东吴证券研报指出，招商蛇口利润阶段性下滑，聚焦核心投销稳健。公司预计2025年实现归母净利润 10.05-12.54亿元，同比下降69%-75%；实现扣非净利润1.54-2.31亿元，同比下降91%-94%。公司持续巩 固高能级核心城市市场地位，打造"招商好房子"，销量稳居前列，2025年销量排名在上海进入TOP2， 在深圳、北京、杭州、成都等城市进入TOP5。在政策端持续发力、行业供需逐步平衡的背景下，公司 作为央企龙头，资源禀赋与信用优势突出，投销节奏稳健，有望在行业企稳过程中率先受益。公司销售 稳居行业头部，土储优质，高能级城市优势持续巩固，业绩有望逐步修复，维持"买入"评级。 ...

东吴证券研报指出，中际旭创业绩符合预期，scale-up打开空间。2025年公司预计实现归母净利润98至 118亿元，同比增长89.50%至128.17%，业绩符合市场预期。800G、1.6T需求高景气+硅光加速渗透，公 司利润率仍处上升通道。认为后续随着公司出货规模进一步扩大、硅光占比提升、硅光芯片集成度提 高、1.6T上量，公司利润率后续拔升空间值得期待。公司持续推进扩产，加大研发投入布局前沿产品； AI算力需求持续高增，乘数效应下光通信需求爆发。考虑1.6T上量和scale-up前景明朗，上调公司盈利 预测，看好公司受益产业趋势，高端产品放量，维持"买入"评级。 ...

东吴证券研报指出，比亚迪1月销21万辆，同环比-30%/-50%。结构方面，1月本土销量11万辆，同环 比-53%/-62%；1月海外销10万辆，同环比+51%/-25%。该行预计26年销量512万辆，同增11%，其中出 口预计150-160万辆，同增44-53%，本土预计356万辆，同比持平。出海方面，截至25年11月，公司已投 产海外产能超30万台/年，独资建设SKD/CKD工厂，截至25年10月，巴西累计销17万辆，连续两年居新 能源汽车首位；泰国、乌兹别克斯坦工厂已投产；我们预计匈牙利工厂26年Q2前有望陆续投产，马来 西亚和柬埔寨工厂规划投产中。高端及海外均价高，我们预计总体ASP有望提升。1月电池装机同增 30%、外供电池持续高增、储能业务增长加速。由于行业竞争加剧，预计公司25-27年归母净利 350/450/563亿元（原预测值为350/509/664亿元），同比-13%/+29%/+25%，对应PE为23/18/14x，给予26 年25x，目标价124元，维持"买入"评级。 ...

Group 1 - The core viewpoint of the article highlights the positive outlook for the securities sector, driven by increased trading volumes and favorable policy changes [1] - The securities industry is expected to see a significant increase in trading volume by January 2026, with an average daily trading amount of 34,743 billion yuan, representing a 58.94% increase from December 2025 [1] - Margin financing balances have also shown a year-on-year increase of 54.42%, indicating a growing investor confidence and market activity [1] Group 2 - The China Securities Regulatory Commission (CSRC) plans to expand the types of strategic investors and clarify minimum shareholding requirements, aiming to strengthen the market's stable growth [1] - The upcoming "14th Five-Year" capital market planning meeting emphasizes the importance of deepening comprehensive reforms in investment and financing [1] - The recovery of the market and a friendly policy environment are expected to benefit brokerage, investment banking, and capital intermediary businesses, potentially leading to new growth points for the industry [1] Group 3 - The securities ETF (512880) has seen a net inflow of over 1.6 billion yuan in the past five days, reflecting strong investor interest [1] - The ETF tracks the securities company index (399975), which includes representative companies in the A-share market, indicating the overall performance of the sector [1] - The index is characterized by strong cyclicality and market sensitivity, making it a key indicator for the performance of listed securities companies [1]

智通财经APP获悉，东吴证券发布研报称，国家层面首次明确电网独立新型储能容量电价机制，实行清 单制管理、加速储能项目建设进度。该行预计后续多省将出台相关补贴，25年新型储能并网183GWh， 该行预计26年仍可实现50%增长至275GWh。全国性储能容量电价出台+碳酸锂价格回调，储能需求恢 复，并看好中游材料，推荐隔膜、电解液、负极、正极、铝箔、铜箔等相关产业标的。 东吴证券主要观点如下： 国家层面首次明确电网独立新型储能容量电价机制、战略意义大 1)容量电价计算规则：以当地煤电容量电价标准为基础(165-330元/kw*年)，根据顶峰能力按一定比例折 算(折算比例为满功率连续放电时长除以全年最长净负荷高峰持续时长，最高不超过1)，并考虑电力市 场建设进展、电力系统需求等因素确定。 实行清单制管理、加速储能项目建设进度 项目具体清单由省级能源主管部门会同价格主管部门制定，管理要求由国家能源局另行明确。该行预计 对储能电站的申报、考核、建设周期等明显要求，一定程度上推动一部分暂停项目的建设进度。 明确容量电价承担方、电费结算与市场参与 1)明确新型储能容量补偿费用，纳入当地系统运行费用，成为电价构成部分，由终端 ...

