需求测算 AI训练、推理拉动存储需求增长。AI大模型推理拉动存储需求快速增长，根据该行测算结果，2026年 AI推理对DRAM、NAND需求分别为23.0EB、593.5EB，短期供不应求，存储价格有望持续提升，存储 大周期方兴未艾。 公司梳理 国信证券发布研报称，存储市场存在HDD、SSD、NAND、DRAM、HBM几大技术趋势，主要参与者 众多。AI大模型推理拉动存储需求快速增长，根据该行测算结果，2026年AI推理对DRAM、NAND需求 分别为23.0EB、593.5EB，短期供不应求，存储价格有望持续提升，存储大周期方兴未艾。 国信证券主要观点如下： 存储系统 系统构成与分类。1)系统构成：AI存储系统主要分为网络端存储和本地端存储，其中网络端存储主要存 放冷数据，主要由HDD和SSD存储;本地端存储主要存放热数据和温数据，主要由HBM、DRAM、本地 SSD存储。2)存储分类：存储主要可以分为"易失性"的Memory和"非易失性"的Storage，其中Memory主 要包括DRAM和HBM，优势为速度快;Storage主要包括SSD和HDD，优势为容量大、成本低。 市场与技术趋势 HDD、SSD、 ...

Core Viewpoint - Jinji Co., Ltd. reported a significant increase in revenue for the first three quarters of 2025, but faced substantial losses in net profit and cash flow, indicating potential challenges in operational efficiency and profitability [1][2]. Financial Performance - The company achieved an operating revenue of 874.29 million yuan, representing a year-on-year growth of 23.49% [1][2]. - The net profit attributable to shareholders was -15.22 million yuan, a decline of 272.46% compared to the previous year [1][2]. - The net profit after deducting non-recurring gains and losses was -20.16 million yuan, down 361.46% year-on-year [1][2]. - The net cash flow from operating activities was -36.26 million yuan, but showed a year-on-year increase of 30.70% [1][2]. Historical Context - Jinji Co., Ltd. was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on November 22, 2019, with an initial public offering of 41.78 million shares at a price of 5.53 yuan per share [3]. - The total amount raised from the IPO was 231.04 million yuan, with a net amount of 184.85 million yuan after expenses [4]. - The company also issued convertible bonds in 2021, raising a total of 600 million yuan, with a net amount of 575.24 million yuan after deducting issuance costs [4][5].

国信证券主要观点如下： 智通财经APP获悉，国信证券发布研报称，在新能源需求快速释放下，硫酸需求保持中速增长，同时带 动硫磺需求增长，导致全球硫磺供需偏紧。硫磺制酸几乎是所有头部磷肥企业首选的制酸工艺。硫磺制 酸对保证硫酸供应意义重大。目前我国硫酸-硫磺产业链景气度较高，在全球供需偏紧、海外合同价格 不断走高情况下，国内硫磺价格有望进一步上涨。 硫磺主要伴生于油气开采及炼化，未来油气消费增速下降，同时明年高硫原油产量预计下降，全球硫磺 产量增速预期较低 硫磺主要在油气生产及炼化过程伴生，硫磺产量与化石能源消费紧密相关。主流机构均预测明年原油消 费增速较低，仅约1%。IEA预测，今年全年天然气消费增速为1.3%，明年天然气消费增速预计为2%。 全球高硫原油主要产区为中东，OPEC近期决定于2026年一季度暂停增产，并且部分国家提交了额外减 产计划。伊朗受美国制裁，原油产量不断下降。油气需求增速较低，高硫原油产量预期下降，全球硫磺 产量预计低速增长。俄罗斯本为全球第二大硫磺生产国，今年来其炼厂持续受袭，直接影响了气硫磺的 生产和出口，加剧硫磺供应紧张。 2024年中国硫磺产量为1106.74万吨，进口量为995. ...

Group 1 - Guo Xun Securities has recommended Gu Xiangqing as the general manager of Wanhe Securities, marking the first executive appointment since Guo Xun became the major shareholder of Wanhe [1] - Gu Xiangqing has over 20 years of experience in brokerage business and has held various management positions, indicating her capability to enhance Wanhe Securities' brokerage operations [1] - This personnel change signals an acceleration in the integration process and may lead to a new round of consolidation among small and medium-sized brokerages in the industry [1] Group 2 - Changjiang Securities has completed a board reshuffle, adding three representatives from Hubei state-owned assets, which reflects the deepening involvement of local state capital in corporate governance [2] - The new board composition is expected to strengthen regional resource collaboration and promote business integration with the local economy, potentially providing long-term support for the stock price [2] - The strategic positioning of state-owned brokerages may attract market attention and lead to subtle adjustments in the industry landscape [2] Group 3 - Regulatory authorities have issued guidelines requiring fund company executives to invest a portion of their performance compensation in their own managed public products, with 136 public fund companies having initiated self-purchases totaling over 4 billion yuan this year [3] - This self-purchase trend is seen as a confidence booster for the market, enhancing investor trust in actively managed equity products and promoting the long-term healthy development of the asset management industry [3] - The self-purchase behavior is expected to improve brand image and product attractiveness for fund companies, injecting new capital expectations into the market [3] Group 4 - Over 200 announcements regarding premium risks for cross-border ETFs have been issued by 14 public fund institutions in December, indicating a significant influx of short-term capital leading to price deviations from net asset values [4][5] - Specific ETFs, such as the Southern S&P 500 ETF, have shown premium rates exceeding 3%, with some reaching as high as 5.58%, raising concerns about potential market volatility [4][5] - The ongoing premium phenomenon may divert funds from A-shares, particularly impacting financial and consumer sectors, while the eventual risk release could stabilize market sentiment and encourage rational capital allocation [4][5]

