中国经济网北京2月9日讯 近日，浙江浙商证券资管公告，宋青涛离任浙商汇金卓越稳健3个月持有 混合发起式FOF、浙商汇金卓越配置一年持有混合FOF。 | 基金名称 | 浙商汇金卓越稳健3个月持有期混合型发起式基 | | --- | --- | | | 金中基金(FOF) | | 基金简称 | 浙商汇金卓越稳健3个月持有混合发起式(FOF) | | 基金主代码 | 017917 | | 基金管理人名称 | 浙江浙商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 | 解聘基金经理 | | 共同管理本基金的其他基 | 陈正声 | | 金经理姓名 | | | 离任基金经理姓名 | 宋青涛 | | 基金名称 | 浙商汇金卓越配置一年持有期混合型基金中基 | | --- | --- | | | 金(FOF) | | 基金简称 | 浙商汇金卓越配置一年持有混合(FOF) | | 基金主代码 | 013781 | | 基金管理人名称 | 浙江浙商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 | 解聘 ...

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 浙商证券研报指出，吉利诉讼和解落地，欣旺达阴霾尽扫前路坦荡。吉利威睿的电芯纠纷，自2021 年以来一直是压在欣旺达成长预期上的一块大石，而在去年底转为诉讼后，更是对公司短期带来了非常 大的负面影响。此次和解协议的签署，对于双方而言是化干戈为玉帛，而对欣旺达而言更是阴霾尽扫的 前路坦荡。看好公司的持续成长空间，当下市值对应的PE分别为21.17、13.89和10.36倍，维持"买入"评 级。 （责任编辑：刘畅 ） ...

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！ 来源：五道口江湖 浙商证券2026年1月14日的任免通知： 研究事业部内部设置首席产业研究官、首席全球策略研究官、首席政策研究官各1名。 邱世梁为首席产业研究官，被免去研究所联席所长、副所长职务； 廖静池为首席全球策略研究官，被免去研究所副所长职务； 于科为首席政策研究官，被免去产业研究院副院长职务； 李超被免去研究所联席所长、副所长职务。 ps： 1、覃隶属于李超所管理的总量大组。 来源：五道口江湖 浙商证券2026年1月14日的任免通知： 研究事业部内部设置首席产业研究官、首席全球策略研究官、首席政策研究官各1名。 邱世梁为首席产业研究官，被免去研究所联席所长、副所长职务； 廖静池为首席全球策略研究官，被免去研究所副所长职务； 于科为首席政策研究官，被免去产业研究院副院长职务； 李超被免去研究所联席所长、副所长职务。 ps： 2、基本上联席所长，副所长，副院长职务都免了，成了新设岗位的首席领导，马莉保持了原有的联席 所长、副所长职级 责任编辑：郭栩彤 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！ 1、覃隶 ...

