Core Viewpoint - The report from Zhongtai Securities indicates that thermal power generation and coal demand have reached a peak plateau by the end of the 14th Five-Year Plan, driven by policies prioritizing clean energy and the ongoing transition of thermal power's role in the energy system [1][2][3]. Group 1: Thermal Power - Thermal power is transitioning from a primary energy source to a peak-shaving and supporting role, with its share of total power generation expected to decline from 74.37% in 2016 to 64.79% by 2025 [2]. - Despite a long-term downward trend in thermal power generation and coal demand, the current high level of installed capacity and a temporary slowdown in new energy installations may lead to a stable operation or even a short-term rebound in thermal power generation and coal demand [1][4]. - The installed capacity of thermal power is expected to continue expanding, with new installations projected to reach 87 GW, 86 GW, and 43 GW in 2026, 2027, and 2028 respectively, resulting in total capacities of 1626 GW, 1712 GW, and 1755 GW [4]. Group 2: Clean Energy - Clean energy is becoming the main source of incremental power generation, gradually replacing thermal power in the energy supply structure under the dual carbon goals and the framework of the new power system [4][6]. - Wind power is expected to see a new wave of installations during the 14th Five-Year Plan, with annual new installations projected to be no less than 12 million kilowatts, significantly contributing to future power generation [6]. - Solar power's importance as a substitute energy source has been increasingly recognized, with projected new installations of 192 GW, 139 GW, and 153 GW from 2026 to 2028, leading to total capacities of 1393 GW, 1533 GW, and 1686 GW [7]. Group 3: Hydropower and Nuclear Power - Hydropower is expected to enter a concentrated production period, with new installations projected to reach 17 GW, 18 GW, and 33 GW from 2026 to 2028, enhancing the system's peak-shaving capabilities [5]. - Nuclear power is anticipated to provide stable and reliable base-load energy, with new installations expected to reach 11 GW, 7 GW, and 12 GW from 2026 to 2028, contributing to long-term stable growth in the power system [7]. Group 4: Investment Recommendations - In the context of prioritizing clean energy and the accelerated construction of a new power system, thermal power generation and coal demand are expected to remain at high levels, presenting investment opportunities in coal-power integrated enterprises with stable cash flows and strong profit potential [8].

智通财经APP获悉，中泰证券发布研报称，聚焦体系化扩张主线，规避消费关联品种。核心推荐方向是 需求持续向上，确定性较强的大宗商品相关板块。包括地缘动荡受益品种(贵金属)，铜、铝等新能源金 属：军备+算力扩张关键品种(稀土)：储能、锂电：长期能源替代品种(光伏、核电、太空算力中心)。谨 慎关注或规避方向是需求弹性弱，逻辑持续性不足的消费关联品种。包括与地产、消费需求相关的黑色 系、猪、高端白酒等奢侈品，或更多的是反弹需求。 二、行业表现剖析：结构分化驱动盈利修复与承压并存 行业方面，2025年出现集中"报喜"的行业有非银金融，有色金属，美容护理，汽车与公用事业。集 中"报忧"的行业有煤炭，房地产，轻工制造，食品饮料和建筑装饰。 非银金融板块集体预增，业绩预警表现远好于其他行业，业绩大幅改善主要得益于资本市场环境的明显 修复和投资端收益的显著提升。全年市场交易活跃、IPO与再融资恢复常态，推动券商经纪与投行业务 收入回升。同时，权益资产表现好转，带动自营投资回报显著增长，成为推动整体盈利的关键。 有色金属行业预喜公司占比约66%，表现出色。金属矿业企业受益于大宗商品价格上涨(如黄金、有色 金属行情走强)和产能释放 ...

2026年02月01日，中际旭创披露接待调研公告，公司于01月31日接待睿远基金、国信证券、浙商证券、 中泰证券、华源证券、摩根大通证券(中国)等140家机构调研。 中际旭创（300308）最新股价为591.00元，较前一交易日收盘价下跌58.00元，跌幅为8.94%，总市值 6566.71亿元。从行业市盈率来看，中际旭创所处的通信设备行业滚动市盈率平均88.90倍，行业中值 95.04倍，中际旭创76.80倍排名第27位。 调研情况显示，中际旭创发布2025年业绩预告，归母净利润区间98-118亿元，同比增长 89.50%-128.17%；扣非净利润97-117亿元，同比增长91.38%-130.84%。2025年各季度收入均呈现稳定环 比增长趋势，毛利率也呈现环比提升，主要受益于高端产品比重增加、硅光比例提升等因素。 公司2025年四季度重点客户需求和订单保持快速增长，800G等产品出货量持续环比增长，1.6T在三季 度开始正式向重点客户出货，四季度上量更加迅速。硅光占比持续提升，其中800G硅光出货量占比进 一步提升，1.6T硅光占比较800G更高，对四季度毛利率提升起到显著作用。 在投资者问答环节，公 ...

