截至25年12月末，361度超品店已开设126家，其中童装21家，整体数量已超额完成25年初100家的开店 目标。25Q2/Q3/Q4期内超品店分别开39/44/33家，该行预计26年计划仍为净开。户外品牌ONEWAY运 营符合预期，当前共开设6家店，该行预计26年ONEWAY也有拓店计划。 持续加码心智产品与专业赛事 产品层面，顶碳跑鞋飞燃5和5Future已经上市，篮球鞋约基奇Joker2、阿隆·戈登AG6等已经上市、美国 丹佛主场全球发售反响良好。赛事层面，顺利举办3号赛道10KM竞速决赛，赞助唐山马拉松、福州马 拉松，并首次成为WTCC洲际网球赛事官方供应商，该行预计26Q3将有网球鞋上市。 风险提示 智通财经APP获悉，国泰海通证券发布研报称，维持361度(01361)"增持"评级，对应目标价为6.83港 元，公司聚焦大众专业运动领域，年初至今流水增速行业领先，同时公司立足科技创新，产品持续迭代 升级，渠道结构持续优化，新业态超品店快速扩张。该行预计2025-27年归母净利润预测为 12.7/14.0/15.6亿元，对应PE分别为8.5X/7.7X/6.9X，给予2025年PE 10X。 国泰海通证 ...

据天眼查APP显示，国泰海通证券股份有限公司成立于1999年08月18日，注册资本1762892.5829万人民 币。（数据宝） 1月15日国泰海通大宗交易一览 | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | | （元） | | | | | 150.00 | 3055.50 | 20.37 | 0.00 | 中信证券股份有限公司上海 | 国联民生证券股份有限公 | | | | | | 徐汇区漕溪北路证券营业部 | 司总部 | | 78.13 | 1591.51 | 20.37 | 0.00 | 中信证券股份有限公司上海 | 湘财证券股份有限公司上 | | | | | | 徐汇区漕溪北路证券营业部 | 海共和新路证券营业部 | （文章来源：证券时报网） 国泰海通1月15日大宗交易平台共发生2笔成交，合计成交量228.13万股，成交金额4647.01万元。成交价 格均为20.37元。 进一步统计，近3个月内该股累计发生4 ...

Group 1 - The media sector has experienced a significant resurgence in early 2026, driven by the strong catalyst of the Generative Engine Optimization (GEO) concept, with the media industry index rising by 21.29% in just half a month, making it the top-performing sector in the market [1][2] - The surge in the media sector has led to a "talent war" among brokerage firms, with companies like Dongwu Securities, Guosheng Securities, and Everbright Securities actively recruiting analysts to capitalize on the growing market interest [2][7] - The "New Yi Zhong Tian" combination, consisting of Yidian Tianxia, Zhongwen Online, and Tianlong Group, has seen stock price increases exceeding 40% within the first half of January, with Yidian Tianxia's stock price even doubling [2][8] Group 2 - Dongwu Securities announced plans to recruit analysts specializing in media internet, telecommunications, and overseas technology, led by renowned analyst Zhang Liangwei, who has received multiple accolades for his research [3][6] - The recruitment trend began in late 2025, with major firms like CICC posting job openings for media analysts focused on sub-sectors such as online gaming and advertising [6][7] - High-profile analyst movements have been noted, including Liu Xin joining Tianfeng Securities and Yao Lei moving to Huachuang Securities, reflecting the industry's changing dynamics and the increasing demand for experienced analysts [7][8] Group 3 - The media industry has faced a challenging decade, with significant downturns from 2015 to 2022, but has seen a turnaround starting in 2023, with a notable increase in investment interest due to advancements in AI technology [7][8] - Analysts are now expected to possess a keen sensitivity to technological developments and market trends, solid research capabilities on industry fundamentals, and a refined ability to identify quality investment targets [8]

