Core Viewpoint - Recent market concerns regarding CPO (Co-Packaged Optics) technology rapidly replacing pluggable optical modules are misaligned with the fundamentals of industry development, and pluggable optical modules will remain the mainstream solution for data center optical interconnects for the next two to three years or longer [1][5]. Group 1: Market Dynamics - The anxiety in the market originates from a misinterpretation of NVIDIA's announcement to scale up CPO technology, leading to irrational valuation differentiation [1][5]. - CPO and pluggable optical modules are not in direct competition but can coexist, with CPO primarily targeting scale-up scenarios while pluggable modules dominate scale-out applications [2][3]. Group 2: Technological Landscape - CPO opens new opportunities in the cabinet interconnect market rather than replacing existing solutions, with major chip manufacturers promoting its adoption [2]. - The NPO (Non-Pluggable Optics) solution offers more flexibility and cost-effectiveness compared to CPO, making it a favored choice among CSP customers [3]. Group 3: Market Structure and Investment Sentiment - The current concentration of holdings in the optical module sector requires time for structural optimization and self-correction, driven by strong fundamentals and high visibility of performance [4][5]. - The rapid concentration of holdings has created a situation where the market is sensitive to negative news, leading to increased stock price volatility, necessitating a period of digestion and reallocation of shares [4].

Group 1 - The core viewpoint is that the A-share market is expected to experience a slow bull market in 2025, leading to significant improvements in the performance of brokerage firms [1] - Most brokerage firms' profit forecasts for 2025 indicate overall profit growth, with 6 out of 29 firms reporting an increase of over 100% and 19 firms showing an increase of over 50% [1] - The average daily trading volume of stock funds in the A-share market is projected to reach 2.08 trillion yuan in 2025, representing a year-on-year increase of 70.36% [1] Group 2 - The number of IPO approvals is expected to increase by 109.43% year-on-year, with the amount raised growing by 208.01% [1] - The total net profit attributable to shareholders of listed brokerage firms that have released profit forecasts is expected to grow by approximately 60% year-on-year [1] - Leading brokerage firms are showing steady growth, while some small and medium-sized firms are demonstrating significant performance elasticity [1] Group 3 - The brokerage industry is anticipated to benefit from the long-term healthy development and increasing activity in the capital market [1] - Despite the positive outlook, there is a significant mismatch between valuations and fundamentals, with the overall price-to-book (PB) ratio of the brokerage industry at only 1.36 times [1] - The brokerage sector has experienced notable stagnation previously, making the current positioning highly cost-effective for investment [1]

国盛证券发布研报称，印尼政府计划在2026年通过一套"组合拳"政策，在煤炭价格下行周期中主动调控 供给以支撑煤价。印尼作为全球最大的煤炭出口国，其主动大幅减产将成为扭转市场平衡的关键力量。 此举将直接削减国际市场货源，有助于消化全球高企的库存，并可能催化煤炭价格快速反弹。此外，在 主产国供应收紧预期下，市场信心亦有望得到提振，有望对国际煤炭价格提供有力支撑，明显改善主要 煤炭企业盈利水平。 国盛证券主要观点如下： 印尼：25年产量下降约5.5%，苏岛产量占15.3% 2025年印尼煤炭产量预计为7.9亿吨，低于2024年的8.36亿吨，同比下降约5.5%。2025年南苏门答腊煤 炭产量1.2074亿吨，占比约15.3%。苏门答腊岛部分矿区地处偏远，缺乏深水港口，煤炭外运依赖成本 较高的公路或河运，物流瓶颈突出。南苏门答腊省政府已颁布政令，自2026年1月起禁止所有运煤卡车 在公共道路上行驶，预计将导致年产能减少约1000万吨。 苏门答腊岛煤炭产区在产量贡献、生产条件和成本控制上均处于劣势。主动引导其高成本、低效率的产 能有序优化，是推动印尼煤炭行业高质量发展的理性选择。 印尼：全球第一大煤炭出口国，25年出口 ...

