报告期内，公司积极践行金融使命，主动服务国家重大战略，坚持稳中求进、主动作为，平稳高效完成 合并交易，有序推动整合融合，扎实做好金融"五篇大文章"，全面提升经营管理水平，初步实 现"1+1>2"的效果，为加快打造一流投资银行奠定坚实基础。 智通财经APP讯，国泰海通(601211.SH)发布公告，公司预计2025年年度实现归属于母公司所有者的净利 润人民币275.33亿元到人民币280.06亿元，同比增加111%到115%。 2025年，国内资本市场活跃度与景气度上行，公司积极把握市场机遇，充分发挥合并后的品牌优势、规 模效应和互补效应，优化升级零售、机构、企业三大客户服务体系，以提升综合能力实现客户经营"增 量扩面、提质增效"，资产规模及经营业绩创历史新高，财富管理、机构与交易等业务收入同比显著增 长，此外因公司吸收合并海通证券股份有限公司(以下简称本次吸收合并)所产生的负商誉计入营业外收 入。 ...

一、停复牌 嘉事堂：股东光大实业筹划公司股权转让，股票停牌。 二、回购 片仔癀：控股股东九龙江集团拟3亿元-5亿元增持公司股份。创新药PZH2113胶囊Ⅰ期临床试验完成首 例受试者入组，国内外暂无相同适应症的同靶点药品获批上市。 三、并购重组 泰凌微：拟通过发行股份及支付现金方式收购磐启微100%股权。 四、经营 1、百通能源：拟通过全资子公司图达铝业与安哥拉共和国丹德港发展有限公司签订《投资意向协 议》，拟以自有及自筹资金约4亿美元对外投资，并设立全资公司百通图达（安哥拉）铝业有限公司。 2、普洛药业：与杭州德睿智药科技有限公司签订《战略合作框架协议》，开展CDMO项目的长期合 作。 3、诺德股份：拟对全资子公司青海电子2010年投资建设的二厂1.5万吨生产线设备实施更新改造，项目 总投资估算为人民币1.68亿元；改造完成后，生产范围将从原有设计规格为6-8微米及以上常规锂电铜 箔，拓展至具备4.5微米及以下高端锂电铜箔的量产能力。 五、业绩变动 1、国泰海通：2025年净利润为275.33亿元至280.06亿元，同比增加111%至115%。财富管理、机构与交 易等业务收入同比显著增长。 6、南亚新材：20 ...

格隆汇1月27日丨国泰海通(601211.SH)公布，公司预计2025年年度实现归属于母公司所有者的净利润人 民币275.33亿元到人民币280.06亿元，同比增加111%到115%。预计公司2025年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人民币210.53亿元到人民币215.16亿元，同比增加69%到73%。 报告期内，公司积极践行金融使命，主动服务国家重大战略，坚持稳中求进、主动作为，平稳高效完成 合并交易，有序推动整合融合，扎实做好金融"五篇大文章"，全面提升经营管理水平，初步实现"1+1＞ 2"的效果，为加快打造一流投资银行奠定坚实基础。 2025年，国内资本市场活跃度与景气度上行，公司积极把握市场机遇，充分发挥合并后的品牌优势、规 模效应和互补效应，优化升级零售、机构、企业三大客户服务体系，以提升综合能力实现客户经营"增 量扩面、提质增效"，资产规模及经营业绩创历史新高，财富管理、机构与交易等业务收入同比显著增 长，此外因公司吸收合并海通证券股份有限公司（以下简称本次吸收合并）所产生的负商誉计入营业外 收入。 ...

Group 1 - The core viewpoint of the report is that Kingsoft Cloud (03896) is in a new growth phase driven by AI, with projected revenues of 9.51 billion, 11.69 billion, and 14.34 billion yuan for 2025, 2026, and 2027 respectively, and a target price of 10.03 HKD based on a dynamic PS of 3.5x for 2026 [1] - In Q3 2025, the company achieved revenue of 2.478 billion yuan, a year-on-year increase of 31.4%, with public cloud service revenue at 1.752 billion yuan, up 49.1%, and AI revenue reaching 782 million yuan, a significant increase of approximately 120% [1][2] - The company has seen a strong demand for AI, with ecosystem revenue from its partnership with Xiaomi reaching 691 million yuan, an increase of 83.8% year-on-year [1] Group 2 - In Q3 2025, the company reported adjusted operating profit of 15 million yuan and adjusted net profit of 29 million yuan, marking its first profitable quarter in adjusted terms compared to Q3 2024, indicating a continuous improvement in profitability [2] - The company completed a new round of share placement on October 2, 2025, raising approximately 2.76 billion yuan, with 80% of the funds allocated to support AI business, including infrastructure expansion and cloud service enhancement [3] - The Kingsoft Cloud Star Stream platform has undergone a strategic upgrade to a one-stop AI training and deployment platform, supporting nearly 40 different models, showcasing the company's commitment to AI business development [3]

