国盛金控公告称，已获证监会核准吸收合并原国盛证券，名称变更为"国盛证券股份有限公司"，并完成 变更登记手续，领取相关证照。公司定于2026年某月某日的日终清算后，实施客户和业务承接，原国盛 证券业务要素及数据由新公司承接，业务与服务不受影响。原国盛证券各项业务由新公司继续执行，相 关协议继续有效，客户业务系统、账户等均不变。承接事项完成后，原国盛证券将履行注销程序。 ...

（文章来源：每日经济新闻） 每经AI快讯，1月20日，国盛证券(002670.SZ)公告称，公司自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议约定和相关监管要求为原国盛证券客户提供相应 投资银行服务，完整承接相应业务。原国盛证券以"国盛证券有限责任公司"名称签署的投资银行类业务 协议、合同或其他有约束力的文件均继续有效，过往承接的投资银行业务均由新国盛证券继续执行。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。 ...

Core Viewpoint - The demand for geothermal energy in the U.S. is expected to rise significantly due to the increasing power needs of data centers, driven by major tech companies like Meta and Google, which are investing in geothermal power agreements [1][2]. Group 1: Geothermal Energy Potential - Global geothermal installed capacity is approximately 16.5 GW, with the U.S. accounting for 3.9 GW, representing about 24% of the global total [1]. - The potential geothermal capacity worldwide is estimated at around 162 GW, nearly ten times the current installed capacity, with the U.S. and Asia (primarily Indonesia) having potential capacities of approximately 35.0 GW and 74.3 GW, respectively [1]. Group 2: Major Contracts and Developments - Meta has signed a 150 MW geothermal power purchase agreement with SageGeosystems for 2024, with the first phase expected to be operational by 2027, and another 150 MW agreement with XGSEnergy for its New Mexico data center, expected to be completed by 2030 [2]. - Google has entered into a 115 MW geothermal energy agreement with Fervo Energy and NVEnergy for its Nevada data center, utilizing next-generation enhanced geothermal systems (EGS) technology [2]. Group 3: Pricing Trends - The purchase price for geothermal energy for AI data centers has risen to $100/MWh, reflecting a more than 45% increase compared to 2024 [2]. - Ormat's financial reports indicate ongoing discussions for geothermal projects with major cloud service providers and data centers, with project sizes around 250 MW and purchase prices exceeding $100/MWh [2]. Group 4: Key Investment Targets - Kaishan Holdings (300257.SZ) has four geothermal projects under construction in the U.S., totaling approximately 62-79 MW. If priced at $100/MWh, these projects are expected to generate revenues of $0.5-0.7 million [2].

国盛证券研报指出，胜宏科技预计2025年实现归母净利润41.6-45.6亿元，同比增长260.35%-295.00%， 单季度来看，25Q4预计实现归母净利润中值为11.15亿元，同比增长186%，环比增加1%，认为公司 25Q4归母净利润中值环比增长不明显可能受新工厂正处爬坡阶段，多个新厂建设带来人员等费用增 加，此外，公司参与了目前市场上大部分主流玩家的新方案，研发费用预计相应增长。展望未来，认为 伴随公司产能释放及新方案落地放量，公司业绩增长有望迎强支撑。公司作为AIPCB龙头，深度把握AI 发展机遇，看好公司新建产能释放后带来的业绩高增，看好客户加速拓展下，新客户给公司业绩带来的 较大增量，预计公司2026/2027年营收达358/575亿元，2026/2027年归母净利润预期达105/180亿元，维 持"买入"评级。 ...

