1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The GDP growth in Q4 2025 was 4.5%, and the full - year growth target of 5% was achieved, meeting market expectations. The market will discuss the economic growth expectations for 2026 and the Two Sessions' target settings. For the bond market, the central bank's attitude is the key factor in 2026, and a total interest - rate cut is expected in Q2 [27]. - The central bank's resumption of bond - buying may be a long - term consideration, and the continuity of bond - buying is high. In 2026, the imbalance between supply and demand in the bond market needs attention, with the core being demand. The bond market still needs to consider the impacts of "imbalance between supply and demand, expectations of rising prices, and re - balancing of asset allocation due to capital diversion" [28]. 3. Summary by Directory 3.1 Macro Data Quick View - In December 2025, GDP at constant prices had a quarterly - on - quarterly growth of 4.5%, lower than the previous quarter's 4.8% and the same period last year's 5.4% [1]. - The manufacturing PMI in December 2025 was 50.1%, up from 49.8% in the previous month and the same as the same period last year [1]. - The non - manufacturing PMI for business activities in December 2025 was 50.2%, up from 50.0% in the previous month but lower than 52.2% in the same period last year [1]. - The monthly value of social financing scale in December 2025 was 2207.5 billion yuan, down from 3529.9 billion yuan in the previous month and 2853.7 billion yuan in the same period last year [1]. - Various monetary indicators such as M0, M1, M2, and new RMB loans also showed different trends in December 2025 compared with the previous month and the same period last year [1]. - CPI in December 2025 had a year - on - year growth of 0.8%, up from - 0.3% in the previous month and 0.1% in the same period last year; PPI was - 1.9%, up from - 2.3% in the previous month and the same period last year [1]. - The cumulative year - on - year growth of fixed - asset investment completion in December 2025 was - 3.8%, down from - 0.5% in the previous month and 3.2% in the same period last year [1]. - The cumulative year - on - year growth of total retail sales of consumer goods in December 2025 was 3.7%, down from 4.5% in the previous month but up from 3.5% in the same period last year [1]. - The year - on - year growth of export and import amounts in December 2025 was 6.60% and 5.70% respectively, down from 8.20% and 7.40% in the previous month and 10.67% and 0.84% in the same period last year [1]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - The National Development and Reform Commission is planning major high - tech projects for the 15th Five - Year Plan period, formulating an implementation plan for the strategy of expanding domestic demand from 2026 - 2030, and considering setting up a national - level merger and acquisition fund. It will also promote the expansion and quality improvement of the service industry [2]. - The LPR in January 2026 remained unchanged for the 8th consecutive month, with the 1 - year LPR at 3.0% and the 5 - year - plus LPR at 3.5% [2]. - Shanghai introduced 18 measures to enhance the influence of non - ferrous metal commodities and global pricing, including supporting settlement through the Commodity Clearing Link and opening up futures and options varieties [3]. - The Shanghai Futures Exchange adjusted the trading margin ratios and price limit ranges for copper, aluminum, gold, and silver futures contracts [3]. - The Shanghai International Energy Exchange Center adjusted the trading margin ratios and price limit ranges for international copper futures contracts [4]. - On January 20, 37 domestic commodity varieties had positive basis, and 32 had negative basis, with significant differences in basis among different varieties [4]. 3.2.2 Metals - On the morning of January 21, New York gold futures exceeded $4780 per ounce, and domestic gold jewelry prices also increased, with some brands' pure gold prices exceeding 1450 yuan per gram [5]. - "Investment copper bars" have become popular recently, with a 1000 - gram copper bar costing 180 - 288 yuan in Shenzhen Shuibei Market [5]. - The Polish central bank approved a plan to buy up to 150 tons of gold, increasing its gold reserves to 700 tons [5]. - On January 19, the inventories of lead, tin, zinc, and copper in the London Metal Exchange reached new highs, while the inventories of cobalt and aluminum reached new lows [6]. - As of January 20, the holdings of the world's largest gold ETF, SPDR Gold Trust, decreased by 0.37%, or 4.01 tons, to 1081.66 tons [6]. 3.2.3 Coal, Coke, Steel, and Minerals - During the 14th Five - Year Plan period, Shanxi produced 65 billion tons of coal, with an output of over 13 billion tons in 2025, an increase of 19 billion tons compared with the 13th Five - Year Plan [8]. - The first shipment of nearly 200,000 tons of Simandou iron ore arrived in China on January 17, enhancing global iron ore supply [8]. 3.2.4 Energy and Chemicals - Domestic gasoline and diesel prices increased by 85 yuan per ton from January 20, 24:00, due to rising international oil prices [9]. - The US government obtained 50 million barrels of oil from Venezuela and sold part of it on the open market [9]. - Venezuela officially launched the export of liquefied petroleum gas [9]. 