Group 1 - The issuer of the bond is China National Railway Group Co., Ltd., and the total issuance scale is 10 billion yuan for the "2026 Third Phase China Railway Construction Bond" [4][29] - The bond is divided into two types: a 10-year bond with a scale of 5 billion yuan and a 30-year bond with a scale of 5 billion yuan, totaling 10 billion yuan [21][29] - The bonds will be issued at a fixed interest rate, with the 10-year bond's interest rate being the Shibor benchmark rate plus a basic spread ranging from -0.3% to 0.7%, and the 30-year bond's interest rate ranging from 0.1% to 1.1% [21][29] Group 2 - The main underwriter for this bond issuance is Guotai Junan Securities Co., Ltd., which is responsible for managing the underwriting team and coordinating the issuance process [5][31] - The bonds will be publicly issued to institutional investors through a bidding system on the Shenzhen Stock Exchange [22][31] - The bonds will be registered and held by the Shenzhen branch of the China Securities Depository and Clearing Corporation and the Central Government Bond Registration and Clearing Co., Ltd. [24][30] Group 3 - The bonds will have a maturity date of February 5, 2036, for the 10-year bond and February 5, 2056, for the 30-year bond [27] - The bonds will be issued at par value of 100 yuan, with a minimum subscription unit of 10 million yuan [24][29] - The bonds will be guaranteed by the Railway Construction Fund, providing an irrevocable joint liability guarantee [29]

| 表格序號 | 大股東/董事/最高行政人員名稱 作出披露的 買入 / 賣出或涉及的股 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事 | | --- | --- | --- | --- | --- | --- | | | 份數目 | 原内 | | | (請參閱上述*註解) 有投票權股 (日/月 | | | | | | | 份百分比 | | and the control controlled to the many of the many of the many of the comments of | | | | | 196 | | CS20260130E00608 | 易方达基金管理有限公司 | 1201(L) | 694,800(L | HKD 8.8706 | 55,832,000(L 7.93(L)27/01/ | | 股份代號: | 06178 | | --- | --- | | 上市法國名稱: | 光大證券股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 02/01/2026 - 02/02/2026 | 格隆汇2月2日丨根据联交所最新权益披露资料显示， ...

智通财经APP获悉，香港联交所最新数据显示，1月27日，易方达基金减持光大证券(06178)69.48万股， 每股作价8.8706港元，总金额约为616.33万港元。减持后最新持股数目为5583.2万股，最新持股比例为 7.93%。 ...

智通财经APP获悉，香港联交所最新数据显示，1月27日，易方达基金减持光大证券(06178)69.48万股， 每股作价8.8706港元，总金额约为616.33万港元。减持后最新持股数目为5583.2万股，最新持股比例为 7.93%。 ...

光期研究 光期黑色：铁矿石基差及价差监测日报 2026 年 2 月 2 日 1 光大证券 2020 年 半 年 度 业 绩 E V E R B R I G H T S E C U R I T I E S 1.1 合约价差 | 期货合约 | 今日收盘价 | 上日收盘价 | 变化 | 合约价差 | 今日价差 | 上日价差 | 变化 | | --- | --- | --- | --- | --- | --- | --- | --- | | I05 | 791.5 | 798.5 | -7.0 | I05-I09 | 19.0 | 19.5 | -0.5 | | I09 | 772.5 | 779.0 | -6.5 | I09-I01 | 12.5 | 13.5 | -1.0 | | I01 | 760.0 | 765.5 | -5.5 | I01-I05 | -31.5 | -33.0 | 1.5 | 图表1：05-09合约价差（单位：元/吨） 图表2：09-01合约价差（单位：元/吨） -50 0 50 100 150 200 09 10 10 10 11 11 12 12 01 01 02 02 03 03 0 ...

Core Viewpoint - The report from Everbright Securities indicates that uranium futures prices are expected to rise to $98 per pound by January 28, 2026, representing a 29% increase compared to December 24, 2025, driven by tight supply and increasing demand for nuclear energy [1] Supply Side Analysis - Limited capital expenditure and unsustainable mining operations in Kazakhstan are impacting supply, with Kazatomprom announcing a plan to reduce uranium production by approximately 10% in 2026 [1][4] - Kazakhstan, which holds 13% of global uranium resources, supplies 43% of the world's uranium production, indicating a potential supply crunch [4] Demand Side Analysis - The global focus on energy security is expected to drive continued growth in nuclear power demand, with China projected to be a major contributor to this growth [1][6] - The U.S. and China are the top two uranium demand countries, with their combined demand expected to increase. In 2024, U.S. demand is projected at 18,100 tons, accounting for 26.86% of global demand, while China's demand is expected to reach 13,100 tons, making up 19.45% of the total [5] Future Projections - According to the IEA, global nuclear power capacity is predicted to reach 2.6 times the level of 2024 by 2050, with China leading this growth [6] - The U.S. is considering expanding its strategic uranium reserves to reduce reliance on Russian supplies, which may further elevate uranium prices [7] Market Developments - The recent submission of a preliminary prospectus by the physical natural uranium trust SPUT to issue up to $2 billion in transferable, non-redeemable trust shares over 25 months indicates a positive outlook for uranium demand [2] - The restart of the Kashiwazaki-Kariwa Nuclear Power Plant Unit 6 by Tokyo Electric Power Company marks a significant development in Japan's nuclear energy landscape [2] Concentration of Uranium Resources - As of January 2021, Australia, Kazakhstan, Canada, Russia, and Namibia hold the majority of the world's uranium resources, with the top three countries accounting for over 50% of total reserves [3] - In 2022, Kazakhstan, Canada, and Namibia were the top three uranium-producing countries, collectively accounting for nearly 70% of global production [3]

