Core Viewpoint - The article emphasizes the strategic direction of Dongwu Securities, focusing on "serving small and medium enterprises" and "integrating into the Yangtze River Delta" as key components of its development strategy, aligning with national financial goals and the need for differentiated growth in the securities industry [1][2][3]. Group 1: Company Development and Strategy - Dongwu Securities has evolved from a regional broker to a comprehensive securities firm with a national presence, establishing 30 branches and 130 business units across China [3][17]. - The company has seen significant growth, with total assets reaching 217 billion yuan and net assets 42.8 billion yuan by Q3 2025, doubling and increasing by 1.5 times respectively since the end of the 13th Five-Year Plan [3][17]. - The firm aims to enhance its core competitiveness and maintain its leading position among mid-sized brokers, achieving a comprehensive strength ranking within the top 18 in the industry [3][17]. Group 2: Industry Context and Requirements - The current phase of the securities industry is characterized by deepening reforms and a strategic opportunity to build first-class investment banks and institutions [1][2]. - The China Securities Regulatory Commission has outlined new requirements focusing on functional performance, professional capabilities, differentiated development, compliance risk control, and cultural construction [2][5]. - The industry is urged to shift from "scale expansion" to "function priority," from "homogeneous competition" to "differentiated success," and from "passive compliance" to "proactive risk control" [5][20]. Group 3: Operational Strategies - Dongwu Securities has developed five guiding strategies: focusing on its base in Suzhou, integrating into the Yangtze River Delta, serving small and medium enterprises, enhancing compliance and risk control, and fostering a strong talent pool [4][19]. - The company emphasizes the importance of technology and cultural synergy in its operations, aiming to enhance efficiency and effectiveness through digital transformation and collaborative efforts [4][19]. - The firm positions itself as a financial advisor to local economies, providing comprehensive financial solutions tailored to the needs of key industries in the region [21][22]. Group 4: Risk Management and Compliance - Dongwu Securities prioritizes a robust risk management framework, implementing a comprehensive system that integrates both regulatory compliance and technological support [11][26]. - The company promotes a culture of compliance throughout its organization, ensuring that all employees are engaged in maintaining high standards of regulatory adherence [11][26]. - A clear accountability structure is established to ensure that risk management responsibilities are assigned and enforced at all levels of the organization [11][26]. Group 5: Future Vision and Commitment - Dongwu Securities is committed to becoming a first-class modern investment bank, aligning its goals with national strategies and the broader economic landscape [12][27]. - The firm aims to continue its differentiated development path, focusing on serving the most dynamic sectors of the economy and contributing to the modernization of China's financial services [12][27].

证券之星消息，1月22日证券板块较上一交易日上涨0.11%，财通证券领涨。当日上证指数报收于 4122.58，上涨0.14%。深证成指报收于14327.05，上涨0.5%。证券板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 601108 | 财通证券 | 8.96 | 2.87% | 94.50万 | | 8.47亿 | | 601555 | 东吴证券 | 9.41 | 1.18% | 60.39万 | | 5.66亿 | | 600621 | 华鑫股份 | 15.92 | 1.02% | 10.90万 | | 1.73亿 | | 6601099 | 太平洋 | 4.32 | 0.93% | 181.40万 | | 7.85亿 | | 601377 | 兴业证券 | 6.86 | 0.73% | 98.83万 | | 6.77亿 | | 002797 | 第一创业 | 7.08 | 0.71% | 50.31万 | | 3.56亿 | | 600155 | ...

东吴证券研报指出，钧达股份业绩阶段性亏损，加快布局新增长点。公司预计25年归母净利亏损12-15 亿，同比-153.76%～-103.01%。行业仍处周期底部、经营阶段性承压。2025年公司海外业务收入占比已 突破50%，成为海外电池核心供应商。公司同步推进海外产能本地化布局，土耳其产能有望于26Q1投 产出货。未来公司将持续夯实光伏电池核心竞争力，深化全球化战略布局，推动业绩回升与可持续增 长。公司参股星翼芯能、布局太空光伏新增长点。考虑到光伏行业仍处周期底部，竞争激烈导致公司业 绩阶段性承压，下调公司盈利预测，基于公司电池片行业地位稳固，且海外产能本地化布局有望带来新 增长极，维持"买入"评级。 ...

