关税压力有望释放，退税或将增厚利润 1)关税压力有望释放。目前美国对中国商品征收的关税主要分为四类叠加，301关税、232关税、122关 税、以及专项税种。此轮裁决对关税产生结构性影响，取消IEEPA下的专项税种(对等+芬太尼关税合计 20%)后，特政府新增122条款关税(15%)。公司2024年美国市场收入占比13%，关税压力有望释放。2)关 税条款限制增加。122条款受到法定上限与有效期约束，最高不得超过15%，法定有效期仅为150天。3) 退税或将增厚利润。裁决提到，此前已缴纳的相关关税可能涉及退税补偿。若能追回此前缴纳的关税， 将直接增厚2026年的净利润。 公司业务稳健，持续受益增长红利 国泰海通证券发布研报称，维持康耐特光学(02276)"增持"评级，给予目标价74.3元港币，考虑到受益智 能眼镜发展趋势且产品结构优化，该行保持预测公司2025-2027年归母净利至5.6/7.1/8.7亿元人民币，增 速31%/25%/23%;参考可比公司估值，给予公司2026年48倍PE。 公司在2026年1月已完成14亿港元配售筹资，用于XR配套业务量产产线及购置计量与检测设备(40%)、 建立精密光学配套中 ...

Core Viewpoint - Cathay Securities maintains a "Buy" rating for MINIMAX-WP (00100) with a target price of HKD 1012, slightly adjusting the company's revenue projections for 2025-2027 to USD 0.7/2.2/5.5 billion, considering its unique position as a global multimodal model in the Hong Kong stock market and the strong catalyst from the recent M2.5 flagship model release, assigning a 186x PS for 2026 [1] Group 1: Technical Capabilities - MiniMax M2.5 leverages MoE architecture optimization and the native Agent RL framework Forge, achieving industry-leading performance in programming, tool invocation, search, and office productivity scenarios, with core metrics comparable to top overseas models like Claude Opus 4.5 [1] - The model's inference speed reaches 100 TPS, which is double the industry average, and SWE-Bench Verified task processing speed has improved by 37% compared to M2.1, demonstrating a dual breakthrough in performance enhancement and efficiency optimization [1] Group 2: Cost Control and Commercial Viability - M2.5 establishes a leading cost advantage through token consumption optimization, parallel tool invocation upgrades, and tiered pricing design, overcoming economic barriers for large-scale Agent operations [2] - The pricing strategy includes a dual-version approach, with a 100 TPS fast version costing only USD 1 for continuous operation for one hour, and a 50 TPS version priced as low as USD 0.3, making it 1/10 to 1/20 the cost of overseas models like Claude Opus, Gemini 3 Pro, and GPT-5, positioning it as a global benchmark for high cost-performance models [2] Group 3: Product Iteration and Ecosystem Development - MiniMax demonstrates industry-leading model iteration speed, completing updates for M2, M2.1, and M2.5 within 108 days, significantly outpacing overseas giants like Anthropic, OpenAI, and Google, thanks to deep synergy between large-scale reinforcement learning and engineering capabilities [3] - The M2.5 model is fully integrated into the MiniMax Agent platform, refining core Office Skills capabilities and enabling users to create reusable industry experts, with over 10,000 custom experts now available covering high-frequency scenarios in office, finance, and programming [3]

