具体来看，华泰证券的"涨乐财富通"和国泰海通的"国泰海通君弘"保持行业领跑地位，1月份月活分别为1281.5万、1100.99 万，环比分别增长5.73%、5.85%。 本报记者 于宏 随着市场趋势向好，证券类App的用户活跃程度水涨船高。易观千帆数据显示，1月份，证券类App月活跃用户数（以下简 称"月活"）达1.84亿，同比增长13.86%，环比增长5.11%。 多家券商增速亮眼 同时，多家综合实力较强的大型券商旗下App也展现出强劲活力。1月份，平安证券App"平安证券"月活为937.28万，环比 增长5.56%；招商证券App"招商证券"、中信证券App"中信证券信e投"、国泰海通App"国泰海通通财"、中信建投证券App"蜻蜓 点金"月活均超700万，环比增幅均在4%以上。同期，广发证券App"广发易淘金"月活规模环比增长5.53%，达736.42万，跻身月 活700万以上阵营。 从环比增速来看，1月份，月活环比增速居首的券商App是国信证券的"国信金太阳"，月活规模达442.1万，环比增长 7.94%；紧随其后的是国投证券App"国投证券"，月活规模达368.64万，环比增长7.08%。 "展望未 ...

富国基金公告称，根据与国信证券签署的基金销售协议，新增国信证券担任富国中证工业有色金属主题 交易型开放式指数证券投资基金（场内简称：有色ETF富国；交易代码：159168）的申购赎回代办券 商。投资人可通过该券商办理开户及基金的申购、赎回等业务。投资者可拨打国信证券客服电话95536 或富国基金客服电话95105686、4008880688咨询，也可登录对应公司网站查询。 ...

[Table_Page] 行业专题研究|证券Ⅱ 2026 年 2 月 25 日 证券研究报告 [Table_Title] 证券Ⅱ行业 如何理解建设金融强国下的券商的发展方向与投资机遇 | [Tabl 分析师： | 陈福 | 分析师： | 严漪澜 | | --- | --- | --- | --- | | e_Author] | SAC 执证号：S0260517050001 | | SAC 执证号：S0260524070005 | | | SFC CE.no: BOB667 | | | | | 0755-82535901 | | 0755-82544248 | | | chenfu@gf.com.cn | | yanyilan@gf.com.cn | | | 请注意，严漪澜并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管活动。 | | | [Table_Summary] 核心观点： 重点公司估值和财务分析表 | 相关研究 [Table_Report ： ] | | | --- | --- | | 证券Ⅱ行业:首部衍生品规章出台，打开券商杠杆提升空间 | 2026-01-18 | | 证券Ⅱ行业 ...

食品：情感叙事重构人货场，国牌升级与新渠道协同发力，强者愈强 在情感化、拟人化驱动的新消费叙事下，信任建立与专业背书是品牌赢得消费者心智、保持品牌势能的 关键落脚点。同时电商渠道已经进入存量竞争、价值营销时代，品牌商全域运营能力将成为决胜关键。 因此我们认为无限货架虽给国内市场终局带来未知数，但市场终将属于具备供应链自控能力、持续投入 研发并善于传递品牌价值的长期主义者。国内宠食行业或在后半场加速走向"良币驱逐劣币"阶段，优质 品牌商有望穿越周期成为胜者。 医疗：猫狗老龄化激发消费潜力，连锁化有望铸就龙头 1）医院端：国内宠物医疗市场尚年轻，覆盖率、单店流水明显低于海外成熟市场水平。未来在科学养 宠理念和宠物老龄化驱动下，行业存在较大扩容增利空间。同时医院端目前连锁化率低，格局分散，未 来头部连锁宠物医院集团基于供应链、人才和技术等优势，有望持续整合市场份额。（2）药品端：未 来宠物医疗发展有望同步带动上游药品市场扩容。同时国内猫三联、驱虫药等核心大单品国产覆盖率极 低，未来替代空间大。本土头部动保公司产品矩阵目前正快速完善，未来有望持续挑战进口份额。 用品：关注细分赛道机遇和品牌化转型 智通财经APP获悉， ...

1）量端，国内游方面，根据交通运输部统计，2026除夕-正月初六全社会跨区域人员流动量同比增长 9.6%，其中铁路、民航客流各增长11.3%、7.7%。其中史上最长春节带动返乡+旅游，与中长途旅行相 关的民航、铁路显著改善；而邮轮等水上旅游产品回暖及海南封关带动琼州海峡客运量等推动水路客运 量同比增长29.8%；出入境游方面，据国家移民管理局，2026年春节假期日均出入境197.7万人次，较去 年春节假期日均增长10.1%。2）价端，根据DAST统计，春运前21天累计机票票价同比增长3.6%，预计 假期票价增速高于节前（2.22票价同比增长6.3%）。 子行业：酒店提价逻辑验证，海南免税双位数增长，祈福景区表现突出，本地零售餐饮环比提速 国信证券发布研报称，2026年提振内需成为经济发展重中之重，其中我国居民服务消费对比海外具备较 大提升潜力，有望成为国家在商品消费补贴进一步优化基础上的新抓手，金钱、时间、供给侧约束都为 政策提供良好着力点。板块资金配置处于历史低位且整体估值已反映诸多悲观预期，该行建议重视2026 年服务消费元年，伴随政策逐步向居民收入预期等传导，全年维度布局通胀预期修复与细分景气两条主 线 ...

