Core Insights - The evaluation results for the 2025 annual performance quality of securities companies were released by the Beijing Stock Exchange and the National Equities Exchange and Quotations, assessing 115 firms on their professional capabilities, compliance levels, and business operations [1] Group 1: Overall Industry Performance - The majority of securities companies scored above the baseline score of 100, indicating a positive accumulation in industry performance quality [1] - Guotai Junan ranked first with a total score of 145.04, followed by Huatai Securities (143.41), China Merchants Securities (140.49), Shenwan Hongyuan Securities (136.43), and CITIC Securities (135.49), showcasing strong performance in professional quality [1] Group 2: Distribution of Scores - The score distribution shows a "large middle, small ends" pattern, with a few top-tier firms leading the industry while the majority fall into the second and third tiers, indicating overall compliance and notable business highlights [1] - Some firms scored in the fourth tier due to low professional scores or high compliance deductions, suggesting a need for improvement in specific business areas or risk management capabilities [1] Group 3: Business Structure and Specialization - The evaluation system detailed scores for various sub-items within the Beijing Stock Exchange and National Equities Exchange, revealing differences in business structures among firms [2] - Certain firms, like Huatai Securities and Dongfang Securities, achieved high scores through deep engagement in Beijing Stock Exchange business, particularly in sponsorship and mergers and acquisitions [2] - Other firms, such as Kaiyuan Securities and Shenwan Hongyuan, excelled in the National Equities Exchange business, especially in recommending listings and ongoing supervision, demonstrating their service capabilities for new three-board enterprises [2] Group 4: Contribution of Brokerage and Research - Brokerage and research services, which connect investors with the market, contributed significantly to the professional quality scores of firms like Galaxy Securities and Guotai Junan [2]

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，並明確表示概不就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。 （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股份代號：6806） 海外監管公告 本公告乃由申萬宏源集團股份有限公司（「本公司」）根據香港聯合交易所有限公司證券上市規 則第13.10B條作出。 茲載列本公司於深圳證券交易所網站發佈之《申萬宏源集團股份有限公司關於「21申宏02」票面 利率調整和投資者回售實施辦法的第三次提示性公告》，僅供參閱。 承董事會命 申萬宏源集團股份有限公司 董事長 劉健 北京，2026年1月30日 公告编号：临2026-10 债券代码：149394 债券简称：21申宏02 申万宏源集团股份有限公司 关于"21申宏02"票面利率调整和投资者回售实施办法 的第三次提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完 整，没有虚假记录、误导性陈述或重大遗漏。 重要提示： 1. 利率调整：根据《申万宏源集团股份有限公司 2021 年面向专 ...

证券代码：000166 证券简称：申万宏源 公告编号：临2026-10 债券代码：149394 债券简称：21申宏02 申万宏源集团股份有限公司 关于"21申宏02"票面利率调整和投资者回售实施办法 的第三次提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完 整，没有虚假记录、误导性陈述或重大遗漏。 重要提示： 1. 利率调整：根据《申万宏源集团股份有限公司 2021 年面向专 业投资者公开发行公司债券（第一期）募集说明书》（以下简称 "《募集说明书》"）的约定，公司作为"21 申宏 02"（债券代码： 149394）的发行人，有权决定在存续期的第 5 年末调整本期债券存 续期后 2 年的票面利率。根据当前的市场行情，公司决定在本期债 券第 5 个计息年度末下调本期债券的票面利率 265 个基点，即"21 申宏 02"债券存续期后 2 年的票面利率为 1.30%。 2. 投资者回售选择权：根据《募集说明书》中设定的投资者回 售选择权，投资者有权选择在投资者回售登记期内进行登记，将持 有的本期债券按面值全部或部分回售给发行人，或选择继续持有本 期债券。 3. 投资者选择将持有的本期债券全部或部分 ...

