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]

Group 1 - The core viewpoint of the report is that Dongwu Securities has given Huatai Securities (601688.SH) a "buy" rating based on several factors [1] - The dilution effect on H-shares is significant, while the impact on A-shares is relatively minor [1] - The cost of convertible bonds is lower, leading to a slight decrease in leverage after conversion [1] - In the medium to long term, this will benefit the company's overseas business development [1] - Under policy guidance, domestic securities firms are accelerating their layout in overseas markets [1]

| 代码 | 名称 | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | | 002945 | 华林证券 | 7.47 | 517亿 | 24.85 | | 601555 | 东吴证券 | 3.26 | 473亿 | 4.97 | | 600621 | 华鑫股份 | 2.65 | 181亿 | 12.01 | | 601211 | 国泰海通 | 2.51 | 3524 Z | -2.73 | | 600369 | 西南址券 | 2.00 | 304亿 | 2.23 | | 601688 | 华泰证券 | 1.88 | 2002亿 | -5.98 | | 002736 | 国信证券 | 1.72 | 1275亿 | -5.11 | | 601881 | 中国银河 | 1.65 | 1680亿 | -2.29 | | 601066 | 中信建投 | 1.62 | 1893亿 | -8.31 | | 601108 | 财通证券 | 1.58 | 419亿 | 3.44 | | 601377 | 兴业证券 | 1.49 | 590亿 | -7.95 | | ...

Core Viewpoint - Dongwu Securities research report indicates that Jiyuan Group leads globally in HMB and is set to advance in precision nutrition, aiming to integrate the upstream and midstream of the industry chain [1] Company Overview - The company's nutritional raw materials include HMB, glucosamine, and chondroitin sulfate, with projected revenue contributions of 29%, 18%, and 9% respectively in 2024 [1] - Key clients for the company's formulations include Aojiaobao, Pharmacare, and HerbsofGold [1] Industry Outlook - The health supplement industry is experiencing robust growth, and the company is innovating while maintaining its core strengths, positioning itself well in the precision nutrition sector [1] - The company's first-mover advantage and significant technical barriers in the precision nutrition model suggest a promising long-term growth potential [1] Investment Recommendation - Given the company's valuation and the cost-effectiveness of its current position, the report initiates coverage with a "Buy" rating [1]

格隆汇2月4日｜东吴证券研报指出，富特科技是第三方车载高压电源系统头部企业，迎来业绩高速增长 通道。25年上半年在国内OBC行业市占率达8%，位居行业第四。22-24年公司营收分别为 16.50/18.35/19.34亿元，同比+71%/+11%/+5%，随客户拓展而稳定增长。25年受益于小米、蔚来等主要 客户的销量增长及海外项目的定点项目放量，根据2025年度业绩预告，25年营收超40亿元，归母净利润 达2.1~2.5亿元，同比+122%~+164%，展望2026年，我们公司将继续受益于国内外客户的销量增长及新 客户拓展，保持高速增长。公司在车载高压电源系统行业长期耕耘，近年来持续开拓小米、蔚来、雷 诺、Stellantis等行业头部客户。考虑到公司产品广受认可，主业国内加速渗透，海外客户拓展速度领 先，HVDC带来潜在增量，未来成长空间广阔，因此我们给予公司26年30倍PE，对应股价70.4元/股， 首次覆盖，给予"买入"评级。 ...

