每经AI快讯，港股中资券商股普遍上扬，截至发稿，中国银河(06881.HK)涨4.49%，报10.94港元；光大 证券(06178.HK)涨3.4%，报9.13港元；招商证券(06099.HK)涨3.41%，报15.15港元；中信证券 (06030.HK)涨3.1%，报29.9港元。 ...

Core Viewpoint - Chinese brokerage stocks have generally risen, with several firms reporting positive earnings forecasts, indicating a strong performance outlook for the sector [1] Group 1: Stock Performance - As of the report, China Galaxy (601881) increased by 4.49% to HKD 10.94, Everbright Securities (601788) rose by 3.4% to HKD 9.13, China Merchants Securities (600999) gained 3.41% to HKD 15.15, and CITIC Securities (600030) went up by 3.1% to HKD 29.9 [1] Group 2: Earnings Forecast - Data shows that as of January 28, 21 brokerage firms that have disclosed earnings forecasts or preliminary reports expect a total net profit of CNY 107.58 billion, representing a year-on-year increase of nearly 60% [1] - Shenwan Hongyuan believes that the active trading environment and the recovery of investment banking and public asset management businesses confirm the high growth trend in brokerage earnings for 2025 [1] Group 3: Future Opportunities - By 2026, wealth management and international business are expected to provide opportunities for brokerages, while mergers and acquisitions will optimize competitive behavior and improve resource allocation efficiency [1] - Demand for derivative products is anticipated to unlock the leverage ceiling for brokerages [1]

消息面上，近日，多家上市券商业绩预喜。有数据显示，截至1月28日，已披露业绩预告或快报的21家 券商，预计净利润总额达1075.87亿元，同比增幅近六成。申万宏源认为，在交投活跃度提升和投行、 公募资管业务底部复苏背景下，券商25年业绩高增态势得到确认。2026年，财富管理、国际业务给券商 发挥功能性带来机遇，并购重组优化券商竞争行为&提高资源配置效率，衍生品等客需业务打开券商杠 杆天花板。 智通财经APP获悉，中资券商股普遍上扬，截至发稿，中国银河(06881)涨4.49%，报10.94港元；光大证 券(06178)涨3.4%，报9.13港元；招商证券(06099)涨3.41%，报15.15港元；中信证券(06030)涨3.1%，报 29.9港元。 ...

Core Viewpoint - The insurance industry is experiencing an innovative trend of "cross-industry collaboration," with various sectors such as securities firms and telecommunications companies entering the insurance market, leading to a multi-channel integration of insurance sales [2][5][10]. Group 1: Cross-Industry Participation - Major securities firms have launched "insurance sections" in their official apps, with one leading firm offering 18 insurance products, including 13 dividend-type products [3]. - China Mobile has begun selling insurance products in its offline stores, integrating insurance sales with telecommunications services [3][10]. - Other capital players, such as Yuexiu Group and Midea Group, are also making significant investments in the insurance sector through acquisitions [3][5]. Group 2: Market Dynamics and Consumer Behavior - The entry of cross-industry players is reshaping traditional insurance sales channels, which have historically relied on individual agents, bank insurance, and brokerage channels [6][7]. - The insurance market is witnessing a shift, with the bank insurance channel surpassing individual insurance channels in new premium scale for the first time in 14 years, while individual channels have seen a 16.6% decline [6]. - Consumers are finding it easier to purchase insurance but are increasingly concerned about making the right choices, as the integration of insurance into daily life may lead to oversimplified decision-making [11][12]. Group 3: Implications for Traditional Channels - The emergence of cross-industry channels is expected to challenge traditional agents and brokers, particularly in the distribution of standardized insurance products [7][10]. - Experts suggest that while cross-industry platforms may dominate simple insurance products, the value of professional agents will become more pronounced in complex risk management and long-term service [7][13]. - The market may evolve into a structure where cross-industry channels focus on lower-end products for younger demographics, while traditional channels cater to high-net-worth clients with complex needs [7][10]. Group 4: Regulatory and Strategic Considerations - The regulatory environment is evolving to support the expansion of insurance sales by securities firms, with new guidelines set to take effect in February 2026 [9]. - The push for cross-industry collaboration is driven by the need for traditional firms to diversify revenue streams amid declining income, with insurance sales seen as a key strategy for wealth management [9][10]. - The integration of insurance into telecommunications and financial services is viewed as a strategic move to create new growth avenues in a saturated market [10][13].

