作为投资者，谁不希望买到牛股。 事实上，每一年都会有不少牛股出现，即便是在赚钱效应欠佳的2022年，A股百大牛股的年化收益门槛 值，依然超过了62%。 每一年的牛股长啥样？借助兴业证券对近五年来年度百大牛股画像的整理，我们得以窥见这期间每一年的 牛股面孔。 2021年，新能源产业链是孕育牛股的沃土。中游制造和中游材料板块诞生的牛股数量最多，分别贡献了占 比达29%和24%的牛股。机械、电力设备及新能源以及基础化工的"牛股辈出"。 但市值特点又有新变化。这些标的中，2024年年初在行业市值分位数排名在前20%的就有21只，较2023年 的4只大幅增加。上一年非常明显的小微盘风格不再明显。 与此同时，市场审美从大龙头转向"小高新"的现象初现端倪。比如，有21只年初时市值还在板块后20%、 但最终进入了年度的百大牛股排行榜的标的。 那一年的"市场审美"与前两年相比也有变化。2021年的百大牛股ROE虽仍高于A股整体，但领先幅度较 2019、2020年已有所收窄。但2021年A股整体前三季度归母净利润增速的中位数为20.4%，而百大牛股则 为132.6%，高出A股整体112.2%，领先幅度远大于2019年的47.6% ...

晨星发布研报称，将护城河较窄的华润啤酒(00291)的公允价值估值下调3%至37.5港元，同时将2025- 2029年的盈利预测下调4-5%。该行仍认为该股估值被低估，2025年4.4%的股息率也支撑这一观点。 该行将华润啤酒的白酒业务五年销售的复合年增长率预测，从7%下调至3%,反映行业需求前景疲软。同 时预计该公司旗下公司"金沙酒业"品牌组合在高端白酒市场的表现将落后于其他品牌。 2025年下半年，华润啤酒的啤酒和白酒业务在消费者渠道持续面临挑战，消费者信心依然疲软。该行将 2025年的销售额和净利润预期下调0.2%和4%，以反映下半年营运成本上升和白酒盈利能力下降。此 外，由于低端啤酒价格承压，该行将2026年的价格增长预期下调2个百分点。喜力啤酒的渠道扩张仍是 啤酒业务销量增长的主要驱动力。 ...

证券日报网讯1月5日，裕太微在互动平台回答投资者提问时表示，公司毛利率变动受市场需求和竞争、 产品售价、原材料采购价格变动、产品结构等多种因素的影响，公司毛利率近两年持续维持在40%以 上，处于合理区间，公司也将通过优化产品结构及精细化管理等手段进一步提升盈利能力。关于供应链 情况，公司代工厂均为行业知名企业，合作细节不便披露，公司始终关注国内供应链建设，具体合作进 展将根据信息披露规则及时公告。 ...

以下文章来源于证券之星 ，作者刘凤茹 证券之星 . 证券之星始创于1996年，是国内领先的金融信息及综合服务平台。关注证券之星，即时获取有价值的财 经资讯。 在A股IPO之路折戟后，安徽济人药业股份有限公司(以下简称"济人药业")将资本市场的新目标锁定 北交所。这家成立于2001年的中药企业，凭借"药信""信之"两大自主品牌，在中成药、中药饮片及 中药配方颗粒领域深耕多年，核心产品疏风解毒胶囊更是曾入选多项国家级诊疗方案。 证券之星通过翻阅招股书后发现，济人药业的冲刺之路暗藏隐忧：应收账款与存货高企挤压现金 流，毛利率连续下滑削弱盈利能力，实控人家族高度控盘引发公司治理争议。多重挑战之下，济人 药业的北交所之旅能否破局前行，值得市场关注。 01 现金流承压，应收账款与存货高企成"枷锁" 公开资料显示，济人药业成立于2001年4月19日，主营业务中药的研发、生产和销售，产品线涵盖中 成药、中药饮片及中药配方颗粒等领域，公司拥有"药信"、"信之" 两个自主品牌，中成药主要产品 包括疏风解毒胶囊、蒲地蓝消炎片、通便灵胶囊、盆炎净片等。 作为衡量企业经营质量的核心指标，营收与利润的表现往往是市场关注的焦点。2022- ...