Core Viewpoint - The report from Guosheng Securities emphasizes that increasing the allocation of equity assets in bank wealth management is a crucial step towards achieving high-quality development in the capital market and fostering long-term patient capital [1]. Policy Collaboration Empowerment - A series of policies from multiple departments have been introduced to eliminate barriers and expand opportunities for bank wealth management equity investments, providing systematic institutional support across various dimensions such as market access, assessment mechanisms, and investment channels [1][2]. Transition Challenges - The bank wealth management sector faces structural challenges during the transition to equity asset allocation, primarily due to the requirements of the new asset management regulations and the mismatch between customer expectations and the nature of equity investments [3]. - The shift to net asset value management and the requirement for equity assets to be valued at market prices create a conflict with traditional customer perceptions of stable, low-volatility returns [3]. - Liquidity management and the inherent characteristics of assets further constrain the space for equity allocation, as short-term investment horizons do not align with the long-term nature of equity holdings [3]. Industry Value Enhancement - Enhancing the equity allocation capability of bank wealth management is not only a response to policy directives but also a key strategy for upgrading wealth management services, moving away from reliance on fixed-income products [4]. - The "fixed income + equity" product model is seen as a transitional focus that can enhance product returns while maintaining net value stability, aligning with the trend of wealth diversification among consumers [4]. - As the equity allocation ratio increases and research capabilities improve, banks are expected to transition from traditional fixed-income asset managers to comprehensive wealth service providers, creating new valuation opportunities for the banking sector [4][5]. Data Tracking - Weekly stock average trading volume reached 34,652.85 billion yuan, an increase of 6,131.62 billion yuan from the previous week [6]. - The balance of margin financing and securities lending increased by 3.73% to 2.71 trillion yuan [6]. - The issuance of non-monetary fund shares totaled 19.294 billion yuan this week, up by 111.03 billion yuan from the previous week [6]. Interest Rate Market Tracking - The issuance scale of interbank certificates of deposit was 552.88 billion yuan this week, an increase of 377.82 billion yuan from the previous week [7]. - The average yield on 10-year government bonds was 1.85%, a decrease of 3 basis points from the previous week [7]. - The issuance of special refinancing bonds this week totaled 38.876 billion yuan, with an average interest rate of 2.45% [7].

智通财经APP获悉，国盛证券发布研报称，集成光路(PIC)通过将多路光器件集成于单一芯片，实现光 信号处理的高度集成化与模块化，不仅是技术演进，更是光通信产业从"组装模式"走向"芯片化制造"的 范式革命。该行认为PIC是光通信产业长期发展的必然路径，其设计能力与工艺积累将成为核心壁垒。 建议重点关注在PIC设计、关键工艺与上游材料环节具备领先布局的企业：PIC设计、PIC配套芯片/器件 及封装与系统集成。 协同先进封装与系统架构，PIC打开全场景光互联空间 PIC不仅是芯片级的集成突破，更为CPO、LPO、3D光封装等新一代技术路径奠定基础。其高密度、低 功耗、可扩展的特性，推动光互联从数据中心的scaleout场景，进一步向scale up场景渗透，打开从中长 距到短距、从设备级到芯片级的更大规模市场。 PIC是光子行业规模扩张后的必然结果 当前受益于AI对于光通信的需求拉动，光模块/引擎的需求量级从过去的数百万级提升至数千万级别， 未来有望达到数亿级别。基于产能/成本/功耗等角度，产业链需要新的产能形态来满足日益增长的需 求。硅光利用成熟的半导体工艺赋能光子，将光通信从""手工业"改造到""精密工业"，实 ...

Group 1 - On January 15, Guosheng Securities experienced a decline of 3.21% with a trading volume of 693 million yuan [1] - The financing data for Guosheng Securities on the same day showed a financing purchase amount of 77.93 million yuan and a net financing purchase of 22.13 million yuan, with a total financing and securities balance of 750 million yuan [1] - The current financing balance of Guosheng Securities is 744 million yuan, accounting for 2.76% of the circulating market value, which is above the 50th percentile level over the past year, indicating a relatively high position [1] Group 2 - As of December 31, Guosheng Securities had 104,400 shareholders, a decrease of 9.97% from the previous period, while the average circulating shares per person increased by 11.08% to 15,549 shares [2] - For the period from January to September 2025, Guosheng Securities reported an operating income of 1.23 million yuan, a year-on-year decrease of 25.09%, while the net profit attributable to shareholders increased by 191.21% to 242 million yuan [2] - Since its A-share listing, Guosheng Securities has distributed a total of 264 million yuan in dividends, with no dividends distributed in the last three years [2]

Core Insights - Dingjie Smart has been recognized as one of the TOP 20 data intelligence service providers in China for 2025, reaffirming its leading position in the industry digitalization [1] Group 1: Company Recognition - The company has successfully entered the TOP 20 list of data intelligence service providers in China for 2025, highlighting its strong industry presence [1] - Dingjie Smart's expertise and data accumulation in the industry enable it to empower enterprises through AI, enhancing data value [1] Group 2: Business Coverage and Development - The company's business encompasses various sectors, including R&D design, digital management, production control, and AIoT industrial software [1] - Dingjie Smart is upgrading its Athena Smart Native Base to expand AI applications driven by digital intelligence [1] Group 3: Industry Positioning and Future Outlook - The company is actively advocating for and participating in the construction of an open and collaborative industrial ecosystem [1] - Revenue projections for Dingjie Smart are estimated at 2.438 billion, 2.608 billion, and 2.841 billion yuan for 2025, 2026, and 2027 respectively, with net profits expected to be 180 million, 204 million, and 263 million yuan for the same years [1] - Based on comparable company valuations, a "Buy" rating is maintained for Dingjie Smart [1]

