北交所修订可持续发展报告编制指南，夯实可持续发展信息披露基础 [Table_Industry] ESG 周报 [2T0a26bl年e_2Re月po1rt日Date] 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 证券研究报告 [北Ta交bl所e_修Tit订le可] 持续发展报告编制指南，夯实可持续发展信息披露基 础 [Table_ReportDate] 2026 年 2 月 1 日 [Table_ReportType] 行业周报 本期内容提要: [Ta[Tbalbel_热eS_u点Smum聚mamr焦ya]：ry] 行业研究 | [ETSaGble_StockAndRank] | | | --- | --- | | 投资评级 | —— | | 上次评级 | —— | 郭雪 环保公用联席首席分析师 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com 吴柏莹 环保行业分析师 执业编号：S1500524100001 邮 箱：wuboying@cindasc.com 国内：北交所修订可持 ...

Group 1: Company Announcements - Chip导科技 will release its 2025 annual report on February 3, becoming the first listed company in the Shanghai Stock Exchange to do so [1] - *ST Huawang will disclose its annual report on February 13, while Shangwei Co. will do so on February 14 [1] Group 2: Oil Price Adjustments - The next price adjustment window for refined oil is set for February 3 at 24:00, with a calculated average price of $64.09 per barrel for the reference crude oil, indicating a change rate of 4.68% [2] - This adjustment corresponds to an increase of 190 yuan per ton for domestic gasoline and diesel prices [2] Group 3: Industry Conferences - The China Photovoltaic Industry Association will hold a seminar on February 5 in Beijing to review the development of the photovoltaic industry in 2025 and forecast the situation for 2026 [3] - A Brain-Computer Interface Developer Conference will take place in Tianjin from February 3 to 4, organized by the Brain-Computer Interface Industry Alliance and Tianjin University [3] - The AWE Asia 2026, an exhibition for the Asian Virtual Reality XR industry, will be held in Singapore from February 2 to 4 [3] Group 4: Stock Unlocking Events - A total of 42 companies will have their restricted shares unlocked next week (February 2-6), with a total of 4.657 billion shares and a market value of 103.669 billion yuan based on the closing price on January 30 [4] - February 2 is the peak unlocking day, with 18 companies unlocking shares worth a total of 60.71 billion yuan, accounting for 58.56% of the total unlocking scale for the week [4] - The top three companies by unlocking market value are Xinda Securities (44.879 billion yuan), Zhongwei Semiconductor (13.381 billion yuan), and Changjiang Electric Power (12.151 billion yuan) [4] Group 5: New Stock Opportunities - Two new stocks, Aide Technology and Yisiwei, will be available for subscription on February 2 [7] - Aide Technology has an issue price of 7.67 yuan, while Yisiwei is priced at 55.95 yuan [8]

Group 1: Annual Reports - Chipway Technology will disclose its 2025 annual report on February 3, becoming the first listed company in the Shanghai market to do so [2] - ST Huawang is set to release its annual report on February 13, while Sanwei Co. will follow on February 14 [2] Group 2: Oil Price Adjustment - The next price adjustment window for refined oil is scheduled for February 3 at 24:00, based on the "ten working days" principle [3] - As of January 30, the average price of reference crude oil was $64.09 per barrel, with a change rate of 4.68%, leading to an expected increase of 190 yuan per ton in domestic gasoline and diesel prices [3] Group 3: Industry Conferences - The China Photovoltaic Industry Association will hold a seminar on February 5 in Beijing to review the development of the photovoltaic industry in 2025 and forecast trends for 2026 [4] - A Brain-Computer Interface Developers Conference will take place in Tianjin from February 3 to 4, organized by the Brain-Computer Interface Industry Alliance and Tianjin University [4] - The AWE Asia 2026, an Asian Virtual Reality XR Industry Exhibition, will be held in Singapore from February 2 to 4 [4] Group 4: Stock Unlocking - A total of 42 companies will have their restricted shares unlocked from February 2 to February 6, amounting to 4.657 billion shares and a total market value of 103.669 billion yuan based on the closing price on January 30 [5] - February 2 is the peak unlocking day, with 18 companies unlocking shares worth a total of 60.71 billion yuan, accounting for 58.56% of the total unlocking scale for the week [5] - The top three companies by unlocking market value are Xinda Securities (44.879 billion yuan), Zhongwei Semiconductor (13.381 billion yuan), and Changjiang Electric Power (12.151 billion yuan) [5] Group 5: New Stock Opportunities - Two new stocks, Aide Technology and Yisiwei, will be available for subscription on February 2 [8] - Aide Technology has an issue price of 7.67 yuan, while Yisiwei is priced at 55.95 yuan [9]

