东方证券党委副书记、副总裁（主持工作）卢大印致辞表示，2025年，东方证券积极贯彻金融强国战 略，聚焦服务实体经济，制定实施做好金融"五篇大文章"专项行动方案，深入践行金融工作的政治性、 人民性，持续推进特色化高质量发展。 "面对复杂深刻的国际形势变化，我们将继续保持战略定力，坚持稳健经营，以自身的确定性应对环境 的不确定性，履行金融报国的使命与职责。"卢大印表示，2026年开年以来，中国经济与市场的稳健 性、吸引力进一步凸显，安全、韧性与创新成为投资者在投资中可参考的新坐标（603040）。 本次论坛上，东方证券研究所副所长、总量研究负责人、宏观与战略首席分析师孙金霞，东方证券研究 所所长助理、政治经济研究院院长曹靖楠带领东方证券宏观与战略研究团队对国际宏观环境作出前瞻研 判。 2月26日至27日，由东方证券（600958）研究所主办的"地缘新秩序与投资新篇章主题论坛"在上海召 开。 本次论坛聚焦当前国际格局深刻演变与资本市场结构性变革，汇聚来自热门行业的多位知名专家，通过 深度对话与前瞻研判，为投资者呈现了一场高水准的思想盛宴。 在本次论坛的主旨讨论环节，东方证券研究所所长黄燕铭表示，当前全球资本市场面临 ...

1)国际业务利润贡献愈发突出：样本18家券商国际子公司对券商整体利润贡献从2018年0.7%提升至 1H258.2%，中信证券、中金公司（601995）、华泰证券国际子利润贡献达20%、55%、14%，国际业务 成为头部券商盈利增长主要驱动。2)国际业务在券商发展中战略地位进一步提升：2025年以来中资券商 对国际子公司增资形成明显趋势，广发证券、华泰证券等拟通过增资增强国际业务资本实力，西部证券 （002673）、东北证券（000686）等宣布拟新设国际子公司。 金融强国战略导向下，券商国际化发展是必然之路 国泰海通（601211）发布研报称，国际化发展即是券商自身业务发展的主动选择，也是建设全球一流投 行的题中之义，在金融强国的使命责任下，头部券商需在国际市场中具备资本配置和资产定价的话语 权，为"中国投资"还是"投资中国"贡献中国力量，未来国际业务有望成为券商业绩成长重要驱动。个股 方面推荐国际化业务布局领先的中信证券（600030）(600030.SH)、广发证券（000776）(000776.SZ)、 华泰证券（601688）(601688.SH)等。 国泰海通主要观点如下： 近年来国际业务成为券商 ...

国泰海通主要观点如下： 近年来国际业务成为券商发力重要业务方向 1)国际业务利润贡献愈发突出：样本18家券商国际子公司对券商整体利润贡献从2018年0.7%提升至 1H258.2%，中信证券、中金公司、华泰证券国际子利润贡献达20%、55%、14%，国际业务成为头部券 商盈利增长主要驱动。2)国际业务在券商发展中战略地位进一步提升：2025年以来中资券商对国际子公 司增资形成明显趋势，广发证券、华泰证券等拟通过增资增强国际业务资本实力，西部证券、东北证券 等宣布拟新设国际子公司。 金融强国战略导向下，券商国际化发展是必然之路 智通财经APP获悉，国泰海通发布研报称，国际化发展即是券商自身业务发展的主动选择，也是建设全 球一流投行的题中之义，在金融强国的使命责任下，头部券商需在国际市场中具备资本配置和资产定价 的话语权，为"中国投资"还是"投资中国"贡献中国力量，未来国际业务有望成为券商业绩成长重要驱 动。个股方面推荐国际化业务布局领先的中信证券(600030.SH)、广发证券(000776.SZ)、华泰证券 (601688.SH)等。 多数券商国际业务以投资收益为主，财富管理、投行业务具备一定业务体量 1)财 ...

