智通财经APP获悉，广发证券发布研报称，根据特步国际(01368)25年中期报告，公司将于25H2升级零 售战略，进行DTC改革，加快响应消费者需求，提高运营效率，该行预计DTC改革将逐步推进，短期财 务影响较小。预计公司25-27年归母净利润13.62/15.14/16.58亿元，参考可比公司，给予公司26年PE10 倍，对应合理价值6.02港元/股，维持"买入"评级。 广发证券主要观点如下： 25Q4特步主品牌流水同比持平 根据公司25Q4及25Q3运营公告，特步主品牌全渠道流水同比持平，环比Q3(低单增长)降速，预计主要 受Q4天气暖和、春节时间晚等因素影响冬装销售；零售折扣为70-75折，环比Q3持平；渠道存货周转为 约4.5个月，环比Q3(4-4.5个月)略有增加，但仍处于健康水平。该行预计电商渠道有望延续25H1趋势， 维持双位数增长；特步儿童在"特步少年"助力儿童运动追高的品牌定位下，推出成长鞋，有望实现较快 增速。 25Q4索康尼流水恢复高增 根据公司25Q4运营公告，索康尼全渠道流水同比增长超过30%，环比Q3(同比增长超过20%)有所提速， 预计主要系公司自Q2对电商渠道进行调整，Q4已初 ...

Group 1 - The capital market has been active recently, with brokers conducting research on 440 A-share companies this year, predominantly in the electronics and machinery sectors, while the power equipment and chemical sectors have seen a surge in interest [1] - According to Founder Securities, brokers are still in a "lagging" phase, but ROE is on an upward trend, indicating that sector performance, although delayed, is expected to improve [1] - The capital market is projected to remain robust in 2025, with an average daily stock trading volume of 20.8 trillion yuan, a year-on-year increase of 70.2%, and an average margin balance of 2.08 trillion yuan, up 32.7% year-on-year [1] Group 2 - The 国证证券龙头指数 (399437) has shown a strong increase of 1.98%, with notable gains in constituent stocks such as 财通证券 (6.50%), 兴业证券 (4.95%), and 华泰证券 (3.52%) [1] - The 证券ETF鹏华 (159993) closely tracks the 国证证券龙头指数 and aims to reflect the market performance of quality listed companies in the securities theme [2] - As of December 31, 2025, the top ten weighted stocks in the 国证证券龙头指数 account for 79.13% of the index, including companies like 东方财富, 中信证券, and 华泰证券 [2]

Core Viewpoint - The report from GF Securities assigns a target valuation for Beike-W (02423) based on mainstream internet platforms, projecting a total reasonable value of RMB 182.4 billion for 2026, corresponding to HKD 58.37 per share and USD 22.45 per share, maintaining a "Buy" rating [1] Group 1: Market Performance - The second-hand market shows stable volume and price, positively impacting Beike's performance. In the first 18 days of January 2026, second-hand subscription transactions in 79 cities increased by 33% year-on-year, leading to an annualized second-hand transaction volume of 860 million square meters, a 24% increase compared to 2025 [2] - The contribution from first and second-tier cities to Beike's existing housing business GTV remains over 80%, with key cities like Beijing, Shanghai, and Hangzhou contributing 37% in 2025. Beike's market share is steadily increasing, projected at 32% for 2025, with a 1 percentage point growth [4] Group 2: Financial Projections - The existing cost increase is expected to pressure Beike's performance in 2025, with an estimated GTV of RMB 2.1 trillion, a 6% decrease year-on-year, and a projected net profit of RMB 5.5 billion, down 24% year-on-year [3] - For 2026, the company conducted a sensitivity analysis under three scenarios: - Optimistic: 15% increase in transaction volume, stable prices, leading to a net profit of RMB 8.7 billion, a 59% increase year-on-year [5] - Neutral: 5% increase in transaction volume, 5% decrease in prices, resulting in a net profit of RMB 7.3 billion, a 33% increase year-on-year [5] - Pessimistic: 4% decrease in transaction volume, 10% decrease in prices, leading to a net profit of RMB 6 billion, a 10% increase year-on-year [5]

