Group 1 - The core viewpoint of the article is that Guohai Securities announced its financial performance for 2025, highlighting significant growth in both revenue and net profit [1] Group 2 - The company expects to achieve an operating revenue of 3,451.95 million yuan in 2025, representing a year-on-year increase of 7.14% [1] - The net profit attributable to shareholders of the listed company is projected to be 766.28 million yuan, reflecting a substantial year-on-year growth of 78.88% [1]

Core Viewpoint - Guohai Securities aims to integrate its development with national strategies and high-quality development goals set forth in the 20th Central Committee's Fourth Plenary Session, focusing on wealth management and institutional services to contribute to China's modernization efforts [1][10]. Group 1: Company Strategy and Development - Guohai Securities emphasizes the importance of adhering to the Party's leadership as a fundamental principle for development, implementing a "dual-brand party building" strategy to integrate party construction with corporate governance and culture [2]. - The company is committed to enhancing its service capabilities in sectors like technology innovation and green finance, adopting a comprehensive service model that includes investment banking, research, and risk management [3]. - During the 14th Five-Year Plan period, Guohai Securities plans to transform towards a customer-centric model, enhancing its professional capabilities across various client segments [4]. Group 2: Differentiation and Competitive Advantage - Guohai Securities focuses on niche markets and differentiation to stand out in a competitive landscape, aiming to become a leading player in specific segments rather than competing broadly [5]. - The company is developing a differentiated service system in wealth management, asset management, and public and private fund management, emphasizing sustainable returns and global investment expertise [6]. Group 3: Regional and Collaborative Strengths - Leveraging its regional advantages and the support of its major shareholder, Guohai Securities aims to create a collaborative ecosystem that integrates production and finance, focusing on the needs of the Guangxi region and ASEAN markets [7]. Group 4: Compliance and Risk Management - Guohai Securities prioritizes stable operations and financial risk prevention, continuously improving its compliance and risk management systems to address new business models and challenges [8]. - The company is enhancing its compliance culture and implementing proactive risk management measures to ensure sustainable and high-quality development [9]. Group 5: Corporate Culture and Values - Guohai Securities is committed to fostering a healthy corporate culture that aligns with industry standards, emphasizing integrity, compliance, and social responsibility in its operations [9]. - The company integrates traditional Chinese culture and industry values into its corporate ethos, enhancing employee engagement and cultural cohesion through various initiatives [9]. Group 6: Future Outlook - Looking ahead, Guohai Securities aims to align its operations with the high-quality development requirements set by the China Securities Regulatory Commission, aspiring to become a leading comprehensive financial service provider [10][11].

Core Viewpoint - Guohai Securities aims to integrate its development with national strategies, focusing on high-quality development and modern economic systems as outlined in the 14th Five-Year Plan [1][2]. Group 1: Company Strategy and Development - Guohai Securities emphasizes the importance of adhering to the Party's leadership and integrating it into corporate governance and culture through a "dual brand party building" initiative [2]. - The company is committed to enhancing its service capabilities in sectors like technology and green finance, adopting a comprehensive service model that includes investment banking, research, and risk management [3]. - The firm plans to transform into a customer-centric organization, improving its professional capabilities across various client segments, including retail, corporate, and institutional clients [4]. Group 2: Differentiation and Competitive Advantage - In a competitive landscape, Guohai Securities focuses on niche markets and differentiated services, particularly in wealth management and asset management [5][6]. - The company aims to establish a unique service system driven by digital tools and investment advisory, while also emphasizing sustainable absolute returns in asset management [6]. - Guohai Securities leverages its regional advantages and partnerships to create a collaborative ecosystem that supports local and ASEAN market needs [7]. Group 3: Compliance and Risk Management - The company prioritizes stable operations and financial risk prevention, enhancing its compliance and risk management frameworks [8]. - Guohai Securities is implementing a proactive compliance management system that includes real-time monitoring and intelligent risk assessment [8]. - The firm is committed to fostering a culture of compliance and risk awareness among all employees, ensuring a robust operational framework [9]. Group 4: Corporate Culture and Values - Guohai Securities is focused on cultivating a healthy corporate culture that aligns with industry standards and promotes ethical practices [9][10]. - The company integrates traditional Chinese culture and industry values into its corporate ethos, enhancing employee engagement and cultural cohesion [10]. - The firm aims to strengthen its cultural values through various initiatives, ensuring that its mission and vision resonate with employees and stakeholders [10].

