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]

1 证券代码：002670 证券简称：国盛证券 公告编号：2026-002 国盛证券股份有限公司 关于持股 5%以上股东减持股份比例触及 1%整数倍的公告 股东江西省建材集团有限公司保证向本公司提供的信息内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 国盛证券股份有限公司（以下简称"公司"）于 2025 年 11 月 15 日披露了 《关于持股 5%以上股东减持股份的预披露公告》（公告编号：2025-060），持 有本公司股份 116,080,704 股（占公司总股本比例 6.00%）的股东江西省建材集 团有限公司（以下简称"江西建材"）计划自该公告披露之日起 15 个交易日后 的 3 个月内（即 2025 年 12 月 8 日至 2026 年 3 月 7 日）以集中竞价方式减持公 司股份合计不超过 19,350,846 股（占公司总股本比例 1.00%）。 公司于 2026 年 1 月 8 日收到江西建材出具的《关于减持股份比例触及 1% 整数倍的告知函》，截至 2026 年 1 月 8 日，江西建材累计减持股份 2,800, ...

国盛证券公告称，股东江西建材于2025年11月15日披露减持计划，拟在2025年12月8日至2026年3月7 日，以集中竞价方式减持不超1935.08万股，占总股本1%。截至2026年1月8日，江西建材累计减持280 万股，占总股本0.14%。本次减持前，江西建材及其一致行动人合计持股2.34亿股，占总股本12.11%； 减持后，合计持股2.32亿股，占总股本11.96%，减持比例触及1%整数倍，减持计划尚未实施完毕。 ...

Group 1: Home Appliance and Light Industry Investment Opportunities - The home appliance and light industry should focus on four investment themes by 2026: 1) The white goods sector, supported by trade-in policies, is expected to have good allocation value due to its dividend yield; 2) The power bank industry is anticipated to improve due to new regulations, while the domestic hardware market share is set to rise [1] - The white goods sector has strong defensive attributes and offers good value in terms of dividend yield. Midea Group's B-end business, particularly in data center liquid cooling, shows significant growth potential, with its current P/E ratio being relatively low [1] - Haier Smart Home is enhancing its competitive edge through a new operational system focused on "data-driven intelligent decision-making and closed-loop optimization" [1] - The power bank industry is expected to see improved market conditions with the upcoming release of the "Mobile Power Safety Technical Specification" in Q1 2026, which will raise industry standards and potentially eliminate many white-label brands [1] Group 2: Consumer Trends and New Market Opportunities - The "lipstick effect" and social currency attributes are driving demand for emotional consumption, with the IP-based spiritual consumption sector in China experiencing rapid growth and increasing supply of domestic IPs [2] - Companies like Pop Mart, which have strong IP operation capabilities, and Blukoo, which has significant room for channel expansion, are recommended [2] - The folding bicycle market is gaining traction due to its convenience and efficiency in urban settings, with Dahan Technology leading the industry in mainland China [2] - The consumer-grade 3D printer market is evolving from a niche tool for professionals to a widely accessible device, with Chuangxiang Sanwei expected to list on the Hong Kong Stock Exchange [2] Group 3: Export Chain Recovery and New Product Opportunities - The Chinese home appliance and light manufacturing industry remains globally competitive, with a focus on companies that have strong product and channel development capabilities and overseas factories to mitigate tariff risks [3] - New product opportunities include pool cleaning robots, which have significant room for market penetration, and companies like Wangyuan Technology are expected to list on the Hong Kong Stock Exchange [3] - There is a focus on multinational hygiene product companies like Leshushi that are targeting rapidly developing emerging markets in Africa, Latin America, and Central Asia [3]

国盛证券所属申万行业为：非银金融-证券Ⅱ-证券Ⅲ。所属概念板块包括：区块链、互联金融、金融科 技、中盘、融资融券等。 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 11.08%。2025年1月-9月，国盛证券实现营业收入123.25万元，同比减少25.09%；归母净利润2.42亿元， 同比增长191.21%。 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。 1月8日，国盛证券盘中下跌2.01%，截至14:12，报17.06元/股，成交3.91亿元，换手率1.40%，总市值 330.13亿元。 资金流向方面，主力资金净流出4139.88万元，特大单买入1283.08万元，占比3.28%，卖出3300.97万 元，占比8.43%；大单买入5728.38万元，占比14.64%，卖出7850.37万元，占比20.06%。 国盛证券今年以来股价涨1.31%，近5个交易日涨0.00%，近20日跌2.29%，近60日跌18.30%。 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 ...