国盛证券公告，预计2025年净利润为2.1亿元—2.8亿元，同比增长25.44%—67.25%。2025年，公司坚守 服务实体经济初心，持续强化专业服务能力和投研能力，各项业务稳健发展。本报告期，资本市场交投 活跃，公司把握市场发展机遇夯实客户基础，证券经纪、投行、期货经纪等业务收入均同比增加；公司 强化风险管控，各类减值损失同比减少。 ...

国盛证券股份有限公司 2025 年度业绩预告 | 项 目 | 本报告期 | | | 上年同期 | | | --- | --- | --- | --- | --- | --- | | 归属于上市公司股 | 盈利：21,000 | 万元–28,000 | 万元 | 盈利：16,741.31 | 万元 | | 东的净利润 | 比上年同期增长：25.44%-67.25% | | | | | | 归属于上市公司股 | 盈利：20,640 | 万元–27,640 | 万元 | | | | 东扣除非经常性损 | 比上年同期增长：33.66%-78.99% | | | 盈利：15,442.11 | 万元 | | 益后的净利润 | | | | | | | 基本每股收益 | 盈利：0.1085 | 元/股–0.1447 | 元/股 | 盈利：0.0865 | 元/股 | 证券代码：002670 证券简称：国盛证券 公告编号：2026-005 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、本期业绩预计情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 12 ...

Core Viewpoint - The performance forecast of Qingmu Technology meets expectations, with a focus on the growth of its own brands and AI catalysis [1] Group 1: Financial Performance - The company is expected to achieve a net profit attributable to shareholders of 118-136 million yuan in 2025, representing a growth of 30%-50% [1] - In Q4 2025, the net profit attributable to shareholders is projected to be between 38-56 million yuan, showing a year-on-year increase of 111%-211% [1] Group 2: Business Development - The rapid growth of self-owned brand incubation has established a complete business model and validated its capabilities [1] - The company's basic operations in agency services maintain steady growth, with a strong competitive advantage in the large apparel sector, while also expanding into categories like trendy toys and pet food [1] - The company serves brands including Skechers, Pop Mart, and Jellycat [1] Group 3: Future Outlook - Attention will be given to the new acquisition of the self-owned brand Noremega in 2026 [1] - The technology solutions and consumer operation services are well-equipped with products, scenarios, and tools, positioning the company to capitalize on the GEO trend [1]

行业红利持续释放，成长空间广阔 中国汽车保有量稳步增长与车龄结构老化趋势，直接驱动汽车维修保养等后市场需求持续扩张。独立汽 车服务渠道(IAM)凭借高性价比优势，成为保修期届满车辆的优选渠道，市场占比不断提升，行业红利 有望释放。同时，新能源汽车渗透率快速提升催生新的服务需求，插电式混合动力汽车和纯电动汽车都 能为行业在未来带来一定的增量空间。途虎养车精准把握行业趋势，提前布局新能源汽车服务业务，通 过合作拓展充电网络、升级门店服务能力等方式，有望充分受益于行业空间的增长红利。 国盛证券（002670）发布研报称，首次覆盖，给予途虎-W(09690)"买入"评级，途虎作为汽车后市场龙 头，持续扩张线上线下（300959）一体化平台规模，该行预计公司在2025-2027年归母净利润分别为 6.47/8.22/10.55亿元，同增33.75%/26.96%/28.45%，当前对应市值PE为18/14/11x。考虑到途虎线上生态 的流量壁垒持续强化、线下门店网络不断下沉扩张。 国盛证券主要观点如下： 汽车后市场行业龙头地位稳固，业绩增长确定性强 途虎养车作为中国领先的线上线下一体化汽车服务平台，自2011年成立以来 ...

