Group 1: CPI Analysis - The January CPI in the US was 2.4% year-on-year, lower than expected and the previous value, marking a decline for three consecutive months since September 2025 [3][4] - Core CPI remained at 2.5%, in line with expectations but lower than the previous value, while the seasonally adjusted CPI increased by 0.2%, also below expectations [3][4] - Energy price declines, along with decreases in used car prices and slight slowdowns in housing and food inflation, contributed to the overall CPI being below expectations [4] Group 2: Non-Farm Employment Report - The US added 130,000 non-farm jobs in January, significantly exceeding the expected 65,000, marking the highest increase since April 2025 [6][12] - The unemployment rate fell to 4.3%, lower than the expected and previous rate of 4.4%, reaching a new low since September 2025 [6][12] - Employment improvements were primarily driven by a few sectors, particularly education and healthcare, which contributed nearly 80% of the new jobs, indicating a lack of broad-based recovery [12][14] Group 3: Market Reactions and Interest Rate Expectations - Following the release of the non-farm data, US stock markets, bond yields, and the dollar index experienced fluctuations, while gold prices initially fell before rising [16][17] - Market expectations for Federal Reserve rate cuts fluctuated, with the implied number of cuts for 2026 increasing from 2.36 to 2.53 after the CPI release, indicating a slight warming of rate cut expectations [17][21] - The combination of strong non-farm data and weak CPI has led to a complex interplay in asset prices, with ongoing debates about growth resilience and inflation persistence [21][22]

Core Viewpoint - Guosheng Securities Research Institute is facing significant challenges due to personnel upheaval and declining performance metrics, highlighted by a recent incident involving the director's harsh comments towards employees regarding year-end bonuses, which has sparked widespread discussion in the financial community [1][10]. Group 1: Personnel Changes - Since the fourth quarter of 2025, several prominent analysts, including co-director Zheng Zhenxiang and heads of various sectors, have left Guosheng Securities, indicating a trend of talent migration amid increasing competition in the sell-side research sector [3][10]. - Despite the turmoil, Guosheng Securities has managed to attract experienced analysts, such as Hua Xiaowei, Liu Wenxuan, and Zhao Hainan, who joined on February 9, 2026, suggesting a potential revitalization of its research capabilities [4][10]. Group 2: Financial Performance - Guosheng Securities' commission income from brokerage services peaked at 520 million yuan in 2021 but has since declined to 240 million yuan by 2024, with a further drop to 95 million yuan in the first half of 2025, marking a year-on-year decrease of 28.35% and a drop in industry ranking from 17th to 21st [3][10]. - The firm’s ability to maintain its revenue and competitive position in the market has been challenged, particularly during a period of industry transformation and internal management changes [15][16]. Group 3: Analyst Background - Hua Xiaowei, who has over ten years of experience in sell-side research, previously held significant positions at leading firms and has a strong track record, including multiple awards as a top analyst, which may enhance Guosheng Securities' research profile [6][13]. - His previous leadership at Shanghai Securities saw fluctuations in commission income, raising questions about his ability to stabilize and grow revenue in a challenging environment [15].

Group 1 - The core issue revolves around the internal conflict at Guosheng Securities Research Institute, where the director, Yang Tao, expressed frustration over employee responsiveness, leading to a public outcry and subsequent clarifications from involved parties [1][2] - Guosheng Securities has experienced significant turnover, with over 20 analysts leaving since September 2025, marking a turbulent period for the research institute [2][3] - The firm is actively recruiting to replenish its research team, with 14 positions open across various sectors, including pharmaceuticals, media, and banking [3][4] Group 2 - Recent changes in leadership include the hiring of Hua Xiaowei, a former research director from Shanghai Securities, to lead the small-cap sector at Guosheng Securities [3][4] - The firm has seen a decline in research commission revenue, with a reported 30% decrease year-on-year, indicating ongoing financial challenges [6] - Guosheng Securities anticipates a net profit of 210 million to 280 million yuan for 2025, reflecting a year-on-year growth of 25.44% to 67.25% [7]

