国盛证券股份有限公司 信息披露暂缓与豁免管理制度 2025 年 12 月 第一条 为规范国盛证券股份有限公司（以下简称公司） 信息披露暂缓与豁免行为，确保公司及其他信息披露义务人 依法合规地履行信息披露义务，保护投资者合法权益，根据 《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司信息披露管理办法》《上市公司信息披露暂缓与豁免 管理规定》《深圳证券交易所股票上市规则》等法律、行政 法规、部门规章和规范性文件以及《国盛证券股份有限公司 章程》（以下简称《公司章程》）、《国盛证券股份有限公 司信息披露管理制度》等公司内部规章的规定，结合公司实 际情况，制定本制度。 第二条 公司和其他信息披露义务人暂缓、豁免披露临 时报告，在定期报告、临时报告中豁免披露中国证券监督管 理委员会和深圳证券交易所规定或者要求披露的内容，适用 本制度。 第三条 公司和其他信息披露义务人应当真实、准确、 完整、及时、公平地披露信息，不得滥用暂缓或者豁免披露 规避信息披露义务、误导投资者，不得实施内幕交易、操纵 市场等违法行为。 第四条 公司和其他信息披露义务人应当审慎确定信息 披露暂缓、豁免事项，履行内部审核程序后实施。 国盛 ...

证券代码：002670 证券简称：国盛证券 公告编号：2025-068 国盛证券股份有限公司 第五届董事会第四次会议决议公告 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。 一、董事会会议召开情况 国盛证券股份有限公司（以下简称"公司"）第五届董事会第四次会议通知 于 2025 年 12 月 24 日以电子邮件、书面等方式送达全体董事，会议于 2025 年 12 月 30 日以通讯表决方式召开。本次会议由董事长刘朝东先生召集和主持，公 司 11 名董事全部参加会议并表决，公司相关高级管理人员列席本次会议。会议 的召集、召开符合《公司法》《证券法》等法律法规、部门规章及《公司章程》 的规定。 二、董事会会议审议情况 表决结果：11 票同意、0 票反对、0 票弃权。 同意根据相关监管规定，结合公司实际情况，制定《发展规划管理办法（试 行）》。本议案已经公司董事会战略委员会事前审核认可。 2.审议通过《关于制定〈主责主业管理办法（试行）〉的议案》。 表决结果：11 票同意、0 票反对、0 票弃权。 同意根据相关监管规定，结合公司实际情况，制定《主责主业管理办法（试 ...

Group 1: Swine Industry - Current pig prices remain low, with no significant rebound before the winter solstice, but an unexpected increase is anticipated post-holiday, leading to improved market sentiment as the peak season approaches [1] - The report suggests that the rebound in spot prices may last until the pre-Spring Festival stocking period, with low participation from the stock market [1] - Investors are advised to focus on opportunities in companies with low-cost structures during the loss phase, as current valuations are still relatively low [1] Group 2: Mushroom Industry - Prices for enoki mushrooms remain strong, confirming a sustained price rebound, while the release period for cordyceps, a key new product, is approaching, indicating strong performance potential [1] Group 3: Livestock and Poultry - In the yellow feathered chicken sector, seasonal price elasticity opportunities are recommended, with a focus on Lihua Co [3] - White feathered chicken prices are projected to rise, with the price of broilers at 7.82 yuan/kg, an increase of 8.8% from the previous month, and chicken products averaging 9.3 yuan/kg, up 3.9% [3] - Attention is drawn to the situation of avian influenza in Europe, with potential investment in companies like Shennong Development and Yisheng Industries [3] Group 4: Agricultural Planting - The industry shows a clear trend of variety replacement, with breakthroughs in dense planting growth, making related stocks worth monitoring [4] - The commercialization of genetically modified varieties is underway, with future confirmations of actual transaction prices and profit distribution expected to enhance the growth potential of industry companies [4] Group 5: Pet Industry - The Chinese pet retail conference revealed that the total pet consumption scale for the first three quarters of 2025 is projected to be 108.48 billion yuan, a year-on-year increase of 4.5%, with an expected total sales of 154.5-160 billion yuan for the year [5] - The industry growth trend remains positive, with ongoing optimism for domestic substitution and premiumization trends, highlighting companies like Guibao Pet and Zhongchong Co [5]

Group 1 - The core viewpoint of the article highlights that Heshun Technology (SZ 301237) has announced an investor research meeting scheduled for December 29, 2025, where the company's board secretary and CFO, Wu Xueyou, will address investor inquiries [1] - For the year 2024, Heshun Technology's revenue composition is reported to be 97.66% from the rubber and plastic products industry, with other businesses contributing 2.34% [1] - As of the report's publication, Heshun Technology has a market capitalization of 4.7 billion yuan [1]

