Core Viewpoint - Company maintains a "Buy" rating for Global New Materials International (06616) due to progress in mergers and acquisitions, enhanced synergies, and a promising outlook in the pearlescent pigment market [1] Recent Events - On December 16, 2025, the company announced a differentiated pricing adjustment and plans to issue HKD 1 billion convertible bonds. The pricing adjustments will be implemented in phases across certain product groups to optimize business structure and enhance operational quality [1] - The company plans to issue convertible bonds with a total principal amount of HKD 1 billion, a coupon rate of 4.25%, maturing on January 4, 2027, with an initial conversion price of HKD 10.19, representing a premium of approximately 7.49% over the previous trading day's closing price [1] Operational Analysis - Initial synergies from the integration with SUSONITY are becoming evident, with organizational optimization completed and a cross-regional collaboration mechanism established to improve governance efficiency [2] - Accelerated cross-selling with SUSONITY in sectors like new energy and cosmetics is starting to show collaborative benefits [2] - The R&D team has initiated joint projects to combine cutting-edge technology with large-scale production, enhancing a "demand-driven" R&D mechanism to accelerate medium to long-term growth [2] Pricing Adjustment for High-Quality Development - The differentiated pricing adjustment will be implemented in phases across three major business platforms: Seven Color Pearlescent, SUSONITY, and CQV, to align with market trends and strengthen core competitiveness [3] - The adjustment range will be between 3-30%, tailored to product characteristics, technological content, application scenarios, and customer types, aiming to better match product value with market demand [3] Convertible Bond Issuance for Global Expansion - The net proceeds from the convertible bond issuance, approximately HKD 981 million, will primarily be used to supplement working capital, refinance existing debts, and for general corporate purposes [4] - This will optimize the company's capital structure, enhance cash flow stability, and provide solid financial support for core product R&D upgrades, global market expansion, and supply chain integration [4]

Core Viewpoint - Company maintains a "Buy" rating for Global New Materials International (06616) due to progress in mergers and acquisitions, enhanced synergies, and a promising outlook in the pearlescent pigment market [1] Recent Events - On December 16, 2025, the company announced a differentiated pricing adjustment and plans to issue HKD 1 billion convertible bonds. The pricing adjustments will be implemented in phases across certain product categories to optimize business structure and enhance operational quality [1] - The company plans to issue HKD 1 billion in convertible bonds with a coupon rate of 4.25%, maturing on January 4, 2027, with an initial conversion price of HKD 10.19, representing a premium of approximately 7.49% over the previous trading day's closing price [1] Operational Analysis - Initial synergies from the integration with SUSONITY are becoming evident, with organizational optimization and the establishment of cross-regional collaboration mechanisms to improve governance efficiency [2] - The company is accelerating cross-selling with SUSONITY in sectors such as new energy and cosmetics, which is starting to show collaborative benefits [2] - The R&D team has initiated joint projects to combine cutting-edge technology with large-scale production, enhancing a "demand-driven" R&D mechanism to accelerate medium to long-term growth [2] Pricing Adjustment for High-Quality Development - The differentiated pricing adjustment will be implemented in phases across three major business platforms: Seven Color Pearlescent, SUSONITY, and CQV. The adjustment will range from 3% to 30%, tailored to product characteristics, technological content, application scenarios, and customer types [3] - The core objective is to better align product value with market demand, focusing on high value-added businesses, with expected gradual effectiveness in the near future [3] Convertible Bond Issuance for Global Expansion - The net proceeds from the convertible bond issuance, approximately HKD 981 million, will primarily be used to supplement working capital, refinance existing debts, and for general corporate purposes [4] - This will optimize the company's capital structure, enhance cash flow stability, and provide solid financial support for core product R&D upgrades, global market expansion, and supply chain integration, further solidifying its leading position in the global pearlescent materials sector [4]

国金证券首席经济学家宋雪涛表示，今年的中央经济工作会议确定明年经济工作首要任务为"坚持内需 主导，建设强大国内市场"。通过提振消费"组合拳"、加快补齐内需短板是明年经济增长的主动力和稳 定锚。宋雪涛表示，增强居民消费能力是提振消费的关键，核心在于推动重点群体增收减负。在增收方 面，通过促进就业、完善社会保障体系、优化收入分配结构等一系列举措，稳步扩大中等收入群体规 模，推动形成橄榄型分配格局，进而提高居民整体消费倾向。减负方面，持续完善教育、医疗、住房等 公共服务体系至关重要。通过发放育儿补贴、推动免费学前教育、推广养老服务消费补贴、提高城乡居 民基本养老金等举措落实"投资于人"，是增强居民消费能力的重要抓手。宋雪涛还提到，培育新型消费 有望成为明年提振消费的新抓手。发改委近日明确表示，将"加快出台实施首发经济、赛事经济、电子 商务、'人工智能 +'消费等领域提振消费的政策，大力发展银发经济和冰雪经济"，这些领域有望成为明 年消费的重要增量。 ...