1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The key factors affecting the inter - bank capital situation during the Spring Festival holiday are the change in M0. The 9 - day Spring Festival in 2026 may lead to greater cash leakage and slower cash return to banks, resulting in a lower excess reserve level in the commercial banking system [2][12]. - The cash leakage (M0 month - on - month increase) caused by residents' cash withdrawals during the Spring Festival may exceed 1.7 trillion yuan, and with the 500 - billion - yuan 6M term repurchase "maturity - placement" misalignment, the pre - Spring Festival capital gap may exceed 2.2 trillion yuan [3][13]. - The central bank started to issue 14 - day reverse repurchase on February 5, and the start date and amount of the reverse repurchase across the Spring Festival holiday met expectations. The current low certificate of deposit spread and credit spread fully reflect the market expectation of stable and loose funds and remaining carry trade space [1][4]. - During the Spring Festival holiday, more attention should be paid to the speed of cash return to banks and the appreciation of the RMB. The 9 - day holiday may cause residents to return to work later, and RMB appreciation may consume commercial bank excess reserves [4][15]. 3. Summary by Directory 3.1 The Focus on the Capital Situation around the Spring Festival Holiday - The main factor affecting the inter - bank capital situation during the Spring Festival is the change in M0. The 9 - day Spring Festival in 2026 will lead to greater cash leakage and slower cash return to banks, resulting in lower excess reserves in the commercial banking system [2][12]. - The cash leakage (M0 month - on - month increase) during the Spring Festival may exceed 1.7 trillion yuan, and combined with the 500 - billion - yuan 6M term repurchase "maturity - placement" misalignment, the pre - Spring Festival capital gap may exceed 2.2 trillion yuan [3][13]. - The central bank issued 14 - day reverse repurchase on February 5, and the start date and amount of the reverse repurchase across the Spring Festival holiday met expectations. The current low spreads reflect the market expectation of stable and loose funds [1][4]. - Attention should be paid to the speed of cash return to banks and RMB appreciation during the holiday [4][15]. 3.2 Narrow - sense Liquidity 3.2.1 Central Bank Operations - Short - term liquidity: The central bank conducted peak - shaving and valley - filling operations. From February 2 to February 6, the net issuance of pledged reverse repurchase was - 756 billion yuan. Medium - and long - term liquidity: The 3M term repurchase was renewed with an excess of 100 billion yuan [16]. 3.2.2 Institution's Lending and Borrowing Situations - Capital supply (lenders): The net lending of large - scale banks reached a record high. Capital demand (borrowers): The absolute financing balance was high, and the relative leverage ratio increased [22][34]. 3.2.3 Repurchase Market Transaction Situation - Capital volume and price: The volume was abundant, and the price was stable. The capital sentiment index showed a gradual easing trend [42][45]. 3.2.4 Interest Rate Swaps - The cost of interest rate swaps decreased slightly, and the spread between CDs and IRS remained at a low level [49]. 3.3 Government Bonds 3.3.1 Next Week's Net Payment of Government Bonds - The net payment of government bonds next week will increase significantly. The net payment in the past week was 460.4 billion yuan, and it is expected to be 643.7 billion yuan next week [52]. 3.3.2 Government Bond Maturity Structure - The report presents the issuance and proportion of government bonds with different maturities in 2024, 2025, and 2026, including treasury bonds and local government bonds [57][58]. 3.4 Certificates of Deposit 3.4.1 Absolute Yield - The report shows the SHIBOR yield curve and the AAA - rated certificate of deposit yield curve and their changes compared with the previous week [62]. 3.4.2 Issuance and Stock Situations - As of February 6, the issuance and stock structures of certificates of deposit of different types of banks are presented, including the issuance and stock amounts and proportions of different maturities [66][67]. 3.4.3 Relative Valuation - The report analyzes the spreads of certificates of deposit, including the spreads between the 1 - year AAA - rated certificate of deposit yield and R007, DR007, and the 10 - year treasury bond yield, and their quantiles since 2020 [69].

Core Insights - The overall performance of the securities industry is recovering, prompting small and medium-sized brokerages to strategically position themselves for 2026 [1] - These brokerages are focusing on differentiated, specialized, and refined development paths to navigate the competitive landscape [2] Differentiation Strategy - Small and medium-sized brokerages are abandoning the "large and comprehensive" development model in favor of a "small but beautiful" approach, emphasizing differentiation and specialization [2] - In 2025, many brokerages reported significant growth, with Zhongyou Securities achieving a 22% revenue increase and a 50% profit increase, showcasing their strategic adaptability [2] Key Strategic Focus Areas - "Differentiation positioning" is a primary keyword in the strategic deployment of brokerages, with firms like Dongwu Securities focusing on three key areas: collaborative empowerment, research empowerment, and technological empowerment [3] - Zhejiang Securities aims to become a leading national comprehensive brokerage aligned with the economic status of Zhejiang, while Xinyi Securities emphasizes high-quality development and competitive advantages [3] Regional Development - Many brokerages are aligning their growth with national regional strategies and local economic development, emphasizing local market service [4] - Zhongyuan Securities aims for regional leadership, while Huayuan Securities focuses on deepening its presence in niche markets [4] Wealth Management and Investment Banking - The transformation towards wealth management is a core focus, with brokerages like Zhongyou Securities planning to enhance institutional demand and expand their service systems [5] - Investment banking efforts are directed towards premium and specialized services, with firms like Xinyi Securities targeting key clients and industries [5] Overall Development Path - The development path for small and medium-sized brokerages in 2026 is becoming clearer, moving away from scale competition to capability competition [6] - The focus is on specialized tracks and serving the real economy, with brokerages leveraging strategic determination and innovative vitality to find new opportunities [6]

Core Viewpoint - Kunlun Wanwei has completed the full industry chain layout of "computing power - model - AI application," demonstrating its commercialization capability with a short drama business annualized revenue exceeding $240 million [1] Group 1: Business Performance - The short drama business has achieved an annualized revenue of over $240 million, validating its commercial potential [1] - The DramaWave short drama platform shows a steep growth curve in Monthly Recurring Revenue (MRR) [1] Group 2: Future Growth Prospects - The Tian Gong Super Intelligent Body is set to initiate a second growth curve in productivity scenarios such as AI search, AI music, and AI social [1] - The company is expected to transition from the investment phase to the realization phase in 2026 [1] Group 3: Valuation and Rating - Using the Sum of the Parts (SOTP) valuation method, the target market value is set at 93.2 billion yuan, corresponding to a target price of 74.3 yuan [1] - The initial coverage gives a "Buy" rating for the stock [1]

