Group 1 - The core announcement is that Guosheng Financial Holdings Co., Ltd. will absorb and merge with Guosheng Securities Co., Ltd., resulting in a name change to Guosheng Securities Co., Ltd. [1] - The merger is approved by the China Securities Regulatory Commission, and the transition will take place after the end of business on January 21, 2026, with all business elements and data being transferred to the new entity [1] - All existing business operations of the original Guosheng Securities, including brokerage, proprietary trading, margin financing, public fund sales, and financial product distribution, will continue under the new Guosheng Securities [1] Group 2 - Customers of the original Guosheng Securities will experience no changes in their business systems, login accounts, or passwords, ensuring that trading and fund transfers remain unaffected [2] - Starting January 22, 2026, the new Guosheng Securities will take over as the main entity for investment banking services, continuing to provide services as per existing agreements and regulatory requirements [2] - All investment banking agreements and contracts signed under the original name will remain valid, and ongoing investment banking projects will be executed by the new Guosheng Securities [2]

Core Viewpoint - Guosheng Securities has initiated coverage of First Pacific (0142.HK) with a "Buy" rating, highlighting the company's strong growth resilience and synergy through diversified operations in the Asia-Pacific investment management sector [1][2] Group 1: Business Overview - First Pacific operates in four main sectors: consumer food, telecommunications, infrastructure, and natural resources, maintaining a solid competitive position in Southeast Asian markets such as Indonesia and the Philippines [1] - The consumer food segment is the core business, with Indofood Group leading in instant noodles and flour markets in Indonesia [1] - The infrastructure business, led by MPIC, covers various sectors including power, toll roads, water, and healthcare, showing good growth trends in recent years [1] - The telecommunications segment is supported by PLDT, a leading operator in the Philippines, with steady development in mobile communication, broadband services, data centers, and digital finance [1] - The natural resources segment currently contributes less but has growth potential with the upcoming production from the new Silangan mine [1] Group 2: Financial Performance - For 2024, First Pacific is projected to achieve a revenue of $10.057 billion and a net profit attributable to shareholders of $600 million, representing a year-on-year growth of 19.77% [1] - Guosheng Securities forecasts that net profit attributable to shareholders will reach $649 million, $708 million, and $767 million from 2025 to 2027, with an average annual growth rate of over 8% [1] - The company's profitability is expected to further improve due to the synergistic development of various business segments and enhanced operational efficiency [1]

格隆汇1月20日丨国盛证券(002670.SZ)公布，现就公司实施吸收合并事项涉及的客户和业务（投资银行 业务的具体承接安排，详见公司于同日披露的《关于实施投资银行业务承接的公告》）承接相关事项公 告如下：一、公司定于2026年1月21日的日终清算后，实施客户和业务承接，原国盛证券所开展的各项 业务的业务要素及数据由新国盛证券承接。实施客户和业务承接过程中，公司相关业务与服务均可正常 开展、不受影响。二、原国盛证券各项业务，包括但不限于经纪业务、自营业务、融资融券业务、公募 证券投资基金销售、代销金融产品等，均由新国盛证券继续执行。原"国盛证券有限责任公司"名称签署 的协议、合同或其他有约束力的文件均继续有效。三、原国盛证券客户使用的业务系统、登录账户和密 码均保持不变，客户交易、银证转账不受影响。营业网点联系地址、电话均保持不变。如有需要咨询的 事项，可及时与客户经理联系或致电新国盛证券统一客户服务热线咨询（咨询电话：956080），也可联 系相关分支机构问询、解决。在相关业务承接等事项完成后，原国盛证券将履行注销等程序。 ...

证券代码：002670 证券简称：国盛证券 公告编号：2026-004 现就公司投资银行业务承接相关事项公告如下： 国盛证券股份有限公司 关于实施投资银行业务承接的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，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 "新国盛证券"或"公司"），并依法承接原国盛证券业务。 2025 年 10 月 24 日，国盛金控完成变更公司名称的变更登记手续，并取得 南昌市市场监督管理局核准换发的《营业执照》，公司名称由"国盛金融控股集 团股份有限公司"变更为"国盛证券股份有限公司"。2025 年 11 月 25 日，公 司领取了中国证监会颁发的《经营证券期货业务许可证》。 一、公司定于 2026 年 1 月 22 日起，将新国盛证券确定为投资银行业务的业 务开展主体，由新国盛证券按照协 ...

证券代码：002670 证券简称：国盛证券 公告编号：2026-003 国盛证券股份有限公司 关于实施客户和业务承接的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，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"新 国盛证券"或"公司"），并依法承接原国盛证券各分支机构、业务。 2025 年 10 月 24 日，国盛金控完成变更公司名称的变更登记手续，并取得 南昌市市场监督管理局核准换发的《营业执照》，公司名称由"国盛金融控股集 团股份有限公司"变更为"国盛证券股份有限公司"。2025 年 11 月 25 日，公司 领取了中国证监会颁发的《经营证券期货业务许可证》。原国盛证券分支机构已 按照核准批复文件换领新《营业执照》和《经营证券期货业务许可证》。 一、公司定于 2026 年 1 月 21 日的日终清算后，实施 ...

国盛金控公告称，已获证监会核准吸收合并原国盛证券，名称变更为"国盛证券股份有限公司"，并完成 变更登记手续，领取相关证照。公司定于2026年某月某日的日终清算后，实施客户和业务承接，原国盛 证券业务要素及数据由新公司承接，业务与服务不受影响。原国盛证券各项业务由新公司继续执行，相 关协议继续有效，客户业务系统、账户等均不变。承接事项完成后，原国盛证券将履行注销程序。 ...

