2026 年 01 月 12 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2026 年第 5 期 观点精粹: 最新报告摘要 2025 年圆满收官，2026 年销量目标 345 万辆--吉利汽车/乘用车(00175/212805) 点评报告（港股美股） Banxa 并购圆满落子，合纵聚力筑牢全球合规支付壁垒--OSL 集团/多元金融(00863/214903) 点评报告（港 股美股） 员工持股计划彰显信心，国产替代打造稳定增长点--皇马科技/化学制品(603181/212203) 公司点评 新疆零售龙头"胖改"成效逐步显现，低空经济有望成为第二增长曲线--汇嘉时代/一般零售(603101/214503) 公司深度研究 特斯拉 Optimus V3 推进有望加速，征和工业正式发布全球首创链式灵巧手--行业周报 太空光伏催化不断落地，国内 AIDC 建设有望加速--行业周报 英伟达 AI 超级计算平台 Vera Rubin 全面投产，AS700 取得国产载人飞艇生产许可证--行业周报 多晶硅、丁二烯价格上涨， ...

公司公告汇总 南宁百货大楼股份有限公司关于获得政府补助的公告 2025年1月至公告披露日，南宁百货及下属子公司累计收到政府补助约1,428.08万元。其中与收益相关的 补助约725.08万元，占公司最近一期经审计净利润绝对值的22.92%；与资产相关的补助703.00万元，占 公司最近一期经审计净资产的0.88%。与收益相关的补助计入当期损益，与资产相关的补助计入递延收 益，并在资产使用寿命内平均分摊。上述补助预计对公司损益产生积极影响，具体会计处理以审计结果 为准。 截至2026年1月9日收盘，南宁百货（600712）报收于6.94元，较上周的6.82元上涨1.76%。本周，南宁 百货1月5日盘中最高价报6.96元。1月8日盘中最低价报6.69元。南宁百货当前最新总市值37.8亿元，在 一般零售板块市值排名48/58，在两市A股市值排名4176/5182。 本周关注点 公司公告汇总：累计收到政府补助约1,428.08万元，预计对损益产生积极影响。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

证券之星消息，1月8日一般零售板块较上一交易日上涨0.62%，上海九百领涨。当日上证指数报收于 4082.98，下跌0.07%。深证成指报收于13959.48，下跌0.51%。一般零售板块个股涨跌见下表： 从资金流向上来看，当日一般零售板块主力资金净流出8.63亿元，游资资金净流入1.01亿元，散户资金净 流入7.62亿元。一般零售板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601116 | 三江购物 | - 2514.11万 | 4.64% | -1558.18万 | -2.88% | -955.93万 | -1.76% | | 601933 | 永辉超市 | 2267.73万 | 0.61% | -1622.00万 | -0.44% | -645.72万 | -0.17% | | 600828 茂业商业 | | 1359.77万 | 2.22% | -1211.47万 | -1.98 ...

Market Overview - The general retail sector experienced a decline of 0.36% on January 7, with Cuiwei Co. leading the drop [1] - The Shanghai Composite Index closed at 4085.77, up 0.05%, while the Shenzhen Component Index closed at 14030.56, up 0.06% [1] Stock Performance - Notable gainers in the general retail sector included: - Youa Co. (002277) with a closing price of 7.85, up 9.94% and a trading volume of 899,900 shares, totaling 6.91 billion yuan [1] - Shanghai Jiubai (600838) closed at 12.60, up 7.05% with a trading volume of 1,061,900 shares, totaling 13.37 billion yuan [1] - New World (600628) closed at 8.45, up 5.23% with a trading volume of 546,400 shares, totaling 4.55 billion yuan [1] Fund Flow Analysis - The general retail sector saw a net outflow of 346 million yuan from institutional investors, while retail investors contributed a net inflow of 145 million yuan [2] - The top stocks by net inflow from retail investors included: - Youa Co. with a net outflow of 91.06 million yuan from retail investors [3] - Shanghai Jiubai with a net outflow of 5.84 million yuan from retail investors [3] - New World with a net outflow of 3.12 million yuan from retail investors [3]

证券之星消息，1月5日一般零售板块较上一交易日上涨0.29%，国光连锁领涨。当日上证指数报收于 4023.42，上涨1.38%。深证成指报收于13828.63，上涨2.24%。一般零售板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 605188 | 国光连锁 | 20.05 | 3.40% | 11.19万 | 2.22亿 | | 600693 | 东百集团 | 18.39 | 3.20% | 139.19万 | 25.62亿 | | 600415 | 小商品城 | 16.39 | 2.76% | 95.32万 | 15.55 Z | | 300947 | 德必集团 | 20.50 | 1.79% | 6.43万 | 1.31亿 | | 600857 | 宁波中百 | 13.95 | 1.75% | 5.13万 | 7171.52万 | | 600113 | 浙江东日 | 64.26 | 1.73% | 5.75万 | 3.69亿 | | 601116 | 三江购物 | 1 ...

