根据公司上半年财报，虽然受经济环境影响，处置规模有所下滑，但收购规模持续增长，或酝酿上行周 期弹性。2025年上半年，公司持续聚焦不良资产市场，巩固主业优势，收购经营类不良债权资产规模同 比增加。处置收益率维持相对低位。2025年H1收购经营业务内部收益率8.7%，去年全年在8.9%。 智通财经APP获悉，广发证券发布研报称，中国信达(01359)参与中金公司与信达证券的合并交易，预计 紧随交割后，公司将不再持有任何信达证券A股，并将收取13亿股中金A股。该公司主业方面，上半年 收购经营类不良资产规模同比增长，但收益率维持在低位；收购重组业务继续有序收缩。整体不良资产 管理业务保持稳健，投资投放增加且资产质量夯实。给予"增持"评级，目标价1.89港元。 广发证券主要观点如下： 中国信达披露有关拟议合并的可能非常重大出售事项及非常重大收购事项公告 （1）结构变更：于公告日期，中国信达持有26亿股信达证券A股，占信达证券约78.67%股权。预计紧 随交割后，公司将不再持有任何信达证券A股，并将收取13亿股中金A股，占中金公司约16.71%股权 （按扩大后的持股比例计算）。 （2）影响：拟议合并预计将为中国信达带来 ...

Core Viewpoint - China Cinda (01359) is participating in a merger transaction between CICC (601995) and Cinda Securities (601059), which is expected to result in a significant change in its shareholding structure and a one-time tax-adjusted gain of approximately RMB 20 billion [1] Group 1: Merger and Shareholding Changes - As of the announcement date, China Cinda holds 2.6 billion shares of Cinda Securities A-shares, accounting for approximately 78.67% of its equity. Following the merger, it is expected to no longer hold any A-shares of Cinda Securities and will receive 1.3 billion shares of CICC, representing about 16.71% of CICC's equity on a fully diluted basis [1] - The proposed merger is anticipated to generate a one-time post-tax gain of around RMB 20 billion for China Cinda, primarily due to the change in accounting treatment from cost method to fair value for the merger [1] Group 2: Business Performance and Asset Management - In the first half of 2025, despite a decline in disposal scale due to economic conditions, the acquisition scale of operational non-performing assets has continued to grow, indicating potential for an upward cycle. The internal rate of return for acquisition business in H1 2025 is 8.7%, slightly down from 8.9% for the entire previous year [2] - Revenue from the acquisition and restructuring business in H1 2025 is reported at RMB 676 million, a decrease of 65.5% year-on-year. The net amount of acquisition and restructuring assets has decreased from RMB 28.485 billion at the end of 2024 to RMB 24.948 billion by mid-2025, indicating an orderly clearance process [2] Group 3: Asset Quality and Investment - The investment balance for non-performing asset management is reported at RMB 211.12 billion at the end of 2024 and RMB 208.29 billion by mid-2025. New investments in H1 2024 and H1 2025 were RMB 16.16 billion and RMB 30.41 billion, respectively, with revenues of RMB 4.09 billion and RMB 1.75 billion, showing a continuous increase in investment and solidification of asset value [3] Group 4: Profit Forecast and Investment Recommendation - The company is expected to achieve a net profit attributable to shareholders of RMB 3.7 billion in 2025, representing a year-on-year growth of 21%. The corresponding BVPS is projected to be RMB 4.35, with a target price of HKD 1.89 per share, based on a 0.4x PB valuation for 2025 [4]

（文章来源：证券日报） 证券日报网讯 12月17日，茂莱光学发布公告称，根据《上海证券交易所科创板股票做市交易业务实施 细则》相关规定，经广发证券股份有限公司备案申请，自2025年11月11日起，广发证券股份有限公司对 科创板股票茂莱光学（股票代码：688502）开展做市交易业务。 ...

