Core Viewpoint - The performance forecasts of 26 listed securities firms indicate a rare "full house" situation, with all firms expecting year-on-year profit growth, driven primarily by wealth management and investment businesses [1] Group 1: Performance Highlights - Among the 26 firms, the net profit growth is expected across the board, with 22 firms providing specific reasons for their performance, highlighting wealth management as the core driver [1] - The leading firm, CITIC Securities, anticipates a net profit of 30.051 billion yuan for 2025, representing a 38.50% increase, making it the only firm projected to exceed 30 billion yuan [2] - Guotai Junan Securities, following its merger, expects a net profit between 27.533 billion and 28.006 billion yuan, with a staggering growth rate of 111% to 115% [3] Group 2: Notable Performers - Eight firms are projected to achieve over 100% year-on-year profit growth, with Tianfeng Securities leading at an expected increase of 520.7% to 722.7% [4] - Other notable performers include Xiangcai Securities and Guolian Minsheng Securities, both expecting profit growth of approximately four times, attributed to significant advancements in wealth management and business integration [4] - The overall positive outlook for the brokerage sector is supported by active market conditions and a recovery in investment banking, which are expected to drive substantial increases in brokerage and investment income [4]

3家券商去年净利润超百亿 2026.02. 03 本文字数：2573，阅读时长大约4分钟 作者 | 第一财经 周楠 随着1月收官，上市券商年报预告披露的首个高峰期结束。得益于A股过去一年的震荡上行，券商经纪及自营业务显著增长，进而带动整体业绩回暖。 Wind统计显示，截至1月底，中信证券（600030.SH）等5家上市券商已披露2025年业绩快报，另有17家披露了当期业绩预告，合计占到上市券商总 数的五成左右。整体来看，上述22家券商业绩集体报喜，8家去年的归母净利润增幅预计超七成。 从目前的排名来看，"一哥"中信证券继续霸榜，2025年实现营收748.3亿元、归母净利润300.51亿元，同比双双增长。除此之外，实现逾百亿净利的 券商还有2家，国泰海通（601211.SH）预计去年归母净利润275.33亿元至280.06亿元，同期，招商证券（600999.SH）预计实现归母净利润123亿 元。此外，天风证券（601162.SH）去年有望扭亏，预计实现归母净利润1.25亿元至1.85亿元。 二级市场上，伴随A股震荡调整，即便有业绩利好的提振，证券板块近期表现仍较为平淡。但在业内看来，板块短期调整并非意味着行情终 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 2月2日下午，中国企业改革与发展研究会、责任云研究院与国泰海通联合举办"ESG中国·上海行——走进国泰海通"专题活动。本次活动作为2026年 度"ESG中国·企业行"系列活动的首站，以"走进上海国企"为主线，汇聚来自政府部门、行业协会、金融企业、投资机构、专业智库等多方代表，围绕"迈 向'十五五'：金融企业ESG从合规到价值创造的进阶之路"主题，开展深入研讨与务实交流，共同探索金融行业ESG发展新路径。 中国企业改革与发展研究会副会长、国务院国资委离退休干部管理局原局长范建林应邀出席并致辞，国泰海通党委副书记、总裁李俊杰出席活动并致辞， 国泰海通党委副书记韩建新、上海市国资委社会责任处副处长吴义平、责任云研究院执行院长叶柳红、国泰海通相关业务部门负责人以及来自金融同业、 投资机构及合作伙伴等近五十位代表参加本次活动。 "ESG中国·上海行——走进国泰海通"专题活动现场 图片来源：国泰海通 国泰海通党委副书记、总裁李俊杰 图片来源：国泰海通 李俊杰在致辞中表示，国泰海通始终将服务国家战略、融入发展大局作为重要职责使命。践行ESG不仅是顺应监管与市场趋势的必然之举 ...

