智通财经APP获悉，国海证券发布研报称，维持华虹半导体(01347)"买入"评级，看好公司在自主可控 +"ChinaforChina"趋势下晶圆量价齐升，优质资产注入改善公司盈利和估值水平。随着新厂产能释放， 以及欧美客户"ChinaforChina"战略推进，公司营收端或受益于晶圆出货量增加而提升，且调价措施及产 品结构改善对公司毛利率存在一定程度的积极作用，但折旧压力或持续稀释利润，预计华虹半导体 2026-2028年营收分别为29.73/34.02/37.83亿美元，归母净利润为1.34/1.49/2.02亿美元，摊薄EPS分别为 0.08/0.10/0.11美元。 2025Q4业绩：大致符合市场预期，闪存&电源管理芯片势头强劲 2025Q4，公司实现收入6.60亿美元(QoQ+3.9%，YoY+22.4%)，指引6.5-6.6亿美元，机构一致预期为6.66 亿美元，年增主要由于晶圆出货量和ASP上升。毛利率13.0%(QoQ-0.5pct，YoY+1.6pct)，指引为 12%-14%，机构一致预期为13.4%，年增主要由于ASP优化以及降本增效，季减主要源于人工开支提 升。2025Q4，公司归母净利 ...

专题：资本市场大咖2026新春献词：骏马踏春来 驭势稳行启新程 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！ 龙马精神开胜景，万象更新展宏图。值此新春佳节来临之际，我谨代表国海证券向长期以来关心支持国 海证券发展的各级领导、广大投资者、合作伙伴和各界朋友，致以最诚挚的感谢和最美好的祝愿！ 如何抓住黄金波段机会？聪明钱的选择，黄金+股票一键搞定>> 责任编辑：杨赐 专题：资本市场大咖2026新春献词：骏马踏春来 驭势稳行启新程 2025年，面对内外部多重挑战，以习近平总书记为核心的党中央团结带领全党全国各族人民迎难而上、 奋力拼搏，推动中国经济顶压前行、向新向优发展，以GDP总量 140万亿元的历史性跨越，顺利完成全 年主要预期目标，实现"十四五"规划圆满收官。资本市场改革蹄疾步稳，韧性和活力明显增强，投资者 信心不断提升，证券行业迎来高质量发展机遇期。 2026年是中国共产党成立105周年，是"十五五"开局之年，党中央擘画的"十五五"宏伟蓝图，引领强国 复兴开启壮丽新篇。当前面临的发展环境仍然复杂多变，战略机遇与风险挑战并存，但我国经济根基扎 实、潜力巨大，长期向好的支撑与趋势未变 ...

Core Viewpoint - The alternative investment landscape among securities firms in China is experiencing a significant divergence, with some firms retracting while others are expanding their investments [2][5]. Group 1: Firms Retracting - Firms like Caida Securities and Dongxing Securities are reducing their capital in alternative investment subsidiaries due to poor financial performance, with Caida's subsidiary reporting a revenue of -1.19 million yuan and a net loss of 2.47 million yuan for the first nine months of 2025 [2][3]. - Northeast Securities' alternative subsidiary reported a total revenue of -1.84 million yuan and a net loss exceeding 16 million yuan in 2024, leading to a capital reduction to 1 billion yuan [3]. - The overall trend shows that many smaller securities firms are facing capital pressure and liquidity risks due to the requirements of the Sci-Tech Innovation Board's co-investment system, which mandates a 2%-5% co-investment ratio and a 24-month lock-up period [3][6]. Group 2: Firms Expanding - In contrast, firms like Caitong Securities and Guohai Securities are increasing their capital in alternative investment subsidiaries, with Caitong planning to raise up to 2 billion yuan to enhance its capital strength [5][6]. - Guohai Securities announced a 500 million yuan capital increase, citing rapid growth in investment business and the need to bolster capital for competitive advantage [5]. - Other firms, such as Zhongtai Securities and Nanjing Securities, are also focusing on alternative investments, targeting specialized and innovative enterprises, indicating a shift from passive co-investing to proactive investment strategies [5][6]. Group 3: Industry Trends - The divergence in strategies reflects a broader shift in the industry from a focus on scale to a more refined approach to capital management, emphasizing project selection, post-investment support, and exit management [6]. - Experts suggest that the current environment necessitates a transition from "broad arbitrage" to "meticulous cultivation," focusing on precise project screening, risk control, and efficient capital turnover [6]. - The changes in capital allocation strategies among securities firms highlight the industry's adaptation to regulatory changes and market conditions, with a growing emphasis on professional capabilities and risk management [6].