主要内容 股债恒定指数有哪些? ■ | 不无限 | 12.2 | Carl | 11-8-14 | 77 | 中证件值股價值; | 中国外国际管理会组合 | 沪漫300 | 中证 50 债券登数 | 無十年的家家以以我便應 | 日正的值段感情 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 中证或长股份值; | 中正成长胶骨值走组合 | 中文500 | 中证 50 债券指数 | 本年就知量不可能感想 | 中证模长胶做值) | 中区汇利股價值 | | | | | | 中正汇到服债场变进台 | 中运足彩金收照教 | 就在家庭到激烈便是我都能在年50日世 | 国区域中国 | 中证汇制服务位 | 中证汇利股價值 | 上述到的感情 | | | | | | 上正式制度假面定组会 | 上证定利金收益有资 | 上述 0-5年要到設計學學生生活教 | 表示是平衡 | 上述如何度值; | 上证汇利股價值; | 中区汇利低波股债债 | | | | | | 中国汇别低波度假值危险合 | 中证 800 汇利低波动金收壁指数 | 中运国债券数 ...

Core Viewpoint - The company maintains a "Buy" rating for New Oriental-S (09901) due to strong growth in education business and recovery in the Oriental Selection segment, with revenue forecasts for FY26-FY28 increased to $5.5 billion, $6.11 billion, and $6.89 billion respectively [1] Financial Performance - In Q2 FY26, the company reported revenue of $1.191 billion, a year-on-year increase of 14.7%. The education business (including cultural tourism) generated $974 million, up 13% year-on-year, while other businesses (mainly Oriental Selection) earned $217 million, growing 22.9% [2] - The Non-GAAP net profit attributable to the parent company was $73 million, reflecting a 68.6% year-on-year increase, with a Non-GAAP net profit margin of 6.1%, expanding by 2 percentage points [2] Study Abroad Business - The revenue from study abroad exam training and consulting in Q2 FY26 was $252 million, showing a year-on-year growth of 1%, a slowdown of 29.3 percentage points compared to the same period last year. However, it remained stable compared to Q1 FY26 [3] - The company is integrating study abroad training and consulting services and expanding its target audience by increasing youth training offerings to enhance growth resilience in this segment [3] New Business Growth - New business revenue (K9 competency training and learning machine) grew by 21.6% year-on-year to $366 million, with sustained high growth in non-subject competency businesses. The continuation rate for K9 competency training and learning machines is improving, indicating enhanced product reputation [4] - The number of teaching centers increased to 1,379, a year-on-year growth of 21%, although the growth rate slowed by 2.7 percentage points compared to Q1 FY26. The company aims to improve operational efficiency by maximizing existing teaching center capacity [4] Operating Profit Margin Improvement - Despite the slowdown in high-margin study abroad business, the increase in competency business margins offsets this decline. The Non-GAAP operating profit margin in Q2 FY26 expanded by 4.7 percentage points to 7.5% year-on-year, showing an accelerating expansion trend [5] - The Non-GAAP operating profit margin for the education business was 6.6%, up by 3.5 percentage points year-on-year, while the margin for other businesses (mainly Oriental Selection) was 13%, increasing by 12.4 percentage points [5]

