| 证券代码：600109 | 证券简称：国金证券 | | 公告编号：临 2026－5 | | --- | --- | --- | --- | | 债券代码：240564 | 债券简称：24 国金 | 01 | | 国金证券股份有限公司 2024年面向专业投资者公开发行公司债券（第一期） 2026年付息公告 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个别及连带责任。 重要内容提示： 国金证券股份有限公司 2024 年面向专业投资者公开发行公司债 券（第一期）（以下简称"本期债券"），将于 2026 年 1 月 29 日开始 支付自 2025 年 1 月 29 日至 2026 年 1 月 28 日期间的利息。为保证本 次付息工作的顺利进行，现将有关事宜公告如下： 一、本期债券的基本情况 1、债券名称：国金证券股份有限公司 2024 年面向专业投资者公 开发行公司债券（第一期） 债权登记日：2026 年 1 月 28 日 债券付息日：2026 年 1 月 29 日 2、债券简称：24 国金 01 3、债券代码：240564.SH 4、发 ...

Core Viewpoint - The company successfully issued its first short-term financing bond for 2026, indicating a strategic move to raise funds in the market [1] Group 1: Bond Issuance Details - The bond, referred to as "26国金证券 CP001," was issued on January 21, 2026 [1] - The bond has a maturity period of 300 days, with both planned and actual issuance amounts set at 1 billion yuan [1] - The coupon rate for the bond is 1.73%, and it was issued at a price of 100 yuan per 100 yuan face value [1] - The interest commencement date is January 21, 2026, and the repayment date is November 17, 2026 [1] - Relevant issuance documents have been published on the China Money Network and Shanghai Clearing House websites [1]

Core Viewpoint - Hongdu Aviation is a leading player in military trainer aircraft, benefiting from a dual-driven model of aircraft and missile integration, with a target price of 49.4 yuan and a valuation of 130 times by 2027 [1] Group 1: Company Overview - The company is a rare full-spectrum trainer aircraft assembly unit in China, with products including the primary trainer CJ6, basic trainer K8, and advanced trainer L15 [1] - The transformation of the trainer aircraft system from a "three aircraft three levels" model to a "two aircraft two levels" model is expected to drive demand growth [1] Group 2: Industry Trends - The trend of collaborative operations between manned and unmanned aircraft is emerging, and the company possesses the capability for manned-unmanned collaboration, which is expected to yield significant benefits [1] - As a leader in military trainer aircraft, the company's unique position of "factory and institution integration, aircraft and missile integration" is rare in the industry [1]

Group 1 - The overall domestic PVC industry is currently facing significant loss pressure, which may lead to the accelerated exit of high-cost small and medium-sized capacities in certain regions [1] - The cancellation of export tax rebates is impacting the industry dynamics, potentially improving the supply-demand balance marginally in the future [1] - PVC prices and industry profitability are expected to gradually recover, suggesting a positive outlook for companies with large PVC production capacities and integrated supply chain layouts [1]

登录新浪财经APP 搜索【信披】查看更多考评等级 根据华安基金管理有限公司（以下简称"本公司"）与华鑫证券有限责任公司（以下简称"华鑫证券"）签 署《华安基金管理有限公司交易型开放式指数证券投资基金申购赎回代理协议》，自2026年1月21日 起，将新增华鑫证券为本公司旗下部分基金申购赎回代办证券公司（以下简称"一级交易商"）。投资者 可通过华鑫证券各营业网点办理以下基金的申购、赎回等业务。 ■ 投资者可通过以下渠道咨询详情： （1）华鑫证券有限责任公司 注册地址：深圳市福田区香蜜湖街道东海社区深南大道7888号东海国际中心一期A栋2301A 网址：www.hxrzrq.com （2）华安基金管理有限公司 客户服务电话：40088-50099 公司网址：www.huaan.com.cn 风险提示：本公司承诺以诚实信用、勤勉尽责的原则管理和运用基金资产,但不保证基金一定盈利,也不 保证最低收益。投资者应当认真阅读《基金合同》、《招募说明书》、基金产品资料概要等信息披露文 件。敬请投资者注意投资风险。 特此公告 华安基金管理有限公司 二〇二六年一月二十一日 华安基金管理有限公司 关于旗下部分基金增加国金证券股份有限 ...

Core Insights - The competition for AI entry points is fundamentally a battle for traffic, directly impacting the advertising and e-commerce fundamentals of large internet companies, with significant investments expected in AI model and application capabilities by 2026 [1][2] Group 1: AI Competition and Investment - Major internet companies are increasing their investment in AI as the competition for entry points intensifies [1] - The emergence of new reasoning models has unlocked approximately 10 times the computational potential compared to traditional models, shifting the demand from solely "training-driven" to a "dual-driven" model of both training and reasoning [1][2] Group 2: Domestic Chip Development - The scale of China's intelligent computing power is projected to maintain a compound annual growth rate of 57% from 2020 to 2028, with domestic GPU capabilities improving significantly [3] - Domestic chip manufacturers are narrowing the performance gap with international giants, supported by high capacity utilization rates from local foundries like SMIC [3] Group 3: Supply and Demand Dynamics - The demand for AI reasoning is expected to surge as AI applications in smartphones and other terminals reach critical mass, with policy initiatives driving hardware upgrades towards more efficient and energy-saving solutions [4] - Domestic CSP vendors are accelerating the adaptation of local GPUs, while increased restrictions on overseas cloud computing power are likely to expedite the domestic replacement process [4]

