| 证券代码：600109 | 证券简称：国金证券 | 公告编号：临 2026－4 | | --- | --- | --- | | 债券代码：244544 | 债券简称：26 国金 01 | | 国金证券股份有限公司 2026年面向专业投资者公开发行公司债券（第一期） 发行结果公告 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。 本期债券发行价格为每张人民币100元，全部采用网下面向专业 投资者簿记建档的方式发行。 本期债券发行工作已于2026年1月19日结束，实际发行规模15亿 元，期限3年，票面利率为1.95%。 特此公告。 国金证券股份有限公司 董事会 根据中国证券监督管理委员会《关于同意国金证券股份有限公司 向专业投资者公开发行公司债券注册的批复》（证监许可[2025]2881 号），国金证券股份有限公司（以下简称"公司"）获准向专业投资 者公开发行一年期以上公司债券面值总额不超过200亿元，批复有效 期自同意注册之日起24个月内有效，公司在注册有效期内可以分期发 行公司债券。 根据《国金证券股份有限公司2026 ...

Core Insights - 3D printing significantly reduces initial costs compared to traditional manufacturing by eliminating the need for molds or tooling, but its cost advantage diminishes as production scales up, resulting in a different cost curve compared to traditional manufacturing [1] - The maturity of 3D printing technology is increasing, making it a viable solution for mass production, particularly in the commercial aerospace sector, with promising applications in rockets and satellites [1] Group 1: 3D Printing Technology and Cost Advantages - 3D printing has seven major technological routes, including powder bed fusion and directed energy deposition, which have expanded the range of materials from polymers to metals, meeting diverse application needs [1] - The unit production cost of 3D printing is continuously decreasing, allowing it to become competitive with traditional manufacturing processes, especially in cost-sensitive sectors like consumer electronics [1] Group 2: 3D Printing in Commercial Aerospace - 3D printing introduces a new design philosophy in aerospace, shifting from manufacturing-driven design to design-driven manufacturing, which enhances functionality, reduces part count, and optimizes structures, particularly beneficial in weight-sensitive aerospace applications [2] - The development and application of various printing materials in the aerospace sector are maturing, establishing a foundation for 3D printing to become the ultimate solution in commercial aerospace [2] Group 3: 3D Printing in Rocket Manufacturing - The thrust chamber is the most complex and challenging component of rocket engines, and there are already mature solutions for manufacturing core parts like injectors and combustion chambers using powder bed fusion and directed energy deposition [3] - Domestic companies such as Deep Blue Aerospace, Blue Arrow Aerospace, and Tianbing Technology have begun applying 3D printing technology in thrust chamber manufacturing, but there is still significant room for improvement compared to established standards set by NASA and SpaceX [3]

Core Insights - The monthly active users (MAU) of securities apps reached 175 million in December 2025, marking a 1.75% month-on-month increase and a 2.26% year-on-year increase, achieving a new monthly high for the year [4][3] - Throughout 2025, the MAU of securities apps experienced a recovery after a dip in the middle of the year, with a significant rebound in November leading to a peak at year-end [4][2] - The competition for traffic between third-party platforms and brokerage self-operated apps intensified, with brokerages accelerating the integration of AI technology in advisory and trading scenarios to enhance service models and user experience [4][12] Monthly Active Users Overview - In December 2025, the MAU for securities apps was 175.32 million, with notable monthly changes: November had 172.30 million (up 2.06% month-on-month) and October had 168.82 million (down 3.38% month-on-month) [5][4] - The MAU trend for 2025 showed a starting point of 161.84 million in January, peaking in December after a recovery phase post-May [4][5] Leading Apps and Market Dynamics - The top three securities apps by MAU in December were Tonghuashun (36.70 million), Dongfang Caifu (18.22 million), and Dazhihui (12.97 million) [6][5] - Among brokerage self-operated apps, Huatai's Zhangle Wealth reached over 12 million MAU, followed by Guotai Haitong Junhong with 10.40 million [6][5] - The number of brokerage apps with an average monthly active user count exceeding 6 million increased to 14 in 2025, indicating a growing concentration in the market [8][7] AI Technology Integration - The application of AI technology in the securities industry has accelerated, with multiple brokerages launching intelligent tools across key areas such as intelligent research, trading, and advisory services [12][11] - Notable advancements include the upgrade of trading robots by Galaxy Securities and the introduction of AI advisory platforms by various brokerages, enhancing service efficiency and user experience [13][12] - Despite the current limitations of AI tools in guaranteeing stable investment returns, their functionality is expanding, addressing various investment challenges and improving investors' capabilities in data analysis and strategy formulation [12][13]