存量成本提升影响，25年业绩承压 据测算，贝壳25E存量房GTV2.1万亿元，同比-6%，25Q4E4323亿元，同比-42%。更新25E经调归母净 利55亿元，同比-24%，25Q4E经调归母净利10亿元，同比-26%。 广发证券发布研报称，参考主流互联网平台，给予贝壳-W(02423)26年18x经调PE。按中性情景对应 1824亿元人民币总合理价值，对应港股58.37港元/股、美股22.45美元/股，维持"买入"评级。 广发证券主要观点如下： 布局核心有弹性，市占稳增防御性强 二手市场量价稳定，对贝壳业绩表现具备正面影响 26年开年二手认购成交明显回弹，1月前18天贝壳79城二手认购套数同比+33%，剔除贝壳市占增长因 素，当前成交对应年化二手交易量8.6亿平，较25年上升24%，与24Q4年化8.4亿平相当，26年"小阳 春"概率加大。 降本增效及市场改善推动，26年业绩置信度高 该行进行三种情景下的26年业绩敏感性分析，同时根据结果采用广义现金+剔利息利润*经调PE方法给 予估值，参考主流互联网平台，给予贝壳26年18x经调PE。 乐观情景：二手量+15%，价格持平，交易额+15%，市占+2pct， ...

广发证券发布研报称，金山云(03896)拥有高可见度的强劲需求，小米金山加大AI投入，基础大模型、 智能汽车、WPS均需要大量AI训练和推理算力，非小米客户AI需求亦旺盛。参考可比公司估值，分别 给予AI云/非AI云业务6/2倍PS，对应合理价值10.49港元/股。维持"买入"评级。 广发证券主要观点如下： 核心观点 该行维持此前对公司25Q4的预测，预计收入同比+20%，全年收入达95亿元，同比+22%。预测25Q4毛 利率维持15%左右，经调整EBITDA率为27.7%，剔除一次性因素，环比增长。 AI业务维持高增长 风险提示：AI应用进程不及预期；资本开支快速提升，资金压力大；供应链依赖与供给不足；竞争加 剧，降价拉低毛利率。 预计25Q4AI公有云收入同比+82%至8.65亿元，占总收入比例升至32.2%；行业云稳健增长。根据Q3业 绩公告，25Q3物业及设备额净增约27.3亿元，环比多4.4亿元，表明需求旺盛，预计Q4新设备交付，支 撑AI业务高增长。 与小米金山生态合作持续攀升 小米于24年底开始发力基座模型，25年陆续发布多个轻量模型，年底发布309B参数量的MiMo-V2-Flash 语言基座 ...

智通财经APP获悉，广发证券发布研报称，金山云(03896)拥有高可见度的强劲需求，小米金山加大AI 投入，基础大模型、智能汽车、WPS均需要大量AI训练和推理算力，非小米客户AI需求亦旺盛。参考 可比公司估值，分别给予AI云/非AI云业务6/2倍PS，对应合理价值10.49港元/股。维持"买入"评级。 预计25Q4AI公有云收入同比+82%至8.65亿元，占总收入比例升至32.2%；行业云稳健增长。根据Q3业 绩公告，25Q3物业及设备额净增约27.3亿元，环比多4.4亿元，表明需求旺盛，预计Q4新设备交付，支 撑AI业务高增长。 与小米金山生态合作持续攀升 小米于24年底开始发力基座模型，25年陆续发布多个轻量模型，年底发布309B参数量的MiMo-V2-Flash 语言基座，展现高效能。25年1~9月公司来自小米金山生态收入合计18.2亿元，该行预计25年小米收入 贡献有望接近关联交易上限，26年将进一步增长。 预计26年将延续高资本开支 该行预计26年将延续高资本开支，超过25年水平，即超过100亿元，主要考虑需求依然旺盛。预测公司 26年收入同比+28.8%达122亿元，其中AI公有云收入同比+85 ...