Core Viewpoint - The report from Zhongtai Securities indicates a cautiously optimistic outlook for February, emphasizing sector rotation and structural differentiation in investment strategies [1] Group 1: Consumer Sector - The consumer sector, particularly offline consumption areas such as liquor, travel, and duty-free, is expected to experience a phase of valuation recovery due to policy support, seasonal catalysts, and sufficient adjustments [1] - Light industry and textile sectors with export logic are also highlighted as potential investment opportunities [1] - Agriculture, as a key driver of the Consumer Price Index (CPI), is identified as a focus area for investment [1] Group 2: Industrial Sector - The "anti-involution" theme is transitioning from policy advocacy to supply-demand improvement and price validation, making industries like chemicals and machinery worth monitoring for structural optimization [1] Group 3: Technology Sector - The technology sector is recognized as a core component of the "14th Five-Year Plan" for new productive forces, with a focus on artificial intelligence applications, robotics, and semiconductors [1] - Investment should concentrate on high-quality targets that demonstrate strong industrial trends and substantial performance support amid market fluctuations [1]

Group 1 - The core viewpoint of the reports indicates that after two years of valuation recovery in the A-share market, the third year is often difficult to sustain high valuations, with market performance increasingly reliant on profit realization [1] - The report suggests a focus on sectors with visible performance and improved supply-demand structures, particularly in cyclical industries benefiting from global manufacturing recovery and China's competitive manufacturing advantages [1] - The AI industry remains a clear investment theme, but the focus should shift from thematic expansion to performance-driven investments, particularly in areas with supply shortages such as computing power and storage [1] Group 2 - In January, the A-share market exhibited typical spring volatility characteristics, with major indices recording positive returns, particularly the Sci-Tech 50 index which rose by 15.67% [2] - The market's upward momentum was driven by a rapid influx of incremental capital, with average daily trading volume reaching 3.04 trillion yuan, a significant increase from the previous month [3] - Regulatory interventions and global disturbances have led to fluctuations in market risk appetite, causing a slowdown in the pace of index increases [3] Group 3 - In the technology sector, thematic investments initially outperformed, but as margin requirements increased, there was a shift towards sectors with more predictable earnings, such as semiconductors and power equipment [4] - Cyclical assets, particularly in non-ferrous metals and petrochemicals, have shown strong performance due to three driving factors: spillover from technology sector growth, supply-side constraints, and external geopolitical factors [4] - The market is expected to exhibit a structural characteristic moving forward, with indices likely to remain volatile and focused on resource, technology, and overseas expansion themes [5][6]

有投资者在互动平台向中泰证券提问："公司管理层对公司治理有作为吗，从上市开各种问题层出不 穷，股价也屡创新低，作为国企，对国家市值管理的要求也视若罔闻，公司管理层是否对目前的公司状 况和股价走势进行过深刻反思？是否知晓公司为何被资本市场摒弃？是否已找出症结所在？是否有相应 的改善计划？是否有市管理的目标？能否给投资者一个中肯的答复！？" 来源：市场资讯 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 针对上述提问，中泰证券回应称："尊敬的投资者，您好！非常感谢您对公司的关注。公司制定了市值 管理制度、'提质增效重回报'行动方案；注重投资者回报，连年实施现金分红，累计达18.33亿元；为维 护投资者利益，提振投资者信心，完成了金额3亿元的股份回购并注销。同时公司坚持稳中求进，聚焦 高质量发展首要任务，争创七个一流，经营发展质效持续提升，2025年前三季度业绩实现稳步增长。下 一步，公司将继续深化市值管理工作，提高经营质量与盈利能力，强化投资者沟通交流，不断提升公司 在资本市场的品牌形象，努力为投资者创造长期、稳定的价值回报。谢谢！" ...

泰山不让土壤，故能成其大。作为山东省唯一省属国有骨干券商，中泰证券扎根齐鲁大地、深耕资本市 场，其发展历程镌刻着时代印记与实干足迹。二十余载砥砺前行，公司始终与国家发展同频、与区域振 兴共振，从初创起步到深耕细作，从蓄力赋能到领跑争先，在岁月淬炼中坚守金融初心，在时代浪潮中 践行国企担当。 站在"十五五"开局的历史节点，面对党的二十届四中全会擘画的金融强国建设宏伟蓝图，中泰证券正以 初心为舵、以实干为帆，奋力驶向高质量发展的新航程。近日，中泰证券党委书记、董事长王洪在接受 中国证券报记者专访时表示，党的二十届四中全会着眼于中国式现代化全局，为金融强国建设和资本市 场高质量发展明确了发展方向、勾勒了实践蓝图。中泰证券始终坚守国有金融企业的政治本色和责任担 当，深入学习贯彻党的二十届四中全会精神，将"国之大者""省之大计"和中泰所能紧密结合，把握机 遇、聚焦主业、争创一流，奋力开创"十五五"时期高质量发展新局面。 强化思想引领 凝聚高质量发展共识 思想是行动的先导，共识是奋进的力量。唯有筑牢思想根基、凝聚发展共识，才能在高质量发展的征程 上步伐坚定、行稳致远。王洪表示，党的二十届四中全会召开以来，中泰证券迅速把思 ...

