华西证券股份有限公司2026年面向专业投资者公开发行公司债 券（第二期）更名公告 华西证券股份有限公司（以下简称"发行人"或"公司"）发行不超过 100 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〕366 号文注册（以下 简称"本次债券"）。 由于本次债券分期发行，按照公司债券命名惯例，征得主管部门同意，本期 债券名称由"华西证券股份有限公司 2025 年面向专业投资者公开发行公司债券" 变更为"华西证券股份有限公司 2026 年面向专业投资者公开发行公司债券（第二 期）"。 特此说明。 （以下无正文） （此页无正文，为《华西证券股份有限公司 2026 年面向专业投资者公开发行公 司债券（第二期）更名公告》之盖章页） 华西证券股份有限公司 年 月 日 （此页无正文，为《华西证券股份有限公司 2026 年面向专业投资者公开发行公 司债券（第二期）更名公告》之盖章页） 西南证券股份有限公司 2026 年 月 日 本期债券名称变更不改变原签订的与本次公司债券发行相关的法律文件效 力，原签署的相关法律文件对更名后的公司债券继续具有法律效力。前述法律文 件包括但不限于《华西证券股份有限公司 2025 ...

募集说明书 | 注册金额： | 不超过 100 亿元（含） | | --- | --- | | 发行金额： | 不超过 亿元（含） 20 | | 担保情况： | 本期债券无增信措施 | | 信用评级结果： | AAA/AAA | | 发行人： | 华西证券股份有限公司 | | 主承销商/受托管理人/簿记管理人： | 西南证券股份有限公司 | | 信用评级机构： | 联合资信评估股份有限公司 | 签署日期：2026 年 月 日 华西证券股份有限公司 2026 年面向专业投资者公开发行公司债券（第二期）募集说明书 声明 发行人将及时、公平地履行信息披露义务。 发行人及其全体董事、高级管理人员或履行同等职责的人员保证募集说明 书信息披露的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏。 华西证券股份有限公司 （住所：中国（四川）自由贸易试验区成都市高新区天府二街 198 号） 2026 年面向专业投资者公开发行公司债券 （第二期） 主承销商已对募集说明书及其摘要进行了核查，确认不存在虚假记载、误 导性陈述和重大遗漏，并对其真实性、准确性和完整性承担相应的法律责任。 发行人承诺在本期债券发行环节，不直接或者间 ...

Core Viewpoint - The report highlights the positive outlook for Pop Mart (泡泡玛特) following its share buyback announcements, indicating strong confidence in its development and upgrading the rating from "Accumulate" to "Buy" [1][6]. Group 1: Share Buyback and Financial Performance - Pop Mart has conducted multiple share buybacks, including 1.4 million shares at prices ranging from HKD 177.7 to 181.2, totaling HKD 250 million, and 500,000 shares at an average price of HKD 192.9791, totaling HKD 96.49 million [1]. - The buyback shares are intended for cancellation to enhance earnings per share [1]. Group 2: Business Growth and IP Performance - The overall business performance is expected to exceed expectations, with a focus on offline shopping experiences and store operations, which may positively influence revenue growth despite online sales being affected by strategic channel balancing [2]. - In the first half of 2025, five major IPs generated over 1 billion yuan in revenue, with significant year-on-year growth rates for various IPs, including THEMONSTERS (+668.0%) and MOLLY (+73.5%) [3]. - The introduction of multi-IP product series has increased exposure and cross-selling opportunities among different IPs, contributing to strong sales performance [3]. Group 3: IP Development and Market Trends - The company continuously attracts top IP artists, ensuring a steady flow of design inspiration and maintaining a leading position in product development and IP management [4]. - The emotional consumption trend among youth is expected to drive the demand for collectible toys, with the market projected to reach a scale of 100 billion yuan by 2025 [5]. Group 4: Financial Forecast and Valuation - The revenue forecasts for 2025-2027 have been revised upwards, with expected revenues of 38.384 billion, 52.768 billion, and 65.698 billion yuan, respectively, and net profits of 13.291 billion, 18.599 billion, and 23.91 billion yuan [6]. - The latest stock price corresponds to a price-to-earnings ratio of 19, 14, and 11 for the years 2025, 2026, and 2027, respectively, reflecting a positive investment outlook [6].