智通财经APP获悉，东吴证券发布研报称，2025年日均股基交易额1.98万亿元，同比增长67%。IPO、 再融资双双触底回升，集中度进一步提升;债券发行规模稳中有增。权益市场持续上行，债券市场表现 较弱。该行预计2025年上市券商净利润同比+50%，第四季度净利润同比+16%，环比下滑26%。目前券 商股估值较低，考虑到行业发展政策积极，该行认为大型券商优势仍显著。 东吴证券主要观点如下： 2025年权益市场表现亮眼，交投活跃度大幅回升 5)债券发行规模稳中有增。2025年，券商参与的债券发行规模为16.0万亿元，同比增长13%。其中企业 债发行规模下滑60%，短融中票规模下滑9%，公司债、金融债券和ABS分别同比增长13%、24%和 19%。 6)权益市场表现亮眼，债券市场表现较弱。2025年，沪深300指数上涨17.66%，创业板指上涨49.57%， 上证综指上涨18.41%，万得全A指数上涨27.65%，中债总全价指数2025年下跌2.32%。 7)权益类公募基金发行回暖。2025年股票+混合类公募基金发行规模同比+83%至5859亿份，以指数型及 指数增强型为主;债券型基金发行规模同比-42%至481 ...

Core Viewpoint - The report from Dongwu Securities highlights that green methanol is one of the preferred fuels for achieving near-zero emissions in the shipping industry, with companies that first release products or have cost advantages likely to dominate the competition [1] Group 1: Industry Insights - The International Maritime Organization aims to reduce the carbon intensity of global shipping by 40% by 2030, 70% by 2040, and achieve net-zero emissions by 2050 compared to 2008 levels [1] - Major shipping companies like Maersk and CMA CGM are adopting green methanol as a primary fuel choice [1] - The Shanghai Old Port Ecological Environmental Base will launch its first batch of green methanol products on January 31, 2026, marking a significant milestone in the project [1] Group 2: Technological Advancements - The innovative technology for producing green methanol has achieved a carbon utilization rate of 100%, reducing costs by over 30% compared to traditional methods [2] - The cost of green methanol is approximately 5000 to 6000 RMB per ton, which is 2 to 3 times that of conventional methanol, but the new method can lower the cost to over 3000 RMB per ton [2] - The project utilizes a unique process that combines anaerobic fermentation, gas purification, and methanol synthesis, significantly enhancing efficiency and reducing costs [2] Group 3: Market Potential - Shanghai generates about 3.5 million tons of wet waste annually, which can produce over 400,000 tons of green methanol, with the Old Port base expected to contribute half of this amount [2] - The local capacity for processing wet waste is approximately 11,000 tons per day, with the Old Port base handling 4,500 tons per day, providing a substantial biomass carbon source for green methanol production [2] - The theoretical annual production potential for green methanol at the Old Port base could reach 200,000 tons [2] Group 4: Investment Recommendations - Companies that are first to market or lead in reducing costs for green methanol are expected to gain a competitive edge, with specific companies recommended for attention including Ruijie Technology, CIMC Enric, Fuan Energy, Jiaz Renewable Energy, Jidian Co., and China Tianying [3]

Group 1 - The insurance market demand remains strong, with a downward adjustment in the preset interest rate and a transformation of dividend insurance expected to continuously optimize liability costs, alleviating pressure from interest spread losses [1] - The ten-year government bond yield has recently fallen to around 1.82%, and the company anticipates that as the domestic economy recovers, long-term interest rates may rise, easing the pressure on new fixed-income investment returns for insurance companies [1] - The current public fund holdings in insurance stocks are still under-allocated, with the insurance sector's valuation for 2026 estimated at 0.65-0.86 times PEV and 1.14-2.31 times PB, which is at a historical low, maintaining an "overweight" rating for the industry [1] Group 2 - The company expects listed insurance firms to experience rapid year-on-year growth in net profit attributable to shareholders in 2025, with Q4 net profit potentially impacted by short-term investment fluctuations [1] - The projected year-on-year growth rates for net profit attributable to shareholders in 2025 are: China Life (+48.6%), New China Life (+43.6%), PICC (+15.8%), and China Pacific (+15.3%) for A-shares; and China Taiping (+220%), ZhongAn Online (+134.5%), PICC Property (+34.7%), Sunshine Insurance (+9.4%), and AIA (+6.2%) for H-shares [1] - The company anticipates slight pressure on Q4 net profit growth, primarily due to a temporary pullback in growth sectors, with high equity holdings since 2025 leading to direct impacts on current profits from stock price declines [1] Group 3 - The company expects the new business value (NBV) of listed insurance firms to grow rapidly, driven by an increase in new single premiums and an improvement in NBV margin [2] - The projected year-on-year growth rates for NBV in A-shares are: PICC Life (+65.4%), New China Life (+42.7%), Ping An (+36.5%), China Life (+35.6%), and China Pacific (+26.8%); for H-shares: Sunshine Insurance (+48.6%), China Taiping (+32.5%), and AIA (+16.3%) [2] - The demand for savings-type insurance products remains strong under the current "deposit migration" context, with expectations for continued growth in the liability side in 2026, primarily driven by the bancassurance channel [2] Group 4 - The company anticipates steady growth in premium income for property insurance, with a year-on-year increase of 3.9% in premium income reaching 16,157 billion yuan in the first eleven months of 2025 [2] - The company expects the market share of listed insurance firms in the property insurance sector to remain stable, with premium income continuing to grow steadily [2] - The company projects an improvement in the combined operating ratio (COR) for various firms, benefiting from ongoing business structure improvements and cost reduction efforts, with expected CORs of: PICC 97.0% (down 0.9 percentage points), Ping An 97.3%, and China Pacific 97.6% (down 1.0 percentage points) [2]