Group 1 - The event is a forum organized by Guotai Junan focusing on non-bank financial services, banking, and real estate, scheduled for January 23, 2026, in Shanghai [1] - Key speakers include industry leaders and analysts discussing topics such as wealth management trends and housing price changes in major cities [2][3] - The forum aims to address the evolving landscape of wealth management and the implications for both institutions and individual investors [3] Group 2 - The agenda includes discussions on recent trends in wealth management, housing price fluctuations in 70 key cities, and future banking operational trends [3] - Specific sessions will cover the challenges and opportunities in the real estate market, as well as the importance of asset allocation for residents [3]

专题：第二届新浪财经金麒麟最佳投资顾问荣誉 "第二届新浪财经金麒麟最佳投资顾问"评选于2025年6月重磅开启，吸引了超70家机构及全国超1.5万名 投资顾问参与，评选历经超过六个月的多维度评比与争夺，超百位顶尖精英投顾脱颖而出。同时，第二 届新浪财经金麒麟最佳投顾服务机构奖项重磅出炉。 第二届新浪财经金麒麟投资顾问服务十佳品牌奖荣誉榜如下： 届新浪财经金麒麟最佳投顾服务机构奖项重磅出炉。 第二届新浪财经金麒麟投资顾问服务十佳品牌奖荣誉榜如下： 责任编辑：宋雅芳 责任编辑：宋雅芳 专题：第二届新浪财经金麒麟最佳投资顾问荣誉 "第二届新浪财经金麒麟最佳投资顾问"评选于2025年6月重磅开启，吸引了超70家机构及全国超1.5万名 投资顾问参与，评选历经超过六个月的多维度评比与争夺，超百位顶尖精英投顾脱颖而出。同时，第二 ...

"第二届新浪财经金麒麟最佳投资顾问"评选于2025年6月重磅开启，吸引了超70家机构及全国超1.5万名 投资顾问参与，评选历经超过六个月的多维度评比与争夺，超百位顶尖精英投顾脱颖而出。同时，第二 届新浪财经金麒麟最佳投顾服务机构奖项重磅出炉。 专题：第二届新浪财经金麒麟最佳投资顾问荣誉 "第二届新浪财经金麒麟最佳投资顾问"评选于2025年6月重磅开启，吸引了超70家机构及全国超1.5万名 投资顾问参与，评选历经超过六个月的多维度评比与争夺，超百位顶尖精英投顾脱颖而出。同时，第二 届新浪财经金麒麟最佳投顾服务机构奖项重磅出炉。 第二届新浪财经金麒麟最佳投资顾问服务体系建设机构荣誉榜如下： 责任编辑：宋雅芳 专题：第二届新浪财经金麒麟最佳投资顾问荣誉 第二届新浪财经金麒麟最佳投资顾问服务体系建设机构荣誉榜如下： 责任编辑：宋雅芳 ...

"第二届新浪财经金麒麟最佳投资顾问"评选于2025年6月重磅开启，吸引了超70家机构及全国超1.5万名 投资顾问参与，评选历经超过六个月的多维度评比与争夺，超百位顶尖精英投顾脱颖而出。同时，第二 届新浪财经金麒麟最佳投顾服务机构奖项重磅出炉。 第二届新浪财经金麒麟最佳公募基金投资服务机构奖荣誉榜如下： 责任编辑：宋雅芳 专题：第二届新浪财经金麒麟最佳投资顾问荣誉 专题：第二届新浪财经金麒麟最佳投资顾问荣誉 "第二届新浪财经金麒麟最佳投资顾问"评选于2025年6月重磅开启，吸引了超70家机构及全国超1.5万名 投资顾问参与，评选历经超过六个月的多维度评比与争夺，超百位顶尖精英投顾脱颖而出。同时，第二 届新浪财经金麒麟最佳投顾服务机构奖项重磅出炉。 第二届新浪财经金麒麟最佳公募基金投资服务机构奖荣誉榜如下： 责任编辑：宋雅芳 ...

