Core Insights - Dingjie Smart has been recognized as one of the TOP 20 data intelligence service providers in China for 2025, reaffirming its leading position in the industry digitalization [1] Group 1: Company Recognition - The company has successfully entered the TOP 20 list of data intelligence service providers in China for 2025, highlighting its strong industry presence [1] - Dingjie Smart's expertise and data accumulation in the industry enable it to empower enterprises through AI, enhancing data value [1] Group 2: Business Coverage and Development - The company's business encompasses various sectors, including R&D design, digital management, production control, and AIoT industrial software [1] - Dingjie Smart is upgrading its Athena Smart Native Base to expand AI applications driven by digital intelligence [1] Group 3: Industry Positioning and Future Outlook - The company is actively advocating for and participating in the construction of an open and collaborative industrial ecosystem [1] - Revenue projections for Dingjie Smart are estimated at 2.438 billion, 2.608 billion, and 2.841 billion yuan for 2025, 2026, and 2027 respectively, with net profits expected to be 180 million, 204 million, and 263 million yuan for the same years [1] - Based on comparable company valuations, a "Buy" rating is maintained for Dingjie Smart [1]

Core Insights - The food and beverage industry is expected to see multi-dimensional improvements in 2026, following a year of stabilization in 2025, characterized by price pressures and structural differentiation [1][2]. Group 1: Industry Overview - The food and beverage sector (CITIC) experienced a cumulative decline of 4% in 2025, underperforming the CSI 300 by 20% [1][16]. - The liquor sector faced significant pressure, with an annual decline of 7%, while segments like health products, frozen foods, and beverages saw increases of 18%, 15%, and 12% respectively [1][16]. - The overall retail sales in China showed moderate growth, with a year-on-year increase of 4.0% from January to November 2025, and service consumption growth outpacing goods consumption [1][27]. Group 2: Liquor Industry Insights - The liquor industry is currently at a triple bottom, with supply clearing continuing into 2025, and leading companies focusing on stabilizing prices and sales [2][6]. - Demand has begun to recover, with improved sales expected during the Spring Festival, and strong demand for mid-range priced liquor brands [2][61]. - The product strategy includes a shift towards lower alcohol content and targeting younger consumers, with a focus on collaborative channel development [2][6]. Group 3: Beer and Beverage Sector - The beer sector is anticipated to benefit from a recovery in dining, with cost advantages expected to maintain stable gross margins in 2026 [2][6]. - The soft drink market is steadily expanding, with segments like functional beverages and bottled water showing strong performance, driven by leading brands leveraging their market position [2][6]. Group 4: Food Sector Developments - The food sector is focusing on recovery and growth, with a rebound in demand for restaurant supply chains and leading companies expected to show profit elasticity [3][6]. - The snack segment is being driven by retail transformation, with health-oriented products and new opportunities emerging [3][6]. - The dairy sector is nearing a turning point, with expectations for supply-demand improvements in the second half of 2026 [3][6]. Group 5: Consumer Trends - High-end consumption is showing signs of recovery, with luxury retail sales improving and experiential consumption rebounding [1][35]. - The trend towards health-conscious consumption is becoming more pronounced, with a shift towards lower sugar and simpler ingredient formulations across various food categories [3][45].

Core Viewpoint - Guosheng Securities initiates coverage on First Pacific (00142) with a "Buy" rating, highlighting the company's resilient growth through diversified business collaboration [1] Group 1: Market Leadership and Business Focus - First Pacific is a leading investment management company in the Asia-Pacific region, focusing on the livelihood sector with strong competitive advantages in consumer food, telecommunications, infrastructure, and natural resources [1] - The company has evolved through four stages: diversified exploration, livelihood focus, industry integration, and strategic deepening, maintaining a strong presence in the Asia-Pacific livelihood market [1] - The management team, led by Lin Fengsheng and Peng Zeren, has extensive cross-industry experience and operates efficiently [1] Group 2: Financial Performance - In 2024, First Pacific is projected to achieve revenue of $10.057 billion, a year-on-year decrease of 4.31%, while net profit attributable to shareholders is expected to be $600 million, reflecting a year-on-year increase of 19.77%, indicating strong profitability and stable performance [1] Group 3: Business Segments - **Consumer Food**: First Pacific's consumer food segment, primarily through Indofood (50.1% economic interest), is a leader in the instant noodle market, with 2024 revenue of $7.29 billion, a slight decrease of 0.65%, contributing $333 million to First Pacific's profits, up 16.91% [2] - **Infrastructure**: The infrastructure segment, led by MPIC (49.9% economic interest), reported a revenue of $1.3 billion in 2024, a year-on-year increase of 19%, contributing $199 million to First Pacific's profits, up 24.78% [2] - **Telecommunications**: The telecommunications segment, primarily through PLDT (25.6% economic interest), contributed $149 million to First Pacific's profits in 2024, a year-on-year increase of 3.70%, with a focus on digital services and 5G coverage for future growth [3] - **Natural Resources**: The natural resources segment, managed by Philex Mining (31.2% economic interest), contributed $5 million to First Pacific's profits in 2024, a significant decrease of 36.84%, with expectations for future capacity improvements [3]