Core Viewpoint - The forum titled "Integrating New Momentum of the Silk Road, Co-creating a New Future for Hong Kong" aims to enhance financial collaboration between mainland China and Hong Kong, supporting the development of the Greater Bay Area and solidifying Hong Kong's status as an international financial center [6][18]. Group 1: Forum Objectives and Themes - The forum focuses on the financial strategy of becoming a financial powerhouse, emphasizing the construction of five major financial initiatives to deepen cooperation between mainland China and Hong Kong [6]. - It aims to create a high-end platform for intellectual exchange and collaboration, particularly in areas such as financial security and the internationalization of the Renminbi [6][18]. Group 2: Key Speakers and Their Insights - Dr. Huang Yuanshan highlighted the need for Hong Kong to collaborate with the mainland to serve the national "14th Five-Year Plan" for financial strength, suggesting that Hong Kong could become a global capital "command tower" [7]. - Andrew Karolyi from Cornell University emphasized the importance of the partnership with Tsinghua University in cultivating globally-minded financial talent through their dual-degree MBA program [9]. - Zhu Min discussed the paradigm shift in artificial intelligence (AI), noting China's advantages in energy infrastructure and model reasoning capabilities, while suggesting that Hong Kong should transition from being a window for "bringing in" to a platform for "going out" in AI [14]. - Shen Xiangyang analyzed the exponential growth in computing power driving chip innovation and suggested that Hong Kong should leverage its educational advantages to foster local applications while collaborating with the mainland [16]. Group 3: Sub-forums and Discussions - The forum included five thematic sub-forums addressing topics such as global economic outlook, financial technology's impact on Hong Kong's competitiveness, and new opportunities from the Belt and Road Initiative [18]. - These discussions aim to promote cooperation in the financial industry between mainland China and Hong Kong, contributing to the overall development of the Greater Bay Area and supporting the Belt and Road Initiative [18].

Group 1 - The core viewpoint of the articles indicates a positive outlook for the securities industry, driven by favorable policies and market conditions, which are expected to enhance the profitability of brokerage firms [1][2] - The securities ETF (159841) has seen a net inflow of 679 million yuan over the last ten trading days, with a current size of 10.541 billion yuan as of January 26, 2026 [1] - The brokerage sector is anticipated to benefit from increased trading activity, with daily average transaction volumes remaining high, directly boosting brokerage income [1] Group 2 - The industry is experiencing a recovery in various business segments, including brokerage, proprietary trading, and asset management, with mergers and acquisitions accelerating and enhancing competitive dynamics [1][2] - The financial strategy for a strong financial nation is being continuously promoted, instilling long-term confidence in the industry [1] - Headquartered firms are expected to show greater resilience and growth potential due to ongoing industry consolidation and an emphasis on wealth management [2]

Core Viewpoint - The establishment of the Greater Bay Area International Commercial Bank has been a focus since its proposal in 2018, with recent government reports emphasizing the acceleration of its setup, reflecting a shift from "seeking establishment" to "accelerating setup" [2][4]. Progress - A working group has been established by provincial and municipal governments to push for national support for the bank's establishment, with initial proposals dating back to 2018 [3][5]. - The bank's establishment has been mentioned in various policy documents and government reports, indicating a growing commitment to its realization [4][5]. Positioning - The bank aims to serve as a joint venture focusing on cross-border and green finance, leveraging the unique characteristics of the Greater Bay Area [6][7]. - It is expected to address gaps in cross-border financial services and enhance financial connectivity among Guangdong, Hong Kong, and Macau [7][8]. Challenges - The bank faces significant challenges in harmonizing financial regulations across the three regions, particularly under the "one country, two systems" framework [10][11]. - Key issues include regulatory coordination, legal conflicts, and data flow management, which are critical for its successful establishment [10][11]. Shareholding - The bank's shareholding structure is designed to include state-owned enterprises, private enterprises, and financial institutions from Hong Kong and Macau, which is crucial for its strategic positioning [13][14]. - This diverse ownership structure presents both opportunities and challenges in governance, requiring effective integration of varying interests and risk preferences [14][15].

Core Viewpoint - The establishment of the Greater Bay Area International Commercial Bank has been a focus since its proposal in 2018, with recent government reports emphasizing the acceleration of its setup, reflecting a shift from "seeking establishment" to "accelerating setup" [2][3][4]. Progress - A working group has been established by provincial and municipal governments to push for national support for the bank's establishment, with significant policy backing from various government levels since its initial proposal [3][4]. - As of December 2024, a leadership group and a working group have been formed to coordinate efforts with Hong Kong and Macau governments, indicating progress in collaboration [4]. Positioning - The bank aims to serve as a joint venture focusing on cross-border and green finance, leveraging the unique characteristics of the Greater Bay Area to enhance financial services and connectivity [5][6]. - It is expected to address cross-border financial challenges and facilitate the integration of financial rules among the three regions, enhancing the overall financial ecosystem [6][8]. Challenges - The bank faces significant challenges in harmonizing financial regulations and practices across the different jurisdictions of Guangdong, Hong Kong, and Macau, which may complicate its establishment [8][9]. - Key issues include regulatory coordination, legal conflicts, and data flow management, which require innovative solutions to overcome [8][9]. Shareholding Structure - The bank's shareholding structure is crucial for its strategic positioning, with intentions to include state-owned enterprises, private enterprises, and financial institutions from Hong Kong and Macau [11][12]. - This diverse ownership structure is seen as a potential source of strength, but it also presents governance challenges due to differing interests and risk appetites among stakeholders [13][14].

