关于延长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）簿记建档时间的公告 国信证券股份有限公司（以下简称"公司"或"发行人"）向专业投资者公开 发行面值总额不超过 300 亿元公司债券已获得中国证券监督管理委员会证监许 可[2025]2882 号文注册同意。 根据《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）发行公告》，发行人及簿记管理人原定于 2026 年 1 月 29 日（T-1 日）15:00 到 18:00 以簿记建档的方式向网下投资者进行利率询价，并根据簿记建档结果确 定本期债券的最终票面利率。 因簿记建档当日市场变化较为剧烈，经全体簿记参与人协商一致，现将本期 债券簿记建档结束时间由 2026 年 1 月 29 日 18:00 延长至 2026 年 1 月 29 日 19:00。 特此公告。 （以下无正文） (本页无正文,为《关于延长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）簿记建档时间的公告》之盖章页） 玉信证 202 > 日 2 3/9 （本页无正文，为《关于延长国信证券股份有限公司 2026 年面 ...

中国经济网北京1月29日讯宏昌科技（301008）(301008.SZ)昨日晚间披露《关于部分股东股份减持计划 的预披露公告》。 根据公告，股东金华宏合创业投资合伙企业(有限合伙)(以下简称"金华宏合")计划在公告披露之日起15 个交易日之后3个月内以集中竞价交易或大宗交易方式进行减持不超过430,000股，占公司总股本的 0.33%。 按上一交易日公司收盘价36.00元计算，金华宏合拟减持套现合计约15,480,000元。 截至2025年12月31日，金华宏合持有公司股份1,261,600.00股，占公司总股本的0.97%。 2025年11月13日晚间，公司披露《关于股东减持计划期满暨实施结果的公告》。2025年8月13日至2025 年11月13日，金华宏盛通过集中竞价方式减持648,800股，减持均价36.422元/股；通过大宗交易方式减 持1,441,100股，减持均价30.823元/股。金华宏合通过集中竞价方式减持648,800股，减持均价37.611元/ 股；通过大宗交易方式减持273,600股，减持均价30.144元/股。合计减持3,012,300股，根据减持期间股 价均价计算，套现总金额约100 ...

Group 1 - The core point of the article is that Runge Interactive (02422) has completed a placement of 160 million shares at a price of HKD 0.435 per share, with the total value of the shares placed amounting to approximately HKD 69.6 million [1] - The shares were successfully placed to no fewer than six independent third-party subscribers, ensuring that none of the subscribers became a major shareholder immediately after the placement [1] - As of January 28, the stock held by shareholders in Runge Interactive deposited with Guosen Securities (Hong Kong) has a market value of HKD 99.31 million, representing 5.54% of the total shares [1]

Group 1 - The core point of the article is that Runge Interactive (02422) has completed a placement of shares, raising significant capital through the issuance of 160 million shares at a price of HKD 0.435 per share [1] - The total market value of the shares deposited by shareholders into Guosen Securities (Hong Kong) is HKD 99.3125 million, representing 5.54% of the company [1] - The placement was successfully completed on January 26, 2026, with the shares allocated to no fewer than six independent third-party subscribers, none of whom became major shareholders immediately after the placement [1]

1月27日，上海市证券同业公会披露的最新数据显示，2025年，上海地区A股平均佣金率为0.0192%（去 除高频量化业务为0.0206%），同比下降13.9%，与2024年的0.0223%相比，下滑趋势显著。 从区域内结构来看，佣金率分化特征显著。上海本地分支机构凭借客户黏性、机构资源等优势，维持了 相对稳健的定价水平，2025年A股平均佣金率为0.0249%（去除高频量化业务为0.0252%）；而异地分支 机构为拓展市场份额，采取了更为灵活的定价策略，成为拉低区域平均费率的主要因素，2025年A股平 均佣金率为0.0173%（去除高频量化业务为0.0189%）。 "价格战的边际效应正在不断减弱，单纯靠低佣金拉新，不仅利润空间被大幅压缩，客户留存率也难以 保障。"一位头部券商华南地区营业部负责人表示，低佣金已成为行业基础配置，真正能留住客户的， 是后续能否提供有温度、有深度的综合金融服务。 行业竞争焦点已转向资产配置能力与综合服务体验 券商经纪业务作为展业的"基本盘"，其经营韧性与转型成效始终是市场核心关切。在行业佣金率下行趋 势确立的背景下，上海地区经纪业务交出了一份反差鲜明的成绩单：区域A股平均佣金率已下 ...

