Group 1 - The core message of the news is the comprehensive service upgrade of the VIP lounges at Jinan Station, Jinan West Station, and Jinan Yaoqiang International Airport by the Bank of Communications Shandong Branch, coinciding with the 20th anniversary of the Wode Wealth brand [1][2] - The upgraded VIP lounges feature significant improvements in environment, facilities, and services, focusing on privacy and comfort, equipped with multifunctional charging devices, quiet rest areas, and business support services [1] - During the Spring Festival travel season, the lounges will offer warm services such as hot drinks, snacks, and travel consultations to enhance the travel experience for customers [1] Group 2 - As part of the 20th anniversary celebrations, the Bank of Communications Shandong Branch launched the "Warm Winter Travel Benefits" campaign, providing discounts for Wode customers purchasing tickets through designated channels until March 31, 2026 [2] - Credit card customers can enjoy discounts of up to 288 yuan and multiple reward points when booking tickets or hotels through platforms like 12306, Ctrip, and Qunar [2] - The bank will continue to focus on customer-centric services, integrating "finance + scenarios" to enhance the value of the Wode Wealth brand and support customers in their wealth management journey [2]

金饰需求受到挤压 Wind数据显示，截至北京时间1月30日22:00，伦敦现货黄金盘中一度跌超8%，最低触及4941.61美元/盎 司。金价高位跳水引发连锁反应，中国证券报记者在有着"北京水贝"之称的天雅珠宝城走访时发现，市 场观望情绪非常浓厚，成交一夜之间从火热降至冰点。有商家坦言，不光客户观望，很多出售一口价产 品的人也不知道应该如何给折扣，现在是进退两难。 ● 本报记者 董添 市场出现浓厚观望情绪 1月29日、1月30日，中国证券报记者在天雅珠宝城进行走访发现，受国际金价大幅波动影响，市场成交 冰火两重天。 1月29日，COMEX黄金期货盘中一度达到5626.8美元/盎司，盘中巨震，市场销售人员握着手机不时刷 新实时金价。"早上一个价，中午一个价，下午收市又是一个价。很多客户最近几天都在这里蹲点，虽 然成交依旧火热，但受金价高位震荡影响，观望气氛逐渐浓厚起来。"一家从事黄金批发的销售人员告 诉中国证券报记者。 而到了1月30日，记者走访发现，受当日金价大跌影响，成交从火热瞬间降到了冰点。"今天黄金克价比 昨天直接便宜了几十元。之前金价持续上涨时，大家出手都特别果断，而金价下跌后，很多客户反而不 敢下手了 ...

● 本报记者 林倩 随着资本市场持续活跃，上市券商2025年业绩表现备受关注。Wind数据显示，截至1月30日中国证券报 记者发稿时，有21家上市券商披露了2025年业绩预告或业绩快报。 头部券商中信证券、国泰君安等继续巩固市场领先地位，中信证券2025年归母净利润超300亿元，国泰 海通预计2025年归母净利润同比增速超100%。中小券商业绩弹性更大，国联民生预计2025年净利润同 比增速超400%。经纪业务、自营业务等成为上述上市券商2025年业绩增长的核心驱动力。 业内人士表示，2025年A股市场活跃，券商业绩高景气度延续，建议关注业绩向好带来的券商板块投资 机会。 中小券商净利润规模虽小，但业绩弹性更大。国联民生预计2025年度实现归母净利润20.08亿元，同比 增长约406%。国联民生也在公告中表示，报告期内公司完成通过发行A股股份的方式收购民生证券控 制权，并将其纳入财务报表合并范围。天风证券则预计在2025年实现归母净利润1.25亿元到1.85亿元， 将实现扭亏为盈。 此外，长江证券预计2025年净利润增幅超过100%；中原证券、红塔证券、华西证券、东北证券预计 2025年净利润增幅也超过50% ...

