2026年以来，港股IPO市场延续火热态势，募资总额较去年同期大增10倍。据数据统计，按上市日计 算，2026年1月1日至2月26日，共有24家公司在港交所挂牌上市，较去年同期增加15家；IPO募资额 892.26亿港元，较去年同期大增逾10倍。令人瞩目的是，AI赛道掀起的资本热潮仍在继续，壁仞科技、 智谱、MINIMAX等AI企业均完成港股上市。 据记者不完全统计，2026年以来，已有147家公司向港交所提交IPO招股书。截至目前，处于"待上 市""通过聆讯""处理中"的港交所排队企业391家，其中110家为A股上市公司。据港交所行政总裁陈翊庭 在马年新春开市仪式致辞时透露，目前港交所有488家企业正在排队等候上市，其中超过10家为国际公 司。 刚刚过去的2025年，港股IPO市场迎来强势复苏，全年共有119只新股挂牌上市，IPO募资总额高达 2856.93亿港元，IPO上市数量和募资规模双双攀升。这也是港交所时隔4年IPO募资规模再度突破2000亿 港元整数关，成功夺回全球IPO募资额榜首。 进入2026年，港股IPO市场的强劲势头不减。今年前两个月，已有24家企业成功上市，较去年同期增长 66.67%； ...

腊月二十六，除夕将近，在武汉东西湖区金银湖良品大厦，湖北工业大学电商专业大四学生汪馨馨和她 带领的39人团队，依然在工位上忙碌着。键盘敲击声、与客户的沟通声此起彼伏，构成了一曲别样 的"新春奋斗曲"。从1月8日到2月13日，这群年轻人放弃了寒假早日回乡与家人团聚的时光，在上市公 司良品铺子的总部，开启了一段带薪实习之旅。汪馨馨的笔记本上，密密麻麻记录着从OMS系统操 作、千牛平台对接到团购客服沟通、售后纠纷调解的各类要点，对她而言，这个新年最大的礼物，并非 红包，而是这份从电商理论到职场实战的宝贵"淬炼"。 这场新春里的实战历练，不仅是学子们的成长蜕变之旅，更是湖北工业大学自2014年起推行短学期实践 教育改革的生动缩影，彰显着"校企协同、实战砺能"的育人初心，让基层实践成为高校人才培养的鲜活 课堂。 实战熔炉炼真金 "这个寒假，我们用坚守代替休憩，用实践锤炼本领，这是最有意义的新年礼物。"作为实习团队队长， 汪馨馨的话语里满是收获与坚定。从1月8日到2月13日，她带领39名同学扎根良品铺子电商岗位，开启 了一场从理论到实操的全面蜕变，这也是该校电商专业连续三年开展上市企业寒假集中带薪实践。 初入职场，挑战接 ...

专题：2026年度投资策略|顶级基金公司、基金经理展望马年投资机会 马年A股喜迎"开门红"，节后首个交易日，A股三大指数全线高开收涨。 针对节后A股市场行情，长城基金高级宏观策略研究员汪立表示，A股市场有望企稳回升，当前市场存 在多重积极支撑因素。一是无风险收益率下行与资本市场改革持续深化，贴现率下行对市场估值形成支 撑，为A股营造了良好的流动性环境；二是内需政策全面发力，经济工作将内需置于首要位置，市场对 传统内需板块的悲观预期有望逐步修正，消费与投资端均迎来政策与基本面共振；三是出口景气度向好 预期明确，叠加国内新技术产业突破与全球化扩张提速，共同推动2026年中国经济预期实质性企稳上 修，成为A股上行的关键动力。 投资思路上，汪立认为，新兴科技是主线，价值股也会有春天。中国经济工作的重心正转向内需主导， 并作为首要任务，内需复苏、物价回升与地产企稳"预期"会推动经济预期上修。目前内需板块预期与交 易出清，价值股有望迎来拐点。 军工，以及储能、电网等出海制造，因为中美的竞争不再只是贸易的竞争，更是生产效率的竞争；大金 融方向或可关注券商、保险等细分方向，作为市场稳定器，该板块将充分受益于财富管理需求的持续 ...