智通财经APP获悉，国金证券发布研报称，商务部宣布自2026年1月1日起对部分钢铁产品实施出口许可 证管理。该政策旨在应对因内需下滑导致的被动低价出口及日益增多的海外贸易调查，防止贸易冲突升 级。政策有望缓和全球钢铁行业"内卷"，支撑国内钢价，并可能成为国内钢铁行业反内卷、推动供给侧 结构优化的信号。 国金证券主要观点如下： 2026年起我国开始实行钢铁出口许可证管理 2025年12月12日17点，商务部官网发布《海关总署公告2025年第79号》，对部分钢铁产品实施出口许可 证管理，自2026年1月1日起实行。而结合（1）商务部的发文日期为12月9日，当日Wind钢铁指数跌幅 2.12%，跑输大盘1.75%；（2）在12月11日-12月12日17点这个时间区间，全球钢讯网、SMM等平台已 有钢铁出口许可证制度相关传闻来看，该行认为市场对该事件或有一定预期。本次管制品种涵盖HS72 以及HS7301-7307名录下的钢铁产品，包括生铁、废钢、粗钢、成材。考虑实际出口情况，管制实际影 响钢坯、钢材两个环节。 直接原因或为防止贸易冲突继续升级 2007年5月的出口管制：从实际量价影响来看，出口价格大涨，而国内供给控 ...

Group 1 - The report from Guojin Securities indicates that the resonance of hydrogen energy policies domestically and internationally opens up demand, making producers of green methanol who can ensure sales channels competitive [1] - The hydrogen production equipment industry has undergone significant clearing, and the optimization of the competitive landscape will bring more concentrated opportunities, with a focus on equipment companies that already have project experience [1] - The fuel cell vehicle sector is on the brink of an explosion, driven by the decrease in fuel cell system costs and the exemption of highway tolls for hydrogen vehicles, with the competitive landscape narrowing and leading fuel cell companies now listed [1] Group 2 - Solid oxide fuel cells are highlighted, particularly Bloom Energy and its core supply chain, as well as domestic and overseas system providers [1]

Core Insights - The report from Guojin Securities indicates that Xiansheng Pharmaceutical (02096) is expected to experience strong growth due to the resonance between short-term pipeline expansion and long-term innovation iteration, forecasting revenues of 7.63 billion, 9.10 billion, and 11.04 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of +15.0%, +19.3%, and +21.4% [1] - The net profit attributable to the parent company is projected to be 1.15 billion, 1.38 billion, and 1.66 billion yuan for the same years, reflecting significant growth rates of +57.3%, +19.4%, and +20.5% [1] - The company has achieved a strategic transformation from a generic drug leader to an innovative pharmaceutical company, with the proportion of innovative drug revenue increasing from 45% in 2020 to 77% in the first half of 2025 [2] Short-term Outlook - The core pipeline is entering a concentrated harvest period, with accelerated inclusion in medical insurance expected to drive performance; key products in oncology and neurology are anticipated to capture market share quickly [3] - The insomnia drug Dalirelsin, which is not classified as a controlled substance, has a market potential exceeding 4 billion yuan due to its rapid onset and non-addictive nature [3] - Six products, including Maduonosavir and Ledeqibai monoclonal antibody, are expected to receive approval soon, which will further enhance revenue growth [3] Long-term Outlook - The early research pipeline focuses on differentiated targets, with several products already achieving business development (BD) partnerships, indicating sustained innovation capability [4] - The NMTiADC technology platform is expected to overcome ADC resistance, with related products entering clinical trials to validate the platform's strength [4] - The company is increasing investment in early research, with the potential for numerous early-stage pipelines to continue attracting BD opportunities [4] Stable Cash Flow - The product Xianbi New Injection has achieved a market share of 29% in the stroke treatment sector as of the first half of 2025, contributing to stable cash flow [5] - The company has established a strong presence in the oncology field with products like Envida and Endu, which are expected to grow steadily [5] - Despite potential risks from centralized procurement, the established sales channels for products like Aidesin in the rheumatology and immunology sectors are expected to support future growth [5]