Core Viewpoint - The market is set to experience a significant wave of stock unlocks next week, with a total unlock market value of 1,034.19 billion yuan across 42 stocks [2]. Group 1: Major Unlocks - Three stocks will have unlock values exceeding 10 billion yuan: Xinda Securities (448.79 billion yuan), Zhongwei Semiconductor (133.81 billion yuan), and Yangtze Power (121.51 billion yuan) [5][7][9]. - Xinda Securities has the highest unlock value, with 25.51 billion shares released, accounting for 78.67% of its total share capital. The company reported a revenue of 30.19 billion yuan, a year-on-year increase of 28.46%, and a net profit of 13.54 billion yuan, up 52.89% [5][6]. - Zhongwei Semiconductor's unlock value is 133.81 billion yuan, with 2.31 billion shares released, representing 57.77% of its total share capital. The company has seen a stock price increase of 79.94% year-to-date [7][8]. - Yangtze Power's unlock involves 4.61 billion shares, accounting for 1.88% of its total share capital, with a reported revenue of 858.8 billion yuan, a year-on-year increase of 1.65% [9]. Group 2: Other Notable Unlocks - Other stocks with significant unlock values include Yipuli (76.18 billion yuan), Guobang Pharmaceutical (70.60 billion yuan), and Xinghuan Technology-U (57.03 billion yuan) [10]. - Xinghuan Technology-U has seen a year-to-date stock price increase of over 94%, with an unlock of 27.16 million shares, representing 22.42% of its total share capital [11][16]. - Guobang Pharmaceutical's unlock ratio is 46.01%, primarily involving additional commitment restricted shares [14]. Group 3: Unlock Ratios - Eleven stocks have an unlock quantity that exceeds 10% of their total share capital, with Xinda Securities, Guobang Pharmaceutical, and Nuo Si Ge leading with unlock ratios of 78.67%, 46.01%, and 40.66% respectively [12]. - Honghai Technology has an unlock ratio close to 80%, with 1.368 billion shares released [13].

