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！ 【东吴证券：2025年净利同比预增45%-55%】智通财经1月30日电，东吴证券(601555.SH)公告称，预计 2025年度归属于上市公司股东的净利润为34.31亿元至36.68亿元，同比增加45%至55%。报告期内，公 司财富管理、投资交易等多项主营业务收入较上年同期实现增长，成为驱动经营业绩向好的重要动力。 转自：智通财经 ...

东吴证券公告，预计2025年度实现归属于母公司所有者的净利润34.31亿元到36.68亿元，同比增加45% 至55%。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34.27亿元到36.63亿元， 同比增加45%至55%。2024年度公司利润总额30.15亿元，归属于母公司所有者的净利润23.66亿元，归 属于母公司所有者的扣除非经常性损益的净利润23.63亿元。 ...

Summary of Key Points Core Viewpoint - In January 2026, the A-share market saw a total of 9 new listed companies, a decrease of 25% compared to the same period last year, while the net fundraising amount increased by 33.79% to 8.425 billion yuan [1]. Group 1: IPO Performance - A total of 9 new companies were listed in January 2026, with 3 on the Shanghai Stock Exchange, 1 on the Sci-Tech Innovation Board, and 5 on the Beijing Stock Exchange [1]. - The net fundraising amount for these new listings was 8.425 billion yuan, up from 6.297 billion yuan in the same month last year [1]. Group 2: Underwriter Performance - Eight underwriting institutions handled the IPOs of the 9 new listed companies in January 2026, with CICC ranking first with 2 deals [2]. - Seven other securities firms, including Shenwan Hongyuan, Guotou Securities, Dongwu Securities, Dongxing Securities, CITIC Securities, Guojin Securities, and Guotai Junan, each managed 1 deal [2][3]. Group 3: Law Firm Performance - Six law firms provided legal services for the IPOs, with Shanghai Jintiancheng, Beijing Zhonglun, and Beijing Kangda each handling 2 cases, ranking them jointly first [5]. - Beijing Jindu, Guohao (Shanghai), and Beijing Deheng each managed 1 case [5][6]. Group 4: Accounting Firm Performance - Six accounting firms provided auditing services for the new listings, with Rongcheng leading with 3 cases [7]. - Zhonghui ranked second with 2 cases, while Xinyong Zhonghe, Lixin, Tianjian, and Zhongxinghua each handled 1 case [7][8].

Summary of Key Points Core Viewpoint - In January 2026, the number of new companies listed on the A-share market decreased by 25% year-on-year, with a total of 9 new listings, while the net fundraising amount increased by 33.79% to 8.425 billion yuan compared to the same period last year [1]. Group 1: IPO Performance - A total of 8 underwriting institutions were involved in the IPO business for the 9 new listed companies in January 2026 [2]. - China International Capital Corporation (CICC) ranked first with 2 IPOs, while 7 other securities firms, including Shenwan Hongyuan, Guotou Securities, Dongwu Securities, Dongxing Securities, CITIC Securities, Guojin Securities, and Guotai Junan, each handled 1 IPO [3][4]. Group 2: Legal Services - Six law firms provided legal services for the 9 new listed companies' IPOs in January 2026 [5]. - Shanghai Jintiancheng, Beijing Zhonglun, and Beijing Kangda ranked jointly first, each with 2 IPOs, while Beijing King & Wood Mallesons, Guohao (Shanghai), and Beijing Deheng each handled 1 IPO [6][7]. Group 3: Audit Services - Six accounting firms provided auditing services for the 9 new listed companies' IPOs in January 2026 [8]. - Rongcheng ranked first with 3 IPOs, followed by Zhonghui with 2 IPOs, and Xinyong Zhonghe, Lixin, Tianjian, and Zhongxinghua each handled 1 IPO [9][10].

