Group 1 - The core viewpoint of the article highlights the continued growth of fixed income and the strategic adjustments in equity exposure amidst market fluctuations, with a notable increase in financial bonds [1][2]. - In Q4 2025, the net subscription for fixed income + funds reached 160.55 billion units, showing a significant growth trend despite being lower than Q3 2025, primarily concentrated in secondary bond funds [1]. - Convertible bond funds saw a net subscription of 2.014 billion units in Q4 2025, maintaining a positive subscription trend for two consecutive quarters [1]. Group 2 - Institutional behavior regarding convertible bonds remains diverse, with public funds, social security, and trusts reducing their holdings in October and November, likely for profit-taking, followed by a renewed allocation in December [2]. - Insurance funds significantly reduced their convertible bond holdings, with a decrease of over 50% in face value by the end of 2025 compared to the beginning of the year [2]. - Public funds are actively seeking alternative bottom assets, showing a reduction in bank convertible bonds primarily due to the delisting of the Pudong Development Bank convertible bond, while still demonstrating a strong inclination to increase holdings in other sectors like electronics and defense [2]. Group 3 - In terms of marginal increases, public funds are diversifying their allocation while maintaining core themes, with notable increases in convertible bonds related to power equipment and oil and petrochemicals, as well as defense and military industries [3]. - Specific convertible bonds such as Long 22 and Jingneng convertible bonds have seen significant increases in holdings, reflecting resource and geopolitical logic [3]. - Other sectors like steel and basic chemicals are also seeing increased allocations, indicating a broader trend of investment across various cyclical and manufacturing chains [3].

Core Insights - The bond underwriting market in 2025 shows a clear trend of "the strong getting stronger," with market share concentrated among a few leading institutions [1][4][8] - Competition among underwriters is intensifying, with banks and securities firms leveraging their unique strengths to differentiate themselves [2][6] - Regulatory bodies are taking steps to ensure market order and prevent irrational competition, particularly in pricing and underwriting practices [2][6] Group 1: Market Overview - The total bond issuance in 2025 reached 89.76 trillion yuan, a year-on-year increase of approximately 11% [2] - The issuance of interest rate bonds was 33.80 trillion yuan, up 18%, while credit bonds reached 21.95 trillion yuan, growing by 8% [2] - The market is characterized by a large total volume, diverse categories, and differentiated competition [2] Group 2: Competitive Landscape - In the banking sector, China Bank led with over 16 trillion yuan in underwriting, capturing more than 10% of the market share [4] - The top four state-owned banks collectively hold nearly 40% of the market share, indicating a strong position [4] - In the securities sector, CITIC Securities topped the list with 22,496.07 billion yuan in underwriting and a market share of 14.08% [4][5] Group 3: Sector-Specific Insights - Local government bond issuance reached a record high of approximately 10.29 trillion yuan, reflecting a year-on-year growth of 5.2% [6] - The financial bond market is predominantly led by securities firms, with CITIC Securities holding a market share of 17.56% [6] - The asset-backed securities (ABS) market shows a concentration of resources among leading firms, with CITIC Securities leading at 12.32% market share [7] Group 4: International Market Dynamics - The offshore bond market saw a total issuance of approximately $307.07 billion, a year-on-year increase of about 15.75% [7][8] - The market features a mix of domestic and foreign institutions, with China Bank leading at $14.70 billion in underwriting [8] - The competitive landscape in the offshore market is relatively dispersed, with no single institution dominating [8]

每经AI快讯，华东医药发布公告称，2026年1月21日15:00-16:00、2026年1月22日10:00-11:00，15:00- 16:00，华东医药接受国泰海通证券等投资者调研，公司董事会秘书陈波、首席医学官徐俊芳参与接 待，并回答了投资者提出的问题。 每经头条（nbdtoutiao）——地方国资开始"抄底"法拍房！单价六七千元"扫货"广州南沙区超60套房 源，同小区二手房挂牌均价逾2万元 （记者 曾健辉） ...

