Group 1 - Huatai Securities indicates that since mid-January, despite high outflows from broad-based ETFs, there remains incremental investment from insurance funds and an arbitrage demand from investors, suggesting continued market momentum [1] - The rotation of investment focus is expected to shift from thematic stocks to those with performance verification, particularly in industries with sustainable recovery capabilities, such as the price increase chain, high-end manufacturing, and AI chain [1] - Specific sectors to consider for allocation include electric equipment, basic chemicals, and semiconductor equipment, with a moderate increase in allocation towards cyclical dividends [1] Group 2 - CITIC Securities reports that the Indonesian government is expected to reduce nickel ore production quotas for 2026 to 250 million to 260 million tons, a significant decrease from 2025 [2] - If the 2026 production quota is implemented, Indonesia's nickel output may decline to 2.6 million to 2.7 million tons, leading to a global nickel supply shortage of 200,000 tons, which could push LME nickel prices up to $22,000 per ton [2] - The tightening regulatory stance of Indonesia towards the mining industry is likely to slow the growth rate of nickel production, indicating a gradual recovery in nickel prices from the bottom [2] Group 3 - Huatai Securities anticipates that the Federal Reserve is likely to pause interest rate cuts in January, maintaining its forward guidance for December 2025, with limited new information expected [3] - Attention is drawn to Powell's statements regarding the interest rate path, the independence of the Federal Reserve, and whether he will remain as a board member [3]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 担保对象及基本情况 二、被担保人基本情况 ■ ● 累计担保情况 ■ 公司境外全资子公司中信证券国际有限公司（以下简称中信证券国际）的附属公司CSI MTN Limited （以下简称发行人或被担保人）于2022年3月29日设立境外中期票据计划（以下简称中票计划），此中 票计划由中信证券国际提供担保。根据存续票据到期情况，结合公司业务发展实际需要，发行人于2026 年1月26日在中票计划下发行一笔票据，发行金额500万美元。 经公司第八届董事会第二十二次会议预审，经公司2023年度股东大会批准并再次授权公司发行境内外公 司债务融资工具。本次担保在上述授权范围之内。 ■ 三、担保协议的主要内容 根据发行人与中信证券国际、花旗国际有限公司（作为受托人）签署的《信托契据》，中信证券国际作 为担保人就发行人在中票计划下发行的票据，提供无条件及不可撤销的保证担保。2026年1月26日，发 行人在该中票计划下发行一笔票据，发行金额500万美元，由中信证券国际提供担保。 四、 ...

Group 1 - The core viewpoint of the news is the approval of the CITIC Securities - Chengdu Jiaozi Park Commercial Property Holding Real Estate Asset-Backed Special Plan, which aims to issue 450 million yuan [2] - The original rights holder of the plan is Chengdu Jiaozi Park Investment Holding Co., Ltd., which was established in August 2022 in Chengdu High-tech Zone [2] - The plan manager is CITIC Securities Co., Ltd., and the project has been officially accepted as of January 23, 2026 [2] Group 2 - Chengdu Jiaozi Park Investment Holding Co., Ltd. focuses on creating a highland for equity investment funds in Western China, actively implementing strategies to strengthen industrial chains and promote economic growth [3] - The company has established multiple funds in collaboration with well-known institutions such as LVMH, Meituan Longzhu, and others, targeting industries like electronic information, biomedicine, and digital economy [3] - The company promotes the establishment of dual GP funds around specific sectors such as artificial intelligence, satellite communication, and robotics, aiming to create a three-tiered industrial fund system [3]

