每经头条（nbdtoutiao）——水贝黄金平台"杰我睿"兑付危机调查：40倍杠杆对赌，金价越涨平台越 亏！老板自称"还在深圳"，投资者：兑付方案本金打两折，无法接受 （记者 王晓波） 每经AI快讯，铭普光磁发布公告称，2026年1月29日，铭普光磁接受光大证券等投资者调研，公司副总 经理、董事会秘书王妮娜等人参与接待，并回答了投资者提出的问题。 ...

Core Viewpoint - Chinese brokerage stocks have generally risen, with several firms reporting positive earnings forecasts, indicating a strong performance outlook for the sector [1] Group 1: Stock Performance - As of the report, China Galaxy (601881) increased by 4.49% to HKD 10.94, Everbright Securities (601788) rose by 3.4% to HKD 9.13, China Merchants Securities (600999) gained 3.41% to HKD 15.15, and CITIC Securities (600030) went up by 3.1% to HKD 29.9 [1] Group 2: Earnings Forecast - Data shows that as of January 28, 21 brokerage firms that have disclosed earnings forecasts or preliminary reports expect a total net profit of CNY 107.58 billion, representing a year-on-year increase of nearly 60% [1] - Shenwan Hongyuan believes that the active trading environment and the recovery of investment banking and public asset management businesses confirm the high growth trend in brokerage earnings for 2025 [1] Group 3: Future Opportunities - By 2026, wealth management and international business are expected to provide opportunities for brokerages, while mergers and acquisitions will optimize competitive behavior and improve resource allocation efficiency [1] - Demand for derivative products is anticipated to unlock the leverage ceiling for brokerages [1]

中国经济网北京1月29日讯 中天火箭(003009.SZ)昨晚发布2025年度业绩预告显示，预计2025年实现 营业收入7.5亿元至8.5亿元；归属于上市公司股东的净利润亏损9500万元至1.15亿元；扣除非经常性损 益后的净利润亏损1.05亿元至1.25亿元。 2024年，中天火箭实现营业收入9.25亿元，同比下降21.64%；归属于上市公司股东的净利润为 1956.62万元，同比下降79.62%；归属于上市公司股东的扣除非经常性损益的净利润为1226.83万元，同 比下降86.22%；经营活动产生的现金流量净额为6063.50万元，同比增长7.77%。 中天火箭于2020年9月25日在深交所上市，公开发行股票3884.81万股，发行价格为12.94元/股，保 荐机构为光大证券股份有限公司，保荐代表人为吴燕杰、段虎。 经计算，中天火箭上述两次募集资金合计9.98亿元。 (责任编辑：华青剑) 中天火箭募集资金总额为5.03亿元，扣除发行费用后，募集资金净额为4.46亿元，其中，1.40亿元 用于军民两用火箭生产能力建设项目；1.10亿元用于军民两用高温特种材料生产线建设项目（一期）； 2900.00万元用于测 ...

以下文章来源于一丰看金融 ，作者王一峰、赵晨阳 一丰看金融 . 分享经济金融领域大事小情，路边新闻 二、房地产领域贷款延续负增长，按揭投放持续承压 2025年末，房地产贷款余额同比负增1.6%，余额降至52万亿下方，增速较上季末下降1.5pct。全年房地产 贷款余额下降0.96万亿，降幅同比多增0.86万亿；4Q单季房地产贷款减少0.88万亿，同比多减0.78万亿。 展望26年，预计涉房贷款增长仍相对承压。对公方面，房地产销售相对平淡，不同区域、项目成交"冷热 不均"，市场库存高企，部分企业经营压力仍较大；房地产价格下行压力导致房企拿地开发意愿不足；金 融"十六条"和经营性物业贷款两项政策展期将于2026年末到期，"保交楼"相关对公贷款在25年投放已接近 尾声，临近"十六条"到期时点部分房企或仍面临一定偿债压力，后续对公房地产领域贷款增长或相对承 压。零售方面，居民端就业、收入、预期等长周期变量未见明显好转，叠加房价下跌带来"负财富效应"， 整体购房需求偏弱。扭转居民端购房预期、打破房价下跌和居民观望循环，可能还需要进一步出台系列政 策予以对冲。 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写 ...

（编辑 王雪儿） 证券日报网讯 1月28日，光大证券在互动平台回答投资者提问时表示，公司一直以来非常关注和重视公 司的股价表现。根据证券法规定，证券从业人员不得买卖股票。公司也会根据市场和行业趋势、自身实 际情况积极研究股票回购的法律法规及相关制度。公司将继续加强经营管理，实现高质量发展，努力提 升业绩和股东回报水平；公司合法合规地开展市值管理，将继续加强与市场分析师、投资者的密切沟通 交流，进一步提升资本市场对公司投资价值的发现和认可，使公司股价更合理地体现公司价值。 ...

Market Overview - On January 28, the securities sector experienced a slight decline of 0.02%, with Shouchuang Securities leading the drop [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] Individual Stock Performance - Notable gainers included Huazhong Securities, which rose by 2.53% to a closing price of 7.71, and Guotou Capital, which increased by 1.71% to 7.73 [1] - Conversely, Shouchuang Securities saw a significant decline of 3.38%, closing at 18.02, while Everbright Securities fell by 1.47% to 16.76 [2] Trading Volume and Value - Huazhong Securities had a trading volume of 1.5764 million shares, with a transaction value of 1.218 billion [1] - Shouchuang Securities recorded a trading volume of 233,200 shares, with a transaction value of 424 million [2] Capital Flow Analysis - The securities sector saw a net outflow of 55.22 million from institutional funds and 55.36 million from speculative funds, while retail investors contributed a net inflow of 111 million [2] - Major stocks like CITIC Securities experienced a net inflow of 580 million from institutional investors, while speculative funds saw a net outflow of 874 million [3] Summary of Key Stocks - CITIC Securities had a closing price of 24.13, with a net inflow of 580 million from institutional investors [3] - Huazhong Securities and Guoxin Securities also showed notable net inflows from retail investors, despite overall sector outflows [3]

