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4,220-year-old rock art in SW China’s Yunnan reveals early cultural links with Southeast Asia_我的网站
一 | 2026年上市券商半年报进入密集披露期。截至8月26日，已有中信证券（600030.SH）、国泰海通（601211.SH）、中信建投（601066.SH）等近20家券商及券商概念股披露上半年成绩单。
Chinese researchers have obtained the first absolute dates for rock paintings at the Mangguan rock art site in Southwest China's Yunnan Province, pushing the known history of rock art created by prehistoric settled communities in the region back to about 4,220 years ago. The paintings also suggest cultural interactions more than 4,000 years ago between Southwest China and civilizations along the Yellow and Yangtze rivers, as well as possible exchanges with neighboring parts of Southeast Asia, including present-day Myanmar, Thailand and Vietnam, a member of the research team told the Global Times.
The Yunnan Provincial Institute of Cultural Relics and Archaeology, in collaboration with Nanjing Normal University and other institutions, have recently made a significant archaeological breakthrough. Through systematic surveys and uranium-thorium (U-Th) dating at the Mangguan site in Gengma county, the research team obtained the first absolute dates for the site's rock paintings, tracing rock art created by prehistoric settled communities back to around 4,220 years ago.
The findings were recently published in the international journal Journal of Archaeological Science: Reports.
The Mangguan rock paintings represent one of the best-preserved prehistoric rock art sites in Yunnan. The research team presented high precision U Th dating of carbonate accretions that stratigraphically overlie the painted motifs at the Mangguan site, according to the paper published in the journal.
The dating results show that carbonate deposits overlying a human figure yielded a corrected age of 4,240 ± 19 years before present, confirming that ancient people living in the region had already produced mature figurative art at least 4,220 years ago, Wu Yun, first author of the paper and an associate researcher at the Yunnan Provincial Institute of Cultural Relics and Archaeology, was cited by the Xinhua News Agency report as saying.
Dating results from 11 samples taken from different motifs clustered between about 3,907 and 3,056 years ago. By comparison, the Cangyuan cliff paintings had previously been dated to roughly 3,800 to 2,700 years ago. The Mangguan paintings are therefore significantly older, filling an important chronological gap in the region's artistic record before the Cangyuan phase.
Shao Qingfeng, corresponding author of the paper and a professor at the School of Geography at Nanjing Normal University, told the Global Times that previous estimates dated the Mangguan rock paintings to a little over 3,000 years ago based mainly on imagery and comparisons with similar regional sites. Using microsamples of secondary carbonate deposits overlying the paintings, researchers have now obtained a precise minimum age of about 4,220 years before present without damaging the rock art.
The findings and the establishment of this chronological framework not only strengthen the archaeological foundation for studying rock art in Southwest China, but also provide a direct reference for rock art sites across Southeast Asia that have yet to undergo systematic dating, Shao said.
The findings may also challenge long-held perceptions of Southwest China around 4,200 years ago - roughly the era of the Xia Dynasty (c.2070 BC-C.1600 BC) - and help fill a key gap in understanding the pluralistic yet integrated development of Chinese civilization.
