该行认为美国市场的成功开拓利于蜜雪巩固国际认知，同时有效推动其他国家拓展，2025年11月中旬蜜 雪开放海外加盟专属通道，开放海外16个国家与地区招商业务;其中：1)东南亚地区为蜜雪核心加密开 店区域，以越南为例，冷饮刚需性强且品牌连锁化率提升空间大，蜜雪加盟门店总费用约10亿越南盾即 26.5万元人民币，凭借本地供应链仓配与标准化加盟支持体系，叠加统一品牌输出，具备稳定品质与高 效管理优势。2)日韩、澳洲、南美等均为潜在市场，2025年5月蜜雪与巴西签署40亿咖啡豆等采购订 单，且预计启动供应链工厂建设;首店将于2026年3月开在圣保罗购物中心。 西部证券（002673）发布研报称，上调蜜雪集团(02097)至"买入"评级。主品牌海外市场开拓预计超预 期。幸运咖加速开店释放规模优势。该行看好公司极致性价比背后的供应链与门店运营能力，且品牌效 应持续释放，上调公司盈利预测，预计25-27年归母净利润分别为61/70/81亿元，目前股价对应公司PE 为25/22/19X。 西部证券主要观点如下： 蜜雪海外加速开拓，门店表现超预期 2025年12月蜜雪冰城在美国连开3家门店，进入洛杉矶和纽约两座核心城市。菜单设置 ...

Core Viewpoint - Western Securities upgraded the rating of Mixue Group (02097) to "Buy," anticipating that the company's overseas market expansion will exceed expectations and that Lucky Coffee's rapid store openings will leverage scale advantages [1] Group 1: Overseas Market Expansion - Mixue is accelerating its overseas expansion, with store performance exceeding expectations. In December 2025, Mixue opened three stores in the U.S., entering key cities like Los Angeles and New York [1] - The U.S. stores feature additional high-sweetness options and plant-based milk, catering to local dietary preferences and enhancing repurchase rates. Prices for main products are controlled between $1.99 and $3.99, with a maximum of $5 [1] - Increased marketing efforts are being made to strengthen brand recognition, including advertising in core business districts and enhanced social media exposure [1] Group 2: International Recognition and Franchise Opportunities - Successful expansion in the U.S. market will help Mixue solidify its international recognition and facilitate expansion into other countries. In mid-November 2025, Mixue will open a dedicated overseas franchise channel for 16 countries and regions [2] - Southeast Asia is identified as a key area for store openings, with Vietnam showing strong demand for cold beverages and significant potential for brand chain development. The total cost for a franchise store in Vietnam is approximately 10 billion VND, equivalent to 265,000 RMB [2] - Other potential markets include Japan, South Korea, Australia, and South America. In May 2025, Mixue signed a procurement order for 4 billion coffee beans with Brazil, with plans to start building a supply chain factory [2] Group 3: Lucky Coffee's Growth - Lucky Coffee has surpassed 10,000 stores as of December 2025 and has announced flagship store franchise standards, targeting core business districts in first-tier or provincial capital cities [3] - The flagship stores will offer a variety of products, including regular and specialty drinks, ice cream, desserts, and brand-related items, with store sizes exceeding 100 square meters to create a large store image [3] - The second growth curve for Lucky Coffee continues to gain momentum [3]

Core Viewpoint - The company has received approval from the China Securities Regulatory Commission to publicly issue corporate bonds totaling up to 18 billion yuan to professional investors [1]. Group 1 - The company is authorized to issue corporate bonds with a total face value not exceeding 18 billion yuan [1]. - The issuance of the corporate bonds must strictly follow the prospectus submitted to the Shenzhen Stock Exchange [2]. - The approval is valid for 24 months from the date of registration, allowing the company to issue the bonds in tranches during this period [3]. Group 2 - The company is required to report any significant events that occur from the date of registration until the completion of the bond issuance [3]. - The company will comply with relevant laws and regulations, as well as the requirements outlined in the approval document and the authorization from the shareholders' meeting [3]. - The company will fulfill its information disclosure obligations in a timely manner regarding the bond issuance [3].