Group 1 - The global mining machinery market is projected to reach a size of approximately $135 billion in 2024, with a high-margin aftermarket segment accounting for nearly 50% of the market [1] - The market distribution includes surface mining (40%), underground mining (25%), crushing (15%), drilling (10%), and processing (5%), with key products being excavators, mining trucks, loaders, bulldozers, drilling machines, and grinders [1] - The aftermarket revenue for companies like Caterpillar and Komatsu in the mining machinery sector can reach as high as 60%-70% [1] Group 2 - Rising metal prices are driving an increase in capital expenditure, with a lag of about 1-2 years from price changes to mining investment, and a further 3-5 years for capacity release [2] - Historical data shows that gold grades have significantly declined from an average of 5g/ton in the 1980s to 0.9g/ton in 2024, leading to increased capital intensity in mining operations [2] - The combination of high metal prices and declining ore grades is expected to create a strong upward pull on mining capital expenditure [2] Group 3 - Chinese manufacturers are gradually increasing their participation in the global mining market, driven by the lack of domestic resources and slow technological advancements in large-tonnage products [3] - Major foreign companies like Caterpillar and Komatsu currently dominate the market, holding over 50% market share in mining and transportation segments [3] - Chinese brands are leveraging advantages in cost-effectiveness and new technologies, particularly in electrification and automation, to gain a competitive edge in both mid-low and high-end markets [3] - Investment recommendations include companies such as SANY Heavy Industry, XCMG Machinery, SANY International, Naipu Mining Machinery, Tongli Co., and Northern Heavy Industries [3]

研读益生菌领域核心期刊的论文，印证分析 (1)肠道菌群失调是导致肥胖的成因之一：①单向移植实验证明了肠道菌群本身是导致肥胖的独立因素 (因果性)，为基础发现;②共饲实验证明了健康的"瘦菌群"具有竞争优势和治疗潜力。当环境允许时，瘦 菌群中的关键细菌可以入侵并改造胖鼠的菌群，从而逆转其致胖趋势;(2)B420菌能够降低能量及脂肪摄 入，改善肠道通透性、降低炎症及体脂：B420益生菌通过降低脂肪及能量摄入来降低体脂(提升瘦体 重)，与益生元配合使用效果更加，6个月为期体脂均降4.5%(组间差值约-1.4kg);同时能够改善肠道通透 性(预防肠漏)、减缓炎症;(3)AKK辅助调节食欲、全身炎症及糖脂代谢：AKK能通过降解粘蛋白产生乙 酸盐，对促进代谢效果显著，具备更好的胰岛素敏感性、更健康的脂肪分布和肝脏功能，同时高AKK 人群在饮食干预中，减肥效果更好。AKK不是孤立存在，而是"有益菌联盟"的一部分，健康的肠道环 境是益生菌发挥最大作用的基石;(4)灭活AKK于胰岛素抵抗及改善肠道屏障的效果更佳：经过巴氏杀菌 (灭活)的 AKK在预防肥胖、胰岛素抵抗和改善肠道屏障的效果甚至比活菌更好。(5)AKK的补充效果高 度 ...

Group 1 - The China Securities Cloud Computing and Big Data Theme Index rose by 0.4%, while the China Securities Chip Industry Index fell by 4.1%, and the China Securities Semiconductor Materials and Equipment Theme Index decreased by 4.6% [1] - The semiconductor equipment ETF managed by E Fund (159558) saw a net subscription of over 70 million shares, with total inflows exceeding 300 million yuan in the past week [1] - Dongwu Securities research report indicates that domestic semiconductor equipment is entering a historic development opportunity, with a strong expansion cycle expected to begin in 2026, and the overall order growth rate in the semiconductor equipment industry is projected to exceed 30% [1]

