尊敬的投资者： 为进一步优化财通证券股份有限公司（以下简称"公司"）营业网点布局，经公司决议，决定撤销公司昆 明北京路、洞头霞光大道2家证券营业部。为保障您的权益及证券交易、资金划转的正常进行，现将相 关事项公告如下： 一、昆明北京路证券营业部客户整体迁移至西南分公司，洞头霞光大道证券营业部客户整体迁移至温州 六虹桥路证券营业部。您的证券交易及资金划转不受任何影响，您原先使用的资金账号、交易密码、资 金密码、交易方式、委托电话及交易软件等保持不变。 二、公司将按照《中华人民共和国证券法》和《证券公司分支机构监管规定》的相关要求，妥善处理客 户资产，结清证券业务并终止营业活动，并向证券营业部所在地中国证券监督管理委员会派出机构备 案。 三、如您有任何疑问，可选择以下联系方式进行咨询： 2.财通证券昆明北京路证券营业部地址：云南省昆明市盘龙区联盟街道北京路987号俊发中心6楼B区， 联系电话：0871-68260133 ； 3.财通证券西南分公司地址：中国（四川）自由贸易试验区成都高新区天府大道北段1199号3栋3102、 3103、3104、3105-1号，联系电话：028-62790868； 4.财通证券洞头 ...

尊敬的投资者： 1.公司统一客服热线：95336； 2.财通证券昆明北京路证券营业部地址：云南省昆明市盘龙区联盟街道北京路987号俊发中心6楼B区， 联系电话：0871-68260133 ； 3.财通证券西南分公司地址：中国（四川）自由贸易试验区成都高新区天府大道北段1199号3栋3102、 3103、3104、3105-1号，联系电话：028-62790868； 4.财通证券洞头霞光大道证券营业部地址：浙江省温州市洞头区霞光大道313号，联系电话： 0577- 21010060； 5.财通证券温州六虹桥路证券营业部地址：浙江省温州市鹿城区六虹桥路599号嘉业广场A幢303室-3， 联系电话：0577-28892000。 特此公告。 为进一步优化财通证券股份有限公司（以下简称"公司"）营业网点布局，经公司决议，决定撤销公司昆 明北京路、洞头霞光大道2家证券营业部。为保障您的权益及证券交易、资金划转的正常进行，现将相 关事项公告如下： 一、昆明北京路证券营业部客户整体迁移至西南分公司，洞头霞光大道证券营业部客户整体迁移至温州 六虹桥路证券营业部。您的证券交易及资金划转不受任何影响，您原先使用的资金账号、交易密码 ...

Core Viewpoint - Ctrip Group-S (09961) maintains a "Buy" rating by Caitong Securities, highlighting its strong competitive barriers as a leading player in the domestic OTA industry, with outbound and international business being key growth drivers for the medium to long term [1] Financial Performance - In Q4 2025, the company reported net operating revenue of 15.4 billion yuan (YoY +21%), exceeding expectations by 3.6%; adjusted EBITDA was 3.4 billion yuan (YoY +15%), and adjusted net profit attributable to shareholders was 3.5 billion yuan (YoY +15%), surpassing expectations by 7.7% [1] - Revenue projections for 2026-2028 are estimated at 71.7 billion yuan, 81.9 billion yuan, and 91.8 billion yuan respectively, with Non-GAAP net profit attributable to shareholders projected at 19.1 billion yuan, 21.9 billion yuan, and 24.8 billion yuan [1] Business Segment Performance - Q4 2025 accommodation booking revenue reached 6.3 billion yuan (YoY +21%), driven by strong demand for outbound and international hotel bookings; transportation ticketing revenue was 5.4 billion yuan (YoY +12%), with significant growth in international flight bookings; vacation revenue was 1.1 billion yuan (YoY +21%), benefiting from international service expansion; and business travel management revenue was 800 million yuan (YoY +15%), primarily due to growth in corporate clients [2] - The international OTA platform saw a year-on-year booking volume increase of approximately 60%, with Trip.com becoming a core driver of international revenue, raising its revenue share to 18% in Q4 2025; the company's internationalization strategy continues to deepen, opening up space for long-term growth [2] AI Integration - The AI Agent is not merely a "replacement for transactions" but is reshaping traffic entry points and decision-making processes; the company views AI traffic entry as a new distribution channel, efficiently directing external AI traffic through deeper Agent-to-Agent transactions [3] - The company leverages self-developed vertical Agents, utilizing years of accumulated real booking data, preferences, and high-quality reviews to continuously enhance advantages in real-time pricing, secure payments, and 24/7 global service, thereby improving conversion efficiency and service premium capabilities in the long term [3]

