申万宏源研究指出，裕同基于包装主业大客户资源核心优势，深度挖掘客户需求，扩张业务布局，打造 可持续增长极；收并购方式快速落地，双方强协同，抢占高潜力赛道先机，助力业绩估值向上！主业资 本开支回落、高分红高股息，全球化布局优势驱动稳定增长。考虑公司员工持股计划推出后费用摊销影 响，下修2025-2027年盈利预测至16.01、16.96、19.97亿元（前值：16.31、19.03 、22.51亿元； 盈利预 测暂未考虑收购标的并表） ， 2025-2027年归母同比+13.6%/5.9%/17.7%，对应PE 19X/17X/15X，维 持"买入"评级。 ...

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 ...

Group 1: Consumer Trends - The core theme of consumer behavior during the Spring Festival is service-oriented consumption, with a noticeable trend towards rational spending [1][2] - Analysts observed that while dining and entertainment venues were busy, consumers preferred more affordable price points, indicating a shift towards rational decision-making in spending [2] - In Jiangsu's consumer market, there was a notable increase in both prices and consumption volume for service-related activities, reflecting a structural upgrade in consumer preferences [3] Group 2: Industrial Development - Analysts noted a surge in new productive forces, with traditional industries accelerating their transformation and upgrade [4] - In Hainan, the integration of commercial aerospace initiatives has led to a thriving local economy, with significant growth in tourism and hospitality linked to the aerospace sector [4] - In Shandong, advancements in energy storage technology and the establishment of a large-scale sodium-ion battery production line highlight the region's industrial evolution [5] Group 3: Overseas Opportunities - Analysts conducted field research overseas, providing valuable insights for Chinese companies looking to expand internationally [6] - In Australia, rising property prices driven by low interest rates and high immigration have become a significant social issue, impacting housing affordability [6] - In Indonesia, local market adaptation is crucial for success, with companies needing to navigate economic and cultural differences to establish a foothold [6]

特此公告。 上海证券交易所 2026年02月24日 上个马年沪指涨近60%！新年新福利来了，炒股排面要拉满，新号启幸运>> 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！ 上证公告（基金）【2026】367号 为促进国泰中证影视主题交易型开放式指数证券投资基金（以下简称影视ETF，基金代 码:516620）的市场流动性和平稳运行，根据《上海证券交易所基金自律监管规则适用指引第2号——上 市基金做市业务》等相关规定，本所同意申万宏源证券有限公司自2026年02月25日起为影视ETF提供主 做市服务。 ...

Investment Rating - The report maintains a "Market Perform" rating for the brokerage sector, indicating a synchronized performance with the market [1]. Core Insights - The brokerage index attempted to strengthen in January 2026 but ultimately failed, resulting in a decline of 1.49%, underperforming the CSI 300 index, which rose by 1.65% [5][8]. - The brokerage sector experienced increased differentiation, with a notable number of stocks outperforming the brokerage index, leading to a higher average P/B ratio fluctuating between 1.426 and 1.541 times [5][11][14]. - The overall market conditions for January 2026 were characterized by a significant increase in trading volumes and a record high in margin financing balances, indicating a robust trading environment despite the sector's overall weakness [7][30]. Summary by Sections 1. January 2026 Brokerage Market Review - The brokerage index's performance was weak, with a 1.49% decline, ranking 28th among 30 industry indices [5][8]. - The average P/B ratio for the brokerage sector fluctuated between 1.426 and 1.541 times, reflecting a slight increase in valuation [14]. - A total trading volume of 1.03 trillion yuan was recorded, marking a 40.1% increase month-on-month [9]. 2. Key Market Factors Impacting January 2026 Performance - The equity market faced resistance after an initial rise, while the fixed income market showed signs of mild recovery, contributing to a rebound in proprietary trading [7][18]. - The average daily trading volume reached a historical high of 3.05 trillion yuan, with a total monthly trading volume of 60.90 trillion yuan, indicating a strong recovery in brokerage activity [26]. - Margin financing balances reached 27,153 billion yuan, reflecting a 6.9% month-on-month increase and a 53.1% year-on-year increase [30]. 3. February 2026 Performance Outlook for Listed Brokerages - Proprietary trading is expected to decline due to a cooling equity market, while brokerage activity may experience a seasonal drop in performance [7][40]. - The brokerage index is anticipated to face continued weakness, with a potential drop in overall monthly performance expected to return to relative lows seen in the previous 12 months [7][45]. - The report suggests that if the brokerage sector's valuation drops to 1.3x P/B, it may present a good opportunity for re-entry, particularly for leading firms with strong wealth management capabilities [7].

经济观察网 申万宏源发布研报重申看好并购重组作为2026年核心投资主线，并主推三条主线：权益市 场吸引力提升背景下的财富管理/资产管理业务、汇金系并购重组受益标的、海外业务优势显著标的。 该研报指出，券商板块当前存在补涨、欠配和低估逻辑，若行业整合推进，有望提升公司竞争力。机构 最新综合目标价为6.80元，较A股当前价格有35.46%的上涨空间。 股票近期走势 近期事件 2月16日，义乌作为央视春晚分会场亮相，节目中融入"鸡毛换糖"元素和科技IP展示。申万宏源研究团 队在2月22日发布的春节见闻报告中提及此事，强调义乌从传统贸易向数字贸易升级的案例，间接反映 公司对区域经济趋势的洞察能力。该事件虽未直接涉及申万宏源业务，但凸显其研究实力与品牌曝光 度。 以上内容基于公开资料整理，不构成投资建议。 近一周内，申万宏源港股（06806.HK）表现活跃：2月20日收盘价3.14港元，单日上涨2.95%；2月23日 最新价3.19港元，较前日上涨1.59%。A股（000166.SZ）最新数据更新至2月13日，收盘价5.02元，单日 下跌0.79%。资金流向显示，港股近期主力净流入积极，而A股主力资金呈净流出状态。整体 ...

