国盛证券对联想集团未来发展作出积极预测，预计公司 25/26FY、26/27FY、27/28FY 营业收入分别为 802、871、929 亿美元，同比增长 16.1%、8.6%、6.6%；非香港财务报告准则归母净利润分别为 17.9、 19.7、23.1 亿美元，同比增长 24.3%、9.7%、17.3%。结合公司行业龙头地位与未来成长性，券商给予 公司合理市值 1537 亿港元，对应目标价 12.4 港元 / 股，维持 "买入" 评级。 作为全球智能设备与基础设施领域的领军企业，联想集团正凭借 AI 全产业链布局、核心业务的持续升 级以及精细化的运营管理，穿越行业周期实现高质量增长。随着 AI 技术的持续渗透、各业务板块的协 同发展，联想集团有望在人工智能时代持续抢占发展先机，迎来业绩与价值的双重提升。 PC 核心业务的竞争力进一步巩固，高端化与 AI 化双轮驱动发展。Q3 IDG 业务收入同比增长 14% 至 158 亿美元，AI PC 营收实现高双位数增长；据 IDC 数据，联想 PC 市占率同比提升 1 个百分点至 25.3%，出货量达 1930 万台，行业龙头地位愈发稳固。在 2026 CES 上， ...

国盛证券研报指出，英科医疗专注一次性手套的生产和销售，在近年全球公共卫生事件中已积累大量资 金并用于规模化扩产。2019年至2025H1，公司丁腈手套年化产能从190亿只增长至560亿只，已成为全 球丁腈手套龙头。长期来看，在行业供需趋于理性、竞争回归成本与效率的背景下，头部厂商的分化逻 辑愈发清晰。具备规模、成本与全球化能力的企业，有望持续提升份额。认为公司是本轮手套行业复苏 中确定性高、弹性优的核心受益标的，当前对应26年PE仅15.0X，首次覆盖予"买入"评级。 ...

Investment Rating - The report maintains an "Overweight" rating for the securities and banking sectors [9]. Core Insights - The report highlights the structural relaxation of refinancing policies, which is expected to improve profitability in the banking sector. The central bank's Q4 monetary policy report emphasizes the implementation of personal credit repair measures, supporting micro-entities [1][28]. - The report identifies investment opportunities in the order of securities > insurance > banking, with a focus on the potential for marginal improvements in the brokerage business due to the recent refinancing policy adjustments [12][24]. Summary by Sections Securities Sector - The optimization of refinancing measures announced by the exchanges is expected to lead to marginal improvements in the brokerage business, with leading firms likely to solidify their advantages through professional capabilities. The Chinese brokerage index performed better than the Hang Seng index during the holiday period, increasing by 0.20% [2][13]. - Recommended stocks include leading brokerages such as CITIC Securities, Guotai Junan, and GF Securities, as well as quality regional firms like Guoyuan Securities [3][12]. Insurance Sector - The report notes a mixed performance in the insurance sector, with property insurance companies showing gains while life insurance companies mostly declined. China Property & Casualty Insurance rose by 5%, while China Taiping fell by 4% [24][25]. - Investors are advised to focus on quality leaders in the insurance sector, with a preference for defensive stocks like China Ping An and China Life Insurance for conservative investors [24][25]. Banking Sector - The banking sector is experiencing a recovery in performance, with Q4 profits improving and net interest margins stabilizing. The report indicates a year-on-year increase in social financing, primarily due to the pre-positioning of government bonds and a rebound in off-balance-sheet financing [28][37]. - Recommended stocks include quality regional banks such as Nanjing Bank and Chengdu Bank, which are expected to perform well due to their strong fundamentals [3][28].

Group 1 - The year 2025 marks a critical period for Guosheng Securities, completing its absorption and merger, enhancing brand value, market credibility, and financing capabilities significantly [3] - The company has successfully integrated its operations into national strategies and local economic development, positioning itself as a benchmark financial enterprise in Jiangxi Province [3] - Guosheng Securities has achieved substantial financing for enterprises, totaling 8.393 billion yuan, with over 80% of this financing supporting local companies [4] Group 2 - The research department of Guosheng Securities has maintained a leading position in the industry, ranking sixth in the New Fortune Best Analyst selection for three consecutive years, with its construction and engineering team leading the industry for sixteen years [5] - The company has actively provided intellectual support to local government departments and has been recognized for its contributions to investor education and financial services [5] Group 3 - Looking ahead to 2026, the company anticipates a stable economic recovery characterized by a transition in momentum, with a focus on supporting technological innovation and strategic emerging industries [6] - The company recognizes the challenges posed by external uncertainties and intensified competition, viewing these as opportunities for transformation and enhancement of core competencies [6] Group 4 - Guosheng Securities plans to deepen its strategic layout by focusing on wealth investment banking, industrial investment banking, and trading investment banking, while enhancing its professional service capabilities [7] - The company aims to provide comprehensive lifecycle services for technology-driven enterprises and to optimize its digital transformation efforts [7] Group 5 - The company emphasizes the importance of long-term investment strategies and rational investment awareness among investors, aiming to enhance communication and education through various channels [8] - Guosheng Securities is committed to adhering to compliance and operational integrity while actively participating in the construction of a robust capital market ecosystem [8]