Core Viewpoint - Pengding Holdings positions itself as a global leader in PCB, leveraging AI to drive a second growth curve, expanding from consumer electronics to AI computing and advanced communication boards [1] Group 1: Business Expansion - The company is deeply integrated with leading consumer electronics clients and is opening new growth avenues in AI computing and high-end communication boards, with expectations for computing-related business to exceed forecasts [1] - The wholly-owned subsidiary, Qingding Precision, has successfully acquired industrial land in Huai'an to meet PCB industry investment demands, laying a solid foundation for future expansion [1] Group 2: Technological Advancements - In the optical communication sector, the company is utilizing its accumulated SLP technology from the consumer electronics field to design advanced mSAP for the 800G/1.6T optical communication domain, with ongoing development of the next-generation 3.2T optical communication solution [1] - The parent company, Zhendin, is actively developing HDI and HLC PCB products for AI servers, indicating a strong focus on AI-related PCB technology [1] Group 3: Market Outlook - Given the company's deep technical accumulation in AIPCB, proactive capacity layout, and comprehensive product matrix, the AI-PCB business is expected to accelerate in volume, maintaining a "buy" rating [1]

Core Viewpoint - The report from Zheshang Securities highlights the strong competitiveness of New Dairy's products, indicating that the low-temperature leader's momentum will continue, thereby opening up mid-term profit space [1] Group 1: Profitability and Revenue Outlook - The company's net profit margin elasticity is primarily derived from the raw milk cost advantage, suggesting that if raw milk prices stabilize and rise, the company's net profit margin may come under pressure [1] - It is anticipated that the revenue from the company's ambient dairy products will stabilize and narrow its decline by 2026, with expectations for the ambient business revenue to turn positive [1] - The company's revenue forecast for 2026 may be adjusted upwards due to these factors [1] Group 2: Margin Improvement and Rating - The company's profitability is expected to continue improving due to product structure optimization and an increase in the proportion of D2C (Direct-to-Consumer) channels [1] - A target price-to-earnings ratio of 20XPE for 2027 has been set, with an upgrade to a "Buy" rating [1]

Group 1 - The chief economist of Zheshang Securities, Li Chao, emphasizes the necessity of maintaining an active fiscal policy with a certain level of deficit for 2026 [1] - Li Chao indicates that a moderately loose monetary policy will likely continue, with potential interest rate cuts still on the table [1] - The focus for 2026 should shift towards the importance of consumption as a key counter-cyclical variable, contrasting with the past where real estate was the main counter-cyclical factor [1] Group 2 - The Chinese stock market in 2026 should not overly focus on interest rates but rather on risk appetite, suggesting that a sustained optimistic market sentiment could lead to a prolonged "slow bull" market through valuation increases [1]

Group 1 - The sell-side industry is experiencing a new wave of personnel changes since the end of 2025, with at least five chief analysts from Zheshang Securities leaving, many opting to join other brokerages in January 2026, thereby forfeiting the opportunity to participate in the 2026 New Fortune Best Analyst Awards [1][2] - The research departments of brokerages are among the most volatile in terms of talent movement, influenced by factors such as brokerage rankings, shareholder changes, and compensation incentives [1][2] - Zheshang Securities has seen significant personnel turnover, including the departure of key analysts like Liang Fengjie, who was recognized as a top performer in the banking research sector [2][3] Group 2 - Guosheng Securities is also facing a similar wave of departures, with several star analysts leaving, attributed to changes in the company's actual controller and management [5] - The brokerage's commission income has declined, ranking 21st in the industry with a revenue of 0.95 billion yuan in the first half of 2025, down one position from the previous year [5] - The industry is witnessing a trend where established firms are losing ground to emerging players, with companies like Huayuan Securities and Guojin Securities actively recruiting new analysts [6][7] Group 3 - Traditional leading institutions are experiencing a decline in rankings and personnel, with Guotou Securities losing 10 analysts, a 12% decrease, and its commission income dropping significantly from 4.485 billion yuan in 2021 to 0.419 billion yuan in the first half of 2025 [8][9] - The competitive landscape is becoming increasingly challenging, with mergers among major brokerages like Guotai Junan and Haitong leading to a clearer hierarchy in the sell-side research industry [9]