Core Viewpoint - Company maintains a "Buy" rating for New Oriental-S (09901) due to strong growth in education business and recovery in the Dongfang Zhenxuan segment, with revenue forecasts for FY26-FY28 adjusted to $5.5 billion, $6.11 billion, and $6.89 billion respectively [1] Financial Performance - In Q2 FY26, New Oriental reported revenue of $1.191 billion, a year-on-year increase of 14.7%, with education business (including cultural tourism) generating $974 million, up 13% [1] - Other businesses, primarily Dongfang Zhenxuan, contributed $217 million, reflecting a 22.9% year-on-year growth [1] - Non-GAAP net profit attributable to the parent company reached $73 million, a 68.6% increase year-on-year, with a Non-GAAP net profit margin of 6.1%, expanding by 2 percentage points [1] Study Abroad Business - The revenue from study abroad exam training and consulting in Q2 FY26 was $252 million, showing a year-on-year growth of 1%, but a slowdown of 29.3 percentage points compared to the previous year [2] - The company is integrating study abroad training and consulting services and expanding its target audience to enhance growth resilience in this segment [2] New Business Growth - New business segments, including K9 competency training and learning machine sales, saw a revenue increase of 21.6% to $366 million [3] - The number of teaching centers grew to 1,379, a 21% year-on-year increase, although the growth rate slowed by 2.7 percentage points compared to Q1 FY26 [3] Operating Profit Margin Improvement - Despite the slowdown in high-margin study abroad business, the increase in profitability from competency training offset this decline [4] - Q2 FY26 Non-GAAP operating profit margin expanded by 4.7 percentage points to 7.5%, with education business margin at 6.6%, up 3.5 percentage points year-on-year [4] - Other businesses, mainly Dongfang Zhenxuan, achieved a Non-GAAP operating profit margin of 13%, an increase of 12.4 percentage points year-on-year [4]

Group 1 - The core viewpoint of the articles indicates that the securities sector is experiencing a downturn, with specific ETFs reflecting this trend, yet there is a notable inflow of funds into the securities ETF, suggesting underlying investor interest [1][2] - The securities ETF (159841) has seen a net inflow of 516 million yuan over the last ten trading days, despite a 1.1% drop in its underlying index during the trading session [1] - The latest fund size of the securities ETF (159841) is reported to be 10.614 billion yuan, with its top five constituent stocks being Dongfang Wealth, CITIC Securities, Guotai Junan, Huatai Securities, and GF Securities [1] Group 2 - The macroeconomic environment is currently slowing down, but the securities company ETF is recommended for industry allocation due to its relative attractiveness in counter-cyclical investment strategies [2] - The securities industry fundamentals remain solid, with a forecasted 47% increase in net profits for the brokerage sector by 2025, supported by recent regulatory policies encouraging mergers and acquisitions [1]

Summary of Key Points Core Viewpoint - In January 2026, the A-share market saw a total of 9 new listed companies, a decrease of 25% compared to the same period last year, while the net fundraising amount increased by 33.79% to 8.425 billion yuan [1]. Group 1: IPO Performance - A total of 9 new companies were listed in January 2026, with 3 on the Shanghai Stock Exchange, 1 on the Sci-Tech Innovation Board, and 5 on the Beijing Stock Exchange [1]. - The net fundraising amount for these new listings was 8.425 billion yuan, up from 6.297 billion yuan in the same month last year [1]. Group 2: Underwriter Performance - Eight underwriting institutions handled the IPOs of the 9 new listed companies in January 2026, with CICC ranking first with 2 deals [2]. - Seven other securities firms, including Shenwan Hongyuan, Guotou Securities, Dongwu Securities, Dongxing Securities, CITIC Securities, Guojin Securities, and Guotai Junan, each managed 1 deal [2][3]. Group 3: Law Firm Performance - Six law firms provided legal services for the IPOs, with Shanghai Jintiancheng, Beijing Zhonglun, and Beijing Kangda each handling 2 cases, ranking them jointly first [5]. - Beijing Jindu, Guohao (Shanghai), and Beijing Deheng each managed 1 case [5][6]. Group 4: Accounting Firm Performance - Six accounting firms provided auditing services for the new listings, with Rongcheng leading with 3 cases [7]. - Zhonghui ranked second with 2 cases, while Xinyong Zhonghe, Lixin, Tianjian, and Zhongxinghua each handled 1 case [7][8].

