每经AI快讯，超捷股份发布公告称，2026年1月6日，超捷股份接受广发证券等投资者调研，公司董事 会秘书、财务总监李红涛等人参与接待，并回答了投资者提出的问题。 每经头条（nbdtoutiao）——原指导价34.99万的宝马裸车价22.5万元，多家车企还补贴购置税！2026开 年车市火爆，销售从早到晚忙到没空吃饭 （记者 王晓波） ...

Core Viewpoint - Chinese enterprises are embracing a new global upcycle in the excavator market, with overseas excavator sales recovering from -15% in January 2025 to +14% in October 2025, indicating a synchronized global demand recovery [1] Group 1: Market Insights - Japan's construction machinery demand remains resilient despite a significant drop in downstream demand post-bubble economy, with excavator ownership only declining by 30% [2] - In Japan, domestic sales are decoupling from real estate, leading to a stable sales volume, with a shift towards rental and second-hand export models [2] - China's excavator operating hours are still at a high level, providing a buffer for demand, supported by replacement needs and decoupling from real estate [2] Group 2: U.S. Market Dynamics - The U.S. market faces a long-term shortage of excavator ownership, with stock replacement driving demand, supported by both residential and non-residential investments [3] - Future growth drivers include structural support from AI data center infrastructure, the return of U.S. manufacturing boosting large-scale infrastructure growth, and potential stimulation of the housing market following Federal Reserve interest rate cuts [3] - Historical insights from Komatsu's entry into the U.S. market highlight the importance of macro factors, quality, company culture, and localization in overcoming market barriers [3] - Chinese manufacturers are positioned to capitalize on the shift of U.S. construction machinery from premium brands to more general industrial products, leveraging their supply chain advantages and manufacturing efficiency [3] Group 3: Asia, Africa, and Latin America Market - The Asia, Africa, and Latin America markets are primarily driven by mining and energy sectors, with Chinese brands capturing over 40% of the excavator market share in these regions by 2023 [4] - China's infrastructure investment is effectively replacing energy imports from these regions, indicating a strategic link between excavator exports and infrastructure development [4] - The potential for new excavator markets to grow by 60% exists if the share of second-hand excavators from Europe and the U.S. in these regions decreases from 50% to 20% [4] - Chinese enterprises are transitioning from commodity exports to capital exports, establishing local manufacturing in Indonesia to enhance market share and create new pathways into developed countries [4] Group 4: Investment Recommendations - Recommended stocks include SANY Heavy Industry (600031), XCMG Machinery (000425), Zoomlion Heavy Industry (000157), LiuGong Machinery (000528), and Hengli Hydraulic (601100) [4]

Group 1 - The EU carbon tariff will officially be implemented on January 1, 2026, initially affecting industries such as cement, steel, aluminum, fertilizers, electricity, and hydrogen, with potential expansion to chemicals, plastics, ceramics, paper, and organic basic chemicals by 2027 [1] - The current EU ETS carbon price is approximately €80-90 per ton, which is about 13 times higher than China's current carbon price, significantly increasing the cost of exports to the EU [1] - Companies are encouraged to focus on reducing carbon emissions and adapting to carbon tariffs through the circular economy, particularly in sectors like recycled resources, recycling systems, green steam, and green methanol [1] Group 2 - Recent debt resolution actions by listed companies, such as Chuangye Environmental and Mongolian Grass Ecology, indicate a rapid advancement in local debt resolution processes [2] - Local governments are optimizing cash flow through one-time payments of historical debts, early termination of PPP projects, and debt restructuring, which is expected to enhance the market value of many environmental companies [2] - Companies with significant accounts receivable, particularly from government-funded projects, are likely to see notable improvements in market value and profit recovery, especially in solid waste, water services, sanitation, ecological restoration, and water treatment sectors [2] Group 3 - High dividend assets remain attractive, with environmental companies achieving significant excess returns despite a weaker overall dividend environment in 2025 [3] - Notable stock price increases for companies such as China Everbright Environment and Huaneng Environment, with annual growth rates of 31.7%, 26.3%, 46.7%, and 30.6% respectively [3] - The expectation of continued dividend increases is supported by reduced funding needs due to fewer new project orders, making companies like Huaneng Environment, Shanghai Industrial Holdings, and others worthy of attention [3]