东吴证券研报指出， 中熔电气25Q4业绩超预期，规模效益贡献明显弹性。公司预估25年归母净利 3.83~4.32亿，同比增105%~131%，其中25Q4归母净利1.4~1.9亿，同比增114%~189%，环比增 35%~82%。汽车业务仍贡献主要增量、盈利水平再提升；风光储业务相对稳健、 储能为增量。公司重 点布局高压直流 继电器+BDU、拓展增量市场。由于公司规模效应显现、新品有望贡献增量，上修公司 25-27年归母净利润至4.2/6.0/8.0亿（原预测值为3.6/5.0/6.6亿元），同比增长122%/44%/34%，对应PE为 28x/20x/15x，给予26年30xPE，对应目标价183元，维持"买入"评级。 ...

东吴证券研报指出，中熔电气25Q4业绩超预期，规模效益贡献明显弹性。公司预估25年归母净利 3.83~4.32亿，同比增105%~131%，其中25Q4归母净利1.4~1.9亿，同比增114%~189%，环比增 35%~82%。汽车业务仍贡献主要增量、盈利水平再提升；风光储业务相对稳健、储能为增量。公司重 点布局高压直流继电器+BDU、拓展增量市场。由于公司规模效应显现、新品有望贡献增量，上修公司 25-27年归母净利润至4.2/6.0/8.0亿（原预测值为3.6/5.0/6.6亿元），同比增长122%/44%/34%，对应PE为 28x/20x/15x，给予26年30xPE，对应目标价183元，维持"买入"评级。 ...

东吴证券研报指出，优优绿能HVDC子公司落地，第二增长曲线正式起航。股权层面，我们预计公司有 望通过股权转让的方式，对内绑定、激励核心团队成员，对外吸引技术、市场、渠道等资源，加速推进 公司HVDC业务成长，未来认为该子公司独立运行后，随着其估值的抬升，有望带动母公司PE+EPS双 升。预计26Q1推出产品，Q2送样海外终端客户，催化有望逐步落地；渠道端，公司与ABB等海外头部 TIER1客户均保持了良好的合作关系，预计公司通过HVDC子公司股权吸引、扩充产业资源和渠道资 源，更好地发力HVDC市场。维持公司25-27年归母净利润预测分别为1.5/2.6/4.7亿元，同 比-41%/+72%/+79%，现价对应PE分别为64x、37x、21x，维持"买入"评级。 ...

Core Viewpoint - Dongwu Securities report indicates that Tianfu Communication's performance meets expectations, with optimism regarding contributions from new products [1] Financial Performance - The company expects net profit attributable to shareholders in 2025 to be between 1.88 billion to 2.15 billion yuan, representing a year-on-year growth of 40% to 60% [1] - The non-recurring net profit is projected to be between 1.83 billion to 2.11 billion yuan, with a year-on-year increase of 39.19% to 60.40% [1] Market Conditions - Anticipation of accelerated appreciation of the RMB in Q4 2025 may further exacerbate the negative impact of exchange losses on the company's performance [1] - The company's core products are in a generational transition period, with customer ordering patterns and upstream material supply significantly affecting quarterly performance [1] Competitive Position - The company is leading in the 1.6T and CPO layout, with deep binding to top-tier customers, positioning it to benefit from the release of industry demand [1] - The report maintains a "Buy" rating for the company [1]