Shao said that while academic research has traditionally focused on the Yellow River and Yangtze River basins as cradles of early Chinese civilization, sites such as Mangguan and Cangyuan show that stable and culturally active communities also thrived in mountainous Southwest China. The newly established rock-art chronology brings an artistic dimension to the broader narrative of China's enduring cultural development.
Moreover, stylistic similarities suggest that Southwest China maintained exchanges with the Yellow River and Yangtze River regions and with early societies in Southeast Asia, providing material evidence of cross-regional interaction more than 4,000 years ago.
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从已披露数据看，上半年券商行业整体盈利修复态势明确，规模梯队分化显著。头部阵营优势稳固。
二 | 中信证券、国泰海通（601211.SH）上半年营收均突破400亿元，分别达496.92亿元、471.63亿元；归母净利润均超200亿元，分别为233.43亿元、202.60亿元。增速方面，国泰海通营收同比大增97.56%，中信证券、中信建投、财达证券（600906.SH）营收增速也均达50%及以上。 第二梯队券商营收集中在60亿-70亿元区间，兴业证券（601377.SH）、光大证券（601788.SH）等上半年分别实现营收67.30亿元、60.56亿元。东兴证券（601198.SH）、财达证券、信达证券（601059.SH）及锦龙股份参股的东莞证券营收处于20亿-30亿元区间。 中小券商业绩弹性突出。哈投股份（600864.SH）旗下江海证券、锦龙股份（000712.SZ）控股的中山证券营收均在10亿元以下，分别为9.78亿元、3.49亿元；中山证券归母净利润仅5032.53万元，在披露主体中垫底，但同比增速高达238.17%，本次统计披露主体中增速最高。财达证券、中山证券归母净利润增速均超100%，中信证券、中信建投、兴业证券、东莞证券增速也均在60%以上，仅信达证券增速最低，同比增长7.15%。
三 | 资产端整体呈现扩张态势。中信建投总资产较上年末增长27%，中信证券、国泰海通、东莞证券等增幅均超10%。
四 | 唯有信达证券总资产较上年末下降7.47%，公司解释称主要因交易性金融资产较上年末减少92.81亿元、其他债权投资减少62.58亿元，同期货币资金增加28.71亿元、融出资金增加18.21亿元，资产结构向高流动性调整。 与亮眼财报形成错位的是板块的冷清行情。Wind数据显示，截至8月26日收盘，申万证券行业指数年内累计下跌超10%；板块50只成分股中仅华安证券（600909.SH）、长江证券（000783.SZ）、招商证券（600999.SH）3只录得上涨，其余47只全部下挫，下跌个股占比超九成。
五 | 跌幅梯队分化明显。国盛证券（002670.SZ）年内跌幅超30%，居于首位；湘财股份（600095.SH）、锦龙股份、首创证券（601136.SH）、中银证券（601696.SH）、中国银河（601881.SH）、国信证券（002736.SZ）、长城证券（002939.SZ）、兴业证券（601377.SH）跌幅在20%-30%区间。 头部券商同样未能幸免：中信证券8月20日披露财报后次日微涨0.30%，年初至今仍累计下跌3%；国泰海通8月18日披露半年报后次日微涨0.62%，随后连续两个交易日回落，年初至今累计下跌13.76%。 估值层面，当前A股上市券商板块整体平均市净率约1.41倍，处于近十年历史低位，高净利润增速与低估值形成强烈反差。 巨丰投顾投资顾问总监郭一鸣对界面新闻指出，业绩与股价背离的核心在于股价交易的是未来预期，而非已落地的半年报业绩。他表示，券商上半年盈利大多由市场阶段性行情驱动，自营浮盈、成交量抬升推高利润属于脉冲式收益。机构普遍担忧后续市场震荡、成交回落将带动盈利明显回落，并不认可当前高利润的可持续性。 除此之外，存量资金持续涌向科技成长主线，机构对券商板块配置偏低，缺少增量资金推动；叠加财报披露属于利好落地，不少资金借业绩兑现离场，进一步压制板块表现。 郭一鸣同时对界面新闻提到，结构性行情下券商传统“牛市旗手”的炒作溢价持续弱化，作为强周期行业，市场更关注景气边际变化，当资金预判行业景气已至阶段高点，即便当期利润可观，也会提前压低估值。 “业绩大好却持续破净破发”“投资十年仍亏损”“股价严重跑输大盘”，在已召开业绩说明会的中信证券、国泰海通、中信建投、光大证券四家券商中，股价表现均是投资者提问的重中之重。 针对“利润大涨却跑输上证指数”的提问，中信证券回应称，公司高度重视市值管理与投资者回报，2026年上半年累计开展机构投资者投关活动20余场，接听股东热线1400余次；分红方面，拟每10股派4.27元，合计派现66.72亿元。 光大证券被投资者直言“5年、10年投资均亏损，算上分红仍亏本”，呼吁公司推出股份回购。公司回应称，将持续通过提升业绩、现金分红、投资者关系管理等方式提升投资价值，并将在合规前提下积极研究股票回购的可行性。
六 | 中信建投被问及如何传递“科技金融”“数智投行”的长期价值以引导估值修复。公司表示，将线下通过业绩说明会、路演、反向路演深化交流，线上依托官网、官微等数字化渠道同步进展，持续向市场传递战略价值。 股价背离的背后，是市场对券商行业强周期属性的根深蒂固的担忧。如何摆脱“靠天吃饭”、建立不依赖单边行情的内生增长模式，是业绩说明会上另一核心议题。
七 | 中信建投明确回应称，证券行业天然的周期属性无法完全规避，公司正通过三层战略逐层破局：一是打造“价值投行”，提升主动管理、买方投顾、非方向交易收入占比，用更稳定的收入结构对冲周期波动；二是布局“新质投行”，锚定新质生产力长期赛道，将增长锚从市场成交量切换至产业升级趋势，把市场β转化为专业α；三是推进“数智投行”，以金融科技挖掘客户价值、提升运营效率，用效率对冲波动。 具体业务的风险防控也在同步加固。针对科创板跟投浮盈的可持续性与风险传导问题，中信证券介绍，公司已建立全周期风险管理体系，通过分级授权、分散投资、定期排查、统一监控等手段，实现投前风险前置、投中多维度预警、投后多样化处置，防范底层资产风险向自营盘传导。 针对两融业务的流动性安全，中信建投披露，截至6月末公司流动性覆盖率、净稳定资金率均符合监管要求且留有充足安全垫。公司每季度开展压力测试，设置轻度、中度、重度三级情景，同时储备规模适度、结构合理的流动性资产，以及品种丰富、额度充足的融资工具，可有效应对极端市场波动。
八 | 对于行业长期前景，银河证券研报认为，中长期资金加速入市、市场活跃度维持高位，2026年资本市场“健康牛”态势确定性较强，财富管理转型、国际化拓展、金融科技赋能均有望成为券商提升ROE（净资产收益率）的核心驱动力，当前板块估值处于历史低位，防御与反弹属性兼备。但短期来看，市场对业绩可持续性的分歧尚未消解，券商板块要真正走出“业绩涨、股价跌”的困局，仍需用持续的结构转型，证明自身摆脱周期依赖的能力。
（文章来源：界面新闻）。
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