智通财经APP获悉，广发证券发布研报称，展望2026年光储行业，国内多省份容量电价机制有望落地， 储能经济性迎来拐点；海外数据中心建设带动储能需求快速增长，2026年AIDC进入"交付大年"，美国 新增13GW数据中心将拉动10.7-25GWh配储需求。光伏行业方面，在市场监管总局的进一步要求下，光 伏反内卷有望得到进一步落实与加强，行业盈利改善可期，看好光伏产业链下游组件环节的盈利改善； 需求端，预计2026年全球光伏新增装机近580GW，同比+6%。 国内市场：多省份容量电价机制有望落地，储能经济性迎来拐点。内蒙、甘肃、宁夏等地储能配套政策 延续稳定储能预期，容量电价政策对储能经济性影响较大，以甘肃为例，测算甘肃独立储能IRR 资本金 有望达9.9%。随着多省份出台容量电价机制，预计2025-2027年国内储能需求达154/254/337GWh，同比 +40.2%/65.2%/32.5%。 美国：数据中心建设带动储能需求快速增长。根据Trend Force，2025年是AIDC配储"需求元年"，2026 年进入"交付大年"，美国新增13GW数据中心将拉动10.7-25GWh 配储需求；欧洲：灵活性资源需求 ...

Core Viewpoint - The report from GF Securities projects Yum China (09987) to achieve net profits attributable to shareholders of $9.2 billion, $10.1 billion, and $10.9 billion for the years 2025-2027, respectively, with a strong expectation for expansion and high shareholder returns [1][5]. Group 1: Same-Store Performance and Expansion - The company has shown resilient same-store performance, outperforming the industry average, with guidance for same-store sales growth of 0-2% for 2026-2028, indicating strong anti-cyclical capabilities [2][5]. - The company aims to reach a total of 20,000, 25,000, and 30,000 stores by 2026, 2028, and 2030, respectively, supported by optimized capital expenditure per store, flexible store formats, and an increased focus on franchising [2][5][6]. Group 2: Drivers of Same-Store Sales Growth - Key drivers for same-store sales improvement include the introduction of new modules like KPRO, stable classic products, and the launch of new popular items that broaden the price range to attract more customers [6]. - The brand's marketing strategy, particularly the "Crazy Thursday" campaign, has become a significant IP, enhancing customer loyalty and repeat purchases through brand membership [6]. - The company is enhancing its delivery sales and expanding into new dining scenarios, such as single-person meals and meal-sharing options, to strengthen its market presence [6]. Group 3: Shareholder Returns - The company plans to maintain annual dividends and share buybacks of $1.5 billion for 2025-2026, translating to a current market return rate of 8.8% [3][6]. - For 2027 and beyond, the company anticipates shareholder returns to be approximately 100% of its free cash flow, with expected annual returns of at least $9-10 billion for 2027-2028, corresponding to a return rate of about 5.3%-5.8% [3][6].

Core Viewpoint - The wind power sector is entering a new cycle of multiple prosperity starting in 2026, driven by domestic policies and global demand growth, particularly in offshore wind energy [1][2]. Group 1: Domestic Wind Power Installation Forecast - It is projected that from 2025 to 2027, the annual new installation capacity for onshore wind in China will be approximately 100-105 GW, while offshore wind capacity will increase from 9.0 GW to 15.0 GW, with a CAGR of about 29.1% [1]. - The global wind power demand is expected to grow, with a projected CAGR of about 8.8% for new installations from 2025 to 2030, with China and Europe contributing 73% of the new capacity [1]. Group 2: Pricing and Profitability Trends - Since Q4 2024, domestic onshore wind bidding prices have significantly rebounded, expected to maintain in the range of 1600-1700 RMB/kW (excluding towers) in 2025, reflecting a year-on-year increase of 10% [2]. - The industry is entering a profitability uptrend characterized by dual recovery in pricing and structure, alongside a decrease in expense ratios [2]. Group 3: New Growth Trends - The trend of large-scale wind turbine production is slowing, which is expected to reduce risks and provide long-term benefits to cost structures [3]. - There is a significant increase in overseas wind power demand, transitioning from merely exporting products to exporting capabilities and production capacity [3]. - The inclusion of renewable energy non-electric consumption in national assessments is accelerating the layout of hydrogen and ammonia production by wind turbine manufacturers [3].