Group 1 - The core viewpoint of the article emphasizes the importance of establishing a green finance governance system to support environmental improvement, address climate change, and promote efficient resource utilization [3] - Green finance is defined as financial services aimed at supporting economic activities that contribute to environmental sustainability and the achievement of carbon neutrality goals [3] - The article invites experts to discuss the development of a Chinese green finance governance system and its practices, focusing on global governance, enabling carbon neutrality goals, and solidifying sustainable development [3] Group 2 - The governance system for green finance is seen as a foundational element for implementing the "dual carbon" goals and the strategy for a strong financial nation, covering various areas such as market development, technological innovation, international collaboration, and risk prevention [3] - The aim is to address the pain points in the development of green finance, enhance China's global governance discourse power in green finance, and promote a comprehensive green transformation of economic and social development [3]

Core Viewpoint - Dongfang Caifu (300059.SZ) has been selected as a core asset in the financial sector, reflecting its strong performance and growth potential in the upcoming market environment [1] Industry Overview - The brokerage sector is entering a favorable growth cycle, driven by government policies aimed at stabilizing growth and the stock market, with a projected ROE of 8.61% for 2026, representing a 24% increase from 2025 [4] - The average daily trading volume in A-shares is expected to stabilize at 1.5 trillion yuan in 2025, with margin financing balances exceeding 2.5 trillion yuan, indicating a "healthy bull market" [1] Company Analysis - Dongfang Caifu has established a unique ecosystem combining "Dongfang Caifu Network + Tian Tian Fund + Securities," enhanced by AI technology, positioning it as a core asset with both beta and alpha advantages [1] - In the first three quarters of 2025, Dongfang Caifu reported revenue of 11.589 billion yuan, a year-on-year increase of 58.67%, and a net profit of 9.097 billion yuan, nearing the total for 2024 [1] Business Drivers - The brokerage business is expected to benefit from a bull market, with increased trading volumes leading to higher commission revenues [7] - The wealth management sector is expanding as Chinese residents shift asset allocation from deposits to funds and stocks, with Dongfang Caifu poised to capture more market share [7] - The integration of AI technology is enhancing service efficiency, with significant improvements in customer service response rates and user retention [7] Competitive Advantages - Dongfang Caifu's competitive edge lies in its "traffic + license + technology" model, creating a robust moat that is difficult for competitors to replicate [9] - The company has a comprehensive licensing structure, allowing it to meet diverse financial needs and enhance user stickiness [10] - Significant investment in technology has resulted in high profit margins and operational efficiency, with a gross margin of 69% and a net margin of 81.2% in 2025 [11] Financial Performance - The financial performance of Dongfang Caifu is strong, with a net asset of 72 billion yuan and a debt-to-asset ratio of 76.63%, indicating a solid financial position [19] - The dynamic PE ratio is 28.81, which is lower than the average PE of traditional brokerages at around 20, suggesting a favorable valuation relative to growth prospects [22] Growth Projections - Revenue from brokerage services is expected to exceed 8 billion yuan, with margin interest income reaching 4.5 billion yuan, and fund distribution income projected to hit 2 billion yuan in 2026 [22] - The AI and data services segment is anticipated to experience explosive growth, transitioning from a supplementary role to a core growth driver [16]

Core Viewpoint - The company expresses confidence in entering 2026, highlighting the achievements of 2025 as a pivotal year for reform and efficiency enhancement, while emphasizing the importance of aligning with national strategies and improving financial services [1][4]. Group 1: Achievements in 2025 - 2025 marked the successful completion of the "14th Five-Year Plan" and was a year of significant reform and efficiency improvements for the company [1][4]. - The company witnessed the deepening of comprehensive reforms and the continuous improvement of the capital market's foundational systems [4][5]. - There was a notable enhancement in the effectiveness of financial services to the real economy, reflecting the company's active participation in this process [4][5]. Group 2: Strategic Initiatives and Developments - The company focused on deepening the implementation of the Party's innovative theories and aligning with the spirit of the 20th National Congress and subsequent meetings [2][5]. - A strategic transformation was promoted, leading to the development of a "Investment Banking +" ecosystem and the establishment of a new competitive landscape [2][5]. - The company improved its risk management framework, reinforcing risk prevention in key areas, thereby solidifying its foundation for safe development [5]. Group 3: Vision for 2026 - 2026 is identified as a crucial year for advancing the construction of a modern socialist country and deepening the financial power strategy [2][5]. - The company aims to enhance its research and investment capabilities while focusing on a comprehensive financial service system that integrates research, investment banking, and investment [5]. - The company plans to adapt to market changes with innovative products and maintain stable operations to address risks, thereby demonstrating value in national strategy services and industry development [5].