Core Viewpoint - The securities industry is undergoing a significant restructuring, with multiple firms announcing the closure of branch offices to optimize their operations and enhance online service capabilities [2][3][4]. Group 1: Branch Office Closures - On February 2, Changcheng Securities announced the closure of its Zhengzhou Longhai Road branch, following similar announcements from other firms like Zhongyou Securities and Xibu Securities [3]. - The trend of closing branch offices is not isolated; in 2025, some firms closed over 10 branches, indicating a broader strategy to optimize the national network of offices [3][4]. - The reasons for these closures are consistent across firms, focusing on "optimizing branch layouts" and "improving operational efficiency" [4]. Group 2: Online Business Development - Despite the reduction in physical branches, firms are not scaling back their service capabilities; instead, they are enhancing their online business structures [5]. - The establishment of internet securities subsidiaries, such as China Galaxy Securities' Beijing Internet Securities subsidiary, marks a shift towards digital transformation in the industry [5]. - These internet and digital subsidiaries are designed to support online customer service, trading, and digital operations, distinguishing them from traditional branch offices [5][6]. Group 3: Impact on Customer Services - The closure of branch offices is stated to have no adverse effects on customer transactions or asset security, with services continuing through mobile apps and online platforms [6]. - The integration of online and offline resources is expected to enhance overall competitiveness in the securities industry, allowing firms to allocate resources more effectively [6].

进入2026年，证券行业分支机构调整持续推进。2月2日，长城证券发布公告称，拟撤销其郑州陇海路证券营业部。此前，中邮证券、西部证券等多家券商亦 在年初阶段密集披露撤销营业部相关公告，线下网点优化仍在持续。从更长时间维度看，营业部数量下降并非阶段性现象。与此同时，部分券商也正通过设 立互联网证券分公司等方式，完善线上服务体系。在业内人士看来，通过提升线上线下资源整合效率，集中力量与资源做大做强，有利于提升券商整体竞争 力。 持续优化线上业务布局 在营业部数量下降的同时，券商并未收缩服务能力。与线下网点"做减法"同步推进的，是对线上业务分支机构体系的持续完善。2025年11月，中国银河证券 北京互联网证券分公司正式成立，成为北京证券行业首家互联网分公司。此外，中原证券、东吴证券等多家券商亦通过公告或公开发声，持续强化互联网证 券分公司、数智分公司等新型分支机构建设。 从功能定位看，相关互联网及数智分支机构已被明确为券商数字化转型的重要载体。中国银河证券在北京互联网证券分公司揭牌时表示，未来该分公司将 以"创新型业务分公司"为定位，进一步整合公司线上线下金融服务资源，探索证券业务智能化、集约化、可持续化的运营发展路 ...