Core Viewpoint - The appointment of Cheng Jingdong as the new president of Zheshang Securities marks a significant management change, filling the vacancy left by Qian Wenhai's promotion to chairman, and aims to stabilize the company's leadership structure [2][3][10]. Management Changes - Cheng Jingdong has been appointed as the deputy secretary of the party committee and nominated as the president of Zheshang Securities, following the announcement by Zhejiang Transportation Group [10][12]. - This appointment fills the presidential vacancy that has existed since October of the previous year when Qian Wenhai became chairman [3][12]. Executive Background - Cheng Jingdong, born in January 1970, holds a doctoral degree and is the highest-educated executive in the current management team of Zheshang Securities [4][12]. - He has extensive experience in the financial sector, having worked in various roles within regulatory bodies and financial institutions since 1992 [6][14]. Business Performance - Under Cheng's leadership, Zheshang Securities has seen a significant increase in its investment banking performance, with a total of 64 equity financing projects and 1,537 bond underwriting projects completed from 2019 to 2025, amounting to over 740 billion yuan in financing [7][15]. - In 2025, the company completed 7 equity financing projects, ranking in the top 15 nationally, and its bond underwriting projects exceeded 1 trillion yuan, ranking 12th in the country [7][15]. Financial Goals - Zheshang Securities aims to double its core indicators, including revenue, total profit, total assets, and net assets by the end of 2030, with a goal to enter the top 15 in the industry [8][15]. - As of the third quarter of 2025, the company reported a revenue of 6.789 billion yuan, a year-on-year increase of 66.73%, and a net profit of 1.892 billion yuan, up 49.57% [17]. Shareholder Structure - As of the end of the reporting period, the only shareholder with more than 5% ownership is Zhejiang Shangsan Expressway Co., Ltd., holding 46.46% of the shares [9][17].

Core Insights - The recent surge in the release of domestic large models indicates the commencement of an AI arms race, with significant advancements in capabilities and applications [1] - The availability of agents is increasing, transitioning large models from chat-based interactions to collaborative tasks, with notable improvements in multi-modal applications [2] - The demand for inference power is expected to rise significantly as large models are applied on a larger scale, particularly in video production and agent functionalities [3] Group 1: Recent Developments in Large Models - Domestic large models have been released intensively, including DeepSeek's new model with a context processing capability of 1M tokens, significantly higher than the previous maximum of 128K [1] - GLM-5 has been launched on the Zhipu website, focusing on programming and agent enhancement, outperforming the latest model Claude Opus 4.6 in global programming tests [1] - ByteDance's Seedance 2.0 has been introduced, which significantly lowers the barriers and costs of video creation, potentially transforming the video production industry [1] Group 2: Advancements in Agent and Multi-Modal Applications - The usability of agents is improving, with models like Claude Opus 4.5 capable of autonomous programming for up to 5 hours [2] - AI coding agents are expected to double their task handling time every 4 months from 2024-2025, a significant acceleration compared to the previous rate of doubling every 7 months from 2019-2024 [2] - Seedance 2.0 supports various combinations of video, audio, and text inputs, producing high-quality video outputs while reducing creation costs [2] Group 3: Inference Demand and Cost Implications - The token consumption for large models is shifting from dialogue and image generation to more intensive applications like agent functionalities and video production, leading to a rapid increase in inference power requirements [3] - The cost of generating a 5-second 720P video is approximately 4 RMB, with Seedance costing around 2.3 RMB, highlighting the significant cost advantages over manual production [3] - The increase in AI penetration in video creation is expected to drive demand for computational power [3] Group 4: Related Companies - Relevant companies include MiniMax-WP (00100), Zhipu (02513), Yunsai Zhili (600602.SH), Youke De-W (688158.SH), Capital Online (300846.SZ), Qingyun Technology-U (688316.SH), Wangsu Technology (300017.SZ), and Nanxing Co. (002757.SZ) [4]

Core Viewpoint - The recent management adjustment at Zheshang Securities, with Cheng Jingdong appointed as the new president, is expected to inject new leadership and momentum into the company's operations and the implementation of its "14th Five-Year" strategy [1][2]. Group 1: Management Changes - Cheng Jingdong has been appointed as the deputy secretary of the party committee and nominated as the president of Zheshang Securities, reflecting recognition of his past performance and capabilities [1]. - Cheng has over 30 years of experience in the financial industry, with a diverse background in banking, investment banking, and legal services, providing a solid foundation for leading the company's operations [1]. Group 2: Impact on Business Strategy - Since joining Zheshang Securities in April 2019 as vice president overseeing investment banking, Cheng has revitalized the investment banking sector, leading to significant growth and performance improvements [2]. - Under Cheng's leadership, the investment banking division has transitioned from scale expansion to quality enhancement, aligning with the company's strategy of serving the real economy [2]. Group 3: Future Outlook - Analysts believe Cheng's appointment will strengthen Zheshang Securities' core competitive advantages and development momentum, leveraging his unique background in regulatory perspectives, risk control, and practical investment banking experience [2]. - Cheng's focus on digital transformation and talent development aligns well with the company's strategic goals, enhancing the potential for collaborative success across all business lines [2].