Group 1: Company Overview - The company is a leading global aircraft operating lessor, listed on the Hong Kong Stock Exchange since 2016, and ranks fifth in aircraft asset value as of Q2 2025 according to Cirium [1] Group 2: Market Demand and Supply - The demand for air travel is recovering, with global RPK and ASK expected to reach 112% and 109% of 2019 levels by October 2025, driving new aircraft purchases and leasing demand [2] - Aircraft delivery rates are slow, with major manufacturers like Boeing and Airbus having significant backlogs, resulting in a supply-demand imbalance that is expected to increase aircraft valuations and rental prices [2] Group 3: Financial Performance - The operating lease yield is projected to increase from 9.2% in 2022 to 10.3% in H1 2025, benefiting from rising rental prices and strong operational capabilities [3] - The company's fleet is expected to expand to 462 owned aircraft by the end of 2025, with a slight recovery in aircraft asset net value in H1 2025 [3] Group 4: Financing and Cost Structure - The company benefits from strong support from its major shareholder, Bank of China, which enhances its credit rating, rated A- by Fitch in H1 2025 [4] - The average funding cost is low at 4.6% in H1 2025, with a significant portion of debt being floating rate, allowing for potential further reductions in financing costs due to anticipated interest rate cuts by the Federal Reserve [4]

Group 1 - The core viewpoint is that the next decade will be a golden period for China's manufacturing industry to earn excess profits, contingent on moving away from internal competition and embracing high-level competition, achieving a dual drive of "industry + capital" [1][8] - Recent policies have focused on developing new productive forces and strengthening hard technology innovation, particularly in key areas like integrated circuits, biomedicine, new energy, and artificial intelligence, providing comprehensive support for enterprises from R&D to market application [1][2] - The transition from a model reliant on investment and exports to one focused on domestic demand and technological innovation is essential, with internal demand and technology being the two core transformation lines during the "15th Five-Year Plan" period [2][3] Group 2 - The A-share IPO market is undergoing significant adjustment, with projections indicating a reduction in the number of IPOs to 100 in 2024 and 116 in 2025, reflecting complex market changes [4] - Guojin Securities is transitioning from a traditional channel-based investment bank to a value-creating investment bank, establishing a capital consulting headquarters to provide comprehensive capital operation solutions for enterprises [4][5] - The "capital strategy diamond model" proposed by Guojin Securities aims to help enterprises design reasonable profit distribution and equity structures, establish financial and internal control systems, and align valuation with strategy [5][6] Group 3 - In the context of high-quality economic development and accelerated industrial iteration, capital strategy has become a crucial support for sustainable development, requiring enterprises to bind capital operations with industrial layout and technological innovation [7] - A roundtable discussion highlighted the need for enterprises to scientifically plan capital paths based on their development stages and market environments to achieve sustainable growth, emphasizing the importance of strategic and capital coordination capabilities [7][8] - The conference outlined that competition in the "15th Five-Year Plan" period will be based on ecosystem competition, urging enterprises to abandon short-term profit-seeking mindsets and collaboratively build a new growth paradigm based on technological sovereignty and rational governance [8]

Group 1: Core Insights - The report from Guojin Securities initiates coverage on China Aircraft Leasing (02588) with a "Buy" rating, projecting net profit for the company to be $750 million, $850 million, and $950 million for 2025-2027, reflecting a year-on-year growth rate of -19%, 13%, and 13% respectively. The decline in 2025 profit is attributed to a high base effect from a one-time reversal of impairment related to Russian aircraft in 2024 [1] - The aircraft leasing industry is experiencing an upward trend in demand, with IATA reporting that global airline RPK (Revenue Passenger Kilometers) and ASK (Available Seat Kilometers) are expected to recover to 112% and 109% of 2019 levels by October 2025, respectively. This recovery is driving new aircraft purchases and leasing demand [2] - The company is a leading global aircraft operating lessor, ranked fifth in aircraft asset value as of Q2 2025 according to Cirium [1] Group 2: Operational Performance - The operating lease yield is expected to increase from 9.2% in 2022 to 10.3% in H1 2025, benefiting from rising rental prices and strong operational capabilities [3] - The company's fleet is projected to expand to 462 owned aircraft by the end of 2025, although the book value of aircraft assets has declined since 2021 due to impairments related to Russian aircraft and increased sale-leaseback transactions. However, the net asset value of aircraft is expected to recover steadily as aircraft deliveries stabilize [3] Group 3: Financial Position - The company benefits from a low financing cost, supported by its major shareholder, Bank of China, which provides a credit rating advantage. Fitch rated the company at A- in H1 2025 [4] - The average funding cost for the company was 4.6% in H1 2025, which is lower compared to some peers, with approximately 30%-40% of liabilities being floating-rate debt. The company's floating-rate debt costs are expected to decline further following three interest rate cuts by the Federal Reserve in 2025 [4]