Core Viewpoint - The report from Shenwan Hongyuan maintains an "overweight" rating for Dongfang Zhenxuan (01797), citing the company's aggressive multi-live room and multi-anchor strategy, continuous development of high-margin self-operated products, and content advantages in the GEO marketing environment, leading to a strong increase in gross margin for 1HFY26 [1] Financial Performance - In 1HFY26 (from June 2025 to November 2025), Dongfang Zhenxuan reported revenue of 2.31 billion yuan, a year-on-year increase of 5.7%; the net profit attributable to shareholders was 239 million yuan, marking a turnaround from loss to profit. Revenue growth was driven by self-operated product sales, while profit improvement was due to enhanced product gross margins [2] Self-Operated Products and Innovation - The company's GMV for 1HFY26 was 4.1 billion yuan, a year-on-year decline of 14.6%. Within this, self-operated products accounted for 2.16 billion yuan, while third-party product GMV was 1.94 billion yuan. Excluding the GMV from the Huixing live room (which was divested in August 2024), GMV from Douyin's live streaming sales turned positive year-on-year by July 2025 and continued to grow until November 2025. The company developed 801 new self-operated products in 1HFY26, a 9.4% increase from 732 at the end of FY25. The gross margin for self-operated products is expected to rise from 21.5% in 1HFY25 to 33.7% in 1HFY26, a year-on-year increase of 12.3 percentage points. The focus of new product development has shifted from quantity to high repurchase rates, which helps increase procurement scale and reduce material or finished product costs, thereby boosting gross margins [3] Multi-Platform Sales Strategy - Dongfang Zhenxuan continues to open new accounts on Douyin and plans to initiate a long-term recruitment plan for new anchors. The company has also established online stores on various platforms including WeChat Mini Programs, WeChat Stores, Tmall, JD, Pinduoduo, and Xiaohongshu. The first offline experience store is set to open in Beijing's Zhongguancun in 2026, marking another step in the company's channel expansion [4] User Base and Paid Conversion - In 1HFY26, Dongfang Zhenxuan's app is expected to have over 300,000 paid fans, an increase from 264,000 at the end of FY25. The company has a substantial follower base of 42.79 million on Douyin (counting only the main account and six matrix accounts), providing a solid foundation for expanding the number of paid users. Future growth in paid users is expected to drive GMV growth [5]

Core Viewpoint - Company maintains "Buy" rating for Dongfang Zhenxuan (01797) due to its aggressive multi-live room and multi-anchor strategy, continuous development of high-margin self-operated products, and content advantages in the GEO marketing environment, resulting in a strong gross margin increase in 1HFY26 [1] Financial Performance - In 1HFY26, Dongfang Zhenxuan reported revenue of 2.31 billion yuan, a year-on-year increase of 5.7%; net profit attributable to shareholders was 239 million yuan, turning from loss to profit. Revenue growth was driven by self-operated product sales, while profit improvement was due to enhanced product gross margins [1] Self-Operated Product Development - The company's GMV in 1HFY26 was 4.1 billion yuan, a year-on-year decrease of 14.6%. Self-operated products contributed 2.16 billion yuan to GMV, while third-party product GMV was 1.94 billion yuan. Excluding the GMV from the Huixing live room (which was divested in August 2024), GMV from Douyin's live streaming turned positive year-on-year by July 2025 and continued to grow until November 2025. The number of new self-operated products reached 801, a 9.4% increase from 732 at the end of FY25. The gross margin for self-operated products is expected to rise from 21.5% in 1HFY25 to 33.7% in 1HFY26, a year-on-year increase of 12.3 percentage points [2] Multi-Platform Sales Strategy - Dongfang Zhenxuan continues to open new accounts on Douyin and plans to initiate a long-term recruitment plan for new anchors. The company has also established online stores on various platforms including WeChat Mini Programs, WeChat Stores, Tmall, JD.com, Pinduoduo, and Xiaohongshu. The first offline experience store is set to open in Beijing's Zhongguancun in 2026, marking another step in the company's channel expansion [3] User Base and Paid Conversion - In 1HFY26, the Dongfang Zhenxuan APP is expected to have over 300,000 paid fans, up from 264,000 at the end of FY25. The company has a substantial fan base of 42.79 million on Douyin (counting only the main account and six matrix accounts), providing a solid foundation for expanding paid user numbers. Future growth in paid users is expected to drive GMV growth [4]