推广热泵采暖是2050年碳中和目标的重要抓手，国际能源署预计至2050年，热泵将满足全球超半数采暖 需求，市场规模可达万亿级别，装机量有望提升至2023年的3.3-4.3倍。目前欧洲市场热泵渗透率仍较 低，2024年为12%，多数国家渗透率低于20%;欧洲热泵保有量Top2的国家，法国、意大利2024年渗透率 为20.4%、16%，有较大提升空间;德国、英国渗透率极低，仅为5.4%和1.9%，2024年起两国从政策层面 明显加强补贴力度，例如英国BUS计划多次提升公共资金预算，德国建筑能源法案力推可再生能源的使 用，热泵补贴上限最高可达70%。欧盟设定2030年达到6000万台热泵保有量的战略目标，2024年保有量 为2553.7万台，仍有3400多万台的缺口，据此测算，2024-2030年欧洲热泵保有量复合增速有望达 15.3%，将带动我国热泵出口持续增长。 风险提示 海外宏观环境变化的风险;海运费波动的风险;原材料成本上行的风险。 25年12月热泵出口创历史12月的新高，26年出口景气度有望延续 欧洲是我国热泵最主要的出口目的地，其热泵补贴政策的变化是导致我国热泵出口波动的重要原因。 2021-2022年 ...

Core Viewpoint - China Galaxy has issued a report recommending the food and beverage industry, highlighting the upcoming IPO of "Mingming Hen Mang," which is set to become the first stock in the bulk snack sector in Hong Kong, with a positive market response and significant investor interest [1] Group 1: Downstream Developments - The traditional store model has substantial room for expansion, with an expected increase to nearly 50,000 snack retail stores by 2025, indicating a total potential of about 74,000 stores, with over 20,000 new openings anticipated [2] - Profitability is expected to continue improving, with adjusted net profit margins for "Mingming Hen Mang" rising from 2.3% to 3.9% and "Wancheng" from -1.6% to 4.4% from 2023 to the first three quarters of 2025, driven by reduced store subsidies and category structure adjustments [2] - New store formats are supporting expansion and improving single-store performance, with both "Mingming Hen Mang" and "Wancheng" planning to open discount supermarket formats by 2025, currently representing less than 20% of new store formats [2] - Development of proprietary products is boosting revenue and gross margins, with both companies focusing on customized and private label products, which currently account for a single-digit percentage of revenue, indicating significant growth potential compared to competitors [2] Group 2: Upstream Opportunities - Downstream store category expansion into dairy, baking, and frozen foods is expected to benefit related upstream supply chain companies, particularly mid-tier brands with significant revenue elasticity [3] - The push for proprietary products in downstream stores may lead to market share differentiation among supply chain companies, with those possessing strong product development and customization capabilities likely to gain market share [3] Group 3: Investment Recommendations - The food retail industry is transitioning from rapid expansion to a phase of high-quality growth, with "Wancheng Group" recommended and "Mingming Hen Mang" noted for attention due to their revenue growth and profitability improvements [4] - Upstream, companies benefiting from the expansion into new product categories include "New Dairy" and "Lihigh Foods," with "Yiming Foods" also noted for attention [4] - As downstream stores increase their proprietary product share, supply chain companies with strong R&D and customization capabilities are expected to gain market share, with "Jinzai Foods" recommended and "Yanjin Foods," "Weilong," "Youyou Foods," and "Ganyuan Foods" noted for attention [4]

本期债券存在承销机构及其关联方认购情况，为主承销商中信证券股份有限公司和中信建投证券股份有 限公司的关联方中信银行股份有限公司参与认购并获配本期债券品种二金额人民币0.9亿元；主承销商 中信建投证券股份有限公司参与认购并获配本期债券品种一金额人民币0.5亿元和品种二金额人民币1.7 亿元；主承销商国信证券股份有限公司的关联方华润深国投信托有限公司参与认购并获配本期债券品种 二金额人民币2.3亿元；主承销商光大证券股份有限公司参与认购并获配本期债券品种二金额人民币1.1 亿元。前述认购报价及程序均符合相关法律法规的规定。 特此公告。 中国银河证券股份有限公司（以下简称"发行人"）面向专业投资者公开发行面值总额不超过300亿元 （含300亿元）的公司债券已于2026年1月6日获中国证券监督管理委员会出具的《关于同意中国银河证 券股份有限公司向专业投资者公开发行公司债券注册的批复》（证监许可〔2026〕37号）注册。 根据《中国银河证券股份有限公司2026年面向专业投资者公开发行公司债券（第一期）募集说明书》， 中国银河证券股份有限公司2026年面向专业投资者公开发行公司债券（第一期）（以下简称"本期债 券"）的发 ...