3.2.5 Agricultural Products - Brazil's corn and soybean exports in January 2026 are expected to be 3.45 million tons and 3.79 million tons respectively, higher than the previous week's forecasts, while soybean meal exports are expected to be 1.82 million tons, the same as the previous week [10]. - As of January 15, the EU's soft wheat exports in the 2025/26 season were 11.8 million tons, slightly lower than the same period last year [10]. - The US export inspection volumes of soybeans, wheat, and corn were 1,336,684 tons, 392,611 tons, and 1,483,622 tons respectively [11]. 3.3 Financial News Compilation 3.3.1 Open Market - On January 20, the central bank conducted 324 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 34.6 billion yuan due to 358.6 billion yuan of reverse repurchase maturities [12]. 3.3.2 Key News - A package of policies to promote domestic demand through fiscal - financial coordination was introduced, including a 500 - billion - yuan special guarantee plan for private investment and loan interest - subsidy policies for small and medium - sized enterprises [13]. - The National Development and Reform Commission stated that in 2026, macro - policies will focus on strengthening the domestic cycle, expanding domestic demand, and promoting high - tech projects [13]. - The Ministry of Finance said that in 2026, the fiscal deficit, debt scale, and expenditure will remain at necessary levels, and ultra - long - term special treasury bonds will continue to be issued [14]. - The Ministry of Natural Resources and the Ministry of Housing and Urban - Rural Development introduced measures to support urban renewal [15]. - The preferential tax policies for community - based family services such as elderly care, childcare, and housekeeping were extended from January 1, 2026, to December 31, 2027 [16]. - The latest LPR remained unchanged for the 8th consecutive month since May 2025, and experts believe that the stable macro - economy is the main reason [17]. - Beijing's 2026 construction land supply plan was announced, with specific land allocations for commercial and affordable housing and a focus on urban renewal [18]. - Guangzhou is promoting legislation for the renewal of state - owned land housing, with a planned fixed - asset investment of 120 billion yuan for urban village renovation in 2026 [18]. - The Greenland crisis and fiscal pressure concerns led to a global bond market sell - off, with significant fluctuations in Japanese and US bond yields [18]. - The Japanese Finance Minister tried to calm the bond market, emphasizing the responsibility and sustainability of fiscal policies [18]. - All Japanese central bank observers predict that the benchmark interest rate will remain unchanged on Friday, and the government may intervene in the foreign exchange market if the yen depreciates [19]. - There were several bond - related events, including payment due dates and corporate management changes [19]. 3.3.3 Bond Market Summary - China's bond market showed positive trends, with falling yields on spot bonds and rising prices of bond futures. The money market was generally stable, but the DR001 rate increased due to the tax period [20]. - The exchange - traded bond market had different performances among different bond types, with some bonds rising and some falling [21]. - The CSI Convertible Bond Index and the Wind Convertible Bond Equal - Weighted Index both declined, with significant differences in individual bond performances [22]. - Most money market interest rates and Shibor short - term rates increased [22]. - Bank - to - bank repurchase fixed - rate and silver - bank repurchase fixed - rate also showed upward trends [23]. - The winning bid yields and multiples of financial bonds issued by the Agricultural Development Bank and the National Development and Reform Commission were announced [23][24]. - European and US bond yields generally increased [24][25]. 3.3.4 Foreign Exchange Market - The on - shore RMB against the US dollar rose 33 basis points to 6.9603 at 16:30, and the central parity rate rose 45 basis points to 7.0006 [26]. - At the New York close, the US dollar index fell 0.50% to 98.55, and most non - US currencies rose [26]. 3.3.5 Research Report Highlights - CITIC Securities believes that the central bank's attitude is crucial for the 2026 bond market, and a total interest - rate cut is expected in Q2 [27]. - Shenwan Hongyuan Fixed - Income believes that the central bank's bond - buying is likely to be continuous, and in 2026, attention should be paid to the imbalance between supply and demand in the bond market, with the interest rate level expected to be lower in the first half and higher in the second half [28]. 3.4 Stock Market Key News - On Tuesday, the A - share market adjusted, with a style shift from high - valuation growth sectors to value sectors. The Shanghai Composite Index fell 0.01%, and the trading volume increased [30]. - The Hong Kong stock market continued to adjust, with technology stocks leading the decline and real - estate stocks rising. Southbound funds had a net purchase of nearly HK$3.7 billion [31]. - As of January 20, over 500 A - share companies had disclosed 2025 performance forecasts, with about 200 expecting growth and over 100 expecting a net profit increase of over 100%. However, some sectors such as photovoltaic, liquor, and pig farming faced performance pressure [31]. 3.5 Today's Reminders - On January 21, 230 bonds will be listed, 122 bonds will be issued, 82 bonds will be settled, and 207 bonds will pay principal and interest [29].

