Group 1 - The National Equities Exchange and Quotations (NEEQ) announced the results of the market maker evaluation for Q4 2025, with 12 market makers receiving transaction fee exemptions for their outstanding performance [1] - Notable small and medium-sized brokerages are gaining a leading position in the competitive NEEQ market, with Northeast Securities, Kaiyuan Securities, and Shanghai Securities ranking in the top 5% and receiving full transaction fee exemptions [1] - The competitive landscape remained stable compared to Q3 2025, with Northeast Securities, Kaiyuan Securities, and Shanghai Securities maintaining their top positions, while Guotai Junan's ranking improved significantly [1] Group 2 - As of January 28, 59 brokerages are serving as market makers in the NEEQ, with Northeast Securities leading in the number of market-making stocks at 67 [2] - In Q4 2025, both Kaiyuan Securities and Northeast Securities achieved cumulative market-making transaction amounts exceeding 10 billion yuan, indicating strong trading activity [2] - The NEEQ market continues to expand, with 5,966 listed companies and a total share capital of 467.8 billion shares, providing ample business opportunities for brokerages [2] Group 3 - The growth in business demands from NEEQ companies, such as listings, supervision, and mergers, offers significant opportunities for brokerages, particularly smaller firms [3] - Brokerages can leverage the connection between NEEQ and the Beijing Stock Exchange to provide multi-tiered capital market services for technology-driven growth enterprises [3] - This strategy aims to enhance the market share and project quality of the Beijing Stock Exchange-related businesses, laying a foundation for sustained growth in investment banking performance [3]

Core Viewpoint - The current spandex industry prices and price spreads are at historical low levels, with expectations for recovery as supply expansion nears its end and demand increases due to consumption upgrades [1][2]. Supply - Domestic spandex production capacity is expected to reach approximately 149.8 million tons by 2025, with a global capacity share of 77% and a CR5 concentration of 86.3% [2]. - The domestic spandex industry has undergone three rounds of capacity release cycles since 2010, with the latest expansion driven by demand for masks, yoga wear, and export needs starting in 2020 [2]. - The current capacity release cycle is nearing its end, and stricter environmental regulations are leading to the closure of smaller spandex manufacturers in eastern regions, which may further enhance industry concentration [2]. Demand - The domestic market for high spandex content apparel, particularly in sportswear, is experiencing rapid growth, with sales expected to reach 408.9 billion yuan in 2024, reflecting a year-on-year increase of 5.95% [3]. - As disposable income rises, consumer demand for clothing is upgrading, leading to a significant increase in the application and proportion of spandex in apparel, with spandex content in sports compression wear increasing by over 20% [3]. - The apparent consumption of spandex in China is projected to reach 108.8 million tons by 2025, representing a substantial year-on-year growth of 7.55% and a compound annual growth rate of 13.68% from 2022 to 2025 [3].

Core Viewpoint - Northeast Securities maintains a "Buy" rating for Chow Tai Fook (01929), highlighting the company's growth momentum amid gold price fluctuations and macro uncertainties, and optimistic about product structure adjustments and overseas expansion enhancing profitability quality [2][9] Group 1: Financial Performance - Chow Tai Fook achieved a strong recovery in FY2026 Q3 (October-December 2025), with retail sales value (RSV) increasing by 17.8% year-on-year, and a 16.9% rise in mainland China [3][10] - Same-store sales (SSSG) for direct and franchise stores surged by 21.4% and 26.3% respectively, while retail sales in Hong Kong and Macau grew by 22.9% year-on-year, with same-store growth of 10.1% in Hong Kong and 31.3% in Macau [3][10] Group 2: Product and Channel Strategy - The company is shifting its product structure towards high-margin jewelry, with same-store retail value for priced jewelry in mainland China growing by 13.7%, contributing 40% to total sales, an increase of 10.7 percentage points year-on-year [4][11] - The average selling price has significantly increased due to rising gold prices, with the average price of gold in mainland China reaching HKD 11,000 (up 50.7% year-on-year) and priced gold averaging HKD 9,500 (up 82.6% year-on-year) [4][11] - The total number of Chow Tai Fook stores reached 5,585 by the end of 2025, with a net closure of 230 stores in mainland China, indicating that structural adjustments are nearing completion [12] Group 3: E-commerce and Tourism Retail Growth - E-commerce in mainland China grew by 25% in FY2026 Q3, accounting for 7.4% of RSV, driven by marketing events like Double Eleven [12] - The tourism retail segment also contributed positively, with duty-free gold in Hainan attracting many consumers due to its high cost-performance ratio [12] Group 4: Overseas Expansion - The Southeast Asian market has been operational for six years, contributing 15.2% to the group's retail value with significant growth [6][12] - New stores in Singapore and Malaysia have shown improved same-store sales, with high-end stores at Changi Airport and flagship stores in Bangkok now operational, and plans for expansion in Vancouver and Sydney [6][12]