I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02611 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,505,759,848 | RMB | | 1 RMB | | 3,505,759,848 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 3,505,759,848 | RMB | | 1 RMB | | 3,505,759,848 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601211 | 說明 | ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 國泰海通證券股份有限公司(「本公司」) 呈交日期: 2026年2月3日 FF301 備註： FF301 因本公司是於中華人民共和國註冊成立，「法定股本」之概念不適用於本公司。本公司於第一部分所填寫的信息為本公司的已發行股本。 第 2 頁 共 11 頁 v 1.2.0 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02611 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,505,759,848 | RMB | | 1 RMB | | 3,505,759,848 | | 增加 / 減少 (-) | | | 0 | ...

国泰海通发布研报称，在英国首相访华期间，阿斯利康宣布计划在中国投资150亿美元，为中国及全球 患者提供尖端治疗方案。该行认为，本次投资再次证明在中国工程师红利及生物医药能力的持续验证 下，MNC对于中国本土研发能力及中国市场的兴趣和认可。 国泰海通主要观点如下： 在英国首相访华期间，阿斯利康宣布计划在中国投资150亿美元 近日，英国首相斯塔默开启为期4天的访华行程，随同斯塔默访问的有超50家企业高管和机构代表。其 中，阿斯利康全球首席执行官苏博科、葛兰素史克董事会主席司明麒作为英国医药产业的代表随团访 华。这项投资用于扩大药品制造和研发。这项投资将充分利用中国卓越的科学实力、先进的制造能力以 及中英医疗健康生态系统合作优势，为中国及全球患者提供尖端治疗方案。 150亿美元投资主要用于细胞疗法+RDC药物 鉴于中国在新型治疗模式(new modalities)领域的先进科学水平，此项投资将大幅提升公司在细胞疗法和 放射性偶联药物方面的能力，以推动其广泛而多样化的研发管线，帮助癌症、血液疾病和自身免疫性疾 病等患者。这些投资涵盖整个价值链，从药物发现、临床开发到生产制造，并通过与领先生物技术公司 (包括AbelZ ...

2026年01月31日 证券研究报告|行业研究|行业点评 非银金融 非银行业周报 (2026年第四期) 2025 券商业绩整体向好，关注券商估值修复 市场表现: 本期（2026.1.26-2026.1.30）非银(申万)指数+1.04%、行业排 7/31,券商Ⅱ指 数-0.69%,保险II指数+5.50%; 上证综指-0.44%，深证成指-1.62%，创业板指-0.09%。 个股涨跌幅排名前五位：中国人寿（+8.73%）、中国太保（+8.48%）、新华保险 (+8.40%）、华鑫股份（+4.53%）、中国平安（+4.46%）; 个股涨跌幅排名后五位: 拉卡拉（-9.93%）、越秀资本（-8.00%）、浙江东方（- 6.37%）、华金资本（-6.18%）、海南华铁（-6.14%）。 (注：去除 ST 及退市股票) 核心观点: 证券: 市场层面,本周,证券板块下跌 0.69%,跑输沪深 300 指数 0.77pct,跑输上证综 指数 0.25pct。当前券商板块 PB 估值为 1.36 倍。 本周,券商密集发布业绩快报及预增报告,截至１月 30日,已有中信证券为代表 的四家上市券商披露业绩快报,另有国泰海通、国联 ...

Group 1 - The core point of the article is that Tianyi Space Technology Co., Ltd. has initiated its IPO process, signing a counseling agreement with Guotai Junan Securities on January 27 [1] - Tianyi Space was established on May 18, 2015, focusing on commercial Synthetic Aperture Radar (SAR) remote sensing satellites and scientific research satellites [1] - Yang Feng is the controlling shareholder and actual controller of the company, holding 9.72% of the company's shares [1] Group 2 - The company has previously received investments from various entities, including Bohua Capital, Shunheng Fund, Longhua Capital, Mianyang Kefa Fund, Hefei Industrial Investment Fund, and Yunbo Capital [1]

