格隆汇3月20日｜信达证券研报指出，中国中免作为国内唯一经国务院授权在全国范围内开展免税业务 的专营企业，聚焦旅游零售主业，通过构建全渠道免税网络、全球化供应链体系、精细化会员运营三大 生态，持续为消费者创造价值。2025年上半年，公司实现营业收入281.51亿元，主营业务收入中线下收 入197.03亿元，线上收入78.28亿元，中免会员人数已突破4,500万。海南封关运作历史机遇，离岛免税 政策升级释放新动能；资产收购与股权绑定并举，构筑旅游零售新生态。公司积极探索"免税+有税""线 下+线上""进口+国产"的零售新场景，向"文商体旅康"多维度融合发展迈进。此外，国潮出海与海外拓 展并举，探索旅游零售新模式。暂不考虑公司增发H股影响，预计2025-2027年公司归母净利润分别为 36.18/49.91/59.74亿元，当前股价对应PE分别为41.5X/30.1X/25.1X，首次覆盖，给予"买入"评级。 ...

信达证券 恢复跟踪 中国中免 A股，评级买进。 ...

证券代码：601059 证券简称：信达证券 公告编号：2026-004 二、本次交易进展情况 公司于 2025 年 12 月 17 日召开第六届董事会第十九次会议，审议通过了《关 于<中国国际金融股份有限公司换股吸收合并东兴证券股份有限公司、信达证券 股份有限公司预案>及其摘要的议案》等与本次交易相关的议案，具体内容详见 公司刊登在上海证券交易所网站的相关公告。经向上海证券交易所申请，公司股 票于 2025 年 12 月 18 日（星期四）开市起复牌。 2026 年 1 月 16 日、2026 年 2 月 14 日，公司披露了《信达证券股份有限公 司关于重大资产重组的进展公告》（公告编号：2026-001、2026-003）。 自本次交易预案披露以来，公司及相关各方正在积极推进本次交易的相关工 作。截至本公告披露日，本次交易相关的审计等工作尚未完成，公司将在相关工 作完成后，再次召开董事会审议本次交易的相关议案，并按照相关法律法规的规 定履行后续有关程序及信息披露义务。 三、风险提示 本次交易方案尚需吸收合并各方董事会再次审议通过、各方股东会批准及有 信达证券股份有限公司 关于重大资产重组的进展公告 本公司董 ...

Group 1 - The core conclusion indicates that after the Spring Festival, the Shanghai Composite Index has shown a fluctuating upward trend, with a clear characteristic of "weak technology narrative, strong inflation narrative," resembling the "HALO trade" discussed overseas. The overall market direction remains optimistic, but short-term fluctuations are expected as the Two Sessions approach [2][10]. - Seasonal patterns around the Two Sessions may impact short-term market volatility. Historically, the Shanghai Composite Index has a 90% win rate in the two weeks leading up to the Two Sessions, but this decreases to about 50% during the sessions themselves [3][11]. - The uncertainty surrounding U.S. tariff policies may not constitute a core contradiction for the stock market in the short term, especially with the continuous appreciation of the RMB. The recent ruling by the U.S. Supreme Court regarding tariff measures has alleviated some pressure [3][14]. Group 2 - The next phase may see an evolution of economic and profit expectations, with March marking a transition from policy anticipation to implementation. Economic data is expected to show significant fluctuations, particularly in March and April, which could lead to market increases [3][18]. - Geopolitical conflicts, particularly between the U.S. and Iran, may continue to strengthen the inflation narrative based on energy security, creating structural opportunities in sectors such as gold, oil and gas, and military industries [3][19]. - The report highlights that previous bull markets in growth stocks were often accompanied by stronger ROE, and those that did not rely on profit realization tended to be short-lived [3][21]. Group 3 - The report suggests a strategic focus on sectors such as non-ferrous metals, military industry, and basic chemicals, which are expected to perform well due to favorable policies and themes. The oil and gas sector is also highlighted due to the geopolitical context and rising oil prices [3][24][25]. - The TMT sector is noted for its potential but carries profit concerns due to its "light asset" nature. The report emphasizes the importance of focusing on sectors with strong performance verification and moderate trading crowding [3][26]. - The financial sector is expected to benefit from a recovery in valuations, driven by the stabilization of the real estate market and regulatory support for long-term capital inflows [3][27].

