Core Viewpoint - Guangzhou Zhiguang Electric Co., Ltd. is actively engaging with institutional investors to discuss its progress in the energy storage sector, including independent energy storage station operations and overseas market expansion [1][9]. Group 1: Investor Relations Activities - In March 2026, the company hosted multiple institutional research sessions with 21 participating institutions, including CITIC Securities and Nuoan Fund, focusing on key topics related to its energy storage business [2][10]. - The meetings took place at various locations in Guangzhou and Qingyuan, with company representatives including the board secretary and securities affairs representative present [2][10]. Group 2: Energy Storage Orders and Production - The company reported a robust order backlog in its energy storage segment, which is driving accelerated production and delivery efforts [3][11]. - As a significant player in the energy storage field, the company is committed to continuous development in system research, production, and project implementation, ensuring strong support for revenue growth [3][11]. Group 3: Independent Energy Storage Stations - The Pingyuan Phase I independent energy storage station commenced commercial operations in mid-March 2026, with ongoing efforts to expedite the operational readiness of subsequent phases [4][12]. - The company anticipates that the commissioning of these stations will enhance its market share and profitability in the energy storage operation sector [4][12]. Group 4: Acquisition of Minority Stake - The company is progressing with the acquisition of a minority stake in an energy storage company, with plans to provide regular updates to investors as per regulatory requirements [5][14]. Group 5: Revenue Influencing Factors - Key factors affecting the revenue of independent energy storage stations include industry policies, project site selection, equipment performance, operational efficiency, and maintenance levels [6][15]. - The company utilizes its proprietary high-voltage energy storage system, which boasts excellent performance metrics, and has accumulated extensive project experience in construction, operation, and maintenance, providing a competitive edge [6][15]. Group 6: Expansion of Third-Party Operations - The company plans to expand into third-party energy storage station management and operation services, leveraging its strengths in system performance and project experience [7][16]. - This initiative is expected to broaden the company's business scope and create new profit growth opportunities [7][16]. Group 7: Overseas Market Development - The company has achieved significant milestones in its overseas business, including obtaining EU certification for its products and securing orders for hundreds of energy storage cabinets in Greece and Malaysia [8][17]. - Although the current contribution of overseas business is relatively small, the company intends to intensify its efforts in this area by enhancing service and delivery capabilities and expanding its partnership network [8][17].

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中信証券股份有限公司 ("本公司") 呈交日期: 2026年4月1日 I. 法定/註冊股本變動 第 1 頁 共 10 頁 v 1.2.1 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 1. 股份分類 普通股 股份類別 H 於香港聯交所上市 (註1) 是 證券代號 (如上市) 06030 說明 已發行股份（不包括庫存股份）數目 庫存股份數目 已發行股份總數 上月底結存 2,620,076,855 0 2,620,076,855 增加 / 減少 (-) 本月底結存 2,620,076,855 0 2,620,076,855 足夠公眾持股量的確認(註4) | 根據《主板上市規則》第13.32D(1)條或第19A.28D(1)條 / 《GEM上市規則》第17.37D(1)條或第25.21D(1)條，我們在此確認，就上述所列股份類別而言，截至本月底: | | --- | | ✔ 已符合適用的公眾持股量要求（見下方 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年3月31日 狀態: 新提交 公司名稱: 中信証券股份有限公司 ("本公司") 呈交日期: 2026年4月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06030 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,620,076,855 | RMB | | 1 | RMB | | 2,620,076,855 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 2,620,076,855 | RMB | | 1 | RMB | | 2,620,076,855 | | 2. 股份分類 | 普 ...

