（原标题：券商晨会精华 | 科技成长风格将有望卷土再来） 从春节前的行情看，春节前一个月市场风格开始向价值风格倾斜，科技成长风格相对回落。目前看随着沃什边际影响减弱，海外市场企稳，春节 机器人和大模型再次迎来催化以及海外AI巨头业绩影两大领域的担忧明显缓解，节后科技成长风格将有望卷土再来。 国金证券：把握全球实物资产主线 市场风格再平衡的核心，从来不是AI的泡沫存在与否，而在于AI的宏观影响叠加货币政策、大国政策选择，主要矛盾正在发生变化，紧缺环节已 经转移：投资活动由过去单一的AI驱动向更广谱的实体部门扩散；而未来美国降息路径的相对顺畅，也在为全球制造业周期修复这一重要主线提 供顺风环境。实物资产的重估逻辑从流动性和美元信用切换至产业低库存和需求企稳：铜、铝、锡、原油及油运、稀土、金；具备全球比较优势 且周期底部确认的中国设备出口链——电网设备、储能、工程机械、晶圆制造，以及国内制造业底部反转品种——石油化工、印染、煤化工、农 药、聚氨酯、钛白粉等；抓住资金回流+缩表压力缓解+人员入境趋势的消费回升通道——航空、免税、酒店、食品饮料；受益于资本市场扩容与 长期资产端回报率见底的非银金融。 本文转载自"智通财 ...

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].

智通财经APP获悉，兴业证券发布研报称，2月20日，美国最高法院以6:3裁定美国对等关税和对华芬太尼关税违宪。判决将反映在资产价格上，美股受到 支撑而美债承压。与此同时，判决是一种行政权受限带来的长期叙事变化，未来将增加美国后续政策的"混沌性"，刺激贵金属等"弱美元资产"和美债收益 率上行。轻工家电、消费电子、电池、汽车零部件以及医疗器械等对美营收敞口大、且在此前对等关税较高的东盟地区有大量产能布局或贸易转口的行业 将重点受益于本轮关税下降。 兴业证券主要观点如下： 前言：2月20日，美国最高法院以6:3裁定美国对等关税和对华芬太尼关税违宪。随后，特朗普宣布根据IEEPA加征关税将不再生效，同时对全球新加征 10%的122关税，于2月24日凌晨生效。此外，特朗普计划发布新的关税调查，预计需要5个月时间。新关税豁免了部分关键矿产、原料、电子和机械产 品。同时，特朗普重申对小额包裹的免税政策取消仍然生效。 如何理解美国最高法院的判决书？ 一是关税属于法定的国会权力。判决书提到，美国宪法第一条第八款明确规定，征收税收、关税的权力属于国会，制宪者并未将任何征税权授予行政部 门。(The Framers gave "C ...

Core Viewpoint - The company announced that its controlling shareholder and actual controller, Zhang Gengsheng, received a criminal judgment for bribery, which does not significantly impact the company's operations or governance [1][2]. Group 1: Legal Proceedings - The Shanghai Pudong New District People's Court issued a criminal judgment on February 12, 2026, sentencing Zhang Gengsheng to two years in prison with a two-year suspension and a fine of 300,000 RMB [1]. - The judgment is a first-instance ruling and has not yet taken effect, with the possibility of appeal within ten days [2]. Group 2: Company Operations - Zhang Gengsheng does not hold any director or senior management positions in the company, and the judgment does not affect his shareholder rights [2]. - The company’s daily operations are normal, and the board and management team continue to fulfill their responsibilities [2]. Group 3: Financial Information - The company was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on February 9, 2021, issuing 34.125 million shares at a price of 21.31 RMB per share [2]. - The total funds raised amounted to 727 million RMB, with a net amount of 667 million RMB after deducting issuance costs, exceeding the original plan by 222 million RMB [2]. - The funds are intended for upgrading electronic payment solutions, merchant service network construction, and research and development center establishment [2].