Core Viewpoint - The report from Guojin Securities indicates that Xiansheng Pharmaceutical (02096) is experiencing strong growth due to the resonance of short-term pipeline expansion and long-term innovation iteration, with a projected revenue of 7.63 billion, 9.10 billion, and 11.04 billion yuan for 2025, 2026, and 2027 respectively, representing year-on-year growth of 15.0%, 19.3%, and 21.4% [2][6] Short-term Outlook - The company is entering a concentrated harvest period for its core pipeline, with accelerated inclusion in medical insurance expected to drive performance [3][6] - Key products in the oncology field, such as Kexaila and Enlitaz, are set to be included in medical insurance by the end of 2024, while another product, Enzeshou, will be included by the end of 2025, which is anticipated to rapidly capture market share [3][6] - In the neurology field, the insomnia drug Dalirelin, which is a non-controlled substance, is expected to have a peak market potential exceeding 4 billion yuan due to its fast-acting and non-addictive properties [3][6] Long-term Outlook - The early research pipeline focuses on differentiated targets, with several products already achieving business development (BD) success, indicating sustained innovation capability [4][9] - The NMTiADC new technology platform is expected to overcome ADC resistance, with related products entering clinical trials to further validate the platform's strength [4][9] - The company has strengthened its early research investments, with the potential for numerous early-stage pipelines to continue achieving BD opportunities in the future [4][9] Market Position and Product Performance - The Xianbi New Injection, a benchmark product in the stroke treatment field, achieved a market share of 29% in the first half of 2025 [5][9] - The company is making significant inroads in the oncology sector with products like Envida and Endu, which are expected to achieve steady growth [5][9] - Aidesin has established a brand advantage in the rheumatology and immunology field, and despite facing potential centralized procurement risks, its mature sales channels are expected to support the future growth of its autoimmune pipeline [5][9]

证券代码：600109 证券简称：国金证券 公告编号：临2025-97 2025年12月12日，本公司兑付了该期短期融资券本息共计人民币1,526,926,027.40元。 特此公告。 国金证券股份有限公司 二〇二五年十二月十五日 国金证券股份有限公司 关于2024年度第九期短期融资券兑付完成的公告 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个别及连带责任。 国金证券股份有限公司（以下简称"本公司"）于2024年12月13日发行了2024年度第九期短期融资券，发 行金额为人民币15亿元，票面利率为1.80%，发行期限为364天，兑付日为2025年12月12日。详见公司 于2024年12月14日在上海证券交易所网站（www.sse.com.cn）披露的《关于2024年度第九期短期融资券 发行结果公告》以及2025年12月5日登载于中国货币网（www.chinamoney.com.cn）、上海清算所网站 （www.shclearing.com）的《国金证券股份有限公司2024年度第九期短期融资券兑付公告》。 董事会 ...

Group 1 - The core point of the announcement is the results of the online lottery for the issuance of convertible bonds by Changzhou Aohong Electronics Co., Ltd. [1] - The company issued a total of 58,301 winning numbers for the convertible bonds, with each winning number allowing the subscription of 1 lot (1,000 yuan) of Aohong convertible bonds [2] - The lottery was conducted under the principles of openness, fairness, and justice, supervised by relevant representatives and notarized by the Shanghai Oriental Notary Office [1][2]

中信证券：内外兼顾，寻求交集 从此次中央经济工作会议内容来看，做大内循环仍是重心，定位和去年相似。但对于股票市场而言，内需品种 和外需品种的预期和定价与去年存在巨大差异：去年底，投资者对外需普遍谨慎，对内需充满期待，但最终外 需的表现大超预期；今年是重仓布局外需敞口品种，预期相对充分，但对内需品种欠缺信心。实际上，明年外 需继续超预期的难度在加大，但内需可期待的因素在增多。 从这些角度来看，海外敞口品种业绩兑现力强，但估值继续提升难度大；内需敞口品种景气度一般，但一旦超 预期修复，估值弹性不小。配置上要寻求交集，即海外敞口为基底、内需积极变化也会产生催化的品种。 国泰海通：当下是布局春季行情的重要窗口 对于后市，我们比市场共识更乐观：部分投资者以政策表述从"超常规"到"跨周期"解读政策不积极，但这存在 谬误，2025年超常规是相较于2024年尾部风险暴露而言。面向2026年，中央经济工作会议明确"巩固拓展经济 稳中向好势头"，并要求财政政策"更加积极"与"内需主导"，首次提出"推动投资止跌回稳"，并时隔十年重提 房地产"去库存"；中财办副主任韩文秀表示将根据形势变化出台实施增量政策，继续实施"国补"与靠前实 ...