钨是数控刀具核心原材料，2025年以来，钨精矿价格持续走高，对刀具公司的影响有明显分化，头部企 业凭借调价、库存等优势实现业绩增长，而中小公司则面临成本压力甚至减产停工。头部企业资金实力 更雄厚，提前储备了原材料库存，钨价上涨带来的顺价存在时滞性，这些低价库存让企业在成本端形成 明显优势，其利润空间会随着产品提价进一步扩大。 智通财经APP获悉，招商证券发布研报称，2025年以来，钨精矿价格持续走高，中小公司则面临成本压 力甚至减产停工，日韩企业普遍缺乏钨资源供应保障，而国产头部企业凭借调价、库存等优势实现业绩 增长，后续需求或将集中转向仍有强大接单和供货能力的国内头部企业。刀具行业过去格局分散，价格 竞争激烈，在钨价影响下，正迎来格局重塑的历史性机遇，重点推荐关注。 招商证券主要观点如下： 刀具是机加工耗材，随着制造业发展，需求端平稳增长 QY Research数据显示，2024年全球切削刀具市场销售额达到了286.5亿美元，预计2027年市场规模将为 338.5亿美元。根据观研天下整理的数据，我国刀具行业市场规模从2019年的393亿元增长至2023年的 538亿元。 钨价持续上涨，提前备库+顺价形成利润 ...

证券保险ETF鹏华紧密跟踪中证800证券保险指数，中证800证券保险指数是在中证800指数的基础上， 选择证券保险行业内对应的证券作为指数样本，为投资者提供更多样化的投资标的。 数据显示，截至2025年12月31日，中证800证券保险指数(399966)前十大权重股分别为中国平安、东方 财富、中信证券、国泰海通、中国太保、华泰证券、中国人寿、广发证券、招商证券、新华保险，前十 大权重股合计占比64.71%。 消息面上，分红险已成为银行客户经理推荐的主力产品。业内人士表示，2026年开年以来，头部保险公 司的主打产品均已切换为分红险。这类产品采用"保证收益+浮动分红"的模式，既能降低保险公司的刚 性负债成本，又能为投保人提供获得更高收益率的可能性。 华创证券表示，分红险持续深化带动结构改善，银保渠道网点拓张赋能新单增长，"报行合一"细化有望 持续贡献价值率增量，预计2026年上市险企合计新业务价值增速或在15%+的水平。 截至2026年1月29日 13:50，中证800证券保险指数(399966)强势上涨1.25%，成分股华林证券上涨 4.79%，中国太保上涨4.35%，中国平安上涨3.69%，新华保险，中国人 ...

（责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 招商证券发表研报，首予鸣鸣很忙"强烈推荐"评级。该行指，鸣鸣很忙为国内量贩零食龙头，公司 旗下包含零食很忙及赵一鸣零食两大品牌。截至2025年11月30日，公司总门店数约2.1万间，去年首三 季GMV、收入及经调整净利润分别达661亿、464亿及18.1亿元，增长73%、75%及241%。该行认为， 量贩零食渠道效率大幅领先，预计公司将持续提升渗透率并保持快速开店节奏。目前行业份额加速向龙 头集中，公司的团队优质，供应链、仓配、拓展、品牌等多方面均领先，行业规模效应下预计强者恒 强，公司份额进一步提升，利润逐步释放。 ...

