中金公司（601995）(03908)发布公告，中国国际金融股份有限公司2023年面向专业投资者公开发行公 司债券(第一期)(品种二)，简称"23中金G2"。根据《债券回售结果公告》，发行人可对回售债券进行转 售，本期债券拟转售债券金额30亿元。经发行人最终确认，完成转售债券金额30亿元，注销未转售债券 金额0.00元。 ...

智通财经APP讯，中金公司(03908)发布公告，中国国际金融股份有限公司2023年面向专业投资者公开发 行公司债券(第一期)(品种二)，简称"23中金G2"。根据《债券回售结果公告》，发行人可对回售债券进 行转售，本期债券拟转售债券金额30亿元。经发行人最终确认，完成转售债券金额30亿元，注销未转售 债券金额0.00元。 ...

1. Report Industry Investment Rating - No information provided in the given content 2. Core Viewpoints of the Report - A-share market showed pre-holiday trading volume contraction, and broad-based indices stabilized. The overall ETF market had a net inflow of about -13.2 billion yuan in subscription and redemption funds last week [1][2]. - The copper - gold ratio can be regarded as a leading indicator of China's bond yields. Last week, China's 10 - year Treasury bond yield was basically flat compared to the previous week, while the US 10 - year Treasury bond yield decreased slightly [10]. 3. Summary by Relevant Catalogs Market Overall Situation: Broad - based Indices Stabilized, Comprehensive Sector Led the Rise - China's 10 - year Treasury bond yield was 1.79% on Friday last week, and the US 10 - year Treasury bond yield was 4.03% [1]. - The average daily trading volume of the Shanghai and Shenzhen stock markets was 2.0926 trillion yuan, a 12.30% decrease compared to the previous week. The margin trading balance was about 2.5724 trillion yuan, a decrease of about 74.7 billion yuan from the previous week. The average maintenance margin ratio of margin trading was 290% [11]. - Seven new stock - type ETFs were issued last week, with a total issuance scale of about 2.2 billion shares [11]. - Stock - type ETFs had a net outflow of about 48.7 billion yuan in subscription and redemption last week [12]. - The Shanghai Composite Index rose 0.41%, and the ChiNext Index rose 1.22%. Among the Shenwan primary industries, the comprehensive sector led the rise with a 15.28% increase, while the textile and apparel and food and beverage industries declined [12]. - The congestion indicator of the media industry in the Shenwan primary industries issued a warning last week [12]. Broad - based ETFs Had a Net Outflow of Subscription and Redemption Funds (1) Net Inflow of Subscription and Redemption Funds in Theme ETFs such as Hang Seng Tech, Robotics, and Sub - chemical - The overall ETF market had a net inflow of about -13.2 billion yuan in subscription and redemption funds. Stock - type ETFs had a net inflow of about -48.7 billion yuan, with broad - based ETFs having a net inflow of about -42.9 billion yuan and cross - border ETFs having a net inflow of about 9.7 billion yuan [26]. - The trading turnover rate of stock - type ETFs generally decreased last week [26]. - The CSI 300 and CSI A500 ETFs had a small net outflow of subscription and redemption funds. Theme ETFs such as robotics and sub - chemical had a net inflow of subscription and redemption funds. The Hang Seng Tech ETF also had a net inflow of subscription and redemption funds, and the gold ETF had a small net inflow [26]. (2) Net Inflow of Funds in Short - term Financing ETFs Last Week - Bond ETFs such as short - term financing had a net inflow of subscription and redemption funds, while theme ETFs such as the CSI 300 and CSI A500 had a net outflow [34]. (3) Overview of Newly Listed and Proposed - to - be - Listed ETFs - Twelve ETF funds were listed for trading last week, with a total share of about 5.3 billion. Ten ETFs that had completed fundraising were waiting to be listed, with a total share of about 3.4 billion [39].

