一 | Russian President Vladimir Putin has underscored that the white-blue-and-red flag of the country “symbolizes our faith in our traditional values that we will never give up.” In an address on the occasion of National Flag Day, celebrated by Russia on August 22, he continued:,"Russia is a strong, independent world power. On the international stage, we are committed to pursuing only such policies that meet the vital interests of our Fatherland.",Putin added that the flag symbolizes faith in values such as “truth and justice, solidarity and mercy, and respect for Russia’s centuries-long uninterrupted history, the achievements and victories of our ancestors that inspire us to care for and defend our Motherland and never permit any foreign hegemony or diktat.”,© Sputnik / Evgeny Odinokov / Go to the photo bankRussian servicemen and the National Guard unfurled a 1,000-square-meter tricolor on National Flag Day near the Victory Museum in Moscow.Russian servicemen and the National Guard unfurled a 1,000-square-meter tricolor on National Flag Day near the Victory Museum in Moscow.© Sputnik / Evgeny Odinokov / Go to the photo bank,He added that starting from September 1, the beginning of the school year, all schools in Russia will begin each week with a ceremony of raising the flag and singing the national anthem.,Russia’s White-Blue-Red Tricolor,The Day of the State Flag was established on the basis of the Decree of the President of the Russian Federation dated August 20, 1994.,On this day in 1991, the Supreme Council of the Russian Soviet Federative Socialist Republic (RSFSR) adopted a resolution "On the Official Recognition and Use of the National Flag of the RSFSR." The move, just a few months before the official dissolution of the Soviet Union, brought back a design similar to the pre-revolutionary tricolor abolished in 1917.,Alternative View: Could USSR Have Avoided Dissolution, Overcome Crisis?17 August 2015, 13:47 GMT,The Soviet Union’s sickle-and-hammer flag was lowered on the night of December 25, 1991 and the Russian white-blue-red tricolor was raised in its place with the dissolution of the Soviet Union.,© Sputnik / Sergey Kuznecov / Go to the photo bankFlag of the Union of Soviet Socialist Republics. (File)Flag of the Union of Soviet Socialist Republics. (File)© Sputnik / Sergey Kuznecov / Go to the photo bank,However, the actual origins of the flag predate the post-Soviet Russian state by centuries.,The white-blue-red flag was hoisted for the very first time on the first Russian man-of-war Orel during the reign of Alexei Mikhailovich (1645-1676). On January 20, 1705, Peter the Great issued a decree ordering all merchant ships to fly the white-blue-red flag.,In the beginning, the white-blue-red flag’s use was limited to vessels. It was the geographical discoveries of Russian navigators that led to the flag being associated with dry land as well.,Until the 19th century, Russian sailors typically erected a memorial cross on shore during such ventures to mark land they were claiming for the country.,Yet when the Russian expedition of 1806 explored the coast of southern Sakhalin, it landed and raised two flags: St. Andrew's flag celebrated the merit of the Navy, the state white-blue-red flag – Russia’s new territorial acquisition. Thus, in 1883, the Russian flag was authorized to be used on dry land.,Officially, the white-blue-red flag was approved as the state flag of Russia only on the eve of the coronation of Tsar Nicholas II in 1896.,The three colors of the flag received an official interpretation, where red meant "sovereignty," blue, the color of the Mother of God - under whose heavenly protection Russia’s land was deemed to be, and white, the color of freedom and independence.。 A股三大指数今日集体上涨，截止收盘，沪指涨0.59%，深证成指涨0.69%，创业板指涨0.51%。沪深京三市成交额仅1.82万亿，较昨日小幅缩量。
二 | 行业板块涨多跌少，证券、工业金属、保险、核力发电、酒店餐饮、多元金融、能源金属、农化制品、钢铁板块涨幅居前，医疗服务、地面兵装板块跌幅居前。个股方面，上涨股票数量超过2900只，逾50只股票涨停。
随着A股上市券商2026年中报密集披露，2026年中期分红预案也陆续呈现在投资者面前。据中国证券报报道，Wind数据显示，截至8月25日，已有15家上市券商披露2026年半年报，其中10家上市券商公布中期分红预案，拟派现金额合计近170亿元（含税）。这背后既有来自监管层的积极引导，更离不开上半年A股行情向好带来的业绩高增。
三 | 尽管业绩和分红亮眼，但当前券商板块的估值仍处于历史相对低位。从板块表现来看，证券板块2026年以来整体承压，截至8月26日早盘收盘，证券板块年内下跌8.99%。有业内人士认为，券商板块配置价值有望进一步提升，头部券商的超额收益机会值得重视。此外，考虑到证券行业发展政策较为积极，一批优质特色券商也有望脱颖而出。 另外公司消息上，8月24日，东方证券召开临时股东会，合并重组相关议案获99%以上高票通过，标志着该项交易的公司治理程序取得关键进展。而东方证券等券商并购重组取得关键进展，监管对一流投行建设的政策导向明确，行业资源向头部集中，并购主题持续为板块提供催化。 银河证券认为，当前环境下中长期资金加速入市，市场活跃度维持高位，2026年资本市场延续“健康牛”态势确定性较高，财富管理转型、国际化业务拓展、金融科技赋能均有望成为券商行业提升ROE（净资产收益率）的驱动力。万联证券在近期的研报中指出，证券行业基本面保持高景气，但估值与业绩深度偏离，具备显著修复空间。
银河证券：当前证券板块防御与反弹攻守兼备 当前环境下中长期资金加速入市，市场活跃度维持高位，2026年资本市场延续“健康牛”态势确定性较高，财富管理转型、国际化业务拓展、金融科技赋能均有望成为券商行业提升ROE（净资产收益率）的驱动力。当前证券板块估值处于历史低位，防御与反弹攻守兼备。
四 | 万联证券：证券行业估值具备显著修复空间 证券行业基本面保持高景气，但估值与业绩深度偏离，具备显著修复空间。国际业务拓展与投行跟投机制将抬升ROE中枢，推动券商从重资本模式向价值发现者转型。
五 | 
申万宏源：2026年券商行业呈现两大核心趋势 2026年券商行业呈现两大核心趋势。一是行业集中度持续提升，上市券商净资产、归母净利润CR5分别升至41.1%和48.9%，马太效应显著。二是板块正处于估值修复与转型共振窗口，产业资本密集增持回购，财富管理向买方投顾加速转型，AI赋能成为新引擎。 东吴证券：并购整合与资本实力强的头部券商有望持续受益 2019年以来监管对证券行业整合、一流投行建设的政策导向愈发清晰，行业资源持续向头部集中，2025年证券行业净利润CR5、CR10已分别达41%、64%，并购整合与资本实力强的头部券商有望持续受益。 方正证券：看好证券板块在业绩与估值双击下的修复机会 在市场成交活跃度提升背景下，券商经纪、净利息收入快速增长，财富管理业务基本盘稳固，看好证券板块在业绩与估值双击下的修复机会。 开源证券：头部券商的超额收益机会值得重视 当前头部券商业务结构不断优化，市占率持续提升，ROE中枢稳步抬升，但市场尚未对相关变化完成估值定价，同时目前券商行业估值、机构配置水平仍位于历史底部，因此头部券商的超额收益机会值得重视。 （本文不构成任何投资建议，投资者据此操作，一切后果自负。市场有风险，投资需谨慎。)（文章来源：东方财富研究中心）。
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