12月18日，标普信用评级(中国)有限公司(以下简称"标普信评")召开了2026年银行业展望会议。该机构 对2025年商业银行的整体经营状况进行了简要回顾，并从信用质量、规模增长、资本充足、盈利能力、 资产质量等维度，对2026年商业银行的经营进行展望。 标普信评认为，回顾2025年，商业银行规模增速整体平稳，资本保持充足，但是盈利能力承压。2026年 行业预计稳字当头，但是需要关注盈利压力和局部风险。 作为资产端的重要组成部分，商业银行的金融投资业务近年来颇受关注。过去几年的债券牛市行情为商 业银行的金融投资业务带来了可观的收益，但2025年以来债市波动加剧，对商业银行债券投资带来了一 定挑战。邹雪飞表示，2026年预计商业银行的债券投资策略将由较为单一的趋势性配置转向收益、资 本、流动性等多种目标兼顾的平衡性策略。 资本充足率方面，邹雪飞表示，预计2026年商业银行的一级资本充足率维持在12%左右，同时资本结构 保持稳定。一是基于今年财政部发行5000亿元特别国债注资国有大行，二是地方政府通过发行专项债支 持中小银行补充资本。需要注意的是，如果房地产回稳不及预期或零售坏账持续上升，部分中小银行的 资本韧性 ...

点击上图▲立即报名 文 / 巴九灵（微信公众号：吴晓波频道） 11月27日—11月29日，"吴晓波激荡讲堂"冬季课《中国式商业模式及成败探讨》在福建泉州圆满落幕。吴老师带领企业家走进这座千年商港，共 探商业本质。 初冬的泉州，依然暖阳和煦。在这座宋元时期的"东方第一大港"，曾经的"海丝精神"与当代商业智慧交相辉映，一场关于商业模式的深度思辨在此 展开。 三天两晚的课程中，吴老师以中国式商业模式的成功逻辑为起点，系统拆解了渠道变革的路径与品牌转型的得失，并结合当前中国市场的演化趋 势，前瞻性地提出了商业模式迭代的方向。 课后，不少学员在朋友圈分享感悟： "一场学习的盛宴，一场文化的碰撞，一场心智的洗礼，一场商业的启迪！" "吴晓波老师串联了商业模式、渠道革命、城市经济、产品力、品牌力与AI 时代的变化，看似横跨不同行业，本质却都指向同一个答案——真正赢 得时代的，是能读懂中国、坚持好产品、并不断迭代自己的人。" "激荡讲堂对我来说不仅是一堂关于商业的课，更是一堂关于'怎么看世界、怎么规划自己'的课。它让我意识到：无论是企业还是个人，真正重要 的不是一时的高光，而是在长期结构变化中，找到自己的位置，守住自己的节奏 ...

Group 1 - The company plans to invest 420 million yuan in a bio-manufacturing base for raw materials and health dietary supplements in the Inner Mongolia region [1] - The project will involve approximately 300 million yuan in fixed asset investment, with the local government providing support and favorable policies [1] - The investment aims to leverage the geographical advantages and resource endowments of the region, enhancing production efficiency and reducing costs [1] Group 2 - The project is subject to various pre-approval processes, including environmental assessments and construction permits, which may pose challenges [2] - Potential risks include changes in national or local industrial policies, environmental standards, and market fluctuations that could affect project execution and returns [2] - The investment agreement reflects current market conditions and may face uncertainties that could impact the project's progress and expected benefits [2]

Core Viewpoint - Four Seas Group (00374) anticipates a decrease in profit attributable to shareholders for the six months ending September 30, 2025, estimated between HKD 11 million and HKD 15 million, compared to approximately HKD 20 million for the six months ending September 30, 2024, primarily due to weak consumer confidence in Hong Kong and mainland China [1] Financial Performance - The expected profit for the interim period is lower than the same period last year but is projected to exceed the profit attributable to shareholders of approximately HKD 10 million for the fiscal year ending March 31, 2025 [1] Market Environment - The decline in profit is attributed to a challenging business environment caused by weak consumer confidence in Hong Kong and mainland China [1] Strategic Initiatives - The company has implemented a competitive pricing strategy supported by a strong brand foundation and robust procurement capabilities, which has proven effective in maintaining profitability [1] - Four Seas Group continues to develop new products, with increasing consumer demand for its Japanese ice cream series, particularly the OHAYO caramel pudding ice cream [1] - Other popular products launched by the company include Calbee Hot Wave Shrimp Chips and Pokka Sapporo drinks aimed at reducing water retention and fatigue, contributing positively to the company's market presence [1]