证券日报网讯 2月26日，财通证券（601108）在互动平台回答投资者提问时表示，公司一直以来高度重 视市值管理工作，通过聚焦主责主业，加强投资者沟通，不断提升公司内在投资价值，以务实举措维护 全体股东长期利益。2025年，公司积极落实市值管理有关要求，开展了3亿元股份回购、两次现金分红 等工作。公司上市以来已实施11次现金分红，且连续三年实施中期分红，累计分红金额约53亿元。后 续，公司在聚焦主业，积极提升经营质效的基础上，持续探索运用《上市公司监管指引第10号——市值 管理》中规定的方法维护公司市值，努力推动公司价值与市场价值的良性互动。 ...

Core Viewpoint - The announcement by Caitong Asset Management to waive subscription fees for all public funds in direct sales channels marks a significant shift in the public fund industry towards a service-oriented competition model, as the industry prepares for the implementation of new regulations in 2026 [1][2]. Group 1: Regulatory Changes - The China Securities Regulatory Commission (CSRC) has issued new regulations that prohibit fund managers from charging subscription fees and sales service fees starting January 1, 2026, with a 12-month transition period [1]. - The actions of Caitong Asset Management and Xingzheng Global Fund are seen as a proactive response to these upcoming regulations, indicating a move away from price competition [1]. Group 2: Industry Impact - The implementation of the new regulations is expected to standardize and democratize the public fund sales fee structure, significantly reducing investor costs and reshaping the competitive landscape [2]. - The shift towards a "zero-fee" era in direct sales is viewed as a direct benefit for investors, leading to lower investment costs and compelling institutions to enhance their professional services and long-term value creation capabilities [2]. Group 3: Strategic Focus - Fund companies are increasingly focusing on upgrading their services rather than competing solely on price, with an emphasis on research capabilities, asset allocation, and digital services [2]. - Xingzheng Global Fund plans to enhance its direct sales platform through technological improvements, optimizing transaction processes, and providing tangible fee reductions to investors, thereby promoting a focus on long-term asset management [2].

人民币汇率在马年伊始连续两日延续强势，在岸及离岸汇率双双为2023年4月以来最高水平。多家机构判断，本轮升值由美元弱势主导，但人民币 基本面同样构成支撑。只要美元信用尚未修复，叠加自身韧性加持，升值趋势有望延续。 2月25日，在岸人民币兑美元升破6.87关口，报6.8658，离岸人民币报6.8628，日内涨幅均超150点。东方金诚首席宏观分析师王青将本轮升值归结 为三重动力：中美经贸关系自2025年11月回稳，外部环境改善；美元持续走弱带动非美货币集体走强；以及出口企业结汇需求集中释放放大了升 值节奏。 高盛在2月20日的报告中维持人民币12个月目标6.70，认为人民币仍有约22%的低估空间；汇丰在2月16日的报告中将一季度末预测调至6.85，年底 目标降至6.75；财通证券2月15日研报表示，在极端假设下，人民币兑美元汇率存在逼近6.8的可能。若结售汇意愿持续高涨，甚至可能进一步升 值。上述共同指向信用驱动，美元持续恶化是核心动力。 谨慎观点同步浮现。王青提示，2026年美元指数有望企稳，沃什政策的实际影响值得高度关注，今年人民币基准升值的动能或将减弱。中信证券 首席经济学家明明亦指出，随着近期效应消退，企 ...

