2026年1月31日，证监会官网披露，国泰海通已提交《关于甘肃金川瑞翔新材料股份有限公司首次公开发行股票并上市辅导备案报告》。目前，金川瑞翔 的辅导状态为"辅导备案"。辅导机构为国泰海通证券股份有限公司，律师事务所为北京市中伦律师事务所，会计师事务所为容诚会计师事务所（特殊普通 合伙）。 甘肃金川瑞翔新材料股份有限公司，公司位于甘肃省金昌市，是一家专业从事新能源材料研发、制造、销售的高新技术企业，公司主营产品为三元材料、 锰酸锂、磷酸铁锂、磷酸锰铁锂及钠电等正极材料，广泛应用于动力电池、储能电池、消费电池三大领域。法定代表人胡家彦。 金川瑞翔的控股股东及持股比例情况如下：公司控股股东为金川科技园、间接控股股东为金川集团。金川科技园直接持有公司24.46%股权，通过其子公 司湖南瑞翔控制公司33.65%股权，因此金川科技园合计控制公司58.11%股权，为公司控股股东。金川集团直接持有金川科技园100%股权，为公司间接控 股股东。 天眼查信息显示，金川瑞翔历史上获得了国家绿色发展基金、建信投资、工银资本、欣旺达、晨熹资本、能达资本等投资机构的投资。 | | | | 【甘肃金川瑞翔新材料股份有限公司】的 3 条融资 ...

Core Viewpoint - The performance of listed securities firms in 2025 is expected to be strong, driven by active capital markets and robust growth in brokerage and proprietary trading businesses [1][2]. Group 1: Performance of Major Securities Firms - 21 listed securities firms have disclosed their 2025 performance forecasts, showing overall positive growth in net profits [2]. - CITIC Securities is projected to achieve over 30 billion yuan in net profit, with a revenue of 74.83 billion yuan, marking a 28.75% year-on-year increase [2]. - Guotai Junan expects a net profit between 27.53 billion yuan and 28.01 billion yuan, reflecting a year-on-year growth of 111% to 115% [2]. - Other notable firms include招商证券 with a net profit of 12.3 billion yuan (up 18.43%), and申万宏源 with a projected net profit of 9.1 billion to 10.1 billion yuan (up 74.64% to 93.83%) [2]. Group 2: Performance of Small and Medium-sized Securities Firms - Smaller firms like国联民生 anticipate a net profit of 2.008 billion yuan, representing a significant year-on-year growth of approximately 406% [3]. -天风证券 expects to turn a profit with a net profit forecast of 12.5 million to 18.5 million yuan [3]. - Other small firms such as长江证券 and中原证券 are also expected to see net profit increases exceeding 100% and 50%, respectively [3]. Group 3: Drivers of Growth - The growth in performance is attributed to the active capital market, with wealth management, proprietary trading, and asset management businesses benefiting significantly [3]. - Guotai Haitong noted a substantial increase in income from wealth management and institutional trading due to the rising activity in the domestic capital market [3]. - CITIC Securities reported rapid growth across brokerage, investment banking, and proprietary trading revenues [3]. Group 4: Investment Value of the Sector - The non-bank financial sector has seen a decline of 1.59% as of January 30, but analysts believe that the valuation of securities firms is at a historically low level, enhancing their investment appeal [4]. - The sector is entering a golden window for valuation and performance recovery, driven by favorable policies and an improving market environment [5]. - Analysts suggest focusing on three investment themes: strong comprehensive capabilities of leading firms, firms with significant performance elasticity, and those with strong international business competitiveness [5].

● 本报记者 林倩 随着资本市场持续活跃，上市券商2025年业绩表现备受关注。Wind数据显示，截至1月30日中国证券报 记者发稿时，有21家上市券商披露了2025年业绩预告或业绩快报。 头部券商中信证券、国泰君安等继续巩固市场领先地位，中信证券2025年归母净利润超300亿元，国泰 海通预计2025年归母净利润同比增速超100%。中小券商业绩弹性更大，国联民生预计2025年净利润同 比增速超400%。经纪业务、自营业务等成为上述上市券商2025年业绩增长的核心驱动力。 业内人士表示，2025年A股市场活跃，券商业绩高景气度延续，建议关注业绩向好带来的券商板块投资 机会。 中小券商净利润规模虽小，但业绩弹性更大。国联民生预计2025年度实现归母净利润20.08亿元，同比 增长约406%。国联民生也在公告中表示，报告期内公司完成通过发行A股股份的方式收购民生证券控 制权，并将其纳入财务报表合并范围。天风证券则预计在2025年实现归母净利润1.25亿元到1.85亿元， 将实现扭亏为盈。 此外，长江证券预计2025年净利润增幅超过100%；中原证券、红塔证券、华西证券、东北证券预计 2025年净利润增幅也超过50% ...