（文章来源：每日经济新闻） 每经AI快讯，1月20日，国盛证券(002670.SZ)公告称，公司自2026年1月22日起，将新国盛证券确定为 投资银行业务的业务开展主体，由新国盛证券按照协议约定和相关监管要求为原国盛证券客户提供相应 投资银行服务，完整承接相应业务。原国盛证券以"国盛证券有限责任公司"名称签署的投资银行类业务 协议、合同或其他有约束力的文件均继续有效，过往承接的投资银行业务均由新国盛证券继续执行。在 相关业务承接等事项完成后，原国盛证券将履行注销等程序。 ...

Core Viewpoint - The demand for geothermal energy in the U.S. is expected to rise significantly due to the increasing power needs of data centers, driven by major tech companies like Meta and Google, which are investing in geothermal power agreements [1][2]. Group 1: Geothermal Energy Potential - Global geothermal installed capacity is approximately 16.5 GW, with the U.S. accounting for 3.9 GW, representing about 24% of the global total [1]. - The potential geothermal capacity worldwide is estimated at around 162 GW, nearly ten times the current installed capacity, with the U.S. and Asia (primarily Indonesia) having potential capacities of approximately 35.0 GW and 74.3 GW, respectively [1]. Group 2: Major Contracts and Developments - Meta has signed a 150 MW geothermal power purchase agreement with SageGeosystems for 2024, with the first phase expected to be operational by 2027, and another 150 MW agreement with XGSEnergy for its New Mexico data center, expected to be completed by 2030 [2]. - Google has entered into a 115 MW geothermal energy agreement with Fervo Energy and NVEnergy for its Nevada data center, utilizing next-generation enhanced geothermal systems (EGS) technology [2]. Group 3: Pricing Trends - The purchase price for geothermal energy for AI data centers has risen to $100/MWh, reflecting a more than 45% increase compared to 2024 [2]. - Ormat's financial reports indicate ongoing discussions for geothermal projects with major cloud service providers and data centers, with project sizes around 250 MW and purchase prices exceeding $100/MWh [2]. Group 4: Key Investment Targets - Kaishan Holdings (300257.SZ) has four geothermal projects under construction in the U.S., totaling approximately 62-79 MW. If priced at $100/MWh, these projects are expected to generate revenues of $0.5-0.7 million [2].

国盛证券研报指出，胜宏科技预计2025年实现归母净利润41.6-45.6亿元，同比增长260.35%-295.00%， 单季度来看，25Q4预计实现归母净利润中值为11.15亿元，同比增长186%，环比增加1%，认为公司 25Q4归母净利润中值环比增长不明显可能受新工厂正处爬坡阶段，多个新厂建设带来人员等费用增 加，此外，公司参与了目前市场上大部分主流玩家的新方案，研发费用预计相应增长。展望未来，认为 伴随公司产能释放及新方案落地放量，公司业绩增长有望迎强支撑。公司作为AIPCB龙头，深度把握AI 发展机遇，看好公司新建产能释放后带来的业绩高增，看好客户加速拓展下，新客户给公司业绩带来的 较大增量，预计公司2026/2027年营收达358/575亿元，2026/2027年归母净利润预期达105/180亿元，维 持"买入"评级。 ...

Core Viewpoint - The report from Guosheng Securities emphasizes that increasing the allocation of equity assets in bank wealth management is a crucial step towards achieving high-quality development in the capital market and fostering long-term patient capital [1]. Policy Collaboration Empowerment - A series of policies from multiple departments have been introduced to eliminate barriers and expand opportunities for bank wealth management equity investments, providing systematic institutional support across various dimensions such as market access, assessment mechanisms, and investment channels [1][2]. Transition Challenges - The bank wealth management sector faces structural challenges during the transition to equity asset allocation, primarily due to the requirements of the new asset management regulations and the mismatch between customer expectations and the nature of equity investments [3]. - The shift to net asset value management and the requirement for equity assets to be valued at market prices create a conflict with traditional customer perceptions of stable, low-volatility returns [3]. - Liquidity management and the inherent characteristics of assets further constrain the space for equity allocation, as short-term investment horizons do not align with the long-term nature of equity holdings [3]. Industry Value Enhancement - Enhancing the equity allocation capability of bank wealth management is not only a response to policy directives but also a key strategy for upgrading wealth management services, moving away from reliance on fixed-income products [4]. - The "fixed income + equity" product model is seen as a transitional focus that can enhance product returns while maintaining net value stability, aligning with the trend of wealth diversification among consumers [4]. - As the equity allocation ratio increases and research capabilities improve, banks are expected to transition from traditional fixed-income asset managers to comprehensive wealth service providers, creating new valuation opportunities for the banking sector [4][5]. Data Tracking - Weekly stock average trading volume reached 34,652.85 billion yuan, an increase of 6,131.62 billion yuan from the previous week [6]. - The balance of margin financing and securities lending increased by 3.73% to 2.71 trillion yuan [6]. - The issuance of non-monetary fund shares totaled 19.294 billion yuan this week, up by 111.03 billion yuan from the previous week [6]. Interest Rate Market Tracking - The issuance scale of interbank certificates of deposit was 552.88 billion yuan this week, an increase of 377.82 billion yuan from the previous week [7]. - The average yield on 10-year government bonds was 1.85%, a decrease of 3 basis points from the previous week [7]. - The issuance of special refinancing bonds this week totaled 38.876 billion yuan, with an average interest rate of 2.45% [7].