该行认为，安踏品牌的韧性仍被低估；预计仍有望实现其下调后的2025年销售指引，其中FILA已在去 年11月中旬前锁定全年目标，而户外品牌(Descente/Kolon)也持续保持稳健增长。 展望2026年，该行预计安踏得益于严格的成本控制，其成熟品牌的经营利润率将大致保持稳定，并相信 安踏核心品牌若重新调整线上营销策略，通过更新内容与优化商品上架运营能力，有望为品牌注入新活 力。 招商证券国际发布研报称，安踏体育(02020)去年第四季销售表现符合预期，新的安踏核心品牌线上策 略重振增长动能。预计安踏核心品牌、FILA及其他品牌，于今年分别实现低单位数、中单位数及50% 增长。该行予其目标价95港元，维持"买入"评级。 ...

智通财经APP获悉，招商证券国际发布研报称，安踏体育(02020) 去年第四季销售表现符合预期，新的 安踏核心品牌线上策略重振增长动能。预计安踏核心品牌、FILA及其他品牌，于今年分别实现低单位 数、中单位数及50%增长。该行予其目标价95港元，维持"买入"评级。 展望2026年，该行预计安踏得益于严格的成本控制，其成熟品牌的经营利润率将大致保持稳定，并相信 安踏核心品牌若重新调整线上营销策略，通过更新内容与优化商品上架运营能力，有望为品牌注入新活 力。 该行认为，安踏品牌的韧性仍被低估；预计仍有望实现其下调后的2025年销售指引，其中FILA已在去 年11月中旬前锁定全年目标，而户外品牌(Descente/Kolon)也持续保持稳健增长。 ...

Group 1 - Xuzhou Xugong Zhiyuan Zhanxin New Emerging Industry Fund Partnership Enterprise (Limited Partnership) has been established with a total investment of 1 billion yuan [1][2] - The fund's business scope includes private equity investment, investment management, and asset management activities [1][2] - The fund is jointly funded by subsidiaries of China Merchants Securities and Xuzhou Engineering Machinery Group [1][3] Group 2 - The fund's registered capital structure includes 30% from China Merchants Zhiyuan Capital Investment Co., Ltd., and 30% from Jiangsu Xuzhou New Emerging Industry Special Mother Fund (Limited Partnership) [3] - Other contributors include Xuzhou Industrial Development Investment Fund Partnership (Limited Partnership) with 25%, and Xugong Group Industrial Investment Development (Xuzhou) Co., Ltd. with 9.5% [3] - The fund is registered in the Xuzhou Economic and Technological Development Zone, with a business duration until January 19, 2026 [2][3]

Core Viewpoint - The establishment of the Xuzhou Xugong Zhiyuan Zhanxin Emerging Industry Fund Partnership (Limited Partnership) with a capital contribution of 1 billion yuan indicates a strategic move towards private equity investment and asset management in the emerging industry sector [1] Group 1 - The newly formed fund has a capital contribution of 1 billion yuan, focusing on private equity investments, investment management, and asset management activities [1] - The fund is jointly funded by subsidiaries of China Merchants Securities and Xuzhou Engineering Machinery Group, highlighting collaboration between major industry players [1]

Group 1 - Longi Green Energy (601012.SH) is advancing in the energy storage sector by participating in a collaboration to support NeoVolta (NEOV.US) and Precision Energy in establishing battery storage systems in the U.S. [1] - The U.S. energy storage demand is driven by weak grid infrastructure, growing data center needs, and manufacturing reshoring, indicating a strong profitability potential [1] - Longi Green Energy plans to acquire approximately 62% voting rights in Precision Energy through equity acquisition and capital increase, with leadership now aligned with Longi [1] Group 2 - Precision Energy and NeoVolta will form a joint venture, NeoValta Power, focusing on the U.S. large-scale and commercial storage market, with NeoVolta holding 60% and Precision Energy 20% [2] - The joint venture aims to achieve a production capacity of 2GWh by mid-2026, expandable to 8GWh, meeting FEOC compliance standards [2] - NeoVolta has seen significant revenue growth, achieving $6.65 million in Q3 2025, a year-over-year increase of 1027% [2] Group 3 - The U.S. energy storage market presents substantial growth potential, with domestic companies exploring innovative models to participate despite trade barriers [3] - Companies such as Longi Green Energy, along with others like Sungrow Power Supply (300274) and Canadian Solar, are suggested for attention in the evolving market landscape [3]

