智通财经APP获悉，东方证券发布研报称，受地缘冲突影响，市场对油气供应减少的担忧上升，导致油 价回升。而全球的油气资本开支正处于较低水平，存在向上恢复的空间。但是，考虑到油气项目的建设 周期较长，该行预计下游业主将更重视油气服务和装备企业的长期竞争力，因此该行看好具有高竞争力 的油服装备企业的投资机会。 东方证券主要观点如下： 地缘冲突的担忧增加，布伦特油价回升，有望提高油服景气度 由于油服项目的建设周期较长，因此业主公司往往需要观察油价的持续性。目前的地缘冲突担忧推升了 油价和市场的期待，但油服的景气度回升仍需要事件。该行预计从油价回升到油服景气传导至少需要半 年左右。考虑到下游公司对供应商的筛选会更加重视长期合作，因此该行认为高竞争力的企业更有望受 益复苏。 投资建议：部分相关标的：杰瑞股份、迪威尔、博迈科、海油工程、中密控股。 风险提示：地缘冲突缓解或供给波动导致油价下降、海外高利率拖累投资、海外贸易摩擦加剧影响投资 信心、原材料价格上涨拖累企业盈利。 全球油气开支活跃度仍在较低水平，向上有弹性 目前全球的油服景气度处于较低区间，比如全球活跃钻机数目前约1700-1800部，仍低于2019年以前水 平。 ...

Group 1 - The Ministry of Finance's Debt Management Office released the trading volume rankings for the 2025 book-entry treasury bond underwriting syndicate, highlighting the top three firms in overall treasury bond spot trading volume as Ping An Bank, CITIC Securities, and Orient Securities [1][2] - In the bank member category for treasury bond spot trading volume, the top three are Ping An Bank, Shanghai Pudong Development Bank, and Bank of Communications [1][2] - For the bank counter trading volume of the 2025 book-entry treasury bonds, the leading banks are Agricultural Bank of China, Shanghai Pudong Development Bank, and Bank of China [1][2]

（文章来源：证券日报） 证券日报网讯 1月28日，东方证券在互动平台回答投资者提问时表示，公司已于1月27日盘后披露 《2025年年度业绩预增公告》。2025年公司抓住资本市场发展机遇，在大财富、大投行、大机构三大领 域持续发力，稳健经营与提质增效双轮驱动，经营业绩同比实现较好增长。经财务部门初步测算，公司 2025年预计实现营业收入153.4亿元，归母净利润56.2亿元，分别同比增长26.0%和67.8%。详细内容请 参阅公告，具体准确的财务数据以公司正式披露的经审计后的2025年年度报告为准。 ...

Core Insights - The Ministry of Finance announced the ranking of the trading volume of 2025 book-entry government bonds, with Ping An Bank, CITIC Securities, and Orient Securities taking the top three spots [1] Group 1: Bank Members - Among the bank members of the 2025 book-entry government bond underwriting syndicate, Ping An Bank, Shanghai Pudong Development Bank, and Bank of Communications ranked as the top three [1] Group 2: Non-Bank Members - In the non-bank category, CITIC Securities, Orient Securities, and Huatai Securities were the top three firms based on trading volume [1] Group 3: Counter Transactions - For bank counter transaction volumes, Agricultural Bank of China, Shanghai Pudong Development Bank, and Bank of China ranked as the top three [1]

21世纪经济报道记者 孙永乐 正值A股年报预告披露期，一批上市券商密集"交卷"报喜。 1月28日下午，长城证券（002939.SZ）发布业绩预告，公司预计2025年1-12月业绩大幅上升，归母净利润为22.91亿至24.49亿元，净利润同比增长45.00%至 55.00%，预计基本每股收益为0.57至0.61元。 就在前一晚，国泰海通（601211.SH）、申万宏源（000166.SZ）、东方证券（600958.SH）、招商证券（600999.SH）、华西证券（002926.SZ）、红塔证券 （601236.SH），6家券商同步发布了2025年业绩预告或快报，全年归母净利润分别同比增长111%—115%、74.64%—93.83%、67.80%、18.43%、74.46%— 126.66%、59.05%。 同花顺iFinD数据显示，截至1月28日18时，A股已有13家上市券商披露2025年度业绩预告或快报，业绩集体实现高增，3家净利润同比增长10%—50%，7家 净利润同比增长50%—100%，3家净利润同比增长超过100%。 | | | | A股券商2025年业绩预告/快报一览 | | | | | --- ...

同花顺iFinD数据显示，截至1月28日18时，A股已有13家上市券商披露2025年度业绩预告或快报，业绩 集体实现高增，3家净利润同比增长10%—50%，7家净利润同比增长50%—100%，3家净利润同比增长 超过100%。 （文章来源：21世纪经济报道） 1月28日下午，长城证券（002939.SZ）发布全年业绩预告，公司预计2025年1-12月业绩大幅上升，归母 净利润为22.91亿至24.49亿，净利润同比增长45.00%至55.00%，预计基本每股收益为0.57至0.61元。 就在前一晚，国泰海通（601211.SH）、申万宏源（000166.SZ）、东方证券（600958.SH）、招商证券 （600999.SH）、华西证券（002926.SZ）、红塔证券（601236.SH），这6家券商同步发布了2025年业绩 预告或快报，全年归母净利润分别同比增长111%—115%、74.64%—93.83%、67.80%、18.43%、74.46% —126.66%、59.05%。 ...