瑞财经 王敏 12月9日，国信证券股份有限公司（以下简称"国信证券"）发布公告，同意推荐顾湘晴为万 和证券总经理人选。 根据万和证券于2025年8月26日出具的《万和证券股份有限公司股权证（出资证明书）》及股东名册， 截至2025年8月26日，国信证券已持有万和证券96.08%股份。 根据中国证券登记结算有限责任公司深圳分公司2025年9月2日出具的《股份登记申请受理确认书》，其 已受理上市公司本次发行股份购买资产涉及的新增股份登记申请材料，相关股份登记到账后将正式列入 上市公司的股东名册。 据悉，这是自国信证券获批成为万和证券主要股东以来，首次对后者高管层面进行人事安排。 公开资料显示，顾湘晴是一名国信证券"老人"，在经纪业务上长期深耕，后来转向机构业务，目前是公 司资产托管部总经理。如何配合股东方平稳整合线下网点，并在海南跨境金融领域建立优势，是摆在万 和证券新总经理面前的核心考题。 据悉，万和证券是一家注册地位于海南的证券公司。据并购方案，国信证券将万和证券定位为海南自由 贸易港在跨境业务领域具备行业领先地位的区域特色券商。 此前9月8日，国信证券披露发行股份购买资产暨关联交易实施情况暨新增股份上市公告 ...

Core Insights - The 2025 Wind "Gold Analyst" awards were announced on December 10, recognizing outstanding research teams based on the number of report reads from buy-side institutions [1]. Group 1: Award Winners - The awards included 33 individual research field awards and 4 institutional awards, with participation from over 600 teams from 38 research institutions [1]. - Notable winners in various categories include: - Strategy Research: - First: Galaxy Securities - Second: Guosen Securities - Third: Zheshang Securities [3] - Fixed Income: - First: Zheshang Securities - Second: Huachuang Securities - Third: Dongwu Securities [3] - ESG Research: - First: Guosen Securities - Second: Galaxy Securities - Third: Zheshang Securities [5] - Restaurant and Tourism: - First: Guosen Securities - Second: Kaiyuan Securities - Third: Dantan Haidao [6] - Media: - First: Dongwu Securities - Second: Guohai Securities - Third: Kaiyuan Securities [7] Group 2: Sector-Specific Insights - In the Electric Power and Utilities sector: - First: Dongwu Securities - Second: Guosen Securities - Third: Tianfeng Securities [8] - In the Real Estate sector: - First: Kaiyuan Securities - Second: Everbright Securities - Third: Zhongxin Jian Investment [11] - In the Automotive sector: - First: Dongwu Securities - Second: Minsheng Securities - Third: Guosen Securities [31] - In the Non-Bank Financial sector: - First: Zhongxin Jian Investment - Second: Kaiyuan Securities - Third: Dongwu Securities [21] Group 3: Overall Trends - The awards reflect a competitive landscape among research institutions, with a significant number of teams participating and a diverse range of sectors represented [1][3]. - The methodology for the awards was based on objective metrics, specifically the reading counts of research reports by buy-side institutions, ensuring a transparent evaluation process [1].

更多公开信息显示，她长期扎根经纪业务一线，曾负责四川的分支机构工作。2014年顾湘晴获批成为国信证券四 川第二分公司负责人，后担任四川分公司总经理。一直以来，四川分公司是国信证券分支机构中业绩排名靠前 的"王牌部队"之一。2020年左右，顾湘晴回到国信证券总部，历任机构事业部副总裁、资产托管部总经理。近年 来，她多次出席行业私募交流活动，分享业务见解。 国信证券的此次推荐，标志着将补强并主导万和证券的经营领导班子。据悉，自2024年3月万和证券前总裁杨祺因 个人原因辞职后，公司总裁缺位至今，总裁职务由副总裁万春兰代为履行。 顾湘晴的履历也与万和证券董事长甘卫斌的背景形成互补，有望带来一线实战经验与国信证券总部业务管理经 验，或侧重于具体的业务整合与经营提升。 证券时报记者 谭楚丹 据悉，甘卫斌曾有政府系统的工作经验，曾在深圳市投资控股有限公司（国信证券大股东）工作。他在2023年加 入万和证券之前，曾任深圳市人才交流服务中心科员、副主任科员、主任科员、部长助理、副经理；深圳市投资 控股有限公司企业二部高级主管、副部长，战略研究部（董事会办公室）部长（主任）；深圳市总工会党组成 员、副主席（挂职）。 近日，国信 ...

