国信证券股份有限公司 2026 年面向专业投资者公开发行 公司债券（第一期）（品种二）在深圳证券交易所上市的公告 (本页无正文,为《国信证券股份有限公司 2026 年面向专业投资者公开发行公 司债券（第一期）(品种二）在深圳证券交易所上市的公告》的盖章页） 司 日 根据深圳证券交易所债券上市的有关规定，国信证券股份有限公司 2026 年 面向专业投资者公开发行公司债券（第一期）（品种二）符合深圳证券交易所债 券上市条件，将于 2026 年 2 月 9 日起在深圳证券交易所上市，并面向专业投资 者中的机构投资者交易，交易方式包括匹配成交、点击成交、询价成交、竞买成 交和协商成交。债券相关要素如下： | 债券名称 | 国信证券股份有限公司 | | 2026 | 年面向专业投资者公开发行公司债券 | | --- | --- | --- | --- | --- | | | （第一期）（品种二） | | | | | 债券简称 | 国证 03 | 26 | | | | 债券代码 | 524652 | | | | | 信用评级 | AAA/AAA | | | | | 评级机构 | 中诚信国际信用评级有限责任公司 | | | ...

Core Viewpoint - The report from Guosen Securities indicates a stable execution of long-term contracts for air conditioning companies in Q1 2026, with rising prices for mainstream refrigerants and a focus on the recovery of fluoropolymer prices due to cost support and supply-demand improvements [1][6]. Group 1: Refrigerant Prices - In Q1 2026, long-term contract prices for mainstream refrigerants are expected to continue rising, with R32 at 61,200 CNY/ton (up 1,000 CNY/ton, +1.66% from Q4 2025) and R410A at 55,100 CNY/ton (up 1,900 CNY/ton, +3.57% from Q4 2025) [1]. - The expected price ranges for the upcoming week are approximately 62,000-63,000 CNY/ton for R32, 55,000-56,000 CNY/ton for R410A, and 56,000-57,000 CNY/ton for R134a [1]. Group 2: Production and Sales Data - In February 2026, total air conditioning production decreased by 31.6% year-on-year, significantly impacted by the timing of the Spring Festival [3]. - Domestic production in February 2026 was 4.555 million units (down 38.1% year-on-year), while export production was 6.93 million units (down 26.5% year-on-year) [3]. Group 3: Fluoropolymer Price Trends - The prices of fluoropolymers are on the rise due to ongoing cost increases and tight supply conditions, with PTFE prices ranging from 42,000 to 45,000 CNY/ton and PVDF prices for coating grade at 54,000-60,000 CNY/ton [4]. - The demand for fluoropolymers remains strong, with pre-holiday stockpiling intentions contributing to upward price pressure [4]. Group 4: Company Profit Forecasts - Companies such as Juhua Co., Ltd. (600160) are expected to achieve a net profit of 3.54-3.94 billion CNY in 2025, representing a year-on-year growth of 80%-101% [5]. - Yonghe Co., Ltd. (605020) anticipates a net profit of 530-630 million CNY in 2025, with a growth rate of 111%-151% [5]. - Sanmei Co., Ltd. (603379) projects a net profit of 1.99-2.15 billion CNY in 2025, reflecting a growth of 156%-176% [5]. Group 5: Investment Recommendations - The industry is expected to maintain a tight supply-demand balance for mainstream refrigerants like R32, R134a, and R125, with long-term price increases anticipated [6][7]. - Companies with complete industrial chains, advanced technology, and leading refrigerant quotas are recommended for investment, including Juhua Co., Ltd. (600160), Dongyue Group (00189), and Sanmei Co., Ltd. (603379) [8].

