Group 1 - Northeast Securities announced the election of Ms. Liu Yang as the employee director of the company's 11th board of directors [1] - The term for the newly elected director will commence on January 15, 2026, and will last until the end of the 11th board's term [1]

股票代码：000686 股票简称：东北证券 公告编号：2026-001 东北证券股份有限公司 关于选举职工董事的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 根据《公司法》和《公司章程》等相关规定，东北证券股份有限公司（以下 简称"公司"）于日前召开公司第三届员工代表大会 2026 年第一次会议，选举刘 洋女士为公司第十一届董事会职工董事，任期自 2026 年 1 月 15 日起至公司第十 一届董事会届满之日止。 刘洋女士担任公司职工董事后，公司董事会中兼任公司高级管理人员以及由 职工代表担任的董事人数总计未超过公司董事总数的二分之一，符合相关法律法 规、规范性文件及《公司章程》的规定。 特此公告。 1 刘洋女士个人简历 刘洋，女，1980 年 7 月出生，中共党员，博士研究生。曾任东北证券股份 有限公司证券部总经理助理、副总经理、总经理。现任东北证券股份有限公司纪 委委员、证券事务代表、董事会办公室总经理，渤海期货股份有公司监事，东证 融通投资管理有限公司监事。 刘洋女士除公司及其人员外，与其他持有公司 5%以上股份的股东、公司其 他董事、高级管理人 ...

东北证券股份有限公司2024年面向专业投资者 公开发行次级债券（第一期）2026年付息公告 债券代码：148572 债权登记日：2026 年 1 月 16 日 付息日：2026 年 1 月 19 日 计息期间：2025 年 1 月 19 日至 2026 年 1 月 18 日 东北证券股份有限公司 2024 年面向专业投资者公开发行次级债券（第一期） 将于 2026 年 1 月 19 日支付自 2025 年 1 月 19 日至 2026 年 1 月 18 日期间的利息。 为保证付息工作的顺利进行，现将有关事项公告如下： 一、本期债券的基本情况 重要提示： 债券简称：24 东北 C1 1.发行人：东北证券股份有限公司 2.债券名称：东北证券股份有限公司 2024 年面向专业投资者公开发行次级 债券（第一期） 3.债券简称：24 东北 C1 4.债券代码：148572 5.债券余额：人民币 15 亿元 6.期限：本期债券期限为 3 年期固定利息债券 7.当前票面利率：3.30% 8.还本付息方式：本期债券按年付息，到期一次还本。 9.选择权条款：无 按照《东北证券股份有限公司 2024 年面向专业投资者公开发行次级 ...

Core Viewpoint - Ningde Times maintains its leading position in the battery industry, driven by globalization and innovation for future growth [1] Financial Performance - For Q1-Q3 2025, the company achieved operating revenue of 283.07 billion yuan, a year-on-year increase of 9.28% [1] - The net profit attributable to shareholders reached 49.03 billion yuan, reflecting a year-on-year growth of 36.20% [1] - The net operating cash flow amounted to 80.66 billion yuan, up 19.6% year-on-year, indicating stable cash flow [1] Market Expansion - The company’s power battery segment showed steady growth, with significant contributions from overseas markets [1] - In the European market, the company’s market share continues to increase, with overseas revenue of 61.21 billion yuan in H1 2025, a year-on-year rise of 21.14% [1] Technological Advancements and Capacity Expansion - The profitability of the energy storage battery segment has improved, with the company maintaining a leading position in technological iteration [1] - Capacity construction is progressing steadily, and overseas capacity is entering a harvest period [1] Capital Raising - The company successfully listed on the Hong Kong Stock Exchange in H1 2025, raising 41 billion HKD, providing ample funding for overseas capacity expansion [1] Investment Rating - The company is initially covered with a "Buy" rating [1]

Core Viewpoint - Northeast Securities experienced a decline in stock price and significant net outflow of funds, indicating potential market challenges despite a notable increase in net profit year-on-year [1][2]. Group 1: Stock Performance - As of January 15, Northeast Securities' stock price was 9.38 yuan per share, down 2.09% during the trading session, with a total market capitalization of 21.95 billion yuan [1]. - The stock has seen a year-to-date increase of 0.64%, a decline of 1.57% over the last five trading days, and a 10.22% increase over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Northeast Securities reported operating revenue of 3.86 billion yuan, a year-on-year decrease of 15.00%, while net profit attributable to shareholders increased by 125.21% to 1.07 billion yuan [2]. - Cumulatively, the company has distributed 3.66 billion yuan in dividends since its A-share listing, with 983 million yuan distributed over the last three years [3]. Group 3: Shareholder and Fund Flow Information - As of January 9, the number of shareholders decreased by 1.47% to 90,700, while the average number of circulating shares per person increased by 1.49% to 25,812 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which reduced its holdings by 8.33 million shares, and the Guotai CSI All-Index Securities Company ETF, which increased its holdings by 1.46 million shares [3].

