此前，滉达富控股及要约人YAEL CAPITAL MANAGEMENT LIMITED联合公布，于2025年12月12日 (交易时段后)，要约人(作为买方)与售股股东(作为卖方)订立买卖协议，售股股东有条件同意出售，而要 约人有条件同意收购待售股份(即合共8.87亿股股份，占公司于联合公告日期已发行股本总额约60.20%) 的全面合法实益拥有权及权益，总代价为9584.11万港元，相当于每股待售股份0.108港元。 香港联交所最新资料显示，1月27日，滉达富控股(01348)股东将股票由光大证券投资服务香港转入香港 中央结算有限公司，转仓市值1540.44万港元，占比6.11%。 ...

此前，滉达富控股及要约人YAEL CAPITAL MANAGEMENT LIMITED联合公布，于2025年12月12日 (交易时段后)，要约人(作为买方)与售股股东(作为卖方)订立买卖协议，售股股东有条件同意出售，而要 约人有条件同意收购待售股份(即合共8.87亿股股份，占公司于联合公告日期已发行股本总额约60.20%) 的全面合法实益拥有权及权益，总代价为 9584.11万港元，相当于每股待售股份0.108港元。 智通财经APP获悉，香港联交所最新资料显示，1月27日，滉达富控股(01348)股东将股票由光大证券投 资服务香港转入香港中央结算有限公司，转仓市值1540.44万港元，占比6.11%。 ...

Core Viewpoint - Multiple listed securities firms are expected to report positive performance for 2025, with significant year-on-year profit growth anticipated across the sector [1][2]. Group 1: Performance Forecasts - Several securities firms, including China Merchants Securities, Shenwan Hongyuan Securities, Dongfang Securities, and Hongta Securities, have released performance forecasts indicating net profit growth of 18.43%, 74.64%-93.83%, 67.8%, and 59.05% respectively for 2025 [1][3]. - Citic Securities, a leading firm, reported a projected revenue of 748.3 billion yuan and a net profit of 300.51 billion yuan for 2025, reflecting year-on-year increases of 28.75% and 38.46% respectively [5][7]. - Dongfang Securities anticipates a revenue of 153.4 billion yuan, up 26.0%, and a net profit of 56.2 billion yuan, up 67.8% [4][7]. Group 2: Market Dynamics - The A-share market is expected to continue its upward trend, with daily trading volume increasing significantly, reaching an average of 19.8 trillion yuan, a 67% year-on-year increase [8]. - The balance of margin financing and securities lending is projected to reach 2.5 trillion yuan by the end of 2025, marking a 36% increase [8]. - Analysts attribute the strong performance of securities firms to three main factors: a stable macroeconomic environment, increased market activity, and strategic upgrades within firms [8][9]. Group 3: Analyst Predictions - Analysts predict that the overall net profit of listed securities firms will grow by over 50% in 2025, driven by robust trading activity and improved brokerage income [9][10]. - Financial Street Securities forecasts a 53.24% year-on-year increase in daily trading volume, with brokerage income expected to rise by over 40% [9]. - According to analysts, the growth in net profit is primarily driven by brokerage and investment business performance [10].

中国经济网北京1月27日讯 中农联合(003042.SZ)昨晚披露2025年度业绩预告。公司预计2025年归属于上 市公司股东的净利润为-12,800万元至-16,500万元，比上年同期下降4.53%至34.75%；扣除非经常性损益 后的净利润为-13,150万元至-16,850万元，比上年同期下降3.03%至32.02%。 2022年6月15日，中农联合发布的2021年年度权益分派实施公告显示，公司2021年年度权益分派方案 为：以公司现有总股本为基数，向全体股东每10股派发现金红利2元人民币现金(含税)，同时，以资本 公积金向全体股东每10股转增3股。权益分派股权登记日为2022年6月21日，除权除息日为2022年6月22 日。 2023年和2024年，中农联合实现归属于上市公司股东的净利润分别为-1.92亿元和-1.22亿元，实现归属 于上市公司股东的扣除非经常性损益的净利润分别为-1.99亿元和-1.28亿元。 (责任编辑：何潇) 中农联合于2021年4月6日在深交所主板上市，发行数量为2,740.00万股，发行价格为21.56元/股，保荐 机构（主承销商）为光大证券股份有限公司，保荐代表人为胡亦非、 ...

