Core Viewpoint - The adjustment of the vehicle trade-in policy to a "proportional subsidy" will significantly benefit mid-to-high-end vehicles, with an expected profit increase of 15.9 billion yuan for the passenger car industry in 2026 [1][2][3]. Group 1: Policy Changes and Impacts - The new policy, effective from December 30, 2025, includes a scrapping subsidy of 12% for new energy vehicles and 10% for fuel vehicles, with maximum subsidies of 20,000 yuan and 15,000 yuan respectively [1]. - The trade-in subsidy will provide 8% for new energy vehicles and 6% for fuel vehicles, with maximum subsidies of 15,000 yuan and 13,000 yuan respectively [1]. Group 2: Profit Projections - Based on data from Chongqing, the proportional subsidy is expected to increase the profit of the passenger car industry by 15.9 billion yuan in 2026, with profit growth in different price segments projected as follows: 0 yuan for under 100,000 yuan, 300 million yuan for 100,000-150,000 yuan, 2.9 billion yuan for 150,000-200,000 yuan, and 12.8 billion yuan for above 200,000 yuan [2][3]. - The total amount of trade-in subsidies is projected to decline by approximately 30 billion yuan in 2026, but the subsidy amount for vehicles priced above 150,000 yuan is expected to increase by about 14 billion yuan [3]. Group 3: Investment Recommendations - The report suggests focusing on various companies within the passenger vehicle supply chain, including Geely, BYD, Chery, and others as potential investment opportunities [4]. - Companies positioned for growth include SAIC Motor, while others like Great Wall Motors and Changan Automobile are identified as left-side targets [4].

Core Viewpoint - The demand for resource products is increasing while the ore grade is declining, leading to a new upward cycle for global mining machinery [1] Group 1: Global Mining Machinery Market - According to Caterpillar's 2025 Investor Day, global mining capital expenditure is expected to grow by 50% from 2024 to 2030 [1] - Demand for key minerals such as copper, graphite, and nickel is projected to increase by 22%, 118%, and 52% respectively from 2024 to 2035 [1] - The decline in global ore grades is expected to drive an increase in mining output and lean production [1] Group 2: Growth Opportunities in Africa - Approximately 75% of excavator demand in Africa is driven by the mining of copper, gold, and lithium [2] - Excavator sales in Africa increased by 59% year-on-year in Q3 2025, with countries like Guinea, Mali, and Nigeria seeing growth rates exceeding 100% [2] - Chinese mining companies are intensifying their operations in Africa, supported by infrastructure investments that replace energy imports from Asia, Africa, and Latin America [2] Group 3: Shift in Client Base - For example, the overseas revenue share of Yunjigroup (001288) increased from 0.2% in 2021 to 68% in 2024 [3] - The growth in overseas markets is characterized by a shift from domestic sand and gravel applications to overseas metal mining [3] - There is a transition from Chinese clients to foreign clients in the mining machinery sector [3] Group 4: Aftermarket Opportunities - Companies like Komatsu, Sandvik, and Weir have over 50% of their revenue coming from the aftermarket [4] - The current mining machinery cycle presents structural opportunities for Chinese companies, particularly in remote areas where infrastructure is lacking [4] - Approximately 60% of mining machinery services have a lifespan exceeding 10 years, indicating a need for replacement and new market entry for Chinese firms [4] Group 5: New Business Models - New technologies are replacing old ones, such as conveyor belts replacing railways and electric products replacing fuel-powered ones [5] - Mining machinery companies are diversifying their profit structures by investing in upstream mining assets, as seen with Naipu Mining (300818) and South Mining Group (001360) [5] - These investments are expected to benefit future mining machinery products and aftermarket services [5] Group 6: Investment Recommendations - The high standardization of front-end equipment presents significant opportunities, with recommendations for XCMG Machinery (000425) and SANY International, and a suggestion to pay attention to Tongli Co [6] - The strong customization attributes of back-end equipment allow for rapid breakthroughs, with recommendations for Yunjigroup, Naipu Mining, and a suggestion to focus on South Mining Group [6]

Company Overview - Company, Chip World Technology Co., Ltd. (芯天下), has submitted a listing application to the Hong Kong Stock Exchange, with GF Securities and CITIC Securities as joint sponsors [1] - The company specializes in the research, development, design, and sales of code-type flash memory chips, which are essential for system boot and operation, requiring high stability and reliability [4] - Chip World is one of the few domestic manufacturers capable of meeting both NOR Flash and SLC NAND Flash product demands, ranking sixth globally among fabless companies for code-type flash memory chips, fourth for SLC NAND Flash, and fifth for NOR Flash [4] Financial Performance - For the nine months ending September 30, 2023, 2024, and 2025, the company's revenues were approximately 663 million, 442 million, and 379 million RMB respectively [8] - The company reported losses of approximately 14.02 million, 37.14 million, and a profit of 8.42 million RMB for the same periods [8] - Gross profit margins for the same periods were 15.5%, 14.0%, and 18.8% respectively [10] Industry Overview - The flash memory chip industry is cyclical, typically operating on a three to four-year cycle, with market fluctuations expected [11] - The global flash memory chip market size decreased from $58.5 billion in 2020 to $40.9 billion in 2023, but is projected to rebound to $68.4 billion in 2024, representing a 67% year-on-year growth [11] - The market is expected to reach $88.8 billion by 2030, with a compound annual growth rate (CAGR) of 4.5% from 2024 to 2030 [11] - The increasing penetration of AI technology in edge devices is driving demand for code-type flash memory chips, which are critical for enhancing local code storage and execution efficiency [11] - The market share of code-type flash memory chips is expected to grow from 6.1% in 2020 to 7.2% in 2024, and further to 9.3% by 2030 [11] Product Segmentation - Code-type flash memory chips are primarily divided into NOR Flash and SLC NAND Flash, with NOR Flash used for small to medium capacity storage and SLC NAND Flash for large capacity storage [14] - The global market size for NOR Flash and SLC NAND Flash is projected to grow from $1.9 billion and $1.7 billion in 2020 to $2.8 billion and $2.1 billion in 2024, respectively [14]

