Group 1 - The core point of the article is the announcement by Green Power regarding a change in the designated sponsor representative for its 2022 non-public issuance of A-shares [2] - CITIC Securities has appointed Wu Zuo Jun as the new sponsor representative to replace Ma Bin, who has had a change in work arrangements [2] - The new representative will continue to fulfill the responsibilities related to the ongoing supervision of the stock issuance project [2]

Core Viewpoint - The A-share market is experiencing a strong demand for financing from securities firms, leading to a significant increase in bond issuance, with a total approval amount exceeding 3,400 billion yuan for 2026 [5][10]. Group 1: Bond Issuance Trends - As of February 4, 2026, 12 securities firms have received approval for bond issuance, with a total amount reaching 3,400 billion yuan [5]. - In 2026, 46 securities firms have issued 120 domestic bonds, totaling over 3,168 billion yuan, with a net financing amount of 2,227.17 billion yuan [6][10]. - The bond issuance volume in 2026 has increased by over three times compared to the same period last year, driven by a low base from 2025 [6]. Group 2: Major Issuers - Leading securities firms such as Huatai Securities and Guotai Junan Securities have issued 350 billion yuan and 340 billion yuan in bonds, respectively, making them the largest issuers in 2026 [7]. - Other significant issuers include CITIC Securities, China Merchants Securities, and China Galaxy Securities, each exceeding 200 billion yuan in bond issuance [7][8]. Group 3: Purpose of Fundraising - The primary purpose of the bond issuance is to ensure liquidity and support business development, with many firms indicating that funds will be used for debt repayment and to supplement working capital [11][12]. - Specific allocations for capital-consuming businesses have been noted, with firms like Guotai Junan and CITIC Securities committing to limit the use of raised funds for such purposes to no more than 10% [13]. Group 4: H-share Financing - In addition to domestic bond issuance, major securities firms are also engaging in H-share refinancing, with Guangfa Securities planning to raise over 6 billion HKD through a combination of new H-share placements and convertible bonds [15]. - Huatai Securities announced a zero-coupon convertible bond issuance of 10 billion HKD, aimed at supporting overseas business development and enhancing operational capital [18].

来源：市场资讯 | 牧原食品股份有限公司港股上市 | 项目名称 | | | --- | --- | --- | | 牧原股份港股IPO | 项目简称 | | | 2026年2月6日 | 上市日期 | | | 106.84亿港元(超额配售权行使前) | 发行规模 | 122.87亿港元(超额配售权行使后) | | 53.42亿港元 | 基石投资者 投资规模 | | | 保荐人、整体协调人、 | 中信证券角色 | 联席全球协调人、联席账簿管理人 及联席牵头经办人 | 践行农业强国战略 全球生猪养殖龙头开启国际化新纪元 牧原股份是全球第一大生猪养殖企业。本次H股上市, 是牧原股份首次于境外进行股权融资,也是其国际化 战略落地的核心举措。本次发行有助于牧原股份开启 国际化新纪元,推动中国农业现代化技术、管理模式 向全球输出,为我国农牧产业高质量发展与国际竞争 力提升奠定坚实基础 （来源：中信证券发布） 2015年以来香港市场农业板块最大规模IPO 受到境内外投资者广泛关注 本项目是2015年以来香港资本市场农业板块最大规 模IPO。依托对消费行业的深刻理解和全球化投资者 网络覆盖,中信证券协助牧原股份对接并引入国际及 ...

Group 1 - The article emphasizes the importance of using authoritative and professional analyst reports for stock trading, highlighting their role in identifying potential investment opportunities [1][2] - It mentions that the reports are timely and comprehensive, which aids investors in making informed decisions [1][2] Group 2 - The source of the article is identified as a collaboration with a media partner, indicating that the information is disseminated for the purpose of providing more insights [1][2] - A disclaimer is included, stating that the content is for reference only and does not constitute investment advice, which is a standard practice in financial reporting [1][2]