Summary of Key Points Core Viewpoint - Next week (February 2 to 6), a total of 42 stocks will be unlocked, with a total unlock market value of 103.42 billion yuan [1][2]. Group 1: Unlock Market Value and Stock Information - The total number of shares to be unlocked is 4.611 billion shares, with a total unlock market value calculated at 103.42 billion yuan based on the latest closing prices [2]. - Among the 42 stocks, 17 have an unlock market value exceeding 100 million yuan, with three stocks exceeding 10 billion yuan: Xinda Securities, Zhongwei Semiconductor, and Yangtze Power [3]. Group 2: Major Stocks with High Unlock Values - Xinda Securities has the highest unlock market value at 44.879 billion yuan, with 2.551 billion shares unlocked, accounting for 78.67% of its total share capital [3]. - Zhongwei Semiconductor will unlock 231 million shares, representing 57.77% of its total share capital, with an unlock market value of 13.381 billion yuan. The stock has seen a significant increase of over 67% since January 20, following a price increase announcement for its products [3]. - Yangtze Power will unlock 461 million shares, accounting for 1.88% of its total share capital, with an unlock market value of 12.151 billion yuan [3]. Group 3: Other Notable Stocks - Yipuli, Guobang Pharmaceutical, and Xinghuan Technology-U have high unlock market values of 7.618 billion yuan, 7.060 billion yuan, and 5.703 billion yuan, respectively [4]. - Eleven stocks have an unlock quantity that exceeds 10% of their total share capital, with several stocks like Honghai Technology, Xinda Securities, and Zhongwei Semiconductor exceeding 40% [4]. - Honghai Technology has an unlock quantity that is nearly 80% of its total share capital, with an expected decline in net profit for 2025 [4]. Group 4: Performance of Stocks - Stocks that have seen significant price increases this year include Aotewi, Zhaojin Gold, Xinghuan Technology-U, Zhongwei Semiconductor, and Xinyuan Technology, all with increases exceeding 40% [4]. - Aotewi and Zhaojin Gold have both seen price increases around 100%, although their unlock quantities are relatively low [4]. - Xinghuan Technology-U has a year-to-date increase of over 94%, with an expected net loss for 2025 [5].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is intensifying its regulatory efforts on securities firms, emphasizing the responsibility of these firms as gatekeepers in the capital market, with a notable increase in penalties issued in 2026 [1][11]. Group 1: Regulatory Actions - As of January 28, 2026, a total of 16 penalties have been issued by local securities regulatory authorities against securities firms and their employees, averaging one penalty every two days [1][11]. - The majority of penalties have been directed at small and medium-sized securities firms, with no major firms penalized for company-level issues, indicating stricter compliance and risk management among larger firms [1][11]. - Notable firms receiving penalties include Jianghai Securities and Xinda Securities, with issues related to third-party involvement in investor solicitation and failure to prevent insider trading [1][11]. Group 2: Individual Violations - Among the 16 penalties, five were specifically directed at individuals rather than their firms, indicating that the violations were personal rather than systemic [3][12]. - Common violations included improper operation of client accounts, using one's position for personal gain, promoting non-company products for profit, and borrowing others' accounts for trading [12][13]. Group 3: Specific Firm Issues - Jianghai Securities faced significant issues, including inadequate execution of client follow-up procedures and failure to prevent employees from trading on undisclosed information [6][15]. - Xinda Securities received three warnings, primarily for insufficient control over margin trading and inadequate monitoring of abnormal trading behaviors [6][15][16]. - Other firms like Huajin Securities and Jin Yuan Unified Securities also faced penalties, with issues ranging from operational errors to inadequate supervision of client transactions [17][18]. Group 4: Broader Regulatory Trends - The regulatory environment is characterized by a high-pressure, detailed, and ongoing scrutiny of intermediary institutions, with a focus on both major violations and minor internal control lapses [10][18]. - The trend indicates a shift from mere compliance to substantive responsibility, requiring intermediaries to effectively perform their roles in ensuring market integrity [10][18].

信达证券则连收3张警示函，营业部、营业部负责人以及一名营业部员工同时被点名，"客户存 在两融绕标操作"是其被罚的重要原因之一。值得一提的是，监管对两融绕标的查处力度在加 强。 与此同时，华金证券、华林证券、浙商证券、金圆统一证券也各收到一张警示函；国新证券因 更名前券商的历史问题被点名。另有四家券商未被直接点名，但其前员工受到了处罚。 聚焦个人违规：五张罚单揭开的四大问题 各地证监局向证券公司及其从业人员下发的警示函多达16张，这足以显现证监会对券商这一资 本市场"看门人"的严监管态势。 16张警示函中有5张相对特殊——仅点名个人，并未对其所在的券商同步处罚。据投行资深人 士分析，这意味着违规属于员工个人问题，其所在券商的内控管理整体较为完善，未被发现相 关漏洞。 这些员工做了哪些违规之事？概括起来共有四点： 违规操作客户证券账户；利用职务之便为 他人牟取不正当利益；向投资者推介销售非公司代销的产品，并从中获取不当利益；借用他人 证券账户买卖股票。 压实资本市场"看门人"责任，是证监会的重点工作方向之一。2026年，这一趋势仍在延续。 截至1月28日， 2026年以来各地证监局面向证券公司及其从业人员下发的罚 ...