Group 1 - The A-share securities sector experienced a short-term surge on January 26, with notable increases in stock prices [2] - Citic Securities saw a rise of over 7%, while Huatai Securities and Industrial Securities increased by more than 3% [2] - Other companies such as GF Securities and Huaxin Securities also showed significant upward movement [2]

Core Viewpoint - The A-share securities sector experienced a short-term surge, with notable increases in stock prices for several securities firms [1] Group 1: Company Performance - Caitong Securities saw a rise of over 7% in its stock price [1] - Huatai Securities and Industrial Securities both increased by more than 3% [1] - Other firms such as GF Securities and Huaxin Securities also experienced significant stock price increases [1]

以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 《关于向专业投资者公开发行公司债券获得中国证监会注册批复的公告》 《关于广发控股（香港）有限公司为其全资子公司广发全球资本有限公司发行结构化票据提供担 保的公告》 截至2026年1月23日收盘，广发证券（000776）报收于22.31元，较前一交易日下跌1.24%，最新总市值 为1745.72亿元。该股当日开盘22.7元，最高22.74元，最低22.25元，成交额达13亿元，换手率为 0.98%。 近日，广发证券股份有限公司收到中国证券监督管理委员会《关于同意广发证券股份有限公司向专业投 资者公开发行公司债券注册的批复》（证监许可〔2026〕100号）。批复同意公司向专业投资者公开发 行面值总额不超过700亿元的公司债券。本次发行应严格按照报送深圳证券交易所的募集说明书进行。 批复自同意注册之日起24个月内有效，公司可在注册有效期内分期发行公司债券。期间如发生重大事 项，需及时报告并按规定处理。公司将按要求办理发行事宜并履行信息披露义务。 最新公告列表 ...

Investment Rating - The report maintains a positive long-term outlook for the insurance sector, indicating a strong continuity in market performance despite recent fluctuations [2][12][16]. Core Insights - The financial sector experienced a mixed performance this week, with the non-bank financial index down by 1.45%, underperforming the CSI 300 index by 0.83 percentage points. The insurance sector saw a decline of 4.02%, while the brokerage sector decreased by 0.61% [1][10]. - The insurance sector's performance is driven by two main factors: policy support leading to economic recovery and liquidity easing combined with a strong stock market. The report suggests a shift from liquidity-driven growth to a focus on macro policy support and economic recovery expectations [2][13][16]. - The brokerage sector is expected to benefit from new regulations that enhance investment management quality, with a recommendation to focus on larger, undervalued firms and those involved in mergers and acquisitions [3][18]. - The banking sector is facing a slight decline, but there are signs of recovery in profitability for leading banks, with recommendations to focus on banks with high dividend yields and those expected to benefit from market conditions [19][21]. Summary by Sections Insurance Sector - The insurance sector's recent decline is attributed to short-term market sentiment and liquidity changes, but the long-term outlook remains positive due to strong support from both the liability and asset sides [2][12][16]. - Key recommendations include focusing on companies like China Pacific Insurance, China Ping An, China Life (H), and China Taiping, with a specific recommendation for New China Life [4][16]. Brokerage Sector - The brokerage sector's performance is slightly better than the overall market, with a focus on the new guidelines from the regulatory body that aim to improve fund management quality [3][17]. - Recommended firms include Guotai Junan, Huatai Securities, and others, particularly those with strong merger and acquisition prospects [4][18]. Banking Sector - The banking sector has shown a decline but is expected to stabilize, with recommendations to focus on banks with high earnings elasticity and strong dividend yields [19][21]. - Specific banks to watch include Hangzhou Bank, Ningbo Bank, and others, with a focus on those that have previously been undervalued [4][21].