（本页以下无正文） (本页无正文,为《国信证券股份有限公司 2026 年面向专业投资者公开发行公 司债券（第一期）(品种一）在深圳证券交易所上市的公告》的盖章页 ) 国信证 5 日 根据深圳证券交易所债券上市的有关规定，国信证券股份有限公司 2026 年 面向专业投资者公开发行公司债券（第一期）（品种一）符合深圳证券交易所债 券上市条件，将于 2026 年 2 月 9 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 | 国信证券股份有限公司 | | | | 2026 | | 年面向专业投资者公开发行公司债券 | | --- | --- | --- | --- | --- | --- | --- | --- | | | （第一期）（品种一） | | | | | | | | 债券简称 | 国证 02 | 26 | | | | | | | 债券代码 | 524649 | | | | | | | | 信用评级 | AAA/AAA | | | | | | | | 评级机构 | 中诚信国际信用评级有限责任公司 ...

国信证券股份有限公司 2026 年面向专业投资者公开发行 公司债券（第一期）（品种二）在深圳证券交易所上市的公告 (本页无正文,为《国信证券股份有限公司 2026 年面向专业投资者公开发行公 司债券（第一期）(品种二）在深圳证券交易所上市的公告》的盖章页） 司 日 根据深圳证券交易所债券上市的有关规定，国信证券股份有限公司 2026 年 面向专业投资者公开发行公司债券（第一期）（品种二）符合深圳证券交易所债 券上市条件，将于 2026 年 2 月 9 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 | 国信证券股份有限公司 | | 2026 | 年面向专业投资者公开发行公司债券 | | --- | --- | --- | --- | --- | | | （第一期）（品种二） | | | | | 债券简称 | 国证 03 | 26 | | | | 债券代码 | 524652 | | | | | 信用评级 | AAA/AAA | | | | | 评级机构 | 中诚信国际信用评级有限责任公司 | | | ...

Core Viewpoint - The report from Guosen Securities indicates a stable execution of long-term contracts for air conditioning companies in Q1 2026, with rising prices for mainstream refrigerants and a focus on the recovery of fluoropolymer prices due to cost support and supply-demand improvements [1][6]. Group 1: Refrigerant Prices - In Q1 2026, long-term contract prices for mainstream refrigerants are expected to continue rising, with R32 at 61,200 CNY/ton (up 1,000 CNY/ton, +1.66% from Q4 2025) and R410A at 55,100 CNY/ton (up 1,900 CNY/ton, +3.57% from Q4 2025) [1]. - The expected price ranges for the upcoming week are approximately 62,000-63,000 CNY/ton for R32, 55,000-56,000 CNY/ton for R410A, and 56,000-57,000 CNY/ton for R134a [1]. Group 2: Production and Sales Data - In February 2026, total air conditioning production decreased by 31.6% year-on-year, significantly impacted by the timing of the Spring Festival [3]. - Domestic production in February 2026 was 4.555 million units (down 38.1% year-on-year), while export production was 6.93 million units (down 26.5% year-on-year) [3]. Group 3: Fluoropolymer Price Trends - The prices of fluoropolymers are on the rise due to ongoing cost increases and tight supply conditions, with PTFE prices ranging from 42,000 to 45,000 CNY/ton and PVDF prices for coating grade at 54,000-60,000 CNY/ton [4]. - The demand for fluoropolymers remains strong, with pre-holiday stockpiling intentions contributing to upward price pressure [4]. Group 4: Company Profit Forecasts - Companies such as Juhua Co., Ltd. (600160) are expected to achieve a net profit of 3.54-3.94 billion CNY in 2025, representing a year-on-year growth of 80%-101% [5]. - Yonghe Co., Ltd. (605020) anticipates a net profit of 530-630 million CNY in 2025, with a growth rate of 111%-151% [5]. - Sanmei Co., Ltd. (603379) projects a net profit of 1.99-2.15 billion CNY in 2025, reflecting a growth of 156%-176% [5]. Group 5: Investment Recommendations - The industry is expected to maintain a tight supply-demand balance for mainstream refrigerants like R32, R134a, and R125, with long-term price increases anticipated [6][7]. - Companies with complete industrial chains, advanced technology, and leading refrigerant quotas are recommended for investment, including Juhua Co., Ltd. (600160), Dongyue Group (00189), and Sanmei Co., Ltd. (603379) [8].

