Core Insights - The securities ETF (159841) has shown a turnover of 4.1% with a transaction volume of 426 million yuan, while the CSI All Share Securities Index (399975) increased by 0.67%, marking a three-day consecutive rise [1] - The market is experiencing a "wealth effect" as the stock market strengthens, presenting investment opportunities in the securities industry [1] - The A-share market is entering a critical phase with the Shanghai Composite Index achieving eight consecutive gains, focusing on the 4000-point level as the year-end approaches [1] Product Highlights - The securities ETF (159841) is linked to the off-market connection funds (A: 008590, C: 008591) [1] - The ETF is positioned to capitalize on the ongoing market opportunities as liquidity in the Shenzhen market remains strong [1] Market Trends - The financing balance in the Shanghai and Shenzhen markets has shown a slight upward trend, surpassing 2.5 trillion yuan, indicating a significant increase in risk appetite for leveraged funds [2] - The overall trading volume has consistently remained around 2 trillion yuan, providing ample liquidity support for the market [2] Institutional Perspectives - According to Everbright Securities, the market outlook for 2026 is characterized by a "slow bull pattern" with structural opportunities emerging, driven by policy, industry, and capital [2] - Xiangcai Securities notes that the brokerage industry's performance is recovering, benefiting from long-term capital inflows and international business opportunities, which will support mid-to-long-term performance [2] - The brokerage sector is currently at a low price-to-book (PB) ratio, suggesting a high safety margin and potential for left-side layout opportunities [2]

Group 1 - The announcement states that from December 30, 2025, Dongfang Securities Co., Ltd. will be added as a liquidity service provider for several ETFs managed by the company, including the ChiNext 50 ETF and ChiNext Enhanced ETF [1] Group 2 - The company will suspend subscription, redemption, conversion, and regular investment services for the Jiashan Tongzhou Bond Fund and Jiashan Xinrong Mixed Fund on December 31, 2025, with services resuming on January 5, 2026 [2][3] - The Jiashan Global Industry Upgrade Equity Fund will also suspend similar services on December 31, 2025, with a resumption date of January 5, 2026 [4] - The Jiashan Hengzhi Hong Kong Stock Connect ETF will suspend subscription and redemption services on December 31, 2025, but secondary market trading will still be available [7][12]

Electronic and 2025 年 12 月 28 日 看好 相关研究 《保险公司资产负债管理即将迈入全新阶 -非银金融行业周报 (2025/12/15- EG --- 2025/12/19)》 2025/12/21 《头部非银机构监管红利有望释放 -- 非 银金融行业周报 (2025/12/8- 2025/12/12)》 2025/12/14 《券商板块信心提振，补涨逻辑有望逐步 兑现 -- 非银金融行业周报 (2025/12/1- 2025/12/5)》 2025/12/07 《高弹性标签助力板块"破圈"，看好资负 两端改善趋势 ——2026 年保险行业策略 报告》 2025/11/18 《证券行业 2026 年投资策略:权益浪潮 下的券商机遇：财富扩容,国际增效》 2025/11/17 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 孙冀齐 A0230523110001 sunjg@swsresearch.com 金黎丹 A0230525060004 jinld@swsresearch.com 联系人 罗钻辉 A0230523090004 luozh ...

