香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算有限公司 對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示， 概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失 承擔任何責任。 （ 於 中 華 人 民 共 和 國 註 冊 成 立 之 股 份 有 限 公 司 ，中 文 公 司 名 稱 為 「東 方 証 券 股 份 有 限 公 司 」， 在 香 港 以「 東 方 證 券」（中 文 ）及「DFZQ」（ 英 文 ） 開 展 業 務 ） （股份代號：03958） 中國•上海 2026年 1月 27日 於本公告日期，董事會成員包括執行董事魯偉銘先生和盧大印先生；非執行董事 劉煒先生、楊波先生、石磊先生、李芸女士、徐永淼先生、任志祥先生和孫維東先 生；以及獨立非執行董事吳弘先生、馮興東先生、羅新宇先生、陳漢先生和朱凱先 生。 证券代码：600958 证券简称：东方证券 公告编号：2026-002 东方证券股份有限公司关于 为境外间接全资子公司发行债券提供担保的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准 ...

香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算有限公司對本公 告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本 公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （ 於 中 華 人 民 共 和 國 註 冊 成 立 之 股 份 有 限 公 司 ，中 文 公 司 名 稱 為 「東 方 証 券 股 份 有 限 公 司 」， 在 香 港 以「 東 方 證 券」（中 文 ）及「DFZQ」（ 英 文 ） 開 展 業 務 ） （股份代號：03958） 2025年年度業績預增公告 東方證券股份有限公司（「公司」）根據香港法例第 571章證券及期貨條例第 XIVA部項下內 幕消息條文（定義見香港聯合交易所有限公司證券上市規則）（「上市規則」）及上市規則第 13.09(2)條發出本公告。 二、 上年同期經營業績和財務狀況 三、 本期業績預增的主要原因 2025年公司抓住資本市場發展機遇，主動服務實體經濟發展和社會財富管理，圍繞 一流現代投資銀行建設目標，紮實推進新三年戰略規劃實施。公司堅持穩中求進工 作總基調，在大財富、大投行、大機構三大領域持續發力，通過穩健 ...

Group 1 - The core viewpoint of the article highlights the booming A-share market in 2026, with a consensus among investment advisors on three main investment themes: Artificial Intelligence, humanoid robots, and non-ferrous metals [1] - The ETF market in China experienced significant growth in 2025, with the total scale increasing from 3.73 trillion yuan at the beginning of the year to over 6 trillion yuan by year-end, marking a 60.86% annual increase [2] - The transformation of ETFs from optional tools to essential infrastructure for asset allocation is emphasized, indicating a shift in investment paradigms [3] Group 2 - The article features insights from various award-winning investment advisors, showcasing their strategies and experiences, which include industry rotation, asset allocation, and tool innovation [3] - Notable investment advisors shared their key takeaways from the New Fortune Best Investment Advisor selection process, highlighting improvements in client service capabilities and trading models [11][19][22] - The importance of professional recognition and networking among top advisors is underscored, as it enhances their market influence and client acquisition opportunities [14][19][22]

Core Viewpoint - The company, Aolide (688378.SH), has received approval from the Shanghai Stock Exchange for a simplified procedure to issue shares to specific investors, pending final registration approval from the China Securities Regulatory Commission (CSRC) [1] Group 1: Share Issuance Details - The company plans to raise a total of up to 275.71 million yuan (approximately 27.57 million) through this share issuance, which will not exceed 30% of the company's total share capital prior to the issuance [1][2] - The determined issuance price is 22.70 yuan per share, resulting in the issuance of 12,145,907 shares [2] - The funds raised will be allocated to the OLED display core material PSPI production base project and to supplement working capital [1] Group 2: Investor Participation - The issuance will involve specific investors including Citic Fund Management Co., Ltd., Hu Baoxing, Nord Fund Management Co., Ltd., and several private equity funds, all of whom will subscribe to the shares at the same price in cash [2] - All participating investors do not have any related party relationships with the company before and after the issuance [2] Group 3: Shareholding Structure - As of the announcement date, Xuan Jingquan directly holds 21.84% of the company's shares, and Xuan Lingyi holds 9.61%, indicating a significant family control over the company [3] - Post-issuance, Xuan Jingquan, Xuan Lingyi, and Li Jixuan will collectively control 31.84% of the shares, maintaining their status as the controlling shareholders without any change in control [3] - The lead underwriter for this issuance is Dongfang Securities Co., Ltd., with representatives Sun Ping and Lü Xiaobin [3]

