Group 1 - The dry bulk shipping market is at the beginning of a new cycle, with supply showing bottom characteristics and demand expected to recover by early 2026 as global manufacturing PMI returns above 50, alongside potential fiscal expansion and interest rate cuts [1] - The global order book for dry bulk ships is at a historical low, and new deliveries are expected to decline due to competition from higher-value vessels like container ships and LNG carriers [1] - The demand for bulk commodities is anticipated to improve, particularly with the continued increase in shipments from the West Australian iron ore region [1] Group 2 - Different ship types exhibit significant differences in earnings elasticity, with Capesize vessels showing the highest elasticity, increasing TCE by approximately $1,274 per day for every 100-point rise in the BDI index, while smaller vessels see a TCE increase of around $800 per day [2] - Companies with a higher proportion of large vessels are expected to have stronger profit potential during industry upcycles, while those focusing on smaller vessels may prioritize operational stability and defensiveness [2] - Star Bulk Carriers (SBLK.US) has diversified its fleet and maintains low average costs, providing a safety net during downturns and the ability to capitalize on market trends during upturns [2] Group 3 - Himalaya Shipping (HSHP.US) has a fleet composed entirely of Newcastlemax and scrubber/LNG vessels, maintaining a market premium of around 40%, making it a key focus for potential earnings elasticity in a rising BDI cycle [3] - Genko Shipping Trade (GNK.US), SafeBulkers (SB.US), and Pacific Shipping (02423) have relatively low leverage and balanced ship configurations, providing strong defensiveness during market downturns, making them suitable for investors seeking low volatility [3]

Core Insights - 3D printing aligns perfectly with the manufacturing needs of commercial aerospace, offering advantages in performance, cost, and time according to NASA [1] - The application of 3D printing in China's aerospace sector is still in its early stages, with significant room for growth in both engine and rocket body applications [3][4] Group 1: 3D Printing Technology and Applications - 3D printing technology is categorized into seven types based on principles and materials, with metal materials being predominant in commercial aerospace, leading to PBF and DED as the main technical paths [1] - SLM and DED technologies complement each other in precision and size, with SLM suitable for small, intricate parts and DED advantageous for large components and repairs [2] Group 2: Market Potential and Growth - The commercial aerospace sector in China is expected to see rapid growth, with a projected market size of 797 billion yuan for 3D printing applications in the rocket sector under an 80% penetration rate over the next 30 years [4] - The demand for low-orbit satellite networks is anticipated to drive significant increases in rocket launch capacity, further enhancing the market for 3D printing [4] Group 3: Company Recommendations - Recommended companies include Jiangshun Technology, which is involved in aluminum extrusion molds and is entering the 3D printing space, and Huazhu High-Tech, a leader in industrial-grade 3D printing equipment [5] - Jiangshun Technology is expected to benefit from the application of DED multi-metal composites in rocket engines and large structural components [5]

Core Viewpoint - Shenzhen Toptech Technology Co., Ltd. has submitted its registration, focusing on smart controllers and industrial IoT solutions, and is recognized as a national-level specialized and innovative "little giant" enterprise [1] Group 1: Company Performance - Toptech reported a total revenue of 1.132 billion yuan and a profit of 111 million yuan for 2025, showing steady growth year-on-year [1] - The company successfully passed the listing committee review of the Beijing Stock Exchange in January, becoming one of the first companies to be approved in the new year [1] Group 2: Investment Banking Activities - GF Securities, the exclusive sponsor for Toptech, ranks sixth in the industry with 13 IPOs among the 348 companies currently in the A-share IPO queue, focusing on specialized and innovative enterprises and strategic emerging industries [1][2] - Guangdong-based Yu-Chip Semiconductor, another company supported by GF Securities, is the first 12-inch wafer manufacturing enterprise to enter mass production in the province, planning to raise 7.5 billion yuan through an IPO on the ChiNext board [2] Group 3: Industry Trends - The proportion of specialized and innovative enterprises among the companies sponsored by GF Securities reached 82.98% as of June 2025, significantly higher than the market average [3] - The report from Ernst & Young and Zhejiang University indicates that the proportion of specialized and innovative listed companies in total listings was 47.66%, 45.05%, and 60.00% for the years 2022, 2023, and 2024, respectively [3] Group 4: Strategic Focus - GF Securities is enhancing its industry research capabilities and transitioning to a comprehensive financial "resource allocation investment bank," focusing on specialized and innovative industries [4] - The stock price of Shenghong Technology, a leading supplier of AI and high-performance computing PCBs, increased nearly sixfold from 41.92 yuan to 287.58 yuan in 2025, reflecting the growing demand for AI infrastructure [4] Group 5: Future Outlook - GF Securities' investment banking business is expected to continue releasing potential by focusing on specialized and innovative industries, aiding more such enterprises in entering the capital market [5]