Core Viewpoint - The integration of technology empowerment and cultural soft power is becoming a new engine for the high-quality development of the securities industry, as emphasized by the leadership of Dongfang Securities [1]. Group 1: Digital Transformation and Cultural Integration - The digital transformation of securities companies is not only a technical upgrade but also an opportunity to reshape corporate culture, embedding cultural values into business processes [2]. - Dongfang Securities aims to create a digital culture that fosters agile response, open innovation, and efficient collaboration, which are essential soft powers for adapting to the new competitive landscape [2]. - The company is committed to enhancing its compliance management through digital means, including the development of a dynamic compliance monitoring system and intelligent compliance analysis tools [3]. Group 2: Risk Management and Compliance - Dongfang Securities is advancing its risk management system towards a digital and intelligent evolution, utilizing big data and AI to build a unified risk control platform [3]. - The company has developed a credit risk data system covering over 7,000 effective market entities, supporting various business types and enhancing risk measurement capabilities [3]. Group 3: Customer-Centric Services - The company is enhancing its core value of "customer-centric" by integrating it into its digital DNA, improving service temperature and precision through technology [4]. - Dongfang Securities has upgraded its "Dongfang Winner" app, achieving over 97% online business processing rate and significantly improving efficiency in the account opening process [4][6]. - The company has developed a multi-layered trading service system to meet diverse customer needs, including the "Dongfang Yuyun Rapid Trading System" for institutional investors [5]. Group 4: Organizational Innovation and Collaboration - Dongfang Securities is breaking down organizational barriers through technology, fostering a collaborative system that promotes resource sharing and process integration [6][7]. - The company is enhancing its "three investment linkage" mechanism to strengthen industry thinking and value discovery capabilities, focusing on hard technology and green finance [7]. Group 5: Future Opportunities and Challenges - The securities industry is facing significant opportunities and challenges as the Chinese bond market exceeds 130 trillion yuan and capital market reforms deepen [9]. - Dongfang Securities emphasizes the need for a dual-spiral strategy of "technology + culture" to ensure sustainable development and high-quality growth in the industry [9].

因第四届董事会任期届满，根据本公司章程有关规定，经本公司股东东方证券股份有限公司研究决定， 委派杨斌先生、成飞先生、尤文杰先生、张云先生、王峰先生担任公司第五届董事会董事，同意彭卫东 先生、杨勤法先生、赵子夜先生担任公司第五届董事会独立董事。其中赵子夜先生为新任独立董事，原 第四届董事会成员郭晔女士不再担任本公司独立董事。 公告送出日期：2025年12月27日 上海东方证券资产管理有限公司（以下简称"本公司"）的董事在最近12个月内变更超过百分之五十，根 据《公开募集证券投资基金信息披露管理办法》相关规定，现公告如下： 经本公司股东东方证券股份有限公司研究决定，张云、王峰先生自2025年4月3日起担任公司董事，蒋鹤 磊、张锋先生不再担任公司董事职务。 经本公司股东东方证券股份有限公司研究决定，成飞先生自2025年5月9日起担任公司董事。 经本公司第三届第六次职工代表大会决议，周代希先生自2025年6月25日起担任公司职工董事。 登录新浪财经APP 搜索【信披】查看更多考评等级 上述董事变更事项符合法律法规及本公司章程的有关规定，本公司将按规定报监管机构备案。 特此公告。 上海东方证券资产管理有限公司 2025 ...

Group 1 - The core viewpoint of the article is that the strategic cooperation between Jerry Holdings and Kawasaki is expected to enhance the certainty of Jerry's power generation business and expand its overseas market opportunities [1] - The partnership will supplement Jerry's gas turbine supply, providing support for its power generation business and increasing the certainty of its data center power generation operations [1] - Jerry has already made breakthroughs in the North American data center power supply sector, demonstrating strong international development potential with replicable and scalable application results [1] Group 2 - The cooperation is global in scope, which is anticipated to support Jerry's data center power generation business outside the United States and further open up its overseas business space [1] - The profit forecast for Jerry is maintained, with projected net profits attributable to shareholders for 2025, 2026, and 2027 being 3.153 billion, 3.818 billion, and 4.464 billion yuan respectively [1] - Based on comparable company valuations, a target price of 74.6 yuan is set for the company, maintaining a "buy" rating with a 20x PE for 2026 [1]