Investment Rating - The report maintains a "Market Perform" rating for the brokerage sector, indicating a synchronized performance with the market [1]. Core Insights - The brokerage index attempted to strengthen in January 2026 but ultimately failed, resulting in a decline of 1.49%, underperforming the CSI 300 index, which rose by 1.65% [5][8]. - The brokerage sector experienced increased differentiation, with a notable number of stocks outperforming the brokerage index, leading to a higher average P/B ratio fluctuating between 1.426 and 1.541 times [5][11][14]. - The overall market conditions for January 2026 were characterized by a significant increase in trading volumes and a record high in margin financing balances, indicating a robust trading environment despite the sector's overall weakness [7][30]. Summary by Sections 1. January 2026 Brokerage Market Review - The brokerage index's performance was weak, with a 1.49% decline, ranking 28th among 30 industry indices [5][8]. - The average P/B ratio for the brokerage sector fluctuated between 1.426 and 1.541 times, reflecting a slight increase in valuation [14]. - A total trading volume of 1.03 trillion yuan was recorded, marking a 40.1% increase month-on-month [9]. 2. Key Market Factors Impacting January 2026 Performance - The equity market faced resistance after an initial rise, while the fixed income market showed signs of mild recovery, contributing to a rebound in proprietary trading [7][18]. - The average daily trading volume reached a historical high of 3.05 trillion yuan, with a total monthly trading volume of 60.90 trillion yuan, indicating a strong recovery in brokerage activity [26]. - Margin financing balances reached 27,153 billion yuan, reflecting a 6.9% month-on-month increase and a 53.1% year-on-year increase [30]. 3. February 2026 Performance Outlook for Listed Brokerages - Proprietary trading is expected to decline due to a cooling equity market, while brokerage activity may experience a seasonal drop in performance [7][40]. - The brokerage index is anticipated to face continued weakness, with a potential drop in overall monthly performance expected to return to relative lows seen in the previous 12 months [7][45]. - The report suggests that if the brokerage sector's valuation drops to 1.3x P/B, it may present a good opportunity for re-entry, particularly for leading firms with strong wealth management capabilities [7].

Group 1 - The core viewpoint of the report is that the company, Yujian Xiaomian, is expected to experience significant profit growth, with adjusted net profits projected at 1.35 billion, 2.35 billion, and 3.51 billion yuan for the years 2025-2027, representing increases of 111%, 74%, and 49% respectively [1] - The company is recognized as the first publicly listed Chinese noodle restaurant, having established a standardized operational model since its founding in 2014, with a diverse product matrix centered around classic Chongqing noodles [1] - The company is projected to achieve a revenue of 11.54 billion yuan in 2024, reflecting a growth of 44.2%, with a significant portion of revenue coming from direct-operated stores and franchise services [1] Group 2 - The Chinese noodle restaurant market is expected to exceed 300 billion yuan, with a projected market size of 326 billion yuan by 2025 and a compound annual growth rate (CAGR) of approximately 11.0% from 2025 to 2029 [2] - The Sichuan-Chongqing flavored noodle segment is anticipated to capture 25.0% of the market share in 2024, with a higher CAGR of 13.2% from 2025 to 2029, indicating strong growth potential in this sector [2] - The competitive landscape shows that the top five Chinese noodle brands will hold a market share of about 2.9% in 2024, with Yujian Xiaomian currently positioned as the fourth player in the industry [2] Group 3 - The company is focusing on improving unit economics (UE) and expanding its store network, with expectations of enhanced profitability per store and a steady increase in same-store gross merchandise volume (GMV) growth rates from 0.8% to 1.2% over the years 2025-2027 [3] - The store expansion strategy, combining existing models with franchise support, aims to increase the total number of stores to between 1,428 and 1,618 over the next five years, with a projected net increase of 140, 190, and 216 stores in 2025, 2026, and 2027 respectively [3] - The company anticipates that by 2028, the total number of stores could exceed 1,000, driven by the successful validation of its new UE model [3]

