浪潮软件：数字政府解决方案领先厂商，多领域数字化业务布局 IT 服务Ⅱ 浪潮软件（600756.SH） 证券研究报告/公司深度报告 2026 年 01 月 05 日 | 公司盈利预测及估值 | 增持（首次） | 评级： | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 2,553 | 1,870 | 1,645 | 1,567 | 1,540 | 分析师：苏仪 | 增长率 | 23% | -27% | -12% | -5% | -2% | yoy% | | 归母净利润（百万元） | 91 | 14 | -22 | 1 | 22 | 执业证书编号：S0740520060001 | 增长率 | 43% | -85% | -262% | 104% | 2,146% | yoy% | | Email：suyi@zts.com.cn | 每股收益（元） | 0 ...

Group 1: Economic Cooperation - The bilateral trade volume between China and South Korea has increased from $6.5 billion at the time of diplomatic relations in 1992 to $272.9 billion in 2024, with China being South Korea's largest trading partner [2] - The forum highlighted three main topics for discussion: manufacturing innovation, supply chain cooperation, and consumer goods market [3] - The two countries aim to deepen cooperation in emerging fields such as artificial intelligence, biopharmaceuticals, green industries, and the silver economy, as part of the ongoing negotiations for the second phase of the China-South Korea Free Trade Agreement [5] Group 2: Cultural and Service Industry Collaboration - There is a growing interest in cultural exchanges, with popular travel experiences like "Seoul Cultural Tours" and "K-Beauty Experiences" among Chinese youth, and "Shanghai Weekend Trips" favored by South Korean youth [6] - The collaboration in content industries, gaming, performances, and cultural platforms is expected to strengthen ties between manufacturing, consumer investment, and new market exploration [6] - Despite rising competition in certain industries, representatives believe that the strategic and mutual benefits of cooperation between the two countries remain unchanged [6] Group 3: Government Support and Future Outlook - The South Korean government is committed to enhancing cooperation with China to provide a favorable environment for businesses and expand cooperation channels [2][6] - The visit of President Yoon signifies a significant diplomatic achievement, aiming to restore comprehensive relations and plan for the future of bilateral ties over the next 30 years [3][4] - The emphasis on mutual respect and understanding in government communications is seen as crucial for the ongoing development of China-South Korea relations [4][5]

在传统不动产抵押贷款办理流程中，"材料多、环节繁、耗时长"是困扰客户的突出难题。客户需先提交 贷款申请，待银行初步审核后，客户经理还需携带纸质材料往返不动产登记中心办理抵押登记，完成后 才能启动放款。整个过程中，客户与客户经理均陷入"两头跑、多次跑"的低效循环，无形之中拉长了融 资周期。 转自：新华财经 近日，山西大同市农商银行成功落地首笔金额63万元的"互联网+不动产登记"贷款业务，标志着该行在 信贷服务模式创新上实现里程碑式突破，为区域营商环境优化注入金融动能。 编辑：穆皓 为切实为客户减负，大同市农商银行秉持"以客户为中心"的服务理念，主动将服务窗口前移，多次与大 同市不动产登记中心对接磋商，共商便民利企之策。针对传统流程的痛点，该行对原有"串联"流程进行 拆解重构，剔除重复环节，合并相近步骤，经过多轮推敲验证，最终形成"客户一次签约、数据线上跑 路、业务并联办理"的全新线上流程图，成功打通银行与政务平台的数据共享通道。 此次"互联网+不动产登记"贷款业务的突破，是大同市农商银行数字化转型的重要实践成果。通过实现 与政务平台的数据共享和业务协同，该行构建起"金融+政务"智慧服务新模式，不仅大幅提升了融资 ...

