the concentration of licenses in the third-party payment sector is accelerating [16]. - **2.4 Consumer Finance**: The head effect is evident, with a focus on promoting domestic demand through consumer finance [18]. 3. Individual Company News and Announcements - **3.1** Lakala is accelerating the development of intelligent payment through MOSS, while Tonghuashun's vertical model has gained high usage rates among brokers [19]. - **3.2** ST Rendo's net assets are expected to turn positive, and Jiufang Zhitu has initiated a stock buyback [21]. 4. Investment Recommendations - Digital RMB is expanding its application scenarios, indicating significant growth potential. AI is driving the upgrade of financial services, presenting new investment opportunities. Recommended core companies include: 1. Financial IT firms benefiting from digital currency upgrades: Changliang Technology, Yuxin Technology, Zhongke Software, and New Zhiyuan Software [24][28]. 2. Financial information service companies focusing on intelligent investment research: Jiufang Zhitu, Tonghuashun, and Dongfang Caifu [24][28]. 3. Payment institutions adapting to digital currency functionalities: Lakala, Yika, and Lianlian Digital [24][28]. 4. Consumer finance companies leveraging intelligent customer service and marketing: Yixin Group and Qifu Technology [24][28].

Investment Rating - The industry investment rating is positive, with recommendations to buy or hold based on expected performance exceeding market averages [49]. Core Insights - The report highlights the introduction of a package of refinancing optimization measures by the Shanghai, Shenzhen, and Beijing stock exchanges aimed at improving market efficiency and supporting technology innovation companies [38]. - It emphasizes the importance of quality companies and technology firms in attracting liquidity and enhancing capital market structure, aligning with a healthy market trend [2][38]. - The report suggests focusing on three main investment lines: undervalued quality brokerages, companies benefiting from technology sector listings, and firms with strong performance in diversified finance [3]. Summary by Sections Market Review - The A-share market showed a slight increase with the CSI 300 index up by 0.4%, while the non-bank financial sector underperformed, declining by 1.6% [11]. Data Tracking - Brokerage firms reported a decrease in average daily trading volume to 21,111 billion yuan, down 12.3% week-on-week [19]. - The report notes significant growth in new equity fund issuance, with a total of 812 million shares issued in January 2026, up 186.9% year-on-year [19]. - The total asset management scale for public non-monetary funds reached 22.2 trillion yuan, with a slight decrease of 1.9% from the previous month [19]. Industry Dynamics - The report discusses the refinancing measures aimed at supporting quality listed companies and enhancing the efficiency of the refinancing process [38]. - It also mentions the ongoing trend of insurance funds increasing their stakes in various companies, with a total of 52 companies being targeted for increased holdings in 2024 [33].

Group 1 - The company, Yixin Group (02858.HK), announced a board meeting scheduled for March 5, 2026, to consider and approve matters including the release of the annual performance announcement for the year ending December 31, 2025, and the potential declaration of a final dividend, if any [1]

Yixin Group Limited易鑫集团有限公司（「本公司」，連同其附屬公司及併表聯屬實 體統稱「本集團」）董事（「董事」）會（「董事會」）茲通告謹定於2026年3月5日（星期 四）舉行董事會會議，藉以考慮及通過之事項包括刊發本集團截至2025年12月31 日止年度的年度業績公告，及考慮派發末期股息（如有）。 承董事會命 Yixin Group Limited 易鑫集团有限公司 主席 張序安 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 YIXIN GROUP LIMITED 易鑫集團有限公司 （於開曼群島註冊成立的有限公司， 以「Yixin Automotive Technology Group Limited」的名義於香港經營業務） （股份代號：2858） 董事會會議召開日期 香港，2026年2月20日 於本公告日期，董事包括： 執行董事 張序安先生、曾令祺先生及姜東先生 非執行董事 曾偉業先生 獨立非執行董事 袁天凡先生、郭淳浩先生、董 ...

Group 1: Company Overview - Nanya Technology (688519.SH) is expected to achieve revenues of 49.48 billion, 61.75 billion, and 73.41 billion CNY for the years 2025 to 2027, with net profits of 2.24 billion, 5.11 billion, and 7.83 billion CNY respectively, leading to a target market value of 229.80 billion CNY and a target price of 97.88 CNY for 2026, receiving a "Buy" rating [2][7]. - Shunxin Agriculture (000860.SZ) is projected to have revenues of 72.6 billion, 79.6 billion, and 86.7 billion CNY from 2025 to 2027, with net profits of -1.5 billion, 0.6 billion, and 1.7 billion CNY, reflecting a significant decline in 2025 but recovery in subsequent years, and is rated "Accumulate" [4][21]. Group 2: Industry Insights - The demand for high-end CCL (Copper Clad Laminate) is expected to grow significantly, with a projected CAGR of 40% from 2024 to 2027, driven by AI and high-frequency applications, although the market is currently dominated by a few key players [8][9]. - The white liquor industry is facing significant pressure, with production showing negative growth and a shift in consumer preferences towards quality over quantity, leading to intensified competition and a focus on value rather than scale [20][21]. - The asset tokenization market is entering a new era of compliance management, providing more diverse financing channels for companies with quality underlying assets, which may optimize their financing structures and enhance compliance credibility [15][17].