Group 1 - The company, Guojin Securities, issued its first short-term financing bond for 2025 on February 20, 2025, with a total amount of RMB 1 billion and a coupon rate of 2.00% [1] - The bond has a maturity period of 349 days, with the repayment date set for February 4, 2026 [1] - On February 4, 2026, the company repaid the principal and interest of the bond, totaling RMB 1.019 billion [1]

2026年2月4日，本公司兑付了该期短期融资券本息共计人民币10.19亿元。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 格隆汇2月4日丨国金证券(600109.SH)公布，本公司于2025年2月20日发行了2025年度第一期短期融资 券，发行金额为人民币10亿元，票面利率为2.00%，发行期限为349天，兑付日为2026年2月4日。 ...

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、准确性和完整性依法承担法律责任。 2026年2月4日 陈竞婷女士简历 公司董事会对保荐代表人胡洪波先生在公司持续督导期间所做出的贡献表示衷心感谢！ 特此公告。 四川天微电子股份有限公司 董事会 四川天微电子股份有限公司（以下简称"公司"）于近日收到国金证券股份有限公司（以下简称"国金证 券"）出具的《关于更换四川天微电子股份有限公司持续督导保荐代表人的函》。 国金证券作为公司首次公开发行股票并在科创板上市的保荐机构，根据《证券发行上市保荐业务管理办 法》《上海证券交易所科创板股票上市规则》等有关规定，原委派胡洪波先生、唐宏先生为该项目持续 督导的保荐代表人。持续督导期限自首次公开发行股票并在科创板上市之日起至2024年12月31日止。鉴 于公司募集资金尚未使用完毕，国金证券将继续对公司募集资金存放与使用情况履行持续督导职责。 胡洪波先生因工作变动，不再担任公司首次公开发行A股股票并在科创板上市的持续督导的保荐代表 人，为保证持续督导工作有序进行，国金证券现委派保荐代表人陈竞婷女士（简历详见附件）接替胡洪 波先 ...

瑞财经 吴文婷近日，深圳市思特光学科技股份有限公司（以下简称"思特光学"）启动IPO。 公司拥有专业的光学、机械、电子、软件、工艺测试等研发团队，拥有百余项实用新型及发明专利和软件著作权。除了研发标准扫描振镜和打标控制卡，还 为客户提供定制化的振镜扫描解决方案。思特光学扫描振镜系统年产量高达10万套。 据企查查显示，思特光学曾获得了元禾原点、中金资本、前海母基金、经纬创投、深创投等投资机构的投资。 | < | 品牌产品 ◎ 企查查 ··· | | --- | --- | | 融分 历程 | 股东信息 > | | 2025-12-19 ● 金额未披露 | 工商变更 | | 股权转让 | 股权 1.70% | | | 元禾原点、东科创资本、前海母基金 | | 2025-05-23 ● | 金额未披露 工商变更 | | A轮 | 元禾原点、元禾控股 | | 2024-02-18 @ | 融资 10.46亿元 新闻 | | A轮 | 股权 65.37% | | | 估值 16亿元 | | | 兴业国信、前海母基金、中金资本、联通中 | | | 金基金、深创投、智慧互联产业基金、经纬 | | | 创投、珠海华金领创基金 ...

国金证券发布研报称，金价高位震荡带来较大预期差，认为行业价增量跌态势下老铺黄金(06181)高端 品牌运营Alpha显现，叠加店铺调整效果释放，公司1-2月份高基数增长有望验证，进而带动估值切换。 该行预计公司2025/2026/2027年EPS预测至27.7/39.4/48.2元，公司股票现价对应PE估值为24/17/14倍，维 持"买入"评级，持续重点推荐。 国金证券主要观点如下： 金价大幅波动下品牌韧性或超预期，门店终端供不应求，形成排队热潮 金价涨幅前备货充足，毛利率端有望修复至常态水平 2025年10月公司已完成27亿港元配售，其中70%约19亿港元用于存货储备，备货相对充足，叠加25年10 月底已调价，毛利率有望逐步修复。 中长期增长空间:公司高客精细化管理拓展在即，单店提升空间较大 截至25年11月底，老铺黄金40多家自营门店覆盖16个城市，全部位于一线和新一线城市的高端购物中 心，国内外均有较大拓展空间。而公司注重门店质量而非盲目数量扩张，2026年预计将持续优化现有门 店地段，面积和场景。公司已成立高客管理部，针对高客进行精细化管理，2025H1忠诚会员达48万 名，较2024年底新增13万 ...