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！ 2月24日消息，东方证券今日下午召开内部大会，宣布周磊出任东方证券党委书记。另有消息称，东方 证券的新董事长人选已经确认，周磊即将上任。 回顾此前，2026年2月7日，上海市政府公告，同意免去周磊同志的上海国际集团有限公司副总经理职 务。 2025年12月，东方证券公告称董事长龚德雄因工作调动离任，副董事长鲁伟铭代为履行董事长及法定代 表人职责。 资料显示，周磊，1978年7月出生，在职研究生学历，工商管理硕士学位，经济师。2000年7月参加工 作，曾任上海国际集团资产管理有限公司融资安排总部总经理、项目开发副总监，上海爱建信托投资有 限责任公司副总经理、风控合规负责人、总经理、董事，上海国有资产经营有限公司副总经理、总经 理、副董事长、董事长，上海国际集团有限公司投资总监等职务。2019年9月任上海国际集团有限公司 副总经理，兼任上海国际集团（香港）有限公司董事长、上海交易集团有限公司董事。2025年10月获提 名为中国太保非执行董事候选人。2016年至2021年曾担任国泰君安证券董事。 2025年12月，东方证券公告称董事长龚德雄因 ...

Core Insights - The report highlights the structural expansion of the rubidium and cesium market driven by the increasing penetration of perovskite solar cells and the development of space photovoltaics [7][12][13] Industry Overview - Perovskite solar cells (PSCs) are identified as a new type of solar cell with advantages such as low cost, high efficiency, lightweight, and flexibility compared to traditional silicon cells [7] - The report predicts that the penetration rate of perovskite solar cells in the photovoltaic market will rise significantly, from 1.3% in 2025 to 30% by 2030, driven by their cost-effectiveness and efficiency [9][12] Market Dynamics - The demand for rubidium and cesium is expected to grow substantially, with a projected CAGR of 115% from 2025 to 2030, as the perovskite battery market expands [12][16] - The report estimates that global demand for rubidium will increase from 37 tons in 2025 to 1696 tons by 2030, correlating with the anticipated growth in perovskite solar cell production [12][16] Technological Advancements - The stability of perovskite solar cells is a key challenge, but the addition of rubidium and cesium is expected to enhance their performance and longevity [8] - Flexible perovskite solar cells are anticipated to find applications in various fields, including building-integrated photovoltaics (BIPV), wearable devices, and automotive power generation [10][11] Future Outlook - The report suggests that the period from 2026 to 2027 will be crucial for the industrialization and validation of perovskite solar cells, with significant advancements expected in their application in space photovoltaics [13][14] - The integration of perovskite solar cells in space applications is projected to drive demand for rubidium significantly, with estimates indicating a potential need for 220 tons by 2030 due to space solar power initiatives [15][16]

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！ 从行业视角看，东方证券2025年的发展路径，避开了头部券商的全能化竞争，走出了特色化突围路线。 增长逻辑上，其更重质量而非规模，业绩高增源于业务结构优化与盈利能力提升，叠加稳定分红，股东 回报持续改善。 2025年的东方证券，以人事稳定保战略连续，以业务复苏兑现增长潜力，以特色定位抢占行业赛道。同 时，在行业高质量发展趋势下，东方证券也面临投行业务质量提升、局部合规补齐的挑战。 来源：金融人事mini 2025年资本市场逐步回暖，证券行业迎来修复性增长。 2025年12月，东方证券公告称董事长龚德雄因工作调动离任，副董事长鲁伟铭代为履行董事长及法定代 表人职责。 近日，券商人事获悉，东方证券的新董事长人选已经确认，为上海国际集团有限公司党委委员、副总裁 周磊。 周磊，1978年7月出生，在职研究生学历，工商管理硕士学位，经济师。2000年7月参加工作，曾任上海 国际集团资产管理有限公司融资安排总部总经理、项目开发副总监，上海爱建信托投资有限责任公司副 总经理、风控合规负责人、总经理、董事，上海国有资产经营有限公司副总经理、总经理、副董事 ...

