国盛证券研报指出，三只松鼠利润阶段性承压，生活馆打造新机遇。公司预计2025年实现归母净利润 1.35-1.75亿元，同比下降57.1%-66.9%，25Q4归母净利润-0.26至0.14亿元，同比下降78.5%-138.6%。认 为公司作为零食全品类零售商，对于消费需求洞察更加深刻，有望以差异化新品驱动成长。松鼠在线上 市场已取得非常优秀表现，同时正持续探索新业态，2025年分销陆续展开市场布局，生活馆探索多品类 自有品牌供应体系，同时挖掘即时零售机会。公司在"高端性价比"基础上逐步迈向高端化、品质化、差 异化，松鼠之所以能做到高速创新。短期来看松鼠在流量成本上涨压力下，利润承压相对明显，但公司 持续探索新业态，未来有望兑现新的成长机遇。维持"买入"评级。 ...

Core Viewpoint - Recent policies are focused on expanding domestic demand to achieve a "good start" for 2026, with six major focal points identified [1][2] Group 1: Major Policies - The UK Prime Minister's visit to China resulted in several positive outcomes, including visa exemptions and reduced import tariffs on whiskey [2][11][12] - Multiple measures to support service consumption were introduced, including a plan to issue subsidies for elderly care services and tax incentives for community service industries [2][21][26] - The Ministry of Finance announced a package of policies to promote domestic demand, including a 500 billion yuan special guarantee plan for private investment and interest subsidies for small and micro enterprises [2][27] - The China Securities Regulatory Commission (CSRC) revised regulations to attract "patient capital" by expanding the types of strategic investors and setting minimum shareholding requirements [2][19] - The local governments are entering the two sessions period, with an average GDP target of 5% across 22 regions, reflecting a slight decrease from the previous year [2][28] Group 2: Local Policies - Local two sessions are concluding, with 22 regions announcing their GDP targets, showing an average target of 5%, down 0.3 percentage points from last year [2][28] - Economic provinces have set varied GDP targets, with the highest being 5.5% for Hubei and the lowest being 4.5% for Guangdong [2][29] Group 3: Industry Policies - Various regions are optimizing housing fund and housing ticket management to stimulate housing demand, with initiatives like electronic housing tickets and increased loan limits [2][30][31] - The Ministry of Industry and Information Technology issued guidelines for the construction of zero-carbon factories, aiming to promote energy-saving and carbon reduction in key industries by 2027 [2][30]

Group 1 - The rapid increase in satellite deployment and the planning of space AI computing power are driving exponential growth in demand for space photovoltaic systems, which are transitioning from supporting components to strategic infrastructure [1] - China plans to submit applications for 203,000 satellites by the end of December 2025, while the US has launched over 10,000 satellites under the SpaceX Starlink program, intensifying the global space race [1] - The emergence of "space-based data centers" is driven by the limitations of ground data centers, with space offering continuous sunlight and near-zero cost cooling due to the cold cosmic background [1] Group 2 - New technological pathways are emerging, including P-type HJT batteries and silicon/perovskite tandem cells, which offer lower costs and improved performance compared to traditional gallium arsenide batteries [2] - P-type HJT batteries benefit from lower costs due to their manufacturing process and established supply chains, while silicon/perovskite tandem cells have demonstrated laboratory efficiencies of around 35% [2] - Perovskite materials are seen as the ultimate solution for space photovoltaics due to their high defect tolerance and radiation resistance, making them suitable for the harsh conditions of space [2] Group 3 - The global manufacturing landscape is misaligned, presenting historic opportunities for Chinese equipment and battery manufacturers as the US lacks capabilities in HJT and perovskite production lines [3] - The demand for photovoltaic equipment is expected to surge as SpaceX and Tesla plan to build a total of 200 GW of photovoltaic capacity in the US over the next three years [3] - Chinese photovoltaic companies, equipped with aerospace certification and large-scale delivery capabilities, are transitioning from ground support to core space applications, positioning themselves to benefit from the growing demand for space photovoltaics [3] Group 4 - Investment recommendations include photovoltaic equipment suppliers such as Maiwei Co., and potential players like Laplace, Liancheng CNC, Jiejia Weichuang, Aotwei, Gaocai Co., Dier Laser, and Jingsheng Mechanical & Electrical [4] - Material suppliers recommended include Junda Co., Dongfang Risheng, Mingyang Smart Energy, Shanghai Port, Qianzhao Optoelectronics, Trina Solar, and Shuangliang Energy [4]