Core Viewpoint - The ABS market in China experienced a growth in the first quarter of 2026, with a total issuance of 466 projects amounting to 4,152 billion yuan, representing a 4% increase compared to the same period in 2025 [2]. Market Overview - The cumulative outstanding scale of the ABS market reached approximately 35,121 billion yuan by the end of the first quarter of 2026, with credit ABS at 3,917 billion yuan, enterprise ABS at 22,841 billion yuan, ABN at 6,211 billion yuan, and public REITs at 2,151 billion yuan [1]. New Issuance Statistics - In the first quarter of 2026, the credit ABS market saw 29 new issuances totaling 325 billion yuan, a 42% year-on-year increase. The largest issuance was in personal auto loans, with 6 projects totaling 207 billion yuan, followed by non-performing loans with 22 projects totaling 108 billion yuan [6]. - The enterprise ABS market had 344 new issuances totaling 2,960 billion yuan, marking a 12% year-on-year increase. The largest issuance was in financing lease receivables, with 80 projects totaling 765 billion yuan, followed by corporate receivables with 45 projects totaling 411 billion yuan [7]. - The ABN market had 93 new issuances totaling 867 billion yuan, a 14% decrease year-on-year. The largest issuance was in bank/internet consumer loans, with 30 projects totaling 261 billion yuan, followed by general small loan receivables with 24 projects totaling 193 billion yuan [11]. Underwriting Rankings - In the first quarter of 2026, CITIC Securities led the underwriting rankings with 102 projects and a total underwriting amount of 582.6 billion yuan, followed by Guotai Junan with 85 projects totaling 418.6 billion yuan, and Ping An Securities with 64 projects totaling 370.8 billion yuan [13][15]. Detailed Market Rankings - In the credit ABS market, the top underwriters were: 1. China Merchants Securities with 58.1 billion yuan from 16 projects 2. CITIC Securities with 54.5 billion yuan from 13 projects [19]. - In the enterprise ABS market, CITIC Securities led with 446.4 billion yuan from 71 projects, followed by Guotai Junan with 368.6 billion yuan from 69 projects [22]. Asset Class Rankings - The top three asset classes by issuance scale were financing lease receivables, bank/internet consumer loans, and corporate receivables. In the financing lease category, Ping An Securities led with 191.2 billion yuan, followed by CITIC Securities and Guotai Junan [25]. - In the bank/internet consumer loan category, Huatai Securities led with 94.0 billion yuan, followed by CITIC Securities with 72.0 billion yuan [28]. - In the corporate receivables category, Ping An Securities led with 51.2 billion yuan, followed by Guotai Junan and CITIC Securities [32]. Issuer Rankings - In the credit ABS market, Jizhi Auto Finance topped the issuer rankings with 55.0 billion yuan, followed by Dongfeng Auto Finance and Volkswagen Auto Finance [35]. - In the enterprise ABS market, CITIC Financial Asset Management led with 150.0 billion yuan, followed by Huaneng Guochan Trust with 132.0 billion yuan [42].

2026年一季度，A股资本市场延续积极态势。监管层持续深化投融资综合改革，科创板"1+6"政 策落地、创业板第三套标准启用，市场流动性环境整体友好，股权融资活跃度同比明显提升。据 Wind数据统计，一季度中国内地股票市场通过IPO、增发和可转债等方式共完成全口径募资事件 96起，较去年同期增加26起，合计募集资金2302.23亿元，同比增长106.88%。其中，IPO发行 35起，同比增加8起，融资297.77亿元，同比增长79.58%。定增发行49起，同比增加14起，融 资规模达1912.31亿元，同比增长136.02%，为本季度股权融资增量的主要来源。 从券商承销角度来看，中信证券以619.49亿元的总承销金额位居榜首，承销数量15起；中信建投以513.91亿 元、承销数量10起排名第二；华泰证券以450.09亿元、承销数量13起位居第三。 股权融资市场概览 1.1 近三年股权融资规模趋势 2026年一季度A股股权融资事件共96起，同比增加26起；股权融资总金额为2302.23亿元，较去年同期增长 106.88%。其中，IPO项目家数为35起，比去年同期增加8起；募集金额为297.77亿元，同比增长79. ...

