Core Viewpoint - Guolian Minsheng (601456) expects a significant increase in net profit attributable to shareholders, projecting a net profit of 2.008 billion yuan for 2025, representing a year-on-year growth of approximately 406% [1][13]. Investment Banking Performance - The investment banking segment of Guolian Minsheng has shown remarkable growth, with a strong pipeline of IPO projects. As of the end of 2025, there are 361 companies queued for IPOs in the A-share market, with Guolian Minsheng ranking sixth with 13 companies [1][19]. - The company completed five IPO underwriting projects in the A-share market in 2025, ranking seventh in terms of the number of projects and underwriting amounts exceeding 3 billion yuan, also placing seventh in the industry [7][19]. New Third Board Market - In the New Third Board market, Guolian Minsheng led the underwriting and sponsorship with 27 new listing projects, achieving a market share of 8%, confirming its strong collaborative and professional service capabilities [2][16]. - The company ranked first among main underwriters in the New Third Board market for 2025, with a total of 27 projects [3][17]. IPO Guidance - In terms of IPO guidance, Guolian Minsheng ranked fourth with 24 new guidance projects in 2025, amidst a total of 410 new guidance projects across the market [4][18]. Strategic Development - Following the merger with Minsheng Securities, Guolian Minsheng has focused on integrating technology, finance, and industry, enhancing its comprehensive financial service capabilities through a strategy centered on "collaborative empowerment" and "internal growth" [6][18]. - The company aims to be the "most industry-friendly investment bank," providing tailored financial solutions across various stages of enterprise development, including equity financing, bond financing, mergers and acquisitions, and financial advisory services [12][22]. Future Outlook - Industry experts predict that Guolian Minsheng will achieve better results in the IPO market in 2026, especially as the A-share market is expected to recover [13][23].

Core Viewpoint - The report from Guolian Minsheng Securities indicates a sustained tight supply-demand relationship in domestic routes, with expectations for moderate price increases in 2026 due to regulatory measures aimed at addressing low ticket prices. The international routes are anticipated to benefit from inbound tourism, leading to a gradual recovery in both volume and pricing by 2026 [1] Group 1: Supply and Demand Dynamics - In December, the demand growth rate for the entire industry continued to exceed supply, with domestic passenger load factors increasing and international load factors showing a slight decline [1] - The combined ASK/RPK for six listed airlines in December showed a year-on-year increase of +6.6% and +9.1%, respectively, indicating a robust demand environment [1] - Domestic routes maintained low supply growth in December, with ASK/RPK increasing by +4.2% and +7.2%, achieving a passenger load factor of 85.7%, which is the highest level recorded for December [1] Group 2: Pricing Trends - December saw a slight year-on-year increase in domestic ticket prices, while international ticket prices experienced a decline [2] - The industry aircraft utilization rate remained high at 7.6 hours in December, with a slight decrease of -0.1% year-on-year, while wide-body aircraft utilization increased by +3.2% [2] - Domestic economy class ticket prices, including fuel surcharges, showed a year-on-year increase of +0.1%, while international ticket prices fell by -11.6% [2] Group 3: Fleet Expansion - The fleet of the six airlines grew by 0.4% month-on-month in December, with a total of 3,386 aircraft managed, reflecting a cumulative growth of +4.0% compared to the end of 2024 [3] - The majority of new aircraft deliveries were narrow-body models, particularly the A320 series, with 24 new narrow-body aircraft introduced in December [3]