新浪财经2025金麒麟·年度最佳全能财富管理机构荣誉榜如下： 责任编辑：宋雅芳 专题：第二届新浪财经金麒麟最佳投资顾问荣誉 专题：第二届新浪财经金麒麟最佳投资顾问荣誉 2026年1月15日，"2026全球与中国资本市场展望论坛暨金麒麟最佳财富管理机构、最佳投资顾问盛 典"举办，论坛邀请了多位顶尖专家与思想领袖，他们从宏观生态、市场策略与投资展望等多个维度， 为我们勾勒2026年的前景蓝图。 同时，会议隆重揭晓了2025金麒麟最佳财富管理机构荣誉。 2026年1月15日，"2026全球与中国资本市场展望论坛暨金麒麟最佳财富管理机构、最佳投资顾问盛 典"举办，论坛邀请了多位顶尖专家与思想领袖，他们从宏观生态、市场策略与投资展望等多个维度， 为我们勾勒2026年的前景蓝图。 同时，会议隆重揭晓了2025金麒麟最佳财富管理机构荣誉。 新浪财经2025金麒麟·年度最佳全能财富管理机构荣誉榜如下： 责任编辑：宋雅芳 ...

同时，会议隆重揭晓了2025金麒麟最佳财富管理机构荣誉。 2026年1月15日，"2026全球与中国资本市场展望论坛暨金麒麟最佳财富管理机构、最佳投资顾问盛 典"举办，论坛邀请了多位顶尖专家与思想领袖，他们从宏观生态、市场策略与投资展望等多个维度， 为我们勾勒2026年的前景蓝图。 责任编辑：宋雅芳 专题：第二届新浪财经金麒麟最佳投资顾问荣誉 新浪财经2025金麒麟·年度最佳券商APP运营奖荣誉榜如下： ...

Core Viewpoint - The export data for December demonstrates the resilience of Chinese exporters in expanding new orders in non-US and non-transshipment markets, alongside strong momentum in capital goods exports. Despite a high base effect from export surges in December 2024, the export growth remains robust, leading Guotai Junan Securities to adopt a more optimistic outlook for exports in 2026 [1][18]. Group 1: Export Growth - In December 2025, China's export growth in USD terms was 6.6%, up from 5.9% previously, while import growth was 5.7%, up from 1.9% [6][18]. - The trade surplus for December increased slightly to $114.1 billion, compared to $111.6 billion previously [6][18]. - Month-on-month, December exports grew by 8.3% compared to November, slightly above the 7.6% growth in December 2024 and significantly higher than the seasonal average of 3.5% from 2021 to 2023 [6][18]. Group 2: Export Dynamics by Region - By country, exports to the US decreased by 30.0% (previously -28.6%), while exports to ASEAN increased by 11.1% (previously +8.2%), and to Latin America by 9.8% (previously +14.9%) [11]. - Other regions saw a growth of 13.7% (previously +12.9%), with the BRICS countries showing a notable increase of 12.0% (previously +4.1%) [11]. - The strong growth in non-US and non-transshipment exports confirms the resilience of genuine incremental orders amid the ongoing trade tensions with the US [11]. Group 3: Product-Level Insights - The strong performance in exports continues in the machinery and electronics sectors, with significant growth in automotive exports, a recovery in electronics, and resilience in equipment [14][20]. - Labor-intensive and real estate-related sectors remain weak, indicating a shift in export dynamics [14][20]. - The overall structure of exports is improving, with a focus on high-tech products and capital goods, reflecting a shift towards more resilient and diversified export sources [20]. Group 4: Future Outlook - The export landscape is transitioning from a focus on external demand to structural factors, with non-US and non-transshipment markets becoming stable sources of incremental growth [3][20]. - Guotai Junan Securities projects that China's exports may achieve moderate growth in 2026, characterized by a "moderate total, better structure, and sustained resilience" [3][20]. - Short-term forecasts indicate a potential decline in export growth in January due to high base effects from December 2024, with trade surplus contributions to growth expected to weaken [20].