Group 1 - The core viewpoint of the report indicates that the AIDC sector remains buoyant, with explosive growth in electricity demand and power equipment requirements [1] - The U.S. Department of Energy predicts that AIDC electricity demand will increase from 176 TWh in 2023 to between 325-580 TWh by 2028, raising its share of total U.S. electricity demand from 4.4% to 6.7%-12% [1][8] - The aging U.S. power grid, with 70% of transformers exceeding their 25-year design life and a backup load rate of only 20%, is under pressure to meet the surging electricity demand driven by AI [1][8] Group 2 - North American tech giants are significantly increasing their capital expenditures, with Amazon planning $200 billion in 2026 (up 50% YoY), Google estimating $175-185 billion (up 91%-102% YoY), and Meta projecting $115-135 billion (up 59%-87% YoY) [1] - Domestic internet companies in China, such as Alibaba, plan to invest between 380 billion to 480 billion yuan in AI infrastructure and cloud computing over the next three years, while ByteDance expects to reach 160 billion yuan in capital expenditure by 2026 [1] Group 3 - The transition to 800V HVDC is being accelerated by companies like NVIDIA, which plans to shift to this system by 2027, while domestic manufacturers are expected to achieve initial shipments by the second half of 2026 [2] - The 800V HVDC system is anticipated to improve efficiency, reliability, and reduce copper usage by approximately 45%, addressing the high-density computing power requirements [2] Group 4 - The global liquid cooling market is projected to reach approximately $15 billion (around 105 billion yuan) by 2026, with a compound annual growth rate (CAGR) of about 30% from 2026 to 2028 [6] - The penetration rate of liquid cooling in AI data centers is expected to rise from 14% in 2024 to 40% in 2026, driven by the increasing power demands of chips like Google's TPU and NVIDIA's upcoming Rubin series [6] Group 5 - North America faces a significant electricity supply gap, with AIDC electricity demand expected to grow from 8.9 GWh in 2025 to 190 GWh by 2030, reflecting a CAGR of approximately 84% [8] - The supply gap for transformers in North America is estimated at 30%, with Chinese manufacturers holding 60% of global transformer production capacity, indicating a favorable outlook for Chinese transformer exports [9]

Group 1 - The core viewpoint of the article is that Pop Mart's latest sales forecast has increased its performance visibility, with significant expected growth in net profit and revenue due to supply chain optimization and product mix improvement [1] - Pop Mart reported total sales exceeding 400 million units last year, and analysts predict a 310% increase in net profit by 2025, reaching RMB 13.9 billion [1] - The company's annual revenue is expected to surge by 203% to RMB 39 billion, driven by the expansion of overseas stores, with approximately 70 new stores planned for this year [1] Group 2 - China Galaxy International maintains a buy rating on the stock with a target price of HKD 391.00, despite the stock experiencing a decline of 5.3% to HKD 255.40 [1]

智通财经APP获悉，中国银河证券发布研报称，近年以来，电影市场档期效应和马太效应愈发明显。从 目前春节档定档以及第三方平台热度来看表现来看，观影群体对优质影片仍有较高接受度和观影意愿。 2026年春节假期长达9天，有望为档期票房的释放提供更为充裕的时间窗口期，关注后续春节档票房表 现。此外，近期字节旗下视频模型Seedance2.0开启内测，视频生成能力提升明显，看好AI视频工具对 影视院线行业的长期赋能。建议关注：1)参投档期内重点影片的内容厂商;2)院线端龙头;3)影片出品、 宣发能力突出的公司。 事件：2月9日，2026年春节档开启预售，截止2月10日下午3时，2026年春节档新片预售票房已破亿元。 中国银河证券主要观点如下： 影片数量同比略减，飞驰3暂时领跑 2026春节档共6部影片定档大年初一，低于近年平均水平。但多部档期内电影关注度较高，6部定档电影 中4部预售票房已破千万。据灯塔专业版数据，截至2月10日15时，2026春节档累计预售票房(含点映)达 1.00亿。具体影片来看，《飞驰人生3》《惊蛰无声》《镖人：风起大漠》分列预售票房榜前三位，当 前预售票房分别为3416万、2560万、1855万 ...

中国银河证券表示，近年以来，电影市场档期效应和马太效应愈发明显。从目前春节档定档以及第三方 平台热度来看表现来看，观影群体对优质影片仍有较高接受度和观影意愿。2026年春节假期长达9天， 有望为档期票房的释放提供更为充裕的时间窗口期，关注后续春节档票房表现。 ...

（文章来源：第一财经） 中国银河证券表示，预计2月上旬至春节市场资金仍将在科技和有色等板块加速轮动，业绩亮眼的标的 或将成为焦点，资产配置重心将从总量"beta"转向结构"alpha"行情。由于春节在2月中旬，结合2026年 春节较晚，市场风格难以出现较大的转换。当前港股正在形成AI全产业链上市体系，随着人民币温和 升值进一步提升中国资产估值，港股或将受到A股情绪外溢的影响，呈现震荡上行态势。 ...

