Group 1 - The core announcement is that Nanda Optoelectronics has appointed Li Chongyang as the new supervising sponsor representative for its convertible bond issuance project, replacing Qin Long due to personal work adjustments [2] - The original supervising sponsor representatives were An Yuan and Qin Long from CITIC Jianzhong [2] - The company continues to proceed with the issuance of convertible bonds to unspecified objects [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In 2025, the number and scale of issued accounts - receivable asset - backed securities increased year - on - year. The actual financiers were still concentrated in construction central enterprises and their subsidiaries, with a more prominent head - effect. These entities were more inclined to introduce in - system factoring companies, capital companies, asset management companies, trust companies, other financial platforms, and off - system commercial factoring companies as original equity holders or agents of original equity holders to issue securitized products. - In 2025, the average issuance scale of single accounts - receivable asset - backed special plans decreased compared to the previous year, the product term was slightly shortened, the issuance interest rate continued to decline, the securities were mainly of AAAsf credit rating, and the overall product credit risk remained at a low level. The trading activity in the secondary market increased significantly [38]. 3. Summary According to the Directory Issuance Situation - In 2025, 157 accounts - receivable asset - backed securitization products were issued in the exchange market, with a total issuance scale of 180.806 billion yuan. The number of issuances increased by 22, and the issuance scale rose by 9.40% year - on - year. The issuance scale accounted for 12.37% of the total issuance scale of enterprise asset - securitization products for the whole year, a decrease of 0.85 percentage points year - on - year [4][5]. - In terms of issuance venues, 140 products with an issuance amount of 172.474 billion yuan (accounting for 95.39%) were issued on the Shanghai Stock Exchange, and 17 products with an issuance amount of 8.332 billion yuan (accounting for 4.61%) were issued on the Shenzhen Stock Exchange [8]. - Regarding the distribution of original equity holders, the top five original equity holders were China Railway Capital Co., Ltd., China Railway Trust Co., Ltd., China Railway Construction Asset Management Co., Ltd., CCCC Commercial Factoring Co., Ltd., and Shenzhen United Factoring Co., Ltd., with issuance scale proportions of 32.27%, 16.95%, 11.06%, 2.73%, and 2.48% respectively. The total issuance scale of the top five original equity holders was 118.429 billion yuan, accounting for 65.50%; the total issuance scale of the top ten was 134.983 billion yuan, accounting for 74.66% [8]. - In terms of actual financiers, the total issuance scale of the top ten actual financiers was 165.964 billion yuan, accounting for 91.79%, an increase of 1.89 percentage points year - on - year. The actual financiers were mainly concentrated in central enterprises and their subsidiaries, with an issuance scale of 162.126 billion yuan, accounting for 89.67%, a year - on - year increase of 3.06 percentage points. In terms of industries, the actual financiers in the construction industry had an issuance scale of 165.423 billion yuan, accounting for 91.49% [10]. - Regarding the distribution of managers, the top five managers with the highest proportion of new management scale were CITIC Securities Co., Ltd., Huaxi Securities Co., Ltd., Ping An Securities Co., Ltd., Shanghai Guotai Haitong Securities Asset Management Co., Ltd., and CITIC Construction Securities Co., Ltd., with scale proportions of 17.61%, 16.95%, 14.64%, 10.13%, and 9.39% respectively. The total new management scale of the top five managers was 124.244 billion yuan, accounting for 68.72%, a year - on - year increase of 5.54 percentage points; the total new management scale of the top ten managers was 160.486 billion yuan, accounting for 88.76%, a year - on - year increase of 9.70 percentage points [14]. - In terms of product scale distribution, the highest single - product issuance scale was 5.4 billion yuan, and the lowest was 100 million yuan. The products with a single - scale in the (5, 10] billion yuan range had the largest number of issuances, with 51 units and a scale proportion of 21.47%. The average single - issuance scale was 1.152 billion yuan, a decrease of 73 million yuan compared to the previous year [16]. - Regarding the term distribution, the shortest term was 0.69 years, and the longest was 4.99 years. The products with a term in the (1, 3] - year range had the largest number of issuances, with 88 units and a scale proportion of 49.97%. The weighted