Investment Rating - The report maintains an investment rating of "Outperform" for the non-bank financial sector, indicating a positive outlook for the industry [2]. Core Insights - The report highlights that over 20 A-share listed brokerages have released performance forecasts for 2025, with most expected to achieve year-on-year profit growth, and several are projected to double their profits [13][14]. - The insurance sector is increasingly focusing on pension and technology innovation investments, with significant capital being allocated to these areas, indicating a shift towards building a health and pension ecosystem [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 performance forecasts for 2025, with most reporting positive year-on-year growth in net profit. Notably, major brokerages like CITIC Securities and Guotai Junan are expected to exceed 10 billion CNY in net profit [13][14]. - The report anticipates a favorable performance for the securities industry in 2025, driven by a recovery in both primary and secondary markets, as well as a rebound in margin financing [13]. 2. Insurance Business Overview and Weekly Review - Insurance capital is increasingly directed towards diverse equity investments, with the total equity investment assets reaching 1.92 trillion CNY by the end of 2024, marking a nearly 13% year-on-year increase [40]. - Major insurance companies are establishing funds to invest in the pension and technology sectors, with China Life investing approximately 125 billion CNY in two equity funds focused on the pension industry and technology innovation [41]. 3. Market Liquidity Tracking - The report notes that the central bank conducted a net injection of 530.5 billion CNY into the market during the week of January 26-30, 2026, indicating a proactive approach to managing liquidity [47].

Investment Rating - The report maintains an "Overweight" rating for the non-bank financial industry [1] Core Insights - The equity market is expected to perform well, with a projected net profit growth of 50% year-on-year for 2025, and a 16% growth in 2026 from a high base [1][30] - The average daily trading volume of stock funds is anticipated to reach 19.814 trillion yuan in 2025, representing a 67% year-on-year increase [1][9] - The report highlights a significant recovery in IPO and refinancing activities, with IPO fundraising expected to grow by 96% in 2025 [1][14] - The bond issuance scale is expected to increase steadily, with a 13% year-on-year growth in 2025 [1][19] - The report emphasizes the low valuation of brokerage stocks and the potential for valuation recovery, particularly for large brokerages [1][24] Summary by Sections 1. Equity Market Performance - The average daily trading volume of stock funds is projected at 19.814 trillion yuan, a 67% increase year-on-year [1][9] - The number of new accounts opened in the Shanghai market is expected to average 2.5 million per month, an 8% increase from 2024 [1][9] - The financing balance is projected to reach 2.5242 trillion yuan, a 36% increase year-on-year [1][12] - The IPO market is expected to see 116 IPOs raising 131.8 billion yuan, a 96% increase year-on-year [1][14] - The refinancing market is expected to recover significantly, with a total of 950.9 billion yuan raised, a 326% increase [1][18] 2. Profit Forecast for 2025 - The report forecasts a 50% year-on-year increase in net profit for listed brokerages in 2025, with a 16% increase in Q4 [1][30] - The total revenue for the industry is expected to grow by 21% year-on-year [1][30] 3. 2026 Outlook - The report anticipates a 16% year-on-year increase in net profit for the industry in 2026, based on high baseline assumptions [1][37] - The growth in brokerage income from various segments is expected, including a 25% increase in brokerage business revenue [1][37] 4. Valuation and Recommendations - The report notes that the current valuation of brokerages is relatively low, with the CITIC Securities II index at 1.43x PB, indicating potential for valuation recovery [1][24] - Key recommendations include major brokerages such as CITIC Securities, Huatai Securities, and Guotai Junan [1][24]

2026年01月31日 证券研究报告|行业研究|行业点评 非银金融 非银行业周报 (2026年第四期) 2025 券商业绩整体向好，关注券商估值修复 市场表现: 本期（2026.1.26-2026.1.30）非银(申万)指数+1.04%、行业排 7/31,券商Ⅱ指 数-0.69%,保险II指数+5.50%; 上证综指-0.44%，深证成指-1.62%，创业板指-0.09%。 个股涨跌幅排名前五位：中国人寿（+8.73%）、中国太保（+8.48%）、新华保险 (+8.40%）、华鑫股份（+4.53%）、中国平安（+4.46%）; 个股涨跌幅排名后五位: 拉卡拉（-9.93%）、越秀资本（-8.00%）、浙江东方（- 6.37%）、华金资本（-6.18%）、海南华铁（-6.14%）。 (注：去除 ST 及退市股票) 核心观点: 证券: 市场层面,本周,证券板块下跌 0.69%,跑输沪深 300 指数 0.77pct,跑输上证综 指数 0.25pct。当前券商板块 PB 估值为 1.36 倍。 本周,券商密集发布业绩快报及预增报告,截至１月 30日,已有中信证券为代表 的四家上市券商披露业绩快报,另有国泰海通、国联 ...

