华泰证券2026年度展望：内需有望延续稳健复苏态势 聚焦四大投资主线 华泰证券表示，2025年，新旧消费延续分化表现，"人货场"的变革与科技进步，正推动消费行业的快速 迭代创新与结构性成长机会，潮玩IP、美妆个护、现制饮品等新消费赛道涌现一批优秀龙头。展望2026 年，华泰证券认为促消费政策持续发力有望激发供需潜力，内需有望延续稳健复苏态势，行业延续景气 分化，龙头凭借领先与创新优势，以及整合能力实现持续成长。立足行业变革， 在今天的券商晨会上，中信建投指出，负荷高增速、新能源持续发展确定储能需求将继续高增；天风证 券表示，短期来看，水泥行业底部盈利支撑较强；华泰证券发布2026年度展望：内需有望延续稳健复苏 态势，聚焦四大投资主线。 中信建投：负荷高增速、新能源持续发展确定储能需求将继续高增 中信建投指出，储能投资积极性极为旺盛，蒙东、蒙西明年规划投资项目均较今年翻倍以上增长，同时 容量补偿政策具备持续性。同时负荷高增速、新能源持续发展确定储能需求将继续高增。目前电池等确 定为紧张环节，同时各锂电材料具备持续涨价潜力，看好正极、负极、电解液、隔膜，铜铝箔，以及 6F、VC等添加剂，看好电池、集成环节。AID ...

Core Viewpoint - The latest report from Tianfeng Securities indicates that the cement industry has strong support for bottom-line profitability in the short term, and its future development direction is becoming clearer [1] Short-term Analysis - The cement industry is currently entering a critical period of staggered production during the heating season, with over 85% of clinker lines in northern provinces in a shutdown state [2] - Various provinces have announced their shutdown plans for December, with the Yangtze River Delta region planning to shut down for 13 to 15 days, and Hunan province planning a complete shutdown for a month due to environmental pressures [2] - The increased efforts in staggered production have effectively reduced market supply, providing strong support for cement prices and establishing a solid foundation for bottom-line profitability in the industry [2] Related Companies - Conch Cement, as a leading company in the cement industry, has a large production scale and extensive sales network, allowing it to better control market supply and stabilize product prices during staggered production [3] - Huaxin Cement has made significant investments in technology research and environmental protection, enabling it to maintain a high market share and provide strong support for short-term profitability during staggered production [3] Long-term Outlook - The year 2025 is identified as a crucial turning point for the cement industry, with head enterprises beginning to address excess production capacity [4] - By November, a total of 52.5 million tons of capacity has been replaced, while 83.59 million tons of capacity has been exited, with policies in 2025 aimed at regulating production order in the industry [4] - The actual effects of excess production governance are expected to become evident in 2026, leading to a more equitable market competition and increased industry concentration [4] - Jidong Cement is highlighted as a company to watch, as it holds a significant market position in northern regions and is expected to optimize its capacity structure and improve production efficiency in response to policy changes [4] - Tapai Group, with a strong market share in southern China, focuses on technological innovation and green development, positioning itself to excel in future market competition [4] Summary - Tianfeng Securities' report outlines the short-term and long-term development trajectories of the cement industry, emphasizing the strong support for bottom-line profitability from staggered production and the new opportunities presented by the 2025 policy window and the expected effects of excess production governance in 2026 [5]

Core Viewpoint - The recent disappearance of Zhai Chenxi, known as the "Queen of the Bond Market," has raised concerns about the integrity of Tianfeng Securities and its connections to the "Contemporary System" in Hubei, as multiple high-profile figures in the financial sector have faced investigations within a short period [2][9]. Group 1: Zhai Chenxi's Background and Career - Zhai Chenxi, born in 1979, is a highly accomplished individual with a remarkable academic background, having entered Central South University with the highest score in her province [3]. - She became one of the first CFA holders in mainland China and made significant contributions to the National Development Bank, particularly during the 2008 financial crisis [3][4]. - Zhai joined Tianfeng Securities in 2014, where her leadership transformed the company's bond business, significantly increasing its issuance capabilities [4][5]. Group 2: Tianfeng Securities and the Contemporary System - Tianfeng Securities has been implicated in a financial web involving the Contemporary Group, which has faced severe debt issues exceeding 30 billion yuan since 2017 [7]. - The company has reportedly acted as a financial lifeline for the Contemporary Group, engaging in risky transactions and providing guarantees for bond purchases, leading to significant financial losses for investors [8][9]. - Following the acquisition by Hongtai Group, Tianfeng Securities is undergoing a restructuring process, including a potential name change to sever ties with its troubled past [9][10]. Group 3: Regulatory Implications and Future Outlook - The investigations into Zhai Chenxi and other financial leaders reflect a stringent regulatory environment aimed at curbing illegal activities in the capital market [10]. - The decline in assets under management at Xinhua Fund, which Zhai led, raises questions about the legitimacy of its previous performance and the potential for investor claims against Tianfeng Securities [9][10]. - The ongoing investigations and restructuring efforts signal a shift towards a more regulated financial landscape, emphasizing accountability and the need for financial institutions to focus on serving the real economy [10].