选择权的第一次提示性公告 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个别及连带责任。 中国银河证券股份有限公司（以下简称"公司"或"发行人"）于2026年2月7日披露了《中国银河证券股份 有限公司公开发行2021年永续次级债券（第一期）发行人不行使续期选择权暨行使赎回权并全额兑付的 公告》（公告编号：2026-015），本公告为上述事项的提示性公告。 公司于2021年3月29日完成中国银河证券股份有限公司公开发行2021年永续次级债券（第一期）（以下 简称"21银河Y1"）的发行工作。根据《中国银河证券股份有限公司公开发行2021年永续次级债券（第 一期）募集说明书》，21银河Y1设发行人赎回权，于21银河Y1第五个和其后每个付息日，发行人有权 按面值加应付利息（包括所有递延支付的利息及其孳息）赎回21银河Y1。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：601881 证券简称：中国银河 公告编号：2026-018 中国银河证券股份有限公司 关于行使"21银河Y1"发行人赎回 公司将根据相关业务规则，做好21银河Y ...

Group 1 - The company announced that starting from February 11, 2026, investors can open accounts, subscribe, redeem, and perform regular investment and conversion operations for certain funds through Chuangjin Qifu [1] - The company has signed a supplementary sales agreement with Beijing Chuangjin Qifu Fund Sales Co., Ltd. to enhance service offerings to investors [1] - Investors can enjoy fee discounts when subscribing or performing regular investment and conversion operations through Chuangjin Qifu, with the specifics determined by Chuangjin Qifu [2] Group 2 - The company will suspend subscription, conversion, and regular investment operations for the Ping An Jin Guanjia Money Market Fund from February 12 to February 23, 2026, while redemption and conversion out operations will continue [4][6] - The Ping An Zhongzheng Interbank Certificate of Deposit AAA Index 7-Day Holding Period Securities Investment Fund will also suspend similar operations during the same period [8][10] - The company will resume these operations on February 24, 2026, and will not issue further announcements regarding this resumption [4][8] Group 3 - The company has appointed Fangzheng Securities Co., Ltd. as a liquidity service provider for the Ping An Hang Seng Hong Kong Stock Connect Technology Theme ETF, effective February 11, 2026 [12] - The company has announced the establishment of the Ping An New Sharp Quantitative Stock Selection Mixed Fund, with the fund contract becoming effective on February 11, 2026 [21][22] - The company will handle subscription and redemption operations for the new fund within three months of the fund contract's effectiveness [22]

国银河证券 电+香港+车南亚 中国银河证券 深耕高水平对外开放 High-level Opening ﺎ 2025年以来,中国银河证券全面贯彻落实党的二十 大、党的二十届历次全会和中央金融工作会议、中央经济工 作会议精神,积极发挥海外布局优势,不断深化境内外一体 化发展,为企业提供全周期跨境综合金融服务,持续助力高 水平对外开放。 笔 亿新元 东南亚投行项目 交易规模 252 超 亿港元 香港投行项目 交易规模 护航中企赴港融资 175 国际金融中心地位 保荐赛力斯港股IPO 保荐汇舸环保港股IPO 助力中国中免跨境交易 时尚 消费 保荐赛力斯港股IPO 142.8 亿港元 赛力斯 i e ar 绿色航运 科技 人工智能 2025年参与港股IPO 高端制造 生物医药 十月十人女十八 5 新能源 甲酉牛止有丈从木取人观保IrU 2025年全球前十大IPO之一 2025年全球车企最大规模IPO 保荐汇舸环保港股IPO 3.18 亿港元 第一家在港股上市的船舶ESG解决方案提供商 助力中国中免跨境交易 担任独家财务顾问助力中国中免收购DFS大中华区业务 引入LVMH集团作为其H股股东,实现战略合作 2022年以来港 ...

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个别及连带 责任。 证券代码：601881 证券简称：中国银河 公告编号：2026-018 中国银河证券股份有限公司 关于行使"21 银河 Y1"发行人赎回选择权的 第一次提示性公告 公司将根据相关业务规则，做好 21 银河 Y1 后续信息披露及还本付息工作。 特此公告。 中国银河证券股份有限公司（以下简称"公司"或"发行人"）于 2026 年 2 月 7 日披露了《中国银河证券股份有限公司公开发行 2021 年永续次级债券（第 一期）发行人不行使续期选择权暨行使赎回权并全额兑付的公告》（公告编号： 2026-015），本公告为上述事项的提示性公告。 公司于 2021 年 3 月 29 日完成中国银河证券股份有限公司公开发行 2021 年永续次级债券（第一期）（以下简称"21 银河 Y1"）的发行工作。根据《中 国银河证券股份有限公司公开发行 2021 年永续次级债券（第一期）募集说明书》， 21 银河 Y1 设发行人赎回权，于 21 银河 Y1 第五个和其后每个付息日，发行人 有权按面值加 ...

公司决定行使21银河Y1发行人赎回权，即全部赎回21银河Y1。 中国银河（601881）(06881)发布公告，公司于2021年3月29日完成中国银河证券股份有限公司公开发行 2021年永续次级债券(第一期)(以下简称"21银河Y1")的发行工作。根据《中国银河证券股份有限公司公 开发行2021年永续次级债券(第一期)募集说明书》，21银河Y1设发行人赎回权，于21银河Y1第五个和 其后每个付息日，发行人有权按面值加应付利息(包括所有递延支付的利息及其孳息)赎回21银河Y1。 ...