Investment Rating - The report maintains an "Outperform" rating for the non-bank financial sector [5][4]. Core Insights - The report emphasizes that the intervention of stabilization funds has become a normalized and institutionalized mechanism in capital markets, which requires institutional investors to adapt their asset allocation strategies to include policy variables for long-term considerations [2][11]. - The shift from direct intervention in individual stocks to a focus on broad-based ETFs represents a strategic evolution aimed at maintaining market stability while minimizing distortions in price signals [3][52]. - The report highlights that the actions of the "national team" in stabilizing the market have led to a gradual formation of a "slow bull" market, improving the operating environment for non-bank financial sectors and enhancing long-term valuations for brokerages and insurance companies [3][12]. Summary by Sections Overseas Perspective - Stabilization funds are viewed as essential stabilizing forces in capital markets, with examples from Japan and the U.S. demonstrating their long-term operational roles rather than short-term emergency measures [2][11]. - Japan's central bank has become a major player in market interventions, with its ETF holdings reaching approximately 37 trillion yen by the end of 2025, indicating a shift to a normalized intervention strategy [14][20]. Domestic Practice - Since 2023, the central financial institutions in China have optimized their strategies by focusing on increasing holdings in broad-based ETFs like the CSI 300 and SSE 50, which has effectively reduced irrational market volatility and guided investors towards core market assets [3][12]. - The report notes that this transition from precise stock interventions to macro-guided asset combinations has laid a solid foundation for a long-term value return in the market [3][12]. Key Company Earnings Forecasts - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for several companies, all rated as "Outperform": - China Ping An: EPS 7.87 (2025E), PE 8.56 (2025E) [4] - China Life: EPS 6.07 (2025E), PE 8.02 (2025E) [4] - China Pacific Insurance: EPS 5.40 (2025E), PE 8.28 (2025E) [4] - CITIC Securities: EPS 2.21 (2025E), PE 12.83 (2025E) [4] - Guotai Junan: EPS 1.53 (2025E), PE 13.08 (2025E) [4] - Industrial Securities: EPS 0.39 (2025E), PE 17.69 (2025E) [4] - Dongfang Securities: EPS 0.69 (2025E), PE 14.84 (2025E) [4]

A股券商两融业务迎来"开门红"。 市场活跃度提升与政策逆周期调节同步推进，推动两融余额攀升至历史高位，机构普遍看好券商业绩因 此获得提振。 中信建投（601066）研报表示，2025年上市券商净利润普遍实现高增，主要受益于日均成交额同比提升 及两融余额维持高位，多家券商净利增幅超70%；与此同时，降准降息与中长期资金入市方案落地，分 类评价优化打开优质券商资本空间，并购重组成效显著。宏观层面经济圆满实现5%增长目标，资本市 场活跃度创十年新高，为业绩提供坚实支撑。当前板块PB估值仅1.36倍，处于历史中等分位，业绩改善 与政策红利有望驱动估值中枢上移。 中资券商相关概念港股： 华泰证券（601688）(06886)、广发证券（000776）(01776)、中国银河（601881）(06881)、国泰海通 (02611)、中金公司（601995）(03908)、中信证券（06030）、中信建投证券(06066)、东方证券 （600958）(03958)、光大证券（601788）(06178)、申万宏源（000166）(06806)、中州证券(01375)、国 联民生(01456)等。 最新数据显示，2026年1 ...

Group 1 - The core viewpoint of the articles highlights the strong performance of A-share brokerage firms in their margin financing and securities lending (two-in-one) business, with a significant increase in new accounts and profitability forecasts for 2025 [1][2] - In January 2026, the number of new margin financing accounts reached 190,500, representing a month-on-month growth of 29.5% and a year-on-year increase of 157% [1] - Major brokerages like CITIC Securities and Guotai Junan are expected to maintain their market leadership, with CITIC Securities forecasting a net profit exceeding 30 billion yuan for 2025, while Guotai Haitong anticipates a net profit growth rate of over 100% [1] Group 2 - The brokerage sector's performance is driven by robust growth in brokerage and proprietary trading businesses, with smaller firms like Guolian Minsheng expected to see net profit growth exceeding 400% in 2025 [1] - The overall market activity is supported by policy measures aimed at counter-cyclical adjustments, leading to a historical high in margin financing balances, which is expected to boost brokerage performance [1][2] - The average daily trading volume and high margin financing balances are key factors contributing to the projected high net profit growth for listed brokerages, with many firms expecting profit increases exceeding 70% [2] Group 3 - Related Hong Kong-listed brokerage firms include Huatai Securities, GF Securities, China Galaxy, Guotai Haitong, CICC, CITIC Securities, and others [3]

