Core Viewpoint - Eurotech announced a successful investor meeting with 53 institutions, showcasing strong revenue growth and strategic plans for future expansion in the data center power supply sector [1][2]. Group 1: Financial Performance - For the first three quarters of 2025, Eurotech achieved a revenue of 3.387 billion yuan, representing a year-on-year growth of 27.16% [1]. - The third quarter revenue reached 1.267 billion yuan, showing a year-on-year increase of 19% and a quarter-on-quarter growth of 2.81% [1]. - The net profit attributable to shareholders for the first three quarters was 222 million yuan, up 41.53% year-on-year, with a net profit margin of 6.54%, an increase of 0.66 percentage points [1]. - After excluding the impact of stock incentives and convertible bond expenses, the operating net profit was 257 million yuan, reflecting a year-on-year increase of 57.63% [1]. Group 2: Product and Market Strategy - Eurotech offers a diverse range of products in the data center power supply sector, including power supplies below 800W, between 800-2,000W, and above 2,000W [2]. - The company has launched key products such as the 3,200W titanium M-CRPS server power supply and the 1,300W-3,600W titanium CRPS server power supply, serving major domestic server manufacturers [2]. - Eurotech is actively expanding its overseas business, establishing teams in Taiwan and the United States to engage with various international clients [2]. - The company aims to focus on core competencies through technological innovation, targeting high power, high efficiency, and advanced semiconductor applications [2]. Group 3: Shareholder Information - As of September 30, 2025, Eurotech had 21,551 shareholders, an increase of 4,376 from the previous count, with an average holding value of 1.1266 million yuan per shareholder [3]. - The top shareholder is the investment fund managed by China Merchants Bank, which emphasizes value-driven and long-term investment strategies [3].

证券代码：601162 证券简称：天风证券 公告编号：2026-001号 天风证券股份有限公司（以下简称"公司"）第四届董事会第五十九次会议 于2025年12月26日向全体董事发出书面通知，于2025年12月31日以通讯方式完成 表决并形成会议决议，会议应参与表决董事12名，实际参与表决董事12名。会议 的召集、召开符合《中华人民共和国公司法》等有关法律法规及《公司章程》的 规定。本次会议审议并通过以下议案： 一、审议通过《关于修订<公司制度管理办法>的议案》 本议案提交董事会前已经公司董事会风险与合规管理委员会审议通过。 表决结果：赞成【12】人；反对【0】人；弃权【0】人。 二、审议通过《关于修订<公司及工作人员廉洁从业管理规定>的议案》 本议案提交董事会前已经公司董事会风险与合规管理委员会审议通过。 表决结果：赞成【12】人；反对【0】人；弃权【0】人。 三、审议通过《关于修订<公司全面风险管理基本规定>的议案》 本议案提交董事会前已经公司董事会风险与合规管理委员会审议通过。 表决结果：赞成【12】人；反对【0】人；弃权【0】人。 四、审议通过《关于修订<公司融资融券业务管理规定>的议案》 表决结果：赞 ...

Group 1 - Tianfeng Securities experienced a decline of 1.19% on December 31, with a stock price of 4.16 yuan per share, a trading volume of 472 million yuan, a turnover rate of 1.31%, and a total market capitalization of 41.908 billion yuan [1] - The company, established on March 29, 2000, and listed on October 19, 2018, is based in Wuhan, Hubei Province, and its main business activities include securities brokerage, investment consulting, financial advisory related to securities transactions, fund distribution, underwriting and sponsorship, proprietary trading, asset management, margin financing, and selling financial products [1] - The revenue composition of Tianfeng Securities is as follows: securities brokerage accounts for 55.47%, proprietary trading for 40.06%, investment banking for 34.81%, and asset management for 14.23% [1] Group 2 - One fund under Dongfang Fund holds a significant position in Tianfeng Securities, specifically the Dongfang Regional Development Mixed Fund (001614), which held 1.3709 million shares in the third quarter, representing 4.66% of the fund's net value, making it the tenth largest holding [2] - The Dongfang Regional Development Mixed Fund (001614) was established on September 7, 2016, with a current size of 156 million yuan, and has reported a year-to-date return of 12.93%, ranking 5376 out of 8085 in its category; over the past year, it achieved a return of 7.82%, ranking 6044 out of 8085; since inception, it has returned 41.17% [2]

