中原证券股份有限公司 内幕信息知情人登记管理制度 第一章 总 则 第一条 为加强中原证券股份有限公司（以下简称"公司"） 的内幕信息管理，做好内幕信息保密，实现信息披露的公平公正， 保护广大投资者的合法权益，根据《中华人民共和国证券法》《上 市公司信息披露管理办法（2025 年修订）》《上市公司监管指引 第 5 号——上市公司内幕信息知情人登记管理制度（2025 年修 订）》《上海证券交易所上市公司自律监管指引第 2 号——信息披 露事务管理（2025 年 3 月修订）》《香港联合交易所有限公司证 券上市规则》及香港《证券及期货条例》《内幕消息披露指引》 等法律法规和公司章程的规定，结合公司实际情况，制定本制度。 第二条 董事会是公司内幕信息的管理机构，应确保内幕信 息登记档案真实、准确、完整。董事长为主要责任人，董事会秘 书负责组织办理公司内幕信息知情人的登记入档和报送事宜。董 事长与董事会秘书对内幕信息知情人档案的真实、准确和完整签 署书面确认意见。办公室（董事会办公室）为公司内幕信息的管 理、登记、披露及备案的日常工作部门。公司各部门、各分支机 构、控股子公司的负责人为本单位内幕信息管理的主要责任人。 ...

证券代码： 601375 证券简称： 中原证券 公告编号：2026-005 中原证券股份有限公司 关于会计政策变更的公告 中原证券股份有限公司（以下简称"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： 本次会计政策变更是根据中华人民共和国财政部（以下简称"财政部"） 相关文件进行的变更，并采用追溯调整法对 2024 年度财务报表进行追溯调整。 本次追溯调整，对公司 2024 年 12 月 31 日资产负债表项目没有影响，对公司 2024 年度利润总额和净利润均没有影响。 本次会计政策变更已经公司第七届董事会第四十三次会议审议通过，无 需提交股东会审议。 一、本次会计政策变更概述 2025 年 7 月，财政部发布标准仓单交易相关会计处理实施问答（以下简称 "问答"）；2025 年 12 月，财政部、国务院国资委、金融监管总局、中国证监 会发布《关于严格执行企业会计准则 切实做好企业 2025 年年报工作的通知》（以 下简称"年报工作通知"）。根据上述要求，公司对会计政策作相应变更。 2026 年 1 月 30 ...

关于计提资产减值准备和预计负债的公告 中原证券股份有限公司（以下简称"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。 2026 年 1 月 30 日，公司召开第七届董事会第四十三次会议审议通过了《关 于计提资产减值准备和预计负债的议案》，现将具体情况公告如下： 一、计提资产减值准备 证券代码： 601375 证券简称： 中原证券 公告编号：2026-006 中原证券股份有限公司 （一）计提资产减值准备情况概述 根据《企业会计准则》和公司会计政策规定，为准确、客观地反映公司 2025 年 12 月 31 日的财务状况及 2025 年 1-12 月的经营成果，经公司及下属子公司对 各项金融资产和长期资产等进行全面清查和减值测试，2025 年 1-12 月计提信用 减值准备人民币 8,075.23 万元，计提其他资产减值准备人民币 2,621.54 万元， 合计人民币 10,696.77 万元，详见下表： 单位：万元 币种：人民币 | 项目 | 2025 年 1-12 月金额 | | --- | --- | | 一、信用减值准备 ...

证券代码： 601375 证券简称： 中原证券 公告编号：2026-007 中原证券股份有限公司 2025年度业绩预增公告 中原证券股份有限公司（以下简称"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： 经财务部门初步测算，预计 2025 年度实现归属于母公司所有者的净利润人 民币 4.00 亿元到人民币 4.80 亿元，与上年同期相比，将增加人民币 1.54 亿元 到人民币 2.34 亿元，同比增加 62.70%到 95.24%。 预计 2025 年度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 4.20 亿元到人民币 5.00 亿元，与上年同期相比，将增加人民币 2.10 亿元到 人民币 2.90 亿元，同比增加 100.08%到 138.19%。 （三）本期业绩预告数据未经注册会计师审计。 业绩预告的具体适用情形：实现盈利，且净利润与上年同期相比上升 50% 以上。 预计 2025 年度实现归属于母公司所有者的净利润人民币 4.00 亿元到人 民币 4.80 亿元，与上年同期相比，将增加人 ...

