| 债券代码：149352.SZ | 债券简称：21越控01 | | --- | --- | | 债券代码：149456.SZ | 债券简称：21越控02 | | 债券代码：149598.SZ | 债券简称：21越控04 | | 债券代码：148137.SZ | 债券简称：23越资01 | | 债券代码：148232.SZ | 债券简称：23越资02 | | 债券代码：148353.SZ | 债券简称：23越资03 | 2026 年 1 月 华福证券股份有限公司 关于广州越秀资本控股集团股份有限公司董事长变动的 临时受托管理事务报告 发行人 广州越秀资本控股集团股份有限公司 （住所：广东省广州市天河区珠江西路 5 号 6301 房自编 B 单元） 受托管理人 华福证券股份有限公司 （福建省福州市鼓楼区鼓屏路 27 号 1#楼 3 层、4 层、5 层） 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称"《管理办法》"）、 《公司债券受托管理人执业行为准则》（以下简称"《行为准则》"）等相关规定、 公开信息披露文件以及广州越秀资本控股集团股份有限公司（以下简称"越秀资 本"、"发行人"、"公司"）提供 ...

| 债券代码：524534.SZ | 债券简称：25 | 越资 | 08 | | --- | --- | --- | --- | | 债券代码：524533.SZ | 债券简称：25 | 越资 | 07 | | 债券代码：524456.SZ | 债券简称：25 | 越资 | 05 | | 债券代码：524298.SZ | 债券简称：25 | 越资 | 04 | | 债券代码：524297.SZ | 债券简称：25 | 越资 | 03 | | 债券代码：524248.SZ | 债券简称：25 | 越资 | 01 | | 债券代码：524083.SZ | 债券简称：24 | 越资 | Y1 | | 债券代码：148836.SZ | 债券简称：24 | 越资 | 02 | 兴业证券股份有限公司 关于广州越秀资本控股集团股份有限公司 董事长变动的受托管理事务临时报告 重要声明 兴业证券股份有限公司（以下简称"兴业证券"）编制本报告的内容及信息 均来源于发行人对外公布的相关公开信息披露文件以及发行人向兴业证券提供 的其他证明材料。 一、人员变动的基本情况 （一）原任职人员的基本情况 因工作变动，王恕慧先生辞去公司董事长 ...

2026年广州市政府工作报告首次将"深入挖掘内外需潜力"置于首位。专家指出，将"深入挖掘内外需潜 力"置于首位，是广州落实"双循环"的重要举措，有助于广州打造国内大循环的中心节点城市、巩固国 际商贸中心地位。 "国际化消费环境建设""打造'广货优品 广贸全球'外贸城市IP""拓展中间品贸易"首次写入广州市政府工 作报告，则标志着广州将过境客流转化为消费增量，推动对外贸易从传统的产品出口，向全球供应链高 附加值环节转变的决心。 将"深入挖掘内外需潜力"置于首位 旨在扩内需强市场、扩开放强枢纽 2026年政府工作报告首次将"深入挖掘内外需潜力"置于首位。有何深意？ 在广州市社会科学院经济研究所副所长伍晶看来，这是广州在新时代背景下实现高质量发展、突破经济 增长瓶颈的关键所在，有助于广州打造国内大循环的中心节点城市、巩固国际商贸中心地位。 广州市社会科学院国际商贸研究所研究员揭昊也认为，这是落实"双循环"的重要举措，旨在扩内需强市 场、扩开放强枢纽，将广州建设成为国内大循环的重要节点和国内国际双循环的战略链接地，更好发挥 经济大市挑大梁作用。 广州力促过境客流转化为消费增量 2025年，广州首家市内免税店在广州友谊 ...