总体而言，A 股上市公司治理体系不断健全，未来需持续深化改革，夯实经营根基，以高质量治理助力资本市场健康发展与中国经济高质量增长。 上市公司作为资本市场核心基石，其治理水平关乎企业可持续发展与市场健康生态。2025 年，在新《公司法》及配套监管规则推动下，A 股上市公司治理 迎来系统性改革，整体治理水平稳步提升，但部分企业仍面临规范运作等挑战。本报告围绕治理结构优化、效能强化等核心维度，梳理现状与经验，为行业 发展提供指引。 治理结构方面，监事会退出历史舞台，上市公司需于 2026 年 1 月 1 日前完成 "两会一层" 转型，审计委员会承接原监事会部分职权。职工董事成为改革新潮 流，超 3000 家上市公司已设置，多数配置 1 名，占董事会席位 10%-20%，其聘任规范与履职效能备受关注。 董事会专门委员会履职效能持续强化。审计委员会作为强制设置机构，主流配置 3 名成员，需严格规范人员组成、会议程序等，重点关注财务信息审核、内 外部审计监督等事项；提名委员会需对董高任职资格开展动态核查；薪酬与考核委员会主导薪酬机制改革，需避免程序违规，强化实质核查。 董高 "聘、管、退" 全流程管理规范升级。新规要求严 ...

宏观点评 政策半月观—各部委各地"开年第一会"的信号 证券研究报告 | 宏观研究 gszqdatemark 2026 01 18 年 月 日 核心结论：总体看，近半月政策聚焦 2026 年"开好头、起好步"，具体 有 6 大焦点：一是央行、证监会、商务部等部门陆续召开"开年第一会"， 分别聚焦扩内需、稳经济、综合惩治资本市场财务造假以及强化教育科 技人才支撑；二是开年中央密集调研河南、内蒙古、广东等地，聚焦"菜 篮子"稳产保供、新质生产力、"十五五"良好开局；三是 1.15 央行宣 布推出一揽子货币金融政策，下调各类结构性货币政策工具利率 0.25 个 百分点、并增加部分工具额度，央行也表示降准降息"仍有空间"，进一 步明确了货币宽松大方向，但节奏仍有待观察；四是开年以来 2 场国常 会均围绕促消费，包括 1.9 国常会部署实施财政金融协同促内需一揽子 政策，1.16 国常会研究加快培育服务消费新增长点等促消费举措；五是 各地"开年第一会"定调，上海、辽宁、福建等地均围绕优化营商环境， 海南和重庆聚焦区域建设，湖北聚焦科技创新、河南和云南等地推进重 大项目，广东和江苏聚焦细化落实、靠前发力；六是中央继续松地产 ...

Core Viewpoint - The report from Guojin Securities indicates that advancements in seven major technological routes are enabling 3D printing to transition from concept to mass production, positioning it as a potential final processing solution for commercial aerospace, covering rocket and satellite manufacturing [1] Group 1 - The current maturity of 3D printing technology is continuously improving, providing a foundation for mass production [1] - 3D printing is expected to become the ultimate processing solution in the commercial aerospace sector, with promising applications in both rockets and satellites [1] - Companies involved in commercial aerospace 3D printing are recommended for investment consideration [1]

Summary of Key Points Core Viewpoint - The company is providing a guarantee for its wholly-owned subsidiary, Guojin Financial Holdings (Hong Kong) Limited, to enhance its competitive strength and support its business development in Hong Kong, with a total guarantee amount of 105 million HKD [2][6]. Group 1: Guarantee Overview - The current guarantee balance is 70 million HKD, with an additional 35 million HKD being added, resulting in a total guarantee amount of 105 million HKD [2]. - The company has signed a comprehensive credit limit contract with Ping An Bank for an offshore credit limit of 200 million HKD, with an exposure limit of 105 million HKD, valid for one year [2]. - The company will provide a guarantee for the offshore loan application made by Guojin Financial Holdings to Ping An Bank through an internal guarantee for external loans [2][6]. Group 2: Internal Decision-Making Process - The company’s board of directors approved the guarantee proposal on April 23, 2025, and the shareholders' meeting on June 18, 2025, allowing for a total guarantee amount not exceeding 200 million RMB (or equivalent foreign currency) for Guojin Financial Holdings [3]. - The guarantee amount can be managed on a rolling basis within the authorized limit, effective until the next annual shareholders' meeting [3]. Group 3: Reporting Procedures - The company submitted a report to the China Securities Regulatory Commission on December 29, 2025, regarding the internal guarantee for external loan financing [4]. - On December 31, 2025, the company applied for registration and filing with the State Administration of Foreign Exchange, receiving the necessary documentation on January 9, 2026 [4]. Group 4: Financial Data of the Guaranteed Entity - Guojin Financial Holdings (Hong Kong) Limited is a wholly-owned subsidiary with a registered capital of 908,999,900 HKD, and its main business includes securities trading, investment banking, and asset management [5]. - The company’s recent financial data indicates a strong operational capacity, supporting the rationale for the guarantee [5]. Group 5: Board of Directors' Opinion - The board believes that the financial risks associated with Guojin Financial Holdings are manageable and that providing the guarantee will not harm the interests of the company and its shareholders [7]. Group 6: Total Guarantee Amount - As of the announcement date, the total amount of guarantees provided to subsidiaries is approximately 794.38 million RMB, which represents about 2.26% of the equity attributable to the parent company as of September 30, 2025 [8].