Group 1 - The core viewpoint of the article highlights that Hengchang Group International (01421) is undergoing a stock transfer and a share placement to raise funds for general operational purposes [1] Group 2 - On January 8, shareholders transferred stocks worth HKD 5.9576 million to China Galaxy Securities Hong Kong, representing 8.12% of the total [1] - The company entered into a placement agreement on January 6, 2026, with a placement agent to facilitate the subscription of up to 33.365 million shares at a price of HKD 0.34 per share [1] - The placement price of HKD 0.34 represents a discount of approximately 19.05% compared to the closing price of HKD 0.42 on the date of the agreement [1] - If fully subscribed, the total proceeds from the placement are expected to be around HKD 11.34 million, with a net amount of approximately HKD 10.54 million, resulting in a net issue price of about HKD 0.32 per share [1] - The net proceeds from the placement will be used entirely for the company's general working capital [1]

中国银河证券股份有限公司 2026年度第一期短期融资券发行结果公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导 性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带 责任。 中国银河证券股份有限公司 2026 年度第一期短期融资券已于 2026 年 1 月 8 日发行完毕，相关发行情况如下： | 债券名称 | 中国银河证券股份有限公司 | 2026 | 年度第一期短期融资券 | | --- | --- | --- | --- | | 债券简称 | 26 银河证券 CP001 | 债券流通代码 | 072610002 | | 发行日 | 2026 年 1 月 7 日 | 起息日 | 2026 年 1 月 8 日 | | 到期兑付日 | 2026 年 7 月 8 日 | 期限 | 181 天 | | 计划发行总额 | 40 亿人民币 | 实际发行总额 | 40 亿人民币 | | 票面年利率 | 1.69% | 发行价格 | 100 元/百元面值 | 证券代码：601881 证券简称：中国银河 公告编号：2026-001 本 期 发 行 短 期 融 资 券 的 相 关 文 件 已 ...

（在中華人民共和國註冊成立之股份有限公司） （股份代號：06881） 公告 2026年度第一期短期融資券發行完畢 茲提述中國銀河證券股份有限公司（「本公司」）日期為2025年1月23日的通函以及 2025年2月17日之公告。 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之內容概不負責，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分內容而產生或因依 賴該等內容而引致之任何損失承擔任何責任。 於2025年2月17日召開的2025年第一次臨時股東大會上，本公司通過了股東大會 對本公司董事會（「董事會」）的授權方案的修訂，據此，股東大會授權董事會發行 債務融資工具，發行規模合計不超過本公司最近一期經審計淨資產的350%。 董事會欣然宣佈，根據上述股東授權，本公司已於2026年1月8日完成2026年度第 一期短期融資券發行（「本期融資券」）。本期融資券的發行規模為人民幣40億元， 面值及發行價均為每單位人民幣100元。本期融資券的期限為181天，最終票面利 率為1.69%。本期融資券發行所募集的資金將用於補充本公司流動資金。 承董事會命 中國銀河證券股份有限公司 王晟 董事長 ...

Group 1 - The core viewpoint of the article is that the stock prices of Indonesian poultry companies are expected to be supported by strong chicken meat prices in the first quarter [1] - Historically, seasonal patterns indicate that chicken meat prices remain high during Indonesia's festive quarter, which is the first quarter this year [1] - As the harvest season approaches in the first quarter, the raw material prices for these companies are expected to decline [1] Group 2 - By 2026, the demand for chicken meat is anticipated to remain strong due to the expansion of Indonesia's free lunch program, targeting 80 million beneficiaries [1] - The preferred stock in this sector by the brokerage is Japfa Comfeed Indonesia, which has been given a buy rating with a target price of 3,300.00 Indonesian Rupiah [1] - The stock price of Japfa Comfeed Indonesia has increased by 1.6%, currently standing at 2,590.00 Indonesian Rupiah [1]

Core Viewpoint - The Indonesian banking sector is expected to have a positive year due to increased government spending and improved policy clarity, with corporate loan demand anticipated to improve by 2026 [1] Group 1: Industry Outlook - Analysts from China Galaxy International maintain an "overweight" rating on the Indonesian banking sector, citing optimistic loan demand prospects and continuous improvement in financing costs for lending institutions [1] - Monthly financing costs for banks have improved, providing a solid foundation for future growth [1] Group 2: Preferred Stocks - Bank Mandiri and Central Asia Bank are identified as preferred stocks within the sector, attributed to their expertise in wholesale banking operations [1]