证券代码： 601375 证券简称： 中原证券 公告编号：2026-004 中原证券股份有限公司 第七届董事会第四十三次会议决议公告 中原证券股份有限公司（以下简称"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。 公司第七届董事会第四十三次会议于 2026 年 1 月 30 日以通讯表决方式召开。 2026 年 1 月 26 日，公司以电子邮件的形式向全体董事发出会议通知。会议应出 席董事 10 人，实际出席董事 10 人。本次会议的召集、召开及表决程序符合《公 司法》等法律、行政法规、部门规章和《公司章程》的有关规定。本次会议由董 事长张秋云女士主持，审议并通过了以下议案： 一、审议通过了《关于会计政策变更的议案》 表决结果：同意 10 票，反对 0 票，弃权 0 票。 公司董事会审计委员会对本议案进行了预先审阅。 具体内容请参阅与本公告同日披露的《中原证券股份有限公司关于会计政策 变更的公告》（公告编号：2026-005）。 二、审议通过了《关于计提资产减值准备和预计负债的议案》 表决结果：同意 10 票，反对 0 票 ...

Core Insights - The report from Zhongyuan Securities indicates that China's optical module exports are projected to total 37.46 billion yuan in 2025, reflecting a year-on-year decline of 15.6% [1][3] - CignalAI forecasts that the total shipment of high-speed optical modules (400G and above) will reach 42 million units in 2025, with a compound annual growth rate (CAGR) exceeding 20% for the optical module market from 2024 to 2029 [1][3] - The supply of key materials in the optical communication industry, particularly optoelectronic chips, remains tight, which is expected to constrain market growth until the end of 2026 [3] Optical Module Market - The total export value of optical modules from China in December 2025 showed a slight year-on-year decrease of 0.5% [3] - In the first eleven months of 2025, the telecommunications business revenue reached 1.6096 trillion yuan, marking a year-on-year increase of 0.9% [1] - Major telecom operators are focusing on key sectors such as industrial manufacturing, digital government, healthcare, education, and energy, leveraging the integration of cloud and network technologies [1] Key Companies and Recommendations - Companies to watch in the optical chip/device/module sector include: - SourceJ Technology (688498.SH) - Shijia Photon (688313.SH) - Tianfu Communication (300394.SZ) - Taicheng Light (300570.SZ) - Zhongji Xuchuang (300308.SZ) - New Yisheng (300502.SZ) - Guangxun Technology (002281.SZ) - Huagong Technology (000988.SZ) [4] - In the optical fiber and cable sector, domestic manufacturers are expected to gain more market share due to technological and cost advantages [4] - For AI smartphones, companies such as Xinwei Communication (300136.SZ) and ZTE Corporation (000063.SZ) are recommended [4] - Telecom operators to consider include China Mobile (600941.SH), China Telecom (601728.SH), and China Unicom (600050.SH) [4]

智通财经APP获悉，中原证券发布研报称，2025年12月，国内新增光伏装机容量40.18GW，环比增长 82.47%，但同比仍下滑43.30%；1-12月，国内新增光伏装机315.07GW，同比增长13.67%。当前国内光 伏装机进入季节性淡季，新增订单减少，多晶硅料、硅片降低开工负荷，供给量环比减少。值得关注的 是，1月白银价格大幅上涨推动电池片成本显著提高，电池片价格大幅上调，而组件厂被迫抬高报价。 此外，太空光伏目前处于0-1阶段，要实现大规模商业应用需要技术路线、经济效益等多方面验证。 光伏多环节供给端呈压减态势，成本驱动电池、组件价格上涨 国内光伏装机进入季节性淡季，新增订单减少，多晶硅料、硅片降低开工负荷，供给量环比减少。1月 白银价格大幅上涨推动电池片成本显著提高，电池片价格大幅上调，而组件厂被迫抬高报价。在季节性 需求偏弱的背景下，电池、组件盈利承压，成本变化是后续组件价格变化重要影响因素。 投资建议 太空光伏目前处于0-1阶段，要实现大规模商业应用需要技术路线、经济效益等多方面验证。白银价格 大幅上涨对光伏行业生产成本形成显著推动，在需求预期偏弱背景下，加速行业落后产能淘汰。光伏行 业估值仍 ...

