Core Viewpoint - The Shenzhen Stock Exchange's Listing Review Committee approved Wuxi Jinyang Precision Manufacturing Co., Ltd.'s issuance of convertible bonds, which will raise up to 980 million yuan for specific projects and working capital [1]. Group 1: Fundraising Details - The total amount to be raised from the issuance of convertible bonds is not to exceed 980 million yuan, which will be used for projects in Xiamen and Xiaogan, as well as to supplement working capital [1][2]. - The specific projects include the Jinyang Precision Lithium Battery Precision Structural Component Project in Xiamen, with an expected total investment of 600 million yuan and planned funding of 450 million yuan, and the same project in Xiaogan, with an expected total investment of 800 million yuan and planned funding of 300 million yuan [2]. Group 2: Bond Issuance Information - The convertible bonds will be issued at a par value of 100 yuan each and will be convertible into the company's A-shares [3]. - The issuance will be managed by Guosen Securities Co., Ltd., with designated representatives for the underwriting process [3].

广发证券研报指出，国信证券是老牌综合性券商，盈利韧性凸显，ROE步入提升通道。以自营投资交易 与财富管理为核心驱动、投行与资管为增长点的业务结构，是其高ROA优势的核心支撑。卡位海南政 策高地，深耕大湾区多维协同，奠定长期发展根基。增量资金入市持续，公司财富及泛自营构筑高ROE 优势，叠加政策红利释放，预计公司2026-2027年归母净利润同比+34%、+20%。考虑可比公司估值及 历史估值中枢，给予2026年1.3倍PB，对应合理价值14.47元/股，首次覆盖给以"买入"评级。 ...

Core Viewpoint - The report from Guosen Securities indicates that the medical services and consumer-related sectors have experienced long-term adjustments, resulting in valuations at historical lows. By 2026, improvements in supply structure, increased treatment volumes, and store optimization are expected to lead to a dual recovery in fundamentals and valuations, with AI empowerment providing new momentum for leading companies [1][2]. Group 1: Medical Services and Consumer Sectors - The medical services and consumer-related sectors are currently undervalued and poised for performance recovery, with a focus on specific sub-sectors [2]. - In medical services, improvements in supply structure and consumer environment are anticipated to gradually revive business, with stable customer spending and increased treatment volumes. Leading companies are expected to provide positive earnings guidance for 2026, indicating a potential dual recovery in fundamentals and valuations. AI-related business developments are also expected to drive new growth for leading medical service firms. Key companies to watch include Aier Eye Hospital (300015), Gushengtang, Tongce Medical (600763), and Haijia Medical [2]. - The pharmacy sector has shown significant marginal improvement in performance since Q3 2025, with leading companies improving same-store performance quarterly. Regulatory support from nine ministries emphasizes the long-term development direction of industry concentration and chain rate enhancement, with non-pharmaceutical adjustments and store structure optimization driving short-term performance improvements. Key companies include Yifeng Pharmacy (603939) and Dazhenglin (603233) [2]. Group 2: Home Medical Devices - The growth of home medical device companies is driven by increased product penetration and domestic production rates. Rapid growth is observed in products like Continuous Glucose Monitors (CGM) and sleep apnea machines, with leading domestic brands expanding internationally. Traditional categories like blood pressure monitors are increasingly focusing on the high-end market, with domestic brands steadily increasing market share. The combination of high domestic growth and new overseas markets is expected to contribute to sustained performance growth for home medical device companies. Key companies include Yuyue Medical (002223), Kefu Medical (301087), Sanofi Biological (300298), and Ruimaite (301367) [3]. Group 3: Innovative Drug Development - The collaboration for the international expansion of innovative drugs continues to deepen, with recent significant agreements between Shiyao Group and AstraZeneca, as well as Innovent Biologics and Eli Lilly. These collaborations highlight the growing recognition of China's innovative drug development capabilities by multinational pharmaceutical companies, showcasing the efficiency and cost advantages of Chinese innovative drugs [4]. Group 4: Investment Portfolio for 2026 - The investment portfolio for 2026 includes A-shares such as Mindray Medical (300760), United Imaging Healthcare, WuXi AppTec (603259), New Industry (300832), Meihua Medical (301363), Adebiotech (300685), Zhend Medical (603301), Yaokang Biological, Kingmed Diagnostics (603882), Aier Eye Hospital, Yuyue Medical, Yifeng Pharmacy, and Dazhenglin; H-shares include Kangfang Biologics, Kelun-Botai Biologics-B, Hutchison China MediTech, Kangnuo-B, Sanofi Biopharma, Gushengtang, and Aikang Medical [5].