Core Viewpoint - Hai'an Group is positioned strongly in the all-steel giant tire segment, characterized by high technical barriers and strong customer loyalty, ranking 11th in the industry with a price-to-earnings ratio of 23.78 times, compared to the industry average of 42.94 times [1] Group 1: Company Performance - As of July 31, 2025, the company has approximately 1.424 billion yuan in orders for tire sales within one year [2] - The company signed new orders and framework agreements for 4,790 all-steel giant tires, amounting to approximately 337 million yuan, including 17 new customers [2] - The company is negotiating several all-steel giant tire sales projects, with seven potential clients expected to generate over 10 million yuan in orders, totaling an estimated 239 million yuan [2] Group 2: Market Expansion - The company has successfully developed over 30 clients in more than 15 countries outside of Russia, including markets in Australia, Indonesia, Chile, Ecuador, and Thailand [2] - Future strategies include increasing penetration among existing domestic customers, developing new clients, and enhancing import substitution [3] - Internationally, the company aims to expand into traditional markets in Europe and the U.S., emerging markets in BRICS countries, Southeast Asia, and Africa, as well as Chinese overseas markets linked to state-owned enterprises [3] Group 3: Investment and Development - The company plans to allocate raised funds to three main projects: expansion of all-steel giant engineering radial tire production, automation upgrades for production lines, and the establishment of a research and development center, with construction periods of 3 years, 2 years, and 3 years respectively [3] - Hai'an Group has established strong partnerships with industry leaders such as Zijin Mining and Jiangxi Copper Group, participating in early-stage IPO investments and strategic cooperation agreements [3] Group 4: Investor Engagement - The recent investor meeting included 26 institutions, indicating strong interest from the investment community [1] - Ruiyuan Fund, a long-term value investment institution, has shown significant growth, with its latest fund unit net value at 2.0042, reflecting a 72.79% increase over the past year [4]

2025年度"Wind最佳投行"评选结果于2026年1月23日隆重揭晓！秉承公正与透明的核心理念，万得依托全面、客观的市场数据，对各大机构在股 权、债券及并购交易等各资本市场核心领域的承销实力进行了系统评估。评选过程综合了2025年度万得A股股权承销榜、港股股权承销榜、中国市 场并购交易排行榜、债券承销榜、ABS承销榜和中资美元债承销榜的各项数据，同时充分采纳相关机构在排行榜发布后的反馈与核实修正，最终呈 现出第七届"Wind最佳投行"的获奖名单。共计一百余家机构凭借卓越表现斩获荣誉，彰显其在资本市场的非凡实力与贡献。 该评选旨在以准确、客观的评价，全面展现中国证券市场各家机构的发行与承销能力，并向致力于推动中国资本市场稳健发展的卓越机构致以崇高敬意！ 1 中信证券 1 2 (D 国泰海通 3 0 中金公司 华泰联合证券 4 1 中信建投 5 用数据说话 / 无主观投票 Win.d 最佳投行 2025 年度 Wind 结果重磅 洗 股 揭 it 最佳股权承销商 Wind最佳投行榜单 最佳A股股权承销商 1 2 中信证券 国泰海通 3 中银证券 4 中金公司 华泰联合证券 5 中信建投 6 7 广发证券 申万宏 ...

13:30-13:35 开场致辞 公司领导 国泰海通非银&银行&地产1月专题论坛 2026年1月23日-上海 陆家嘴 · 中国金融信息中心16楼国泰海通旗舰店 重要提醒 本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、 控制投资风险，还请取消关注，请勿订阅、接收或使用本订阅号中的任何信息。我们对由此给您造成的 不便表示诚挚歉意，非常感谢您的理解与配合！如有任何疑问，敬请按照文末联系方式与我们联系。 法律声明 13:35-14:20 践行使命担当,服务居民财富管理 徐海宁-上海秩汇科技有限公司创始人 * 本次活动人数有限,请提前报名。 * 参会请联系您的国泰海通对口销售报名 或国泰海通非银金融、银行、地产分析师 研究运营组制作 14:20-15:05 居民财富管理新趋势 金 总-浦发银行财富管理部 15:05-15:50 重点70城房价趋势和2026年研判 李彦国-冰山指数创始人 15:50-16:00 2026房价矛在哪里? 涂力磊-国泰海通证券研究所所长助理、先进制 造组长、 ...

三条传导链共振放大冲击： 第一条链是日本超长端利率上冲带动全球期限溢价被迫抬升，跨市场对冲与再平衡将冲击外溢至美债等全球长端。第二条链是美 欧冲突从贸易摩擦走向金融工具重定价的叙事升级，市场提前对跨境资金边际减配、对冲成本上升进行定价。第三条链是无风险利率上行叠加风险偏好下降对 新兴市场形成压力，高 β 与外债依赖型经济体因再融资与汇率敏感度更高而承压更明显。 这次波动的根本在于美国财政与债务路径的结构性约束。 2025 年底美国债务总规模高达 38 万亿美元， 2026 年又面临约 10 万亿美元规模的到期再融资 压力，供给吸收与融资成本对利率波动更为敏感 。 三大评级机构在 2025 年已一致下调美国主权信用评级，使市场更容易担心陷入 " 信用折价 → 更高收益 率 → 利息支出上升 → 融资成本走高 → 财政压力再恶化 " 的恶性反馈环。一旦叠加政治不确定性或流动性冲击，长端收益率与期限溢价更容易出现非线性 跳升，放大对全球风险资产与跨境资金流的冲击。 报告导读： 美日债市联动暴跌，政治摩擦与财政叙事引爆期限溢价跳升，超长久期资产遭 集中抛售，风险外溢全球。 2026 年 1 月 20 日全球债市遭遇大 ...

