Core Viewpoint - The securities industry is undergoing a significant transformation, marked by the closure of over 180 offline branches and the rapid rise of internet subsidiaries, indicating a trend towards digitalization and smart transformation in the sector [1][2]. Group 1: Industry Trends - The establishment of internet subsidiaries is becoming a new strategy for securities firms to capture online market share and expand customer bases, driven by favorable market conditions and increased trading activity [2][6]. - By 2025, the total number of new investor accounts in the capital market is expected to reach 30.0571 million, providing ample opportunities for securities firms to enhance their internet business [2]. - Major firms like China Galaxy Securities and Dongwu Securities are actively setting up internet subsidiaries, reflecting a broader trend of digital transformation in the industry [2][3]. Group 2: Differences Between Internet Subsidiaries and Traditional Branches - Internet subsidiaries differ from traditional branches in strategic focus, targeting a broader customer base through standardized and centralized operations, while traditional branches primarily serve high-net-worth and corporate clients [3]. - The operational logic of internet subsidiaries is data and algorithm-driven, contrasting with the reliance on personal experience and social networks in traditional branches [3][4]. - Internet subsidiaries operate as independent units with unified rights, responsibilities, and benefits, allowing for quicker decision-making and a full-cycle approach to customer acquisition and revenue generation [3][4]. Group 3: Functional Roles of Internet Subsidiaries - The core functions of internet subsidiaries include conducting targeted marketing and lead generation on external platforms, managing daily operations of various online platforms, providing refined customer service, and acting as a "smart brain" for data monitoring and AI application across all business processes [4][5]. - Internet subsidiaries aim to address traditional pain points in the securities industry, such as inadequate service for long-tail customers and low operational efficiency due to dispersed operations [5][6]. Group 4: Performance and Effectiveness - The effectiveness of internet subsidiaries is being validated through various practices, with firms like Guotai Junan and Dongwu Securities reporting significant growth in customer acquisition and asset management [6][7]. - Guotai Junan's internet subsidiary has doubled its customer acquisition on new media platforms in 2025 compared to 2024, while Dongwu Securities has successfully attracted nearly 3 million followers and accumulated 150 million yuan in assets [6][7]. Group 5: Challenges and Future Outlook - Despite the progress, internet subsidiaries face challenges such as internal collaboration barriers and the need for alignment with headquarters on operational strategies [8][9]. - Not all securities firms are suited to establish internet subsidiaries, as some leading firms have already integrated internet capabilities into their operations, while smaller firms may prefer to focus resources on key business areas [8][9]. - The future of internet business in the securities industry will depend on advancements in technology, business models, and organizational structures, with a focus on creating long-term customer engagement and breaking down traditional departmental barriers [9][10].

（记者 曾健辉） 每经AI快讯，利欧股份发布公告称，2026年1月12日，利欧股份接受东吴证券等投资者调研，公司董 事、副总经理、董事会秘书张旭波，副总经理郑晓东参与接待，并回答了投资者提出的问题。 每经头条（nbdtoutiao）——"春节也要加班，抢在4月1日前交货"！有光伏企业在抢出口，也有企业很 纠结：白银等原材料成本激增，决策困难 ...

Group 1 - The core viewpoint of the article is that Dongwu Securities has given a "Buy" rating to Xianle Health (300791.SZ) based on its leadership in the health supplement CDMO sector and favorable market conditions [1] - Xianle Health is recognized as a leading enterprise in the health supplement CDMO (Contract Development and Manufacturing Organization) industry [1] - The health supplement industry is characterized by decentralized development, which benefits the CDMO segment [1] - The company has a global perspective, with stable growth in Europe and improving conditions in the Americas [1] - The importance of new retail customers is increasing for the company [1]

公司2017年成立，创始人为计算机视觉、机器学习领域专家，具有百度、微软工作背景，业务从 Robotaxi拓展至Robobus、Robovan、Robosweeper等多种L4场景，同时布局L2+辅助驾驶业务。2025年 Q3，公司总营收达1.71亿元，同比增长144%，核心增长引擎来自Robotaxi业务，单季收入约3530万元， 同比激增761.0%，占总营收比重升至20.7%，Robotaxi业务占比提升，反映公司主业商业化进展顺利， 公司市场拓展能力较强。2025年三季度公司毛利率32.9%，截至2025年9月30日，现金及资本储备达54 亿元，能够支撑公司的研发投入与规模化扩张，为长期竞争力奠定基础。 L4牌照获取进度全球领先，商业化路径清晰 公司是全球唯一在8个国家获得自动驾驶许可的企业。国内方面，已在北京和广州实现纯无人商业运营 (都能做到限定区域随处上下车)，广州每辆商业化Robotaxi在每日24小时运营时段内完成至高25单行程 (在优惠单价驱动下)，2025年7月获上海浦东新区主驾无人示范应用资质，补齐一线城市布局；海外以 中东为核心，2025年相继在阿布扎比启动纯无人商业运营、在沙特利雅 ...