Core Insights - The food and beverage industry is expected to see multi-dimensional improvements in 2026, following a year of stabilization in 2025, characterized by price pressures and structural differentiation [1][2]. Group 1: Industry Overview - The food and beverage sector (CITIC) experienced a cumulative decline of 4% in 2025, underperforming the CSI 300 by 20% [1][16]. - The liquor sector faced significant pressure, with an annual decline of 7%, while segments like health products, frozen foods, and beverages saw increases of 18%, 15%, and 12% respectively [1][16]. - The overall retail sales in China showed moderate growth, with a year-on-year increase of 4.0% from January to November 2025, and service consumption growth outpacing goods consumption [1][27]. Group 2: Liquor Industry Insights - The liquor industry is currently at a triple bottom, with supply clearing continuing into 2025, and leading companies focusing on stabilizing prices and sales [2][6]. - Demand has begun to recover, with improved sales expected during the Spring Festival, and strong demand for mid-range priced liquor brands [2][61]. - The product strategy includes a shift towards lower alcohol content and targeting younger consumers, with a focus on collaborative channel development [2][6]. Group 3: Beer and Beverage Sector - The beer sector is anticipated to benefit from a recovery in dining, with cost advantages expected to maintain stable gross margins in 2026 [2][6]. - The soft drink market is steadily expanding, with segments like functional beverages and bottled water showing strong performance, driven by leading brands leveraging their market position [2][6]. Group 4: Food Sector Developments - The food sector is focusing on recovery and growth, with a rebound in demand for restaurant supply chains and leading companies expected to show profit elasticity [3][6]. - The snack segment is being driven by retail transformation, with health-oriented products and new opportunities emerging [3][6]. - The dairy sector is nearing a turning point, with expectations for supply-demand improvements in the second half of 2026 [3][6]. Group 5: Consumer Trends - High-end consumption is showing signs of recovery, with luxury retail sales improving and experiential consumption rebounding [1][35]. - The trend towards health-conscious consumption is becoming more pronounced, with a shift towards lower sugar and simpler ingredient formulations across various food categories [3][45].

Core Viewpoint - Guosheng Securities initiates coverage on First Pacific (00142) with a "Buy" rating, highlighting the company's resilient growth through diversified business collaboration [1] Group 1: Market Leadership and Business Focus - First Pacific is a leading investment management company in the Asia-Pacific region, focusing on the livelihood sector with strong competitive advantages in consumer food, telecommunications, infrastructure, and natural resources [1] - The company has evolved through four stages: diversified exploration, livelihood focus, industry integration, and strategic deepening, maintaining a strong presence in the Asia-Pacific livelihood market [1] - The management team, led by Lin Fengsheng and Peng Zeren, has extensive cross-industry experience and operates efficiently [1] Group 2: Financial Performance - In 2024, First Pacific is projected to achieve revenue of $10.057 billion, a year-on-year decrease of 4.31%, while net profit attributable to shareholders is expected to be $600 million, reflecting a year-on-year increase of 19.77%, indicating strong profitability and stable performance [1] Group 3: Business Segments - **Consumer Food**: First Pacific's consumer food segment, primarily through Indofood (50.1% economic interest), is a leader in the instant noodle market, with 2024 revenue of $7.29 billion, a slight decrease of 0.65%, contributing $333 million to First Pacific's profits, up 16.91% [2] - **Infrastructure**: The infrastructure segment, led by MPIC (49.9% economic interest), reported a revenue of $1.3 billion in 2024, a year-on-year increase of 19%, contributing $199 million to First Pacific's profits, up 24.78% [2] - **Telecommunications**: The telecommunications segment, primarily through PLDT (25.6% economic interest), contributed $149 million to First Pacific's profits in 2024, a year-on-year increase of 3.70%, with a focus on digital services and 5G coverage for future growth [3] - **Natural Resources**: The natural resources segment, managed by Philex Mining (31.2% economic interest), contributed $5 million to First Pacific's profits in 2024, a significant decrease of 36.84%, with expectations for future capacity improvements [3]