第三，服务实体经济的成效，是评价券商业绩表现的重要标尺。 评价券商的业绩表现，利润数据固然是一个重要维度，但其服务实体经济的能力与成效同样是不可或缺的标尺。证券行业 作为资本市场核心中介，应当持续提升专业能力，积极服务国家战略，促进科技创新与资本深度融合。当前，券商正以功能性 建设为导向，聚焦主责主业做好金融"五篇大文章"，引导要素资源向科技创新、先进制造、绿色低碳、普惠民生等重点领域集 聚。以去年上半年为例，证券行业承销相关主题债券超7200亿元，有效促进了金融与实体经济的良性循环，在助推经济社会高 质量发展的过程中，也夯实了行业自身可持续发展的根基。 未来，证券行业的发展将更加聚焦于如何平衡"功能性"与"盈利性"，即如何在更高效地服务科技创新、产业升级、居民财 富增长等国家重大战略的过程中，锤炼并兑现自身的专业价值。这要求券商不仅要做好资本市场的"看门人"，更要成为实体经 济发展的"助推器"和社会财富的"守护者"。 2025年，我国宏观经济稳中向好，为资本市场发展创造了有利条件。国内资本市场向新向优发展，韧性与活力增强，投融 资改革释放机遇，为券商业务发展提供广阔空间。同时，市场交投活跃度提升，叠加股债利 ...

Core Viewpoint - The current spandex industry prices and price spreads are at historical low levels, with expectations for recovery as supply expansion nears its end and demand increases due to consumption upgrades [1][2]. Supply - Domestic spandex production capacity is expected to reach approximately 149.8 million tons by 2025, with a global capacity share of 77% and a CR5 concentration of 86.3% [2]. - The domestic spandex industry has undergone three rounds of capacity release cycles since 2010, with the latest expansion driven by demand for masks, yoga wear, and export needs starting in 2020 [2]. - The current capacity release cycle is nearing its end, and stricter environmental regulations are leading to the closure of smaller spandex manufacturers in eastern regions, which may further enhance industry concentration [2]. Demand - The domestic market for high spandex content apparel, particularly in sportswear, is experiencing rapid growth, with sales expected to reach 408.9 billion yuan in 2024, reflecting a year-on-year increase of 5.95% [3]. - As disposable income rises, consumer demand for clothing is upgrading, leading to a significant increase in the application and proportion of spandex in apparel, with spandex content in sports compression wear increasing by over 20% [3]. - The apparent consumption of spandex in China is projected to reach 108.8 million tons by 2025, representing a substantial year-on-year growth of 7.55% and a compound annual growth rate of 13.68% from 2022 to 2025 [3].

消息面上，万科债务化解取得重大进展，"22万科MTN004""22万科MTN005"两笔合计57亿元中期票 据，展期议案均获通过。与此同时，万科第一大股东深铁集团向其提供不超过23.6亿元借款，专项用于 偿还公司公开市场债券本金与利息。华泰证券此前认为，龙头压力缓释有助于阶段性稳预期，叠加近期 地产政策预期升温，有助于带来地产股估值修复机遇。 东北证券指出，2026年开年楼市政策持续加码，央行下调结构性工具利率，保障性住房再贷款利率降至 1.25%，商办首付比例从50%降至30%，换房退税政策延期，政策力度明显增强。一线城市供需结构同 步改善，市场预期稳步修复。北京新政后新房成交放量，二手房带看与成交回升，价格跌幅显著收窄。 上海二手房定金与成交量明显回暖，挂牌量持续下降，价格趋稳。深圳二手房带看与签约量创2025年小 阳春以来新高，挂牌价降幅进一步收窄。整体来看，政策支持力度加大叠加一线城市数据改善，楼市量 价指标有望加速筑底。 内房股多数上涨，截至发稿，中国金茂(00817)涨6.62%，报1.62港元；绿城中国(03900)涨5.49%，报 10.38港元；中国海外宏洋集团(00081)涨4.2%，报2 ...