Group 1 - The company Jiahua Technology (688051.SH) has announced a projected net loss for the year 2025, estimating a loss between -153.73 million yuan and -102.25 million yuan compared to the previous year [1] - The net profit attributable to the parent company, excluding non-recurring gains and losses, is expected to be between -164.78 million yuan and -109.86 million yuan for 2025 [1] - From 2021 to 2024, Jiahua Technology reported revenues of 486 million yuan, 261 million yuan, 322 million yuan, and 300 million yuan, with net profits attributable to shareholders of -129 million yuan, -288 million yuan, -208 million yuan, and -103 million yuan respectively [1] Group 2 - Jiahua Technology raised a total of 982 million yuan from its initial public offering, with a net amount of 864 million yuan, exceeding the original fundraising target by 364 million yuan [2] - The company initially planned to raise 500 million yuan for projects related to atmospheric environment AI big data system construction and AI research and development [2] - The total issuance costs for the initial public offering amounted to 118 million yuan, excluding VAT, with underwriting and sponsorship fees of 96.34 million yuan [2]

Report Overview - The report is titled "Guangqi Black: Iron Ore Basis and Spread Monitoring Daily Report" dated January 27, 2026, focusing on iron ore futures contract spreads, basis, and variety spreads [1] 1. Contract Spreads - The closing prices of I05, I09, and I01 contracts are 784.5, 766.0, and 755.0 respectively, showing changes of -10.5, -11.5, and -9.5 compared to the previous day [3] - The spreads of I05 - I09, I09 - I01, and I01 - I05 are 18.5, 11.0, and -29.5 respectively, with changes of 1.0, -2.0, and 1.0 from the previous day [3] 2. Basis 2.1 Basis Data - For various iron ore varieties such as Carajás fines (Carajás fines), BRBF, Newman fines, etc., the report provides today's prices, previous day's prices, price changes, delivery costs, today's basis, previous day's basis, and basis changes [7] 2.2 Basis Charts - There are multiple charts showing the basis of different iron ore types including Brazilian fines, Australian medium - grade fines, Australian low - grade fines, domestic ores, etc., with data from 2025 - 04 to 2025 - 12 [9][10][11] 3. Variety Spreads 3.1 Variety Spread Data - The report presents the spreads between different iron ore varieties such as PB lump - PB fines, Newman lump - Newman fines, Carajás fines - Newman fines, etc., along with their values and changes compared to the previous day [14] 3.2 Variety Spread Charts - There are multiple charts showing block - powder spreads, high - medium grade fines spreads, medium - low grade fines spreads, etc. [15][16][17] Regulatory Changes - The Dalian Commodity Exchange has made adjustments to the deliverable brands and their premiums/discounts for iron ore futures contracts. The adjusted rules apply to I2312 and subsequent contracts [12][13] Research Team - The black research team includes Qiu Yuecheng, Zhang Xiaojin, Liu Xi, and Zhang Chunjie, each with their own professional backgrounds and qualifications [22]

Core Viewpoint - The strong demand for AI computing power is reshaping the cloud service industry, with a potential end to vicious price competition following AWS's price increase, leading to a dual recovery in profitability and valuation systems for the industry [1] Group 1: Industry Insights - AWS has broken the long-standing trend of only decreasing prices by raising the prices of its AI computing services by approximately 15%, indicating a shift in the pricing strategy within the cloud service sector [2] - Domestic cloud providers are expected to follow suit, potentially stabilizing the profitability of the cloud service industry as AI capital expenditures remain high [2] - The global AI token volume is projected to increase by over 100 times in the next year, leading to upward pressure on hardware costs [2] Group 2: Company Performance - Kingsoft Cloud is expected to achieve a revenue of 2.7 billion yuan in Q4 2025, representing a year-on-year growth of 22% and a quarter-on-quarter growth of 10%, driven by AI-driven public cloud business growth and the traditional peak season for industry cloud [2] - The company is projected to maintain a gross margin of around 15% and an adjusted EBITDA margin of 22%, indicating sustained profitability [2] - Kingsoft Cloud's AI business is anticipated to see a significant revenue increase, with Q4 2025 AI revenue expected to grow by 85% year-on-year to 880 million yuan [4] Group 3: Strategic Positioning - As the only strategic cloud platform within the Xiaomi and Kingsoft ecosystem, Kingsoft Cloud is well-positioned to benefit from the training and inference needs of Xiaomi's self-developed AI models and the integration of numerous terminal devices into AI services [3] - The company has established a neutral cloud vendor position and has covered most leading domestic AI startups, indicating a diversified client base and growth potential in the AI sector [3] - Kingsoft Cloud's AI capabilities are continuously improving, with the recent upgrade of its AI training and inference platform, which is expected to support sustained high growth in AI revenue [4]

该行预计金山云4Q25营收27亿元，同比增长22%/环比增长10%，主要受益于AI驱动公有云业务增长+行 业云Q4传统旺季，预计单季AI收入同比增长85%至8.8亿元，综合毛利率维持15%左右，调整EBITDA利 润率22%水平，盈利能力持续稳健。 智通财经APP获悉，光大证券发布研报称，全球AI算力需求强劲正重塑云服务行业逻辑。随着AWS打 破惯例率先提价，行业恶性价格竞争有望终结，盈利中枢与估值体系将迎来双重修复。金山云(03896) 作为小米生态内核心云平台，AI业务有望保持高速增长，有望直接受益于行业景气反转与自身成长加 速。该行维持对金山云2025年营收预测，上修2026/27年营收预测至121/140亿元(上修幅度9%/11%)，目 前市值对应2025/26/27年预测PS2.9x/2.3x/2.0x，予"买入"评级。 光大证券主要观点如下： 金山云4Q25业绩前瞻 1)生态收入确定性强：作为小米&金山生态唯一战略云平台，公司有望持续受益于小米自研MiMo大模 型的训练、智能驾驶的训练与推理、以及"人车家"生态中海量终端设备接入AI服务后产生的推理需求; 金山办公的WPSAI也为金山云带来持续的推 ...

