Core Viewpoint - The report from Dongfang Securities indicates a recovery in the export volume of sucralose, signaling positive external demand and potential growth opportunities for the company in new domestic applications [1] Group 1: Market Demand and Opportunities - The domestic demand for sucralose in pig feed could exceed 3,500 tons, accounting for over 60% of the apparent consumption of sucralose in China for 2022 and 2023 [1] - The company is expected to enjoy a unique market space during the five-year protection period, which presents significant growth potential [1] - The recovery in traditional food and beverage sectors is anticipated to positively impact the demand for sucralose [1] Group 2: Financial Projections - The company forecasts net profits attributable to shareholders for 2025, 2026, and 2027 to be 592 million, 818 million, and 870 million yuan respectively, a revision from previous estimates of 1.273 billion and 1.494 billion yuan for 2025 and 2026 [1] - Based on a 20 times price-to-earnings ratio for comparable companies in 2026, a target price of 28.80 yuan is set, maintaining a "buy" rating [1]

Core Viewpoint - The cobalt industry is rated "positive" by Dongfang Securities, with 2025 marking a significant policy turning point due to the implementation of the quota system in the Democratic Republic of Congo (DRC), which will shift market perception from oversupply to absolute shortage by 2026 [1] Supply Dynamics - The DRC, accounting for 76% of global cobalt production, will have an annual export quota of 96,600 metric tons for 2026-2027, a 55% reduction from 2024 levels, leading to a significant contraction in global cobalt supply elasticity [1] - The structural supply-demand gap for cobalt is projected to reach 91,000 metric tons in 2026 and 112,000 metric tons in 2027, indicating a shortage exceeding 20% [1] Demand Drivers - Cobalt demand is primarily driven by batteries, which account for 73% of total demand, with the electric vehicle sector (43%) being the core growth source, expecting a 19% year-on-year increase in cobalt demand in the global new energy vehicle sector in 2024 [2] - The consumer electronics sector is also recovering, with cobalt demand projected to reach 70,000 metric tons in 2024, and a CAGR of approximately 5% over the next three years [2] - Long-term growth in cobalt demand is supported by solid-state battery technology and the sustained high proportion of overseas ternary battery installations, with total global cobalt demand expected to rise from 189,000 metric tons in 2022 to 325,000 metric tons by 2028 [2] Pricing Mechanism - The pricing mechanism for cobalt is shifting from "high-cost incremental supply + low-cost clearing" to "policy-induced supply gaps + increased supply security premiums," benefiting leading companies like Luoyang Molybdenum (40% global share) and Huayou Cobalt, which possess resource endowments and integrated capabilities [3] Investment Recommendations - In the short term, cobalt prices are expected to remain high due to supply shortages caused by long shipping times before Q2 2026 [4] - In the long term, the DRC's quota system will drive global cobalt pricing power, with price fluctuations influenced more by geopolitical factors than by pure supply-demand balance [4] - Relevant investment targets include Huayou Cobalt (603799.SH), Luoyang Molybdenum (603993.SH), Tengyuan Cobalt (301219.SZ), and Greeenme (002340.SZ) [4]