Core Viewpoint - Northeast Securities maintains a "Buy" rating for Chow Tai Fook (01929), highlighting the company's growth momentum amid gold price fluctuations and macro uncertainties, and optimistic about product structure adjustments and overseas expansion enhancing profitability quality [2][9] Group 1: Financial Performance - Chow Tai Fook achieved a strong recovery in FY2026 Q3 (October-December 2025), with retail sales value (RSV) increasing by 17.8% year-on-year, and a 16.9% rise in mainland China [3][10] - Same-store sales (SSSG) for direct and franchise stores surged by 21.4% and 26.3% respectively, while retail sales in Hong Kong and Macau grew by 22.9% year-on-year, with same-store growth of 10.1% in Hong Kong and 31.3% in Macau [3][10] Group 2: Product and Channel Strategy - The company is shifting its product structure towards high-margin jewelry, with same-store retail value for priced jewelry in mainland China growing by 13.7%, contributing 40% to total sales, an increase of 10.7 percentage points year-on-year [4][11] - The average selling price has significantly increased due to rising gold prices, with the average price of gold in mainland China reaching HKD 11,000 (up 50.7% year-on-year) and priced gold averaging HKD 9,500 (up 82.6% year-on-year) [4][11] - The total number of Chow Tai Fook stores reached 5,585 by the end of 2025, with a net closure of 230 stores in mainland China, indicating that structural adjustments are nearing completion [12] Group 3: E-commerce and Tourism Retail Growth - E-commerce in mainland China grew by 25% in FY2026 Q3, accounting for 7.4% of RSV, driven by marketing events like Double Eleven [12] - The tourism retail segment also contributed positively, with duty-free gold in Hainan attracting many consumers due to its high cost-performance ratio [12] Group 4: Overseas Expansion - The Southeast Asian market has been operational for six years, contributing 15.2% to the group's retail value with significant growth [6][12] - New stores in Singapore and Malaysia have shown improved same-store sales, with high-end stores at Changi Airport and flagship stores in Bangkok now operational, and plans for expansion in Vancouver and Sydney [6][12]

Core Viewpoint - Northeast Securities maintains a "Buy" rating for Chow Tai Fook (01929), citing continued growth momentum amid gold price fluctuations and macro uncertainties, with optimism regarding product structure adjustments and overseas expansion enhancing profit quality [1] Group 1: Financial Performance - Chow Tai Fook achieved a strong recovery in FY2026 Q3 (October-December 2025), with retail sales value (RSV) increasing by 17.8% year-on-year, and a 16.9% increase in mainland China [1] - Same-store sales (SSSG) for direct and franchise stores rose significantly by 21.4% and 26.3%, respectively, while retail value in Hong Kong and Macau grew by 22.9% year-on-year, with same-store sales increasing by 10.1% in Hong Kong and 31.3% in Macau [1] Group 2: Product Structure Optimization - The company is shifting its product structure towards high-margin jewelry, with same-store retail value for priced jewelry in mainland China growing by 13.7%, contributing 40% to total sales, an increase of 10.7 percentage points year-on-year [2] - The IP cultural series continues to perform strongly, and diamond and jadeite businesses have returned to positive growth, contributing to structural optimization [2] - Average selling prices have significantly increased due to rising gold prices, with the average price of gold in mainland China reaching HKD 11,000 (up 50.7% year-on-year) and priced gold averaging HKD 9,500 (up 82.6% year-on-year) [2] Group 3: Channel and Store Structure - By the end of 2025, the total number of "Chow Tai Fook Jewelry" stores reached 5,585, with a net reduction of 230 stores in mainland China, indicating that structural contraction is nearing completion [3] - E-commerce in mainland China grew by 25% in FY2026 Q3, accounting for 7.4% of mainland RSV, driven by marketing campaigns such as Double Eleven [3] - The tourism retail segment also contributed positively, with duty-free gold in Hainan attracting many consumers due to its high cost-performance ratio [3] Group 4: Overseas Expansion - The Southeast Asian market has been operational for six years, contributing 15.2% to the group's retail value with significant growth [4] - Same-store sales in Southeast Asia, including Singapore and Malaysia, have improved, with high-end stores at Changi Airport in Singapore and flagship stores in Bangkok now operational [4] - Future expansion plans include Vancouver and Sydney, with a dual-track development strategy focusing on upgrading existing markets and entering emerging markets [4]