Group 1 - The core viewpoint of the articles highlights the increasing importance of market-oriented debt-to-equity swaps as a key financial tool for optimizing corporate capital structures and mitigating debt risks in the context of supply-side structural reforms and the transformation of the real economy [1][2] - China Galaxy Asset Management successfully implemented a market-oriented debt-to-equity swap with Shandong Road and Bridge Group, a leading enterprise in the domestic road and bridge infrastructure sector, which plays a significant role in major projects under national initiatives like "Transportation Power" and the "Belt and Road" [1] - The collaboration aims to help Shandong Road and Bridge Group optimize its debt structure, supplement equity capital, and enhance its resilience for sustainable investment and international cooperation, thereby contributing to the high-quality development of the regional economy [1][2] Group 2 - The successful implementation of the debt-to-equity swap project reflects China Galaxy Asset Management's commitment to the principles outlined in the Central Economic Work Conference and the Central Financial Work Conference, emphasizing the importance of balancing risk mitigation and development promotion [2] - By acting as a strategic investor, China Galaxy Asset Management introduces long-term stable equity capital to enterprises, enhances governance structures, and improves operational efficiency, thereby creating a virtuous cycle of capital structure optimization, operational vitality release, and core competitiveness enhancement [2] - The role of financial asset management companies is underscored as a "stabilizer" and "accelerator" in the economic cycle, demonstrating their capacity to support economic stability and growth [2]

Group 1 - The core viewpoint of China Galaxy Securities highlights the acceleration of new technologies in photovoltaic BC, perovskite, and copper paste, leading to industrialization and global opportunities, with an expected turning point in supply-demand improvement cycle [1] - In 2025, the oversupply situation in wind and solar energy will persist, but profit recovery driven by anti-involution and overseas expansion is anticipated, with the Shanghai Composite Index up by 17.66% and the ChiNext Index up by 49.57% as of December 31, 2025 [1] - The 136th document accelerates the comprehensive entry of new energy into the market, with 2026 marking the beginning of a new cycle for new energy during the 14th Five-Year Plan, highlighting AIDC storage, offshore wind, and solar storage as key areas of demand [1] Group 2 - The energy storage market is driven by domestic and international policies, with significant growth in demand for large-scale storage, particularly in North America, where demand is projected to increase from 8.9 GWh in 2025 to 190 GW by 2030, representing a CAGR of approximately 84% [2] - In Europe, a concentrated implementation period is expected in the next 3-5 years, with strong demand for industrial and commercial storage, leading to a surge in orders for Chinese companies expanding overseas [2] - Domestic independent storage has attractive internal rate of return (IRR), with a projected CAGR of about 37% from 2025 to 2027 [2] Group 3 - The wind power sector is expected to see simultaneous growth in volume and profit, with domestic installations of onshore and offshore wind projected at 110-120 GW and 12-16 GW respectively by 2026, and global offshore wind CAGR expected to reach 27% over the next 25-30 years [3] - The reduction of internal competition and increased quality awareness are stabilizing prices for onshore wind turbines, while offshore wind prices are expected to remain limited in decline [3] - The acceleration of overseas orders and the recovery of profitability for main engine manufacturers are anticipated, with increased benefits from the utilization of capacity and overseas expansion in components [3] Group 4 - The photovoltaic sector is leading in growth, with installations expected to reach 230-250 GW in 2026, driven by recovery in Europe and strong demand in the US and India, as well as emerging markets [4] - The anti-involution trend is driving profit recovery across the entire industry chain, with expectations for component prices to stabilize as early as spring [4] - Technological advancements such as the expansion of BC battery capacity, mass production of perovskite, and breakthroughs in silver reduction technology are expected to lower costs and enhance profitability [4]