｜2025年12月31日星期三｜ NO.1国金证券：白银具备阶段性更高的弹性 12月31日，华西证券（002926）指出，短期贵金属高波动或将持续。其中白银、铂金及钯金受限于流动 性与市场容量，面临的调整幅度可能较大，而黄金与有色金属虽受情绪共振波及，但预计跌幅相对可 控，并有望率先企稳。鉴于此，短期策略以防御为宜，待短期情绪宣泄完毕、市场企稳。 NO.3天风证券：铜价上涨，家电行业材料替代并非一蹴而就 12月31日，天风证券（601162）指出，2025年以来，铜价受海外政策驱动和供需错配等因素影响，涨幅 显著，但从历史经验来看，白电由于其良好的竞争格局，叠加家电龙头通过涨价、推新等方式实现成本 压力传导，盈利能力得以快速修复。我们认为短期保持观察，材料替代并非一蹴而就，长期建议关 注"铝代铜"在政策和成本催化下的实际落地情况。 12月31日，国金证券指出，展望2026，当市场对"AI未知"这一定价逻辑尚未改变时，缺乏秩序仍是黄金 的有利环境。当AI泡沫与黄金构成"哑铃"，黄金作为AI持仓的保险已实现了高光时刻的价值。白银作为 既有"类黄金"属性又与AI电力相关的叙事资产，具备阶段性更高的弹性。但一旦AI叙 ...

Core Viewpoint - Copper prices are expected to rise significantly due to overseas policy influences and supply-demand mismatches starting from 2025, while the white goods sector is likely to recover quickly in profitability due to a favorable competitive landscape and price adjustments by leading appliance manufacturers [1] Group 1: Copper Market - Copper prices are projected to increase significantly from 2025 due to external policy drivers and supply-demand imbalances [1] - Historical trends indicate that the white goods sector has a strong competitive structure that allows for rapid recovery in profitability [1] Group 2: White Goods Sector - Leading appliance manufacturers are effectively passing on cost pressures through price increases and new product launches [1] - The sector's ability to recover profitability quickly is attributed to its competitive advantages [1] Group 3: Long-term Considerations - Short-term observation is recommended as material substitution is not an immediate process [1] - Long-term focus should be on the practical implementation of "aluminum replacing copper" under the influence of policies and cost catalysts [1]

Core Viewpoint - Copper prices are expected to rise significantly from 2025 onwards due to overseas policy influences and supply-demand mismatches, while the white goods sector is likely to see a quick recovery in profitability due to a favorable competitive landscape and price adjustments by leading appliance manufacturers [1] Group 1: Copper Market - Copper prices are anticipated to increase significantly starting in 2025, driven by overseas policies and supply-demand imbalances [1] - Historical trends indicate that the white goods sector has a strong competitive structure, which aids in rapid profitability recovery [1] Group 2: White Goods Sector - Leading appliance manufacturers are implementing price increases and introducing new products to pass on cost pressures, contributing to the swift recovery of profitability in the white goods sector [1] - The transition to material substitution, specifically "aluminum replacing copper," is not expected to happen overnight, indicating a need for ongoing observation [1]

