Core Insights - The Chinese capital market is transitioning from scale expansion to quality enhancement, with the "financial power" goal and new "National Nine Articles" providing direction for high-quality development in the industry [1] - Investor wealth management needs have evolved from traditional short-term returns to a focus on deep industry analysis and long-term value, emphasizing risk-controlled certainty and comprehensive service [1] - China Merchants Securities is launching the "Investing in China - Entering Listed Companies" service brand in 2025 to address information barriers through in-depth industry research, embodying the "buy-side advisory" concept and serving the real economy [1] Group 1 - The service brand will conduct nine in-depth industry research events to help investors understand the real pulse of Chinese industries based on data logic [1] - The focus areas include semiconductor sensors, pharmaceutical CDMO services, green energy in photovoltaics, AI, healthcare, optical communication, rare earth permanent magnets, and new materials [1] - The initiative aims to provide investors with insights into "Chinese manufacturing" and deliver investment guidance that combines depth and foresight [1] Group 2 - The series of activities features "on-site visits + industry decoding" to create a direct communication bridge between investors and quality listed companies [3] - Activities include senior analysts leading tours, in-depth dialogues with company executives, and on-site exploration of production operations, meeting clients' needs for industry insights [3] - This approach enhances the professional depth of client services and conveys the warmth of wealth management [3] Group 3 - The nine industry visits serve as an upgrade in investment understanding and an expansion of industry perspectives for investors [5] - Investors reported that engaging with production lines and management teams transformed their understanding from financial data to a comprehensive grasp of industry logic and application scenarios [5] - This experience strengthens their recognition of the value and structure of the industry chain, turning abstract trends into concrete frameworks [5] Group 4 - Each visit allows investors to combine data support with on-site insights, deepening their understanding of corporate long-term value and responsibility [9] - The initiative exemplifies the mission of connecting capital with real value and aligns with the brand's commitment to customer value and serving the real economy [9] - The "Investing in China - Entering Listed Companies" initiative will continue to develop in the coming year, enhancing wealth and high-net-worth client services while supporting the high-quality development of the real economy [9]

Group 1 - The core viewpoint of the report is that Mingming Hen Mang (01768) is given a "strong buy" rating, with projected adjusted net profits of 2.52 billion, 3.39 billion, and 4.37 billion RMB for the years 2025 to 2027 respectively [1] - Mingming Hen Mang is identified as a leading player in the domestic bulk snack market, with brands including "Snack Hen Mang" and "Zhao Yiming Snacks" [1] - As of November 30, 2025, the company is expected to have approximately 21,000 stores, with GMV, revenue, and adjusted net profit for the first three quarters of the previous year reaching 66.1 billion, 46.4 billion, and 1.81 billion RMB, reflecting growth rates of 73%, 75%, and 241% respectively [1] Group 2 - The report indicates that the efficiency of the bulk snack channel is significantly ahead, and the company is expected to continue increasing its penetration rate while maintaining a rapid store opening pace [1] - The industry is witnessing a rapid concentration of market share towards leading companies, with the company having a high-quality team and leading capabilities in supply chain, warehousing, distribution, and branding [1] - Under the scale effect of the industry, it is anticipated that strong players will continue to thrive, leading to further market share gains and gradual profit release for the company [1]

Core Viewpoint - The report from China Merchants Securities gives a "strong buy" rating for Mingming Busy (01768), projecting adjusted net profits of 2.52 billion, 3.39 billion, and 4.37 billion RMB for the years 2025 to 2027 [1] Group 1: Company Overview - Mingming Busy is a leading player in the domestic snack retail sector, operating two major brands: Snack Busy and Zhao Yiming Snacks [1] - As of November 30, 2025, the company is expected to have approximately 21,000 stores [1] Group 2: Financial Performance - In the first three quarters of the previous year, the company's GMV, revenue, and adjusted net profit reached 66.1 billion, 46.4 billion, and 1.81 billion RMB, reflecting growth rates of 73%, 75%, and 241% respectively [1] Group 3: Industry Position and Outlook - The efficiency of the snack retail channel is significantly ahead of competitors, with expectations for continued penetration and rapid store openings [1] - The industry is witnessing a concentration of market share towards leading companies, with Mingming Busy expected to enhance its market share and gradually release profits due to its superior team and supply chain capabilities [1]

