Core Viewpoint - The company emphasizes its commitment to serving the real economy and high-quality development through its "Four Types and Five Transformations" strategy, aiming to become an internationally leading investment bank while supporting national strategies and local economic growth [1][9]. Group 1: Four Types Strategy - The "Four Types" strategy includes innovation in service models, such as the introduction of the cornerstone client manager system and the establishment of a digital innovation system called "AI*(1+4+N)" [1][6]. - The company has achieved significant milestones, including being the top performer in equity fund returns over ten years and successfully launching multiple first-of-their-kind projects in the market [1][3]. - During the "14th Five-Year Plan" period, the "Four Types" framework has become a solid foundation for the company's high-quality development and has accelerated its service to the real economy [2][3]. Group 2: Service to the Real Economy - The company is focused on enhancing its investment banking services to support high-tech enterprises, aiming for a bond underwriting scale of 7.5 billion yuan by 2025, representing nearly a threefold increase [3]. - It has established a network of 20 technology financial service centers in key innovation areas to promote deep collaboration between technological and industrial innovation [3][4]. - The company has maintained a leading market share in IPO services for provincial state-owned enterprises in Zhejiang, supporting direct financing exceeding 500 billion yuan [4]. Group 3: Platform Development - The company is expanding its platform capabilities by building a comprehensive financial service ecosystem that covers both domestic and international markets [5][9]. - It has achieved full coverage of city cooperation within Zhejiang province and is accelerating the establishment of business headquarters in major cities like Beijing and Shanghai [5]. - The company has formed a collaborative research institute to enhance service capabilities for Zhejiang merchants and strengthen its national network [5]. Group 4: Globalization and Cross-Border Services - The company is developing a multi-layered cross-border financial service system, leveraging its Hong Kong subsidiary as a key hub for international operations [7][8]. - It has successfully assisted local enterprises in accessing international capital markets, including notable IPOs and bond issuances [8]. - The company aims to provide comprehensive support for enterprises looking to expand internationally, focusing on innovative financing solutions [8]. Group 5: Digital Transformation - The company is prioritizing digital transformation as a core driver of future growth, integrating AI into various business functions to enhance efficiency and service quality [6][11]. - It has developed a digital reform toolbox to facilitate the integration of technology into its operations, aiming for a comprehensive improvement in service delivery [6][11]. - The company is committed to building a robust governance framework to support its strategic objectives and ensure effective risk management [11].

Core Viewpoint - Southbound funds have reduced their holdings in Zhongzhou Securities (01375.HK) by 1.443 million shares on February 12, 2026, indicating a trend of net selling over recent trading days [1]. Group 1: Shareholding Changes - In the last five trading days, southbound funds have reduced their holdings on three occasions, with a total net reduction of 7.177 million shares [1]. - Over the past 20 trading days, there have been 12 days of net increases in holdings by southbound funds, totaling 4.298 million shares [1]. - As of now, southbound funds hold 702 million shares of Zhongzhou Securities, accounting for 58.71% of the company's total issued ordinary shares [1]. Group 2: Company Overview - Zhongzhou Securities Co., Ltd. is a Chinese company engaged in securities brokerage, operating through eight divisions [2]. - The brokerage division handles client transactions in stocks, funds, and bonds, while the proprietary trading division focuses on equity and fixed income investments [2]. - The investment banking division includes equity underwriting and sponsorship, as well as bond product underwriting [2]. - The credit division provides margin financing, repurchase agreements, and stock pledge services [2]. - The investment management division encompasses asset management, private fund management, and alternative investments [2]. - The futures division covers futures brokerage, trading consulting, and risk management services [2]. - The company also operates an overseas business division and other divisions related to its headquarters [2].

