Group 1 - The Shanghai Stock Exchange has approved Guotai Junan Securities Co., Ltd. to provide primary market-making services for the Huaxia CSI 5G Communication Theme ETF starting from February 3, 2026 [1][3] - The approval is aimed at enhancing the market liquidity and stable operation of the 5GETF, which is identified by the fund code 515050 [1]

特此公告。 为促进易方达中证软件服务交易型开放式指数证券投资基金（以下简称软件30，基金代 码:562930）的市场流动性和平稳运行，根据《上海证券交易所基金自律监管规则适用指引第2号——上 市基金做市业务》等相关规定，本所同意国泰海通证券股份有限公司自2026年02月03日起为软件30提供 主做市服务。 上海证券交易所 上证公告（基金）【2026】240号 2026年02月02日 ...

2 离任高级管理人员的相关信息 1 公告基本信息 ■ 送出日期：2026年1月30日 ■ 3 其他需要说明的事项 2026年1月30日 上述变更事项经上海海通证券资产管理有限公司董事会审议通过，并将按相关法律法规的规定进行备 案。 上海海通证券资产管理有限公司 ...

Core Insights - Figure has launched its new AI model Helix 02, achieving a significant technological breakthrough in humanoid robot autonomous control, which may facilitate the transition from technical demonstrations to practical applications by 2026 [1][4]. Group 1: Technological Advancements - The Helix 02 model features a new "three-level collaborative" integrated control architecture, utilizing a single neural network system to coordinate movements and balance at a high frequency, replacing traditional complex manual coding [2][5]. - The system integrates visual, tactile, and full-body proprioception, creating an end-to-end link from environmental perception to joint control, achieving millimeter-level operational precision and the ability to autonomously move within room-scale environments [2][5]. - The technology addresses the previous limitations of humanoid robots, such as the inability to perform precise operations while moving and maintaining balance during operations [2][5]. Group 2: Market Potential and Investment Opportunities - The advancements in humanoid robotics are expected to accelerate the industrialization process, with significant investment opportunities in the supply chain, particularly for core component suppliers [6]. - Companies such as Changying Precision, Hengli Hydraulic, and Shuanghuan Transmission are identified as potential beneficiaries of this technological progress and market expansion [6].

Core Viewpoint - The report from Guotai Junan Securities maintains an "Overweight" rating for Prada (01913), projecting steady growth for Miu Miu and new contributions from the consolidation of Versace, with expected net profits for 2025-2027 at €8.8/9.6/10.5 billion, reflecting year-on-year growth of 5.2%/8.7%/9.0% [1] Group 1 - The company anticipates a high single-digit year-on-year growth in retail sales for 2025 at fixed exchange rates, leading the industry; Q4 2025 retail sales growth is expected to slow slightly to mid-single digits compared to Q3 [1] - For the Prada brand, retail growth in Q4 2025 is expected to improve from a decline of -1% in Q3 to flat, while Miu Miu is projected to achieve a retail growth rate of 15-20% in Q4 2025, supported by sustained brand momentum despite high base effects [1][2] - The company estimates a negative impact from foreign exchange of approximately 700 basis points in Q4 2025, with an annual impact of about 400 basis points [1] Group 2 - Looking ahead to 2026, Miu Miu is expected to increase retail space by 10%-15%, focusing on the Eurasian region and planning further expansion into the low-penetration U.S. market by 2027 [2] - Prada aims to balance "strategic price points" by enhancing its nylon collection to reach a broader audience while attracting high-net-worth clients through limited edition leather goods [2] - Versace's acquisition was completed on December 2, 2025, with expected contributions to financials in 2026; Versace reported revenues of approximately €705 million and an operating loss of about €46 million as of March 2025 [2] Group 3 - The overall customer base remains stable, with the luxury goods industry entering a "new normal," characterized by market share consolidation among strong brand DNA companies [3] - The industry trend is shifting from overt consumption and brand-driven strategies to authenticity and value-driven approaches [3] Group 4 - The outlook for Miu Miu's growth is supported by high-quality growth, with most of the growth in high base years coming from same-store sales; there is significant potential for new store openings, with 147 direct stores globally by the end of 2024 compared to over 300 for YSL and BV [4] - The brand has established a differentiated brand perception in recent years, likely benefiting from the trend of entry-level consumers shifting from high luxury [4] - Prada's Q3 2025 showed sequential improvement, with expectations for continued investment in creative leather goods and marketing of iconic products like Galleria, as well as expansion of the regenerated nylon series to enhance entry-level product offerings [4]

Group 1 - The core viewpoint of the report is that Cathay Securities maintains an "overweight" rating on Prada, expecting steady growth in retail sales and net profit in the coming years, with specific profit projections for 2025-2027 [1][2] - For 2025, the company is projected to achieve a net profit of €8.8 billion, with year-on-year growth rates of 5.2%, 8.7%, and 9.0% for the subsequent years [1] - The report anticipates a retail sales growth of approximately high single digits for the entire year of 2025, with a slight slowdown in Q4 compared to Q3 [1][3] Group 2 - Miu Miu is expected to expand its retail space by 10%-15% in 2026, focusing on the Eurasian region and planning to enter the low-penetration U.S. market by 2027 [2] - The acquisition of Versace is expected to contribute new revenue streams, with Versace's revenue at approximately €705 million and an operating loss of €46 million as of March 2025 [2] - The luxury goods industry is transitioning to a "new normal," characterized by a concentration of market share among strong brand DNA companies, with a shift from overt consumption to authenticity and value-driven purchasing [3] Group 3 - Miu Miu's growth potential is supported by high-quality growth, significant store opening potential, and a differentiated brand perception that appeals to entry-level consumers [4] - Prada's Q3 performance showed improvement, with future strategies focusing on enhancing product creativity and expanding entry-level offerings through innovative marketing [4]