Group 1 - Chinese brokerage stocks collectively rose, with Guolian Minsheng up 5.16% at HKD 5.5, Guotai Junan up 4.68% at HKD 17.91, CITIC Securities up 4.41% at HKD 29.82, CICC up 3.91% at HKD 21.26, and GF Securities up 3.19% at HKD 19.09 [1] - The Shanghai Composite Index broke the 4000 mark, achieving a 12-day winning streak, the longest in 33 years [1] - Goldman Sachs released a macro report titled "China 2026 Outlook: Exploring New Momentum," recommending overweight positions in Chinese stocks for 2026, with expectations of a 15% to 20% annual increase in the Chinese stock market for 2026 and 2027, supported by 14% and 12% earnings growth and approximately 10% valuation re-rating [1] Group 2 - Zhongyuan Securities indicated that 2026, as the starting year of the 14th Five-Year Plan, is expected to see a relatively strong overall performance in the capital market, with the securities industry continuing in its upward cycle [2] - The first quarter of 2026 is anticipated to have relatively light year-on-year pressure on the operating performance of listed brokerages, suggesting a period of consolidation at current low levels to prepare for new investment opportunities [2] - Guojin Securities recommended focusing on undervalued brokerages for potential rebound opportunities during the spring market rally, particularly those with high AH premium rates and thematic investments [2]

Group 1 - Chinese brokerage stocks collectively rose, with notable increases: Guolian Minsheng up 5.16% to HKD 5.5, Guotai Junan up 4.68% to HKD 17.91, CITIC Securities up 4.41% to HKD 29.82, CICC up 3.91% to HKD 21.26, and GF Securities up 3.19% to HKD 19.09 [1] - The Shanghai Composite Index surpassed the 4000 mark, achieving a 12-day winning streak, the longest in 33 years [1] - Goldman Sachs released a macro report titled "China 2026 Outlook: Exploring New Momentum," recommending an overweight position in Chinese stocks for 2026, with expectations of a 15% to 20% annual increase in the Chinese stock market for 2026 and 2027, supported by 14% and 12% earnings growth and approximately 10% valuation re-rating [1] Group 2 - Zhongyuan Securities indicated that 2026, as the first year of the 14th Five-Year Plan, is expected to see a relatively strong performance in the capital market, with the securities industry continuing in its upward cycle [2] - The first quarter of 2026 is anticipated to have lighter year-on-year pressure on the operating performance of listed brokerages, suggesting a period of consolidation at current low levels to prepare for new investment opportunities [2] - Guojin Securities recommended focusing on undervalued brokerages for potential rebound opportunities during the spring market rally, particularly those with high AH premium rates and themes of mergers and acquisitions [2]

Core Viewpoint - The Chinese traditional medicine industry is experiencing significant growth driven by policy support and increasing health demands, with a focus on balancing tradition and innovation [1] Group 1: Company Strategy - Jilin Aodong Pharmaceutical Group Co., Ltd. adopts a dual-driven strategy of "medicine health + financial capital" to modernize traditional Chinese medicine [1] - The company has established a robust capital collaborative network, holding 20.11% of Guangfa Securities and being a major shareholder in several pharmaceutical companies, which supports its main business [2][3] - Financial returns from investments in Guangfa Securities contributed 12.43 billion yuan and 17.49 billion yuan in 2023 and 2024 respectively, providing continuous financial support for the pharmaceutical business [3] Group 2: Financial Empowerment - The financial layout allows Jilin Aodong to maintain stable and abundant returns, which are reinvested into the pharmaceutical sector to alleviate the high risks and long cycles of research and development [3] - The company emphasizes a principle of "main business first, financial empowerment," ensuring that financial gains are directed back to support the core pharmaceutical operations [3] Group 3: Technological Innovation - Jilin Aodong places technological innovation at the core of its strategy, focusing on the research of key raw materials and advancing in fields like anti-aging and regenerative medicine [5] - The company has developed a closed-loop industrial chain around the breeding, processing, and quality control of deer antler, ensuring the quality and traceability of raw materials [5][6] - The implementation of modern technology in traditional practices is seen as essential for unlocking the core value of traditional Chinese medicine [5][6] Group 4: Industry Development - The modernization of traditional Chinese medicine is supported by national policies aimed at enhancing quality, digital transformation, and new drug development [4] - Jilin Aodong aims to reshape production factors through technological innovation, transitioning from resource-dependent to innovation-driven models [6] - The company is committed to continuous investment in research and development, enhancing its intelligent layout across the entire industrial chain, and maintaining its heritage as a time-honored brand [7]