Group 1 - The core viewpoint is that ByteDance's entertainment app is driving significant growth in the domestic entertainment market, with a focus on the integration effects of other major companies' platforms [1][2] - The fastest growth areas are video (short dramas), reading (AI audiobooks), and music, driven by AIGC and AI algorithms, with ByteDance enhancing its market share through the integration of AI and copyright capabilities [2] - The gaming sector is expected to see a substantial supply of new products by 2026, with a competitive landscape similar to that of 2024, while older games with high DAU remain stable [3] Group 2 - Short dramas and comic dramas are anticipated to benefit significantly from AI advancements, with full-stack production tools shifting the production focus from technical personnel to content creators by 2026 [4] - Companies with upstream novel IP reserves and accumulated traffic are likely to achieve excess returns in the long term [4] - Investment recommendations include focusing on platform-type companies in the entertainment sector that will gain excess benefits from AI-enhanced production capabilities [5]

Industry Insights - The Shanghai Futures Exchange has implemented measures to cool down the market, adjusting the price limits and margin requirements for silver, tin, and copper futures, indicating a strong stance against violations [1] - The Ministry of Commerce plans to optimize the implementation of the old-for-new consumption policy to boost sales of durable goods such as home appliances and automobiles in 2026 [3] - The game industry in China is experiencing a favorable policy environment, with 177 domestic game licenses approved in 2026, maintaining a high supply level [11] Macro Insights - The People's Bank of China emphasizes the need for proactive assessment of systemic financial risks and aims to maintain the stability of financial markets through a comprehensive macro-prudential management system [2] Market Commentary - Recent discussions around the "Dragon and Tiger List" system highlight its role in enhancing market transparency and providing valuable information for small investors, which could improve regulatory oversight [4] - The market is expected to see a continued divergence in short-term trends, with technology sector hotspots potentially shifting towards more niche areas [7] - The outlook for the rare earth sector remains positive, with expectations of stable demand and a new inventory replenishment cycle, driven by recent price increases [10]

Group 1 - The Ministry of Human Resources and Social Security emphasized the importance of solidifying technological foundations to support China's modernization and high-quality development [1] - The National Development and Reform Commission plans to optimize the implementation of consumption policies, including promoting the replacement of old consumer goods and developing new growth points in service consumption [2] - The People's Bank of China is focused on enhancing macro-prudential management and financial stability, with an emphasis on improving cross-border use of the RMB and supporting the Shanghai International Financial Center [2] Group 2 - The People's Bank of China is advancing the interconnection of financial markets between mainland China and Hong Kong, enhancing liquidity support for the offshore RMB market [3] - The Shanghai Futures Exchange announced adjustments to trading limits and margin requirements for copper and aluminum futures, effective January 28, 2026 [4][5] - The Shanghai International Energy Exchange is also adjusting trading limits and margin requirements for international copper futures, effective January 28, 2026 [5] Group 3 - The National Digital Trade Demonstration Zone will be established to promote digital trade standards and policies [2] - The Shanghai three major leading industry mother funds announced the selection of 17 sub-funds, with a total investment amount of 47.1 billion yuan, leveraging nearly 200 billion yuan of social capital [7] - The China Automotive Industry Association discussed key issues in the automotive industry, including supply chain challenges and international development [7] Group 4 - The State Administration of Press and Publication approved five imported online games and 177 domestic online games in January 2026 [8] - The Ministry of Agriculture and Rural Affairs is focusing on stabilizing beef and dairy production, with measures to support the industry [9] - The Beijing humanoid robot innovation center successfully connected a humanoid robot to a low-orbit satellite, marking a significant technological breakthrough [9] Group 5 - Alibaba launched the Qwen3-Max-Thinking model, which has over 1 trillion parameters and 36 trillion tokens of pre-training data, outperforming several leading AI models [10] - Tencent's chairman highlighted the company's focus on AI investments, indicating a strategic shift towards attracting AI talent [10] - The Shanghai Stock Exchange inquired about a company's acquisition of a controlling stake in a tech firm, emphasizing the need for integration and risk management [11]

证券代码：600958 证券简称：东方证券 公告编号：2026-001 东方证券股份有限公司关于东方金融控股(香港)有限公司为其全资子公司 获取银行授信提供担保的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 担保对象及基本情况 （一）担保的基本情况 东方证券股份有限公司（以下简称"公司"）境外全资子公司东方金融控股(香港)有限公司（以下简称"东 方金控"）作为担保人于2026年1月26日签订《最高额保证担保合同》（以下简称"担保合同"），为其全 资子公司东证国际金融集团有限公司（以下简称"东证国际"）在2026年1月26日到2027年1月25日期间因 授信业务办理而与平安银行股份有限公司产生的债务最高本金余额不超过3,000万美元债务项下的全部 偿付义务提供连带责任保证担保（以下简称"本次担保"）。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 三、担保协议的主要内容 2026年1月26日，东方金控与平安银行股份有限公司签订担保合同，东方金控为东证国际在2026年1月26 ...

