国信证券股份有限公司 2026 年面向专业投资者公开发行 永续次级债券（第一期） 信用评级报告 | | | www.lhratings.com 1 联合〔2026〕634 号 联合资信评估股份有限公司通过对国信证券股份有限公司及其 拟面向专业投资者公开发行的 2026 年永续次级债券（第一期）的信 用状况进行综合分析和评估，确定国信证券股份有限公司主体长期 信用等级为 AAA，国信证券股份有限公司 2026 年面向专业投资者 公开发行永续次级债券（第一期）信用等级为 AAA，评级展望为稳 定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二六年一月二十七日 信用评级报告 | 2 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之 日的独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联 合资信基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评 级对象的事实陈述或鉴证意见。联合资信有充分理由保证所出具的评级 报告遵循了真实、客观、公正的原则。鉴于信用评级工作特性及受客观条 件影响，本报告在资料信息获取、评级方法与模型、未来事项预测评估等 方面存在局限性。 二、本报告系联合资 ...

Core Viewpoint - Recent increases in raw material prices, particularly copper and aluminum, have raised concerns about the profitability of leading white goods companies, but historical data suggests that the negative impact on gross margins may diminish over time [1][2] Group 1: Raw Material Price Impact - Since 2008, the home appliance industry has experienced three significant raw material price increase cycles, with the impact on gross margins decreasing over time: the highest quarterly gross margin decline was 5-7 percentage points during 2009-2011, around 5 percentage points in 2016-2017, and approximately 2 percentage points from 2020-2022 [1] - In January 2026, copper and aluminum prices increased by 36.7% and 20.9% year-on-year, respectively, which is lower than the increases seen from 2020-2022, suggesting that the current raw material cost impact on white goods companies may be less severe [2] Group 2: Production and Demand Trends - In February, the total production of white goods in China reached 23.79 million units, a 22.1% decrease compared to the same period last year, with a projected 5.0% decline for January-February combined [3] - The production performance of white goods has shown signs of recovery, with the impact of the Spring Festival timing affecting February production, but cumulative growth for January-February has slightly improved [3] Group 3: Retail Market Performance - In 2025, the retail scale of China's home appliance market is expected to decline by 4.3% year-on-year to 893.1 billion yuan, with specific categories like air conditioners and refrigerators experiencing declines of 0.4% and 11.5%, respectively [4] - Small home appliances are expected to perform better, with an overall retail growth of 3.8%, indicating a relative resilience compared to larger appliances [4] Group 4: Key Data Tracking - In January, the home appliance sector experienced a relative return of -2.6%, with raw material prices for copper and aluminum increasing by 7.8% and 4.8% month-on-month, respectively [5] Group 5: Investment Recommendations - Recommended stocks in the white goods sector include Midea Group, Haier Smart Home, TCL Smart Home, and Hisense Home Appliances, while TCL Electronics and Hisense Visual are recommended in the black goods sector [6]

Core Viewpoint - The company, Guangzhou Hexin Instrument Co., Ltd., is expected to report significant losses for the fiscal year 2025, with a projected net profit loss of approximately 89 million yuan, representing a 93.52% decrease compared to the previous year [1] Financial Performance - The estimated net profit attributable to shareholders for 2025 is projected to be around -89 million yuan, a decrease of approximately 43.01 million yuan from the previous year [1] - The estimated net profit after deducting non-recurring gains and losses is expected to be around -93 million yuan, reflecting a decrease of about 29.90 million yuan, or 47.39% year-on-year [1] - The estimated operating revenue for 2025 is around 97 million yuan, which is a decrease of approximately 105.51 million yuan, or 52.10% compared to the previous year [1] Risk of Delisting - If the audited net profit (before and after deducting non-recurring gains and losses) is negative and the operating revenue (after excluding unrelated business income) is below 100 million yuan, the company may face delisting risk warnings, indicated by the "*ST" prefix on its stock name [2] Shareholder Information - As of September 30, 2025, the eighth largest shareholder is Huatai Securities Co., Ltd., holding a 1.22% stake [2] Initial Public Offering (IPO) Details - The company raised a total of 310 million yuan from its IPO, with a net amount of 273 million yuan after deducting issuance costs [4] - The planned fundraising amount was 326 million yuan, intended for projects including the expansion of the mass spectrometry industrialization base and the construction of a research and development center [4] Previous Financial Results - In 2024, the company reported an operating revenue of 203 million yuan, a year-on-year decrease of 44.70%, and a net profit attributable to shareholders of -45.99 million yuan [4] - The company also reported a net profit of -63.33 million yuan in 2022, indicating ongoing financial challenges [5]