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之內容概不負責，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分內容而產生或因依 賴該等內容而引致之任何損失承擔任何責任。 （在中華人民共和國註冊成立之股份有限公司） 本期債券承銷機構及其關聯方參與認購了本期債券。主承銷商中信証券股份有限 公司和中信建投証券股份有限公司的關聯方中信銀行股份有限公司參與認購並獲 配三年期品種人民幣0.9億元；主承銷商中信建投証券股份有限公司參與認購並獲 配兩年期品種人民幣0.5億元和三年期品種人民幣1.7億元；主承銷商國信證券股 份有限公司的關聯方華潤深國投信託有限公司參與認購並獲配三年期品種人民幣 2.3億元；主承銷商光大證券股份有限公司參與認購並獲配三年期品種人民幣1.1 億元。 1 本公司的董事、高級管理人員、持股比例超過5%的股東及其他關聯方未參與本期 債券認購。 承董事會命 中國銀河證券股份有限公司 （股份代號：06881） 公告 2026年公司債券（第一期）公開發行完畢 茲提述中國銀河證券股份有限公司（「本公司」）日期為2025年1月23日的通函以 及2025年2月17日之公告。於 ...

公开发行公司债券（第一期）发行结果公告 证券代码：601881 证券简称：中国银河 公告编号：2026-012 中国银河证券股份有限公司2026年面向专业投资者 本期债券存在承销机构及其关联方认购情况，为主承销商中信证券股份有 限公司和中信建投证券股份有限公司的关联方中信银行股份有限公司参与认 购并获配本期债券品种二金额人民币 0.9 亿元；主承销商中信建投证券股份有 限公司参与认购并获配本期债券品种一金额人民币 0.5 亿元和品种二金额人民 币 1.7 亿元；主承销商国信证券股份有限公司的关联方华润深国投信托有限公 司参与认购并获配本期债券品种二金额人民币 2.3 亿元；主承销商光大证券股 份有限公司参与认购并获配本期债券品种二金额人民币 1.1 亿元。前述认购报 价及程序均符合相关法律法规的规定。 特此公告。 中国银河证券股份有限公司董事会 2026 年 1 月 27 日 本公司及其董事会全体成员保证公告内容的真实、准确和完整，不存 在虚假记载、误导性陈述或重大遗漏，并对其内容的真实性、准确性和完 整性承担个别和连带的法律责任。 中国银河证券股份有限公司（以下简称"发行人"）面向专业投资者公开 发行面值总 ...

免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 每经AI快讯，中国银河1月25日发布研报称，给予立高食品（300973.SZ）"推荐"评级。评级理由主要包 括：1）全年收入提速增长，Q4 增速环比略放缓；2）全年净利率中值提升，费效与人效改善；3）短期 看好26Q1收入端表现，长期新渠道与国产替代持续贡献增量。风险提示：需求下滑的风险，竞争激烈 度超预期的风险，费用投放力度超预期的风险，食品安全问题的风险。 每经头条（nbdtoutiao）——国际金价冲破5000美元！7年涨了280%，什么时候才见顶？专家：关键还 看美元，重点关注国际货币体系、降息和科技革命 （记者 曾健辉） ...