Core Viewpoint - Chinese brokerage stocks have generally risen, with several firms reporting positive earnings forecasts, indicating a strong performance outlook for the sector [1] Group 1: Stock Performance - As of the report, China Galaxy (601881) increased by 4.49% to HKD 10.94, Everbright Securities (601788) rose by 3.4% to HKD 9.13, China Merchants Securities (600999) gained 3.41% to HKD 15.15, and CITIC Securities (600030) went up by 3.1% to HKD 29.9 [1] Group 2: Earnings Forecast - Data shows that as of January 28, 21 brokerage firms that have disclosed earnings forecasts or preliminary reports expect a total net profit of CNY 107.58 billion, representing a year-on-year increase of nearly 60% [1] - Shenwan Hongyuan believes that the active trading environment and the recovery of investment banking and public asset management businesses confirm the high growth trend in brokerage earnings for 2025 [1] Group 3: Future Opportunities - By 2026, wealth management and international business are expected to provide opportunities for brokerages, while mergers and acquisitions will optimize competitive behavior and improve resource allocation efficiency [1] - Demand for derivative products is anticipated to unlock the leverage ceiling for brokerages [1]

钨是数控刀具核心原材料，2025年以来，钨精矿价格持续走高，对刀具公司的影响有明显分化，头部企 业凭借调价、库存等优势实现业绩增长，而中小公司则面临成本压力甚至减产停工。头部企业资金实力 更雄厚，提前储备了原材料库存，钨价上涨带来的顺价存在时滞性，这些低价库存让企业在成本端形成 明显优势，其利润空间会随着产品提价进一步扩大。 智通财经APP获悉，招商证券发布研报称，2025年以来，钨精矿价格持续走高，中小公司则面临成本压 力甚至减产停工，日韩企业普遍缺乏钨资源供应保障，而国产头部企业凭借调价、库存等优势实现业绩 增长，后续需求或将集中转向仍有强大接单和供货能力的国内头部企业。刀具行业过去格局分散，价格 竞争激烈，在钨价影响下，正迎来格局重塑的历史性机遇，重点推荐关注。 招商证券主要观点如下： 刀具是机加工耗材，随着制造业发展，需求端平稳增长 QY Research数据显示，2024年全球切削刀具市场销售额达到了286.5亿美元，预计2027年市场规模将为 338.5亿美元。根据观研天下整理的数据，我国刀具行业市场规模从2019年的393亿元增长至2023年的 538亿元。 钨价持续上涨，提前备库+顺价形成利润 ...

（责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 招商证券发表研报，首予鸣鸣很忙"强烈推荐"评级。该行指，鸣鸣很忙为国内量贩零食龙头，公司 旗下包含零食很忙及赵一鸣零食两大品牌。截至2025年11月30日，公司总门店数约2.1万间，去年首三 季GMV、收入及经调整净利润分别达661亿、464亿及18.1亿元，增长73%、75%及241%。该行认为， 量贩零食渠道效率大幅领先，预计公司将持续提升渗透率并保持快速开店节奏。目前行业份额加速向龙 头集中，公司的团队优质，供应链、仓配、拓展、品牌等多方面均领先，行业规模效应下预计强者恒 强，公司份额进一步提升，利润逐步释放。 ...

Core Viewpoint - The report from China Merchants Securities initiates coverage on Mingming Hen Mang (01768) with a "strong buy" rating, highlighting the company's leading position in the snack retail sector and projecting continued industry growth, with expected adjusted net profits of 2.52 billion, 3.39 billion, and 4.37 billion for 2025, 2026, and 2027 respectively [1] Group 1: Company Overview - The company is a leader in the domestic snack retail market, operating two major brands: "Hen Mang" and "Zhao Yiming Snacks," with the former founded in 2017 and rebranded as Mingming Hen Mang Group in 2023 [2] - The ownership structure is stable, with the two founders holding approximately 36% and 29% of shares, while other investors hold smaller stakes [2] - As of November 30, 2025, the company has 21,041 stores, with a GMV of 66.1 billion (+73%) and revenue of 46.4 billion (+75%) for the first three quarters of 2025, alongside an adjusted net profit of 1.81 billion (+241%) [2] Group 2: Industry Dynamics - The leisure food and beverage industry is valued at approximately 4 trillion, with the broader snack category around 1.8 trillion; traditional retail channels are declining while efficient snack retail channels are gaining market share [3] - The snack retail market is projected to reach 129.7 billion by 2024, with a CAGR of 77.9% from 2019 to 2024; the company has significant growth potential with an estimated long-term opening space of 80,000 to 100,000 stores [3] - Currently, Mingming Hen Mang holds about 43% market share, while its closest competitor, Wancheng, has around 32%, indicating a strengthening competitive landscape [3] Group 3: Competitive Advantages - The company excels in supply chain management with a diverse product range, precise selection, rapid SKU iteration, and strict quality control, partnering with quality suppliers for direct supply and customization [4] - The company leads in store expansion and opening speed, supported by a professional site selection, operation, and training team that enhances franchisee performance [4] - Operationally, the company demonstrates strong capabilities in refined management, with strict implementation of standards and high-quality store operations, alongside significant investment in brand building across online and offline channels [4]

