1月18日下午，国联民生发布《2025年度业绩预增公告》。公司预计2025年度实现归属于母公司所有者 的净利润20.08亿元，与上年同期（法定披露数据）相比，将增加16.11亿元，同比增长约406%。 图片来源：公司公告 此前，中信证券、西南证券分别披露业绩快报、业绩预告，2025年受益于资本市场活跃，各项业务显著 增长，业绩得以提升。其中，中信证券2025年净利润达300.51亿元。 国联民生披露的公告显示，预计2025年度实现归属于母公司所有者的扣除非经常性损益的净利润19.44 亿元，与上年同期（法定披露数据）相比，将增加15.63亿元，同比增长约410%。 图片来源：公司公告 针对本期业绩预增的主要原因，国联民生表示，报告期内，公司完成通过发行A股股份的方式收购民生 证券股份有限公司控制权，平稳有序推进公司原有业务与民生证券相关业务的高效整合，并将其纳入财 务报表合并范围。 公司主动把握市场机遇，积极探索科技、金融与产业的深度融合，以"协同赋能"和"内生增长"为主线提 升综合金融服务能力，证券投资、经纪及财富管理等业务条线实现显著增长，同时由于上年同期比较基 数较小，本期经营业绩同比大幅提升。 此前也 ...

Investment Rating - The report maintains a positive recommendation for the insurance sector, suggesting a favorable outlook for both short-term and long-term performance [5]. Core Insights - The report highlights the restructuring of the trillion-yuan health insurance market, with medical insurance continuing to dominate, projected to reach a premium of 944 billion yuan by November 2025, reflecting a year-on-year growth of 2.39% [4]. - The report emphasizes the strong performance of securities firms, with CITIC Securities forecasting a revenue of 74.83 billion yuan for 2025, a year-on-year increase of 28.75%, and a net profit of 30.05 billion yuan, up 38.46% [3][44]. - The report identifies three main investment themes: high-quality securities firms with significant valuation and performance mismatches, companies in the technology sector benefiting from venture capital, and diversified financial firms with impressive growth rates [3]. Summary by Sections Securities Sector - The report notes an increase in the financing margin ratio from 80% to 100%, aimed at promoting market stability and resilience, with a controlled overall impact expected [2]. - Two securities firms reported strong earnings forecasts for 2025, with CITIC Securities showing significant growth in revenue and net profit due to high market activity [2][44]. Insurance Sector - The health insurance market is expected to see medical insurance as the main product, with a projected market share of approximately 46% by 2025, growing at nearly 7% [4]. - The report indicates that the C-end business will dominate the health insurance market, with a near 70% share by 2025, driven by trends such as expanding coverage and targeting younger demographics [4]. - The report anticipates that medical insurance will be the primary growth driver, influenced by factors like population aging and medical inflation [4]. Investment Recommendations - The report suggests focusing on three main lines: high-quality securities firms with valuation mismatches, technology firms benefiting from venture capital, and diversified financial firms with strong growth [3]. - It highlights the positive short-term outlook for the insurance sector, with expectations of high performance in Q1 due to favorable market conditions [5].

Core Viewpoint - The company is positioned as a leading traffic infrastructure asset management company in China, with a "buy" rating and a target price of HKD 5.73 [1] Group 1: Company Performance - The company has been optimizing its assets to strengthen its toll road business, expecting a revenue growth of 14.9% to CNY 2.099 billion in the first half of 2025, aided by the inclusion of the Pinglin Expressway in November 2024 [2] - The company has maintained stable and sustainable dividends since 2010, with annual dividends accounting for approximately 50% to 60% of net profit attributable to shareholders [2][3] - The company controls, holds stakes in, and manages 18 projects including highways, bridges, and terminals, totaling approximately 1,039.54 kilometers [3] Group 2: Industry Context - The highway industry in China has entered a mature phase, having completed over 70% of the mileage targets set in the National Comprehensive Transportation Network Planning Outline [3] - Despite a steady recovery in overall industry revenue post-pandemic, rising costs for new road construction may lead to future revenue shortfalls [3] - New policies, such as the revised toll road management regulations, are expected to encourage highway companies to engage in upgrades, acquisitions of quality mature assets, and diversification of their business [3] Group 3: Investment and Financing - The company has established a unique asset layout with advantageous regional locations and good operational efficiency [4] - Over the past five years, the company has incubated highway assets worth nearly CNY 25 billion, and successfully set up a REITs platform in 2021, indicating a well-structured financial development model [4] - The company can utilize various financing tools through its three-platform structure, which includes incubation, public listing, and public REITs, to lower its debt ratio and optimize its asset structure [4]

