Group 1 - The core viewpoint of the report is that Lenovo Group is expected to see adjusted net profit growth of 25.1%, 12.3%, and 11.3% for FY25/26 to FY27/28, reaching $1.8 billion, $2.03 billion, and $2.25 billion respectively, with a corresponding PE of 8.2, 7.3, and 6.5, maintaining a "Buy" rating [1] Group 2 - The company's revenue increased by 18.1% year-on-year to $22.2 billion, exceeding institutional expectations by 7%, with a gross margin of 15.1%, slightly below expectations by 0.31 percentage points [2] - Adjusted net profit grew by 37.1% year-on-year to $590 million, surpassing institutional expectations by 27.2% [2] Group 3 - AIPC segment reported revenue of $15.76 billion, exceeding expectations by 5.3%, with a year-on-year growth of 14.3% and a quarter-on-quarter growth of 4.3%, achieving an operating margin of 7.3%, which is above expectations by 0.16 percentage points [2] - Motorola's smartphone business achieved record highs in both sales and activations [2] Group 4 - ISG segment generated revenue of $5.18 billion, exceeding expectations by 15%, with a year-on-year growth of 31.4% and a quarter-on-quarter growth of 26.6%, driven by strong demand for AI server business, with a project reserve of $15.5 billion [2] Group 5 - SSG segment achieved revenue of $2.65 billion, exceeding expectations by 3.6%, with a year-on-year growth of 17.5% and an operating margin of 22.5%, above expectations by 0.6 percentage points, driven by accelerated growth in TruScale and infrastructure services [3]

Core Viewpoint - The report from Caitong Securities projects Lenovo Group's adjusted net profit growth of 25.1%, 12.3%, and 11.3% for FY25/26 to FY27/28, reaching $1.8 billion, $2.03 billion, and $2.25 billion respectively, with corresponding PE ratios of 8.2, 7.3, and 6.5, maintaining a "Buy" rating [1] Group 1 - Company revenue increased by 18.1% to $22.2 billion, exceeding institutional expectations by 7%, with a gross margin of 15.1%, slightly below expectations by 0.31 percentage points [2] - Adjusted net profit rose by 37.1% to $590 million, surpassing institutional expectations by 27.2% [2] - AIPC segment reported revenue of $15.76 billion, exceeding expectations by 5.3%, with a year-on-year growth of 14.3% and a quarter-on-quarter growth of 4.3% [2] Group 2 - ISG segment achieved revenue of $5.18 billion, exceeding expectations by 15%, with a year-on-year growth of 31.4% and a quarter-on-quarter growth of 26.6%, supported by strong AI server business growth [2] - SSG segment reported revenue of $2.65 billion, exceeding expectations by 3.6%, with a year-on-year growth of 17.5% and an operating margin of 22.5%, which is 0.6 percentage points above expectations [3] - TruScale and infrastructure as a service segments are experiencing accelerated growth, contributing to the overall revenue increase [3]

财通证券（601108）发布研报称，预计华润饮料(02460)2026-2027年实现营业收入118/127亿元（同比变 动+7%/+7% ），归母净利润12.1/14.0亿元（同比变动+26%/+16%），对应PE分别为21X/18X，维持"增 持"评级。 财通证券主要观点如下： 水业务挑战与机遇共存 该行认为，数字化能够有效赋能饮料生产端及渠道端，在生产端，根据中国食品工业协会，数字化智能 化改造能将饮料生产的综合效率提升20%-30%；在渠道端，目前东鹏饮料（605499）凭借"五码合一"掌 握终端动销数据，实现单点效益的有效监控。公司在数字化建设方面仍有较为充足的发展空间，2012- 2020年期间高立先生担任华润饮料财务总监，曾经全面推广终端管理系统SUP和经销商协同平台 DMS，后续有望引领公司打造全链路数字化。 渠道扁平化改革 2025年公司推行渠道改革，通过渠道层级削减、增加单层级利润，提升渠道效率以及客户积极性，同时 设立饮料专项经销商、拓展新兴渠道（扩大线上销售、自动贩卖机销售）、突破餐饮等核心渠道、开发 特渠经销商。该行认为渠道改革虽然短期会引起业绩端阵痛，但长期来看将利好公司增强终端掌 ...