Core Viewpoint - The report from Guojin Securities indicates that the high volatility in gold prices has created significant expectations, suggesting that the high-end brand operation of Laopu Gold (06181) is showing resilience, which, combined with the effects of store adjustments, is expected to validate high growth in January and February, thereby driving a valuation switch [1] Group 1: Market Dynamics - The significant fluctuation in gold prices has led to unexpected brand resilience, with terminal stores experiencing a surge in demand, resulting in long queues [1] - Despite a more than 10% drop in international gold prices on January 30, stores in major cities like Shanghai and Beijing continued to see high customer turnout without discount promotions, indicating strong brand attraction during price volatility [1] Group 2: Consumer Behavior and Brand Value - The core reason for the high demand is the stable price increase expectation among end consumers, reflecting a growing recognition of the brand value of Laopu Gold [2] - The value of Laopu Gold products encompasses three aspects: material value, design value, and brand value, with consumers showing confidence in long-term gold price increases and willingness to purchase despite price hikes [2] Group 3: Financial Performance and Inventory Management - As of October 2025, the company completed a placement of HKD 2.7 billion, with 70% allocated for inventory reserves, indicating sufficient stock levels and potential for gross margin recovery [3] - The company has already implemented price increases three times in 2025, with the first occurring after the Spring Festival, leading to consumer anticipation of further price hikes [2][3] Group 4: Growth Potential and Store Management - The company has over 40 self-operated stores in 16 cities, primarily located in high-end shopping centers in first-tier and new first-tier cities, indicating significant expansion potential [4] - The company focuses on quality over quantity in store expansion, with plans to optimize existing store locations and enhance customer management, resulting in a growing loyal membership base [4]

智通财经APP获悉，国金证券发布研报称，证监会拟修订再融资规则，明确社保、保险、理财等中长期 资金可作为战略投资者。新规要求战投持股原则上不低于5%、深度参与公司治理并强化锁定，旨在推 动其从财务投资转向积极股东，杜绝短期套利。此举有望引入市场"压舱石"，提升资产质量，构建"长 钱长投"的良性生态。 国金证券主要观点如下： 事件 1 月30 日，证监会发布《关于修改〈《上市公司证券发行注册管理办法》第九条、第十条、第十一条、 第十三条、第四十条、第五十七条、第六十条有关规定的适用意见——证券期货法律适用意见第18 号〉的决定（征求意见稿）》，并公开征求意见。 战略投资者类型扩围：中长期资金体系全面进场 修订稿明确，全国社保基金、基本养老保险基金、企业（职业）年金基金、商业保险资金、公募基金、 银行理财等机构投资者可以作为战略投资者。同时，在规则上将该类投资者界定为资本投资者，将其他 实业投资者界定为产业投资者。"产业战投"提供技术、市场等硬资源，"资本战投"则需发挥改善治理、 优化决策、推动整合等软实力。 2025 年出台的《中长期资金入市方案》提到，"允许公募基金、商业保险资金、基本养老保险基金、企 （职） ...