Group 1: Company Actions - Nomura Holdings plans to increase employee compensation in its domestic brokerage division by over 5% starting April 2026 to attract and retain talent [1] - The company has appointed a new head for its Asia and Asia-Pacific equity business to accelerate the integration of its global equity operations [1] - Nomura has completed the acquisition of Macquarie Group's public asset management business in the US and Europe, aiming to strengthen its core businesses in wealth management, asset management, and trading facilitation [1] Group 2: Stock Performance - As of February 11, 2026, Nomura Holdings' stock price closed at $9.42, with a daily increase of 0.64%, a 5-day cumulative increase of 7.05%, and a year-to-date increase of 12.28% [2] - The trading volume was $13.14 million, with a turnover rate of 0.05%, and a price-to-earnings ratio (TTM) of 12.50 times, alongside a dividend yield of 4.24% [2] - Stock price fluctuations are influenced by adjustments in global capital markets and specific company events, with liquidity remaining stable [2] Group 3: Institutional Insights - Nomura Securities reports that the upcoming launch of the DeepSeek V4 model in mid-February 2026 is not expected to trigger the same global AI computing demand panic as the V3 release did last year, emphasizing its core value in driving the commercialization of AI applications through underlying architectural innovation [3] - International investment bank research highlights that Nomura is currently focusing on targets like GDS Holdings, stressing the balance between business expansion and risk control [3]

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！ 证券代码：601995 证券简称：中金公司 公告编号：临2026-009 ■ 1 本公告所述"担保金额""担保余额"及"担保总额"在计算时仅包含固定利率票据的本金及利息以及浮动 利率票据的本金；浮动利率票据利息需根据实际情况确定。本公告所载金额涉及汇率的，均按照2026年 1月31日人民币兑美元、人民币兑港币汇率折算。 ● 累计担保情况 ■ 中国国际金融（国际）有限公司（曾用名"中国国际金融（香港）有限公司"，以下简称"中金国际"）为 中国国际金融股份有限公司（以下简称"公司"或"中金公司"）直接持股的全资子公司。中金国际直接持 有CICC Hong Kong Finance 2016 MTN Limited（以下简称"发行人"或"被担保人"）100%的股权。发行人 于2016年5月5日设立了境外中期票据计划（以下简称"中期票据计划"）。截至本公告披露日，该中期票 据计划下可发行的票据本金最高额为100亿美元。中金国际作为发行人的唯一股东，为发行人在中期票 据计划下的发行提供担保。 中国国际金融股份有限公司 关于间接持股全资子公司发行中 ...

Market Performance - The Taiwan stock market index rebounded from a low in April, reaching a historical high of 28,568.02 points on December 11, but is facing short-term technical pressure that may lead to volatility [2] - On April 7, the stock market experienced a significant drop of 2,065 points (9.7%), the largest single-day decline in history, due to U.S. tariff policies; however, a policy reversal on April 10 led to a rebound of 1,608 points, setting a new record [2] - The MSCI quarterly adjustment resulted in a massive trading volume of 7,491.6 billion NTD at the market close, marking the second-largest volume in history, with foreign investors selling a net of 299.5 billion NTD on that day [2] Company Developments - The Yuanta Taiwan 50 ETF (0050) completed a 1-for-4 split in June 2025, with its fund size surpassing 1 trillion NTD by December 8 [3] - Nomura Asset Management launched its first actively managed ETF (00980A) on May 5 and the first Taiwan-Japan linked ETF (009812) on September 18, indicating diversification in the market [3] - The introduction of the Taiwan Individual Savings Account (TISA) in 2025 provides a new tool for retirement planning [3] Leadership Changes - The Investment Trust and Consulting Association elected a new chairman, You Zhaowen, while the Securities Association re-elected Chen Junhong as chairman, and the Futures Association elected Zhan Zheng'en as chairman, which may influence industry policy communication [4] Institutional Insights - According to Bloomberg's report in November 2025, TSMC's stock price surged by 36% that year, increasing its weight in the Taiwan stock market to nearly 43%, which poses a low allocation risk for many actively managed funds due to regulatory limits on single stock holdings (10%) [5] - Fund managers are attempting to invest in alternative assets or derivatives to hedge against this risk, but replicating TSMC's uniqueness remains challenging [5]