Group 1 - Core viewpoint: Southern Airlines (600029.SH) has released a performance forecast for 2025, indicating a turnaround from loss to profit year-on-year [1] - Domestic demand recovery: The passenger load factor has significantly improved year-on-year [1] - Industry supply and demand: Continuous improvement is expected, leading to potential profit elasticity in the medium to long term [1]

Core Insights - The company has shown resilient same-store sales growth for three consecutive quarters, prompting an upward revision of net profit forecasts for 2026-2027 to $10.19 billion and $11.06 billion, respectively, with a new forecast for 2028 at $11.70 billion, corresponding to PE valuations of 17.4x, 15.2x, and 13.8x [1] Financial Performance - In Q4 2025, the company achieved revenue of $28.23 billion, an increase of 8.8%, with operating profit at $1.87 billion (+23.8%) and net profit at $1.40 billion (+21.7%), resulting in an EPS of $0.40 [1] - By brand, KFC generated revenue of $21.25 billion (+8.75%) with an operating profit of $2.23 billion (+16.1%) and an operating margin of 10.5% (+0.7 percentage points). Pizza Hut reported revenue of $5.40 billion (+5.9%) and an operating profit of $20 million (+42.9%) with an operating margin of 3.7% (+1.0 percentage points) [1] - Delivery revenue increased by 34%, with restaurant revenue accounting for 53% of total sales [1] Store Expansion - The total number of stores reached 18,101 by the end of 2025, with KFC and Pizza Hut having 12,997 and 4,168 stores, respectively. In Q4 2025, the company added 587 stores, with KFC and Pizza Hut contributing 357 and 146 stores, respectively. The proportion of franchise stores reached 15% for KFC and 8% for Pizza Hut by the end of 2025 [3] Cost Structure and Profitability - In Q4 2025, salaries and employee benefits accounted for approximately 29.3% of total costs, up by 1.1 percentage points year-on-year, primarily due to increased delivery costs. Food and raw materials accounted for 31.7%, while property rent and other operating expenses made up about 26.0%. The restaurant profit margin was 13.0%, an increase of 0.7 percentage points year-on-year, driven by revenue leverage [4] Future Outlook - The company expects to add over 1,900 stores in 2026, with total stores projected to exceed 20,000 by the end of that year. The proportion of franchise stores among new openings is expected to reach 40-50% [5] - The company announced a shareholder return of approximately $1.5 billion for 2026, with expected annual returns of $900 million to over $1 billion for 2027-2028, surpassing $1 billion in 2028 [5]

Group 1 - The Haikou City Development and Reform Commission and the Municipal Financial Office organized a financing matchmaking conference for major projects in 2026, aiming to facilitate effective investment and activate private capital [2] - The conference resulted in 13.25 billion yuan in signed intentions between 6 banks and 8 enterprises, demonstrating a comprehensive coverage of funding supply and project demand [2] - The agenda included policy interpretation and demand matching, providing financial institutions and enterprises with a clear "opportunity list" and investment guidance [2] Group 2 - The People's Bank of China, Hainan Branch, provided professional interpretations of structural monetary policy tools and a credit information sharing platform for small and micro enterprises, offering policy guidance for corporate financing [4] - Haikou Financial Holding Group introduced customized comprehensive financial service plans to meet the full lifecycle development needs of enterprises [5] - Representatives from various financial institutions shared experiences in financial services, project matching models, and introduced specialized financial products for enterprises in industrial parks [5] Group 3 - State-owned and private enterprises expressed a strong willingness to deepen cooperation with financial institutions and explore development opportunities [6] - The Development and Reform Commission and the Financial Office plan to establish a regular and precise government-finance-enterprise matchmaking service mechanism to enhance the efficiency of financial support for quality projects [6] - The initiative aims to address bottlenecks in project implementation and ensure that high-potential projects are signed and executed smoothly, injecting stronger financial vitality into the city's economic development [6]

Macro and Strategy - The macroeconomic review indicates that Shenzhen's GDP is expected to grow by 5.5% in 2025, with foreign trade increasing by 1.4% despite a decline in exports due to a high base in 2024 [7] - The A-share market is projected to see a 10% profit growth in 2026, driven by cost reductions and the rise of new economy sectors outpacing traditional sectors [8][10] Industry and Company - The North Exchange saw a significant increase in trading activity in January 2026, with a total of 292 listed companies and a market capitalization of 936.3 billion yuan, reflecting a 7.7% increase [11] - The electric power equipment industry is expected to benefit from strong domestic demand and overseas expansion opportunities, particularly in high-voltage direct current (HVDC) technology [14][15] - Yum China reported a 22% year-on-year increase in net profit for Q4 2025, with total revenue reaching $2.823 billion, driven by a 34% increase in delivery sales [19][21] Investment Recommendations - Focus on high-voltage direct current and smart meter sectors, recommending companies like Pinggao Electric and XJ Electric for their growth potential [17] - Anticipate continued overseas expansion for Chinese companies in the electric power sector, suggesting attention to companies like Sifang Co. and Mingyang Smart Energy [17]

