Investment Banking and Brokerage

SCS released FY2025 Annual Earnings on April 29 Pre-Market (BJT), actual revenue CNY 9.014 B (forecast CNY 9.478 B), actual EPS CNY 0.7099 (forecast CNY 0.8126)

SCS released FY2025 Q4 earnings on April 29 Pre-Market (BJT), actual revenue CNY 1.752 B (forecast CNY 2.543 B), actual EPS CNY 0.1197 (forecast CNY 0.241)

SCS released FY2026 Q1 earnings on April 28 After-Market (BJT), actual revenue CNY 2.026 B (forecast CNY 2.56 B), actual EPS CNY 0.16 (forecast CNY 0.2389)

SCS to Release FY2026 Q1 Earnings on April 30 After-Market (BJT), Forecast Revenue CNY 2.56 B, EPS CNY 0.2389

SCS to Release FY2025 Earnings on April 30 Pre-Market (BJT), Forecast Revenue CNY 9.478 B, EPS CNY 0.8126

SCS released FY2025 9 Months Earnings on October 30 After-Market (BJT), Actual Revenue CNY 7.28 B, Actual EPS CNY 0.59

SCS released FY2025 Q3 earnings on October 30 After-Market (BJT), actual revenue CNY 2.85 B (forecast CNY 3.283 B), actual EPS CNY 0.1999 (forecast CNY 0.1668)

SCS to Release FY2025 Q3 Earnings on October 31 After-Market (BJT), Forecast Revenue CNY 3.283 B, EPS CNY 0.1668

SCS released FY2025 Semi-Annual earnings on August 27 Pre-Market (BJT), actual revenue CNY 4.413 B, actual EPS CNY 0.39

SCS released FY2025 Q2 earnings on August 27 Pre-Market (BJT), actual revenue CNY 1.332 B (forecast CNY 3.315 B), actual EPS CNY 0.1901 (forecast CNY 0.1473)

SCS FY2025 Semi-Annual Earning Release on August 28, 2025 (BJT)

EAST WU Securities Plans to Raise 6 Billion, Signals Revival in the Securities Industry Financing

East Wu Securities Plans to Issue RMB6 Billion A Shares

CSRC Imposes Regulatory Penalties on East China Securities, Others

Dongwu Securities Plans to Raise Up to 6 Billion Yuan via Rights Issue

Chief Strategist at Dongwu Securities: Tech Growth Sector Expected to Strengthen Again

Huaxia Financial Technology ETF Sees Continuous Net Inflows, Reaching New High

2025 World Artificial Intelligence Conference Held in Shanghai

Eastwu Securities reports H1 net profit of 1.75-1.98 billion yuan

Ministry of Finance Promotes Long-term Cycle Evaluation for Insurers' A-Share Investments

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In the first two trading days of this week, 7 pure bond funds experienced large redemptions. Specifically, on February 24th, Dongwu Yuexiu Pure Bond Fund Class A and Haifutong Ruihe Pure Bond Fund; on February 25th, Jiahe Pansheng Pure Bond Fund Class D, BOCIC Huijia Regular Open Bond Fund, and BOCIC Huiyu Regular Open Bond Fund

Wallstreetcn

BOCIC

This week, pure bond funds frequently faced large redemptions

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Multiple research institutions believe that there is a significant "calendar effect" around the Spring Festival in the A-share market, suggesting that investors hold stocks during the holiday. GF Securities pointed out that the period before and after the Spring Festival is the strongest phase of the "spring rally" effect, with a high market win rate. Dongwu Securities and Guosen Securities also support holding stocks during the holiday, believing that the market is likely to rebound. Historical data shows that the probability of the SSE Index rising in the week before the Spring Festival is 81%. China Galaxy Securities recommends "lightly holding stocks during the holiday" to avoid pre-holiday volatility risks while retaining opportunities to participate in post-holiday market trends

GF SECURITIES

Hwabao WP CSI All Share Investment Banking & Brokerage ETF

Guotai CSI All Share Investment Banking & Brokerage ETF

GF SEC

GUOSEN SECURITIES

Yinhua CSI All Share Investment Banking & Brokerage ETF

SSE Index

CSI 300

Institution: The A-share market has a significant Chinese New Year "calendar effect," holding stocks during the holiday may be a better choice

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Soochow Securities report points out that the market has misconceptions about the hawkish interpretation of Federal Reserve Chairman candidate Waller, expecting that Waller will lower interest rates rather than raise them after taking office. Due to multiple factors, gold and silver prices are experiencing significant fluctuations. Waller's views on balance sheet reduction are difficult to implement in the current U.S. dollar liquidity environment, and his relationship with Trump may influence monetary policy. It is expected that Waller's trading may reverse after May 16, with short-term U.S. Treasury yields declining and long-term U.S. Treasury yields rising