Core Viewpoint - The company has received a cash dividend from Guosen Securities Co., Ltd., amounting to 24.97 million shares, which represents 2.44% of Guosen's total share capital of 10.242 billion shares [1] Group 1 - The company holds 24,970.83 thousand shares of Guosen Securities, which is 2.44% of its total share capital [1] - The cash dividend received for the first three quarters of 2025 amounts to 24.97 million yuan, which will be recorded as investment income for the company in the 2025 fiscal year [1]

Core Viewpoint - The article highlights the increasing trend of pre-Spring Festival dividends among listed companies, indicating improved profitability and a stronger shareholder return awareness, which is encouraged by regulatory bodies [2][4]. Group 1: Dividend Trends - In the two months leading up to the Spring Festival, 235 listed companies on the Shanghai and Shenzhen stock exchanges are expected to distribute a total of 348.8 billion yuan in dividends, surpassing the previous year's total of 344.6 billion yuan [2]. - The financial and consumer sectors remain the primary contributors to dividends, with the banking sector distributing 243.4 billion yuan, accounting for nearly 70% of the total [2]. Group 2: Major Contributors - Leading companies such as Yangtze Power, Luxshare Precision, and CITIC Securities are planning to distribute over 10 billion yuan each, with Yangtze Power leading at over 5.1 billion yuan [3]. - Smaller companies are also participating actively, particularly those in specialized fields, with three companies from the Beijing Stock Exchange distributing a total of 4.45 million yuan [3]. Group 3: Timing and Growth - The timing of dividend distributions has advanced, with a total of 264.7 billion yuan distributed in December 2025, which is 3.7 times the amount from December 2024 [4]. - Private enterprises have shown a significant increase in dividend distribution, with amounts doubling to 61.6 billion yuan, now representing 18% of the total pre-Spring Festival dividends [4]. Group 4: Regulatory Influence - Regulatory bodies have been pushing for improvements in the dividend system, transitioning from "soft constraints" to "hard requirements," which has led to increased focus on shareholder returns [4]. - Measures such as halving dividend distribution fees have been implemented to lower costs and encourage companies to distribute dividends [4]. Group 5: Market Impact - The evolving dividend ecosystem is fostering a culture of value investment, enhancing investor confidence and attracting long-term capital into the market [5][6].

Group 1 - The company announced that starting from February 11, 2026, investors can open accounts, subscribe, redeem, and perform regular investment and conversion operations for certain funds through Chuangjin Qifu [1] - The company has signed a supplementary sales agreement with Beijing Chuangjin Qifu Fund Sales Co., Ltd. to enhance service offerings to investors [1] - Investors can enjoy fee discounts when subscribing or performing regular investment and conversion operations through Chuangjin Qifu, with the specifics determined by Chuangjin Qifu [2] Group 2 - The company will suspend subscription, conversion, and regular investment operations for the Ping An Jin Guanjia Money Market Fund from February 12 to February 23, 2026, while redemption and conversion out operations will continue [4][6] - The Ping An Zhongzheng Interbank Certificate of Deposit AAA Index 7-Day Holding Period Securities Investment Fund will also suspend similar operations during the same period [8][10] - The company will resume these operations on February 24, 2026, and will not issue further announcements regarding this resumption [4][8] Group 3 - The company has appointed Fangzheng Securities Co., Ltd. as a liquidity service provider for the Ping An Hang Seng Hong Kong Stock Connect Technology Theme ETF, effective February 11, 2026 [12] - The company has announced the establishment of the Ping An New Sharp Quantitative Stock Selection Mixed Fund, with the fund contract becoming effective on February 11, 2026 [21][22] - The company will handle subscription and redemption operations for the new fund within three months of the fund contract's effectiveness [22]