Investment Rating - The report maintains a "Buy" rating for several financial institutions including China Merchants Bank and Ningbo Bank, and a "Hold" rating for others like GF Securities and Dongfang Securities [9]. Core Insights - The report highlights a net outflow of 1.01 trillion yuan from broad-based ETFs in January 2026, indicating increased market volatility and a shift in investor sentiment towards high-quality financial stocks [1][3]. - The overall market for wealth management products saw a decrease in issuance, with 2,728 new products launched in January 2026, down 10.4% month-on-month, while the average yield for these products increased to 3.62%, up 177 basis points from the previous month [2][15]. - The report emphasizes the importance of the newly implemented performance benchmark guidelines for public funds, which aim to strengthen the alignment of interests between fund managers and investors [3][15]. Summary by Sections Wealth Management Products - In January 2026, the total issuance of wealth management products was 2,728, a decrease of 10.4% from December, while the total market size for these products was 31.57 trillion yuan, showing a slight decline [2][16]. - The average yield for wealth management products increased to 3.62%, reflecting a positive trend in returns despite the decrease in issuance [2][15]. Public Funds - The public fund market saw a 6% increase in new issuance in January, but the total market size decreased to 36.30 trillion yuan, down 1.24% month-on-month [3][15]. - The net asset value of ETFs fell to 5.46 trillion yuan, with a significant outflow of 1.01 trillion yuan from broad-based ETFs [3][15]. Private Funds - As of December 2025, the total size of private fund products reached 22.15 trillion yuan, with a month-on-month increase of 0.27% [5][15]. - The report notes a strong growth in the registration of private securities investment funds, which increased by 157% year-on-year [5][15]. Insurance Asset Management - By the end of Q3 2025, the balance of insurance funds reached 37.46 trillion yuan, reflecting a year-on-year increase of 17% [6][15]. - The report indicates a rising trend in the allocation of insurance funds to equities, with a notable increase in stock investment ratios [6][15]. Securities Asset Management - The size of securities asset management reached 6.37 trillion yuan by the end of Q3 2025, with a quarter-on-quarter increase of 4% [4][15]. - New issuance in January 2026 amounted to 77.42 billion units, representing a 20% increase from the previous month [4][15]. Trust Industry - The trust industry reported an asset size of 32.43 trillion yuan as of June 2025, marking a 10% increase since the beginning of the year [7][15]. - In January 2026, 1,377 trust products were issued, totaling 110.5 billion yuan, which is a 15% month-on-month increase [7][15].

Market Outlook - Chinese assets are expected to benefit from a steady decline in domestic risk evaluation, contrasting with challenges faced by the governance capabilities of the US and Japan[18] - The probability of the Federal Reserve restarting interest rate cuts in June 2026 is estimated at 50%[17] Asset Performance - A-shares have shown a decline, with the Shanghai Composite Index down by 1.27% over the past week, and the ChiNext Index down by 3.28%[11] - The bond market has seen a short-term rebound, with 10-year government bonds showing a 0.48% increase[11] Risk Assessment - Short-term uncertainty for commodities and gold is on the rise, while A-shares, US stocks, and US bonds exhibit stable medium-term uncertainty[25] - The overall market sentiment remains cautious due to potential extreme risk events, such as US-China relations and global geopolitical tensions[6] Economic Cooperation - Recent visits by leaders from the UK and Uruguay to China indicate a trend of mid-sized countries seeking economic cooperation with China, enhancing their maneuverability against the US[18]

Group 1 - The core viewpoint is that the recent volatility in precious metals prices is a normal reaction to overly optimistic investor sentiment, and the long-term bull market for precious metals has not ended despite short-term fluctuations [1] - The long-term outlook for precious metals remains positive, with expectations for a mid-term increase in gold prices by 2026, driven by a lack of fundamental change in global trust in fiat currency systems [1] - Investors are advised to be cautious in the short term due to high prices and implied volatility, suggesting that those with a long-term view on precious metals should not rush to increase their positions [1] Group 2 - The report highlights specific investment options, including direct investment in physical gold, the tax-exempt gold ETF from Guotai (518800), and the gold stock ETF (517400) that covers the entire gold industry chain [1] - The analysis indicates that the central price of gold is expected to rise, and investors may consider participating in future pullbacks and gradually building positions [1]

Core Insights - Open Claw represents a shift in AI functionality from a tool to an executor, marking a significant development in the AI Agent landscape [1][2] - The global AI Agent market is projected to grow from $5.1 billion in 2024 to $47.1 billion by 2030, indicating a strong growth trajectory for AI Agents [2] Group 1: Open Claw Overview - Open Claw is an emerging open-source AI agent and automation platform that utilizes natural language commands to execute tasks, leveraging a memory database and user preferences for task understanding [1] - The platform supports both cloud and localized deployment, catering to diverse user needs and enhancing data security [1] Group 2: Market Potential - The rise of Open Claw signifies the transition of AI Agents from interactive tools to foundational productivity infrastructure, with expectations for increased efficiency and scalability [2] - As large model capabilities continue to advance, the potential for widespread application of AI Agents is anticipated to grow significantly [2] Group 3: Investment Recommendations - Companies involved in computing power and related software tools are expected to benefit from the development of AI Agents, with recommended investment targets including Hehe Information, Zhuoyi Information, Haiguang Information, and Cambrian [3]