Core Viewpoint - In 2025, China's economy demonstrated resilience with a GDP growth rate of 5%, outperforming global averages and indicating a strong recovery despite a "non-symmetric recovery" characterized by concentrated growth engines and a need for enhanced internal momentum [1][2]. Economic Performance and Structure - The 5% growth rate in 2025 is significantly higher than the global average of 2.7%, with developed economies at 1.7% and developing countries (excluding China) at 3.7% [2]. - Estimated per capita GDP for 2025 is approximately $13,900, nearing the high-income threshold set by the World Bank [2]. Growth Dynamics - Economic growth in 2025 was primarily driven by exports and equipment upgrades, with exports increasing by 5.5% and investment in equipment rising by 11.8% [3]. - Other sectors such as fixed asset investment, consumption, real estate, and traditional manufacturing showed insufficient performance, highlighting current economic weaknesses [3]. Transition to Balanced Growth - The shift from a "two-wheel drive" model (focused on exports and new technologies) to a "four-wheel drive" model in 2026 is anticipated, aiming for more balanced economic growth [4]. - Key areas for policy focus include: - Fixed asset investment, which saw a decline of 3.8% in 2025, is expected to recover [4]. - Service consumption, with an emphasis on unlocking its potential [4]. - Real estate stability, focusing on inventory reduction and market health [4]. - Traditional manufacturing improvements to enhance competition and supply-demand balance [5]. Key Observational Windows - Investors should monitor three critical time points: - Early March for the National People's Congress, which will set economic growth targets and policy directions [6]. - Late March for initial local investment trends, particularly in construction and industrial sectors [6]. - The second quarter for consumer spending indicators, as policies to stimulate consumption will be implemented [7]. Service Consumption Focus - Service consumption is identified as a key area for growth, with potential policy support in five directions: - Fiscal resources directed towards service consumption [8]. - Implementation of staggered paid leave to enhance consumer experience [8]. - Expansion of inbound consumption, with significant market potential [8]. - Utilization of new technologies like AI to create innovative service scenarios [9]. - Income improvements through pension reforms to boost consumer spending [9]. Long-term Growth Opportunities - Key long-term opportunities include: - Accelerated industrialization in developing countries, enhancing demand for Chinese exports [11]. - Globalization of Chinese enterprises, with a focus on cross-border supply chain management [11]. - AI application across various sectors, creating new business models and industries [11]. - Increased consumer spending rates, with potential reforms in income distribution [12]. Market Dynamics - The stock market is expected to transition from a phase of pricing based on expectations to one based on actual economic fundamentals, indicating a shift in investment logic [12][13].

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]

本期债券发行时间为2026年2月9日至2026年2月10日，最终发行规模为30亿元，最终票面利率为 2.32%，认购倍数为2.45倍。 智通财经APP讯，广发证券(01776)发布公告，根据《广发证券股份有限公司2026年面向专业投资者公开 发行永续次级债券(第一期)发行公告》，广发证券股份有限公司2026年面向专业投资者公开发行永续次 级债券(第一期)(以下简称"本期债券")发行规模为不超过30亿元(含)，发行价格为每张100元，采取网下 面向专业机构投资者询价配售的方式发行。 ...

广发证券(01776)发布公告，根据《广发证券股份有限公司2026年面向专业投资者公开发行永续次级债 券(第一期)发行公告》，广发证券股份有限公司2026年面向专业投资者公开发行永续次级债券(第一期) (以下简称"本期债券")发行规模为不超过30亿元(含)，发行价格为每张100元，采取网下面向专业机构投 资者询价配售的方式发行。 本期债券发行时间为2026年2月9日至2026年2月10日，最终发行规模为30亿元，最终票面利率为 2.32%，认购倍数为2.45倍。 ...

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。 （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2026年面向專 業投資者公開發行短期公司債券（第二期）在深圳證券交易所上市的公告》。茲載 列如下，僅供參閱。 承董事會命 廣發証券股份有限公司 林傳輝 董事長 中國，廣州 2026年2月10日 GF SECURITIES CO., LTD. 廣發証券股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 根据深圳证券交易所债券上市的有关规定，广发证券股份有限公司 2026 年 面向专业投资者公开发行短期公司债券（第二期）符合深圳证券交易所债券上市 条件，将于 2026 年 2 月 11 日起在深圳证券交易所上市，并面向专业投资者中的 ...

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 （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 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2026年面向專 業投資者公開發行永續次級債券（第一期）發行結果公告》。茲載列如下，僅供參 閱。 承董事會命 廣發証券股份有限公司 林傳輝 董事長 中國，廣州 2026年2月10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。 证券代码：524669 证券简称：26 广发 Y1 广发证券股份有限公司 2026 年面向专业投资者公开发行永续次级债 ...

证券代码：524669 证券简称：26 广发 Y1 广发证券股份有限公司 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。 广发证券股份有限公司（以下简称"发行人"）公开发行面值总额不超过 200 亿元（含）永续次级公司债券已获得中国证券监督管理委员会"证监许可〔2026〕 41 号"文注册。根据《广发证券股份有限公司 2026 年面向专业投资者公开发行 永续次级债券（第一期）发行公告》，广发证券股份有限公司 2026 年面向专业投 资者公开发行永续次级债券（第一期）（以下简称"本期债券"）发行规模为不超 过 30 亿元（含），发行价格为每张 100 元，采取网下面向专业机构投资者询价配 售的方式发行。 本期债券发行时间为 2026 年 2 月 9 日至 2026 年 2 月 10 日，最终发行规模 为 30 亿元，最终票面利率为 2.32%，认购倍数为 2.45 倍。 发行人的董事、高级管理人员、持股比例超过 5%的股东以及其他关联方未 参与本期债券认购。经主承销商核查，本期债券主承销商长城证券股份有限公司 参与了认购，最终获配规模为 1.1 亿元，认购报价公允 ...