Core Viewpoint - Cathay Securities maintains an "overweight" rating for MINIMAX-WP (00100) with a target price of 1012 HKD, slightly adjusting the company's revenue forecast for 2025-2027 to 0.7/2.2/5.5 billion USD, considering its unique position as a global multimodal large model in the Hong Kong stock market and the strong catalyst from the recent M2.5 flagship model release, assigning a 186x PS for 2026 [1] Group 1: Technical Capabilities - MiniMax M2.5 leverages MoE architecture optimization and the native Agent RL framework Forge, achieving industry-leading performance in programming, tool invocation, search, and office productivity scenarios, with core metrics comparable to top overseas models like Claude Opus 4.5 [1] - The model's inference speed reaches 100 TPS, which is double the industry average, and SWE-Bench Verified task processing speed has improved by 37% compared to M2.1, demonstrating a dual breakthrough in performance enhancement and efficiency optimization [1] Group 2: Cost Control and Commercial Viability - M2.5 establishes a leading cost advantage through token consumption optimization, parallel tool invocation upgrades, and tiered pricing design, overcoming economic barriers for large-scale Agent operations [2] - The pricing strategy includes a dual-version approach, with a 100 TPS fast version costing only 1 USD for continuous operation for one hour, and a 50 TPS version priced as low as 0.3 USD, making it 1/10 to 1/20 the cost of overseas models like Claude Opus, Gemini 3 Pro, and GPT-5, positioning it as a global benchmark for high cost-performance large models [2] Group 3: Product Iteration and Ecosystem Development - MiniMax demonstrates industry-leading model iteration speed, completing updates for M2, M2.1, and M2.5 within 108 days, significantly outpacing overseas giants like Anthropic, OpenAI, and Google, thanks to deep synergy between large-scale reinforcement learning and engineering capabilities [3] - The M2.5 model is fully integrated into the MiniMax Agent platform, refining core Office Skills capabilities and enabling users to create reusable industry experts, with over 10,000 custom experts now available covering high-frequency scenarios in office, finance, and programming [3]

登录新浪财经APP 搜索【信披】查看更多考评等级 一、公募REITs基本信息 ■ 注：2025年9月29日，国泰海通临港创新智造产业园封闭式基础设施证券投资基金由国泰君安临港创新 智造产业园封闭式基础设施证券投资基金变更而来。 二、解除限售份额基本情况 本基金定向扩募竞价投资者限售份额自基金扩募上市之日（2025年8月29日）起锁定6个月，将于2026年 3月2日解除限售，本次解除限售份额均为定向扩募竞价投资者限售份额，共计116,636,584份，其中场内 解除限售份额116,636,584份，场外解除锁定份额为0份。 本次定向扩募竞价投资者限售份额上市流通前，可在二级市场直接交易的本基金流通份额为160,000,000 份，占本基金全部基金份额的27.17%。本次定向扩募竞价投资者限售份额后，可流通份额合计为 276,636,584份，占本基金全部基金份额的46.98%。 （一）公募REITs场内份额解除限售 1.本次解除限售的份额情况 ■ 注：上述份额限售期自本基金扩募份额上市之日起计算。 （二）公募REITs场外份额解除锁定 本基金不存在场外份额解除锁定的情形。 三、不动产项目的主要经营业绩 本基金首 ...

上证公告（基金）【2026】370号 2026年02月24日 为促进招商中证国债及政策性金融债0-3年交易型开放式指数证券投资基金（以下简称国债政金， 基金代码:511580）的市场流动性和平稳运行，根据《上海证券交易所基金自律监管规则适用指引第2号 ——上市基金做市业务》等相关规定，本所同意国泰海通证券股份有限公司自2026年02月25日起为国债 政金提供主做市服务。 特此公告。 上海证券交易所 ...

特此公告。 上海证券交易所 上证公告（基金）【2026】369号 为促进南方上证基准做市公司债交易型开放式指数证券投资基金（以下简称沪公司债，基金代 码:511070）的市场流动性和平稳运行，根据《上海证券交易所基金自律监管规则适用指引第2号——上 市基金做市业务》等相关规定，本所同意国泰海通证券股份有限公司自2026年02月25日起为沪公司债提 供主做市服务。 2026年02月24日 ...