Core Viewpoint - The completion of the "R&D Center Construction Project" and "Information System Upgrade Project" marks a significant milestone for the company, showcasing its strong management capabilities and efficient use of funds [2] Group 1: Project Completion - The two projects have achieved a usable status and have officially completed their objectives [2] - A total of 14.8945 million yuan in surplus funds was generated, primarily due to cost control during project implementation, flexible use of self-owned funds, and interest from idle funds [2] Group 2: Financial Management - The company demonstrated effective resource allocation in line with technological trends, achieving efficient fund utilization without affecting project timelines [2] - The surplus funds reflect the company's robust operational management capabilities [2] Group 3: Strategic Focus - The completion of these projects signifies a key step in enhancing the company's R&D capabilities and digital transformation [2] - Following the project completion, the company will further concentrate on upgrading its core business and strengthening its R&D and digital advantages, injecting new momentum into industry development and investor returns [2]

当企业因公章丢失、损坏或名称变更需要更换公章时，传统登报声明流程繁琐、耗时久，甚至可能因信息误差引发风险。在数字化转型浪潮下，线上公章更 换登报声明是否已成为更优解？ 过去，企业更换公章需携带营业执照、身份证等材料前往报社或通过代理办理登报声明，流程涉及"线下提交-人工审核-排版刊登"多个环节，耗时3-5个工作 日。若材料不全或信息填写错误，还需反复修改，甚至可能因声明内容不规范导致效力存疑。 线上办理 公章更换登报声明的线上化，不仅是流程优化，更是企业合规管理的升级。通过标准化模板、区块链存证、全国报社资源整合，企业既能满足要求，又能大 幅降低时间与经济成本。 传统登报声明的痛点： ...

Group 1 - Guizhou Moutai has established a new subsidiary, Guizhou Aimaotai Digital Technology Co., Ltd., with a registered capital of 600 million RMB, focusing on digital transformation and technology services [2][3] - The new company will engage in various services including internet live streaming technology, blockchain-related software and services, integrated circuit chip sales, and industrial internet data services [2][3] - The official announcement from iMoutai revealed that starting January 1, 2026, a limited quantity of 53% vol 500ml Flying Moutai will be available for purchase, with a price set at 1499 RMB and a daily purchase limit of 12 bottles per user [3][4] Group 2 - Following the initial launch, iMoutai adjusted the purchase limit to 6 bottles per user on January 3, 2026, yet the app continued to show "restocking" on January 4, indicating high demand [4] - Over the New Year holiday, more than 100,000 users successfully purchased Moutai products, demonstrating strong consumer interest [4] - Moutai distributors, such as Chengdu Chuantang Supply Chain Management Co., Ltd., have also initiated promotional activities, allowing customers to pre-order up to 5 bottles of Flying Moutai at the same price [4]

Group 1: Market Dynamics and Strategic Moves - Saks Global is facing bankruptcy due to a debt crisis, leading to a CEO change as the company seeks emergency financing and asset sales [4][5] - LK Bennett has applied for bankruptcy management for the second time in six years, highlighting the vulnerability of mid-range brands in the current market [8] - LVMH has expanded its media presence by acquiring three significant magazines, aiming to enhance its cultural influence and digital transformation [7] - Bain Capital has acquired EcoMarketing, the parent company of the South Korean brand Andar, for approximately $3.44 billion, marking a significant investment in the fashion sector [1][2] Group 2: Company Performance and Financial Health - Saks Global reported a 13% year-over-year decline in revenue for Q2, totaling $1.6 billion, and has lowered its annual forecast [5] - LK Bennett's latest financial report shows a loss of £3.2 million and debts of £22 million, with a 13.5% drop in revenue to £42.1 million [8] - Shenzhen Ge Li Si's revenue for the first three quarters of 2025 decreased by 6.22% to ¥2.019 billion, but net profit surged by 427.34% to ¥114 million [11] - Lin Qingxuan, a domestic skincare brand, successfully listed on the Hong Kong Stock Exchange, achieving a market capitalization of HK$11.87 billion [12] Group 3: Strategic Leadership Changes - Under Armour appointed Jillian Gorman as the new digital experience head for the Americas, as part of its transformation strategy [16] - Ge Li Si has appointed Wang Dusen as the new general manager, focusing on profit improvement and operational efficiency [11] - Salvatore Ferragamo will not renew its partnership with Majestic Honor Limited, aiming to regain full control over its decision-making [14] Group 4: Retail Innovations and Consumer Trends - The opening of MIXC VILLAGE in the Greater Bay Area attracted 120,000 visitors on its first day, indicating strong consumer interest in innovative retail formats [17] - The project aims to cater to cross-city consumers and redefine shopping experiences, moving beyond traditional retail models [17]

