科创企业直接融资智能平台 供数主体：市场公开渠道、数据服务商、政务部门、科创企业、产业园区、投资机构、司法及舆情平台 用数主体：科创企业（种子期、成长期、扩张期）、投资机构、政府产业基金、中介机构（律所、券商等）、地方政府部门 01 基本信息 02 应用背景 科创企业直接融资面临三大核心痛点：一是信息不对称，轻资产特性难以证明潜在价值，投资机构缺乏全面数据支撑，信任成本高；二是融资渠道单一， 过度依赖银行贷款，股权、可转债等直接融资工具应用不足；三是服务效率低，投资机构尽调依赖线下流程，平均周期长达3个月，投后风险监测依赖静 态数据，预警滞后。为落实科技金融政策要求，亟需构建数据驱动的智能平台，破解投融资匹配难题。 03 解决方案 数据融合：整合工商、经营、财务、司法、产业链、舆情等多源数据，建立每年新增500G以上的高质量数据集，实现"一企一库"信息整合。 全流程服务：打造"投前筛选－投中尽调－投后管控"全链路服务，提供企业画像生成、智能匹配、风险预警一站式功能，连接科创企业、投资机构、政府 及中介机构。 04 数据清单 数据类型 数据来源 核心数据项 企业基础数据 工商部门、市场公开渠道 注册信息、股权结 ...

2025 Business Results February 2026 Disclaimer 1. The consolidated financial information of KB Financial Group Inc. (the "Group") presented herein is based on the Korean International Financial Reporting Standards(K-IFRS). It is currently being audited by the Group's independent auditor, and accordingly, is subject to change. 2. The consolidated financial information for 2022 and 2023 presented herein have been restated retrospectively based on the FSS's response to inquiry on Korean IFRS17(K-IFRS) 3. From ...

Market Overview - The indices experienced fluctuations in the afternoon, with declines narrowing. The Shanghai Composite Index reported at 4078.82 points, down 0.57%, while the Shenzhen Component Index was at 13969.10 points, down 1.32%, and the ChiNext Index at 3266.71 points, down 1.35% [1] Sector Performance - The banking sector saw significant gains, with Xiamen Bank hitting the daily limit and reaching a new high since June 2021 [1] - The innovative drug sector was notably active, with Guangsheng Tang rising over 10% [1] - The securities sector also experienced a surge, with Hualin Securities hitting the daily limit and other companies like Huaxin Securities, Huatai Securities, and Dongfang Caifu following suit [1] - The tourism and hotel sector showed strength, with Sanxia Tourism reaching the daily limit [1] - Conversely, the precious metals sector faced ongoing adjustments, with Hunan Gold and Hunan Silver hitting the daily limit down [1] - The afternoon saw weakness in the electric grid equipment stocks, with Sifang Co. hitting the daily limit down [1] Stock Movement - Overall, the market saw more stocks declining than rising, with over 3500 stocks down [1] - The beauty care, film and television, and banking sectors led in gains, while BC batteries, photovoltaic equipment, and precious metals sectors led in losses [1]

编辑 岳彩周 校对 穆祥桐 新京报贝壳财经讯（记者胡萌）2月4日，贝壳财经记者从广发证券获悉，沈明高于2026年2月到达法定 退休年龄，不再担任公司全球首席经济学家、产业研究院院长职务。 公开资料显示，沈明高于2017年加入广发证券，2019-2021年曾兼任广发控股（香港）CEO；此前曾任 财新智库首席经济学家、莫尼塔研究董事长、花旗银行首席经济学家。早年获得中国社会科学院农村发 展研究所经济学硕士，此后留学美国，获美国斯坦福大学经济学博士学位。 沈明高曾在采访中谈及首席经济学家的价值，他表示，首席经济学家的价值是生产观点，即对未来宏观 经济和政策走向做出判断。一个称职的经济学家，应该做到如下几点：（一）观点与众不同；（二）观 点具有前瞻性；（三）能够说服客户接受其观点，并转化为行动。 ...

此次修订拟将全国社保基金、基本养老保险基金、企业(职业)年金、商业保险资金、公募基金、银 行理财等机构投资者纳入战略投资者范畴，并将其界定为"资本投资者"。同时，新规明确了5%的最低 持股比例要求、资本投资者基本条件与信息披露要求。此次修订是对资本市场新"国九条"中引导中长期 资金入市的深化与落实。 近期，为进一步完善上市公司再融资战略投资者制度，中国证监会对《〈上市公司证券发行注册管 理办法〉第九条、第十条、第十一条、第十三条、第四十条、第五十七条、第六十条有关规定的适用意 见——证券期货法律适用意见第18号》（以下简称《法律适用意见》）作出修改，并向社会公开征求意 见。 《法律适用意见》拟完善战略投资者持股要求，坚持战略投资者应当持有上市公司较大比例股份， 进一步明确战略投资者认购上市公司股份原则上不低于5%，可以根据持股比例参与上市公司治理。 在完善信息披露要求方面，《法律适用意见》要求上市公司在年报中披露战略资源导入及整合的落 实情况和效果。同时，进一步强化监管要求，强调战略投资者不得通过任何方式规避最低持股比例、股 份锁定期等要求，避免代持股份、绕道减持等违规行为，防止损害制度公信力。 拟扩大战略投 ...

