分析师：徐至 登记编码：S0730525040001 xuzhi@ccnew.com 相关报告 《月度策略：继续关注科技成长及高股息"哑 铃"策略——月度策略》 2026-01-07 《月度策略：平稳收官, 高股息防御与科技成 长布局——月度策略》 2025-12-03 《月度策略：增配价值资产，等待成长资产性 价比回归——月度策略》 2025-11-05 联系人：李智 温和修复中的震荡蓄势 ——月度策略 证券研究报告-月度策略 发布日期：2026 年 02 月 04 日 投资要点： 风险提示：政策及经济数据不及预期，风险事件冲击市场流动性。报 告样本数据有限，历史过往数据不代表未来表现。 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第 1页 / 共 14页 电话： 0371-65585629 地址： 郑州郑东新区商务外环路10号18楼 地址： 上海浦东新区世纪大道1788号T1座22楼 股市回顾。1 月 A 股市场整体表现强劲，主要指数普遍上涨，上证 指数、深证成指和创业板指分别录得 3.76%、5.03%和 4.47%的月 度涨幅，北证 50 和科创 50 更是 ...

Group 1 - A-shares brokerage stocks have shown strong performance, with Huayin Securities rising over 7% and Dongwu Securities increasing over 3% [1] - Other notable gainers include Huaxin Securities, Guotai Haitong, and Southwest Securities, each rising over 2% [1] Group 2 - Huayin Securities has a market capitalization of 51.7 billion and a year-to-date increase of 24.85% [2] - Dongwu Securities has a market capitalization of 47.3 billion and a year-to-date increase of 4.97% [2] - Huaxin Securities has a market capitalization of 18.1 billion and a year-to-date increase of 12.01% [2] - Guotai Haitong has a market capitalization of 352.4 billion but a year-to-date decrease of 2.73% [2] - Southwest Securities has a market capitalization of 30.4 billion and a year-to-date increase of 2.23% [2]

Core Viewpoint - The securities industry is undergoing a significant restructuring, with multiple firms announcing the closure of branch offices to optimize their operations and enhance online service capabilities [2][3][4]. Group 1: Branch Office Closures - On February 2, Changcheng Securities announced the closure of its Zhengzhou Longhai Road branch, following similar announcements from other firms like Zhongyou Securities and Xibu Securities [3]. - The trend of closing branch offices is not isolated; in 2025, some firms closed over 10 branches, indicating a broader strategy to optimize the national network of offices [3][4]. - The reasons for these closures are consistent across firms, focusing on "optimizing branch layouts" and "improving operational efficiency" [4]. Group 2: Online Business Development - Despite the reduction in physical branches, firms are not scaling back their service capabilities; instead, they are enhancing their online business structures [5]. - The establishment of internet securities subsidiaries, such as China Galaxy Securities' Beijing Internet Securities subsidiary, marks a shift towards digital transformation in the industry [5]. - These internet and digital subsidiaries are designed to support online customer service, trading, and digital operations, distinguishing them from traditional branch offices [5][6]. Group 3: Impact on Customer Services - The closure of branch offices is stated to have no adverse effects on customer transactions or asset security, with services continuing through mobile apps and online platforms [6]. - The integration of online and offline resources is expected to enhance overall competitiveness in the securities industry, allowing firms to allocate resources more effectively [6].

进入2026年，证券行业分支机构调整持续推进。2月2日，长城证券发布公告称，拟撤销其郑州陇海路证券营业部。此前，中邮证券、西部证券等多家券商亦 在年初阶段密集披露撤销营业部相关公告，线下网点优化仍在持续。从更长时间维度看，营业部数量下降并非阶段性现象。与此同时，部分券商也正通过设 立互联网证券分公司等方式，完善线上服务体系。在业内人士看来，通过提升线上线下资源整合效率，集中力量与资源做大做强，有利于提升券商整体竞争 力。 持续优化线上业务布局 在营业部数量下降的同时，券商并未收缩服务能力。与线下网点"做减法"同步推进的，是对线上业务分支机构体系的持续完善。2025年11月，中国银河证券 北京互联网证券分公司正式成立，成为北京证券行业首家互联网分公司。此外，中原证券、东吴证券等多家券商亦通过公告或公开发声，持续强化互联网证 券分公司、数智分公司等新型分支机构建设。 从功能定位看，相关互联网及数智分支机构已被明确为券商数字化转型的重要载体。中国银河证券在北京互联网证券分公司揭牌时表示，未来该分公司将 以"创新型业务分公司"为定位，进一步整合公司线上线下金融服务资源，探索证券业务智能化、集约化、可持续化的运营发展路 ...

Group 1 - Southbound funds reduced their holdings in Zhongzhou Securities (01375.HK) by 6.421 million shares on February 2, 2026, marking a decrease of 0.91% [1][2] - Over the past five trading days, southbound funds have reduced their holdings on four occasions, with a total net reduction of 7.564 million shares [1] - In the last 20 trading days, there were 10 days of reductions, resulting in a cumulative net reduction of 5.610 million shares [1] Group 2 - As of now, southbound funds hold 696.9 million shares of Zhongzhou Securities, which represents 58.27% of the company's total issued ordinary shares [1] - The company operates in various segments, including securities brokerage, proprietary trading, investment banking, credit services, investment management, and futures [2]

