智通财经APP获悉，东方证券发布研报称，国内外云厂商资本开支高企，国内或将存在上修空间，AI基 建设备先行，大力发展离不开基础建设。看好AI数据中心基建加速拉动相关电力设备需求以及相关电 力设备厂商的投资机会。 东方证券主要观点如下： 国内海外CSP厂商资本开支高企 国内角度，阿里巴巴2026财年第二季度报表指出，阿里巴巴阿里云业务收入同比增长34%，管理层透 露，为把握AI机遇，原计划未来三年投入的3800亿元资本开支或将增加。海外角度，微软、META发布 最新财报。2026财年二季度，微软总收入813亿美元，同比+17%，其中，Azure和其它云服务季度营收 增长39%，依旧维持高增速，资本性支出375亿美元，同比增长66%。而Meta该季度营收599亿美元，同 比增长24%，2025年全年资本支出达722亿美元，公司预计2026年将提升至1150-1350亿美元，重点支持 AI基础设施和技术型人才引进。海外云厂商AI资本开支依旧坚挺，国内或将存在上修空间。 AIDC机柜电源是为高密度AI算力集群供电的核心。它不仅包含传统服务器内部的PSU，更在机柜级整 合了配电、电压转换、监控与散热协同等功能，推动供电 ...

弗若斯特沙利文数据显示，按市场份额计，公司于2024年位居中国工业网络安全市场第一位（市场份额 6.7%），其中在能源领域的市场份额更高达8.4%。 中国工业网络安全市场预计到2029年将达到294亿元，复合年增长率为25.0%。其中，能源领域的数智 化综合解决方案市场预计将达到1182亿元。 天地和兴递表港交所，中信建投国际、东方证券国际为联席保荐人。 天地和兴是中国知名的工业网络安全及能源数智化综合解决方案提供商，专注于保护电力、石化等关键 基础设施的资产安全。 ...

特此公告。 招商基金管理有限公司 为促进招商中证全指医疗器械交易型开放式指数证券投资基金（以下简称"医疗器械指数ETF"）的市场 流动性和平稳运行，根据《深圳证券交易所证券投资基金业务指引第2号一一流动性服务》等有关规 定，自2026年2月2日起，本公司选定东方证券股份有限公司为医疗器械指数ETF（159898）的流动性服 务商。 2026年2月2日 MACD金叉信号形成，这些股涨势不错！ ...

Group 1 - February macro outlook indicates a favorable macro environment for equity markets, with expectations of strong economic and credit data at the beginning of the year [7][9] - The strategy outlook suggests a transition in market styles, with a focus on growth "rest" and a continued bullish stance while adjusting portfolio structures [9][10] - The quantitative strategy emphasizes investing in small-cap stocks and taking long positions before the Spring Festival [10] Group 2 - The February gold stock selection includes companies from various sectors: - Electronics: Shiyun Circuit, Shengkong Co. - Consumer Electronics: Baiwei Storage - Computing: Yunsai Zhiliang - Communication: Kexin Innovation Source - Non-ferrous Metals: Shengtun Mining, Luoyang Molybdenum - Machinery: Zhonglian Heavy Industry - Coal: Huaibei Mining - Non-bank Financials: Dongfang Securities [12][14] - The rationale for selected stocks includes: - Shiyun Circuit is expected to benefit from emerging fields such as commercial aerospace and intelligent driving, potentially leading to significant growth [13] - Shengkong Co. is positioned to gain from the semiconductor cycle, with demand driven by AI and storage needs [17] - Baiwei Storage is set to capitalize on the AI infrastructure boom, with a focus on domestic market share growth [20] - Yunsai Zhiliang is anticipated to see increased demand for cloud services and IDC, driven by AI advancements [22] - Kexin Innovation Source is expected to achieve breakthroughs in the AI liquid cooling market, enhancing revenue and profitability [26] - Shengtun Mining is projected to improve profitability through copper price increases and strategic acquisitions [31] - Luoyang Molybdenum is expected to benefit from increased copper and cobalt production, alongside new gold mining projects [35] - Zhonglian Heavy Industry is positioned for growth through diversification in machinery sectors and global expansion [40] - Huaibei Mining is highlighted for its high elasticity in coking coal, with price improvements expected in 2026 [46] - Dongfang Securities is set to benefit from regulatory support and potential mergers, enhancing its market position [49]

