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的內容概不負責，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份內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 2026 年第一次臨時股東會通告 茲通告中信証券股份有限公司（「本公司」）謹訂於2026年3月1 3日（星期五）上午9時3 0分 假座中國北京市朝陽區亮馬橋路4 8號北京瑞城四季酒店三層四季廳I舉行2026年第一次 臨時股東會（「臨時股東會」），藉以考慮並酌情批准以下決議案。除非另有所指，本通告 所用詞彙與本公司日期為2026年2月13日的通函（「通函」）所界定者具有相同涵義。 普通決議案 1. 關於選舉公司非執行董事的議案 承董事會命 中信証券股份有限公司 董事長 張佑君 6030 5. 為確定有權出席臨時股東會的H股股東名單，本公司將自2026年3月10日（星期二）至2026年3月13 日（星期五）（包括首尾兩日）期間暫停辦理H股過戶登記手續。H股股東如欲出席臨時股東會，須 於2026年3月9日（星期一）下午4時30分或之前，將全部股票連同股份過戶文件一併送交本公司H 股過戶登記處香港中央證券登記有 ...

此乃要件 請即處理 閣下如對本通函的任何方面或應採取的行動有任何疑問，應諮詢 閣下的股票經紀或其他 註冊證券交易商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已將名下全部中信証券股份有限公司的股份售出或轉讓，應立即將本通函及隨附的 臨時股東會代表委任表格交予買方或承讓人，或送交經手買賣或轉讓的銀行、持牌證券商 或其他代理商，以便轉交買方或承讓人。 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通函的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不就因本通函全部或任何部份內容而產 生或因倚賴該等內容而引致的任何損失承擔任何責任。 6030 選舉公司非執行董事 及 2026年第一次臨時股東會通告 本公司謹訂於2026年3月13日（星期五）上午9時30分假座中國北京市朝陽區亮馬橋路48號 北京瑞城四季酒店三層四季廳I舉行臨時股東會，臨時股東會通告載於本通函的第EGM-1 至第EGM-2頁。 無論 閣下是否能出席臨時股東會，務請細閱臨時股東會通告，並盡早按隨附的代表委任 表格上印列的指示填妥及交回該表格。H股股東須將代表委任表格交回本公司H股過戶登 記處香港中央證券登記有限公司，而A ...

Core Viewpoint - The alternative investment landscape among securities firms in China is experiencing a significant divergence, with some firms retracting while others are expanding their investments [2][5]. Group 1: Firms Retracting - Firms like Caida Securities and Dongxing Securities are reducing their capital in alternative investment subsidiaries due to poor financial performance, with Caida's subsidiary reporting a revenue of -1.19 million yuan and a net loss of 2.47 million yuan for the first nine months of 2025 [2][3]. - Northeast Securities' alternative subsidiary reported a total revenue of -1.84 million yuan and a net loss exceeding 16 million yuan in 2024, leading to a capital reduction to 1 billion yuan [3]. - The overall trend shows that many smaller securities firms are facing capital pressure and liquidity risks due to the requirements of the Sci-Tech Innovation Board's co-investment system, which mandates a 2%-5% co-investment ratio and a 24-month lock-up period [3][6]. Group 2: Firms Expanding - In contrast, firms like Caitong Securities and Guohai Securities are increasing their capital in alternative investment subsidiaries, with Caitong planning to raise up to 2 billion yuan to enhance its capital strength [5][6]. - Guohai Securities announced a 500 million yuan capital increase, citing rapid growth in investment business and the need to bolster capital for competitive advantage [5]. - Other firms, such as Zhongtai Securities and Nanjing Securities, are also focusing on alternative investments, targeting specialized and innovative enterprises, indicating a shift from passive co-investing to proactive investment strategies [5][6]. Group 3: Industry Trends - The divergence in strategies reflects a broader shift in the industry from a focus on scale to a more refined approach to capital management, emphasizing project selection, post-investment support, and exit management [6]. - Experts suggest that the current environment necessitates a transition from "broad arbitrage" to "meticulous cultivation," focusing on precise project screening, risk control, and efficient capital turnover [6]. - The changes in capital allocation strategies among securities firms highlight the industry's adaptation to regulatory changes and market conditions, with a growing emphasis on professional capabilities and risk management [6].

