春江水暖鸭先知。2025年，资本市场投行业务在经历蛰伏后迎来全面回暖，A股募资规模突破万亿元， 同比增长超270%，行业规模与结构同步优化。头部券商优势稳固，市场资源向优质机构集中，竞争格 局日趋清晰。 业内人士认为，近年来，监管层深化注册制改革、坚持"扶优限劣"，引导投行聚焦科技创新，服务实体 经济。2026年开年，投行业务开局稳健，硬科技、并购重组、绿色金融等成为核心增长点，行业正加速 向专业化驱动转型，在政策与市场双重支撑下迈向高质量发展新阶段。 ● 本报记者 赵中昊 谭丁豪 复苏春潮：投行业务规模与结构双提升 经历2024年的调整蓄力，2025年券商投行业务全面复苏，规模与结构实现质的提升。数据显示，2025年 A股股权融资规模突破万亿元，同比增长超270%，行业复苏态势显著。市场集中度进一步向头部聚拢 ——股权承销金额前五的中信证券（600030）、国泰海通（601211）、中金公司（601995）、中银证券 （601696）和中信建投（601066），合计占据超74%的市场份额，形成稳固的第一梯队。 具体来看，行业龙头效应凸显。中信证券以2467.04亿元的总承销金额稳居榜首；2025年完成合并的 ...

2026年2月15日，证监会官网披露，国泰海通已提交《关于兴容（上海）信息技术股份有限公司首次公开发行股票并上市辅导备案报告》。兴容信息的辅 导机构为国泰海通证券股份有限公司，律师事务所为上海市通力律师事务所，会计师事务所为天衡会计师事务所（特殊普通合伙）。 兴容（上海）信息技术股份有限公司，位于上海市，致力于为各行业企业的IT建设提供基于AI的智能解决方案。法定代表人卢国鸣。 兴容信息的控股股东及持股比例情况如下：上海至兴企业管理有限公司直接持有兴容（上海）信息技术股份有限公司28,344,974股股份，持股比例为 52.49%，为其控股股东。 天眼查信息显示，兴容信息历史上获得了达晨财智、中兴合创跟投、众晖资本领投、浚泉信等投资机构的投资。 | | | 【兴容(上海)信息技术股份有限公司】的 8 条融资历程信息 | | | | | --- | --- | --- | --- | --- | --- | | 序号 | 披露日期 | 融资轮次 | 融资金额 | 投资方 | 关联机构 | | 1 | 2021-10-08 | D轮 | 数亿人民币 | 杭州众晖同御投资合伙企业(有限合伙) 杭州众晖铭行创业投资合 ...

白银兼具金融、商品属性，其价格方向主要由金融属性决定，而商品属性提供了价格弹性，金银比"宽 幅震荡、均值回归" 历史数据来看，2000年以来，金银比中枢值约为68，金银比大幅下行的核心原因主要是宽松货币、工业 需求爆发、资金轮动多因素共振。梳理2000年以来的几次金银比大幅下行，该行发现金银比持续下行期 间，往往伴随金银同涨，且白银涨幅通常是黄金涨幅的3-4倍。在经济复苏或流动性充裕的宏观环境 下，白银的工业属性凸显，相对于黄金，具备更大弹性。 白银独立银矿产能占比不足30%，矿山开采成本上行，供给增长乏力 根据美国地质监测局数据，全球白银储量在2024年达到64万吨，整体增长缓慢。从矿产银供给端来看， 2024年墨西哥、中国、秘鲁三国占据全球产量的50%，全球白银产量以伴生矿为主，70%以上来自铜、 铅、锌矿冶炼副产品，独立银矿产能占比低，且矿产银产量因矿山品位下降、资本开支低迷和环保政策 趋严而增长缓慢，而再生银占比不足20%，未来白银供给端增长乏力。 国泰海通发布研报称，在美联储降息预期持续升温的背景下，美元走弱和全球流动性改善，白银兼具较 强的金融属性并存在长期供应缺口，该行预期持续性的供需缺口将推动 ...

公司创新性的产品及服务赢得了众多知名客户的信赖。公司主要客户包括酩悦·轩尼诗-路易·威登集团（LVMH）、海底捞、星巴克、优衣库、中国电信等。 | 序号 | 客户名称 是否关联方 | | 销售内容 | 金额(万元) | RK | | --- | --- | --- | --- | --- | --- | | | 2025年1月-2月 | | | | | | 1 | 中国电信股份有限公司 | 合 | 服务收入 | 343.16 | 19.30% | | 2 | 四川新派餐饮管理有限公司 | 合 | 服务收入 | 220.57 | 12.41% | | 3 | SEPHORA ASIA PTE LTD | 否 | 服务收入 | 217.15 | 12.21% | | 4 | 迅销集团 | 否 | 服务收入 | 173.62 | 9.77% | | રે | 中企网络通信技术有限公司 | 否 | 服务收入 | 166.47 | 9.36% | | | 合计 | | | 1,120.97 | 63.05% | | | 2024 年度 | | | | | | 1 | 中国电信股份有限公司 | 台 | 服务收入 | 15 ...

