Core Viewpoint - The report from Guosheng Securities highlights AIDC and power shortages as the main investment themes leading up to 2026, driven by increasing demand for HVDC solutions due to major internet companies' investments [1] Group 1: AIDC and HVDC Market Trends - The UPS market is steadily growing, with HVDC high-voltage direct current solutions identified as a definitive industry trend, and SST technology expected to accelerate the implementation of 800V HVDC systems [2] - By 2028, the power demand for data centers in the U.S. and globally is projected to reach 81GW and 125GW, respectively [2] - Nvidia plans to promote an 800V HVDC architecture starting in 2027 to support higher power density IT racks, utilizing solid-state transformers (SST) as a future distribution solution [2][3] Group 2: Power Supply and Demand Dynamics - The U.S. is facing a power shortage, with data center electricity demand expected to surge from 200 TWh to 640 TWh by 2035, equivalent to Germany's annual electricity consumption [4] - In Texas, there are numerous applications for data center electricity demand, but the grid can only accommodate about 1GW, indicating a significant gap in supply [4] - The aging U.S. transmission lines, many over 40 years old, require urgent upgrades and renovations to meet increasing demand [4] Group 3: Gas Turbine and Transformer Opportunities - The three major gas turbine manufacturers have orders extending to 2028, with a focus on components such as turbine blades and combustion chambers, indicating strong demand for these suppliers [5] - The global upgrade of electrical grids and the rising AI electricity demand are driving continuous demand for transformers, with China holding 60% of global transformer production capacity [5] Group 4: Diesel Generator Market - Diesel generators are becoming essential for data centers to maintain power continuity during outages, with a shift towards a seller's market for diesel generation as new infrastructure develops [6] - Domestic manufacturers are poised to seize opportunities as overseas diesel generator companies adopt a more conservative expansion strategy [6]

国盛证券（002670）发布研报称，2025年宠物行业市场规模增长4.1%，食品市场仍是主要消费市场， 养宠年轻化或成为行业进入高质发展的驱动因素。国产品牌在不断夯实基础体系化研发，打造差异化产 品，提升产品竞争力，重视品牌长期建设。头部国产品牌在产品力升级及品牌表达等持续提升，看好中 长期品牌成长空间。 国盛证券主要观点如下： 行业仍然呈现持续增长态势，2025年宠物行业市场规模增长4.1% 犬猫数量及单只消费持续增长，犬猫数量同比增长1.8%，单只犬年均消费同比增长1.5%，单只猫年均 消费同比增长3.2%，同时2025年食品市场仍是主要消费市场，养宠年轻化或成为行业进入高质发展的 驱动因素。 强者恒强，持续加码新渠道 从格局看，国产持续，强者恒强，从京东宠物、淘天宠物看，宠食头部品牌集中度提升;淘天数据， 2025年双十一国货品牌份额70%+，2025年618天猫宠物食品CR10达44%(2024年618为37%)。从渠道 看，持续加码新渠道，重视线下基本盘，根据宠业家数据，线上淘天仍是第一大市场，占比达29%，抖 音渠道是确定性的增长阵地，同时需加码小红书、O2O等新渠道，线下渠道宠物店、宠物医院合计 ...

Core Insights - The annual performance of Tonghuashun exceeded expectations, with projected net profit attributable to shareholders ranging from 2.735 billion to 3.282 billion yuan, representing a year-on-year increase of 50% to 80% [1] - The active recovery of the domestic capital market has led to increased investor confidence and trading activity, benefiting the company's financial terminal leadership [1] - The company has seen a rise in user activity on its website and app, driven by expansion into lifestyle, consumer, and technology sectors, alongside increased demand from financial clients such as securities and funds [1] Financial Projections - The expected operating revenue for Tonghuashun from 2025 to 2027 is projected to be 6.458 billion, 8.303 billion, and 10.299 billion yuan respectively, with net profit attributable to shareholders forecasted at 2.972 billion, 3.925 billion, and 4.991 billion yuan [1] - The company's business is highly correlated with the activity level of the securities market, indicating potential for growth as market activity increases [1] Future Outlook - The HithinkGPT model is anticipated to drive the application of cutting-edge model technology, contributing to future growth [1] - The company maintains a "buy" rating based on its strong performance and market position [1]