Core Viewpoint - The global industrial system is undergoing a significant paradigm shift from "efficiency first" to "security and autonomy," leading to increased demand for infrastructure and industrial construction, with China transitioning from a "final product exporter" to a "global basic industrial provider" [1][39]. Group 1: China's Foreign Trade Trends - China's foreign trade is diversifying and moving towards higher-end products, with exports reaching a historical high of $2.5 trillion in 2025, a year-on-year increase of 5.5% [2]. - The trade surplus surpassed $1 trillion for the first time, marking a significant year-on-year increase of 19.8% [2]. - Net exports contributed 1.64 percentage points to GDP growth in 2025, the second-highest level since 2007 [5]. Group 2: Regional and Product Structure - The diversification of external demand is strengthening, with emerging markets compensating for declines in the U.S. market. Exports to the U.S. fell by 19.79% year-on-year, while exports to ASEAN, Africa, and the Middle East grew by 13.64%, 25.9%, and 9.7%, respectively [8]. - High-end manufacturing products such as electrical machinery, machinery, automobiles, and ships remain the mainstay of exports, contributing 44.10%, 17.67%, 16.05%, and 6.99% to the total export scale [13]. Group 3: Opportunities for Overseas Expansion - In 2026, there are strong overseas opportunities in sectors such as electric new (batteries, grid equipment), machinery, TMT (electronics, communication, gaming), innovative pharmaceuticals, new consumption, shipbuilding, commercial vehicles, automotive parts, and chemical products [57]. - The restructuring of global supply chains is accelerating the globalization of Chinese enterprises' production capacity, with 229 companies establishing production facilities or subsidiaries in ASEAN, India, and Mexico by 2025, nearly doubling from 2024 [29]. Group 4: AI Expansion Cycle - The AI expansion cycle is a core focus in the Chinese capital market, with significant capital expenditure expected from major tech companies. For instance, capital expenditures from major cloud service providers in North America are projected to reach $598.7 billion in 2026, a 67% increase year-on-year [45][46]. - The demand for AI-related hardware is expected to drive growth in related sectors, benefiting domestic manufacturing leaders in robotics and consumer electronics [48]. Group 5: Cultural and Technological Output - Chinese enterprises are also focusing on cultural and technological exports, with significant growth in overseas revenue from IP (e.g., toys, games) and lifestyle brands (e.g., new tea drinks, e-commerce) [49][50]. - The innovative pharmaceutical sector is becoming a key player in the global market, with several new drugs commercialized in the U.S. and Europe, indicating strong potential for further overseas opportunities in 2026 [53].

Group 1: AI Applications - The global AI competition is intensifying, with model iterations driving deeper application scenarios, and the focus is on whether significant capital expenditures by tech giants can lead to commercial applications [2][3] - The competitive landscape for AI applications is shifting from dominance by OpenAI to a more multipolar environment, with major players like Google and Meta integrating AI into their ecosystems [3] - In China, AI applications are experiencing a breakthrough, with major tech companies accelerating model iterations and application deployments, leading to a transformation from model landing to scenario monetization [5] Group 2: AI Computing Power - Overseas, major cloud service providers are maintaining high capital expenditures, with a projected increase of 67% in 2026, reflecting a strong demand for AI computing power [7][8] - In China, leading tech companies are increasing capital expenditures and accelerating the iteration of domestic large models, promoting the performance of domestic chips amid tightening supply from foreign sources [9] Group 3: Storage - The demand for storage is entering a new super cycle driven by AI training and inference needs, with AI servers consuming significantly more memory than traditional servers [11][16] - Supply constraints are expected to persist, leading to continued high prices for storage components, as major manufacturers shift production focus to advanced memory types [16] Group 4: Commercial Aerospace - Commercial aerospace is becoming a key battleground in US-China competition, with significant policy support and funding initiatives in both countries to accelerate industry development [19][21] - Domestic companies are achieving breakthroughs in satellite mass production and reusable rocket technologies, transitioning from technical validation to commercialization [22] Group 5: Humanoid Robots - Major overseas companies are ramping up production plans for humanoid robots, benefiting domestic component suppliers, with Tesla aiming for a production capacity of 500,000 units by 2026 [27][30] - Chinese manufacturers are leading in humanoid robot shipments, with significant contracts and production milestones achieved in 2025 [30] Group 6: Intelligent Driving - Domestic policies are expected to facilitate the commercialization of L3 autonomous driving in 2026, with several manufacturers preparing to launch L3 models [32][33] - Tesla's Full Self-Driving (FSD) technology is setting the direction for autonomous driving, with significant advancements in AI capabilities [35] Group 7: Energy Storage - The expansion of AI computing power in North America is driving electricity demand, with domestic power equipment expected to accelerate exports [37][40] - China's "14th Five-Year Plan" includes significant investments in the power grid and energy storage, creating a favorable environment for industry growth [40][43] Group 8: Chemicals - The chemical industry is undergoing a transformation driven by policies aimed at supply-side reform, with a focus on optimizing supply structures and reducing excess capacity [44][47] - New economic sectors are boosting demand for chemical materials, particularly in AI, renewable energy, and robotics, leading to a favorable outlook for new materials [47][48]