Group 1 - The core viewpoint of the report is that Cathay Securities maintains a "Buy" rating for Nine Dragons Paper Holdings (02689), with an expected EPS of 0.85/0.94/1.03 CNY for FY2026-2028, and a target price of 23.1 HKD based on a 25x PE for FY2026 [1] - For FY26H1, Nine Dragons Paper is expected to report a profit of 19.5-20.5 billion CNY, a year-on-year increase of 315.2%-336.5% and a quarter-on-quarter increase of 50.3%-58.0%, driven by increased sales volume and prices, along with a decrease in raw material costs [1] Group 2 - Incremental profit contributions are primarily from the integrated pulp and paper production capacity at the Hubei and Beihai bases, with new capacities coming online in FY25H1 and FY25H2 [2] - For FY26H2, the outlook suggests that hardwood pulp prices are expected to rise further and remain high, while cultural and white card paper prices are at historical lows, indicating potential for price recovery and continued profit release from integrated pulp and paper production [3]

Group 1 - The core viewpoint of the report maintains a "Buy" rating for Nine Dragons Paper Holdings Limited (02689), with projected EPS for FY2026-2028 at 0.85, 0.94, and 1.03 CNY, respectively, and a target price of 23.1 HKD based on a 25x PE for FY2026 [1] - For FY26H1, the company is expected to report a profit of 19.5-20.5 billion CNY, a year-on-year increase of 315.2%-336.5% and a quarter-on-quarter increase of 50.3%-58.0%, driven by increased sales volume and prices, along with reduced raw material costs [1] - The main profit contribution is expected to come from pulp, with significant growth attributed to the increase in product sales and pricing [1] Group 2 - Incremental profit contributions are primarily from the integrated pulp and paper production capacity at the Hubei and Beihai bases, with new capacities coming online in FY25H1 and FY25H2 [2] - The Beihai base has 1.1 million tons of chemical pulp and 600,000 tons of mechanical pulp expected to be operational, while Hubei will add 650,000 tons of chemical pulp and 700,000 tons of mechanical pulp, along with additional paper products [2] Group 3 - For FY26H2, the outlook suggests that hardwood pulp prices are likely to rise further and maintain high levels, while cultural and white card paper prices are at historical lows, indicating potential for price recovery [3] - The profitability of the integrated pulp and paper production capacity is highlighted as a key outperforming factor, with additional capacity expected to come online in FY26H2 and FY27, alongside improvements in corrugated paper profitability [3]

Core Viewpoint - The report from Guotai Junan Securities maintains a "Buy" rating for China Overseas Development (00688), highlighting the potential for systematic revaluation of the company's value driven by the gradual release of new project performance, strong product capabilities, and the capital cycle facilitated by commercial REITs [1] Group 1: New Project Development - The company is transitioning between old and new projects, with high-quality new investments expected to drive performance recovery. The residential development business is entering a phase of project transition as historical inventory is gradually depleted, alleviating pressure on project turnover [2] - Since 2025, the company has increased investment in high-quality land in first-tier and strong second-tier cities, significantly improving project quality. This new project profit contribution is expected to gradually offset historical burdens, promoting performance release and profitability recovery [2] Group 2: Product Strength and Technological Integration - The company is leading industry trends with its "Good House" initiative, embedding safety, comfort, sustainability, and intelligence into the entire design, construction, and operation cycle through the Living OS system. This approach is validated through demonstration projects [3] - As the proportion of improvement-oriented demand increases, companies with a complete product system and technological integration capabilities are likely to gain differentiated advantages in the new market landscape, translating product strength into sales resilience and pricing power [3] Group 3: Commercial Operations and REITs - The company has established a multi-format commercial operation system centered on office buildings and shopping centers, with stable cash flow and continuous scale expansion. The successful listing of the first commercial REITs in 2025 marks a breakthrough in the "acquisition—renovation—operation—exit" pathway [4] - The ongoing operation of the REITs platform is expected to lower capital costs, enhance asset turnover efficiency, and provide long-term valuation and return elasticity for the company's commercial sector [4]

根据平安基金管理有限公司（以下简称"本公司"）与国泰海通证券股份有限公司签署的销售协议，本公 司自2026年1月28日起新增以上机构为以下产品的销售机构。 现将相关事项公告如下： 2、基金转换是指基金份额持有人按照《基金合同》和基金管理人届时有效公告规定的条件，申请将其 持有基金管理人管理的、某一基金的基金份额转为基金管理人管理的、且由同一注册登记机构办理注册 登记的其他基金的基金份额的行为。基金转换业务规则与转换业务的收费计算公式参见本公司网站的 《平安基金管理有限公司旗下开放式基金转换业务规则说明的公告》。 投资者欲了解基金产品的详细情况，请仔细阅读基金的基金合同、招募说明书等法律文件。 四、投资者可通过以下途径咨询有关详情： 1、国泰海通证券股份有限公司 一、自2026年1月28日起，投资者可通过以上机构办理以下产品的开户、申购、赎回、定投、转换等业 务。 ■ 注:同一产品各份额之间不能相互转换。 二、费率优惠 投资者通过销售机构申购或定期定额申购、转换上述基金，享受费率优惠，优惠活动解释权归销售机构 所有，请投资者咨询销售机构。本公司对其申购费率、定期定额申购费率以及转换业务的申购补差费率 均不设折扣 ...