证券日报网讯 12月3日晚间，凯德石英发布公告称，天风证券委派许梦女士接替李统超先生担任公司持 续督导工作的保荐代表人，继续履行持续督导职责。 （文章来源：证券日报） ...

Core Viewpoint - Tianfeng Securities has shown a significant recovery in its business performance despite facing legal challenges, with notable increases in revenue and net profit in the third quarter of 2025 [2][3]. Financial Performance - In Q3 2025, Tianfeng Securities achieved operating revenue of 890 million yuan, a year-on-year increase of 43.94%, and a net profit attributable to shareholders of 122 million yuan, marking a return to profitability [2]. - For the first three quarters of 2025, the company reported total operating revenue of 2.112 billion yuan, up 57.53% year-on-year, and a net profit of 153 million yuan, also indicating a turnaround from losses [2]. - The increase in revenue is primarily attributed to higher net income from fees and commissions, as well as increased investment income [2][3]. Business Strategy and Development - Since the acquisition by Hubei Hongtai Group, Tianfeng Securities aims to achieve "six new" goals, focusing on governance, structural layout, operational mechanisms, corporate spirit, performance, and social image [2]. - The company has initiated a "second entrepreneurship" strategy this year, enhancing its investment banking capabilities and completing a bond underwriting scale of 87.1 billion yuan in the first three quarters, ranking 8th in corporate bond underwriting and 13th in overall bond underwriting [3]. - Tianfeng Securities is actively engaging with various cities to provide comprehensive services through a "six-in-one menu" approach, which includes industry planning, forums, fund establishment, and financing services [3]. Market Analysis - Analysts note that the improvement in market conditions and trading activity since 2025 has driven growth in brokerage and investment performance among listed securities firms [3]. - The valuation of the brokerage sector remains at historical lows, and with ongoing positive policy signals, the sector's investment value is becoming increasingly apparent [3].

Core Insights - Tianfeng Securities has shown a significant recovery in its business performance despite facing legal notifications, with a notable increase in revenue and profitability in Q3 2025 [1][2] Financial Performance - In Q3 2025, the company achieved an operating income of 890 million yuan, representing a year-on-year increase of 43.94% [1] - The net profit attributable to shareholders was 122 million yuan, marking a turnaround from losses [1] - For the first three quarters, total operating income reached 2.112 billion yuan, up 57.53% year-on-year, with a net profit of 153 million yuan, also a turnaround from losses [1] Revenue Drivers - The increase in operating income is primarily attributed to higher net income from fees and commissions, as well as increased investment income [1][2] - The net income from fees and commissions for the first three quarters was 1.670 billion yuan, a year-on-year growth of 19.92%, while investment income surged to 1.266 billion yuan, up 82.33% [2] Strategic Initiatives - Since the acquisition by Hubei Hongtai Group, Tianfeng Securities aims to establish a new governance structure and enhance its operational mechanisms, focusing on high-quality development [1] - The company is actively pursuing a "second entrepreneurship" strategy, enhancing its investment banking capabilities and aiming to become a leading investment bank [2] - Tianfeng Securities has completed a bond underwriting scale of 87.1 billion yuan in the first three quarters, ranking 8th in corporate bond underwriting and 13th in overall bond underwriting [2] Market Context - The overall market conditions and trading activity have improved since 2025, contributing to the growth in brokerage and investment performance among listed securities firms [2] - The valuation of the brokerage sector remains at historical lows, with ongoing positive policy signals enhancing the sector's investment appeal [2]

登录新浪财经APP 搜索【信披】查看更多考评等级 （来源：每财网） 天风证券被中国证监会立案调查，"当代系"非经营性资金占用事宜影响至今。 文/每日财报 张恒 在监管工作函中，上交所还询问天风证券2022年业绩亏损问题。当期，天风证券其他业务亏损17.29 亿元，较2021年同期亏损增加7.42亿元，其中负债融 资成本较2021年同期增加5.15亿元。 天风证券收到中国证监会下发的立案通知书。11月28日晚，天风证券披露公告显示，公司因涉嫌信息披露违法违规、违法提供融资，根据相关法律法规， 中国证监会决定对公司立案。 公告未提及具体违规事宜，但是市场消息普遍认为，此次立案跟2022年财报提及的原大股东"当代系"资金占用事项有关。2020年及2021年，当代集团及其 关联方非经营性占用天风证券的资金，合计超过20亿元。 2022年度，天风证券的业绩创上市以来最大亏损，净利润巨亏逾15亿元。其各大业务的收入全面出现下滑，其中自营业务收入骤降为亏损重要因素。 《每日财报》注意到，"当代系"退出后，宏泰集团入主天风证券，后者业绩增长得到一定程度恢复。今年前三季度，天风证券营收与净利润均大幅增长， 其中净利润同比翻倍。 ...