Core Viewpoint - The recent appreciation of the Renminbi (RMB) against the US dollar has been driven by a combination of external market conditions and domestic supply-demand dynamics, with the RMB middle rate breaking the 7.0 mark for the first time in two and a half years, indicating a strong upward trend [1][2][3]. Exchange Rate Trends - The RMB to USD middle rate has shown a pattern of steady appreciation, with a significant increase of 103 basis points to 6.9755 on January 28, 2026, following a previous rise that broke the 7.0 threshold [1][2]. - The RMB middle rate experienced its largest single-day appreciation since August 2025 on January 23, 2026, rising 90 basis points to 6.9929 [2]. - Both onshore and offshore RMB rates began appreciating at the end of 2025, with fluctuations around the 6.9 range continuing into 2026 [2]. Factors Driving Appreciation - The "weak dollar" environment has provided crucial external support for the RMB's appreciation, with the US dollar index declining from 100.22 to 97.51 since late November 2025, a drop of approximately 2.7% [2]. - A surge in seasonal foreign exchange settlement demand has been identified as a core driver of the RMB's strength, with settlement demand in late 2025 significantly exceeding historical seasonal levels [2][3]. Market Sentiment and Future Outlook - Market sentiment has been buoyant, contributing to the RMB's strong performance, with analysts noting that the release of accumulated settlement demand from high export growth may accelerate [3]. - Despite the current strength, there is a consensus that the RMB will not experience a one-sided appreciation trend, with regulatory measures in place to prevent excessive fluctuations [4][5]. Regulatory and Institutional Perspectives - The People's Bank of China (PBOC) has indicated that the RMB exchange rate will continue to exhibit two-way fluctuations and maintain elasticity, emphasizing the importance of market forces in exchange rate formation [4]. - Analysts from institutions like Galaxy Securities predict a stable appreciation of the RMB rather than a rapid increase, with expectations of seasonal fluctuations in demand affecting the rate in the coming months [5]. Long-term Considerations - The RMB may face depreciation pressure in 2026 due to potential stabilization of the US dollar index and the impact of high tariffs on global trade and exports [6]. - Domestic economic fundamentals are expected to provide critical support for the RMB's stability, with regulatory interventions likely to manage significant volatility [6].

Group 1: Macroeconomic Context - The recent intervention in the yen's depreciation is not a repeat of the Plaza Accord but rather a re-pricing of assets under Japan's fiscal narrative[1] - The yen's decline has been accompanied by a rare simultaneous weakening of Japanese government bonds, driven by ineffective interest rate differentials and fiscal expansion expectations[1][3] - The Japanese government's strong fiscal narrative has led to increased government bond issuance and short-term debt supply pressure, resulting in rising interest rates[1][6] Group 2: US-Japan Cooperation - A coordinated effort between the US and Japan to stabilize the yen is seen as a "Nash equilibrium" to avoid significant selling pressure on US Treasuries[2] - If the US does not intervene, Japan's strategy would likely involve selling US Treasuries to stabilize the yen, which would exert significant downward pressure on US bonds[2][30] - The US's intervention aims to manage expectations rather than implement a substantial revaluation of the currency, focusing on stabilizing the Japanese yen[20][34] Group 3: Future Asset Pricing - Asset prices are entering a re-pricing window, with the yen expected to remain weak but potentially stabilize in a range due to political constraints and market pressures[3][34] - The long-term support for the US dollar is influenced by geopolitical factors and resource security, while short-term movements are constrained by Federal Reserve policies[3][37] - Resource commodities are undergoing a systemic re-evaluation, with both nominal and real values expected to rise due to a weak dollar and geopolitical tensions[3][42]

| 注册金额 | 不超过人民币 300亿元(含 300亿元) | | --- | --- | | 本期债券发行金额 | 不超过人民币50亿元(含50亿元) | | 发行人 | 国信证券股份有限公司 | | 主承销商 | 中国银河证券股份有限公司、中信建投证券股份有限公司、中信 | | | 证券股份有限公司、国泰海通证券股份有限公司、长城证券股份 | | | 有限公司、国投证券股份有限公司 | | 受托管理人 | 中国银河证券股份有限公司 | | 增信措施情况 | 本期债券无增信 | | 信用评级结果 | 发行人主体长期信用等级 AAA,本期债券信用等级 AAA | | 信用评级机构 | 详级有限责任公司 | | | 记管理人/受托管理人 | | | E券股份有限公司 | | | 于台区西营街 8号院 1 号楼 7 至 18 层 101 | | | 联席主席销商 | 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）募集说明书 声明 发行人将及时、公平地履行信息披露义务，发行人及其全体董事、高级管理 人员或履行同等职责的人员保证募集说明书信息披露的真实、准确、完整，不存 在虚假记载、误导 ...

国信证券股份有限公司2025年面向专业投资者公开发行 公司债券更名公告 2025 年 12 月 22 日，中国证券监督管理委员会以证监许可[2025]2882 号文 同意国信证券股份有限公司面向专业投资者公开发行公司债券的注册。 由于债券跨年及分期发行，按照公司债券命名惯例，征得主管部门同意，本 期债券名称由"国信证券股份有限公司 2025 年面向专业投资者公开发行公司债 券"变更为"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）"。本期债券分 2 个品种发行，其中品种一全称"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 为"26 国证 02"；品种二全称"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）"，债券简称为"26 国证 03"。 本期债券名称更变不改变原签订的与本期公司债券发行相关的法律文件效 力，原签署的法律文件对更名后的公司债券继续具有法律效力。前述法律文件包 括但不限于：《国信证券股份有限公司 2025 年面向专业投资者公开发行公司债券 之受托管理协议》《国信证券股份有限 ...

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）信用评级报告 中诚信国际信用评级有限责任公司 | 编号:CCXI-20260210D-01 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）信用评级报告 声 明 跟踪评级安排 中诚信国际信用评级有限责任公司 2026 年 1 月 23 日 2 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、准 确性不作任何保证。 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受评级委托 方、评级对象和其他第三方的干预和影响。 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信 ...