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 ...

（记者 曾健辉） 每经头条（nbdtoutiao）——2月井喷！中国AI调用量首超美国，四款大模型霸榜全球前五，国产算力需 求正经历指数级增长 每经AI快讯，江波龙发布公告称，2026年2月25日15:00-16:00，江波龙接受东方证券等投资者调研，公 司投资者关系经理黄琦，投资者关系资深主管苏阳春参与接待，并回答了投资者提出的问题。 ...

Core Viewpoint - Zimbabwe's sudden ban on all raw mineral and lithium concentrate exports has triggered a significant market reaction, with lithium carbonate futures surging over 11% to exceed 160,000 yuan/ton, indicating a potential new cycle in the lithium market driven by supply disruptions and surging demand from energy storage batteries [1][2][3]. Supply Side - The ban from Zimbabwe is expected to have a short-term impact, with current compliant export capacity limited to 25,000 tons of lithium carbonate equivalent (LCE) in 2026, increasing to 60,000 tons in 2027 [3][5]. - The global lithium supply is projected to be approximately 202,000 tons of LCE in 2026, with demand expected to reach around 201.7 million tons, indicating a tight supply-demand balance [22]. - The recovery of lithium production in Australia is anticipated to take at least a quarter, with many projects still in the planning stages, which limits immediate supply response to rising prices [8][12]. Demand Side - The demand for lithium is increasingly driven by energy storage, with global shipments of storage batteries expected to reach 900 GWh in 2026, translating to a demand for approximately 540,000 tons of LCE, a 50% year-on-year increase [16][18]. - Despite a temporary slowdown in demand for power batteries due to policy changes, the overall demand for lithium is expected to rebound significantly in 2026, with projections of 1.9 million electric vehicles sold in China, a 15.2% increase year-on-year [16][18]. Pricing Dynamics - The current low inventory levels, with social stocks of lithium carbonate dropping to around 10,300 tons, have significantly amplified price elasticity, leading to a market that is trading on "shortage driven by restocking" rather than waiting for supply-demand equilibrium [18][24]. - The pricing logic in the lithium market is shifting from "current period looseness" to "future period tightness," as financial attributes of lithium are becoming more pronounced, with market participants pricing in future scarcity [25][26]. Geopolitical Factors - The emergence of a "Lithium OPEC" in South America, involving Argentina, Bolivia, and Chile, aims to regain pricing power over lithium resources, which could further complicate supply dynamics [6][7]. - Geopolitical and policy variables, such as nationalization efforts in Chile and Mexico's strategic designation of lithium, are expected to layer additional pricing options that could influence market dynamics over time [6][7]. Future Outlook - Analysts predict that lithium carbonate prices could exceed 200,000 yuan/ton in the short term, supported by low inventory, concentrated supply disruptions, and the upcoming demand peak [26]. - The long-term outlook remains uncertain, with differing views on whether prices above 200,000 yuan/ton will be sustainable or if they represent a temporary window before supply increases catch up [26].

南方财经2月27日电，盈方微(000670.SZ)发布公告称，股东东方证券通过集中竞价交易方式实施减持。 减持期间为2025年11月27日至2025年12月18日，合计减持839.4798万股，占公司总股本的0.9938%。本 次减持均价为7.34元/股，减持价格区间为7.10元至7.73元/股，按成交均价测算，减持金额约6161万元。 减持后，东方证券持有盈方微股份3,532.2767万股，占总股本比例降至4.1816%。此次减持为东方证券 根据前期披露的减持计划进行，减持方式为集中竞价交易。 ...

资产配置 | 专题报告 低利率环境，红利投资需要择时 研究结论 风险提示 1、极端风险事件，例如中美关系、全球地缘出现超预期大事件等，相应风险难以事前预 判； 2、量化模型失效的风险，历史数据对未来的指引效果有限。 | | | 股债跷跷板的成因、影响和策略应对 2025-09-17 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。 ⚫ 低利率环境下，红利并未持续占优，而是轮动表现。美国经验可得，红利在利率边 际下行幅度较大时明显占优，进入低利率环境后反而胜率不高。中国在 2024 年 12 月进入低利率环境后和美国类似，开始红利和宽基走势相近，9 个月后大幅跑输。 23 年都处于低利率环境中的日本经验具有较强的借鉴意义：红利风格在长期低利率 环境中轮动表现，而非持续占优。 ⚫ 红利投资应基于风格研究框架，而非股息率。股息率与红利股价表现并不直接相 关，分红收入只是财务表征且已在股价上体现。红利投资应从 DDM 模型出发，通过 研究各个变量发生变化的组合，找到红利风格占优的情景：1）从分子端看，在全市 场盈利预期下行时， ...

证券日报网讯 2月26日，盈方微发布公告称，股东东方证券减持计划届满，2025年11月27日至12月18日 通过集中竞价减持公司839.4798万股，占总股本0.9938%，减持后持股降至3，532.2767万股，占比 4.1816%，不再为持股5%以上股东。 （文章来源：证券日报） ...

盈方微公告称，持股5%以上股东东方证券减持计划期限已届满。2025年11月27日至12月18日，东方证 券通过集中竞价交易减持839.4798万股，占公司总股本（截至2026年 月 日为844,725,255股）的 0.9938%，减持均价7.34元/股，价格区间7.10 - 7.73元/股。减持后，东方证券持有3532.2767万股，占比 4.1816%。其股份来源为执行司法裁定以股抵债。本次减持符合规定，未违反减持计划，不会导致公司 控制权变化。 ...