"计划"是十五五固废治理纲领性文件 固废治理具有减污降碳、增加资源、能源保障等多重价值，十四五我国出台多项举措加强固废治理、发 展循环经济，成效显著。"计划"在十五五开局出台，继续明确了固废资源化利用的政策主基调，并进一 步提高了利用量目标，为十五五固废治理行业指明了方向。"计划"围绕工业、城镇、农林三大主要产废 领域，从源头管控和减量，规范收集转运和贮存，提升资源化利用水平，增强无害化治理能力，实施开 展非法倾倒处置固体废物、生活垃圾填埋场环境污染隐患、建筑垃圾、历史遗留固体废物堆存场所、磷 石膏等重点领域专项整治等，推动固废全链条治理。 再生金属利用具有战略意义，市场空间大 2024年，国内十种常用有色金属产量为7919万吨，2020-2024年复合增速6.4%;与之相对应，2024年主要 再生有色金属品种产量为1915万吨，2020-2024年复合增速7.4%，占十种常用有色金属产量的比例近年 维持在24%左右，是主要金属供给的重要支撑。另一方面，再生铜、再生铝、废钢利用等节约能耗普遍 在60%以上，亦具有明显的减污降碳效应，对于能源安全、双碳目标的实现等均具有战略意义。十四五 循环经济发展规划提出到2 ...

Core Insights - The wind and solar storage industry is expected to recover profitability amidst oversupply by 2025, with overseas markets becoming a highlight for growth [1][2] - The industry is anticipated to enter a new cycle in 2026 driven by "anti-involution" and technological resonance, focusing on new technology commercialization, global expansion, and supply-demand improvements [1][2] Group 1: 2025 Review and 2026 Outlook - In 2025, the wind and solar storage sector will still face oversupply, but profitability is expected to recover due to anti-involution and increased overseas sales [2] - By December 31, 2025, the CSI 300 Index is projected to increase by 17.66%, the ChiNext Index by 49.57%, and the Electric New Energy Index by 39.47%, ranking 7th out of 30 industries [2] - The implementation of Document No. 136 will accelerate the entry of new energy into the market, with 2026 marking the beginning of a new cycle for the 14th Five-Year Plan in new energy [2] Group 2: Energy Storage - The demand for large-scale energy storage is expected to grow significantly, with North America's AIDC storage demand projected to rise from 8.9 GWh in 2025 to 190 GW by 2030, representing a CAGR of approximately 84% [3] - The demand for green electricity direct connection is anticipated to increase from 78 GWh in 2025 to 475 GW by 2030, with a CAGR of about 44% [3] - European markets are expected to see concentrated deployment in the next 3-5 years, with strong demand for industrial and commercial storage in Europe, Australia, and emerging markets [3] Group 3: Wind Power - Domestic wind power installations are projected to reach 110-120 GW for onshore and 12-16 GW for offshore by 2026, with the 14th Five-Year Plan potentially exceeding 120 GW per year for onshore and 15 GW per year for offshore [4] - The global offshore wind market is expected to grow at a CAGR of 27% over the next 25-30 years [4] - The industry is experiencing a stabilization in onshore turbine prices and limited downward pressure on offshore prices, with increased overseas orders expected to boost profitability for manufacturers [4] Group 4: Photovoltaics - The photovoltaic sector is set for profitability recovery driven by anti-involution, with new technology iterations and global expansion leading growth [5] - China is expected to lead the market, with installations projected between 230-250 GW in 2026, supported by recovering demand in Europe and the U.S. and emerging markets gaining momentum [5] - Key technological advancements include the expansion of BC battery capacity, mass production of perovskite technology, and breakthroughs in silver reduction techniques, which are expected to lower costs and improve margins [5]

Group 1 - The core viewpoint of the report emphasizes that the quantum technology industry is transitioning from laboratory research to industrial application, with current investments focusing on high technical barriers and clear commercialization paths in upstream core components and midstream system integration [1] - The National Development and Reform Commission (NDRC) aims to promote quantum technology and sixth-generation mobile communication as new economic growth points [2] Group 2 - Quantum technology, based on the principles of quantum mechanics, enables breakthroughs in information processing, transmission, and measurement, distinguishing itself from traditional technologies that rely on classical physics [3] - The global quantum technology industry is projected to reach a total scale of $8 billion by 2024, with North America accounting for 31.45%, Europe for 26.91%, China for 24.03%, and the Asia-Pacific region (excluding China) for 12.74% [4] - By 2035, the global quantum industry scale is expected to reach $908.91 billion, with quantum computing alone projected to reach $807.75 billion, indicating significant future market potential [4] Group 3 - Investment recommendations include focusing on companies such as Guodun Quantum, Hexin Instruments, and IonQ, which are positioned to benefit from the growth in the quantum technology sector [5]