Core Viewpoint - The report from Guosheng Securities indicates that the recent strong non-farm payrolls and weak CPI data have caused significant disturbances in asset prices, leading to fluctuating expectations for Federal Reserve interest rate cuts. The combination of these data suggests that the weaker CPI has somewhat alleviated the hawkish pressure from the strong non-farm data. The firm believes that the Fed may struggle to provide clear signals for easing in the short term, and asset prices will continue to oscillate around the dynamics of growth resilience and inflation stickiness. A significant change in policy space is likely to occur after the leadership transition in May, with potential adjustments under Warsh's leadership possibly opening up more room for rate cuts in the second half of the year [1][23]. CPI Summary - In January, the CPI was reported at 2.4% year-on-year, lower than expectations and previous values, marking a three-month decline. The core CPI remained at 2.5%, in line with expectations but below the previous value. The seasonally adjusted CPI increased by 0.2% month-on-month, matching the 12-month average, while the core CPI rose by 0.3%, exceeding the 12-month average of 0.2% [2][3]. - Key components of the CPI showed a decline in food prices from 3.1% to 2.9% year-on-year, and energy prices fell from 2.3% to -0.1%. Core goods and services also exhibited slight decreases in inflation rates, indicating persistent service inflation pressures [2][3]. Non-Farm Payroll Summary - The January non-farm payrolls added 130,000 jobs, significantly exceeding the expected 65,000, marking the highest increase since April 2025. The unemployment rate fell to 4.3%, below expectations and the previous rate of 4.4%, reaching a new low since September 2025. The labor force participation rate was 62.5%, higher than anticipated [6][11]. - Job growth was primarily concentrated in the education and healthcare sectors, which contributed nearly 80% of the new jobs. Other sectors like professional services and construction showed modest improvements, while information and finance sectors continued to decline [11][16]. Asset Price Movements - Following the non-farm report, U.S. stock indices and bond yields initially rose before declining, with gold prices experiencing similar fluctuations. After the CPI release, stock indices showed mixed results, while bond yields and the dollar index fell, and gold prices increased [18][20]. - Market expectations for Fed rate cuts fluctuated, with a decrease in anticipated cuts following the non-farm data, but a slight increase after the CPI release. The implied number of rate cuts for 2026 decreased from 2.4 to 2.12 after the non-farm data, while it rose from 2.36 to 2.53 after the CPI data [20][23]. Future Outlook - The combination of strong non-farm data and sticky service inflation suggests that while employment remains resilient, inflation pressures persist. The Fed is unlikely to signal clear easing in the short term, and asset prices will continue to be influenced by these dynamics. A potential shift in policy may occur after the leadership change in May, with the possibility of more significant rate cuts in the latter half of the year [23][24].

Group 1: CPI Analysis - The January CPI in the US was 2.4% year-on-year, lower than expected and the previous value, marking a decline for three consecutive months since September 2025 [3][4] - Core CPI remained at 2.5%, in line with expectations but lower than the previous value, while the seasonally adjusted CPI increased by 0.2%, also below expectations [3][4] - Energy price declines, along with decreases in used car prices and slight slowdowns in housing and food inflation, contributed to the overall CPI being below expectations [4] Group 2: Non-Farm Employment Report - The US added 130,000 non-farm jobs in January, significantly exceeding the expected 65,000, marking the highest increase since April 2025 [6][12] - The unemployment rate fell to 4.3%, lower than the expected and previous rate of 4.4%, reaching a new low since September 2025 [6][12] - Employment improvements were primarily driven by a few sectors, particularly education and healthcare, which contributed nearly 80% of the new jobs, indicating a lack of broad-based recovery [12][14] Group 3: Market Reactions and Interest Rate Expectations - Following the release of the non-farm data, US stock markets, bond yields, and the dollar index experienced fluctuations, while gold prices initially fell before rising [16][17] - Market expectations for Federal Reserve rate cuts fluctuated, with the implied number of cuts for 2026 increasing from 2.36 to 2.53 after the CPI release, indicating a slight warming of rate cut expectations [17][21] - The combination of strong non-farm data and weak CPI has led to a complex interplay in asset prices, with ongoing debates about growth resilience and inflation persistence [21][22]