Group 1 - The core viewpoint of the articles highlights a significant transformation in the Chinese securities industry, marked by shareholder reductions and mergers and acquisitions among brokerage firms, indicating a structural adjustment during the "14th Five-Year Plan" period [2][4][5]. - Multiple brokerage firms, including Guosen Securities and Huaxi Securities, have announced shareholder reduction plans, reflecting diverse motivations such as asset allocation adjustments and operational funding needs [2][3]. - The market is currently experiencing relatively low valuations, with the securities sector's price-to-book ratio at approximately 1.36, indicating cautious expectations regarding short-term challenges but also highlighting long-term value potential [5][6]. Group 2 - The ongoing mergers and acquisitions, such as China International Capital Corporation's plan to absorb Dongxing Securities and Cinda Securities, represent a strategic path for enhancing competitiveness through consolidation [3][4]. - Regulatory encouragement for top brokerage firms to enhance their comprehensive strength through mergers contrasts with a more focused development path for smaller firms, which are urged to leverage their advantages in niche markets [6][7]. - The industry is facing multiple risks, including market volatility and regulatory challenges, necessitating a heightened focus on compliance and risk management as firms navigate the evolving landscape [7][8].

国信证券收购的万和证券迎来新的人事变动。 12月8日晚，国信证券发布公告称，公司董事会审议通过《关于推荐万和证券股份有限公司总经理人选的议案》，同意推荐顾湘晴为万和证券总经理人 选。 2024年9月4日，国信证券发布《国信证券有限公司发行股份购买资产暨关联交易预案》，公司拟通过发行A股股份方式向深圳资本、鲲鹏投资、深业集 团、深创投、远致富海十号、成都交子、海口金控购买其合计持有的万和证券96.08%的股份。国信证券向上证报记者表示，在并购万和证券后，公司可 充分利用当地的政策优势及双方现有业务资源，将其作为公司开展跨境业务、离岸业务的重要平台，大力发展跨境资产管理等国际业务及创新业务。 2024年12月20日，国信证券表示，上述收购事项收到深圳市国资委批复，后者原则同意国信证券前述发行股份购买资产暨关联交易方案。 今年4月10日，国信证券公告，收到深交所出具的《关于受理国信证券股份有限公司发行股份购买资产申请文件的通知》。同时，中国证监会就本次交易 涉及的万和证券变更主要股东等事项的行政许可申请依法予以受理。 4月29日，国信证券发布公告，就深交所问询函作出回复。公告显示，4月11日，国信证券收到深交所出具 ...

Core Viewpoint - Recent announcements from shareholders of several brokerage firms indicate plans to reduce their holdings, reflecting a trend of asset allocation adjustments and financial needs within the industry [1][4][6]. Group 1: Shareholder Reduction Plans - On December 8, Guosen Securities announced that shareholders China Resources Shen Guo Trust Co., Ltd. and FAW Equity Investment (Tianjin) Co., Ltd. plan to collectively reduce their holdings by up to 74 million shares [1][4]. - China Resources Shen Guo Trust, the second-largest shareholder, holds 2.137 billion shares (20.87% stake), while FAW Investment holds 114 million shares (1.11% stake) [4]. - The reasons for the reductions include asset allocation adjustments and the need for operational funding [4][6]. Group 2: Broader Industry Context - Since November, other brokerage firms such as Dongfang Caifu, Guosheng Securities, and Founder Securities have also announced shareholder or executive reduction plans, indicating a wider trend in the sector [5][6]. - For instance, Dongfang Caifu's executives plan to reduce their holdings to repay loans related to equity incentives and cover personal financial needs [5]. - Guosheng Securities and Founder Securities have also reported similar motivations for their shareholders' planned reductions [5]. Group 3: Market Performance and Investor Sentiment - The recent reduction plans come after a rebound in the brokerage sector, with the CSI All Share Securities Company Index rising 1.88% in December and 1.8% year-to-date [6]. - Notably, Guosen Securities has seen an 18.83% increase in its stock price this year, while Guosheng Securities has risen by 33.38% [6]. - Prior to the announcements, Guosheng and Guosen Securities had year-to-date returns of 40.11% and 24.17%, respectively, suggesting favorable conditions for shareholders to liquidate their positions [6]. Group 4: Regulatory Environment and Future Outlook - The China Securities Regulatory Commission has indicated a willingness to ease capital constraints and leverage limits for quality institutions, promoting a shift from price competition to value competition in the brokerage sector [7]. - This regulatory support may enhance capital utilization efficiency and influence future shareholder behavior regarding reductions and potential buybacks [7].