国泰海通证券发布最新研报指出，联想集团(0992.HK)FY26Q3业绩表现亮眼，AI相关业务加速放量，三 大核心业务板块全面实现双位数增长。在全球AI从集中训练向推理阶段迁移的产业趋势下，公司通 过"混合式AI"战略构建终端、算力与服务的生态闭环，正实现从PC龙头向AI生态核心枢纽的跃迁。维 持"增持"评级，目标价13.3港元。 智能设备业务(IDG)实现营收1100亿元，同比增长14%。在核心元器件成本快速上行的情况下，IDG本 季度仍实现15%的运营利润增长，体现出较强的盈利韧性。 2)ISG高增创历史新高。 基础设施方案业务(ISG)营收达367亿元，同比增长超31%。其中AI服务器收入实现高双位数增长，AI服 务器储备订单已超过155亿美元；"海神"液冷技术业务同比增长达300%，显示公司在高性能算力领域的 竞争力持续提升。 3)SSG盈利能力领先。 方案服务业务(SSG)经营利润率达22.5%，为集团最高。非硬件绑定服务收入占比提升至60%，AI服务收 入同比实现三位数增长，"即服务"模式加速放量——DaaS营收同比增长32%，IaaS同比增长57%，标志 混合式AI解决方案正从试点阶段迈向规模化 ...

国泰海通发布研报称，2026年1月，淘天宠物与炼丹炉大数据联合发布《宠物行业新品趋势报告》显 示，时令节日仪式感消费已成为"它经济"的核心增长极，"新年宠物礼盒"这一搜索关键词在天猫平台上 的同比增速便已经达到了20%+。根据天猫数据，宠物过年衣服销量实现330%的大幅增长，宠物年夜饭 实现290%的增长。此外，春节后，华南与华北区域举办规模领先的宠物展会，国内头部品牌预计在展 会上推出新品，值得关注。 养殖：春节后预期猪价进入淡季节奏 春节后预期猪价进入淡季节奏。春节后预计需求淡而供给多，预期价格进入淡季节奏。事实上腊月小年 后，春节备货已经开始逐步下降，接下来节后的屠宰场正月初七和初八正式开工后，价格将进入低价和 养殖亏损阶段。关注低猪价下的产能去化情况。 标的方面 生猪推荐标的：牧原股份(002714.SZ)、温氏股份(300498.SZ)；后周期推荐标的：科前生物 (688526.SH)、海大集团(002311.SZ)。农产品产业链推荐标的：晨光生物(300138.SZ)、诺普信 (002215.SZ)、荃银高科（维权）(300087.SZ)、国投丰乐(000713.SZ)，相关标的：康农种业 (30 ...

智通财经APP获悉，国泰海通发布研报称，春运过半，截至2月22日(春运前21天)全社会人员流动量农历 同比增长6.0%，其中公路+6.0%，铁路+5.3%，航空+6.0%。2026年春运前21天，估算国内航司客座率 同比上升约1-2pct；估算国内裸票价(不含燃油附加费)同比上升约3-4%；考虑2026年2月航油价格同比下 降13%，估算国内扣油票价(含油票价扣除人均燃油成本)同比上升，意味着航司毛利率应同比提升。假 期二次出行旺盛，航司客座率创新高，票价同比升幅明显扩大，预计节后票价同比上升趋势有望继续向 好。 国泰海通主要观点如下： 2026年春运跟踪：春节假期客流增幅提升，航空客流增速继续居前 节后(2/24-3/13)：预计节后拼假效应亦将弱于往年，返程客流将较2025年同期相对集中。 航空客流：春运加班相对有限，其中春节假期客流增速较节前提升 2026年春运前21天，民航日均客运量约239万人，农历同比增长6.0%，增速符合局方预期。2026年春运 民航加班较为有限，且局方严控干线市场航司增加与客运增班。根据航班管家统计，春运前21天全国日 均实际客运执飞航班同比增长近5%，其中国内与国际航线增幅较 ...