Investment Rating - The report maintains a "Positive" investment rating for the non-bank financial sector [7] Core Insights - The non-bank sector has shown weak overall performance this week, but some companies have disclosed high profit growth forecasts for 2025. The China Securities Regulatory Commission (CSRC) has issued guidelines to promote the return to fundamentals in the public offering securities investment fund industry, which is expected to drive long-term stable development [2][4] - The market trading volume has decreased, yet remains at historically high levels. The report suggests monitoring the sector's future performance [4] - In the insurance sector, the third-quarter reports have confirmed the logic of deposit migration, increased equity allocation, and improved new policy costs. The certainty of ROE improvement has increased, and valuations are expected to accelerate recovery [4] - The report highlights the increasing cost-effectiveness of overall allocations and ongoing revaluation in the sector [4] Summary by Sections Non-Bank Sector Performance - The non-bank financial index decreased by 1.5% this week, with an underperformance of 0.8% relative to the CSI 300, ranking 29th out of 31 sectors [5] - Year-to-date, the non-bank financial index has decreased by 1.6%, underperforming the CSI 300 by 3.1% [5] Market Overview - The average daily trading volume in the two markets was 27,988.78 billion yuan, down 19.23% week-on-week, with a daily turnover rate of 2.68%, down 68.47 basis points [5] - The leverage capital scale has rebounded, with a margin balance of 2.72 trillion yuan, up 0.23% [5] Insurance Sector Insights - The cumulative insurance premium income for November 2025 reached 57,629 billion yuan, a year-on-year increase of 7.56% [23] - Life insurance income was 41,472 billion yuan, up 9.06% year-on-year, while property insurance income was 16,157 billion yuan, up 3.88% [24] Company Recommendations - The report recommends companies with stable profit growth and dividend rates, including Jiangsu Jinzu, China Ping An, and China Pacific Insurance, due to their strong business models and market positions [4] - Additional recommendations include New China Life, China Life, Hong Kong Exchanges and Clearing, CITIC Securities, Dongfang Caifu, Tonghuashun, and Jiufang Zhitu Holdings based on performance elasticity and valuation levels [4]

Core Viewpoint - The article investigates the phenomenon surrounding the mysterious figure "Chen Xiaoqun," highlighting how third-party trading software and licensed brokerages have contributed to the creation of a "cult of personality" around this figure, leading to speculative trading behaviors among retail investors [3][4]. Group 1: Market Dynamics - The commercial aerospace sector has experienced significant volatility, with "Chen Xiaoqun" emerging as a focal point in speculative trading activities [3]. - The trading seat associated with "Chen Xiaoqun" at China Galaxy Securities' Dalian Huanghe Road branch has seen substantial net buying, with a reported net purchase of 3.79 billion yuan for Jin Feng Technology, leading to a notable increase in stock prices [6][23]. - Following the identification of "Chen Xiaoqun" on the trading leaderboard, stocks associated with this figure have averaged a price increase of over 4% the following day, with some stocks even hitting the daily limit [6][23]. Group 2: Role of Third-Party Software - Major financial data platforms like Tonghuashun, Dongfang Caifu, and Wind have algorithmically linked "Chen Xiaoqun" to specific trading seats, facilitating retail investors' speculative behaviors [3][10]. - The presence of "Chen Xiaoqun" on trading leaderboards has been utilized by various brokerage apps, which have labeled specific trading seats and stocks with his name, thereby influencing market dynamics and retail investor behavior [21][23]. - The article notes that 19 brokerage apps have implemented similar labeling practices, with over 10 explicitly marking "Chen Xiaoqun" as a top trader, further amplifying the speculative trading environment [23]. Group 3: Investor Behavior and Sentiment - Retail investors have increasingly shifted their focus from traditional financial analysis to tracking the movements of "Chen Xiaoqun," reflecting a growing trend of following popular figures in trading rather than relying on fundamental analysis [9][10]. - Social media platforms are rife with unverified claims and extravagant displays of wealth attributed to "Chen Xiaoqun," contributing to the mythos surrounding this figure and encouraging speculative trading among followers [7][9]. - The phenomenon has raised concerns about the integrity of information disclosure in the securities market, as the unverified status of "Chen Xiaoqun" raises questions about the legitimacy of the trading strategies being promoted [4][5].