（编辑 任世碧） 证券日报网讯 1月8日，浦东金桥发布公告称，公司于2025年12月30日分别召开2025年第一次临时股东 会、第十届董事会第二十六次会议，修改公司章程及其附件并取消监事会、增补董事及独立董事，并选 举郭嵘董事为本届董事会董事长。2026年1月7日，相关工商变更登记手续已办理完毕，并取得上海市市 场监督管理局换发的《营业执照》。 ...

证券代码：600639、900911 证券简称：浦东金桥、金桥 B 股 公告编号：2026-001 法定代表人：郭嵘 住所：中国（上海）自由贸易试验区新金桥路 27 号 10 幢 107 室 上海金桥出口加工区开发股份有限公司 关于完成工商变更登记的公告 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法律责任。 上海金桥出口加工区开发股份有限公司（以下简称"公司"）于 2025 年 12 月 30 日分别召开 2025 年第一次临时股东会、第十届董事会第二十六次会议，修 改公司章程及其附件并取消监事会、增补董事及独立董事，并选举郭嵘董事为本 届董事会董事长，详见公司于 2025 年 12 月 31 日披露的《2025 年第一次临时股 东大会决议公告》（编号：2025-029）、《第十届董事会第二十六次会议决议公告》 （公告编号：临 2025-030）。 2026 年 1 月 7 日，相关工商变更登记手续已办理完毕，并取得上海市市场 监督管理局换发的《营业执照》，相关公司登记事项如下： 统一社会信用代码：91310000132209359 ...

Core Viewpoint - The stock of Pudong Jinqiao has shown a slight increase of 2.04% as of January 5, with a market capitalization of 11.763 billion yuan, indicating a stable performance in the real estate sector despite recent fluctuations in stock price [1]. Group 1: Stock Performance - As of January 5, Pudong Jinqiao's stock price reached 10.48 yuan per share, with a trading volume of 61.7058 million yuan and a turnover rate of 0.70% [1]. - Year-to-date, the stock has increased by 2.04%, with a 5-day increase of 2.44%, a 20-day increase of 0.96%, and a 60-day decrease of 3.14% [1]. Group 2: Financial Performance - For the period from January to September 2025, Pudong Jinqiao reported a revenue of 1.415 billion yuan, a year-on-year decrease of 30.46%, and a net profit attributable to shareholders of 338 million yuan, down 13.36% year-on-year [2]. - Cumulative cash dividends since the A-share listing amount to 5.393 billion yuan, with 1.556 billion yuan distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, Pudong Jinqiao had 60,500 shareholders, a decrease of 4.97% from the previous period [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the fourth largest shareholder with 5.929 million shares, and Southern CSI Real Estate ETF as the tenth largest with 4.2584 million shares, which saw a reduction of 82,600 shares compared to the previous period [3]. Group 4: Business Overview - Pudong Jinqiao, established on October 7, 1993, primarily engages in the development, operation, and management of the Shanghai Jinqiao Industrial Park and Biyun International Community, focusing on various real estate projects [1]. - The company's revenue composition includes 87.58% from real estate leasing, 7.30% from hotel apartments, 4.35% from real estate sales, 0.50% from property management, and 0.27% from other sources [1].

Core Viewpoint - Pudong Jinqiao announced the approval of the proposal to supplement members of the board's specialized committees during the 26th meeting of its 10th board of directors [2] Group 1 - The announcement was made on December 30 [2] - The decision was made during a board meeting [2] - The proposal specifically pertains to the addition of members to the board's specialized committees [2]

证券代码：600639 、900911 证券简称：浦东金桥、金桥 B 股 公告编号：2025-029 上海金桥出口加工区开发股份有限公司 2025年第一次临时股东大会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 255 | | --- | --- | | 其中：A 股股东人数 | 192 | | 境内上市外资股股东人数（B 股） | 63 | | 2、出席会议的股东所持有表决权的股份总数（股） | 611,904,666 | | 其中：A 股股东持有股份总数 | 586,073,564 | | 境内上市外资股股东持有股份总数(B 股) | 25,831,102 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 55.6384 | (一) 股东大会召开的时间：2025 年 12 月 30 日 (二) 股东大会召开的地点：OfficePark 金科园会议中心 B1 多功能厅，地址： 上海市浦东新 ...