Core Viewpoint - Guosheng Securities has completed the deregistration of its wholly-owned subsidiary, Guosheng Securities Co., Ltd. (referred to as "Old Guosheng Securities"), following the approval from the China Securities Regulatory Commission for the merger with Guosheng Financial Holdings Group Co., Ltd. (referred to as "Guosheng Financial Holdings") [1][5] Group 1: Company Merger and Deregistration - The merger has resulted in the renaming of Guosheng Financial Holdings to Guosheng Securities Co., Ltd. (referred to as "New Guosheng Securities"), which will legally inherit the branches and business of Old Guosheng Securities [1][5] - The deregistration process was completed on January 30, 2026, with the issuance of a deregistration certificate by the Jiangxi Provincial Market Supervision Administration [1][5] - The merger and subsequent deregistration are not expected to have a substantial impact on the operating results or financial statements of New Guosheng Securities [1][5] Group 2: Business Continuity and Operations - As of January 22, 2026, New Guosheng Securities has been designated as the main entity for investment banking operations, continuing to provide services to clients of Old Guosheng Securities [2][6] - All investment banking agreements and contracts signed under the name of Old Guosheng Securities remain valid and will be executed by New Guosheng Securities [2][6] - The transition of clients and business operations has been carried out smoothly, ensuring that services remain unaffected during the process [2][6] Group 3: Financial Performance Expectations - For the year 2025, New Guosheng Securities anticipates a net profit ranging from 210 million to 280 million yuan, representing a year-on-year growth of 25.44% to 67.25% [4][8] - The company attributes its expected performance growth to a focus on serving the real economy, enhancing professional service capabilities, and maintaining steady development across various business lines [4][8] - Increased revenues from securities brokerage, investment banking, and futures brokerage, along with improved risk management, have contributed to the positive outlook for the company's financial performance [4][8]

Core Viewpoint - The announcement from Guosheng Securities indicates the completion of the cancellation of its wholly-owned subsidiary, Guosheng Securities Co., Ltd., and the absorption merger by Guosheng Financial Holdings Group, which has now been renamed Guosheng Securities Co., Ltd. [1] Group 1 - Guosheng Financial Holdings has received approval from the China Securities Regulatory Commission for the absorption merger, and the cancellation of the old Guosheng Securities was completed within the stipulated 12 months [1] - The new Guosheng Securities has taken over the business and clients of the old Guosheng Securities, ensuring continuity in investment banking services [2][3] - The merger is expected to enhance the brand effect of Guosheng Securities and improve management efficiency by reducing decision-making processes and costs [4] Group 2 - The new Guosheng Securities is projected to achieve a net profit between 210 million to 280 million yuan in 2025, representing a year-on-year growth of 25.44% to 67.25% [4] - The company attributes its expected performance growth to a focus on serving the real economy, strengthening professional service capabilities, and capitalizing on market opportunities [4][5] - The company has also reported a reduction in impairment losses, contributing positively to its overall financial performance despite fluctuations in the value of its equity holdings [5]

Summary of Key Points from Conference Call Records Industry Overview - The stock market showed mixed performance on January 30, 2026, with the Shanghai Composite Index closing at 4117.95 points, down 0.96%, and the Shenzhen Component Index at 14205.89 points, down 0.66%. The ChiNext Index increased by 1.27% to 3346.36 points. The brokerage index fell by 1.53%, and the insurance index decreased by 1.60% [1][1][1]. Market Statistics - The total trading volume for stocks was reported at 28,355.38 billion yuan, with the SW Securities II sector accounting for 424.65 billion yuan, representing 1.50% of the total trading volume for A and B shares. The margin trading balance from the previous trading day was 27,393.27 billion yuan. The yield on ten-year government bonds was measured at 1.8112% [1][1][1]. Company Announcements - **Shichuang Securities**: Mr. Jiang Qingfeng was elected as a non-independent director of the company's second board of directors [2][2][2]. - **CITIC Securities**: Non-executive director Mr. Yan Xiaolei resigned from his positions, including those on the Risk Management Committee and the Audit Committee, and will not hold any positions in the company or its subsidiaries post-resignation [2][2][2]. - **Jinlong Co., Ltd.**: Shareholder Ms. Zhu Fenglian's 63 million shares were scheduled for public auction on JD.com from February 5 to February 6, 2026, but the auction was withdrawn due to objections from the defendant [2][2][2]. - **Jianyuan Trust**: The second-instance ruling upheld the original judgment in a lawsuit involving Shanghai Dongfang Securities Asset Management Co., with the plaintiff bearing the litigation costs of 2,051,524.83 yuan [2][2][2]. - **Guosheng Securities**: The China Securities Regulatory Commission approved the merger of Guosheng Financial Holdings Co., Ltd. with Guosheng Securities Co., Ltd., leading to a name change to Guosheng Securities Co., Ltd. The original Guosheng Securities has completed its deregistration [2][2][2]. Important News - **Central Bank**: On January 30, 2026, the People's Bank of China conducted a fixed-rate, quantity tender operation for 4,775 billion yuan in 7-day reverse repos, with a winning rate of 1.4% [3][3][3]. - **Ministry of Finance**: Deputy Minister Liao Min met with the UK Treasury's Director of International Financial Affairs, Mr. White, to discuss Sino-British economic and financial dialogues and cooperation in G20 financial channels [3][3][3]. - **Securities Regulatory Commission**: Proposed amendments to the "Regulations on the Registration Management of Securities Issuance by Listed Companies," including expanding the types of strategic investors and clarifying that the subscription for shares should generally not be less than 5% [3][3][3].