Core Viewpoint - The market's hawkish interpretation of Warsh's nomination is seen as a misconception, as he has shifted to a dovish stance on monetary policy. It is expected that he will implement more rate cuts than the market anticipates, with a forecast of 75-100 basis points of cuts throughout the year, starting in June [1][10]. Latest Perspective - Warsh's monetary policy stance has transitioned to dovish since 2025, believing that AI-driven productivity gains will not lead to inflation. He argues that the current large balance sheet of the Fed is outdated and can be significantly reduced, allowing for further rate cuts to support households and small businesses [3][12]. Nomination Reason - Trump's primary consideration in selecting a Fed chair is the ability to quickly lower interest rates. Warsh's close personal ties with Trump, including connections through significant financial support, suggest he will align closely with Trump's monetary policy goals [4][13]. Hawkish Feasibility - The current liquidity environment does not support the Fed's balance sheet reduction. Warsh's previous calls for balance sheet reduction are seen as opposition to past Fed policies. The recent implementation of a light balance sheet expansion indicates a need to avoid liquidity crises, making immediate balance sheet reduction risky [5][14]. Future Outlook - Warsh's nomination requires Senate approval, and there are concerns about Powell's potential influence post-tenure. Maintaining an image of independence will be crucial for Warsh to secure his position and ensure effective policy implementation. The market is expected to reassess Warsh's stance after his official appointment [6][15][16].

Summary of Key Points Core Viewpoint - In January 2026, a total of 9 companies were listed on the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange, raising a total of 9.053 billion yuan in funds [1]. Group 1: Listing and Fundraising - The 9 listed companies included 3 from the main boards of Shanghai and Shenzhen, 1 from the Sci-Tech Innovation Board, and 5 from the Beijing Stock Exchange [1]. - The top fundraising company was Zhenstone Co., Ltd., which raised 2.919 billion yuan, followed by Hengyun Chang and Shaanxi Tourism, which raised 1.561 billion yuan and 1.555 billion yuan respectively [1]. Group 2: Underwriting and Sponsorship Fees - A total of 9 securities firms participated in the underwriting and sponsorship of the newly listed companies, earning a combined fee of 457 million yuan [1]. - China International Capital Corporation (CICC) ranked first in underwriting fees, earning 122.0648 million yuan by sponsoring Zhenstone Co., Ltd. and Shaanxi Tourism [1]. - CITIC Securities and Guotai Junan Securities ranked second and third, earning 117.1101 million yuan and 45.4905 million yuan respectively [1][2]. Group 3: Top Securities Firms - The top five securities firms collectively earned 345 million yuan, accounting for 75% of the total underwriting fees for January [1]. - Other notable firms included Shenwan Hongyuan and Southwest Securities, each earning 42.1555 million yuan through joint sponsorship of Zhixin Co., Ltd. [1][2].

智通财经APP获悉，东吴证券发布研报称，Counterpoint Research预计，2026年Q1存储价格还将上涨 40%至50%，Q2继续上涨约20%。供需端视角上，供给侧硬件成本提升，需求侧AI Agent爆款不断推陈 出新，全球大厂纷纷下场，云作为AI的基础设施，海外大厂谷歌(GOOGL.US)和亚马逊(AMZN.US)已经 开始涨价，为多年来首次。随着春节临近，国内AI应用需求逐步提升，国内云厂也会提价，AI云产业 链有望引来投资机会。 东吴证券主要观点如下： 海外大厂云已经开始涨价 光纤涨价不断。在中国市场，G.652.D光纤价格相较于2025年11月大幅上涨约80%。2026年1月，该类型 单模光纤价格更是创下近七年新高，平均价格突破40元/芯公里，部分厂商报价甚至高达50元/芯公里， 仅一个月内涨幅就超过75%。 相关标的 算力租赁厂商：宏景科技(301396.SZ)、协创数据(300857.SZ)等。云厂商：网宿科技(300017.SZ)、优刻 得-W(688158.SH)、青云科技(688316.SH)、阿里巴巴-W(09988)等。CPU：澜起科技(688008.SH)、海光 信息(6 ...

Group 1 - The core viewpoint of the article highlights the steady growth of the company's performance due to market activity and the release of business synergy effects [1] - The company is projected to achieve a net profit attributable to shareholders of 228 million yuan in 2025, representing a year-on-year increase of 119% [1] - The company's net assets attributable to shareholders are expected to reach 2.8 billion yuan by the end of 2025, an increase of 24% compared to the end of 2024 [1] Group 2 - In Q4 2025, the company is expected to report a net profit attributable to shareholders of 112 million yuan, a year-on-year decrease of 48% [1] - Due to the early stage of business development for the Vanguard Fund, the company is anticipated to incur management expenses, impacting the profit forecast [1] - The revised net profit forecasts for 2026, 2027, and 2028 are 264 million yuan, 347 million yuan, and 452 million yuan respectively, with corresponding PE ratios of 285, 217, and 167 times [1] Group 3 - The company maintains a "buy" rating, with expectations for the development of Maigao Securities and confidence in the company's long-term growth potential [1]

Core Viewpoint - The report from Dongwu Securities highlights that Kaige Precision Machinery has experienced significant profit growth in 2025, driven by improvements in product structure and increased profitability due to the surge in AI computing power demand [1] Group 1: Financial Performance - The company achieved rapid growth in annual performance, primarily benefiting from the explosive demand for AI computing power, which led to a substantial increase in capital expenditures (CAPEX) from server OEMs [1] - The sales of high-margin products are expected to increase in 2025, indicating an optimization in the product structure [1] Group 2: Market Demand - The current explosion in AI computing demand is driving a high increase in sales of the company's high-end solder paste printing equipment, marking a phase of accelerated performance realization for the company [1] Group 3: Profit Forecast - The projected net profits attributable to the parent company for 2025-2027 are estimated to be 190 million, 400 million, and 600 million yuan respectively, with current stock prices corresponding to dynamic price-to-earnings ratios of 69x, 33x, and 22x [1] - The report maintains a "Buy" rating for the company based on these projections [1]