天眼查工商信息显示，近日，徐州徐工致远战新新兴产业基金合伙企业(有限合伙)成立，执行事务合伙 人为招商致远资本投资有限公司，出资额10亿人民币，经营范围为以私募基金从事股权投资、投资管 理、资产管理等活动。合伙人信息显示，该基金由徐州市战略性新兴产业母基金有限公司、徐工集团产 业投资发展(徐州)有限公司、徐州云汉私募基金管理有限公司、招商证券旗下招商致远资本投资有限公 司等共同出资。 ...

Core Viewpoint - The article emphasizes the commitment of China Merchants Securities to high-quality development and its alignment with national strategies, highlighting its achievements and future goals in the evolving capital market landscape [1][2][7]. Group 1: Company Development and Achievements - Since its establishment in 1991, China Merchants Securities has evolved into a comprehensive leading brokerage firm, adhering to its core values of professionalism and national service [1]. - During the "14th Five-Year Plan" period, the company has seen steady improvements in development quality and operational efficiency, aligning its growth with national economic strategies [2]. - The company has successfully raised 43.1 billion yuan in equity financing for green and new energy-related enterprises since 2021, and has issued green bonds and asset-backed securities totaling 64 billion yuan [2]. Group 2: Financial Services and Innovations - In the field of inclusive finance, the company launched the "Lingyue Plan" to provide comprehensive financial services to early-stage technology enterprises, with a total investment of 2.6 billion yuan across 645 companies [3]. - The company has also obtained qualifications for personal pension fund sales, positioning itself favorably in the growing pension finance market [3]. - As part of its digital finance strategy, the company is advancing AI integration across its business models and service systems, aiming to transform into an AI-driven securities firm [5]. Group 3: Strategic Directions and Future Outlook - The company aims to enhance its role in supporting the development of new productive forces and technological self-reliance, focusing on hard technology and strategic emerging industries [7]. - It plans to optimize its product and service offerings to meet diverse investor needs, leveraging AI and big data to improve service efficiency and reduce transaction costs [8]. - The company is committed to internationalization, seeking to enhance its global competitiveness and financial influence by expanding its presence in international markets [9]. Group 4: Compliance and Cultural Foundations - The company emphasizes strict compliance and risk management as essential components of its high-quality development strategy, aiming to build a robust internal control system [12]. - It seeks to embed Chinese financial culture into its operations, promoting values that align with national interests and enhancing employee engagement and satisfaction [13]. - The company is dedicated to continuous reform and innovation, striving to build a first-class investment bank and contribute to the construction of a financial power [10][11].

Core Viewpoint - The company emphasizes its commitment to high-quality development and alignment with national strategies, aiming to leverage opportunities in the evolving securities industry landscape [1][4]. Group 1: Development and Performance - The company has achieved steady improvement in development quality and operational efficiency during the "14th Five-Year Plan" period, aligning with national policies and industry reforms [1][2]. - As of the end of 2024, the company's total assets reached 721.2 billion, a 44.31% increase from the end of 2020, while net assets grew by 23.08% to 130.3 billion [3]. Group 2: Strategic Focus Areas - The company integrates its development with national economic goals, focusing on key areas such as technology finance, green finance, and inclusive finance [2][3]. - In the technology finance sector, the company has established specialized departments and a strategic layout to enhance its competitive edge in critical areas like chips [2]. - The company has facilitated 43.1 billion in equity financing for "dual carbon" and new energy-related enterprises since 2021, and has underwritten green bonds and asset-backed securities totaling 64 billion [2]. Group 3: Innovation and Reform - The company is actively participating in the reform and opening-up of the capital market, enhancing its comprehensive strength and international competitiveness [6]. - It aims to innovate financial products and services to meet the unique needs of technology enterprises, focusing on early-stage investments and supporting strategic emerging industries [5][6]. Group 4: Future Outlook - The company anticipates unprecedented historical opportunities in the securities industry during the "15th Five-Year Plan" period, with a focus on high-quality development and alignment with national strategies [1][4]. - It plans to enhance its international presence, leveraging Hong Kong as a hub to expand into Southeast Asia and globally, thereby increasing its international financial influence [6]. Group 5: Compliance and Culture - The company is committed to strengthening compliance management and risk control as a foundation for high-quality development, ensuring a robust internal control system [9]. - It aims to embed Chinese financial culture into its operations, promoting a sense of social responsibility and enhancing public financial literacy [9].