Group 1: Company Overview - China Oriental Education (00667) has a strong recovery in mature professional enrollment and profitability, with emerging programs steadily being developed to create new growth momentum [1] - The company is a leading vocational education group in China, with well-known brands such as New Oriental Cooking, Xinhua Computer, and Wantong Automotive Repair, covering four mature fields: culinary arts, western cuisine, information technology, and automotive services [1] Group 2: Financial Projections - The company is expected to achieve a net profit attributable to shareholders of 790 million, 1.1 billion, and 1.38 billion yuan for the years 2025-2027, reflecting growth rates of 53%, 39%, and 26% respectively [1] - The reasonable valuation for the company is estimated to be between 6.89 and 7.95 HKD per share, maintaining an "outperform" rating [1] Group 3: Industry Trends - The vocational education industry in China is in a golden expansion phase, with a projected compound annual growth rate of 17% from 2025 to 2029, potentially exceeding 2 trillion yuan by 2029 [2] - The adjustment in the secondary vocational education sector has seen a decline in high school enrollment from 51% to 34% from 2010 to 2024, but there is a potential for a new balance as skilled talent demand remains strong [2] Group 4: Mature Programs - The company's proactive adjustments since 2024, including shutting down inefficient campuses and enhancing course structures, have led to a net profit margin of 19.0% in the first half of 2025, an increase of 5.0 percentage points [3] - The recovery in mature program enrollment has resulted in a 7% year-on-year increase in new training participants, with expectations of maintaining a 7-8% growth rate in new enrollments for 2026-2027 [3] Group 5: Emerging Programs - The beauty industry is projected to reach a market size of 380 billion yuan by 2025, with characteristics similar to the culinary sector, indicating potential for replicating past successes [4] - The company’s beauty brand achieved an average of 6,000 training participants in the first half of 2025, surpassing the total for 2024, with expectations for beauty revenue to reach 700 million yuan by 2027 [4] - The pet and wellness sectors are also identified as high-potential areas for long-term growth, with pilot programs already underway in the pet education field [4]

Group 1 - The core viewpoint of the report is that China Oriental Education (00667) is experiencing a strong recovery in its mature professional enrollment and profitability, while steadily expanding into emerging fields, which is expected to create new growth momentum [1] - The company is a leading vocational education group in China, with a diverse portfolio including well-known brands such as New Oriental Cooking, Xinhua Computer, and Wantong Automotive Repair, and has been operating in the vocational education sector for nearly 40 years [1] - The company is projected to achieve net profits of 790 million, 1.1 billion, and 1.38 billion yuan for the years 2025-2027, reflecting growth rates of 53%, 39%, and 26% respectively [1] Group 2 - The vocational education industry in China is in a golden expansion phase, with a projected compound annual growth rate of 17% from 2025 to 2029, potentially exceeding 2 trillion yuan by 2029 [2] - The company has actively adjusted its operations since 2024, including shutting down inefficient campuses and upgrading course structures, which has led to an increase in net profit margin to 19% in the first half of 2025, with expectations of approaching 24% [3] - Emerging fields such as beauty, pet care, and health management are expected to become new growth drivers, with the beauty market projected to reach 380 billion yuan by 2025 [4]