Core Insights - The company has shown resilient same-store sales growth for three consecutive quarters, prompting an upward revision of net profit forecasts for 2026-2027 to $10.19 billion and $11.06 billion, respectively, with a new forecast for 2028 at $11.70 billion, corresponding to PE valuations of 17.4x, 15.2x, and 13.8x [1] Financial Performance - In Q4 2025, the company achieved revenue of $28.23 billion, an increase of 8.8%, with operating profit at $1.87 billion (+23.8%) and net profit at $1.40 billion (+21.7%), resulting in an EPS of $0.40 [1] - By brand, KFC generated revenue of $21.25 billion (+8.75%) with an operating profit of $2.23 billion (+16.1%) and an operating margin of 10.5% (+0.7 percentage points). Pizza Hut reported revenue of $5.40 billion (+5.9%) and an operating profit of $20 million (+42.9%) with an operating margin of 3.7% (+1.0 percentage points) [1] - Delivery revenue increased by 34%, with restaurant revenue accounting for 53% of total sales [1] Store Expansion - The total number of stores reached 18,101 by the end of 2025, with KFC and Pizza Hut having 12,997 and 4,168 stores, respectively. In Q4 2025, the company added 587 stores, with KFC and Pizza Hut contributing 357 and 146 stores, respectively. The proportion of franchise stores reached 15% for KFC and 8% for Pizza Hut by the end of 2025 [3] Cost Structure and Profitability - In Q4 2025, salaries and employee benefits accounted for approximately 29.3% of total costs, up by 1.1 percentage points year-on-year, primarily due to increased delivery costs. Food and raw materials accounted for 31.7%, while property rent and other operating expenses made up about 26.0%. The restaurant profit margin was 13.0%, an increase of 0.7 percentage points year-on-year, driven by revenue leverage [4] Future Outlook - The company expects to add over 1,900 stores in 2026, with total stores projected to exceed 20,000 by the end of that year. The proportion of franchise stores among new openings is expected to reach 40-50% [5] - The company announced a shareholder return of approximately $1.5 billion for 2026, with expected annual returns of $900 million to over $1 billion for 2027-2028, surpassing $1 billion in 2028 [5]

Core Viewpoint - The report from Guosen Securities indicates that during the "14th Five-Year Plan" period, the domestic power equipment sector is benefiting from a resonance of investment both within and outside the network, with leading companies accelerating their overseas expansion [1] Group 1: Domestic Market Outlook - Since the beginning of the "14th Five-Year Plan," power generation investment has seen rapid growth driven by the increase in new energy installations, while grid investment has maintained steady growth but at a significantly lower rate than power generation investment [1] - The demand for main equipment such as transformers and switchgear remains strong, with a stable competitive landscape; however, the pace of ultra-high voltage (UHV) advancement is slightly below expectations, and flexible direct current applications are reaching a turning point [1] - The price of electric meters continues to decline, putting pressure on meter companies, but the implementation of new standards in 2025 is expected to drive a price recovery [1] Group 2: 2026 Domestic Investment Outlook - The State Grid Corporation is expected to invest 4 trillion yuan in fixed assets during the "15th Five-Year Plan," a 40% increase compared to the "14th Five-Year Plan," with potential for upward adjustments [2] - The report suggests focusing on UHV, smart meters, and distribution network directions in 2026, with opportunities for demand recovery and new product development in smart meters [2] Group 3: 2026 Export Outlook - The growth of new energy installations is a common reason for the continuous increase in global power investment, with significant demand elasticity for power equipment compared to traditional energy sources [3] - From 2016 to 2022, global grid investment averaged approximately 310 billion USD annually, projected to rise to 500 billion USD from 2023 to 2030, and nearly 800 billion USD by 2030 [3] - Since 2022, various factors have driven explosive growth in overseas demand, leading to a supply-side gap, with Chinese leading companies accelerating their overseas expansion [3] Group 4: AIDC Outlook for 2026 - The demand for upgraded power distribution architecture is increasing due to the continuous enhancement of AI server power, with the AIDC power distribution method expected to evolve along the UPS-HVDC-SST path [4] - The global AIDC power equipment market is projected to exceed 410 billion yuan by 2030, with a CAGR of 39% from 2024 to 2030 [4] - 2026 is anticipated to be a pivotal year for the application of 800V HVDC/SST in both domestic and international markets, creating new opportunities driven by technological changes [4]

