【导读】国盛证券（002670）研究所公开招聘 杨涛发文："桃李天下本就是我们的初衷" 2025年11月，国盛证券三位明星分析师集体离职的消息引发行业关注。 经历了2025年分析师大量"出走"之后，国盛证券研究所开始密集"补血"。 1月14日，国盛证券公开招聘若干职位。其中，研究所招聘两名医药行业联席首席分析师、一名传媒行业首席分析师，以及银行行业分析师、中小盘分析 师各一名。 | 需求部门 | 需求岗位 | 需求人数 | 工作地点 | | --- | --- | --- | --- | | 投资银行部 | 二级部门负责人 | 1 | 北京 | | | | | 下渣 | | | | | 深圳 | | | | | 南昌 | | 投资银行部 | 项目经理(中级) | 2 | 北京 下海 | | | | | 深圳 | | | | | 南昌 | | 研究所研究部 | 医药行业联席首席分析 | 2 | 北京 下漫 | | | リ市 | | | | | | | 深圳 | | 研究所运营支持部 | 传媒行业首席分析师 | 1 | 北京 下海 | | | | | 深圳 | | 研究所研究部 | 银行行业分析师/研究 | 1 ...

Core Viewpoint - The A-share market saw a collective rise in brokerage stocks on January 14, with notable increases in several companies, indicating a positive trend in the sector [1]. Group 1: Stock Performance - Huayin Securities approached the daily limit with a rise of 9.51%, reaching a market capitalization of 55.9 billion [2]. - Xiangcai Securities increased by 5.10%, with a total market value of 34.8 billion [2]. - Bank of China Securities rose by 4.10%, bringing its market cap to 42.3 billion [2]. - Tianfeng Securities saw a gain of 2.97%, with a market value of 45.4 billion [2]. - Guosheng Securities increased by 2.68%, totaling a market capitalization of 34.1 billion [2]. - Caitong Securities rose by 2.23%, with a market cap of 42.6 billion [2]. - Huazhong Securities increased by 2.05%, reaching a market value of 34.9 billion [2]. - Jinlong Co. saw a rise of 2.00%, with a total market capitalization of 11.5 billion [2]. Group 2: Year-to-Date Performance - Huayin Securities has shown a year-to-date increase of 35.16% [2]. - Xiangcai Securities has a year-to-date rise of 9.95% [2]. - Bank of China Securities has a modest year-to-date increase of 1.53% [2]. - Tianfeng Securities has increased by 8.41% year-to-date [2]. - Guosheng Securities has a year-to-date rise of 4.63% [2]. - Caitong Securities has increased by 5.28% year-to-date [2]. - Huazhong Securities has a year-to-date increase of 9.88% [2]. - Jinlong Co. has shown a year-to-date rise of 6.32% [2].

Group 1 - The A-share market saw a collective rise in brokerage stocks, with Huayin Securities nearing the daily limit, Xiangcai Shares up over 5%, and Bank of China Securities rising over 4% [1] - Notable performers included Tianfeng Securities, Guosheng Securities, Caitong Securities, Huaxin Securities, and Jinlong Shares, all increasing by more than 2% [1] Group 2 - Huayin Securities experienced a significant increase of 9.51%, with a total market capitalization of 55.9 billion and a year-to-date increase of 35.16% [2] - Xiangcai Shares rose by 5.10%, with a market cap of 34.8 billion and a year-to-date increase of 9.95% [2] - Bank of China Securities increased by 4.10%, with a market cap of 42.3 billion and a year-to-date increase of 1.53% [2] - Other notable increases included Tianfeng Securities at 2.97%, Guosheng Securities at 2.68%, and Caitong Securities at 2.23% [2]

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]