25Q3公司实现经调整经营利润0.15亿元、经调整净利润0.29亿元，相较于24Q3的经调整经营利润，是首 次实现经调整利润盈利，盈利能力持续提升，彰显公司高质量可持续发展战略持续发力。 AI云市场高速增长，公司持续大力投入AI业务 智通财经APP获悉，国泰海通证券发布研报称，维持金山云(03896)"增持"评级。公司正处于AI驱动业务 增长的新发展阶段，该行预计公司2025/26/27年实现营业收入95.10/116.85/143.38亿元，考虑到公司受益 于AI智算云市场规模爆发增长，给予公司2026年动态PS 3.5倍，目标价10.03港元。 国泰海通证券主要观点如下： AI收入快速增长，驱动增长加速 公司25Q3实现营收24.78亿元，同比+31.4%，而25Q1、25Q2收入增速分别为10.94%、24.18%，25Q3收 入增速进一步加快，得益于AI基础设施及产品不断升级，AI收入增长贡献。细分来看，25Q3公有云服 务收入17.52亿元，同比+49.1%，其中AI收入达7.82亿元，同比约+120%，AI需求旺盛;25Q3行业云服务 收入7.26亿元，同比+2.2%。公司与小米-金山生态战略合作 ...

Group 1 - The core viewpoint of the report is that Mixue Group (02097) is a leading player in the domestic fresh beverage market, benefiting from a high-quality, affordable positioning and a first-mover advantage in the supply chain, which creates barriers through economies of scale [1] - The company is projected to achieve revenues of 33.7 billion, 38.1 billion, and 42.4 billion RMB for the years 2025, 2026, and 2027, respectively, with growth rates of 36%, 13%, and 11% [1] - The forecasted net profit attributable to shareholders for 2025, 2026, and 2027 is expected to be 5.934 billion, 6.779 billion, and 7.535 billion RMB, with growth rates of 34%, 14%, and 11% [1] Group 2 - The domestic fresh beverage market has significant growth potential, with the market size increasing from 187.8 billion RMB in 2018 to 517.5 billion RMB in 2023, reflecting a compound annual growth rate of 22.5% [2] - Mixue Ice City holds a dominant market share in the affordable tea beverage segment, and the overall penetration of fresh beverages in the beverage market is expected to increase [2] - The company has substantial domestic and international expansion opportunities, with potential store openings of 60,000 to 70,000 for Mixue Ice City and over 40,000 for international markets, particularly in Southeast Asia [3]

智通财经APP获悉，国泰海通证券发布研报称，首次覆盖，给予蜜雪集团(02097)"增持"评级。蜜雪集团 是国内现制饮品龙头，高质平价定位+供应链先发优势，规模效应筑壁垒。预测公司2025-2027年收入分 别为337/381/424亿元(人民币，下同)，增速分别为36%/13%/11%。预测公司2025-2027年归母净利润分 别为59.34/67.79/75.35亿元，增速分别为34%/14%/11%。综合PE和DCF估值，给予公司目标价549.47港 元。 国泰海通证券主要观点如下： 国内现制饮品龙头，高质平价定位+供应链先发优势，规模效应筑壁垒 蜜雪集团是国内平价现制饮品龙头，旗下有现制茶饮品牌"蜜雪冰城"、现磨咖啡品牌"幸运咖"和现打鲜 啤品牌"福鹿家"。蜜雪集团核心竞争优势包括：①卡位平价赛道，原料工业化、标准化程度高，源头直 采、核心饮品食材100%自产，拥有行业内最大的自主运营的仓储体系和专属配送网络，规模化带来成 本优势;②建立高密度广覆盖的门店网络，提高消费者触达，规模优势领先;③加盟商筛选和管理严格， 门店经营质量高;④打造和运营"雪王"超级IP、参与公益事业，提高品牌价值，成就国民品牌。 ...