Core Viewpoint - The report from Guosen Securities indicates that during the "14th Five-Year Plan" period, the domestic power equipment sector is benefiting from a resonance of investment both within and outside the network, with leading companies accelerating their overseas expansion [1] Group 1: Domestic Market Outlook - Since the beginning of the "14th Five-Year Plan," power generation investment has seen rapid growth driven by the increase in new energy installations, while grid investment has maintained steady growth but at a significantly lower rate than power generation investment [1] - The demand for main equipment such as transformers and switchgear remains strong, with a stable competitive landscape; however, the pace of ultra-high voltage (UHV) advancement is slightly below expectations, and flexible direct current applications are reaching a turning point [1] - The price of electric meters continues to decline, putting pressure on meter companies, but the implementation of new standards in 2025 is expected to drive a price recovery [1] Group 2: 2026 Domestic Investment Outlook - The State Grid Corporation is expected to invest 4 trillion yuan in fixed assets during the "15th Five-Year Plan," a 40% increase compared to the "14th Five-Year Plan," with potential for upward adjustments [2] - The report suggests focusing on UHV, smart meters, and distribution network directions in 2026, with opportunities for demand recovery and new product development in smart meters [2] Group 3: 2026 Export Outlook - The growth of new energy installations is a common reason for the continuous increase in global power investment, with significant demand elasticity for power equipment compared to traditional energy sources [3] - From 2016 to 2022, global grid investment averaged approximately 310 billion USD annually, projected to rise to 500 billion USD from 2023 to 2030, and nearly 800 billion USD by 2030 [3] - Since 2022, various factors have driven explosive growth in overseas demand, leading to a supply-side gap, with Chinese leading companies accelerating their overseas expansion [3] Group 4: AIDC Outlook for 2026 - The demand for upgraded power distribution architecture is increasing due to the continuous enhancement of AI server power, with the AIDC power distribution method expected to evolve along the UPS-HVDC-SST path [4] - The global AIDC power equipment market is projected to exceed 410 billion yuan by 2030, with a CAGR of 39% from 2024 to 2030 [4] - 2026 is anticipated to be a pivotal year for the application of 800V HVDC/SST in both domestic and international markets, creating new opportunities driven by technological changes [4]

财富管理"新旧动能"加速转换。 头部券商投顾数量优势显著。截至去年年底，共有22家券商的投顾人员规模超过千人，国泰海通投顾数 量5990人排名第一，中信证券以4817人紧随其后，广发证券、中国银河、中信建投、华泰证券、国信证 券等5家券商投顾数量超三千人。 Wind统计数据显示，截至2月3日，证券投资顾问人数已突破8.78万人，距离9万人大关仅一步之遥。与 2024年末的8.06万人相比，投顾队伍净增人数已超过7000人，刷新了历史纪录。 在证券行业整体"瘦身"、从业总人数回落的大背景下，这一结构性调整的背后，是行业发展逻辑的变 革。 "降费对券商行业形成了短期收入承压，长期生态重塑的核心格局，代销收入、分仓佣金等传统业务直 面冲击，同时倒逼行业加速向买方投顾与综合财富管理转型。"中航证券分析师薄晓旭认为，在此背景 下，以资产配置、持仓复盘、市场解读为核心的买方投顾服务成为行业竞争核心。ETF等低费率产品竞 争力进一步凸显，成为券商代销布局的重点方向。 易方达财富副董事长、首席投资官安伟则表示，ETF投资看似简单，但实际隐藏着较高的认知门槛与策 略复杂度。在客户资产配置需求不断提升的背景下，有必要通过专业的投 ...

证券研究报告 | 2026年02月03日 2026年02月05日 宏观解读报告 经济实现质量提升——深圳市 2025 年经济数据跟踪与解读 经济研究·宏观解读 | 证券分析师： | 薛冰 | 0755-81982126 | xuebing1@guosen.com.cn | 执证编码：S0980524060002 | | --- | --- | --- | --- | --- | | 证券分析师： | 董德志 | 021-60933158 | dongdz@guosen.com.cn | 执证编码：S0980513100001 | 摘要： 深圳市 2025 年经济稳中有进，实现质的有效提升和量的合理增长。2025 年，深圳地区生产总值增长 5.5%， 达到预期增长目标；对外贸易增长 1.4%，出口受 2024 年高基数的影响有所下降，进口持续增长；工业生 产方面，工业增加值保持增长，增速高于广东省水平；投资方面，固定资产投资受房地产开发投资影响有 所下降，增速低于广东省水平；消费方面，社会消费品零售总额平稳增长，占广东省比例有所提升；金融 方面，金融机构存、贷款余额增长快速提升；价格方面，居民消费价格同比增长 ...