本公司董事會（「董事會」）謹此公佈，本公司控股子公司華夏基金管理有限公司（「華夏基 金」）的股東Mackenzie Financial Corporation持有華夏基金27.8%股權。Mackenzie Financial Corporation之控股股東IGM Financial Inc.將刊發其2025年度業績，其中將載 有華夏基金的主要財務數據。基於信息披露的公平原則，本公司對華夏基金於中國企業 會計準則下2025年度主要財務數據披露如下： 截至2025年12月31日，華夏基金總資產人民幣222.46億元，總負債人民幣71.51億元； 2025年實現營業收入人民幣96.26億元，淨利潤人民幣23.96億元，綜合收益總額人民幣 23.68億元。截至2025年12月31日，華夏基金母公司管理資產規模為人民幣30,144.84億 元。 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。 6030 自願性公告 華夏基金 2025 年度業績快報 本公告乃由 ...

截至2025年12月31日，华夏基金总资产人民币222.46亿元，总负债人民币71.51亿元；2025年实现营业收 入人民币96.26亿元，净利润人民币23.96亿元，综合收益总额人民币23.68亿元。截至2025年12月31日， 华夏基金母公司管理资产规模为人民币30,144.84亿元。 格隆汇2月10日丨中信证券(600030.SH)公布，公司控股子公司华夏基金管理有限公司（以下简称华夏基 金）的股东Mackenzie Financial Corporation持有华夏基金27.8%股权。Mackenzie FinancialCorporation之 控股股东IGM Financial Inc.将刊发其2025年度业绩，其中将载有华夏基金的主要财务数据。基于信息披 露的公平原则，公司对华夏基金2025年度主要财务数据披露如下： ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [7] Core Insights - The non-bank financial sector has shown weak overall performance this week, with a recommendation to seize allocation opportunities in the brokerage sector as market trading has slightly declined but remains at historical highs. In the insurance sector, the long-term outlook is optimistic due to improved return on equity (ROE) and valuation recovery potential, suggesting a positive allocation strategy for insurance stocks [2][4] - The report continues to recommend stable dividend-paying stocks such as Jiangsu Jinzhong, China Ping An, and China Pacific Insurance, which exhibit strong profitability and market positions. Additionally, it highlights companies like New China Life, China Life, Hong Kong Stock Exchange, CITIC Securities, Dongfang Caifu, Tonghuashun, and Jiufang Zhitu Holdings based on performance elasticity and valuation [4] Summary by Sections Market Performance - The non-bank financial index decreased by 0.6% this week, with an excess return of +0.7% relative to the CSI 300, ranking 20th out of 31 sectors. Year-to-date, the non-bank financial index is down 1.1%, with an excess return of -1.4% compared to the CSI 300, ranking 29th out of 31 [5] - The average daily trading volume in the two markets was 24,066.54 billion yuan, down 21.43% week-on-week, with a daily turnover rate of 2.36%, down 60.83 basis points [5][35] Insurance Sector Insights - In December 2025, the cumulative insurance premium income reached 61,194 billion yuan, reflecting a year-on-year increase of 7.43%. Life insurance premiums increased by 8.91%, while property insurance premiums rose by 3.92% [20][21] - The total assets of insurance companies reached 41.31 trillion yuan, with life insurance companies holding 36.39 trillion yuan, representing 88.09% of the total [25][26] Brokerage and Investment Business - The brokerage business is experiencing a gradual recovery in profitability, with the average daily trading volume exceeding the 2025 average. The report notes that the commission fee rates are stabilizing, which is expected to support the profitability of the brokerage sector [35][41] - In January 2026, the equity financing scale rebounded to 134.86 billion yuan, up 103.4% month-on-month, while bond financing decreased by 15.6% [45] Asset Management and Fund Issuance - The report indicates a recovery in the issuance of collective asset management products, with January 2026 seeing a new issuance of 9.104 billion units, up 40.1% from the previous month. The new fund issuance also increased to 1,094.51 billion units, reflecting a 41.3% month-on-month rise [47][49]

Core Viewpoint - CITIC Securities announced that as of the disclosure date, the total amount of external guarantees provided by the company and its subsidiaries is RMB 213.207 billion, which accounts for 72.74% of the company's most recent audited net assets. The company has no overdue guarantees [1] Group 1 - The total external guarantees amount to RMB 213.207 billion [1] - The guarantees are entirely provided to the company's subsidiaries [1] - The guarantees represent 72.74% of the company's latest audited net assets [1] Group 2 - There are no overdue guarantees reported by the company [1]

