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]

Core Viewpoint - Ningbo Bank is expected to achieve a revenue growth of 8.01% and a net profit growth of 8.13% in 2025, indicating a stable financial outlook for the company [1] Revenue and Profit Forecast - The revenue for Q4 2025 is projected to increase by 7.0% year-on-year, while the net profit is expected to rise by 7.3% [1] - The overall revenue and profit growth for Ningbo Bank in 2025 is anticipated to remain above 8% [1] Cost and Asset Quality - The cost-to-income ratio is expected to decrease by 2.8 percentage points year-on-year, indicating improved operational efficiency [1] - The non-performing loan ratio is expected to remain stable on a quarter-on-quarter basis, reflecting sound asset quality management [1] Business Strategy and Growth Drivers - The contribution of light capital business to revenue growth is significantly higher than the overall revenue growth rate, highlighting a strategic focus on efficient capital utilization [1] - There is a notable expansion in the number of corporate clients, and the bank maintains a comparative advantage in cross-border financial services [1] - The company's strategic direction is clear and effectively implemented, with expectations for a continued reduction in deposit costs in 2026 [1]

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].

Group 1 - The core viewpoint of the articles highlights Guohai Securities' recognition at the "2026 Global and China Capital Market Outlook Forum" for its achievements in wealth management transformation and digital operations, winning two awards: "Best Wealth Management Growth Institution of the Year" and "Best All-Domain Traffic Operation Pioneer Award" [1] - Guohai Securities is strategically focusing on the transition to a "buy-side advisory" model, emphasizing a customer-centric approach throughout its business operations, which aligns with the evolving capital market towards a "buy-side era" [1] - The company has developed a comprehensive customer value service system that includes various products such as decision-making tools, AI investment, content information, advisory portfolios, and customized services, achieving a personalized service model [1] Group 2 - The digital transformation at Guohai Securities is supported by its self-built "Digital Employee Platform," which has created an efficient collaborative ecosystem across employee, client, operation, and management interfaces, significantly enhancing advisory efficiency and customer interaction experience [2] - The company has implemented a systematic and matrixed operational strategy, leading to a substantial increase in its new media matrix followers, which has positively impacted the expansion of high-quality customer groups and steady growth in customer assets [2] - Looking ahead, Guohai Securities aims to deepen its buy-side advisory transformation, strengthen the dual-drive capability of research and technology, and explore innovative integration of traffic operations and financial services, positioning itself as a trusted partner in wealth management [2]

Group 1 - The core viewpoint of the article highlights that Shenling Environment is focusing on high-growth sectors and actively expanding its production capacity and international presence [1] - The company plans to build a new intelligent liquid cooling equipment production line to enhance its production capacity, ensuring timely and high-quality delivery of current and future orders [1] - Overseas business is identified as a significant growth point for the data service sector, with recent successful deliveries of innovative high-efficiency products in Singapore and Malaysia [1] Group 2 - The company emphasizes technological innovation, prefabrication, and local service support to increase customer cooperation and loyalty [1] - The business is increasingly focusing on the digital and computing power, as well as electricity and energy application fields, in line with industry development trends [1] - Based on industry conditions and new order rhythms, the company has been initiated with a "Buy" rating [1]

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]

证券日报网讯1月16日，国海证券在互动平台回答投资者提问时表示，截至2025年12月31日股东户数为 183147户。 ...