Core Viewpoint - Western Securities upgraded the rating of Mixue Group (02097) to "Buy," anticipating that the company's overseas market expansion will exceed expectations and that Lucky Coffee's rapid store openings will leverage scale advantages [1] Group 1: Overseas Market Expansion - Mixue is accelerating its overseas expansion, with store performance exceeding expectations. In December 2025, Mixue opened three stores in the U.S., entering key cities like Los Angeles and New York [1] - The U.S. stores feature additional high-sweetness options and plant-based milk, catering to local dietary preferences and enhancing repurchase rates. Prices for main products are controlled between $1.99 and $3.99, with a maximum of $5 [1] - Increased marketing efforts are being made to strengthen brand recognition, including advertising in core business districts and enhanced social media exposure [1] Group 2: International Recognition and Franchise Opportunities - Successful expansion in the U.S. market will help Mixue solidify its international recognition and facilitate expansion into other countries. In mid-November 2025, Mixue will open a dedicated overseas franchise channel for 16 countries and regions [2] - Southeast Asia is identified as a key area for store openings, with Vietnam showing strong demand for cold beverages and significant potential for brand chain development. The total cost for a franchise store in Vietnam is approximately 10 billion VND, equivalent to 265,000 RMB [2] - Other potential markets include Japan, South Korea, Australia, and South America. In May 2025, Mixue signed a procurement order for 4 billion coffee beans with Brazil, with plans to start building a supply chain factory [2] Group 3: Lucky Coffee's Growth - Lucky Coffee has surpassed 10,000 stores as of December 2025 and has announced flagship store franchise standards, targeting core business districts in first-tier or provincial capital cities [3] - The flagship stores will offer a variety of products, including regular and specialty drinks, ice cream, desserts, and brand-related items, with store sizes exceeding 100 square meters to create a large store image [3] - The second growth curve for Lucky Coffee continues to gain momentum [3]

Core Viewpoint - The company has received approval from the China Securities Regulatory Commission to publicly issue corporate bonds totaling up to 18 billion yuan to professional investors [1]. Group 1 - The company is authorized to issue corporate bonds with a total face value not exceeding 18 billion yuan [1]. - The issuance of the corporate bonds must strictly follow the prospectus submitted to the Shenzhen Stock Exchange [2]. - The approval is valid for 24 months from the date of registration, allowing the company to issue the bonds in tranches during this period [3]. Group 2 - The company is required to report any significant events that occur from the date of registration until the completion of the bond issuance [3]. - The company will comply with relevant laws and regulations, as well as the requirements outlined in the approval document and the authorization from the shareholders' meeting [3]. - The company will fulfill its information disclosure obligations in a timely manner regarding the bond issuance [3].

Group 1 - The core point of the article is that Western Securities has received approval from the China Securities Regulatory Commission (CSRC) to publicly issue corporate bonds totaling up to 18 billion yuan [1][2] - On January 26, 2026, Western Securities closed at 8.16 yuan, with an increase of 0.62% and a turnover rate of 1.08% [1] - The trading volume on January 26 was 482,700 shares, with a total transaction amount of 393 million yuan [1] Group 2 - On January 26, there was a net inflow of 57.87 million yuan from main funds, indicating significant accumulation [2] - Retail investors experienced a net outflow of 39.96 million yuan, while speculative funds had a net outflow of 17.91 million yuan [1][2] - The bond issuance approval is valid for 24 months from the date of approval, allowing the company to issue in tranches during this period [1]

Core Viewpoint - Western Securities has received approval from the China Securities Regulatory Commission to publicly issue corporate bonds totaling up to 18 billion yuan, which is valid for 24 months from the date of approval [1]. Group 1: Stock Performance - As of January 26, 2026, Western Securities closed at 8.16 yuan, up 0.62% from the previous trading day, with a total market capitalization of 36.472 billion yuan [1]. - The stock opened at 8.11 yuan, reached a high of 8.20 yuan, and a low of 8.08 yuan, with a trading volume of 393 million yuan and a turnover rate of 1.08% [1]. Group 2: Bond Issuance - The company is authorized to issue bonds with a total face value not exceeding 18 billion yuan, which can be issued in tranches during the registration validity period [1]. - The bond issuance must comply with the prospectus submitted to the Shenzhen Stock Exchange, and the company is required to report any significant events that occur before the issuance [1]. - The company will handle the issuance in accordance with legal regulations, approval documents, and shareholder authorization, while fulfilling its information disclosure obligations [1].