Summary of Key Points from the Conference Call Industry Overview - The data pertains to the Chinese stock market, specifically focusing on major indices such as 中证500 (CSI 500), 沪深300 (CSI 300), 上证50 (SSE 50), and 中证1000 (CSI 1000) [1] Core Insights and Arguments - 中证500 saw a reduction in short positions by 53, resulting in a net short position of 11,508 [1] - 沪深300 experienced an increase in short positions by 165, leading to a net short position of 11,944 [1] - 上证50 had a decrease in short positions by 506, with a net short position of 4,612 [1] - 中证1000 had an increase in short positions by 328, resulting in a net short position of 34,300 [1] - The total number of net short positions for 中信 (CITIC) decreased by 66, with a total of 62,364 net short positions [1] Major Player Data - Major players in 中证500 added 821 short positions, resulting in a net short position of 40,266 [1] - Major players in 沪深300 added 987 short positions, leading to a net short position of 38,818 [1] - Major players in 上证50 reduced short positions by 1,545, resulting in a net short position of 21,197 [1] - Major players in 中证1000 added 1,404 short positions, leading to a net short position of 58,855 [1] - The total number of net short positions for major players increased by 1,667, with a total of 159,136 net short positions [1] Trading Volume and Market Activity - The total trading volume across the three markets reached 22,704 billion, an increase of 1,067 billion compared to the previous trading day [1] - There was a net inflow of 261.26 billion from major players [1] - The margin financing balance stood at 26,636.6 billion, which is a decrease of 172 billion from the previous trading day [1]

Market Overview - The three major indices opened mixed, with the Shanghai Composite Index up 0.11%, the Shenzhen Component down 0.05%, and the ChiNext down 0.33%. Sectors such as media and computing leasing saw gains, while photovoltaic, superhard materials, and power grid equipment sectors experienced declines [1] External Market - U.S. stock indices closed higher, led by technology stocks, with the Nasdaq up nearly 1%. The Dow Jones increased by 0.04%, reaching a new historical high, while the S&P 500 rose by 0.5%, nearing its historical peak. The closing figures were: Dow Jones at 50,135.87 points, S&P 500 at 6,964.82 points, and Nasdaq at 23,238.67 points [2] - Chinese concept stocks showed mixed performance, with the Nasdaq Golden Dragon China Index up 0.12%. Notable movements included Alibaba up 0.30%, JD down 0.21%, and NIO down 2.98% [2] Industry Insights - CITIC Securities maintains an optimistic outlook for precious and non-ferrous metal prices through 2026, despite recent volatility in gold prices driven by market concerns over the Federal Reserve's independence and changes in the Iranian situation. The firm suggests that the market may have overestimated the hawkish stance of the new Fed Chair, Kevin Walsh, and anticipates that gold market fluctuations will stabilize once uncertainties are resolved [3] - Huatai Securities reports a significant increase in excavator sales, with January 2026 sales reaching 18,700 units, a year-on-year increase of 49.5%. Domestic sales were 8,723 units, up 61.4%, and exports were 9,985 units, up 40.5%. The firm expects a positive resonance in the excavator industry driven by key infrastructure projects and a potential recovery in real estate [4] - China Galaxy Securities identifies the current moment as a new starting point for the storage chip sector, driven by rapid growth in AI server demand and domestic production. The firm sees investment opportunities in related listed companies within the domestic storage industry [5] - CITIC Securities notes strong replenishment intentions in the liquor sector as the Spring Festival approaches, predicting that the 2026 Spring Festival will see better-than-expected performance in liquor sales due to increased consumer activity. The firm suggests that the liquor industry is at a long-term fundamental bottom, and any marginal improvements could significantly boost investment sentiment in the sector [6]

Core Viewpoint - The report emphasizes the importance of selecting scarce assets with stable cash flow growth amid a style shift, particularly focusing on railway, highway, and port leaders that are expected to see net profit and cash flow growth in 2026 due to policy support and market conditions [1][2]. Group 1: Highway Sector Insights - In December, highway traffic in South China is expected to increase by approximately 5% year-on-year, supported by the recovery of the hinterland economy [2]. - The average growth rate of highway freight volume in December 2025 is projected to be around 5.2% on a two-year CAGR basis, reflecting a recovery from the low point in July 2025 [2]. - The report anticipates a narrowing of the PPI decline in 2026, with policies aimed at stabilizing growth expected to support industrial and retail recovery, thereby driving logistics demand expansion [2]. Group 2: Market Activity and Fund Flows - In the first week of February 2026, the average daily trading volume of dividend stocks reached 856 billion yuan, marking a 48.9% increase compared to December 2025 [3]. - The average daily net subscription for A-share dividend ETFs in February 2026 was 9.7 billion yuan, significantly higher than the average of 3.5 to 3.8 billion yuan in the previous quarter, indicating a 152.1% increase [3]. - The report suggests that pre-holiday fund inflows into dividend stocks may catalyze valuation improvements, highlighting opportunities for stable cash flow asset allocation during the style shift [3].

