Group 1 - The core viewpoint is that the extension of the Spring Festival holiday in 2026 will continue to support strong demand for family visits and travel [2] - The 2024 Spring Festival holiday will be adjusted to 8 days, extending by 1 day compared to 2023, and encouraging time off from New Year's Eve [2] - The 2025 Spring Festival holiday will increase by 1 day, optimizing the adjustment principles, and the significant "拼假" effect will be evident [2] Group 2 - The expected cross-regional personnel flow during the 2026 Spring Festival is projected to reach 9.5 billion, a year-on-year increase of approximately 5.3%, setting a new historical high [3] - The railway is expected to send 539 million passengers, a 5.0% increase year-on-year, with passenger capacity also increasing by 5.3% [3] - The civil aviation sector anticipates a passenger transport volume of 95 million, a year-on-year growth of 5.3%, with Southern Airlines and Eastern Airlines expecting daily flight increases of 4.2% and 3.6% respectively [3] Group 3 - The 2026 Spring Festival travel demand is expected to be strong, with a gradual increase in passenger flow and ticket prices maintaining year-on-year growth [4] - The pre-holiday week will see a mix of business and travel passengers, with a confirmed peak in passenger flow before the holiday [4] - The average domestic ticket price is expected to continue rising, supported by high passenger load factors and market-driven pricing [4] Group 4 - The Chinese aviation industry is anticipated to enter a "super cycle," driven by market-driven pricing and a recovery in demand and passenger structure [5] - The long-term logic will provide dual space for performance valuation, with continuous positive feedback from fundamentals and seasonal performance catalyzing market optimism [5] - Recommendations include increasing holdings in major airlines such as Air China, Juneyao Airlines, China Eastern Airlines, China Southern Airlines, and Spring Airlines [5]

消息面上，近期券商密集发布业绩快报及预增报告。Wind统计显示，截至1月底，中信证券等5家上市 券商已披露2025年业绩快报，另有17家披露了当期业绩预告，合计占到上市券商总数的五成左右。整体 来看，上述22家券商业绩集体报喜，8家去年的归母净利润增幅预计超七成。 申万宏源认为，券商板块景气度不断向好，内外展业环境顺风顺水，关注板块Beta属性。当前时点，券 商板块处于基本面与估值错配阶段，且考虑资金面压制已经边际消退，建议关注券商板块自身的贝塔属 性。国泰海通证券指出，受益于投资端改革，券商业绩持续改善。年初以来市场持续活跃，券商板块有 望受益业绩与估值双升。 智通财经APP获悉，中资券商股午后走高，截至发稿，华泰证券(06886)涨5.38%，报17.84港元；中金公 司(03908)涨4.58%，报21.92港元；国泰海通(02611)涨4.71%，报17.79港元；中国银河(06881)涨2.71%， 报10.62港元；招商证券(06099)涨2.32%，报14.54港元。 ...

Group 1 - The core viewpoint indicates that the median data shows that the profit performance of computer companies in 2025 is expected to outperform revenue [1] - Among the 238 companies that released performance forecasts, only 70 provided revenue data, with a median revenue growth rate of 0.97%. In contrast, the median growth rate for net profit attributable to shareholders is 17.83%, and for non-recurring net profit, it is 28.68% [1] - Large-cap companies tend to lean towards the growth side in performance statistics, with stronger certainty in fourth-quarter performance [1] Group 2 - In 2025, over half of the computer industry performance forecasts are positive, indicating a polarization between growth and decline [2] - Among the 358 computer companies, 238 released performance forecasts, representing 66.5%. The distribution of expected net profit growth rates shows that 42.9% (103 companies) expect growth of over 30%, while 36.3% (87 companies) anticipate a decline of over 30% [2] - The high-growth and significant decline segments combined account for 79.2% of the companies, with 60% (142 companies) expecting growth and 40% (96 companies) expecting decline [2] Group 3 - Among companies with a net profit of approximately 100 million and above, significant performance differentiation is observed [3] - Companies with clear improvements in performance and expected year-on-year growth of over 30% include Tonghuashun, Daotong Technology, and iFLYTEK, among others [3] - Conversely, companies facing profit pressure with year-on-year declines include Bosi Software and Keyuan Wisdom, with the latter showing nearly 40% growth when excluding impairment losses [3]

Core Viewpoint - The Shanghai Stock Exchange's Listing Review Committee approved Hangzhou Aike Technology Co., Ltd.'s refinancing, confirming it meets issuance, listing, and information disclosure requirements [1] Group 1: Financing and Projects - Aike Technology plans to issue convertible bonds to raise up to RMB 26,695.40 million, which will be fully invested in two projects: the New Intelligent Equipment Industrialization Base Project and the Fuyang Intelligent Cutting Equipment Production Line Upgrade Project [2][3] - The total investment for the New Intelligent Equipment Industrialization Base Project is RMB 22,572.17 million, while the Fuyang project requires RMB 4,123.22 million [3] - The convertible bonds will be listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, with each bond having a face value of RMB 100 [3][4] Group 2: Regulatory and Compliance - The Listing Committee raised questions regarding the necessity and feasibility of the new projects, including their performance characteristics, technological advancement, and market risks [2] - The company must clarify the internal decision-making process for the financing gap and the rationale for future overseas investment plans [2]