智通财经APP获悉，花旗集团发布的研究报告中对高盛集团(GS.US)进行了深度分析。报告指出，尽管 高盛自三季度财报发布以来股价表现强劲，累计涨幅达22%，但其当前的估值水平已经反映了市场对其 业绩增长的较高预期。花旗给予高盛"中性"评级，目标价为765美元，较1月2日收盘价914.34美元存在 约19.5%的下跌空间。 然而，花旗也指出了一些积极的风险因素，例如经济和资本市场的复苏速度可能快于预期，以及高盛可 能宣布超出预期的资本返还计划，这些因素都可能对高盛的股价产生积极影响。 花旗的研究报告还提供了对高盛股价表现的详细分析。自2023年以来，高盛的股价走势显示出明显的波 动性，但总体上呈现出上升趋势。花旗认为，尽管高盛的股价在短期内可能会受到市场情绪和宏观经济 因素的影响，但从长期来看，其在投资银行、交易和资产管理等领域的竞争优势将为其提供持续的增长 动力。此外，高盛在数字化转型和技术创新方面的投入也可能会为其带来新的业务增长点。 整体而言，花旗对高盛的深度分析显示，尽管高盛在当前市场环境下可能面临一定的估值压力，但其在 多个业务领域的强劲表现和未来的增长潜力使其成为一个值得关注的投资标的。投资者在评估 ...

2026年伊始，国家金融监督管理总局多地分局陆续发布撤销保险公司分支机构的批复，阳光人寿、中信保诚人寿、大地财险等机构的相关分支机构正式退出 历史舞台。 《每日经济新闻》记者（以下简称"每经记者"）注意到，上述撤销批复只是保险机构撤销分支机构动作的"冰山一角"。据每经记者不完全统计，2025年保险 机构已有3102家分支机构关停；2020年以来的六年间，裁撤的保险分支机构数量合计达13379家。从分支机构退出的构成来看，营销服务部占退出数量的大 多数，其次为支公司、中心支公司。 "营销服务部的功能比较单一，裁撤的阻力最低，因此更容易被裁撤、被取代。"对外经济贸易大学保险学院教授王国军1月4日通过微信向每经记者表示，单 纯做保险营销的网点将逐渐失去生命力，但及时转型为社区康养服务提供中心的网点将会大行其道。基层网点职能将聚焦在较为复杂的业务领域，如中高端 医疗、社区和居家康养服务、财富管理与传承等方面。 六年撤销上万家分支机构：降本增效与数字化驱动的双重压力 保险分支机构是保险公司对保险销售人员进行管理、为客户提供保险服务的机构。在保险行业快速发展的阶段，保险分支机构作为下沉到县域市场的营销神 经末梢曾经遍地开 ...

中国民航网讯：作为一名深耕民航飞行一线的飞行员，东航山东分公司机长刘甲始终以"安全是民航业 的生命线"为准则，作为教员，他将匠心传承融入每一次起落，用创新破解行业难题，先后斩获东航股 份"安全标兵"、教育培训"先进个人"及东航集团"先进个人""劳动模范"等多项荣誉。 恪尽职守，以匠心筑牢安全防线 十数载安全飞行生涯里，刘甲把对安全的敬畏刻进骨子里，将严谨细致融入每一个飞行操作环节。 他深耕大数据飞行品质监控领域，凭借敏锐的洞察力和扎实的专业功底，梳理总结风险预判方法，有效 降低特殊天气、复杂航线等场景下的运行隐患。他投身高层级手册编写工作，结合万余小时经历和数千 次起落的飞行实践经验，让手册内容更贴合一线运行实际，以实打实的业绩为航班安全保驾护航。 作为刘甲飞行劳模工作室领衔人，他深知"独行快，众行远"的道理，他牵头汇聚17名飞行骨干力量，组 建起一支攻坚破难的专业团队。 在他的带领下，工作室凭借扎实的创新成果和突出的攻坚能力，于2023年12月获评"山东省交通运输行 业劳模工匠创新工作室"称号，2024年跻身山东省创新工作室赛道前50名，成为山东交通系统内创新创 效的标杆。 多维攻坚，以实干书写年度答卷 2 ...