Core Viewpoint - Shan Shui Technology (301190.SZ) has experienced a significant decline in stock price, closing at 22.81 yuan with a drop of 9.12% on February 2 [1] Group 1: Company Overview - Shan Shui Technology was listed on the Shenzhen Stock Exchange's ChiNext board on December 24, 2021, with a total of 53.66 million shares issued, accounting for 25% of the total share capital post-issuance [1] - The initial offering price was set at 27.85 yuan per share, with the stock reaching a peak of 44.00 yuan on its first trading day, which remains the highest price to date [1] Group 2: Fundraising and Financials - The total amount raised from the issuance was 1.494 billion yuan, with a net amount of 1.384 billion yuan after deducting issuance costs, exceeding the original plan by 70.92 million yuan [1] - The company aimed to raise 1.313 billion yuan for projects including the construction of a facility for producing 61,000 tons of chloropyridine and 15,000 tons of 2-chloro-5-chloromethylpyridine, as well as a research and development building [1] Group 3: Underwriting and Fees - The lead underwriter for the issuance was Zhongyuan Securities Co., Ltd., with the responsible representatives being Wang Xianfu and Zhao Yimeng [1] - The total issuance costs amounted to 110 million yuan, with Zhongyuan Securities receiving underwriting and sponsorship fees of 94.8964 million yuan [1]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码： 601375 证券简称：中原证券公告编号：2026-004 中原证券股份有限公司 第七届董事会第四十三次会议决议公告 中原证券股份有限公司（以下简称"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。 公司第七届董事会第四十三次会议于2026年1月30日以通讯表决方式召开。2026年1月26日，公司以电子 邮件的形式向全体董事发出会议通知。会议应出席董事10人，实际出席董事10人。本次会议的召集、召 开及表决程序符合《公司法》等法律、行政法规、部门规章和《公司章程》的有关规定。本次会议由董 事长张秋云女士主持，审议并通过了以下议案： 一、审议通过了《关于会计政策变更的议案》 表决结果：同意10票，反对0票，弃权0票。 公司董事会审计委员会对本议案进行了预先审阅。 具体内容请参阅与本公告同日披露的《中原证券股份有限公司关于会计政策变更的公告》（公告编号： 2026-005）。 二、审议通过了《关于计提资产减值准备和预计负债的议案》 表决结果：同意10票，反对0票，弃权0 ...

Core Viewpoint - The performance of listed securities firms in 2025 is expected to be strong, driven by active capital markets and robust growth in brokerage and proprietary trading businesses [1][2]. Group 1: Performance of Major Securities Firms - 21 listed securities firms have disclosed their 2025 performance forecasts, showing overall positive growth in net profits [2]. - CITIC Securities is projected to achieve over 30 billion yuan in net profit, with a revenue of 74.83 billion yuan, marking a 28.75% year-on-year increase [2]. - Guotai Junan expects a net profit between 27.53 billion yuan and 28.01 billion yuan, reflecting a year-on-year growth of 111% to 115% [2]. - Other notable firms include招商证券 with a net profit of 12.3 billion yuan (up 18.43%), and申万宏源 with a projected net profit of 9.1 billion to 10.1 billion yuan (up 74.64% to 93.83%) [2]. Group 2: Performance of Small and Medium-sized Securities Firms - Smaller firms like国联民生 anticipate a net profit of 2.008 billion yuan, representing a significant year-on-year growth of approximately 406% [3]. -天风证券 expects to turn a profit with a net profit forecast of 12.5 million to 18.5 million yuan [3]. - Other small firms such as长江证券 and中原证券 are also expected to see net profit increases exceeding 100% and 50%, respectively [3]. Group 3: Drivers of Growth - The growth in performance is attributed to the active capital market, with wealth management, proprietary trading, and asset management businesses benefiting significantly [3]. - Guotai Haitong noted a substantial increase in income from wealth management and institutional trading due to the rising activity in the domestic capital market [3]. - CITIC Securities reported rapid growth across brokerage, investment banking, and proprietary trading revenues [3]. Group 4: Investment Value of the Sector - The non-bank financial sector has seen a decline of 1.59% as of January 30, but analysts believe that the valuation of securities firms is at a historically low level, enhancing their investment appeal [4]. - The sector is entering a golden window for valuation and performance recovery, driven by favorable policies and an improving market environment [5]. - Analysts suggest focusing on three investment themes: strong comprehensive capabilities of leading firms, firms with significant performance elasticity, and those with strong international business competitiveness [5].

智通财经APP讯，中原证券(601375.SH)发布公告，公司预计2025年度实现归属于母公司所有者的净利 润人民币4亿元到人民币4.8亿元，与上年同期相比，将增加人民币1.54亿元到人民币2.34亿元，同比增 加62.70%到95.24%。 ...

2025年，国内资本市场整体呈上行态势，市场交投活跃度显著提升，A股主要指数实现上涨，公司主动 把握市场机遇，全方位提升综合经营能力，财富管理、证券投资等业务收入显著增长，推动公司整体经 营业绩稳步提升。 格隆汇1月30日丨中原证券(601375.SH)公布，预计2025年度实现归属于母公司所有者的净利润人民币 4.00亿元到人民币4.80亿元，与上年同期相比，将增加人民币1.54亿元到人民币2.34亿元，同比增加 62.70%到95.24%。预计2025年度实现归属于母公司所有者的扣除非经常性损益的净利润人民币4.20亿元 到人民币5.00亿元，与上年同期相比，将增加人民币2.10亿元到人民币2.90亿元，同比增加100.08%到 138.19%。 ...