Core Viewpoint - The recent adjustment in the A-share spring market is primarily driven by internal factors, with external factors acting as catalysts. Internal factors include proactive cooling measures and a sell-off in broad-based ETFs, while external factors encompass political actions by Trump, the change in the Federal Reserve chair, geopolitical tensions in Iran, and the release of new tools by Anthropic that triggered a decline in global tech stocks. Despite these disturbances, the fundamental industrial landscape in China remains intact, and the market sentiment has sufficiently released, suggesting a potential continuation of the spring market after the Spring Festival [3][4][36]. Internal Factors - The adjustment is mainly due to the emergence of speculative bubbles in certain thematic sectors, prompting regulatory bodies to implement "counter-cyclical adjustments" [4][12][47]. - A sell-off in broad-based ETFs has led to a temporary decline in market risk appetite [4][12][47]. External Factors - External disturbances include political actions by Trump that increase policy uncertainty, the change in the Federal Reserve chair affecting global funding pricing, rising geopolitical tensions in Iran, and concerns over AI technologies replacing traditional tools, which have collectively amplified adjustment pressures [4][12][47]. - The correlation between A-shares and global markets has weakened, indicating that external shocks may not have a long-term impact on A-shares [15][50]. Market Sentiment and Performance - Market sentiment has cooled significantly, as evidenced by a decrease in trading volume and a drop in the Shanghai Composite Index below its 20-day moving average, indicating that previous over-exuberance has been adequately addressed [20][55]. - The overall liquidity environment remains stable despite fluctuations in major asset classes, with no significant cross-asset capital flow observed [41]. Industry Configuration - Future industry allocation should focus on sectors with strong growth potential, particularly AI computing power, chemicals, and energy storage, which are expected to benefit from both domestic and international demand [5][39][59]. - The AI computing power sector is supported by significant capital expenditure increases from global tech giants, with Meta planning to raise its capital expenditure to $135 billion, a potential increase of 87% [24][60]. - The chemical sector is experiencing a valuation recovery driven by price increases in various sub-sectors, with major companies like BASF announcing price hikes for TDI products, boosting market sentiment [24][61]. Thematic Investment Opportunities - The upcoming national two sessions are expected to provide policy signals that could benefit sectors such as commercial aerospace and traditional Chinese medicine, which should be monitored for potential investment opportunities [30][65]. - The energy storage industry is poised for growth due to domestic pricing mechanisms and increasing overseas demand driven by AI computing needs, with many storage companies securing orders from North American data centers [28][63].

北交所策略专题报告 2026 年 02 月 08 日 2025 北交所券商执业全景：特色券商优势巩固，头部券商逐渐跃居前列 ——北交所策略专题报告 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 专题：2025 年格局重塑：头部券商成为执业主力军，特色券商优势巩固 2026 年 1 月 30 日北京证券交易所、全国股转公司根据对证券公司 2025 年的执 业质量情况进行了评价。2025 年度，115 家证券公司中，14 家证券公司子公司 纳入其母公司合并评价，由高到低分别被评为一、二、三、四档，其中，一档占 比 19.80%；二档占比 39.60%；三档占比 19.80%；四档占比 20.79%。从一档券 商变化来看，北交所市场券商执业格局"大洗牌"，头部券商逐渐跃居前列。2025 年排名前十名分别为国泰海通、华泰证券、招商证券、申万宏源、中信证券、国 金证券、东吴证券、开源证券、中信建投、平安证券，其中华泰证券、中信证券、 平安证券分别由 2024 年的第二档跃升为第一档。从专业质量总分变化来看，头 部券商进步明显。2025 年排名前五名分别为 ...

股本股东变化 中信建投証券股份有限公司截至2026年1月31日，法定注册资本无变动。H股和A股的法定股份数目分别 为1,261,023,762股和6,495,671,035股，面值均为人民币1元。已发行股份总数无增减，H股为 1,261,023,762股，A股为6,495,671,035股，库存股数量为零。公司确认H股类别已符合香港联交所规定的 公众持股量要求。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 截至2026年2月6日收盘，中信建投（601066）报收于24.31元，较上周的24.05元上涨1.08%。本周，中 信建投2月5日盘中最高价报24.78元。2月3日盘中最低价报23.78元。中信建投当前最新总市值1885.65亿 元，在证券板块市值排名5/50，在两市A股市值排名85/5186。 本周关注点 公司公告汇总 中信建投证券股份有限公司全资子公司中信建投（国际）金融控股有限公司的间接全资附属公司CSCIF Hong Kong Limited在境外中期票据计划下发行一笔本金为人民币3.74亿元、期限364天的票据。中 ...