据《中国经营报》记者了解，由于2025年人民币汇率出现单边走势，企业"持汇观望"的态度扭转，结汇 意愿有所增强。目前，企业对于金融机构套期保值的需求大幅增长，不少银行也加大了相关产品和服务 的推广。 汇兑损失惨重 作为深圳一家外贸出口企业的负责人，王蒙（化名）最后悔的事情就是企业2025年的货款没有及时结 汇，这直接导致企业汇兑损失超过50万元。 "2025年7月，人民币兑美元汇率迎来了一波上涨行情，由7.15一路上涨至7附近。受此影响，企业账上 的美元货款总计缩水了50多万元，相当于全年的利润都填到汇兑损失上了。"王蒙表示。 他告诉记者，由于国际市场需求减弱，出口企业的整体利润在逐步下滑。"我们企业主要是做小商品加 工出口，利润率在5%左右。" "进入2026年之后，人民币汇率升值趋势没有出现变化。我们确实对未来汇率变化比较担忧，而企业运 营也需要人民币资金，所以对持有的部分美元进行了结汇。"王蒙称，在当前的市场形势下，企业会选 择减少美元持有量。 东方证券（600958.SH）的研究报告显示，由于人民币持续升值，2025年12月企业向商业银行结汇意愿 确有增加。2025年12月，银行代客结售汇轧差达999 ...

资产配置 | 定期报告 关注 A 股结构性行情，关注 CTA 及黄金/资 配策略指数相关衍生品 202602 银行客户资产配置月报 理财观察 1 月理财表现较好 ⚫ 1 月银行理财收益整体较好，商品及衍生品类/权益类理财产品领涨且涨幅较快，混 合类理财产品涨幅较快。规模方面，混合类产品存续规模月变化处于过去一年 93% 分位。商品及衍生品类/权益类理财产品存续规模略有回落。 资产观点 A 股关注风格切换，黄金短期谨慎中期看好 模型建议 加仓 A 股/美股 策略建议 以对冲配置思路应对美股/黄金"畏高" 报告发布日期 2026 年 02 月 05 日 | 郑月灵 | 执业证书编号：S0860525120003 | | --- | --- | | | zhengyueling@orientsec.com.cn | | | 021-63326320 | | 周仕盈 | 执业证书编号：S0860125060012 | | | zhoushiying@orientsec.com.cn | | | 021-63326320 | | 董翱翔 | 执业证书编号：S0860125030016 | | | dongaoxiang ...

涨价对大盘销量无明显影响，但能促进格局集中 除了本轮大宗上行外，过去10年还经历了2轮原材料上涨周期，分别为供给侧改革驱动(2016-2017)和疫 情后的流动性与供应链短缺(2020-2021)。复盘每轮原材料大幅上涨后，家电企业都会采取一定的提价动 作，且基本为龙头企业带头提价。提价和后续大盘销量并无明显关系，即提价并未明显影响家电板块销 量，板块销售更多还是受到地产政策、更新替换周期和外部补贴政策(如以旧换新)三重因素影响。但每 轮提价动作后，行业格局呈现出集中趋势。如2020-2021年铜价(其他大宗类似)价格上行后，空调/冰箱 终端销售均价同比提升均超过10%，提价后空调在21年6月~22年2月显示出CR3市占率持续提升趋势;冰 箱也在21年9月~22年1月CR3市占率提升明显。龙头企业格局更稳固，产品定位也多为中高端，价格向 下游传导也更为顺畅。 智通财经APP获悉，东方证券发布研报称，家电企业陆续宣布涨价，将原材料成本向下游传导。龙头企 业格局更稳固，产品定位也多为中高端，价格向下游传导也更为顺畅。该行判断定位中高端用户的细分 赛道(如3D打印、AI眼镜)存在加速渗透机会。该行推荐经营稳健的龙头 ...

Group 1 - Everbright Securities maintains a "Buy" rating for Baidu Group-SW, citing short-term pressure on advertising but stabilization trends, with AI cloud growth logic remaining intact [1] - China Hongqiao's target price raised to HKD 45 by CMB International, driven by a persistent global aluminum supply-demand gap until 2026-27, leading to a 27% and 12% upward revision in profit forecasts [1] - CMB International initiates a "Buy" rating for Innovation Industry with a target price of HKD 32, highlighting significant cost advantages from renewable energy and a clear growth path through overseas aluminum projects [1] Group 2 - Huatai Securities lowers the target price for Ausnutria to HKD 2.11 while maintaining an "Add" rating, noting ongoing pressure from declining newborn population impacting domestic infant formula sales, but strong overseas performance [2] - Dongfang Securities maintains a "Buy" rating for Geely Automobile with a target price of HKD 23.37, reporting a 121% year-on-year increase in January export sales and a 99.7% growth in the Zeekr brand [3] - Dongfang Securities also maintains a "Buy" rating for Kuaishou-W with a target price of HKD 104.36, highlighting a 112% month-on-month increase in AI overseas revenue and ongoing technological advancements [3] Group 3 - CITIC Construction maintains a "Buy" rating for Laopu Gold, noting a pre-Spring Festival buying spree and strong brand expansion, with Q1 gross margin expected to approach 40% [4] - Kaiyuan Securities initiates a "Buy" rating for Leshu Comfort, emphasizing its leading market share in Africa for baby diapers and sanitary napkins, supported by localized production and distribution channels [5] - GF Securities maintains a "Buy" rating for Meituan-W, indicating a stabilization in food delivery competition and a solid market position, with profitability expected to improve by 2026 [6] - Guoyuan International Securities maintains a "Buy" rating for Q Technology with a target price of HKD 12.89, noting a 27.2% year-on-year increase in camera module prices and a growing revenue share from non-mobile sectors [7]