Group 1 - The company held its fifth board meeting on February 11, 2026, with all 11 directors participating and voting [2][4] - The board approved a general authorization for domestic debt financing instruments, which will be submitted to the shareholders' meeting for approval [3][4] - The company plans to manage the issuance of debt financing instruments with a repayment balance not exceeding 20 billion yuan [5] Group 2 - The types of debt financing instruments include financial bonds, corporate bonds, subordinated bonds, short-term corporate bonds, and asset-backed securities [6] - The maturity of the debt financing instruments will not exceed 10 years, with specific terms determined based on market conditions [8] - The funds raised will be used for business operations, debt repayment, and capital structure adjustments [12] Group 3 - The board approved revisions to the performance assessment management measures for the management team [19][20] - The board also approved revisions to compliance management and anti-money laundering policies [23][24] - The board determined the risk appetite and tolerance for compliance management and anti-money laundering for 2026 [25][26] Group 4 - The company will hold its first extraordinary shareholders' meeting on February 27, 2026, to discuss the approved proposals [38][39] - The meeting will be conducted through a combination of on-site voting and online voting [46] - The registration date for shareholders to attend the meeting is February 24, 2026 [47]

Core Viewpoint - The recent personnel changes at Guosheng Securities, particularly the hiring of Hua Xiaowei, reflect the ongoing challenges and competitive pressures within the sell-side research industry in China, especially as the firm navigates a significant talent exodus and seeks to rebuild its research team [1][3][5]. Group 1: Personnel Changes - Hua Xiaowei, former director of Shanghai Securities Research Institute, has officially registered at Guosheng Securities, marking a significant leadership change [1]. - The departure of Zheng Zhenxiang, the former co-director and chief analyst for the electronics sector, occurred just before Hua's arrival, indicating a period of transition for the research institute [1][4]. - Since the fourth quarter of 2025, Guosheng Securities has experienced a net reduction of 14 analysts, highlighting a trend of talent loss within the firm [1][4]. Group 2: Performance Metrics - During Hua Xiaowei's tenure at Shanghai Securities, the firm's commission income from sub-accounts saw a year-on-year increase of 25.82% in 2023, but plummeted by 57.86% to 21.64 million yuan in 2024, with a further decline of 83.30% to 2.90 million yuan in the first half of 2025 [2]. - The significant drop in revenue at Shanghai Securities may have influenced Hua's decision to join Guosheng Securities, reflecting the pressures faced by sell-side research firms in a competitive environment [2]. Group 3: Strategic Moves - Guosheng Securities has been actively recruiting to fill the gaps left by departing analysts, having added 10 new analysts since December 2025, including notable hires from other firms [3][5]. - The firm is also promoting internal candidates to stabilize its structure, as seen with the rapid elevation of personnel within the electronics team following Zheng Zhenxiang's departure [5]. - The ongoing recruitment efforts and internal promotions suggest that Guosheng Securities is attempting to strengthen its research capabilities amidst a challenging market landscape [5].

Core Viewpoint - The recent incident involving a group chat at Guosheng Securities highlights issues of emotional management and employee dissatisfaction within the firm, particularly in the context of high turnover rates among analysts [2][5][10] Group 1: Employee Management and Turnover - A screenshot from a group chat revealed Guosheng Securities' director expressing frustration over employees' slow responses, threatening to cancel year-end bonuses and suggesting that those wanting time off should resign [2][6] - Over 25 analysts, including key figures such as co-director Zheng Zhenxiang and heads of departments, are reported to have left the firm between September and December 2025, indicating a significant turnover issue [4][9] - The firm is characterized as a "007" zone, where poor market conditions and intense competition lead to high pressure on leadership, often resulting in negative management practices directed at employees [5][10] Group 2: Emotional Management Issues - The threat to cancel bonuses due to slow message responses is seen as a form of emotional management, which is inappropriate as bonuses are part of employee compensation rather than tools for coercion [6][10] - The timing of the analysts' departures coincided with the announcement of the New Fortune Best Analyst Awards, suggesting that dissatisfaction may have been exacerbated by external recognition of their work [4][9]