AASTOCKS

ChinaAMC Gold ETF

ZHONGJIN GOLD

SD-GOLD

Dongxing Securities Co., Ltd.: The market has misconceptions about Waller's "hawkish" interpretation, expects "Waller trades" to have reversal risks but the timing may need to wait until May

At the beginning of 2026, the global market showed significant differentiation, with A-shares rising strongly and trading volume reaching a historical high, while U.S. stocks experienced a slight pullback. The bond market performed variably, and the commodity market also showed divergence. The market is focused on issues such as the A-share bull market, the choice between Hong Kong stocks and A-shares, and the trends of U.S. tech stocks. To interpret the asset rotation and industry hotspots in the first quarter of 2026, Dongxing Securities Co., Ltd. will invite multiple guests to hold an Alpha online closed-door private meeting on January 22 to share the latest insights on the market

- In early 2026, global markets exhibit significant differentiation, with A-shares rising strongly while US stocks show slight corrections as investors await the Federal Reserve's January meeting results.  
- Fixed income markets indicate a cautious sentiment as Chinese bonds exhibit a bullish trend while US bonds face weakness, reflecting mixed expectations on interest rate changes.  
- Upcoming Alpha online closed-door sessions aim to explore asset movements and industry trends, featuring insights from notable economists and analysts, including discussions on opportunities and risks in commercial aerospace and AI technology investments.

Market installment moment, listen to Dongwu Securities' Wang Zijing share behind closed doors the opportunities and risks of the booming commercial aerospace industry

SCS believes that in the continuous upward momentum of A-shares, leveraged funds and retail investors are the absolute main forces. The financing balance has reached a historical high, with significant increases in sectors such as electronics and non-ferrous metals; retail investor sentiment is high, accelerating market entry, and net capital inflow has reached a near one-year high. In addition, the activity of speculative funds has risen to a nearly six-month peak, foreign investment sentiment is warming up, and overseas passive funds have turned into net inflows, with multiple sources of funds jointly driving the market's continuous upward trend

A-shares continue to rise, who is making the effort?

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With the intensification of satellite frequency orbit resources between China and the United States, the 800km orbit has become a scarce production factor. Dongxing Securities pointed out that due to the five times the solar radiation intensity and the naturally zero-energy dissipation environment at high altitudes, this area is becoming an "orbital data center" for AI computing power breakthroughs. The surge in single satellite power and the planning of GW-level space data centers are giving rise to a trillion-level energy market and promoting the evolution of technology from high-cost gallium arsenide to high-cost performance HJT and perovskite tandem, reshaping the value boundaries of the photovoltaic industry chain

- Space photovoltaics are evolving from auxiliary systems in spacecraft to core energy solutions for next-generation space infrastructure.  
- The surge in satellite deployment, particularly with China's application for over 200,000 satellite frequency resources and SpaceX's approval for additional Starlink satellites, is reshaping supply and demand dynamics in the space industry.  
- As satellite functionalities advance, there is heightened demand for efficient energy systems, driving technological differentiation in photovoltaic solutions, with gallium arsenide, silicon heterojunction, and perovskite technologies competing in the market.

Penghua CSI Photovoltaic Industry ETF

Space photovoltaics and "orbital data centers": Why will the next generation of energy and computing power battleground be at an altitude of 800 km?

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Soochow Securities stated that as a Tsinghua University system unicorn, KNOWLEDGE ATLAS maintains its technological leadership through continuous upgrades (iterations) of its self-developed GLM architecture; it attracts millions of developers using open-source strategies, supplemented by an AI toolchain to enhance user stickiness (flywheel), thereby reducing customer acquisition costs and driving exponential growth in API call volume. This model aims to convert technological potential into cloud-based commercial monetization, supporting high growth expectations

- Zhiyun AI, a spin-off from Tsinghua University’s computer science department, officially listed on the Hong Kong Stock Exchange at an issue price of HKD 116.2, making it the first domestic large model stock.  
- The IPO drew significant interest, with the public offering oversubscribed 1,159 times, reflecting a strong retail investor appetite for AI-related assets despite initial volatility.  
- The listing is seen as a bellwether for the AI sector, as Zhiyun, a leader in general model development, balances R&D investment with commercial returns through its dual-driven MaaS model amidst industry rationalization.

KNOWLEDGE ATLAS

"The first stock of domestic large models" KNOWLEDGE ATLAS faced a risk of surge on its first day of listing: Can model iteration × ecological flywheel drive growth?

SCS(601555.SH)