截至发稿，邓雅琨累计任职时间1年265天，现任基金资产总规模43.47亿元，任职期间最佳基金回报 63.58%， 任职期间最差基金回报8.21%。 刘晟累计任职时间1年168天，现任基金资产总规模48.36亿元，任职期间最佳基金回报105.56%， 任职 期间最差基金回报4.32%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 数据显示，国泰海通资管旗下1只基金重仓锋龙股份。国泰海通新锐量化选股混合A（025598）四季度 持有股数4500股，占基金净值比例为0.79%，位居第一大重仓股。根据测算，今日浮盈赚取约2.35万 元。 国泰海通新锐量化选股混合A（025598）成立日期2025年10月29日，最新规模608.58万。今年以来收益 9.41%，同类排名1492/8873；成立以来收益8.42%。 国泰海通新锐量化选股混合A（025598）基金经理为邓雅琨、刘晟。 2月4日，锋龙股份涨5.12%，截至发稿，报107.22元 ...

Group 1 - The core viewpoint of the articles highlights the strong performance expectations for listed securities firms in 2025, driven by a vibrant capital market and robust growth in brokerage and proprietary trading businesses [1][2] - As of January 30, 2025, 21 listed securities firms have disclosed their performance forecasts, with leading firms like CITIC Securities and Guotai Junan expected to maintain their market dominance, projecting CITIC Securities' net profit to exceed 30 billion yuan and Guotai Haitong's net profit growth rate to exceed 100% year-on-year [1] - Smaller securities firms are anticipated to show even greater profit elasticity, with Guolian Minsheng forecasting a year-on-year net profit growth rate exceeding 400% [1] Group 2 - The growth drivers for the 2025 performance of these listed securities firms include brokerage and proprietary trading businesses, supported by a favorable A-share market environment and government policies aimed at stabilizing growth and boosting the capital market [2] - Factors such as a moderately loose liquidity environment, continuous optimization of the capital market, and the restoration of investor confidence are expected to collectively enhance the performance of the securities sector [2] - The current valuation of the securities sector is at a historical low, presenting a defensive rebound opportunity, with recommendations to focus on strong leading firms and those with competitive advantages in wealth management, proprietary trading, and cross-border business [2]

Group 1 - The core viewpoint of the articles highlights the strong performance expectations for listed securities firms in 2025, with major firms like CITIC Securities and Guotai Junan maintaining their market leadership [1][2] - As of January 30, 2025, 21 listed securities firms have disclosed their performance forecasts, with CITIC Securities expected to achieve a net profit exceeding 30 billion yuan and Guotai Haitong projecting a year-on-year net profit growth rate exceeding 100% [1] - Smaller securities firms are anticipated to show even greater profit elasticity, with Guolian Minsheng forecasting a year-on-year net profit growth rate exceeding 400% for 2025 [1] Group 2 - Brokerage and proprietary trading businesses are identified as the core drivers of performance growth for these listed securities firms in 2025 [2] - The A-share market is expected to remain active in 2025, with a high level of performance in the securities industry, suggesting investment opportunities in the sector [2] - Factors such as a stable growth policy, a conducive capital market environment, and the restoration of investor confidence are expected to drive the upward trend in the securities sector [2] Group 3 - The current valuation of the securities sector is at a historical low, presenting a defensive rebound opportunity [2] - It is recommended to focus on leading securities firms with strong overall capabilities and those with differentiated competitive advantages in wealth management, proprietary trading, and cross-border business [2] - Related concepts in the Hong Kong stock market include Huatai Securities, GF Securities, China Galaxy, Guotai Haitong, CICC, CITIC Securities, and others [3]

