21世纪经济报道记者 黄子潇 深圳报道 近期，国际金融巨头密集披露财报。以美国四大银行、三大银行卡组织为代表的巨头在2025年整体交出 较好业绩，同期股价表现突出。 2025年，美国银行板块表现强势。花旗集团、摩根大通、富国银行、美国银行股价全年涨幅分别为 70.38%、37.27%、35.57%和28.04%，甚至超过不少美股科技巨头的同期表现。 欧洲银行表现更为亮眼，桑坦德银行、西班牙对外银行及德意志银行同期均实现股价翻倍。 记者注意到，目前内地市场缺主投海外银行的产品，公募的相关布局近似空白，这与布局全球科技的产 品丰富程度截然不同。不过，在港交所注册的基金中有一些相关产品，大多为国际资管机构推出。 国际大型银行密集披露财报 美国四大行一般指花旗集团、摩根大通、富国银行、美国银行。 近日，摩根大通、美国银行、花旗集团和富国银行相继披露2025年四季度和全年业绩。四家银行全年营 收分别为1824亿、1824亿、852亿和837亿美元，同比增长2.6%、6.8%、5.6%和1.7%；净利润方面，分 别实现570亿、305亿、143亿、213亿美元，同比分别下降2.4%、增长13.1%、增长12.8%和增长8 ...

Group 1 - The core viewpoint of the article highlights the potential for further growth in the spring market, with historical data suggesting a possible 20% increase, while the current market has only seen a maximum increase of less than 10% since December of last year [2][6] - Huabao Fund has launched three major broad-based ETFs tracking the China A50, A100, and A500 indices, providing investors with diverse options for investing in China [2][6] - The trading data indicates a total market turnover of 2.11 trillion yuan, which is a decrease of 143.9 billion yuan compared to the previous day, with 2,195 stocks rising and 3,128 stocks falling [1][6] Group 2 - The top three sectors for net capital inflow include Computer, Social Services, and Media, with inflows of 2.73 billion yuan, 2.09 billion yuan, and 53.41 billion yuan respectively [6] - The article mentions that the MACD golden cross signal has formed, indicating a positive trend for certain stocks [4][9]

行 业 研 究 / 行 业 点 评 相关研究 《证券行业 2026 年投资策略：权益浪潮 下的券商机遇：财富扩容，国际增效》 2025/11/17 券 研 究 报 告 证券分析师 行 业 及 产 业 非银金融/ 证券Ⅱ 罗钻辉 A0230523090004 luozh@swsresearch.com 金黎丹 A0230525060004 jinld@swsresearch.com 联系人 金黎丹 A0230525060004 jinld@swsresearch.com 2026 年 02 月 10 日 优化再融资措施意在扶优服科，券 商中介机构业务迎来发展机遇 看好 ——沪深北交易所发布《优化再融资一揽子措施》点评 事件：2026/2/9，沪深北交易所同步发布《优化再融资一揽子措施》。 请务必仔细阅读正文之后的各项信息披露与声明 注：中信证券、招商证券、东方证券、国联民生数据采用业绩快报/预告 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 ⚫ 坚持扶优限劣。对经营治理、信息披露规范，具有代表性与市场认可度的优质上市公司，优化再融 资审核，进一步提高再融资效率。 支持优质上市公司将募集资金用于与主营业务有 ...

Group 1: Company Overview - China Oriental Education (00667) has a strong recovery in mature professional enrollment and profitability, with emerging programs steadily being developed to create new growth momentum [1] - The company is a leading vocational education group in China, with well-known brands such as New Oriental Cooking, Xinhua Computer, and Wantong Automotive Repair, covering four mature fields: culinary arts, western cuisine, information technology, and automotive services [1] Group 2: Financial Projections - The company is expected to achieve a net profit attributable to shareholders of 790 million, 1.1 billion, and 1.38 billion yuan for the years 2025-2027, reflecting growth rates of 53%, 39%, and 26% respectively [1] - The reasonable valuation for the company is estimated to be between 6.89 and 7.95 HKD per share, maintaining an "outperform" rating [1] Group 3: Industry Trends - The vocational education industry in China is in a golden expansion phase, with a projected compound annual growth rate of 17% from 2025 to 2029, potentially exceeding 2 trillion yuan by 2029 [2] - The adjustment in the secondary vocational education sector has seen a decline in high school enrollment from 51% to 34% from 2010 to 2024, but there is a potential for a new balance as skilled talent demand remains strong [2] Group 4: Mature Programs - The company's proactive adjustments since 2024, including shutting down inefficient campuses and enhancing course structures, have led to a net profit margin of 19.0% in the first half of 2025, an increase of 5.0 percentage points [3] - The recovery in mature program enrollment has resulted in a 7% year-on-year increase in new training participants, with expectations of maintaining a 7-8% growth rate in new enrollments for 2026-2027 [3] Group 5: Emerging Programs - The beauty industry is projected to reach a market size of 380 billion yuan by 2025, with characteristics similar to the culinary sector, indicating potential for replicating past successes [4] - The company’s beauty brand achieved an average of 6,000 training participants in the first half of 2025, surpassing the total for 2024, with expectations for beauty revenue to reach 700 million yuan by 2027 [4] - The pet and wellness sectors are also identified as high-potential areas for long-term growth, with pilot programs already underway in the pet education field [4]

