格隆汇1月12日丨中信证券(06030.HK)公告，公司非执行董事王恕慧因工作变动，已向董事会提呈辞任 非执行董事、发展战略与ESG委员会委员、风险管理委员会委员的职务。辞任后，王恕慧亦不在公司及 控股子公司担任其他职务。王恕慧的辞任自2026年1月12日起生效。 ...

智通财经APP讯，中信证券(06030)发布公告，本公司非执行董事王恕慧先生因工作变动，已向董事会提 呈辞任非执行董事、发展战略与ESG委员会委员、风险管理委员会委员的职务。辞任后，王恕慧先生亦 不在本公司及控股子公司担任其他职务。王恕慧先生的辞任自2026年1月12日起生效。 ...

6030 董事名單與其角色和職能 獨立非執行董事 李青 史青春 張健華 劉俏 李蘭冰 職工董事 施亮 - 1 - 董事會設立6個委員會。下表提供各董事會成員在這些委員會中所擔任的職位。 中信証券股份有限公司（「本公司」）董事會（「董事會」）成員載列如下： 執行董事 張佑君（董事長） 鄒迎光 張長義 非執行董事 李艺 梁丹 張學軍 付臨芳 趙先信 | | 發展戰略與 | | 薪酬與考核 | | 風險管理 | 關聯交易 | | --- | --- | --- | --- | --- | --- | --- | | | ESG委員會 | 審計委員會 | 委員會 | 提名委員會 | 委員會 | 控制委員會 | | 張佑君 | C | | | M | | | | 鄒迎光 | M | | | | C | | | 張長義 | | | | | M | | | 李艺 | | | M | | | | | 梁丹 | M | | | | | | | 張學軍 | | M | | | | | | 付臨芳 | | | | M | | | | 趙先信 | | | | | M | | | 李青 | | M | | C | | M | | 史青 ...

本公司非執行董事王恕慧先生因工作變動，已向董事會提呈辭任非執行董事、發展戰略 與ESG委員會委員、風險管理委員會委員的職務。辭任後，王恕慧先生亦不在本公司及 控股子公司擔任其他職務。王恕慧先生的辭任自2026年1月12日起生效。 中信証券股份有限公司（「本公司」）第八屆董事（「董事」）會（「董事會」）謹此宣佈： 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。 根據《公司法》及本公司《章程》（「《章程》」）的規定，王恕慧先生的辭任不會導致董事會成 員人數低於法定最低人數，不會對本公司經營產生影響，其將按照本公司有關制度做好 工作交接。王恕慧先生已確認，截至目前其未持有本公司股份，與本公司無任何意見分 歧，不存在未履行完畢的公開承諾，亦無與其辭任有關的事項須提請本公司股東及香港 聯合交易所有限公司注意。本公司將按照《章程》等相關規定盡快完成新任非執行董事的 選舉工作。本公司對王恕慧先生任職期間為本公司發展所作出的貢獻表示衷心感謝。 承董事會命 中信証券股 ...

（责任编辑：刘静 HZ010） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 格隆汇1月12日丨中信证券(600030.SH)公布，公司非执行董事王恕慧先生因工作变动，于2026年1 月12日向董事会提交辞职报告，辞去公司非执行董事、董事会发展战略与ESG委员会及风险管理委员会 委员职务。辞任后，王恕慧先生亦不在公司及控股子公司担任其他职务。该辞任自辞职报告送达公司董 事会时生效。 ...

证券代码：600030 证券简称：中信证券 公告编号：临2026-001 二、离任对公司的影响 根据《公司法》及公司《章程》的规定，王恕慧先生的辞任不会导致董事会成员 人数低于法定最低人数，不会对公司经营产生影响，其将按照公司有关制度做好工作 交接。经王恕慧先生确认，截至目前其未持有公司股份，与公司无任何意见分歧，不 存在未履行完毕的公开承诺，亦无任何与其辞任有关的事项需要通知公司股东。公司 将按照公司《章程》等相关规定尽快完成新任非执行董事的选举工作。 公司对王恕慧先生任职期间对公司发展作出的贡献表示衷心的感谢！ 特此公告。 中信证券股份有限公司董事会 2026年1月12日 | 姓名 | 离任职务 | | 原定任期到 | | | 是否继续在上 | 是否存在未 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 离任时间 | 期日 | | 离任原因 | 市公司及其控 | 履行完毕的 | | | | | | | | 股子公司任职 | 公开承诺 | | | 非执行董事、董事会 发展战略与ESG委员 | 2026年 1月 | 2025 年 12 | 月 ...

