Summary of Key Points from Conference Call Records Industry Overview - The stock market showed mixed performance on January 30, 2026, with the Shanghai Composite Index closing at 4117.95 points, down 0.96%, and the Shenzhen Component Index at 14205.89 points, down 0.66%. The ChiNext Index increased by 1.27% to 3346.36 points. The brokerage index fell by 1.53%, and the insurance index decreased by 1.60% [1][1][1]. Market Statistics - The total trading volume for stocks was reported at 28,355.38 billion yuan, with the SW Securities II sector accounting for 424.65 billion yuan, representing 1.50% of the total trading volume for A and B shares. The margin trading balance from the previous trading day was 27,393.27 billion yuan. The yield on ten-year government bonds was measured at 1.8112% [1][1][1]. Company Announcements - **Shichuang Securities**: Mr. Jiang Qingfeng was elected as a non-independent director of the company's second board of directors [2][2][2]. - **CITIC Securities**: Non-executive director Mr. Yan Xiaolei resigned from his positions, including those on the Risk Management Committee and the Audit Committee, and will not hold any positions in the company or its subsidiaries post-resignation [2][2][2]. - **Jinlong Co., Ltd.**: Shareholder Ms. Zhu Fenglian's 63 million shares were scheduled for public auction on JD.com from February 5 to February 6, 2026, but the auction was withdrawn due to objections from the defendant [2][2][2]. - **Jianyuan Trust**: The second-instance ruling upheld the original judgment in a lawsuit involving Shanghai Dongfang Securities Asset Management Co., with the plaintiff bearing the litigation costs of 2,051,524.83 yuan [2][2][2]. - **Guosheng Securities**: The China Securities Regulatory Commission approved the merger of Guosheng Financial Holdings Co., Ltd. with Guosheng Securities Co., Ltd., leading to a name change to Guosheng Securities Co., Ltd. The original Guosheng Securities has completed its deregistration [2][2][2]. Important News - **Central Bank**: On January 30, 2026, the People's Bank of China conducted a fixed-rate, quantity tender operation for 4,775 billion yuan in 7-day reverse repos, with a winning rate of 1.4% [3][3][3]. - **Ministry of Finance**: Deputy Minister Liao Min met with the UK Treasury's Director of International Financial Affairs, Mr. White, to discuss Sino-British economic and financial dialogues and cooperation in G20 financial channels [3][3][3]. - **Securities Regulatory Commission**: Proposed amendments to the "Regulations on the Registration Management of Securities Issuance by Listed Companies," including expanding the types of strategic investors and clarifying that the subscription for shares should generally not be less than 5% [3][3][3].

1月30日，国盛证券涨0.92%，成交额9.30亿元。两融数据显示，当日国盛证券获融资买入额9955.47万 元，融资偿还1.12亿元，融资净买入-1263.21万元。截至1月30日，国盛证券融资融券余额合计7.33亿 元。 分红方面，国盛证券A股上市后累计派现2.64亿元。近三年，累计派现0.00元。 融资方面，国盛证券当日融资买入9955.47万元。当前融资余额7.29亿元，占流通市值的2.74%，融资余 额低于近一年50%分位水平，处于较低位。 融券方面，国盛证券1月30日融券偿还7200.00股，融券卖出2.76万股，按当日收盘价计算，卖出金额 45.26万元；融券余量24.35万股，融券余额399.34万元，低于近一年20%分位水平，处于低位。 资料显示，国盛证券股份有限公司位于江西省南昌市红谷滩区凤凰中大道1115号北京银行大楼15和12 层，成立日期1995年8月17日，上市日期2012年4月16日，公司主营业务涉及证券业务。主营业务收入构 成为：证券业务100.00%，其他0.57%。 截至12月31日，国盛证券股东户数10.44万，较上期减少9.97%；人均流通股15549股，较上期增加 1 ...