Company Overview - Shenzhen Huake Precision Industry Co., Ltd. was established in 2004 and focuses on the research, production of precision metal and plastic components, connectors, and precision stamping and injection molds, with applications in communication, automotive, medical, industrial control, and consumer electronics sectors [1][2]. - The legal representative of the company is Du Liuxue [1]. Shareholding Structure - As of the report date, Shenzhen Huake Precision Holdings Co., Ltd. directly holds 28.5 million shares, representing a 41.56% stake, making it the controlling shareholder of the company [1][2]. IPO Guidance Status - On January 29, 2026, the China Securities Regulatory Commission disclosed that Guotai Junan Securities has submitted the "Guidance Filing Report for the Initial Public Offering and Listing of Shenzhen Huake Precision Industry Co., Ltd." The current guidance status is "Guidance Filing" [1]. - The guidance agreement was signed on January 19, 2026, with Guotai Junan Securities as the guiding institution, Guangdong Huashang Law Firm as the legal advisor, and Zhongshen Zhonghuan Accounting Firm (Special General Partnership) as the accounting firm [3][4]. Guidance Process - The guidance process includes several stages: - Preliminary stage involves due diligence and developing a specific guidance plan based on the company's situation, with regular coordination meetings among intermediary institutions [4]. - During the guidance phase, training sessions will be conducted for the personnel of the company, covering capital market fundamentals, legal regulations, and internal control systems [6]. - The post-guidance phase focuses on preparing the application documents for the initial public offering and ensuring compliance with regulatory requirements [6].

Core Insights - Figure's Helix 02 represents a significant technological breakthrough, transitioning humanoid robots from demonstration to practical application, with a focus on a single neural control system that addresses the industry's challenges in mobility and operation integration [1][3] Group 1: Event Overview - On January 27, Figure officially launched its new AI model Helix 02, which marks a key advancement in the full-body autonomous control capabilities of humanoid robots compared to its predecessor, Helix [1] Group 2: Practical Applications - Helix 02 has demonstrated its ability to perform 61 continuous actions autonomously, such as loading and unloading a dishwasher, indicating its potential for real-world applications in home services and restaurant kitchens [2] - The robot can execute complex tasks like opening bottle caps and sorting items in cluttered environments, showcasing its capabilities beyond pure visual control and providing possibilities for future applications in medical assistance and precision manufacturing [2] Group 3: Technological Advancements - Helix 02 introduces a "three-level collaborative" integrated control architecture, utilizing a new SYSTEM 0 that operates at a frequency of 1kHz to manage full-body balance and coordination [3] - The model employs over 1,000 hours of human motion data and 200,000 parallel simulation environments for reinforcement learning, replacing millions of lines of manual code with a single neural network for natural human-like movement [3] - SYSTEM 1 enhances the visual motion strategy by integrating high-sensitivity tactile sensors and multi-dimensional cameras, creating an end-to-end control link from pixel to joint, capable of both millimeter-level precision and room-scale mobility [3] - SYSTEM 2 upgrades semantic reasoning capabilities, allowing the robot to interpret complex long-term commands without intervention in the underlying movements, addressing the industry's core pain points of mobility and operation interdependence [3]

投资建议：把握五条主线、重视供需出清下的拐点机会。1）具备价格弹性标的；2）饮料受益出行良好 景气度，重视低估值高股息；3）零食及食品原料成长标的；4）啤酒；5）调味品平稳、牧业产能去 化，餐供有望恢复。 智通财经APP获悉，国泰海通证券发布研报称，2025Q4食品饮料板块获配比例环比回落，细分来看白 酒、非白酒板块重仓环比下降，其他板块配比均呈环比回升，其中饮料乳品及休闲食品增幅居前。 2025Q4主动偏股类公募基金食品饮料重仓配置比例延续环比下行。从主动偏股类公募基金重仓配置比 例来看，2025Q4食品饮料重仓股配置比例环比-0.14pct至4.04%，位列各行业第九。其他前五获配板块 分别为电子、电力设备、通信、医药生物以及有色金属，对应2025Q4配置比例分别为21.47%（环 比-1.84pct）、9.87%（-0.32pct）、9.83%（+1.78pct）、9.16%（-1.92pct）及7.83%（+2.12pct）。 把握五条主线、重视供需出清下的拐点机会。1）具备价格弹性标的；2）饮料受益出行良好景气度，重 视低估值高股息；3）零食及食品原料成长标的；4）啤酒；5）调味品平稳、牧业产能去化 ...