Core Viewpoint - The company, Mingming Hen Mang (01768), is rated as "strongly recommended" by China Merchants Securities, highlighting its leading position in the bulk snack industry and expected profit growth due to its efficient supply chain and brand strength [1][2]. Group 1: Company Overview - The company operates two major brands: "Snacks Are Busy" and "Zhao Yiming Snacks," with a stable ownership structure where the founders hold approximately 36% and 29% of shares, respectively [2]. - As of November 30, 2025, the company has 21,041 stores, with a GMV of 66.1 billion (+73%) and revenue of 46.4 billion (+75%) for Q1-Q3 [2]. Group 2: Industry Dynamics - The leisure food and beverage industry is valued at approximately 4 trillion, with the bulk snack segment around 1.8 trillion; traditional retail channels are declining while bulk snacks are gaining market share [3]. - The bulk snack market is projected to reach 129.7 billion by 2024, with a CAGR of 77.9% from 2019 to 2024 [3]. Group 3: Competitive Advantages - The company excels in supply chain management with a diverse product range, rapid SKU iteration, and strict quality control, supported by partnerships with quality suppliers [4]. - The company leads in store expansion and operational efficiency, with a strong focus on site selection, training, and brand building, enhancing the quality of new store openings [4].

2022年8月11日，公司以每10股转增3股并税前派息2元，除权除息日2022年8月17日，股权登记日 202年8月16日。 正和生态此前已连亏3年。2024年，该公司实现营业收入3.56亿元，同比增长118.00%；实现归属于 上市公司股东的净利润-1.68亿元，上年为-4.32亿元；实现归属于上市公司股东的扣除非经常性损益的 净利润-1.68亿元，上年为-4.32亿元；经营活动产生的现金流量净额为1.54亿元，同比增长120.42%。 中国经济网北京1月29日讯 正和生态(605069.SH)近日披露2025年年度业绩预告。 经财务部门初步测算，预计2025年年度实现归属于母公司所有者的净利润为-14,000万元到-12,000 万元；预计2025年年度实现归属于母公司所有者的扣除非经常性损益后的净利润为-14,000万元 到-12,000万元；预计2025年年度扣除与主营业务无关的业务收入和不具备商业实质的收入后的营业收 入为35,000万元到40,000万元。 正和生态2021年8月16日在上交所主板上市，公开发行股票总数为4071.11万股，发行价格为15.13 元/股，保荐机构为招商证券股份有限公 ...

Core Viewpoint - The report from China Merchants Securities initiates coverage on Leshu Shi (02698) with a "strong buy" investment rating, highlighting the company's robust growth and profitability driven by localized production and distribution in emerging markets, particularly Africa [1] Group 1: Company Overview - The company is a leading cross-border hygiene product platform focused on emerging markets, primarily selling baby diapers and sanitary napkins, with the highest sales in Africa [1] - The founders maintain concentrated control, and the core management team possesses extensive experience in emerging markets and fast-moving consumer goods [1] - The company has transitioned from a trading model to localized supply, manufacturing, and deep distribution, establishing a competitive advantage in production, supply, and sales [1] Group 2: Financial Performance - The company has demonstrated stable high revenue growth, with projected revenues of $320 million, $411 million, and $454 million for 2022-2024, reflecting year-on-year growth rates of 28.59% and 10.46% [2] - Adjusted net profit is expected to rise significantly, with growth rates of 251.71% and 51.00% for 2023 and 2024, respectively [2] - The product structure is centered on baby diapers, which accounted for 71.8% of revenue in early 2025, while sanitary napkins and training pants are also growing [2] Group 3: Profitability Metrics - The company's gross margin is projected to increase from 23.0% in 2022 to 35.2% in 2024, driven by lower raw material costs and a higher proportion of higher-margin products [3] - The net profit margin is also on the rise, reaching 20.15% in early 2025, attributed to improved gross margins, optimized expense ratios, and reduced foreign exchange losses [3] Group 4: Market Expansion and Competitive Advantage - The company is positioned to benefit from the expansion of emerging markets, driven by high birth rates and low penetration rates in hygiene products, particularly in Africa, where the market is expected to grow at a CAGR of approximately 8% from 2025 to 2028 [4] - The competitive advantage lies in deep localization, with the company establishing a comprehensive production, supply, and sales system that covers 80% of the local population through 51 production lines across eight countries [4] - The company has achieved leading sales in baby diapers and sanitary napkins in Africa, supported by a cost-effective product strategy and extensive distribution networks [4]