Core Viewpoint - Southwest Securities has initiated coverage on Yuexiu Transportation Infrastructure (01052), the first highway red-chip stock listed in Hong Kong, with a "Buy" rating and a target price of HKD 5.73, anticipating the company to become a leading transportation infrastructure asset management firm in China [1]. Group 1: Company Performance - The company is strengthening its toll road business through continuous asset optimization, with projected overall revenue growth of 14.9% to CNY 2.099 billion in the first half of 2025, aided by the inclusion of the Pinglin Expressway in November 2024 [2]. - The company has maintained a stable and sustainable dividend policy since 2010, distributing approximately 50% to 60% of net profit attributable to shareholders as dividends annually [2]. - As of 2025, the company expects a net profit attributable to shareholders to grow by 14.9% to CNY 361 million [3]. Group 2: Industry Context - The highway industry in China has entered a mature phase, having completed over 70% of the mileage targets set in the National Comprehensive Transportation Network Planning Outline, with overall industry revenue steadily recovering post-pandemic [4]. - The rising costs of new road construction may lead to a revenue gap, which could be addressed through policy iterations and business diversification, as new regulations are anticipated to break the original toll duration trends [4]. Group 3: Investment and Asset Management - The company has established a unique asset layout with significant regional advantages and operational efficiency, having incubated highway assets worth nearly CNY 25 billion over the past five years [5]. - The successful establishment of a REITs platform in 2021 marks the formation of a three-platform structure (incubation platform, listed company, public REITs), enabling the company to utilize diverse financing tools and channels to optimize its capital structure [5].

对于业绩预增的核心原因，西南证券在公告中明确表示，2025年公司坚守金融服务实体经济本源，深耕 金融"五篇大文章"，深化业务创新与布局，持续打造一流区域投行、特色投行与精品投行。在资本市场 活跃度回升的有利环境下，公司积极把握市场机遇，财富管理业务、证券投资业务、投资银行业务同比 大幅增长，共同推动整体经营业绩显著提升。 据悉，西南证券将于2026年4月14日正式披露2025年年度报告，届时将公布更为详细的业务经营数据与 财务信息。西南证券表示，2025年证券行业整体受益于资本市场改革深化、交投活跃度提升及一级市场 融资回暖，西南证券凭借核心业务的均衡发展与精准的区域布局，实现了高质量增长，其业务转型成效 有望在年报中进一步显现。公司提示，本次业绩预告数据未经注册会计师审计，具体经营情况以正式披 露的年度报告为准。 中证报中证网讯（王珞）1月16日，西南证券（600369）股份有限公司（证券简称：西南证券；证券代 码：600369）披露2025年度业绩预增公告显示，公司全年经营业绩实现大幅增长，核心业务板块呈现多 点开花的良好态势。 公告显示，经财务部门初步测算，西南证券2025年度预计实现归属于母公司所有者 ...

Core Viewpoint - The CXO sector is experiencing growth driven by new molecular developments, improved market sentiment, and the increasing demand for innovative drug research in the domestic market, alongside advancements in AI-enabled drug development [1] Group 1: Market Trends - In the first half of 2024, the CXO sector continued to decline due to the impact of the U.S. Biosecurity Act and adjustments in corporate earnings growth expectations [2] - By September 2024, a policy-driven bull market emerged in the domestic stock market, leading to a simultaneous rise in CXO stock prices as geopolitical risks temporarily eased [2] - In March 2025, some leading CXO companies reported better-than-expected order data, injecting valuation into the secondary market [2] Group 2: Macroeconomic Environment - The Federal Reserve's interest rate cut cycle is expected to improve the financing environment for the pharmaceutical and biotechnology sectors, benefiting outsourcing service demand from pharmaceutical companies [3] - Geopolitical uncertainties are gradually being released, with the U.S. Fiscal Year 2026 National Defense Authorization Act already enacted, and updates to the SEC 1260H list expected to further reduce risks for leading CXO companies [3] Group 3: Industry Dynamics - Domestic demand is accelerating recovery, with the number of new drug IND applications in China steadily increasing in 2025, reaching 395, 410, 526, and 509 for Q1, Q2, Q3, and Q4 respectively [4] - The total investment in China's healthcare sector in 2025 is projected to be 93.54 billion yuan, a year-on-year increase of 83.7%, with 626 investment events recorded, up 26.7% year-on-year [4] - Globally, the healthcare sector's investment in 2025 is expected to total 591.19 billion yuan, a year-on-year decrease of 20.9%, but the decline is expected to narrow over the quarters [4]

