Core Viewpoint - The article emphasizes the establishment of a digital research platform by CICC, aimed at providing efficient, professional, and accurate research services through the integration of insights from over 30 specialized teams and a comprehensive coverage of more than 1,800 stocks [1]. Group 1: Research Services - CICC's digital research platform, "CICC Insight," offers a one-stop service that includes research reports, conference activities, fundamental databases, and research frameworks [1]. - The platform utilizes advanced model technology to enhance the research experience for clients [1]. Group 2: Research Focus and Updates - Daily updates on research focus and timely selection of articles are provided through the "CICC Morning Report" [4]. - Senior analysts are available for live interpretations of market hotspots, enhancing the accessibility of expert insights [4]. Group 3: Data and Frameworks - The platform features over 160 industry research frameworks and more than 40 premium databases, facilitating comprehensive industry analysis [10]. - An AI search function is integrated into the platform, allowing users to filter key points and engage in intelligent Q&A [10].

Strategy - The price of gold exceeding $5,500 per ounce marks a significant milestone, indicating that the total value of existing gold is now comparable to the total amount of U.S. Treasury bonds, a first since the 1980s, suggesting potential shifts in the global financial system established post-Bretton Woods [3] - The A-share market has shown strong performance, driven by positive feedback from stock market performance and capital inflows, with sectors like non-ferrous metals, oil and petrochemicals, AI applications, and commercial aerospace being particularly active [4][5] - The current market environment supports a slow bull market, with growth style stocks favored, while low-position rebound opportunities are emerging [5] Macroeconomy - The nomination of Kevin Warsh as the next Federal Reserve Chairman has raised concerns about potential tightening of monetary policy, but the current liquidity dynamics and fiscal trends suggest that the expansion of the Fed's balance sheet is unlikely to change significantly [5] - The increasing U.S. fiscal financing needs and the stability of the financial system are heavily reliant on the Fed's provision of ample liquidity, especially with midterm elections approaching [5] Industry - The commercial aerospace sector is experiencing rapid growth, with space photovoltaics emerging as a key area for power system upgrades, driven by the deployment of low Earth orbit constellations and advancements in satellite technology [9]

2026年首月，A股市场完成9家公司首发上市，合计募集资金90.53亿元。从发行结构看，北交所成为当月IPO主阵地，5家企业登陆该板块，占比超五成；募 资端呈现"头部集中、袖珍分散"特征，4个项目募资超10亿元，均由头部券商承揽，而北交所5家企业募资均未过10亿元。券商阵营中，头部效应持续放大， 中金公司以2家保荐项目、44.74亿元募资额领跑市场，行业前三券商募资总额占比超八成。市场层面，IPO发行进入"新常态化"，在审企业达319家，北交所 占比超六成，战略性新兴产业成为申报主力。面对市场中各类信息与走势波动，我始终以量化大数据为核心线索，观察资金行为的真实轨迹。 | | | | 1月券商保存情况一览 | | | | --- | --- | --- | --- | --- | --- | | 본을 | 机构简称 | 募集资金(亿元) | 承销家数(家) | 承销及保荐费用(亿元) 承销及保存费用(亿元 | | | | 中金公司 | 44.74 | 2 | 1.22 | 1.22 | | 2 | 中信证券 | 15.61 | 1 | 1.17 | 1.17 | | 3 | 甲万宏源承销保存 | 12.38 ...

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Core Viewpoint - The establishment of a joint venture, Jinteng Technology, between the company and Tencent Digital marks a pioneering move in the Chinese securities industry, enhancing the company's capabilities in digital operations and technology innovation [1] Group 1: Joint Venture and Collaboration - In June 2020, the company formed a joint venture with Tencent Digital to create Jinteng Technology, which is a specialized information technology subsidiary [1] - Jinteng Technology integrates the company's financial industry expertise with Tencent's user ecosystem and technological capabilities [1] Group 2: Technological Advancements - The joint venture aims to introduce leading digital concepts, technologies, and high-end technical talent to improve user experience and digital operations [1] - Jinteng Technology primarily provides wealth management and retail brokerage technology platform construction and digital operation support services for the company and its subsidiaries [1] Group 3: Industry Impact - The venture actively explores the provision of intelligent solutions and digital tools to the industry, contributing to the development of an efficient and inclusive financial service system [1]

Group 1 - The core viewpoint of the article indicates that the Chinese stock market has not yet shown typical bull market top signals, despite the impact of the "Wash Shock" on Chinese and US stocks and commodities [2][6] - The market remains supported by ample liquidity and marginal improvements in earnings, with no substantial changes in positive factors [2][6] - The long-term drivers of the market are identified as the restructuring of monetary order and trends in the AI industry, with a continued positive outlook on the revaluation of Chinese assets [2][6] Group 2 - Huabao Fund has launched three major broad-based ETFs tracking the China A50, A100, and A500 indices, providing investors with diverse options for exposure to the Chinese market [2][6] - The A50 ETF focuses on the top 50 core leading companies, while the A100 ETF encompasses the top 100 industry leaders [2][6] - The total trading volume in the market was 2.15 trillion yuan, a decrease of 305 billion yuan from the previous day, with a total of 2,550 stocks rising and 2,749 falling [1][6]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責、 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 本公告不適於向(i)在美國境內的任何人士或地址；或(ii)任何美國人士（如1933年美 國證券法S規例（經修訂）（「美國證券法」）所定義）派發。 本公告僅供說明用途，並不構成收購、購買或認購證券的邀請或要約。本公告亦不 構成招攬購買證券的邀請或要約。 本公告所述證券並無亦不會根據美國證券法或向美國任何州份的任何證券監管機 構或其他司法權區登記，而除非已根據美國證券法或所適用的州份或當地證券法的 登記規定取得相關豁免或交易不受限於該等登記規定，否則本公告所述證券不得在 美國境內發售或出售，或向美國人士或代其或以其利益發售或出售。 China International Capital Corporation Limited 中國國際金融股份有限公 司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：03908） 自願公告 根據一百億美元擔保中期票據計劃 發行 於二零二八年到期的550,000,00 ...

