Core Viewpoint - The petrochemical industry is experiencing a gradual recovery, with a year-on-year increase of 10.56% in net profit attributable to shareholders in the first three quarters of 2025, indicating stabilization in industry profitability [1] Supply Side - Investment in fixed assets in the chemical raw materials and products manufacturing industry turned negative starting June 2025, with capital expenditure in several sub-sectors declining for multiple consecutive quarters, signaling the end of the current expansion cycle [2] - The "anti-involution" policy introduced in July aims to address low-price competition and promote the orderly exit of outdated production capacity, with various sub-sectors responding by developing industry guidelines [2] - The industry is expected to see stricter approvals for new chemical product capacities and accelerated clearance of outdated capacities, effectively alleviating the oversupply issue in the petrochemical sector [2] Demand Side - Traditional demand is anticipated to recover moderately due to global central banks entering a rate-cutting cycle and fiscal stimulus measures [3] - Emerging demand driven by sectors such as renewable energy and AI is expected to support the technological upgrade of key chemical materials [3] Overseas Chemical Capacity Clearance - The European chemical industry has faced a wave of plant closures since 2025 due to high energy costs and aging facilities, while China's chemical product sales account for over 40% of the global market [4] - The domestic petrochemical industry chain is well-established, and many chemical products are highly competitive globally, suggesting that Chinese chemical companies will continue to increase their market share amid overseas capacity clearance and anticipated demand recovery [4] Macroeconomic and Chemical Product Prices - As of January 2026, China's comprehensive PMI output index was 49.8%, indicating a slowdown in production activities compared to the previous month [5] - The chemical product price index (CCPI) reported at 4120 points on January 30, 2026, a decrease of 4.83% from the end of the previous year, although the ex-factory prices of major chemical products have increased [5] Oil Prices - Geopolitical risks have increased in January, leading to fluctuations in international oil prices, with WTI and Brent crude oil prices rising by 13.57% and 16.17% respectively compared to the end of the previous year [6]

Group 1 - The issuer of the bond is China National Railway Group Co., Ltd., and the total issuance scale is 10 billion yuan for the "2026 Third Phase China Railway Construction Bond" [4][29] - The bond is divided into two types: a 10-year bond with a scale of 5 billion yuan and a 30-year bond with a scale of 5 billion yuan, totaling 10 billion yuan [21][29] - The bonds will be issued at a fixed interest rate, with the 10-year bond's interest rate being the Shibor benchmark rate plus a basic spread ranging from -0.3% to 0.7%, and the 30-year bond's interest rate ranging from 0.1% to 1.1% [21][29] Group 2 - The main underwriter for this bond issuance is Guotai Junan Securities Co., Ltd., which is responsible for managing the underwriting team and coordinating the issuance process [5][31] - The bonds will be publicly issued to institutional investors through a bidding system on the Shenzhen Stock Exchange [22][31] - The bonds will be registered and held by the Shenzhen branch of the China Securities Depository and Clearing Corporation and the Central Government Bond Registration and Clearing Co., Ltd. [24][30] Group 3 - The bonds will have a maturity date of February 5, 2036, for the 10-year bond and February 5, 2056, for the 30-year bond [27] - The bonds will be issued at par value of 100 yuan, with a minimum subscription unit of 10 million yuan [24][29] - The bonds will be guaranteed by the Railway Construction Fund, providing an irrevocable joint liability guarantee [29]

证券代码：524649 证券简称：26 国证 02 证券代码：524652 证券简称：26 国证 03 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）发行结果公告 发行人及全体董事、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。 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 300 亿元公司债券已获得中国证券监督管理委员会证监许 可[2025]2882 号文注册同意。 根据《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）发行公告》，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）（以下简称"本期债券"）的发行总规模为不超过人民币 50 亿元（含 50 亿元），分 2 个品种发行。本期债券品种一简称为 26 国证 02，债 券代码为 524649，期限为 3 年；品种二简称为 26 国证 03，债券代码为 524652， 期限为 5 年。本期债券发行价格为每张 100 元，采取网下面向专业投资者询价配 售的方式发行。 经核查，发 ...

Group 1 - The core viewpoint of the articles highlights the rapid growth and commercialization of the small nucleic acid CXO industry, driven by technological breakthroughs and an accelerated commercialization process [1][2] - The small nucleic acid CXO industry is entering a fast development phase, establishing a comprehensive CRDMO service system that includes research and development services, pilot scale-up, and commercial production [1] - The report emphasizes two categories of CXO companies in the small nucleic acid field: those with core technologies such as chemical modification, delivery technology, and conjugation technology, as well as CRO companies with extensive small nucleic acid project experience; and CDMO companies with advanced production capabilities [1] Group 2 - The small nucleic acid drug market is experiencing significant growth globally, with the market size increasing from $2.7 billion in 2019 to $4.6 billion in 2023, reflecting a CAGR of 14.25%; it is projected to reach $45.7 billion by 2033, with a CAGR of 26.08% [2] - A total of 23 small nucleic acid drugs have been approved globally, covering various technological directions such as siRNA, ASO, and aptamers [2] - Although no products have been launched in China yet, the country has a robust research pipeline, second only to the United States, addressing multiple therapeutic areas including hyperlipidemia, hypertension, hepatitis B, kidney diseases, muscle disorders, and obesity; significant collaborations have emerged, such as the $9 billion partnership between WuXi AppTec and Novartis, and a $2 billion platform authorization between Reebio and Boehringer Ingelheim [2]