Core Viewpoint - Guohai Securities aims to integrate its development with national strategies, focusing on high-quality development and modern economic systems as outlined in the 14th Five-Year Plan [1][2] Group 1: Company Strategy and Vision - Guohai Securities emphasizes the importance of adhering to the Party's leadership as a fundamental principle for development, implementing a "dual brand party building" strategy to integrate party construction with corporate governance and culture [2][3] - The company is committed to serving the real economy and enhancing its capabilities in sectors like technology and green finance, adopting a comprehensive service model that includes investment banking, research, and risk management [3][4] - The firm plans to transform into a customer-centric organization during the 14th Five-Year Plan, enhancing its professional capabilities across various client segments, including retail, corporate, and institutional clients [4][5] Group 2: Differentiation and Competitive Advantage - Guohai Securities aims to establish a differentiated service system by focusing on wealth management, asset management, public and private fund management, and institutional services, each with unique strategies and product offerings [5][6] - The company leverages its regional advantages and partnerships to create a collaborative ecosystem that supports local economic development and meets the needs of the ASEAN market [6][7] Group 3: Compliance and Risk Management - The company prioritizes stable operations and financial risk prevention, continuously improving its compliance and risk management systems to address new business models and challenges [7][8] - Guohai Securities is enhancing its compliance culture and implementing proactive risk management measures, including real-time monitoring and intelligent early warning systems [7][8] Group 4: Corporate Culture and Values - The company is committed to fostering a healthy corporate culture that aligns with industry standards and emphasizes integrity, compliance, and social responsibility [8][9] - Guohai Securities integrates traditional Chinese culture and industry values into its corporate ethos, enhancing employee engagement and cultural cohesion through various initiatives [8][9] Group 5: Future Outlook - Looking ahead, Guohai Securities aims to become a leading comprehensive financial service provider, focusing on wealth management and institutional services while contributing to the development of a transparent and resilient capital market [9]

编者按 在服务国家战略中彰显金融担当 金融活水，贵在精准滴灌，更贵在源头发力。王海河表示，国海证券始终将坚持党的领导作为发展的根 本遵循，通过深化"双品党建"特色，推动党的建设与公司治理、企业文化、人才队伍、经营管理深度融 合；实施"举旗定向""强基提质""融合赋能""群团聚力""公益同心"五大工程，切实把金融工作的政治 性、功能性、人民性落实到具体的客户服务、业务模式和经营成果中，以高质量党建保障公司高质量发 展。 与此同时，国海证券聚焦功能发挥，积极响应做好金融"五篇大文章"的号召，把做好金融"五篇大文章" 明确写入公司"十五五"战略规划并制定新一轮三年行动方案，系统谋划、全面部署，推动战略规划、组 织机制、业务实践与文化建设深度融合。 王海河表示，服务实体经济与新质生产力，是国海证券不变的初心。为此，公司正持续提升在科创、绿 色等领域的服务能力，通过构建"投行+投资+研究+风险管理"的系统性服务模式，为战略性新兴产业源 源不断注入成长所需的金融"活水"。围绕普惠金融与养老金融，公司着力提升大类资产配置能力，加强 稳健型、普惠型、养老型金融产品创设，深化智能投顾、私享投顾等普惠型投顾服务，深入打造"她财 ...

债券代码：524259.SZ 债券简称：25 国海 01 债券代码：524304.SZ 债券简称：25 国海 03 债券代码：524461.SZ 债券简称：25 国海 04 广发证券股份有限公司 关于 国海证券股份有限公司 计提及冲回预计负债 的受托管理事务临时报告 受托管理人：广发证券股份有限公司 2026 年 2 月 本报告依据《公司债券发行与交易管理办法》《公司债券受托管理 人执业行为准则》《国海证券股份有限公司与广发证券股份有限公司关 于国海证券股份有限公司公开发行 2024 年公司债券之债券受托管理协 议》等相关规定、公开信息披露文件以及国海证券股份有限公司（以下 简称"公司"）出具的相关说明文件以及提供的相关资料等，由受托管 理人广发证券股份有限公司（以下简称"广发证券"）编制。 （一）25 国海 01 1、债券名称：国海证券股份有限公司 2025 年面向专业投资者公开发行公司债 券（第一期）（品种一） 2、债券简称及代码：25 国海 01（524259.SZ） 3、发行规模：20 亿元 4、债券期限：2 年期 5、债券票面金额和发行价格：票面金额 100 元，按面值平价发行 6、债券利率：1.9 ...