国盛证券（002670）发布研报称，AI服务器设计正迎来结构性转变，伴随芯片升级，PCB除用量升级 外，其规格、架构将进一步升级，有望向更高多层、更高阶数发展，直接带动上游材料实现质变，单台 服务器PCB价值同比将实现倍增。存储端，随着英伟达即将正式向中国出口搭载HBM3E的AI芯片 H200，三星电子与SK海力士决定将明年的HBM3E供应价格上调近20%。此外，据韩媒thelec报道，SK 海力士M15X新工厂的量产时间较原计划提前4个月，抢占HBM4市场先机。 国盛证券主要观点如下： 芯片持续迭代，PCB量价齐升 PCB价值量大幅提升，主要得益于1)PCB层数与工艺难度升级；2)功能集成增加。当前来看，AI服务器 设计正迎来结构性转变，从英伟达Rubin平台的无缆化架构，到云端大厂自研ASIC服务器的高层HDI设 计，PCB不再只是电路载体，而成为算力释放的核心层，PCB正式进入高频、高功耗、高密度的"三高 时代"。以Rubin为例，2026年Rubin将实现量产，采用Cabless设计，过去依靠线缆实现连接，后续将改 由PCB板直接承接。 国盛证券认为，伴随芯片升级，PCB除用量升级外，其规格、架构将进 ...

Core Insights - The global Ethernet optical module market is expected to grow rapidly, with a projected increase of 35% to reach $18.9 billion by 2026, driven by strong demand for AI infrastructure and the application of optical interconnect technology in AI scale-up networks [3][1] - The demand for optical chips, which are essential components of optical modules, is expected to remain tight due to increasing requirements for high-speed optical communication [4][3] Group 1: Optical Chip Market Dynamics - Optical chips, consisting of laser and detector chips, are critical for optical modules, primarily used for optical signal conversion and processing [1] - The EML laser chip market is projected to reach $3.71 billion by 2024 and grow to $7.41 billion by 2030, with a compound annual growth rate (CAGR) of 12.23%, dominated by a few international giants [2][1] - Silicon photonic modules are driving demand for continuous wave (CW) lasers due to their high integration, low power consumption, and suitability for high-speed short-distance transmission [2][1] Group 2: Demand Drivers and Supply Constraints - The demand for optical modules is expected to continue rising, with the global Ethernet optical module market projected to exceed $35 billion by 2030, supported by AI infrastructure and cloud service providers increasing GPU purchases [3][1] - Major companies like Coherent and Lumentum are expanding their production capacities to meet the growing demand for high-speed optical components, with Coherent's production capacity expected to double within a year [4][5] - Tower's silicon photonic business is anticipated to exceed $220 million in revenue by 2025, driven by strong demand for 1.6T products and significant investments in capacity expansion [6][5] Group 3: Company-Specific Developments - Coherent is experiencing strong growth in orders for 800G and 1.6T transceivers, with plans to expand production capabilities in multiple locations [4][1] - Lumentum has set a record for EML laser shipments driven by demand for 100Gbps products and is beginning to deliver CW lasers to 800G optical module manufacturers [5][1] - Broadcom's AI network demand has led to a significant increase in orders for optical components, with a backlog of approximately $73 billion, including $20 billion from network and optical interconnect products [7][1]

Group 1 - Core talent at Guosheng Securities is experiencing significant turnover, with multiple analysts leaving for other firms, including Liu Gaochang and Zhang Jinyang [2][4] - Liu Gaochang, previously the youngest chief analyst in the computer industry at Guosheng Securities, has joined Guojin Securities as the chief analyst for computers and deputy director of the research institute [4][5] - Zhang Jinyang has also left Guosheng Securities to join Guolian Minsheng Securities as the deputy general manager and chief analyst for the pharmaceutical industry [5] Group 2 - The turnover of analysts at Guosheng Securities has been notable since September, with at least five analysts leaving in December alone, indicating a trend of talent migration within the industry [5][9] - Guosheng Securities' commission income from fund distribution has been declining, with a reported 25.55% decrease in 2024 and a further 28.35% drop in the first half of 2025 [9][11] - The firm is facing challenges in maintaining its research capabilities and is actively seeking to recruit new talent to fill the gaps left by departing analysts [2][11] Group 3 - Guosheng Securities has been recognized for its rapid growth in research capabilities, having built a team of nearly 100 analysts covering 28 industries within a year of establishing its research institute [8] - The firm has seen its commission income rise significantly from 213 million yuan in 2017 to 2 billion yuan in 2019, but recent changes in the market have led to a regression in its ranking [8][9] - The overall trend in the securities industry indicates a shift towards enhancing research capabilities and expanding service models to adapt to declining commission revenues [11][12]