Core Viewpoint - Northeast Securities maintains a "Buy" rating for Chow Tai Fook (01929), citing continued growth momentum amid gold price fluctuations and macro uncertainties, with optimism regarding product structure adjustments and overseas expansion enhancing profit quality [1] Group 1: Financial Performance - Chow Tai Fook achieved a strong recovery in FY2026 Q3 (October-December 2025), with retail sales value (RSV) increasing by 17.8% year-on-year, and a 16.9% increase in mainland China [1] - Same-store sales (SSSG) for direct and franchise stores rose significantly by 21.4% and 26.3%, respectively, while retail value in Hong Kong and Macau grew by 22.9% year-on-year, with same-store sales increasing by 10.1% in Hong Kong and 31.3% in Macau [1] Group 2: Product Structure Optimization - The company is shifting its product structure towards high-margin jewelry, with same-store retail value for priced jewelry in mainland China growing by 13.7%, contributing 40% to total sales, an increase of 10.7 percentage points year-on-year [2] - The IP cultural series continues to perform strongly, and diamond and jadeite businesses have returned to positive growth, contributing to structural optimization [2] - Average selling prices have significantly increased due to rising gold prices, with the average price of gold in mainland China reaching HKD 11,000 (up 50.7% year-on-year) and priced gold averaging HKD 9,500 (up 82.6% year-on-year) [2] Group 3: Channel and Store Structure - By the end of 2025, the total number of "Chow Tai Fook Jewelry" stores reached 5,585, with a net reduction of 230 stores in mainland China, indicating that structural contraction is nearing completion [3] - E-commerce in mainland China grew by 25% in FY2026 Q3, accounting for 7.4% of mainland RSV, driven by marketing campaigns such as Double Eleven [3] - The tourism retail segment also contributed positively, with duty-free gold in Hainan attracting many consumers due to its high cost-performance ratio [3] Group 4: Overseas Expansion - The Southeast Asian market has been operational for six years, contributing 15.2% to the group's retail value with significant growth [4] - Same-store sales in Southeast Asia, including Singapore and Malaysia, have improved, with high-end stores at Changi Airport in Singapore and flagship stores in Bangkok now operational [4] - Future expansion plans include Vancouver and Sydney, with a dual-track development strategy focusing on upgrading existing markets and entering emerging markets [4]

