未来，国海证券将继续秉持专业专注、全心全力的理念，以客户为中心，不断提升综合金融服务能力， 携手合作伙伴共同推动行业高质量发展，为客户、股东与社会创造可持续价值。 国海证券长期致力于可持续高质量发展，连续入选"国有企业上市公司ESG 先锋100指数"，多次荣获 ESG与社会责任相关奖项，此次获评正是对公司长期践行社会责任、对标国际标准的积极肯定。 国海证券研究所作为"领航研究机构"，已形成覆盖超30个行业、9大板块的矩阵式研究体系，连续多年 在新财富等权威评选中屡获佳绩，报告产出量与市场影响力持续攀升，公募佣金分仓排名稳步前进，彰 显了扎实的投研底蕴与市场话语权。国海证券资管始终以"追求可持续的绝对收益"为核心理念，围 绕"低波动、低回撤、有竞争力"的管理目标，持续优化完善相应的投研体系，加强加深对多资产、多策 略的布局、投资与研究，对投资和研究进一步进行了科学化细化和专业化分工，围绕客户需求打磨产品 力。国海证券持续推进财富管理转型，以"她财富"品牌为抓手，深耕普惠金融与财富管理服务，通过内 容创新与服务模式升级，有效触达并服务广大投资者，助力公司赢得"卓越财富管理机构"称号。 在近日举办的"共同发声 价值 ...

需求：航空出行需求有望稳增 a.国内需求：公商务出行缓慢复苏，因私出行活跃。2025Q3起，公商务旅客占比缓慢回升，商务线旅客 量同比增速加大，公商务出行逐渐回暖。因私出行方面，假期期间国内民航旅客量同比增速大多超过 5%，因私出行相对活跃。b.国际需求：出入境双向火热，未来增长可期。2025年全年行业国际线月度 平均旅客量达到664万人次，同比+21.6%，较2019年同期+7.4%，旅客出行量超过2019年水平。入境游 方面，受益于过境免签政策， 25Q1~3外国人累计出入境人数达到5819万人次，同比2024年同期增长 27.4%;免签入境外国人人次达到2088.6万人，同比增长51.9%，免签入境外国人在整体入境外国人中占 比超过70%。 2011~2019年行业供需相对平衡，2023年起运力率先恢复、随后机队利用率及客座率缓慢回升。2024年 行业ASK及RPK超过2019年水平，客座率回升后在2025年全年持续高位;而票价在2023年达到高位后， 历经2024和2025年连续两年下降。但2025年分季度看，25Q1~Q4票价跌幅同比逐渐收窄，25Q4票价出 现转正，行业票价水平或已低位筑底。 供给 ...

格隆汇1月28日｜国海证券研报指出，市场回暖与AI赋能双重驱动，同花顺金融信息服务价值持续释 放。2025年公司盈利水平将实现显著增长，预计全年归母净利润27.35亿元至32.82亿元，同比增长50% 至80%；其中四季度有望实现归母净利润15.29~20.76亿元，同比+30.5%~77.1%。金融产品迭代/业务拓 展进展顺利，盈利水平大幅预增。在模型能力层面，问财HithinkGPT大模型的整体性能持续迭代，在文 本生成、逻辑推理、多模态理解与智能体应用等方面均有显著提升，具备处理文本、图像、音频等多模 态数据的能力。在产品应用层面，公司推出了智能体产品"问财投资助手"，该智能体具备多步自主规划 与动态执行能力，支持"边思考、边查询、边搜索"的连续任务处理模式，并通过持续迭代训练构建闭环 优化系统，在降低"幻觉"与格式错误的同时，逐步实现"自主进化"。公司在C端拥有海量的用户群体， B端实现多机构覆盖，大模型赋能下产品变现能力有望进一步提升，预计将实现业绩的持续增长，维 持"买入"评级。 ...

Core Viewpoint - The new materials sector is identified as a crucial direction for the future development of the chemical industry, currently experiencing rapid growth in downstream demand, supported by policy initiatives and technological breakthroughs [1] Group 1: Industry Insights - The new materials industry is considered a foundational sector that underpins other industries [1] - Key areas of focus include: 1) Electronics Information Sector: Emphasis on semiconductor materials, display materials, and 5G materials 2) Aerospace Sector: Focus on PI films, precision ceramics, and carbon fibers 3) New Energy Sector: Attention on photovoltaics, lithium-ion batteries, proton exchange membranes, and hydrogen storage materials 4) Biotechnology Sector: Concentration on synthetic biology and scientific services 5) Energy Conservation and Environmental Protection Sector: Focus on adsorption resins, membrane materials, and biodegradable plastics [1] Group 2: Investment Opportunities - The New Materials 50 ETF (159761) tracks the New Materials Index (H30597), which focuses on the new materials industry [1] - The index includes representative companies from advanced basic materials, key strategic materials, and cutting-edge new materials, reflecting the overall performance of the new materials industry from research and development to application [1]