智通财经APP获悉，国海证券发布研报称，2025年全国进出口总额实现45.47万亿元，同比增长3.8%， 其中，全国进口总额实现18.48万亿元，同比增长0.5%，全国出口总额实现26.99万亿元，同比增长 6.1%。集运运价同环比下降，集装箱吞吐量则同比增长。液体散货及干散货运价均同比高增，运量微 降。吞吐量整体表现平稳，维持航运港口板块"推荐"评级。 国海证券主要观点如下： 一、综述：全国进出口总额及货物吞吐量情况 进出口总额：2025年1～12月，全国进出口总额实现45.47万亿元，同比增长3.8%，其中，全国进口总额 实现18.48万亿元，同比增长0.5%，全国出口总额实现26.99万亿元，同比增长6.1%。 进口总额：机电产品、高新技术产品、农产品同比增速分别为5.7%、9.9%、-3%，占比分别为40.08%、 31.84%、8.03%。 出口总额：机电产品、高新技术产品、农产品同比增速分别为9%、8%、1.7%，占比分别为61.02%、 25.12%、2.76%。 货物吞吐量：2025年1～12月，全国沿海主要港口货物吞吐量实现116.34亿吨，同比增长3.7%，全国沿 海主要港口外贸货物吞吐量 ...

Core Viewpoint - Multiple brokerage firms are reducing their alternative investment subsidiaries, indicating a strategic restructuring within the industry as firms differentiate their approaches to alternative investments [1][4]. Group 1: Company Actions - Dongxing Securities announced a capital reduction for its subsidiary Dongxing Investment, decreasing its registered capital from 20 billion to 7 billion yuan, following a previous reduction of 10 billion yuan [2]. - Zhongshan Securities' parent company Jinlong Co. agreed to reduce the capital of its wholly-owned subsidiary Shenzhen Jinhong Shaohui Investment Co., by 150 million yuan, bringing its registered capital down to 50 million yuan [1]. - Northeast Securities decided to reduce the capital of its subsidiary Dongzheng Rongda Investment Co. by 2 billion yuan due to poor performance, with reported total revenue of -1.836 million yuan and a net loss exceeding 16 million yuan in 2024 [3]. Group 2: Industry Trends - The alternative investment landscape among brokerages is becoming increasingly polarized, with some firms like Zhongyuan Securities, Dongbei Securities, and Guodu Securities reducing capital, while others like Caitong Securities and Guohai Securities are increasing their investments [1][4]. - Guohai Securities announced a 500 million yuan capital increase for its alternative investment subsidiary, raising its registered capital to 1.5 billion yuan, citing rapid growth in investment business as a reason [4]. - Caitong Securities plans to increase its wholly-owned alternative investment subsidiary's capital by up to 2 billion yuan, raising its registered capital from 1.5 billion to a maximum of 3.5 billion yuan [4]. Group 3: Expert Insights - Industry experts suggest that the frequent capital reductions are driven by performance volatility and underwhelming results from alternative investment subsidiaries [3]. - The new company law mandates that registered capital must be fully paid within five years, prompting brokerages to adjust their capital structures to mitigate compliance risks [3]. - According to Tian Lihui, the director of the Financial Development Research Institute at Nankai University, the capital management of brokerages is maturing, shifting from a focus on scale to a more refined approach to capital returns [3][5].

Meeting Overview - The first extraordinary general meeting of shareholders was held on February 9, 2026, at 14:30 [3] - The meeting combined on-site and online voting methods [6] - A total of 856 shareholders attended, representing 2,422,749,071 shares, which is 37.9374% of the total voting shares [8] Voting Results - The proposal to elect Mao Huiyu as a non-independent director was approved with 2,415,062,935 votes in favor, accounting for 99.6828% of the valid votes [12] - The meeting did not encounter any rejected proposals [1][2] Legal Compliance - The meeting's procedures and voting conformed to relevant laws and regulations, ensuring the validity of the resolutions [14]

特别提示： 1.本次股东会未出现否决议案的情形。 2.本次股东会未涉及变更前次股东会决议。 证券代码：000750 证券简称：国海证券 公告编号：2026-08 （一）召开时间： 国海证券股份有限公司 2026 年第一次临时股东会决议公告 1.现场会议召开时间：2026 年 2 月 9 日 14:30。 本公司及董事会全体成员保证信息披露的内容真实、准 确、完整，没有虚假记载、误导性陈述或重大遗漏。 一、会议召开和出席情况 （四）召集人：公司董事会。 （五）主持人：王海河董事长。 （六）会议的召开符合《公司法》等法律、行政法规、 部门规章、规范性文件、深圳证券交易所业务规则和《国海 证券股份有限公司章程》的有关规定。 2.网络投票时间：网络投票系统包括深圳证券交易所交 易系统和互联网投票系统（http://wltp.cninfo.com.cn）。 （1）通过深圳证券交易所交易系统进行网络投票的时 间为 2026 年 2 月 9 日 9:15-9:25，9:30-11:30；13:00-15:00。 （2）通过互联网投票系统进行网络投票的时间为 2026 年 2 月 9 日上午 9:15 至下午 3:00。 （ ...