Group 1 - The core point of the article is that Western Securities has received approval from the China Securities Regulatory Commission (CSRC) to publicly issue corporate bonds totaling up to 18 billion yuan [1][2] - On January 26, 2026, Western Securities closed at 8.16 yuan, with an increase of 0.62% and a turnover rate of 1.08% [1] - The trading volume on January 26 was 482,700 shares, with a total transaction amount of 393 million yuan [1] Group 2 - On January 26, there was a net inflow of 57.87 million yuan from main funds, indicating significant accumulation [2] - Retail investors experienced a net outflow of 39.96 million yuan, while speculative funds had a net outflow of 17.91 million yuan [1][2] - The bond issuance approval is valid for 24 months from the date of approval, allowing the company to issue in tranches during this period [1]

Core Viewpoint - Western Securities has received approval from the China Securities Regulatory Commission to publicly issue corporate bonds totaling up to 18 billion yuan, which is valid for 24 months from the date of approval [1]. Group 1: Stock Performance - As of January 26, 2026, Western Securities closed at 8.16 yuan, up 0.62% from the previous trading day, with a total market capitalization of 36.472 billion yuan [1]. - The stock opened at 8.11 yuan, reached a high of 8.20 yuan, and a low of 8.08 yuan, with a trading volume of 393 million yuan and a turnover rate of 1.08% [1]. Group 2: Bond Issuance - The company is authorized to issue bonds with a total face value not exceeding 18 billion yuan, which can be issued in tranches during the registration validity period [1]. - The bond issuance must comply with the prospectus submitted to the Shenzhen Stock Exchange, and the company is required to report any significant events that occur before the issuance [1]. - The company will handle the issuance in accordance with legal regulations, approval documents, and shareholder authorization, while fulfilling its information disclosure obligations [1].

Group 1: Profit Forecasts - Shenling Environment expects a net profit of 205 million to 246 million yuan for 2025, representing a year-on-year increase of 77.39% to 112.87% [1] - Meinuohua anticipates a net profit of 100 million to 123 million yuan for 2025, an increase of 49.69% to 84.11% compared to the previous year [2] - Suotong Development forecasts a net profit of 730 million to 850 million yuan for 2025, reflecting a year-on-year increase of 167.98% to 212.03% [3] - Aikelan projects a net profit of 75 million to 100 million yuan for 2025, indicating a growth of 50.37% to 100.49% [3] - Hengyu Environmental expects a net profit of approximately 35.56 million yuan for 2025, a year-on-year increase of about 104.14% [4] - Yixin Tang anticipates a net profit of 260 million to 330 million yuan for 2025, representing a growth of 127.79% to 189.12% [6] - Yinlong Co. expects a net profit increase of 40% to 60%, projecting 331 million to 379 million yuan for 2025 [12] - Beite Technology forecasts a net profit of 11.5 million to 12.5 million yuan for 2025, reflecting a year-on-year increase of 60.98% to 74.98% [14] - Ha Li Co. anticipates a net profit of 65 million to 78 million yuan for 2025, representing a growth of 92% to 130% [33] - Ji Xin Technology expects a net profit of 115 million to 169 million yuan for 2025, indicating an increase of 277.15% to 454.09% [48] Group 2: Loss Forecasts - Chip Source Micro anticipates a net profit decrease of 62.53% to 74.36%, projecting 52 million to 76 million yuan for 2025 [8] - Lanhua Ketech expects a net loss of 440 million to 550 million yuan for 2025, indicating a shift from profit to loss compared to the previous year [13] - *ST Tianshan forecasts a net loss of 16 million to 23 million yuan for 2025, potentially triggering financial delisting [18] - Pingao Co. anticipates a net loss of 54 million to 44 million yuan for 2025, although this represents a narrowing of losses compared to the previous year [19] - Jianglong Boat expects a net loss of 90 million to 120 million yuan for 2025, a significant decline from the previous year's profit of 11.25 million yuan [20] - Li Guo Chemical anticipates a net loss of 410 million to 480 million yuan for 2025 [21] - Weichuan Technology expects a net loss of 110 million to 140 million yuan for 2025, although this reflects a narrowing of losses compared to the previous year [42] Group 3: Other Notable Announcements - Wan Tai Bio's bivalent HPV vaccine passed the WHO PQ periodic review, aiding its international market expansion [7] - Xian Da Co. received a supplier designation from a well-known international automotive manufacturer [47] - Heng Rui Pharmaceutical received clinical trial approval for its SHR-1049 injection, an innovative anti-tumor drug [15] - Qian Jin Pharmaceutical's subsidiary obtained a drug registration certificate for aluminum magnesium carbonate chewable tablets [16] - New Nuo Wei's subsidiary SYS6090 injection received clinical trial approval, targeting advanced solid tumors [36]