Group 1 - The core viewpoint of the report is that China Oriental Education (00667) is experiencing a strong recovery in its mature professional enrollment and profitability, while steadily expanding into emerging fields, which is expected to create new growth momentum [1] - The company is a leading vocational education group in China, with a diverse portfolio including well-known brands such as New Oriental Cooking, Xinhua Computer, and Wantong Automotive Repair, and has been operating in the vocational education sector for nearly 40 years [1] - The company is projected to achieve net profits of 790 million, 1.1 billion, and 1.38 billion yuan for the years 2025-2027, reflecting growth rates of 53%, 39%, and 26% respectively [1] Group 2 - The vocational education industry in China is in a golden expansion phase, with a projected compound annual growth rate of 17% from 2025 to 2029, potentially exceeding 2 trillion yuan by 2029 [2] - The company has actively adjusted its operations since 2024, including shutting down inefficient campuses and upgrading course structures, which has led to an increase in net profit margin to 19% in the first half of 2025, with expectations of approaching 24% [3] - Emerging fields such as beauty, pet care, and health management are expected to become new growth drivers, with the beauty market projected to reach 380 billion yuan by 2025 [4]

数据说明： 把时间拉长到近一年（2025年2月6日-2026年2月5日，下同）来看，A股三大指数震荡走强。其中创业板指涨超58%领涨，深证 成指、上证指数分别涨超37%、26%。 就板块表现而言，31个申万一级行业近1年均上涨，有色金属、通信分别涨超106%、91%涨幅居前，银行、食品饮料等板块涨幅 较小。 榜单排名来自理财通AI全自动化实时排名，如您对数据有疑问，请在文末联系助理进一步核实。 | ਗੁ ਕੁਗ | 产品名称 | 净值赔 管理人 长率 | 最大回撤 | 年化波动 ਡੂਟ | | --- | --- | --- | --- | --- | | | 华夏理财友 日开理财产 品8号(贵金属指数) | 132.4 华夏理财 5% | 13.88% | 32.09% | | | 阳光红新能源主题A | 光大理财 72.73% | 19.48% | 31.07% | | | 华夏理财天工日开理财产 品5号(AI算力指数) | 华夏理财 67.05% 20.04% | | 29.24% | | 4 | 华夏理财天工日开理财产 品6号(微盘成长低波指 | 华夏理财 55.48% | 15.00% | 20.3 ...

Investment Rating - The report assigns a "Buy" rating to Guosen Securities [3] Core Insights - Guosen Securities is positioned to strengthen its ROE advantage, supported by its robust profitability and strategic positioning in the Greater Bay Area [8] - The company has shown resilience in earnings, with a projected increase in net profit of 34% in 2026 and 20% in 2027, driven by policy benefits and market activity [8] - The business structure, focusing on self-operated investment and wealth management, underpins its high ROA advantage, while investment banking and asset management serve as growth points [8] Financial Forecast - Revenue is expected to grow from 173.17 billion yuan in 2023 to 383.89 billion yuan in 2027, with a CAGR of 17% [2] - Net profit is projected to increase from 64.27 billion yuan in 2023 to 189.67 billion yuan in 2027, reflecting a CAGR of 20% [2] - EPS is forecasted to rise from 0.63 yuan in 2023 to 1.85 yuan in 2027, indicating strong earnings growth [2] Business Analysis - The investment and trading business is a key driver of performance, with significant revenue growth of 56.49% year-on-year in the first three quarters of 2025 [50] - Wealth management serves as a stabilizing force, with brokerage income showing a substantial increase of 109.30% year-on-year [66] - The investment banking segment remains competitive, with a focus on equity underwriting, particularly in the technology sector [80] Competitive Advantages - Guosen Securities benefits from a strong foundation backed by state-owned assets, enhancing operational efficiency and market adaptability [8] - The company has established a leading position in the brokerage and asset management sectors, with a focus on technology-driven solutions to enhance client engagement [8] - Strategic acquisitions, such as the purchase of Wanhe Securities, position the company favorably within the cross-border financial services landscape [8]