东方证券发布研报称，2026年铜精矿长单加工费归零，凸显铜矿供给与冶炼端结构性矛盾。传统需求筑 底叠加新兴领域强劲增长，矿端供不应求局面或将延续，支撑铜价中枢。中期随大型矿山复产及国内冶 炼行业调整，加工费或存边际改善空间。建议关注资源型矿企与自给率提升的冶炼龙头。 东方证券主要观点如下： 尽管中期铜精矿供小于求局面或不改，但从边际角度来看供给端与冶炼端供需矛盾或有改善潜力。当前 全球第二大铜矿Grasberg已宣布重启和复产计划，产量有望在26-27年持续增长，可供应全球约1.5%铜 矿产量的第一量子旗下Cobre Panamá铜矿的重启谈判也有望于26年初开启。该行认为，在中期矿端干扰 被逐渐排除的情况下，如Grasberg、Cobre Panamá等铜矿的重新恢复正常生产或将显著贡献矿端增量， 从而缓和铜矿供给与铜冶炼之间的供需矛盾，叠加国内铜冶炼"反内卷"措施出台落地的预期，铜精矿现 货加工费有望向上改善。该行看好铜冶炼企业在缓和预期下盈利改善的潜力，继续看好中期矿价与冶炼 费边际同涨。 投资建议与投资标的 铜矿端：建议关注资源储量较大、中期铜矿持续扩产存在增量预期的紫金矿业（601899） (601 ...

证券ETF龙头（560090）标的指数成分股多数上涨，中银证券涨超5%，兴业证券涨超3%，光大证券、东方财富、东方证券等涨超1%，中信证券、国泰海通 等微涨。 | 【证券ETF龙头（560090）标的指数前十大成分股】 | | --- | | 序号 | 代码 | 名称 | 申万一级行业 | 涨跌幅 | 估算权重 | | --- | --- | --- | --- | --- | --- | | 1 | 300059 | 东方财富 | 非银金融 | 1.20% | 14.23% | | 2 | 600030 | 中信证券 | 非银金融 | 0.21% | 13.68% | | 3 | 601211 | 週夜漫画 | 非银金融 | -0.19% | 11.06% | | 4 | 601688 | 华泰证券 | 非银金融 | 0.38% | 6.50% | | 5 | 600999 | 招商证券 | 非银金融 | 0.06% | 3.07% | | 6 | 000776 | 广发证券 | 非银金融 | 0.68% | 3.02% | | 7 | 600958 | 东方证券 | 非银金融 | 1.11% | 2.64 ...

Group 1 - The core viewpoint of the news is that Dongfang Securities has shown a positive stock performance with a 6.85% increase year-to-date and a market capitalization of 938.88 billion yuan as of December 26 [1] - As of December 26, Dongfang Securities' stock price reached 11.05 yuan per share, with a trading volume of 2.88 billion yuan and a turnover rate of 0.35% [1] - The net inflow of main funds was 310.95 million yuan, with significant buying and selling activities observed in large orders [1] Group 2 - Dongfang Securities, established on December 10, 1997, is located in Shanghai and was listed on March 23, 2015. Its main business includes securities brokerage, investment banking, asset management, and other financial services [2] - The revenue composition of Dongfang Securities includes 39.93% from institutional and sales trading, 32.07% from wealth and asset management, 15.73% from international business and others, and 12.46% from investment banking and alternative investments [2] - As of September 30, 2025, Dongfang Securities reported a revenue of 12.708 billion yuan, a year-on-year decrease of 9.74%, while the net profit attributable to shareholders increased by 54.76% to 5.110 billion yuan [2] Group 3 - Dongfang Securities has distributed a total of 16.155 billion yuan in dividends since its A-share listing, with 5.034 billion yuan distributed in the last three years [3] - As of September 30, 2025, the top ten circulating shareholders include China Securities Finance Corporation and Hong Kong Central Clearing Limited, with notable changes in their holdings [3]

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！ 来源：进门聊 责任编辑：何俊熹 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！ 来源：进门聊 责任编辑：何俊熹 ...