随着1月收官，上市券商年报预告披露的首个高峰期结束。得益于A股过去一年的震荡上行，券商经纪 及自营业务显著增长，进而带动整体业绩回暖。 Wind统计显示，截至1月底，中信证券（600030.SH）等5家上市券商已披露2025年业绩快报，另有17家 披露了当期业绩预告，合计占到上市券商总数的五成左右。整体来看，上述22家券商业绩集体报喜，8 家去年的归母净利润增幅预计超七成。 从目前的排名来看，"一哥"中信证券继续霸榜，2025年实现营收748.3亿元、归母净利润300.51亿元，同 比双双增长。除此之外，实现逾百亿净利的券商还有2家，国泰海通（601211.SH）预计去年归母净利润 275.33亿元至280.06亿元，同期，招商证券（600999.SH）预计实现归母净利润123亿元。此外，天风证 券（601162.SH）去年有望扭亏，预计实现归母净利润1.25亿元至1.85亿元。 二级市场上，伴随A股震荡调整，即便有业绩利好的提振，证券板块近期表现仍较为平淡。但在业内看 来，板块短期调整并非意味着行情终结。"券商行情不会缺席，逢低左侧布局窗口已经渐行渐近。"中信 建投非银及金融科技首席分析师赵然称。 3家券商 ...

过去两年春节假期延长，2026年再延将保障探亲出游继续两旺 2024年春节假期调休8天，较2023年延长1天，并鼓励从除夕休息。从2025年开始，春节法定节假日增加 1天，并优化调休原则，明确从除夕开始放假8天;同时，2025年春节假期前后拼假效应显著。过去两年 春节假期延长，有效助力探亲出游两旺，春运客流屡创新高，且节中成规模二次出行填补传统低谷。据 交通运输部，2025年春运40天(1/14-2/22)全社会跨区域人员流动量超90亿人次，同比增长7%，再创历史 新高。其中，节前(前14天)由于春节较早而客流叠加集中;节中(8天)受益假期延长而二次出行旺盛，高 基数致票价同比下降;节后(后18天)返程客流分散且后移。2026年春节假期将调休9天，再度延长将保障 探亲出游需求继续旺盛。 2026年春运预期 国泰海通发布研报称，中国航空业将迎"超级周期"，建议布局航空长逻辑。"十四五"票价实现市场化， 航空供给进入低增时代，未来需求增长与客源结构恢复将驱动2026年开启票价与盈利上行，且高景气可 持续，中国航空业将迎来期待多年的"超级周期"。重点提示，长逻辑演绎将提供业绩估值双重空间，基 本面持续正反馈与旺季表 ...

公告称，2025年，国内资本市场活跃度与景气度上行，公司积极把握市场机遇，充分发挥合并后的品牌 优势、规模效应和互补效应，优化升级零售、机构、企业三大客户服务体系，以提升综合能力实现客户 经营"增量扩面、提质增效"，资产规模及经营业绩创历史新高，财富管理、机构与交易等业务收入同比 显着增长，此外因公司吸收合并海通证券股份有限公司所产生的负商誉计入营业外收入。 消息面上，近日，国泰海通发布公告，经初步测算，预计集团2025年年度实现归属于母公司所有者的净 利润人民币275.33亿元到280.06亿元，同比增加111%到115%。实现归属于母公司所有者的扣除非经常 性损益的净利润人民币210.53亿元到215.16亿元，同比增加69%到73%。 国泰海通(02611)涨超4%，截至发稿，涨3.16%，报39.84港元，成交2052.5万港元。 ...

本期为证券社交媒体指数(2025年12月)。 本期为证券社交媒体指数(2025年12月)。 中信证券TALK 平安训 80.69 03 大同证券 国泰海议 80.51 04 国金证券 中彩顶 79.30 05 财富零 国投证券 79.17 06 渤海证券 山西订 76.42 07 太平洋证券 德邦ü 75.61 08 兴业! 申万宏源投教基地 75.31 09 国信订 中原证券 75.25 10 视频号指数榜 | 排名 | 名称 | 指数 | 雷达图 | 排名 | 名称 | | --- | --- | --- | --- | --- | --- | | 01 | 东方财富 | 81.06 | | 11 | 德邦训 | | 02 | 中信证券 | 77.83 | | 12 | 东方订 | | 03 | 申万宏源投教基地 | 76.80 | | 13 | 金融街 | | 04 | 开源证券 | 75.55 | | 14 | 国金i | | 05 | 广发头条 | 75.49 | | 15 | 长江证券丈 | | 06 | 国泰海通君弘 | 74.42 | | 16 | 招商订 | | 07 | 红塔证券 | 73 ...