Core Viewpoints - The non-bank financial sector, including brokerage and insurance, shows continued improvement in fundamentals, highlighting the investment value of the non-bank sector [1] Group 1: Market Performance - As of January 31, 2026, the Shanghai Composite Index reported 4117.95 points, down 0.44%, while the Shenzhen Component Index was at 14205.89, down 1.62% [10] - The CSI 300 Index increased by 0.08%, and the ChiNext Index decreased by 0.09% [10] - The CITIC II Securities Index fell by 0.71%, while the CITIC II Insurance Index rose by 5.41% [10] Group 2: Industry Dynamics and Weekly Commentary Insurance Sector - Listed insurance companies are expected to maintain high growth, with a marginal improvement in long-term interest rate spreads [15] - As of January 30, 2026, the 10-year government bond yield was 1.81%, down 2 basis points from the previous week, indicating a cautious risk preference in the equity market [12] - The insurance sector is benefiting from a stable long-term interest rate environment and an upward trend in the equity market, which is expected to drive performance growth in Q1 2026 [15] Securities Sector - The securities market is showing positive core indicators, with a projected high growth in Q1 2026, supported by improved trading volume and margin financing [16] - As of January 30, 2026, 17 brokerages reported a total net profit of 1153.44 billion CNY for 2025, a year-on-year increase of 60.27% [19] - The average daily trading volume of all A and B shares reached 2.90 trillion CNY, a 144.26% increase compared to the same period in 2025, indicating a significant rise in market activity [21] Group 3: Investment Opportunities - The launch of commercial real estate REITs is expected to expand business opportunities, with the first three products anticipated to raise over 13 billion CNY [27] - The REITs initiative aims to activate existing commercial real estate assets and enhance the supply of capital market products, indicating strong market demand [27] - The insurance sector is advised to focus on companies like China Ping An, China Life, and New China Life, which are expected to benefit from favorable market conditions [15]

截至2026年1月30日收盘，东方证券（600958）报收于10.23元，较上周的10.45元下跌2.11%。本周，东 方证券1月26日盘中最高价报10.64元。1月29日盘中最低价报10.17元。东方证券当前最新总市值869.21 亿元，在证券板块市值排名12/50，在两市A股市值排名212/5184。 东方金融控股(香港)有限公司为东证国际金融集团有限公司在平安银行的授信业务提供连带责任保证担 保，担保金额不超过3,000万美元，担保期间为2026年1月26日至2027年1月25日。该事项已履行董事会 及股东大会审批程序，属于前期预计额度内担保。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 本周关注点 业绩披露要点 东方证券发布业绩预告，预计2025年全年归属净利润盈利约56.2亿元，同比增长67.8%；营业收入153.4 亿元，同比增长26.0%；扣非后净利润盈利约55亿元，同比增长69.6%。 公司公告汇总 东方证券为境外间接全资子公司Orient ZhiSheng Limited发行2亿人民币364天期票面利率1.88 ...

Core Insights - The evaluation results for the 2025 annual performance quality of securities companies were released by the Beijing Stock Exchange and the National Equities Exchange and Quotations, assessing 115 firms on their professional capabilities, compliance levels, and business operations [1] Group 1: Overall Industry Performance - The majority of securities companies scored above the baseline score of 100, indicating a positive accumulation in industry performance quality [1] - Guotai Junan ranked first with a total score of 145.04, followed by Huatai Securities (143.41), China Merchants Securities (140.49), Shenwan Hongyuan Securities (136.43), and CITIC Securities (135.49), showcasing strong performance in professional quality [1] Group 2: Distribution of Scores - The score distribution shows a "large middle, small ends" pattern, with a few top-tier firms leading the industry while the majority fall into the second and third tiers, indicating overall compliance and notable business highlights [1] - Some firms scored in the fourth tier due to low professional scores or high compliance deductions, suggesting a need for improvement in specific business areas or risk management capabilities [1] Group 3: Business Structure and Specialization - The evaluation system detailed scores for various sub-items within the Beijing Stock Exchange and National Equities Exchange, revealing differences in business structures among firms [2] - Certain firms, like Huatai Securities and Dongfang Securities, achieved high scores through deep engagement in Beijing Stock Exchange business, particularly in sponsorship and mergers and acquisitions [2] - Other firms, such as Kaiyuan Securities and Shenwan Hongyuan, excelled in the National Equities Exchange business, especially in recommending listings and ongoing supervision, demonstrating their service capabilities for new three-board enterprises [2] Group 4: Contribution of Brokerage and Research - Brokerage and research services, which connect investors with the market, contributed significantly to the professional quality scores of firms like Galaxy Securities and Guotai Junan [2]

