证券代码：000750 证券简称：国海证券 公告编号：2026-03 国海证券股份有限公司 关于召开 2026 年第一次临时股东会的通知 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。 一、召开会议基本情况 （一）股东会届次：本次股东会是国海证券股份有限公 司（以下简称公司）2026 年第一次临时股东会。 （二）股东会的召集人：公司董事会。 2026 年 1 月 23 日，公司召开第十届董事会第十五次会 议，审议通过了《关于召开国海证券股份有限公司 2026 年 第一次临时股东会的议案》。 （三）会议召开的合法、合规性：本次股东会的召开符 合《公司法》等法律、行政法规、部门规章、规范性文件、 深圳证券交易所业务规则和《公司章程》的有关规定。 （四）会议召开的方式：现场投票与网络投票相结合的 方式。 公司将通过深圳证券交易所交易系统和互联网投票系 统（http://wltp.cninfo.com.cn）向全体股东提供网络形式的 1 投票平台，股东可以在网络投票时间内通过上述系统行使表 决权。 公司股东应选择现场投票和网络投票中的一种表决方式， 如果同一表决权出现 ...

证券代码：000750 证券简称：国海证券 公告编号：2026-02 国海证券股份有限公司 第十届董事会第十五次会议决议公告 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。 国海证券股份有限公司（以下简称公司）第十届董事会 第十五次会议通知于 2026 年 1 月 22 日以电子邮件方式发出， 会议于 2026 年 1 月 23 日在广西南宁市滨湖路 46 号国海大厦 4 楼会议室以现场会议与视频会议相结合的方式召开。经与 会董事一致同意，本次董事会会议豁免通知时限要求。会议 应到董事 7 人，实到董事 7 人。赵妮妮董事、倪受彬独立董 事、刘劲容独立董事通过视频方式参加会议，其他 4 名董事 现场参加会议。会议由公司董事长王海河先生主持。会议的 召集、召开、表决符合《公司法》及《公司章程》的规定， 决议合法有效。会议以投票表决的方式审议通过了如下议案： 一、《关于补选公司董事的议案》 同意补选毛绘宇女士为公司第十届董事会非独立董事， 任期自股东会审议通过之日起至公司第十届董事会届满之 日止。 表决结果：同意 7 票，反对 0 票，弃权 0 票。 2.公司第十 ...

Core Viewpoint - Guohai Securities announced the resignation of director Wang Zongping from the 10th Board of Directors and related committees due to work reasons, and he will no longer hold any positions in the company or its subsidiaries after his resignation [1] Summary by Categories - **Company Announcement** - Guohai Securities disclosed the resignation of director Wang Zongping [1] - The resignation is attributed to work-related reasons [1] - Post-resignation, Wang Zongping will not hold any positions within the company or its subsidiaries [1]

格隆汇1月23日｜国海证券研报指出，宁波银行2025年营收预计同比+8.01%，归母净利润预计同比 +8.13%。其中，2025Q4单季度营收同比+7.0%，归母净利润同比+7.3%。公司成本收入比同比下降 2.8pct，不良率环比稳定。轻资本业务贡献营收增速远高于整体营收增速；对公客户数量显著扩容，跨 境金融保持比较优势。公司战略明确，实施有力，2026年存款成本降幅仍然值得期待。宁波银行2025年 度营收利润增速保持8%以上，中收景气度高，维持"买入"评级。 ...

Core Viewpoint - Gu Ming (01364) has been given a "buy" rating by Guohai Securities, which highlights the company's strategy to encourage existing franchisees to open more stores, thereby enhancing brand influence and operational efficiency [1] Recent Events - Gu Ming has recently launched a new franchise policy that incentivizes existing franchisees with 1-2 stores to open additional locations by waiving a franchise fee of 25,000 yuan if they sign new agreements by May 31, 2026 [1] - Franchisees with 3 or more stores can also benefit from a 25,000 yuan reduction in renovation costs if they complete relocations or expansions by the same date [1] Product Development and Innovation - The company has a rapid product development cycle and high cost-performance ratio, with a platform-based approach to product development [2] - As of September 30, 2024, the R&D team will consist of approximately 120 members, focusing on quick product launches and capturing market trends [2] - In the first half of 2025, Gu Ming plans to introduce 52 new products, including 16 new coffee beverages, and is also venturing into baked goods [2] Supply Chain Efficiency - Gu Ming has established a robust supply chain, directly sourcing fruits and operating its own factories to ensure quality [3] - By the end of the first half of 2025, the company will have 22 self-operated warehouses and 362 transportation vehicles, with 75% of stores located within 150 kilometers of a warehouse [3] - The logistics strategy allows for efficient cold chain delivery, with distribution costs accounting for less than 1% of the total GMV [3] Regional Strategy and Market Potential - The company's regional encryption strategy is proving effective, encouraging existing franchisees to open more stores, which enhances local visibility and management efficiency [4] - As of 2025, Gu Ming is projected to be the second-largest tea beverage brand in terms of store count in China, with a total of 13,117 stores, reflecting a year-on-year growth of 34% [4] - The company has significant expansion potential, with 11 provinces in mainland China yet to be penetrated, indicating ample market opportunities for future growth [4]