1月5日，广发证券盘中上涨2.18%，截至10:13，报22.50元/股，成交5.67亿元，换手率0.43%，总市值 1711.32亿元。 资金流向方面，主力资金净流出3122.33万元，特大单买入7423.98万元，占比13.09%，卖出9445.45万 元，占比16.66%；大单买入1.46亿元，占比25.78%，卖出1.57亿元，占比27.72%。 广发证券今年以来股价涨2.18%，近5个交易日涨2.27%，近20日涨7.40%，近60日跌2.56%。 资料显示，广发证券股份有限公司位于广东省广州市天河区马场路26号广发证券大厦，成立日期1994年 1月21日，上市日期1997年6月11日，公司主营业务涉及投资银行业务、财富管理业务、交易及机构业务 和投资管理业务。主营业务收入构成为：财富管理业务40.08%，交易及机构业务32.27%，投资管理业 务24.97%，投资银行业务2.14%，其他0.54%。 广发证券所属申万行业为：非银金融-证券Ⅱ-证券Ⅲ。所属概念板块包括：参股基金、低市盈率、证金 汇金、期货概念、养老金概念等。 分红方面，广发证券A股上市后累计派现396.04亿元。近三年，累计派现93 ...

Core Viewpoint - The report from GF Securities projects Yum China (09987) to achieve net profits of $9.2 billion, $10.1 billion, and $10.9 billion for the years 2025-2027, respectively, with a strong same-store performance and expansion expectations, maintaining a high shareholder return guidance [1] Group 1: Financial Projections - The expected net profits for Yum China are $9.2 billion in 2025, $10.1 billion in 2026, and $10.9 billion in 2027 [1] - The company maintains a target of 0-2% same-store sales growth for 2026-2028, indicating strong anti-cyclical capabilities [1] Group 2: Operational Strengths - The company is supported by excellent operational levels, strong brand momentum, and a comprehensive digital system and supply chain, facilitating rapid expansion [1] - The total number of stores is projected to reach 20,000 in 2026, 25,000 in 2028, and 30,000 in 2030, aided by optimized capital expenditure per store and flexible store formats [1] Group 3: Same-Store Sales Drivers - Key drivers for same-store sales improvement include new modules like KFC's KPRO, a solid lineup of classic products, and the introduction of new popular items [2] - The brand "Crazy Thursday" has become a significant marketing IP, enhancing customer loyalty through brand membership and collaborations [2] - The company is expanding its delivery sales and exploring new dining scenarios, such as single-person meals and meal-sharing options [2] Group 4: Shareholder Returns - The company plans to maintain annual dividends and buybacks of $1.5 billion for 2025-2026, with a current market value corresponding to a return rate of 8.8% [3] - For 2027 and beyond, the expected shareholder return is projected to be approximately 100% of the group's free cash flow, with annual returns of at least $9-10 billion anticipated for 2027-2028 [3]

智通财经APP获悉，广发证券发布研报称，十四五煤价中枢大幅上移，十五五煤炭业有望迎来新周期， 价值凸显。总体来看，行业景气度正在改善，十五五有望稳中向好。该行认为26年煤炭价格中枢有望提 升至750元/吨左右，龙头公司股息率多为4-6%水平，优势明显。尤其在煤价悲观预期扭转后，估值弹性 有望显现。 广发证券主要观点如下： 周期复盘：十四五煤价中枢大幅上移，十五五有望迎来新周期 从全球供需、大宗商品、产业链视角看煤炭行业 全球：26-30年预计煤炭主产国产量多有回落，而东南亚需求维持3-5%增长(IEA预计25-30年全球产量和 消费量复合增速分别为-1.1%/-0.6%)，供需整体紧平衡;商品：相对于其他大宗品，煤炭表现偏弱，尤其 是铜煤比、金煤比处于历史高位;产业链：煤炭占工业利润已降至历史低位(前11月5%)，钢铁、建材亦 回落明显，而电力占比已达10%高位。 风险提示 下游需求回落，产量和进口量超预期增长，成本大幅提升。 供给重构：从保供增长，到达峰回落 20-24年煤炭产量累计增长23%至47.8亿吨。25年产量增速显著回落，1-11月新疆产量仅增2.6%，晋陕蒙 增速也降至1.2%。进入十五五，煤炭 ...

