Core Viewpoint - TSMC is expected to achieve record performance in 2025, with a significant increase in capital expenditure for 2026, indicating ongoing benefits from AI computing power and advanced processes [1] Group 1: Industry Outlook - The domestic wafer fabs are experiencing a wave of expansion due to a million-wafer-level advanced capacity shortage, which is expected to create a $100 billion opportunity in the equipment market [1] - The domestic localization rate is anticipated to double, driven by the dual engines of advanced processes and domestic substitution [1] Group 2: Investment Opportunities - There is optimism regarding investment opportunities in semiconductor equipment, particularly for leading companies with platform capabilities and high-elasticity niche leaders [1]

Core Viewpoint - Yuexiu Capital is planning to reduce its stake in CITIC Securities by selling up to 1% of its total shares while simultaneously increasing its investment in Beijing Enterprises Holdings by up to 1 billion yuan [1][2][5]. Group 1: Stake Reduction in CITIC Securities - Yuexiu Capital has agreed to sell up to 1% of CITIC Securities' total shares, with the authorization valid until December 31, 2026 [2]. - Currently, Yuexiu Capital is the second-largest shareholder of CITIC Securities, holding 1.266 billion shares, which is 8.54% of the total shares [2][4]. - The 1% stake corresponds to approximately 148.2 million shares, with current market values of 4.161 billion yuan for A-shares and 4.182 billion HKD for H-shares [4]. Group 2: Increase in Stake in Beijing Enterprises Holdings - Yuexiu Capital plans to use up to 1 billion yuan of its own funds to increase its stake in Beijing Enterprises Holdings through the Hong Kong Stock Connect [5]. - As of January 16, Yuexiu Capital holds 55.913 million shares of Beijing Enterprises, representing 4.44% of its total shares [5]. Group 3: Strategic Objectives and Leadership Changes - The company stated that the purpose of the stake reduction in CITIC Securities is to optimize asset allocation and enhance long-term asset value [6]. - Following the resignation of the former chairman Wang Shuhui, Li Feng has been elected as the new chairman of Yuexiu Capital [6][7]. - As of June 30, 2025, Yuexiu Capital's total assets are reported to be 212.243 billion yuan, with a net profit of 1.558 billion yuan for the first half of 2025 [7].

Core Viewpoint - Yuexiu Capital is making significant moves by planning to sell up to 1% of its stake in CITIC Securities while simultaneously increasing its investment in Beijing Enterprises Holdings by up to 1 billion yuan [1][2][5]. Group 1: Stake Sale in CITIC Securities - Yuexiu Capital's board approved the sale of up to 1% of CITIC Securities' total shares, with authorization valid until December 31, 2026 [3]. - Currently, Yuexiu Capital is the second-largest shareholder of CITIC Securities, holding 1.266 billion shares, which is 8.54% of the total shares [3][5]. - The 1% stake corresponds to approximately 148.2 million shares, with current market values of 4.161 billion yuan for A-shares and 4.182 billion HKD for H-shares [5]. Group 2: Increased Investment in Beijing Enterprises Holdings - Yuexiu Capital plans to use up to 1 billion yuan of its own funds to increase its stake in Beijing Enterprises Holdings through the Hong Kong Stock Connect [5]. - As of January 16, Yuexiu Capital holds 55.913 million shares of Beijing Enterprises, representing 4.44% of its total shares [5]. Group 3: Strategic Objectives and Leadership Changes - The company stated that the purpose of the stake sale and increase is to align with its development strategy and optimize asset allocation [6][7]. - Recently, the company appointed a new chairman, Li Feng, following the resignation of the previous chairman, Wang Shuhui, due to work changes [7]. - As of June 30, 2025, Yuexiu Capital's total assets were 212.243 billion yuan, with a net profit of 1.558 billion yuan for the first half of 2025 [8].

