（记者 曾健辉） 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 每经AI快讯，方正证券1月29日晚间发布业绩预告，预计2025年实现归属于母公司所有者的净利润38.6 亿元到40.8亿元，与上年同期相比将增加约16.53亿元~18.73亿元，同比增长75%~85%。业绩变动主要原 因是，2025年，在建设金融强国、支持新质生产力、服务经济高质量发展的政策引领下，公司持续贯 彻"快速发展、高效经营、扬长补短"的经营方针，着力提升公司经营质量。报告期内，公司业绩增长的 主要原因系财富管理与子公司业务收入与上年同期相比增加所致。 ...

南财智讯1月29日电，方正证券公告，预计2025年全年归属于上市公司股东的净利润为38.60亿元—40.80 亿元，同比预增75.00%—85.00%；预计2025年全年归属于上市公司股东的扣除非经常性损益的净利润 为35.00亿元—37.70亿元，同比预增25.00%—35.00%；主要变动原因为：2025年，在建设金融强国、支 持新质生产力、服务经济高质量发展的政策引领下，公司持续贯彻"快速发展、高效经营、扬长补短"的 经营方针，着力提升公司经营质量。报告期内，公司业绩增长的主要原因系财富管理与子公司业务收入 与上年同期相比增加所致。 ...

证券代码：601901 证券简称： 方正证券 公告编号：2026-001 方正证券股份有限公司 2025 年年度业绩预增公告 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。 1、经财务部门初步测算，预计 2025 年实现归属于母公司所有者的净利润 386,000 万元到 408,000 万元，与上年同期相比将增加 165,260 万元到 187,260 万元，同比增长 75%到 85%。 2、经财务部门初步测算，预计 2025 年实现归属于母公司所有者的扣除非经 常性损益的净利润 350,000 万元到 377,000 万元，与上年同期相比将增加 70,720 万元到 97,720 万元，同比增长 25%到 35%。 3、本次业绩预告数据仅为初步核算数据，未经会计师事务所审计。 重要内容提示： 本期业绩预告的适用情形：实现盈利，且净利润与上年同期相比上升 50%以上。 公司预计 2025 年实现归属于母公司所有者的净利润 386,000 万元到 408,000 万元，同比增长 75%到 85%；预计归属于母公司所有者的扣除非经 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 每经AI快讯，1月29日，方正证券(601901.SH)公告称，预计2025年归属于上市公司股东的净利润为38.60 亿元至40.80亿元，同比增长75%到85%。业绩增长主要系财富管理与子公司业务收入同比增加所致。 ...

方正证券公告，预计2025年实现归属于母公司所有者的净利润38.6亿元到40.8亿元，与上年同期相比将 增加16.53亿元到18.73亿元，同比增长75%到85%。预计归属于母公司所有者的扣除非经常性损益的净 利润35亿元到37.7亿元，与上年同期相比将增加7.07亿元到9.77亿元，同比增长25%到35%。 ...

Core Viewpoint - The report from Founder Securities indicates that since January, COMEX gold has risen over 25% and silver over 65%, exceeding market expectations for a bull market, with significant volatility expected in the short term due to profit-taking and emotional adjustments [1] Group 1: Market Conditions - The report highlights that the current bull market in precious metals is supported by global geopolitical risks and central bank gold purchases, while the impact of AI on the U.S. job market and inflationary pressures from de-globalization remain significant [1] - The report emphasizes the need for ongoing attention to the precious metals sector, suggesting that if short-term volatility occurs, strict stop-loss positions should be updated [1] Group 2: Key Factors Influencing Precious Metals - Three key factors are identified as laying the groundwork for the precious metals market from late December to early January: 1. Concerns about the independence of the Federal Reserve, with market expectations for rate cuts being cautious, and political statements from Trump raising fears about the Fed's autonomy [2] 2. An increase in geopolitical risks, including U.S. military actions and trade tensions, which bolster the demand for precious metals as safe-haven assets [2] 3. The potential for a weaker dollar, driven by political controversies and deteriorating U.S.-European relations, which may undermine the dollar's status as a safe-haven asset [2] Group 3: Recent Developments - Since mid-January, the concerns regarding the Federal Reserve's independence have been validated by ongoing investigations and hawkish stances from Fed officials, yet market interest in precious metals remains strong [3] - Geopolitical risks have been confirmed by recent U.S. military actions and political rhetoric, maintaining high levels of uncertainty in the market [3] - The trend of a weaker dollar has been reinforced by the chaotic situation surrounding Greenland and Trump's comments on the Fed, leading to a significant outflow of funds from dollar assets [4] Group 4: Price Movements - The combination of concerns about the Fed's independence, geopolitical risks, and expectations of a weaker dollar has led to a robust performance in precious metals, with gold surpassing $550/oz and approaching $5600/oz, while silver nears $120/oz [5]

Core Viewpoint - Longsoft Technology (688078.SH) has received a corrective order from the Beijing Securities Regulatory Bureau due to irregularities in revenue and cost accounting, as well as accounts receivable management [1][2]. Group 1: Regulatory Actions - The company has been ordered to correct its accounting practices and has received warning letters for key executives, including Chairman Mao Shanjun, General Manager Ji Yangrui, and CFO Guo Junying [1][2]. - The violations include improper revenue recognition and cost allocation, which do not comply with relevant accounting standards [2]. Group 2: Financial Performance - Longsoft Technology's 2025 annual performance forecast indicates expected revenue between 148 million and 164 million yuan, with projected net losses ranging from 49 million to 60 million yuan [3]. - The company's 2024 annual report shows total revenue of 329 million yuan, a year-on-year decline of 17.04%, and a net profit attributable to shareholders of 33 million yuan, down 60.83% year-on-year [3]. - The net cash flow from operating activities for 2024 was 21.86 million yuan [3]. Group 3: Fundraising and Use of Proceeds - Longsoft Technology raised a total of 381.93 million yuan from its IPO, with a net amount of 323.63 million yuan after deducting issuance costs [4]. - The intended use of the raised funds includes 48.2 million yuan for a big data cloud service platform project and 89.31 million yuan for a smart mining IoT control platform project [4].