上海上正恒泰律师事务所 关于国海证券股份有限公司 2026 年第一次临时股东会的 上海上正恒泰律师事务所 关于国海证券股份有限公司 2026 年第一次临时股东会的 法律意见书 二〇二六年二月九日 法律意见书 致：国海证券股份有限公司 上海上正恒泰律师事务所（以下简称"本所"）接受国海证券股份有限公司 （以下简称"公司"）的聘请，指派李备战、周文平律师（以下简称"本所律师"） 出席了公司 2026 年第一次临时股东会（以下简称"本次股东会"），并依据《中 华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》 （以下简称"《证券法》"）、中国证监会《上市公司股东会规则》（以下简称 "《股东会规则》"）、《深圳证券交易所上市公司股东会网络投票实施细则》 （以下简称"《网络投票细则》"）及《国海证券股份有限公司章程》（以下简 称"《公司章程》"）的规定，对本次股东会的相关事项进行见证，并发表法律 意见如下： 一、本次股东会的召集、召开程序 1．2026 年 1 月 23 日，公司第十届董事会第十五次会议审议通过了《关于 召开国海证券股份有限公司 2026 年第一次临时股东会的议案》，定于 2026 ...

证券代码：000750 证券简称：国海证券 公告编号：2026-09 国海证券股份有限公司 第十届董事会第十六次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准 确、完整，没有虚假记载、误导性陈述或重大遗漏。 同意补选毛绘宇女士为公司第十届董事会战略与 ESG 委 员会委员，任期自董事会审议通过之日起至公司第十届董事 会届满之日止。 表决结果：同意 8 票，反对 0 票，弃权 0 票。 1 备查文件： 公司第十届董事会第十六次会议决议。 特此公告。 国海证券股份有限公司董事会 二〇二六年二月十日 国海证券股份有限公司（以下简称公司）第十届董事会 第十六次会议通知于 2026 年 2 月 9 日以电子邮件方式发出， 会议于 2026 年 2 月 9 日在广西南宁市滨湖路 46 号国海大厦 1 楼会议室以现场会议与视频会议相结合的方式召开。经与会 董事一致同意，本次董事会会议豁免通知时限要求。会议应 到董事 8 人，实到董事 8 人。赵妮妮董事、倪受彬独立董事、 刘劲容独立董事通过视频方式参加会议，其他 5 名董事现场 参加会议。会议由公司董事长王海河先生主持。会议的召集、 召开、表决符合《公司法》 ...

Core Viewpoint - The report from Guohai Securities highlights the increasing demand for low-cost space photovoltaic solutions in the context of large-scale low Earth orbit satellite constellations, with a focus on the transition from high-cost gallium arsenide (GaAs) cells to more affordable options like silicon-based and perovskite technologies [1][2]. Group 1: Satellite Constellation Development - China is under pressure to launch a significant number of satellites, with a plan to submit approximately 203,000 satellites to the ITU by the end of 2025, covering 14 satellite constellations [1] - Major operators and commercial satellite companies are advancing medium-scale constellations, with China Mobile planning to launch 2,520 satellites, and other companies like Yuanshen Satellite and Guodian Gaoke also making substantial submissions [1] - Despite these plans, the overall launch completion rate for major domestic constellations remains low, indicating a phase of "low launch rates and early networking" [1] Group 2: Starlink Program Insights - The Starlink program exhibits a clear generational rhythm, with a cumulative launch of approximately 11,034 satellites and an annual launch volume projected to reach around 3,200 by 2025 [2] - Starlink has opted for crystalline silicon technology to achieve cost advantages and scalability, sacrificing some efficiency for significant cost benefits [3] - Future iterations of Starlink, particularly Block V4, are likely to explore P-type silicon HJT or P-type silicon HJT-perovskite tandem structures for solar cells, enhancing reliability in space [3] Group 3: Domestic Space Photovoltaic Developments - The domestic space photovoltaic sector continues to focus on multi-junction GaAs as the core technology, while several companies are making progress in testing perovskite systems in orbit [4] - Notable advancements include Jiangyin Jinghao's perovskite components completing over three months of stable operation in orbit, and GCL-Poly's collaboration with Blue Arrow Aerospace for perovskite component testing [4] - Companies such as Maiwei Co., Ltd., Aotewi, and others are identified as relevant players in the domestic space photovoltaic market [4]