Core Viewpoint - The domestic medical device market is transitioning to stable growth amid increasing pressure on medical insurance funds and comprehensive reforms in medical insurance payments, with "going global" becoming a strategic necessity for advanced domestic manufacturers [1] Group 1: Medical Equipment - High-end medical equipment has successfully moved beyond the stereotype of low-end replacements, with companies like United Imaging, Mindray, and MicroPort leading the charge into top-tier global medical systems with innovative products [2] - Establishing a global marketing network and supply chain is essential for the international business growth of medical devices, with companies like Yuyue Medical setting templates for localized operations through overseas subsidiaries [2] Group 2: High-Value Consumables - More domestic high-value consumables are obtaining FDA and EU certifications after initial experiences in Southeast Asia and South America, indicating growing international recognition of Chinese manufacturing [3] - Leading high-value consumables manufacturers are rapidly advancing their global strategies, with companies like Nanwei Medical acquiring major distributors and establishing factories in Thailand to mitigate policy risks [3] - Innovation is becoming a core competitive advantage for high-value consumables, with some products receiving breakthrough device designations from the FDA, showcasing significant clinical advancements [3] Group 3: Low-Value Consumables and IVD - The low-value consumables sector is undergoing a cleansing process, while the IVD sector is seeing steady growth in installed capacity, with expectations for increased reagent exports [4] - Companies like Mindray are exemplifying the IVD sector's international expansion through global marketing and supply chain integration, leading to sustained overseas performance [4]

Group 1 - The core viewpoint is that the domestic open-source large model Tokens usage is continuously increasing, with a focus on multi-modal capabilities, image, audio, and video performance improvements, and end-to-end implementation in 2026 [1] - The major trends for large models in 2026 include breakthroughs in multi-modal, long text, multi-agent tool invocation, and complex reasoning capabilities [1] - The competition among large models is expected to intensify in 2026, with an increase in the market share of models like MiniMax, Qwen, Kimi, and GLM in the second half of 2025 [1] Group 2 - Major companies are focusing on building platform ecosystems and competing for traffic entry points, with ByteDance's B-end MaaS leading in market share and Doubao becoming the largest AI native application in China [2] - Independent large model vendors are primarily adopting B-end customized solutions and API subscriptions, while avoiding direct competition with major companies, leveraging their agile innovation and focused teams [2] Group 3 - AI is driving a transformation in marketing paradigms, with programmatic advertising benefiting from cross-platform scheduling and multi-agent collaboration [3] - The competition landscape has shifted from "search result ranking" to "AI answer citation rights," with AI search expected to account for 52% of the market by January 2028 [3] Group 4 - The comic drama industry is entering a lucrative phase, with a projected market size growth of nearly three times by 2025, and expected to exceed 85 billion yuan by 2030 [4] - The trends in the comic drama ecosystem for 2026 include premiumization, diversification of themes, increased female user participation, and a clearer competitive landscape [4] Group 5 - Companies with leading self-developed large models and B and C-end layouts are expected to thrive in the AI era, with a focus on internet giants with ecosystem traffic and capital expenditure advantages [5] - Attention is recommended for independent large model vendors accelerating commercialization post-listing, and companies with significant IP and industrial production capabilities in AI comic dramas [5]

Core Viewpoint - Northeast Securities initiates coverage on CATL (03750) with a "Buy" rating, highlighting strong performance in revenue and net profit growth before Q3 2025, driven by the expansion in the overseas market for power batteries and deep collaborations with major international automakers [1] Group 1: Revenue and Profit Growth - In Q1-Q3 2025, the company achieved operating revenue of 283.07 billion yuan, a year-on-year increase of 9.28%; net profit attributable to shareholders reached 49.03 billion yuan, up 36.20% year-on-year, primarily due to strong demand in the power battery and energy storage sectors and overseas market expansion [1] - The operating cash flow net amount for Q1-Q3 2025 was 80.66 billion yuan, reflecting a year-on-year increase of 19.6%, indicating stable cash flow [1] Group 2: Power Battery Growth and Overseas Market Contribution - In H1 2025, the power battery business generated revenue of 131.57 billion yuan, marking a year-on-year increase of 16.80%, with the core growth driver being the overseas market [2] - The company achieved overseas revenue of 61.21 billion yuan in H1 2025, a year-on-year increase of 21.14%, benefiting from deep partnerships with major international automakers such as Volkswagen, BMW, Mercedes-Benz, and Stellantis [2] Group 3: Energy Storage Battery Profitability and Technological Advancements - In H1 2025, the energy storage battery business reported revenue of 28.4 billion yuan, a slight decline of 1.47% year-on-year, but the gross margin improved to 25.52%, an increase of 1.11 percentage points year-on-year, enhancing profitability [3] - The company continues to launch innovative products in the energy storage sector, including the mass production of a 587Ah large-capacity energy storage cell and the introduction of the world's first mass-producible 9MWh ultra-large-capacity energy storage system solution, significantly improving volume utilization and energy density [3] Group 4: Capacity Expansion Progress - The company is steadily advancing the construction of domestic bases, including the Zhongzhou, Jining, Fuding, and Liyang bases; internationally, it is progressing with the construction of the Hungary factory, a joint venture factory with Stellantis in Spain, and the battery supply chain project in Indonesia [4] - The Thüringen factory in Germany commenced production in 2024 and achieved profitability in H1 2025, while the first phase of the Hungary factory's production line equipment has entered debugging [4] - The company successfully listed on the Hong Kong Stock Exchange in H1 2025, raising 41 billion HKD, providing ample funding for overseas capacity expansion [4]