average term was 2.14 years, slightly shorter than the previous year [17]. - In terms of level distribution, in 2025, AAAsf - rated securities accounted for 90.08%, AA + sf - rated securities accounted for 6.33%, and sub - grade securities accounted for 3.59% [19]. - Regarding the issuance interest rate, the median issuance interest rate of AAAsf - rated securities with a term of around 1 year was 1.85%, a year - on - year decrease of about 29BP [4][21]. Issuance Spread Statistical Analysis - Compared with government bonds of the same term, the average issuance spreads of 1 - year and 3 - year accounts - receivable asset - backed securities in 2025 narrowed compared to the previous year. For example, the average 1 - year spread decreased from 0.74 percentage points in 2024 to 0.48 percentage points in 2025 [26][28]. - Compared with AAA - rated corporate bonds of the same term, the average issuance spreads of 1 - year and 3 - year AAAsf - rated accounts - receivable asset - backed securities in 2025 also narrowed compared to the previous year. The average 1 - year spread decreased from 0.18 percentage points in 2024 to 0.14 percentage points in 2025 [31][32]. - In terms of issuance cost, the average issuance interest rate of 1 - year AAAsf - rated accounts - receivable asset - backed securities issued in 2025 decreased by 32BP year - on - year [32]. Filing Situation - In 2025, 105 accounts - receivable asset - backed special plans were filed with the Asset Management Association of China, with a total scale of 129.051 billion yuan. Compared with the previous year, the number of filings decreased by 12, and the filing scale decreased by 14.02% [4][33]. Secondary Market Trading Situation - In 2025, accounts - receivable asset - backed securities had 5,596 transactions in the secondary market, a year - on - year increase of 102.90%. The total transaction scale was 147.768 billion yuan, a year - on - year increase of 47.63%. The transaction scale accounted for 13.76% of the total transaction scale of enterprise asset - backed securities in the current period, a decrease of 1.11 percentage points year - on - year, ranking second in terms of transaction scale [4][36]. Maturity Situation in 2026 - It is estimated that 261 outstanding accounts - receivable asset - backed securities will mature in the exchange market in 2026, with a maturity scale of 168.808 billion yuan, accounting for 21.19% of the total maturity scale of all enterprise asset - backed securities in 2026, ranking second in terms of maturity scale [4][37]. - From the perspective of original equity holders, China Railway Capital Co., Ltd. had 43 maturing accounts - receivable asset - backed securities, with a repayment scale of 43.229 billion yuan, accounting for 25.61%; China Railway Trust Co., Ltd. had 33 maturing securities, with a repayment scale of 33.605 billion yuan, accounting for 19.91%; China Railway Construction Asset Management Co., Ltd. had 22 maturing securities, with a repayment scale of 25.449 billion yuan, accounting for 15.08% [37].

Core Viewpoint - The launch of the "Investment Portrait One-Click Check" New Year theme activity by CITIC Securities aims to help investors understand their investment behavior and clarify their wealth management direction for the new year [1][2]. Group 1: Activity Overview - The activity utilizes CITIC Securities' Polaris account diagnosis product to create personalized investment portraits for both existing and new users, allowing them to identify their investment "DNA" [1][2]. - Existing customers receive a detailed analysis based on their actual trading data, while new users can participate by completing a questionnaire to obtain a behavior-based investment report [2][4]. Group 2: Technology and Service Model - The Polaris account diagnosis product represents CITIC Securities' advancements in financial technology, transforming complex investment logic into accessible services for ordinary investors [3]. - The product employs a comprehensive diagnostic approach, linking macro market conditions to individual behaviors, thus enhancing the wealth management service model from "single-point service" to "full-cycle value companionship" [3][5]. Group 3: User Engagement and Insights - The activity emphasizes deep interaction and value resonance with users, moving beyond traditional promotional methods to foster self-discovery among investors [5]. - Participants reported gaining insights into their investment blind spots, highlighting the meaningfulness of the experience compared to typical festive giveaways [5]. Group 4: Future Developments - CITIC Securities plans to further develop the "Investment Portrait" and "Account Health Score" as core features of the Polaris product, continuously iterating to include more data dimensions and smarter algorithms [6].