Group 1 - The core viewpoint of the report is that 聚水潭 (Jushuitan) is positioned as a leading collaborative platform in the e-commerce SaaS ERP sector, providing cloud-based ERP solutions to address pain points faced by e-commerce merchants in multi-platform operations [1] - The company is expected to achieve revenues of 1.14 billion, 1.39 billion, and 1.66 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 70 million, 350 million, and 520 million yuan for the same years [1] - The report assigns a reasonable valuation multiple of 12x PS for 2026, resulting in a target price of 42.09 HKD per share, with a "Buy" rating [1] Group 2 - The e-commerce SaaS ERP market is characterized as small yet beautiful, with the ERP system effectively integrating core operational processes within the e-commerce industry, addressing challenges such as cross-platform store management and inventory management [2] - The market for e-commerce SaaS ERP is expected to maintain a high growth rate as it expands its business scenarios and integrates more collaborative functions [2] Group 3 - 聚水潭 holds a solid leading position in the e-commerce SaaS ERP industry, with a market share of 24.4% in 2024, significantly ahead of competitors [3] - The company's financial metrics are improving, with a LTV/CAC ratio reaching 9.3 in 2024, indicating a strong sales and product system [3] - The net customer revenue retention rate for 2024 is 115%, showcasing the company's effectiveness in customer retention and increasing customer spending [3] Group 4 - The company is actively expanding internationally, having established a subsidiary in Thailand and plans to explore opportunities in Southeast Asia, Europe, Latin America, and the Middle East [4] - Leveraging its customer resources accumulated in the e-commerce SaaS ERP field, the company aims to enhance its value-added software business, potentially opening new growth avenues [4]

Group 1 - The core viewpoint of the report is that 聚水潭 is positioned as a leading collaborative platform in the e-commerce SaaS ERP sector, providing cloud-based ERP solutions to address the pain points of e-commerce merchants in multi-platform operations [2] - The company is expected to achieve revenue of 1.14 billion, 1.39 billion, and 1.66 billion yuan, and net profit of 70 million, 350 million, and 520 million yuan for the years 2025 to 2027 respectively [1] - The company is assigned a reasonable valuation multiple of 12x PS for 2026, leading to a target price of 42.09 HKD per share, with a "Buy" rating [1] Group 2 - The e-commerce SaaS ERP market is characterized as small yet beautiful, with the ERP system effectively integrating core operational processes to solve issues related to cross-platform store management and inventory management [3] - 聚水潭 holds a significant market share of 24.4% in the e-commerce SaaS ERP industry in 2024, demonstrating a strong competitive position [4] - The company has a customer retention rate of 115% in 2024, indicating strong performance in customer retention and increased spending [4] Group 3 - The company is actively expanding internationally, having established a subsidiary in Thailand and plans to explore opportunities in Southeast Asia, Europe, Latin America, and the Middle East [5] - 聚水潭 aims to leverage its existing customer resources in the e-commerce SaaS ERP field to further develop its value-added software business, potentially opening new growth avenues [5]

广发证券发布研报称，预计周大福(01929)FY26-28财年分别实现归母净利润79.9、90.26、98.18亿港 元，同比增长35.0%、13.0%、8.8%。参考可比公司估值，给予公司26财年25x PE，对应合理价值为 19.99港元/股，给予"买入"评级。 广发证券主要观点如下： 事件：公司发布FY26中期业绩(2025.4.1-2025.9.30)，FY26H1收入389.9港元，同比降低1.1%;经营利润 68.2亿港元，同比增长0.7%;经营利润率同比增加0.3pp至17.5%;归母净利润25.6亿港元，同比基本持平。 公司宣布中期每股派息0.22港元，派息率85.7%，延续高分红回报股东;同店方面，内地同店销售同比增 长2.6%，港澳地区同店销售同比增长4.4%。 定价首饰销售表现突出，支撑盈利能力保持较强韧性 FY26H1内地定价首饰同店销售同比增长8.3%，计价黄金同比增长3.1%;港澳及其他市场定价首饰同店销 售同比增长6.1%，计价黄金同比增长8.5%。价格方面，定价黄金/计价黄金同店均价增长显著，镶嵌类 均价相对稳健。得益于标志性产品高增，公司上半财年定价首饰零售额同比增长9.3% ...