量化择时和拥挤度预警周报（20260220） [Table_Authors] 郑雅斌(分析师) 中盘股或先开启上行趋势 本报告导读： 从技术面来看，高频资金流模型继续显示各大宽基指数信号依旧为负向，但偏向左 侧布局的情绪模型信号转正。结合春节后的日历效应，我们认为，以中证 500 指数 为首的中盘股或先开启上行趋势。 投资要点： | | | | | 021-23219395 | | --- | --- | | | zhengyabin@gtht.com | | 登记编号 | S0880525040105 | | | 曹君豪(分析师) | | | 021-23185657 | | | caojunhao@gtht.com | | 登记编号 | S0880525040094 | [Table_Report] 相关报告 请务必阅读正文之后的免责条款部分 金 融 工 程 周 报 高频选股因子周报（20260209-20260213） 2026.02.16 低频选股因子周报（2026.02.06-2026.02.13） 2026.02.14 绝对收益产品及策略周报（260202-260206） 2026.02.11 大 ...

第三，产业链：多元化重构。美国加大从越南、墨西哥、爱尔兰、 瑞士以及泰国等地区进口，基本对冲了中国下降的份额；中国对越 南、泰国、俄罗斯、马来西亚、墨西哥、印尼、巴西、阿联酋以及 印度等加大出口，完全对冲了对美出口的下降。具体商品来看，美 国自中国进口的重点产品都面临实际关税的大幅增加，美国自中国 进口依赖度明显下降，中国对美国出口份额也明显下降。美国加大 自北美和东南亚的进口来对冲中国下滑的份额，中国则加大对东南 亚和中东的出口来对冲美国下滑的份额。 风险提示：海外风险上升，数据测算存在偏差。 | | 021-23154149 | | --- | --- | | | lijun8@gtht.com | | 登记编号 | S0880525040063 | | | 梁中华(分析师) | | | 021-23219820 | 关税一周年：全球贸易重塑的"真相" [Table_Authors] 李俊(分析师) 关税透视研究一 本报告导读： 自美国总统特朗普在 2025 年初提出新一轮关税政策以来，全球贸易已经遭受关税干 扰一年之久。本文拟从美国进口关税视角，全面分析各国、各产品实际落地的关税 水平，并进一步分析关税 ...

春节出行和消费市场呈温和回升、层次鲜明特征，政策聚焦扩内需优结构，实体、物价、流动性各维度 数据表现分化。春运前19天跨区域人员流动日均2.48亿人次、同比增5.1%，水运成增长亮点，出行市场 进入常态化周期；商品消费依托政策与消费升级实现量价回升，智能产品成亮点，服务消费中旅游表现 亮眼，电影消费受供给质量影响表现平淡。近两周政策围绕扩内需稳增长、优结构强创新双线发力，兼 顾短期与中长期发展。实体端内需待振外需亮眼，生产分化，基建资金充裕但项目短缺问题的仍存，节 前停工早于往年，出口仍有韧性或对经济起到托底作用，生产分化持续；物价上CPI小幅上涨、PPI整体 平稳；流动性保持合理充裕，人民币持续升值。 本文来自格隆汇专栏：梁中华宏观研究 作者：李林芷、邵睿思、梁中华 投资要点 风险提示：贸易局势不确定性，国内需求修复不及预期。 1、春节：出行和消费温和改善 2026年春节出行和消费市场呈现出温和回升、层次鲜明的运行特征，商品消费托底、服务消费需求主 导，新质生产力向消费端的落地转化，更成为此次春节消费的亮眼新增长点。 人员流动：长假支撑下需求进一步释放，出行结构多元升级。国内春运已从过去的"单向返乡大迁徙" ...

Group 1 - The forum discusses the new trends in the REITs market expected by 2026, highlighting the importance of real estate investment [5][6] - There is a focus on the development and business opportunities of digital RMB, indicating a shift in financial transactions and investments [5] - The outlook for interest rates and investment trends for 2026 is presented, emphasizing the need for strategic asset allocation from institutions to individual investors [6] Group 2 - The banking sector's operational outlook for 2026 is analyzed, with insights into financial market business prospects [6] - The forum includes discussions on the high-quality development of the real estate sector during the 15th Five-Year Plan, indicating a strategic focus on sustainable growth [6] - The event is organized by Guotai Junan Securities, showcasing their commitment to providing research and analysis in non-bank financial services, banking, and real estate [5][6]