Group 1 - The company, Runjian Co., announced that on January 21, 2026, it will accept an investor survey conducted by Guotai Junan Securities and other investors [1] - Key company representatives including the director, board secretary, and financial director will participate in the investor meeting to address questions [1]

Group 1 - In 2025, the Chinese M&A market saw a total of 5,086 announced transactions, a decrease of 20.27% year-on-year, while the total transaction amount reached 2,373.515 billion yuan, an increase of 29.08% [7] - The completed transactions in 2025 amounted to 3,342, a slight increase of 0.45% year-on-year, with a total transaction value of 1,485.131 billion yuan, up 54.41% year-on-year, indicating a structural optimization trend in the market [9][10] - The Guangdong province continued to lead the M&A market in China, benefiting from the dual innovation drive of the Guangdong-Hong Kong-Macao Greater Bay Area, with electronic information, traditional manufacturing, healthcare, and energy mining being the hot sectors [10][31][32] Group 2 - In 2025, private equity funds showed a recovery in exit numbers, with 469 exits, a year-on-year increase of 22.77%, and a total capital recovery of 64.215 billion yuan, up 8.54% year-on-year [17] - Notable exits included TCL Technology's acquisition of a 21.53% stake in Shenzhen Huaxing Optoelectronics for 11.562 billion yuan and Silex Group's acquisition of Chongqing Liangjiang New Area Longsheng New Energy for 3.509 billion yuan [20][21] Group 3 - In 2025, there were 20 M&A transactions exceeding 10 billion yuan, with the largest being China Shipbuilding Industry's acquisition of China Shipbuilding Heavy Industry for 115.15 billion yuan, marking a significant milestone in China's shipbuilding industry [23] - Major domestic M&A cases included Guotai Junan's merger with Haitong Securities for approximately 97.609 billion yuan and Shandong Hongchuang's acquisition of Shandong Hongtu for 63.518 billion yuan [24][25] Group 4 - The cross-border M&A market in 2025 saw a total of 144 transactions, with outbound M&A accounting for 79 and inbound M&A for 65, reflecting a year-on-year decline of 13.77% [26] - Notable cross-border transactions included Midea Group's acquisition of Teka Group for 8.287 billion yuan and Zijin Mining's acquisition of Newmont Golden Ridge for 7.315 billion yuan [27][29] Group 5 - The M&A market in 2025 was characterized by a structural differentiation of "quantity reduction and price increase," with a notable shift from quantity dividends to quality dividends [10] - The electronic information sector led the number of transactions with 579 deals, accounting for 17.32%, while the financial sector had the largest disclosed transaction value at 203.596 billion yuan, representing 13.71% of the total [34][36]

特此公告。 上海海通证券资产管理有限公司 2026年1月22日 上海海通证券资产管理有限公司（以下简称"管理人"）旗下海通量化价值精选一年持有期混合型集合资 产管理计划（以下简称"本集合计划"）已触发合同终止情形，本集合计划最后运作日为2025年12月31 日。 根据本集合计划资产管理合同约定，本集合计划于2025年12月31日终止。本集合计划自2026年1月1日起 进入清算程序，清算期自2026年1月1日开始至2026年1月19日结束。集合计划财产清算报告报监管机构 备案后，管理人于2026年1月21日在规定网站上刊登《海通量化价值精选一年持有期混合型集合资产管 理计划清算报告》。 根据法律法规、本集合计划资产管理合同及清算报告的相关规定，本集合计划应分配剩余财产共计人民 币26,595,462.19元（其中，A类份额类别应分配剩余财产为人民币16,110,571.78元，B类份额类别应分配 剩余财产为人民币9,252,716.84元，C类份额类别应分配剩余财产为人民币1,232,173.57元），将按本集 合计划最后运作日各份额类别集合计划份额持有人持有的份额比例以现金方式进行分配。2026年1月20 日 ...