1. Report Industry Investment Rating No information about the report industry investment rating is provided in the content. 2. Core Viewpoints of the Report - Short - term, be aware of bond market disturbances caused by the boost in equity risk preference and positive economic data. Mid - term, the capital and institutional behavior are relatively favorable, so investors can make arrangements during market fluctuations [8][11][99]. - There's no need to overly worry about the bond supply - demand pattern at the end of the quarter. The supply side has a high maturity volume of government bonds in March with limited net financing. The demand side, though the power of allocation funds weakens, still has support. The bond - selling pressure of banks is controllable. Insurance companies usually allocate the remaining funds after the Two Sessions [8][11][99]. - Non - bank funds usually recover gradually near the second quarter. The allocation of wealth management products to the bond market often increases in April. Some non - bank funds may seize opportunities in advance at the end of the quarter. Pay attention to the increased probability of success in the bond market after the Two Sessions [8][11][99]. 3. Summary According to the Directory 3.1 1 - month Central Bank Balance Sheet and Custody Volume Interpretation 3.1.1 2026 January Central Bank Balance Sheet Changes - The central bank's balance sheet size increased from 48.16 trillion yuan to 49.32 trillion yuan, up 11599 billion yuan. The main increase item on the asset side is "claims on other depository corporations", and the main decrease item is "claims on other financial corporations". On the liability side, the main increase items are "government deposits" and "currency issuance", and the main decrease item is "deposits of other depository corporations" [16]. - **Asset side**: The central bank actively injected "long - term" liquidity. "Claims on other depository corporations" increased significantly. The central bank injected long - term liquidity to offset the impact of the approaching Spring Festival and the fast supply of government bonds. The net investment of innovative tools was 3493 billion yuan, close to the 2915 - billion - yuan increase in the "ChinaBond - Other" account. With the improvement of equity risk preference, the central bank's market - stabilizing tools were gradually withdrawn, and "claims on other financial corporations" decreased by 2239 billion yuan [17][23][28]. - **Liability side**: "Deposits of other depository corporations" seasonally flowed to "government deposits" and "currency issuance". January is a big tax - paying month, and with the approaching Spring Festival, "government deposits" and "currency issuance" consumed some reserves [25]. 3.1.2 Impact of January 2026 Central Bank Operations on Custody Volume - In terms of quantity, the scale of innovative tools is consistent with the change in the custody volume account. The net investment of innovative tools was 3493 billion yuan, and the balance of the "ChinaBond - Other (Central Bank)" account increased by 2915 billion yuan. - In terms of structure, the main incremental bond types are treasury bonds and policy - financial bonds. The "ChinaBond - Other (Central Bank)" item mainly increased treasury bonds (1716 billion yuan) and policy - financial bonds (1123 billion yuan), and the increase in local government bonds decreased from 1389 billion yuan to 81 billion yuan [28]. 3.2 Leverage Ratio - The combination of loose funds and a bullish bond market led to a strong institutional leverage sentiment. In January 2026, although funds fluctuated briefly, they generally ran smoothly. The average monthly trading volume of the whole - market pledged repurchase increased from 8.0 trillion yuan in December to 8.1 trillion yuan in January and further to 8.8 trillion yuan in early February. The average leverage ratio of bond funds decreased from 121.4% in December 2025 to 120.0% in January and rebounded to 121.1% since February. The leverage levels in January and February were higher than the same period of the previous year [34]. 