一级市场发行统计 根据Wind数据统计，截止2026年一季度，中国内地债券市场总存量达199.70万亿元，较年初增加3.52万亿元。具体来看，利率债存量为 127.28万亿元，信用债为53.79万亿元，同业存单为18.63万亿元。 Wind统计各类债券发行数据显示， 2026年一季度中国内地债券 总发行额为19.7万亿元，同比下降4%。其中，利率债发行总额为8.5万亿 元，同比增长8%，其中国债、地方政府债和政策性金融债分别同比增长9%、9%和3%；信用债发行为4.5万亿元，与去年同期持平；同业 存单累计发行6.7万亿元，同比下降19%。 | 债券类别 | 只数 | 发行额(亿元)同比增长率 | | | --- | --- | --- | --- | | 利率债 | 837 | 85,146.8 | 8% | | 国债 | 43 | 36,200.0 | 9% | | 地方政府债 | 521 | 31,058.6 | 9% | | 政策银行债 | 273 | 17.888.2 | 3% | | 信用债 | 5528 | 44.564.7 | 0% | | 金融债 | 267 | 6.256.5 | -23% ...

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！ CITICS 14th Financial Derivatives and Quantitative Strategy Seminar 中信证券第十四届金融衍生品与量化策略研讨会于3月26日-27日在湖北武汉举办。本次探讨会聚焦"配 置策略与财富配置解决方案"及"量化投资技术的新进展与实践"两大核心主题。 配置策略与财富配置 赵永刚 中信证券第十四届金融衍生品与量化策略研讨会 解决方案主题论坛 日期 2026年3月26日上午 特邀嘉宾 中证指数有限公司研究开发部总经理 熊 军 原全国社保基金理事会规划研究部副主任 戴 旻 富达基金投顾业务负责人 主讲 分析师 刘笑天 中信证券组合配置首席分析师 唐栋国 中信证券金融产品首席分析师 王亦琛 中信证券金融产品分析师 王博隆 中信证券组合配置分析师 主持人 王子雄 中信证券组合配置分析师 指数化投资的发展趋势与展望 ——基于配置型指数的视角 赵永刚 中证指数有限公司研究开发部总经理 截至2025年底，中国指数化投资总规模突破7.2万亿元，其中ETF规模超6万亿元，位居亚洲首位，市场 结构具有鲜 ...

Core Insights - The report from CITIC Securities highlights that since 2026, domestic large model manufacturers are focusing on upgrading Agent and coding capabilities, competing to release new models. The upcoming DeepSeek next-generation model is expected to continue the high cost-performance open-source model route, achieving stronger memory functions and ultra-long context processing while enhancing coding and Agent capabilities, thus addressing multi-modal shortcomings and creating new investment opportunities in model manufacturing, AI applications, and AI infrastructure [1]. Model Manufacturing - The new generation model from DeepSeek is anticipated to collaborate with other domestic models, driving China's AI to accelerate its global presence. Additionally, advancements in model training are expected to reduce costs, leading to a decrease in token prices, which will increase the overall API call volume for global large models [1]. AI Applications - The democratization of models is likely to alleviate market anxieties regarding the narrative conflict between models and applications, facilitating the implementation of AI Agents across various industries, which will benefit companies with established barriers in AI applications [1]. AI Infrastructure - Cost reductions are expected to drive increased usage, benefiting AI infrastructure. The development of domestic AI infrastructure is aligned with the advancements in domestic models [1].

