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 ...

报告期内，公司完成通过发行A股股份的方式收购民生证券控制权，平稳有序推进公司原有业务与民生 证券相关业务的高效整合，并将其纳入财务报表合并范围。公司主动把握市场机遇，积极探索科技、金 融与产业的深度融合，以"协同赋能"和"内生增长"为主线提升综合金融服务能力，证券投资、经纪及财 富管理等业务条线实现显著增长，同时由于上年同期比较基数较小，本期经营业绩同比大幅提升。 消息面上，国联民生发布公告称，经公司财务部门初步测算，预计2025年度实现归属于母公司所有者的 净利润人民币20.08亿元，与上年同期相比，将增加人民币16.11亿元，同比增长406%左右。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19.44亿元，同比增长410%左右。 国联民生（601456）(01456)高开近5%，截至发稿，涨4.85%，报5.62港元，成交额419.25万港元。 ...

Core Viewpoint - Guolian Minsheng (601456) expects a significant increase in net profit for the year 2025, driven by strategic acquisitions and business integration efforts [1] Financial Performance - The company anticipates a net profit attributable to shareholders of approximately RMB 2.008 billion for 2025, representing an increase of RMB 1.611 billion compared to the previous year, which is a growth of around 406% [1] - The expected net profit, excluding non-recurring gains and losses, is projected to be RMB 1.944 billion, reflecting an increase of RMB 1.563 billion year-on-year, equating to a growth of approximately 410% [1] Strategic Initiatives - The company successfully completed the acquisition of control over Minsheng Securities through the issuance of A-shares, facilitating the efficient integration of existing business with Minsheng Securities' operations [1] - The company is actively exploring the deep integration of technology, finance, and industry, focusing on "synergistic empowerment" and "internal growth" to enhance its comprehensive financial service capabilities [1] - Significant growth has been observed in business lines such as securities investment, brokerage, and wealth management, attributed to both market opportunities and a low comparative base from the previous year [1]

券商2025年业绩情况陆续揭晓。截止1月19日，中信证券（600030）、西南证券（600369）、国联民生 （601456）证券已先后发布2025年业绩快报，锦龙股份（000712）也已于日前披露东莞证券、中山证券 2025年度未经审计财务报表。 根据公告，国联民生预计2025年实现归母净利润20.08亿元，同比大增约406%；中信证券预计2025年实 现归母净利润超300亿元，同比增长38.46%；西南证券实现归母净利润10.28亿元到10.98亿元，同比增 加47%到57%。 2025年，中国资本市场整体呈现上行趋势，市场交投活跃，A股主要指数均实现上涨。作为"牛市旗 手"，券商2025年的业绩也备受外界关注。 1月18日，国联民生港股公告称，预计2025年度实现归母净利润20.08亿元，与上年同期相比将增加人民 币16.11亿元，同比增长406%左右。 暴涨的业绩源于"合并重组"。2025年，国联证券完成了对民生证券的整合及并表。 国联民生在公告中表示，公司完成通过发行A股股份的方式收购民生证券控制权，平稳有序推进公司原 有业务与民生证券相关业务的高效整合，并将其纳入财务报表合并范围。同时由于上年同期 ...

每经AI快讯，国联民生(01456.HK)高开近5%，截至发稿涨4.85%，报5.62港元，成交额419.25万港元。 （文章来源：每日经济新闻） ...

报告期内，公司完成通过发行A股股份的方式收购民生证券控制权，平稳有序推进公司原有业务与民生 证券相关业务的高效整合，并将其纳入财务报表合并范围。公司主动把握市场机遇，积极探索科技、金 融与产业的深度融合，以"协同赋能"和"内生增长"为主线提升综合金融服务能力，证券投资、经纪及财 富管理等业务条线实现显著增长，同时由于上年同期比较基数较小，本期经营业绩同比大幅提升。 消息面上，国联民生发布公告称，经公司财务部门初步测算，预计2025年度实现归属于母公司所有者的 净利润人民币20.08亿元，与上年同期相比，将增加人民币16.11亿元，同比增长406%左右。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19.44亿元，同比增长410%左右。 智通财经APP获悉，国联民生(01456)高开近5%，截至发稿，涨4.85%，报5.62港元，成交额419.25万港 元。 ...