伴随定期存款到期重定价，将有助于缓解银行息差压力，理想情形下预计将减少银行约5500亿左右的负 债端成本，推动银行付息率下降31BP，但到期存款的再配置也可能对银行负债端稳定性造成扰动。资 产方面，2026年大规模居民存款到期，有望为权益市场带来增量资金、利好股市，尤其是考虑到居民存 款到期主要集中在一季度，本轮"春季躁动"行情有超预期的可能；对债券市场而言，居民存款搬家对债 券实际配置力量、期限利差的影响则有待观察。 MACD金叉信号形成，这些股涨势不错！ 格隆汇1月21日｜国盛证券称，2026年居民和企业部门中长期存款到期规模为58.3万亿、相较2025年多 增5.6万亿，其中：居民部门到期规模达37.9万亿、较2025年多增4.3万亿，为近5年最高水平。节奏上， 2026年居民和企业部门定期存款主要集中在一季度到期、占比54%，其中居民部门定期存款一季度到期 规模占比超60%。 ...

Core Viewpoint - Guosheng Securities has initiated coverage of First Pacific (0142.HK) with a "Buy" rating, highlighting the company's strong growth resilience and synergy through diversified operations in the Asia-Pacific region [1][2]. Business Overview - First Pacific operates in four main sectors: consumer food, telecommunications, infrastructure, and natural resources, maintaining a solid competitive position in Southeast Asian markets such as Indonesia and the Philippines [1]. - The consumer food segment is the core business, with Indofood Group leading in instant noodles and flour markets in Indonesia [1]. - The infrastructure business, led by MPIC, covers various sectors including power, toll roads, water, and healthcare, showing positive growth trends in recent years [1]. - The telecommunications segment is supported by PLDT, a leading operator in the Philippines, with steady development in mobile communication, broadband services, data centers, and digital finance [1]. - The natural resources segment currently contributes less but has growth potential with the upcoming production from the new Silangan mine [1]. Financial Performance - For 2024, First Pacific is projected to achieve a revenue of $10.057 billion and a net profit attributable to shareholders of $600 million, representing a year-on-year growth of 19.77% [1]. - Guosheng Securities forecasts net profits for 2025, 2026, and 2027 to reach $649 million, $708 million, and $767 million respectively, with an average annual growth rate of over 8% [1]. Investment Outlook - The combination of a robust business structure, sustainable profit growth, and attractive valuation has led Guosheng Securities to issue a "Buy" rating, indicating confidence in First Pacific's long-term development value in the Asia-Pacific livelihood sector [2].

Group 1 - The core announcement is that Guosheng Financial Holdings Co., Ltd. will absorb and merge with Guosheng Securities Co., Ltd., resulting in a name change to Guosheng Securities Co., Ltd. [1] - The merger is approved by the China Securities Regulatory Commission, and the transition will take place after the end of business on January 21, 2026, with all business elements and data being transferred to the new entity [1] - All existing business operations of the original Guosheng Securities, including brokerage, proprietary trading, margin financing, public fund sales, and financial product distribution, will continue under the new Guosheng Securities [1] Group 2 - Customers of the original Guosheng Securities will experience no changes in their business systems, login accounts, or passwords, ensuring that trading and fund transfers remain unaffected [2] - Starting January 22, 2026, the new Guosheng Securities will take over as the main entity for investment banking services, continuing to provide services as per existing agreements and regulatory requirements [2] - All investment banking agreements and contracts signed under the original name will remain valid, and ongoing investment banking projects will be executed by the new Guosheng Securities [2]