格隆汇1月12日｜国盛证券研报指出，仙乐健康乘科技之风，迎重要时刻。公司与潜在购买方就出售 BFPC签署意向书，BFPC剥离有利于进一步优化公司的美国业务结构，提升公司的整体盈利能力和市场 竞争力。根据少数股东损益推算，2025年前三季度BF子公司亏损达1.3亿元，我们预计BFPC剥离后亏损 有望显著收窄，大幅提振公司利润表现。公司拟发行H股并在港交所上市，利用国际资本市场优势，打 造多元化资本运作平台，有助于深化公司全球化战略布局，加速拓展海外市场，打开公司增长天花板。 另外，公司推出AI营养师及精准营养品牌，前瞻布局"精准营养"增量赛道。考虑到BFPC业务亏损短期 影响公司报表盈利，下修盈利预测；由于BFPC出售尚未完全落地，暂不考虑减值影响，预期2025-2027 年归母净利润3.1/4.1/5.0亿元（前次为3.7/4.7/5.6亿元），同比-5.5%/+32.5%/+22.8%，当前股价对应PE 为25/19/15x。 ...

Core Viewpoint - The report from Guosheng Securities indicates a significant shift towards offshore wind power development in China, with expectations for accelerated planning and growth in the sector during the 14th Five-Year Plan period. Group 1: Wind Power Development - Onshore and offshore wind power tenders are projected to reach 97 GW and 5 GW respectively by the first three quarters of 2025, with approvals of 124 GW and 8.6 GW from January to November 2025 [1] - The "14th Five-Year Plan" aims to increase the share of wind power in new energy installations from 25% to 50%, targeting an annual installation capacity of 130 GW [1] - The government has explicitly stated the intention to develop offshore wind power, which is expected to be a key focus area for growth [1] Group 2: European Offshore Wind Market - European offshore wind is expected to accelerate, with policies supporting nearly 100 GW of offshore wind plans across multiple countries, and auction volumes anticipated to exceed 19.5 GW by 2025 [2] - The global floating wind market is projected to enter a growth phase, with an estimated 5.5 GW of floating wind projects expected to start installation by 2030 [2] - The domestic wind turbine market is experiencing price increases, with an average bid price for onshore wind turbines rising approximately 12% in the first ten months of 2025 compared to the previous year [2] Group 3: Submarine Cable Demand - The penetration rate of high-voltage direct current (HVDC) technology in domestic submarine cables is expected to increase, leading to a doubling of demand for submarine cables due to rising interconnection needs [3] - Major domestic cable manufacturers are expected to secure orders from Europe, where local production capacity is constrained [3] - The total demand for submarine cables from 2025 to 2040 is projected to reach 231,800 km, with approximately 89,000 km dedicated to power interconnections [3] Group 4: Offshore Engineering Sector - The domestic offshore engineering sector is witnessing a profitability turning point, with increased utilization rates expected to enhance earnings [4] - European offshore wind projects are facing tight capacity and rising prices due to production delays and labor strikes [4] - Companies that can produce floating foundations are likely to enjoy higher profit margins due to the complexity and cost associated with their production [4] Group 5: Component Market - The production capacity for main shaft castings is under pressure, with increased demand for gearboxes and bearings expected [5] - The market share for gearbox manufacturers is anticipated to grow as they expand production capacity [5] Group 6: Investment Recommendations - Key companies to watch in the turbine sector include Goldwind Technology, Yunda Co., Mingyang Smart Energy, and SANY Heavy Energy [6] - In the offshore wind sector, companies such as Dajin Heavy Industry, Oriental Cable, and Tianjun Wind Power are highlighted as potential investment opportunities [6] - Component manufacturers like Jinlei Co., Delijia, and Weili Transmission are also recommended for consideration [6]