Core Viewpoint - The extended Spring Festival holiday has stimulated travel demand, with total domestic travel expenditure reaching 803.48 billion yuan, averaging 89.3 billion yuan per day, a year-on-year increase of 5.5%, recovering to 122% of the level in the same period of 2019 [1][2]. Group 1: Travel Demand and Expenditure - During the 2026 Spring Festival holiday, there were 596 million domestic travelers, averaging 66 million per day, a year-on-year increase of 5.7%, recovering to 112% of the level in 2019 [2]. - The total domestic travel expenditure was 803.48 billion yuan, averaging 89.3 billion yuan per day, a year-on-year increase of 5.5%, recovering to 122% of the level in 2019 [2]. - The per capita consumption was 1,348 yuan, averaging 150 yuan per day, a year-on-year decrease of 11.3%, recovering to 84.7% of the level in 2019 [2]. Group 2: Scenic Spots Performance - Scenic spots experienced high visitor flow during the holiday, with many reaching maximum capacity for several days [3]. - Notable scenic spots such as Emei Mountain and the Three Gorges Dam showed strong performance, with significant year-on-year growth [3]. - The number of visitors to the projects under SanTe Cableway increased by 18.2% in the first eight days, while destinations under Xiangyuan Cultural Tourism saw a 31.3% increase [3]. Group 3: Duty-Free Sales - Duty-free sales in Hainan experienced double-digit growth, with Sanya outperforming Haikou [4]. - During the Spring Festival holiday, the duty-free shopping amount reached 2.72 billion yuan, averaging 303 million yuan per day, a year-on-year increase of 16.5% [4]. - Sanya's duty-free sales amounted to 1.96 billion yuan, averaging 218 million yuan per day, a year-on-year increase of 21% [4]. Group 4: Performance of Entertainment - The number of performances during the Spring Festival holiday remained stable or slightly increased [5]. - Songcheng Performance's "Romance of the Three Kingdoms" had 580 shows, increasing by 30 shows compared to the previous year [5]. - "The Long Song of Love" had a total of 32 shows during the holiday, an increase of 4 shows compared to the previous year [5]. Group 5: Outbound and Inbound Travel - The extended holiday combined with "leave-sharing" travel has stimulated outbound travel demand [6]. - During the Spring Festival holiday, the number of people entering and exiting the country reached 17.796 million, averaging 1.977 million per day, a year-on-year increase of 10.1% [6]. - The number of mainland residents traveling to Hong Kong and Macau increased by 11.7% and 7.2%, respectively [6]. Group 6: Inbound Travel - The visa-free policy has positively impacted inbound travel [7]. - During the Spring Festival holiday, the number of foreign visitors entering and exiting the country reached 1.313 million, averaging a daily increase of 21.8% [7]. - Among the inbound foreign visitors, 460,000 entered under the visa-free policy, with a daily increase of 28.5% [7].

Core Viewpoint - Cangzhou Pharmaceutical (00867) is rated "Buy" by Cinda Securities, with projected revenue growth from 8.216 billion yuan in 2025 to 12.028 billion yuan in 2027, and net profit growth from 1.615 billion yuan to 2.238 billion yuan during the same period, indicating a positive long-term growth outlook for the company [1] Group 1: Company Overview - Cangzhou Pharmaceutical, founded in 1992, has transformed from a drug agency to an innovative comprehensive pharmaceutical enterprise, leading in domestic specialized commercialization [2] - The company faced revenue declines in 2023-2024 due to national centralized procurement policies, but is expected to recover in 2025 as the negative impacts are largely absorbed [2] Group 2: Commercialization and Market Strategy - The company has a robust commercialization capability with a professional academic promotion team of approximately 4,700 members, covering over 50,000 hospitals and medical institutions in China [3] - Cangzhou has established a comprehensive R&D, registration, commercialization, and production layout in the Southeast Asian market, creating a sustainable second growth curve [3] Group 3: Business Segments - The company operates four main business segments: 1. Cardiovascular diseases, accounting for about 48% of revenue, with recovery from centralized procurement impacts and rapid growth of innovative products [4] 2. Digestive and autoimmune diseases, contributing approximately 30% of revenue, supported by exclusive products and new innovations [4] 3. Skin health, representing about 11% of revenue, with significant potential from newly approved products and plans for separate listing [4] 4. Ophthalmology, making up around 8% of revenue, with competitive product offerings including exclusive eye drops and new anti-VEGF drugs [4] Group 4: Innovation Pipeline - The company has nearly 40 innovative pipelines, with six innovative drugs already commercialized and several others in the NDA stage, indicating a fruitful innovation phase [5] - Key innovative products include treatments for acute ischemic stroke, chronic kidney disease anemia, rabies exposure, tetanus, Alzheimer's disease, and atopic dermatitis, with peak sales potential exceeding 10 billion yuan for core products [5]