Group 1 - The capital expenditure cycle in the metal packaging industry is nearing its end, with significant slowdown in capacity expansion expected in 2024-2025. The industry leaders are anticipated to shift from market share focus to profit orientation, with a slight increase in benchmark prices projected for 2026 [1][3] - The sales volume of two-piece cans in China increased from 47 billion to 58 billion cans from 2019 to 2023, with a CAGR of 5.4%. The market is primarily driven by beer and carbonated beverages. If the beer can penetration rate rises from 28.9% in 2023 to 36.5% by 2028, the two-piece can industry scale could grow to 71.9 billion cans by 2028, with a CAGR of 4.8% [1] - The three-piece can industry in China had a production and demand of 31.05 billion and 30.53 billion cans in 2022, respectively, with a year-on-year growth of approximately 4.3%. The competitive landscape is stable, with a CR3 of about 66% [2] Group 2 - The industry is at a cyclical turning point, with capital expenditure slowing down and profit levels at a low point, limiting further deterioration. The price of raw materials is expected to remain firm in 2026, but high growth rates are unlikely. A slight increase in benchmark prices is anticipated for 2026, which could enhance profits for major players [3] - Major players like Baosteel Packaging, Orijin, and Shengxing have seen significant growth in overseas revenue, with increases of 19.14%, 12.32%, and 92.07%, respectively. The profit margins for these companies are higher overseas compared to domestic markets, indicating a favorable competitive landscape abroad [4] - Companies to watch include Baosteel Packaging (601968.SH), Orijin (002701.SZ), Shengxing (002752.SZ), and Jiamei Packaging (002969.SZ) [5]

Core Viewpoint - Tianyi Medical, a leading manufacturer of blood purification consumables in China, is expected to achieve rapid performance growth driven by the increasing number of ESRD patients, policy benefits, and expansion into overseas markets [1] Group 1: Company Strategy - The company has strategically acquired to complete the CRRT (Continuous Renal Replacement Therapy) full industry chain product matrix, establishing a complete ecological closed loop of "equipment + consumables + services" [1] - Tianyi Medical has formed three main business pillars: blood dialysis consumables, CRRT, and ward care, supported by a clear strategic layout [1] Group 2: Market Potential - The number of ESRD patients is continuously increasing, and the improvement in treatment rates is driving the long-term stable expansion of the blood dialysis market, which is expected to reach 51.515 billion yuan by 2030 [1] - The company is enhancing its competitive advantage through a combination of "internal growth + external expansion" strategies [1]

登录新浪财经APP 搜索【信披】查看更多考评等级 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！ 证券代码：601059 证券简称：信达证券 公告编号：2026-002 信达证券股份有限公司 首次公开发行部分限售股份上市流通公告 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、准确性和完整性依法承担法律责任。 重要内容提示： ● 本次股票上市类型为首发股份；股票认购方式为网下，上市股数为2,551,400,000股。 本次股票上市流通总数为2,551,400,000股。其中首发限售股上市流通数量为2,551,400,000股，首发战略 配售股上市流通数量为0股。 本次申请上市流通的限售股股东中国信达资产管理股份有限公司承诺： ● 本次股票上市流通日期为2026年2月2日。 一、本次限售股上市类型 经中国证券监督管理委员会于2022年12月12日出具的《关于核准信达证券股份有限公司首次公开发行股 票的批复》（证监许可〔2022〕3121号）核准，信达证券股份有限公司（以下简称公司或信达证券）向 社会公开发行人民币普通股（A股）股票3 ...