Core Viewpoint - The A-share market is characterized by "structural differentiation and simultaneous repair," with various institutions noting that despite ongoing redemption pressure on broad-based ETFs, sectors such as consumer chains, real estate chains, and resource products are entering a repair window [1][2]. Group 1: Market Trends - The broad-based ETF redemption pressure continues to grow, with significant differences in the承接力 (support capacity) among different industries and stocks [2]. - The consumer chain is expected to see an increase in allocation leading up to the Two Sessions, with the real estate chain also likely to experience noticeable recovery during this period [2]. - The spring market is supported by ample liquidity and policy backing, which may sustain the ongoing spring rally, although caution is advised regarding the marginal contraction of profit effects at high levels [1][3]. Group 2: Investment Focus - The consensus among institutions is to focus on technology (AI, semiconductors) and resource products (non-ferrous metals, chemicals) as key investment directions [1][7]. - There is growing attention on cyclical sectors showing signs of bottom reversal, such as power grid equipment and lithium batteries, as well as non-bank sectors [1][3]. - The current market environment is conducive to exploring basic combinations centered around chemicals, non-ferrous metals, new energy, and power equipment, while also considering low allocation in non-bank sectors like securities and insurance [2][4]. Group 3: Performance and Earnings - As the annual report forecast disclosure period peaks, the impact of earnings on market structure is expected to become more pronounced, with a focus on sectors with earnings highlights [4][11]. - The performance of sectors such as AI hardware, batteries, pharmaceuticals, steel, and non-bank financials is anticipated to improve, given their relatively low price increases [4][12]. - The market is likely to experience a rotation among sectors, with a focus on high-growth areas and those benefiting from price increases [12][14]. Group 4: Future Outlook - The market is expected to continue its slow bull trend, with the potential for a correction after reaching a phase high between 4200 and 4300 points [6][10]. - The spring market is seen as an extension of the structural bull market, with a likelihood of a consolidation phase following the current rally [3][5]. - The focus for 2026 includes a clearer dual mainline of asset allocation towards physical assets and Chinese assets, with thematic investments becoming essential [9][10].

Group 1 - The core viewpoint of the article emphasizes the ongoing recovery of market confidence, with potential for sector and stock recovery, particularly in consumer and real estate chains before the Two Sessions [2] - The article highlights the significant outflow of funds from broad-based ETFs, with a notable impact on sectors and stocks that are underweight by institutions [2] - It suggests that sectors with strong fundamentals and logical narratives, particularly those not heavily weighted in broad-based indices, are likely to see recovery [2] Group 2 - The spring market is characterized by a transition towards a more stable phase, with the potential for a perfect spring market driven by increased profitability [3] - The article notes that the overall profitability effect is nearing a high point, indicating that the market may face limitations in time and space for further growth [3] - It anticipates a correction phase following the spring market, where the focus will shift to clearer industrial trends and performance digestion [3] Group 3 - The article discusses the supportive role of abundant liquidity in driving the current spring market, stemming from various factors including insurance capital and foreign fund inflows [4] - It emphasizes the importance of focusing on fundamental performance as companies begin to disclose annual reports, with particular attention to sectors like AI hardware, batteries, and pharmaceuticals [5] Group 4 - The article identifies the current market phase as a structural bull market, transitioning from the second consolidation phase to the third upward phase [6] - It suggests that the market may face a correction after reaching a temporary high between 4200 and 4300 points, with a focus on the support levels and core sectors [6] Group 5 - The article advocates for a dual focus on technology and resource sectors, highlighting the importance of macroeconomic conditions and liquidity in shaping investment strategies [7] - It identifies key sectors such as semiconductors, AI, and new energy as central to current market trends, with a positive outlook for resource industries [7] Group 6 - The article suggests that the market's optimism is necessary, particularly in light of the recent volatility and the need to consider the relationship between market optimism and regulatory cooling [8] - It emphasizes the importance of focusing on physical assets and Chinese assets in investment strategies, with a recommendation for sectors like equipment exports and consumer recovery [9] Group 7 - The article indicates that the current market is entering a phase of high volatility and differentiation, with expectations for policy-driven demand expansion [10] - It highlights the potential for the non-ferrous metals sector to benefit from both industrial trends and financial attributes, particularly in light of geopolitical factors [11] Group 8 - The article notes that the A-share market is returning to a slow bull trend, with an increasing importance of sector rotation and fundamental performance [12] - It emphasizes the need to focus on structural investment opportunities, particularly in technology innovation and manufacturing sectors [12] Group 9 - The article suggests that the current market may be entering the latter half of the spring market, with a focus on sectors with strong performance and clear industrial trends [13] - It highlights the potential for price increases in sectors like basic chemicals and new energy materials, as well as opportunities in export-driven sectors [13] Group 10 - The article maintains that the slow bull trend is likely to continue, with a focus on technology, resource sectors, and industries with high growth potential [14] - It suggests that the current market conditions provide ample opportunities for investment, particularly in sectors with strong earnings forecasts [14]