Core Viewpoint - Cangzhou Pharmaceutical (00867) is rated "Buy" by Cinda Securities, with projected revenue growth from 2025 to 2027 at 10%, 20%, and 22% respectively, and net profit growth at 0%, 15%, and 21% respectively, indicating strong long-term growth potential for the company [1][2]. Group 1: Company Overview - Cangzhou Pharmaceutical, founded in 1992, has transformed from a drug agency to an innovative comprehensive pharmaceutical enterprise, positioning itself as a leading commercial player in the domestic market [2]. - The company faced revenue declines in 2023-2024 due to the impact of national centralized procurement policies, but is expected to recover in 2025 with stabilization in core businesses and rapid growth in emerging sectors [2]. Group 2: Commercialization and Market Strategy - The company boasts a robust commercialization capability with a professional team of approximately 4,700, covering over 50,000 hospitals and medical institutions in China, as well as around 300,000 retail pharmacies and major e-commerce platforms [3]. - Cangzhou has established a comprehensive R&D, registration, commercialization, and production layout in the Southeast Asian market, creating a sustainable second growth curve [3]. Group 3: Business Segments - The company operates four main business segments: 1. Cardiovascular diseases, accounting for about 48% of revenue, with recovery from procurement impacts and rapid growth of innovative products [4]. 2. Digestive and autoimmune diseases, contributing approximately 30% of revenue, supported by exclusive products and new innovations [4]. 3. Skin health, representing about 11% of revenue, with significant potential from newly approved products and plans for separate listing [4]. 4. Ophthalmology, making up around 8% of revenue, with competitive product offerings including exclusive eye drops and newly introduced anti-VEGF drugs [4]. Group 4: Innovation Pipeline - The company has developed nearly 40 innovative pipelines, entering a phase of significant results, with six innovative drugs already commercialized [5]. - Key products in the NDA stage include treatments for acute ischemic stroke, chronic kidney disease anemia, rabies exposure, tetanus, Alzheimer's disease, and atopic dermatitis, with peak sales potential exceeding 10 billion [5].

Group 1 - On February 24, Xinda Securities experienced a slight decline of 0.17%, with a trading volume of 189 million yuan. The margin trading data indicated a financing purchase amount of 16.60 million yuan and a net financing purchase of 6.90 million yuan for the day [1] - As of February 24, the total margin trading balance for Xinda Securities was 767 million yuan, which represents 1.33% of its market capitalization. This financing balance is below the 10th percentile level over the past year, indicating a low position [1] - The company’s main business segments include securities brokerage (40.14%), proprietary trading (36.49%), asset management (12.61%), other businesses (9.43%), and investment banking (1.32%) [1] Group 2 - As of September 30, Xinda Securities had 80,200 shareholders, a decrease of 3.86% from the previous period. The average number of circulating shares per person increased by 4.02% to 8,628 shares [2] - For the period from January to September 2025, Xinda Securities reported a revenue of 3.02 billion yuan, reflecting a year-on-year growth of 28.46%. The net profit attributable to shareholders was 1.35 billion yuan, marking a significant increase of 52.89% [2] - Since its A-share listing, Xinda Securities has distributed a total of 652 million yuan in dividends [3]

Group 1 - The core viewpoint of the report is that Harls (002615.SZ) is given a "buy" rating by Xinda Securities due to optimistic future prospects and expected inventory replenishment trends in 2026 [1] - The report emphasizes the recovery opportunities in the manufacturing of thermos cups, indicating a positive outlook for the company's operations [1] Group 2 - The report highlights potential risks including suboptimal supply chain cost optimization, lower than expected customer orders, unexpected fluctuations in the RMB exchange rate, and challenges in the development of proprietary brands [1]

Core Viewpoint - Cinda Securities reports that China Tobacco Hong Kong (06055) is designated as the exclusive operational entity for international business expansion and related trade by China Tobacco International Group, with potential for accelerated mergers and acquisitions of quality targets, indicating strong long-term growth momentum [1] Group 1: Company Announcement - The company announced that, according to the State Tobacco Monopoly Administration's new regulations effective January 1, 2026, China Tobacco International Co., Ltd. is the only enterprise with the state trading qualification to export cigarettes to the domestic duty-free market [1] Group 2: Impact of New Regulations - Following the new regulations, the company's cigarette export business suppliers will establish agency agreements with China Tobacco International, which will act as an agent to sign individual agreements with China Tobacco Hong Kong and the Industrial Company for exporting cigarettes to the domestic duty-free market [2] - The new policy is expected to optimize the overall business model for cigarette exports (to domestic duty-free areas), shortening the industry chain process, with China Tobacco Hong Kong as a core link, potentially enhancing gross profit margins after the regulations take effect in July [2] - The operational model for selling cigarettes to overseas duty-free markets will remain unaffected by the new regulations [2] Group 3: Financial Projections - Cinda Securities projects that the company's net profit attributable to shareholders will reach HKD 1.02 billion, 1.13 billion, and 1.33 billion for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 31.1X, 27.9X, and 23.7X [1]