Industry Overview - The overall number of vaccine batch approvals in 2025 is projected to be 3,793, representing a year-on-year decline of 11.3%, primarily due to significant decreases in approvals for polio, meningitis, encephalitis, and measles-mumps-rubella vaccines [2][4] - Key vaccines expected to be approved in 2025 include Consonance's PCV13 and Wantai's 9-valent HPV vaccine, with several others in the review stage [1][4] Vaccine Development Pipeline - The RSV vaccine development is competitive among domestic companies, focusing on mRNA and recombinant protein technologies [1] - The shingles vaccine has four products in the application stage, indicating a rich pipeline [1] - Consonance's PCV13 has been approved, enhancing its product pipeline [1] - Wantai's 9-valent HPV vaccine is the first domestically produced vaccine to be approved [1] - Two human diploid rabies vaccines have been approved, with multiple products submitted for approval [1] - The meningitis vaccine pipeline is concentrated on MCV4, with a five-valent meningococcal vaccine from Sinovac entering clinical phase I [1] - The flu vaccine market has several products approved, with many in clinical stages [1] - Multi-valent vaccines have fewer products on the market, but several companies are pursuing differentiated strategies [1] Company-Specific Insights - Zhifei Biological's vaccine batch approvals are expected to decline, with a significant drop in agency products, while several self-developed products are nearing market launch [4] - Kangtai Biological anticipates a slight decrease in batch approvals, with the varicella vaccine contributing to new growth, and multiple vaccines in the application stage [4] - Watson Biological expects a 16% year-on-year decline in batch approvals, with RSV and shingles mRNA vaccines approved for clinical trials [4] - Wantai Biological has seen a significant increase in 2-valent HPV batch approvals, with the 9-valent HPV vaccine approved for market [4] - Kangxino Biological's MCV4 batch approvals are expected to continue growing, with PCV13 approved for market [4] - Kanghua Biological's human diploid rabies vaccine batch approvals are projected to decline, while the acquisition of Namixin aims to expand its mRNA technology platform [4] - Olin Biological anticipates significant growth in tetanus batch approvals, with data from its pneumococcal vaccine expected in the first half of 2026 [4] - Baike Biological expects a 42% year-on-year decline in vaccine batch approvals, with a liquid nasal spray flu vaccine approved [4] Investment Recommendations - Companies with strong self-research capabilities and innovative vaccine pipelines, such as Kangtai Biological, Kanghua Biological, Kangxino Biological, and Olin Biological, are recommended for investment focus, especially those with products nearing market launch [4]

Core Viewpoint - Longxin Intelligent Equipment Co., Ltd. has been approved for IPO by the Beijing Stock Exchange, marking it as the 19th company to pass the review in 2026, with 13 from the Beijing Stock Exchange and 6 from the Shanghai and Shenzhen Stock Exchanges combined [1] Company Overview - Longxin Intelligent specializes in the research, production, sales, and service of micro-nano high-end composite material preparation equipment and automated production lines, with main products including grinding equipment, drying equipment, and material automation production lines [1] - The company is controlled by major shareholders Mo Mingwei, Mo Longxing, and Jin Guihua, with Mo Mingwei holding 44.1880% of the shares directly [2] Shareholding Structure - Mo Mingwei directly holds 29,773,889 shares (44.1880%), while Mo Longxing and Jin Guihua hold 4.4484% and 5.2883% respectively. Together, they control 62.3242% of the voting rights [2] - The IPO will issue no more than 22,460,003 shares, accounting for 25.00% of the total share capital post-issue, with all shares being new and not involving any public sale by existing shareholders [2] Fundraising Purpose - The company aims to raise 458.21 million yuan, which will be allocated to projects including the expansion of intelligent micro-nano material production equipment and supporting automated production lines, large-scale automated equipment construction, and the establishment of a research and development center [2] Review and Inquiry - The review committee raised inquiries regarding the sustainability of the company's operating performance and the compliance of revenue recognition, requesting verification from the sponsoring institution and accountants [4]