摘要 过去一周，国内主要市场指数上涨，其中上证 50、沪深 300、中证 500 和中证 1000 涨跌幅分别为-0.06%、0.39%、1.9% 和 1.91%。 微盘股指标监控：轮动策略方面，由于微盘股对茅指数的相对净值为 2.41，仍高于其 243 日均线（1.91）；但万得微 盘股 20 日收盘价斜率为正，而茅指数斜率收负。量价轮动子策略部分仓位切换回微盘股指数；而从 M1 高点轮动的角 度来看，1 月份 M1 指标的 6 个月移动平均值已经下行，M1 轮动子策略中期配置从微盘股切换至茅指数。所以综合两 个子策略来看目前轮动策略处于均衡配置。而从中期微盘股择时角度来看，目前风控信号还没触发。对于持有微盘板 块投资者建议做好风险控制，以及密切跟踪相对净值、动量及中期风险指标的动态。 以上结果通过历史数据统计、建模和测算完成，在政策、市场环境发生变化时模型存在失效的风险。 敬请参阅最后一页特别声明 1 i 过去两周，国内方面，春节期间 AI 技术迎来了国民级的应用展示，多款国产人形机器人及大模型（如参与视觉定制 的 Seedance 2.0）在春晚舞台实现了深度的场景级互动。这进一步验证了国内 AI 技术 ...

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - After the Spring Festival, the equity market generally performs well, with small - cap and growth stocks having relative advantages. The Wind All - A Index usually has about 15 - 20 trading days of upward movement, with an average increase of about 5%. Small - cap stocks maintain an advantage for about 30 trading days, and growth stocks have an advantage for about 15 trading days. Technology and growth sectors may be the main trading directions, but small - cap stocks may be more suitable for short - term trading due to high valuations [1][10]. - Convertible bonds also perform well after the Spring Festival, but mainly focus on digesting high valuations. After the valuation increase from late December to before the Spring Festival, it is advisable to take profits at the right time [1][20]. - The seasonality of convertible bond terms is not obvious. The frequency of forced redemptions is relatively low in the second quarter, and the probability and frequency of downward revisions are more related to the equity market. Attention should be paid to the possible forced redemption wave in March [1][21]. - The issuance of convertible bonds has obvious seasonality, mainly concentrated around the annual and semi - annual reports. It is expected that there will be a relatively dense listing of convertible bonds around April 2026 [2][27]. - In terms of convertible bond strategies in March, it is recommended to take profits at the right time and maintain a balanced allocation. Be cautious about new and sub - new bonds, and explore near - maturity bonds with strong conversion demands. Pay attention to undervalued individual bonds in the medium - and low - parity range [3] Summary According to the Table of Contents I. Historical Seasonality of Equity and Convertible Bonds after the Spring Festival - **Equity Market**: After the Spring Festival, the Wind All - A Index generally rises, with an average increase of about 5% in about 15 - 20 trading days. Small - cap stocks have an advantage for about 30 trading days, and growth stocks have an advantage for about 15 trading days. Technology and growth may be the main trading directions, and small - cap stocks are suitable for short - term trading due to high valuations [1][10]. - **Convertible Bonds**: They perform well after the Spring Festival, benefiting from the strength of the equity market. However, they mainly digest high valuations after the pre - festival increase. It is recommended to take profits at the right time [1][20]. - **Terms**: The seasonality of forced redemptions and downward revisions is not obvious. The frequency of forced redemptions is low in the second quarter. Pay attention to the forced redemption wave in March [1][21]. - **Issuance**: The issuance has obvious seasonality, concentrated around the annual and semi - annual reports. It is expected that there will be a large number of convertible bonds listed around April [2][27] II. Convertible Bond Strategy: Take Profits at the Right Time in March and Maintain a Balanced Allocation - **Equity Market Outlook**: After a brief adjustment, the A - share market rebounded before the Spring Festival. In March, the equity market is expected to perform well. It is recommended to focus on technology and growth sectors, as well as sectors such as non - ferrous metals, cycles, energy, and mid - stream manufacturing [37]. - **Convertible Bond Valuation and Strategy**: The convertible bond valuation reached a new high. It is recommended to take profits at the right