Group 1 - The core viewpoint of the articles highlights the strong performance expectations for listed securities firms in 2025, driven by a vibrant capital market and robust growth in brokerage and proprietary trading businesses [1][2] - As of January 30, 2025, 21 listed securities firms have disclosed their performance forecasts, with leading firms like CITIC Securities and Guotai Junan expected to maintain their market dominance, projecting CITIC Securities' net profit to exceed 30 billion yuan and Guotai Haitong's net profit growth rate to exceed 100% year-on-year [1] - Smaller securities firms are anticipated to show even greater profit elasticity, with Guolian Minsheng forecasting a year-on-year net profit growth rate exceeding 400% [1] Group 2 - The growth drivers for the 2025 performance of these listed securities firms include brokerage and proprietary trading businesses, supported by a favorable A-share market environment and government policies aimed at stabilizing growth and boosting the capital market [2] - Factors such as a moderately loose liquidity environment, continuous optimization of the capital market, and the restoration of investor confidence are expected to collectively enhance the performance of the securities sector [2] - The current valuation of the securities sector is at a historical low, presenting a defensive rebound opportunity, with recommendations to focus on strong leading firms and those with competitive advantages in wealth management, proprietary trading, and cross-border business [2]

Investment Rating - The report maintains an "Overweight" rating for the non-bank financial industry [1] Core Insights - The equity market is expected to perform well, with a projected net profit growth of 50% year-on-year for 2025, and a 16% growth in 2026 from a high base [1][30] - The average daily trading volume of stock funds is anticipated to reach 19.814 trillion yuan in 2025, representing a 67% year-on-year increase [1][9] - The report highlights a significant recovery in IPO and refinancing activities, with IPO fundraising expected to grow by 96% in 2025 [1][14] - The bond issuance scale is expected to increase steadily, with a 13% year-on-year growth in 2025 [1][19] - The report emphasizes the low valuation of brokerage stocks and the potential for valuation recovery, particularly for large brokerages [1][24] Summary by Sections 1. Equity Market Performance - The average daily trading volume of stock funds is projected at 19.814 trillion yuan, a 67% increase year-on-year [1][9] - The number of new accounts opened in the Shanghai market is expected to average 2.5 million per month, an 8% increase from 2024 [1][9] - The financing balance is projected to reach 2.5242 trillion yuan, a 36% increase year-on-year [1][12] - The IPO market is expected to see 116 IPOs raising 131.8 billion yuan, a 96% increase year-on-year [1][14] - The refinancing market is expected to recover significantly, with a total of 950.9 billion yuan raised, a 326% increase [1][18] 2. Profit Forecast for 2025 - The report forecasts a 50% year-on-year increase in net profit for listed brokerages in 2025, with a 16% increase in Q4 [1][30] - The total revenue for the industry is expected to grow by 21% year-on-year [1][30] 3. 2026 Outlook - The report anticipates a 16% year-on-year increase in net profit for the industry in 2026, based on high baseline assumptions [1][37] - The growth in brokerage income from various segments is expected, including a 25% increase in brokerage business revenue [1][37] 4. Valuation and Recommendations - The report notes that the current valuation of brokerages is relatively low, with the CITIC Securities II index at 1.43x PB, indicating potential for valuation recovery [1][24] - Key recommendations include major brokerages such as CITIC Securities, Huatai Securities, and Guotai Junan [1][24]

公司名稱: 東方證券股份有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 FF301 呈交日期: 2026年2月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600958 | 說明 | | 上海證券交易所 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | | 7,469,482,864 RMB | | 1 | RMB | | 7,469,482,864 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | | 7,469,482,864 RMB | | 1 | RMB | | 7,469,482,864 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 東方證券股份有限公司 呈交日期: 2026年2月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600958 | 說明 | | 上海證券交易所 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | | 7,469,482,864 RMB | | 1 | RMB | | 7,469,482,864 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | | 7,469,482,864 RMB | | 1 | RMB | | 7,469,482,864 | | 2 ...