Core Viewpoint - The company has demonstrated confidence in its growth by continuously repurchasing shares, which is expected to enhance earnings per share. The rating has been upgraded from "Accumulate" to "Buy" [1][6]. Group 1: Share Buyback and Financial Performance - The company repurchased 1.4 million shares at a price range of HKD 177.7-181.2, totaling HKD 250 million on January 19, and 500,000 shares at an average price of HKD 192.9791, totaling HKD 96.49 million on January 21 [1]. - The company aims to cancel the repurchased shares to improve earnings per share [1]. Group 2: Business Growth and IP Performance - The company’s overall business performance is expected to exceed expectations, with a focus on enhancing in-store shopping experiences and consumer engagement [2]. - In the first half of 2025, five major IPs generated over 1 billion yuan in revenue, with significant year-on-year growth rates for various IPs, including THEMONSTERS (+668.0%) and MOLLY (+73.5%) [3]. - The company has successfully launched multi-IP product series to increase exposure and cross-selling opportunities among its IPs [3]. Group 3: Market Trends and Consumer Behavior - The emotional consumption trend among youth is growing, with 56.3% of young consumers willing to spend for emotional value, an increase of 16.2 percentage points from 2024 [5]. - The collectible toy market is projected to reach a scale of 100 billion yuan by 2025, indicating sustained high demand in the emotional consumption era [5]. Group 4: Investment Recommendations - The company has revised its revenue forecasts for 2025-2027, expecting revenues of 38.384 billion, 52.768 billion, and 65.698 billion yuan, respectively, with corresponding net profits and earnings per share also adjusted upwards [6]. - The latest stock price corresponds to a price-to-earnings ratio of 19, 14, and 11 for the years 2025, 2026, and 2027, respectively [6].

Group 1 - The core viewpoint of the article is that Allianz's incentive plan for 2026 aims to promote the development of its robotics business while ensuring shareholder interests are protected [1] - The incentive plan is designed to attract talented individuals and align the interests of key personnel with the long-term growth of the company, which is crucial for the growth of new business segments [1] - The company is at a critical stage, balancing steady growth in its traditional security business with strategic breakthroughs in its robotics sector [1] Group 2 - If sanctions are lifted at the beginning of 2026, the company's performance is expected to see significant growth due to the recovery of foreign trade business, leading to increased revenue and net profit [1] - Additionally, the release of bad debt losses from accounts receivable that were previously impacted by sanctions will contribute to profit [1] - The company demonstrates both short-term performance resilience and long-term growth potential, maintaining a "buy" rating [1]

Core Viewpoint - The recent appreciation of the RMB is expected to benefit the food and beverage sector through reduced import costs, improved domestic demand, and increased foreign investment allocation [1][2]. Group 1: Recent Developments - The RMB has accelerated its appreciation, breaking the 7 mark offshore on December 25 and reaching 6.96 onshore by January 22, indicating enhanced economic momentum and improved export competitiveness [1]. - Historical analysis shows that during previous RMB appreciation cycles (May-November 2020 and November-December 2022), the food and beverage sector outperformed the CSI 300 index by 18% and 12%, respectively [2]. Group 2: Cost, Demand, and Valuation Dynamics - Cost: The appreciation of the RMB reduces the converted prices of imported raw materials, leading to lower manufacturing costs and improved profitability. Key raw materials affected include soybeans, palm oil, oats, barley, and tree nuts [2]. - Demand: The recovery of domestic demand is a fundamental support for the strong RMB, which will further lower companies' restocking costs, shifting the industry from passive destocking to active restocking, thus reinforcing demand resilience [2]. - Valuation: The liquidity remains ample during the RMB appreciation cycle, enhancing the inflow of foreign capital into A-shares, which is expected to bring liquidity premiums to the food and beverage sector, known for its high foreign ownership [2]. Group 3: Investment Recommendations - The report highlights three main lines of focus for investment: 1. Cost benefits, recommending companies such as Ximai Food, Lihigh Food, Miaokelando, Qiaqia Food, and H&H [3]. 2. Demand recovery, recommending companies like Anjijia Food, Qianwei Central Kitchen, Youran Dairy, Modern Farming, New Dairy, and Wancheng Group [3]. 3. Valuation recovery, recommending companies including Yili Group, Mengniu Dairy, Xianle Health, Weilong Delicious, and Yanjinpuzi [3].

