Investment Banking and Brokerage

TF SECURITIES

TF SECURITIES released FY2025 Q4 earnings on April 29 Pre-Market (BJT), actual revenue CNY 735.91 M, actual EPS CNY 0.0003

TF SECURITIES released FY2025 earnings on April 29 Pre-Market (BJT), actual revenue CNY 2.815 B (forecast CNY 2.578 B), actual EPS CNY 0.02 (forecast CNY 0.1617)

TF SECURITIES released FY2026 Q1 earnings on April 29 Pre-Market (BJT), actual revenue CNY 425.83 M, actual EPS CNY 0

TF SECURITIES FY2026 Q1 Earning Release on April 30, Pre-Market BJT

TF SECURITIES to Release FY2025 Earnings on April 30 Pre-Market (BJT), Forecast Revenue CNY 2.578 B, EPS CNY 0.1617

TF SECURITIES released FY2025 9 Months earnings on October 30 After-Market (BJT), actual revenue CNY 2.08 B, actual EPS CNY 0.0156

TF SECURITIES released FY2025 Q3 earnings on October 30 After-Market (BJT), actual revenue CNY 904.8 M, actual EPS CNY 0.012

TF SECURITIES FY2025 Q3 Earnings Release Scheduled for October 31 After-Market BJT

TF SECURITIES released FY2025 Semi-Annual Earnings on August 29 Pre-Market (BJT), actual revenue CNY 1.175 B, actual EPS CNY 0.0031

TF SECURITIES released FY2025 Q2 earnings on August 29 Pre-Market (BJT), actual revenue CNY 562.9 M, actual EPS CNY 0.0007

Shanghai Sci-Tech Innovation Board AI Index and KaiGou AI ETF Down, Meta and Google Move into AI Glasses

TF SECURITIES to Release FY2025 Semi-Annual Earnings on August 30, 2025 (BJT)

Tianfeng Securities Increases Registered Capital to About 1.57 Billion USD

Tianfeng Securities Employee Sanctioned for Unauthorized Product Sales

Employee of Tianfeng Securities Fined for Selling Non-Company Products

Tianfeng Securities Expected to Turn Profitable in First Half of 2025

HT Group Increases Holdings in Tianfeng Securities

TF Securities Responds to Investor Acquisition Hope and Pledges Steady Development

TF International Subsidiary Obtains License for Virtual Asset Trading Services

TF Securities Stock Price Rises Over 20% for Three Consecutive Days and Investor Risks are Warned

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It was learned from Shanghai Securities that General Manager Luo Guohua has resigned from his post due to personal reasons. A reporter also learned from an informed source that Luo Guohua's next destination is TF SECURITIES, where he is expected to serve as Deputy Secretary of the Party Committee

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Shanghai Securities General Manager Luo Guohua Resigns for Personal Reasons, Next Stop TF SECURITIES

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The spring strategy meeting of securities firms was held in advance, with several firms such as Huafu Securities and TF SECURITIES participating. Compared to previous years, this year's strategy meeting shows a clear trend of "early start," reflecting changes in the competitive landscape of the industry. Against the backdrop of reduced commissions in public offerings, securities research institutions are accelerating their transformation from a model of "exchanging research for commissions" to "exchanging services for income."

Huaan Securities

Securities firms' spring strategy meeting: 2026 layout anchored in technology + cycles

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Research from TF SECURITIES shows that in 2026, the market is breaking the traditional "Spring Festival effect." Historical patterns indicate that bonds are strong and stocks are weak before the festival, with a style switch to small-cap growth afterward. However, this year, under the influence of a "late Spring Festival," policy expectations, and global liquidity support, the "spring frenzy" has arrived early and is more solid, with the market showing a strong competition between stocks and bonds. After structural interest rate cuts, the bond market may continue to fluctuate, while the stock market's style will shift from a simple switch to a complex pattern of "growth and dividends dancing together," requiring investors to pay attention to volatility risks under high crowding

- Tianfeng Securities' latest research highlights that the market performance at the start of 2026 is breaking traditional trends, with a significant divergence between stocks and bonds.  
- The A-share market has seen the Shanghai Composite Index rising to 4100 points, while the bond market experienced a "reverse V" pattern after a structural interest rate cut.  
- Investors face a unique environment this year, with expectations for a more robust spring rally and complex style dynamics potentially complicating the typical switch from defense to offensive strategies post-Chinese New Year.

Shenzhen Index

ChiNext

CSI 300

SSE Index

Stable bonds before the holiday, warm stocks after the holiday?

A well-known public fund institution of the first generation

Public fund institutions involved in debt disputes, "the first public fund in Southwest China" Xinhua Fund faces litigation challenges

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Brokerage and fintech stocks surged, with Pacific Securities hitting the daily limit, RoyalFlush Info rising over 7%, and other stocks like Compass, CLS, and TF SECURITIES also following suit

ROYALFLUSH INFO

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FANTASIA has signed a restructuring agreement with TF SECURITIES' wholly-owned subsidiary TFISF, which is expected to record a net loss of RMB 1.409 billion. Under the agreement, Splendid Fortune Enterprise will acquire 21.97% of COLOUR LIFE's equity, involving approximately 408 million shares, priced at RMB 0.087 per share, a discount of 48.82% compared to the last trading day. TFISF will transfer 185 million shares of COLOUR LIFE, involving a share value of USD 2.06 million. After the restructuring, FANTASIA's stake in COLOUR LIFE will be reduced to 9.98%. The new debt is nearly USD 112 million, with a term of six years and an annual interest rate of 3%

AASTOCKS

COLOUR LIFE

FANTASIA

FANTASIA and TFISF signed a restructuring agreement, estimating a loss of 1.4 billion RMB

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TF SECURITIES pointed out that the electrolytic aluminum industry is transforming from a traditional cyclical stock to a dividend asset. In 2024, the sector's dividend yield will reach 6.0%, surpassing major high-dividend industries. On the supply side, domestic capacity has approached the policy red line of 45 million tons, with a capacity utilization rate of 97.5%. On the demand side, structural optimization has led to transportation and electricity accounting for over 43% combined. The peak of industry capital expenditure has passed, free cash flow has significantly improved, ROE stability has increased, and high profitability is expected to be maintained in the long term

- The electrolytic aluminum industry is transitioning from a traditional cyclical sector to a high-quality, dividend-supporting asset, as highlighted by Tianfeng Securities.  
- Recent data shows strong performance in the non-ferrous metals sector, with significant inflows into ETFs and notable stock price increases for leading aluminum companies.  
- This shift is driven by supply constraints and improved capital structures, leading to higher dividend yields, with the sector's average expected to reach 6.0% by the end of 2024, surpassing traditional high-dividend industries.

SHENHUO COAL&POWER

TIANSHAN ALUMINUM

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Non-ferrous metals are on the rise, with the aluminum industry leading the way. TF SECURITIES states that "electrolytic aluminum is the perfect blend of resilience and dividends."

Kong Rong, formerly of Tianfeng Securities, will join Guolian Minsheng Securities as the Vice President of the Research Institute and Chief Analyst for overseas markets. Kong Rong has over 15 years of experience in securities research and was ranked second in the overseas research category of the New Fortune Best Analyst Awards for four consecutive years from 2021 to 2024. In addition, the integration of the research businesses of Guolian Minsheng Securities and Minsheng Securities is nearing completion

Former Chief Analyst of Overseas at TF SECURITIES, Kong Rong, plans to join Guolian Minsheng Securities as the Vice President of the Research Institute and Chief Analyst of Overseas

TF SECURITIES(601162.SH)