地方国资对上市公司控制权的收购热情高涨，成为资本市场关注的焦点。 近年来，湖北国资在A股市场上的"扫货"节奏持续加快。截至目前，湖北省国资委通过省属国企控股、 并购等方式实际控制的上市公司数量已达15家。 于11月28日晚公告变更实际控制人的超卓航科表示，公司当前股权结构及现有业务体量难以支撑行业快 速扩张的战略需求，交投资本是湖北交投集团全资子公司，产业资源优势明显，能够为公司未来投融 资、并购重组等事项提供强有力的专业和资金支持，能为公司的长远发展提供有力支撑。 湖北交投集团作为湖北省属大型国企，已控股两家上市公司楚天高速（600035.SZ）和微创光电 （920198.BJ）。控股超卓航科后，旗下上市公司达到3家。 第一财经梳理公开资料发现，湖北国资不仅深耕化工、能源、交通等传统优势领域，还重点布局半导 体、新能源、航空航天等新兴赛道。比如双环科技聚焦现代化工，楚天高速深耕高速公路运营，形成区 域产业"压舱石"。同时依托湖北磷矿等资源禀赋，推动凯龙股份从民爆向新能源材料转型，双环科技打 造"盐-碱-磷"协同产业链，实现传统产业的升级与延伸。 在战略性新兴产业方面，台基股份发力车规级IGBT芯片研发，奥特 ...

地方国资对上市公司控制权的收购热情高涨，成为资本市场关注的焦点。 近年来，湖北国资在A股市场上的"扫货"节奏持续加快。截至目前，湖北省国资委通过省属国企控股、 并购等方式实际控制的上市公司数量已达15家。 12月2日晚间，杭州上市公司君亭酒店（301073.SZ）公告称，湖北文旅以每股25.71元，总价款14.99亿 元受让公司股东吴启元、从波、施晨宁持有的公司5832万股股份，占公司股份总数的29.99%。交易完 成后，君亭酒店控股股东变更为湖北文旅，实际控制人变更为湖北省国资委。 湖北交投集团作为湖北省属大型国企，已控股两家上市公司楚天高速（600035.SZ）和微创光电 （920198.BJ）。控股超卓航科后，旗下上市公司达到3家。 第一财经梳理公开资料发现，湖北国资不仅深耕化工、能源、交通等传统优势领域，还重点布局半导 体、新能源、航空航天等新兴赛道。比如双环科技聚焦现代化工，楚天高速深耕高速公路运营，形成区 域产业"压舱石"。同时依托湖北磷矿等资源禀赋，推动凯龙股份从民爆向新能源材料转型，双环科技打 造"盐-碱-磷"协同产业链，实现传统产业的升级与延伸。 在战略性新兴产业方面，台基股份发力车规级IG ...

Core Insights - Tianfeng Securities reported a significant increase in revenue and net profit for Q3 2025, achieving an operating income of 890 million yuan, a year-on-year growth of 43.94%, and a net profit attributable to shareholders of 122 million yuan, marking a turnaround from losses [1] - For the first three quarters of 2025, the company recorded a total operating income of 2.112 billion yuan, up 57.53% year-on-year, and a net profit of 153 million yuan, also indicating a recovery from previous losses [1] - The increase in revenue is attributed to higher net income from fees and commissions, as well as increased investment income [1] Business Development - Tianfeng Securities has initiated a "second entrepreneurship" strategy this year, focusing on enhancing its investment banking services, with a total bond underwriting scale of 87.1 billion yuan in the first three quarters, ranking 8th in corporate bonds and 13th in company bonds [2] - The company is actively engaging with various cities to implement a comprehensive service model that includes industry planning, forums, fund establishment, and financing services [2] - The proprietary business team aims to become a profit center by optimizing asset allocation through in-depth research on macroeconomic conditions and market trends [2] Financial Performance - The net income from fees and commissions for the first three quarters reached 1.67 billion yuan, reflecting a year-on-year increase of 19.92%, while investment income surged to 1.266 billion yuan, up 82.33% [2] - Market analysts note that the improvement in market conditions and trading activity since 2025 has driven the overall performance growth of listed securities firms [2] - The valuation of the brokerage sector remains at historical lows, with ongoing positive policy signals enhancing the sector's investment appeal [2]