2026年1月22日，冰轮环境技术股份有限公司（以下简称"冰轮环境"）在公司会议室举办路演活动，接 待了国联民生证券、易方达、真科基金等3家机构的调研，国联民生证券张玮航、易方达张晓宇、真科 基金张聪参与调研，公司董事会秘书孙秀欣负责接待。本次调研围绕公司核心业务布局、数据中心液冷 系统应用、核电领域产品进展、HRSG产品产能及热能管理板块发展等议题展开深入交流。 热能管理板块成"双碳"种子业务 政策驱动需求确定性强 数据中心液冷系统布局深化 顿汉布什产品服务国内外重大项目 调研中，机构重点关注了公司在数据中心及液冷系统的应用及产能情况。据介绍，公司旗下顿汉布什公 司和冰轮换热技术公司为数据中心液冷系统提供一次侧冷源装备和热交换装置等冷却装备。其中，顿汉 布什公司拥有131年历史，跻身欧美系暖通空调一线梯队，其"变频离心式冷水机组"（含高压变频和磁 悬浮变频两类）和"集成自然冷却功能的风冷螺杆冷水机组"两项产品入选工信部《国家绿色数据中心先 进适用技术产品目录》。 在项目应用方面，顿汉布什国内已服务国家超级计算广州中心（天河二号）、中国移动（贵州）大数据 中心、中国联通西安数据中心、北京四季青数据中心等众多项 ...

国联民生证券研报指出，宁波银行25年营收利润增速保持稳定，中收高增30%+表现亮眼。存贷稳步增 长，其中新增存款活期占比较高，负债成本下降预计将支撑息差逐步企稳。不良保持低位稳定，成本管 控继续加强。公司长期以来坚持实施"大银行做不好，小银行做不了"的策略，以市场化经营为特色，深 耕优质经营区域，信贷规模增速高于行业，资产质量保持稳定。公司近年来对公端积极为客户提供综合 化服务，零售端加力发展财富管理业务，进入银行经营的新阶段。维持"推荐"评级，建议积极关注。 ...

Group 1 - The core viewpoint of the article is that New Dairy Industry is expected to benefit from the upward cycle of raw milk prices by 2026, as indicated by the research report from Guolian Minsheng Securities [1] - The current price-to-earnings (PE) ratios for New Dairy Industry are projected at 23, 19, and 16 times for the years leading up to 2026, maintaining a "recommended" rating [1] - The China Dairy Association's eighth member conference highlighted the need for the dairy industry to adapt to demographic changes and emphasized deep processing of dairy products as a key strategy to enhance resilience and value in the industry [1] Group 2 - The upward cycle of raw milk prices is expected to favor midstream dairy companies, particularly New Dairy Industry [1] - Industry competition is improving, with the intensity of competition in ambient temperature products being greater than that in low-temperature products, which may benefit New Dairy Industry [1] - The company is anticipated to leverage strategies of "promoting sales and introducing new products," with the expected increase in average prices from the cycle likely to offset cost pressures [1]

Core Viewpoint - Guolian Minsheng (601456) expects a significant increase in net profit for 2025, projecting a net profit of 2.008 billion yuan, representing a year-on-year growth of approximately 406% [1] Group 1: Performance Highlights - The investment banking sector performed well, with a robust pipeline of IPO projects. As of the end of 2025, there are 361 companies queued for IPOs in the A-share market, with Guolian Minsheng ranking sixth with 13 projects [1] - In the New Third Board market, Guolian Minsheng led with 27 projects, capturing a market share of 8% among newly listed companies, indicating strong synergy and professional service capabilities [2] - The company completed a business restructuring and rebranding in 2025, focusing on "industrial investment banking, technology investment banking, and wealth investment banking," achieving significant integration effects [5] Group 2: IPO and Underwriting Performance - In 2025, Guolian Minsheng ranked seventh in A-share IPO underwriting, completing five IPOs with an underwriting amount exceeding 3 billion yuan [5][7] - The company ranked fourth in the number of new IPO counseling projects, with 24 companies [3] - The company aims to provide comprehensive financial services tailored to clients' diverse capital needs, emphasizing its strategy of being the "most industry-friendly investment bank" [8] Group 3: Strategic Focus and Future Outlook - Guolian Minsheng is actively exploring the deep integration of technology, finance, and industry, enhancing its comprehensive financial service capabilities through "synergistic empowerment" and "internal growth" [4] - The company is optimizing its industry grouping mechanism to expand coverage of key and forward-looking industries, focusing on high-growth potential projects [9] - Market experts predict that with the recovery of the A-share market in 2026, Guolian Minsheng is likely to achieve better results in IPOs and other market activities [9]