Core Viewpoint - Dongwu Securities reports that WeRide (00800) is a leader in Robotaxi technology and is expected to benefit from gradual policy openings, continuous breakthroughs in autonomous driving technology, and cost reductions in the supply chain, with a potential for rapid scaling and profitability after achieving a positive unit economic model [1] Group 1: Company Overview - WeRide was established in 2017 by experts in computer vision and machine learning with backgrounds at Baidu and Microsoft, expanding its business from Robotaxi to various L4 scenarios including Robobus, Robovan, and Robosweeper, while also venturing into L2+ assisted driving [2] - In Q3 2025, the company achieved total revenue of 171 million yuan, a year-on-year increase of 144%, with Robotaxi business contributing significantly, generating approximately 35.3 million yuan, a staggering increase of 761.0% year-on-year, and accounting for 20.7% of total revenue [2] - The company reported a gross margin of 32.9% in Q3 2025, and as of September 30, 2025, it had cash and capital reserves of 5.4 billion yuan, supporting its R&D investments and scaling efforts [2] Group 2: Licensing and Commercialization - WeRide is the only company globally to have obtained autonomous driving licenses in eight countries, with successful commercial operations in Beijing and Guangzhou, where each Robotaxi can complete up to 25 rides per day during a 24-hour operational period [3] - The company received a qualification for driverless demonstration applications in Shanghai's Pudong New Area in July 2025, enhancing its presence in major cities, and has initiated pure driverless commercial operations in Abu Dhabi, Riyadh, and Dubai [3] Group 3: Market and Profitability Outlook - The Robotaxi sector is approaching a commercial tipping point, with a clear profitability path driven by advancements in technology such as multi-sensor fusion and integrated vehicle-road-cloud systems, significantly reducing accident rates compared to human driving [4] - The cost of solid-state LiDAR has decreased from millions to under 300,000 yuan, optimizing the unit economic model, while the B-end shared mobility market in China is steadily expanding, with Robotaxi expected to replace parts of traditional and private transportation markets, potentially reaching a scale of 200 billion yuan by 2030 [4] - The theoretical market reach for Robotaxi in developed and underdeveloped regions is estimated to be 4.4 and 3.4 times that of the Chinese market, respectively, indicating a competitive advantage in developed regions [4] - Policies in China are supportive, with 51 cities opening pilot programs for fully driverless operations, while Middle Eastern countries are strategically driven to promote autonomous driving, and Singapore is cautiously opening up to various autonomous vehicle types [4]

东吴证券发布研报称，维持海底捞(06862)"买入"评级，海底捞是中国火锅第一品牌，服务运营和供应 链构建品牌壁垒，股息率达6%，行业需求承压下公司优化单店运营模型，孵化新品牌矩阵，未来仍有 发展空间。 东吴证券主要观点如下： 近期事件 2025年12月31日和2026年1月1日，全国海底捞火锅门店累计接待顾客超450万人次，其中多地演唱会散 场后客流支持跨年夜部分门店营业高峰延长。 翻台率同比保持稳定 该行预计2025年11月，海底捞整体门店翻台率同比维持稳定，整体运营稳定。公司翻台率下半年环比上 半年改善，预计12月火锅旺季延续稳健经营。 优化门店经营，提高存量盈利水平 餐饮行业需求持续承压，火锅品牌普遍进入发展调整期。海底捞以"不一样的海底捞"策略推动品牌运营 效率，如推出甄选店、鲜切店、夜宵店等主题店型，增加季节性和常态化的产品创新，支持同店改善。 同时降本增效有望带动利润率回升。 红石榴计划孵化新品牌 公司推出红石榴计划寻找新的增长点，截至2025年6月，红石榴计划已孵化14个餐饮品牌，涵盖寿司、 烤肉、炸鸡等品类，共计126家门店，其中"焰请烤肉铺子"门店达70家。2025年H1其他餐厅收入为6. ...