Core Viewpoint - Northeast Securities initiates coverage on CATL (300750) with a "Buy" rating, highlighting strong performance in the first three quarters of 2025, driven by growth in revenue and net profit, stable cash flow, and expansion in overseas markets [1] Group 1: Revenue and Profit Growth - In Q1-Q3 2025, the company achieved operating revenue of 283.07 billion yuan, a year-on-year increase of 9.28%, and a net profit attributable to shareholders of 49.03 billion yuan, up 36.20% year-on-year [1] - The robust performance is attributed to strong demand in the power battery and energy storage sectors, as well as expansion into overseas markets [1] - The operating cash flow net amount for Q1-Q3 2025 was 80.66 billion yuan, reflecting a year-on-year increase of 19.6%, indicating stable cash flow [1] Group 2: Power Battery Growth and Overseas Market Contribution - In H1 2025, the power battery business generated revenue of 131.57 billion yuan, marking a year-on-year increase of 16.80%, with significant contributions from overseas markets [2] - The company’s deep partnerships with major international automakers such as Volkswagen, BMW, Mercedes-Benz, and Stellantis have led to an increase in market share in Europe [2] - The overseas revenue for H1 2025 reached 61.21 billion yuan, up 21.14% year-on-year [2] Group 3: Energy Storage Battery Profitability and Technological Advancements - In H1 2025, the energy storage battery business reported revenue of 28.4 billion yuan, a slight decline of 1.47% year-on-year, but with an improved gross margin of 25.52%, up 1.11 percentage points year-on-year [3] - The company continues to launch innovative products in the energy storage sector, including the mass production of a 587Ah large-capacity energy storage cell, which has seen upgrades in key performance indicators [3] - The introduction of the world’s first mass-producible 9MWh ultra-large-capacity energy storage system solution, TENERStack, significantly enhances volume utilization and energy density compared to traditional systems [3] Group 4: Capacity Expansion and Overseas Projects - The company is making steady progress in domestic capacity construction with bases in Zhongzhou, Jining, Fuding, and Liyang [4] - Internationally, the company is advancing projects in Hungary, a joint venture factory with Stellantis in Spain, and an Indonesian battery supply chain project [4] - The Thuringia factory in Germany commenced production in 2024 and achieved profitability in H1 2025, while the first phase of the Hungarian factory project is in equipment debugging [4] - The successful listing on the Hong Kong Stock Exchange raised 41 billion HKD, providing ample funding for overseas capacity expansion [4]

Market Overview - On January 13, the securities sector declined by 0.64%, with Guosheng Securities leading the drop [1] - The Shanghai Composite Index closed at 4138.76, down 0.64%, while the Shenzhen Component Index closed at 14169.4, down 1.37% [1] Individual Stock Performance - Huayin Securities (002945) saw a closing price of 18.92, up 3.61% with a trading volume of 1.0787 million shares and a turnover of 20.85 million [1] - Fangzheng Securities (601901) closed at 8.18, up 2.25%, with a trading volume of 2.5925 million shares and a turnover of 2.146 billion [1] - Other notable performers include Huatai Securities (601688) at 24.08, up 0.71%, and GF Securities (000776) at 22.86, up 0.66% [1] Capital Flow Analysis - The securities sector experienced a net outflow of 2.057 billion from institutional investors, while retail investors saw a net inflow of 1.835 billion [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors increased their positions [2] Detailed Capital Flow by Stock - Huayin Securities (002945) had a net inflow of 1.92 million from institutional investors, while retail investors experienced a net outflow of 83.81 million [3] - Fangzheng Securities (601901) reported a net inflow of 1.42 million from institutional investors, with retail investors seeing a net outflow of 29.78 million [3] - Other stocks like Dongfang Securities (600958) and Huatai Securities (601688) also showed varied capital flows, reflecting differing investor sentiments [3]