Group 1 - The core point of the article highlights a collective decline in the three major indices, while the banking sector shows strength, and the securities and fintech sectors experience an afternoon rally [1] - As of 1:55 PM, the securities ETF Huaxia (515010) rose by 0.81%, with its holdings such as Hualin Securities hitting the daily limit, and other stocks like Huaxin Co., Guosheng Securities, and Southwest Securities also performing well [1] - The financial technology ETF Huaxia (516100) saw a slight decline of 0.22% [1] Group 2 - The Shanghai Stock Exchange reported that in January, the number of new A-share accounts reached 4.9158 million, representing a month-on-month increase of 89% and a year-on-year increase of 213%, marking the highest level in nearly 15 months since November 2024 [1] - This surge in new A-share accounts indicates a sustained boom in brokerage business, driven by the upward trend in A-shares over the past year, which has significantly boosted brokerage and proprietary trading business, leading to an overall performance recovery [1] - The management fee rate for the securities ETF Huaxia (515010) and the fintech ETF Huaxia (516100) is 0.15%, with a custody fee rate of 0.05%, which are the lowest among comparable funds, facilitating investors' access to sector trends [1]

Core Viewpoint - Haon Automotive is a leader in intelligent driving perception, with a new growth curve initiated by its expansion into robotics [1] Group 1: Company Overview - Haon Automotive has over a decade of experience in the intelligent driving perception sector, serving well-known automotive companies such as Nissan, Volkswagen, and Geely [1] - The company's main perception products include in-vehicle camera systems, in-vehicle video driving recorders, and ultrasonic radar, with revenue contributions of 55%, 20%, and 25% respectively in 2022 [1] Group 2: Business Strategy - The company is simultaneously expanding into the robotics field, creating an integrated layout of "perception + decision-making" [1] - The upcoming launch of a domain controller equipped with Jetson Thor is expected to establish a competitive advantage in the robotics decision-making sector [1] Group 3: Growth Potential - The solid foundation of the intelligent driving business, combined with the new growth opportunities in robotics, is anticipated to enhance the company's growth trajectory [1] - Continuous product expansion and increased value per vehicle are expected to open new growth boundaries for the company [1] - The initial coverage of the company has been rated as "Buy" [1]

2月3日，江信基金发布公告称，公司主要股东发生变更。根据证监会此前的批复，国盛金融控股集团股 份有限公司（以下简称国盛金控）吸收合并国盛证券有限责任公司获核准。 江信基金表示，国盛证券有限责任公司已经在1月31日完成了工商注销登记，国盛金控变更为国盛证券 股份有限公司。后者将承接原国盛证券有限责任公司对江信基金的5400万元出资额，出资额占比未发生 变化。 据悉，证监会在2025年2月7日已出具《关于核准国盛金融控股集团股份有限公司吸收合并国盛证券有限 责任公司的批复》，核准国盛金控吸收合并国盛证券有限责任公司。上述吸收合并事项完成后，国盛证 券有限责任公司将解散，国盛金控变更为国盛证券股份有限公司。而此次江信基金的股东变更，也是在 这一背景下实施的。此前国盛证券有限责任公司各分支机构、业务以及对江信基金5400万元出资额，将 被国盛证券股份有限公司承接。 值得注意的是，1月31日，国盛证券股份有限公司发布了《国盛证券股份有限公司关于原主体国盛证券 有限责任公司完成注销登记的公告》，国盛证券有限责任公司已于2026年1月30日完成工商注销登记。 至此，江信基金的主要股东亦由国盛证券有限责任公司变更为国盛证券股 ...

国盛证券研报指出，中际旭创25年实现归母净利润98-118亿元，同比增长89.5%-128.2%，主要受益于客 户对算力基础设施的持续投入，以及公司高速光模块占比持续提升。Q4符合预期，预计2026将继续强 劲增长。公司作为全球光模块龙头，在光通信、光电转换等领域有着深刻积累和理解，公司认为scale- up带宽可能达到scale-out需求的10倍，CSP客户正推进asic芯片在scale-up的应用，同时希望以太网技术 实现柜内芯片和板卡间的光连接，包括LPO、XPO和NPO等方案有望在2027年应用和部署。若推进节奏 顺利，我们认为光进机柜将为公司2027年及以后的成长作出重要贡献，公司作为行业龙头有望继续领 跑，深度参与享受下一轮技术升级红利。随着AI集群向十万卡甚至百万卡升级，通信的重要性和价值 量正在不断提升，公司作为全球光模块龙头，将充分享受行业的高度景气。充分考虑到公司市占率、技 术领先性以及光通信的高壁垒性，结合行业整体景气度情况，以及公司业绩兑现情况，上调公司盈利预 测，预计2025-2027年归母净利润为108.8、267.4、383.9亿元，对应PE为60.4、24.6、17.1倍，维 ...