Investment Rating - The report maintains an "Outperform" rating for the non-bank financial sector, indicating a positive outlook for investment opportunities in this industry [2]. Core Insights - The report highlights that over 20 A-share listed brokerages have released positive earnings forecasts for 2025, with many expected to double their profits. Major firms like CITIC Securities and Guotai Junan are projected to achieve net profits exceeding 100 billion CNY [13][14]. - The insurance sector is seeing increased investment in pension and technology innovation, with a significant shift towards equity investments due to declining interest rates and new accounting standards. By the end of 2024, insurance equity investment assets are expected to reach 1.92 trillion CNY, a year-on-year increase of nearly 13% [40][41]. Summary by Sections 1. Securities Business Overview and Weekly Review - As of January 30, 2026, more than 20 A-share listed brokerages have issued earnings forecasts for 2025, with most reporting year-on-year profit growth. Notably, CITIC Securities is expected to achieve a net profit of 300.51 billion CNY, a 38.46% increase [13][14]. - The report anticipates a favorable performance for the securities industry in 2025, driven by a recovery in both primary and secondary markets [13]. 2. Insurance Business Overview and Weekly Review - Insurance capital is increasingly directed towards pension and technology sectors, with significant investments in healthcare and elderly care. By the end of 2025, the market size of China's health and elderly care industry is projected to reach 9.8 trillion CNY [41][42]. - Major insurance companies are establishing specialized health management subsidiaries to enhance service offerings and customer retention, aiming to create a second growth curve through a "product + service" model [42]. 3. Market Liquidity Tracking - The report notes that the central bank conducted a net injection of 530.5 billion CNY in the open market during the week of January 26-30, 2026, indicating a proactive approach to managing liquidity in the financial system [47].

Core Insights - The overall performance expectations for the optical interconnect industry are strong, with differentiation providing insights for 2026 [2] - The trend of price increases in the fiber optic industry is clear, driven by rising demand and new technologies [2] Group 1: Industry Performance and Trends - The optical interconnect sector is expected to benefit from the AI industry chain, leading to upward revisions in market expectations [1] - The appreciation of the RMB impacts the optical interconnect sector, which primarily focuses on overseas exports, with implications for accounting and exchange rates [2] - The market for pluggable modules is anticipated to continue improving in 2026-2027, with new packaging and material technology changes emerging [2] Group 2: Technological Developments - Attention is drawn to the opportunities arising from the transition of CPO/OIO technologies from 0 to 1, with significant growth expected in the coming years [2] - LightCounting forecasts that CPO technology shipments will begin scaling up from 800G and 1.6T ports starting in 2026-2027, primarily for large cloud service providers [2] - By 2029, the penetration rates for CPO technologies are projected to reach 2.9% for 800G, 9.5% for 1.6T, and 50.6% for 3.2T [2] Group 3: Market Dynamics - Recent price increases in fiber optic cables are attributed to heightened demand from telecom operators and pre-holiday inventory buildup, suggesting continued price strength [2] - Major domestic clients are expected to accept price increases, confirming the sector's volatility and pricing power [2] Group 4: Key Industry News - Corning has established a long-term supply agreement worth $6 billion with Meta [3] - NVIDIA has made an additional $2 billion investment in CoreWeave [3] - Microsoft has released its second-generation self-developed AI chip, Maia 200 [3] - The personal AI assistant ClawdBot is gaining global traction [3] - Microsoft and Meta have released their latest financial reports [3]

Market Performance - Emerging markets saw a narrowing increase last week, with MSCI global index up by 0.2%, MSCI developed markets flat at 0.0%, and MSCI emerging markets up by 1.4% [2] - In the bond market, the U.S. 10-year Treasury yield experienced the largest increase [2] - Commodities saw a significant rise in oil prices, while gold and silver experienced notable pullbacks [2] - The dollar depreciated, while the British pound and Japanese yen appreciated, and the Chinese yuan depreciated [2] Trading Sentiment - Global market trading volume increased last week, with major indices showing rising volatility [2] - Trading volumes in A/H/U.S./European/Japanese stocks increased, while South Korean stock trading volume decreased [2] - Investor sentiment in Hong Kong stocks rose and is at historical highs, while U.S. investor sentiment is also at historical highs [2] - Volatility increased in Hong Kong, U.S., European, and Japanese stocks, while U.S. Treasury bond volatility decreased [2] - Valuations in both developed and emerging markets improved compared to the previous week [2] Earnings Expectations - Earnings expectations for Japanese and European stocks were revised upward last week [3] - As of January 30, 2026, the earnings per share (EPS) forecast for the Hang Seng Index was revised from -2.1% to -2.0% for 2025 [3] - The S&P 500's EPS forecast for 2025 was revised from +10.5% to +11.8% [3] - The Eurozone STOXX 50's EPS forecast for 2025 was revised from -4.5% to -4.4% [3] Economic Expectations - The U.S. economic surprise index rose last week, potentially due to stronger-than-expected corporate earnings and easing geopolitical tensions [3] - The European economic surprise index also improved, supported by better-than-expected GDP growth in the Eurozone for Q4 [3] - The Chinese economic surprise index showed marginal improvement, influenced by real estate and service consumption policy expectations, as well as improved Sino-British relations [3] Capital Flows - The hawkish nomination of Walsh as the next Federal Reserve Chair has influenced market expectations [4] - As of January 30, the market anticipates 2.1 rate cuts by the Fed in 2026, a slight decrease from the previous week [4] - Global liquidity saw significant inflows into mainland China, the U.S., South Korea, India, and Europe last week, with the largest inflow into Hong Kong stocks coming from the Stock Connect [4]