Core Viewpoint - Dongwu Securities report indicates that Ganfeng Lithium's Q4 2025 performance is impressive, with non-net profit slightly exceeding expectations [1] Financial Performance - The company expects a net profit attributable to shareholders for 2025 to be between 1.1 billion to 1.65 billion yuan, representing a year-on-year increase of 153% to 180% [1] - For Q4 2025, the expected net profit attributable to shareholders is projected to be between 1.07 billion to 1.62 billion yuan, indicating a turnaround from losses and a quarter-on-quarter increase of 93% to 192% [1] Profit Margins and Cost Structure - Due to self-supply of lithium carbonate, the company anticipates a slight increase in profit per watt-hour to 0.02 yuan per watt-hour in 2026 [1] Technological Developments - The company is advancing in solid-state technology, including solid-state electrolytes, lithium metal anodes, and solid-state batteries, with multiple technological routes being developed [1] Market Outlook - Considering the rising price of lithium carbonate, the company estimates that if the price reaches 150,000 yuan per ton in 2026, lithium salt could contribute over 9 billion yuan in profit [1] - The net profit estimates for 2025-2027 have been revised upwards to 1.48 billion, 9.4 billion, and 10.9 billion yuan respectively, reflecting year-on-year growth of 172%, 532%, and 16% [1] Valuation - The company is assigned a PE ratio of 103, 16, and 14 times for the years 2025, 2026, and 2027 respectively [1] - Given the price elasticity of lithium carbonate and the company's comprehensive solid-state industry chain layout, a valuation of 25 times for 2026 is suggested, leading to a target price of 112 yuan, maintaining a "buy" rating [1]

Core Viewpoint - Mingyang Smart Energy is expected to achieve a net profit attributable to shareholders of 800 to 1,000 million yuan in 2025, representing a year-on-year growth of 131% to 189% [1] Financial Performance - The net profit for Q4 2025 is projected to be between 34.24 million and 234.24 million yuan, marking a turnaround from a loss of 460 million yuan in Q4 2025, with a quarter-on-quarter change of -78% to +50% [1] - The gross profit margin for wind turbines in Q4 2025 is expected to perform well, leading to an upward revision of the profit forecast for 2025 [1] Strategic Developments - The company has released historical quality accident risks related to wind turbines and is advancing into the domestic satellite power Tier 1 market through the acquisition of Dehua Chip [1] - Zhongshan Dehua Chip Technology Co., Ltd. has passed the AS9100D quality system certification and was selected as a national-level specialized and innovative "little giant" enterprise in 2023, receiving 15 million yuan in project support for key R&D plans in Guangdong Province for 2024 [1] - Following the acquisition, the company will leverage GaAs, perovskite, and HJT technologies simultaneously, and both parties will collaborate on energy management systems and other areas to enhance application validation and commercialization, thereby improving the company's overall competitiveness in the photovoltaic sector [1]

Core Viewpoint - Dongwu Securities maintains a "buy" rating for Cao Cao Mobility (02643), highlighting a clear commercialization path for its Robotaxi business and the establishment of a vehicle technology operation ecosystem [1] Recent Events - On January 28, 2026, the company announced a plan to place no more than 12 million shares, accounting for approximately 2.06% of the enlarged total issued shares, at a price of HKD 32.46 per share, raising a net amount of HKD 383 million, which is about 8.97% lower than the closing price of HKD 35.66 on January 27 [1] Financial Allocation - Approximately 67.7% of the raised funds will be invested in the development of domestic and international Robotaxi businesses, focusing on the procurement of customized Robotaxi vehicles, building matching operational systems, and ongoing core technology research and development [2] - About 22.3% will be used to expand enterprise services through operational investments, platform upgrades, and recent or ongoing acquisitions, such as Weixing Technology and Zhejiang Geely Business Services [2] - The remaining approximately 10% will be allocated for working capital and general corporate purposes [2] Strategic Importance - The company has positioned Robotaxi as a core strategic focus for long-term development, aiming to deploy a total of 100,000 fully customized Robotaxis by 2030, which is a key performance indicator in the new share incentive plan [3] - The company has developed a unique "smart customized vehicle + smart driving technology + smart operation" model, leveraging data, algorithms, and a nationwide service network accumulated over ten years of shared mobility [3] - The second-generation Robotaxi has entered the pilot operation phase, transitioning from human-monitored to unmanned operations, with fully customized models set to debut this year [3] - Internationally, the company has partnered with Abu Dhabi to promote the export of autonomous driving technology and battery swap systems [3]