专题：与"大V"营销合作属实，监管火速通报德邦基金违规销售，暂停新发，高管遭追责 1月30日，证监会发布的《机构监管情况通报》证实了连日来市场的猜测：D基金（媒体确认是德邦基 金）因与不具备基金销售业务资格和从业资格的互联网"大V"开展违规营销合作，被采取责令改正并暂 停受理公募基金产品注册的监管措施。该公司总经理、督察长徐晓红、互联网业务部门负责人等相关责 任人员被同步追责。 这份来自证券基金机构监管司的2026年第一期通报，揭示了在短期规模增长的诱惑下，部分机构如何将 合规底线抛诸脑后，也为整个基金行业的内部控制和合规文化敲响了警钟。 01 事件曝光：百亿申购与紧急限购 此次事件的源头，是2026年1月12日在市场上流传的"德邦基金旗下德邦稳盈增长灵活配置混合基金单日 吸金120亿元"的传闻。 尽管德邦基金当时回应称"公司并未对外披露旗下基金的盘中规模数据"，但一系列动作侧面印证了异常 资金的涌入。 传闻发酵次日，即1月13日，德邦基金连续发布两份限购公告。 最初，该基金A类份额申购上限被设定为1000万元，C类份额为100万元。到了盘后，限购额度被进一步 大幅收紧：A类份额上限骤降至10万元，C类份额降 ...

特此公告。 国盛证券股份有限公司董事会 关于全资子公司国盛证券有限责任公司完成注销登记的公告 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。 根据中国证监会《关于核准国盛金融控股集团股份有限公司吸收合并国盛证 券有限责任公司的批复》（证监许可〔2025〕229 号），核准国盛金融控股集团 股份有限公司（以下简称"国盛金控"）吸收合并国盛证券有限责任公司（以下 简称"原国盛证券"），国盛金控名称变更为国盛证券股份有限公司（以下简称 "公司"），并依法承接原国盛证券各分支机构、业务。原国盛证券应当自批复 下发之日起 12 个月内完成工商注销登记工作。 2026 年 1 月 30 日，公司收到了江西省市场监督管理局出具的《注销证明》， 原国盛证券已完成注销登记手续。 原国盛证券为公司全资子公司，公司已完成吸收合并涉及的客户和业务承接 等相关事项，其注销不会对公司经营和合并报表当期损益产生实质性影响。敬请 投资者理性投资，注意投资风险。 证券代码：002670 证券简称：国盛证券 公告编号：2026-006 二〇二六年一月三十一日 国盛证券股份有限公司 1 ...

Industry Overview - The probiotic industry is expected to maintain a compound annual growth rate (CAGR) of 14.2% from 2023 to 2025, driven primarily by price increases, with an average price CAGR of 11.3% and a sales CAGR of 2.4% [1][2] - The market is witnessing significant growth in high-functionality and composite products, which are expected to drive demand [2] Market Dynamics - Sales of AKK probiotic products on platforms like Taobao, Tmall, JD, and Douyin are projected to increase from 13,700 units in January 2025 to 47,200 units by October 2025, indicating a potential surge in market opportunities as more entrants join the sector [3] Company Developments - Xianle Health's proprietary probiotic AKK ONE received GRAS certification in May 2025, enhancing its positioning in high-growth markets such as weight management and metabolic health. AKK ONE has a protein content 50% higher than conventional AKK strains and increases beneficial bacteria by approximately 1.5 times [4] - Junyao Health's subsidiary, Runying Bio, has developed two high-quality AKK strains, AKK BG-001 and AKK WST01, with a focus on cost optimization and efficiency improvements. The production process has seen a 50% reduction in fermentation time and a 70% increase in cell count [5] - Beijia Clean invested 210 million yuan in Shan'enkang, acquiring a 52% stake. Shan'enkang has established a large AKK strain library and has developed AKK PROBIO strains with high survival rates in gastrointestinal conditions [6] Investment Recommendations - Companies to watch include Xianle Health (300791.SZ), Junyao Health (605388.SH), and Beijia Clean (603059.SH) due to their innovative products and market positioning [7]