Group 1 - The company, DiAo Microelectronics, expects to achieve an operating revenue of approximately 562 million yuan in 2025, representing an increase of 35.75 million yuan or 6.79% year-on-year [1] - The company anticipates a net loss attributable to shareholders of the parent company ranging from 55 million to 82 million yuan for 2025, a decrease of 7.93 million to 34.93 million yuan compared to the previous year, reflecting a year-on-year decline of 16.85% to 74.22% [1] - The expected net loss excluding non-recurring gains and losses for 2025 is projected to be between 112 million and 139 million yuan, which is a deterioration of 18.32 million to 45.32 million yuan compared to the previous year, indicating an increase in loss of 19.56% to 48.38% [1] Group 2 - DiAo Microelectronics was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on August 23, 2022, with a public offering of 63.05 million shares at a price of 41.68 yuan per share [2] - The stock reached a peak price of 55.50 yuan on its first trading day, which remains the highest price since its listing, but is currently in a state of decline [2] - The total amount raised from the initial public offering was approximately 2.63 billion yuan, with a net amount of 2.42 billion yuan after deducting issuance costs, exceeding the original plan by 915.60 million yuan [2]

Core Viewpoint - The company, JianTou Energy, has received approval from the Shenzhen Stock Exchange for its application to issue shares to specific investors, pending final registration approval from the China Securities Regulatory Commission [1][2]. Group 1: Share Issuance Details - JianTou Energy plans to raise a total of up to 200 million yuan (approximately 28.4 million USD) through this share issuance, which will be allocated to the Xibaipo Power Plant Phase IV project [1][2]. - The total investment for the Xibaipo Power Plant Phase IV project is 586.268 million yuan (approximately 83.4 million USD) [2]. Group 2: Shareholder Structure - As of September 30, 2025, Hebei JianTou Group, fully funded by the Hebei Provincial State-owned Assets Supervision and Administration Commission, holds 64.99% of JianTou Energy's shares, making it the controlling shareholder [2]. - After the issuance of shares, Hebei JianTou Group is expected to hold approximately 57.63% of the company, ensuring that the actual controller remains the Hebei Provincial State-owned Assets Supervision and Administration Commission [2].

近日，据中国证券监督管理委员会网上办事服务平台信息显示，浙江证监局受理了浙江佑威新材料股份有限公司提交的向 不特定合格投资者公开发行股票并在北交所上市的辅导备案申请，备案时间为2026年2月3日，辅导机构为中信建投。 | 辅导协议签署 2025年12月24日 | | | --- | --- | | 间 | 時 | | 辅 导 机 构 中信建投证券股份有限公司(以下简称"中信建投") | | | 律师事务所 上海市锦天城律师事务所(以下简称"锦天城律师") | | | 会计师事务所 天健会计师事务所(特殊普通合伙)(以下简称"天健会计师") | | 值得注意的是，佑威新材曾向深圳证券交易所提交首次公开发行股票并在主板上市的申请文件并于2023年6月8日获受理， 保荐机构为安信证券股份有限公司。 不过，2023年11月29日，公司提交撤回申请，深交所于2023年12月1日依规终止审核。 关于前次申报IPO撤回申请的具体原因，公司披露为"不符合深交所主板上市企业规模较大、具有行业代表性的板块定位， 因此撤回了申报"。 佑威新材2014年成立，主营业务为复合材料成型用辅助材料的研发、生产和销售，主要产品包括真空袋膜、 ...

Core Viewpoint - The A-share market is experiencing a strong demand for financing from securities firms, leading to a significant increase in bond issuance, with a total approval amount exceeding 3,400 billion yuan for 2026 [5][10]. Group 1: Bond Issuance Trends - As of February 4, 2026, 12 securities firms have received approval for bond issuance, with a total amount reaching 3,400 billion yuan [5]. - In 2026, 46 securities firms have issued 120 domestic bonds, totaling over 3,168 billion yuan, with a net financing amount of 2,227.17 billion yuan [6][10]. - The bond issuance volume in 2026 has increased by over three times compared to the same period last year, driven by a low base from 2025 [6]. Group 2: Major Issuers - Leading securities firms such as Huatai Securities and Guotai Junan Securities have issued 350 billion yuan and 340 billion yuan in bonds, respectively, making them the largest issuers in 2026 [7]. - Other significant issuers include CITIC Securities, China Merchants Securities, and China Galaxy Securities, each exceeding 200 billion yuan in bond issuance [7][8]. Group 3: Purpose of Fundraising - The primary purpose of the bond issuance is to ensure liquidity and support business development, with many firms indicating that funds will be used for debt repayment and to supplement working capital [11][12]. - Specific allocations for capital-consuming businesses have been noted, with firms like Guotai Junan and CITIC Securities committing to limit the use of raised funds for such purposes to no more than 10% [13]. Group 4: H-share Financing - In addition to domestic bond issuance, major securities firms are also engaging in H-share refinancing, with Guangfa Securities planning to raise over 6 billion HKD through a combination of new H-share placements and convertible bonds [15]. - Huatai Securities announced a zero-coupon convertible bond issuance of 10 billion HKD, aimed at supporting overseas business development and enhancing operational capital [18].