time. Be cautious about new and sub - new bonds, and explore near - maturity bonds with strong conversion demands. Adopt a balanced allocation strategy and pay attention to undervalued individual bonds in the medium - and low - parity range [3][40][41] III. Market Review: Convertible Bonds Rose Weekly, and Valuations Increased (一) Weekly Market Performance: The Convertible Bond Market Rose, and Most Equity Sectors Performed Strongly - **Index Performance**: Most major stock indexes rose last week. The CSI 300 Index rose 0.36%, the CSI 500 rose 1.88%, the CSI 1000 rose 1.90%, the CSI 2000 rose 1.17%, and the CSI Convertible Bond Index rose 1.08%. The convertible bond market followed the small - and medium - cap stocks [46]. - **Concept Performance**: Different concepts had different performances. Glass fiber, contribution to rising points, copper - clad laminates, etc. rose, while space photovoltaics, anti - tariff, etc. fell [49] (二) Valuation Performance: The Premium Rates of Convertible Bonds of All Ratings and Sizes Increased - **Convertible Bond Type Performance**: The closing price of equity - biased convertible bonds increased by 11.64%, that of debt - biased convertible bonds increased by 0.74%, and that of balanced convertible bonds increased by 0.02%. The proportion of bonds in the 120 - 130 yuan range increased significantly [52]. - **Rating, Size, and Parity Interval**: The premium rates of convertible bonds of all ratings and sizes increased. The AAA - rated bonds increased by 3.1pct, and the bonds with a size of over 5 billion yuan increased by 3.47pct. The premium rate of the over - 130 - yuan parity interval increased by 5.27pct [52] IV. Terms and Supply: Three Convertible Bonds Announced Forced Redemption, and the Total Newly Promoted Scale was about 2.475 billion yuan (一) Terms: Three Convertible Bonds Announced Forced Redemption, and the Board of Bairun Convertible Bond Proposed a Downward Revision - **Forced Redemption**: As of February 13, Linuo, Xinfu, and Zhonghe convertible bonds announced early redemption. Shuangliang convertible bond triggered the redemption conditions but did not announce. Many convertible bonds announced non - early redemption or expected to meet the forced redemption conditions [4][71]. - **Downward Revision**: Bairun convertible bond proposed a downward revision, Longda convertible bond announced the downward revision result. Three convertible bonds announced no downward revision, and ten convertible bonds were expected to trigger the downward revision [4][71] (二) Primary Market: No Convertible Bonds were Issued Last Week, and the Total Newly Promoted Scale was about 2.475 billion yuan - **Issuance and Listing**: No convertible bonds were issued last week, and Longjian convertible bond was listed with a scale of 100 million yuan. There are 376 issued and non - expired convertible bonds with a balance of 526.565 billion yuan. Aiwei convertible bond will be listed on February 26 [5][74]. - **New Progress**: Five companies added board proposals, one company passed the general meeting, three companies passed the CSRC review committee, and no company was approved by the CSRC. As of February 13, seven listed companies obtained approval for convertible bond issuance with a proposed scale of 536.3 million yuan. Four companies newly passed the CSRC review committee with a total scale of 696.6 million yuan, and five companies added board proposals with a total scale of 1.242 billion yuan [5][76][81]

（记者 曾健辉） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前核实。据此操作，风险自担。 每经讯，2026年2月24日，北交所上市公司惠丰钻石（920725，收盘价：37.72元）登上龙虎榜，交易方式是连续竞价，披露原因 是当日换手率达到23.85%，成交数量991.28万股，成交金额3.64亿元。买一席位为机构专用，买入969.59万元；卖一席位为机构 专用，卖出1364.56万元。 | | 2026-02-24惠丰钻石（920725） 龙虎榜 | | | | --- | --- | --- | --- | | 序号 | 交易营业部名称 | 买入金额(元) | 卖出金额(元) | | ポリ | 机构专用 | 9695925.1 | 13645572.57 | | 买2 | 东方财富证券股份有限公司拉萨东环路第一证券营业部 | 7853383.26 | 4891470.7 | | 买3 | 国信证券股份有限公司厦门湖滨北路证券营业部 | 7569346.72 | 29681 4 | | 买4 | 国信证券股份有限公司深圳互联网分公司 | 7380321.59 | 4978792.41 | | ન્ ...

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) ...