Company Overview - Yingweike Technology Co., Ltd. is located in Longhua District, Shenzhen, Guangdong Province, and was established on August 15, 2005. The company went public on December 29, 2016. Its main business involves the research, production, and sales of precision temperature control energy-saving equipment, as well as air conditioning and maintenance services for rail transit trains and traditional buses [1]. Business Revenue Composition - The revenue composition of Yingweike is as follows: 52.50% from data center temperature control energy-saving products, 36.00% from cabinet temperature control energy-saving products, 9.82% from other sources, 0.93% from rail transit train air conditioning and services, and 0.75% from bus air conditioning [1]. Stock Performance - On February 12, Yingweike's stock rose by 6.03%, reaching a price of 105.50 yuan per share, with a trading volume of 1.227 billion yuan and a turnover rate of 1.35%. The total market capitalization is 103.027 billion yuan [1]. Fund Holdings - According to data from fund holdings, one fund under Zheshang Securities Asset Management has a significant position in Yingweike. The Zheshang Huijin Advanced Manufacturing Mixed Fund (013145) held 20,100 shares in the fourth quarter, accounting for 5.46% of the fund's net value, making it the fourth-largest holding. The estimated floating profit for today is approximately 120,600 yuan [2]. Fund Performance - The Zheshang Huijin Advanced Manufacturing Mixed Fund (013145) was established on August 16, 2021, with a latest scale of 39.3699 million yuan. Year-to-date, it has experienced a loss of 1.3%, ranking 8659 out of 8882 in its category. Over the past year, it has achieved a return of 22.62%, ranking 4781 out of 8127. Since its inception, it has incurred a loss of 5.11% [2]. Fund Manager Information - The fund manager of Zheshang Huijin Advanced Manufacturing Mixed Fund (013145) is Wang Ting, who has been in the position for 6 years and 257 days. The total asset scale of the fund is 39.371 million yuan, with the best return during his tenure being 73.74% and the worst being 6.09% [3].

Group 1 - The core point of the news is the appointment of Cheng Jingdong as the new president of Zheshang Securities, filling the vacancy left by Qian Wenhai's promotion to chairman [1][2][9] - Cheng Jingdong has over 30 years of experience in the financial industry, with a background in investment banking, law compliance, and asset management [4][11] - The management adjustment at Zheshang Securities is seen as a significant step towards enhancing its operational capabilities and accelerating its position in the industry amid ongoing consolidation [2][9] Group 2 - Zheshang Securities aims to become a national comprehensive securities firm that matches the economic status of Zhejiang, with a focus on strategic implementation and merger integration as core tasks for 2026 [4][11] - In the first half of 2025, Zheshang Securities reported investment banking revenue of 287 million yuan, a slight increase of 0.28% year-on-year, accounting for approximately 4.7% of total revenue [4][11] - The company completed seven equity financing deals in 2025, ranking among the top 15 in the industry, and underwrote 334 corporate bonds, ranking 12th [4][11] Group 3 - The financial performance of Zheshang Securities showed a decline in total revenue to 6.107 billion yuan, down 23.66% year-on-year, while net profit attributable to shareholders increased by 46.49% to 1.149 billion yuan [7][13] - The integration of Guodu Securities is ongoing, with Guodu's revenue in the first half of 2025 reported at 749 million yuan, a decrease of 4.42% year-on-year, and a net profit of 358 million yuan, down 8.10% [6][12] - The overall trend in the industry indicates an acceleration in executive turnover among securities firms, with several companies experiencing changes in leadership [7][13]

Core Viewpoint - The recent management restructuring at Zheshang Securities involves the appointment of Cheng Jingdong as the deputy secretary of the party committee and a candidate for the president, which is seen as a recognition of his past performance and a move to enhance the company's strategic decision-making capabilities [2][5]. Group 1: Management Changes - Cheng Jingdong has been appointed as the deputy secretary of the party committee and nominated as the president of Zheshang Securities, allowing the current chairman Qian Wenhai to focus on his responsibilities [2]. - This management change is expected to inject new momentum into the implementation of the company's "14th Five-Year" strategy [2][6]. Group 2: Cheng Jingdong's Background - Cheng Jingdong has over 30 years of experience in the financial industry, with a diverse background in banking, investment banking, and legal services, providing him with a comprehensive skill set [5]. - He has held significant positions in various financial institutions, including roles at Bohai Bank and Everbright Bank, and has experience in investment banking in Hong Kong [5][6]. Group 3: Performance and Achievements - Since Cheng's arrival at Zheshang Securities in April 2019, the investment banking division has seen a significant increase in underwriting performance, completing 64 equity financing projects and 1,537 bond underwriting projects from 2019 to 2025, with a total financing scale exceeding 740 billion yuan [6]. - In the first half of 2025, the company completed 169 underwriting projects, achieving a total financing scale of 54.369 billion yuan, with investment banking revenue of 287 million yuan, a year-on-year increase of 0.28% [6]. Group 4: Strategic Goals - Zheshang Securities aims to become a national comprehensive securities firm that matches the economic status of Zhejiang, with a vision to become a "first-class investment bank" and a strategic goal to "create another medium-sized securities firm" [8][9]. - The company plans to focus on three core tasks: steadily advancing the integration of Guodu Securities, striving for the goal of a "medium to large securities firm," and solidifying compliance and risk control foundations [9].

