北京商报讯（记者 李海媛）2月26日，浙商证券公告称，公司董事会于近日收到钱文海的书面辞职报告。钱文 海因工作调整原因，申请辞去公司总裁职务。辞职后，钱文海将继续担任公司党委书记，第四届董事会董事、 董事长及战略发展与ESG委员会主席，法定代表人职务，并代行公司财务负责人。 浙商证券还提到，公司于2月26日召开第四届董事会第四十二次会议，同意聘任程景东为公司总裁，任期自董 事会审议通过之日起至本届董事会任期届满之日止。公开简历显示，程景东曾任渤海银行总行法律合规部总经 理，光大银行总行资产保全部总经理助理、副总经理，建银国际（中国）有限公司董事总经理，北京市安理律 师事务所顾问。现任浙商证券总裁、党委副书记。 | 姓名 | 离任职务 | 离任时间 | 原定任期 | 离任原因 | 是否继续在上 市公司及其控 | 具体职务 | 是否存在 未履行完 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 到期日 | | 股子公司任职 | (如适用) | 毕的公开 | | | | | | | | | 承诺 | | 钱文海 | 总裁 | 2026 年 2 ...

中性假设下，机构预测2026年险资的全年股基增量资金估计约7133亿元。 加仓叠加市值上涨，超38万亿元险资正上演一轮权益增配行情。 金融监管总局近期发布的2025年四季度保险公司资金运用情况表数据显示，截至2025年末，保险行业资 金运用余额达38.5万亿元，较年初同比增加15.7%。其中，险资配置核心权益资产（股票+证券投资基 金）规模较年初大幅增加1.6万亿元，达5.7万亿元。其中股票增加1.31万亿元，基金增加2900亿元，在 产寿险公司的险资大类配置中占比超15%。 "（险资的）权益配置维持在历史高位。"华创证券金融业研究主管、首席分析师徐康表示。 而2026年险资对权益资产的增配兴趣或将继续。中国银行保险资产管理业协会近期发布的保险机构2026 年资产配置展望调查结果（下称"调查结果"）显示，股票和证券投资基金是2026年保险机构普遍看好的 境内投资资产，超过六成的保险机构有意愿适度或微幅增加股票投资。 险资投资余额增速创五年新高 相对而言，险资近两年在核心权益配置上的比例提升得更为明显，股票配置比例已连续六个季度环比增 加。 金融监管总局数据显示，截至2025年末，保险行业资金运用余额达38.5 ...

重要观点 证券研究报告 | 浙商早知道 报告日期：2026 年 02 月 27 日 浙商早知道 2026 年 02 月 27 日 ：王禾 执业证书编号：S1230512110001 ：021-80105901 ：wanghe@stocke.com.cn 市场总览 ❑ 【浙商固收信用债 杨语涵】债券市场专题研究：谁在定价春节前后债市？——20260226 http://www.stocke.com.cn 1/3 请务必阅读正文之后的免责条款部分 ❑ 大势：2 月 26 日上证指数下跌 0.01%，沪深 300 下跌 0.19%，科创 50 上涨 0.85%，中证 1000 上涨 0.76%，创业 板指下跌 0.29%，恒生指数下跌 1.44%。 ❑ 行业：2 月 26 日表现最好的行业分别是通信（+2.84%)、电子（+1.98%)、国防军工（+1.52%)、机械设备 （+1.41%)、钢铁（+1.33%)，表现最差的行业分别是房地产（-2.25%)、传媒（-1.45%)、非银金融（-1.42%)、商 贸零售（-1.22%)、食品饮料（-1.2%)。 ❑ 资金：2 月 26 日全 A 总成交额为 25566 亿 ...

盈方微公告称，持股5%以上股东东方证券减持计划期限已届满。2025年11月27日至12月18日，东方证 券通过集中竞价交易减持839.4798万股，占公司总股本（截至2026年 月 日为844,725,255股）的 0.9938%，减持均价7.34元/股，价格区间7.10 - 7.73元/股。减持后，东方证券持有3532.2767万股，占比 4.1816%。其股份来源为执行司法裁定以股抵债。本次减持符合规定，未违反减持计划，不会导致公司 控制权变化。 ...