Core Viewpoint - The company, Guangzhou Hexin Instrument Co., Ltd., is expected to report significant losses for the fiscal year 2025, with a projected net profit loss of approximately 89 million yuan, representing a year-on-year decline of about 93.52% [1] Financial Performance - The estimated net profit attributable to the parent company for 2025 is projected to be around -89 million yuan, a decrease of approximately 43.01 million yuan compared to the previous year [1] - The expected net profit after deducting non-recurring gains and losses is projected to be around -93 million yuan, reflecting a year-on-year decline of about 47.39% [1] - The anticipated operating revenue for 2025 is around 97 million yuan, which is a decrease of approximately 105.51 million yuan, or 52.10%, compared to the previous year [1] Risk of Delisting - If the audited net profit (before and after deducting non-recurring gains and losses) is negative and the operating revenue (after excluding unrelated business income) is below 100 million yuan, the company may face a delisting risk warning, indicated by the "*ST" prefix on its stock name [2] Shareholder Information - As of September 30, 2025, the eighth largest shareholder is Huatai Securities Co., Ltd., holding a 1.22% stake [3] Initial Public Offering (IPO) Details - The company raised a total of 310 million yuan from its initial public offering, with a net amount of 273 million yuan after deducting issuance costs [5] - The planned fundraising amount was 326 million yuan, intended for projects including the expansion of the mass spectrometry industrialization base and the establishment of a research and development center [5]

Core Viewpoint - The report from Guosen Securities indicates that while current gold price fluctuations have a short-term emotional impact on the sector, the fundamental effects are expected to remain stable due to a shift in industry growth logic towards brand building, process innovation, and cultural narrative capabilities, leading to "α returns" [1] Group 1: Market Dynamics - Historical reference to the 2013 gold price correction suggests that it led to a surge in investment purchases, which may support further short-term performance growth for companies focused on investment gold business [1] - The jewelry sector is entering a consumption peak season at year-end, with overall valuations in the sector at low levels, indicating that short-term gold price fluctuations have not affected the growth logic of core leading companies [1] Group 2: Company Performance - Companies with price advantage and strong operational capabilities in Hong Kong and Macau, as well as leading firms with good product design or differentiated capabilities, are expected to continue strengthening their business advantages and achieve sustained high growth [1] - Companies with a high proportion of investment gold business and those offering fixed-price products are likely to maintain stable growth [1] Group 3: Recommendations - Recommended companies include Caibai Co., Luk Fook Holdings, Laopuhuangjin, Chow Tai Fook, and Chaohongji, which are positioned to benefit from the current market dynamics [1]

