中国经济网北京1月29日讯 首都在线(300846.SZ)昨晚发布2025年度业绩预告显示，预计2025年实现 营业收入12亿元至13亿元，同比下降6.93%-14.09%；归属于上市公司股东的净利润亏损1.6亿元至1.75亿 元；扣除非经常性损益后的净利润亏损1.82亿元至1.97亿元。 首都在线2020年6月30日发布的上市公告书显示，公司募集资金总额为16,850.00万元，募集资金净 额为12,157.93万元。首都在线2020年6月17日发布的招股书显示，公司拟募集资金12,157.93万元，计划 用于首都在线GIC平台技术升级项目、首都在线对象存储项目、首都在线云宽冰山存储项目。 首都在线首次公开发行股票发行费用为4,692.07万元，其中，中信证券股份有限公司获得承销及保 荐费3,301.89万元。 2022年2月15日，首都在线发布2021年度向特定对象发行A股股票之上市公告书。大华会计师事务 所（特殊普通合伙）对本次发行募集资金到达发行人账户情况进行了审验，并于2022年1月24日出具了 《北京首都在线科技股份有限公司验资报告》（大华验字（2022）第000037号）。根据该报告，截至 20 ...

Core Viewpoint - The Federal Reserve maintained its policy interest rate at 3.5-3.75% during the January 2026 meeting, aligning with market expectations, and indicated stability in the U.S. unemployment rate, with no further rate cuts anticipated in the remaining meetings under Powell's chairmanship [1][2][7]. Group 1: Federal Reserve Meeting Highlights - The Federal Reserve decided to keep the federal funds rate target range unchanged at 3.5-3.75%, with a split vote where two members supported a 25 basis points cut [2]. - The Fed's balance sheet management includes reinvesting maturing Treasury securities and managing reserves, with approximately $15.4 billion in reinvestment purchases planned from January 15 to February 12, 2026 [2]. - Economic indicators show steady expansion, with employment growth remaining low and inflation still elevated, while the Fed aims for full employment and a long-term inflation rate of 2% [2]. Group 2: Changes in Economic Assessment - The Fed's language shifted from "moderate pace" to "solid pace" regarding economic activity, indicating a more robust outlook [3]. - Employment language was adjusted to reflect signs of stabilization in the unemployment rate, contrasting with previous assessments of rising unemployment risks [3]. - The inflation description was simplified to indicate it remains elevated, with the previous mention of rising downside risks to employment removed [3]. Group 3: Powell's Statements and Economic Outlook - Powell stated that the policy rate is in a good position and revised the expected peak of tariff-induced inflation from Q1 to mid-year [4][5]. - He highlighted the K-shaped economic recovery, where high-income individuals significantly contribute to consumption, driven by asset appreciation and AI-related investments [5][6]. - Powell expressed concerns about affordability but noted that the Fed's tools are limited in addressing structural issues like K-shaped economic disparities [6]. Group 4: Market Reactions and Future Expectations - The company anticipates no further rate cuts in Powell's remaining meetings, with asset prices showing minimal volatility in U.S. equities, bonds, and the dollar, while gold prices are influenced by geopolitical factors and market sentiment [7]. - The employment market is described as balanced, with low hiring and low layoffs, indicating no immediate pressure for further rate reductions [7].

科技创新债券发行业务 国家开发银行 中国农业银行股份有限公司 中国银行股份有限公司 交通银行股份有限公司 上海浦东发展银行股份有限公司 中信银行股份有限公司 兴业银行股份有限公司 中国邮政储蓄银行股份有限公司 中国进出口银行 中信证券股份有限公司 国泰海通证券股份有限公司 华泰证券股份有限公司 年度债市领军人物 << 中国农业银行资产负债管理部总经理 壬雷勇 陈颖轩 中国建设银行资产托管业务部总经理 王海璐 中国工商银行金融市场部总经理 宋福宁 中国银行金融市场部总经理 国家开发银行资金部副总经理 于会服 蔭宏立 上海东东发展银行金$市场总监。 首席经济学家、研究院执行院长 8 裝 交通银行金融市场部总经理 牛天雪 中国农业发展银行资金部副总经理 年度开拓贡献机构 ~~ 年度债市领军机构 200 中国农业银行股份有限公司 中国建设银行股份有限公司 中国工商银行股份有限公司 中国银行股份有限公司 国家开发银行 上海浦东发展银行股份有限公司 交通银行股份有限公司 中国农业发展银行 中信银行运营管理部总经理 凯 林榕辉 兴业银行资金营运中心总经理 郭佳鹏 中国邮政储蓄银行金融市场部副总经理 高 此 中国进出口银行资 ...

Core Viewpoint - The report from CITIC Securities indicates that the Hong Kong stock market is expected to continue its spring rally from late December 2025, with a focus on large-cap stocks before the Lunar New Year and better performance in growth sectors supported by policy directions [1] Group 1: Market Performance and Trends - The performance expectations for Hong Kong stocks have significantly adjusted, with a slowdown in the downward revision of earnings forecasts since late December 2025 [1] - The average return of the Hang Seng Index during the spring rally over the past eleven years is 2.4%, with a weekly win rate of 70.8%, particularly strong in 2019, 2021, and 2023, averaging a 10.6% increase [2] - The upcoming earnings reports for Hong Kong stocks are expected to be concentrated from late March to early April, indicating a period of performance vacuum [1][2] Group 2: Investment Focus Areas - Short-term investment focus should be on three main lines: 1) "14th Five-Year Plan" policy directions including biomanufacturing, embodied intelligence, and 6G; 2) food delivery platforms and real estate benefiting from policy-driven expectations; 3) non-bank financials benefiting from the spring rally [1] - The "15th Five-Year Plan" is expected to guide long-term investment opportunities, with strategic emerging industries like new energy, new materials, and quantum technology likely to receive policy support [3] Group 3: Liquidity and Market Dynamics - The liquidity outlook for Hong Kong stocks is expected to improve as the market approaches the next peak of stock unlocks, with significant reductions in unlock amounts in January and February 2026 [1] - Historical data shows that net inflows from southbound trading in January and February account for an average of 19.3% and 27.9% of the annual total, respectively [2]