智通财经APP获悉，国盛证券发布研报称，首次覆盖，给予途虎-W(09690)"买入"评级，途虎作为汽车 后市场龙头，持续扩张线上线下一体化平台规模，该行预计公司在2025-2027年归母净利润分别为 6.47/8.22/10.55亿元，同增33.75%/26.96%/28.45%，当前对应市值PE为18/14/11x。考虑到途虎线上生态 的流量壁垒持续强化、线下门店网络不断下沉扩张。 中国汽车保有量稳步增长与车龄结构老化趋势，直接驱动汽车维修保养等后市场需求持续扩张。独立汽 车服务渠道(IAM)凭借高性价比优势，成为保修期届满车辆的优选渠道，市场占比不断提升，行业红利 有望释放。同时，新能源汽车渗透率快速提升催生新的服务需求，插电式混合动力汽车和纯电动汽车都 能为行业在未来带来一定的增量空间。途虎养车精准把握行业趋势，提前布局新能源汽车服务业务，通 过合作拓展充电网络、升级门店服务能力等方式，有望充分受益于行业空间的增长红利。 线上平台为用户打造汽车服务生态，线下以轻资产加盟模式进行规模化扩张 国盛证券主要观点如下： 在线上平台，途虎积累了海量注册用户与高粘性消费群体，通过数字化工具实现用户需求精准匹配与服 ...

Core Viewpoint - The report from Guosheng Securities indicates that Shangnon Chip's enterprise-level storage product sales are expected to grow significantly by 2025, with a projected revenue increase of over 40%, exceeding 34 billion yuan [1] Financial Performance - The company is forecasted to achieve a net profit attributable to shareholders of between 480 million to 620 million yuan, representing a year-on-year growth of 81.77% to 134.78% [1] - The growth in performance is primarily driven by the high demand for storage products due to AI, leading to a sustained price increase [1] Product Development - The company's proprietary brand, Haipu Storage, is entering a phase of increased production starting from Q4 2025, contributing to profitability [1] - The combination of the ramp-up in Haipu Storage and the ongoing price increase cycle in the storage market supports the upward revision of profit forecasts for 2026 and 2027 [1] Market Outlook - The company is optimistic about the growth opportunities in its electronic components business and the increased demand for storage products driven by AI [1] - The report maintains a "Buy" rating for the company, reflecting confidence in its future performance [1]

国盛证券研报指出，香农芯创2025年销售的企业级存储产品数量增长，主要产品价格呈现上升的态势， 预计全年收入增长超过40%，超340亿元；实现归母净利润4.8-6.2亿元，同比增长81.77%-134.78%；认 为公司业绩增长主要系AI驱动下存储产品供不应求，涨价周期持续，同时公司自主品牌海普存储进入 放量期，实现盈利。由于海普存储25Q4开始已进入放量阶段，叠加存储涨价大周期，上调2026、2027 年盈利预测，看好公司电子元器件业务起量及AI驱动下存储产品需求提升带来的营收业绩增长机遇， 维持"买入"评级。 ...

Core Viewpoint - Guosheng Securities initiates coverage on Power Development (01277) with a "Buy" rating, highlighting its high ROE and profitability driven by quality coal resources in Inner Mongolia, Ningxia, and South Africa [1] Group 1: Company Overview - The company operates four coal mines with a total capacity of 10.1 million tons per year and reserves of 1.005 billion tons, including the Dafenpu coal mine (6.5 million tons/year) and Yong'an coal mine (1.2 million tons/year) [2] - The main products, "Power 2" and "Power Mix," have a calorific value above 4000 kcal, with "Power 2" being a low-sulfur, high-ash melting point environmental coal that commands a brand premium [2] Group 2: Growth Strategy - The acquisition of Ningxia Power Mining in 2022 adds significant assets, with an expected increase of 2.1 million tons/year in coking coal capacity, creating a new profit growth driver [3] - The company aims to increase its stake in MCMing to 51% for consolidation, with MCMing holding several coal projects in South Africa, including Makhado and Vele, which have substantial resource reserves [3] Group 3: Financial Projections - Revenue projections for 2025-2027 are estimated at 4.834 billion, 6.013 billion, and 6.553 billion yuan, with corresponding net profits of 1.237 billion, 1.680 billion, and 2.404 billion yuan, leading to PE ratios of 10.0X, 7.3X, and 5.1X respectively [1] Group 4: New Ventures - A partnership with Minenet for the Roti Fonk heavy mineral project is expected to generate approximately $1.6 billion in revenue and $0.8 billion in gross profit, with a gross margin of around 50% [4] Group 5: Dividend Policy - The company has a strong dividend policy, with special dividends announced for 2023-2025, including a mid-year dividend of 0.05 HKD per share and a special dividend of 0.035 HKD per share, resulting in a semi-annual dividend yield of 5% based on a share price of 1.63 HKD [5]