Core Viewpoint - The termination of the "Joint Action Agreement" between Hubei Hongtai Group and Wuhan State-owned Capital Investment Operation Group does not affect the shareholding stability and governance structure of Tianfeng Securities, as Hubei Hongtai Group has increased its stake to 28.33% [1][2][6]. Group 1: Shareholding Changes - Hubei Hongtai Group's stake in Tianfeng Securities has increased to 28.33% as of 2024, surpassing both its previous holding and the combined holding with Wuhan State-owned Capital [2][9]. - The "Joint Action Agreement" initially allowed Hubei Hongtai Group and Wuhan State-owned Capital to collectively hold 22.62% of Tianfeng Securities, ending the situation of no controlling shareholder [6][10]. - Following the termination of the agreement, the shareholding rights of the related shareholders will no longer be combined, but their individual shareholdings remain unchanged [6][8]. Group 2: Financial Performance and Liquidity Issues - As of the end of Q3 2025, Tianfeng Securities' net stable funding ratio was 106.78%, falling below the regulatory warning line of 120%, raising concerns about liquidity [2][12]. - To address liquidity challenges, Tianfeng Securities has implemented several measures, including extending a 40 billion yuan subordinated debt and reducing its interest rate from 5% to 4% [12][10]. - The company has also issued three short-term financing bonds totaling 70 billion yuan to enhance its financing capabilities [14]. Group 3: Corporate Governance and Strategic Development - Since Hubei Hongtai Group took effective control of Tianfeng Securities in February 2023, the company has undergone systematic reforms aimed at establishing a modern corporate governance structure [15]. - In the first nine months of 2025, Tianfeng Securities reported a revenue of 21.12 billion yuan, a year-on-year increase of 57.53%, and achieved a net profit of 1.53 billion yuan, marking a turnaround from losses [15]. - Tianfeng Securities is focusing on high-quality development and has signed cooperation agreements with 22 local banking institutions to optimize its financial capital layout [16].

此前，双方合计持股比例为35.89%。本次权益变动后，武汉国有资本投资运营集团有限公司持有天风证券 股份数量不变，仍为7.61亿股，占公司总股本比例7.55%。宏泰集团持股比例仍为28.33%不变。 北京商报讯（记者 李海媛）12月29日，天风证券公告称，公司控股股东湖北宏泰集团有限公司（以下简 称"宏泰集团"）与一致行动人武汉国有资本投资运营集团有限公司（曾用名：武汉商贸集团有限公司）签署 的《一致行动协议》到期自动终止，导致其在公司拥有的权益不再合并计算，相关股东各自实际持股数量 及持股比例未发生变化，不涉及要约收购。本次权益变动不会导致公司控股股东、实际控制人发生变化。 ...

天风证券股份有限公司 简式权益变动报告书 上市公司名称：天风证券股份有限公司 信息披露义务人：武汉国有资本投资运营集团有限公司 住所/通讯地点：武汉市江汉区唐家墩路 32 号国创大厦 B 座 5-9 层 权益变动性质：不涉及持股数量变化，因一致行动协议到期自动终止，股份数 量不再合并计算 签署日期：二〇二五年十二月二十六日 — 1 — 股票上市地点：上海证券交易所 股票简称：天风证券 股票代码：601162 信息披露义务人声明 一、信息披露义务人依据《公司法》《证券法》《上市公司收购管理办法》 《公开发行证券的公司信息披露内容与格式准则第 15 号——权益变动报告书》 等相关的法律、法规编写本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人内部规则中的任何条款，或与之相冲突。 三、依据《证券法》《上市公司收购管理办法》的规定，本报告书已全面披 露了信息披露义务人在天风证券股份有限公司拥有权益的股份变动情况。 四、截至本报告书签署日，除本报告书披露的信息外，上述信息披露义务人 没有通过任何其他方式增加或减少在天风证券股份有限公司拥有权益的股份。 五、本次权益变动是根 ...

证券代码：601162 证券简称：天风证券 公告编号：2025-077号 天风证券股份有限公司 关于控股股东与一致行动人一致行动协议到期自动 终止暨权益变动的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次权益变动系天风证券股份有限公司（以下简称"公司"）控股股东 湖北宏泰集团有限公司（以下简称"宏泰集团"）与一致行动人武汉国 有资本投资运营集团有限公司（曾用名：武汉商贸集团有限公司）签署 的《一致行动协议》到期自动终止，导致其在公司拥有的权益不再合并 计算，相关股东各自实际持股数量及持股比例未发生变化，不涉及要约 收购。 本次权益变动不会导致公司控股股东、实际控制人发生变化。 三、《一致行动协议》到期前后各方持有公司股份情况 《一致行动协议》到期自动终止后，相关股东在公司拥有的权益不再合并 计算，各方直接持有公司股份数量和持股比例均未发生变化。本次权益变动不 会导致公司控股股东、实际控制人发生变化，亦不涉及要约收购。 一、一致行动关系变动基本情况 （一）《一致行动协议》签署及履行情况 2022 ...