1. Report Industry Investment Rating - Not provided in the document 2. Core Views of the Report - In Q4 2025, the bond market valuation recovered, and the net asset value of the bond funds in the whole market stopped falling and rebounded. However, the "asset shortage" pattern continued, the yield of credit bonds declined again, and the supply of desirable medium - to - high - yield assets shrank. Against this background, bond funds actively explored returns in terms of variety and duration in Q4, while remaining relatively cautious about credit downgrading [5]. - From the overall situation of bond fund heavy - holdings, the return range was further compressed, and institutions tended to adopt conservative strategies. The yields of the heavy - holding bond issuers were highly concentrated in the low - return range below 1.8%, and the scale of high - yield assets above 2.5% continued to shrink [5]. - For heavy - holding of urban investment bonds, the regional level showed a downward trend, with a preference for short - term durations. Zhejiang and Jiangsu were still the core heavy - holding regions, but the allocation intensity decreased. Institutions' preference for regions such as Sichuan, Shanghai, and Hunan increased. In terms of term distribution, the scale of each province was mainly concentrated around 1 - year, and as the term lengthened, the holding preference converged significantly towards strong provinces [5]. - For heavy - holding of financial bonds, bank Tier 2 and perpetual bonds dominated the allocation, and there was an obvious trend of variety downgrading. Financial bonds accounted for 72% of all heavy - holding credit bonds, with bank Tier 2 and perpetual bonds as the core varieties, and the allocation was relatively concentrated in the medium - to - high - yield range of 2.0% - 2.5%. In terms of term, a dumbbell - shaped allocation was preferred [5]. - For heavy - holding of industrial bonds, the allocation was concentrated in core industries, and institutions were more cautious about real - estate bonds. Non - bank finance and public utilities were the top two industries in terms of total market value of holdings, and were significantly increased in holdings compared with the previous period. Industries such as real estate, transportation, and coal were significantly reduced in holdings [5]. 3. Summary According to Relevant Catalogs 3.1 Bond Fund Heavy - Holding Overview 3.1.1 Overall Situation - As of the end of Q4 2025, there were 3,993 bond - type funds in the whole market, with a total scale of 11.10 trillion yuan, an increase of 0.36 trillion yuan compared with the end of the previous quarter. Bond - type funds were mainly medium - and long - term pure - bond funds, presenting a structure characterized by "dominated by medium - and long - term pure - bond funds and supplemented by hybrid bond funds" [11]. 3.1.2 Credit Bond Heavy - Holding from a Return Perspective - Most bond funds had a stable investment style and tended to adopt relatively conservative investment strategies. The yields of heavy - holding bond issuers were highly concentrated in the range below 1.8%. The supply of high - yield assets continued to shrink, and the high - yield assets above 2.5% further contracted compared with Q3 2025 [19]. - In Q4, the "asset shortage" continued, and the yields of credit bonds declined again. The concentration range of heavy - holding bond yields shifted downward. Compared with Q3, the balance of heavy - holding bonds with issuer yields below 1.8% increased significantly, while the holding balances of heavy - holding bonds in the ranges of 1.8 - 2.0%, 2.0 - 2.5%, and above 2.5% decreased to varying degrees [19]. 3.1.3 Types of Bond Fund Heavy - Holding Bonds and Their Performance in Different Dimensions - In Q4 2025, bond fund heavy - holding bonds generally showed a configuration trend of low - return concentration and high - return contraction. Financial bonds dominated with over 540 billion yuan, with bank Tier 2 and perpetual bonds as the core configuration. Industrial bonds tended to have medium - to - low returns, and urban investment bonds were concentrated in the 1.8% - 2.0% range [29]. - In terms of implicit rating distribution, financial and industrial bonds preferred high - rating issuers, while urban investment bonds showed an obvious downward trend. In Q4, incremental allocation was concentrated in high - rating bonds, and institutions were relatively cautious about credit downgrading [32]. 3.2 Characteristics of Urban Investment Bond Heavy - Holding 3.2.1 Regional and Hierarchical Characteristics of Heavy - Holding Urban Investment Bonds - In Q4 2025, the heavy - holding regions of urban investment bonds showed a certain downward trend, including prefecture - level cities in key provinces, district - level cities in non - key provinces, and park - level areas in municipalities. Zhejiang and Jiangsu were still the core heavy - holding regions, but the allocation intensity decreased. Institutions' preference for regions such as Sichuan, Shanghai, and Hunan increased [38]. 