两融数据显示，该股最新融资余额为14.30亿元，近5日增加3094.34万元，增幅为2.21%。 据天眼查APP显示，中泰证券股份有限公司成立于2001年05月15日，注册资本791834.0996万人民币。 （数据宝） 中泰证券1月20日大宗交易平台出现一笔成交，成交量407.25万股，成交金额2398.70万元，大宗交易成 交价为5.89元，相对今日收盘价折价10.21%。该笔交易的买方营业部为中泰证券股份有限公司深圳分公 司，卖方营业部为中信证券股份有限公司北京亚运村证券营业部。 证券时报·数据宝统计显示，中泰证券今日收盘价为6.56元，上涨0.31%，日换手率为0.71%，成交额为 1.83亿元，全天主力资金净流出2106.35万元，近5日该股累计下跌2.38%，近5日资金合计净流出2601.41 万元。 1月20日中泰证券大宗交易一览 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 溢价（%） | | | | 407.25 | 239 ...

Group 1 - The core viewpoint of the article highlights Century Huatong's stable growth in game product layout and development strategy, with key products like "Whiteout Survival" and "Endless Winter" performing steadily, while "Kingshot" is in a rapid growth phase [1][2] - Century Huatong's stock price increased by 2.20% to 20.44 yuan, with a total market capitalization of 150.657 billion yuan, and its rolling P/E ratio of 39.99 ranks 8th in the gaming industry, which has an average P/E ratio of 44.24 [1][2] - The company maintains a cautious approach to business expansion and financial management, optimizing its financial structure and reducing financial costs by clearing past debts [2] Group 2 - Century Huatong expresses confidence in the future development of the gaming industry, citing favorable policy environments and the emphasis on technology and culture, as well as the empowering effect of AI on industry efficiency [2] - The company employs a "horse racing" mechanism in its new product incubation process to ensure high recovery efficiency and success rates, leveraging its R&D capabilities and past successes [1][2] - As of September 30, 2025, Century Huatong had 159,127 shareholders, an increase of 51,896, with an average holding value of 946,800 yuan and an average holding quantity of 46,300 shares [2]

Group 1 - The core idea emphasizes the importance of foundational knowledge in investing and selecting the right funds, suggesting that solid fundamentals are essential for successful investment in funds [2] Group 2 - The top five holdings of bond funds are primarily interest rate bonds, but these holdings do not represent the entirety of the fund's portfolio, indicating that bond fund holdings are relatively diversified and that periodic reports should be viewed as references [3]

信贷投放：旺季"开门红"开局良好，全年增长有支撑 针对2026年"开门红"信贷投放情况，公司表示，截至目前旺季信贷投放实现较好开局。为保障投放效 率，公司较早启动旺季准备工作，推动项目储备高效审批落地。后续将继续全力推进信贷投放，积极拓 展市场份额，为全年信贷规模稳健增长提供有效支撑。 登录新浪财经APP 搜索【信披】查看更多考评等级 调研基本情况 苏州银行（以下简称"公司"）于2026年1月20日开展特定对象调研活动，中泰证券、景顺长城等机构参 与。本次调研在苏州银行总行10楼会议室以现场会议形式举行，公司董事会办公室副主任杨礼英、计划 财务部总经理助理沈若弢及风险管理部和董事会办公室相关人员接待了调研团队，双方就公司信贷投 放、存款成本控制及资产质量等核心经营议题展开深入交流。 核心经营议题交流要点 在资产质量趋势方面，公司表示将持续完善"全口径、全覆盖、全流程、全周期"风险管理体系，强化风 险前瞻研判与处置，力争全年资产质量继续保持平稳态势。 信息披露合规性说明 公司强调，本次接待过程中严格按照相关制度规定，与投资者充分交流沟通，未出现未公开重大信息泄 露等情况，符合信息披露监管要求。 声明：市场有风险 ...