Group 1 - The core viewpoint of the article highlights the personnel change at Guojin Securities, with former chief analyst Jiang Tao from GF Securities joining as the deputy director and chief analyst for public utilities and environmental coal industries [2] - Jiang Tao has a background in financial engineering with bachelor's and master's degrees from Wuhan University and has been involved in environmental industry research since 2018 and public utilities research since 2022 [2][4] - Jiang Tao aims to simplify complex research conclusions and transform dull data into engaging research, focusing on leading the research on dividend assets at Guojin Securities [4] Group 2 - The article notes that Jiang Tao's joining coincides with the deepening of the Guojin Securities Research Institute's 3.0 reform, which has seen a significant increase in research personnel to nearly 180, forming over 30 teams covering various sectors [4] - The director of the research institute, Su Chen, emphasizes the importance of collaborative, digital, and forward-looking research, aiming to enhance the influence and pricing power of core research teams [4] - The article suggests that the landscape of sell-side research institutions will continue to evolve, with increasing demands for research depth, industry chain linkage, and forward-looking insights [4]

格隆汇1月8日丨广发证券(01776.HK)公告，由广发证券股份有限公司(以下简称"本公司")发行的广发证 券股份有限公司2024年面向专业投资者公开发行次级债券(第一期)(以下简称"本期债券")将于2026年1月 12日支付2025年1月12日至2026年1月11日期间的利息。本期债券"24广发C1"的票面利率为2.90%，本次 付息每手(面值1,000元)"24广发C1"派发利息人民币29.00元(含税)。扣税后个人、证券投资基金债券持有 人取得的实际每手派发利息为23.20元；非居民企业(包含QFII、RQFII)取得的实际每手派发利息为26.10 元。 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 本期债券简称为"24广发C1"，债券代码为148567。本期债券发行期限为3年，发行规模为30亿元，票面 利率为2.90%。 广发证券(01776)发布公告，广发证券股份有限公司(以下简称"本公司")发行的广发证券股份有限公司 2024年面向专业投资者公开发行次级债券(第一期)(以下简称"本期债券")将于2026年1月12日支付2025年 1月12日至2026年1月11日期间的利息。 ...

广发证券(01776)发布公告，广发证券股份有限公司(以下简称"本公司")发行的广发证券股份有限公司 2024年面向专业投资者公开发行次级债券(第一期)(以下简称"本期债券")将于2026年1月12日支付2025年 1月12日至2026年1月11日期间的利息。 本期债券简称为"24广发C1"，债券代码为148567。本期债券发行期限为3年，发行规模为30亿元，票面 利率为2.90%。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 GF SECURITIES CO., LTD. 廣發証券股份有限公司 林傳輝 董事長 中國，廣州 2026年1月8日 於本公告日期，本公司董事會成員包括執行董事林傳輝先生、秦力先生、孫曉燕 女士及肖雪生先生；非執行董事李秀林先生、尚書志先生及郭敬誼先生；獨立非 執行董事梁碩玲女士、黎文靖先生、張闖先生及王大樹先生。 债券代码：148567 债券简称：24 广发 C1 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1776） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 根據中華人民共和國的有關法例規定，廣發証券股份有限公司（「本公司」）在深圳 證券交易所網站( http://www.szse.cn )刊發的《廣發証券股份有限公司2024年面向專 業投資者公開發行次級債券（第一期）2026年付息公告》。茲載列如下，僅供參閱。 承董事會命 廣發証券股份有限公司 ...

国金证券通过官方微信公号宣布，90后新锐分析师姜涛正式官宣加盟国金证券，担任副所长、公用环保 煤炭行业首席分析师、红利牵头人。公开资料显示，姜涛曾任广发证券公用事业联席首席分析师、环保 行业资深分析师，姜涛于2019年入行，2022年带队公用事业行业，目前已连续2年获得证券时报最佳分 析师前3。他以生动和深度研究广受好评，曾发布《时间的煤硅》、《公用事业化》等具备影响力的专 题报告。 ...

债券代码：148567 债券简称：24 广发 C1 广发证券股份有限公司 2024 年面向专业投资者公开发行次级债券（第一期） 2026 年付息公告 本公司及董事会全体成员保证公告的内容真实、准确、完整，没有虚假记载、 误导性陈述或者重大遗漏。 特别提示： 由广发证券股份有限公司（以下简称"本公司"）发行的广发证券股份有限 公司 2024 年面向专业投资者公开发行次级债券（第一期）（以下简称"本期债 券"）将于 2026 年 1 月 12 日支付 2025 年 1 月 12 日至 2026 年 1 月 11 日期间的 利息。为确保付息工作的顺利进行，现将有关事宜公告如下： 一、本期债券基本情况 1、债券名称：广发证券股份有限公司 2024 年面向专业投资者公开发行次级 债券（第一期） 2、债券简称与代码：本期债券简称为"24 广发 C1"，债券代码为 148567。 3、债券发行批准机关及文号：中国证券监督管理委员会证监许可〔2022〕 2117 号文。 4、发行期限、规模和利率：本期债券发行期限为 3 年，发行规模为 30 亿元， 票面利率为 2.90%。 5、起息日：2024 年 1 月 12 日。 6、 ...