Investment Rating - The report maintains a "Positive" investment rating for the non-bank financial sector [7] Core Insights - The non-bank sector has shown weak overall performance this week, but some companies have disclosed high profit growth forecasts for 2025. The China Securities Regulatory Commission (CSRC) has issued guidelines to promote the return to fundamentals in the public offering securities investment fund industry, which is expected to drive long-term stable development [2][4] - The market trading volume has decreased, yet remains at historically high levels. The report suggests monitoring the sector's future performance [4] - In the insurance sector, the third-quarter reports have confirmed the logic of deposit migration, increased equity allocation, and improved new policy costs. The certainty of ROE improvement has increased, and valuations are expected to accelerate recovery [4] - The report highlights the increasing cost-effectiveness of overall allocations and ongoing revaluation in the sector [4] Summary by Sections Non-Bank Sector Performance - The non-bank financial index decreased by 1.5% this week, with an underperformance of 0.8% relative to the CSI 300, ranking 29th out of 31 sectors [5] - Year-to-date, the non-bank financial index has decreased by 1.6%, underperforming the CSI 300 by 3.1% [5] Market Overview - The average daily trading volume in the two markets was 27,988.78 billion yuan, down 19.23% week-on-week, with a daily turnover rate of 2.68%, down 68.47 basis points [5] - The leverage capital scale has rebounded, with a margin balance of 2.72 trillion yuan, up 0.23% [5] Insurance Sector Insights - The cumulative insurance premium income for November 2025 reached 57,629 billion yuan, a year-on-year increase of 7.56% [23] - Life insurance income was 41,472 billion yuan, up 9.06% year-on-year, while property insurance income was 16,157 billion yuan, up 3.88% [24] Company Recommendations - The report recommends companies with stable profit growth and dividend rates, including Jiangsu Jinzu, China Ping An, and China Pacific Insurance, due to their strong business models and market positions [4] - Additional recommendations include New China Life, China Life, Hong Kong Exchanges and Clearing, CITIC Securities, Dongfang Caifu, Tonghuashun, and Jiufang Zhitu Holdings based on performance elasticity and valuation levels [4]

Investment Rating - The report maintains a "Recommend" rating for the non-bank financial sector, indicating a positive outlook for investment in this area [1][8]. Core Insights - The non-bank financial sector is experiencing a continued high level of activity, with significant increases in holdings in both the brokerage and insurance segments. The brokerage sector's holdings increased to 0.99%, while the insurance sector saw a substantial rise to 2.04% [1][7]. - The overall fund net asset value reached 36.8 trillion yuan, reflecting a year-on-year growth of 14% and a quarter-on-quarter increase of 2% [12]. - The brokerage sector is expected to benefit from improved market conditions, with a projected net profit increase of 26% year-on-year for Q4 2025 [19][20]. - The insurance sector is poised for strong performance in 2026, driven by favorable market conditions and a significant increase in new policy premiums [22][23]. Summary by Sections Public Fund Market Size - As of Q4 2025, the total net asset value of public funds was 36.8 trillion yuan, with a year-on-year increase of 14% and a quarter-on-quarter increase of 2% [12]. - The non-monetary fund size reached 21.7 trillion yuan, growing 16% year-on-year [12]. Non-Bank Sector Holdings Analysis Brokerage Sector - The brokerage sector's holdings increased to 0.99%, up 0.1 percentage points from the previous quarter, with a total of 7.71 billion shares held, reflecting a 17.9% quarter-on-quarter increase [20]. - Major brokerages such as CITIC Securities and Guotai Junan saw significant increases in their holdings, with respective increases of 0.14 and 0.07 percentage points [20][21]. Insurance Sector - The insurance sector's holdings rose to 2.04%, a significant increase of 0.97 percentage points from the previous quarter, exceeding the benchmark allocation [23]. - Key players like Ping An and China Life experienced notable increases in their holdings, with Ping An's allocation rising by 0.68 percentage points [23]. Investment Recommendations - The report suggests focusing on key stocks within the brokerage sector, including Guotai Junan, CITIC Securities, and Huatai Securities, as well as major insurance companies like Ping An and China Life [8].

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。 （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股份代號：6030） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列中信証券股份有限公司（「本公司」）在上海證券交易所網站刊登的本公司關於間 接子公司發行中期票據並由全資子公司提供擔保的公告，僅供參閱。 承董事會命 中信証券股份有限公司 董事長 張佑君 中國北京 2026年1月26日 於本公告刊發日期 ，本公司執行董事為張佑君先生 、鄒迎光先生及張長義先生；本公司非執行董事為李艺女士 、 梁丹先生、張學軍先生、付臨芳女士及趙先信先生；本公司獨立非執行董事為李青先生、史青春先生、張健華 先生、劉俏先生及李蘭冰女士；及本公司職工董事為施亮先生。 证券代码：600030 证券简称：中信证券 公告编号：临2026-006 中信证券股份有限公司 关于间接子公司发行中期票据 并由全资子 ...