2月11日晚，浙商证券发布公告，公司实际控制人决定程景东任公司党委副书记，并提名程景东为公司董事、总裁 人选。 浙商证券新任总裁浮出水面。2月11日晚间，浙商证券发布公告称，收到实际控制人浙江省交通投资集团有限公司 相关文件，决定程景东任公司党委副书记，并提名程景东为公司董事、总裁人选。 此前，公司董事长钱文海还兼任总裁、代财务负责人。随着新任总裁的到位，公司管理层架构将步入正轨。 程景东拟任浙商证券总裁 据了解，此前程景东在浙商证券分管投行业务。去年11月，在2025中国金融机构年会的"中国证券业投资银行高峰 论坛"分论坛上，程景东曾表示，当前投行主要面临产能效能调整、"看门人"责任履行、功能性与盈利性之间的平 衡等方面的挑战。面向未来，券商投行要坚持回归"发现价值、创造价值、实现价值"的本源，助力企业特别是新 质生产力企业利用资本市场发展壮大。 他指出，"十五五"期间，浙商证券将在合规前提下，进一步加强投研-投行-投资的"三投联动"，提升各板块之间的 协同力度，为客户创造更大的价值，着力构建"科技-产业-金融"的良性循环，与客户共同成长。 截图自：浙商证券公告 据公开信息，程景东，1970年1月出生，博士 ...

2月11日晚间，浙商证券公告称，收到实际控制人浙江省交通投资集团有限公司文件，决定任命现任浙商证 券党委委员、副总裁程景东为公司党委副书记，并提名为董事、总裁人选。 浙商证券称，将按照相关法律法规和《公司章程》等有关规定，尽快履行董事选举程序及总裁聘任程序。 券商中国记者了解到，此前浙商证券已在内部公示了新总裁人选，公示时间至2月9日。截至目前，钱文海已董 事长、总裁"一肩挑"近四个月。考虑到春节假期等影响，若要在业内通常沿用的6个月期限内完成交接，眼下 确实到了提名新总裁的时候。 新总裁呼之欲出 2025年10月，浙商证券公告，时任公司总裁钱文海正式履行董事长、法定代表人等职务，同时兼任总裁、代行 财务负责人，至今已过去约4个月。 根据2022年4月起施行的《证券基金经营机构董事、监事、高级管理人员及从业人员监督管理办法》，当证券 基金经营机构董事长、总经理、合规负责人和分支机构负责人因故不能履行职务的，相关人员代为履行职务应 当谨慎勤勉尽责，且时间不得超过6个月。 此次被提名为总裁的程景东，已深耕金融行业逾三十年，职业生涯横跨银行、投行、法律等多个关键领域，具 备全方位、复合型的专业能力与丰富的综合管理经 ...

关于收到董事、总裁提名人选文件的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 登录新浪财经APP 搜索【信披】查看更多考评等级 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 证券代码：601878 证券简称：浙商证券 公告编号：2026-010 浙商证券股份有限公司 特此公告。 浙商证券股份有限公司董事会 2026年2月12日 近日，浙商证券股份有限公司（以下简称"公司"）收到实际控制人浙江省交通投资集团有限公司相关文 件，决定程景东同志任公司党委副书记，并提名程景东同志为公司董事、总裁人选。公司将按照相关法 律、法规和《公司章程》等有关规定，尽快履行董事选举程序及总裁聘任程序，并履行信息披露义务。 ...

北京商报讯（记者 刘宇阳 实习生 姚榕琰）2月11日，浙商证券发布公告称，公司近日收到实际控制人浙江省交通投资集团有限公司相关文件，决定程景东 同志任公司党委副书记，并提名程景东同志为公司董事、总裁人选。公司将按照相关法律、法规和《公司章程》等有关规定，尽快履行董事选举程序及总裁 聘任程序，并履行信息披露义务。 据浙商证券官网披露的董事、高级管理人员公示信息，程景东现任公司副总裁。 ...