Core Viewpoint - Guosen Securities projects that the net profit attributable to shareholders of Strength Development (01277) will reach RMB 1.31 billion, RMB 1.70 billion, and RMB 2.02 billion for the years 2025-2027, corresponding to PE ratios of 10.6, 8.2, and 6.9 respectively, with a reasonable valuation range of RMB 1.8-2.0, equivalent to HKD 2.03-2.26, indicating a premium of 15%-28% compared to the closing price on February 6 [1] Group 1: Company Overview - The company is a high-quality private comprehensive coal enterprise, listed in Hong Kong since March 2012, with the controlling shareholder Zhang Liang holding 62.96% of the shares as of June 30, 2025 [1] - The company is transitioning from a single thermal coal producer to a diversified coal producer, with coal business revenue and gross profit expected to account for approximately 95% and 102% respectively in 2024 [1] Group 2: Mining Operations - The Dafanpu coal mine, operational since 2012, has an annual capacity of 6.5 million tons, with a resource volume of approximately 360 million tons and reserves of about 160 million tons as of the end of 2024 [2] - The coal quality is excellent, characterized as low-sulfur and high-ash melting point, leading to higher selling prices, and the mine is noted for its safety, efficiency, and low extraction costs, contributing significantly to the company's revenue and cash flow [2] Group 3: Expansion Plans - The company is developing two coking coal mines, Yong'an and Wei Yi, with annual production capacities of 1.2 million tons and 900,000 tons respectively, both expected to reach full production by 2026 [3] - The company announced a strategic investment to acquire 51% of South Africa's MC Mining, focusing on the development of the Makhado open-pit coal mine, which is expected to start production by the end of 2025 [3] Group 4: Non-Coal Mining Ventures - A subsidiary, Metal Mining, signed an agreement for a large-scale ilmenite mining project in Sierra Leone, with an expected gross profit increase of approximately RMB 330 million from the first phase and an additional RMB 230 million from the second phase [4] Group 5: Financial Performance and Dividends - The company has shown stable operational improvement, reducing its debt-to-asset ratio from 68% in 2013 to a low of 24% in 2021, and has been paying regular dividends since 2017 [5] - For 2024, the company plans to distribute a total dividend rate of 56.6%, with a declared dividend of HKD 0.085 per share for 2025, yielding a dividend rate of 4.8% based on the closing price on February 6 [5]

国信证券股份有限公司 2026 年面向专业投资者公开发行 永续次级债券（第一期）在深圳证券交易所上市的公告 根据深圳证券交易所债券上市的有关规定，国信证券股份有限公司 2026 年 面向专业投资者公开发行永续次级债券（第一期）符合深圳证券交易所债券上市 条件，将于 2026 年 2 月 11 日起在深圳证券交易所上市，并面向专业投资者中的 机构投资者交易，交易方式包括匹配成交、点击成交、询价成交、竞买成交和协 商成交。债券相关要素如下： | 债券名称 | 国信证券股份有限公司 2026 年面向专业投资者公开发行永续次级 | | --- | --- | | | 债券（第一期） | | 债券简称 | 国证 26 Y1 | | 债券代码 | 524660 | | 信用评级 | AAA/AAA | | 评级机构 | 联合资信评估股份有限公司 | | 发行总额（亿元） | 40 | | 债券期限 | 本期债券以每 5 个计息年度为 1 个重定价周期。在每个重定价周期 末，发行人有权选择将本期债券期限延长 个重定价周期（即延续 1 | | | 5 年），或全额兑付本期债券 | | 票面年利率（％） | 2.33 | | ...

Core Viewpoint - Guosen Securities projects that Strength Development (01277) will achieve net profits attributable to shareholders of RMB 1.31 billion, 1.70 billion, and 2.02 billion for the years 2025-2027, with corresponding PE ratios of 10.6, 8.2, and 6.9, respectively. The reasonable valuation range for the company is estimated to be between RMB 1.8 and 2.0, equivalent to HKD 2.03 to 2.26, indicating a premium of 15%-28% compared to the closing price on February 6 [1] Group 1 - The company is a high-quality private comprehensive coal enterprise, listed in Hong Kong since March 2012, with the controlling shareholder Zhang Liang holding 62.96% of the shares as of June 30, 2025. The company is transitioning from a single thermal coal producer to a full coal variety producer, with coal business revenue and gross profit expected to account for approximately 95% and 102% in 2024, respectively [2] - The Dafenpu coal mine, the company's only main mine since its production began in 2012, has an annual capacity of 6.5 million tons and is expected to have a resource volume of approximately 360 million tons and reserves of about 160 million tons by the end of 2024. The mine produces high-quality, low-sulfur, and high-ash melting point environmental coal, which commands a higher price and has a low extraction cost due to its high safety and efficiency [3] Group 2 - The company is expanding its coal business in terms of both product variety and regional reach. It has two coal mines under construction: Yong'an Coal Mine, with an annual output of 1.2 million tons and expected to reach full production by 2026, and Wei Yi Coal Mine, with an annual output of 900,000 tons, expected to reach full production in the first half of 2027. Additionally, the company announced an investment to acquire 51% of South Africa's MC Mining to develop the Macado open-pit coal mine, which is expected to start production by the end of 2025 [4] - The company's wholly-owned subsidiary, Metal Mining, signed an agreement for a large-scale ilmenite mining project in Sierra Leone, with an expected annual output of 280,000 tons in the first phase and an additional 200,000 tons in the second phase. The project is anticipated to contribute approximately RMB 330 million in gross profit from the first phase and an additional RMB 230 million from the second phase [5] Group 3 - The company has shown steady operational improvement since its listing, with the debt-to-asset ratio decreasing from 68% in 2013 to a low of 24% in 2021. Since 2017, the company has implemented regular dividends, with a total dividend rate of 56.6% expected in 2024, including multiple special dividends. For 2025, the company has declared a total dividend of HKD 0.085 per share, corresponding to a dividend yield of 4.8% based on the closing price on February 6 [6]