Core Viewpoint - The hydrogen energy industry is expected to see enhanced policy positioning as it is recognized as a future industry, with potential breakthroughs anticipated in hydrogen-electric coupling and industrial decarbonization by 2026 [1] Industry Outlook - The industry is projected to maintain rapid growth in Fuel Cell Electric Vehicles (FCEV) and hydrogen-based green fuels [1] - The expansion of downstream applications and increasing demand for green hydrogen are expected to drive down costs through economies of scale, facilitating a positive cycle of cost reduction and volume increase [1] - This positive cycle is likely to support the industry's full transition into commercialization [1]

每经AI快讯，2月13日，中信证券发布研报指出，截至2026年1月31日，A股共有2976家公司披露2025年 年报业绩预告，总披露率为54.0%。其中预喜公司占比达37%，相比于2024年报预告的33%有进一步提 升。本轮业绩预告呈现出"科技驱动、外需支撑、金融压仓"的结构性特征，大市值龙头盈利修复显著， 中小市值企业业绩压力仍然突出。 （文章来源：每日经济新闻） ...

Summary of Conference Call Notes Industry Overview - The data pertains to the Chinese stock market, specifically focusing on major indices such as 中证500 (CSI 500), 沪深300 (CSI 300), 上证50 (SSE 50), and 中证1000 (CSI 1000) [1] Key Points and Arguments - **Short Positions**: - 中证500 has a net short position of 12,830 with an increase of 912 [1] - 沪深300 has a net short position of 12,578 with an increase of 657 [1] - 上证50 has a net short position of 3,876 with a decrease of 95 [1] - 中证1000 has a net short position of 35,460 with a decrease of 133 [1] - **Cumulative Short Positions**: - 中信 (CITIC) has accumulated a total of 64,744 net short positions with an increase of 1,341 today [1] - Major players have a cumulative total of 165,912 net short positions with an increase of 4,159 today [1] - **Trading Volume**: - The total trading volume across the three markets reached 21,610 billion, an increase of 1,598 billion compared to the previous trading day [1] - There was a net outflow of 70.93 billion from major players [1] - The margin financing balance stands at 26,444.35 billion [1] Additional Important Information - The data indicates a significant increase in short positions across major indices, suggesting a bearish sentiment in the market [1] - The trading volume increase may reflect heightened market activity, potentially influenced by external factors or investor sentiment [1]

Group 1 - The Securities ETF Index Fund (516200) opened with a slight increase of 0.09%, priced at 1.134 yuan [1] - Major holdings in the Securities ETF Index Fund include Dongfang Caifu, which rose by 0.18%, and other securities firms like CITIC Securities and Huatai Securities, which remained stable or showed minor fluctuations [1] - The fund's performance benchmark is the CSI All Share Securities Company Index return rate, managed by Huaan Fund Management Co., Ltd., with a return of 13.19% since its inception on March 9, 2021, and a recent one-month return of -5.46% [1]

Group 1: Swine Farming - In 2025, pig prices are expected to fluctuate downward, with an average price of 13.73 yuan/kg, a year-on-year decrease of 18.2%, leading to significant declines in the performance of listed companies in the swine sector [1] - Some companies are outperforming the industry with profits of 150-200 yuan per head, while one company has a projected total cost of approximately 11.4 yuan/kg by Q4 2025 [1] - The industry is expected to gradually reduce production capacity in H1 2026, with a potential recovery in pig prices anticipated in H2 2026 and 2027 [1] Group 2: Poultry Farming - The poultry industry has been experiencing low price fluctuations since 2025 due to high production capacity and weak consumer demand, with profits for the year expected to decline [2] - The sales of grandparent and parent stock chicks remain relatively high, which may suppress the price rebound in 2026 [2] - The impact of overseas avian influenza on breeding shortages and consumer recovery will be closely monitored [2] Group 3: Post-Cycle Farming - The feed and animal health industries are experiencing upward trends in 2025 due to recovery in livestock and aquaculture stocks, with many companies achieving high growth [3] - However, growth rates began to slow down from Q3 2025, prompting leading companies to seek breakthroughs through international expansion and new product development [3] - A further slowdown in domestic growth is anticipated in 2026, with recommendations for high-quality feed stocks and leading animal health companies [3] Group 4: Mushroom Industry - The mushroom sector has seen continuous price increases since Q3 2025 due to production capacity exiting the market, with strong performance expected to continue into Q1 2026 [4] - The industry is benefiting from the rising prices of edible mushrooms, particularly under the influence of seasonal demand during the Spring Festival [4] - Recommendations include leading companies that benefit from the rising cycle of enoki mushrooms and those with significant success in developing new product categories [4]