券商2025年度执业质量评价结果发布。 近日，北交所、全国股转公司发布了2025年度券商执业质量评价结果。结果显示，在101家参评券商中，招商 证券等20家为一档，兴业证券等40家二档，联储证券等20家三档，麦高证券等21家四档。 券商中国记者注意到，就一档券商名单而言，2025年榜单与2024年变动较大。多家中小券商掉队，而包括中信 证券、华泰证券等在内的头部券商则冲进了一档。头部券商在新三板、北交所业务方面展现出实力。 8家头部券商获一档 北交所和股转公司根据券商年度评价分值，将券商分为一档、二档、三档、四档。一档为排名前20%（含）的 券商；二档为排名前20%—60%（含）的券商；三档为排名前60%—80%（含）的券商；四档为排名80%之后 的券商。 北交所、股转公司年度主办券商执业质量评价体系由专业质量得分、合规质量扣分等两部分组成：基础分为 100分，专业质量得分会加分，合规质量问题则是扣分，以此来得出最终的合计分值，进行排名。 根据2025年度的评价结果，20家一档券商中，有8家头部券商，包括：国泰海通、国信证券、华泰证券、银河 证券、招商证券、中信建投、中信证券、申万宏源。有12家中小券商，包括 ...

Group 1 - The company has signed a sales agency agreement with multiple securities firms, including Guosen Securities, Galaxy Securities, Dongwu Securities, Northeast Securities, Nanjing Securities, Shanghai Securities, Guodu Securities, First Capital Securities, Huafu Securities, Caitong Securities, Wanhe Securities, and Kaiyuan Securities, to act as sales agents for the Huabao CSI Hong Kong Stock Connect Information Technology Comprehensive Index ETF Initiated Fund (Huabao CSI Hong Kong Stock Connect Information Technology ETF Initiated Link: 026755) starting from February 2, 2026 [1] - Investors can open accounts, subscribe, redeem, and conduct other business related to the Huabao CSI Hong Kong Stock Connect Information Technology Comprehensive Index ETF Initiated Fund through the aforementioned sales agents [1] Group 2 - The company has also signed a sales agency agreement with Southwest Securities, which will act as a sales agent for applicable funds starting from February 2, 2026 [5] - Investors can perform account opening, subscription, redemption, and other business related to the funds at Southwest Securities [7] Group 3 - The company announced the income distribution for the Huabao Cash Treasure Money Market Fund, stating that income is distributed daily and automatically converted into fund shares at a face value of 1 yuan on the last working day of each month [9] - The cumulative income calculation period is from the last income distribution date to the day before the current income distribution date, with special circumstances to be announced separately [9] - Fund holders are advised to regularly check their account balances, as low balances may result in no income distribution, and they can choose to add fund shares or redeem to avoid asset loss [9]

一、国信金工主动量化策略表现跟踪 本周， 优秀基金业绩增强组合 绝对收益-0.66%，相对偏股混合型基金指数超额收 益0.10%。本年，优秀基金业绩增强组合绝对收益8.77%，相对偏股混合型基金指 数超额收益1.45%。 今年以来，优秀基金业绩增强组合在主动股基中排名32.95% 分位点（1226/3721）。 本周， 超预期精选组合 绝对收益-1.26%，相对偏股混合型基金指数超额收 益-0.50%。本年，超预期精选组合绝对收益12.03%，相对偏股混合型基金指数超 额收益4.72%。 今年以来，超预期精选组合在主动股基中排名14.65%分位点 （545/3721）。 本周， 券商金股业绩增强组合 绝对收益1.29%，相对偏股混合型基金指数超额收 益2.05%。本年，券商金股业绩增强组合绝对收益11.47%，相对偏股混合型基金 指数超额收益4.15%。 今年以来，券商金股业绩增强组合在主动股基中排名 16.69%分位点（621/3721）。 本 周 ， 成 长 稳 健 组 合 绝 对 收 益 -1.73% ， 相 对 偏 股 混 合 型 基 金 指 数 超 额 收 益-0.97%。本年，成长稳健组合绝对收益 ...

Core Insights - The securities industry is experiencing a significant transformation, with a reduction in workforce and a shift towards a more professional and service-oriented model [3][10]. Workforce Changes - By the end of 2025, the total number of employees in the securities industry is projected to decrease by 5,897, bringing the total to 320,000, marking three consecutive years of decline since 2023 [13]. - The number of employees in general securities business and securities brokers has significantly decreased, with both categories losing over 5,000 employees [10]. - Conversely, the number of analysts increased by 336, and investment advisors saw a net increase of 5,754, indicating a shift towards specialized roles [10][12]. Analyst Growth - The analyst workforce has seen a notable increase, surpassing 6,000 by 2025, doubling from around 3,000 before 2022 [12]. - Despite pressures in other business lines, competition for research talent among brokerages has intensified, with several prominent analysts switching firms [12]. - The top ten firms with the largest increases in analyst numbers include Guotai Junan Securities, CITIC Securities, and Founder Securities, with Guotai Junan adding 43 analysts [14]. Decline in Sponsoring Representatives - The number of sponsoring representatives has decreased for the first time in eight years, totaling 8,526 by the end of 2025, down by 180 from the previous year [15]. - This decline is attributed to a slowdown in equity financing and stricter regulatory requirements, leading to a "project drought" in the market [15].

每经头条（nbdtoutiao）——核电建设热潮下，设备厂忙到"飞起"！订单已排至2028年，员工三班倒， 产线24小时不停 每经AI快讯，稳健医疗发布公告称，2026年1月29日，稳健医疗接受国信证券等投资者调研，公司副总 经理、董事会秘书陈惠选等人参与接待，并回答了投资者提出的问题。 （记者 王晓波） ...

经济观察网证监会网站显示，杭州耕德电子股份有限公司2026年1月30日向浙江证监局办理辅导备案登 记，辅导机构为国信证券股份有限公司。 ...