炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 从行业视角看，东方证券2025年的发展路径，避开了头部券商的全能化竞争，走出了特色化突围路线。 增长逻辑上，其更重质量而非规模，业绩高增源于业务结构优化与盈利能力提升，叠加稳定分红，股东 回报持续改善。 2025年的东方证券，以人事稳定保战略连续，以业务复苏兑现增长潜力，以特色定位抢占行业赛道。同 时，在行业高质量发展趋势下，东方证券也面临投行业务质量提升、局部合规补齐的挑战。 来源：金融人事mini 2025年资本市场逐步回暖，证券行业迎来修复性增长。 2025年12月，东方证券公告称董事长龚德雄因工作调动离任，副董事长鲁伟铭代为履行董事长及法定代 表人职责。 近日，券商人事获悉，东方证券的新董事长人选已经确认，为上海国际集团有限公司党委委员、副总裁 周磊。 周磊，1978年7月出生，在职研究生学历，工商管理硕士学位，经济师。2000年7月参加工作，曾任上海 国际集团资产管理有限公司融资安排总部总经理、项目开发副总监，上海爱建信托投资有限责任公司副 总经理、风控合规负责人、总经理、董事，上海国有资产经营有限公司副总经理、总经理、副董事 ...

Core Insights - In 2026, major internet companies are expected to invest over 4 billion yuan to transition AI from laboratory technology to practical applications, marking a critical point for widespread AI adoption [1] - The Chinese open-source models are gaining global traction due to their performance and cost advantages, with several models recently achieving significant milestones [2] - Concerns about AI potentially disrupting the software industry are valid, but the industry is likely to experience a "K-shaped" differentiation, where certain software will be more vulnerable to AI than others [3] Investment Opportunities - The computing power industry is anticipated to present clear investment opportunities amid the new wave of model iterations and accelerated application promotion by major internet companies [4] - Key players in the AI computing power sector include Haiguang Information, Cambricon Technologies, and several others listed, which are positioned to benefit from the growing demand for AI applications [4] - In the AI application domain, companies such as Zhaoyi Information and iFLYTEK are highlighted as potential investment targets due to their high barriers to entry and proactive transformation strategies [4]

Group 1 - The core viewpoint is that the white liquor industry has experienced a significant sales decline of nearly 20% since early 2026, with a more severe drop of 20%-25% when excluding Moutai [1][2] - The average price of white liquor products, excluding Moutai, has decreased by 10% year-on-year, while sales volume has dropped by 15%, indicating that volume is a major drag on overall performance [2][3] - The industry is currently in a passive destocking phase, with some brands showing accelerated inventory reduction in Q1 2026, but reaching the inventory bottom will take time due to the absence of business and government consumption scenarios [1][3] Group 2 - The white liquor sector is undergoing a transformation where family and daily consumption is becoming more rigid, and companies are shifting their focus from scale to channel profitability [3] - The market is expected to confirm the bottom of white liquor performance with the Q1 2026 reports, suggesting that the negative impact of performance downgrades on stock prices will diminish by 2026 [4] - The investment recommendation includes top companies like Shanxi Fenjiu, Guizhou Moutai, and Wuliangye, as well as regional leaders and flexible stocks, indicating a shift towards companies with strong market positions [5]