Core Viewpoint - Guosheng Securities experienced a slight decline in stock price and reported significant changes in financing and shareholder structure, indicating a mixed performance in the market [1][2]. Financing Summary - On January 9, Guosheng Securities had a financing buy-in amount of 70.72 million yuan and a financing repayment of 75.94 million yuan, resulting in a net financing outflow of 5.22 million yuan [1]. - The total financing and securities lending balance reached 729 million yuan, with the financing balance at 723 million yuan, accounting for 2.61% of the circulating market value, which is above the 50th percentile level over the past year [1]. - In terms of securities lending, Guosheng Securities repaid 18,300 shares and sold 13,900 shares on January 9, with a selling amount of 237,300 yuan, while the securities lending balance was 6.12 million yuan, exceeding the 60th percentile level over the past year [1]. Financial Performance Summary - As of December 31, Guosheng Securities had 104,400 shareholders, a decrease of 9.97% from the previous period, while the average circulating shares per person increased by 11.08% to 15,549 shares [2]. - For the period from January to September 2025, Guosheng Securities reported an operating income of 1.23 million yuan, a year-on-year decrease of 25.09%, while the net profit attributable to shareholders increased by 191.21% to 242 million yuan [2]. - The company has cumulatively distributed 264 million yuan in dividends since its A-share listing, with no dividends distributed in the past three years [2]. Shareholder Structure Summary - As of September 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited, which held 29.62 million shares, an increase of 3.91 million shares from the previous period [2]. - The Guotai CSI All-Share Securities Company ETF ranked as the ninth largest circulating shareholder with 15.00 million shares, an increase of 599,190 shares from the previous period [2].

Core Insights - The report from Guosheng Securities indicates that the Consumer Price Index (CPI) is expected to remain flat in 2025 compared to the previous year, while the Producer Price Index (PPI) is projected to decline by 2.6% [1] Group 1: CPI Trends - CPI has rebounded for four consecutive months, reaching the highest level since March 2023, with core CPI maintaining above 1% for the same duration [1] - Prices of core goods such as household appliances and gold jewelry continue to show strength [1] Group 2: PPI Trends - PPI has increased for three consecutive months, with an expanding growth rate, driven primarily by the non-involution sector and the metals industry [1] - The oil and petrochemical industry chain prices continue to decline [1] Group 3: Future Projections - For 2026, the report anticipates a continuation of the price recovery trend observed in the latter half of 2025, influenced by factors such as the "old-for-new" policy, narrowing rental declines, and rising gold and service prices [1] - Core CPI is expected to remain strong, with a projected year-on-year central tendency of around 0.7%, influenced by gold jewelry prices contributing approximately 0.3% to the CPI if the London gold price averages $4,500 per ounce in 2026 [1] - PPI is projected to have a year-on-year central tendency of around -0.4%, supported by rising prices in coal, steel, lithium carbonate, and copper due to demand from non-involution, energy storage, and AI-related sectors [1]

Core Insights - The report from Guosheng Securities indicates that the Consumer Price Index (CPI) in 2025 is expected to remain flat compared to the previous year, while the Producer Price Index (PPI) is projected to decline by 2.6% [1] Group 1: CPI Analysis - CPI has shown a continuous recovery for four months, reaching a new high since March 2023, with core CPI maintaining above 1% for the same duration [1] - Prices of core goods such as household appliances and gold jewelry continue to exhibit strength [1] Group 2: PPI Analysis - PPI has increased for three consecutive months, with an expanding growth rate, primarily driven by the non-ferrous and "anti-involution" industries [1] - Prices in the oil and petrochemical industry chain continue to decline [1] Group 3: 2026 Outlook - For 2026, the report anticipates a continuation of the price recovery trend observed in the latter half of 2025, influenced by recent commodity price movements and the "replacement basket" effect [1] - Core CPI is expected to remain strong, with a projected year-on-year central tendency of around 0.7%, driven by policies such as trade-in programs, narrowing rental declines, and rising gold and service prices [1] - Assuming the central price of London gold is $4,500 per ounce, gold jewelry is expected to contribute approximately 0.3% to the CPI in 2026 [1] - PPI is projected to have a year-on-year central tendency of around -0.4%, supported by demand in coal, steel, lithium carbonate, and copper due to "anti-involution," energy storage needs, and AI-related demand [1]

Group 1 - The core point of the article is that Guosheng Securities announced a share reduction by Jiangxi Building Materials, which took place from January 7 to 8, 2026, involving 2.8 million shares, accounting for 0.14% of the total share capital [2] - After the reduction, the total shareholding of Jiangxi Building Materials and its concerted parties decreased to 11.96%, indicating a significant change in ownership structure [2] - The reduction reached a threshold of 1% integer multiple, suggesting that the company is actively managing its shareholding strategy [2]