智通财经APP获悉，国泰海通发布研报称，无风险收益下沉、资本市场改革与中国经济转型，"转型 牛"还有很大空间，远望又新峰，看好细分龙头。在经历累年下行与估值收缩后，价值股有望出现重要 拐点。该行从盈利-股价匹配度和盈利-拥挤度匹配度两个维度衡量股价尚未充分计入当前盈利预期上修 预期的赛道，建议重视非银/电池/电子/机械/两轮车/商用车等盈利预期上修的低拥挤滞涨板块。 国泰海通主要观点如下： 新经济景气中枢上移，盈利改善范围扩散。2025年四季度经济转型加快，新经济景气中枢明显上移，并 由AI向出海、资源品、服务消费等更多领域扩散。新兴科技产业链呈现出供需两旺的特征，内部细分 涨价赛道明显增多。把握四季度盈利增长的四个结构特征：1)新兴经济仍是四季度业绩主要高增领域。 科技服务业等第三产业用电量在25Q4高增，并带动全社会用电增速在9月后明显上行，这与工业增加值 下行趋势背离明显，新经济主导并拉动经济复苏；2)中下游制造盈利占比提升。通胀整体改善且新经济 成本传导顺畅，CPI-PPI剪刀差扩张，PPI内部中下游价格更强，工业企业利润向TMT、装备制造与有色 化工等行业集中；3)大中盘业绩增长弹性更大。PMI结构 ...

Group 1: Precious Metals - Precious metal prices are under pressure due to trading congestion, the new Federal Reserve Chairman, and declines in US tech stocks [1][2] - The nomination of the new Federal Reserve Chairman is expected to significantly impact the dollar and US Treasury yields [2] - Central bank gold purchases and rising gold ETF holdings are projected to support gold prices through 2026 [1][2] - London silver leasing rates have decreased, while US silver inventories are declining rapidly [1][2] Group 2: Copper - The nomination of hawkish Kevin Walsh as the next Federal Reserve Chairman is leading to expectations of balance sheet reduction and a stronger dollar, putting downward pressure on copper prices [3] - The market is expected to continue digesting macroeconomic correction pressures, but supply disruptions and an anticipated widening global copper mine deficit may provide price support [3] Group 3: Aluminum - Macro sentiment has cooled, leading to downward pressure on aluminum prices due to tightening liquidity from falling US stocks and short-term policy tightening expectations [4] - The aluminum processing comprehensive operating rate has decreased by 1.5 percentage points to 59.4% compared to the previous week [4] - Seasonal inventory accumulation during the off-peak period is expected to further suppress aluminum prices [4] Group 4: Tin - Tin prices have significantly corrected due to a retreat in macro sentiment and liquidation by bullish funds [5] - The return to normalcy in Indonesian RKAB approvals and increased activity in exchanges, along with high ore prices, have alleviated supply concerns [5] - Tin prices are shifting from a "panic-driven" phase to a "supply-demand normalization" phase [5] Group 5: Energy Metals - Lithium carbonate inventories continued to decline, indicating strong demand despite seasonal production decreases [6] - Anticipated reductions in battery export tax rebates may lead to front-loaded battery demand, maintaining robust off-peak demand [6] - Cobalt prices remain high due to tight upstream raw material supply, while cobalt companies are extending into electric new downstream sectors to enhance competitive barriers [6] Group 6: Rare Earths - Prices of praseodymium and neodymium oxides are continuously rising due to tight supply-demand dynamics and pre-holiday stocking needs [7] - The investment value of rare earths as a strategic resource is viewed positively [7] Group 7: Minor Metals - Tungsten prices have surged due to policy regulation and replenishment, driven by crackdowns on illegal mining and strong pre-holiday stocking [8] - Supply constraints and high costs are expected to keep tungsten prices elevated despite potential volume reductions during the Spring Festival [8] - Uranium prices are anticipated to rise due to rigid supply and ongoing nuclear power development, leading to a persistent supply-demand gap [8]