1月30日，国盛证券涨0.92%，成交额9.30亿元。两融数据显示，当日国盛证券获融资买入额9955.47万 元，融资偿还1.12亿元，融资净买入-1263.21万元。截至1月30日，国盛证券融资融券余额合计7.33亿 元。 分红方面，国盛证券A股上市后累计派现2.64亿元。近三年，累计派现0.00元。 融资方面，国盛证券当日融资买入9955.47万元。当前融资余额7.29亿元，占流通市值的2.74%，融资余 额低于近一年50%分位水平，处于较低位。 融券方面，国盛证券1月30日融券偿还7200.00股，融券卖出2.76万股，按当日收盘价计算，卖出金额 45.26万元；融券余量24.35万股，融券余额399.34万元，低于近一年20%分位水平，处于低位。 资料显示，国盛证券股份有限公司位于江西省南昌市红谷滩区凤凰中大道1115号北京银行大楼15和12 层，成立日期1995年8月17日，上市日期2012年4月16日，公司主营业务涉及证券业务。主营业务收入构 成为：证券业务100.00%，其他0.57%。 截至12月31日，国盛证券股东户数10.44万，较上期减少9.97%；人均流通股15549股，较上期增加 1 ...

专题：与"大V"营销合作属实，监管火速通报德邦基金违规销售，暂停新发，高管遭追责 1月30日，证监会发布的《机构监管情况通报》证实了连日来市场的猜测：D基金（媒体确认是德邦基 金）因与不具备基金销售业务资格和从业资格的互联网"大V"开展违规营销合作，被采取责令改正并暂 停受理公募基金产品注册的监管措施。该公司总经理、督察长徐晓红、互联网业务部门负责人等相关责 任人员被同步追责。 这份来自证券基金机构监管司的2026年第一期通报，揭示了在短期规模增长的诱惑下，部分机构如何将 合规底线抛诸脑后，也为整个基金行业的内部控制和合规文化敲响了警钟。 01 事件曝光：百亿申购与紧急限购 此次事件的源头，是2026年1月12日在市场上流传的"德邦基金旗下德邦稳盈增长灵活配置混合基金单日 吸金120亿元"的传闻。 尽管德邦基金当时回应称"公司并未对外披露旗下基金的盘中规模数据"，但一系列动作侧面印证了异常 资金的涌入。 传闻发酵次日，即1月13日，德邦基金连续发布两份限购公告。 最初，该基金A类份额申购上限被设定为1000万元，C类份额为100万元。到了盘后，限购额度被进一步 大幅收紧：A类份额上限骤降至10万元，C类份额降 ...

特此公告。 国盛证券股份有限公司董事会 关于全资子公司国盛证券有限责任公司完成注销登记的公告 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。 根据中国证监会《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》（证监许可〔2025〕229 号），核准国盛金融控股集团 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（以下 简称"原国盛证券"），国盛金控名称变更为国盛证券股份有限公司（以下简称 "公司"），并依法承接原国盛证券各分支机构、业务。原国盛证券应当自批复 下发之日起 12 个月内完成工商注销登记工作。 2026 年 1 月 30 日，公司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。 原国盛证券为公司全资子公司，公司已完成吸收合并涉及的客户和业务承接 等相关事项，其注销不会对公司经营和合并报表当期损益产生实质性影响。敬请 投资者理性投资，注意投资风险。 证券代码：002670 证券简称：国盛证券 公告编号：2026-006 二〇二六年一月三十一日 国盛证券股份有限公司 1 ...

Industry Overview - The probiotic industry is expected to maintain a compound annual growth rate (CAGR) of 14.2% from 2023 to 2025, driven primarily by price increases, with an average price CAGR of 11.3% and a sales CAGR of 2.4% [1][2] - The market is witnessing significant growth in high-functionality and composite products, which are expected to drive demand [2] Market Dynamics - Sales of AKK probiotic products on platforms like Taobao, Tmall, JD, and Douyin are projected to increase from 13,700 units in January 2025 to 47,200 units by October 2025, indicating a potential surge in market opportunities as more entrants join the sector [3] Company Developments - Xianle Health's proprietary probiotic AKK ONE received GRAS certification in May 2025, enhancing its positioning in high-growth markets such as weight management and metabolic health. AKK ONE has a protein content 50% higher than conventional AKK strains and increases beneficial bacteria by approximately 1.5 times [4] - Junyao Health's subsidiary, Runying Bio, has developed two high-quality AKK strains, AKK BG-001 and AKK WST01, with a focus on cost optimization and efficiency improvements. The production process has seen a 50% reduction in fermentation time and a 70% increase in cell count [5] - Beijia Clean invested 210 million yuan in Shan'enkang, acquiring a 52% stake. Shan'enkang has established a large AKK strain library and has developed AKK PROBIO strains with high survival rates in gastrointestinal conditions [6] Investment Recommendations - Companies to watch include Xianle Health (300791.SZ), Junyao Health (605388.SH), and Beijia Clean (603059.SH) due to their innovative products and market positioning [7]