兴业证券在研报中指出，人民币汇率在多重利好支撑下，对美元升值叠加中国资产性价比提升，外资增 配中国股市的动力或更强。美元因破坏全球秩序而承压，利好新兴市场资产，尤其是币值稳定、基本面 改善的人民币资产。 来源：Wind 2月16日晚间，离岸人民币汇率盘中升破6.89。截至收盘，离岸人民币对美元上涨176点，报6.8835。截 至17日10时45分，离岸人民币对美元报6.887。 ...

Group 1 - Western Securities launched an online service from February 16 to 23, featuring 15 conference calls, with a focus on the AI industry, which gained significant attention during the holiday period [1] - Over 100 brokerage roadshows were scheduled during the Spring Festival, with more than 20 online roadshows from February 16 to 18 and over 80 roadshows from February 19 to 23, indicating a strong demand for research services [3] - Smaller brokerages have become the main players in holiday roadshows, using differentiated competition strategies to effectively reach target clients and meet the research needs of institutions holding stocks during the holiday [3] Group 2 - The surge in holiday roadshows is attributed to increased competition in the sell-side research industry amid a backdrop of reduced fees for public funds, with brokerage commission income declining significantly [4] - In the first half of 2025, total brokerage commission income fell by 33.98% year-on-year, with Western Securities experiencing a decline of over 20% and other firms like Open Source Securities seeing declines exceeding 40% [4] - Future industry developments suggest that large comprehensive brokerages will continue strategic investments in research, while medium-sized brokerages will intensify competition to offset the impact of declining fees [4]

Group 1 - The Securities ETF Index Fund (516200) opened with a slight increase of 0.09%, priced at 1.134 yuan [1] - Major holdings in the Securities ETF Index Fund include Dongfang Caifu, which rose by 0.18%, and other securities firms like CITIC Securities and Huatai Securities, which remained stable or showed minor fluctuations [1] - The fund's performance benchmark is the CSI All Share Securities Company Index return rate, managed by Huaan Fund Management Co., Ltd., with a return of 13.19% since its inception on March 9, 2021, and a recent one-month return of -5.46% [1]

东吴证券研报指出，兴业证券财富管理与机构业务双轮驱动，新领导班子注入新活力。长期稳定的治理 结构，赋予公司良好的战略定力和执行力。纵观兴业证券最近25年的发展历程，公司从一家排名不到20 名的券商跻身行业前20位，最高曾进入前15位，得益于公司治理的良好正反馈以及管理层稳定，历任核 心管理层在公司深耕近十年。2025年6月公司新董事长苏军良上任，上任初期在财富管理、研究与机构 服务、风险管理三大条线启动组织架构优化改革。看好公司财富管理转型及组织架构调整带来的正向反 馈，预计公司2026年业绩有望继续较快增长。公司估值远低于行业平均，维持"买入"评级。 ...