Core Viewpoint - Cathay Securities maintains a "Buy" rating for China Hongqiao (01378) and raises the target price to HKD 43.2, citing a continued tight supply in the aluminum market through 2026, which has led to upward revisions in profit expectations [1] Group 1: Supply Factors - Domestic aluminum production capacity is nearing regulatory limits, with an expected capacity of 44.59 million tons by the end of 2025, close to the 45 million tons cap [2] - Significant disruptions are anticipated in overseas supply, such as the planned closure of the Mozal aluminum smelter in Africa due to rising electricity costs, which poses long-term risks to global aluminum production [2] - The demand for aluminum is expected to increase as the trend of substituting aluminum for copper accelerates, with the copper-aluminum price ratio reaching 4.2, significantly above the historical reasonable level of 3.5 [2] Group 2: Demand Factors - The demand from the renewable energy sector is on the rise, particularly from electric vehicles and energy storage devices, which are consuming increasing amounts of aluminum [2] Group 3: Company Strategy and Financial Outlook - China Hongqiao plans to implement a high dividend strategy, benefiting from reduced future capital expenditures, with 2.17 million tons of capacity already transferred to Yunnan and 830,000 tons remaining in its 3 million tons transfer plan [3] - The company is expected to gradually implement its transfer plan starting in 2026, leading to a decrease in capital expenditure compared to previous high levels, which will enhance its dividend payment capacity [3] - The dividend payout ratio is projected to reach a maximum of 64% in 2024, making the company an attractive high-dividend stock in the Hong Kong market [3]

Core Viewpoint - Cathay Securities maintains a "Buy" rating for China Hongqiao (01378) and raises the target price to HKD 43.2, citing a continued tight supply in the aluminum market through 2026, which has led to upward revisions in profit expectations [1] Group 1: Supply Dynamics - Domestic aluminum production capacity is nearing regulatory limits, with an expected capacity of 44.59 million tons by the end of 2025, close to the 45 million tons cap [2] - Significant disruptions are anticipated in overseas supply, such as the planned closure of the Mozal aluminum smelter in Africa due to rising electricity costs, which poses long-term risks to global aluminum production [2] - The demand for aluminum is accelerating as it increasingly substitutes copper, with the copper-aluminum price ratio reaching 4.2, significantly above the historical reasonable level of 3.5 [2] Group 2: Demand Trends - The demand from the renewable energy sector is on the rise, with increasing consumption of aluminum in electric vehicles and energy storage devices [2] Group 3: Company Strategy and Financial Outlook - China Hongqiao plans to implement a high dividend strategy, benefiting from reduced future capital expenditures, with 2.17 million tons of capacity already relocated to Yunnan [3] - The company is expected to gradually execute its relocation plan based on policy requirements and market conditions, leading to a decrease in capital expenditure compared to previous high levels [3] - With improved profitability and reduced capital expenditure needs, the company's dividend payout capacity is projected to enhance, with a maximum dividend payout ratio of 64% anticipated in 2024 [3]

Investment Rating - The report maintains an "Overweight" rating for the securities and banking sectors [9]. Core Insights - The report highlights the structural relaxation of refinancing policies, which is expected to improve profitability in the banking sector. The central bank's Q4 monetary policy report emphasizes the implementation of personal credit repair measures, supporting micro-entities [1][28]. - The report identifies investment opportunities in the order of securities > insurance > banking, with a focus on the potential for marginal improvements in the brokerage business due to the recent refinancing policy adjustments [12][24]. Summary by Sections Securities Sector - The optimization of refinancing measures announced by the exchanges is expected to lead to marginal improvements in the brokerage business, with leading firms likely to solidify their advantages through professional capabilities. The Chinese brokerage index performed better than the Hang Seng index during the holiday period, increasing by 0.20% [2][13]. - Recommended stocks include leading brokerages such as CITIC Securities, Guotai Junan, and GF Securities, as well as quality regional firms like Guoyuan Securities [3][12]. Insurance Sector - The report notes a mixed performance in the insurance sector, with property insurance companies showing gains while life insurance companies mostly declined. China Property & Casualty Insurance rose by 5%, while China Taiping fell by 4% [24][25]. - Investors are advised to focus on quality leaders in the insurance sector, with a preference for defensive stocks like China Ping An and China Life Insurance for conservative investors [24][25]. Banking Sector - The banking sector is experiencing a recovery in performance, with Q4 profits improving and net interest margins stabilizing. The report indicates a year-on-year increase in social financing, primarily due to the pre-positioning of government bonds and a rebound in off-balance-sheet financing [28][37]. - Recommended stocks include quality regional banks such as Nanjing Bank and Chengdu Bank, which are expected to perform well due to their strong fundamentals [3][28].