21世纪经济报道记者 李域 国盛证券研究所人事震荡还在持续。 12月26日，21世纪经济报道记者获悉，原国盛证券计算机行业首席分析师刘高畅已正式加盟国金证券，履新国金证券计算机首席分析师、研究 所常务副所长及科技领域牵头人。在此之前，原国盛证券所长助理兼医药首席分析师张金洋带队加盟国联民生证券。 与此同时，国盛证券多名分析师出走，涉及计算机、电子、医药等多个研究领域，这些离任的分析师主要是国盛证券研究所联席所长郑震湘、 刘高畅等团队成员。据市场此前消息，郑震湘、刘高畅、张金洋等已集体提交离职申请。 中国证券业协会从业人员基本信息显示，截至 12 月 26 日，郑震湘的执业信息仍在国盛证券，而刘高畅、张金洋的相关执业记录已无法查询。 核心人才接连变动引发市场关注。"年底券商投研人才流动较大。" 一位接近国盛证券的知情人士透露，针对当前的人才缺口，公司已同步启 动新研究团队引进工作，相关流程正在推进中。 数据显示，2025年上半年，国盛证券研究所的分仓佣金收入为9456.42万元，同比下降28.35%，在行业中排名第21位。 分析师集体出走 公开信息显示，刘高畅于2018年加入国盛证券，曾是最年轻的计算机行业首席 ...

Group 1 - The core point of the news is the significant progress in the change of the actual controller of Guosheng Securities, with the Jiangxi Provincial State-owned Assets Supervision and Administration Commission (SASAC) taking over from the Jiangxi Provincial Department of Transportation [1][5] - On December 25, Guosheng Securities announced that a non-compensatory transfer agreement regarding the equity transfer of Jiangxi Transportation Investment Group Co., Ltd. (Jiangxi Jiao Tou) was signed, indicating a shift in control [1][5] - After the transfer, Jiangxi Jiao Tou will still be the controlling shareholder of Guosheng Securities, but the actual controller will change to Jiangxi SASAC [1][5] Group 2 - Guosheng Securities emphasized that the change in the controlling shareholder and actual controller is in accordance with government-approved procedures and will not significantly impact the company's governance or operations [5] - Prior to this, on November 19, Guosheng Securities had already issued a notice regarding the planned transfer of 90% of Jiangxi Jiao Tou's shares directly to Jiangxi SASAC [5] - Before the transfer, Jiangxi Jiao Tou held 494 million shares of Guosheng Securities, accounting for 25.52% of the total share capital, and through Jiangxi Ganyue Expressway Co., Ltd., it indirectly held an additional 78.5 million shares [5] Group 3 - Guosheng Securities is the only securities company under Jiangxi Province and is listed on the Shenzhen Stock Exchange, with a registered capital of 1.935 billion yuan and total assets of 48.8 billion yuan as of September 30, 2025 [6] - The change in actual controller is part of a broader trend of local state-owned asset integration, with Guosheng Securities undergoing significant identity restructuring throughout the year [6] - The company has recently completed a name change and other administrative updates, reflecting its new identity in the industry [6] Group 4 - Financial commentators suggest that the change in actual controller will help optimize the equity structure and improve resource coordination, enhancing the company's competitiveness and decision-making efficiency [7] - The transition is viewed as a vertical optimization adjustment within the same provincial state-owned asset system, maintaining the state-owned nature of the controlling stake [7] - Although there may be a transitional period for governance adaptation, the long-term outlook is positive for the company's core competitiveness and industry position, with a focus on enhancing capital operation efficiency and resource integration [7]

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！ 易主！国盛证券 来源：行家券业 随着国盛证券（002670.SZ）控股股东江西交投无偿划转90%股权完成变更，这家全新的上市券商，正 式"易主"江西国资委。 官宣划转 又一家上市券商——最新市值接近334亿的国盛证券（原国盛金控），官宣"易主"。 12月25日，国盛证券股份有限公司（简称：国盛证券）发布《关于公司控股股东股权无偿划转暨实际控 制人变更的进展公告》披露：江西省交通运输厅将其持有的江西省交通投资集团有限责任公司（简称： 江西交投） 90%股权无偿划转至江西省国有资产监督管理委员会（简称：江西省国资委）。 本次划转完成后，国盛证券实际控制人由江西省交通运输厅变更为江西省国资委，控股股东仍为江西交 投。 国资脉络 回溯此次股权变动的脉络，其源头可追溯至更早的国有资产布局规划。 2022年7月，江西国资以联合受让方式接手当时的国盛金控9.76亿股股份。同年9月，国盛金控控股股东 已变更为江西交投，实际控制人同步变更为江西省交通运输厅。 经江西省人民政府同意，原计划由江西省交通运输厅将所持江西交投90.00%股权无偿划转至江西省国 ...