中国神华昨晚披露的发行股份及支付现金购买资产并募集配套资金暨关联交易报告书(注册稿)显示，本 次交易的独立财务顾问是中信证券。 中国经济网北京2月6日讯中国神华（601088）(601088.SH)昨晚披露了关于发行股份及支付现金购买资 产并募集配套资金暨关联交易事项获得上海证券交易所审核通过的公告。 中国神华拟发行A股股份及支付现金购买控股股东国家能源投资集团有限责任公司持有的国家能源集团 国源电力有限公司100%股权、国家能源集团新疆能源化工有限公司100%股权、中国神华煤制油化工有 限公司100%股权、国家能源集团乌海能源有限责任公司100%股权、内蒙古平庄煤业(集团)有限责任公 司100%股权、国家能源集团陕西神延煤炭有限责任公司41%股权、山西省晋神能源有限公司49%股权、 国家能源集团包头矿业有限责任公司100%股权、国家能源集团航运有限公司100%股权、神华煤炭运销 有限公司100%股权、国家能源集团港口有限公司100%股权，以支付现金的方式购买国家能源集团西部 能源投资有限公司持有的国电建投内蒙古能源有限公司100%股权，并于A股募集配套资金("本次交 易")。 上海证券交易所已于2026年2 ...

2026年伊始，黄金行情持续牵动全球投资者的神经。 暴涨——新高——暴跌——回暖——震荡，剧烈的波动之下，市场情绪在狂热与恐慌之间反复切换。有 人止损离场，也有人逢低抄底；也有投资者跑步进场，而后在行情震荡中饱受煎熬…… 截至2月6日11时，国际黄金现货价格约在4850美元/盎司上下，较年初上涨约12%，表现虽超过多数主 流市场指数。然而，与1月29日创下的历史高点相比，金价仍回调超过700美元/盎司。 市场分歧正在加剧。"黄金还能买吗？""该选积存金还是黄金ETF？""这一轮上涨究竟能走多远？"投资 者的疑问纷至沓来。与此同时，已有部分投资者将目光悄然转向其他小金属，试图在金银狂潮之外，提 前捕捉下一个可能起飞的市场。 近日，针对当前黄金市场的剧烈波动与后续走向，21世纪经济报道记者特别对话了中信证券有色金属行 业首席分析师敖翀，试图厘清本轮行情的核心驱动，探寻价格剧烈波动的背后逻辑。 在交流中，敖翀明确指出，当前黄金的上涨趋势尚未完结，流动性预期是当下驱动黄金价格走势的核心 力量。此外，持续的地缘政治冲突也为黄金提供了阶段性的避险动力。 敖翀进一步分析称，随着流动性的持续释放，中国和全球经济有望在未来6- ...

Investment Rating - The report maintains an "Outperform" rating for the non-bank financial sector [5][4]. Core Insights - The report emphasizes that the intervention of stabilization funds has become a normalized and institutionalized mechanism in capital markets, which requires institutional investors to adapt their asset allocation strategies to include policy variables for long-term considerations [2][11]. - The shift from direct intervention in individual stocks to a focus on broad-based ETFs represents a strategic evolution aimed at maintaining market stability while minimizing distortions in price signals [3][52]. - The report highlights that the actions of the "national team" in stabilizing the market have led to a gradual formation of a "slow bull" market, improving the operating environment for non-bank financial sectors and enhancing long-term valuations for brokerages and insurance companies [3][12]. Summary by Sections Overseas Perspective - Stabilization funds are viewed as essential stabilizing forces in capital markets, with examples from Japan and the U.S. demonstrating their long-term operational roles rather than short-term emergency measures [2][11]. - Japan's central bank has become a major player in market interventions, with its ETF holdings reaching approximately 37 trillion yen by the end of 2025, indicating a shift to a normalized intervention strategy [14][20]. Domestic Practice - Since 2023, the central financial institutions in China have optimized their strategies by focusing on increasing holdings in broad-based ETFs like the CSI 300 and SSE 50, which has effectively reduced irrational market volatility and guided investors towards core market assets [3][12]. - The report notes that this transition from precise stock interventions to macro-guided asset combinations has laid a solid foundation for a long-term value return in the market [3][12]. Key Company Earnings Forecasts - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for several companies, all rated as "Outperform": - China Ping An: EPS 7.87 (2025E), PE 8.56 (2025E) [4] - China Life: EPS 6.07 (2025E), PE 8.02 (2025E) [4] - China Pacific Insurance: EPS 5.40 (2025E), PE 8.28 (2025E) [4] - CITIC Securities: EPS 2.21 (2025E), PE 12.83 (2025E) [4] - Guotai Junan: EPS 1.53 (2025E), PE 13.08 (2025E) [4] - Industrial Securities: EPS 0.39 (2025E), PE 17.69 (2025E) [4] - Dongfang Securities: EPS 0.69 (2025E), PE 14.84 (2025E) [4]

