Group 1: Core Insights - Dongwu Securities projects Chery Automobile's net profit attributable to shareholders for 2025-2027 to be 18.4 billion, 21.1 billion, and 25.4 billion yuan respectively, with a PE ratio of 14, 11, and 8 times for the same period [1] - The company is recognized as a global technology-oriented automotive enterprise, transitioning towards globalization and intelligence, with a clear ownership structure involving state-owned, strategic investors, and management [1] - Chery's financial performance is bolstered by its strong momentum in new energy vehicles and stable export position, leading to improved financial data [1] Group 2: Brand Strategy - Chery's main brand targets the mainstream market with high cost-performance and diverse powertrain options, while its sub-brands cater to specific segments such as travel, high-end users, and younger demographics [2] - The Jietu brand focuses on travel and light off-road SUVs, while the Xingtu brand targets mid-to-high-end consumers [2] - The iCAR brand is aimed at the younger, personalized electric vehicle market, and the Zhijie brand emphasizes smart experiences through collaboration with Huawei [2] Group 3: Export Strategy - Chery has a phased export strategy starting from developing markets, focusing on key markets like Russia, and expanding into Europe [3] - The Tiggo series is central to Chery's export strategy, offering a mix of internal combustion engine (ICE) and plug-in hybrid electric vehicles (PHEV) to adapt to different regional markets [3] - The company employs a localized approach in its overseas operations, utilizing a dealer authorization system and local assembly to meet market demands [3] Group 4: Technological Development - Chery plans to integrate its subsidiaries and R&D functions by 2025 to enhance its research capabilities [4] - The company adopts a dual-track strategy of self-research and collaboration with leading technology partners like Huawei and Horizon [4] - Chery's vehicle platform strategy includes both traditional fuel and new energy platforms, structured by price range and technology path [4]

Group 1: Core Insights - Dongwu Securities projects Chery Automobile's net profit attributable to shareholders for 2025-2027 to be 18.4 billion, 21.1 billion, and 25.4 billion yuan respectively, with a higher valuation expected due to strong growth in new energy and stable export position [1] - Chery Automobile, established in 1997, is transitioning towards globalization and intelligence, supported by a clear equity structure involving state-owned, strategic investors, and management [1] - The company has a diversified brand system with five major brands catering to various market needs, including a focus on high cost-performance for the main brand and a high-end brand targeting mid-to-high-end users [2] Group 2: Export Strategy - Chery's export strategy has evolved from developing markets to key markets like Russia and now expanding into Europe, with a focus on risk management in these regions [3] - The Tiggo series is central to Chery's export products, utilizing multiple energy forms and configurations to adapt to different regional markets, with fuel vehicles forming the core of overseas sales [3] - The company employs a localized approach in its overseas operations, utilizing a dealer authorization system and local assembly to meet market demands [3] Group 3: Technological Development - Chery plans to integrate its subsidiaries and R&D functions by 2025 to enhance its research capabilities, adopting a dual approach of self-research and collaboration with leading technology partners [4] - The company has developed a platform-based vehicle manufacturing capability, with a structure that accommodates both traditional fuel and new energy platforms [4] - Chery introduced the "Falcon Intelligent Driving" solution in March 2025, emphasizing its commitment to smart technology development [4]

Core Viewpoint - Dongwu Securities has adjusted the profit forecast for Yum China (09987) for 2026-2027 to $1.043 billion and $1.144 billion, respectively, from previous estimates of $989 million and $1.059 billion, with a new profit forecast for 2028 at $1.263 billion, reflecting year-on-year growth of 12.24%, 9.69%, and 10.41% [1] Group 1: Financial Performance - For the full year of 2025, system sales and total revenue increased by 4% each, while Q4 saw a 7% and 9% increase, respectively, exceeding previous expectations [1] - Adjusted net profit for 2025 increased by 2% year-on-year, with Q4 showing a significant 24% increase, attributed to automation systems, lean operations, and optimized raw material prices [2] - Restaurant profit margins improved, with KFC and Pizza Hut showing respective profit margin increases of 0.5 and 0.8 percentage points in 2025 [2] Group 2: Store Expansion - By the end of 2025, the total number of stores reached 18,100, with net additions of 1,706 and 587 stores for the year and Q4, respectively [3] - KFC and Pizza Hut store counts were 13,000 and 4,200, with annual net increases of 1,349 and 444 stores [3] Group 3: Same-Store Sales - Overall same-store sales increased by 1% for the full year and 3% for Q4, with KFC and Pizza Hut both showing a 1% increase in same-store sales for the year [4] - KFC's same-store sales and transaction volume increased by 3% in Q4, while Pizza Hut's same-store sales increased by 1% [4] Group 4: Future Outlook - The company anticipates exceeding 20,000 stores by 2026, with over 3,000 stores by 2030, and plans for capital expenditures of $600-700 million [5] - The company plans to return $1.5 billion to shareholders in 2025, with a dividend yield of nearly 8% [5]