Core Viewpoint - Guosheng Securities Research Institute is facing significant challenges due to personnel upheaval and declining performance metrics, highlighted by a recent incident involving the director's harsh comments towards employees regarding year-end bonuses, which has sparked widespread discussion in the financial community [1][10]. Group 1: Personnel Changes - Since the fourth quarter of 2025, several prominent analysts, including co-director Zheng Zhenxiang and heads of various sectors, have left Guosheng Securities, indicating a trend of talent migration amid increasing competition in the sell-side research sector [3][10]. - Despite the turmoil, Guosheng Securities has managed to attract experienced analysts, such as Hua Xiaowei, Liu Wenxuan, and Zhao Hainan, who joined on February 9, 2026, suggesting a potential revitalization of its research capabilities [4][10]. Group 2: Financial Performance - Guosheng Securities' commission income from brokerage services peaked at 520 million yuan in 2021 but has since declined to 240 million yuan by 2024, with a further drop to 95 million yuan in the first half of 2025, marking a year-on-year decrease of 28.35% and a drop in industry ranking from 17th to 21st [3][10]. - The firm’s ability to maintain its revenue and competitive position in the market has been challenged, particularly during a period of industry transformation and internal management changes [15][16]. Group 3: Analyst Background - Hua Xiaowei, who has over ten years of experience in sell-side research, previously held significant positions at leading firms and has a strong track record, including multiple awards as a top analyst, which may enhance Guosheng Securities' research profile [6][13]. - His previous leadership at Shanghai Securities saw fluctuations in commission income, raising questions about his ability to stabilize and grow revenue in a challenging environment [15].

Group 1 - The core issue revolves around the internal conflict at Guosheng Securities Research Institute, where the director, Yang Tao, expressed frustration over employee responsiveness, leading to a public outcry and subsequent clarifications from involved parties [1][2] - Guosheng Securities has experienced significant turnover, with over 20 analysts leaving since September 2025, marking a turbulent period for the research institute [2][3] - The firm is actively recruiting to replenish its research team, with 14 positions open across various sectors, including pharmaceuticals, media, and banking [3][4] Group 2 - Recent changes in leadership include the hiring of Hua Xiaowei, a former research director from Shanghai Securities, to lead the small-cap sector at Guosheng Securities [3][4] - The firm has seen a decline in research commission revenue, with a reported 30% decrease year-on-year, indicating ongoing financial challenges [6] - Guosheng Securities anticipates a net profit of 210 million to 280 million yuan for 2025, reflecting a year-on-year growth of 25.44% to 67.25% [7]

Group 1 - The company held its fifth board meeting on February 11, 2026, with all 11 directors participating and voting [2][4] - The board approved a general authorization for domestic debt financing instruments, which will be submitted to the shareholders' meeting for approval [3][4] - The company plans to manage the issuance of debt financing instruments with a repayment balance not exceeding 20 billion yuan [5] Group 2 - The types of debt financing instruments include financial bonds, corporate bonds, subordinated bonds, short-term corporate bonds, and asset-backed securities [6] - The maturity of the debt financing instruments will not exceed 10 years, with specific terms determined based on market conditions [8] - The funds raised will be used for business operations, debt repayment, and capital structure adjustments [12] Group 3 - The board approved revisions to the performance assessment management measures for the management team [19][20] - The board also approved revisions to compliance management and anti-money laundering policies [23][24] - The board determined the risk appetite and tolerance for compliance management and anti-money laundering for 2026 [25][26] Group 4 - The company will hold its first extraordinary shareholders' meeting on February 27, 2026, to discuss the approved proposals [38][39] - The meeting will be conducted through a combination of on-site voting and online voting [46] - The registration date for shareholders to attend the meeting is February 24, 2026 [47]

Core Viewpoint - The recent personnel changes at Guosheng Securities, particularly the hiring of Hua Xiaowei, reflect the ongoing challenges and competitive pressures within the sell-side research industry in China, especially as the firm navigates a significant talent exodus and seeks to rebuild its research team [1][3][5]. Group 1: Personnel Changes - Hua Xiaowei, former director of Shanghai Securities Research Institute, has officially registered at Guosheng Securities, marking a significant leadership change [1]. - The departure of Zheng Zhenxiang, the former co-director and chief analyst for the electronics sector, occurred just before Hua's arrival, indicating a period of transition for the research institute [1][4]. - Since the fourth quarter of 2025, Guosheng Securities has experienced a net reduction of 14 analysts, highlighting a trend of talent loss within the firm [1][4]. Group 2: Performance Metrics - During Hua Xiaowei's tenure at Shanghai Securities, the firm's commission income from sub-accounts saw a year-on-year increase of 25.82% in 2023, but plummeted by 57.86% to 21.64 million yuan in 2024, with a further decline of 83.30% to 2.90 million yuan in the first half of 2025 [2]. - The significant drop in revenue at Shanghai Securities may have influenced Hua's decision to join Guosheng Securities, reflecting the pressures faced by sell-side research firms in a competitive environment [2]. Group 3: Strategic Moves - Guosheng Securities has been actively recruiting to fill the gaps left by departing analysts, having added 10 new analysts since December 2025, including notable hires from other firms [3][5]. - The firm is also promoting internal candidates to stabilize its structure, as seen with the rapid elevation of personnel within the electronics team following Zheng Zhenxiang's departure [5]. - The ongoing recruitment efforts and internal promotions suggest that Guosheng Securities is attempting to strengthen its research capabilities amidst a challenging market landscape [5].