Group 1 - Precious metals prices have rebounded significantly, with gold futures rising above $4,800 per ounce, reported at $4,828.6 per ounce as of 11:47 AM Beijing time [1] - Silver futures are reported at $82.822 per ounce as of 11:48 AM Beijing time [3] Group 2 - Analysts from multiple banks and the Shanghai Gold Exchange have warned investors about market volatility risks, emphasizing the need for rational investment [5] - Nanhua Futures analyst Xia Yingying noted that the recent volatility in precious metal prices has exceeded what fundamentals can explain, with emotional factors becoming dominant. Overcrowded bullish positions led to a rapid activation of negative feedback mechanisms, resulting in a significant sell-off [5] - CITIC Securities indicated that major global economies will continue a loose liquidity stance through 2026, with rising precious metal prices stimulating trading enthusiasm for commodities. Silver, copper, tin, and lithium carbonate may benefit from active trading, leading to price increases beyond expectations. The firm believes that after a significant rally in 2025, the upward momentum for non-ferrous metal prices and stock markets remains strong, supported by supply disruptions, localized high demand, and stockpiling behaviors [5]

Group 1: Dividend Indices - The Low Volatility Dividend Index (H30269.CSI) includes 50 securities with good liquidity, continuous dividends, moderate payout ratios, positive growth in dividends per share, high dividend yields, and low volatility, with a dividend yield of 4.57% as of February 2 [1] - The Quality Dividend Index (931468.CSI) consists of 50 securities that continuously pay cash dividends, have high payout ratios, and exhibit high profitability, with a dividend yield of 2.95% as of February 2 [1] Group 2: Company Dividend Announcements - Lanzhou Bank announced a cash dividend of RMB 0.50 per 10 shares (tax included), with a record date of February 6, 2026, and an ex-dividend date of February 9, 2026 [2] - CITIC Securities declared a cash dividend of RMB 0.29 per share (tax included), with a record date of February 6, 2026, and an ex-dividend date of February 9, 2026 [2] - Zhongcheng Consulting will distribute a cash dividend of RMB 4.00 per 10 shares (tax included), with a record date of February 9, 2026, and an ex-dividend date of February 10, 2026 [2] - Victory Shares announced a cash dividend of RMB 0.15 per 10 shares (tax included), with a record date of February 9, 2026, and an ex-dividend date of February 10, 2026 [2] - Three Gorges Water Conservancy declared a cash dividend of RMB 0.05 per share (tax included), with a record date of February 6, 2026, and an ex-dividend date of February 9, 2026 [3] - Anhui Construction announced a cash dividend of RMB 0.10 per share (tax included), with a record date of February 6, 2026, and an ex-dividend date of February 9, 2026 [3] - Haitong Development declared a cash dividend of RMB 0.05 per share (tax included), with a record date of February 6, 2026, and an ex-dividend date of February 9, 2026 [3] - Rongsheng Environmental Protection announced a cash dividend of RMB 3.80 per 10 shares (tax included), with a record date of February 6, 2026, and an ex-dividend date of February 9, 2026 [4] - Zhizheng Co. declared a cash dividend of RMB 0.01 per share (tax included), with a record date of February 9, 2026, and an ex-dividend date of February 10, 2026 [4] - Jianfa Co. announced a cash dividend of RMB 0.20 per share (tax included), with a record date of February 10, 2026, and an ex-dividend date of February 11, 2026 [4] - AVIC Shenyang Aircraft announced a cash dividend of RMB 0.14 per share (tax included), with a record date of February 10, 2026, and an ex-dividend date of February 11, 2026 [5]

来源：新浪证券-红岸工作室 2月2日，中信证券跌0.78%，成交额51.29亿元。两融数据显示，当日中信证券获融资买入额5.41亿元， 融资偿还7.59亿元，融资净买入-2.18亿元。截至2月2日，中信证券融资融券余额合计195.61亿元。 资料显示，中信证券股份有限公司位于广东省深圳市福田区中心3路8号中信证券大厦,北京市朝阳区亮 马桥路48号中信证券大厦,香港中环添美道1号中信大厦26层，成立日期1995年10月25日，上市日期2003 年1月6日，公司主营业务涉及证券经纪、证券承销与保荐、证券资产管理、证券自营等业务等。主营业 务收入构成为：证券投资业务43.88%，经纪业务28.21%，资产管理业务18.21%，证券承销业务6.22%， 其他业务3.49%。 截至9月30日，中信证券股东户数66.94万，较上期增加1.64%；人均流通股18192股，较上期减少 1.61%。2025年1月-9月，中信证券实现营业收入558.15亿元，同比增长20.96%；归母净利润231.59亿 元，同比增长37.86%。 分红方面，中信证券A股上市后累计派现930.02亿元。近三年，累计派现263.06亿元。 机构持 ...