Investment Rating - The report maintains a "Market Perform" rating for the brokerage sector, indicating a synchronized performance with the market [1]. Core Insights - The brokerage index attempted to strengthen in January 2026 but ultimately failed, resulting in a decline of 1.49%, underperforming the CSI 300 index, which rose by 1.65% [5][8]. - The brokerage sector experienced increased differentiation, with a notable number of stocks outperforming the brokerage index, leading to a higher average P/B ratio fluctuating between 1.426 and 1.541 times [5][11][14]. - The overall market conditions for January 2026 were characterized by a significant increase in trading volumes and a record high in margin financing balances, indicating a robust trading environment despite the sector's overall weakness [7][30]. Summary by Sections 1. January 2026 Brokerage Market Review - The brokerage index's performance was weak, with a 1.49% decline, ranking 28th among 30 industry indices [5][8]. - The average P/B ratio for the brokerage sector fluctuated between 1.426 and 1.541 times, reflecting a slight increase in valuation [14]. - A total trading volume of 1.03 trillion yuan was recorded, marking a 40.1% increase month-on-month [9]. 2. Key Market Factors Impacting January 2026 Performance - The equity market faced resistance after an initial rise, while the fixed income market showed signs of mild recovery, contributing to a rebound in proprietary trading [7][18]. - The average daily trading volume reached a historical high of 3.05 trillion yuan, with a total monthly trading volume of 60.90 trillion yuan, indicating a strong recovery in brokerage activity [26]. - Margin financing balances reached 27,153 billion yuan, reflecting a 6.9% month-on-month increase and a 53.1% year-on-year increase [30]. 3. February 2026 Performance Outlook for Listed Brokerages - Proprietary trading is expected to decline due to a cooling equity market, while brokerage activity may experience a seasonal drop in performance [7][40]. - The brokerage index is anticipated to face continued weakness, with a potential drop in overall monthly performance expected to return to relative lows seen in the previous 12 months [7][45]. - The report suggests that if the brokerage sector's valuation drops to 1.3x P/B, it may present a good opportunity for re-entry, particularly for leading firms with strong wealth management capabilities [7].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 记者获悉，东方证券今日下午召开内部大会，宣布周磊出任东方证券党委书记。记者了解到，周磊原为 上海国际集团副总裁，已于春节前调任申能集团副总裁。资料显示，周磊2019年9月起担任上海国际集 团副总裁，曾担任国泰君安证券董事、董事会审计委员会委员、非执行董事。（智通财经记者 王玉 玲） ...

数据显示，截至2026年1月30日，国证粮食产业指数(399365)前十大权重股分别为大北农、隆平高科、 北大荒、神农种业、荃银高科、农发种业、亚盛集团、盐湖股份、藏格矿业、云天化，前十大权重股合 计占比52.33%。申万三级行业中，磷肥及磷化工与其他农化相关行业占比达23.22%。 截至2026年2月24日 14:31，国证粮食产业指数(399365)强势上涨3.23%，成分股和邦生物上涨10.08%， 兴发集团上涨10.01%，云图控股上涨10.01%，云天化，川发龙蟒等个股跟涨。粮食ETF(159698)上涨 3.18%，最新价报1.1元。 粮食ETF(159698)，场外联接(A：021086；C：021087；I：022848)。 消息面上，2026年2月18日，美国宣布将磷和草甘膦列入战略资源，农化工概念走强。 粮食ETF紧密跟踪国证粮食产业指数，国证粮食产业指数反映沪深北交易所粮食产业相关上市公司的证 券价格变化情况。 东方证券指出，当国内农业企业陷入存量市场的内卷竞争，奔向国际蓝海成为了打破成长上限的必然选 择。通览国内、国际农业企业的出海历程，路径均未脱离产品、技术输出—资产投建——并购/合 ...

2月24日，红利国企ETF国泰（510720）涨超1.7%，低利率环境下红利板块配置价值凸显。 东方证券指出，在低利率及政策鼓励长期资金入市大趋势下，红利资产仍为值得长期配置的方向之一。 公用事业板块长周期来看仍为值得配置的优质红利资产，低位公用事业资产值得关注。为服务高比例新 能源电量消纳，我国需进一步推动电力市场化价格改革以支撑日益复杂的新型电力系统建设，未来电力 市场将逐步给予电力商品各项属性（电能量价值、调节价值、容量价值、环境价值等）充分定价。 红利国企ETF国泰（510720）跟踪的是上国红利指数（000151），该指数从市场中筛选具备高分红能力 与稳定分红记录的优质企业，覆盖银行、煤炭、交通运输等行业，重点聚焦传统高股息领域。指数通过 严格考察成分股的股息率和分红持续性，并采用跨行业分散配置策略，以有效控制投资风险，反映高股 息企业的整体市场表现。根据基金公告，红利国企ETF国泰可月月评估分红，在上市后的每个月都做到 了分红，已连续分红22个月。 （文章来源：每日经济新闻） ...