Group 1: Company Announcements - Meinian Health plans to participate in the restructuring of Zhejiang Bangjie Holdings, aiming to become the controlling shareholder post-restructuring [1] - Silver Industry's gold and silver product revenues are low, with gold sales contributing 18.67% and silver 4.54% to total revenue in H1 2025 [2] - Tianneng Wind Power has decided to implement long-term production halts for six wholly-owned subsidiaries to optimize resource allocation and focus on core offshore wind power business [3] Group 2: Price and Supply Risks - Tongling Nonferrous Metals reports significant uncertainty in the prices of cathode copper and other main products, with low self-sufficiency in copper concentrate posing supply stability risks [4] - ST Aowei received a notice of termination of listing due to market capitalization falling below 500 million yuan for 20 consecutive trading days [5][6] Group 3: Performance Forecasts - Foton Motor expects a net profit increase of approximately 1551% to around 1.33 billion yuan in 2025, driven by sales growth across various segments [7] - Beimo High-Tech anticipates a net profit of 190 million to 220 million yuan, reflecting a growth of 1076.16% to 1261.87% [8] - Zhongke Sanhuan forecasts a net profit increase of 566.23% to 899.35%, driven by cost control and market expansion [9] - Wancheng Group expects a net profit of 1.23 billion to 1.4 billion yuan, a growth of 222.38% to 266.94% [10] - Wan Yi Technology anticipates a net profit increase of 191.52% to 330.34%, supported by product optimization and cost reduction measures [11] - Nanmo Biology expects a net profit of 24 million to 34 million yuan, a growth of 269.49% to 423.44% [12] - Bai'ao Saitou forecasts a net profit increase of 384.26% to 443.88%, benefiting from overseas market expansion [13] - Hailanxin anticipates a net profit of 40 million to 60 million yuan, a growth of 387.47% to 631.2% [14] - Panzhihua Coal expects a net profit of 318 million to 380 million yuan, a growth of 205.3% to 264.83% [15] - Huaguang New Materials forecasts a net profit increase of 104.67% to 141.88% [16] - Putian Technology expects a net profit of 1.92 million to 2.88 million yuan, a growth of 71.55% to 157.33% [17] - Guoda Special Materials anticipates a net profit increase of 82.61% [18] - Tongkun Co. expects a net profit of 1.95 billion to 2.15 billion yuan, a growth of 62.24% to 78.88% [19] - Yiming Pharmaceutical forecasts a net profit increase of 61.12% to 122.08% [20] - Guosheng Securities expects a net profit of 210 million to 280 million yuan, a growth of 25.44% to 67.25% [21] - Shengyi Technology anticipates a net profit increase of 87% to 98% [22] Group 4: Loss Forecasts - Saifutian expects a loss of 30 million to 45 million yuan, significantly reducing previous losses [23] - Magang Group forecasts a loss of 190 million to 250 million yuan, a substantial reduction in losses [24] - Shennong Seed Industry anticipates a profit of 90 million to 120 million yuan, reversing previous losses [25] - Jifeng Co. expects a profit of 410 million to 495 million yuan, reversing previous losses [26] - Bingchuan Network forecasts a profit of 436 million to 516 million yuan, reversing previous losses [27] - Zhongyou Technology anticipates a profit of 540 million to 640 million yuan, reversing previous losses [28] - Dongfang Biology expects a loss of 523 million yuan [29] - Wantai Biological anticipates a loss of 330 million to 410 million yuan due to market pressures [30] - Anbotong expects a loss of 114 million to 165 million yuan [31] - Shunxin Agriculture forecasts a loss of 116 million to 188 million yuan due to declining sales [32] - Guozhong Water expects a loss of 130 million to 104 million yuan, with potential delisting risks [33] Group 5: Major Contracts - China Communication Signal expects to win 21 major projects worth approximately 5.26 billion yuan [34]

Group 1 - The company expects a positive net profit for the fiscal year 2025, with an upward trend compared to the previous year [1] - The performance forecast period is from January 1, 2025, to December 31, 2025 [1] - The financial data related to this performance forecast has not been audited by an accounting firm, but preliminary discussions have taken place without major disagreements [2] Group 2 - The increase in performance is attributed to the company's commitment to serving the real economy, enhancing professional service capabilities, and steady growth across various business segments, including securities brokerage, investment banking, and futures brokerage [3] - The company has improved risk management, resulting in a decrease in various impairment losses, and plans to recognize deferred tax assets, which will positively impact profits [3] - Despite a decrease in profits due to changes in accounting methods and market fluctuations affecting the company's stake in Qudian, the overall operational performance is expected to grow [3]