Core Viewpoint - The Hong Kong government aims to enhance its status as an international financial center through four main themes: "Promote Reform," "Expand Infrastructure," "Increase Capacity," and "Build Connectivity," aligning with the national "14th Five-Year Plan" to drive economic development [1]. Group 1: Promote Reform - The Hong Kong Stock Exchange (HKEX) has implemented measures to ensure market liquidity, generating approximately HKD 2.5 billion in stamp duty revenue during adverse weather conditions [2]. - HKEX plans to consult on revising listing requirements for companies with dual-class shares and facilitate secondary listings for overseas issuers [2]. - The Securities and Futures Commission (SFC) and HKEX will introduce a paperless securities market system and optimize the regulatory framework for listed companies [2]. Group 2: Expand Infrastructure - The Hong Kong Monetary Authority (HKMA) and HKEX are researching a one-stop multi-asset trading post-trade infrastructure to enhance collateral interoperability [4]. - The Central Moneymarkets Unit (CMU) aims to establish a digital asset platform by the end of the year to support the issuance and settlement of digital bonds [4]. - HKEX's comprehensive fund platform will expand its functionalities to include payment and settlement processes, improving market efficiency [4]. Group 3: Increase Capacity - The government has doubled the total quota for RMB business funding arrangements to RMB 200 billion [5]. - A third issuance of tokenized bonds amounting to HKD 10 billion has been completed, with plans for regular issuance and encouragement of more digital bond offerings [5]. - The asset and wealth management sector will benefit from optimized tax incentives, including the inclusion of digital assets and specific commodities as eligible investments for tax relief [5]. Group 4: Build Connectivity - The government supports the Asian Infrastructure Investment Bank (AIIB) in establishing an office in Hong Kong and will host the Asia-Pacific Economic Cooperation (APEC) Finance Ministers' Meeting [7]. - Hong Kong has signed 55 comprehensive double taxation agreements and will continue to expand its network of agreements [8].

证券日报网讯 2月26日，光大证券在互动平台回答投资者提问时表示，二级市场股价受多种因素影响， 经济形势、行业趋势、股指波动、资金面偏好、公司经营情况、投资者偏好等因素都会影响股价走势。 公司合法合规地开展市值管理，将综合运用经营提升、现金分红、投资者关系管理、信息披露等方式提 升公司投资价值。公司始终加强与市场分析师、投资者的密切沟通交流，进一步提升资本市场对公司投 资价值的发现和认可，使公司股价更合理地体现公司价值。公司一如既往地承担央企责任，践行国家战 略，在促进公司稳定健康发展中提升业绩和股东回报水平，持续为客户创造价值。 （编辑 袁冠琳） ...

Group 1 - Huang Yanming, the director of Dongfang Securities Research Institute, stated that the next investment focus in A-shares will be on mid-cap blue chips, moving away from the previous high-growth tech and high-dividend strategies [1] - The investment focus will be on three main areas: globally priced cyclical goods such as chemicals, non-ferrous metals, agricultural products, and global shipping; manufacturing sectors related to technology and national strength enhancement, including military industry, robotics, and new energy; and technology sectors related to large model performance realization [1] Group 2 - The International Institute of Finance reported that global debt has surged to a record $348 trillion, increasing by nearly $29 trillion, marking the fastest growth since the onset of the COVID-19 pandemic [2] - Government debt in countries like the United States and the Eurozone exceeds $10 trillion [2] Group 3 - Several lithium mining companies expect Zimbabwe's lithium ore exports to resume within one month after a temporary suspension [3] - Companies like Zhongmin Resources and Yahua Group are preparing to submit supplementary materials for export applications, indicating that the ban is expected to be lifted soon [3] Group 4 - Overseas tech companies are increasingly turning to loans backed by chips, particularly GPUs, to fund their substantial AI investments, with Moody's beginning to rate GPU-backed debt [4] - NAND flash memory prices are rising due to ongoing shortages, prompting major manufacturers like Phison to require advance payments from customers [4] Group 5 - The Chinese smartphone industry is set to experience a comprehensive price increase starting in March 2026, with new models expected to rise by at least 1,000 yuan [5] - Major brands such as OPPO, OnePlus, Vivo, iQOO, Xiaomi, and Honor are likely to raise prices for older models as well, marking a historic trend of simultaneous price hikes across all categories and brands [5] Group 6 - CCD cameras, once common, have seen a resurgence in popularity, with prices for certain models skyrocketing in the second-hand market [6] - Young consumers are driving this trend, primarily for the aesthetic quality of the images produced by these cameras [6] Group 7 - Baidu Group reported a total revenue of 32.7 billion yuan for Q4 2025, reflecting a year-on-year growth of 5% [7] - The net profit attributable to Baidu was 1.8 billion yuan, with a net profit margin of 5% [7] Group 8 - ByteDance's valuation is reportedly around $550 billion, as investment firm General Atlantic is selling part of its stake [8] - This valuation places ByteDance between Tencent and Alibaba in terms of market capitalization [8] Group 9 - New Hope Liuhe announced a cash investment of 74.87 million yuan to acquire a 70% stake in Luochuan Lingxian Company [9] - The investment will be used for both purchasing shares and increasing capital for the company [9] Group 10 - Aokema plans to acquire a 45% stake in its subsidiary Qingdao Aokema Smart Industry Co., Ltd. for 253 million yuan, aiming for full ownership [10] - The transaction is part of a strategy to consolidate control over its subsidiary [10]

