Group 1 - The core viewpoint of the article highlights the acceleration of the global technological revolution and the emerging opportunities in material transformation, particularly in AI materials and related industries [1] Group 2 - The demand for chromium chemicals is experiencing a boom due to the explosive demand from two major machines, leading to sustained prosperity under strong supply constraints [1] - The high computing power density is creating a necessity for liquid cooling, with 3M planning to exit the PFAS market by the end of 2025, indicating a promising demand for cooling liquids [1] - The trend towards high-frequency and high-speed PCBs is confirmed, with clear upgrades in CCL electronic materials [1] - The demand for energy storage is being driven by data centers, with expectations for dynamic storage needs exceeding forecasts, marking a turning point for the lithium battery industry [1] Group 3 - In the growth materials sector, new industries, technologies, and trends are continuously emerging, including the global substitution of lubricant additives, AI-enabled biomanufacturing (such as PDO and other new materials), green fuels driven by international emission reduction demands (SAF, green alcohol), and the nearing industrialization of solid-state batteries (upgrades in sulfide and other battery materials) [1] Group 4 - The New Materials 50 ETF (159761) tracks the New Materials Index (H30597), which selects listed companies involved in advanced basic materials, key strategic materials, and cutting-edge new materials to reflect the overall performance of securities related to the new materials industry [1]

Core Viewpoint - The financial data for 2025 marks a significant point in China's macroeconomic transition, highlighting a divergence between M2 growth and social financing, indicating a shift from simple monetary expansion to a more precise restructuring of financial resources [1] Group 1: Social Financing Dynamics - The decline in social financing (社融) is not alarming; December saw a new social financing of 2.21 trillion yuan, a year-on-year decrease of 645.7 billion yuan [2] - The primary drag on social financing comes from government bonds, which saw a year-on-year decrease of 1.07 trillion yuan, attributed to a base effect from the previous year [3] - Direct financing channels are gaining strength, with corporate bond financing in December increasing by over 170 billion yuan year-on-year, driven by "hard technology" bonds [4][5] Group 2: Credit Structure Analysis - The credit structure shows a "K-shaped" dynamic, with strong corporate borrowing contrasted by weak household borrowing [6] - Corporate loans demonstrated unexpected resilience, with short-term loans increasing by 370 billion yuan in December, significantly higher than previous years [7] - In contrast, household loans are still in a repair phase, with short-term loans decreasing year-on-year, influenced by high real interest rates [8][9] Group 3: M2 and M1 Trends - M2 growth rebounded to 8.5%, primarily due to structural adjustments in bank liabilities rather than asset expansion [10][11] - M1 remains low at 3.8%, affected by a high base and a decrease in government contributions, although signs of "residential deposit migration" are emerging [12] Group 4: Policy Outlook for 2026 - The policy landscape for 2026 is expected to shift from a singular focus on monetary policy to a combination of fiscal and monetary strategies [13] - Monetary policy may see further easing during the upcoming Two Sessions, with potential for rate cuts [14] - Fiscal policy is anticipated to play a crucial role in stabilizing growth, with significant projects expected to be prioritized in early 2026 [15] - Improved liquidity conditions in the capital market are expected as M1 growth rebounds, potentially enhancing equity asset valuations [16] Conclusion - The financial data for 2025 reflects a complex interplay of factors, indicating a transition phase where structural optimization in corporate financing and direct financing channels is taking place, setting the stage for new growth logic in 2026 [17][18]

Core Viewpoint - Shanxi Huhua Group Co., Ltd. has announced a change in its continuous supervision sponsor representative due to the ongoing management of IPO raised funds and a new stock issuance project [1][2]. Group 1 - The company received a notification from its continuous supervision institution, GF Securities, regarding the change of sponsor representatives [1]. - The new sponsor representatives appointed by GF Securities are Li Wu and Liu Minxi, with the continuous supervision period extending until December 31, 2022, due to unutilized IPO funds [1][2]. - Liu Minxi will replace Zhao Yingyang in the continuous supervision role to ensure orderly management of the ongoing projects [2]. Group 2 - The company expressed gratitude to Zhao Yingyang for his contributions during the continuous supervision period [3]. - Liu Minxi holds a master's degree in law and has been with GF Securities since 2015, currently serving as a senior vice president in the investment banking business management committee [4]. - Liu Minxi has participated in various IPO projects, including Aileda and Tianyi [4].

Domestic Market - The capacity pricing mechanism is expected to be implemented in multiple provinces, marking a turning point for the economic viability of energy storage [1] - In regions like Inner Mongolia, Gansu, and Ningxia, stable supporting policies for energy storage are anticipated, with Gansu's independent energy storage IRR capital expected to reach 9.9% [1] - Domestic energy storage demand is projected to reach 154 GWh, 254 GWh, and 337 GWh in 2025, 2026, and 2027 respectively, representing year-on-year growth of 40.2%, 65.2%, and 32.5% [1] International Market - In the United States, the construction of data centers is driving rapid growth in energy storage demand, with 2025 being identified as the "demand year" for AIDC [1] - An additional 13 GW of data centers in the U.S. is expected to generate 10.7 to 25 GWh of energy storage demand in 2026 [1] - In Europe, there is a pressing need for flexible resources, improved business models, and a shift in subsidies, leading to a noticeable acceleration in large-scale energy storage development [1] Global Outlook - The global energy storage market is expected to see new installations of approximately 279 GWh, 423 GWh, and 563 GWh from 2025 to 2027, with year-on-year growth rates of 44%, 52%, and 33% respectively [1] - The recent large-scale power outages in Europe have created new demands for grid-connected energy storage, which may optimize the competitive landscape [1]

广发证券研报指出，光伏反内卷持续推进，技术创新助力反转。供给：反内卷持续推进，产业链产量下 行，光伏反内卷有望进一步加强与落实。根据世纪新能源网，12月26日，市场监管总局通报了光伏行业 价格违法问题和风险，并强调全行业要充分认识整治光伏行业"内卷式"竞争的重要性。我们认为，在市 场监管总局的进一步要求下，光伏反内卷有望得到进一步落实与加强，行业盈利改善可期，我们看好 2026年光伏产业链下游组件环节的盈利改善；技术创新：降本增效助力盈利率先反转，BC产业化有望 提速。 ...