Group 1 - The core transaction on January 20 involved Zhongtai Securities executing a block trade of 4.0725 million shares, with a total transaction value of 23.987 million yuan, accounting for 11.61% of the total trading volume for that day [1] - The transaction price was 5.89 yuan, which represents a discount of 10.21% compared to the market closing price of 6.56 yuan [1] Group 2 - The specific details of the trade include a transaction date of January 20, 2016, with Zhongtai Securities as the broker, and the stock code being 600918 [2] - The transaction amount was 23.987 million yuan, with a trading volume of 4.0725 million shares, indicating significant trading activity [2]

中国经济网北京1月20日讯镇洋发展（603213）(603213.SH)昨日晚间披露2025年年度业绩预减公告。公 司实现盈利，净利润与上年同期相比下降50%以上。 镇洋发展上市发行募集资金总额为3.91亿元，扣除发行费用后，募集资金净额为3.58亿元。镇洋发展 2021年10月29日发布的招股说明书显示，公司拟募集资金3.58亿元，全部用于年产30万吨乙烯基新材料 项目。 镇洋发展上市发行费用总合计3327.99万元，其中保荐机构中泰证券股份有限公司、浙商证券股份有限 公司获得保荐承销费2099.06万元。 此外，根据中国证券监督管理委员会《关于同意浙江镇洋发展股份有限公司向不特定对象发行可转换公 司债券注册的批复》(证监许可〔2023〕2408号)，公司向不特定对象发行可转换公司债券6,600,000张， 每张面值为人民币100.00元，募集资金总额为66,000万元，扣除承销及保荐费921.51万元(不含税)后实际 收到的金额为65,078.49万元。另减除律师费、审计及验资费、资信评级费、信息披露费和发行手续费等 与发行可转换公司债券直接相关的外部费用244.25万元(不含税)后，公司本次募集资金净额 ...

Group 1 - Lihua Co., Ltd. (立华股份) forecasts a net profit attributable to shareholders of RMB 55 million to 60 million for the year 2025, representing a decline of 60.55% to 63.84% compared to the previous year [1] - The company expects a net profit of RMB 53 million to 59 million after deducting non-recurring gains and losses for 2025, indicating a decrease of 61.04% to 65.00% year-on-year [1] - Lihua Co., Ltd. was listed on February 18, 2019, with an initial public offering (IPO) of 41.28 million shares at a price of RMB 29.35 per share, raising a total of RMB 1.212 billion [1] Group 2 - The total fundraising from the IPO and a subsequent private placement in 2022 amounted to RMB 2.482 billion [2] - The company announced a dividend plan on May 16, 2023, proposing a distribution of RMB 8 per 10 shares (pre-tax) and a bonus issue of 8 shares, with the record date set for May 22, 2023 [2] - The issuance costs for the IPO were RMB 61.568 million, including underwriting and sponsorship fees of RMB 36.347 million [2]

Core Viewpoint - Zhongtai Securities initiates coverage on Leshushi (02698) with a "Buy" rating, projecting the company to evolve from a leading player in Africa's sanitary products to an international fast-moving consumer goods group rooted in emerging markets, benefiting from the emerging market dividend [1] Group 1: Company Growth Potential - The company is expected to grow into an international fast-moving consumer goods group in emerging markets, leveraging high competitive barriers established in Africa, including supply chain and cost advantages, deep localization, and a cross-regional operational system [1] - The company is projected to achieve revenues of $545 million, $642 million, and $745 million from 2025 to 2027, with year-on-year growth rates of 20%, 18%, and 16% respectively [1] - Net profit attributable to the parent company is expected to reach $114 million, $134 million, and $155 million during the same period, with growth rates of 20%, 17%, and 16% respectively [1] Group 2: Market Characteristics - Africa is characterized as a "grid-like" market with distinct population distributions, cultures, currencies, and business environments, leading to rapid growth but limited market capacity [2] - The African baby diaper and sanitary napkin markets are projected to reach $2.59 billion and $870 million in 2024, with penetration rates of only 20% and 30%, compared to over 80% in mature markets [2] - The market is expected to benefit from increasing birth rates, urbanization, and rising penetration rates, making it the most promising sanitary product market globally [2] Group 3: Competitive Positioning - The company is the leading sanitary product player in Africa, with projected revenues of $450 million in 2024, reflecting a 10.5% increase, and a net profit of $95 million, representing a 47% increase [3] - The company maintains high gross and net profit margins of 35.2% and 20.9%, respectively, while achieving high return on assets (ROA) that significantly outperforms global and domestic industry leaders [3] - The company's competitive edge stems from its deep localization and cross-regional channel management developed over more than a decade [3] Group 4: Strategic Advantages - The company has established a strong brand presence through over 15 years of deep localization in Africa, operating 51 production lines across 8 countries [4] - A robust sales network has been developed through a wholesale model, reaching over 80% of the local population in key operational countries, creating a cross-regional operational moat in the grid-like market [4] - The company plans to expand its production capacity, with an estimated total output value of $890 million, including $510 million in Central Asia and Latin America markets [4]