国泰海通证券发布研报称，2025年12月29日至30日，全国数据工作会议在北京召开，会议围绕明晰数据 流通服务机构功能定位、提升数据流通交易服务效能、繁荣数据市场生态进行了专题部署，并明确提出 2026年是"数据要素价值释放年"，要求着力畅通数据流动和资源配置渠道，激活数据市场供给和需求， 繁荣市场生态，进一步推动数据"供得出、流得动、用得好、保安全"，促进数据要素全面融入经济价值 创造过程，更好赋能经济社会发展。 2026年是"数据要素价值释放年"。2025年12月29日至30日，全国数据工作会议在北京召开，会议围绕明 晰数据流通服务机构功能定位、提升数据流通交易服务效能、繁荣数据市场生态进行了专题部署，并明 确提出2026年是"数据要素价值释放年"，要求着力畅通数据流动和资源配置渠道，激活数据市场供给和 需求，繁荣市场生态，进一步推动数据"供得出、流得动、用得好、保安全"，促进数据要素全面融入经 济价值创造过程，更好赋能经济社会发展。 2024年以来政策落地节奏加快，构建数据要素制度闭环。2020年，中共中央、国务院发布《关于构建更 加完善的要素市场化配置体制机制的意见》，正式把数据列为"第五大生产要素" ...

本报告导读： 2025 年 Q4 新股首日涨幅达 176%，并且未盈利新股对 A1 类账户贡献明显，打新基 金中位数 Q4 收益 0.45%，重仓行业为电子、有色金属和电力设备。 投资要点： | [Table_Authors] | 王政之(分析师) | | --- | --- | | | 021-38674944 | | | wangzhengzhi@gtht.com | | 登记编号 | S0880517060002 | | | 施怡昀(分析师) | | | 021-38032690 | | | shiyiyun@gtht.com | | 登记编号 | S0880522060002 | | | 王思琪(分析师) | | | 021-38038671 | | | wangsiqi3@gtht.com | | 登记编号 | S0880524080007 | 新股研究 /[Table_Date] 2026.01.29 未盈利新股显著增厚打新收益 ——2025Q4 打新基金持仓和收益分析 [Table_Report] 相关报告 新股精要—国内汽车制造机器视觉设备龙头易思 维 2026.01.27 北证日均成交金额有 ...

Core Viewpoint - The Chinese commercial aerospace sector has transitioned from marginal exploration to a national strategic focus, with significant policy support and a clear framework for development [2] Group 1: Policy Support and Strategic Importance - The central government has issued substantial policies for five consecutive years to support the development of commercial aerospace since "satellite internet" was included in new infrastructure [2] - The 2025 Government Work Report explicitly lists commercial aerospace as a key direction for future industries, indicating its growing importance [2] Group 2: Technological Advancements - The cost structure and frequency limitations of commercial aerospace are being reshaped by technological innovations, including the successful 10-kilometer VTVL test flight by private company Blue Arrow Aerospace [3] - State-owned aerospace enterprises are set to unveil a fully reusable heavy rocket plan at the 2024 Zhuhai Airshow, with a first flight scheduled for 2030, indicating systematic progress in reusable rocket capabilities [3] Group 3: Industry Structure and Ecosystem - The commercial aerospace industry in China has developed a complete chain encompassing upstream manufacturing, midstream launching, and downstream applications, with significant collaboration among state-owned and private enterprises [4] - The industry is moving from isolated breakthroughs to a more integrated ecosystem, with rapid expansion in vertical applications such as remote sensing, navigation, and communication [4] Group 4: Investment Recommendations - The company suggests focusing on high-quality enterprises with core technological capabilities and collaborative advantages, recommending specific stocks such as AsiaInfo Security and Zhongke Star Map [6]

Core Viewpoint - Zhejiang Hengdao Technology Co., Ltd. has been approved for IPO by the Beijing Stock Exchange, marking it as the 13th company to pass the review in 2026, with a focus on the development and production of hot runner systems for injection molds [1][2]. Company Overview - Hengdao Technology specializes in the research, design, production, and sales of hot runner systems and related components, which are essential heating components in injection molds widely used in automotive lighting, interior and exterior automotive parts, and 3C consumer electronics [1]. - The controlling shareholder, Wang Hongchao, holds 69.20% of the company's shares directly and controls an additional 9.30% through affiliated partnerships, totaling 78.50% of voting rights [1]. IPO Details - The company plans to publicly issue up to 13,080,000 shares, with a potential additional 1,962,000 shares through an over-allotment option, subject to approval by the Beijing Stock Exchange and the China Securities Regulatory Commission [2]. - The funds raised, totaling approximately 403.02 million yuan, will be allocated to the production line project for 30,000 hot runner systems, the construction of a research and development center, and to supplement working capital [2]. Inquiry Points from Review Meeting - The review raised questions regarding the authenticity of performance, specifically the rationale behind the fluctuation of customers with annual sales below 500,000 yuan and the high proportion of overdue accounts receivable [3]. - Additionally, the sustainability of performance was questioned, focusing on market share among competitors in the automotive and consumer electronics sectors, core competitive advantages, and customer repurchase rates [3].