Group 1 - The company Zhou Dasheng announced that it will participate in an investor research meeting on January 28, 2026, with representatives from Dongfang Securities present to answer investor questions [1] - The automotive industry is experiencing a significant shift with the introduction of semi-solid state batteries, which are expected to be featured in multiple new vehicle models this year [1] - Major manufacturers are preparing for advancements in power battery technology, marking this year as a pivotal moment for innovation in the sector [1]

Performance Highlights - State Grid Yingda (600517.SH) expects a net profit of 2.3 billion to 2.75 billion CNY, a year-on-year increase of 46.10% to 74.69%[3] - Zhongjin Gold (600489.SH) anticipates a net profit of 4.8 billion to 5.4 billion CNY, reflecting a growth of 41.76% to 59.48%[4] - Shenzhen South Circuit (002916.SZ) projects a net profit of 3.154 billion to 3.342 billion CNY, with an increase of 68% to 78%[5] - Electric Investment and Financing (000958.SZ) forecasts a net profit of 3 billion to 3.5 billion CNY, a significant rise of 187.37% to 235.26%[6] - Oriental Securities (600958.SH) expects a net profit of 5.62 billion CNY, up 67.8% year-on-year[9] Industry Trends - AI and high-end manufacturing are driving growth, with companies like Shenzhen South Circuit and Huadian Electric benefiting from AI computing upgrades[47] - Resource prices are showing differentiation, with gold, tungsten, and lithium companies like Zhongjin Gold and Xiamen Tungsten experiencing performance recovery due to strategic resource demand[48] - The financial sector is witnessing a dual trend of stability and transformation, as seen in Oriental Securities and Guotai Junan's performance amid market activity[49] - The recovery in consumer and service industries is highlighted by Wanda Film's return to profitability, indicating a rebound in content and experiential consumption[50] - The pharmaceutical sector is experiencing significant differentiation, with companies like Chengdu Xian Dao achieving high growth through innovation, while others like Bichang Pharmaceutical face competitive pressures[51]

Core Viewpoint - Emei Mountain A is experiencing a recovery in visitor traffic, supported by shareholder rewards during the off-peak season, with expectations for improved capacity [1] Group 1: Visitor Traffic and Shareholder Rewards - The scenic area received 126,166 visitors during the three days of New Year's Day (January 1-3, 2026), with ticket sales of 83,391 and complimentary tickets of 42,775, representing a year-on-year increase of 20.88% compared to the same period in 2024 [1] - A shareholder reward program running from December 1, 2025, to January 31, 2026 (excluding statutory holidays) offers discounts on tickets, cable cars, hotels, and hot springs, which is expected to boost visitor traffic in December and January during non-holiday periods [1] Group 2: Capacity and Financial Performance - Improvements in transportation and capacity are anticipated, which is expected to elevate long-term visitor traffic [1] - The company continues to provide cash dividends to shareholders, reflecting strong cash flow quality and a commitment to shareholder returns, which also enhances capital efficiency and investor return certainty, providing some support for valuation [1] Group 3: Earnings Forecast and Valuation - Due to weak revenue in 2025, adjustments have been made to the EPS forecasts for 2025-2027 to 0.45, 0.54, and 0.61 yuan, respectively, down from previous estimates of 0.63 and 0.69 yuan for 2025-2026 [1] - Based on comparable companies, the target price for 2026 is set at 17.28 yuan, applying a 32 times PE ratio, while maintaining a "buy" rating [1]

Core Viewpoint - Emei Mountain A is experiencing a recovery in visitor traffic, supported by shareholder rewards during the off-peak season, with expectations for improved capacity [1] Group 1: Visitor Traffic and Shareholder Rewards - During the New Year holiday from January 1 to January 3, 2026, the scenic area received 126,166 visitors, a 20.88% increase compared to the same period in 2024 [1] - Shareholder reward activities from December 1, 2025, to January 31, 2026, excluding statutory holidays, are expected to boost visitor traffic in December and January during non-holiday periods [1] Group 2: Capacity and Long-term Outlook - Improvements in transportation and capacity are anticipated, which will likely enhance long-term visitor traffic [1] - The company continues to provide cash dividends to shareholders, reflecting strong cash flow quality and a commitment to shareholder returns, which also aids in improving capital efficiency and investor return certainty [1] Group 3: Financial Forecast and Valuation - Due to weak revenue in 2025, the company has adjusted its EPS forecasts for 2025-2027 to 0.45, 0.54, and 0.61 yuan, down from previous estimates of 0.63 and 0.69 yuan for 2025-2026 [1] - Based on comparable companies, the target price for 2026 is set at 17.28 yuan, applying a 32x PE ratio, while maintaining a "buy" rating [1]