Group 1 - The core focus of the article is on the recent developments at Guosheng Securities, including its rebranding and performance forecasts, which have attracted significant market attention [1][3][4] - Guosheng Securities has recently completed the absorption and merger process with the original Guosheng Securities, becoming Jiangxi's first listed brokerage firm [4][19] - The company has announced a profit forecast for 2025, expecting a net profit attributable to shareholders of between 210 million to 280 million yuan, representing a year-on-year growth of 25.44% to 67.25% [6][21] Group 2 - Following the merger, Guosheng Securities aims to streamline management processes and enhance decision-making efficiency, which is expected to positively impact its overall business development [7][22] - The research department of Guosheng Securities has experienced significant personnel changes, with several analysts leaving, including key figures in the pharmaceutical and technology sectors [9][24] - The company is actively recruiting new talent to fill various positions across departments, including the research department, investment banking, and risk management [11][26][28]

证券代码：002670 证券简称：国盛证券 公告编号：2026-008 国盛证券股份有限公司 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、召开会议的基本情况 1.股东会届次：国盛证券股份有限公司（以下简称"公司"）2026 年第一次 临时股东会。 2.股东会的召集人：公司董事会。公司第五届董事会第五次会议于 2026 年 2 月 11 日审议通过了《关于提请召开 2026 年第一次临时股东会的议案》。 3.会议召开的合法、合规性：本次股东会的召开符合法律法规、深圳证券交 易所（以下简称"深交所"）业务规则和《公司章程》等的规定。 4.会议召开的日期、时间： （1）现场会议时间：2026 年 2 月 27 日 15:00。 （2）网络投票时间：通过深交所交易系统进行网络投票的具体时间为：2026 年 2 月 27 日 9:15-9:25，9:30-11:30 及 13:00-15:00；通过深交所互联网投票系统 进行网络投票的具体时间为：2026 年 2 月 27 日 9:15-15:00 期间的任意时间。 ...

国盛证券股份有限公司 2026 年第一次临时股东会 会 议 一、宣布会议开始 五、推选监票人和计票人 文 件 2026 年 2 月 27 日 国盛证券股份有限公司 2026 年第一次临时股东会会议议程 现场会议开始时间：2026 年 2 月 27 日（周五）15:00 现场会议召开地点：江西省南昌市红谷滩区凤凰中大道 1115 号 北京银行大楼 16 层会议室 召集人：国盛证券股份有限公司董事会 主持人：刘朝东董事长 现场会议流程 十、宣布会议结束 二、宣布会议出席情况 三、介绍会议基本情况 四、审议议案（含股东发言、提问环节） 六、填写现场表决票并开始投票 七、休会、汇总现场及网络投票结果 八、宣布投票结果 九、律师宣读法律意见书 国盛证券股份有限公司 2026 年第一次临时股东会会议须知 为维护全体股东的合法权益，确保股东会的正常秩序和议 事效率，保证大会的顺利召开，根据《证券法》《上市公司股 东会规则》《公司章程》和《股东会议事规则》等规定，特制 定本须知。 一、为保证股东会的严肃性和正常秩序，除参加会议的股 东、董事、高级管理人员、公司聘请的律师、中介机构及公司 董事会邀请的人员外，公司有权依法拒绝其 ...

第五届董事会第五次会议决议公告 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。 证券代码：002670 证券简称：国盛证券 公告编号：2026-007 国盛证券股份有限公司 1.审议通过《关于境内债务融资工具一般性授权的议案》，本议案尚需提交 股东会审议。 表决结果：11 票同意、0 票反对、0 票弃权。 公司境内债务融资工具一般性授权情况如下： （1）发行主体、发行规模及发行方式 债务融资工具的发行由本公司作为发行主体。境内债务融资工具按相关规定 由中国证监会及其他相关部门审批或备案，以一次或多次或多期形式在中国境内 公开发行、非公开发行、或以其他监管许可的方式发行。 一、董事会会议召开情况 国盛证券股份有限公司（以下简称"公司"）第五届董事会第五次会议通知 于 2026 年 2 月 6 日以电子邮件、书面等方式送达全体董事，会议于 2026 年 2 月 11 日以通讯表决方式召开。本次会议由董事长刘朝东先生召集和主持，公司 11 名董事全部参加会议并表决，公司相关高级管理人员列席本次会议。会议的 召集、召开符合《公司法》《证券法》等法律法规、部门规章及《公 ...