中国银河证券主要观点如下： 游戏 影视 国内用户收入同创新高，游戏出海持续进行。2025年全年，国内游戏市场实际销售收入3507.89亿元， 同比增长7.68%;用户规模6.83亿，同比增长1.35%，同为历史新高。细分市场来看：2025年国内移动游 戏市场实销收入2570.76亿元，同比增长7.92%。国内客户端游戏市场实销收入781.6亿元，同比大幅增 长14.97%。2025年内国产游戏版号发放数量为1676款，对比去年同期的1306款增长近30%。游戏市场有 望获得持续的产品供给支撑，行业高质量发展格局进一步巩固。 营销 智通财经APP获悉，中国银河证券发布研报称，AI带来的收益主要体现在两条更容易被数据验证的路 径：平台端带动时长、转化与商业化效率提升;内容与工具端提升生产效率并降本。建议关注：(1)港股 互联网;(2)AI应用及产业链相关;(3)内容端等。此外，临近农历春节，建议关注具有红利属性，传统主营 稳健的同时积极探索新业务的出版公司。 大盘承压回落，关注春节档表现，据灯塔专业版，2026年1月全国电影票房19.65亿元(含服务费)，同比 下降69.15%、环比下跌47.08%。影片具体方面 ...

Group 1 - The core viewpoint of the articles highlights the strong performance expectations for listed securities firms in 2025, driven by a vibrant capital market and robust growth in brokerage and proprietary trading businesses [1][2] - As of January 30, 2025, 21 listed securities firms have disclosed their performance forecasts, with leading firms like CITIC Securities and Guotai Junan expected to maintain their market dominance, projecting CITIC Securities' net profit to exceed 30 billion yuan and Guotai Haitong's net profit growth rate to exceed 100% year-on-year [1] - Smaller securities firms are anticipated to show even greater profit elasticity, with Guolian Minsheng forecasting a year-on-year net profit growth rate exceeding 400% [1] Group 2 - The growth drivers for the 2025 performance of these listed securities firms include brokerage and proprietary trading businesses, supported by a favorable A-share market environment and government policies aimed at stabilizing growth and boosting the capital market [2] - Factors such as a moderately loose liquidity environment, continuous optimization of the capital market, and the restoration of investor confidence are expected to collectively enhance the performance of the securities sector [2] - The current valuation of the securities sector is at a historical low, presenting a defensive rebound opportunity, with recommendations to focus on strong leading firms and those with competitive advantages in wealth management, proprietary trading, and cross-border business [2]

Core Viewpoint - The travel market during the 2026 Spring Festival is experiencing high demand, with both domestic and international tourism needs being fully released, benefiting OTA platforms and the duty-free industry [1][2]. Group 1: Market Performance - The social service industry saw a fluctuation of 5.93% this month, with specific sectors like professional services (10.37%), hotel and catering (5.56%), tourism and scenic spots (4.10%), and education (1.29%) showing varied performance [2]. - Duty-free sales in Hainan reached 6.28 billion yuan, with 81,000 shoppers, marking a year-on-year increase of 35.9% and 21% respectively as of January 27 [2]. Group 2: Spring Festival Travel Data - The total number of people traveling during the Spring Festival is expected to reach 9.5 billion, a year-on-year increase of 5.3%, with railway passenger volume projected at 540 million (up 5.1%) and civil aviation expected to handle 95 million passengers (up 5.3%) [2]. - Domestic flight bookings have exceeded 7.16 million as of January 29, with a daily booking increase of 16% year-on-year, indicating strong demand for air travel [2]. Group 3: Travel Trends - The 2026 Spring Festival is characterized by a "super long holiday" and a "5 days off, 15 days on" pattern, leading to a significant increase in travel demand, with domestic flight bookings up 8% compared to the previous year [3]. - Domestic tourism is showing a "north-south resonance" with increased interest in destinations like Hainan, where hotel bookings surged by 191%, and popular winter sports locations seeing a 15% increase in reservations [3][4]. Group 4: International Travel Dynamics - The introduction of visa-free travel for countries like Russia and Turkey has led to a surge in outbound tourism, with booking volumes increasing by 113% and 248% respectively [4]. - Inbound tourism is also on the rise, with a notable increase in bookings from Russia and South Korea, up 471% and 95% respectively, driven by new visa policies [4].

Core Viewpoint - The recent notice from the National Development and Reform Commission and the National Energy Administration aims to improve the capacity pricing mechanism for power generation, which is expected to enhance the profitability stability of adjustable power sources and lead to a value reassessment in the sector [1] Group 1: Power Generation Sector - The capacity pricing mechanism is expected to stabilize revenue expectations for adjustable power sources, thereby increasing their construction enthusiasm and peak output capacity, which will support the absorption of renewable energy and open up growth space for new energy installations [1] - For thermal power, it is recommended to focus on nationally diversified companies and northern power plants with relatively small price declines by 2026 [1] - For hydropower, the impact of market price declines in 2026 on performance is limited, and companies with high dividend yields and stable electricity prices are suggested for attention [1] Group 2: Nuclear and Renewable Energy - In the nuclear power sector, short-term market price pressures remain, but there is an expectation for further clarification of the pricing mechanism, with medium to long-term growth prospects being relatively certain [1] - In the renewable energy sector, despite the overall market entry in 2026, there is still downward pressure on prices, and it is advisable to prioritize wind power assets that have support for absorption and pricing [1] - Companies focusing on green hydrogen, ammonia, and alcohol to create a second growth curve are also recommended for consideration [1]