Core Insights - The outdoor sports market is experiencing increasing polarization, with companies like Amer Sports showing significant growth while others like Li Ning and Anta are struggling [1][3][5]. Financial Performance - Amer Sports reported a 27% year-on-year revenue increase to $6.566 billion for the fiscal year ending December 31, 2025, with adjusted net profit rising to $545 million from $236 million in 2024 [1][2]. - In Q4 2025, Amer Sports' revenue grew by 28% to $2.101 billion, with adjusted net profit reaching $176 million, up from $90 million in the same quarter of 2024 [2]. - The Greater China region was a key growth driver for Amer Sports, with annual revenue increasing by 43.4% to $1.86 billion, and Q4 growth reaching 41.8% [2]. Market Comparison - In contrast, Li Ning's sales in Q4 2025 showed a low single-digit decline across all channels, with offline retail and wholesale channels experiencing mid-single-digit declines [3]. - Anta's main brand retail revenue also saw a low single-digit decline, while Nike's sales in China dropped by 16% to $1.423 billion [4]. Market Dynamics - The disparity in performance between Amer Sports and its competitors may be attributed to the resilience of the high-end consumer market, represented by brands like Arc'teryx, compared to the mid-range market [5]. - The outdoor sports market is perceived to have substantial growth potential, prompting increased investments from competitors like Nike and Li Ning in this segment [6][7].

Group 1: Performance of Amer Sports - Amer Sports reported a revenue increase of 27% to $6.566 billion for the fiscal year ending December 31, 2025, with adjusted net profit rising to $545 million from $236 million in 2024 [1] - In Q4 2025, Amer Sports' revenue grew by 28% to $2.101 billion, with adjusted net profit reaching $176 million compared to $90 million in the same period of 2024 [1] - The Greater China region was a significant growth driver, with annual revenue increasing by 43.4% to $1.86 billion and Q4 growth reaching 41.8% [1] Group 2: Comparison with Competitors - In contrast, Li Ning's sales in Q4 2025 showed a low single-digit decline across all channels, with offline channels experiencing a mid-single-digit decline [2] - Anta's main brand retail revenue also saw a low single-digit decline, while Nike's sales in China dropped by 16% to $1.423 billion [2] - The performance disparity may indicate that the high-end market, represented by brands like Arc'teryx, is more resilient compared to the mid-range market [3] Group 3: Market Trends and Competition - The outdoor sports market is perceived to have significant growth potential, prompting brands like Nike and Li Ning to increase their investments in this sector [4] - The competitive landscape in the domestic outdoor market is expected to intensify as major brands expand their presence [5]

Investment Rating - The investment rating for the consumer staples sector in China is "Outperform" for multiple companies including Moutai, Wuliangye, and others [1]. Core Insights - Premium baijiu wholesale prices have rebounded month-on-month, while discounts on liquid milk and condiments have narrowed [1][11]. - The report highlights the resilience of consumer stocks amidst a volatile market, emphasizing their value [3]. Summary by Relevant Sections Baijiu Pricing - Moutai's wholesale prices for Feitian (case and single bottle) are 1700 and 1650 yuan respectively, with month-on-month increases of +100 and +70 yuan. Year-to-date changes are +100 and +60 yuan, but year-on-year changes are -530 and -560 yuan [10][40]. - Wuliangye's eighth-generation price remains stable at 830 yuan, with a year-to-date increase of +10 yuan and a year-on-year decrease of -105 yuan [4][40]. - Luzhou Laojiao's Guojiao 1573 price is 870 yuan, up by +20 yuan month-on-month and +20 yuan year-to-date, with a year-on-year increase of +10 yuan [4][40]. - Other notable prices include Shanxi Fenjiu and various products from Yanghe and Gujing Gongjiu, showing mixed trends in pricing [10][40]. Discounts on Consumer Products - Discounts on liquid milk products have decreased from an average of 62.8% to 61.4% and from 63.4% to 61.7% for median values [19][37]. - Discounts on condiments have also narrowed from 87.1% to 85.0% (average) and from 88.2% to 84.9% (median) [19][37]. - Conversely, discounts on convenience foods have slightly increased, with average discounts moving from 94.8% to 94.6% [20][37]. - Beer, soft drinks, and infant formula discounts have remained stable, with slight variations in average and median rates [21][38].

从日内信息捕捉大资金行为：主角取筹因子 核心观点 ❑ 主角取酬因子选股效能 实证检验表明，该因子在全市场及绝大多数行业内部均能有效选股，证实其逻辑 超越行业基本面，是一种普适的市场行为模式。同时，因子在不同市值域均有选 股效用，但是在小市值域内选股效果最好。这与不同市值板块的投资者结构和定 价效率差异相符。 ❑ 风险提示 本文中的模型及统计结果均基于历史数据统计得到，历史数据不代表未来。 本文回测的因子表现为历史情况，不代表未来收益。 本文涉及个股仅为因子计算举例使用，不代表任何投资观点。 证券研究报告 | 金融工程深度 主角取筹因子旨在通过捕捉日内成交量变化的剧烈程度，间接度量大资金（机构、私 募、游资等）的活跃交易行为。其基本假设是：大资金的急切成交或者拆单交易会导 致成交量在短周期内出现脉冲或持续的缩放，而这种模式与个人投资者的小额随机交 易不同。因子值越高，表明当日该股票有越多的大资金进行频繁或激烈的交易，暗示 信息可能正在被消化但尚未完全定价，从而对未来的价格走势具有预测意义。 金融工程深度 报告日期：2026 年 02 月 25 日 ❑ 从日内信息捕捉主角行为 个人投资者交易难以形成持续的成交量缩 ...