Core Viewpoint - The solid-state battery sector is experiencing a transition from a conceptual phase to an industrialization phase, supported by improvements in the fundamentals of related companies and accelerated industry development, indicating strong rationality and sustainability [1][2]. Industry Performance - The solid-state battery index has shown a fluctuation with a year-to-date increase of 12.15% as of January 23, which later adjusted to a 5.52% increase by February 5 [2]. - The strong performance of the sector is attributed to dual support from improved fundamentals and accelerated industry development, moving away from mere thematic speculation [2]. Industry Developments - The release of the draft national standard for solid-state batteries on December 30, 2025, is seen as a milestone that positions China to gain a competitive edge in global industry standards [2]. - Successful vehicle testing of solid-state batteries by companies like Guoxuan High-Tech and FAW Hongqi marks a significant step towards practical application [3]. Technological Advancements - The solid-state battery industry is overcoming technical bottlenecks and is expected to transition from a conceptual phase to a realization phase, indicating long-term investment value [4]. - Key challenges include the maturity of material systems and the production capacity of solid electrolytes, with prices for lithium sulfide expected to drop significantly by 2026 [4][5]. Investment Opportunities - The solid-state battery sector presents a gradient of investment opportunities, with equipment, materials, and battery segments benefiting sequentially from industry development [7]. - Equipment manufacturers are expected to be the first beneficiaries, with significant investments required for specialized equipment, which is projected to yield performance contributions starting in 2026 [7]. - The solid-state battery shipment volume is anticipated to reach 27 GWh by 2027, with a focus on investment opportunities in core areas such as electrode materials and manufacturing processes [8].

A股券商两融业务迎来"开门红"。 市场活跃度提升与政策逆周期调节同步推进，推动两融余额攀升至历史高位，机构普遍看好券商业绩因 此获得提振。 中信建投（601066）研报表示，2025年上市券商净利润普遍实现高增，主要受益于日均成交额同比提升 及两融余额维持高位，多家券商净利增幅超70%；与此同时，降准降息与中长期资金入市方案落地，分 类评价优化打开优质券商资本空间，并购重组成效显著。宏观层面经济圆满实现5%增长目标，资本市 场活跃度创十年新高，为业绩提供坚实支撑。当前板块PB估值仅1.36倍，处于历史中等分位，业绩改善 与政策红利有望驱动估值中枢上移。 中资券商相关概念港股： 华泰证券（601688）(06886)、广发证券（000776）(01776)、中国银河（601881）(06881)、国泰海通 (02611)、中金公司（601995）(03908)、中信证券（06030）、中信建投证券(06066)、东方证券 （600958）(03958)、光大证券（601788）(06178)、申万宏源（000166）(06806)、中州证券(01375)、国 联民生(01456)等。 最新数据显示，2026年1 ...

（文章来源：每日经济新闻） 中信证券认为，在基本医保管理边界逐渐明晰的趋势下，商保有望成为医疗健康产业支付端的核心增 量，当前政策红利、数据资产与商业健康险产品迭代共振有望开启医疗健康产业多元化支付体系发展新 周期。下一阶段，中信证券认为商保综合服务提供商有望解决保司端人才、数据制约，打开创新药械企 业创新价值兑现面临的结构性瓶颈，进一步助推商业健康险行业边际加速发展。认为伴随商保支付渗透 率提升与数据智能驱动的控费模式成熟，具备药险资源整合能力与技术壁垒的平台型公司，有望脱颖而 出成长为行业龙头。持续建议关注以下三条投资主线：1）平台型公司赋能药险协同，开启支付体系"换 挡升级"新周期。2）创新药械——创新药械有望受益于商业健康险带来的增量支付额以及估值体系提 升；3）民营医疗终端——迎来新支付方，打开未来业绩成长空间。 ...