"很多时候，作为财务顾问对接资金与资源只是我们工作的一部分。"中国银河证券内部并购业务条线人员透 露，"银河更希望基于对产业的理解，为企业提供适应其生命周期的并购重组和融资方案"，不仅提供融资支 持，更借助自身资源网络助力企业对接上下游供应链、技术合作方及后续资本运作渠道，让"陪跑式"服务贯穿 企业从成长到壮大的全流程，为国家培育优质科技型实体企业添砖加瓦。 深耕跨境布局，搭建中企出海协同桥梁 "175家上市公司首次披露重大资产重组方案，同比增长逾四成。"统计数据显示，在"并购六条"及重 组新规等政策红利驱动下，2025年A股上市公司并购重组市场持续升温，案例数量与交易规模均显 著增长。 与此同时，并购市场的历史性机遇，也考验着各家券商的综合服务能力，头部券商主导的并购重组市场中正发 生着变化。 据中国证券业协会最新发布的2025年证券公司财务顾问业务执业质量评价显示，2024年开展并购相关财务顾问 业务的30家证券公司中，有5家获评A类，分别为华泰联合、中国银河证券、中金公司、中信建投、中信证 券。中国银河证券也成为财务顾问执业质量榜单中非"三中一华"的唯一A类券商，"搅动"了头部券商并购市场 格局。 "' ...

近年来，全球人工智能产业迅猛发展，算力需求呈现爆发式增长。但北美、欧洲等关键地区的AI基础 设施建设，正持续遭遇电力供应紧张与电网稳定性的挑战。国内以新能源为主体的新型电力系统建设步 入纵深阶段，电网升级、储能扩容、能源数字化等领域投资持续加码，电力板块正成为稳增长与能源转 型双重导向下的重要投资主线。 中国证券报记者日前专访了中国银河证券电力设备与新能源首席分析师曾韬，对海外AI发展引发的全 球电力供需格局变化和我国电力系统的升级路径进行了深度解读。 AI电力需求激增 在"稳增长"与"能源转型"的双重政策导向下，电力新能源板块的投资主线日益清晰。 全球性的电力紧张，正推动能源基础设施产业链的重构。电力需求已从依赖传统电网转向"绿电直供 +就地储能"，电力技术正朝着高压化、高效化、智能化方向演进，电力供应链则因海外政策推动本土 化而呈现区域化趋势。曾韬认为，这为中国电力设备、新能源及储能企业提供了历史性的"出海"机遇。 中国企业需加码本地化布局，精准把握AI数据中心对高效供配电、温控及储能系统的迫切需求，在全 球产业链重构中占据有利位置。 新型电力系统建设纵深推进 随着风电、光伏等新能源装机占比持续快速提升， ...

● 本报记者 刘英杰 新型电力系统建设纵深推进 随着风电、光伏等新能源装机占比持续快速提升，我国新型电力系统建设已进入纵深攻坚阶段。曾韬表 示，当前我国面对的最大系统性瓶颈在于电力系统的"承载力"与"灵活性"不足。新能源发电固有的随机 性、波动性与用电负荷的相对稳定性之间存在显著矛盾，导致电网调峰调频压力剧增，部分地区甚至出 现"弃风弃光"与"用电紧张"并存的结构性问题。 破解这一难题，离不开电网的智能化与柔性化改造。曾韬表示，未来重点关注的方向包括建设具备海量 接入能力并能智能控制分布式资源的"有源配电网"，推广应用柔性直流输电等技术，以及大力发展可聚 合分布式电源、储能和可调负荷的"虚拟电厂"。当下，以云计算、大数据、人工智能和物联网技术为代 表的数字化技术正广泛应用于电网状态监测、故障预警、负荷预测与调度优化。 在此背景下，储能的作用已发生根本性转变。"储能已从'可选项'转变为新型电力系统的'必选项'，是解 决新能源消纳、保障电网安全、提升能效的关键。"曾韬表示，国内储能的商业模式正从早期单一的配 套模式，转向由电能量市场收益、容量补偿、辅助服务收益和专项补贴等构成的多元化市场收益体系。 在政策方面，国 ...

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 ...

| 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 | | | --- | --- | --- | --- | --- | --- | --- | | | 股份數目 | 原因 | | | 請參閱上述*註 有投票權股(日/月/年) 教 | | | | | | | | 份百分比 | | | Concession of the control of the support of the control of the contribution of the contributio | | | | The Real Property of Children | | | | CS20260202E00448 | 易方达基金管理有限公司 | 1201(L) | 3,253,500(L) | HKD 10.4355 | 293,387,420(L) | 7.95(L)28/01/2026 | | 股份代號: | 06881 | | --- | --- | | 上市法國名稱: | 中國銀河証券股份有限公司 - HJ | ...