Group 1 - The A-share market saw a rise in brokerage stocks, with Huayin Securities increasing by 6% [1] - Huaxin Co. experienced a rise of over 2% [1] - Other brokerage firms such as Guosheng Securities, CITIC Securities, Industrial Securities, and China Merchants Securities also saw gains [1]

Core Viewpoint - Nepean Mining has terminated its investment in a Colombian mining project due to significant changes in equity transfer conditions, increased geopolitical risks, and the substantial impact on the company's future operations from the investment amount of approximately $14.59 million (about 1.02 billion RMB), which accounts for 56% of the company's net assets [1] Group 1: Company Overview - Nepean Mining was established on October 14, 2005, primarily engaged in the manufacturing of specialized equipment [3] - As of January 30, 2026, the number of shareholders in Nepean Mining has increased to 11,640, with an average holding value of 592,400 RMB and an average shareholding of 14,500 shares [3] Group 2: Investment Strategy - The company continues to implement a dual development strategy, focusing on strengthening its core business in mining wear parts while also seeking investment opportunities in mineral resources, prioritizing stable political regions such as Central Asia and Southeast Asia [2] - Current high prices for copper and gold are leading to increased capital expenditure willingness among downstream customers, which is expected to boost sales of the company's machinery and consumables [2] Group 3: Product Development and Global Expansion - Nepean Mining has introduced a second-generation forged liner to major overseas mining companies, a globally innovative product with no current competitors [2] - The company has been expanding its global footprint for five years, with a factory in Zambia expected to be operational by October 2024, a nearly completed facility in Chile, and a factory in Peru projected to be capable of production by 2027, aiming for a global production capacity of 3 billion RMB [2]

Core Viewpoint - The report from China Merchants Securities indicates that the performance of Huadian Co., Ltd. in Q4 2025 meets expectations, with a positive outlook on the company's potential for accelerated expansion in high-end capacity [1] Group 1: Company Performance - The company is expected to benefit from the rapid development of global general AI technology, which will drive an increase in computing power demand [1] - The strategic cooperation with leading clients in Europe and the United States, facilitated by the issuance of H shares, is anticipated to significantly enhance the proportion of high-value product shipments [1] - Revenue forecasts for 2025, 2026, and 2027 are projected at 18.95 billion, 26.52 billion, and 37.13 billion respectively, with corresponding net profits of 3.82 billion, 5.85 billion, and 8.52 billion [1] Group 2: Growth Potential - The company’s long-term growth logic is clear, aligning with the rapid development trend of AI computing power, which is expected to accelerate the expansion of high-end capacity both domestically and internationally [1] - The increasing proportion of high-end products is likely to open up upward growth potential for the company's performance [1] - Earnings per share (EPS) are projected to be 1.99, 3.04, and 4.43 yuan for the years 2025, 2026, and 2027, respectively, with current price-to-earnings (PE) ratios of 35.0, 22.9, and 15.7 times [1]

招商证券研报指出，深南电路发布25年业绩预增：归母净利31.5-33.4亿同比+68.0%～78.0%，扣非归母 净利29.9-31.7亿同比+72.0%～82.0%。Q4环降源于新产能爬坡、费用增加，静待H1业绩环比高增。全 年来看，公司充分把握AI算力升级、存储市场需求增长、汽车电动智能化三大增长机遇，通过强化市 场开发力度、提升市场竞争力，推动产品结构优化。同时，深入推进数字化转型与智能制造升级，提升 运营管理能力，助益公司营收规模和利润实现同比增长。看好公司在算力板及载板领域的产品技术及在 海外算力客户的积极拓展、卡位国内算力供应链体系主力角色，且积极扩充AI算力产能，南通四期、 泰国基地以及无锡新产能规划有望在26-27年逐步投产释放，打开中长线成长空间，维持"强烈推荐"投 资评级。 ...

招商证券国际发表研报指，新东方与好未来11月季度利润率大超预期，主要受益于稳健的营收增长、经 营杠杆释放以及审慎的成本控制，认为两大教培龙头的最新业绩再次印证了行业稳健增长趋势，由坚实 的需求、稳定的政策环境以及人工智能创新所驱动。该行将新东方美股目标价从为70美元升至至76美 元，好未来目标价从16.7美元升至17.3美元，维持"增持"评级。该行认为，新东方未来增长加速的关键 在于营运优化，包括提升教学质量、获取新生以改善留存与利用率，以及降低退费率。 ...

招商证券国际发表研报指，新东方与好未来11月季度利润率大超预期，主要受益于稳健的营收增长、经 营杠杆释放以及审慎的成本控制，认为两大教培龙头的最新业绩再次印证了行业稳健增长趋势，由坚实 的需求、稳定的政策环境以及人工智能创新所驱动。该行将新东方美股目标价从为70美元升至至76美 元，好未来目标价从16.7美元升至17.3美元，维持"增持"评级。该行认为，新东方未来增长加速的关键 在于营运优化，包括提升教学质量、获取新生以改善留存与利用率，以及降低退费率。 ...