Core Viewpoint - The Shenzhen Stock Exchange's M&A Review Committee approved the asset purchase by China National Chemical Import & Export Corporation (referred to as "China National Chemical") on January 23, 2026, confirming that the issuance of shares for asset acquisition meets restructuring conditions and information disclosure requirements [1] Group 1: Transaction Details - China National Chemical plans to issue shares to acquire 100% equity of Zhongji Jiangsu from Zhongji Import & Export, with a transaction price of 151.4629 million yuan [3] - The asset valuation is based on an appraisal report of 115.3657 million yuan, with a negotiated transaction price reflecting a 37.12% appreciation [3] - The share issuance price is set at 11.19 yuan per share, which is not less than 80% of the average trading price over the previous 20 trading days [3] Group 2: Financial Performance of Target Company - Zhongji Jiangsu's projected revenues for 2023, 2024, and the first half of 2025 are 15.3996 million yuan, 37.9268 million yuan, and 22.41 million yuan, respectively, with net profits of 1.9185 million yuan, 14.9944 million yuan, and 4.9096 million yuan [4] - The cash flow from operating activities for the same periods is 12.3011 million yuan, 35.3855 million yuan, and 21.9663 million yuan [4] Group 3: Financial Metrics Overview - For the first half of 2025, Zhongji Jiangsu's operating income is projected at 22.41 million yuan, with a net profit of 4.9096 million yuan [5] - The financial performance from 2022 to the first half of 2025 shows China National Chemical's revenues of 4.222018 billion yuan, 3.0673286 billion yuan, 1.2263425 billion yuan, and 523.2355 million yuan, with net losses of 332.3345 million yuan, 262.659 million yuan, 305.5442 million yuan, and 55.5041 million yuan [5]

Core Viewpoint - The article discusses the significant transformation in the securities brokerage industry, highlighting the reduction of traditional brokers and the rise of investment advisors as firms shift from sales-driven models to wealth management-focused strategies [2][5]. Group 1: Decline of Securities Brokers - The number of securities brokers has decreased by over 5,000 in the past year, reflecting a broader trend of industry contraction [2]. - From early 2018 to the end of 2025, the number of brokers in the industry dropped from over 90,000 to 22,400, a reduction of more than 68,000 brokers over eight years [3]. - Major firms like CICC and China Merchants Securities have seen drastic reductions in their broker counts, with CICC achieving a "zero" broker count and China Merchants reducing from over 800 to just 13, a decline of over 90% [4]. Group 2: Factors Driving Change - The shift from "transactional trading" to wealth management has led to a reevaluation of talent needs, with a focus on professional skills over sheer numbers [3][4]. - Increased market competition and the decline in commission rates have pressured traditional revenue streams, exacerbated by reforms in public fund fees [4]. - The advancement of financial technology has reduced the demand for traditional broker roles, as online services and automated tools take precedence [4]. Group 3: Rise of Investment Advisors - The number of investment advisors has surged, increasing from over 40,000 in 2018 to 86,000 by the end of 2025, with a notable addition of over 5,000 advisors in the past year [6]. - Leading firms are investing in expanding their advisory teams, with companies like Huatai Securities and CITIC Securities increasing their advisor counts significantly [6]. - Smaller firms are also adopting strategies to enhance their advisory capabilities, focusing on reducing interchangeable roles while boosting the quality and scale of their advisory teams [6]. Group 4: Transition from Brokers to Advisors - Many investment advisors are former brokers transitioning into advisory roles, with firms assessing potential candidates based on their qualifications and client service abilities [7]. - The core competitive advantage in advisory services lies in building a highly skilled team capable of providing tailored solutions and asset management [7]. - The industry faces challenges in bridging the gap between traditional sales roles and the more complex demands of asset management and client relationship building [7]. Group 5: Evolving Skill Requirements - The current market demands investment advisors to possess skills in asset allocation, client relationship management, and the use of digital tools [8]. - Firms are developing training programs to enhance advisor capabilities, focusing on both technical skills and client engagement strategies [8]. - Companies are implementing structured support systems to ensure consistent delivery of strategies and insights across their advisory teams [8].