Group 1 - The core viewpoint of the report indicates that by 2025, the public offering of new shares (IPO) in the A-share market will transition into a normalized low-risk contribution phase, with an annualized increase of approximately 0.81% [1] - The report highlights that the A-share IPO market raised a total of 123.883 billion yuan in 2025, completing 86 projects, with the Shanghai main board leading in financing scale, while the Sci-Tech Innovation Board had a higher average financing amount, and the ChiNext had the most IPOs but lower average financing [1] - The electronic industry dominates the industry distribution of IPOs, while the automotive and pharmaceutical sectors remain stable [1] Group 2 - Fund IPO yield has experienced a decline from a high of 5.87% in 2020 to a stable low of approximately 0.81% in 2025, indicating a shift in strategy towards a normalized "low-risk marginal contribution" [2] - Smaller funds (0-5 billion yuan) consistently show higher historical yields compared to larger funds, with a peak yield of 7.16% in 2020, while larger funds have maintained lower yields [2] - The gap in yields among different fund sizes has gradually narrowed, especially after 2022, reflecting a transition from high-yield opportunities to normalized yield supplements, with larger fund sizes contributing less to overall fund returns [2] Group 3 - The evaluation of fund IPO capabilities is primarily based on three indicators: participation rate, qualification rate, and hit rate, which reflect the fund's engagement and pricing effectiveness [3] - A total of 49 "fixed income +" IPO funds were selected based on multiple screening criteria, with 76% being bond-mixed funds and 24% being flexible allocation funds, showing that bond-mixed funds had a higher annualized return of 7.65% compared to 5.05% for flexible allocation funds [3] - The overall average hit rate for selected funds reached 65.64%, with a participation rate of 92.70%, indicating excellent performance in IPO participation [3]

Group 1 - Zhang Yidong, former Chief Strategist of Industrial Securities and Chief Economist of Everbright Securities International, has joined Haitong International at the beginning of this month [2][4] - This transition occurred just one month after he announced his departure from Industrial Securities via his personal public account at the end of last year [2][4]

■ 注：本基金 C类基金份额暂不在基金管理人直销渠道销售。 2.日常申购、赎回、转换和定期定额业务的办理时间 登录新浪财经APP 搜索【信披】查看更多考评等级 公告送出日期：2026年2月5日 1.公告基本信息 本基金在开放日为投资人办理基金份额的申购和赎回，具体办理时间为上海证券交易所、深圳证券交易 所、北京证券交易所的正常交易日的交易时间（若本基金参与港股通交易且该工作日为非港股通交易日 时，则本基金可不开放申购和赎回等业务，具体以届时基金管理人公告为准），但基金管理人根据法律 法规、中国证监会的要求或基金合同的规定公告暂停申购、赎回时除外。 基金合同生效后，若出现新的证券/期货交易市场、证券/期货交易所交易时间变更或其他特殊情况，基 金管理人将视情况对前述开放日及开放时间进行相应的调整，但应在实施日前依照《公开募集证券投资 基金信息披露管理办法》（以下简称"《信息披露办法》"）的有关规定在规定媒介上公告。 3.日常申购业务 3.1申购金额限制 投资者在其他销售机构首次申购的最低金额为人民币1元，追加申购单笔最低金额为1元；投资者在直销 中心首次申购的最低金额为人民币10,000元，追加申购单笔最低金额为 ...

（来源：五道口江湖） 2月3日，证券从业系统已经查不到信达证券首席分析师胡琎心的信息。胡琎心，曾经是西部证券电新行 业联席首席分析师！8月22日，她正式加入信达证券。她具备多年新能源产业工作经验，多年电新行业 卖方研究经验。对风电、电力设备、光伏有着较为深入研究，对风电行业有深刻理解。善于把握市场机 会，挖掘潜力个股，提供有价值的服务。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 不过从8月22日，到现在，还不到半年时间。 ...

Core Viewpoint - Nanjing's Innovation Financial Reform Pilot Zone has significantly improved its comprehensive score from 82.46 to 95.49 over three years, indicating a strong enhancement in financial service capabilities and technological innovation [1] Group 1: Financial Service System Development - Nanjing has established 70 specialized organizations for innovation finance, creating over 200 exclusive products and forming a service structure characterized by specialized institutions and products [2] - The city has set up 23 innovation finance service stations and 9 university technology finance studios, serving over 10,000 technology enterprises and facilitating financing exceeding 30 billion [2] - A continuous roadshow platform has been created, with over 1,000 events held, facilitating financing of more than 10 billion [2] Group 2: Improvement of Financial Service Quality - A comprehensive intellectual property financial service system has been established, achieving over 40 billion in intellectual property pledges since the pilot zone's approval [3] - A special action for first loans to technology enterprises has been initiated, providing over 2 billion in first loans to more than 600 previously unbanked technology firms [3] - New mechanisms for investment and loan linkage have been developed, including innovative financing tools and policies to support agricultural technology development [3] Group 3: Direct Financing Development - A total of 52 funds have been established with a combined scale of 135.65 billion, including a 10 billion mother fund set up by a major group [4] - Policies have been introduced to facilitate mergers and acquisitions, with a target of 90 transactions and a total value of 44.92 billion by 2025 [4] - The issuance of technology innovation bonds has reached 17.64 billion, accounting for 33.4% of the provincial total [4] Group 4: Strengthening Technology Empowerment in Finance - Nanjing is focusing on digital financial infrastructure and has established joint innovation laboratories with major banks [5] - The city has launched a data asset fund of 1.5 billion and completed the first data asset-backed securities project in the country [6] Group 5: Supporting Industrial Technological Innovation - A high-level industrial technology innovation platform has been established, with a focus on key industries and technology transfer centers [7] - The software and information service industry has become a trillion-level industry, supported by long-term capital [7] - Nanjing has formed partnerships with leading companies in various sectors, achieving significant market shares in key technologies [7]