3.3 By Institution - **Banks**: - **Large banks**: They bought long - term treasury bonds beyond the season, driving the narrowing of the 10 - 1 - year spread. In January, large - bank bond investment was at a high level. Benefiting from the good start of deposits, better - than - expected retention rates, and the relaxation of the EVE indicator, they bought 7 - 10 - year treasury bonds beyond the season. Since February, their preference for certificates of deposit has strengthened [52]. - **Small and medium - sized banks**: They mainly increased their holdings of certificates of deposit and ultra - long - term bonds, driving the compression of the spread. In January, they adopted a dumbbell strategy, mainly increasing their holdings of certificates of deposit, 7 - 10 - year policy - financial bonds, and 20 - 30 - year treasury bonds. Since February, they continued to prefer certificates of deposit but took profits on 7 - 10 - year policy - financial bonds and 20 - 30 - year treasury bonds [56]. - **Insurance companies**: Benefiting from the rapid growth of dividend - insurance income, their bond - allocation strength was at a seasonal high in January, mainly increasing their holdings of government bonds. They mainly increased their holdings of 15 - 30 - year local government bonds and bought certificates of deposit and perpetual bonds to maintain liquidity. Since February, they sold certificates of deposit and perpetual bonds to extract liquidity and continued to rigidly allocate 15 - 30 - year local government bonds [64]. - **General funds**: - **Funds**: In early January, they sold a large amount of bonds due to multiple negative factors. Since the middle of the month, their bond - allocation sentiment improved, and the duration was extended. The share of bond ETFs resumed growth in February [75]. - **Wealth management products**: After the New Year, the scale of wealth management products did not return as expected. Affected by the Spring Festival cash - withdrawal demand, the bond - allocation scale in January and February was weak [77]. - **Foreign investors**: The comprehensive income of foreign investors from buying certificates of deposit remained at a low level, and they continued to have a net outflow, mainly reducing their holdings of certificates of deposit and treasury bonds. In January 2026, the comprehensive income of foreign investors from buying certificates of deposit decreased, and the bond custody volume of overseas institutions decreased by 1078 billion yuan, mainly reducing their holdings of 938 - billion - yuan certificates of deposit and 209 - billion - yuan treasury bonds [87]. 3.4 By Bond Type - In January, the incremental custody volume of the bond market increased, with government bonds being the main support, and the contraction of certificates of deposit accelerated. The incremental custody volume of the bond market increased from 3026 billion yuan to 7576 billion yuan. Government bonds were the main support, with treasury bonds and local government bonds increasing by 4270 billion yuan and 5494 billion yuan respectively. The incremental scale of certificates of deposit decreased from - 6224 billion yuan to - 6562 billion yuan [90]. - **Interest - rate bonds**: The net financing scale increased month - on - month. The issuance rhythm of local government bonds was significantly faster than the same period last year. In January, the net financing scale of interest - rate bonds increased from 4789 billion yuan to 13312 billion yuan, significantly higher than 10335 billion yuan in the same period last year [94]. - **Certificates of deposit**: Banks had limited willingness to renew issuance, and certificates of deposit had negative growth for three consecutive months. Since November, the central bank's capital injection has maintained the characteristic of "short - term withdrawal and long - term injection". Banks' overall liability - side pressure was not large, and their willingness to renew certificates of deposit was limited. In January, the net financing of certificates of deposit further decreased to - 6230 billion yuan, and the incremental custody volume decreased from - 6224 billion yuan to - 6562 billion yuan [98].