Group 1 - Guolian Minsheng expects a net profit attributable to shareholders of 2.008 billion yuan for 2025, representing a year-on-year increase of approximately 406% [1] - The significant profit increase is primarily due to the acquisition of Minsheng Securities and its consolidation into the financial statements, along with strong growth in securities investment, brokerage, and wealth management businesses [1] - The integration of Minsheng Securities exemplifies a "collaborative empowerment" model, which may enhance the competitive landscape of the brokerage industry and boost market confidence in the non-bank financial sector [1] Group 2 - Zhou Zhongshan has been appointed as the president and financial officer of Great Wall Securities, indicating a stable transition in management [2] - Zhou's extensive experience within the company is expected to optimize business operations and enhance market confidence in the company's future development [2] - The internal promotion trend within the brokerage sector supports long-term stability in the industry, contributing to the healthy functioning of the capital market [2] Group 3 - Several equity funds have initiated subscription limits to manage rapid growth in scale and maintain operational stability amid increasing market enthusiasm [3] - This limitation on large subscriptions is seen as a way to optimize the timing of market entry for new funds, enhancing the holding experience for investors during the market recovery [3] - The orderly inflow of funds is anticipated to support the spring market rally, reflecting a rational expectation from institutions regarding future market performance [3]

Important Matters - TCL Zhonghuan plans to invest in a new energy acceleration company to promote its moderate integration strategy [1] - Yanjiang Co. intends to acquire 98.54% equity of Yongqiang Technology, with stock resuming trading [1] - Minexplosion Optoelectronics is planning to acquire 100% of Xiazhi Precision and Jiangxi Maida, focusing on core consumables in PCB manufacturing, leading to stock suspension [1] Investment Operations - Baiwei Storage urges investors to continuously monitor the sustainability of AI investments and the cyclical changes in the storage industry, noting that current storage prices are at historical highs [1] - Trina Solar has made long-term comprehensive layouts in three areas related to space photovoltaic, including crystalline silicon batteries (HJT, etc.), perovskite stacked batteries, and III-V arsenide multi-junction batteries [1] Performance - Guolian Minsheng expects a net profit increase of approximately 406% year-on-year for 2025 [1] - Changxin Bochuang anticipates a net profit increase of 344%-413% year-on-year for 2025, driven by steady growth in data communication-related product revenue [1] - Shenghong Technology projects a net profit increase of 260%-295% year-on-year for 2025 [1] - Northern Rare Earth expects a net profit increase of 117%-135% year-on-year for 2025, with production and sales of rare metals and rare earth permanent magnet motors increasing year-on-year [1] - Cambridge Technology forecasts a net profit increase of 51%-67% year-on-year for 2025, with Q4 performance below expectations [1] - Lanke Technology anticipates a net profit increase of 52%-66% year-on-year for 2025, with a significant increase in the shipment volume of interconnect chips [1] - Ruiming Technology expects a net profit increase of 27.58%-37.92% year-on-year for 2025 [1]

Capital Market Developments - The People's Bank of China announced a reduction in the re-lending and re-discount rates by 0.25 percentage points, with new rates set at 0.95%, 1.15%, and 1.25% for 3-month, 6-month, and 1-year re-lending respectively [3] - Hong Kong's equity financing market saw explosive growth in 2025, with total financing reaching HKD 612.2 billion, a year-on-year increase of 250.91%. The IPO market regained its global lead with 117 companies raising HKD 285.8 billion, up 224.24% year-on-year [3] - A-share market experienced a significant increase in institutional research, with 1,357 institutions conducting approximately 4,897 research sessions, focusing on information technology, industrial machinery, and healthcare sectors [3] Industry Insights - The storage market has seen DDR5 memory prices rise over 300% since September 2025, while DDR4 memory prices increased by over 150%. AI servers are consuming 53% of global memory production capacity, significantly impacting consumer-grade memory supply [6] - In semiconductor materials, a breakthrough was achieved by a team from Xi'an University of Electronic Science and Technology, enhancing chip cooling efficiency and device performance through innovative technology [6] - The commercial space sector marked a significant milestone with the successful verification of landing buffer technology for manned spacecraft, indicating progress in key technologies within the domestic commercial space industry [7] Company Developments - Guizhou Moutai issued a warning against fraudulent applications for its Flying Moutai product, emphasizing that sales contracts are being signed directly with verified corporate clients [8] - Guolian Minsheng expects a net profit of CNY 2.008 billion for 2025, an increase of CNY 1.611 billion, representing a growth of approximately 406% year-on-year [8] - Container technology company Longxin Storage plans a USD 4 billion stock issuance, aiming to compete with Micron Technology and leading Korean firms amid rising AI-driven demand for storage chips [10] - Alibaba is integrating its Qwen chatbot into its ecosystem, allowing users to perform tasks like ordering food and booking flights without navigating multiple applications [10]