（记者 王晓波） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每经AI快讯，东方证券1月26日晚间发布公告称，截至本公告披露日，公司及控股子公司对外担保总额 为人民币143.74亿元，全部为公司及控股子公司对其全资子公司提供的担保，占公司最近一期经审计净 资产的比例为17.66%。其中，公司对控股子公司提供的担保总额为人民币25.66亿元，占公司最近一期 经审计净资产的比例为3.15%。 每经头条（nbdtoutiao）——国际金价冲破5000美元！7年涨了280%，什么时候才见顶？专家：关键还 看美元，重点关注国际货币体系、降息和科技革命 每日经济新闻 ...

证券代码：600958 证券简称：东方证券 公告编号：2026-001 东方证券股份有限公司 关于东方金融控股(香港)有限公司为其全资子公司 获取银行授信提供担保的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 担保对象及基本情况 | 被担保人名称 | 本次 | 实际为其提供的 担保余额（不含 | 是否在前 期预计额 | 本次担保 是否有反 | | --- | --- | --- | --- | --- | | | 担保金额 | | | | | | | 本次担保金额） | 度内 | 担保 | | 东证国际金融 | 3,000 万 | 5 亿美元 | 是 | 否 | | 集团有限公司 | 1 美元 | | | | 累计担保情况 1 2025 年 3 月 28 日，公司第六届董事会第四次会议审议通过了《关 于预计公司 2025 年度对外担保的议案》，并提交公司于 2025 年 5 月 23 日召开的 2024 年年度股东大会审议获得通过。根据该议案，公司 及子公司为资产负债率超过70%的全资子公司新增担保总额 ...

威迈斯首次公开发行股票的发行费用合计15,509.36万元（不含增值税），其中，承销保荐费用 11,547.27万元。 (责任编辑：何潇) 威迈斯于2023年7月26日在上交所科创板上市，发行股票数量4,210.00万股，发行价格为47.29元/ 股，保荐人（主承销商）为东方证券承销保荐有限公司，保荐代表人为王德慧、姜晓华。 上市首日，威迈斯盘中最高价报62.00元，为该股上市以来最高价。 威迈斯首次公开发行股票募集资金总额199,090.90万元，扣除不含税发行费用后，实际募集资金净 额为183,581.54万元。该公司最终募集资金净额比原计划多50,351.21万元。威迈斯于2023年7月21日披露 的招股说明书显示，其拟募集资金133,230.33万元，分别用于新能源汽车电源产品生产基地项目、龙岗 宝龙新能源汽车电源实验中心新建项目和补充流动资金。 中国经济网北京1月26日讯 威迈斯(688612.SH)今日股价下跌，截至收盘报32.90元，跌幅4.91%。该 股目前处于破发状态。 ...

Group 1 - The core viewpoint is that the demand for AI computing power is continuously rising, leading to a supply-demand imbalance in related hardware [2][3] - In the semiconductor upstream, the demand for AI-related power is driving price increases in mature process foundry services, while packaging factories are also raising prices due to strong AI computing demand and raw material cost pressures [2] - The storage industry is expected to see significant growth, with TrendForce predicting a market value of $551.6 billion by 2026, representing a year-on-year increase of 134% [2] Group 2 - The relaxation of export regulations on Nvidia's H200 chips to China is expected to boost domestic server manufacturing demand [3] - Domestic computing power hardware is making technological breakthroughs, with companies like Cambrian, Haiguang Information, and Moore Threads emerging in the chip sector, and advancements in packaging technology being reported by firms like Changdian Technology [4] - The AI space is anticipated to expand significantly, with innovations in hardware expected to create new investment opportunities in the industry chain [5]

格隆汇1月26日｜东方证券研报指出，环旭电子取得成都光创联科技有限公司控制权，拓展光通讯业 务，深化云端和终端模组产品布局。光创联专注于高速光电集成组件及光引擎产品研发、制造和销售。 认为环旭电子在技术、产业协同与产能等方面具备强大竞争力，有望持续融入全球光互连生态核心圈。 后续公司有望紧跟市场需求趋势，扩大产能满足客户需求。另外，智能眼镜行业保持高速成长，公司有 望深度受益。根据可比公司26年平均29倍PE估值，给予32.48元目标价，维持"买入"评级。 ...

Market Overview - On January 26, the Shanghai Composite Index rose by 0.12%, while the ChiNext Index fell by 0.86%. Gold stocks, oil and gas, and basic metals led the gains, with insurance and brokerage sectors also performing well. Financial technology and AI application concepts experienced a pullback [1] Regulatory Changes - On January 23, the China Securities Regulatory Commission (CSRC) and the Asset Management Association of China released new guidelines for the performance comparison benchmarks of publicly offered securities investment funds, effective from March 1. The new regulations aim to address industry issues such as ambiguous benchmarks and style drift, establishing a comprehensive control system that links performance benchmarks to fund manager compensation [1] Fund Performance and Fees - The Financial Technology ETF Huaxia (516100) announced a fee reduction starting January 22, aligning its management fee rate with the Securities ETF Huaxia at 0.15%, and a custody fee rate of 0.05%, making it the lowest among comparable funds [1] - The Securities ETF Huaxia tracks the CSI All Share Securities Companies Index, which has a current price-to-earnings ratio (PE-TTM) of 17.15, placing it in the 6.05% percentile over the past year, indicating a historical low valuation [2] Top Holdings - As of December 31, 2025, the top ten weighted stocks in the CSI All Share Securities Companies Index include: - Dongfang Caifu (14.12%) - CITIC Securities (13.50%) - Guotai Junan (11.19%) - Huatai Securities (6.64%) - GF Securities (3.13%) - China Merchants Securities (2.98%) - Dongfang Securities (2.75%) - Industrial Securities (2.47%) - Shenwan Hongyuan (2.29%) - CICC (1.97%) - The top ten stocks account for a total of 61.15% of the index [2][3]