Group 1 - The core point of the article is that Xi'an Juneng Superconducting Magnet Technology Co., Ltd. has completed the filing for guidance with the Shaanxi Securities Regulatory Bureau to publicly issue stocks and list them, with CITIC Construction Investment Securities as the advisory institution [1] - The guidance filing report indicates that Western Superconducting Technologies Co., Ltd. holds 29.6 million shares of Xi'an Juneng, accounting for 34.82% of the company's total shares, making it the controlling shareholder [1]

Group 1: Copper Market - The main copper futures in Shanghai opened higher but closed lower, ending at 102,190 CNY, while London copper peaked at 13,500 USD before retreating to around 13,222 USD [4][14] - The U.S. January non-farm payroll data exceeded market expectations, with 130,000 new jobs added and the unemployment rate dropping to 4.3%, leading to a slight cooling of interest rate cut expectations [4][14] - The increase in copper warehouse receipts by 12,958 tons to 178,900 tons on the Shanghai Futures Exchange and a rise of 3,000 tons in LME copper stocks to 192,100 tons indicate a bearish sentiment in the market [4][14] Group 2: Nickel and Stainless Steel - The U.S. non-farm employment data significantly exceeded expectations, slightly reducing the Fed's interest rate cut outlook, although concerns about data quality limit the impact [5][15] - The demand for Indonesian nickel ore remains strong, while domestic market conditions are constrained by negative feedback in the supply chain, leading to stagnant nickel ore procurement [5][15] - Stainless steel transactions have been relatively weak, with social inventory increasing month-on-month due to pessimistic sentiment in the futures market [5][15] Group 3: Polysilicon - In January, domestic polysilicon production was reported at 102,000 tons, a decrease of 8.3% quarter-on-quarter, with expectations for further reductions to 85,000 tons in February [6][16] - The cancellation of export tax rebates has limited support for downstream sectors, while high costs of auxiliary materials continue to restrict acceptance of silicon materials [6][16] - The current market is low in activity, with future prices expected to be influenced mainly by industry governance and regulatory dynamics [6][16] Group 4: Aluminum - Domestic alumina prices remained stable, with a northern alumina producer halting part of its roasting and leaching capacity, affecting around 4 million tons of normal operating capacity [7][17] - The market is expected to experience a temporary supply-demand mismatch post-holiday, with attention needed on the actual progress of new capacity in Guangxi [7][17] - The aluminum futures market is anticipated to remain in a narrow range, with the 05 contract expected to operate between 2,600 and 2,950 CNY per ton [7][17] Group 5: Zinc and Lead - Zinc futures in Shanghai opened high but closed lower, with the macro environment affected by strong U.S. non-farm data, leading to mixed market sentiment [20] - The supply of lead concentrate remains tight, with some smelters entering production cuts ahead of the holiday, while downstream purchasing has slowed [20][21] - Overall, both zinc and lead markets are expected to experience weak supply-demand dynamics, with lead prices anticipated to fluctuate within a range of 16,500 to 17,500 CNY per ton [20][21] Group 6: Precious Metals - Precious metals initially strengthened but later retraced gains due to strong U.S. employment data, which has pressured interest rate cut expectations [23] - The geopolitical situation in Greenland, with NATO's military actions, has added some support to precious metals due to increased risks [23] - Gold is recommended for long-term holding, while silver, platinum, and palladium require a more cautious approach [23]

