Core Viewpoints - The non-bank financial sector, including brokerage and insurance, shows continued improvement in fundamentals, highlighting the investment value of the non-bank sector [1] Group 1: Market Performance - As of January 31, 2026, the Shanghai Composite Index reported 4117.95 points, down 0.44%, while the Shenzhen Component Index was at 14205.89, down 1.62% [10] - The CSI 300 Index increased by 0.08%, and the ChiNext Index decreased by 0.09% [10] - The CITIC II Securities Index fell by 0.71%, while the CITIC II Insurance Index rose by 5.41% [10] Group 2: Industry Dynamics and Weekly Commentary Insurance Sector - Listed insurance companies are expected to maintain high growth, with a marginal improvement in long-term interest rate spreads [15] - As of January 30, 2026, the 10-year government bond yield was 1.81%, down 2 basis points from the previous week, indicating a cautious risk preference in the equity market [12] - The insurance sector is benefiting from a stable long-term interest rate environment and an upward trend in the equity market, which is expected to drive performance growth in Q1 2026 [15] Securities Sector - The securities market is showing positive core indicators, with a projected high growth in Q1 2026, supported by improved trading volume and margin financing [16] - As of January 30, 2026, 17 brokerages reported a total net profit of 1153.44 billion CNY for 2025, a year-on-year increase of 60.27% [19] - The average daily trading volume of all A and B shares reached 2.90 trillion CNY, a 144.26% increase compared to the same period in 2025, indicating a significant rise in market activity [21] Group 3: Investment Opportunities - The launch of commercial real estate REITs is expected to expand business opportunities, with the first three products anticipated to raise over 13 billion CNY [27] - The REITs initiative aims to activate existing commercial real estate assets and enhance the supply of capital market products, indicating strong market demand [27] - The insurance sector is advised to focus on companies like China Ping An, China Life, and New China Life, which are expected to benefit from favorable market conditions [15]

截至2026年1月30日收盘，东方证券（600958）报收于10.23元，较上周的10.45元下跌2.11%。本周，东 方证券1月26日盘中最高价报10.64元。1月29日盘中最低价报10.17元。东方证券当前最新总市值869.21 亿元，在证券板块市值排名12/50，在两市A股市值排名212/5184。 东方金融控股(香港)有限公司为东证国际金融集团有限公司在平安银行的授信业务提供连带责任保证担 保，担保金额不超过3,000万美元，担保期间为2026年1月26日至2027年1月25日。该事项已履行董事会 及股东大会审批程序，属于前期预计额度内担保。 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。 本周关注点 业绩披露要点 东方证券发布业绩预告，预计2025年全年归属净利润盈利约56.2亿元，同比增长67.8%；营业收入153.4 亿元，同比增长26.0%；扣非后净利润盈利约55亿元，同比增长69.6%。 公司公告汇总 东方证券为境外间接全资子公司Orient ZhiSheng Limited发行2亿人民币364天期票面利率1.88 ...

Core Insights - The evaluation results for the 2025 annual performance quality of securities companies were released by the Beijing Stock Exchange and the National Equities Exchange and Quotations, assessing 115 firms on their professional capabilities, compliance levels, and business operations [1] Group 1: Overall Industry Performance - The majority of securities companies scored above the baseline score of 100, indicating a positive accumulation in industry performance quality [1] - Guotai Junan ranked first with a total score of 145.04, followed by Huatai Securities (143.41), China Merchants Securities (140.49), Shenwan Hongyuan Securities (136.43), and CITIC Securities (135.49), showcasing strong performance in professional quality [1] Group 2: Distribution of Scores - The score distribution shows a "large middle, small ends" pattern, with a few top-tier firms leading the industry while the majority fall into the second and third tiers, indicating overall compliance and notable business highlights [1] - Some firms scored in the fourth tier due to low professional scores or high compliance deductions, suggesting a need for improvement in specific business areas or risk management capabilities [1] Group 3: Business Structure and Specialization - The evaluation system detailed scores for various sub-items within the Beijing Stock Exchange and National Equities Exchange, revealing differences in business structures among firms [2] - Certain firms, like Huatai Securities and Dongfang Securities, achieved high scores through deep engagement in Beijing Stock Exchange business, particularly in sponsorship and mergers and acquisitions [2] - Other firms, such as Kaiyuan Securities and Shenwan Hongyuan, excelled in the National Equities Exchange business, especially in recommending listings and ongoing supervision, demonstrating their service capabilities for new three-board enterprises [2] Group 4: Contribution of Brokerage and Research - Brokerage and research services, which connect investors with the market, contributed significantly to the professional quality scores of firms like Galaxy Securities and Guotai Junan [2]

Group 1 - The core viewpoint is that niche storage, particularly in the context of AI demand, is expected to open up new growth opportunities beyond the existing market, with price adjustments for products like MCU and NOR Flash ranging from 15% to 50% [1] - AI demand is anticipated to drive incremental growth in niche storage, with increasing requirements for NOR Flash capacity due to the growth of AI terminal BIOS programs and code volume [1] - The supply of niche storage products is being significantly reduced as major international suppliers focus on mainstream storage products, leading to a tightening market for products like MLC NAND Flash, which is projected to see a 41.7% reduction in global capacity by 2026 [2] Group 2 - Domestic manufacturers are positioned strongly in the niche storage market, with companies like Zhaoyi Innovation and Puran achieving significant market shares in NOR Flash and SLC NAND, indicating a competitive advantage as global suppliers exit the niche storage sector [3] - The market share of domestic firms in niche storage is expected to benefit from the ongoing supply constraints caused by the withdrawal of overseas manufacturers, enhancing their competitive position [3] - Investment opportunities are identified in various domestic storage chip design firms and semiconductor equipment companies, highlighting a broad range of potential beneficiaries from the niche storage market dynamics [4]