Core Viewpoint - The report from Founder Securities indicates that while the intensity of external economic shocks may decrease in 2026 compared to 2025, five major risks still require close attention. Group 1: Geopolitical Risks - Geopolitical risks have evolved from tail risks to core macro variables since 2025, and are expected to remain high in 2026. The U.S. under Trump's second term is a significant risk point, with potential aggressive policies and a likely Democratic majority in the House of Representatives [2][22]. - The ongoing Russia-Ukraine conflict may lead to "aid fatigue" in Europe, complicating policy coordination amid internal political shifts [2][26]. Group 2: Tariff Disturbances - Although there is potential for tariff risks to ease in 2026, the disturbances to international trade remain significant. Current tariffs may suppress trade growth, with WTO predicting a mere 0.5% growth rate for global merchandise trade in 2026 [3][39]. - If the Supreme Court rules the IEEPA tariffs unconstitutional, U.S. tariff rates could drop from 16.8% to 9.3%, potentially alleviating inflationary pressures [3][36]. Group 3: Federal Reserve Independence - Trump's ongoing pressure on the Federal Reserve to lower interest rates raises concerns about the central bank's independence. The upcoming change in Fed leadership is a focal point, with candidates like Kevin Hassett potentially undermining this independence [4][58]. - A decline in Fed independence could increase stagflation risks and negatively impact U.S. dollar assets, while benefiting short-term U.S. Treasuries and gold [4][62]. Group 4: Technology Stock Bubble - The AI-driven surge in U.S. tech stocks has led to high valuations, with the S&P 500 PE ratio at 25.6X and the Nasdaq at 34.4X as of early January 2026. The top ten stocks account for 32.8% of the market [5][65]. - Despite concerns over financial sustainability and profitability in the AI sector, the risk of a bubble bursting is considered low, given the current economic conditions and Fed's likely continuation of a rate-cutting cycle [5][63]. Group 5: Fiscal Sustainability Concerns - High long-term interest rates in developed economies are expected to persist, putting pressure on stock markets. The global fiscal deficit rates are likely to remain elevated, with the U.S. "Great Beautiful Act" exacerbating debt pressures [6][28]. - The K-shaped recovery in the stock market may continue, with interest-sensitive sectors like real estate and consumer goods facing challenges, while the AI industry remains relatively insulated [6][28].

Core Viewpoint - The report from Founder Securities indicates that Bailong Chuangyuan is expected to accelerate in Q4 2025, with annual performance likely exceeding expectations, driven by the release of domestic demand for allulose sugar [1] Financial Performance - The company is projected to achieve a net profit attributable to shareholders of 366 million yuan for the year, representing a year-on-year increase of 48.9% [1] - For Q4 2025, the expected net profit attributable to shareholders is 101 million yuan, reflecting a year-on-year growth of 60.6% [1] Operational Efficiency - The company is focusing on cost reduction and efficiency improvement, with a higher proportion of high-value-added resistant dextrin sales [1] - The introduction of customized products is expected to enhance customer loyalty [1] Market Potential - The first batch of application products for allulose sugar has been launched, indicating a potential rapid growth in domestic demand [1] - The company's production layout is leading in the industry, positioning it to continuously benefit from high industry prosperity [1] Recommendation - The report maintains a "strong buy" rating for the company [1]

Core Viewpoint - The report from Founder Securities highlights that Gaode Infrared has been deeply engaged in the infrared field for over 20 years, establishing a complete industrial chain for research and production, and is poised for explosive growth driven by both domestic demand and foreign trade, as well as the resonance of military and civilian businesses [1] Company Overview - Gaode Infrared's main business includes four major segments: infrared focal plane detector chips, infrared thermal imaging systems, comprehensive optoelectronic systems, and traditional non-lethal ammunition along with informationized ammunition [1] - The company has become one of the most competitive enterprises in the domestic equipment manufacturing and optoelectronic systems sector [1] Market Dynamics - The company's performance is expected to experience a significant turnaround as the factors causing delays in procurement plans are eliminated and the demand for civilian products expands [1] - In the smart driving sector, the company is actively promoting technical exchanges with joint venture car brands and mainstream new force brands, aiming to secure pilot projects and establish benchmark cases [1] Growth Potential - With the continuous industrialization of previous innovative achievements, the business space in emerging markets is expected to keep expanding [1] - As a leading enterprise in the infrared and equipment system sectors, the company is likely to benefit from the dual drive of domestic demand and foreign trade, leading to a potential explosive growth in military and civilian product businesses [1] Investment Rating - The report initiates coverage with a "recommend" rating for the company [1]