Core Viewpoint - The performance of listed securities firms in the A-share market has shown steady growth, driven by a favorable equity market and increased trading activity, with all reported firms expecting profit increases for 2025 [1][6]. Group 1: Performance of Major Securities Firms - Three securities firms are expected to exceed 10 billion yuan in revenue for 2025: CITIC Securities, China Merchants Securities, and Everbright Securities [2]. - CITIC Securities reported a revenue of 74.83 billion yuan for 2025, a year-on-year increase of 28.75%, and a net profit attributable to shareholders of 30.05 billion yuan, up 38.46% [2]. - China Merchants Securities achieved a total revenue of 24.9 billion yuan and a net profit of 12.3 billion yuan for 2025, both showing growth [3]. - Everbright Securities reported a revenue of 10.863 billion yuan, a 13.18% increase, and a net profit of 3.729 billion yuan, up 21.92% [3]. - Guotai Junan is expected to achieve a net profit of 27.53 billion to 28.01 billion yuan, reflecting a year-on-year growth of 111% to 115% [3]. Group 2: Performance of Small and Medium-sized Securities Firms - Smaller securities firms are demonstrating significant growth resilience through differentiated development based on niche markets and regional advantages [4]. - Huaxi Securities anticipates a net profit of 1.27 billion to 1.65 billion yuan for 2025, representing a year-on-year increase of 74.46% to 126.66% [4]. - Xiangcai Securities expects a substantial net profit growth of 266.4% to 403.8% due to significant increases in wealth management and proprietary business [4]. - Guolian Minsheng is projected to achieve a net profit of 2.008 billion yuan, reflecting a growth of approximately 406% [4]. Group 3: Market Trends and Future Outlook - The overall market activity in 2025 is expected to significantly benefit securities firms, with a total trading volume in the Shanghai and Shenzhen markets reaching 413.78 trillion yuan, marking a historical high [7]. - The average daily trading volume has set a new record, and the margin trading balance reached 2.54 trillion yuan, a 36% year-on-year increase, indicating a recovery in investor confidence [7]. - Analysts remain optimistic about the securities sector's future performance, with expectations of continued growth driven by favorable policies and market conditions in 2026 [7].

Group 1 - The core point of the article is that Champion Technology Group (00092) has completed a placement agreement, successfully distributing approximately 113 million shares at a price of HKD 0.177 per share [1][1][1] - On February 3, shareholders of Champion Technology Group deposited stocks into China Merchants Securities Hong Kong, with a market value of HKD 23.9364 million, accounting for 11.47% [1][1][1] - The placement agreement conditions were fulfilled on January 28, 2026, and the placement was completed on February 3, 2026 [1][1][1]

Group 1 - The core point of the article is that Champion Technology Group (00092) has completed a placement agreement, with shareholders depositing stocks into China Merchants Securities Hong Kong, amounting to a market value of HKD 23.9364 million, representing 11.47% of the total [1] - On February 3, 2026, Champion Technology Group announced that the conditions of the placement agreement were met, and the placement was completed on the same day [1] - The placement agent successfully allocated approximately 113 million shares to no less than six subscribers, with each share priced at HKD 0.177 [1]

Core Viewpoint - The market is expected to experience volatility in February, with indices likely to perform better post-holiday compared to pre-holiday levels. The report emphasizes a preference for growth style investments, particularly in small-cap and growth sectors, as the market remains in a spring rally phase [1][2]. Market Style Outlook - Growth style is favored, with a convergence in performance between large-cap and small-cap stocks anticipated. The recommended indices include CSI 1000, ChiNext 50, CSI 300 Quality, and CSI 800 Information [2]. - Historical data from 2016-2025 indicates that small-cap and growth styles have a higher success rate in February. The late timing of the Spring Festival and the upcoming Two Sessions are expected to enhance the performance of small-cap stocks due to increased market risk appetite [2]. Fundamental Analysis - The manufacturing PMI for January recorded at 49.3, indicating a return to contraction territory, with both production and demand showing marginal declines. The ongoing structural issue of insufficient domestic demand remains, with policies aimed at expanding domestic consumption expected to be a primary focus [2]. - On the international front, expectations regarding the Federal Reserve's policies and a weaker dollar may lead to a temporary strengthening of the dollar, which could exert pressure on A-share cyclical styles. However, sectors benefiting from industrial trends, such as technology and AI, are likely to be less affected [2]. Liquidity and Capital Supply-Demand - February is projected to see continued net inflows of incremental capital, with foreign capital expected to continue flowing in before the holiday and financing likely to rebound afterward. The central bank's measures to counteract liquidity tightening from government bond issuances in January are expected to maintain a stable and ample liquidity environment in February [3][4]. - The stock market experienced a net outflow of tracked capital in January, with financing becoming the main source of incremental capital. The demand side shows an increase in net reductions by major shareholders, while IPO and refinancing scales have decreased, keeping overall funding demand stable [4]. Market Sentiment and Capital Preferences - In January, the risk premium for the entire A-share market fluctuated, with major indices experiencing initial gains followed by volatility. The technology sector remained the dominant style, with significant trading activity in small-cap growth and STAR 50 indices, while large-cap growth styles saw lower trading concentration [4].