3.2.2 Term Characteristics of Heavy - Holding Urban Investment Bonds - Urban investment bonds generally preferred short - term durations. As the term lengthened, the holding preference converged significantly towards strong provinces. In Q4 2025, the term distribution of urban investment bond heavy - holdings was significantly differentiated, with the scale of each province mainly concentrated around 1 - year. The overall heavy - holding duration lengthened, but institutions were still cautious about ultra - long - term urban investment bonds [43]. 3.2.3 Analysis of the Top 20 Heavy - Holding Urban Investment Bond Issuers - The top 20 heavy - holding urban investment bond issuers in Q4 2025 were mainly medium - level prefecture - level platforms, with less obvious head - concentration characteristics. In Q4, the number of provincial - level platforms increased, and the degree of credit downgrading decreased. Some platforms were significantly reduced in holdings, while some provincial - level transportation platforms were increased in holdings [48]. 3.3 Overview of Financial Bond Heavy - Holding 3.3.1 Analysis of the Duration of Heavy - Holding Financial Bonds - Bank Tier 2 and perpetual bonds were mainly heavy - held by national and joint - stock banks, with a dumbbell - shaped term configuration preference. Compared with Q3, institutions' preference for state - owned banks and 3 - year terms increased significantly. The heavy - holding scale of Tier 2 and perpetual bonds increased, with state - owned banks showing obvious increases in holdings. Non - Tier 2 and perpetual bonds focused on 1 - year commercial financial bonds, and secondary - type bonds focused on 4 - year insurance bonds and 2 - 3 - year TLAC bonds [52]. 3.3.2 Analysis of the Top 20 Heavy - Holding Financial Bond Issuers - The top 20 heavy - holding bank Tier 2 and perpetual bond issuers were mainly state - owned banks, joint - stock banks, and relatively leading city commercial banks. State - owned banks generally increased their holdings, while joint - stock banks showed obvious differentiation. The yields of heavy - holding bonds generally declined rapidly, and there was significant differentiation in the remaining terms among issuers [61]. 3.4 Situation of Industrial Bond Heavy - Holding 3.4.1 Analysis of Heavy - Holding Industrial Bond Industries - Industrial bond allocation was still centered on industries with strong quasi - public attributes and industries with high financial relevance. Non - bank finance, public utilities, and transportation were the top three industries in terms of total market value of holdings. Non - bank finance and public utilities were significantly increased in holdings, while industries such as real estate, transportation, and coal were significantly reduced in holdings [71]. - Short - term duration varieties were still the main allocation. Most industries had a proportion of 0 - 2 - year terms exceeding 50%. Non - bank finance significantly lengthened the heavy - holding duration, while public utilities further increased the allocation of short - term duration bonds [72]. 3.4.2 Analysis of the Top 20 Heavy - Holding Industrial Bond Issuers - The top 20 heavy - holding industrial bond issuers were all central and local state - owned enterprises, mainly distributed in industries such as non - bank finance, public utilities, transportation, and coal. The allocation of industrial bond issuers was relatively concentrated. The average valuation yields of the top 20 heavy - holding industrial bond issuers generally declined, and there was significant differentiation in term changes among issuers [76]. 3.4.3 Analysis of the Top 10 Heavy - Holding Real - Estate Bond Issuers - State - owned and central - enterprise - affiliated real - estate bond issuers still occupied a core position. Some issuers were significantly increased in holdings, while some were significantly reduced in holdings. The real - estate bond allocation showed the characteristics of "medium - to - short - term duration + concentration on strong - credit issuers", and there was obvious differentiation in the return and duration strategies [79].

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the need to promote stable economic growth and reasonable price recovery while addressing potential external risks from geopolitical tensions and trade conflicts [1] Group 1: Economic Outlook - The first quarter of 2026 has seen heightened geopolitical tensions, particularly between the U.S. and Iran, leading to concerns about external demand impacting China's economy [1] - Input inflation from commodities like crude oil poses challenges for China's price management [1] Group 2: Monetary Policy - Current monetary policy in China still has room for maneuver, with a focus on creating a conducive social financing environment to support stable economic growth [1] - Flexibility in monetary policy is deemed necessary due to uncertainties in the economic environment [1] Group 3: Policy Framework - The "14th Five-Year Plan" period aims to establish a scientifically sound and robust monetary policy system, balancing short-term and long-term goals, growth support, and risk prevention [1] - Emphasis on strengthening counter-cyclical and cross-cyclical adjustments to avoid excessive monetary policy tightening or loosening, ensuring stable macroeconomic operations [1]