Core Viewpoint - The article emphasizes the strategic opportunities for the securities industry in China, particularly focusing on the high-quality development path that companies like China Merchants Securities are pursuing in alignment with national economic goals and reforms [1][2]. Group 1: Company Development and Achievements - China Merchants Securities has evolved into a comprehensive leading brokerage firm since its establishment in 1991, adhering to its core values of professionalism and national service [1]. - The company has achieved steady improvements in development quality and operational efficiency during the "14th Five-Year Plan" period, integrating its growth with national economic strategies [3][6]. - As of the end of 2024, the total assets of the company reached 721.2 billion yuan, a 44.31% increase from the end of 2020, while net assets grew by 23.08% to 130.3 billion yuan [6]. Group 2: Strategic Focus Areas - The company is focusing on technology finance, establishing specialized departments to enhance its competitive edge in key sectors like semiconductors, and promoting a virtuous cycle between technology, industry, and finance [3]. - In the green finance sector, the company has developed a low-carbon strategic plan and has facilitated equity financing of 43.1 billion yuan for companies related to carbon neutrality and new energy since 2021 [3][4]. - The "Leaping Plan" was launched to provide comprehensive financial services to early-stage technology enterprises, with 645 companies registered and an investment of 2.6 billion yuan [4]. Group 3: Industry Trends and Future Directions - The securities industry is positioned to play a crucial role in supporting the development of new productive forces and enhancing technological self-reliance, which are core directions for high-quality development [7]. - The implementation of new policies is expected to optimize product service systems and deepen inclusive finance practices, leveraging technologies like AI and big data to enhance service efficiency [8]. - Internationalization is identified as a necessary path for high-quality development, with plans to expand into global markets, particularly in Southeast Asia, to enhance the industry's international competitiveness [9]. Group 4: Commitment to Compliance and Culture - The company is committed to strengthening compliance management and establishing a comprehensive risk management system to ensure robust operational integrity [12]. - Emphasizing the importance of a strong cultural foundation, the company aims to integrate Chinese financial culture into its operations, promoting values that align with national interests and societal well-being [13].

格隆汇1月19日｜招商证券研报指出，圣农发展通过成本优化及产品结构优化抵御鸡价低迷风险，盈利 表现优于行业。26年白鸡种禽端景气可期并有望传导至下游，看好公司全产业价值挖潜。圣农依托"种 源自给"+"全产业链一体化布局"构筑抵御行业周期波动的屏障，看好公司中长期发展前景，基于：1） 养殖：公司目前养殖产能已超过7 亿羽，屠宰量有望稳步增加，管理优化&成本改善带动羽均盈利持续 优化。2）食品：近年来深加工规模迅速增加，全渠道策略叠加公司过硬的产品力、优质的服务，为食 品业务成功打开增长空间；3）种禽端品种迭代持续推进，或有望贡献盈利增量并助力公司降本。结合 我们对于畜禽价格走势的最新判断以及贸易摩擦下饲料原料价格波动影响，预计公司2025~2027 年归属 净利润分别为13.98/15.19/19.69亿元，EPS分别为1.12/1.22/1.58元。维持"强烈推荐"投资评级。 ...