Core Viewpoint - Guosheng Securities (002670) has released its 2025 annual performance forecast, indicating significant growth in net profit driven by increased revenues from various business segments [1] Group 1: Stock Performance - As of January 29, 2026, Guosheng Securities closed at 16.25 yuan, up 0.93% from the previous trading day, with a total market capitalization of 31.445 billion yuan [1] - The stock opened at 16.06 yuan, reached a high of 16.32 yuan, and a low of 15.82 yuan, with a trading volume of 3.72 billion yuan and a turnover rate of 1.42% [1] Group 2: Financial Forecast - The company expects net profit attributable to shareholders to be between 21 million yuan and 28 million yuan, representing a year-on-year growth of 25.44% to 67.25% [1] - The net profit after deducting non-recurring gains and losses is projected to be between 20.64 million yuan and 27.64 million yuan, with a year-on-year increase of 33.66% to 78.99% [1] - Basic earnings per share are estimated to be between 0.1085 yuan and 0.1447 yuan [1] Group 3: Business Drivers - The growth in performance is attributed to increased revenues from securities brokerage, investment banking, and futures brokerage services [1] - Enhanced risk management has led to a reduction in impairment losses, and the recognition of deferred tax assets has contributed to profit growth [1] - Despite the impact of accounting changes and market fluctuations on the valuation of Qutian equity holdings, the overall performance still shows growth [1]

Major Announcements - China Gold announced that its stock trading shows signs of market sentiment overheating, which may lead to a risk of short-term declines after significant price increases. The company's P/E ratio is 55.63, significantly higher than the industry median of 28.60 [1] - Zhaojin Mining stated that the prices of its gold and gold concentrate products are highly influenced by fluctuations in gold prices, which could significantly impact its operating performance if gold prices experience large swings [2] - Silver (Core Stock) Nonferrous reported that the revenue from its gold and silver products constitutes a low proportion of total operating income, with gold product sales accounting for 18.67% and silver product sales for 4.54% of total revenue [3] Company-Specific Risks - Hunan Silver (Core Stock) indicated that it has a relatively low amount of proven metal resources compared to industry peers, which poses a resource reserve risk. The company also faces risks from silver price fluctuations and has a low gross margin of 6.54% compared to mining companies [4] - TianShun Wind Energy decided to implement a long-term shutdown of six wholly-owned subsidiaries due to increasing market competition, aiming to optimize resource allocation and focus on core businesses like offshore wind power [5] - Qidi Environment expects a negative net asset value by the end of 2025, which may lead to a risk warning for its stock trading if the audited net assets are confirmed to be negative [6] Performance Forecasts - BlueFocus anticipates a net profit of 1.8 billion to 2.2 billion yuan for 2025, benefiting from growth in overseas business and improved credit management [12] - Shengyi Technology expects a net profit of 3.25 billion to 3.45 billion yuan for 2025, representing a year-on-year increase of 87% to 98% due to rising sales of copper-clad laminates [13] - Sichuan Gold forecasts a net profit of 420 million to 480 million yuan for 2025, up 69.23% to 93.4% year-on-year, driven by increased sales volume and rising gold prices [14] - Dongfang Communication predicts a net profit of approximately 360 million yuan for 2025, a year-on-year increase of about 138.5%, primarily due to significant investment gains from the disposal of financial assets [15] Other Notable Announcements - Yunnan Copper confirmed that its production and operations are normal, with no undisclosed significant matters, despite its stock experiencing a 20% price fluctuation [9] - Liou Co. reported that its operations are normal, with no undisclosed significant matters, and its stock has also seen a significant price fluctuation [10] - Guosheng Securities expects a net profit of 210 million to 280 million yuan for 2025, reflecting a year-on-year increase of 25.44% to 67.25% due to robust business development [29]

国盛证券表示，2025年，公司坚守服务实体经济初心，持续强化专业服务能力和投研能力，各项业 务稳健发展。本报告期，资本市场交投活跃，公司把握市场发展机遇夯实客户基础，证券经纪、投行、 期货经纪等业务收入均同比增加；公司强化风险管控，各类减值损失同比减少；根据准则规定拟确认相 关递延所得税资产相应增加公司利润。基于上述情况，虽公司所持趣店股权本期受会计核算方式变更及 市值波动影响而减少利润，但公司报告期内整体经营业绩实现增长。 中证报中证网讯（记者 马爽）1月29日晚间，国盛证券发布业绩预告称，预计2025年实现归属于上 市公司股东的净利润2.1亿元–2.8亿元，同比增长25.44%-67.25%。 ...