Core Viewpoint - Zhongtai Securities initiates coverage on Leshu Shi (02698) with a "Buy" rating, projecting the company to evolve from a leading player in the African sanitary products market to an international fast-moving consumer goods group rooted in emerging markets, benefiting from ongoing market growth [1] Group 1: Company Growth Potential - The company is expected to achieve revenues of $545 million, $642 million, and $745 million from 2025 to 2027, with year-on-year growth rates of 20%, 18%, and 16% respectively [1] - Projected net profit attributable to shareholders is $114 million, $134 million, and $155 million for the same period, with growth rates of 20%, 17%, and 16% [1] - The company has established high competitive barriers in Africa through supply chain and cost advantages, deep localization, and a cross-regional operational system, allowing it to continue benefiting from emerging market dividends [1][2] Group 2: Market Characteristics - Africa is characterized as a "grid-like" market with distinct population distributions, cultures, currencies, and business environments, leading to rapid growth but limited market capacity [2] - The African baby diaper and sanitary napkin markets are projected to reach $2.59 billion and $870 million respectively by 2024, with penetration rates of only 20% and 30%, compared to over 80% in mature markets [2] - The market is expected to benefit from increasing birth rates, urbanization, and rising penetration rates, making it the most promising sanitary products market globally [2] Group 3: Financial Performance - The company is projected to generate $450 million in revenue in 2024, reflecting a 10.5% increase, with profits expected to reach $95 million, a 47% increase [3] - The gross margin and net margin are forecasted at 35.2% and 20.9% respectively, positioning the company as the leading sanitary products player in Africa [3] - The company maintains high profitability and return on assets (ROA), significantly outperforming global and domestic industry leaders [3] Group 4: Competitive Advantages - The company has a first-mover advantage with over 15 years of deep localization in Africa, operating 51 production lines across 8 countries [4] - A robust sales network has been established through a wholesale model, reaching over 80% of the local population in key operational countries [4] - The company is expanding its market presence from West Africa to East Africa and is set to replicate its success in the South American market, with plans for new production capacity valued at $890 million [4]

Core Insights - The monthly active users (MAU) of securities apps reached 175 million in December 2025, marking a 1.75% month-on-month increase and a 2.26% year-on-year increase, achieving a new monthly high for the year [4][3] - Throughout 2025, the MAU of securities apps experienced a recovery after a dip in the middle of the year, with a significant rebound in November leading to a peak at year-end [4][2] - The competition for traffic between third-party platforms and brokerage self-operated apps intensified, with brokerages accelerating the integration of AI technology in advisory and trading scenarios to enhance service models and user experience [4][12] Monthly Active Users Overview - In December 2025, the MAU for securities apps was 175.32 million, with notable monthly changes: November had 172.30 million (up 2.06% month-on-month) and October had 168.82 million (down 3.38% month-on-month) [5][4] - The MAU trend for 2025 showed a starting point of 161.84 million in January, peaking in December after a recovery phase post-May [4][5] Leading Apps and Market Dynamics - The top three securities apps by MAU in December were Tonghuashun (36.70 million), Dongfang Caifu (18.22 million), and Dazhihui (12.97 million) [6][5] - Among brokerage self-operated apps, Huatai's Zhangle Wealth reached over 12 million MAU, followed by Guotai Haitong Junhong with 10.40 million [6][5] - The number of brokerage apps with an average monthly active user count exceeding 6 million increased to 14 in 2025, indicating a growing concentration in the market [8][7] AI Technology Integration - The application of AI technology in the securities industry has accelerated, with multiple brokerages launching intelligent tools across key areas such as intelligent research, trading, and advisory services [12][11] - Notable advancements include the upgrade of trading robots by Galaxy Securities and the introduction of AI advisory platforms by various brokerages, enhancing service efficiency and user experience [13][12] - Despite the current limitations of AI tools in guaranteeing stable investment returns, their functionality is expanding, addressing various investment challenges and improving investors' capabilities in data analysis and strategy formulation [12][13]