Core Viewpoint - Huachuang Yinxin (600155) has developed a "Valuation Enhancement Plan" in response to investor inquiries, focusing on strategic development and operational conditions [1] Group 1: Valuation Enhancement Plan - The plan emphasizes a data-driven approach to enhance core competitiveness [1] - It includes prudent mergers and acquisitions to optimize asset structure and business layout [1] - The company aims to improve employee stock ownership plans to optimize long-term incentive mechanisms [1] Group 2: Shareholder and Governance Focus - The plan highlights the importance of shareholder returns to enhance the company's investment value [1] - It stresses the need for standardized operations to improve corporate governance effectiveness [1] - Continuous improvement in information disclosure quality is prioritized to practice sustainable development [1] Group 3: Investor Relations - The company plans to strengthen investor relations management to actively communicate its value [1]

Group 1 - The company Huachuang Yunxin has established a joint venture with Guizhou Provincial Tourism Industry Development Group Co., Ltd. to form Guizhou Guilv Shuwang Technology Co., Ltd. [2] - The newly formed company has launched a provincial-level tourism service intelligent system named "Huang Xiaoxi" [2] - The company plans to continuously optimize the "Huang Xiaoxi" intelligent system, expand service scenarios, and enhance user experience [2]

Core Viewpoint - The securities industry is experiencing a recovery in performance, but market valuations remain lagging behind the fundamentals [1][2] Group 1: Company Actions - Huachuang Yuxin has launched a valuation enhancement plan, focusing on improving company quality to drive valuations back to reasonable levels [1] - The plan includes three main operational dimensions: digital transformation, capital operations, and shareholder return mechanisms [1] - Specific measures involve transforming Huachuang Securities into a new digital asset management company and optimizing asset structure through mergers and acquisitions [1] Group 2: Market Analysis - The securities sector shows significant characteristics of high performance growth and low valuations, with many brokerages reporting improved net profits year-on-year [2] - The overall price-to-book ratio of the securities sector is around 1.4 times, indicating it remains at a historically low level [2] - Analysts suggest that the current market environment, characterized by high activity levels, is conducive to enhancing the overall performance elasticity of brokerages [3] Group 3: Future Outlook - There are two potential upward paths for the securities sector: stabilization of trading volumes leading to valuation increases, and favorable financial policies catalyzing valuation breakthroughs [3] - Long-term structural opportunities in the securities industry are expected to arise from ongoing enhancements in capital market systems, supporting technological innovation and optimizing industrial structures [3] - Ultimately, improving market perceptions of brokerage valuations will depend on the overall return on equity, successful mergers and acquisitions, and the realization of capital market reform policies [3]

Core Viewpoint - The People's Bank of China (PBOC) has initiated temporary reverse and repurchase operations to maintain liquidity in the banking system and enhance the precision of open market operations [1][3]. Group 1: Market Reactions - Long-term bond yields have generally increased by approximately 3 basis points, with the 30-year government bond yield reaching 2.5225% [2]. - Short to medium-term bond yields have risen by 5-7 basis points, with the 1-year government bond yield increasing to 1.58% [2]. Group 2: Impact of Temporary Operations - The introduction of temporary reverse and repurchase operations aims to narrow the interest rate corridor and reduce volatility in the funding market [3]. - The new interest rate corridor is set with an upper limit of 2.30% and a lower limit of 1.60%, which is expected to stabilize the funding market [3]. Group 3: Market Sentiment and Strategy - Analysts suggest that the PBOC's actions signal a significant shift in monetary policy, indicating a potential increase in market interest rates [3][6]. - There is a cautionary stance regarding the bond market, with recommendations for institutions to secure profits and avoid bottom-fishing until uncertainties are resolved [5][6].

证券代码：600155 证券简称：华创云信 公告编号：临 2026-003 华创云信数字技术股份有限公司 估值提升计划(修订版) 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: 估值提升计划的触发情形及审议程序：华创云信数字 技术股份有限公司（以下简称"公司"）根据《上市公司监 管指引第 10 号—市值管理》相关规定，制定估值提升计划。 本估值提升计划已经公司第八届董事会第十七次会议审议 通过。 估值提升计划概述：本估值提升计划以提高公司质量 为基础，充分考虑了公司业务发展、规范运作、提高信披质 量、加强投资者关系管理等因素，注重提升公司投资价值和 股东回报能力，符合公司的实际情况，具备合理性和可行性。 相关风险提示：本估值提升计划仅为公司行动计划， 不代表公司对业绩、股价、重大事件等任何指标或事项的承 诺。公司业绩及二级市场表现受到宏观形势、行业政策、市 场情况等诸多因素影响，相关目标的实现情况存在不确定性。 敬请投资者理性投资，注意投资风险。 1 一、估值提升计划的触发情形及审议程序 （一）触发情形 202 ...

证券代码：600155 证券简称：华创云信 公告编号：临 2026-002 华创云信数字技术股份有限公司 估值提升计划 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: 估值提升计划的触发情形及审议程序：华创云信数字 技术股份有限公司（以下简称"公司"）根据《上市公司监 管指引第 10 号—市值管理》相关规定，制定估值提升计划。 本估值提升计划已经公司第八届董事会第十七次会议审议 通过。 估值提升计划概述：本估值提升计划以提高公司质量 为基础，充分考虑了公司业务发展、规范运作、提高信披质 量、加强投资者关系管理等因素，注重提升公司投资价值和 股东回报能力，符合公司的实际情况，具备合理性和可行性。 相关风险提示：本估值提升计划仅为公司行动计划， 不代表公司对业绩、股价、重大事件等任何指标或事项的承 诺。公司业绩及二级市场表现受到宏观形势、行业政策、市 场情况等诸多因素影响，相关目标的实现情况存在不确定性。 敬请投资者理性投资，注意投资风险。 1 一、估值提升计划的触发情形及审议程序 （一）触发情形 根据《上市公司监 ...