Group 1 - The capital market has been active recently, with brokers conducting research on 440 A-share companies this year, predominantly in the electronics and machinery sectors, while the power equipment and chemical sectors have seen a surge in interest [1] - According to Founder Securities, brokers are still in a "lagging" phase, but ROE is on an upward trend, indicating that sector performance, although delayed, is expected to improve [1] - The capital market is projected to remain robust in 2025, with an average daily stock trading volume of 20.8 trillion yuan, a year-on-year increase of 70.2%, and an average margin balance of 2.08 trillion yuan, up 32.7% year-on-year [1] Group 2 - The 国证证券龙头指数 (399437) has shown a strong increase of 1.98%, with notable gains in constituent stocks such as 财通证券 (6.50%), 兴业证券 (4.95%), and 华泰证券 (3.52%) [1] - The 证券ETF鹏华 (159993) closely tracks the 国证证券龙头指数 and aims to reflect the market performance of quality listed companies in the securities theme [2] - As of December 31, 2025, the top ten weighted stocks in the 国证证券龙头指数 account for 79.13% of the index, including companies like 东方财富, 中信证券, and 华泰证券 [2]

Investment Rating - The report maintains an "Overweight" rating for the securities and banking sectors, while also recommending the insurance sector [8]. Core Insights - The market remains active with an average daily trading volume of 28 trillion yuan in A-shares, and the financing balance stabilizing at 2.7 trillion yuan. However, the ETF market has experienced significant volatility, with major outflows from core broad-based ETFs [11][16]. - The sentiment for market bullishness is strong, and the spring rally is expected to continue, particularly in the insurance sector where beta trading opportunities are anticipated [2][26]. - The central bank's governor indicated that there is still room for interest rate cuts, with the latest Loan Prime Rate (LPR) remaining unchanged for eight consecutive months [11][32]. Securities Sector Summary - The report highlights a positive outlook for the securities sector, with several brokerages reporting significant profit growth for 2025. The recommendation includes top brokerages such as CITIC Securities, Guotai Junan, and GF Securities [2][12]. - The average daily trading volume in the A-share market is noted at 28 trillion yuan, with a stable financing balance, indicating a recovery opportunity for the brokerage sector [11][12]. Insurance Sector Summary - The report suggests focusing on quality leading companies in the insurance sector, as the market sentiment remains strong and the spring rally is expected to continue [26][27]. - The insurance sector's fund holdings have increased, with major stocks like Ping An and China Life being highlighted for their significant market presence [27][31]. Banking Sector Summary - The banking sector is characterized by stable performance, with several banks reporting positive earnings forecasts for 2025. The report recommends quality individual stocks such as Nanjing Bank and Chengdu Bank [3][40]. - The central bank's comments on potential interest rate cuts and the expansion of wealth management products indicate a favorable environment for banks [32][33]. - The report notes a decline in bond allocations within bank wealth management products, with an increase in deposits and funds [37][34].

Investment Rating - The report maintains an "Overweight" rating for both the banking and securities sectors [6]. Core Insights - The financial sector shows a strategic allocation opportunity, with increased fund positions in banking, securities, and insurance stocks [1][5]. - The banking sector's fund position has slightly increased, indicating a return of risk appetite among investors [2][13]. - The securities sector is experiencing a recovery in fund positions, driven by market activity and performance expectations [3][5]. - The insurance sector has seen a significant increase in fund positions, with major insurance stocks being favored by investors [4][5]. Summary by Sections Banking Sector - As of Q4 2025, the banking sector's fund position increased by 0.04 percentage points to 1.89%, with large banks and joint-stock banks seeing gains, while city commercial banks experienced a decline [2][13]. - The top three heavy-weighted stocks in the banking sector account for 46.0% of the total fund position, indicating a concentration in holdings [13][27]. - The dividend yield for A/H shares in the banking sector is approximately 4.87%/4.88%, making it attractive compared to the 10-year government bond yield of 1.83% [5]. Securities Sector - The securities sector's fund position rose by 0.10 percentage points to 0.72%, although it remains at a historically low level [3][5]. - Major securities firms like CITIC Securities and Guotai Junan have been favored for their performance potential amidst market recovery [5][8]. - The average price-to-book ratio for large and small securities firms is 1.44x and 1.67x, respectively, indicating they are trading at 27% and 42% of their historical averages [5]. Insurance Sector - The insurance sector's fund position increased by 0.94 percentage points to 1.72%, with major stocks like Ping An and China Pacific receiving significant increases in holdings [4][5]. - The insurance index's price-to-book ratio is at 1.53x, which is at the 40th percentile of valuations since 2014, suggesting potential for valuation recovery [4][5]. - Strong sales performance in life insurance is noted, with a focus on high-elasticity stocks as key investment opportunities [4].

GHW INTL截至20256月30日止6个月的中期业绩显示，该集团取得收益人民币18.57亿元(单位下同)，同 比增加3.72%;公司拥有人应占溢利703.6万元，同比增加58.22%;每股基本盈利0.007元。 香港联交所最新资料显示，1月23日，GHW INTL(09933)股东将股票由东方证券(香港)转入招银国际证 券，转仓市值1.08亿港元，占比6.47%。 ...