证券时报网讯，光大证券研报称，中国DeepSeek高效大模型的出现，已对以美国为代表的西方国家在 AI领域的领先地位造成了一定程度冲击，这将倒逼其进一步加大在AI领域的投资规模与研发力度。 全球AI"竞赛"愈发激烈，未来AI算力与AI电力需求将持续增长。 国内数据中心HVDC发展较快，已有成熟HVDC产品、拥有潜在HVDC产品开发能力的企业将迎来发展 机遇。 建议关注HVDC产品经验丰富的中恒电气；具备成熟电力电子技术经验的禾望电气；拥有潜在HVDC产 品开发能力的科华数据、科士达等。 2）在AI数据中心快速发展的趋势下，国内领先且具备较强研发实力的服务器电源厂商将迎来发展机 遇，建议关注麦格米特等；英伟达服务器升级给BBU和超级电容带来增量，建议关注：蔚蓝锂芯、江 海股份等。 校对：刘星莹 看好数据中心HVDC以及服务器电源环节。 1）HVDC在AI数据中心优势显著，渗透率有望持续提升。 ...

致：香港交易及結算所有限公司 公司名稱: 光大證券股份有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年1月31日 狀態: 新提交 呈交日期: 2025年2月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601788 | 說明 | | A股(上海證券交易所) | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,906,698,839 | RMB | | 1 | RMB | | 3,906,698,839 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 3,906,698,839 | RMB | | | 1 RMB | | 3,906,698,8 ...

Core Viewpoint - Xiang Teng New Materials (001373.SZ) forecasts a significant decline in net profit for the fiscal year 2024, with expected earnings between 12 million to 15.5 million yuan, representing a decrease of 56.01% to 65.94% compared to the previous year [1] Financial Performance - The projected net profit attributable to shareholders for 2024 is estimated to be between 12 million to 15.5 million yuan, indicating a decline of 56.01% to 65.94% year-on-year [1] - The net profit after deducting non-recurring gains and losses is expected to be between 11 million to 14.5 million yuan, reflecting a decrease of 56.75% to 67.19% compared to the previous year [1] Company Background - Xiang Teng New Materials was listed on the Shenzhen Stock Exchange on June 1, 2023, with an issuance of 17.171722 million shares at a price of 28.93 yuan per share [1] - The total amount raised from the initial public offering (IPO) was 496.7779 million yuan, with a net amount of 442.3336 million yuan after deducting issuance costs [1] - The actual net fundraising amount was 5.94311 million yuan less than the originally planned amount [1] Use of Proceeds - The company initially planned to raise 501.7647 million yuan for projects including the production of optoelectronic film devices, the construction of a research and development center, and to supplement working capital [1] Issuance Costs - The total issuance costs (excluding VAT) for the IPO amounted to 54.4443 million yuan, with underwriting and sponsorship fees accounting for 32.2906 million yuan [1]

证券代码：601788 股票简称：光大证券 公告编号：临 2025-002 H 股代码：6178 H 股简称：光大证券 光大证券股份有限公司 根据该无异议函，公司面向专业投资者非公开发行总额不超过 100 亿元的公司债券符合上交所的挂牌转让条件，上交所对本次债券 挂牌转让无异议。该无异议函自出具之日起 12 个月内有效，公司可 在无异议函有效期及上述额度内分期发行本次债券并及时办理债券 挂牌转让手续。 公司将按照有关法律法规和无异议函的要求及公司股东大会的 授权办理本次非公开发行公司债券的相关事宜，并及时履行信息披露 义务。 关于非公开发行公司债券获得上海证券交易所 挂牌转让无异议函的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 光大证券股份有限公司（以下简称公司）近日收到上海证券交易 所（以下简称上交所）出具的《关于对光大证券股份有限公司非公开 发行公司债券挂牌转让无异议的函》（上证函〔2025〕187 号，以下简 称无异议函）。 2 特此公告。 1 光大证券股份有限公司董事会 2025 年 1 月 25 日 ...

Core Insights - The report from Everbright Securities indicates that exploration and development investment growth, along with the expansion of technology application scenarios, will significantly benefit oil service companies [1] Industry Overview - By 2030, global primary energy consumption is expected to reach 16.6 billion tons of oil equivalent, with fossil energy consumption accounting for 76%, and oil and gas making up over half (51.8%) of this figure [1] - Marine oil and gas production is projected to account for approximately one-third of global output [1] - There is a noticeable trend of resource degradation in global oil and gas, leading to increased technical challenges in exploration and development [1] Challenges and Opportunities - The exploration and development are moving towards more complex fields such as deep-water, low-permeability, and complex lithology, which present significant technical difficulties [1] - Existing oil fields face high extraction rates and high water content, making further potential extraction and stable production increasingly challenging [1] - These challenges create valuable opportunities for oil service companies to expand their business [1] Company Focus - Companies like CNOOC Services and Offshore Engineering are focusing on technological development and breakthroughs, establishing a system for technological innovation [1] - These companies are expected to benefit from the improved industry outlook and the expansion of the technical service market [1] - Suggested companies to watch include China National Offshore Oil Corporation, CNOOC Services, and Offshore Engineering [1]