日本首相高市早苗提名两名立场一致的货币政策鸽派人士进入日本央行董事会，这一做法毫不隐晦地表 明她反对加息，也让市场对日本央行未来的紧缩空间产生怀疑。 两名知情人士称，以往参与央行候选人提名筛选的日本财务省，此次被完全排除在外，首相对人选严格 保密。 周三公布的提名名单 —— 学者浅田东一郎与佐藤彩乃—— 出乎部分市场人士意料。此前市场认为高市 政府会选择立场更温和的候选人，消息公布后日元走低。 尽管日本央行未来数月仍有可能加息，但此次人事任命，对可能长达数年甚至数十年的货币政策正常化 进程，将产生长期影响。 分析人士认为，高市早苗对货币政策的强势介入，意味着明年另外两名鹰派董事任期届满时，她的政府 很可能继续向 9 人央行董事会塞入更多再通胀主义者。 如果这位鸽派首相执政时间足够长，2028 年央行行长植田和男及其两名副行长任期结束时，她还将有 权任命新一届央行高层 —— 这可能给曾屡遭政治干预的日本央行带来更大压力。 野村证券伦敦外汇策略师宫井雄介表示： "如果政府试图将日本央行政治化，日本可能出现与美国类似的情况 —— 债市与汇市双双遭到抛 售。""我不会说日本央行独立性目前已受威胁，但政府正试图在央行政 ...

格隆汇2月26日丨浙商证券(601878.SH)公布，浙商证券股份有限公司董事会于近日收到董事陈溪俊先生 的书面辞职报告。陈溪俊先生因个人原因向公司董事会提交书面辞职报告，申请辞去第四届董事会董事 职务，同时一并辞去董事会提名与薪酬委员会职务，其辞职自辞职报告到达董事会时生效。辞职后，陈 溪俊先生不再担任公司任何职务。 ...

Group 1 - Bank of America predicts gold prices may reach $6,000 per ounce within the next 12 months, while silver prices could exceed $100 per ounce again this year despite current demand concerns from solar panel manufacturers [1] - Citigroup analysts indicate that emerging markets are expected to be the most favored trading markets this year, with major asset management firms investing in emerging market stocks and bonds, betting on strong global economic growth and a weaker dollar [1] - ING suggests that investors looking to avoid volatility in the U.S. stock market due to AI developments may find European government bonds attractive, as they offer relatively stable yields amid rising U.S. market volatility [1] Group 2 - JPMorgan forecasts that the Bank of Thailand will maintain its policy interest rate at 1% until 2027 to preserve policy space amid rising uncertainties, with the Thai economy expected to accelerate further due to political stability post-election [2] - CITIC Securities reports that Zimbabwe's ban on lithium exports is likely to lead to a significant increase in lithium prices, as the country is projected to account for 12% of global lithium resource output by 2026 [3] - Huatai Securities notes that the U.S. designation of phosphate-based agricultural inputs as strategic resources could impact market prices, particularly if demand increases due to supply stability concerns [3] Group 3 - CITIC Securities believes that the non-ferrous metals bull market is far from over, suggesting that investors should hold positions but avoid blindly chasing prices, with opportunities arising during market corrections [4][5] - CICC reports that recent policy adjustments in Shanghai may help stabilize housing prices in key cities, as the supply-demand structure shows positive changes [5][6] - Galaxy Securities indicates that the real estate industry may see overall valuation recovery as housing demand is expected to be released, leading to a healthier market development [6][7]