白山黑水，雪韵凇情。作为植根于东北广袤热土、从这里走向全国资本市场的上市券商，东北证券自 1988年在吉林长春启程，其发展血脉便与这片承载着共和国工业记忆、正奋力谱写全面振兴新篇的土地 紧密相连。 党的二十届四中全会明确提出，建设现代化产业体系，巩固壮大实体经济根基；加快高水平科技自立自 强，引领发展新质生产力。 风雷激荡，顺势而为。新质生产力驱动产业变革，呼唤资本市场服务模式创新。在安桂武看来，新质生 产力源自技术革命性突破、生产要素创新性配置与产业深度转型升级，具备高科技、高效能、高质量的 鲜明特征。这要求证券公司升级服务模式，从传统的通道型服务向全生命周期的综合金融服务转型，精 准引导资本投向科技创新、绿色发展、先进制造等重点领域，推进科技创新与产业创新深度融合。 在此背景下，东北证券积极把握战略方向，重点锚定新一代信息技术、高端装备、新材料、生物医药等 战略性新兴产业，系统布局细分赛道，通过股权债权融资、产业链重组、业务资源配置等多种方式，助 力科技型企业加快成长，以实际行动支持国家创新驱动发展战略，助力新质生产力培育和发展。 站在新的历史起点，这家以地域为名、却胸怀"国之大者"的券商，正将自身积淀的 ...

Core Viewpoint - The evaluation results of market makers for the fourth quarter of 2025 have been released by the National Equities Exchange and Quotations (NEEQ), highlighting the performance and fee reduction qualifications of various securities firms [1][3]. Group 1: Market Maker Evaluation Results - Three securities firms, Northeast Securities, Kaiyuan Securities, and Shanghai Securities, ranked in the top 5% with a 100% fee reduction [2][3]. - Twelve market makers received fee reduction qualifications, with six firms in the 10%-20% ranking receiving a 50% fee reduction, including Huahuan Securities and Changjiang Securities [3]. - The rankings of some firms changed compared to the third quarter of 2025, with Guotai Haitong moving from the 10%-20% range to the 5%-10% range [4]. Group 2: Industry Trends and Strategies - The rankings of market makers show limited volatility over several quarters, indicating a stable competitive landscape among smaller firms, while larger firms maintain dominance in other areas [5]. - First Capital has focused on optimizing its market-making strategy in the New Third Board, enhancing its professional capabilities and providing liquidity to quality enterprises [5]. - As of June 2025, First Capital provided market-making services for nine enterprises, while CICC reported having 22 market-making enterprises, with 81.82% being innovative tier companies [5][6]. Group 3: Regulatory Framework and Future Directions - The evaluation guidelines for market makers have undergone multiple revisions, with the current version being from 2020, emphasizing the importance of market maker evaluations in improving market liquidity and price discovery [8]. - The NEEQ aims to continuously assess the implementation effects of the market maker system and optimize the evaluation incentive mechanism to promote the healthy development of the market maker system [8].

■"证券公司学习宣传贯彻党的二十届四中全会精神"系列报道 东北证券党委书记安桂武： 白山黑水，雪韵凇情。作为植根于东北广袤热土、从这里走向全国资本市场的上市券商，东北证券自 1988年在吉林长春启程，其发展血脉便与这片承载着共和国工业记忆、正奋力谱写全面振兴新篇的土地 紧密相连。 站在新的历史起点，这家以地域为名、却胸怀"国之大者"的券商，正将自身积淀的本土智慧与全国视野 相融合，在服务国家战略与区域发展的战略目标中，锚定"特色化、精品化"之路，固本开新，朝着"一 流现代金融服务商"的愿景全速迈进。 东北证券党委书记安桂武日前在接受中国证券报记者专访时表示，党的二十届四中全会深刻阐述了中国 式现代化的重大理论和实践问题，为做好当前和今后一个时期经济金融工作指明了前进方向，为证券行 业把握战略机遇、应对风险挑战、实现高质量发展提供了根本遵循。 安桂武表示，东北证券将深入学习贯彻全会精神，切实扛起使命担当，以更高站位、更实举措，把党中 央决策部署和行业监管要求转化为推动高质量发展的生动实践，努力在服务中国式现代化建设中汇集起 磅礴的金融力量。 ● 本报记者 徐昭 赵中昊 党的二十届四中全会明确提出，建设现代化产业 ...