Group 1 - The core viewpoint indicates a weak expectation in the steel market, with low volatility in futures steel prices [14][19] - In January, China's CPI rose by 0.2% month-on-month and year-on-year, while PPI increased by 0.4% month-on-month, marking the fourth consecutive month of growth [4][15] - The sales of excavators in January 2026 reached 18,708 units, a year-on-year increase of 49.5%, with domestic sales up 61.4% and exports up 40.5% [4][15] Group 2 - As of February 11, 2026, only two steel mills have introduced winter storage discount policies, targeting internal agreement clients and nearby strategic customers [4][15] - The operating rate of blast furnaces among 247 steel mills was 79.53%, an increase of 0.53 percentage points week-on-week [4][15] - The average cost for 76 independent electric arc furnace construction steel mills was 3,296 yuan/ton, a decrease of 62 yuan/ton from the previous day, with an average loss of 52 yuan/ton [5][16] Group 3 - Last week, rebar production decreased by 81,500 tons to 1.9168 million tons, with total inventory increasing by 440,400 tons to 5.1957 million tons [6][17] - Hot-rolled steel production slightly decreased by 500 tons to 3.0916 million tons, with total inventory increasing by 36,200 tons [7][18] - The five major steel products' total supply was 8.199 million tons, a week-on-week decrease of 32,700 tons, while total inventory rose by 592,400 tons [5][16] Group 4 - The strategy for rebar futures is bearish in the short term, with support observed around 3,050 [8][19] - The strategy for hot-rolled futures is also bearish in the short term, with support around 3,200 [8][19] - The alloy prices are under pressure, with silicon iron supply remaining low and manganese prices at a high level [9][20]

Group 1: Corn Market - The corn May contract closed at 2316 CNY/ton, with a daily increase of 1.58%. The increase in warehouse receipts by 23,130 contracts reflects a bullish sentiment due to factors like warming temperatures and grain sales progress [4][17] - Downstream demand is weak, with deep processing enterprises issuing notices to stop or reduce purchases, and feed companies primarily executing previous contracts [5][18] - Market focus post-holiday will be on whether the northeastern grain supply increases significantly with rising temperatures and the actual demand elasticity of corporate inventories [6][19] - It is expected that the corn March contract will fluctuate within the range of 2250–2275 CNY/ton before the holiday, with directional choices pending further verification of supply and demand post-holiday [7][20] Group 2: Soybean Meal Market - The US-India trade agreement has improved export expectations for US soybean oil, and there is an increase in Chinese purchases of US soybeans, leading to a positive outlook for the 2025/26 US soybean demand [8][21] - Reports indicate that excessive rainfall in northern Mato Grosso, Brazil, has led to a decline in soybean quality, forcing farmers to sell at discounted prices, which may benefit crushing profits [8][21] - The upward trend in US soybeans is expected to support the valuation of domestic soybean meal, while potential weather risks in Argentina may cause fluctuations in the foreign market during the Spring Festival [8][21] Group 3: Egg Market - As the Spring Festival approaches, spot prices across channels have paused, and the March contract's discount reflects market anticipation of high inventory and weak seasonal demand [10][23] - The current price of the March contract largely reflects support near the cost line, with limited further downside unless inventory pressure exceeds expectations or demand recovery is particularly slow [10][23] Group 4: Pork Market - The average price of live pigs in major production areas is approximately 11.49 CNY/kg, with increased outflow activity observed. Prices are under pressure after a seasonal rebound before the Spring Festival [12][25] - The planned outflow for February is 22.92 million heads, a decrease of 17.73% compared to January, with a daily average increase of 21.44% due to fewer sales days in February [12][25] - Despite potential fluctuations as the Spring Festival approaches, the futures market has adequately priced in expectations for near-term contracts [12][25]

Group 1 - The rapid development of AI technology has a profound impact on the passive component industry, driving the growth of high-end MLCC, chip inductors, tantalum capacitors, and packaging materials [1] - The upstream raw materials such as nickel powder, carbonyl iron powder, metal soft magnetic powder (core), and thermal materials are also experiencing rapid development [1] - Material performance determines device performance, giving advantages to upstream raw material sectors and supporting enterprises in the upstream and downstream industries [1]