Core Insights - The article discusses the recent financial performance of a leading technology company, highlighting a significant increase in revenue and net income for the last quarter [1] Financial Performance - The company reported a revenue of $15 billion for the last quarter, representing a 20% increase year-over-year [1] - Net income reached $3 billion, which is a 25% increase compared to the same period last year [1] - Earnings per share (EPS) rose to $1.50, up from $1.20 in the previous year [1] Market Position - The company has strengthened its market position, capturing an additional 5% market share in the technology sector [1] - The growth is attributed to increased demand for its cloud services and software solutions [1] Future Outlook - Analysts project continued growth, with expected revenue growth of 15% for the next quarter [1] - The company plans to invest $2 billion in research and development to enhance its product offerings [1]

西部证券股份有限公司 关于向专业投资者公开发行公司债券 证券代码：002673 证券简称：西部证券 公告编号：2026-006 四、自同意注册之日起至本次公司债券发行结束前，公司如发生 重大事项，应及时报告并按有关规定处理。 公司将严格按照有关法律法规和上述批复文件的要求及公司股 东会的授权，办理本次公司债券发行的相关事宜，并及时履行信息披 露义务。 特此公告。 西部证券股份有限公司董事会 2026 年 1 月 26 日 获得中国证券监督管理委员会同意注册批复的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 西部证券股份有限公司（以下简称"公司"）于近日收到中国证 券监督管理委员会出具的《关于同意西部证券股份有限公司向专业投 资者公开发行公司债券注册的批复》（证监许可〔2026〕123 号）， 批复内容如下： 一、同意公司向专业投资者公开发行面值总额不超过 180 亿元公 司债券的注册申请。 二、本次发行公司债券应严格按照报送深圳证券交易所的募集说 明书进行。 三、本批复自同意注册之日起 24 个月内有效，公司在注册有效 期内可以分期发行公司债券。 ...

西部证券公告称，近日收到证监会《关于同意西部证券股份有限公司向专业投资者公开发行公司债券注 册的批复》，同意公司向专业投资者公开发行面值总额不超180亿元公司债券的注册申请。本次发行应 按报送深交所的募集说明书进行，批复自同意注册之日起24个月内有效，可分期发行。发行结束前若发 生重大事项，应及时报告处理。 ...

1月26日午后，食品饮料板块上扬，贵州茅台股价翻红，截至14点10分，贵州茅台涨超1%。此前，或受 指数基金大额流出、卖出权重股，以及批价疲弱的影响，贵州茅台自1月13日以来"9连跌"，累计跌超 6%。 基本面上，截至1月26日，已有5家白酒上市公司披露2025年业绩预告，行业整体承压明显。其中，洋河 股份、口子窖、水井坊的归母净利润同比最大降幅均超过60%；金种子酒、*ST岩石则预计将继续处于 亏损状态。 多家公司在公告中坦言，当前白酒行业处于深度调整期，行业竞争格局发生深刻变革，存量竞争博弈加 剧，导致2025年行业持续低迷。 但也有机构在困境中看到了"机遇"。西部证券曹柳龙指出：当前公募基金持仓白酒已经低于第二轮 （2009年）和第四轮（2019年）白酒周期启动时的仓位，筹码出清，新一轮周期启动的筹码条件已基本 满足。 华创证券董广阳、欧阳予团队认为：2026年全年看，酒企从被动应对进入主动调整，机会在于茅台批价 回落并企稳之后，预期筑底企稳，越往年中越明朗，仓位加起来更确定。 投资工具方面，普通个人投资者可以通过行业主题ETF把握贝塔机会，如食品饮料ETF （515170.SH），相比纯酒类ETF，更 ...