Group 1 - The core viewpoint is that commercial aerospace is entering a high-density and standardized launch phase driven by high payload capacity and reusable technology, leading to a continuous decrease in launch costs [1] - The demand for propellants and special gases is rigid, with their cost share increasing due to the overall reduction in rocket costs, highlighting the importance of liquid oxygen and methane as a key development direction for new reusable rockets [1][4] - The economic viability of rocket launches is becoming a crucial factor for the transition to high-density and standardized launches, with the cost of propellants and special gases becoming a more stable and predictable value segment [1][3] Group 2 - China's launch infrastructure has been significantly enhanced, with a total of 21 existing launch sites and 5 more under construction or planned, leading to an increase in rocket launch frequency from 39 times in 2020 to an expected 92 times by 2025 [2] - The cost of rocket launches in China is projected to decrease from approximately 115,000 yuan per kilogram in 2020 to around 45,000 yuan per kilogram by 2029, driven by advancements in new generation launch vehicles and reusable technology [3] - The industry is witnessing a parallel development of liquid oxygen and kerosene alongside liquid oxygen and methane, with the latter gaining prominence due to its cleaner combustion and lower maintenance requirements [4] Group 3 - The investment recommendation emphasizes focusing on Jiufeng Energy, which is positioned to supply special fuels and gases for commercial aerospace, with capabilities in liquid hydrogen, liquid methane, and helium [5] - Jiufeng Energy's strategic partnerships with rocket companies and expansion plans align with the increasing demand for high-density launch operations, particularly with the completion of the first phase of the Hainan commercial launch project [5]

股市方面，A股18连阳行情强势站上4100点，成交量创下历史新高，逼近4万亿大关，科技与顺周期板块成资金主线，而美股则高位小幅回 调，市场等待1月美联储议息会议结果。 债市方面，中债呈牛平特征收益率曲线下移，而美债则熊陡走弱，收益率上行，市场对美联储降息节奏预期趋谨慎。 大宗商品市场更是冰火两重天，贵金属、有色金属大涨，而能源化工、黑色系则受供需失衡拖累表现低迷。 A股牛市还能上车吗？哪类资产最值得关注？港股与A股怎么选？ 美股2026年还能继续科技AI的牛市狂欢吗？ 1月美联储议息会议传递出哪些新信息？如何前瞻美国通胀形势与降息节奏？ 十五五规划中，有哪些战略新兴产业值得重点关注？ 美国拉斯维加斯CES、英伟达GTC大会上科技行业有哪些新产品、新进展？ 商业航天大热背后的机遇与风险？ 反内卷政策能否推动商品价格持续上涨？ ...... 2026年开年，全球市场分化剧烈： 关于全球大类资产与热点行业，大家在2026年一季度最关心的问题是： 为了帮大家看清2026年一季度大类资产轮动与风向变化、热点行业的前瞻解读，我们一季度预计邀请多位重磅嘉宾来主讲Alpha线上闭门私享会 ——百亿私募敦和资管首席经济学家徐小 ...

Core Viewpoint - The report from Dongwu Securities highlights that Shouhua Gas is positioned to benefit from resource and technology-driven growth, marking a performance turning point for deep coalbed methane pioneers [1] Group 1: Company Transformation and Growth Potential - The company has successfully transformed into an upstream natural gas producer, with stock incentives locking in high revenue growth [1] - The outlook for coalbed methane is promising, with technological breakthroughs leading to cost reductions [1] Group 2: Resource and Cost Dynamics - Coalbed methane extraction is entering a phase of large-scale development, with deep coalbed methane resources being over three times more abundant than shallow resources [1] - According to Shouhua Gas data, the unit depletion cost for oil and gas assets is approximately 0.85 yuan per cubic meter for 2024, with expectations to decrease to around 0.53 yuan per cubic meter as new wells come online [1] Group 3: Future Cost Trends and Profitability - Future technological advancements are expected to lower investment costs and increase gas output, leading to further reductions in unit costs as fixed costs are spread over higher production volumes [1] - The company's self-produced gas volume has the potential to increase sevenfold, with fiscal support further enhancing profitability [1] - The company is benefiting from innovations in deep coalbed methane technology, with gas volume and profit growth rates significantly outpacing peers [1]