登录新浪财经APP 搜索【信披】查看更多考评等级 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 港股市场|扰动已过，捕捉春季行情方向：2026年2月投资策略 来源：中信证券研究 文|徐广鸿 侯苏洋 陈采赋 2025年四季度导致港股下跌的业绩预期调整和资金面扰动已告一段落。而2015-2025年港股的春季躁动 行情中，恒指平均收益率为2.4%，期间平均周度胜率达70.8%，港股大盘股在春节前通常跑赢，而春节 后小盘股表现更为优异。随着地方两会的逐步召开，我们建议关注"十五五"规划建议和中央经济工作会 议的方向。展望2026年2月，港股业绩预期已有显著调整，叠加内外部资金面的扰动因素也已告一段 落，我们判断港股2025年12月下旬以来的春季行情或将延续，整体呈现春节前大盘股有相对收益，政策 方向支持的成长行业表现更优的态势。春季后需关注下一个解禁高峰期或对港股流动性预期的影响。短 期建议关注三大主线：1）"十五五"政策方向，包括生物制造、具身智能、6G等；2）政策推动基本预 期逆转的外卖平台和地产；3）受益于春季躁动的非银。 ▍基本面和资金面扰动因素已过。 基本面来看，2025年年底以 ...

中信证券研报称，分散染料的核心中间体还原物开启涨价，已从去年的2.5万元/吨飙升50%以上至3.8万 元/吨，历史上价格弹性较大，曾达10万元/吨以上。还原物供给高度集中，我们看好未来涨价的持续 性。还原物涨价或将推动染料继续涨价，并从中长期加速行业集中度提升。看好有核心中间体还原物配 套的一体化龙头企业。 ...

中信证券研报称，近期格陵兰事件中特朗普将领土主权议题与关税威胁联动，叠加达沃斯论坛期间美欧 高层公开对立，美欧裂痕在短期内集中显现。我们认为欧洲国防扩张的紧迫性、必要性和主动性均有上 升，预计欧洲国防扩张和重大基础设施投资计划推进节奏将加快，主权债券发行规模或进一步扩大，在 欧央行不重启购债的情况下，我们预计欧洲主权债券长端利率将继续上行。欧股方面，军工与安全相关 产业链 "确定性溢价"抬升，但整体指数易被美欧贸易摩擦等因素压制风险偏好。鉴于美债市场拥有独 特的市场深度和流动性、欧洲金融系统与美国深度绑定、以及欧洲缺乏把存量资产"国家化"并跨国一致 行动的制度基础，我们认为欧洲难以将抛售美债作为反制美国的工具。最后，在美欧分歧扩大、欧洲对 外经贸与安全环境不确定性上升的背景下，中欧加强务实合作的窗口期有望打开。 ...

Core Viewpoint - The year 2025 is projected to be a pivotal year for China's special fiber yarn/fabric industry, driven by rapid growth in computing power demand and the resulting higher requirements for PCB (printed circuit board) transmission capabilities [1] Group 1: Industry Demand - The demand for high-end PCBs, which have more layers, is expected to increase exponentially the need for special fiber yarn/fabric [1] - The slow production ramp-up of industry leader Nitto Denko is unable to match the rapid growth in demand, providing domestic companies with opportunities for sample certification in downstream client applications [1] Group 2: Market Outlook - Due to existing technical barriers, the current supply-demand imbalance in the industry is unlikely to change in the short term [1] - The outlook for the special fiber sector is optimistic, with expectations of an upward trend in market conditions through 2026 [1]

Group 1 - CITIC Securities-Kaiyuan Single Asset Management Plan increased its stake in China General Nuclear Power (01816) by 12.932 million shares at an average price of HKD 3.1201 per share, totaling approximately HKD 40.3491 million [1][3] - After the increase, the total number of shares held is approximately 1.685 billion, with a new holding percentage of 15.09% [1][3]

纵观2025年，证券行业在波动的市场中绘就了一幅"大象起舞，黑马奔袭"图景：头部券商凭借全业务链 优势稳健领跑，中小券商则依靠差异化战略突围而出。业内人士认为，高活跃度的市场环境为券商业绩 增长提供了肥沃土壤，业务结构的优化与转型则铸就持续增长的内核。 超九成实现净利润增长 业绩增长成为券商2025年的核心主题。截至1月28日，共有21家券商披露2025年度业绩预告或快报，预 计合计实现净利润约1075.87亿元，同比增长近60%。其中，19家券商实现净利润增长，12家券商净利 润增长超50%，5家券商净利润增长超1倍。 从净利润增幅来看，合并后的国联民生证券2025年实现净利润20.08亿元，以同比超4倍的增幅居首位。 国联民生证券表示，公司探索科技、金融与产业的深度融合，以"协同赋能"和"内生增长"为主线提升综 合金融服务能力，证券投资、经纪及财富管理等业务条线实现显著增长。 湘财证券、麦高证券、华西证券及国泰海通证券紧随其后，构成了业绩倍增"阵营"。其中，华西证券把 握市场机遇，推动财富管理业务和投资业务均实现较高增长，预计实现净利润12.70亿元至16.50亿元， 同比增长74.76%至126.66% ...