华西证券指出，参考历史规律，2026年金价涨幅或介于10%-35%区间。受美联储降息预期、美元信用不 稳、美国中期选举以及地缘政治不确定性的影响，金价有望进一步上涨。不过从历史经验来看，黄金经 过2025年强劲的上涨后，2026年涨幅可能有所收敛。金价年度涨幅超过30%的情况，次年涨幅相比前一 年平均下降约20%。根据历史年度涨幅测算，中性情景下，参考1970-2025年中位数、75%分位数涨幅和 90%分位数涨幅，2026年金价可能分别上涨7%、23%和34%。 ...

Market Overview - The A-share market is experiencing a "slow bull" trend supported by macro policies, moderate recovery in corporate earnings, and high investor risk appetite [2][6] - The overall valuation of A-shares remains within a reasonable range, with a market turnover of 2.69 trillion yuan, an increase of 911 billion yuan from the previous day [6][2] Industry Insights - Key sectors attracting capital inflow include defense and military, non-bank financials, and telecommunications, with net inflows of 29.16 billion yuan, 13.71 billion yuan, and 78.84 billion yuan respectively [6][2] - Investment focus is shifting towards technology sectors such as AI computing, AI applications, and robotics, as well as industries benefiting from "anti-involution" and price increases like chemicals and non-ferrous metals [2][7] ETF Products - The company offers a range of ETFs tracking major indices, including the A50 ETF, A100 ETF, and A500 ETF, providing investors with diverse options to invest in China's market [2][7] - The A50 ETF focuses on 50 leading companies, while the A100 ETF encompasses the top 100 industry leaders, and the A500 ETF targets the top 500 companies in A-shares [7][2]

华西证券股份有限公司 2026 年面向专业投资者公开发行公司债 券（第一期）在深圳证券交易所上市的公告 根据深圳证券交易所债券上市的有关规定，华西证券股份有限公司 2026 年 面向专业投资者公开发行公司债券（第一期）符合深圳证券交易所债券上市条件， 将于 2026 年 1 月 23 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 | 华西证券股份有限公司 2026 年面向专业投资者公开发 | | --- | --- | | | 行公司债券（第一期） | | 债券简称 | 26 华股 01 | | 债券代码 | 524620 | | 信用评级 | 主体 AAA/债项 AAA | | 评级机构 | 联合资信评估股份有限公司 | | 发行总额（亿元） | 20.00 | | 债券期限 | 3 年 | | 票面年利率（％） | 1.95 | | 利率形式 | 固定利率 | | 付息频率 | 每年付息一次 | | 发行日 | 2026 年 1 月 14 日至 2026 年 1 月 15 日 | | 起息日 ...

Core Viewpoint - TCL Electronics has signed a memorandum of understanding with Sony to establish a joint venture, with TCL holding 51% and Sony 49%, aimed at enhancing their competitive edge in the home entertainment business [1][2]. Group 1: Joint Venture Overview - The joint venture will focus on Sony's home entertainment business and will operate globally, covering product development, design, manufacturing, sales, logistics, and customer service for products like televisions and home audio systems [1]. - The partnership is expected to leverage Sony's advanced technology and brand value in audio and video, while utilizing TCL's display technology and supply chain advantages [2]. Group 2: Market Potential - TCL's global television shipment is projected to reach 30.7 million units by 2025, capturing approximately 13.9% market share, while Sony's shipment is expected to be 4.1 million units [3]. - If the joint venture is operational by 2027, the combined market share of TCL and Sony could reach 16.7%, enhancing TCL's presence in the high-end television market, particularly in overseas regions [3]. Group 3: Financial Performance - TCL Electronics has issued a positive earnings forecast, expecting adjusted net profit for 2025 to be between HKD 2.33 billion and HKD 2.57 billion, representing a year-on-year growth of 45% to 60% [4]. - The company anticipates significant revenue growth, projecting revenues of HKD 117.1 billion, HKD 132.9 billion, and HKD 149.2 billion for 2025 to 2027, with corresponding net profits of HKD 2.42 billion, HKD 2.91 billion, and HKD 3.35 billion [5].