Core Insights - The report addresses three main issues: recent bond market review, changes in institutional behavior, and future outlook for the bond market [2] - The bond market is undergoing a transformation characterized by a dual behavior of institutions [3] Group 1: Institutional Behavior Changes - The supply side pressure is evident with local government bond issuance expected to reach 1.94 trillion yuan in Q1 2026, with high issuance volumes in January and March [5] - The demand side shows a deterioration in traditional allocation demand, with major banks and insurance companies showing decreased willingness to absorb long-term bonds [5] - The trading side indicates a shift where rural commercial banks are retreating while brokerages are becoming more active, particularly in trading 10Y and 30Y bonds [16][17] Group 2: Supply and Demand Dynamics - The issuance plan for government bonds in Q1 2026 is heavily concentrated in February and March, with various maturities being offered [6] - The report highlights that large banks are focusing on realizing profits from older bonds, while insurance institutions are primarily buying local bonds instead of national bonds [7] - The trading volume remains low, and the volatility is expected to decrease further as banks increase their trading in 10Y bonds [23] Group 3: Future Market Outlook - The report suggests that the bond market may experience further adjustments, with brokerages likely to increase their trading of long-term bonds [13] - There is a notable pressure for profit-taking among joint-stock banks, particularly in 10Y national bonds, which may influence future trading strategies [14] - The report anticipates that the yield spread between 30Y and 10Y bonds may widen, while the spread between 10Y national bonds and national development bonds may narrow [23]

国海证券研报指出，顺丰控股短期利润扰动或面临拐点；收入稳增叠加降本增效，中期盈利能力有望稳 步提升；长期看供应链及国际业务第二增长曲线蓄势待发。考虑到多网融通及营运变革深入推进，对成 本费用节约的效果逐步显现，预计2025-2027年归母净利润分别110.75亿元、122.85亿元、138.23亿元， 同比增长8.90%、10.92%、12.52%，对应PE分别18倍、16倍、14倍。参考顺丰控股A股近三年平均PE （TTM）约24倍，考虑公司激活经营下业务量增长、精益管理成本费用有望带动利润率提升，预计进 入产能投放后回报周期，远期国际业务有望打开增长空间，首次覆盖，给予公司"买入"评级。 ...

Meeting Information - The first extraordinary general meeting of shareholders for 2026 will be held by Guohai Securities Co., Ltd. [1] - The meeting will be convened by the company's board of directors [1] - The meeting complies with relevant laws and regulations, including the Company Law and Shenzhen Stock Exchange rules [1] Voting Procedures - The meeting will utilize a combination of on-site and online voting methods [2] - Shareholders can vote through the Shenzhen Stock Exchange trading system and the internet voting system [2] - Voting will occur on February 9, 2026, with specific time slots for both on-site and online voting [3][4] Meeting Details - The on-site meeting is scheduled for February 9, 2026, at 14:30 [3] - The online voting period will be from 9:15 to 15:00 on the same day [4] - The record date for shareholders to attend the meeting is February 3, 2026 [6] Attendance - All shareholders registered by the record date can attend the meeting, either in person or through a proxy [7][8] - The meeting will also include company directors, senior management, and appointed lawyers [9] Agenda - The meeting will review a proposal to elect a new director [10] - The proposal has been approved by the board of directors and will be detailed in the meeting announcement [9][10] Registration - Shareholders must register to attend the meeting, with specific requirements for natural and legal persons [11] - Registration will be open from February 4 to February 6, 2026 [12] Contact Information - Contact details for inquiries include phone numbers and email addresses for the company [14]

Group 1 - The resignation of director Wang Zongping was submitted on January 22, 2026, due to work reasons, and he will not hold any positions in the company or its subsidiaries after his resignation [2] - Wang Zongping's resignation does not affect the minimum number of board members required by law and will not impact the normal operations of the company [2] - The board expressed gratitude for Wang Zongping's contributions during his tenure [2] Group 2 - Following the resignation, the company will elect Mao Huiyu as a candidate for a non-independent director position, nominated by Guangxi Investment Group Financial Holding Co., Ltd. [2] - The election of the new director will be submitted for approval at the company's first extraordinary general meeting of 2026 [2] - Relevant documents regarding the resignation and board meeting resolutions will be made available for review [3]

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、董事辞职情况 证券代码：000750 证券简称：国海证券 公告编号：2026-01 国海证券股份有限公司 关于董事辞职及补选董事的公告 公司董事会对王宗平先生在担任公司董事及董事会专 门委员会委员期间为公司发展所做的贡献表示衷心感谢！ 二、补选董事情况 鉴于公司董事王宗平先生已辞职，根据《公司法》《公 司章程》等相关规定，经公司股东广西投资集团金融控股有 限公司提名，公司董事会薪酬与提名委员会审查、董事会审 议通过，同意补选毛绘宇女士为公司第十届董事会非独立董 事候选人，并提交公司 2026 年第一次临时股东会审议。具体 情况详见公司同日在《中国证券报》《证券时报》《上海证 券报》《证券日报》和巨潮资讯网（www.cninfo.com.cn）披 露的《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》《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》。 三、备查文件 1.王宗平先生的辞职报告； 2.公司第十届董事会第十五次会议决议。 特此公告。 2026 年 1 月 22 日，国海证 ...

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 ...