证券代码：600639、900911 证券简称：浦东金桥、金桥 B 股 公告编号：临 2025-030 上海金桥出口加工区开发股份有限公司 第十届董事会第二十六次会议决议公告 本次会议的召开符合有关法律、行政法规、部门规章、规范性文件和公司章 程的规定。 二、董事会会议审议、表决情况 （一）选举郭嵘董事为公司本届董事会董事长。 表决结果：同意 7 票、反对 0 票、弃权 0 票。 （二）审议通过公司《关于增补董事会专门委员会委员的议案》，增补郭嵘 董事为战略委员会主任委员、提名委员会委员，增补王俭保董事为审计委员会、 薪酬与考核委员会委员，增补张军董事为审计委员会委员，增补季诺董事为提名 委员会主任委员、审计委员会、薪酬与考核委员会委员，增补邵丽丽董事为审计 委员会主任委员、提名委员会、薪酬与考核委员会委员。 表决结果：同意 7 票、反对 0 票、弃权 0 票。 各专门委员会成员名单如下： 1、战略委员会 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。 一、董事会会议召开情况 本次董事会会议通知和材料于 2025 年 12 月 ...

上海市锦天城律师事务所 关于上海金桥出口加工区开发股份有限公司 2025 年第一次临时股东大会的 法律意见书 上海市锦天城律师事务所 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 邮编：200120 电话：021-20511000 传真：021-20511999 上海市锦天城律师事务所 法律意见书 关于上海金桥出口加工区开发股份有限公司 一、 本次股东大会召集人资格及召集、召开的程序 经核查，公司本次股东大会由公司董事会召集。公司已于 2025 年 12 月 15 日 在上海证券交易所网站上刊登了《上海金桥出口加工区开发股份有限公司关于召 开 2025 年第一次临时股东大会的通知》，将本次股东大会的召开时间、地点、 2025 年第一次临时股东大会的法律意见书 致：上海金桥出口加工区开发股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受上海金桥出口加工区开 发股份有限公司（以下简称"公司"）委托，就公司召开 2025 年第一次临时股 东大会（以下简称"本次股东大会"）的有关事宜，委派任荣树律师和王园园律 师出席本次股东大会，并根据《中华人民共和国公司法》（以下简称"《公司 ...

附件二 董事会议事规则 （2025 年 12 月修改） 第一条 为了确保董事会落实股东会决议，提高工作效率，保证科学决策， 根据《公司法》《证券法》《上市公司独立董事管理办法》《上市公司治理准则》、 上海证券交易所业务规则及本章程的有关规定，特制定本规则。 第二条 董事会对股东会负责，行使法律法规、上海证券交易所业务规则及 本章程和股东会赋予的职权。 第三条 董事会决定公司重大问题时，应由公司党委会先行研究讨论。董事 会中的党员成员应按照党委会的研究决定发表意见，行使表决权，落实党委的决 定。 第四条 董事会每年至少召开两次会议，由董事长召集，于会议召开十日以 前书面通知全体董事。 第五条 董事会下设董事会办公室，由董事会秘书负责，处理董事会日常事 务。 第六条 在发出召开董事会会议的通知前，董事会办公室应当充分征求和听 取董事、高级管理人员的意见，初步形成会议议程后提交董事长审定。 第七条 董事会召开临时董事会会议的通知方式为：包括传真或电子邮件等 方式，非直接送达的，还应当通过电话进行确认并做相应记录；通知时限为：不 迟于会议举行前三日。 情况紧急，需要尽快召开董事会临时会议的，可以随时通过电话或者其他口 ...

附件一 第一章 总则 第一条 为了维护公司和公司股东的合法权益，规范公司股东会的行为，保 证股东会能够依法行使职权。根据《公司法》《证券法》《上市公司股东会规则》 以及本章程的规定，制定本规则。 第二条 本规则条款与法律法规、上海证券交易所业务规则及本章程若有抵 触的，以法律法规、上海证券交易所业务规则及本章程的规定为准。 第三条 公司应当严格按照法律法规、上海证券交易所业务规则、本章程及 本规则的相关规定召开股东会，保证股东能够依法行使权利。 公司董事会应当切实履行职责，认真、按时组织股东会。公司全体董事应当 勤勉尽责，确保股东会正常召开和依法行使职权。 第四条 股东会应当在《公司法》和本章程规定的范围内行使职权。 第五条 股东会分为年度股东会和临时股东会。年度股东会每年召开一次， 并应于上一个会计年度结束后的六个月内举行。临时股东会不定期召开，出现《公 司法》第 113 条规定的应当召开临时股东会的情形时，临时股东会应当在两个月 内召开。 股东会议事规则 （2025 年 12 月修改） 公司在上述期限内不能召开股东会的，应当报告公司所在地证监会派出机构 和上海证券交易所，说明原因并公告。 第六条 本公司召 ...