Economic Overview - In 2025, China's nominal GDP reached 140.2 trillion yuan, marking a significant increase with a cumulative growth of approximately 36.7 trillion yuan during the "14th Five-Year Plan" period[6] - The actual GDP growth rate for 2025 was 5%, surpassing global average growth of 2.7% and growth rates of developed economies at 1.7%[6] Economic Growth Dynamics - Quarterly GDP growth rates were 5.4%, 5.2%, 4.8%, and 4.5%, indicating a trend of high growth followed by stability throughout the year[6] - The contribution of net exports to economic growth was 32.7%, demonstrating resilience against trade conflicts[7] Structural Changes - The industrial sector showed robust performance with industrial added value growing by 5.9% and the service sector index increasing by 5.4%[7] - High-end manufacturing saw significant growth, with drone and industrial robot production increasing by 37.3% and 28%, respectively[8] Consumer Trends - Retail sales of consumer goods grew by 3.7%, with final consumption contributing approximately 52% to economic growth[8] - The service sector's retail sales increased by 5.5%, outpacing goods retail growth by 1.7 percentage points[8] Investment Insights - Fixed asset investment (excluding rural households) totaled 48.5 trillion yuan, a decrease of 3.8%, with real estate investment dropping by 17.2%[10] - High-tech industry investment grew significantly, with information services up by 28.4% and aerospace manufacturing by 16.9%[13] Trade Performance - Total foreign trade reached 45.47 trillion yuan, a 3.8% increase, with exports at 26.99 trillion yuan, growing by 6.1%[14] - The share of high-tech products in exports rose to 61%, with high-tech exports increasing by 13.2%[15]

Core Viewpoint - The new U.S. tariff policy has impacted market sentiment, leading investors to seek stable assets, with coal's high dividend and cash cow attributes gaining attention. The coal mining industry's supply constraints remain unchanged, while demand may fluctuate, indicating a dynamic price rebalancing. Historically, coal prices have shown an upward trend, and long-term price increases are expected despite potential volatility. Leading coal companies exhibit strong asset quality and cash flow, characterized by high profitability, cash flow, barriers to entry, dividends, and safety margins. The recommendation is to capitalize on the value attributes of the coal sector at low levels, maintaining a "recommended" rating for the coal mining industry [1]. Supply Side - In December, coal production decreased by 1.0% year-on-year, with a larger decline compared to November, attributed to year-end production task completions and mine reductions. The total industrial raw coal output for December was 440 million tons, with a daily average of 14.1 million tons, reflecting a month-on-month decrease of 129,000 tons per day and a year-on-year decrease of 59,000 tons per day. For the entire year, the output was 4.83 billion tons, showing a year-on-year growth of 1.2%, with a slight decrease in growth rate compared to the previous month [2]. Import Side - Coal imports in December increased by 11.90% year-on-year, significantly exceeding market expectations, driven by the price competitiveness of imported coal and anticipations of export tariffs from Indonesia. December imports reached 58.6 million tons, marking a historical high. For the entire year, imports totaled 490 million tons, down 9.60% year-on-year. The overall supply growth in December was calculated at 0.5% year-on-year, an increase of 2.8 percentage points from November [3]. Demand Side - December saw a decline in thermal power generation, while chemical and coke sectors continued to show positive growth. The year-on-year decrease in thermal power was 3.2%, but the decline was less severe than in November. Total industrial electricity generation for December was 858.6 billion kWh, a slight increase of 0.1% year-on-year. For the year, thermal power generation decreased by 1.0%, while other energy sources like hydropower and solar power showed varying growth rates [4]. Inventory - By the end of December, coal inventories at ports increased, with a notable rise in thermal coal stocks. The inventory of thermal coal at ports rose by 1.308 million tons to 28.406 million tons, while the inventory of coking coal also saw an increase. The average price of thermal coal at northern ports was 731 yuan per ton, reflecting a month-on-month decrease of 11.00% and a year-on-year decrease of 6.80% [7]. Summary - Overall, December's supply side saw an increase in imports against a backdrop of declining production, while demand remained weak primarily due to thermal power reductions. The coal market is characterized by high inventories and declining prices, with expectations of tightening supply leading into the Lunar New Year. The coal price is anticipated to find support due to upcoming demand from cold weather and pre-holiday stockpiling [8].