Core Viewpoint - Guosheng Securities has initiated coverage of First Pacific (0142.HK) with a "Buy" rating, highlighting the company's strong growth resilience and synergy through diversified operations in the Asia-Pacific investment management sector [1][2] Group 1: Business Overview - First Pacific operates in four main sectors: consumer food, telecommunications, infrastructure, and natural resources, maintaining a solid competitive position in Southeast Asian markets such as Indonesia and the Philippines [1] - The consumer food segment is the core business, with Indofood Group leading in instant noodles and flour markets in Indonesia [1] - The infrastructure business, led by MPIC, covers various sectors including power, toll roads, water, and healthcare, showing good growth trends in recent years [1] - The telecommunications segment is supported by PLDT, a leading operator in the Philippines, with steady development in mobile communication, broadband services, data centers, and digital finance [1] - The natural resources segment currently contributes less but has growth potential with the upcoming production from the new Silangan mine [1] Group 2: Financial Performance - For 2024, First Pacific is projected to achieve a revenue of $10.057 billion and a net profit attributable to shareholders of $600 million, representing a year-on-year growth of 19.77% [1] - Guosheng Securities forecasts that net profit attributable to shareholders will reach $649 million, $708 million, and $767 million from 2025 to 2027, with an average annual growth rate of over 8% [1] - The company's profitability is expected to further improve due to the synergistic development of various business segments and enhanced operational efficiency [1]

格隆汇1月20日丨国盛证券(002670.SZ)公布，现就公司实施吸收合并事项涉及的客户和业务（投资银行 业务的具体承接安排，详见公司于同日披露的《关于实施投资银行业务承接的公告》）承接相关事项公 告如下：一、公司定于2026年1月21日的日终清算后，实施客户和业务承接，原国盛证券所开展的各项 业务的业务要素及数据由新国盛证券承接。实施客户和业务承接过程中，公司相关业务与服务均可正常 开展、不受影响。二、原国盛证券各项业务，包括但不限于经纪业务、自营业务、融资融券业务、公募 证券投资基金销售、代销金融产品等，均由新国盛证券继续执行。原"国盛证券有限责任公司"名称签署 的协议、合同或其他有约束力的文件均继续有效。三、原国盛证券客户使用的业务系统、登录账户和密 码均保持不变，客户交易、银证转账不受影响。营业网点联系地址、电话均保持不变。如有需要咨询的 事项，可及时与客户经理联系或致电新国盛证券统一客户服务热线咨询（咨询电话：956080），也可联 系相关分支机构问询、解决。在相关业务承接等事项完成后，原国盛证券将履行注销等程序。 ...

证券代码：002670 证券简称：国盛证券 公告编号：2026-004 现就公司投资银行业务承接相关事项公告如下： 国盛证券股份有限公司 关于实施投资银行业务承接的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，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 "新国盛证券"或"公司"），并依法承接原国盛证券业务。 2025 年 10 月 24 日，国盛金控完成变更公司名称的变更登记手续，并取得 南昌市市场监督管理局核准换发的《营业执照》，公司名称由"国盛金融控股集 团股份有限公司"变更为"国盛证券股份有限公司"。2025 年 11 月 25 日，公 司领取了中国证监会颁发的《经营证券期货业务许可证》。 一、公司定于 2026 年 1 月 22 日起，将新国盛证券确定为投资银行业务的业 务开展主体，由新国盛证券按照协 ...

证券代码：002670 证券简称：国盛证券 公告编号：2026-003 国盛证券股份有限公司 关于实施客户和业务承接的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，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"新 国盛证券"或"公司"），并依法承接原国盛证券各分支机构、业务。 2025 年 10 月 24 日，国盛金控完成变更公司名称的变更登记手续，并取得 南昌市市场监督管理局核准换发的《营业执照》，公司名称由"国盛金融控股集 团股份有限公司"变更为"国盛证券股份有限公司"。2025 年 11 月 25 日，公司 领取了中国证监会颁发的《经营证券期货业务许可证》。原国盛证券分支机构已 按照核准批复文件换领新《营业执照》和《经营证券期货业务许可证》。 一、公司定于 2026 年 1 月 21 日的日终清算后，实施 ...