每经AI快讯，国泰海通(02611.HK)涨超3%，截至发稿涨3.16%，报39.84港元，成交2052.5万港元。 （文章来源：每日经济新闻） ...

消息面上，近日，国泰海通发布公告，经初步测算，预计集团2025年年度实现归属于母公司所有者的净 利润人民币275.33亿元到280.06亿元，同比增加111%到115%。实现归属于母公司所有者的扣除非经常 性损益的净利润人民币210.53亿元到215.16亿元，同比增加69%到73%。 公告称，2025年，国内资本市场活跃度与景气度上行，公司积极把握市场机遇，充分发挥合并后的品牌 优势、规模效应和互补效应，优化升级零售、机构、企业三大客户服务体系，以提升综合能力实现客户 经营"增量扩面、提质增效"，资产规模及经营业绩创历史新高，财富管理、机构与交易等业务收入同比 显着增长，此外因公司吸收合并海通证券股份有限公司所产生的负商誉计入营业外收入。 智通财经APP获悉，国泰海通(02611)涨超4%，截至发稿，涨3.16%，报39.84港元，成交2052.5万港元。 ...

Core Viewpoint - The leading brokerage firms are demonstrating strong competitive advantages in the current bull market, with significant profit growth expected in 2025, particularly for China International Capital Corporation (CICC) [1][2]. Group 1: CICC's Performance Forecast - CICC anticipates a net profit attributable to shareholders of 8.542 billion to 10.535 billion yuan for 2025, representing a year-on-year increase of 50% to 85% [1][2]. - The net profit, excluding non-recurring items, is expected to be between 8.428 billion and 10.351 billion yuan, reflecting a growth of 49% to 83% compared to 2024 [1][2]. - CICC's performance is expected to surpass 10 billion yuan for the first time since 2021 [3]. Group 2: Revenue and Profit Growth - CICC's subsidiary, CICC Wealth Securities, is projected to achieve revenue of 8.349 billion yuan and a net profit of 1.76 billion yuan in 2025 [4]. - The company is focusing on supporting national strategic development and enhancing financial services, which has led to robust growth in investment banking, stock trading, and wealth management sectors [4]. - In the first three quarters of 2025, CICC's revenues were 5.721 billion yuan, 7.107 billion yuan, and 7.933 billion yuan, with year-on-year growth rates of 47.69%, 41.1%, and 74.78% respectively [4]. Group 3: Industry Trends and Mergers - The securities industry is experiencing accelerated mergers and acquisitions, with CICC currently pursuing a merger with Xinda Securities and Dongxing Securities, which will elevate it to a "trillion-level" brokerage [8][9]. - The merger is expected to enhance CICC's market position and operational capabilities, allowing for better service to national strategies [8]. - As of September 2025, the asset sizes of CICC, Dongxing Securities, and Xinda Securities were 764.941 billion yuan, 116.391 billion yuan, and 128.215 billion yuan respectively, with the merger expected to push CICC's total assets over one trillion yuan [9]. Group 4: Market Activity and IPOs - The A-share and Hong Kong IPO markets have regained vitality, with CICC participating in 53 out of 117 IPOs in the Hong Kong market, achieving a market coverage rate of 45% [1][9]. - CICC served as the sponsor for 42 projects, capturing a market share of 36% in the Hong Kong IPO market [9]. - In the A-share market, CICC ranked fourth in underwriting, with a total underwriting income of 580 million yuan and a market share of 7.35% in 2025 [9].