证券代码：600030 证券简称：中信证券 公告编号：临2026-006 中信证券股份有限公司 关于间接子公司发行中期票据 并由全资子公司提供担保的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 担保对象及基本情况 | | 被担保人名称 | 本次担保金额 | 实际为其提供的担保余额 | 是否在前期 | 本次担保是 | | --- | --- | --- | --- | --- | --- | | | | | （不含本次担保金额） | 预计额度内 | 否有反担保 | | CSI MTN | Limited | 500万美元 | 34.85亿美元 | 是 | 否 | 累计担保情况 | 对外担保逾期的累计金额（万元） - | | | --- | --- | | 截至本公告日上市公司及其控股子 公司对外担保总额（亿元） | 2,095.42 | | 对外担保总额占上市公司最近一期 经审计净资产的比例（%） | 71.49 | | | 担保金额（含本次）超过上市公司最近一期经审计净 | | | 资产50% | | ...

Market Overview - On January 26, the securities sector rose by 0.65% compared to the previous trading day, with Caitong Securities leading the gains [1] - The Shanghai Composite Index closed at 4132.61, down 0.09%, while the Shenzhen Component Index closed at 14316.64, down 0.85% [1] Individual Stock Performance - Caitong Securities (601108) closed at 9.46, up 4.30% with a trading volume of 2.1761 million shares and a transaction value of 2.076 billion [1] - Industrial Securities (601377) closed at 7.09, up 3.20% with a trading volume of 3.2601 million shares and a transaction value of 2.320 billion [1] - Huatai Securities (601688) closed at 23.25, up 2.24% with a trading volume of 1.5504 million shares [1] - Other notable performers include Huawan Securities (600909) up 2.18%, and China CITIC Securities (600030) up 1.08% [1] Fund Flow Analysis - The securities sector saw a net inflow of 4.104 billion from institutional investors, while retail investors experienced a net outflow of 2.881 billion [2][3] - Major stocks like CITIC Securities (600030) had a net inflow of 875 million from institutional investors, while retail investors had a net outflow of 1.599 million [3] - Industrial Securities (601377) also saw significant institutional inflows of 428 million, with retail outflows of 3.11 million [3] Summary of Trading Data - The trading data indicates a mixed performance among securities stocks, with some experiencing gains while others faced declines [2] - The overall market sentiment appears cautious, reflected in the net outflows from retail investors [2][3]

Group 1 - HeMai Co., Ltd. (688032.SH) closed at 111.50 yuan, with a decline of 7.04%, currently in a broken state [1] - HeMai Co., Ltd. was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 20, 2021, with an issuance price of 557.80 yuan per share and a total of 10 million shares issued [1] - The total amount raised from the initial public offering (IPO) was 5.578 billion yuan, with a net amount of 5.406 billion yuan after deducting issuance costs, which was 4.848 billion yuan more than originally planned [1] - The funds raised are intended for the construction of an intelligent manufacturing base, industrialization of energy storage inverters, upgrading of intelligent complete electrical equipment, and supplementing working capital [1] Group 2 - The total issuance costs for the IPO amounted to 172 million yuan, including underwriting and sponsorship fees of 142 million yuan [2] - On May 30, 2022, HeMai Co., Ltd. announced a dividend plan of 30 yuan (pre-tax) per 10 shares, with a bonus issue of 4 shares, with the ex-dividend date on June 7, 2022 [2] - On June 6, 2023, the company announced a dividend plan of 53 yuan (pre-tax) per 10 shares, with a bonus issue of 4.9 shares, with the ex-dividend date on June 13, 2023 [2] - On June 13, 2024, the company announced a dividend plan of 36 yuan (pre-tax) per 10 shares, with a bonus issue of 4.9 shares, with the ex-dividend date on June 19, 2024 [2]

Group 1 - The company Longxin Technology (龙芯中科) expects to achieve an operating revenue of approximately 635 million yuan in 2025, representing a year-on-year growth of about 26% [1] - The projected net profit attributable to the parent company for 2025 is expected to be around -449 million yuan, which indicates a reduction in losses by approximately 176 million yuan compared to the previous year, a year-on-year decrease in losses of about 28% [1] - The net profit attributable to the parent company after deducting non-recurring gains and losses is projected to be around -503 million yuan, which is a reduction in losses of approximately 162 million yuan compared to the previous year, reflecting a year-on-year decrease in losses of about 24% [1] Group 2 - Longxin Technology was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on June 24, 2022, with an issuance of 41 million shares at a price of 60.06 yuan per share [2] - The total amount raised from the initial public offering (IPO) was approximately 2.462 billion yuan, with a net amount of about 2.419 billion yuan, which is 1.091 billion yuan less than originally planned [2] - The company intended to raise approximately 3.512 billion yuan for advanced process chip research and industrialization projects, high-performance general-purpose graphics processing unit chip and system research projects, and to supplement working capital [2]