Core Viewpoint - Guosen Securities projects that Yujian Xiaomian (02408) will achieve adjusted net profits of 135 million, 235 million, and 351 million yuan for the years 2025-2027, representing year-on-year growth of 111%, 74%, and 49% respectively. The company is expected to enjoy a reasonable valuation premium due to its successful new model validation and rapid store expansion, with a target stock price range of 7.8-8.2 HKD, indicating a potential upside of 34-41% from the latest closing price, and is rated "Outperform" [1] Group 1: Company Overview - Yujian Xiaomian, founded in 2014 by Song Qi in Guangzhou, is recognized as the first listed company in the Chinese noodle restaurant sector, focusing on standardized operations with a core product matrix centered around classic Chongqing noodles, complemented by rice dishes, snacks, and beverages. The main meal packages are priced at approximately 20-25 yuan, showcasing a clear cost-performance advantage [1] - The company has undergone multiple rounds of financing and is set to go public on the Hong Kong Stock Exchange in December 2025. The controlling shareholders hold a combined stake of 45.98%, with the founder having experience in leading Western fast-food chains, which has laid a solid foundation for the company's standardized operational system [1] - For 2024, the company anticipates revenue of 1.154 billion yuan, a 44.2% increase, with direct store and franchise service revenues accounting for 86.7% and 13.2% respectively. The adjusted net profit is expected to be 64 million yuan, reflecting a 36.0% growth. The profit announcement indicates that the adjusted net profit for 2025 is projected to be between 125 million and 140 million yuan, representing a year-on-year increase of 95.6%-119.1%, with the number of stores reaching 503, a 39.7% increase [1] Group 2: Industry Insights - The Chinese noodle restaurant market is projected to exceed 300 billion yuan, with strong growth potential in the Sichuan-Chongqing segment. The industry has evolved through three phases: regional decentralized operations (before 2010), chain emergence and capital support (2010-2021), and industry reshuffling (2022-present). High-quality leaders with standardized and digital operational capabilities are expected to accelerate consolidation and growth [2] - According to Frost & Sullivan data, the market size of Chinese noodle restaurants is expected to reach 326 billion yuan by 2025, with a compound annual growth rate (CAGR) of approximately 11.0% from 2025 to 2029. The Sichuan-Chongqing flavored noodle restaurants are projected to account for 25.0% of the market size in 2024, with a CAGR of about 13.2%, indicating higher growth potential in this segment [2] - The competitive landscape shows that the top five Chinese noodle brands are expected to hold a market share of approximately 2.9% in 2024, with Yujian Xiaomian currently positioned as the fourth player in the Sichuan-Chongqing noodle market [2]

Investment Rating - The report maintains an "Overweight" rating for the securities and banking sectors [9]. Core Insights - The report highlights the structural relaxation of refinancing policies, which is expected to improve profitability in the banking sector. The central bank's Q4 monetary policy report emphasizes the implementation of personal credit repair measures, supporting micro-entities [1][28]. - The report identifies investment opportunities in the order of securities > insurance > banking, with a focus on the potential for marginal improvements in the brokerage business due to the recent refinancing policy adjustments [12][24]. Summary by Sections Securities Sector - The optimization of refinancing measures announced by the exchanges is expected to lead to marginal improvements in the brokerage business, with leading firms likely to solidify their advantages through professional capabilities. The Chinese brokerage index performed better than the Hang Seng index during the holiday period, increasing by 0.20% [2][13]. - Recommended stocks include leading brokerages such as CITIC Securities, Guotai Junan, and GF Securities, as well as quality regional firms like Guoyuan Securities [3][12]. Insurance Sector - The report notes a mixed performance in the insurance sector, with property insurance companies showing gains while life insurance companies mostly declined. China Property & Casualty Insurance rose by 5%, while China Taiping fell by 4% [24][25]. - Investors are advised to focus on quality leaders in the insurance sector, with a preference for defensive stocks like China Ping An and China Life Insurance for conservative investors [24][25]. Banking Sector - The banking sector is experiencing a recovery in performance, with Q4 profits improving and net interest margins stabilizing. The report indicates a year-on-year increase in social financing, primarily due to the pre-positioning of government bonds and a rebound in off-balance-sheet financing [28][37]. - Recommended stocks include quality regional banks such as Nanjing Bank and Chengdu Bank, which are expected to perform well due to their strong fundamentals [3][28].

智通财经APP获悉，国信证券发布研报称，关键矿产目前已成为众多国家重点关注的领域，主要源于对 供应链安全的担忧。在这样的背景之下，关键矿产的资源属性会愈发凸显，价格易涨难跌。对于掌握关 键矿产的企业，可以重点配置。 关键矿产基本面梳理 "关键矿产"是指对国家经济和安全不可或缺的、供应链容易受破坏的非燃料矿物或矿物材料。中国官方 多用"战略性矿产"，指的是对保障国家经济安全、国防安全和战略性新兴产业持续健康发展具有重要作 用的矿产资源。2025年11月，由美国地质调查局所编制的关键矿产清单公布，在2022年版本基础上增加 了10个矿种，总数达到60种。 关键矿产研究至关重要 1）中国可以通过战略矿产的出口限制政策来反制西方国家。中国有丰富的矿产资源储量，尤其是在多 种稀有金属领域有绝对明显优势，比如钨(全球占比82.7%)和稀土(全球占比69.2%)，中国还掌握着这些 关键矿产大部分的冶炼产能，比如中国的稀土冶炼全球占比达到约90%。中国目前对多种关键矿产实施 严格的出口管制。2）美国拟通过高关税保护来创造市场条件，构建矿产资源安全。美国地质调查局数 据显示，美国12种关键矿产完全依赖进口，29种关键矿产进口依 ...