Core Viewpoint - The article emphasizes the commitment of Zhongtai Securities to align with national development goals and the financial strong country strategy outlined in the 20th National Congress of the Communist Party of China, aiming for high-quality development during the 14th Five-Year Plan period [1][2]. Group 1: Company Positioning and Strategy - Zhongtai Securities is positioned as a key state-owned enterprise in Shandong, focusing on capital market development and aligning its operations with national and regional revitalization efforts [1]. - The company aims to integrate the spirit of the 20th National Congress into its operations, emphasizing the importance of political responsibility and social accountability in its financial services [3][4]. Group 2: Development Initiatives - The company is committed to enhancing its financial services to support the real economy, focusing on sectors such as green finance and private enterprise development [6][7]. - Zhongtai Securities plans to leverage its strengths in customer base and regional presence to create competitive advantages in wealth management, research, and investment banking [8]. Group 3: Innovation and Technology - The company is focused on innovation as a key driver for development, aiming to enhance operational efficiency through digital transformation and the application of financial technology [8]. - Zhongtai Securities is exploring the use of AI and other technologies to improve service precision and operational efficiency across various business lines [8]. Group 4: Talent Development - The company recognizes talent as a critical resource and is implementing various programs to enhance employee capabilities and leadership skills [9]. - Zhongtai Securities is committed to building a robust talent pipeline to support its strategic goals and ensure sustainable growth [9]. Group 5: Governance and Compliance - The company emphasizes the importance of strong governance and compliance, ensuring that its operations align with the directives from the central government and adhere to high standards of integrity [11][12]. - Zhongtai Securities is actively working to strengthen its internal controls and oversight mechanisms to maintain a transparent and accountable operational environment [12].

强化思想引领 凝聚高质量发展共识 思想是行动的先导，共识是奋进的力量。唯有筑牢思想根基、凝聚发展共识，才能在高质量发展的征程 上步伐坚定、行稳致远。王洪表示，党的二十届四中全会召开以来，中泰证券迅速把思想和行动统一到 全会精神的贯彻落实上来，准确把握公司在资本市场发展中的定位与作用，持续在学思践悟中凝聚奋进 力量。 在理论学习上，中泰证券始终秉持求真务实之风，构建"专题学习+研讨交流+实践应用"闭环学习机 制，通过党委理论学习中心组领学、党支部集中研学、党员个人自学相结合的方式，引导全体党员干部 深刻领会金融强国建设的核心要义与实践要求，推动党的创新理论入脑入心、见行见效。公司将全会精 神纳入中高层人员轮训、党支部书记培训、党员常态化教育的核心课程，组织领导班子成员、党组织负 责人深入一线，开展对象化宣讲、分众化解读、互动化交流，实现学习覆盖无死角、精神传递无盲区。 同时，坚持学思用贯通、知信行统一，把学习全会精神与贯彻中央经济工作会议精神紧密结合，确保公 司发展始终与党和国家事业同频共振、同向同行。 在思想认识上，中泰证券始终追求学深悟透、融会贯通，深刻认识到现代化强国建设离不开金融强国的 支撑，强大的金融 ...

1月29日晚间，中泰证券（600918）一则组织架构调整公告，再度将券商架构变革推向市场视野。近年 来，证券行业在核心业务条线与后台支撑体系方面持续发力，多家券商主动打破内部业务壁垒，优化资 源配置，通过架构革新突破发展瓶颈、强化专业能力。 多元调整路径显现 当前，券商组织架构调整呈现多元化特征，核心聚焦于专业能力提升与业务协同增效。中泰证券发布公 告称，董事会会议审议通过了《关于公司组织架构调整的议案》，根据业务发展需要，同意公司设立承 销保荐分公司、自营分公司、研究咨询分公司。同时，待三家分公司取得经营证券期货业务许可证后， 中泰证券将撤销公司投资银行业务委员会、金融市场委员会、研究院及其下设一级部门。 不仅是中泰证券，近年来证券行业架构调整步伐不断加快，已形成头部券商整合聚能、中小券商深耕特 色的差异化发展格局。其中，头部券商凭借资金、资源、人才优势，通过大规模架构整合实现规模效应 与协同效应的双重提升。 以投行业务为例，市场需求的动态变化促使券商架构不断优化升级。注册制改革对投行的项目判断、质 量把控、专业服务能力提出更高要求，券商通过设立专业分公司、优化投行架构，强化全流程服务能 力，适配注册制下的 ...