Core Insights - Miniso Group (NYSE: MNSO; HKEX: 9896) reported a total revenue of 5.8 billion yuan for Q3 2025, representing a year-on-year growth of 28% [1] - The Miniso brand generated revenue of 5.22 billion yuan, up 23% year-on-year, while the TOP TOY brand saw a remarkable 111% increase in revenue to 570 million yuan [1] - The group's gross profit for the quarter was 2.59 billion yuan, with a gross margin of 44.7%, indicating strong business growth resilience and profitability [1] - Adjusted net profit (Non-IFRS) reached 770 million yuan, a 12% increase year-on-year, with an adjusted net profit margin of 13.2% [1] - As of the end of the quarter, Miniso Group surpassed 8,000 global stores, marking a significant milestone [1] - Same-store sales continued to improve, achieving mid-single-digit growth, characterized by higher quality and stronger sustainability [1]

Financial Data and Key Metrics Changes - Net earnings for Q3 2025 increased by over $700,000 to approximately $4.3 million compared to roughly $3.6 million in Q2 2025 [6][7] - Net interest income rose by about $800,000 quarter over quarter, from just over $10.2 million to just over $11 million [7] - Pre-tax, pre-provision income reached approximately $17.35 million year to date, representing an annualized run rate of about $23.1 million [8][10] - Core return on average equity (ROE) was approximately 22.6% for the quarter, one of the highest levels among community banks nationwide [8] Business Line Data and Key Metrics Changes - Gross loans ended the quarter at $813.7 million, up from $784.6 million last quarter, representing a strong acceleration of loan growth [14] - Total deposits grew to $959.5 million, with $80.6 million in new deposits during Q3 2025 [15][18] - Non-interest income increased nearly $1.5 million year over year, driven by service charges and fees [14][16] Market Data and Key Metrics Changes - Total assets grew by $83.9 million to $1.08 billion as of September 30, 2025 [17][18] - The efficiency ratio remained highly competitive at 50.7%, well below the peer average of 68.02% [19] Company Strategy and Development Direction - The company aims to reinforce its position as one of the most dynamic and rapidly growing community banks in South Florida while maintaining a relationship-driven culture [20][21] - The focus remains on utilizing strong capital and a dedicated team to support growth and expansion [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining strong loan growth and profitability, emphasizing the importance of community relationships [20][39] - The company is actively searching for mergers and acquisitions to further enhance growth [36] Other Important Information - The company celebrated its 25th anniversary, highlighting its growth from a single branch to a $1.1 billion institution [3][6] - The allowance for credit losses to loans ratio stands at 1.23%, above the national peer average of 1.17% [17] Q&A Session Summary Question: What drove the expansion in Q3 NIM, and how does year-to-date performance compare with margin levels going forward? - The expansion in NIM was driven by older loans running off at lower interest rates and newer loans being issued at higher rates [26] Question: What is driving the deposit growth, and how is the deposit mix evolving? - The growth is attributed to a loyal customer base, with a historical mix of one-third non-interest-bearing deposits [27][28] Question: Which loan segments are driving growth, and how do you feel about overall credit risk? - The majority of growth is in commercial real estate, with strong asset quality maintained [30][31] Question: How does management evaluate capital adequacy relative to regulatory requirements and internal targets? - The company has a robust capital structure, well above regulatory requirements, and is actively seeking growth opportunities [34][36] Question: How is the bank positioning itself competitively amid regional CRE dynamics and deposit competition? - The bank differentiates itself through strong customer relationships and service quality rather than competing solely on rates [38][39] Question: Can the bank attract New York City depositors given recent events? - The bank's customer base is not limited to South Florida, and there are opportunities to expand beyond current markets [42][44]