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： ● 担保对象及基本情况 ■ ● 累计担保情况 ■■ 中信建投证券股份有限公司（以下简称公司）全资子公司中信建投（国际）金融控股有限公司（以下简 称中信建投国际或担保人）之间接全资附属公司CSCIF Hong Kong Limited（以下简称发行人或被担保 人）作为发行主体，于2024年4月26日设立有担保的本金总额最高为40亿美元（或以其它货币计算的等 值金额）的境外中期票据计划（以下简称中票计划，详见公司于2024年4月26日在上海证券交易所网站 披露的相关公告），并在该计划项下完成多次票据发行。发行人于2026年2月5日完成中票计划项下一笔 票据（以下简称本次票据）发行工作，期限为358天，发行本金金额人民币3.50亿元。 中信建投国际于2026年2月5日作为担保人与信托人香港上海汇丰银行有限公司签署担保协议，为发行人 本次票据项下的偿付义务提供无条件及不可撤销的连带责任保证担保（以下简称本次担保）。本次担保 金额为人民币3.57亿元。本次担保无反担保。 （ ...

钛媒体App 2月6日消息，中信建投研报表示，2025年上市券商净利润普遍实现高增，主要受益于日均成 交额同比提升及两融余额维持高位，多家券商净利增幅超70%；与此同时，降准降息与中长期资金入市 方案落地，分类评价优化打开优质券商资本空间，并购重组成效显著。宏观层面经济圆满实现5%增长 目标，资本市场活跃度创十年新高，为业绩提供坚实支撑。当前板块PB估值仅1.36倍，处于历史中等分 位，业绩改善与政策红利有望驱动估值中枢上移。（广角观察） ...

Group 1: Copper Market - The main copper futures in Shanghai fell to 101,130 yuan, with a low of 99,850 yuan, while London copper dropped to around 12,850 USD [4][17] - Macroeconomic sentiment is neutral to bearish, with a significant increase in initial jobless claims in the US and job vacancies hitting a new low since 2020, leading to pessimistic market sentiment [4][17] - The fundamentals are neutral, with an increase in copper warehouse receipts by 907 tons to 160,000 tons on the Shanghai exchange and a rise in LME copper inventory by 1,925 tons to 180,000 tons [4][17] - Recent macroeconomic cooling and expectations of a strong dollar are putting pressure on copper prices, but global efforts to accelerate mineral resource reserves provide bottom support for prices [4][17] Group 2: Nickel and Stainless Steel - Nickel prices are under pressure due to a global decline in major asset classes, with supply constraints from the Philippines and Indonesia affecting the market [5][18] - The stainless steel market faces oversupply pressure, with limited terminal demand, although suppliers are showing a strong willingness to maintain prices due to lower arrivals and strong cost support [5][18] - The operational strategy for nickel and stainless steel suggests a range trading approach, with Shanghai nickel expected to trade between 125,000 and 145,000 yuan per ton [6][19] Group 3: Aluminum Market - The aluminum market saw a slight rebound in alumina futures, with current prices stabilizing due to temporary production halts at a major alumina plant [20][21] - Recent transactions of alumina from Australia indicate a slight price increase, with offshore prices at 310 USD/ton for East Australia and 313 USD/ton for West Australia [20][21] - The operational strategy for aluminum suggests a range trading approach, with the Shanghai aluminum contract expected to trade between 23,000 and 24,000 yuan per ton [22] Group 4: Zinc and Lead Market - Zinc prices are experiencing weak fluctuations, influenced by poor US employment data and a lackluster equity market [23][24] - The supply side for lead remains tight, although some previously shut-down smelters are resuming operations, leading to a relatively loose spot supply [24] - The operational strategy for lead suggests a range trading approach, with the Shanghai lead contract expected to trade between 16,500 and 17,500 yuan per ton [24] Group 5: Precious Metals - Precious metals are experiencing a broad decline due to cautious comments from Federal Reserve officials and negative market sentiment [14][26] - The short-term outlook for precious metals is pressured by a neutral to hawkish stance from the US government and the Federal Reserve, impacting expectations for a weaker dollar [14][26] - The operational strategy for gold suggests holding long positions, while silver, platinum, and palladium should be observed for market movements [14][26]