Core Viewpoint - The brokerage industry is experiencing significant profit growth, with many firms reporting substantial increases in net profits for 2025, indicating a strong recovery and potential for further gains in the sector [1][3]. Group 1: Performance Highlights - Guotai Haitong Securities expects a net profit of 27.53 billion to 28.01 billion yuan for 2025, representing a year-on-year growth of 111% to 115% [1]. - CITIC Securities reported a net profit exceeding 30 billion yuan for the first time, with a year-on-year increase of 38.64% [1]. - A total of 21 brokerages have disclosed their 2025 performance, with a combined net profit of approximately 104.82 billion yuan, reflecting a year-on-year growth of 58.14% [1]. Group 2: Industry Trends - 90.48% of the brokerages reported positive year-on-year growth, with five firms, including Guotai Haitong and Guolian Minsheng, achieving a doubling of net profit growth [1]. - The active trading environment has driven significant increases in market turnover and margin financing balances, supporting retail business growth and the recovery of proprietary trading [3]. - The brokerage sector is currently undervalued, with the CSI All Share Securities Companies Index showing only a 2.54% increase in 2025, lagging behind broader market indices [4]. Group 3: Future Outlook - Analysts predict continued profit growth in 2026, driven by favorable policies and the potential for a revaluation of the sector [3]. - The current market conditions suggest that the brokerage sector, characterized by strong performance and low valuations, may see a rebound once trading constraints are lifted [4]. - The average daily trading volume and other high-frequency indicators indicate a positive trend for earnings growth in the near future [6].

Core Viewpoint - The brokerage industry is experiencing significant profit growth, with several firms reporting substantial increases in net profit for 2025, indicating a strong recovery and potential for further gains in the sector [1][2]. Group 1: Performance Highlights - Guotai Junan Securities expects a net profit of 27.53 billion to 28.01 billion yuan for 2025, representing a year-on-year growth of 111% to 115% [1]. - CITIC Securities reported a net profit exceeding 30 billion yuan for the first time, with a year-on-year increase of 38.64% [1]. - A total of 21 brokerages have disclosed their 2025 performance, with a combined net profit of approximately 104.82 billion yuan, reflecting a year-on-year growth of 58.14% [1]. Group 2: Industry Trends - 90.48% of the brokerages reported positive year-on-year growth, with five firms, including Guotai Junan and Guolian Minsheng, achieving a doubling of net profit growth [1]. - The active trading environment has driven significant increases in market turnover and margin financing balances, supporting retail business growth and the recovery of proprietary trading [3]. - The brokerage sector is currently undervalued, with the CSI All Share Securities Companies Index showing only a 2.54% increase in 2025, lagging behind broader market indices [4]. Group 3: Future Outlook - The industry is expected to continue benefiting from favorable policies in 2026, with potential for revaluation as new growth drivers in investment banking, asset management, and international business emerge [3]. - The current low valuation of brokerages compared to U.S. counterparts suggests a potential for upward price adjustments once trading constraints are lifted [5]. - The average daily trading volume and other high-frequency indicators indicate a positive trend for earnings growth in the brokerage sector [6].