2024年，公司实现营业收入6.40亿元，同比减少10.36%；归属于上市公司股东的净利润1226.89万 元，同比减少65.18%；归属于上市公司股东的扣除非经常性损益的净利润1122.32万元，同比减少 66.52%；经营活动产生的现金流量净额9465.44万元，同比增长678.77%。 中国经济网北京2月2日讯 翔腾新材(001373.SZ)日前披露2025年度业绩预告。公司预计2025年年度 归属于上市公司股东的净利润为-3,900万元至-2,700万元；扣除非经常性损益后的净利润为-3,950万元 至-2,750万元。 翔腾新材首次公开发行股票的发行费用（不含增值税）合计5,444.43万元，其中承销及保荐费用 3,229.06万元。 (责任编辑：何潇) 翔腾新材于2023年6月1日在深交所主板上市，发行股份数量为1,717.1722万股，发行价格为28.93 元/股，保荐机构（主承销商）为光大证券，保荐代表人为黄腾飞、陈姝婷。 翔腾新材首次公开发行股票募集资金总额49,677.79万元；扣除发行费用后，募集资金净额为 44,233.36万元。翔腾新材实际募资净额比原拟募集资金少5943.11万元。 ...

Group 1 - Core viewpoint one: The A-share market experienced a volatile upward trend in January 2026, with major broad-based indices rising, supported by long-term capital and stabilizing economic expectations [4] - Core viewpoint two: The spring market is still expected to be promising, although a short-term correction may occur before the Spring Festival due to tightening liquidity and decreased trading enthusiasm [5] - Core viewpoint three: In the spring market, small-cap stocks typically perform better, with a focus on growth and cyclical sectors, particularly in electronics, power equipment, machinery, non-ferrous metals, and communications [6] Group 2 - The Hong Kong market is advised to maintain a "growth + value" barbell strategy, benefiting from earnings recovery, improved liquidity, and supportive policies, with a structural rebound expected in the first quarter [7]

以下文章来源于债券人 ，作者光大证券固收研究 债券人 . 唯有进行扎实的基本面研究，方能行稳致远。 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 分评级来看，债项评级高评级券（评级为AAA）、中高评级券（评级为AA+）、中评级券（评级为 AA）、中低评级券（评级为AA-）和低评级券（评级为AA-及以下）本周涨跌幅分别为-0.81%、-1.48% 、-1.51%、-1.87%、-2.81%，高评级券跌幅最低。 分转债规模看，大规模转债（债券余额大于20亿元）、中大规模转债（余额在15至20亿元之间）、中规模 转债（余额在10至15亿元之间）、中小规模转债（余额在5至10亿元之间）、小规模转债（余额小于5亿 元）本周涨跌幅分别为-1.42%、-1.59%、-1.93%、-1.49% ...

过去一年，光大证券董事长赵陵鲜少露面参加公开活动。 他变得更加低调，专注于光大证券的内部事务发展。 2022年，赵陵成为"救火队长"，空降光大证券担任董事长一职，一直在处理风险事件后遗症、高管震荡 等问题。 这几年，光大证券规模、盈利都不算特别亮眼。 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！ 文/瑞财经 许淑敏 | | 本报告期末 | 本报告期初 | 增减变动幅度 | | --- | --- | --- | --- | | | | | (%) | | 总资产 | 31, 817, 996 | 29, 295, 902 | 8.61 | | 归属于上市公司股东的 | 7. 192, 690 | 6,839, 026 | 5.17 | | 所有者权益 | | | | | 股本 | 461, 079 | 461, 079 | | | 归属于上市公司股东的 | 13. 21 | 12. 77 | 3.45 | | 每股净资产(元) | | | | 二是光大证券终于回归营收、净利双涨的状态。 2022年-2024年，光大证券营收增幅分别为-35.48%、-6.94%、-4.32%，归母净 ...