Group 1 - The article highlights the vibrant night economy in Kunming, showcasing a blend of cultural tourism and local specialties, with a focus on the bustling atmosphere of South Qiang Street [1][3] - Kunming's night economy has evolved into a diverse ecosystem, with the city establishing 4 national, 9 provincial, and 12 municipal night economy clusters, leading to significant revenue growth and job creation [3][4] - The tourism sector in Kunming has seen a remarkable increase, with a 46% year-on-year growth in overall tourism orders during the Spring Festival, and a 35% increase in flight bookings [4][6] Group 2 - The coffee and tea industries are pivotal to Kunming's economy, with the city serving as a major hub for coffee distribution and the largest tea market cluster in Southwest China, contributing to a projected tea industry output value of 9.871 billion yuan in 2024, a 14.92% increase [6][8] - The service sector is a core pillar of Kunming's economy, with its GDP share rising from 51% in 2014 to an expected 67% by 2025, driven by the integration of cultural tourism and specialty industries [8][10] - The number of listed companies in Yunnan province is 39, with 29 based in Kunming, indicating a need for further development in the capital market to support local industries and enhance economic growth [17][19]

专题：分析师回乡见闻 探寻中国经济多层次发展脉络 一、本土消费IP全面爆发 往年，蚌埠本土特色符号仅仅是春节的配角，但今年返乡感受到，本土消费IP相比以往出现了全面爆 发。蚌埠拥有众多文化IP资源。蚌埠涂山，是大禹会诸侯的历史现场。《左传》载："禹会诸侯于涂 山，执玉帛者万国。"。汉高祖刘邦过涂山时命立禹王庙，距今已有2200余年，2006年，禹王庙会被列 入安徽省首批省级非物质文化遗产名录。蚌埠垓下遗址，是楚汉相争的决战之地，"霸王别姬"的故事发 生于此。蚌埠花鼓灯被列为国家级非物质文化遗产，被誉为"东方芭蕾"。此外，泗州戏、玉雕、白莲坡 贡米、津浦铁路等也是具有知名度的IP资源。以往，这些本土文化消费的感知并不强烈。 作者：申万宏源研究宏观团队 丙午马年春节，笔者踏上归乡蚌埠的高铁，当走出京沪高铁蚌埠南站，熟悉的烟火气扑面而来。蚌埠是 因铁路而生、因淮河而兴的城市，素有"淮河明珠、皖北枢纽"之称，是中国南北地理分界线的地标之 城。1912年，津浦铁路通车，让这座淮河岸边的小渔村，一跃成为中国南北交通的枢纽，"千里淮河第 一大港"。1947年1月1日，蚌埠正式设市，成为安徽第一个设市的城市。新中国成立后，空 ...

专题：分析师回乡见闻 探寻中国经济多层次发展脉络 作者：申万宏源研究交通运输团队 郑逸欢 一、滨海旅居热：小径湾的春节样本，从"打卡式旅游"向"深度生活化"的转移 由于今年春节假期延长至9天，叠加"反向旅游"与"避寒旅居"的双重趋势，作为毗邻深圳、面朝大亚湾 的滨海片区，小径湾在这个春节呈现出旅居型消费的蓬勃景象，不同于传统景区的"打卡式"旅游，这里 更注重关于"住下来"的生活消费体验。 首先是"住"。春节期间，小区海景房出租率大幅提升，不少业主提前1-2个月就已锁定长租或整租客 户，原本偏"投资属性"的滨海公寓，在假期转化为刚需型旅居资产；高端酒店方面，不远处的艾美酒 店，春节期间房价飙升至平时的3-4倍，却依然房源紧张。价格信号并未抑制需求，反而强化了假期消 费的确定性。 其次是"逛"。除夕前后，周边超市、餐饮进入高负荷运转状态，海鲜、水果、酒水与火锅食材销量大 增，收银台排起长龙，海鲜大排档、特色小吃店日夜营业，停车场一位难求。普通话在假期成为了主 流，东北、华中、长三角等口音交织，本地居民反而成了"少数派"，滨海三四线城市正在承接一部分原 本流向三亚、厦门的跨区域家庭型旅游需求。 图1：春节期间小径湾 ...

Group 1: Tourism and Cultural Industry Upgrade - The winter tourism experience in Jilin Province's Ji'an has evolved, combining "ice and snow" with border tourism, attracting significant visitor interest during the 2026 Spring Festival [2][14] - The local government has implemented urban lighting projects that enhance nighttime economy, transforming public spaces into visually impactful tourist attractions [2][14] - There has been a noticeable shift in local product offerings, with traditional items being repackaged into more appealing formats, reflecting a growing brand awareness among local businesses [2][14] Group 2: Infrastructure Development - Recent investments in infrastructure, particularly in the G331 National Road, have improved transportation efficiency, reducing friction costs in regional economic activities [6][18] - The enhanced transportation network connects Ji'an to major cities like Shenyang and Changchun, facilitating better logistics and information flow [6][18] Group 3: County-Level Consumption Changes - The retail landscape in Ji'an is undergoing significant transformation, with major brands from first-tier cities entering the market, leading to increased competition and improved service standards [7][19] - Local businesses are demonstrating resilience and innovation, adapting to the presence of chain brands by offering unique products and experiences that cater to both local tastes and modern trends [7][19] - Social dining experiences, such as communal gatherings around hot pots, remain popular, indicating a strong consumer willingness to spend on social interactions rather than just products [7][19]