Core Viewpoint - Dongwu Securities has adjusted the profit forecast for Yum China (09987) for 2026-2027 to $10.43 billion and $11.44 billion, respectively, from previous estimates of $9.89 billion and $10.59 billion, with a new profit forecast for 2028 at $12.63 billion, reflecting year-on-year growth of 12.24%, 9.69%, and 10.41% [1] Group 1: Financial Performance - In 2025, the total system sales and total revenue increased by 4% year-on-year, with Q4 showing a 7% and 9% increase, respectively, exceeding previous expectations [1] - Adjusted net profit for 2025 increased by 2% year-on-year, with Q4 showing a significant 24% increase, attributed to automation systems, lean operations, and improved raw material prices [2] - The operating profit for KFC in 2025 increased by 8% year-on-year, while for Pizza Hut, it rose by 19%, with restaurant profit margins improving for both brands [2] Group 2: Store Expansion - By the end of 2025, the total number of stores reached 18,100, with a net addition of 1,706 stores for the year, including 1,349 KFC stores and 444 Pizza Hut stores [3] Group 3: Same-Store Sales - Overall same-store sales increased by 1% for 2025, with Q4 showing a 3% increase, marking three consecutive quarters of positive year-on-year growth [4] - KFC's same-store sales for Q4 increased by 3%, while Pizza Hut's same-store sales showed a 1% increase, indicating a focus on value products [4] Group 4: Future Outlook - The company plans to exceed 20,000 stores by 2026, with a capital expenditure of $6-7 billion and a shareholder return of $1.5 billion in 2025 [5] - The dividend yield is projected to be nearly 8%, with a significant portion of new stores being franchise locations [5]

在今年省政府工作报告中，有两组数据放在一起，备受关注。"地区生产总值连续迈上4个万亿元台阶、 达14.2万亿元、年均增长5.7%。""新增本外币贷款连续4年保持全国首位，科创板、北交所上市公司数 量居全国第一。" □ 本报记者 赵伟莉 陈娴 崔昊 服务实体经济，是金融的天职和宗旨。江苏紧扣"支撑服务能力强、改革创新活力强、产业发展实力 强、金融生态环境优"目标加快建设金融强省，把更多金融"活水"精准引向实体经济，实现金融与产业 发展同频共振，为高质量发展持续注入强劲金融动能。 强服务，量足质优促发展 优生态，夯实营商环境根基 壮产业，构筑金融集聚高地 建设现代化产业体系，需要现代金融体系做支撑。近年来，江苏加快建设省域现代金融体系。2025年， 设立省国金集团，优化国有金融资本管理体制；组建江苏农商联合银行，高效完成农信社改革；设立华 东地区首家省级信用增进公司，构造支持民企、科创企业发债政策重要拼图…… 目前，省属金融企业均跻身国内同类机构"第一方阵"，全省地方法人金融企业总资产超过15万亿元、较 2018年末翻一番。其中，作为全国系统重要性银行、省属法人银行，江苏银行（600919）总资产规模近 4.8万 ...

聚焦业务 明确目标 ◎卢伊 记者 徐蔚 近期，多家券商相继召开年度工作会议，总结2025年的经营情况，部署2026年及"十五五"期间的重点任 务。上海证券报记者梳理发现，过去一年，不少中小券商坚定推进转型升级，持续深耕区域、服务实体 经济。对于"十五五"期间的任务部署，部分券商进一步明确战略方向，也有券商细化目标与排名，规划 出差异化发展路径。 业绩向好 转型显效 2025年，券商交出一份扎实的"成绩单"，为"十五五"开局打好坚实基础。Choice数据显示，截至2月5 日，共计32家券商发布2025年度业绩预告或快报。其中，30家券商实现净利润同比增长，19家券商净利 润增幅超50%，5家券商净利润增幅超1倍。 亮眼的业绩来自券商转型升级的坚定步伐。东吴证券董事长范力表示，公司在过去一年坚持根据地战 略、特色化经营、市场化考核，找到了一条适合自己的发展道路，预计2025年实现归母净利润34.31亿 元至36.68亿元，同比增长45%至55%。 中邮证券积极向现代化综合性券商转型，完成向"产品+投顾"模式转型，实现托管资产规模和客户数量 双增长，公司预计2025年营业收入同比增长22%、净利润同比增长50%。 ...