Summary of Key Points Core Viewpoint - In January 2026, a total of 9 companies were listed on the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange, raising a total of 9.053 billion yuan in funds [1]. Group 1: Listing and Fundraising - The 9 listed companies included 3 from the main boards of Shanghai and Shenzhen, 1 from the Sci-Tech Innovation Board, and 5 from the Beijing Stock Exchange [1]. - The top fundraising company was Zhenstone Co., Ltd., which raised 2.919 billion yuan, followed by Hengyun Chang and Shaanxi Tourism, which raised 1.561 billion yuan and 1.555 billion yuan respectively [1]. Group 2: Underwriting and Sponsorship Fees - A total of 9 securities firms participated in the underwriting and sponsorship of the newly listed companies, earning a combined fee of 457 million yuan [1]. - China International Capital Corporation (CICC) ranked first in underwriting fees, earning 122.0648 million yuan by sponsoring Zhenstone Co., Ltd. and Shaanxi Tourism [1]. - CITIC Securities and Guotai Junan Securities ranked second and third, earning 117.1101 million yuan and 45.4905 million yuan respectively [1][2]. Group 3: Top Securities Firms - The top five securities firms collectively earned 345 million yuan, accounting for 75% of the total underwriting fees for January [1]. - Other notable firms included Shenwan Hongyuan and Southwest Securities, each earning 42.1555 million yuan through joint sponsorship of Zhixin Co., Ltd. [1][2].

过去一周，国内主要市场指数上涨，其中上证 50、沪深 300、中证 500 和中证 1000 涨跌幅分别为 1.13%、0.09%、- 2.55%和-2.55%。 微盘股指标监控：轮动策略方面，由于目前微盘股对茅指数的相对净值为 2.33，仍高于其 243 日均线（1.87）；但万 得微盘股 20 日收盘价斜率为正，而茅指数斜率收负。量价轮动子策略部分仓位切换回微盘股指数；而从 M1 高点轮动 的角度来看，12 月份 M1 指标的 6 个月移动平均值已经下行，M1 轮动子策略中期配置从微盘股切换至茅指数。所以综 合两个子策略来看目前轮动策略处于均衡配置。而从中期微盘股择时角度来看，目前风控信号还没触发。对于持有微 盘板块投资者建议做好风险控制，以及密切跟踪相对净值、动量及中期风险指标的动态。 过去一周，国内政策端围绕制度松绑与内需提质进行发力。 一方面，地产供给侧的监管硬约束迎来破局，监管部门 取消了房企每月上报"三道红线"指标的硬性要求，这一举措意味着政策逻辑已从过去几年的"高压去杠杆"果断转向"信 用修复"，通过给予房企更大的财务自主权来换取市场流动性的内生性恢复，这将直接利好地产链的资金面改善；另一 方 ...

Core Viewpoint - The China Securities Association has updated the classification list of sponsor representatives, with 16 individuals rated as D-class, temporarily losing their signing qualifications due to various violations [1][4]. Group 1: D-Class Representatives - A total of 16 D-class representatives are involved, with 11 brokerage firms represented, including notable firms like Guotai Junan Securities and CICC, each having two representatives on the list [5][8]. - Compared to the D-class list updated in June last year, 4 representatives have been removed, while 3 new representatives have been added from First Capital Securities, Guolian Minsheng Securities, and Dongwu Securities [1][5]. Group 2: Violations and Penalties - The violations of the D-class representatives include issues related to convertible bonds, IPOs, and private placements, with some facing significant fines [4][6]. - For instance, Fan Benyuan from First Capital Securities was penalized for failing to detect misuse of approximately 1.7 billion yuan in fundraising for a convertible bond project, resulting in a total penalty of about 16.98 million yuan [5][6]. - Jin Yaping from Guolian Minsheng Securities was noted for a unique case of severe penalties due to long-term stock trading violations, amounting to over 10 million yuan [5][6]. Group 3: Regulatory Mechanism - The D-class classification is part of a regulatory mechanism that has evolved since its inception, with the latest revisions in September 2024 introducing stricter criteria for classification based on recent administrative penalties [8][9]. - The classification aims to enforce accountability among sponsor representatives, ensuring that violations lead to significant repercussions, thereby enhancing the integrity of the IPO process [9][10]. - The current C-class list includes 281 representatives, with 86 added in 2025, indicating a dynamic adjustment in regulatory oversight [10].