Core Viewpoint - The Shenzhen Stock Exchange's M&A Review Committee approved Qingdao Doublestar Co., Ltd.'s transaction to acquire assets through share issuance and cash payment, which meets restructuring conditions and information disclosure requirements [1][2]. Group 1: Transaction Details - Qingdao Doublestar plans to issue shares and pay cash to acquire assets, ultimately achieving a 45% stake in Kumho Tire Co., Inc. and controlling it [2][3]. - The total transaction price for the restructuring is approximately 4.93 billion yuan, with 99.94% paid in shares and 0.06% in cash [4][8]. - The independent financial advisor for the transaction is China International Capital Corporation [9]. Group 2: Financial Assessments - As of December 31, 2023, the assessed value of the total equity of the target assets is approximately 492.52 million yuan for Star Investment Fund and 493.01 million yuan for Star Micro International [4]. - A subsequent assessment as of June 30, 2025, indicated an increase in value for both Star Investment Fund and Star Micro International, with appreciation rates of 43.33% and 57.74%, respectively [5]. Group 3: Performance Commitments - The performance commitments for the target company include net profits of 226.89 billion won, 243.74 billion won, and 239.42 billion won for the years 2026 to 2028 [6]. Group 4: Funding and Regulatory Requirements - The company plans to raise up to 80 million yuan through a private placement to fund the transaction, with specific limits on the amount raised from individual investors [7]. - The transaction requires approval from the Shenzhen Stock Exchange and registration with the China Securities Regulatory Commission before implementation [2][7][8].

Core Viewpoint - The company, China International Capital Corporation (CICC), is expected to see significant profit growth in 2025, with net profit projected to increase by 50% to 85% compared to the previous year [3]. Company Overview - CICC is a state-owned enterprise controlled by Central Huijin Investment Ltd, and it operates under the category of "中字头" stocks, indicating its ties to central state-owned enterprises [3]. - The company was established on July 31, 1995, and went public on November 2, 2020. Its main business areas include investment banking, equity sales and trading, fixed income, commodities, wealth management, and investment management [6]. Financial Performance - For the period from January to September 2025, CICC reported revenue of 20.76 billion yuan, representing a year-on-year growth of 54.36%. The net profit attributable to shareholders was 6.57 billion yuan, showing a remarkable increase of 129.75% [7][8]. - The company has distributed a total of 5.36 billion yuan in dividends since its A-share listing, with 3.04 billion yuan distributed over the past three years [8]. Market Activity - On February 6, CICC's stock price decreased by 0.17%, with a trading volume of 618 million yuan and a turnover rate of 0.61%. The total market capitalization stood at 167.12 billion yuan [1]. - The stock has seen a net outflow of 78.58 million yuan from major investors today, with a total net outflow of 1.17 billion yuan over the past three days [4]. Technical Analysis - The average trading cost of CICC's shares is 36.01 yuan, with the current stock price fluctuating between a resistance level of 34.85 yuan and a support level of 34.12 yuan, indicating potential for range trading [5].

Core Viewpoint - The company, OBI Technology Group Co., Ltd. (奥比中光), has received approval from the Shanghai Stock Exchange for its application to issue A-shares to specific investors in 2025, pending final approval from the China Securities Regulatory Commission (CSRC) [1][5]. Summary by Sections Issuance Details - The company plans to raise a total of up to RMB 980 million (approximately 98,000 million) through this issuance, which will be allocated to projects including the development of an AI vision and spatial perception technology platform and the construction of an AI visual sensor and smart hardware manufacturing base [1][3]. - The total investment for the AI vision and spatial perception technology platform project is RMB 179,632.49 million, with RMB 85,788.10 million expected to be funded from the issuance. The AI visual sensor and smart hardware manufacturing base project has a total investment of RMB 19,033.12 million, with RMB 12,211.90 million planned from the issuance [3]. Issuance Mechanism - The issuance will be directed towards no more than 35 specific investors, including qualified institutional investors and natural persons, as per CSRC regulations. The pricing will be based on 80% of the average trading price over the 20 trading days prior to the issuance date [4]. - The maximum number of shares to be issued is capped at 120,343,272 shares, which is 30% of the company's total share capital prior to the issuance [4]. Control and Ownership - As of June 30, 2025, the company's total share capital is 401,099,840 shares, with the controlling shareholder, Huang Yuanhao, holding 27.15% directly and an additional 8.48% indirectly, totaling 35.64% of the voting rights [5][6]. - Post-issuance, Huang Yuanhao is expected to control 27.41% of the shares and 55.66% of the voting rights, ensuring that the control of the company remains unchanged [6]. Sponsorship - The issuance is sponsored by China International Capital Corporation Limited, with representatives Yang He and Peng Zhao Zhen overseeing the process [6].