A股三大股指集体高开，沪指涨0.7%，创业板指涨1.65%。盘面上，存储芯片、半导体、光伏设备、 CPO等板块涨幅居前。 东方证券：2月科创类产业催化将会更加密集，短期仍建议以科创主线权益为主 华泰证券：周一调整更多是技术性和情绪上，待技术性指标企稳后有望继续上行 东方证券表示，从技术走势来看，沪综指已将1月份涨幅几乎回吐殆尽，考虑到前期沪综指"17连阳"走 势分为二段走势，元旦后快速上行和目前的快速下跌形成明显的对称走势，预计短期沪综指会在3950- 3980附近区域获得支撑。配置方面，2月后业绩将不是影响市场主要因素，科创类产业催化将会更加密 集，短期仍建议以科创主线权益为主，也可以关注有色等周期板块企稳后的反弹。 华泰证券表示，周一A股及港股均明显回调，上周五"沃什交易"引发全球风险资产Risk off，且在周一触 发一定流动性压力，体现为大宗商品及亚洲股市的全面下跌。但我们认为此次调整更多是技术性和情绪 上的，中期视角下中国资产面临的流动性及基本面向好趋势不变，待技术性指标企稳后有望重拾上行趋 势。 本文转载自"腾讯自选股"，智通财经编辑：冯秋怡。 国泰海通：大跌后良机就在眼前，市场有望企稳，新兴科技 ...

减持后，易方达基金管理有限公司最新持股数目为123,086,000股，持股比例由12.12%下降至11.98%。 | 股份代號: | 03958 | | --- | --- | | 上市法國名稱: | 東方證券股份有限公司 | | 日期 (日 / 月 / 年): | 02/01/2026 - 02/02/20 | 格隆汇2月2日丨根据联交所最新权益披露资料显示，2026年1月27日，东方证券(03958.HK)遭易方达基金管理有限公司在场内以每股均价6.7844港元减持 144.8万股，涉资约982.38万港元。 | 表格序號 | 大股東/董事/最高行政人員名稱 作出披露的 買入 / 賣出或涉及的股 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事 | | | --- | --- | --- | --- | --- | --- | --- | | | 份數目 | 原因 | | | (請參閱上述 * 註解) 有投票權股 (日 / F | | | | | | | | 份百分比 | | | | | | | | 96 | | | CS20260130E00606 | 易方达基金管理有限公司 | 1 ...

智通财经APP获悉，香港联交所最新数据显示，1月27日，易方达基金减持东方证券(03958)144.8万股， 每股作价6.7844港元，总金额约为982.38万港元。减持后最新持股数目约为1.23亿股，持股比例为 11.98%。 ...

智通财经APP获悉，香港联交所最新数据显示，1月27日，易方达基金减持东方证券(03958)144.8万股， 每股作价6.7844港元，总金额约为982.38万港元。减持后最新持股数目约为1.23亿股，持股比例为 11.98%。 （原标题：易方达基金减持东方证券(03958)144.8万股 每股作价约6.78港元） fund ...

东方证券研报指出，新泉股份与凯迪股份签署战略合作协议，布局机器人赛道。公司与凯迪股份优势互 补，预计有望进军机器人关节模组领域。随着双方合作持续推进，预计公司或将有望逐步形成机器人关 节模组等产品的研发及制造能力，凭借客户资源及海外产能优势切入机器人赛道并成为重要供应商，未 来机器人业务将有望成为公司新增长曲线。公司在近期发布公告筹划H股上市，同时拟向墨西哥工厂增 资1.18亿元，侧面反映了海外订单需求旺盛及公司对海外业务发展的信心。随着海外产能逐步释放，预 计海外业务营收及盈利占比将有望持续提升。可比公司26年PE平均估值40倍，目标价107.20元，维 持"买入"评级。 ...

Core Viewpoint - Dongsheng Pharmaceutical has a solid foundation in traditional Chinese medicine and is entering a harvest period for its innovative pipeline, with a multi-layered R&D system based on specialty traditional Chinese medicine, high-end generic drugs, and innovative drugs [1] Group 1: Product Development and Market Position - Several key products have entered commercialization or late-stage clinical trials in recent years [1] - The PB2-targeted RNA polymerase inhibitor, Anladiwei tablets, for treating adult uncomplicated influenza A, is expected to be approved for market launch in May 2025, showing competitive advantages over Oseltamivir in Phase III clinical data [1] - The core product, Compound Xuehuo Tong capsules, is a unique original formulation that has ranked first in market share for oral traditional Chinese medicine in the ophthalmology field for several consecutive years [1] Group 2: Market Outlook and Financial Projections - As the impact of centralized procurement gradually dissipates, sales are expected to stabilize and recover [1] - The company is optimistic about the dual-driven growth of traditional Chinese medicine and chemical drugs, with the latter's innovative clinical pipeline entering late stages [1] - The company has significant potential for large products and international expansion, with a target price of 23.37 yuan based on a 57x PE ratio for 2026, reflecting the industry average [1]