Core Viewpoint - The PVC industry in China is currently facing significant loss pressures, and the cancellation of export tax rebates may lead to the accelerated exit of high-cost small and medium-sized capacities, potentially improving the supply-demand balance and allowing for gradual recovery in PVC prices and industry profitability. Companies with large PVC production capacities and integrated industrial chain layouts are recommended for attention [1]. Supply Side - The domestic PVC capacity expansion phase is nearing its end, with high-cost pressures leading to the exit of overseas capacities. From 2018 to 2025, domestic PVC capacity is expected to grow from 24.9 million tons to 30.38 million tons, with a compound annual growth rate (CAGR) of approximately 2.9%, and production is projected to increase from 19.36 million tons to 23.94 million tons, with a CAGR of about 3.1%. No new domestic PVC capacities are planned for 2026, with new capacity mainly concentrated in the first half of 2027 and 2028, all of which will be ethylene-based [1][2]. Price and Profitability - Since 2022, the domestic acetylene-based PVC market price has entered a downward cycle, reaching a low of 4,290 yuan/ton in mid-December 2025, the lowest since 2005. Although prices have slightly rebounded since late December 2025, they remain at the bottom 1% of historical levels. The PVC and caustic soda sectors have been operating at a loss since the second half of 2022, indicating significant operational pressure on production companies. The continued losses may force high-cost PVC enterprises without integrated industrial layouts to exit, optimizing the industry structure [2][3]. Demand Side - The demand from the real estate sector is under pressure, with PVC products primarily used in the later stages of construction. The completion area of residential buildings in China for 2023, 2024, and 2025 is projected to be 998 million, 737 million, and 395 million square meters, respectively, showing a year-on-year change of +17%, -28%, and -18%. However, the demand for soft PVC products remains relatively strong, with a high operating rate. Exports are expected to provide some support, with a CAGR of 39% from 2019 to 2024, and approximately 3.51 million tons of PVC exported in the first 11 months of 2025, a 47% year-on-year increase. The export volume to India has significantly increased, indicating a growing reliance on imports due to domestic supply shortages [3][4]. Inventory Outlook - Based on relevant assumptions and calculations, inventory accumulation is expected to continue from 2026 to 2028, but the rate of increase is anticipated to slow significantly compared to 2023-2025. The overall loss pressures in the domestic PVC industry and the cancellation of export tax rebates may lead to the accelerated exit of high-cost small and medium-sized capacities [4].

Core Viewpoint - Guojin Securities Co., Ltd. has been approved to publicly issue corporate bonds to professional investors, with a total face value not exceeding 20 billion RMB, valid for 24 months from the approval date [1]. Group 1: Bond Issuance Details - The company plans to issue a total of 15 billion RMB in corporate bonds in the first phase, with a maturity of 3 years [1][3]. - The bond issuance price is set at 100 RMB per bond, and the issuance will be conducted through a book-building process targeted at professional investors [2]. - The actual issuance was completed on January 19, 2026, with a coupon rate of 1.95% [3].

Group 1: Space Industry Developments - Shenzhou 20 spacecraft successfully landed on January 19, 2026, with the Shenzhou 23 spacecraft arriving at the launch center for backup tasks [1] - York Space Systems plans to raise $512 million through an IPO, pricing shares between $30 and $34, with a total of 16 million shares to be issued [3] - Guojin Securities recommends focusing on companies involved in 3D printing for commercial aerospace, highlighting its potential as a final processing solution for rockets and satellites [4] Group 2: Economic and Industrial Growth - Beijing's Fengtai District aims to exceed a trillion yuan in industrial scale by 2030, focusing on key industries such as aerospace and emerging technologies [2] - The National Bureau of Statistics reported that China's GDP reached 140.19 trillion yuan in 2025, growing by 5.0% year-on-year, with significant contributions from various sectors [6] - The high-tech manufacturing sector's value added increased by 9.4% in 2025, with contributions from industries like integrated circuits and aircraft manufacturing [7] Group 3: Renewable Energy and Green Initiatives - By 2025, China's annual production and sales of new energy vehicles are expected to exceed 16 million units, reflecting a growing emphasis on clean energy [5] - Five government departments issued guidelines to accelerate the transition to a green and low-carbon energy structure, promoting zero-carbon factories and renewable energy utilization [8]

Core Insights - The Hong Kong stock market has seen active financing since the beginning of the year, with equity financing reaching HKD 39.09 billion, a year-on-year increase of 316.27% [1] - Chinese securities firms are increasingly taking a leading role in the Hong Kong market, with six out of the top ten equity underwriting positions held by Chinese institutions, accounting for a total market share of 56.15% [1][2] Group 1: Market Performance - The Hang Seng Index rose by 27.77% in 2025, and the primary market equity financing reached HKD 612.7 billion, a year-on-year increase of 248.8% [1] - The active investment and financing environment is attributed to the deep involvement of intermediary institutions, providing valuable development opportunities for investment banks [1] Group 2: Underwriting and Advisory Services - In IPO sponsorship, China International Capital Corporation (CICC) led with a sponsorship scale of HKD 51.65 billion, followed by CITIC Securities (Hong Kong) at HKD 46.03 billion [2] - CICC also demonstrated a strong advantage in refinancing underwriting, with a scale of HKD 24.97 billion and 13 transactions [2] Group 3: Strategic Developments - Chinese securities firms are enhancing their presence in Hong Kong to capture growth opportunities, with several firms increasing capital for their subsidiaries and providing guarantees for business development [4] - For instance, Guotai Junan Securities announced plans to secure a bank loan of up to HKD 35 million to support its Hong Kong subsidiary [4] Group 4: Future Outlook - The Hong Kong market is becoming a crucial platform for Chinese securities firms to expand internationally, with expectations of increased opportunities as international investors seek quality Chinese assets [3] - The core opportunity for Chinese securities firms lies in leveraging their client networks and understanding of Chinese enterprises to serve "A+H" listed companies and support the internationalization of domestic industry chains [5]