Group 1 - The core viewpoint of the report is that Leap Motor (09863) is expected to achieve significant revenue growth and profitability from 2025 to 2027, with projected revenues of 66.27 billion, 104.12 billion, and 135.41 billion yuan, representing year-on-year growth rates of 106%, 57%, and 30% respectively, and net profits of 720 million, 4.15 billion, and 6.32 billion yuan, indicating a turnaround and substantial growth [1] - Leap Motor's January 2026 delivery reached 32,000 units, showing a year-on-year increase of 27.4%, indicating robust performance during the off-peak season [2] - The company plans to launch several new models in 2026, including D19, D99, and A10, covering a full range of vehicle categories from sedans to SUVs and MPVs, with a focus on expanding its market presence [3] Group 2 - The A10 model was showcased at the Brussels Motor Show, targeting European consumers with its smart and long-range SUV features, and the company is rapidly expanding its global business through strategic collaboration with Stellantis Group [4] - Leap Motor has entered over 35 international markets, with more than 1,800 global sales and service outlets, and aims to launch three models in Europe within 12 months, establishing over 800 sales points and achieving vehicle registrations exceeding 35,000 [4]

国海证券发布研报称，随着2026年锂电行业需求维持高景气增长，锂电中游主要材料环节价格修复有望 持续演绎、锂电新技术产业化持续推进，电池提质增效主线不变，供需关系改善下产业链价格持续回 升，行业基本面预计向好，维持"推荐"评级。 国海证券主要观点如下： 动储多场景共振，行业需求持续向上 需求驱动储能电芯市场进入紧平衡，2025年内价格回升显著，展望2026年主要材料价格均有进一步修复 空间。六氟磷酸锂产业周期已然反转，向上弹性逐步体现；湿法隔膜价格端积极信号涌现，有望实现进 一步修复；磷酸铁锂反内卷举措托底，开工率上行有望驱动盈利持续改善；负极头部厂商维持较优盈利 能力，海外项目推进落地背景下盈利能力优化可期，铜箔环节基本已完成磨底，供需好转叠加产品高端 化有望打开新空间。 新技术产业化：电池提质增效主线不变，期待更多"从1到10"时刻 路径逐步明晰背景下，固态电池产业化有望加速。硫化物电解质路径逐步明晰，材料端配套趋于完善； 设备端持续跟进，逐步打开工程化瓶颈；多路线并行，产业化进程有望加速。 龙头发力及新兴场景打开，钠电增长空间可期。龙头再度发力钠电，剑指多项主流应用场景，产业化起 量可期；新兴应用方面， ...

Core Viewpoint - Despite the positive earnings forecasts from 28 brokerage firms, investor anxiety persists as stock prices continue to decline even with increasing profits [1][2]. Group 1: Earnings Performance - As of February 4, 2026, 29 brokerage firms have reported significant earnings growth, with CITIC Securities achieving a net profit exceeding 30 billion yuan, setting a new industry record [2][6]. - The overall performance of the brokerage sector has been lackluster, with the CSI Securities Index showing a year-to-date decline of 1.83%, underperforming the Shanghai Composite Index, which rose by 3.36% [2][11]. - Notably, the net profit of Guolian Minsheng surged by 406%, highlighting the disparity in performance among different firms [2][7]. Group 2: Market Dynamics - On February 2, 2026, while the A-share market experienced a pullback, brokerage stocks also dipped, but on February 3, they continued to decline despite a market rebound [3][4]. - The CSI Securities Index saw a collective rise on February 4, with all 49 constituent stocks closing in the green, indicating a potential recovery in sentiment [4][5]. Group 3: Future Outlook - Analysts predict that the brokerage sector will experience a significant earnings growth of approximately 46% in 2025, driven by improved market conditions and policy benefits [8][9]. - The brokerage industry's profitability is expected to be bolstered by three main factors: improved market conditions, optimized business structures, and ongoing policy support [9][12]. - Current valuations of brokerage stocks are considered low, with a price-to-book ratio of 1.36, suggesting potential for recovery as the sector enters a new growth cycle [11][12].

【国海证券给予阿斯麦"买入"评级 目标价1,776美元】智通财经2月4日电，国海证券给予阿斯麦 （ASML.O）买入评级，目标价1,776.29美元，公司2025Q4订单大超预期，EUV需求强劲，逻辑与存储 客户扩产推动增长。预计2026-2028年EPS为29.79/37.20/44.68欧元，基于2027E EPS 40x PE估值，目标 价1,776.29美元。 转自：智通财经 ...