Core Viewpoint - Huajin Securities has demonstrated significant achievements in various areas, including an 18-place increase in company bond underwriting rankings, successful issuance of convertible bonds, and a 62% year-on-year growth in institutional client trading volume, reflecting its commitment to high-quality development and service to the real economy [1][2] Group 1: Company Achievements - In 2025, Huajin Securities achieved a notable increase in company bond underwriting rankings, moving up 18 places [1] - The company successfully issued its first Sci-tech bonds and rural revitalization bonds, showcasing its innovative capabilities [1] - Institutional client trading volume increased by 62% year-on-year, indicating strong market engagement [1] Group 2: Strategic Focus - The company emphasizes high-quality development, focusing on functional positioning and regional and industrial development [1][2] - Huajin Securities aims to enhance its professional service capabilities, particularly in sectors like biomedicine, semiconductors, and artificial intelligence [2][5] - The company has established specialized industry research and service teams to support technology innovation enterprises [2][5] Group 3: Financial Services and Wealth Management - Huajin Securities is committed to providing diversified wealth management solutions, focusing on asset allocation and value investment principles [2][3] - The launch of innovative services like "Youxiang Account" aims to facilitate unified management and scientific allocation of assets [3] - The company is actively developing financial products tailored to green industries and small and medium-sized enterprises [3][4] Group 4: Internal Management and Risk Control - Huajin Securities is enhancing its internal management through refined operational systems and cost control measures [5][6] - The company is implementing a dynamic threshold management mechanism to ensure effective risk management and compliance [6][7] - A focus on compliance and risk prevention is seen as essential for the company's long-term stability and growth [6][7] Group 5: Cultural and Governance Framework - The company integrates cultural construction into its strategic framework, emphasizing compliance, integrity, professionalism, and stability [8][9] - Huajin Securities promotes a governance structure that includes comprehensive leadership from the party committee, strategic decision-making by the board, and operational responsibility by management [9][10] - The company is committed to fostering a culture of risk management and compliance as a foundation for sustainable development [9][10]

Core Insights - The A-share market showed a positive performance in January, with over 90% of the broker "gold stock" combinations achieving positive returns, indicating strong stock selection capabilities among brokers [1][2] Group 1: January Performance - In January, 34 out of 36 broker "gold stock" combinations reported positive returns, with a notable performance from leading brokers [1][2] - The top three performing broker "gold stock" combinations were from Guojin Securities (16.55%), Shenwan Hongyuan (15.31%), and Guoxin Securities (14.62%) [2] - A total of 249 stocks were recommended by 42 brokers, with 165 stocks rising and 85 stocks falling, resulting in over 60% of stocks showing upward movement [2] Group 2: Notable Stocks - Among the recommended stocks, Zhuoyi Information from Hualong Securities saw a remarkable increase of over 98%, making it the top performer for January [3] - Other notable stocks included Hongjing Technology and Shenghui Integration, with increases of over 68% and 61%, respectively [3] - Several other stocks recommended by various brokers also achieved gains exceeding 50% [3] Group 3: February Outlook - As of January 30, seven brokers had released their February "gold stock" combinations, covering 53 A-share stocks with a clear structural characteristic in their recommendations [4] - The most frequently recommended stocks for February were Wanhua Chemical and Zijin Mining, each recommended by three brokers, indicating high consensus among institutions [4] - The February recommendations reflect a balanced focus across multiple sectors, including technology and finance, with a notable concentration in the information technology sector [4] Group 4: Industry Performance - In January, the energy sector led with an average increase of 18.48%, followed by materials at 12.36% and industrials at 9.82% [5] - The information technology sector, despite having the most recommended stocks, had an average increase of 8.55%, indicating a stable return profile [5] - The overall market sentiment is expected to remain positive, with a focus on technology and cyclical sectors as key drivers for the upcoming spring market [6][7]

强化思想引领 凝聚高质量发展共识 思想是行动的先导，共识是奋进的力量。唯有筑牢思想根基、凝聚发展共识，才能在高质量发展的征程 上步伐坚定、行稳致远。王洪表示，党的二十届四中全会召开以来，中泰证券迅速把思想和行动统一到 全会精神的贯彻落实上来，准确把握公司在资本市场发展中的定位与作用，持续在学思践悟中凝聚奋进 力量。 在理论学习上，中泰证券始终秉持求真务实之风，构建"专题学习+研讨交流+实践应用"闭环学习机 制，通过党委理论学习中心组领学、党支部集中研学、党员个人自学相结合的方式，引导全体党员干部 深刻领会金融强国建设的核心要义与实践要求，推动党的创新理论入脑入心、见行见效。公司将全会精 神纳入中高层人员轮训、党支部书记培训、党员常态化教育的核心课程，组织领导班子成员、党组织负 责人深入一线，开展对象化宣讲、分众化解读、互动化交流，实现学习覆盖无死角、精神传递无盲区。 同时，坚持学思用贯通、知信行统一，把学习全会精神与贯彻中央经济工作会议精神紧密结合，确保公 司发展始终与党和国家事业同频共振、同向同行。 在思想认识上，中泰证券始终追求学深悟透、融会贯通，深刻认识到现代化强国建设离不开金融强国的 支撑，强大的金融 ...