Group 1 - Huang Yanming, the director of Dongfang Securities Research Institute, stated that the next investment focus in A-shares will be on mid-cap blue chips, moving away from the previous high-growth tech and high-dividend strategies [1] - The investment focus will be on three main areas: globally priced cyclical goods such as chemicals, non-ferrous metals, agricultural products, and global shipping; manufacturing sectors related to technology and national strength enhancement, including military industry, robotics, and new energy; and technology sectors related to large model performance realization [1] Group 2 - The International Institute of Finance reported that global debt has surged to a record $348 trillion, increasing by nearly $29 trillion, marking the fastest growth since the onset of the COVID-19 pandemic [2] - Government debt in countries like the United States and the Eurozone exceeds $10 trillion [2] Group 3 - Several lithium mining companies expect Zimbabwe's lithium ore exports to resume within one month after a temporary suspension [3] - Companies like Zhongmin Resources and Yahua Group are preparing to submit supplementary materials for export applications, indicating that the ban is expected to be lifted soon [3] Group 4 - Overseas tech companies are increasingly turning to loans backed by chips, particularly GPUs, to fund their substantial AI investments, with Moody's beginning to rate GPU-backed debt [4] - NAND flash memory prices are rising due to ongoing shortages, prompting major manufacturers like Phison to require advance payments from customers [4] Group 5 - The Chinese smartphone industry is set to experience a comprehensive price increase starting in March 2026, with new models expected to rise by at least 1,000 yuan [5] - Major brands such as OPPO, OnePlus, Vivo, iQOO, Xiaomi, and Honor are likely to raise prices for older models as well, marking a historic trend of simultaneous price hikes across all categories and brands [5] Group 6 - CCD cameras, once common, have seen a resurgence in popularity, with prices for certain models skyrocketing in the second-hand market [6] - Young consumers are driving this trend, primarily for the aesthetic quality of the images produced by these cameras [6] Group 7 - Baidu Group reported a total revenue of 32.7 billion yuan for Q4 2025, reflecting a year-on-year growth of 5% [7] - The net profit attributable to Baidu was 1.8 billion yuan, with a net profit margin of 5% [7] Group 8 - ByteDance's valuation is reportedly around $550 billion, as investment firm General Atlantic is selling part of its stake [8] - This valuation places ByteDance between Tencent and Alibaba in terms of market capitalization [8] Group 9 - New Hope Liuhe announced a cash investment of 74.87 million yuan to acquire a 70% stake in Luochuan Lingxian Company [9] - The investment will be used for both purchasing shares and increasing capital for the company [9] Group 10 - Aokema plans to acquire a 45% stake in its subsidiary Qingdao Aokema Smart Industry Co., Ltd. for 253 million yuan, aiming for full ownership [10] - The transaction is part of a strategy to consolidate control over its subsidiary [10]

2月25日，东方证券跌0.20%，成交额11.56亿元。两融数据显示，当日东方证券获融资买入额2.02亿 元，融资偿还6323.13万元，融资净买入1.39亿元。截至2月25日，东方证券融资融券余额合计27.83亿 元。 融资方面，东方证券当日融资买入2.02亿元。当前融资余额27.80亿元，占流通市值的3.67%，融资余额 超过近一年90%分位水平，处于高位。 融券方面，东方证券2月25日融券偿还8100.00股，融券卖出2.70万股，按当日收盘价计算，卖出金额 27.49万元；融券余量29.75万股，融券余额302.86万元，低于近一年20%分位水平，处于低位。 机构持仓方面，截止2025年9月30日，东方证券十大流通股东中，中国证券金融股份有限公司位居第六 大流通股东，持股2.28亿股，持股数量较上期不变。香港中央结算有限公司位居第八大流通股东，持股 1.51亿股，相比上期减少1.24亿股。国泰中证全指证券公司ETF（512880）位居第九大流通股东，持股 1.35亿股，为新进股东。华泰柏瑞沪深300ETF（510300）退出十大流通股东之列。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布 ...

广发证券：以史为鉴，A股将迎来"春季躁动"胜率最高的阶段，小盘风格占优 广发证券表示，历史看，2月份及春节前后是春季躁动日历效应最强阶段。市场高胜率、小盘风格占 优。以小盘指数为例，在春节到两会之间上涨概率为100%，在2月上涨概率为87.5%。在配置方向 上，"春季躁动"上涨方向并非是"炒小炒差"、与业绩无关。2019年以来，"春季躁动"涨幅与当年一季 报、一季报增速环比变化率的相关性逐步加强。参考26年年报预告及一季报前瞻，我们建议关注：存 储、锂电设备/材料、海外算力、非银(券商、保险)、计算机软件等行业，这些行业或维持景气预期、或 出现困境反转迹象。此外，一些产业趋势主题或者困境反转预期挂钩，那么即便没有一季报也会表现不 错，类似去年春季躁动的机器人。今年可能类似的方向包括字节产业链(春晚投流，对应AI应用和国产 算力)、机器人产业链、太空光伏等。 东方证券：新年连续两个交易日，市场量价齐升，交投信心明显提高 东方证券表示，从技术上来看，4160点~4170点是沪综指1月中旬以来的箱体上沿，昨日市场在该区域 出现明显回落，因此不排除未来几天多空展开争夺，对近期涨势较大的板块或个股可以适当减仓。 本文转 ...