证券研究报告 | 2026年02月03日 2026年02月05日 宏观解读报告 经济实现质量提升——深圳市 2025 年经济数据跟踪与解读 经济研究·宏观解读 | 证券分析师： | 薛冰 | 0755-81982126 | xuebing1@guosen.com.cn | 执证编码：S0980524060002 | | --- | --- | --- | --- | --- | | 证券分析师： | 董德志 | 021-60933158 | dongdz@guosen.com.cn | 执证编码：S0980513100001 | 摘要： 深圳市 2025 年经济稳中有进，实现质的有效提升和量的合理增长。2025 年，深圳地区生产总值增长 5.5%， 达到预期增长目标；对外贸易增长 1.4%，出口受 2024 年高基数的影响有所下降，进口持续增长；工业生 产方面，工业增加值保持增长，增速高于广东省水平；投资方面，固定资产投资受房地产开发投资影响有 所下降，增速低于广东省水平；消费方面，社会消费品零售总额平稳增长，占广东省比例有所提升；金融 方面，金融机构存、贷款余额增长快速提升；价格方面，居民消费价格同比增长 ...

| 证券代码：002736 | 证券简称：国信证券 | | 公告编号：2026-007 | | --- | --- | --- | --- | | 债券代码：148179 | 国证 债券简称：23 | 02 | 编号：-【】 | 国信证券股份有限公司 2023 年面向专业投资者公开发行公司债券（第一期） （品种二）2026 年兑付兑息暨摘牌公告 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。 特别提示： 国信证券股份有限公司（以下简称"发行人""公司"或"本公司"）发行的 国信证券股份有限公司 2023 年面向专业投资者公开发行公司债券（第一期）（品 种二）（以下简称"本期债券"）将于 2026 年 2 月 9 日兑付本息，为保证本次 兑付兑息工作的顺利进行，方便投资者及时领取本金和利息，现将有关事宜公告 如下： 一、本期债券的基本情况 1、债券名称：国信证券股份有限公司 2023 年面向专业投资者公开发行公 司债券（第一期）（品种二） 10、兑付日：本期债券兑付日为 2026 年 2 月 7 日。前述日期如遇法定节假 日或休息日，则兑付顺延至下一个交易日，顺 ...

根据《公开募集证券投资基金运作管理办法》《公开募集证券投资基金信息披露管理办法》及相关法律 法规、各基金基金合同及招募说明书等规定，在履行规定审批程序并经基金托管人同意后，华夏基金管 理有限公司（以下简称"本公司"）旗下部分公募基金参与了中电科蓝天科技股份有限公司（以下简 称"电科蓝天"）首次公开发行人民币普通股（A股）的申购。电科蓝天本次发行的保荐人（联席主承销 商）中信建投证券股份有限公司（以下简称"中信建投证券"）为本公司旗下部分公募基金的托管人，联 席主承销商国泰海通证券股份有限公司（以下简称"国泰海通证券"）为本公司旗下部分公募基金的托管 人以及部分公募基金托管人上海浦东发展银行股份有限公司（以下简称"浦发银行"）、国信证券股份有 限公司（以下简称"国信证券"）的重大关联方。电科蓝天本次发行价格为人民币9.47元/股，由发行人与 联席主承销商根据网下发行询价报价情况，综合评估公司合理投资价值、可比公司二级市场估值水平、 所属行业二级市场估值水平等方面，充分考虑网下投资者有效申购倍数、市场情况、募集资金需求及承 销风险等因素协商确定。本公司旗下中信建投证券、国泰海通证券、浦发银行、国信证券托管的公募基 ...

近日，由中国企业改革与发展研究会和半月谈杂志社联合主办的"2025企业ESG可持续发展大会"在广东深圳召开，大会以"向绿而生·智创未来——ESG先 锋与高质量发展新动能"为主题，汇聚了"政企学研金服用"各界代表，共同探讨ESG理念在企业实践中的创新路径。会上正式发布汇聚行业标杆的"2025企 业ESG优秀成果"。 市属国企国信证券所属国信弘盛旗下 赣州市赣深产业股权 基金合伙企业（有限合伙） （简称"赣深母基金"） "跨区域产业协同投融资"案例 成功入选"2025企业ESG优秀成果" 赣深母基金目标规模50亿元，成立规模10亿元，由国信证券全资子公司国信弘盛担任基金管理人，江西省、赣州市及经开区、南康区三级共同出资。 下一步 国信弘盛将积极践行 国有创投机构的社会责任 依托国信证券综合金融服务优势 以赣深母基金为纽带凝聚合力 加快构建"产业+资本"融合共赢生态圈 充分激发"特区+老区+大湾区" 多重区域战略叠加效能 奋力谱写新时代区域协调发展新篇章 作为深赣建立对口合作关系以来的首只产业投资基金，该项目是金融服务实体经济、推动"特区+老区"协同发展的创新实践。基金采用"母基金+直投"双 轮驱动模式，聚合省、市 ...