Group 1 - The core viewpoint is that Dongwu Securities maintains a "buy" rating for Haidilao (06862), highlighting it as the leading hotpot brand in China with strong service operations and supply chain building brand barriers, alongside a dividend yield of 6% [1] - As of December 31, 2025, and January 1, 2026, Haidilao's hotpot stores received over 4.5 million customers, with increased foot traffic during New Year's Eve due to concert events [2] - The overall table turnover rate for Haidilao is expected to remain stable year-on-year in November 2025, with operational stability and an anticipated continuation of robust performance during the December hotpot peak season [3] Group 2 - In response to ongoing pressure in the restaurant industry, Haidilao is optimizing store operations to enhance profitability, implementing strategies like themed stores (selection stores, fresh-cut stores, late-night stores) and seasonal product innovations to support same-store improvements [4] - The company has launched the "Pomegranate Plan" to incubate new brands, resulting in 14 new restaurant brands by June 2025, covering sushi, barbecue, and fried chicken, with a total of 126 stores, including 70 for "Flame Barbecue" [5] - The revenue from other restaurants in the first half of 2025 reached 600 million yuan, representing a year-on-year increase of 227%, as the company focuses on evaluating and supporting potential projects to strengthen multi-brand synergy [5]

Market Overview - The A-share market experienced a collective rise, with major indices reaching above 4100 points, marking a "16 consecutive days of gains" [1] - The Shanghai Composite Index rose by 3.82%, the Shenzhen Component Index by 4.40%, and the ChiNext Index by 3.89% [1] Sector Performance - Leading sectors included brain-computer interfaces, medical services, and military electronics, while airport shipping, banking, and Hainan Free Trade Zone sectors saw declines [1] Economic Events - Key upcoming financial events include the G7 finance ministers meeting on January 12, OPEC's monthly oil market report on January 14, and the Federal Reserve's economic conditions beige book on January 15 [1] Brokerage Strategies - **CITIC Securities**: Focus on resource and traditional manufacturing pricing power, with expectations of continued market momentum until the Two Sessions, driven by improved domestic demand [1] - **Guotai Junan Securities**: A-share ROE is expected to rise by 2026 after 14 quarters of decline, stabilizing valuations and supporting a slow bull market for A and H shares [2] - **Everbright Securities**: Anticipates continued market heat in the short term, driven by policy support and economic growth, with a focus on electronics, power equipment, and non-ferrous metals [3] - **Dongwu Securities**: Recommends focusing on growth sectors, particularly AI, aerospace, and cyclical price increases in industrial metals and chemicals [4] - **China Galaxy**: Highlights structural investment opportunities with increased fund inflows and a focus on performance forecasts and economic data [5] - **Huajin Securities**: Suggests focusing on technology and cyclical growth sectors, with an emphasis on military, electric new energy, and AI applications [6] - **Zheshang Securities**: Predicts a direct upward market trend, recommending balanced industry allocation and focusing on mid-cap growth indices [7] - **Cinda Securities**: Notes increased market trading volume and risk appetite, suggesting themes related to price increases and sectors with potential policy or technological catalysts [8]

Core Viewpoint - Dongwu Securities experienced a mixed performance in trading activities, with a notable decrease in net financing buy and a significant increase in net profit year-on-year despite a drop in revenue [1][2]. Financing Activities - On January 9, Dongwu Securities recorded a financing buy of 51.33 million yuan, with a net financing buy of -36.35 million yuan, indicating a higher level of financing repayment than new purchases [1]. - The total financing and securities lending balance reached 3.134 billion yuan, with the financing balance accounting for 6.81% of the circulating market value, which is above the 70th percentile of the past year [1]. - In terms of securities lending, 115,700 shares were repaid, while 56,500 shares were sold, resulting in a selling amount of 522,100 yuan, with a remaining securities lending balance of 7.1739 million yuan, also above the 60th percentile of the past year [1]. Financial Performance - For the period from January to September 2025, Dongwu Securities reported an operating income of 7.274 billion yuan, a year-on-year decrease of 13.78%, while the net profit attributable to shareholders increased by 60.23% to 2.935 billion yuan [2]. - Cumulatively, since its A-share listing, Dongwu Securities has distributed a total of 8.684 billion yuan in dividends, with 3.955 billion yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders increased by 24.26% to 111,100, while the average circulating shares per person decreased by 19.52% to 44,738 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 160 million shares, a decrease of 158 million shares compared to the previous period, while the Guotai CSI All-Index Securities Company ETF is a new sixth-largest shareholder with 103 million shares [3].

Group 1 - The company announced the removal of the limit on daily single account subscriptions for institutional clients in the E Fund Investment Grade Credit Bond Fund starting from January 13, 2026, allowing for large subscriptions and conversions [1] - The company continues to suspend online direct sales for Class A shares of the fund, including subscriptions, conversions, and regular investment [1] Group 2 - E Fund has added Dongwu Securities as a primary dealer for the E Fund CSI Hong Kong Securities Investment Theme ETF, effective January 12, 2026, following an agreement with Dongwu Securities [2] Group 3 - The E Fund CSI Hong Kong Stock Connect High Dividend Investment ETF began trading on the Shanghai Stock Exchange on January 12, 2026, with a trading limit of 10% [5] - As of January 9, 2026, 93.39% of the fund's assets were invested in the index component stocks and alternative component stocks, complying with relevant regulations and the fund contract [5]