FY26H1内地定价首饰同店销售同比增长8.3%，计价黄金同比增长3.1%;港澳及其他市场定价首饰同店销 售同比增长6.1%，计价黄金同比增长8.5%。价格方面，定价黄金/计价黄金同店均价增长显著，镶嵌类 均价相对稳健。得益于标志性产品高增，公司上半财年定价首饰零售额同比增长9.3%，收入占比由 27.4%提升至31.8%，支撑毛利率维持在约30.5%。 门店网络持续优化，店效提升是核心发力点 智通财经APP获悉，广发证券发布研报称，预计周大福(01929)FY26-28财年分别实现归母净利润79.9、 90.26、98.18亿港元，同比增长35.0%、13.0%、8.8%。参考可比公司估值，给予公司26财年25x PE，对 应合理价值为19.99港元/股，给予"买入"评级。 广发证券主要观点如下： 事件：公司发布FY26中期业绩(2025.4.1-2025.9.30)，FY26H1收入389.9港元，同比降低1.1%;经营利润 68.2亿港元，同比增长0.7%;经营利润率同比增加0.3pp至17.5%;归母净利润25.6亿港元，同比基本持平。 公司宣布中期每股派息0.22港元，派息率85.7%，延续高分红回 ...

智通财经APP获悉，财政部公布数据，2025年1—11月证券交易印花税1855亿元 同比增长70.7%。 银河证券认为，国家"稳增长、稳股市"、"提振资本市场"的政策目标将持续定调证券板块未来走向，流 动性适度宽松环境延续、资本市场环境持续优化、投资者信心重塑等多方面因素共同推动证券板块景气 度上行。当前环境下，中长期资金加速入市，市场活跃度维持高位，资本市场展现出"健康牛"态势，财 富管理转型、国际业务拓展、金融科技赋能均有望成为行业提升ROE驱动力。当前板块估值处于历史低 位，防御反弹攻守兼备。建议关注综合实力强劲的头部券商，以及在财管、自营、跨境等业务领域具备 差异化竞争优势的券商。 中信建投研报称，证券方面，2026年政策利好驱动业绩持续增长，板块有望重新定价。2025年证券行业 进入新一轮增长周期，但券商股票因缺少独立催化、前两年悲观情绪的延续等原因而导致超额收益不 佳。当前"服务新质生产力+中长期资金入市+券商国际化机遇"三大核心利好逻辑尚未被市场充分定 价，其驱动的投行、资管、国际业务等新动能，有望在2026年后逐步兑现至行业基本面，为中长期业绩 弹性与韧性提供坚实支撑，无需担忧增长断层。 日前 ...

■ 根据金元顺安基金管理有限公司（以下简称"本公司"）与广发证券股份有限公司（以下简称"广发证 券"）签署的销售服务协议，自2025年12月19日起，广发证券将销售本公司旗下部分基金。具体公告如 下： 一、适用基金 3、投资者可通过以下途径咨询有关详情： （1）广发证券股份有限公司 公司网站：www.gf.com.cn 客户服务电话：95575 重要提示： 1、基金定期定额投资业务是指投资者通过本公司指定的基金销售机构提交申请，约定每期扣款时间和 扣款金额，由销售机构于每期约定扣款日在投资者指定资金账户内自动完成扣款和基金申购申请的一种 投资方式。 2、投资者可到广发证券销售网点申请开办基金定投业务并约定每期固定的申购金额，每期申购金额限 制如下：基金的定期定额投资最低限额为10元，具体办理事宜请以广发证券的安排为准。 三、费率优惠 二、业务范围 自2025年12月19日起，投资者可在广发证券办理上述基金的开户、认购、申购、赎回、定期定额投资及 基金转换等业务。今后本公司发行的其它开放式基金均适用于上述业务，本公司不再另行公告，具体业 务的办理请参照本公司及广发证券的相关业务规则和流程。 经与广发证券协商一致 ...

Core Insights - The 2025 Securities Times Best Analyst results were announced, highlighting the top-performing teams and analysts in various categories [1] - The event saw participation from nearly 50 securities firms and over 1300 domestic and international institutions, with more than 800 institutions qualifying to vote [1] Group 1: Top Analysts and Teams - The macroeconomic first place was awarded to the team led by Guo Lei from GF Securities [1] - The top strategy research team was also from GF Securities, led by Liu Chenming [1] - The top analyst in the gold category was Sun Yuanyuan from Industrial Securities [1] Group 2: Participation and Voting - The voting institutions included over 160 public fund institutions, 30 insurance asset management companies, and 100 insurance companies, among others [1] - The total assets managed by the participating institutions exceeded 100 trillion yuan [1] Group 3: Performance Rankings - The rankings for various research teams in different categories were detailed, with GF Securities consistently performing well across multiple sectors [3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32]