｜2026年1月27日 星期二｜ NO.1 券商资管公司公募管理规模去年增长显著，千亿元级阵营扩容至5家 近日，随着公募基金2025年四季报披露完毕，各家券商及券商资管公司（以下统称"券商资管"）的最新 公募基金管理规模也浮出水面。截至2025年末，共有5家券商资管公司公募基金管理规模在千亿元以 上。其中，东方红资产管理以2162.68亿元的管理规模居于榜首，较2024年末增长30.05%。其次是华泰 证券资管，管理规模为1808.28亿元，较2024年末增长29.15%。中银证券、财通资管的管理规模也排名 居前，分别为1339.33亿元、1197.6亿元，均较2024年末出现小幅下滑，降幅分别为1.88%、7.47%。得 益于并购整合，国泰海通资管管理规模为1110.58亿元，跻身管理规模千亿元行列，较2024年末增长 37.6%。长江资管、山证资管管理规模分别为390.98亿元、370.83亿元，较2024年末增长47.39%、 49.04%。 点评：券商资管公募规模扩容凸显财富管理转型成效，龙头机构凭借品牌效应持续吸纳资金，头部效应 强化。并购整合加速行业洗牌，中小机构需差异化竞争。长期看，资管业务实力 ...

Core Insights - The article discusses significant events in the private equity fund market from January 19 to January 25, highlighting government initiatives and new fund establishments aimed at promoting innovation and investment in various sectors [5]. Government-Backed Funds - The National Development and Reform Commission announced plans to establish a national-level merger fund to enhance government investment and promote innovation and entrepreneurship [7]. - The Beijing Zhongguancun Science City Technology Growth Fund is set to invest in five sub-funds, focusing on various sectors including healthcare and robotics [8]. - The Pudong New Area government is launching a 2 billion yuan seed fund to support AI innovation, emphasizing collaboration with educational institutions [8]. - Guangzhou has introduced a pilot program to address financing challenges in technology transfer, allowing for a "first invest, then equity" model [9]. - Jiangsu Nanjing's advanced manufacturing fund is set to invest in high-end equipment and emerging industries, with a target size of 2 billion yuan [9]. Market-Driven Funds - Coller Capital successfully raised $17 billion for its CIP IX fund, marking the largest fund in the company's history, focusing on secondary market investments [14]. - Hengxu Capital completed the first closing of its fourth flagship fund, raising over 2 billion yuan, with plans to reach 3.5 billion yuan [15]. - The Xiamen Torch Fund II, with a size of 1 billion yuan, aims to invest in strategic emerging industries such as new materials and aerospace [16]. - The Hubei Port and Shipping Development Fund expanded to approximately 2.8 billion yuan, focusing on transportation projects [16]. Corporate Investments - Lek Electric plans to invest 190 million yuan in a venture capital fund targeting high-end manufacturing and core technologies [19]. - Ningbo Deyu plans to invest 86 million yuan in a fund focused on robotics and AI [20]. - Silver Technology is investing 50 million yuan in a private equity fund for communication and smart terminal industries [21]. - Wuyang Control's subsidiary intends to invest 30 million yuan in a fund targeting advanced technology and modern services [21].

Group 1 - The public fund market has seen rapid growth, with total net asset value reaching 37.49 trillion yuan as of January 26, 2025, a 14.03% increase compared to the same period in 2024 [2] - Five brokerage asset management companies have surpassed 100 billion yuan in public fund management scale by the end of 2025, with Dongfanghong Asset Management leading at 216.27 billion yuan, a 30.05% increase from 2024 [2] - Several smaller brokerage asset management firms have shown significant growth, with Changjiang Asset Management and Shanzheng Asset Management increasing their management scales by 47.39% and 49.04%, respectively [2][3] Group 2 - Different institutions have distinct product structures, with non-monetary market funds dominating the management products of Dongfanghong Asset Management, Zhongyin Securities, and Caitong Asset Management, while Huatai Securities has over 85% of its products in monetary market funds [3] - Brokerages are actively exploring differentiated development paths in the public fund sector, with some increasing their stakes in public fund companies to enhance control and improve business synergy [4] - Companies are focusing on expanding their product lines and enhancing their capabilities in active equity products, with a particular emphasis on technology themes and the STAR Market [4][5]