Group 1 - The tumor gene testing industry is experiencing rapid development, with significant international transactions and domestic regulatory reforms since Q4 2025 [1] - Leading U.S. tumor gene testing companies have shown strong stock price growth, with Natera, Exact Science, Guardant, and Grail achieving annual stock price increases of 52%, 78%, 221%, and 464% respectively [1] - The tumor gene testing sector maintains high growth potential, covering early screening, auxiliary diagnosis, companion diagnosis, efficacy monitoring, and recurrence prediction in precision treatment [1] Group 2 - Exact Sciences is a leading company in colorectal cancer screening, with a revenue guidance of $3.22 to $3.235 billion for 2025, representing a growth of 16.7% to 17.2% [2] - The accessible market for colorectal cancer screening in the U.S. is approximately 120 million individuals aged 45-85, with about 70 million already screened [2] - Future growth drivers for Exact Sciences include rescreening, addressing care gaps, pricing increases for Cologuard Plus, targeting younger demographics, and a strong commercialization strategy [2] Group 3 - Natera is a leader in minimal residual disease (MRD) testing, with projected revenue of approximately $2.3 billion for 2025 [3] - The core MRD product, Signatera, achieved over 200,000 samples in Q3 2025, marking a 54% year-over-year increase [3] - Natera's Signatera is one of the most scientifically validated MRD testing products, supported by over 125 peer-reviewed publications across more than 30 tumor types [3] Group 4 - The tumor gene testing industry is in a growth phase, with significant international transactions and domestic regulatory innovations [4] - Key domestic players include Adicon Biotech, which presented innovative lung cancer MRD products, and BGI Genomics, which is expanding into various cancer early screening and monitoring scenarios [4] - Mirxes-B launched China's first early screening product for gastric cancer, while Burning Rock Medical's Lungwei has achieved excellent results in multiple cancer MRD clinical trials [4]

智通财经APP获悉，国信证券发布研报称，维持商贸零售板块"优于大市"评级。当前金价波动对板块虽 有短期情绪影响，但在当前行业增长逻辑转向依赖品牌建设、工艺创新和文化叙事能力带来的"α收 益"下，预计实际基本面影响相对平稳。AI未来有望在持续赋能品牌业务发展的过程中，实现业务增长 新曲线的开拓。 2025年底海内外市场经过一定涨幅之后市场震荡有所加大，从牛市轮动角度，新的一年消费板块不排除 在政策边际加码情况下来迎来一定弹性。 国信证券主要观点如下： 黄金珠宝金价波动不改龙头长期成长 今年以来，金价出现较大幅度波动，COMEX黄金开年至1月29日涨幅为12.28%，但1月30日单日取得跌 幅8.35%。当前金价波动对板块虽有短期情绪影响，但在当前行业增长逻辑转向依赖品牌建设、工艺创 新和文化叙事能力带来的"α收益"下，预计实际基本面影响相对平稳。一方面，参考2013年金价回调后 带来抢购潮并延续数月的投资购买热情，投资金业务为主的企业短期业绩仍有进一步增长支撑;另一方 面，具备价差优势并且港澳经营能力突出的港资珠宝品牌，以及近年来产品设计或差异化能力较好或综 合优势明显的头部企业，有望继续强化自身业务优势，实现 ...

点击【樱桃大房子】关注并 2026年，绝对是一个财富分水岭！ 宁波银行官网发布《关于调整定存金产品定存利率的公告》，调整后的定存金产品定存利率分别为活期0%！ 图片截取自宁波银行官网 虽然此次宁波银行的调整是针对"定存金"这一投资产品，不是存款利率，但它如同一个清晰的信号： 0利率时代正由趋势走向现状。 每个人都需要为"零利率时代"的到来，提前做好准备。 当稳健型产品也开始褪去"保本"光环，当安全资产的收益逐渐趋近于零，未来已没有缓冲地带。 普通人面临的，将是一场悄无声息的财富蒸发： 你的存款可能在"安全"中缓慢缩水，你的养老金可能追不上物价的阶梯，你的保守理财选择会越来越窄。 我们要如何守住自己的财务防线？ 摆在普通人面前的第一道门槛就是：定存到期了怎么办？ 据国信证券估算，2026年到期的定期存款规模接近60万亿元，且主要到期时段集中在年初。 过去3年半，大家都在喊穷的时候，中国人却存下了过去20年内最多的钱，三年人均存款增加了4.4万RMB。 2025年人民币存款增加26.41万亿元。其中，现在老百姓存在银行里面的钱有162万亿元，对于任何一个经济体而言，这样的居民存款占比都太高了。 因此，1月中旬国家 ...