国信证券股份有限公司 2026 年面向专业投资者公开发行 永续次级债券（第一期）票面利率公告 证券代码：524660 证券简称：26 国证 Y1 发行人及全体董事及高级管理人员保证本公告内容真实、准确和完整，并 对公告中的虚假记载、误导性陈述或者重大遗漏承担责任。 发行人: H 2 国信证券股份有限公司（以下简称"公司"或"发行人"）向专业投资者公开 发行面值总额不超过 200 亿元永续次级债券已获得中国证券监督管理委员会证 监许可[2025]628 号文注册同意。 国信证券股份有限公司 2026 年面向专业投资者公开发行永续次级债券（第 一期）（以下简称"本期债券"）每 5 个计息年度为 1 个重定价周期，在每个重定 价周期末，发行人有权选择将本期债券期限延长 1 个重定价周期（即延续 5 年）， 或全额兑付本期债券。本期债券发行规模不超过 40 亿元（含 40 亿元）。 2026 年 2 月 4 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，本期债券利率询价区间为 1.90%-2.90%。根据网下向专业机构投资者 询价结果，经发行人和主承销商按照有关规定协商一致，最终确定本期债券票面 利 ...

Group 1 - In January 2026, a total of 17 companies were reviewed for A-share IPOs, with 15 approved, resulting in an approval rate of 88.24% [1][6][28] - Two companies, Ningbo Huikang Industrial Technology Co., Ltd. and Zhejiang Xingsheng Technology Co., Ltd., were deferred for review [1][6][28] - Four companies terminated their A-share IPO processes in January, continuing the trend of single-digit terminations per month [11][33] Group 2 - The total amount raised from the 9 companies that went public in January 2026 was 9.053 billion yuan, a significant decrease compared to the previous month [1][39][44] - Among these, Zhenstone Co., Ltd. raised the highest amount at 2.919 billion yuan, while Guoliang New Materials raised the least at 194 million yuan [1][39][44] - The leading underwriter was China International Capital Corporation, which handled 2 IPOs with a total underwriting amount of 4.474 billion yuan [1][22][44] Group 3 - Xingsheng Technology was the first company in 2026 to fail to pass the IPO review, with issues raised regarding the authenticity of its sales revenue [6][28][30] - The company has a significant portion of its revenue (over 50%) coming from overseas markets, making compliance and verification of cross-border fund flows critical [7][29][30] - The underwriter, Guoxin Securities, faced scrutiny over its diligence in the review process, particularly regarding third-party payments [30][31] Group 4 - Huikang Technology was also deferred for review, with questions raised about its competitive position in the ice-making industry and the sustainability of its future performance [8][30][31] - The company must clarify the relationships with its main suppliers and ensure the accuracy of its disclosures [9][31] - Huikang Technology's main suppliers were established shortly before they began collaborating with the company, raising potential concerns about their relationships [10][31] Group 5 - In January, four companies withdrew their IPO applications, with two of them sponsored by Huatai United Securities, indicating a high withdrawal rate for this underwriter [11][14][38] - The companies that withdrew included Guangxi Baifei Dairy Co., Ltd., Nanjing Qinheng Microelectronics Co., Ltd., Jiangsu Yadian Technology Co., Ltd., and Zhuhai Saiwei Electronic Materials Co., Ltd. [11][33] - Zhuhai Saiwei had previously faced rejection in its first IPO attempt and withdrew its application after being approved in a second attempt [13][36] Group 6 - The issuance and underwriting situation showed that the average underwriting fee rate for the companies was relatively high, with Hengyun Chang's fee rate at 7.50%, which is above the industry average [19][42] - Hengyun Chang was the only company with an issuance price-to-earnings ratio exceeding the industry average, raising 1.561 billion yuan [19][42] - The underwriting fees for other companies were significantly lower, indicating a disparity in costs among different IPOs [19][42]