2026年1月26日，东北证券收到中国证监会《关于同意东北证券股份有限公司向专业投资者公开发行公 司债券注册的批复》（证监许可[2026]121号）。中国证监会同意公司向专业投资者公开发行面值总额 不超过100亿元公司债券的注册申请。批复自同意注册之日起24个月内有效，公司可在注册有效期内分 期发行公司债券。公司将按要求办理发行事宜并履行信息披露义务。 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。 来自交易信息汇总：1月27日主力资金净流出5236.1万元，显示主力短期谨慎情绪。 来自公司公告汇总：东北证券获证监会批复，同意向专业投资者公开发行不超过100亿元公司债 券。 交易信息汇总资金流向 1月27日主力资金净流出5236.1万元；游资资金净流入2843.13万元；散户资金净流入2392.97万元。 公司公告汇总关于向专业投资者公开发行公司债券获得中国证监会注册批复的公告 截至2026年1月27日收盘，东北证券(000686)报收于9.09元，下跌1.62%，换手率2.14%，成交量50.1万 手，成交额4.55亿元。 当日关 ...

Core Viewpoint - The bond issuance by securities firms has accelerated significantly at the beginning of 2026, with a total of 2,650 billion yuan approved for issuance, reflecting a 216.53% increase compared to the same period in 2025 [1][5][6]. Group 1: Bond Issuance Overview - On January 27, Guolian Minsheng Securities announced the approval to issue bonds totaling 180 billion yuan and its subsidiary Minsheng Securities 80 billion yuan, with approvals valid for 24 months [2][3]. - As of January 26, 2026, securities firms have cumulatively issued bonds amounting to 2,380.3 billion yuan, a significant increase from 752 million yuan in the same period of 2025 [5][6]. - The bond issuance includes various types such as perpetual subordinated bonds and technology innovation bonds, indicating a diversification in the types of bonds being issued [6][7]. Group 2: Market Dynamics and Trends - The surge in bond issuance is attributed to favorable market conditions and the increasing capital needs of securities firms, driven by the overall positive trend in the capital market [5][6]. - The current low interest rate environment provides an advantageous window for securities firms to engage in debt financing, allowing them to enhance their capital adequacy and invest in diversified business areas [5][6]. - The issuance of technology innovation bonds has gained momentum, supported by regulatory policies that encourage financial institutions to fund technology innovation [6][7]. Group 3: Future Outlook - Analysts suggest that the concentrated bond issuance at the beginning of the year is a common practice among securities firms to secure operational capital for the year ahead [7]. - With expectations of a prolonged bull market in China's capital market, securities firms will require more capital to support diversified business operations [7]. - The trend of "Matthew Effect" is evident, where leading securities firms continue to expand their issuance scale, while smaller firms face constraints in financing capabilities [7].

编者按 当前，资本市场改革持续深化，证券行业正处在乘势而上、建设一流投资银行和投资机构的关键战略机 遇期，学习、宣传、贯彻党的二十届四中全会精神是当前和今后一个时期的重要政治任务。为此，中国 证券报联合中国证券业协会推出"证券公司学习宣传贯彻党的二十届四中全会精神"系列专题报道，聚焦 证券公司在强化功能发挥、提升专业能力、推进差异化发展、筑牢合规风控底线、厚植行业文化底蕴等 方面的实践探索与丰硕成果，生动展现证券公司作为资本市场重要践行者、改革排头兵、服务主力军的 责任担当与时代作为。本篇为系列报道第十四篇。 白山黑水，雪韵凇情。作为植根于东北广袤热土、从这里走向全国资本市场的上市券商，东北证券 （000686）自1988年于吉林长春启程，其发展血脉便与这片承载着共和国工业记忆、正奋力谱写全面振 兴新篇的土地紧密相连。 站在新的历史起点，这家以地域为名、却胸怀"国之大者"的券商，正将自身积淀的本土智慧与全国性视 野相融合，在服务国家战略与区域发展的宏大叙事中，锚定"特色化、精品化"之路，固本开新，向 着"一流现代金融服务商"的愿景全速迈进。 东北证券党委书记安桂武日前在接受中国证券报记者专访时表示，党的二十届 ...