Core Viewpoint - The report from CITIC Securities indicates that the sales of liquor are gradually increasing as the Spring Festival approaches, with expectations that the performance during the 2026 Spring Festival will be better than market expectations due to an additional day off compared to 2025 [1] Group 1: Market Trends - The liquor industry has been adjusting for several years and is currently at a fundamental bottom in a long cycle, with low market expectations and low inventory levels, suggesting that any marginal improvement could significantly boost investment sentiment in the sector [1] - The actual sales pace of liquor has started to accelerate in the 3rd to 4th week before the Spring Festival, benefiting from better-than-expected demand in the gift market [1] - The Spring Festival is a traditional peak consumption period for liquor, with expectations for demand from gatherings and celebrations to gradually release, supported by the additional day off in 2026 [1] Group 2: Financial Metrics - As of February 6, 2026, the price-to-earnings ratio (TTM) for the liquor sector is approximately 19.5x, which is at the historical bottom range, reflecting significant long-term pessimism [1] - Major liquor companies have been steadily increasing shareholder returns since 2024, with leading firms generally maintaining a dividend payout ratio above 65%, enhancing investment safety margins [1] Group 3: Segment Performance - High-end liquor, particularly Moutai, has exceeded sales expectations during the Spring Festival, with the price of 53-degree 500ml Moutai rising to about 1660 yuan, an increase of approximately 100-150 yuan per bottle compared to December 2025 [2] - The performance of mid-range liquor remains mixed, with demand for business banquets still under pressure, but improvements in gift demand and general gatherings are expected to narrow the year-on-year decline in overall demand [2] - Regional liquor brands are facing pressure due to high base effects from last year, with expectations of challenges in sales during the Spring Festival and the first quarter of 2026 [2]

Core Viewpoint - Recent fluctuations in gold prices are driven by concerns over the independence of the Federal Reserve and changes in the geopolitical situation in Iran, leading to a rapid rise followed by significant volatility in prices [1][2]. Group 1: Gold Price Movements - Since January 2026, gold prices have experienced significant volatility, primarily influenced by two factors: concerns regarding the Federal Reserve's independence and the geopolitical situation in Iran [1]. - In 2025, the London spot gold price closed around $4,300 per ounce, with a notable increase throughout the year. However, in January 2026, gold prices peaked near $5,600 per ounce before experiencing a sharp decline after January 29 [1]. - The volatility in gold prices was exacerbated by increased speculative trading, with a notable rise in global gold ETF holdings during the peak period [2]. Group 2: Federal Reserve and Market Expectations - The market's expectations regarding the new Federal Reserve Chairman Kevin Walsh may be overly pessimistic, as his previous support for balance sheet reduction has alleviated some concerns about the Fed's independence [3]. - Despite fears of overly tight monetary policy under Walsh, the current fiscal debt situation in the U.S. does not support such a stance, and there remains potential for interest rate cuts in 2026 [3]. Group 3: Geopolitical Factors - The geopolitical situation in Iran is expected to stabilize, which may reduce market volatility once negotiations between the U.S. and Iran progress [3]. - Historical challenges in U.S.-Iran negotiations suggest that while there is potential for dialogue, significant consensus on core issues remains elusive [3]. Group 4: Broader Market Outlook - The overall outlook for gold prices in 2026 remains optimistic, despite potential disruptions from U.S. domestic and foreign policies under the Trump administration [4]. - Other precious metals are also expected to benefit from the bullish sentiment in the gold market, with potential positive impacts from improvements in infrastructure and manufacturing indicators in both China and the U.S. [6].

Core Viewpoint - Recent fluctuations in gold prices are driven by concerns over the independence of the Federal Reserve and changes in expectations regarding the situation in Iran, leading to rapid price increases followed by significant declines [1] Group 1: Federal Reserve Policy Outlook - The market may be overly pessimistic about the new Federal Reserve Chairman Kevin Warsh's policies, despite his previous support for balance sheet reduction alleviating concerns about the Fed's independence [1] - Current U.S. fiscal debt and budget conditions do not support Warsh's potential quantitative tightening policy, with expectations for interest rate cuts possibly materializing by 2026 [1] Group 2: Geopolitical Factors - The uncertainty surrounding the situation in Iran remains high, suggesting that gold market volatility may persist until the situation stabilizes [1] Group 3: Market Projections - The outlook for gold prices in 2026 remains optimistic, although recent trade relationship disturbances should be monitored [1] - As the gold market continues its bull run, positive sentiment in precious metals may extend to base metals, potentially leading to a bull market in the sector [2] - Improvement in leading indicators for infrastructure and manufacturing in China and the U.S. by 2026 could enhance the market performance of base metals [2]