Core Viewpoint - The A-share market is experiencing a steady upward trend supported by policy, economic stabilization, and improved liquidity, with a focus on investment logic and layout direction as the Spring Festival approaches [1][2] Policy Support - Regulatory bodies are guiding the A-share market towards a "gradual rise" pattern, with mechanisms for long-term capital entering the market being continuously improved, enhancing market stability [2] - Policies aimed at boosting domestic demand, such as fertility subsidies, are being implemented, which are expected to stabilize and improve the return on equity (ROE) for related listed companies [2] Economic Signals - The overall revenue growth rate for A-shares improved from -0.02% in the first half of 2025 to 1.2% in the third quarter, while net profit growth increased from 2.5% to 5.3% during the same period, indicating a trend of improving profitability [2] - Forecasts for 2026 suggest a stable macroeconomic environment with net profit growth expected to be 4.8% for the year, peaking in the second quarter [2] Long-term Capital Inflow - Long-term capital, particularly from insurance funds, is becoming a major source of market liquidity, with an estimated potential inflow of approximately 1.73 trillion yuan based on 2025 insurance premium income [3] - This influx of stable capital is expected to reduce market volatility and enhance internal stability [3] Market Structure and Opportunities - Structural opportunities are evident, with 39 out of 360 industry or thematic ETFs reaching new highs in December 2025, particularly in sectors like telecommunications, non-ferrous metals, and military aerospace [3] - The market is characterized by a significant divergence in performance, with small-cap stocks and thematic sectors outperforming larger indices [5] Investor Sentiment - Investor sentiment is showing signs of recovery, with a sentiment index reading of 98.1 on January 9, 2026, indicating a high level of optimism [4] - The market is currently in a phase where emotional recovery and capital reallocation are key themes, especially as the Spring Festival approaches [4][5] Investment Strategy - Investment strategies should focus on three dimensions: consensus direction, counter-consensus direction, and long-term investments, while also considering the opportunities presented by the appreciation of the renminbi [6][8] - In the consensus direction, sectors like non-ferrous metals and semiconductors are highlighted as key areas for institutional investment [7] - For counter-consensus investments, sectors related to domestic demand, such as travel services and quality real estate developers, are recommended due to their potential for valuation recovery [7] Long-term Considerations - There is a growing demand for investments that reduce volatility, with a focus on sectors that have room for ROE improvement, such as chemicals and renewable energy [8] - The appreciation of the renminbi is expected to create investment opportunities, particularly in industries like paper and aviation, which have already seen positive effects [8]

Group 1 - Yuexiu Capital plans to reduce its stake in CITIC Securities by up to 1% of the total share capital, which is valued at over 4.1 billion RMB or 4.1 billion HKD based on current stock prices [2][5] - As of January 16, Yuexiu Capital holds a total of 1.266 billion shares in CITIC Securities, representing 8.54% of the total share capital, making it the second-largest shareholder [3][5] - The company will also use up to 1 billion RMB of its own funds to increase its stake in Beijing Enterprises Holdings through the Hong Kong Stock Connect [5] Group 2 - The recent changes in leadership at Yuexiu Capital include the resignation of Chairman Wang Shuhui and the election of Li Feng as the new chairman [6] - As of June 30, 2025, Yuexiu Capital's total assets are projected to be 212.24 billion RMB, with a net profit of 1.56 billion RMB for the first half of 2025 [6]

北京商报讯(记者刘宇阳)1月16日，广州越秀资本（000987）控股集团股份有限公司(以下简称"越秀资本")发布公告表示， 经公司第十届董事会第三十三次会议决议，同意公司、控股子公司通过二级市场出售不超过中信证券总股本1%的股份， 授权期限为本次董事会审议通过之日起至2026年12月31日。本次交易在公司董事会决策权限范围内，无需提交股东会审 议。 另据公告披露，截至1月16日，越秀资本及控股子公司直接、间接合计持有中信证券12.66亿股股份，占中信证券总股本的 8.54%。其中持有中信证券A股9.03亿股，占中信证券总股本的6.09%；持有中信证券H股3.63亿股，占中信证券总股本的 2.45%。前述股份全部为非限售流通股。 ...

人民财讯1月16日电，越秀资本（000987）1月16日公告，公司、控股子公司拟通过二级市场出售不超过 中信证券总股本1%的股份。 越秀资本同日公告，公司拟使用不超过10亿元自有资金，通过港股通在二级市场增持北京控股港股股 票。 ...

越秀资本公告称，公司第十届董事会第三十三次会议同意，公司、控股子公司通过二级市场出售不超中 信证券总股本1.00%的股份，授权期限至2026年12月31日。截至2026年1月16日，公司及子公司合计持 有中信证券12.66亿股，占总股本8.54%。本次交易在董事会决策权限内，无需股东会审议，不涉及关联 交易与重大资产重组。交易预计带来投资收益，优化资产结构，但存在市场和操作风险。 ...

Group 1 - Haopeng Technology announced that it will accept investor research on January 16, 2026, from 16:00 to 17:00, with participation from the company's director, board secretary Chen Ping, and CFO Qin Runqiong [1] Group 2 - Silver prices have surged over 80% in the last 50 days, indicating a level of speculation that surpasses that of gold, suggesting a potential peak in the precious metals bull market [1]

於本公告刊發日期 ，本公司執行董事為張佑君先生 、鄒迎光先生及張長義先生；本公司非執行董事為李艺女士 、 梁丹先生、張學軍先生、付臨芳女士及趙先信先生；本公司獨立非執行董事為李青先生、史青春先生、張健華 先生、劉俏先生及李蘭冰女士；及本公司職工董事為施亮先生。 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的內容概不負責，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份內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股份代號：6030） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列中信証券股份有限公司（「本公司」）在上海證券交易所網站刊登的本公司關於間 接子公司發行中期票據並由全資子公司提供擔保的公告，僅供參閱。 承董事會命 中信証券股份有限公司 董事長 張佑君 中國北京 2026年1月16日 证券代码：600030 证券简称：中信证券 公告编号：临2026-004 中信证券股份有限公司 关于间接子公司发行中期票据 并由全资子 ...