国盛证券达成"曲线上市"目标后，原经营主体正式退出历史舞台。 近日，国盛证券（002670.SZ）公告称，全资子公司国盛证券有限责任公司，即原国盛证券已完成注销登记手续。 这家新上市券商揭牌运行并不久。2025年10月，原国盛证券通过母公司国盛金控吸收合并方式实现"曲线上市"，国盛金控更名后的"新国盛证券"，也成为江 西首家上市券商。 刚跻身上市券商行列的国盛证券，于2025年末经历研究所人事动荡，但依然交出了一份亮眼的全年"成绩单"：实现净利润2.1亿元到2.8亿元之间，同比增长 25.44%到67.25%。 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！ 21世纪经济报道 记者 孙永乐 目前，为加强"新国盛证券"各项业务建设，这家券商仍在密集招兵买马，如研究所公开选聘两名医药首席分析师、一名传媒首席分析师等岗位。 新国盛证券接棒全业务 新国盛证券由国盛金控吸收合并原国盛证券并更名而成。 2026年1月30日，新国盛证券收到了江西省市场监督管理局出具的《注销证明》，原国盛证券已完成注销登记手续。 回溯来看，2022年7月，江西国资正式收购国盛金控50.43%的股份，成为实际控制人， ...

Core Viewpoint - Guosheng Securities has successfully completed its "backdoor listing" and the original operating entity has officially exited the stage, marking a significant transition for the company [2][5]. Group 1: Company Transition - Guosheng Securities (002670.SZ) announced that its wholly-owned subsidiary, Guosheng Securities Co., Ltd., has completed the deregistration process [2]. - The new entity, "New Guosheng Securities," was formed through the absorption and merger of the original Guosheng Securities by its parent company, Guosheng Financial Holdings, and is now the first listed securities firm in Jiangxi Province [5][6]. - The deregistration of the original Guosheng Securities will not materially affect the operations or financial results of New Guosheng Securities [5]. Group 2: Financial Performance - For the year 2025, Guosheng Securities reported a projected net profit ranging from 210 million to 280 million yuan, representing a year-on-year growth of 25.44% to 67.25% [10]. - The company attributed its strong performance to active capital market trading, enhanced professional services, and improved risk management, which led to a reduction in impairment losses [10]. Group 3: Talent Acquisition - Following significant personnel changes in its research department, New Guosheng Securities is actively recruiting to strengthen its team, including positions for chief analysts in pharmaceuticals and media [8][9]. - The company has initiated a recruitment drive for various analyst roles, indicating a pressing need for talent to support its operations [9]. Group 4: Business Development - New Guosheng Securities has been designated as the main entity for investment banking operations, ensuring a seamless transition of clients and business from the original Guosheng Securities [6]. - The merger is expected to streamline management processes and enhance decision-making efficiency, ultimately benefiting the overall development of the company's securities business [7].

报告认为，公司作为零食全品类零售商，对消费需求洞察深刻，正以差异化新品驱动成长。线上市场保 持优势同时，2025年将加速分销网络布局，生活馆业态探索多品类自有品牌供应体系，并挖掘即时零售 增量。在"高端性价比"战略基础上，公司向高端化、品质化、差异化升级，维持"买入"评级。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 观点网讯：2月2日，国盛证券发布研报称，三只松鼠2025年预计实现归母净利润1.35亿至1.75亿元，同 比下降57.1%至66.9%；第四季度归母净利润区间为-0.26亿至0.14亿元，同比降幅78.5%至138.6%，利润 阶段性承压。 ...