Core Viewpoint - The international business has become a significant profit growth point for Chinese securities firms, with companies accelerating their internationalization through capital increases in overseas subsidiaries [1][3]. Fundraising Details - Guangfa Securities has completed a fundraising round through H-share placement and convertible bonds, raising over HKD 6.1 billion, all intended for increasing capital in overseas subsidiaries [1][2]. - The net proceeds from the H-share placement are approximately HKD 3.96 billion, while the net proceeds from the convertible bond issuance are about HKD 2.15 billion, totaling over HKD 6.1 billion [2]. - The allocation of the funds includes 70% for international business development, 25% for liquidity support to overseas subsidiaries, and 5% for operational funding [2]. Market Environment - The international business of Chinese securities firms is increasingly recognized for its value and growth potential, with significant revenue growth expected in the coming years [2][4]. - By mid-2025, six Chinese securities firms are projected to have overseas business revenues exceeding CNY 1 billion, with a year-on-year growth rate of over 10% for 12 firms [2]. Competitive Landscape - Chinese securities firms are rapidly expanding their overseas presence through the establishment and capitalization of foreign subsidiaries [3]. - Notable actions include Guangfa Securities' previous capital increase of HKD 2.14 billion for its subsidiary in Hong Kong and similar moves by other firms like China Merchants Securities and Shanxi Securities [3]. - The overall internationalization of securities firms is progressing, with major firms extending their service networks into emerging markets [3]. Future Outlook - The overseas business of securities firms is expected to benefit from improved comprehensive service capabilities and increasing demand from Chinese enterprises going global [4]. - Supportive policies are creating a favorable environment for the development of overseas business, with expectations for rapid growth in investment banking revenue and profits for leading firms [4].

2026 年1月15日，发行人和主承销商在网下向专业机构投资者进行了票面利率询价，利率询价区间为 1.50%-2.50%。根据网下向专业机构投资者询价结果，经发行人与簿记管理人按照有关规定，在利率询 价区间内协商一致，最终确定本期债券(债券简称："26广发C1"，债券代码：524627)票面利率为 2.00%。 发行人将按上述票面利率于2026年1月16日至2026年1月19日面向专业机构投资者网下发行。 智通财经APP讯，广发证券(01776)发布公告，广发证券股份有限公司(以下简称"发行人")面向专业机构 投资者公开发行面值不超过200亿元(含)的次级公司债券已获得中国证券监督管理委员会证监许可 〔2024〕1258号文同意注册。广发证券股份有限公司2026年面向专业投资者公开发行次级债券(第一期) (以下简称"本期债券")为前述注册批复项下的第七期发行，计划发行规模不超过33.9亿元(含) ...

2026年1月15日，发行人和主承销商在网下向专业机构投资者进行了票面利率询价，利率询价区间为 1.50%-2.50%。根据网下向专业机构投资者询价结果，经发行人与簿记管理人按照有关规定，在利率询 价区间内协商一致，最终确定本期债券(债券简称："26广发C1"，债券代码：524627)票面利率为 2.00%。 格隆汇1月15日丨广发证券(01776.HK)公告，广发证券股份有限公司(以下简称"发行人")面向专业机构投 资者公开发行面值不超过200亿元(含)的次级公司债券已获得中国证券监督管理委员会证监许可 〔2024〕1258号文同意注册。广发证券股份有限公司2026年面向专业投资者公开发行次级债券(第一期) (以下简称"本期债券")为前述注册批复项下的第七期发行，计划发行规模不超过33.9亿元(含)。 ...

发行人将按上述票面利率于2026年1月16日至2026年1月19日面向专业机构投资者网下发行。 2026年1月15日，发行人和主承销商在网下向专业机构投资者进行了票面利率询价，利率询价区间为 1.50%-2.50%。根据网下向专业机构投资者询价结果，经发行人与簿记管理人按照有关规定，在利率询 价区间内协商一致，最终确定本期债券(债券简称："26广发C1"，债券代码：524627)票面利率为 2.00%。 广发证券(01776)发布公告，广发证券股份有限公司(以下简称"发行人")面向专业机构投资者公开发行面 值不超过200亿元(含)的次级公司债券已获得中国证券监督管理委员会证监许可〔2024〕1258号文同意 注册。广发证券股份有限公司2026年面向专业投资者公开发行次级债券(第一期)(以下简称"本期债券") 为前述注册批复项下的第七期发行，计划发行规模不超过33.9亿元(含) ...

廣發証券股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1776） 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 根據中華人民共和國的有關法例規定，廣發証券股份有限公司（「本公司」）在深圳 證券交易所網站( http://www.szse.cn )刊發的《廣發証券股份有限公司2026年面向專 業投資者公開發行次級債券（第一期）票面利率公告》。茲載列如下，僅供參閱。 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份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 GF SECURITIES CO., LTD. 海外監管公告 2026 年 1 月 15 日，发行人和主承销商在网下向专业机构投资者进行了票面 利率询价，利率询价区间为 1.50%-2.50%。根据网下向专业机构投资者询价结果， 经发行人与簿记管理人按照有关规定，在利率询价区间内协商一致，最终确定本 期债券（债券简称："26 广发 C1"，债券代码：524627）票面利率为 2.00%。 承董事會 ...