Core Viewpoint - As of January 31, 2026, 2,976 A-share companies have disclosed their 2025 annual performance forecasts, with a total disclosure rate of 54.0%. The proportion of companies with positive forecasts has increased to 37% from 33% in 2024, indicating a structural recovery driven by technology, supported by external demand, while financial sectors face pressure [1][9]. Group 1: Performance Forecast Overview - The number of companies with positive forecasts has expanded, with technology, finance, and cyclical sectors being the highlights. The overall disclosure rate is 54.0%, with 37% of companies forecasting positive results, up from 33% in 2024. Key sectors showing growth include communication, basic chemicals, non-ferrous metals, non-bank finance, electronics, and utilities [1][5]. - The performance forecast reveals significant improvements among large-cap leaders, while small-cap companies continue to face substantial pressure. The positive forecast ratio is highly correlated with market capitalization, with the Shanghai Stock Exchange 50 index showing a 75% positive forecast ratio [9][12]. Group 2: Sector-Specific Insights - The current performance forecasts exhibit structural characteristics of "technology-driven, externally supported, and financial pressure." Notably, 9 companies from the Shanghai Stock Exchange 50 have released forecasts, with 6 showing growth, particularly in machinery, non-ferrous, pharmaceuticals, and electronics [12]. - The technology sector shows high resilience due to global AI infrastructure and semiconductor demand growth, while industries like non-ferrous metals and chemicals are experiencing performance releases due to improved pricing power [12][22]. Group 3: Institutional Investment Strategies - Fund companies focus on clear growth sectors, with the top three heavy investment industries being electronics (20.1%), pharmaceuticals (10.1%), and power equipment & new energy (9.3%). The top 20% of holdings have a forecasted net profit of 3,976.3 billion yuan, reflecting a 46.4% year-on-year growth [16][21]. - Insurance companies prioritize cash flow and defensive attributes, with a significant portion of their holdings in banking and non-bank financial sectors. The top 20% of holdings forecast a net profit of 814.7 billion yuan, with limited growth elasticity [16][20]. Group 4: Analyst Expectations and Market Reactions - Analyst expectations are generally optimistic, with 537 companies forecasting below market consensus and only 160 exceeding expectations, indicating a significant bias towards optimism in earnings predictions [22][27]. - The analysis of market reactions shows that 658 stocks experienced a gap down on the day following their forecasts, while only 230 saw a gap up, suggesting that overall earnings expectations were overly optimistic prior to announcements [27][33].

Core Viewpoint - The recent performance of US internet companies has generally exceeded market expectations, but stock prices have been under pressure due to liquidity and AI narratives, leading to a significant divergence from performance trends [1][2] Market Review - The fourth-quarter earnings of major US internet companies have been disclosed, revealing a disconnect between earnings and stock price movements, influenced by AI narratives and liquidity issues [2] - The market has significantly amplified disturbances related to AI disruption and weak liquidity, causing a notable divergence between stock prices and fundamentals [2] Fundamentals - Recent earnings reports indicate strong resilience and high prosperity in sectors like Adtech, e-commerce, and gaming [3] - In Adtech, AppLovin's revenue grew by 66% year-over-year in Q4 2025, exceeding expectations, with an adjusted EBITDA increase of 82% [3] - In e-commerce, Shopify's GMV and revenue both increased by 31% year-over-year in Q4 2025, also surpassing expectations [4] - In gaming, Roblox's total bookings rose by 63% year-over-year in Q4 2025, with revenue increasing by 43% and daily active users up by 69% [4] Future Outlook - Current valuations of major companies are significantly below historical averages, indicating a favorable mid-term investment opportunity [5] - The potential for narrative reversal exists due to ongoing performance realization, AI collaborations, and liquidity improvements, suggesting that overly pessimistic expectations may provide upside for internet companies [5]