国联民生证券研报指出，石头科技2025Q4在激烈竞争与高基数背景下延续高增，但受产品结构变化及 全球竞争等影响，当季盈利能力或有承压。当前公司全球领先地位已初步确立，在此基础上业绩弹性可 期，建议关注公司后续产品布局以及降本增效节奏，静待公司在平衡经营基础上改善盈利，且割草机器 人等新品类或贡献增量。预计2025-2027年公司归母净利润分别为14.0、23.2、32.7亿元，对应公司2026 年1月19日收盘价的PE 分别为29、17、12倍，维持"推荐"评级。 ...

1月19日，国联民生（601456）发布2025年度业绩预增公告，预计2025年度实现归母净利润20.08亿元， 与上年同期（法定披露数据）相比，同比增长406%左右。公司业绩大幅增长，包括投资银行等多条业务 条线表现亮眼。 2025年投行业绩良好，且后续IPO项目储备充足。 数据显示，截至2025年底，A股有361家IPO排队企业，国联民生以13家位列行业第六。 | 排名 | 保荐机构 | 数量 | 日 | | --- | --- | --- | --- | | 1 | 国泰海通 | 44 | 12. 19% | | 2 | 中信证券 | 39. 5 | 10. 94% | | 3 | 中金公司 | 32 | 8. 86% | | 4 | 中信建投 | 29. 5 | 8.17% | | 5 | 华泰联合 | 17 | 4. 71% | | 6 | 广发证券 | 13 | 3.60% | | 6 | 国联民生 | 13 | 3.60% | | 8 | 东吴证券 | 12 | 3. 32% | | 8 | 国会证券 | 12 | 3. 32% | 国联民生承销保荐公司2025年完成业务重组与更名以来，以"产业 ...

Core Viewpoint - Longxin General is expected to achieve significant growth in 2025, with a new phase for the Wujie brand starting in 2026, driven by steady growth in its motorcycle and general machinery sectors, as well as continuous optimization of the Wujie product structure [1] Group 1 - The company is experiencing robust growth in overall performance due to the scale of its main businesses in motorcycles and general machinery [1] - The implementation of the employee stock ownership plan has enhanced the stability of the core team [1] - The global expansion of the medium and large displacement motorcycle segment is primarily driven by the Wujie brand [1] Group 2 - The company is leveraging multi-business collaboration to drive growth, with dual expansion in both product and channel for the Wujie brand [1] - The resonance of volume and profit is accelerating growth [1] - The rating is maintained at "Recommended" [1]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 【文/羽扇观金工作室】号称"牛市旗手"的券商板块，去年业绩陆续宣布。 此前中信证券于1月14日发布《2025年度业绩快报》。快报显示，2025年，中信证券实现营业收入 748.30亿元，同比（与前一年同期相较）增加28.75%；归属于母公司股东的净利润（下称"净利润"） 300.51亿元，同比增加38.46%。这也是中信证券历史首次全年净利润突破300亿元。同时，截至2025年 末，中信证券总资产2.08万亿元，较上一年同期增加了21.79%。 此外，西南证券16日发布的业绩预告也显示，2025年度预计实现归属于母公司所有者的净利润10.28亿 元至10.98亿元，同比增幅达47%至57%。对于业绩预增的核心原因，西南证券称主要是财富管理业务、 证券投资业务、投资银行业务同比大幅增长。 本文系观察者网独家稿件，未经授权，不得转载。 昨日（1月18日），国联民生发布公告，宣布预计公司2025年实现归母净利润20.08亿元，同比大增约 406%；扣除非经常性损益的净利润人民币也将达到19.44亿元，同比增长410%左右。 MACD金叉信号形 ...