Core Viewpoint - The Chinese traditional medicine industry is experiencing significant growth driven by policy support and increasing health demands, with a focus on balancing heritage and innovation [1] Group 1: Company Strategy - Jilin Aodong Pharmaceutical Group Co., Ltd. adopts a dual-driven strategy of "pharmaceutical health + financial capital" to modernize traditional Chinese medicine [1] - The company has established a robust capital collaborative network, holding 20.11% of Guangfa Securities and being a major shareholder in several pharmaceutical companies, which supports its main business [2][3] Group 2: Financial Performance - In 2023 and 2024, the investment in Guangfa Securities is expected to contribute 1.243 billion and 1.749 billion yuan in revenue, respectively, with a total of 8.757 billion yuan in cash dividends provided to the company [3] - Financial returns are reinvested into the pharmaceutical business, alleviating the high risks and long cycles associated with research and development [3] Group 3: Technological Innovation - The modernization of traditional Chinese medicine relies on modern technology to unlock its core value, transitioning from "experience inheritance" to "scientific decoding" [4] - Jilin Aodong focuses on core material research and is actively involved in cutting-edge fields such as anti-aging and regenerative medicine [4][5] Group 4: Production and Quality Control - The company has developed a closed-loop industrial chain around the breeding, processing, and quality control of its core product, the Aodong deer antler [4][6] - Investments exceeding 46 million yuan have been made to upgrade disease prevention facilities and implement a digital quality control system across its standardized breeding bases [6] Group 5: Future Outlook - Jilin Aodong aims to deepen its dual-driven advantages and integrate new productive forces throughout its industrial development process, focusing on continuous investment in research and intelligent layout [7]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 廣發証券股份有限公司 呈交日期: 2026年1月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01776 | 說明 | 廣發証券H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,701,796,200 | RMB | | 1 RMB | | 1,701,796,200 | | 增加 / 減少 (-) | | | 0 | | | RMB | | | | 本月底結存 | | | 1,701,796,200 | RMB | | 1 RMB | | 1,701,796,200 | | 2. 股份分類 | 普通股 | 股份 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 廣發証券股份有限公司 呈交日期: 2026年1月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01776 | 說明 | 廣發証券H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,701,796,200 | RMB | | 1 RMB | | 1,701,796,200 | | 增加 / 減少 (-) | | | 0 | | | RMB | | | | 本月底結存 | | | 1,701,796,200 | RMB | | 1 RMB | | 1,701,796,200 | | 2. 股份分類 | 普通股 | 股份 ...

智通财经APP获悉，广发证券发布研报称，2026年，我国牛肉总进口配额为268.8万吨，其中巴西份额 为110.6万吨，阿根廷为51.1万吨，乌拉圭32.4万吨，澳大利亚为20.5万吨。随着前期肉牛产能去化效应 显现，当前肉牛价格已经步入上行通道。同时，对进口牛肉产品配额制落地将有效缓和进口端的供应压 力，预计26年国内肉牛价格继续周期上涨，增厚牧业公司业绩弹性。此外，原奶行业大包粉库存逐步去 化，行业供需逐步走向平衡，目前原奶供给拐点已现，亦看好2026-27年原奶周期上行。 广发证券主要观点如下： 事件：12月31日，商务部发布公告，裁定进口牛肉数量增加对中国国内产业造成严重损害，决定自2026 年1月1日以"国别配额及配额外加征关税"形式对进口牛肉采取保障措施，保障措施实施期限为3年，对 超过配额的进口牛肉征收55%的额外关税，配额将逐年增加。 2024年进口牛肉占总供应27%，配额制落地缓和进口冲击 根据海关总署及国家统计局数据，2024年，我国牛肉进口量为287万吨，同比增长5.0%，其中巴西、阿 根廷、乌拉圭、澳大利亚进口量分别134万吨、59万吨、24万吨、21万吨，占比分别46.6%、20.6 ...