Investment Rating - The report assigns a "Buy" rating to Guosen Securities [3] Core Insights - Guosen Securities is positioned to strengthen its ROE advantage, supported by its robust profitability and strategic positioning in the Greater Bay Area [8] - The company has shown resilience in earnings, with a projected increase in net profit of 34% in 2026 and 20% in 2027, driven by policy benefits and market activity [8] - The business structure, focusing on self-operated investment and wealth management, underpins its high ROA advantage, while investment banking and asset management serve as growth points [8] Financial Forecast - Revenue is expected to grow from 173.17 billion yuan in 2023 to 383.89 billion yuan in 2027, with a CAGR of 17% [2] - Net profit is projected to increase from 64.27 billion yuan in 2023 to 189.67 billion yuan in 2027, reflecting a CAGR of 20% [2] - EPS is forecasted to rise from 0.63 yuan in 2023 to 1.85 yuan in 2027, indicating strong earnings growth [2] Business Analysis - The investment and trading business is a key driver of performance, with significant revenue growth of 56.49% year-on-year in the first three quarters of 2025 [50] - Wealth management serves as a stabilizing force, with brokerage income showing a substantial increase of 109.30% year-on-year [66] - The investment banking segment remains competitive, with a focus on equity underwriting, particularly in the technology sector [80] Competitive Advantages - Guosen Securities benefits from a strong foundation backed by state-owned assets, enhancing operational efficiency and market adaptability [8] - The company has established a leading position in the brokerage and asset management sectors, with a focus on technology-driven solutions to enhance client engagement [8] - Strategic acquisitions, such as the purchase of Wanhe Securities, position the company favorably within the cross-border financial services landscape [8]

Core Viewpoint - Guosen Securities projects that the net profit attributable to shareholders of Strength Development (01277) will reach RMB 1.31 billion, RMB 1.70 billion, and RMB 2.02 billion for the years 2025-2027, corresponding to PE ratios of 10.6, 8.2, and 6.9 respectively, with a reasonable valuation range of RMB 1.8-2.0, equivalent to HKD 2.03-2.26, indicating a premium of 15%-28% compared to the closing price on February 6 [1] Group 1: Company Overview - The company is a high-quality private comprehensive coal enterprise, listed in Hong Kong since March 2012, with the controlling shareholder Zhang Liang holding 62.96% of the shares as of June 30, 2025 [1] - The company is transitioning from a single thermal coal producer to a diversified coal producer, with coal business revenue and gross profit expected to account for approximately 95% and 102% respectively in 2024 [1] Group 2: Mining Operations - The Dafanpu coal mine, operational since 2012, has an annual capacity of 6.5 million tons, with a resource volume of approximately 360 million tons and reserves of about 160 million tons as of the end of 2024 [2] - The coal quality is excellent, characterized as low-sulfur and high-ash melting point, leading to higher selling prices, and the mine is noted for its safety, efficiency, and low extraction costs, contributing significantly to the company's revenue and cash flow [2] Group 3: Expansion Plans - The company is developing two coking coal mines, Yong'an and Wei Yi, with annual production capacities of 1.2 million tons and 900,000 tons respectively, both expected to reach full production by 2026 [3] - The company announced a strategic investment to acquire 51% of South Africa's MC Mining, focusing on the development of the Makhado open-pit coal mine, which is expected to start production by the end of 2025 [3] Group 4: Non-Coal Mining Ventures - A subsidiary, Metal Mining, signed an agreement for a large-scale ilmenite mining project in Sierra Leone, with an expected gross profit increase of approximately RMB 330 million from the first phase and an additional RMB 230 million from the second phase [4] Group 5: Financial Performance and Dividends - The company has shown stable operational improvement, reducing its debt-to-asset ratio from 68% in 2013 to a low of 24% in 2021, and has been paying regular dividends since 2017 [5] - For 2024, the company plans to distribute a total dividend rate of 56.6%, with a declared dividend of HKD 0.085 per share for 2025, yielding a dividend rate of 4.8% based on the closing price on February 6 [5]