Core Viewpoint - Guangfa Securities initiates coverage on Yue Yuen Industrial Holdings Limited (00551) with a "Buy" rating, setting a fair value of HKD 19.99 per share, based on projected earnings per share of USD 0.23, 0.26, and 0.28 for FY25-27 [1] Group 1: Manufacturing Business - The manufacturing segment is expected to see revenue and profitability improvements driven by a recovery in the athletic footwear OEM industry in 2026, aided by clearer U.S. tariff policies and a significant year for sports events [2] - The company is enhancing its manufacturing capabilities through various initiatives, including scaling new capacities and improving digital management, which are anticipated to sustain high capacity utilization and improve product mix [2] Group 2: Retail Business - The retail sector is projected to rebound in 2026, supported by sports events and domestic demand expansion policies in China, which are expected to improve the consumption environment [3] - The company is actively pursuing refined operations and a multi-channel retail strategy, aiming to optimize inventory structure and enhance sales performance through better brand and product offerings [3]

Group 1: Core Insights - The company, Yue Yuen Industrial Holdings Limited (00551), is the world's largest athletic shoe manufacturer, with a dual-driven business model of manufacturing and retail [1] - The manufacturing segment is expected to see revenue and profitability improvements due to rising volume and price [1] - The company has a target price of HKD 19.99 per share, with earnings per share projected at USD 0.23, 0.26, and 0.28 for FY25-27 [1] Group 2: Manufacturing Business - The outlook for the athletic footwear OEM industry is positive for 2026, driven by clearer U.S. tariff policies and a recovery in brand client order patterns [1] - 2026 is anticipated to be a "super year" for sports events, which is expected to boost downstream demand [1] - The company is enhancing its manufacturing capabilities through various initiatives, including new capacity ramp-up and digital management improvements [1] Group 3: Retail Business - The retail segment is expected to experience a turnaround in performance, supported by a recovering demand in China's athletic footwear market [2] - The company is actively pursuing refined operations and a multi-channel retail strategy to optimize inventory and improve sales [2] - Collaborations with brand partners are expected to enhance inventory structure through shared platforms [2]

Group 1 - The core viewpoint is that in 2026, debt issues will be a global challenge, and there are three main ways to address this: real growth exceeding real interest rates (growth-based debt reduction), inflation exceeding expectations (inflation-based debt reduction), and fiscal tightening (fiscal-based debt reduction) [1] - AI and gold are expected to benefit from these pathways, forming a dual mainline logic for asset performance [1] - The A-share market is anticipated to continue a "slow bull" pattern in 2026, driven by a significant change in corporate profit structures despite weaknesses in real estate, infrastructure, consumption, social financing, and PPI [1] Group 2 - Non-financial companies in the A-share market have stabilized their net asset return on equity (ROE) over several quarters, with profits from eight advanced manufacturing industries increasing to 38% [1] - Companies with overseas revenue have seen their overseas revenue proportion rise to 20%, with overseas market gross margins exceeding domestic margins by 5 percentage points, which may drive overall ROE recovery in the A-share market [1] - Current valuation increases are relatively restrained, with limited overextension, suggesting potential for valuation improvement if profits recover [1] Group 3 - Investment direction should focus on industries with supply constraints and clear prosperity trends, such as the AI industry chain, which has strong capital expenditure demand and limited short-term supply release [1] - Other areas of interest include energy storage and metals, which have undergone capacity clearing [1] - Tactically, it is recommended to utilize market adjustments to position for spring rallies, prioritizing the aforementioned high-prosperity sectors [1]

拨康视云-B发布公告，于2026年1月3日，根据2023年股权激励计划配发及发行178.5万股股份。 香港联交所最新资料显示，1月2日，拨康视云-B(02592)股东将股票存入广发证券香港，存仓市值16.05 亿港元，占比36.55%。 ...