Group 1 - The public fund market has seen rapid growth, with total net asset value reaching 37.49 trillion yuan as of January 26, 2025, a 14.03% increase compared to the same period in 2024 [2] - Five brokerage asset management companies have surpassed 100 billion yuan in public fund management scale by the end of 2025, with Dongfanghong Asset Management leading at 216.27 billion yuan, a 30.05% increase from 2024 [2] - Several smaller brokerage asset management firms have shown significant growth, with Changjiang Asset Management and Shanzheng Asset Management increasing their management scales by 47.39% and 49.04%, respectively [2][3] Group 2 - Different institutions have distinct product structures, with non-monetary market funds dominating the management products of Dongfanghong Asset Management, Zhongyin Securities, and Caitong Asset Management, while Huatai Securities has over 85% of its products in monetary market funds [3] - Brokerages are actively exploring differentiated development paths in the public fund sector, with some increasing their stakes in public fund companies to enhance control and improve business synergy [4] - Companies are focusing on expanding their product lines and enhancing their capabilities in active equity products, with a particular emphasis on technology themes and the STAR Market [4][5]

Report Summary 1. Investment Rating for the Industry The provided content does not mention the industry investment rating. 2. Core Viewpoints - The primary market issuance of Chinese offshore bonds declined last week, with 6 new bonds issued, totaling approximately $1.906 billion. The secondary market showed a slight increase [1][5]. - US Treasury yields fluctuated upward. As of January 23, the 2 - year US Treasury yield rose 0.8 bps to 3.594%, and the 10 - year yield rose 0.23 bps to 4.2252% [3]. - Various macro - economic events occurred, including GDP growth in different countries, central bank policy decisions, and changes in economic forecasts [34][39][40]. 3. Summary by Section 3.1 Primary Market - Last week, the primary market issuance of Chinese offshore bonds decreased. Six new bonds were issued, with a total scale of about $1.906 billion. The Hong Kong MTR Corporation issued two green bonds worth a total of A$2 billion, the largest issuance scale of the week. Shui On Land issued a $300 million bond with a coupon rate of 9.75%, the highest - priced new bond of the week [1][7]. 3.2 Secondary Market - **Index Performance**: The Chinese US - dollar bond index (Bloomberg Barclays) rose 0.15% week - on - week, and the emerging market US - dollar bond index rose 0.20%. The investment - grade index closed at 203.1452, up 0.15% for the week, and the high - yield index closed at 161.8156, up 0.18%. The Chinese US - dollar bond return index (Markit iBoxx) rose 0.11% week - on - week [5][9]. - **Industry Performance**: Different industries had varying yield changes. For example, the healthcare industry's yield decreased by 40.2 bps, while the real - estate industry's yield increased significantly [19]. - **Rating Performance**: Investment - grade names generally rose, with A - grade weekly yields down 5.0 bps and BBB - grade down 2.7 bps. High - yield names mostly fell, with BB - grade yields down 6.6 bps and DD+ to NR - grade yields up about 7.9 bps [21]. - **Hot Events**: Panhai Holdings failed to repay due interest - bearing debts totaling 34.06 billion yuan as of December 31, 2025. Sunac China Holdings had new overdue borrowings and 19 new acts of dishonesty [25][26]. - **Rating Adjustments**: The ratings of several companies were adjusted, such as the upgrade of Qingdao Haifa Group's issuer rating to A+ and the downgrade of Wanda Commercial's family rating to Ca [28][29]. 3.3 US Treasury Quotes - A table shows the quotes of US Treasuries, including the code, maturity date, current price, yield to maturity, and coupon rate, with maturities over 6 months and sorted by yield to maturity from high to low [30]. 3.4 Macro Data Tracking - As of January 23, the US Treasury yields were as follows: 1 - year (T1) at 3.5083%, down 2.66 bps from the previous week; 2 - year (T2) at 3.594%, up 0.8 bps; 5 - year (T5) at 3.8245%, up 0.93 bps; 10 - year (T10) at 4.2252%, up 0.23 bps [35]. 3.5 Macro News - US GDP in Q3 2025 had an annualized quarterly growth of 4.4%, higher than the initial value. Trump reached an agreement framework on Greenland, and tariffs would not take effect. Most economists expected the Fed to keep the benchmark interest rate unchanged this quarter. The IMF raised the economic forecasts for China and the world in 2026. Japan's central bank maintained the benchmark interest rate at 0.75%, and South Korea's GDP growth in 2025 was 1%, half of the previous year's rate [34][35][39].