近期，雀巢集团对外发布 2025 财年完整业绩，这份跨越百年的食品巨头成绩单，呈现出鲜明的矛盾 性。全年实现销售额 894.9 亿瑞士法郎，同比下滑 2%；净利润 90.33 亿瑞士法郎，同比大幅回落 17%。若剔除汇率波动干扰，集团有机增长率达 3.5%，较 2024 年提升 1.3 个百分点，下半年增长动能 持续修复。一面是全球业务逐季回暖，一面是大中华区显著失速；一面靠提价勉强支撑增长，一面启动 史上最坚决的业务聚焦与组织精简，雀巢正站在战略转型的关键十字路口。 从业绩构成来看，全年 3.5% 的有机增长中，定价贡献达到 2.8%，实际内部增长仅 0.8%，高度依赖提 价对冲咖啡、可可等原材料成本上涨，成为集团增长的核心特征。随着四季度有机增长率升至 4%，实 际内部增长从上半年 0.2% 提升至下半年 1.4%，战略调整效果逐步显现，基础交易营业利润率稳定在 16.1%，自由现金流保持健康水平。 品类与区域的分化在财报中体现得尤为明显。固体及液体饮料、糖果品类分别实现 7.3%、8.2% 的有机 增长，成为核心增长引擎，雀巢咖啡、奇巧等品牌凭借定价策略支撑业绩；宠物护理业务稳健增长 2.2%，全球市场 ...

证券日报网讯 2月25日，好想你（002582）在互动平台回答投资者提问时表示，公司高度重视市值管理 工作，通过聚焦主业、强化投资者回报等方式致力于提升内在价值。2026年年货节期间核心产品已进入 销售旺季，公司始终以"高品质，高价值，优服务"的经营理念回馈广大消费者。近期股价波动受到宏观 经济、行业趋势及市场情绪等多重复杂因素的共同影响，公司恳请投资者理性看待市场波动，公司更注 重内在价值的提升，未来将持续以扎实的业绩回报投资者。 ...

Core Insights - The sales scale of food and daily necessities during the 2026 Douyin New Year Festival reached a new high, significantly increasing compared to the previous two years, indicating a steady rise in the New Year consumption market and a core transformation in shopping basket structure [1][9] - The traditional New Year product categories are undergoing deep adjustments, with significant differences in performance among three major categories: traditional New Year goods, health products, and other food and beverage categories [1][12] Group 1: Traditional New Year Goods - The traditional New Year goods category, including festive supplies and cultural creativity, continues to grow, while snacks, nuts, and specialties are core but overall declining, with alcoholic beverages experiencing a sharp decline, particularly in white liquor [1][12][17] - Within the snacks category, products like dried meat and puffed snacks are experiencing rapid growth, while traditional nuts are facing a downturn [1][22] - The festive supplies and cultural creativity segment shows strong growth, with holiday decoration items and cultural creative products becoming key growth drivers [17][23] Group 2: Health Products - The health product category has seen explosive growth, with traditional nourishing products like bird's nest accounting for 43% of the market share, and dietary supplements becoming a core growth engine [1][24][31] - Personal health and care appliances, such as massage chairs and sofas, are also experiencing significant growth, becoming new drivers of New Year consumption [1][27][31] Group 3: Other Food and Beverage Categories - Other food categories are steadily growing, with fresh products like low-temperature meat and eggs experiencing explosive growth, and staple foods like grains and oils showing remarkable increases [1][34] - Specialty tea products, such as jasmine tea and white tea, are gaining popularity, while coffee and instant cereals are transitioning towards health and youth-oriented trends [1][34] Group 4: Consumer Behavior Trends - The New Year consumption is showing multiple upgrade trends, with a continuous optimization of product and shopping basket combinations, shifting from a focus on cost-effectiveness to prioritizing quality and emotional value [2][3] - The shopping basket composition is increasingly characterized by cross-category integration, with traditional New Year goods coexisting with health products and quality fresh foods [2][3]