Core Insights - The report highlights the strong performance of the coal and non-ferrous metals sectors, indicating a bullish trend in the A-share market with a slight upward movement in indices [6][10][11] - The report emphasizes the significant growth in renewable energy capacity, particularly solar and wind power, with solar capacity increasing by 35.4% year-on-year [6][9] - The media sector shows a notable increase in the index, outperforming the broader market, driven by AI applications and a favorable policy environment [15][17][28] Domestic Market Performance - The Shanghai Composite Index closed at 4,151.24 with a slight increase of 0.27%, while the Shenzhen Component Index rose by 0.09% to 14,342.89 [4] - The A-share market has seen a mixed performance across various sectors, with financials and semiconductors leading the gains, while sectors like photovoltaic equipment and batteries showed weaker performance [10][11] International Market Performance - The Dow Jones Industrial Average closed at 30,772.79, down by 0.67%, while the Nikkei 225 saw a slight increase of 0.62% to 26,643.39 [5] - The report notes that gold prices have reached a historical high, surpassing $5,300 per ounce, driven by geopolitical risks and market speculation regarding interest rate cuts [9] Industry Analysis - The renewable energy sector is highlighted for its robust growth, with total installed power generation capacity reaching 3.89 billion kilowatts, a 16.1% increase year-on-year [6][9] - The media industry is experiencing a shift towards AI applications, with significant growth in gaming and advertising sectors, driven by improved policy support and technological advancements [15][17][28] - The telecommunications sector is facing supply chain challenges, particularly in key materials for optical modules, which may impact future growth [20][21] Investment Recommendations - The report suggests a balanced investment strategy focusing on sectors with high growth potential, such as AI, high-end manufacturing, and renewable energy, while also considering cyclical and resource sectors [10][11][12] - Specific companies in the gaming and media sectors are recommended for their strong performance and growth prospects, including those leveraging AI technologies [15][28]

National Economic Overview - In 2025, China's GDP reached 1401879 billion yuan, growing by 5.0% year-on-year, successfully meeting the growth target[6] - The contribution of the tertiary industry to GDP growth increased, with a structure adjustment to 6.7:35.6:57.7[13] - National fixed asset investment (excluding rural households) decreased by 3.8%, marking the first negative growth in five years[14] - The total retail sales of consumer goods reached 501202 billion yuan, growing by 3.7% year-on-year[24] Provincial Economic Performance (Henan) - Henan's GDP in 2025 was 66632.79 billion yuan, with a year-on-year growth of 5.6%, exceeding the initial target of 5.5%[37] - The province's industrial added value grew by 8.4%, surpassing the national average by 2.5 percentage points[39] - Social retail sales in Henan increased by 5.6%, higher than the national average by 1.9 percentage points[44] - Fixed asset investment in Henan rose by 4.0%, significantly exceeding the national decline[39] Sectoral Insights - The contribution of the service sector to GDP growth reached 61.4%, driven by strong performance in accommodation, catering, and IT services[13] - In Henan, the primary industry added value was 5538.08 billion yuan, growing by 3.6%, while the secondary and tertiary industries grew by 5.5% and 6.0% respectively[39] - High-tech manufacturing in Henan saw a significant increase, with growth rates of 29.3% in optical electronics and 26.7% in aerospace[43] Investment and Trade - Nationally, exports grew by 6.1% to 26990 billion yuan, while imports increased by 0.5%[34] - In Henan, the fixed asset investment growth was primarily driven by manufacturing, which saw a 0.6% increase[29] - The real estate sector in Henan faced challenges, with a 17.2% decline in development investment, although sales showed signs of recovery[33]

Core Insights - The report highlights the overall positive trend in the A-share market, with various sectors such as finance, semiconductors, and aerospace showing strong performance, while some sectors like coal and pharmaceuticals lag behind [5][8][12] - The report emphasizes the importance of macroeconomic data and policy changes in guiding investment strategies, suggesting a balanced approach to portfolio allocation [7][11][33] Domestic Market Performance - The Shanghai Composite Index closed at 4,139.90 with a slight increase of 0.18%, while the Shenzhen Component Index closed at 14,329.91, up by 0.09% [3] - The average price-to-earnings ratio for the Shanghai Composite and ChiNext Index stands at 16.93 and 53.33 respectively, indicating a favorable long-term investment environment [7][12] International Market Performance - Major international indices such as the Dow Jones and S&P 500 experienced declines of 0.67% and 0.45% respectively, while the Nikkei 225 saw a modest increase of 0.62% [4] Industry Analysis - The report discusses the media sector, noting a decrease in fund holdings in Q4 2025, with a significant focus on the gaming sub-sector, which remains highly favored among institutional investors [13][16] - The automotive industry is projected to achieve record production and sales in 2025, driven by policies encouraging vehicle upgrades and a strong demand for electric vehicles [31][33] Investment Recommendations - The report suggests focusing on sectors with strong fundamentals and high dividend yields, such as traditional engineering machinery and shipbuilding, while also highlighting opportunities in emerging technologies like humanoid robots and AI applications [17][18][22] - Specific companies to watch include major players in the gaming sector and those involved in AI applications, as they are expected to benefit from favorable market conditions and technological advancements [16][27]