| 单里申购金额(元,合中的费,M) | 印刷费率 | | --- | --- | | M<100万 | 0.80% | | 100万点M≥3007 | 0.60% | | 300 7)≤M<5007] | 0.40% | | Mason 7 | 1,000元/超 | | 特有期限(N) | 时间费率: | | --- | --- | | N=7天 | 1.50% | | 7天都N=30天: | 1.00% | | 10天=N=180天 | 0.50% | | Na180天 | | | 基金名称 | 图影视通知动开放播进展合型发起式逐今找快播企 | | --- | --- | | 法國國家 | 国家市通新道外双语与能合发展 | | 第全集代码 | 006562 | | 新公式作为式 | 知的股开放到 | | 最念全国共数日 | 2026年1月20日 | | 基金管理人名称 | 上海国集等通证券资产管理有限公司。 | | 蛋会托管人名称 | 中国建设银行股份有限公司 | | 新会注册登记账款名称 | 上海国家高酒店等位产管理有限公司 | | 公告作服 | 《公开紧集证券投资基金运作管理办法》,《公开联集团券投资 ...

智通财经APP获悉，国泰海通发布研报称，随着SpaceX 推进卫星发射及相关在轨应用布局，轨道AI数 据中心的探索趋势逐步显现。作为太空场景的重要能源供给方式，光伏有望在轨道数据中心建设过程中 获得更多应用机会，相关光伏设备厂商将持续受益。 国泰海通主要观点如下： SpaceX申请部署百万颗卫星，拟建轨道AI数据中心网络。 数据中心光储配套与太空光伏有望成为新一轮设备扩产的重要催化因素。 (1)算力需求提升推动数据中心对稳定、低成本、可复制的光伏+储能方案需求加速增长，地面光伏装机 逻辑从电力驱动逐渐转向算力驱动。(2)低轨卫星与太空算力发展带动太空光伏进入产业化验证阶段， 对高效率、轻薄柔性等提出更高要求，打开高端制造及定制化设备增量空间。 风险提示：商业航天产业发展不及预期、光伏电池新技术发展不及预期等。 1月31日，美国联邦通信委员会(FCC)的一份新文件显示，SpaceX正在申请发射并运营一个由至多100万 颗卫星组成的星座，这些卫星具备前所未有的计算能力(轨道数据中心)，以支持先进的人工智能。 SpaceX此举主要为了提供支持全球数十亿用户的大规模AI推理及数据中心应用所需的计算能力，这些 卫星将在 ...

Investment Rating - The report maintains an "Overweight" rating for the securities and banking sectors, while also recommending an "Overweight" for the insurance sector [9]. Core Insights - The report highlights a vibrant performance in the securities industry, with a daily average trading volume of 30.6 billion yuan in A-shares and a financing balance stabilizing at 2.7 trillion yuan, reaching a new high [12][13]. - The China Securities Regulatory Commission (CSRC) plans to expand the types of strategic investors, allowing specific institutional investors to participate as strategic investors, which is expected to enhance long-term capital inflow into the market [12][14]. - The insurance sector shows a recovery trend, with leading companies like China Life Insurance seeing significant stock price increases, indicating potential for further valuation recovery [27]. - The banking sector is experiencing a preemptive credit issuance at the start of the year, with banks like Qingdao Bank and Xiamen Bank reporting strong earnings growth, which is expected to support net interest margins throughout the year [31][32]. Summary by Sections Securities - The report emphasizes the strong performance of leading brokerage firms, with notable earnings forecasts for 2025, including a 40% increase in net profit for CITIC Securities and a 69%-73% increase for Guotai Junan [15][16]. - Recommended stocks include top brokerages such as CITIC Securities, Guotai Junan, and GF Securities, as well as quality regional brokerages like Guoyuan Securities [3][13]. Insurance - The insurance sector is recommended for investment, particularly in leading companies. The report notes that the overall market sentiment remains high, with opportunities for beta trading in the insurance sector [27]. - Investors with higher risk tolerance are encouraged to consider high-elasticity combinations represented by companies like Xinhua Insurance, while conservative investors may focus on stable companies like Ping An Insurance and China Life Insurance [27]. Banking - The banking sector is highlighted for its strong performance, with Qingdao Bank reporting an 8.0% increase in revenue and a 21.7% increase in net profit, indicating improved asset quality [32]. - The report suggests that the preemptive credit issuance by regional banks and the benefits from high-interest deposits maturing will support net interest margins [33]. - Recommended banking stocks include quality regional banks such as Nanjing Bank and Chengdu Bank, as well as larger banks like Shanghai Bank and Industrial and Commercial Bank of China [3][31].