Core Insights - The overall performance of the securities industry is recovering, prompting small and medium-sized brokerages to strategically position themselves for 2026 [1] - These brokerages are focusing on differentiated, specialized, and refined development paths to navigate the competitive landscape [2] Differentiation Strategy - Small and medium-sized brokerages are abandoning the "large and comprehensive" development model in favor of a "small but beautiful" approach, emphasizing differentiation and specialization [2] - In 2025, many brokerages reported significant growth, with Zhongyou Securities achieving a 22% revenue increase and a 50% profit increase, showcasing their strategic adaptability [2] Key Strategic Focus Areas - "Differentiation positioning" is a primary keyword in the strategic deployment of brokerages, with firms like Dongwu Securities focusing on three key areas: collaborative empowerment, research empowerment, and technological empowerment [3] - Zhejiang Securities aims to become a leading national comprehensive brokerage aligned with the economic status of Zhejiang, while Xinyi Securities emphasizes high-quality development and competitive advantages [3] Regional Development - Many brokerages are aligning their growth with national regional strategies and local economic development, emphasizing local market service [4] - Zhongyuan Securities aims for regional leadership, while Huayuan Securities focuses on deepening its presence in niche markets [4] Wealth Management and Investment Banking - The transformation towards wealth management is a core focus, with brokerages like Zhongyou Securities planning to enhance institutional demand and expand their service systems [5] - Investment banking efforts are directed towards premium and specialized services, with firms like Xinyi Securities targeting key clients and industries [5] Overall Development Path - The development path for small and medium-sized brokerages in 2026 is becoming clearer, moving away from scale competition to capability competition [6] - The focus is on specialized tracks and serving the real economy, with brokerages leveraging strategic determination and innovative vitality to find new opportunities [6]

Core Viewpoint - Despite the positive earnings forecasts from 28 brokerage firms, investor anxiety persists as stock prices continue to decline even with increasing profits [1][2]. Group 1: Earnings Performance - As of February 4, 2026, 29 brokerage firms have reported significant earnings growth, with CITIC Securities achieving a net profit exceeding 30 billion yuan, setting a new industry record [2][6]. - The overall performance of the brokerage sector has been lackluster, with the CSI Securities Index showing a year-to-date decline of 1.83%, underperforming the Shanghai Composite Index, which rose by 3.36% [2][11]. - Notably, the net profit of Guolian Minsheng surged by 406%, highlighting the disparity in performance among different firms [2][7]. Group 2: Market Dynamics - On February 2, 2026, while the A-share market experienced a pullback, brokerage stocks also dipped, but on February 3, they continued to decline despite a market rebound [3][4]. - The CSI Securities Index saw a collective rise on February 4, with all 49 constituent stocks closing in the green, indicating a potential recovery in sentiment [4][5]. Group 3: Future Outlook - Analysts predict that the brokerage sector will experience a significant earnings growth of approximately 46% in 2025, driven by improved market conditions and policy benefits [8][9]. - The brokerage industry's profitability is expected to be bolstered by three main factors: improved market conditions, optimized business structures, and ongoing policy support [9][12]. - Current valuations of brokerage stocks are considered low, with a price-to-book ratio of 1.36, suggesting potential for recovery as the sector enters a new growth cycle [11][12].

东吴证券研报指出，巴比食品25年营收稳健增长，26年有望再提速。营收稳健增长，内生改善+外延并 购+小笼包堂食店新店型多项并进。加盟业务稳健复苏，2025Q2单店收入转正，Q2起外卖平台补贴带 动线上订单高增。进入2025H2，公司开始试点小笼包新店型，经市场验证成效显著，有望成为业绩增 长新引擎。2025Q3起试点小笼包堂食新店型，提升客单价与复购率，有望在2026年规模化复制。公司 传统门店触底向上，通过并购加码，为中期万店目标助力，同时小笼包新店型经市场验证成效显著可展 开招商，三个方向可共享供应链，实现协同发展，释放规模效应。维持"买入"评级。 ...

Core Viewpoint - Huatai Securities plans to issue zero-coupon convertible bonds amounting to 10 billion yuan to support its overseas business development, which is expected to have a significant dilution effect on H-shares but minimal impact on A-shares [1] Group 1: Financing Strategy - The company opts for convertible bonds due to lower issuance costs compared to traditional equity offerings, and it has a lesser impact on the market [1] - The funds raised will primarily be directed towards stock derivatives, FICC, wealth management, and asset management, aiming to strengthen its position among Chinese brokerage firms' overseas subsidiaries [1] Group 2: Market Context - Domestic brokerages are accelerating their overseas market expansion under policy guidance, with ongoing capital market reforms and a gradual economic recovery boosting market investment enthusiasm [1] - The long-term policy environment for the securities industry is favorable, positioning the company to seize international business opportunities for further growth [1] Group 3: Earnings Forecast - The company has raised its previous earnings forecast in light of its current operational situation and maintains a "buy" rating [1]