Core Viewpoint - Dongfang Securities predicts Geely Automobile's net profit attributable to shareholders for 2025-2027 to be 17.041 billion, 20.604 billion, and 24.318 billion yuan respectively, maintaining a target price of 20.79 yuan (23.37 HKD) and a "buy" rating [1] Group 1: Sales Performance - In January, Geely Automobile's total sales reached 270,200 units, a year-on-year increase of 1.3%, slightly better than industry expectations [2] - The overall automotive market in January was affected by policy transitions, with a retail market scale of approximately 1.8 million units, a 0.3% year-on-year increase [2] Group 2: Product Strategy and Export Growth - Geely's "oil-electric dual drive" strategy showed significant results in January, with brand sales of 217,400 units, a month-on-month increase of 25.8% [3] - New energy vehicle sales reached 124,300 units, a year-on-year increase of 2.6%, while fuel vehicle sales were 145,900 units, a year-on-year increase of 0.2% [3] - Exports in January totaled 60,500 units, a year-on-year increase of 121.2%, indicating successful overseas expansion [3] Group 3: High-end Brand Development - Zeekr brand sales reached 23,900 units, a year-on-year increase of 99.7%, indicating successful high-end positioning [4] - The upcoming Zeekr 8X model aims to cover the full-size high-end SUV market, showcasing the brand's commitment to high-end development [4] - The launch of the WAM world behavior model and the new generation G-ASD at CES 2026 highlights Geely's advancements in AI and autonomous driving technology [4]

Core Viewpoint - Geely Automobile is expected to achieve net profits of 17.041 billion, 20.604 billion, and 24.318 billion RMB for the years 2025 to 2027, maintaining a target price of 20.79 RMB and 23.37 HKD, with a "Buy" rating maintained [1] Group 1: Sales Performance - In January, Geely's total sales reached 270,200 units, a year-on-year increase of 1.3%, slightly outperforming industry expectations [1] - The overall retail market for narrow passenger vehicles in January is estimated at approximately 1.8 million units, with a year-on-year growth of 0.3%, while the retail of new energy passenger vehicles is expected to be around 800,000 units, growing approximately 7.5% [1] Group 2: Strategic Developments - Geely's brand sales in January reached 217,400 units, with a month-on-month increase of 25.8%, driven by the "oil-electric dual" strategy [2] - New energy vehicle sales in January were 124,300 units, a year-on-year increase of 2.6%, while fuel vehicle sales were 145,900 units, a year-on-year increase of 0.2% and a month-on-month increase of 76.8% [2] - Geely's exports in January reached 60,500 units, a year-on-year increase of 121.2% and a month-on-month increase of 50.1%, indicating successful overseas expansion [2] Group 3: Brand Performance - The Zeekr brand achieved sales of 23,900 units in January, a year-on-year increase of 99.7%, while Lynk & Co. sold 28,900 units [3] - The Zeekr 9X has become the sales champion in the large SUV segment, while the Zeekr 009 has been the sales champion in the MPV segment for two consecutive years [3] - The upcoming Zeekr 8X aims to cover the full-size high-end SUV market and is expected to feature advanced technology [3]

东方证券发布研报称，预测快手-W(01024)25-27年经调整归母净利润为204/225/259亿元。维持此前给予 公司26年18xPE估值，对应合理价值为4,048亿CNY，折合4,542亿HKD（港币兑人民币汇率0.891），目 标价104.36港元/股，维持"买入"评级。 东方证券主要观点如下： 目前数据意义在于整体稳在更高水位后，从1月初主要在低ARPU地区流量扩圈（如东南亚、中亚等） →高付费能力地区收入震荡爬升，预期后者对可灵ARR提升作用更大。此外新一代可灵3.0版本内测 中，统一架构下工作流衔接性更好，且区别于竞品的迭代在于原生文本输出，预计进一步推进技术前沿 水平。产品层面更侧重于专业创作各环节提效，若年前能全量使用，有望延续1月产品热度，带动需求 释放。 1月产品出圈后，目前DAU保持较高水位 可灵3.0版本正处于内测中，部分评测提示或有的迭代包括：（1）可灵3.0是基于统一多模态底座训练， 支持文/图生视频、参考生视频、视频编辑一体化，生成视频时长可在3~15秒灵活控制，并且音频输出 更原生融合，真实感更好；（2）智能分镜，具备多镜头的storyboard工作流，镜头控制更精细；（3） ...