3.6万亿元 2025年预计完成交通固定资产投资超过3.6万亿元。分方式看，铁路完成投资9015亿元，公路、水路完 成投资超2.6万亿元，民航完成投资1200亿元。 ● 本报记者 李嫒嫒 1月30日，中国证券报记者从交通运输部举行的例行新闻发布会获悉，2025年交通运输经济运行总体平 稳、稳中有进。交通运输部高度重视建设和用好部级科技创新平台，着力打造布局合理、定位清晰、任 务明确的部科技创新平台体系。2026年，交通运输部将完成100个前瞻性科技创新平台布局。 交通运输部新闻发言人李颖介绍，2025年，交通运输生产保持增长，营业性货运量、港口货物吞吐量、 跨区域人员流动量同比均有增加；港口吞吐量增长较快，港口外贸集装箱吞吐量同比增长近一成；交通 投资规模维持高位。 其中，在跨区域人员流动量方面，2025年完成跨区域人员流动量668.6亿人次，同比增长3.5%。分方式 看，铁路、民航客运量同比分别增长6.7%和5.5%，公路人员流动量同比增长3.3%，水路客运量同比基 本持平。 在交通固定资产投资方面，2025年预计完成交通固定资产投资超过3.6万亿元。分方式看，铁路完成投 资9015亿元，公路、水路完成投资 ...

● 本报记者 昝秀丽 1月30日，证监会就修改"证券期货法律适用意见第18号"公开征求意见，拟扩大上市公司战略投资者类 型、明确最低持股比例要求等。 法律适用意见提出，战略投资者本次认购比例原则上不低于本次发行完成后上市公司总股本的5%，以 资产管理产品认购的，按产品单独计算认购股份数量。战略投资者可以为产业投资者或资本投资者。 法律适用意见从多个方面进行了修订。具体来看，扩大战略投资者类型。明确全国社保基金、基本养老 保险基金、企业（职业）年金基金、商业保险资金（保险公司运用保险资金自行投资或者委托关联保险 资产管理机构以及作为单一投资人通过关联保险资产管理机构发行的股权投资计划投资）、公募基金、 银行理财等机构投资者可以作为战略投资者，以耐心资本作为战略性资源对上市公司战略投资。同时， 在规则上将该类投资者界定为资本投资者，将其他实业投资者界定为产业投资者。 明确最低持股比例要求。坚持战略投资者应当持有上市公司较大比例股份，进一步明确战略投资者本次 认购上市公司股份原则上不低于5%，可以根据持股比例参与上市公司治理。 进一步强化监管要求。强调战略投资者不得通过任何方式规避最低持股比例、股份锁定期要求，避免 ...

Group 1 - Global investors are showing renewed interest in China, with Goldman Sachs' CEO David Solomon highlighting the positive performance of the Hong Kong stock market and an increase in IPO activity [1][2] - Goldman Sachs is actively participating in the Chinese wealth management market through its joint venture with ICBC, aiming to meet the asset allocation needs of local investors [2] - The company has a long-term commitment to the Chinese market, emphasizing the importance of ongoing economic development and structural adjustments within the country [3] Group 2 - Solomon believes that the Chinese economy will achieve its growth targets by 2025, with a focus on optimizing economic structure and increasing consumption [2] - The growth momentum in China's economy is expected to shift towards consumption over the next decade, with healthcare services identified as a significant growth area due to demographic changes [2] - Solomon noted that the Chinese stock market remains attractive from a relative valuation perspective compared to other major global markets, depending on economic growth and corporate earnings expectations [3]

Group 1 - In 2025, the national electricity market transaction volume reached a record high of 6.64 trillion kilowatt-hours, representing a year-on-year increase of 7.4%, indicating the continuous release of market efficiency in resource allocation [1] - The proportion of market-based electricity transactions increased to 64% of total electricity consumption, up by 1.3 percentage points from the previous year, meaning that two-thirds of electricity was traded through market mechanisms [1] - The number of registered entities in the trading center exceeded 1 million, with cross-provincial and cross-regional transaction volume reaching 1.59 trillion kilowatt-hours, marking a historical peak [1] Group 2 - By the end of 2025, the prices of polysilicon and silicon wafers reached 53.86 yuan per kilogram and 1.329 yuan per piece, respectively, reflecting increases of 52% and 35.6% from their annual lows [2] - National energy investment exceeded 3.5 trillion yuan for the first time, with a year-on-year growth of nearly 11%, outpacing the growth rates of infrastructure and manufacturing by 12.9 and 10.1 percentage points, respectively [2] - New investments in green energy transition accelerated, with over 430 million kilowatts of new wind and solar capacity added, and total installed capacity surpassing 1.8 billion kilowatts [2] Group 3 - Private enterprises' investment in energy projects grew by 12.9% year-on-year, focusing on solar power, wind energy, and coal mining [3] - By the end of 2025, the installed capacity of new energy storage systems reached 136 million kilowatts, a more than 40-fold increase compared to the end of the 13th Five-Year Plan [3] - The average utilization hours of new energy storage systems reached 1,195 hours, an increase of nearly 300 hours from 2024 [3]