Investment Rating - The report maintains a "Buy" rating for Guotai Junan Securities, with a target valuation indicating a potential upside of 28% from the current levels [4][7]. Core Insights - The merger of Guotai Junan and Haitong Securities is showing initial positive results, with the company positioned to align closely with CITIC Securities, enhancing its market presence and operational efficiency [4][6]. - The report highlights the company's improved valuation metrics and operational capabilities post-merger, suggesting that Guotai Junan is on track to catch up with CITIC Securities in terms of fundamental performance [4][6]. - The report emphasizes the favorable external environment, including a potential decline in overseas financing costs and a shift in resident deposits, which could enhance the company's operational flexibility [4][6]. Financial Data and Profit Forecast - Revenue projections for Guotai Junan are as follows: - 2023: 36,141.29 million - 2024: 43,397.13 million (20.08% YoY growth) - 2025E: 62,138.06 million (43.18% YoY growth) - 2026E: 68,576.14 million (10.36% YoY growth) - 2027E: 72,304.30 million (5.44% YoY growth) [5] - Net profit attributable to the parent company is forecasted as: - 2023: 9,374.15 million - 2024: 13,024.08 million (38.94% YoY growth) - 2025E: 27,657.89 million (112.36% YoY growth) - 2026E: 29,528.10 million (6.76% YoY growth) - 2027E: 31,607.95 million (7.04% YoY growth) [5] - The report anticipates a return on equity (ROE) of 6.02% in 2023, increasing to 9.80% by 2025E, before stabilizing around 7.13% in 2026E and 7.35% in 2027E [5]. Strategic Developments - The merger has led to a significant enhancement in the company's organizational structure, with a focus on functional committees to streamline operations and improve efficiency [6][22]. - Guotai Junan is expected to leverage its expanded asset base and improved capital efficiency to enhance its cross-border derivative and international business capabilities [6][9]. - The company aims to strengthen its wealth management and asset management capabilities, with a focus on expanding its client base and service offerings [33][34]. Market Positioning - Guotai Junan has positioned itself as a leading player in the financial services sector, with a significant increase in its market presence and operational metrics post-merger [6][19]. - The company is now ranked among the top ten global investment banks, reflecting its enhanced capabilities and market positioning [17][19]. Valuation and Market Outlook - The report suggests that Guotai Junan's valuation should align with that of CITIC Securities, with a target price-to-book (P/B) ratio of 1.53x, indicating a substantial upside potential [7][19]. - The anticipated growth in net profit and revenue, coupled with improved operational metrics, positions Guotai Junan favorably for future performance [5][7].

Market Performance - The securities sector increased by 1.4% on January 12, with Pacific Securities leading the gains [1] - The Shanghai Composite Index closed at 4165.29, up 1.09%, while the Shenzhen Component Index closed at 14366.91, up 1.75% [1] Individual Stock Performance - Pacific Securities (code: 660T099) closed at 4.54, up 7.84% with a trading volume of 10.47 million shares and a transaction value of 4.736 billion [1] - Tianfeng Securities (code: 601162) closed at 4.46, up 3.96% with a trading volume of 4.9871 million shares and a transaction value of 2.2 billion [1] - Dongfang Caifu (code: 300059) closed at 25.05, up 3.81% with a trading volume of 7.0062 million shares and a transaction value of 17.298 billion [1] - Other notable stocks include Xiangcai Co. (code: 600095) up 3.40%, and Tusheng Securities (code: 002670) up 3.22% [1] Capital Flow - The securities sector saw a net inflow of 4.348 billion from institutional investors, while retail investors experienced a net outflow of 2.234 billion [2][3] - The main capital inflow was concentrated in Dongfang Caifu with a net inflow of 1.655 billion, while Pacific Securities had a net inflow of 1.19 billion [3] Summary of Trading Data - The trading data for various securities shows a mix of performance, with some stocks experiencing significant gains while others remained flat or slightly declined [2][3] - The overall trading environment indicates a positive sentiment in the securities market, driven by institutional buying [2][3]

Group 1 - The core point of the article is that Weiyuan Co., Ltd. (维远股份) has announced that its performance for 2025 is expected to be below expectations due to factors such as declining product prices, leading to a projected net loss for the year [1] - Weiyuan Co., Ltd. was listed on the Shanghai Stock Exchange on September 15, 2021, with an initial public offering of 138 million shares at a price of 29.56 yuan per share, and the stock is currently trading below its initial offering price [1] - The total amount raised from the initial public offering was 4.065 billion yuan, with a net amount of 3.88 billion yuan after deducting issuance costs, which was 2 billion yuan more than originally planned [1] Group 2 - In 2024, Weiyuan Co., Ltd. achieved an operating revenue of 9.522 billion yuan, representing a year-on-year increase of 35.06%, while the net profit attributable to shareholders decreased by 42.62% to 56.59 million yuan [2] - The company's net profit after deducting non-recurring gains and losses was 45.31 million yuan, down 36.85% year-on-year, while the net cash flow from operating activities increased by 49.52% to 918 million yuan [2]

综合来看，报告认为，供给宽松压力减缓，煤价中枢有望小幅上移。 展望2026年，预计行业将延续供需双弱的格局，但供给宽松的幅度或有所收窄。再考虑"反内卷"政策的 托底，预计煤价底部可有效抬升，低价持续时间也有望缩短。再考虑全球煤炭供需格局的改善对国际煤 价形成支撑，国内煤价中枢有望上移，预计2026年国内煤炭均价涨幅约为5~7%。 新华财经北京1月12日电中信证券2026年煤炭行业投资策略报告指出，2026年行业或将延续供需双弱的 格局，但在政策托底下，煤价表现或好于2025年，上市公司盈利、分红预期也有望跟随改善。在景气预 期转暖的预期下，板块或随市场风格轮动或行业预期差出现阶段性的机会。建议继续关注行业红利龙 头、具备alpha的公司以及潜在业绩弹性大的标的。 报告具体写道，供应层面看，2025年下半年，核查超产政策、安全监管收紧等因素推动国内产量释放阶 段性放缓，7~11月国内原煤产量同比连续下降。预计2026年相关政策对供给约束的影响依然存在。展 望2026年，预计净新增煤炭产量2800万吨，对应产量增速约0.6%。 同时，2025年内煤炭进口同比下降明显，预计2026年印尼等国煤炭减产计划和出口政策调 ...