Core Viewpoint - Southwest Securities expects a significant increase in net profit for the year 2025, driven by a recovery in capital market activity and strong performance in core business segments [1] Financial Performance - The company anticipates a net profit attributable to shareholders of between 1.028 billion to 1.098 billion yuan for 2025, representing an increase of 329 million to 399 million yuan compared to 2024, which translates to a year-on-year growth of 47% to 57% [1] - The expected net profit after deducting non-recurring items is projected to be between 1.013 billion to 1.082 billion yuan, also reflecting an increase of 324 million to 393 million yuan from 2024, with the same year-on-year growth rate of 47% to 57% [1] Business Segments - The growth in performance is attributed to the active capital market, which has allowed the company to seize market opportunities effectively [1] - Key business segments such as wealth management, securities investment, and investment banking have shown substantial year-on-year growth, contributing significantly to the overall improvement in the company's operational performance [1]

智通财经1月16日讯（记者高艳云）2025年A股市场交投活跃度刷新历史纪录，资本市场改革红利持 续，证券行业迎来史诗级业绩丰收年。 截至1月15日，中信证券、西南证券率先披露2025年业绩数据，一"大"一"小"两家代表性券商均交出超 预期答卷，头部券商中信证券归母净利润高达300.51亿元，同比大增38.46%；中小券商代表西南证券归 母净利润区间达10.28亿元至10.98亿元，同比增幅高达47%至57%。两家券商净利润合计同比增速区间 达38.75%至39.06%。 | | 券商2025业绩一 | 览(2026. 1. 16) | | | | --- | --- | --- | --- | --- | | 券商 | 净利(亿元) | 同比 | 营收(亿元) | 同比 | | 中信证券 | 300. 51 | 38. 46% | 748. 30 | 38. 46% | | 西南证券 | 10. 28 10. 98 | 47% 57% | | | | 合计 | 310. 79 311. 49 | 38.75% 39.06% | | | 两家代表性券商的超高增速，共同指向一个核心结论：2025年的增长不是简单的 ...

Group 1 - The central bank has implemented a series of measures to support high-quality economic development, including a 0.25 percentage point reduction in re-lending and rediscount rates, and an increase of 500 billion yuan in re-lending for agriculture and small enterprises [3] - The U.S. White House announced a 25% import tariff on certain semiconductor products starting January 15, affecting Nvidia's H200 chip and AMD's MI325X, while excluding semiconductors for data centers and public sectors [3] - TSMC's Q4 2025 earnings exceeded expectations with a 35% year-on-year increase in net profit to approximately $16 billion, and the company raised its 2026 capital expenditure guidance to $52-56 billion, nearly 40% higher than previous estimates [3] Group 2 - The Ministry of Commerce plans to combine policies to promote consumption and improve people's livelihoods in 2026, focusing on key areas and potential growth points [4] - The National Development and Reform Commission reported that the total social financing scale in 2025 reached 35.6 trillion yuan, with a net cash injection of 1.31 trillion yuan [5] - The financial regulatory authority emphasized the need to effectively manage risks in small financial institutions and support the real estate sector through coordinated financing mechanisms [5] Group 3 - The A-share market showed divergence with high-level stocks experiencing significant declines, while the semiconductor industry and precious metals sectors performed well [7] - The Hong Kong stock market faced fluctuations, with the Hang Seng Index down 0.28%, while real estate stocks showed resilience [7] - The first gold ETF in China surpassed 100 billion yuan in circulation, becoming the largest in Asia [8] Group 4 - Major banks in the U.S. conducted over $140 billion in dividends and stock buybacks in 2025, exceeding previous records [21] - Goldman Sachs reported a 3% decline in Q4 2025 revenue to $13.5 billion, primarily due to its credit card business, while Morgan Stanley's revenue rose 10.3% to $17.89 billion [20][21] - The Ministry of Finance and the State Taxation Administration announced tax exemptions for foreign institutions investing in government bonds and local government bonds, extending until December 31, 2027 [22]

Core Viewpoint - Southwest Securities Co., Ltd. expects a significant increase in net profit for the year 2025, projecting a rise of 47% to 57% compared to the previous year, driven by strong performance in core business segments [2][4]. Group 1: Performance Forecast - The company anticipates a net profit attributable to shareholders of the parent company between 1.028 billion yuan and 1.098 billion yuan for the year 2025, an increase of 329 million yuan to 399 million yuan year-on-year [2][4]. - The expected net profit after deducting non-recurring gains and losses is projected to be between 1.013 billion yuan and 1.082 billion yuan, also reflecting a year-on-year increase of 47% to 57% [4]. Group 2: Previous Year’s Performance - In the previous year, the total profit was 836 million yuan, with a net profit attributable to shareholders of the parent company at 699 million yuan, and a net profit after deducting non-recurring gains and losses at 689 million yuan [6]. Group 3: Reasons for Performance Increase - The increase in performance is attributed to the company's commitment to financial services for the real economy, deepening business innovation and layout, and the active engagement in capital markets, leading to significant growth in wealth management, securities investment, and investment banking businesses [8].