Core Viewpoint - Naxin Micro (688052.SH) announced a share reduction plan by shareholders holding less than 5% of the shares due to personal funding needs [1][2] Group 1: Share Reduction Plan - Shareholder Suzhou Guorun Ruqi Venture Capital intends to reduce up to 1,425,284 shares, accounting for no more than 1% of Naxin Micro's total share capital, with a maximum of 712,642 shares through block trading and 712,642 shares through competitive trading, each representing no more than 0.50% of the total share capital [1] - Shareholder Shenzhen Huiyue Growth Investment Fund plans to reduce up to 1,425,284 shares through block or competitive trading, also representing no more than 1% of the total share capital [1] - Shareholders Suzhou Huaye Zhiyuan No.1 Venture Capital and Changsha Huaye Gaochuang Private Equity Fund plan to reduce up to 1,425,284 shares through block or competitive trading, similarly representing no more than 1% of the total share capital [1] Group 2: Trading Timeline and Adjustments - Reductions through competitive trading will occur within three months after 15 trading days from the announcement, while block trading reductions will take place within three months after three trading days from the announcement [2] - The reduction plan will be adjusted if the company undergoes any actions such as cash dividends, stock distributions, or capital increases during the implementation period [2] Group 3: Initial Public Offering (IPO) Details - Naxin Micro's IPO raised a total of 5.811 billion yuan, with a net amount of 5.581 billion yuan after expenses [4] - The actual net fundraising amount exceeded the original plan by 4.831 billion yuan, with the initial target set at 750 million yuan for various projects [5] - The total issuance cost for the IPO was 230 million yuan, with underwriting fees amounting to 203 million yuan [6]

Core Viewpoint - The market during the dual festival period is expected to be characterized by structural trends, with a more promising performance anticipated after the Spring Festival [1] Group 1: Market Outlook - The A-share market is likely to exhibit structural trends before the Spring Festival, with expectations for better performance post-festival [1] - In January, there are relatively few important meetings and economic data, leading to a lack of significant catalysts for the market [1] - Analysts have not significantly adjusted their earnings growth expectations for A-share companies in 2025, indicating a lack of consensus on future profitability [1] Group 2: Historical Trends - Since 2015, there has been a pattern where the Shanghai Composite Index's performance in January tends to inversely correlate with December's performance [1] - Historically, the A-share market tends to perform relatively poorly in the period leading up to the Spring Festival, but shows better performance in the 20 trading days following the festival [1] Group 3: Investment Focus - In January, the market style is expected to oscillate between defensive and thematic growth sectors [1] - Defensive sectors to focus on include gas, electricity, and large state-owned banks [1] - Thematic growth sectors of interest include solid-state batteries, automation equipment (humanoid robots), and semiconductors (Byte AI chain) [1]

Core Insights - The consumption structure in China is continuously optimizing and upgrading, showing a multi-faceted growth characteristic. The "trade-in" policy has significantly stimulated consumption, particularly in the automotive and home appliance sectors, which are key drivers of recent consumption recovery in China [1][2]. Group 1: Consumption Trends - Service consumption, including travel and leisure, is becoming more active, reflecting a shift from goods consumption to service consumption. In the first three quarters of 2024, per capita service consumption expenditure increased by 7.6%, outpacing the overall per capita consumption expenditure growth by 2.0 percentage points [2]. - The "trade-in" policy has led to a surge in sales of home appliances, automobiles, and home decoration products, with related sales exceeding 1 trillion yuan in 2024 [2]. - The county-level consumption market is thriving, with a noticeable trend of consumption moving downwards. As half of the population resides in counties, the rapid penetration of new consumption formats and models is expected to sustain growth in this segment [2]. Group 2: Demographic Changes - Changes in the population age structure are beginning to release the consumption potential of Generation Z and the elderly. Corresponding trends towards personalized and experiential consumption, as well as the silver economy, are anticipated to become new growth points in consumption in the near future [2].

本案拟任代表人为叶小明、俞梦现。代表人的诉讼权限包括代表 原告参加开庭审理，变更、放弃诉讼请求或者承认对方当事人的诉讼 请求，与被告达成调解协议，提起或者放弃上诉，申请执行，委托诉 讼代理人等，参加登记视为对代表人进行特别授权。申请加入本案诉 讼并自愿担任本案代表人的，可同时于 2025 年 2 月 5 日之前通过代 表人诉讼平台进行申请。权利登记不预交案件受理费，案件受理费结 案后由败诉方按照诉讼标的额交纳。 同日，投资者服务中心发布《关于公开征集金通灵案投资者授权 委托的公告》，公开征集投资者授权委托，申请参加金通灵案普通代 表人诉讼并转换特别代表人诉讼。征集期限为自公告发布时起至 2025 年 1 月 3 日 24:00。如授权适格投资者达到 50 人以上，投资者 服务中心将及时向法院申请参加特别代表人诉讼。投资者可关注中国 投资者网（ www.investor.org.cn ）、 投 资 者 服 务 中 心 官 网 （www.isc.com.cn）或拨打 400-187-6699（工作日 9：30-11：30， 13：30-17：00），了解相关进展。 2 证券代码：601788 股票简称：光大证券 ...

Core Viewpoint - The Xiamen Securities Regulatory Bureau has issued a warning letter to the Xiamen Zhanhong Road Securities Business Department of Everbright Securities due to compliance management issues and violations of regulations [1][11][18]. Summary by Relevant Sections Compliance Management - The compliance management of securities and fund operating institutions must cover all business areas, including decision-making, execution, supervision, and feedback [12]. - Institutions are required to conduct business in compliance, diligently, and prioritize customer interests, ensuring appropriate products and services are offered to suitable clients [2]. Violations and Consequences - Multiple employees at the Xiamen Zhanhong Road Securities Business Department were found to have engaged in violations, indicating inadequate compliance management [11][8]. - The regulatory measures include issuing a warning letter and recording the situation in the integrity file according to the relevant regulations [1][18]. Regulatory Framework - The regulations stipulate that if a securities fund operating institution violates compliance rules leading to governance issues or inadequate internal controls, administrative regulatory measures can be taken against responsible personnel [6][16].