本报记者 周尚伃 作为行业并购重组的标杆，国泰海通2025年预计实现归母净利润275.33亿元至280.06亿元，同比增长111%至115%；预计实 现归母扣非净利润210.53亿元至215.16亿元，同比增长69%至73%。业绩大幅增长的背后，2025年，国泰海通全面提升经营管理 水平，稳中求进、主动作为，平稳高效完成合并交易，有序推动整合融合，充分发挥合并后的品牌优势、规模效应和互补效 应，优化升级零售、机构、企业三大客户服务体系，以提升综合能力实现客户经营"增量扩面、提质增效"，资产规模及经营业 绩创历史新高，财富管理、机构与交易等业务收入同比显著增长，初步实现"1+1＞2"的效果。 从已披露的数据来看，2025年上市券商业绩整体向好，形成了头部券商稳中有进、重组标的爆发增长、中小券商突围发力 的多梯队协同发展格局，高质量发展成效逐步显现。 头部券商业绩稳中有进 2025年，头部券商的规模优势与综合竞争力进一步释放，业绩表现稳中有进。具体来看，中信证券全年实现营业收入748.3 亿元，同比增长28.75%；归母净利润300.51亿元，同比增长38.46%，刷新自身盈利纪录。招商证券与光大证券同样保持稳健 ...

Group 1 - The core viewpoint is that niche storage, particularly in the context of AI demand, is expected to open up new growth opportunities beyond the existing market, with price adjustments for products like MCU and NOR Flash ranging from 15% to 50% [1] - AI demand is anticipated to drive incremental growth in niche storage, with increasing requirements for NOR Flash capacity due to the growth of AI terminal BIOS programs and code volume [1] - The supply of niche storage products is being significantly reduced as major international suppliers focus on mainstream storage products, leading to a tightening market for products like MLC NAND Flash, which is projected to see a 41.7% reduction in global capacity by 2026 [2] Group 2 - Domestic manufacturers are positioned strongly in the niche storage market, with companies like Zhaoyi Innovation and Puran achieving significant market shares in NOR Flash and SLC NAND, indicating a competitive advantage as global suppliers exit the niche storage sector [3] - The market share of domestic firms in niche storage is expected to benefit from the ongoing supply constraints caused by the withdrawal of overseas manufacturers, enhancing their competitive position [3] - Investment opportunities are identified in various domestic storage chip design firms and semiconductor equipment companies, highlighting a broad range of potential beneficiaries from the niche storage market dynamics [4]

中国经济网北京1月29日讯 今日，东方证券资管发布东方红景瑞精选混合型证券投资基金基金合同 生效公告。 募集期间净认购金额1,455,276,951.73元，认购资金在募集期间产生的利息290,831.32元，募集份额 合计1,455,567,783.05份。 | 2. 基金系条情况 | | | | | --- | --- | --- | --- | | 基金募集申请获中国 | 证监许可[2025] 1651 号 | | | | 证监会被准的文号 | | | | | 基金晶集期间 | 自 2026年1月12日至2026年1月23日止 | | | | 脸资机构名称 | 德勤华永会计师事务所(特殊普通合伙) | | | | 募集资金划入基金托 | 2026年1月27日 | | | | 管专户的日期 | | | | | 幕集有效认购总户数 | | | 5485 | | (单位:户) | | | | | 份额增别 | 东方红景观精选混合 A | 东方红景瑞诗漫合 C | 省计 | | 基集期间净认购企额 | 1.076.006.740. 57 | 379, 270, 211, 16 | 1, 455, 276, 95 ...