智通财经APP获悉，东方证券发布研报称，受地缘冲突影响，市场对油气供应减少的担忧上升，导致油 价回升。而全球的油气资本开支正处于较低水平，存在向上恢复的空间。但是，考虑到油气项目的建设 周期较长，该行预计下游业主将更重视油气服务和装备企业的长期竞争力，因此该行看好具有高竞争力 的油服装备企业的投资机会。 东方证券主要观点如下： 地缘冲突的担忧增加，布伦特油价回升，有望提高油服景气度 由于油服项目的建设周期较长，因此业主公司往往需要观察油价的持续性。目前的地缘冲突担忧推升了 油价和市场的期待，但油服的景气度回升仍需要事件。该行预计从油价回升到油服景气传导至少需要半 年左右。考虑到下游公司对供应商的筛选会更加重视长期合作，因此该行认为高竞争力的企业更有望受 益复苏。 投资建议：部分相关标的：杰瑞股份、迪威尔、博迈科、海油工程、中密控股。 风险提示：地缘冲突缓解或供给波动导致油价下降、海外高利率拖累投资、海外贸易摩擦加剧影响投资 信心、原材料价格上涨拖累企业盈利。 全球油气开支活跃度仍在较低水平，向上有弹性 目前全球的油服景气度处于较低区间，比如全球活跃钻机数目前约1700-1800部，仍低于2019年以前水 平。 ...

Group 1 - The Ministry of Finance's Debt Management Office released the trading volume rankings for the 2025 book-entry treasury bond underwriting syndicate, highlighting the top three firms in overall treasury bond spot trading volume as Ping An Bank, CITIC Securities, and Orient Securities [1][2] - In the bank member category for treasury bond spot trading volume, the top three are Ping An Bank, Shanghai Pudong Development Bank, and Bank of Communications [1][2] - For the bank counter trading volume of the 2025 book-entry treasury bonds, the leading banks are Agricultural Bank of China, Shanghai Pudong Development Bank, and Bank of China [1][2]

（文章来源：证券日报） 证券日报网讯 1月28日，东方证券在互动平台回答投资者提问时表示，公司已于1月27日盘后披露 《2025年年度业绩预增公告》。2025年公司抓住资本市场发展机遇，在大财富、大投行、大机构三大领 域持续发力，稳健经营与提质增效双轮驱动，经营业绩同比实现较好增长。经财务部门初步测算，公司 2025年预计实现营业收入153.4亿元，归母净利润56.2亿元，分别同比增长26.0%和67.8%。详细内容请 参阅公告，具体准确的财务数据以公司正式披露的经审计后的2025年年度报告为准。 ...

Core Insights - The Ministry of Finance announced the ranking of the trading volume of 2025 book-entry government bonds, with Ping An Bank, CITIC Securities, and Orient Securities taking the top three spots [1] Group 1: Bank Members - Among the bank members of the 2025 book-entry government bond underwriting syndicate, Ping An Bank, Shanghai Pudong Development Bank, and Bank of Communications ranked as the top three [1] Group 2: Non-Bank Members - In the non-bank category, CITIC Securities, Orient Securities, and Huatai Securities were the top three firms based on trading volume [1] Group 3: Counter Transactions - For bank counter transaction volumes, Agricultural Bank of China, Shanghai Pudong Development Bank, and Bank of China ranked as the top three [1]

Group 1 - The company Zhou Dasheng announced that it will participate in an investor research meeting on January 28, 2026, with representatives from Dongfang Securities present to answer investor questions [1] - The automotive industry is experiencing a significant shift with the introduction of semi-solid state batteries, which are expected to be featured in multiple new vehicle models this year [1] - Major manufacturers are preparing for advancements in power battery technology, marking this year as a pivotal moment for innovation in the sector [1]

Core Viewpoint - Emei Mountain A is experiencing a recovery in visitor traffic, supported by shareholder rewards during the off-peak season, with expectations for improved capacity [1] Group 1: Visitor Traffic and Shareholder Rewards - The scenic area received 126,166 visitors during the three days of New Year's Day (January 1-3, 2026), with ticket sales of 83,391 and complimentary tickets of 42,775, representing a year-on-year increase of 20.88% compared to the same period in 2024 [1] - A shareholder reward program running from December 1, 2025, to January 31, 2026 (excluding statutory holidays) offers discounts on tickets, cable cars, hotels, and hot springs, which is expected to boost visitor traffic in December and January during non-holiday periods [1] Group 2: Capacity and Financial Performance - Improvements in transportation and capacity are anticipated, which is expected to elevate long-term visitor traffic [1] - The company continues to provide cash dividends to shareholders, reflecting strong cash flow quality and a commitment to shareholder returns, which also enhances capital efficiency and investor return certainty, providing some support for valuation [1] Group 3: Earnings Forecast and Valuation - Due to weak revenue in 2025, adjustments have been made to the EPS forecasts for 2025-2027 to 0.45, 0.54, and 0.61 yuan, respectively, down from previous estimates of 0.63 and 0.69 yuan for 2025-2026 [1] - Based on comparable companies, the target price for 2026 is set at 17.28 yuan, applying a 32 times PE ratio, while maintaining a "buy" rating [1]