Core Viewpoint - The chemical industry is expected to experience price increases due to improved supply-demand dynamics and a shift towards "anti-involution" practices, benefiting certain construction companies that have extended their operations into the chemical sector [1][21]. Supply Side Summary - Investment growth in the chemical raw materials and products manufacturing sector has been declining since 2022, with a significant drop in investment growth turning negative by June 2025. The construction of new capacity in the chemical industry has notably decreased, with the share of ongoing projects in the basic chemical sector falling from 33.8% in 2022 to 24.4% in Q1-Q3 2025 [1]. - The reduction in new capacity is compounded by energy consumption controls and enhanced environmental policies set for 2025, alongside significant shutdowns of chemical facilities in Europe and Japan due to cost disadvantages, leading to an overall improvement in the global supply landscape [1]. Demand Side Summary - Despite weak traditional demand, certain factors such as manufacturing inventory replenishment, pre-Spring Festival stocking, increased exports, and growth in new manufacturing demands are providing strong support for some chemical products. The manufacturing PMI reached 50.1% in December 2025, indicating a return to expansion for the first time since April 2025 [3]. Inventory Cycle Summary - The chemical industry is transitioning from active destocking to passive destocking. Although there was a slight increase in inventory levels in the chemical raw materials and products sector in H2 2025, the inventory growth of finished products in downstream sectors has been declining since March 2025, indicating a significant inventory disparity within the supply chain [5]. - The current inventory structure shows moderate inventory levels upstream and low inventory levels downstream, suggesting that any improvement in demand could trigger rapid destocking of upstream chemical products, providing strong support for price elasticity [5]. Policy Environment Summary - The "anti-involution" policy introduced in July 2024 has shifted from a slogan to actionable industry measures, encouraging leading companies to avoid price wars and instead focus on maintaining price levels through reduced production rates [5]. Company-Specific Insights - **China Chemical (601117.SH)**: Positioned as a quality undervalued stock with strong cash flow, benefiting from the anti-involution trend. The company has a production capacity of 200,000 tons for both adiponitrile and caprolactam, with potential profit increases from price rebounds in these products [6]. - **Sandi Chemical (002469.SZ)**: Expected to see continued price improvements for existing chemical products under the anti-involution backdrop. The company has significant production capacities and is advancing new product lines that are anticipated to enhance profitability [11]. - **Donghua Technology (002140.SZ)**: The company is experiencing improved profitability in its industrial segment due to supply reductions stabilizing ethylene glycol prices. It has several high-end chemical projects in operation, contributing to revenue growth [15]. - **Southeast Net Framework (002135.SZ)**: The company produces polyester filament with a capacity of 500,000 tons. Price recovery in this segment is expected to contribute positively to performance [18]. Investment Recommendations - The chemical product price increase is supported by declining capital expenditures, environmental restrictions, and a shift in competitive dynamics. Companies such as China Chemical, Sandi Chemical, Donghua Technology, and Southeast Net Framework are highlighted as key beneficiaries of this trend [21].

Market Overview - The securities sector experienced a slight decline of 0.07% on January 23, with GF Securities leading the drop [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] Individual Stock Performance - Notable gainers included: - Huayin Securities (002945) with a closing price of 17.86, up 3.78% and a trading volume of 476,000 shares, totaling 846 million yuan [1] - Xiangcai Shares (600095) closed at 11.70, up 2.18% with a trading volume of 597,900 shares, totaling 701 million yuan [1] - Major decliners included: - GF Securities (000776) closed at 22.31, down 1.24% with a trading volume of 580,600 shares, totaling 1.3 billion yuan [2] - Tushin Securities (002736) closed at 12.56, down 1.02% with a trading volume of 586,200 shares, totaling 740 million yuan [2] Fund Flow Analysis - The securities sector saw a net outflow of 1.644 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.15 billion yuan [2][3] - Key stocks with significant fund flows included: - Guotai Junan (601211) with a net inflow of 180 million yuan from institutional investors [3] - Huayin Securities (002945) had a net inflow of 86.16 million yuan from institutional investors [3] ETF Performance - Financial Technology ETF (516100) saw a decline of 5.40% over the past five days, with a current PE ratio of 76.53 and a net subscription of 21.78 million yuan [5] - Securities ETF (515010) decreased by 1.29% over the past five days, with a PE ratio of 17.02 and a net redemption of 76.32 million yuan [5]