Core Viewpoint - The report from China Merchants Securities initiates coverage on Mingming Hen Mang (01768) with a "strong buy" rating, highlighting the company's leading position in the snack retail sector and projecting continued industry growth, with expected adjusted net profits of 2.52 billion, 3.39 billion, and 4.37 billion for 2025, 2026, and 2027 respectively [1] Group 1: Company Overview - The company is a leader in the domestic snack retail market, operating two major brands: "Hen Mang" and "Zhao Yiming Snacks," with the former founded in 2017 and rebranded as Mingming Hen Mang Group in 2023 [2] - The ownership structure is stable, with the two founders holding approximately 36% and 29% of shares, while other investors hold smaller stakes [2] - As of November 30, 2025, the company has 21,041 stores, with a GMV of 66.1 billion (+73%) and revenue of 46.4 billion (+75%) for the first three quarters of 2025, alongside an adjusted net profit of 1.81 billion (+241%) [2] Group 2: Industry Dynamics - The leisure food and beverage industry is valued at approximately 4 trillion, with the broader snack category around 1.8 trillion; traditional retail channels are declining while efficient snack retail channels are gaining market share [3] - The snack retail market is projected to reach 129.7 billion by 2024, with a CAGR of 77.9% from 2019 to 2024; the company has significant growth potential with an estimated long-term opening space of 80,000 to 100,000 stores [3] - Currently, Mingming Hen Mang holds about 43% market share, while its closest competitor, Wancheng, has around 32%, indicating a strengthening competitive landscape [3] Group 3: Competitive Advantages - The company excels in supply chain management with a diverse product range, precise selection, rapid SKU iteration, and strict quality control, partnering with quality suppliers for direct supply and customization [4] - The company leads in store expansion and opening speed, supported by a professional site selection, operation, and training team that enhances franchisee performance [4] - Operationally, the company demonstrates strong capabilities in refined management, with strict implementation of standards and high-quality store operations, alongside significant investment in brand building across online and offline channels [4]

昨日沪指、深成指冲高回落，创业板指高开低走，盘中一度跌超1%。沪深两市成交额2.97万亿，较上 一个交易日放量704亿。盘面上，全市场超3600只个股下跌。从板块来看，资源股全天领涨，贵金属、 油气、电解铝方向轮番爆发，中国黄金4连板，湖南黄金3连板，中曼石油、晓程科技3天2板，四川黄金 10天6板，招金黄金8天5板，石化油服、准油股份涨停，中国铝业涨停创16年新高。分散染料概念集体 走高，浙江龙盛、闰土股份、亚邦股份涨停。存储芯片概念表现活跃，中微半导触及20CM涨停，气派 科技20CM涨停。下跌方面，医药医疗、光伏等板块跌幅居前。其中医药医疗概念走弱，百普赛斯、必 贝特跌超10%。截至收盘，沪指涨0.27%，深成指涨0.09%，创业板指跌0.57%。 历史上春季行情平均持续天数约70天，期间上证指数涨幅中位数约13.7%，本轮春季行情从2025年12月 17日开始，目前仅一个月，考虑到今年春节时间较晚叠加当前慢牛的环境，春季行情有望持续更长时 间。结合中观景气、盈利能力、筹码分布、估值、交易、周期阶段和赛道价值等多个维度，本期推荐关 注：电子(半导体)、传媒(广告营销、游戏、影视)、机械(自动化设备、工程 ...

Core Viewpoint - The company, Mingming Hen Mang (01768), is rated as "strongly recommended" by China Merchants Securities, highlighting its leading position in the bulk snack industry and expected profit growth due to its efficient supply chain and brand strength [1][2]. Group 1: Company Overview - The company operates two major brands: "Snacks Are Busy" and "Zhao Yiming Snacks," with a stable ownership structure where the founders hold approximately 36% and 29% of shares, respectively [2]. - As of November 30, 2025, the company has 21,041 stores, with a GMV of 66.1 billion (+73%) and revenue of 46.4 billion (+75%) for Q1-Q3 [2]. Group 2: Industry Dynamics - The leisure food and beverage industry is valued at approximately 4 trillion, with the bulk snack segment around 1.8 trillion; traditional retail channels are declining while bulk snacks are gaining market share [3]. - The bulk snack market is projected to reach 129.7 billion by 2024, with a CAGR of 77.9% from 2019 to 2024 [3]. Group 3: Competitive Advantages - The company excels in supply chain management with a diverse product range, rapid SKU iteration, and strict quality control, supported by partnerships with quality suppliers [4]. - The company leads in store expansion and operational efficiency, with a strong focus on site selection, training, and brand building, enhancing the quality of new store openings [4].