Core Business and Strategic Implementation - The company focuses on its core business and cultural globalization as dual drivers for growth, with significant improvements in profitability and cost efficiency [2][3] - The overall operating gross margin reached 11.45%, an increase of 1.03 percentage points year-on-year, while the jewelry fashion segment saw a gross margin rise of 0.66 percentage points to 7.73% [2] - Cost control measures led to a 21% reduction in management expenses year-on-year, with a notable 28% decrease in the third quarter, allowing more funds for core business development [2] Cultural Globalization Breakthrough - 2025 is marked as a breakthrough year for the company's global expansion, with multiple cultural IPs successfully entering international markets [3] - The company's lantern festival showcased in Vietnam, Thailand, and Singapore, receiving extensive media coverage and recognition [3] - The opening of the first overseas store for Songhe Lou in London became a popular destination, while the company accelerated its duty-free and overseas channel expansion [3] Investor Relations and Shareholder Returns - The company upgraded its investor relations with over 1,000 communications with domestic and international investors, significantly enhancing market recognition [4] - The annual performance briefing included innovative formats, attracting over 90,000 views, a 30% increase year-on-year [4] - Shareholder returns are supported by a stable dividend policy, share buybacks, and an employee stock ownership plan, ensuring long-term alignment of interests [6][7] ESG and Corporate Governance - The company has maintained an MSCI ESG rating of A for three consecutive years, becoming an industry benchmark [8] - Environmental management practices have been enhanced, with four subsidiaries receiving six third-party certifications [8] - Governance structure improvements include the proposed cancellation of the supervisory board to enhance decision-making efficiency [9] Risk Management - The company is actively addressing challenges in the consumer and real estate sectors, with a focus on improving cash flow and reducing debt ratios [10] - The strategic emphasis on cultural leadership, financial stability, and reasonable valuation aims to enhance market capitalization [10]

Group 1 - The core viewpoint of the article highlights the target price increases for listed companies, with notable gains for Stone Technology and LiuGong, showing increases of 47.62% and 38.08% respectively, indicating strong market confidence in these companies [1][2] - On December 30, a total of 29 listed companies received broker recommendations, with GuiGuan Electric and LiuGong each receiving two recommendations, reflecting their strong market positions in the electric power and engineering machinery sectors [3] Group 2 - On the downgrade side, only one company, Sanxia Tourism, had its rating lowered by CITIC Securities from "Buy" to "Hold," indicating a cautious outlook for this company in the tourism and scenic area [4][5] - A total of 11 companies received initial coverage from brokers on December 30, with notable mentions including Wanwei High-tech receiving a "Recommended" rating from China Galaxy Securities and LiuGong receiving a "Strong Buy" rating from Huachuang Securities, showcasing the interest in these sectors [6]

| | | | 12月25日目标价涨幅排名 | | | | --- | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 机构 | 最新评级 | 플날目牺牲 | 目标涨幅 | | | | | | (元) | (%) | | 300384 | 三联虹普 | 中信证券 | 买人 | 20.00 | 24.53 | | 600859 | 王府井 | 中信证券 | 买人 | 18.00 | 19.05 | | 601990 | 南京证券 | 华创证券 | 推荐 | 9.45 | 18.13 | | 600346 | 恒力石化 | 中信证券 | 买人 | 24.00 | 15.72 | | 601689 | 拓普集团 | 群益证券(香港) | 买进 | 81.00 | 12.77 | 从券商推荐家数来看，12月25日有20家上市公司得到券商推荐，其中领益智造获得2家推荐，国机重装、南京证 券等获得1家推荐。 | | 12月25日券商推荐家数排名 | | | | | --- | --- | --- | --- | --- | | 券代码 | 证券名称 | 收盘价 (元) | 评级 ...

南财投研通数据显示，12月25日，券商给予上市公司目标价共5次，按最新收盘价计算，目标价涨幅排名居前的 公司有三联虹普、王府井、南京证券，目标价涨幅分别为24.53%、19.05%、18.13%，分别属于专业工程、一般 零售、证券行业。 | | | | 12月25日目标价涨幅排名 | | | | --- | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 机构 | 最新评级 | 플날目标伙 | 目标涨幅 (%) | | | | | | (元) | | | 300384 | 三联虹普 | 中信证券 | 买人 | 20.00 | 24.53 | | 600859 | 王府井 | 中信证券 | 买人 | 18.00 | 19.05 | | 601990 | 南京证券 | 华创证券 | 推荐 | 9.45 | 18.13 | | 600346 | 恒力石化 | 中信证券 | 买入 | 24.00 | 15.72 | | 601689 | 拓普集团 | 群益证券(香港) | 买进 | 81.00 | 12.77 | | ■ 12月20日 | | | 2011/2013 201 ...

南方财经12月26日电，南财投研通数据显示，12月25日，券商给予上市公司目标价共5次，按最新收盘 价计算，目标价涨幅排名居前的公司有三联虹普、王府井、南京证券，目标价涨幅分别为24.53%、 19.05%、18.13%，分别属于专业工程、一般零售、证券行业。从券商推荐家数来看，12月25日有20家 上市公司得到券商推荐，其中领益智造获得2家推荐，国机重装、南京证券等获得1家推荐。查看原文： 20股获推荐；三联虹普目标价涨幅达24%丨券商评级观察刚刚 ...