Investment Rating - The report maintains a "Market Perform" rating for the brokerage sector, indicating a synchronized performance with the market [1]. Core Insights - The brokerage index attempted to strengthen in January 2026 but ultimately failed, resulting in a decline of 1.49%, underperforming the CSI 300 index, which rose by 1.65% [5][8]. - The brokerage sector experienced increased differentiation, with a notable number of stocks outperforming the brokerage index, leading to a higher average P/B ratio fluctuating between 1.426 and 1.541 times [5][11][14]. - The overall market conditions for January 2026 were characterized by a significant increase in trading volumes and a record high in margin financing balances, indicating a robust trading environment despite the sector's overall weakness [7][30]. Summary by Sections 1. January 2026 Brokerage Market Review - The brokerage index's performance was weak, with a 1.49% decline, ranking 28th among 30 industry indices [5][8]. - The average P/B ratio for the brokerage sector fluctuated between 1.426 and 1.541 times, reflecting a slight increase in valuation [14]. - A total trading volume of 1.03 trillion yuan was recorded, marking a 40.1% increase month-on-month [9]. 2. Key Market Factors Impacting January 2026 Performance - The equity market faced resistance after an initial rise, while the fixed income market showed signs of mild recovery, contributing to a rebound in proprietary trading [7][18]. - The average daily trading volume reached a historical high of 3.05 trillion yuan, with a total monthly trading volume of 60.90 trillion yuan, indicating a strong recovery in brokerage activity [26]. - Margin financing balances reached 27,153 billion yuan, reflecting a 6.9% month-on-month increase and a 53.1% year-on-year increase [30]. 3. February 2026 Performance Outlook for Listed Brokerages - Proprietary trading is expected to decline due to a cooling equity market, while brokerage activity may experience a seasonal drop in performance [7][40]. - The brokerage index is anticipated to face continued weakness, with a potential drop in overall monthly performance expected to return to relative lows seen in the previous 12 months [7][45]. - The report suggests that if the brokerage sector's valuation drops to 1.3x P/B, it may present a good opportunity for re-entry, particularly for leading firms with strong wealth management capabilities [7].

中国经济网北京2月24日讯 近日，财通资管公告，财通资管鑫锐混合、财通资管睿兴债券、财通资 管稳兴增益六个月持有期混合增聘陈浩。 财通资管稳兴增益六个月持有期混合A/C成立于2022年3月9日，截至2026年2月13日，其今年来收 益率为2.38%、2.33%，成立来收益率为11.87%、10.13%，累计净值为1.1187元、1.1013元。 | 基金名称 | 财通资管鑫锐回报混合型证券投资基金 | | --- | --- | | 基金简称 | 财通资管鑫锐混合 | | 基金主代码 | 004900 | | 基金管理人名称 | 财通证券资产管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》 | | 基金经理变更类型 | 兼有增聘和解聘基金经理 | | 新任基金经理姓名 | 陈浩 | | 共同管理本基金的其他基 | 马航 | | 金经理姓名 | | | 离任基金经理姓名 | 石玉山 | | 基金名称 | 财通资管率兴债券型证券投资基金 | | --- | --- | | 基金简称 | 财通资管率兴债券 | | 基金主代码 | 016432 | | 基金管理人名称 | 财通证券资产管理 ...

智通财经APP获悉，财通证券发布研报称，燃气轮机因更高效率、更低度电成本覆盖适配区域级主用调 峰与大型集群基荷供电。海外重燃主机厂扩产节奏克制，供需硬缺口将长期延续，核心原因在于头部厂 商扩产周期(3-5年)滞后于AIDC、调峰等需求爆发。从三大主机厂看，GEV、西门子能源、三菱重工在 手订单饱满，排产均至2029年。受益于天然气作为清洁能源占比提升、海外工业矿山离网用电需求增 长、AIDC用电需求爆发等因素，看好燃气轮机+燃气内燃机全产业链的景气度。 财通证券主要观点如下： 相关标的 燃气内燃机：潍柴动力(000338.SZ,02338)；船用发动机：中国动力(600482.SH)、潍柴重机 (000880.SZ)；燃气轮机：出海北美数据中心供电+热管理一体化解决方案杰瑞股份(002353.SZ)；自主可 控：东方电气(600875.SH,01072)；核心零部件：应流股份(603308.SH)、豪迈科技(002595.SZ)、万泽股 份(000534.SZ)、联德股份(605060.SH)；余热锅炉联合循环(HRSG)：博盈特焊(001276.SZ)、西子节能 (002534.SZ)等。 风险提示 技术迭 ...

2月24日，长芯博创涨5.27%，截至发稿，报164.75元/股，成交16.73亿元，换手率3.82%，总市值480.36 亿元。 从基金十大重仓股角度 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 数据显示，财通证券资管旗下1只基金重仓长芯博创。财通资管数字经济混合发起式A（017483）四季 度持有股数144万股，占基金净值比例为3.78%，位居第九大重仓股。根据测算，今日浮盈赚取约1188 万元。 责任编辑：小浪快报 截至发稿，包斅文累计任职时间4年95天，现任基金资产总规模60.14亿元，任职期间最佳基金回报 137.46%， 任职期间最差基金回报8.01%。 资料显示，长芯博创科技股份有限公司位于浙江省嘉兴市南湖区亚太路306号，成立日期2003年7月8 日，上市日期2016年10月12日，公司主营业务涉及光通信领域集成光电子器件的研发、生产和销售。主 营业务收入构成为：数据通信、消费及工业互联市场81.36%，电信市场 ...