白山黑水，雪韵凇情。作为植根于东北广袤热土、从这里走向全国资本市场的上市券商，东北证券自 1988年在吉林长春启程，其发展血脉便与这片承载着共和国工业记忆、正奋力谱写全面振兴新篇的土地 紧密相连。 党的二十届四中全会明确提出，建设现代化产业体系，巩固壮大实体经济根基；加快高水平科技自立自 强，引领发展新质生产力。 风雷激荡，顺势而为。新质生产力驱动产业变革，呼唤资本市场服务模式创新。在安桂武看来，新质生 产力源自技术革命性突破、生产要素创新性配置与产业深度转型升级，具备高科技、高效能、高质量的 鲜明特征。这要求证券公司升级服务模式，从传统的通道型服务向全生命周期的综合金融服务转型，精 准引导资本投向科技创新、绿色发展、先进制造等重点领域，推进科技创新与产业创新深度融合。 在此背景下，东北证券积极把握战略方向，重点锚定新一代信息技术、高端装备、新材料、生物医药等 战略性新兴产业，系统布局细分赛道，通过股权债权融资、产业链重组、业务资源配置等多种方式，助 力科技型企业加快成长，以实际行动支持国家创新驱动发展战略，助力新质生产力培育和发展。 站在新的历史起点，这家以地域为名、却胸怀"国之大者"的券商，正将自身积淀的 ...

Core Viewpoint - The evaluation results of market makers for the fourth quarter of 2025 have been released by the National Equities Exchange and Quotations (NEEQ), highlighting the performance and fee reduction qualifications of various securities firms [1][3]. Group 1: Market Maker Evaluation Results - Three securities firms, Northeast Securities, Kaiyuan Securities, and Shanghai Securities, ranked in the top 5% with a 100% fee reduction [2][3]. - Twelve market makers received fee reduction qualifications, with six firms in the 10%-20% ranking receiving a 50% fee reduction, including Huahuan Securities and Changjiang Securities [3]. - The rankings of some firms changed compared to the third quarter of 2025, with Guotai Haitong moving from the 10%-20% range to the 5%-10% range [4]. Group 2: Industry Trends and Strategies - The rankings of market makers show limited volatility over several quarters, indicating a stable competitive landscape among smaller firms, while larger firms maintain dominance in other areas [5]. - First Capital has focused on optimizing its market-making strategy in the New Third Board, enhancing its professional capabilities and providing liquidity to quality enterprises [5]. - As of June 2025, First Capital provided market-making services for nine enterprises, while CICC reported having 22 market-making enterprises, with 81.82% being innovative tier companies [5][6]. Group 3: Regulatory Framework and Future Directions - The evaluation guidelines for market makers have undergone multiple revisions, with the current version being from 2020, emphasizing the importance of market maker evaluations in improving market liquidity and price discovery [8]. - The NEEQ aims to continuously assess the implementation effects of the market maker system and optimize the evaluation incentive mechanism to promote the healthy development of the market maker system [8].

■"证券公司学习宣传贯彻党的二十届四中全会精神"系列报道 东北证券党委书记安桂武： 白山黑水，雪韵凇情。作为植根于东北广袤热土、从这里走向全国资本市场的上市券商，东北证券自 1988年在吉林长春启程，其发展血脉便与这片承载着共和国工业记忆、正奋力谱写全面振兴新篇的土地 紧密相连。 站在新的历史起点，这家以地域为名、却胸怀"国之大者"的券商，正将自身积淀的本土智慧与全国视野 相融合，在服务国家战略与区域发展的战略目标中，锚定"特色化、精品化"之路，固本开新，朝着"一 流现代金融服务商"的愿景全速迈进。 东北证券党委书记安桂武日前在接受中国证券报记者专访时表示，党的二十届四中全会深刻阐述了中国 式现代化的重大理论和实践问题，为做好当前和今后一个时期经济金融工作指明了前进方向，为证券行 业把握战略机遇、应对风险挑战、实现高质量发展提供了根本遵循。 安桂武表示，东北证券将深入学习贯彻全会精神，切实扛起使命担当，以更高站位、更实举措，把党中 央决策部署和行业监管要求转化为推动高质量发展的生动实践，努力在服务中国式现代化建设中汇集起 磅礴的金融力量。 ● 本报记者 徐昭 赵中昊 党的二十届四中全会明确提出，建设现代化产业 ...