Core Insights - The article discusses the recent financial performance of a leading technology company, highlighting a significant increase in revenue and net income for the last quarter [1] Financial Performance - The company reported a revenue of $15 billion for the last quarter, representing a 20% increase year-over-year [1] - Net income reached $3 billion, which is a 25% increase compared to the same period last year [1] - Earnings per share (EPS) rose to $1.50, up from $1.20 in the previous year [1] Market Position - The company has strengthened its market position, capturing an additional 5% market share in the technology sector [1] - The growth is attributed to increased demand for its cloud services and software solutions [1] Future Outlook - Analysts project continued growth, with expected revenue growth of 15% for the next quarter [1] - The company plans to invest $2 billion in research and development to enhance its product offerings [1]

西部证券股份有限公司 关于向专业投资者公开发行公司债券 证券代码：002673 证券简称：西部证券 公告编号：2026-006 四、自同意注册之日起至本次公司债券发行结束前，公司如发生 重大事项，应及时报告并按有关规定处理。 公司将严格按照有关法律法规和上述批复文件的要求及公司股 东会的授权，办理本次公司债券发行的相关事宜，并及时履行信息披 露义务。 特此公告。 西部证券股份有限公司董事会 2026 年 1 月 26 日 获得中国证券监督管理委员会同意注册批复的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 西部证券股份有限公司（以下简称"公司"）于近日收到中国证 券监督管理委员会出具的《关于同意西部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〕123 号）， 批复内容如下： 一、同意公司向专业投资者公开发行面值总额不超过 180 亿元公 司债券的注册申请。 二、本次发行公司债券应严格按照报送深圳证券交易所的募集说 明书进行。 三、本批复自同意注册之日起 24 个月内有效，公司在注册有效 期内可以分期发行公司债券。 ...

西部证券公告称，近日收到证监会《关于同意西部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》，同意公司向专业投资者公开发行面值总额不超180亿元公司债券的注册申请。本次发行应 按报送深交所的募集说明书进行，批复自同意注册之日起24个月内有效，可分期发行。发行结束前若发 生重大事项，应及时报告处理。 ...

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints On January 23, 2026, the China Securities Regulatory Commission issued the “Guidelines for Performance Comparison Benchmarks of Publicly - Offered Securities Investment Funds” (hereinafter referred to as the “Guidelines”), and the Asset Management Association of China released the “Operating Rules for Performance Comparison Benchmarks of Publicly - Offered Securities Investment Funds” (hereinafter referred to as the “Rules”). The implementation of the Guidelines starts on March 1, 2026, and a one - year implementation transition period is given for existing products with non - compliant performance comparison benchmark settings. The Guidelines aim to standardize the selection and use of performance comparison benchmarks for public funds, strengthen their role as an “anchor” for fund investment, and promote the high - quality development of the public fund industry [1][6]. 3. Summary by Directory Background The performance comparison benchmark is a reference standard set by fund managers for funds based on product positioning and investment objectives. It plays important roles such as determining product positioning, clarifying investment strategies, representing investment styles, measuring product performance, and restricting investment behaviors. Currently, there are problems in the performance comparison benchmarks of public funds, such as the lack of systematic regulatory systems, ineffective use and supervision by institutions, and “style drift” of funds. To address these issues, the China Securities Regulatory Commission issued the Guidelines to protect the legitimate rights and interests of investors [7]. Core Content - **Selecting Benchmark Specifications**: The selection of benchmarks should follow the principles of representativeness, objectivity, constraint, and persistence. The Asset Management Association of China is authorized to establish a benchmark element library, and fund managers can select benchmark elements from it [3][8]. - **Strict Benchmark Change Requirements**: Benchmarks should be persistent and cannot be changed casually. Specific situations and procedures for benchmark changes are clearly defined, and sales institutions are required to inform investors of benchmark changes in a timely manner [9][17]. - **Enhanced Benchmark Information Disclosure**: Information about benchmarks should be disclosed in fund legal documents and regular reports, and the fund trustee should strengthen the review and supervision of the disclosed content [9][10]. - **Strengthened Benchmark Constraint**: Fund managers should establish a full - process control mechanism for benchmarks, strengthen style stability management, and trustees should strengthen investment supervision responsibilities [10]. - **Highlighted Benchmark's Role in Measuring Performance**: Performance assessment, performance display, and fund evaluation should all be carried out in combination with the performance comparison benchmark, and different types of equity funds should not be directly ranked [11]. - **Transition Period Settings**: A one - year transition period is given for existing products with non - compliant benchmark settings. To ensure the objectivity and accuracy of related information, the relevant requirements are aligned with the one - year transition period. A six - month transition period is given for trustees to supervise the stability of fund investment styles [11]. Main Impacts - **Fund Managers**: They should establish an internal control and management system covering the entire process of benchmark selection, disclosure, monitoring, evaluation, correction, and accountability. Benchmark selection should follow four principles, and a department independent of the investment department should be established to monitor style stability. Information about benchmarks should be clearly stated in legal documents and regular reports, and the performance comparison benchmark should be displayed when showing past performance [12][14]. - **Fund Trustees**: They should carefully review the fund investment style library, establish a supervision mechanism for the stability of equity fund investment styles, and clarify rights and obligations with fund managers through agreements [14]. - **Fund Evaluation Institutions**: They should establish a fund evaluation system around the performance comparison benchmark, adjust the fund classification in a timely manner when the benchmark changes, and retain different stages of evaluation results [15]. - **Fund Sales Institutions**: When displaying a list of funds containing investment performance, they should distinguish funds of different investment styles based on the performance comparison benchmark and should not directly rank different types of equity funds [15].