现将有关事项公告如下： 一、适用对象 为更好地向投资者提供服务，财通证券资产管理有限公司（以下简称"本公司"）决定针对旗下公募基金 产品在直销渠道开展认（申）购费率优惠活动。 财通证券资产管理有限公司网址：https://www.ctzg.com 财通证券资产管理有限公司客服热线：400-116-7888 财通证券资产管理有限公司客服邮箱：service@ctzg.com 适用于本公司管理的在本公司直销渠道开通认（申）购业务的旗下所有公募基金产品。如本公司新增公 募基金产品并在直销渠道开通认（申）购业务的，将同时适用本公告。 二、费率优惠活动安排 1、自2026年2月24日（含）起，投资者通过本公司直销渠道（包括本公司直销柜台及本公司网上直销交 易平台）办理本公司旗下公募基金产品的认（申）购业务（含转换转入、定投）时，免收认（申）购 费。 2、本次调整不影响基金的其他费用和收费模式。 三、重要提示 1、费率优惠活动内容的解释权归本公司所有，费率优惠活动开展期间，本公司可以调整适用基金范 围、业务办理的相关规则及流程，并进行公告。 2、本次优惠活动的开始、结束及调整以本公司公告为准。 3、投资者可以通过以下途径 ...

Core Viewpoints - The report highlights a positive outlook for the non-bank financial sector, driven by favorable policies and continued capital inflow, suggesting potential for sector rebound [1][6]. - The report maintains a "Buy" rating for the sector, indicating expected strong performance relative to the market [2]. Market Performance - As of February 14, 2026, the Shanghai Composite Index rose by 0.41%, while the Shenzhen Component Index increased by 1.39%. The CSI 300 Index saw a modest gain of 0.36% [12]. - The average daily trading volume in the Shanghai and Shenzhen markets was 2.11 trillion yuan, reflecting a 12.3% decrease week-on-week [6]. Industry Dynamics and Weekly Commentary Insurance Sector - The report indicates that listed insurance companies are expected to maintain high growth, with a marginal improvement in long-term interest margins. The insurance fund utilization scale reached 38.5 trillion yuan in Q4 2025, up 15.7% year-on-year [18]. - The report suggests that the upcoming spring market rally may drive better-than-expected performance for insurance companies in Q1 2026, supported by a stable long-term interest rate and an upward trend in the equity market [18]. Securities Sector - The report discusses the recent optimization measures for refinancing announced by the three major exchanges, which aim to enhance financing efficiency and support high-quality enterprises [19]. - The new refinancing rules are expected to create structural opportunities for securities firms, shifting the focus from compliance to the ability to identify and serve quality clients [20]. - The report emphasizes that the optimization of refinancing will lead to a more differentiated regulatory system, benefiting quality companies while tightening controls on weaker entities [22]. Key Company Valuations and Financial Analysis - The report provides detailed valuations for several key companies in the sector, including: - China Ping An (601318.SH) with a target price of 85.17 yuan and a "Buy" rating [7]. - New China Life (601336.SH) with a target price of 94.21 yuan and a "Buy" rating [7]. - China Life (601628.SH) with a target price of 55.47 yuan and a "Buy" rating [7]. - The report also highlights the expected earnings per share (EPS) growth for these companies, indicating a positive outlook for their financial performance in 2025 and 2026 [7].

中国经济网北京2月21日讯 中国证监会网站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》（以下简称《警示函》）。 (责任编辑：华青剑) 江苏证监局网站2025年12月17日发布对陈炯采取出具警示函行政监管措施的决定。经查，陈炯在财 通证券无锡永乐路证券营业部从业期间，存在在微信群中提供、传播误导客户的信息，未向客户充分提 示证券交易的风险、操作客户账户等行为，违反了《证券公司和证券投资基金管理公司合规管理办法》 (证监会令第166号)第十条第二款，《证券经纪人管理暂行规定》(证监会公告〔2020〕20号)第十一条、 第十二条第一项、第二项以及第二十六条第一款的规定。根据《证券公司和证券投资基金管理公司合规 管理办法》第三十二条第一款，《证券经纪人管理暂行规定》第二十四条、第二十六条第一款规定，江 苏证监局决定对陈炯采取出具警示函的行政监管措施，并记入证券期货市场诚信档案。 浙江证监局网站2025年11月7日发布关于《对财通证券股份有限公司采取责令改正措施的决定》和 《关于对裴根财采取出具警示函措施的决定》。经查，财通证券场外衍生品业务存在以下问题：标的管 理机制不健全，未对挂钩标的实施及时动态 ...