智通财经APP获悉，财通证券发布研报称，PCIe为服务器中的总线标准，数据传输速率不断提升。2025 年8月，PCI-SIG协会宣布正在开发的PCIe 8.0规范将把数据速率提升至256GT/s，并有望于2028年发布。 PCIe的通道配置是决定PCIe设备性能的关键因素，通道数决定PCIe插槽数量&长度的上限，随PCIe通道 数量提高，PCIe插槽需求量有望随之提高。受益于服务器CPU的不断更迭，适配服务器CPU的PCIe代际 &通道数有望逐步提升，并带来相关产业链的增量需求空间。 财通证券主要观点如下： PCIe为服务器中的总线标准，数据传输速率不断提升 风险提示 PCIe技术渗透不及预期，服务器需求不及预期，新一代服务器CPU渗透进度不及预期。 服务器CPU向着适配PCIe 6.0迭代，带来PCIe Retimer芯片增量空间 英特尔第六代服务器CPU已适配支持PCIe 5.0，AMD下一代EPYC霄龙服务器处理器"Venice"有望首次适 配PCIe 6.0，有望于2026年推出；PCIe协议快速发展，传输速率不断提升，另一方面，由于服务器的物 理尺寸受限于工业标准并没有很大的变化，导致整个链路的插损 ...

[Table_Page] 行业专题研究|证券Ⅱ 2026 年 2 月 25 日 证券研究报告 [Table_Title] 证券Ⅱ行业 如何理解建设金融强国下的券商的发展方向与投资机遇 | [Tabl 分析师： | 陈福 | 分析师： | 严漪澜 | | --- | --- | --- | --- | | e_Author] | SAC 执证号：S0260517050001 | | SAC 执证号：S0260524070005 | | | SFC CE.no: BOB667 | | | | | 0755-82535901 | | 0755-82544248 | | | chenfu@gf.com.cn | | yanyilan@gf.com.cn | | | 请注意，严漪澜并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管活动。 | | | [Table_Summary] 核心观点： 重点公司估值和财务分析表 | 相关研究 [Table_Report ： ] | | | --- | --- | | 证券Ⅱ行业:首部衍生品规章出台，打开券商杠杆提升空间 | 2026-01-18 | | 证券Ⅱ行业 ...

中国经济网北京2月25日讯 浙江证监局近日公布的关于对周博采取出具警示函措施的决定显示，经查，周博在财通证券股份有限公司金华八一南街证券 营业部（原兰溪街证券营业部）从业期间，存在违规为客户融资活动提供中介或其他便利的行为，违反了《证券经纪人管理暂行规定》（证监会公告 〔2020〕20号）第十二条第六项、《证券经纪业务管理办法》（证监会令第204号）第二十六条第二款第三项的规定。 中国证监会网站2月13日发布《关于对财通证券股份有限公司采取警示函措施的决定》。《警示函》显示，经查，中国证监会发现财通证券股份有限公 司（简称"财通证券"，601108.SH）存在以下违规行为：一是债券内控机制执行不到位，个别项目内核制衡性不足，质控内核意见跟踪落实不到位；二是承 销尽调不规范，个别项目对影响发行人偿债能力的财务会计信息等重大事项核查不充分；三是受托管理履职尽责不到位，个别项目未对存续期影响发行人偿 债能力事项进行充分关注，未能有效督促发行人履行信息披露义务。上述情形违反了《证券公司投资银行类业务内部控制指引》(证监会公告〔2018〕6号) 第五条第(五)项、第二十条、第六十一条，《公司债券发行与交易管理办法》(证 ...

Group 1 - The core viewpoint of the news is that multiple fund management companies have lifted restrictions on large subscriptions for several products, indicating a significant relaxation of liquidity control in the market [1][2] - As of February 24, the number of funds with subscription limits decreased from 1453 to 1340, and the average subscription limit increased from 9.24 million to 11.74 million, reflecting a clear trend of loosening restrictions [2] - The relaxation primarily affects bond, money market, and mixed funds, showcasing the confidence of institutions in current market allocation value and their intention to attract new investment [2][3] Group 2 - Concurrently with the lifting of subscription limits, fund companies have introduced fee discount activities in collaboration with distribution agencies to lower the entry costs for investors [3] - The dual measures of relaxing subscription limits and offering fee discounts send a positive signal to the market, indicating the industry's proactive approach to attract long-term capital and enhance the investor experience [3][4] - The recent actions in the fund market reflect a return to an "investor-centric" approach, providing easier access for ordinary investors and reducing investment costs, while emphasizing the importance of aligning product choices with individual risk tolerance [4]