Group 1 - The company announced the addition of Western Securities Co., Ltd. as a liquidity service provider for three specific QDII funds starting from January 26, 2026, to enhance market liquidity and stability [1] - The company will adjust the calculation institution for the fund share reference net value (IOPV) of five Shanghai Stock Exchange ETFs, effective January 26, 2026, with the new calculations being conducted by China Securities Index Co., Ltd. [2] - The company has revised the prospectus for the Shanghai Medical and Health ETF and the Shanghai Financial Real Estate ETF to reflect the new IOPV calculation arrangements, effective January 26, 2026 [2] Group 2 - The company selected Guotou Securities Co., Ltd. as the liquidity service provider for the ChiNext Software ETF, effective January 26, 2026, to promote market liquidity and stability [4]

Global and A-share Market Overview - The A-share market showed mixed performance last week, with the CSI 500 index having the highest increase of 4.34% [1] - The Hong Kong stock market experienced a slight decline, with the Hang Seng Index dropping by 0.36% [1] - The top-performing ETFs were primarily linked to the aerospace sector [1] ETF New Issuance Statistics - A total of 17 stock ETFs were reported in the A-share market last week, with 9 new stock ETFs established [2] - In the US market, 8 new equity ETFs were launched, all of which were actively managed [2] Fund Flows in A-share Market - The top 10 ETFs with net inflows were mainly from the TMT sector, while the top 10 with net outflows were predominantly from the CSI 300 index ETFs [2] - The CSI 2000 index ETF saw the highest net inflow among broad-based ETFs, while the CSI 300 index ETF experienced the largest net outflow [2] - In the industry sector, the pharmaceutical and biotechnology ETFs had the highest net inflows, while the financial technology ETF had the highest net outflow among thematic ETFs [2] Fund Flows in US Stock ETF Market - The US market saw significant net inflows in resource management-themed ETFs, while life sciences-themed ETFs experienced net outflows [3] - Among actively managed ETFs, the Avantis Emerging Markets Equity ETF had the highest net inflow, while the JPMorgan Nasdaq Equity Premium Income ETF saw the largest net outflow [3] - The total net inflow for ETFs investing in A-shares and Hong Kong stocks was $0.81 million [3] ETF Strategy Performance - The performance of the diffusion indicator + RRG ETF rotation strategy yielded a return of 5.75%, with excess returns of 3.27% and 6.38% relative to the CSI Equal Weight and CSI 300 indices, respectively [4] - The 50% base + intraday momentum 2.0 strategy had returns of 2.48% and 1.14% for the CSI 500 ETF and CSI 1000 ETF strategies, respectively, with excess returns of -0.06% and -0.48% compared to the corresponding 50% position ETFs [4]