香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算有限公司 對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示， 概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失 承擔任何責任。 （ 於 中 華 人 民 共 和 國 註 冊 成 立 之 股 份 有 限 公 司 ，中 文 公 司 名 稱 為 「東 方 証 券 股 份 有 限 公 司 」， 在 香 港 以「 東 方 證 券」（中 文 ）及「DFZQ」（ 英 文 ） 開 展 業 務 ） （股份代號：03958） 海外監管公告 於本公告日期，董事會成員包括執行董事魯偉銘先生和盧大印先生；非執行董事 劉煒先生、楊波先生、石磊先生、李芸女士、徐永淼先生、任志祥先生和孫維東先 生；以及獨立非執行董事吳弘先生、馮興東先生、羅新宇先生、陳漢先生和朱凱先 生。 证券代码：600958 证券简称：东方证券 公告编号：2026-004 东方证券股份有限公司 第六届董事会第十二次会议决议公告 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。 东方证券股 ...

证券代码：600958 证券简称：东方证券 公告编号：2026-004 东方证券股份有限公司 第六届董事会第十二次会议决议公告 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。 东方证券股份有限公司（以下简称"公司"）第六届董事会第十 二次会议于 2026 年 2 月 4 日以电子邮件和专人送达方式发出通知， 于 2026 年 2 月 9 日完成通讯表决形成会议决议。本次会议应出席董 事 14 人，实际出席董事 14 人。本次会议的召集召开符合《公司法》 《公司章程》等有关规定。本次会议审议并通过了以下议案： 一、审议通过《公司 2025 年度经营工作报告》 表决结果：14 票同意，0 票反对，0 票弃权。 二、审议通过《关于公司 2026 年度资产负债配置、业务规模及 风险控制计划的议案》 表决结果：14 票同意，0 票反对，0 票弃权。 三、审议通过《关于修订<公司声誉风险管理办法>的议案》 表决结果：14 票同意，0 票反对，0 票弃权。 四、审议通过《关于修订<公司洗钱和恐怖融资风险管理办法> 的议案》 表决结果：14 ...

Core Viewpoint - The current upturn in the mining machinery industry is driven by geopolitical tensions and the demand for resource supply chain stability, rather than just commodity price increases and Federal Reserve interest rate cuts [2] Group 1: Industry Outlook - The mining machinery industry's high prosperity is expected to continue due to increased capital expenditure from mining companies responding more quickly to price changes, influenced by geopolitical factors [2] - The global market share of Chinese mining machinery remains low, with only 19.21% of the top 50 global mining equipment manufacturers' sales attributed to Chinese companies, indicating significant room for growth [3] Group 2: Competitive Advantages - Chinese mining machinery has competitive advantages in terms of cost-effectiveness and customized equipment design, which positions it well in the context of a self-sufficient resource supply chain [3] Group 3: Investment Opportunities - The Belt and Road Initiative (BRI) is expected to boost the overseas expansion of Chinese mining machinery, further increasing its market share as investments in energy and metal mining projects grow [4] - The current phase of the mining machinery industry's prosperity is expected to last longer, presenting investment opportunities, particularly in companies like XCMG Machinery, NPE Mining Machinery, SANY International, Shantui, Tongli, and Northern Heavy Industries [5]

Group 1 - The core viewpoint is that external demand is expected to drive a recovery in the titanium dioxide market, with Longbai Group enhancing its competitiveness through a full industry chain layout [1] - China's titanium dioxide production capacity accounts for over 50% of global capacity, and the country has been increasing its influence in the global market as traditional European and American producers face operational pressures [1] - The rigid growth in demand from emerging countries and the irreplaceability of Chinese production capacity are anticipated to drive a recovery in the titanium dioxide market, presenting opportunities for leading companies like Longbai Group to achieve both volume and profit growth [1] Group 2 - The report indicates that due to significant increases in raw material prices, such as sulfur, and a decline in titanium dioxide prices, the company's net profit forecasts for 2025-2027 have been revised down to 1.847 billion, 2.825 billion, and 3.320 billion yuan respectively [1] - The target price is set at 23.80 yuan based on a 20x PE ratio for comparable companies in 2026, while maintaining an "overweight" rating [1]