财富管理转型的另一面是数字化内核支撑。国海证券依托自主建设的"数字员工平台"，成功构建了"员 工端、客户端、运营端、管理端"四端高效协同的智慧财管生态系统，大幅提升了投顾工作效率与客户 交互体验。面对"流量即潜力，运营即增长"的线上展业新范式，国海证券也率先在业内进行全域流量生 态的战略布局。通过实施体系化、矩阵化、IP化的精细化运营策略，国海证券新媒体矩阵粉丝总量实现 百万级增长，有效带动了高质量客户群体的扩充与客户资产的稳步提升。 展望未来，国海证券将继续坚持"客户至上"，持续深化买方投顾转型，强化投研与科技的双轮驱动能 力，不断探索流量运营与金融服务的创新融合。在做好金融"五篇大文章"、助力居民财富管理需求升级 的道路上，成为更受信赖的财富管理伙伴，为行业高质量发展持续贡献智慧与力量。 近日，由新浪财经主办的"2026全球与中国资本市场展望论坛暨金麒麟最佳财富管理机构、最佳投资顾 问盛典"在北京举行。论坛期间，备受瞩目的金麒麟最佳财富管理机构评选结果揭晓。国海证券凭借在 财富管理转型与数字化运营方面的实践成果，荣获"年度最佳财富管理成长力机构"与"年度最佳全域流 量运营先锋奖"两项大奖。 国海证券深刻把 ...

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 国海证券研报指出，申菱环境聚焦高景气赛道，积极扩张产能与出海。为应对持续旺盛的市场需 求，公司希望通过新建智能化液冷设备生产线，提升公司液冷温控设备产品的规模化生产能力，有效保 障现有及未来订单的按时高质量交付，巩固并扩大公司在液冷温控设备领域方面的市场地位。海外业务 是未来数据服务板块的重要增长点。公司近年来在新加坡和马来西亚有规模交付液冷、相变冷却等创新 高能效产品，重视通过技术创新、预制化、本土服务保障等增加客户合作粘性。顺趋势聚焦算力+能源 领域。结合产业发展趋势，近期公司业务更多聚焦于数字与算力，电力与能源两大应用领域。结合行业 景气度与新增订单节奏，首次覆盖公司，给予"增持"评级。 （责任编辑：张晓波 ） ...

Core Viewpoint - BYD's overseas export performance is strong, with a focus on high-end models and new vehicle launches, indicating a positive growth trajectory for the company in the coming years [1] Sales Performance - In December 2025, the company is projected to sell 420,000 vehicles, representing a year-on-year decrease of 18.3% - Cumulative sales from January to December 2025 are expected to reach 4.6024 million vehicles, showing a year-on-year increase of 7.73% [1] High-End Strategy - The models Fangchengbao and Tengshi have shown significant month-on-month growth, with an increase in the proportion of high-end brands - The Ti7 is anticipated to become a blockbuster in the home SUV market in 2025, marking a significant breakthrough in BYD's high-end strategy [1] Overseas Market Growth - The overseas business is identified as a crucial growth engine for BYD, with expectations for continued high growth in sales in the overseas market in 2026 - The company aims to leverage its scale advantages to enhance component procurement capabilities, thereby improving price competitiveness and solidifying its global market position [1] Revenue Forecast - Based on the latest sales data, the revenue forecasts for 2025 to 2027 have been adjusted to 854.9 billion, 995.9 billion, and 1,111.7 billion yuan, with year-on-year growth rates of 10%, 16%, and 12% respectively - The forecast considers a new product cycle in 2026 and continued high growth in overseas markets [1]