Investment Rating - The report maintains a "Buy" rating for the banking industry, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [1]. Core Insights - The report highlights that corporate loans act as a stabilizing force, while real estate loans continue to experience negative growth. The total new RMB loans in 2025 reached 16.27 trillion, a decrease of 1.82 trillion year-on-year, with a year-end loan balance growth rate of 6.4%, down 0.2 percentage points from the previous quarter and 1.2 percentage points from the beginning of the year [4][5]. Summary by Sections Corporate Loans - By the end of 2025, corporate loan balances grew by 8.9% year-on-year, with a total of 15.2 trillion in new corporate loans, an increase of 1.3 trillion compared to the previous year. Key sectors such as technology, inclusive finance, and green finance maintained double-digit growth rates [5]. - The manufacturing sector saw a slight slowdown in medium to long-term loans, with a year-end balance growth of 6.6%, down 1.6 percentage points from the previous quarter [5]. - High-tech enterprise loans reached a balance of 18.61 trillion, with a year-on-year growth rate of 7.5%, and small and medium-sized technology enterprise loans grew by 19.8% [5]. - Green loans maintained a growth rate of over 20%, with a year-end balance growth of 20.2% and a total of 7.7 trillion in new green loans for the year [5]. Real Estate Loans - By the end of 2025, real estate loan balances experienced a negative growth of 1.6%, dropping below 52 trillion, with a total decrease of 0.96 trillion for the year. The fourth quarter alone saw a reduction of 0.88 trillion [7][9]. - The report anticipates continued pressure on real estate loans in 2026 due to weak sales and high market inventory, alongside downward pressure on real estate prices [7]. Household Loans - Household loan balances grew by only 0.5% year-on-year, with a total increase of 0.44 trillion for the year, reflecting a decline in consumer demand [8][10]. - Business loans for households increased by 4%, but overall household loans saw a significant decrease in growth momentum, particularly in non-housing consumer loans, which grew by only 0.7% [10][15]. Infrastructure Loans - Infrastructure medium to long-term loans reached a balance of 43.7 trillion, with a year-on-year growth of 6.9%. The fourth quarter saw a significant increase in the proportion of infrastructure loans within corporate medium to long-term loans [6][11].

此前，滉达富控股及要约人YAEL CAPITAL MANAGEMENT LIMITED联合公布，于2025年12月12日 (交易时段后)，要约人(作为买方)与售股股东(作为卖方)订立买卖协议，售股股东有条件同意出售，而要 约人有条件同意收购待售股份(即合共8.87亿股股份，占公司于联合公告日期已发行股本总额约60.20%) 的全面合法实益拥有权及权益，总代价为9584.11万港元，相当于每股待售股份0.108港元。 香港联交所最新资料显示，1月27日，滉达富控股(01348)股东将股票由光大证券投资服务香港转入香港 中央结算有限公司，转仓市值1540.44万港元，占比6.11%。 ...

此前，滉达富控股及要约人YAEL CAPITAL MANAGEMENT LIMITED联合公布，于2025年12月12日 (交易时段后)，要约人(作为买方)与售股股东(作为卖方)订立买卖协议，售股股东有条件同意出售，而要 约人有条件同意收购待售股份(即合共8.87亿股股份，占公司于联合公告日期已发行股本总额约60.20%) 的全面合法实益拥有权及权益，总代价为 9584.11万港元，相当于每股待售股份0.108港元。 智通财经APP获悉，香港联交所最新资料显示，1月27日，滉达富控股(01348)股东将股票由光大证券投 资服务香港转入香港中央结算有限公司，转仓市值1540.44万港元，占比6.11%。 ...

Core Viewpoint - Multiple listed securities firms are expected to report positive performance for 2025, with significant year-on-year profit growth anticipated across the sector [1][2]. Group 1: Performance Forecasts - Several securities firms, including China Merchants Securities, Shenwan Hongyuan Securities, Dongfang Securities, and Hongta Securities, have released performance forecasts indicating net profit growth of 18.43%, 74.64%-93.83%, 67.8%, and 59.05% respectively for 2025 [1][3]. - Citic Securities, a leading firm, reported a projected revenue of 748.3 billion yuan and a net profit of 300.51 billion yuan for 2025, reflecting year-on-year increases of 28.75% and 38.46% respectively [5][7]. - Dongfang Securities anticipates a revenue of 153.4 billion yuan, up 26.0%, and a net profit of 56.2 billion yuan, up 67.8% [4][7]. Group 2: Market Dynamics - The A-share market is expected to continue its upward trend, with daily trading volume increasing significantly, reaching an average of 19.8 trillion yuan, a 67% year-on-year increase [8]. - The balance of margin financing and securities lending is projected to reach 2.5 trillion yuan by the end of 2025, marking a 36% increase [8]. - Analysts attribute the strong performance of securities firms to three main factors: a stable macroeconomic environment, increased market activity, and strategic upgrades within firms [8][9]. Group 3: Analyst Predictions - Analysts predict that the overall net profit of listed securities firms will grow by over 50% in 2025, driven by robust trading activity and improved brokerage income [9][10]. - Financial Street Securities forecasts a 53.24% year-on-year increase in daily trading volume, with brokerage income expected to rise by over 40% [9]. - According to analysts, the growth in net profit is primarily driven by brokerage and investment business performance [10].