Core Viewpoint - The silver economy in China is experiencing significant growth, with projections indicating that the market size will exceed 16 trillion yuan by 2030, driven by the evolving consumption habits of the new generation of elderly consumers [1][2]. Group 1: Market Overview - In 2019, the market size of China's silver economy reached 4.3 trillion yuan, growing to 7.1 trillion yuan in 2023, and is expected to further increase to 8.3 trillion yuan in 2024. By 2030, the overall market size is anticipated to surpass 16.2 trillion yuan, indicating substantial potential for the silver economy [2]. - The new generation of elderly consumers exhibits significant differences in wealth levels, family structures, and consumption habits compared to previous generations, prompting companies to adapt their business strategies to meet these new consumer demands [2]. Group 2: Retail Sector - Leading retail companies such as Bailian Group and Chongqing Department Store are developing business models tailored to the purchasing habits and preferences of elderly consumers, addressing both social and purchasing needs [2]. - Supermarket chains like Hema and Yonghui are enhancing their product offerings and introducing "silver community canteens" to increase foot traffic and conversion rates among elderly shoppers [2]. Group 3: Gold and Jewelry Sector - Middle-aged and elderly consumers have historically been the primary market for gold products, driven by a focus on value preservation and brand loyalty. Companies like Caibai and Lao Fengxiang are leveraging their strong brand foundations to cater to this demographic [3]. - These companies are enhancing their product offerings through collaborations and improving customer loyalty via robust after-sales services, positioning themselves to benefit from the expanding customer base [3]. Group 4: Beauty and Personal Care Sector - The proportion of elderly consumers in the beauty and medical aesthetics markets is steadily increasing, with significant growth potential in both volume and pricing, similar to trends observed in mature overseas markets [4]. - Leading companies with strong upstream raw material capabilities and comprehensive solutions, such as Huaxi Biological and Aimeike, are expected to benefit from the rising sales among elderly consumers [4]. - Companies focused on elderly care, like Kelaibao, are also poised to gain from the expanding target audience in the personal care sector [4].

Core Viewpoint - The petrochemical industry is experiencing a gradual recovery, with a year-on-year increase of 10.56% in net profit attributable to shareholders in the first three quarters of 2025, indicating stabilization in industry profitability [1] Supply Side - Investment in fixed assets in the chemical raw materials and products manufacturing industry turned negative starting June 2025, with capital expenditure in several sub-sectors declining for multiple consecutive quarters, signaling the end of the current expansion cycle [2] - The "anti-involution" policy introduced in July aims to address low-price competition and promote the orderly exit of outdated production capacity, with various sub-sectors responding by developing industry guidelines [2] - The industry is expected to see stricter approvals for new chemical product capacities and accelerated clearance of outdated capacities, effectively alleviating the oversupply issue in the petrochemical sector [2] Demand Side - Traditional demand is anticipated to recover moderately due to global central banks entering a rate-cutting cycle and fiscal stimulus measures [3] - Emerging demand driven by sectors such as renewable energy and AI is expected to support the technological upgrade of key chemical materials [3] Overseas Chemical Capacity Clearance - The European chemical industry has faced a wave of plant closures since 2025 due to high energy costs and aging facilities, while China's chemical product sales account for over 40% of the global market [4] - The domestic petrochemical industry chain is well-established, and many chemical products are highly competitive globally, suggesting that Chinese chemical companies will continue to increase their market share amid overseas capacity clearance and anticipated demand recovery [4] Macroeconomic and Chemical Product Prices - As of January 2026, China's comprehensive PMI output index was 49.8%, indicating a slowdown in production activities compared to the previous month [5] - The chemical product price index (CCPI) reported at 4120 points on January 30, 2026, a decrease of 4.83% from the end of the previous year, although the ex-factory prices of major chemical products have increased [5] Oil Prices - Geopolitical risks have increased in January, leading to fluctuations in international oil prices, with WTI and Brent crude oil prices rising by 13.57% and 16.17% respectively compared to the end of the previous year [6]