Market Overview - The market experienced a pullback after an initial rise, with the Shenzhen Composite Index and the ChiNext Index turning negative. The total trading volume in the Shanghai and Shenzhen markets was 1.79 trillion yuan, a decrease of 198.5 billion yuan from the previous trading day [1] - The Shanghai Composite Index rose by 0.13%, while the Shenzhen Composite Index fell by 0.01%, and the ChiNext Index decreased by 0.64% [1] Sector Performance - The electric grid equipment sector saw significant gains, with companies like China Xidian, Dalian Electric Porcelain, and Guodian Electric reaching their daily price limits [1] - The commercial aerospace sector rebounded, with stocks such as Jinding New Materials and Yuexiu Capital also hitting their daily limits [3] - The tourism and hotel sector strengthened, with Dalian Shengya and Jiuhua Tourism achieving price limits [7] - The robotics sector experienced fluctuations, with stocks like Riying Electronics and Zhejiang Xiantong reaching their daily limits [5] Notable Stocks - A total of 44 stocks hit their daily limits in the morning session, with a limit rate of 67%. Notable stocks included Fenglong Co., which continued its streak with 14 consecutive price limits, and Xinhua Department Store with 4 consecutive limits [1] - In the electric grid equipment sector, stocks such as Shuangjie Electric and Yinen Electric saw significant increases of 17.65% and 13.89%, respectively [2] Investment Insights - The State Grid Corporation of China announced that its fixed asset investment is expected to reach 4 trillion yuan during the 14th Five-Year Plan period, a 40% increase compared to the previous plan, which is anticipated to drive high-quality development in the new power system supply chain [2][3] - The commercial aerospace sector is gaining momentum, with companies like Zhongke Aerospace completing their IPO guidance work, marking it as one of the fastest in the sector [4][13] Economic Indicators - The National Bureau of Statistics reported that the per capita disposable income for residents in 2025 is projected to be 43,377 yuan, with a nominal growth of 5.0% [29] - The GDP for 2025 is expected to exceed 140 trillion yuan, with a growth rate of 5.0% [30]

证券之星消息，1月19日多元金融板块较上一交易日上涨1.93%，越秀资本领涨。当日上证指数报收于 4114.0，上涨0.29%。深证成指报收于14294.05，上涨0.09%。多元金融板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 000987 | 越秀资本 | 10.34 | 10.00% | 73.80万 | | 7.54Z | | 600517 | 国网英大 | 6.92 | 5.17% | 109.55万 | | 7.52亿 | | 600053 | 九鼎投资 | 24.01 | 3.94% | 27.71万 | | 6.60亿 | | 000415 | 渤海相賃 | 4.15 | 3.75% | 96.39万 | | 3.98亿 | | 000532 | 华金资本 | 17.12 | 3.38% | 22.84万 | | 3.91亿 | | 002316 | 亚联发展 | 5.41 | 3.05% | 39.01万 | | 2.08亿 | | 60 ...

Group 1 - On January 16, Yuexiu Capital announced its plan to sell up to 1% of CITIC Securities' total shares through the secondary market, corresponding to a market value of approximately 4.16 billion yuan based on the closing price of 28.08 yuan per share [1] - After the reduction, Yuexiu Capital will still hold over 5% of CITIC Securities' shares and will continue to account for the remaining equity investment income using the equity method, with the net profit from the reduction not exceeding 50% of the company's audited net profit attributable to shareholders for 2024 [1] - Yuexiu Capital is the second-largest shareholder of CITIC Securities, having acquired shares through an asset swap in 2020, which included receiving 810 million A-shares as part of the transaction [1] Group 2 - This is not the first time Yuexiu Capital has reduced its holdings in CITIC Securities; in November 2024, it announced a plan to sell up to 1% of shares, completing a reduction of 28 million shares, which was 0.19% of the total shares [2] - In conjunction with the CITIC Securities reduction plan, Yuexiu Capital also announced a plan to increase its stake in Beijing Holdings with up to 1 billion yuan of its own funds to optimize its asset allocation [2] - Yuexiu Capital has a diversified investment layout, focusing on financial assets and various sectors, including core financial entities and investments in hard technology and quality listed companies [2] Group 3 - In the first three quarters of 2025, the company experienced a recovery in performance, with operating revenue increasing by 16.96% to 8.27 billion yuan and net profit attributable to shareholders rising by 75.13% to 3.01 billion yuan, surpassing the total for 2024 [3]