智通财经APP获悉，国盛证券发布研报称，首次覆盖，给予第一太平(00142)"买入"评级，多元业务协同 发展，增长韧性凸显。公司核心业务聚焦民生赛道，作为亚太投资管理公司龙头，在印尼、菲律宾两大 市场与消费性食品、电讯、基建、自然资源四大板块形成强大竞争优势，并通过跨领域布局形成风险对 冲机制。 国盛证券主要观点如下： 领航亚太市场，聚焦民生产业 4)自然资源：聚焦金铜开发，新兴项目稳进。矿产部分由Philex Mining(持有经济权益31.2%)负责金铜等 矿业，24年对第一太平集团溢利贡献为0.05亿美元，同比-36.84%，预计未来产能将大幅提升。 风险提示 盈利能力下滑，行业竞争加剧，新兴市场运营与政策风险，汇率波动，贸易保护与摩擦。 多业布局稳健，全域标杆引领 1)消费性食品：行业地位领先，竞争优势突出。消费性食品业务以第一太平控股的Indofood(持有50.1% 经济权益)为核心载体，主要分为品牌消费品、面粉、农业、分销四大部门。Indofood作为全球即食面龙 头企业，依托东南亚高品牌认知度与广泛终端网络实现稳健增长，24年营收72.90亿美元，同比-0.65%; 对第一太平集团的溢利贡献为 ...

Core Insights - The company launched an online annual wealth statement activity titled "Ganflo Unceasing, Wealth Inheritance" to connect users emotionally and promote traditional Chinese culture through financial services [1][2] - The integration of regional cultural elements into online services reflects the company's strategic development philosophy of "Deepening Jiangxi, Serving the Nation" [2][4] - The annual statement activities have consistently highlighted Jiangxi's cultural heritage, incorporating elements like Jingdezhen ceramics and Gannan tea-picking opera to enhance user experience [2][3] Cultural Integration - The 2023 annual statement focused on Jiangxi's intangible cultural heritage, while the 2025 statement will emphasize the theme of cultural inheritance and urban image promotion [2][3] - The "Investment Chronicle" section of the annual statement represents the company's commitment to long-term service, while "Wealth Water" symbolizes the concept of sustainable wealth growth [3] - The use of local cultural symbols in visual design aims to deepen the connection between financial services and regional identity, promoting a long-term and rational investment perspective among users [3][6] Digital Transformation - Digital transformation is identified as a core engine for high-quality development in the securities industry, with the company focusing on technology empowerment and enhancing online operational capabilities [4][6] - The company has developed a series of online activities, such as the 818 Financial Festival and annual statements, to serve as dual carriers for cultural dissemination and business development [4][5] - The 2024 818 Financial Festival will incorporate AI technology, marking a shift towards a "Culture + Technology" dual-driven model [5] User Engagement - The company aims to create a user experience that reflects its commitment to cultural empowerment in financial services, enhancing user engagement and loyalty [6] - The ongoing development of a structured online activity system throughout the year aims to integrate traditional culture into regular operations, thereby improving the platform's user activity and retention [6] - Future plans include further integration of financial technology and business operations to create more culturally rich and user-valued online activities [6]

【导读】国盛证券研究所公开招聘 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 上海 | | | | | 深圳 | | | | | 南昌 | | 投资银行部 | 项目经理(中级) | 2 | 北京 上海 | | | | | 深圳 | | | | | 南昌 | | 研究所研究部 | 医药行业联席首席分析 गेक | 2 | 北京 上海 | | | | | 深圳 | | 研究所运营支持部 | 传媒行业首席分析师 | 1 | 北京 下湿 | | | | | 深圳 | | 研究所研究部 | 银行行业分析师/研究 | 1 | 北京 上海 | | | 员/研究助理 | | | | | | | 深圳 | | 研究所研究部 | 中小盘分析师/研究员/ | 1 | 北京 上海 | | | 研 ...

【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 ...

股票频道更多独家策划、专家专栏，免费查阅>> | 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 002945 | 华林证券 | 长 | 9.51 | 559亿 | 35.16 | | 600095 | 湘财股份 | | 5.10 | 348亿 | 9.95 | | 601696 | 中银证券 | 1 | 4.10 | 423亿 | 1.53 | | 601162 | 天风证券 | | 2.97 | 454亿 | 8.41 | | 002670 | 国盛证券 | 1 | 2.68 | 341亿 | 4.63 | | 601108 | 财通证券 | | 2.23 | 426亿 | 5.28 | | 600909 | 华安证券 | 1 | 2.05 | 349亿 | 9.88 | | 000712 | 锦龙股份 | | 2.00 | 115亿 | 6.32 | | 000686 | 东北证券 | 换 | 1.97 | 230亿 | 5.47 | | 002797 | 第一创业 | 1 | 1.82 | 306亿 ...

| 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 002945 | 华林证券 | 长 | 9.51 | 559亿 | 35.16 | | 600095 | 湘财股份 | | 5.10 | 348亿 | 9.95 | | 601696 | 中银证券 | 1 | 4.10 | 423亿 | 1.53 | | 601162 | 天风证券 | | 2.97 | 454 乙 | 8.41 | | 002670 | 国盛证券 | 1 | 2.68 | 341亿 | 4.63 | | 601108 | 财通证券 | | 2.23 | 426亿 | 5.28 | | 600909 | 华安证券 | 1 | 2.05 | 349亿 | 9.88 | | 000712 | 锦龙股份 | | 2.00 | 115亿 | 6.32 | | 000686 | 东北证券 | 报 | 1.97 | 230亿 | 5.47 | | 002797 | 第一创业 | 1 | 1.82 | 306亿 | 5.82 | | 601099 | 太 ...

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]