金融行业周报 ——25年券商业绩预喜，人民币贷款增速回落 证券分析师 证券研究报告 袁喆奇S1060520080003（证券投资咨询） 李冰婷S1060520040002（证券投资咨询） 许 淼S1060525020001（证券投资咨询） 研究助理 李灵琇S1060124070021（一般证券业务） 请务必阅读正文后免责条款 2026年2月3日 1 核心观点 25年券商业绩预喜，人民币贷款增速回落 1、上市券商2025业绩密集预喜，或迎估值修复窗口期。截至1月30日，已有23家上市券商披露2025年业绩预告或快报，整 体实现较快增长，业绩增速较往年明显回暖。受益于权益市场回暖及资本市场活跃度提升，头部券商业绩表现稳健。其中， 中信证券2025年全年营收同比增长28.75%，归母净利润同比增长38.46%；国海证券营收同比增长7.14%，归母净利润同比 大幅增长78.88%。在"慢牛"市场环境及政策支持并购重组背景下，券商业绩修复趋势有望延续，头部券商相对优势进一 步巩固。 2、央行发布2025年四季度金融机构人民币各项贷款余额。2025年4季度末，金融机构各项人民币贷款余额同比增长6.4%， 较3季度末回落0 ...

2024年，合盛硅业归属于母公司所有者的净利润为174,047.66万元，归属于母公司所有者的扣除非经常 性损益的净利润为154,047.28万元。 合盛硅业于2017年10月30日在上交所上市，保荐机构（主承销商）是中信证券，保荐代表人是殷雄、先 卫国。合盛硅业共计3次募资，共募资108.66亿元。 中国经济网北京2月3日讯 合盛硅业(603260.SH)1月31日披露的2025年年度业绩预告显示，公司预计2025 年年度实现归属于母公司所有者的净利润为-330,000万元到-280,000万元，与上年同期相比，将出现亏 损；归属于母公司所有者的扣除非经常性损益后的净利润为-333,000万元到-283,000万元。 对于本期业绩预亏的主要原因，合盛硅业表示，本报告期业绩亏损的主要原因集中于光伏业务板块。多 晶硅市场在政策与市场协同作用下逐步修复，但仍面临短期需求不足、库存较高等挑战。与2024年相 比，2025年公司光伏业务受多晶硅产线停产以及光伏组件产线产能利用率偏低等因素叠加影响，产生了 较大的停工损失与运营亏损。同时，基于上述光伏业务出现的重大变化，相关资产减值测试的评估报告 尚在编制过程中。公司根 ...

上市当日，亚辉龙开盘报65.00元，盘中最高报73.80元，为上市以来最高点，收报64.00元。 中国经济网北京2月3日讯亚辉龙(688575.SH)近日发布的2025年度业绩预告显示，预计2025年度实现归 属于母公司所有者的净利润为2,000.00万元至3,000.00万元，与上年同期相比，将减少27,153.36万元至 28,153.36万元，同比减少90.05%至93.37%；预计2025年度实现归属于母公司所有者的扣除非经常性损 益的净利润6,500.00万元至8,500.00万元，与上年同期相比，将减少20,233.33万元至22,233.33万元，同比 减少70.42%至77.38%。 2022年至2024年，亚辉龙的营业收入分别为39.81亿元、20.53亿元和20.12亿元；归属于上市公司股东的 净利润分别为10.12亿元、3.55亿元和3.02亿元；归属于上市公司股东的扣非净利润分别为9.55亿元、 2.20亿元和2.87亿元；经营活动产生的现金流量净额分别为15.83亿元、-7318.76万元和5.30亿元。 亚辉龙募集资金总额为60,680.00万元，募集资金净额为54,133.44万 ...

Core Viewpoint - The implementation of the national capacity pricing policy for energy storage is expected to stabilize revenue expectations and stimulate investment enthusiasm among owners, which is significant for investment decisions by state-owned enterprises and other clients [1][7]. Group 1: Capacity Pricing Mechanism - The new capacity pricing mechanism categorizes and improves the pricing for coal, natural gas, pumped storage, and new energy storage, ensuring reasonable pricing for regulatory capacity [2][9]. - The document mandates that the proportion of fixed cost recovery through capacity pricing for coal power plants be raised to no less than 50% by 2026, with potential for further increases based on local market conditions [10]. - For new energy storage, local governments can provide capacity pricing for independent energy storage stations that do not participate in mandatory storage, which will be included in local system operating costs [2][12]. Group 2: Economic Impact and Growth Projections - The capacity pricing is expected to provide high revenue certainty, significantly boosting domestic energy storage installations, with projections indicating a growth rate of 84% year-on-year for new energy storage installations in 2025, reaching 183 GWh [5][6]. - The establishment of the capacity pricing mechanism is anticipated to enhance the investment return rate for projects, increasing from 4.1% to 6.3% with a capacity price of 55 yuan/kW [5][4]. - The capacity pricing policy is seen as a critical support for the independent development of energy storage, transitioning the industry from cost competition to value creation [1][7]. Group 3: Industry Dynamics and Competitive Landscape - The introduction of a reliability capacity compensation mechanism will strengthen assessments and encourage owners to improve the quality of energy storage products, benefiting high-quality products and promoting industry consolidation [6][7]. - The policy changes are expected to lead to a rational return of investment in the pumped storage sector, with new projects relying more on actual market demand [11][13]. - The energy transition is supported by the development of regulatory power sources, which will help alleviate downward pressure on electricity prices and enhance the absorption of renewable energy [9][13].