Core Viewpoint - The A-share agricultural sector experienced a strong performance on the first trading day after the holiday, with various sub-sectors such as agrochemical products, planting and forestry, breeding, agricultural product processing, and phosphate chemicals showing significant gains [1] Group 1: Market Performance - As of 13:33, the agricultural ETF Huaxia (516810) rose over 1.5%, with holdings like Taihe Co. increasing by over 9% and several other stocks such as Yangnong Chemical, Batian Co., New Yangfeng, Hainan Rubber, Lier Chemical, and Stanley rising over 5% [1] - The price of urea in India reached a new high, with East Coast CFR at $512/ton and West Coast CFR at $508/ton, reflecting an increase of approximately $85/ton compared to January, equivalent to about 3,500 RMB/ton [1] Group 2: Future Outlook - Dongfang Securities anticipates that with the end of the bulk leverage issues since the beginning of the year, the original upward path of cyclical sectors is expected to re-emerge, with chemicals and agriculture being key focuses within the cyclical sector [1] - The chemical sector is viewed as the beginning of a return to a prosperous cycle for the industry and a re-evaluation of China's strong chemical industry value [1] - The extremely pessimistic expectations for live pig prices highlight the potential for value in allocations [1] Group 3: Investment Opportunities - The agricultural ETF (516810.SH) holds leading stocks in pig farming, agricultural chemicals, and planting sectors, benefiting from multiple factors such as anti-involution, pig cycle reversal, chemical cycle, and seed safety [1] - Investors can utilize the ETF to capitalize on low-point rebound opportunities in agriculture, as ETFs offer low entry barriers, risk diversification, and transparent holdings that passively track indices without style drift [1]

东方证券发布研报称，自体CAR-T凭借优异的疗效具备极大的吸引力，2025年全球销售额已接近60亿美 元。近期TCE优异的数据引起市场对自体CAR-T前景的担忧，主要因为疗效接近的情况下自体CAR-T复 杂的制备和使用过程，以及高昂的成本带来的价格劣势格外突出。in vivo CAR-T是解决以上问题极具 潜力的方向，目前整体处于临床早期，初步数据已经验证疗效，安全性有望优于自体CAR-T，MNC已 下场达成众多大额合作交易或收购，国内企业布局数量众多，未来有望达成多项交易。 CAR-T是血液瘤疗效天花板和单次给药即可"治愈"的代名词，全球已有15款自体CAR-T获批，2025年销 售额已达59亿美元(同比+30%)。ASH2025大会披露了BCMATCE(T细胞接合器)特立妥单抗联合达雷妥 尤单抗治疗复杂/难治性多发性骨髓瘤(R/RMM)的MajesTEC-3研究数据，疗效表现不弱于CARVYKTI， PFS率甚至更优，同时安全性良好，这使得自体CAR-T复杂的生产、使用过程和高昂的成本、价格等劣 势凸显，亟需新的突破。 2025年以来，已发生超10项in vivo CAR-T相关交易，阿斯利康、艾伯维、B ...

短期避险情绪消化，马年A股有望迎来开门红。 A股休市期间，港股非银普遍上涨2%-5%。 两市成交量有望回升，非银板块基本面好、估值低，建议参与估值修复行情。 【广发非银】开工大吉，迎接开门红 短期避险情绪消化，马年A股有望迎来开门红。 A股休市期间，港股非银普遍上涨2%-5%。 两市成交量有望回升，非银板块基本面好、估值低，建议参与估值修复行情。 证券：一是估值低，该涨未涨，合理折价30%以上；二是业绩好，ADT大幅增长，股债双牛，Q1显著好于去年同 期；三是可期待，存款搬家、衍生品新规打开增长空间。 【广发非银】开工大吉，迎接开门红 推荐国泰、华泰、中信、东财、招商、东方、兴业等。 保险：一是负债持续高增长，截止目前新单增速普遍在40%以上，短期利好NBV持续增长，长期利好负债成本加 速下行；二是慢牛利好保险资产端，预计26上半年利润有望高速增长；三是政策呵护，提升行业集中度。 A股平安、太保、新华；H股国寿、平安、太平。 多元：推荐证券IT、渤海租赁、中国船舶租赁。 证券：一是估值低，该涨未涨，合理折价30%以上；二是业绩好，ADT大幅增长，股债双牛，Q1显著好于去年同 期；三是可期待，存款搬家、衍生品新 ...