Group 1 - The company Huachuang Yinxin (600155) announced on February 5 that it will formulate a valuation enhancement plan in accordance with the regulations of "Market Value Management" [1] - The plan will be subject to review and disclosure by the board of directors [1] - Investors are advised to pay attention to the company's announcements for specific details [1]

Group 1 - Guangdong Mingzhu expects a net profit increase of 2908.49%-3577.04% year-on-year for 2025 [1] - Sainuo Medical anticipates a net profit growth of 2767%-3233% year-on-year for 2025 [1] - Lingdian Electric Control forecasts a net profit rise of 640.16%-804.64% year-on-year for 2025 [1] - Bojie Co. predicts a net profit increase of 484.16%-618.97% year-on-year for 2025 [1] - Kexing Pharmaceutical expects a net profit growth of 328.83%-455.89% year-on-year for 2025 [1] - Xiangcai Co. anticipates a net profit increase of 266.41%-403.81% year-on-year for 2025 [1] - Xinyi Sheng forecasts a net profit rise of 231.24%-248.86% year-on-year for 2025 [1] - Tongzhou Electronics predicts a net profit increase of 151.40%-230.42% year-on-year for 2025 [1] - Zhaofeng Co. expects a net profit growth of 136.26%-164.89% year-on-year for 2025 [1] - Kaige Precision Machinery anticipates a net profit increase of 133.99%-193.55% year-on-year for 2025 [1] - Sankeshu forecasts a net profit rise of 128.96%-189.21% year-on-year for 2025 [1] - Huazi Industrial expects a net profit growth of 128.00%-167.00% year-on-year for 2025 [1] - Zhite New Materials anticipates a net profit increase of 117.11%-171.39% year-on-year for 2025 [1] - Ecovacs expects a net profit growth of 110.90%-123.30% year-on-year for 2025 [1] - Jingquan Hua forecasts a net profit increase of 109.32%-140.72% year-on-year for 2025 [1] - Guoxuan High-Tech anticipates a net profit rise of 107.16%-148.59% year-on-year for 2025 [1] - Changjiang Securities expects a net profit growth of 101.37% year-on-year for 2025 [1] - Shanwaishan forecasts a net profit increase of 98%-125% year-on-year for 2025 [1] - Zhongji Xuchuang anticipates a net profit rise of 89.50%-128.17% year-on-year for 2025 [1] - Huachuang Yuxin expects a net profit growth of 86%-175% year-on-year for 2025 [1] - Kori Technology forecasts a net profit increase of 68.61%-115.25% year-on-year for 2025 [1] - Western Gold anticipates a net profit rise of 67.58%-93.21% year-on-year for 2025 [1] - Shandong Gold expects a net profit growth of 56%-66% year-on-year for 2025 [1] - Huaxi Biological anticipates a net profit increase of 54.93%-83.63% year-on-year for 2025 [1] - Nairui Radar expects a net profit growth of approximately 54.16% year-on-year for 2025 [1] - Lingyun Optical anticipates a net profit rise of approximately 50.75% year-on-year for 2025 [1] - Zhongjin Company expects a net profit increase of 50%-85% year-on-year for 2025 [1] - Dongwu Securities forecasts a net profit growth of 45%-55% year-on-year for 2025 [1] - Longping High-Tech anticipates a net profit increase of 14.17%-66.86% year-on-year for 2025 [1] Group 2 - Jiangfeng Electronics expects a net profit increase of 7.5%-27.5% year-on-year for 2025 [2]

Core Viewpoint - Huachuang Yinxin (600155) expects a significant increase in net profit attributable to shareholders, projecting a range of 115 million to 170 million yuan for 2025, representing a year-on-year growth of 86% to 175% [2] Group 1: Company Performance - The company anticipates a robust performance in 2025, driven by enhanced resilience and vitality in the capital market, with increased market activity and rising major stock indices [2] - The company is actively seizing market opportunities and strengthening cost control measures, contributing to the expected growth in net profit [2]