Market Overview - The A-share market showed mixed performance on January 19, with the Shanghai Composite Index closing at 4114.00 points, up 0.29%, while the Shenzhen Component Index rose 0.09% to 14294.05 points, and the ChiNext Index fell 0.70% to 3337.61 points [1] - The total trading volume in the Shanghai and Shenzhen markets was 2.71 trillion yuan, a decrease of 317.9 billion yuan compared to the previous trading day [1] Sector Performance - The aviation, tourism, hotel and catering, and electrical equipment sectors saw significant gains, while the internet, communication equipment, software services, and semiconductor sectors experienced declines [1] - The electric grid equipment sector had a notable surge, with several stocks hitting the daily limit, including Baobian Electric and China West Electric [2] - The precious metals sector also performed well, with stocks like Sichuan Gold and Zhaojin Gold reaching their daily limit [2] Institutional Insights - According to Jifeng Investment Advisory, the market is in an upward trend, with many sectors finding support at the 60-day moving average, indicating a new round of upward momentum [3] - Citic Securities highlighted the strategic importance of global rare earth resources, predicting a sustained increase in demand from emerging sectors such as electric vehicles and humanoid robots, leading to a potential supply-demand gap by 2026 [4] Economic Forecast - The National Bureau of Statistics projected a 5% year-on-year growth for China's GDP in 2025, with quarterly growth rates of 5.4%, 5.2%, 4.8%, and 4.5% respectively [5] Company Developments - Xiaomi's second-generation self-developed SoC, the Xuanjie O2, is expected to utilize TSMC's N3P process, with plans to expand its application beyond smartphones to tablets, cars, and computers [6]

Core Viewpoint - The stock market showed mixed performance on January 19, with the Shanghai Composite Index performing strongly while the ChiNext Index experienced a pullback [1] Market Performance - The total trading volume in the Shanghai and Shenzhen markets was 2.71 trillion yuan, a decrease of 317.9 billion yuan compared to the previous trading day [1] - Over 3,500 stocks in the market saw an increase in their prices [1] Sector Highlights - The electric grid equipment sector experienced a significant surge, with over ten constituent stocks hitting the daily limit, including Baobian Electric, China West Electric, and Guangdian Electric [1] - The robotics sector showed volatility but ultimately rose, with stocks like Wuzhou New Spring and Riying Electronics reaching the daily limit [1] - The precious metals sector had notable gains, with Sichuan Gold and Zhaojin Gold also hitting the daily limit [1] - The tourism and hotel sector strengthened, with stocks such as Dalian Shengya and Jiuhua Tourism reaching the daily limit [1] - The commercial aerospace sector was active in parts, with stocks like Jinding New Materials and Yuexiu Capital hitting the daily limit, while Chaojie Co. saw an increase of over 15% [1] Declining Sectors - The CPO sector faced a downturn, with Cambridge Technology hitting the daily limit down, and both Tengjing Technology and Guangxun Technology experiencing declines [1] Index Performance - At the close, the Shanghai Composite Index rose by 0.29%, the Shenzhen Component Index increased by 0.09%, while the ChiNext Index fell by 0.7% [1]

Core Viewpoint - Yuexiu Capital has announced plans to reduce its stake in CITIC Securities by up to 1% of the total share capital, following a previous announcement in late 2024 to reduce a similar amount, indicating a strategic shift in asset allocation [1][8][12]. Group 1: Shareholding Changes - Yuexiu Capital, as the second-largest shareholder of CITIC Securities, has not yet reached the 1% reduction limit set in the previous announcement, having only reduced its stake by approximately 0.4% [4][7]. - As of January 16, 2026, Yuexiu Capital holds 1.266 billion shares of CITIC Securities, representing 8.54% of the total share capital, down from 8.94% in October 2024 [7][8]. - The current announcement allows for the sale of shares through the secondary market, with the aim of optimizing the company's asset structure and promoting high-quality development [8][12]. Group 2: Strategic Asset Allocation - Concurrently with the reduction announcement, Yuexiu Capital has also disclosed plans to increase its stake in Beijing Holdings, indicating a strategy of "reducing financial assets while increasing industrial holdings" to optimize asset allocation [12][14]. - The company plans to invest up to 1 billion yuan in Beijing Holdings, reflecting a shift towards long-term equity investments and active participation in management decisions [12][14]. - The focus of institutional investors has shifted away from CITIC Securities, with more attention being paid to Yuexiu Capital's developments in renewable energy and industrial investments [13][14].

东吴证券研报指出，越秀资本拟减持中信证券1%股份，实际影响相对有限。预计当前位置越秀资本减 持意愿较低。且越秀资本本次减持所产生净利润不超过2024年归母净利润的50%，预计顶格减持概率较 低。越秀资本同步增持北京控股，预计其减持中信主要出于投资收益考量，并非出于对于中信证券基本 面的考量。2026年以来市场交投情绪火热，结合公司2025年业绩快报情况，维持此前盈利预测，公司龙 头地位稳固，盈利能力远高于行业平均水平，经营稳健且各项业务均排名行业前列，应享有一定估值溢 价。维持"买入"评级。 ...