Core Viewpoint - The Chinese stock market is expected to show a stable and positive development trend by 2026, driven by multiple positive factors such as improved economic competitiveness, the rise of new productive forces, and supportive macro policies [1][2]. Economic Competitiveness - China's overall international competitiveness is continuously improving, which is reflected in the rising valuations of Chinese assets in the capital market [3]. - The economy has shifted from investment-driven to innovation-driven, with technological innovation evolving from following to leading, creating new investment opportunities in the capital market [3]. Policy Environment - Major economies worldwide are adopting fiscal expansion and monetary easing policies, which historically lead to better performance in capital markets [3]. - The institutional environment for the Chinese stock market is expected to improve gradually, providing a more solid foundation for healthy capital market development [3]. Long-term Capital Inflow - Since September 24, 2024, the Chinese stock market has entered an upward channel, supported by policy and institutional frameworks [4]. - To attract long-term capital, three areas of focus are suggested: 1. Cultivating stronger long-term institutional investors by enhancing their operational space and supporting their net asset growth [4]. 2. Expanding investment scope to include overseas ETFs, commodities, and derivatives for institutional investors [4]. 3. Improving the delisting mechanism to ensure a competitive market environment [4]. Asset Allocation Strategy - For 2026, the focus is on assets with long-term value, particularly RMB-denominated assets, with optimism for A-shares and Hong Kong stocks [5]. - While equity assets are expected to perform well in the long term, there is a need to lower return expectations due to significant valuation increases since September 2024 [5]. - Specific sectors to watch include innovative technology stocks, traditional manufacturing companies with global competitiveness, and high-dividend blue-chip assets represented by state-owned enterprises [5]. Investment Strategy - The recommended asset allocation strategy shifts from the traditional "721" model to the "442" strategy, which includes 40% stable assets (fixed income, insurance products), 40% equity (A-shares, Hong Kong stocks), and 20% alternative assets (such as commodities) [7].

Core Insights - The cross-border ETF market has reached a scale of 1 trillion yuan as of February 11, with Hong Kong-themed ETFs accounting for 822.51 billion yuan [1][2] - There has been a net inflow of 54.43 billion yuan into Hong Kong-themed ETFs this year, indicating strong investor interest despite market adjustments [1][4] - The number of cross-border ETFs has significantly increased, with 214 listed as of February 12, compared to 138 at the end of 2024 [2] Group 1: Market Growth - The cross-border ETF market first surpassed 1 trillion yuan on January 12, but has seen fluctuations since then [2] - The number of cross-border ETFs exceeding 10 billion yuan has grown from 11 at the beginning of 2025 to 26 as of February 11 [2] Group 2: Fund Inflows - Significant capital has flowed into Hong Kong-themed ETFs, with over 500 billion yuan entering the market this year [1][4] - Specific ETFs such as the Fortune Hong Kong Internet ETF and Huatai-PB Southern East England Hang Seng Technology ETF have seen substantial net inflows of 69.96 billion yuan and 68.63 billion yuan, respectively [4] Group 3: Institutional Insights - Public funds have been increasing their allocations to Hong Kong-themed ETFs, with nearly 30 new index funds reported this year [5] - Analysts suggest that the recent adjustments in the Hang Seng Technology Index may stabilize, as valuations are at historically low levels, and there are signs of recovery in the technology sector [6]

这一幕闹剧的背后，是刚刚出炉的一月份就业数据和物价指数。数据乍看之下光鲜亮丽，非农就业远超 预期，仿佛美国经济一片繁荣。然而，只要稍加深究，便会发现其中的猫腻。原来，这繁荣的景象，很 大程度上是建立在对前期数据的"优化"之上。就好比期末考试前，偷偷把期中成绩从八十分改成四十 分，然后期末考了六十分，便大肆宣扬自己进步了五成。这种"先抑后扬"的障眼法，早已不是新鲜事。 美国统计部门隔三差五便会进行一次"数据大修正"，悄悄戳破之前的牛皮，再吹一个新的。 然而，这一次，市场似乎不再买账了。诡异的是，通常情况下，就业数据强劲意味着经济向好，股市理 应上涨。但现实却是，数据公布后，美股应声下跌，纳斯达克更是画出了一道惊险的"跳水运动员"曲 线。同时，美债也未能幸免，遭遇抛售。这背后，是华尔街交易员的冷静判断：好的经济数据意味着通 胀压力犹存，美联储短期内降息的可能性微乎其微，而当前美股的估值，很大程度上是建立在降息的预 期之上。全球资本更是用实际行动表达了对"美国经济很好"这一叙事的质疑，纷纷抛售美债。 在全球资本的暗流涌动中，一场信任的迁移正在悄然发生。过去几十年，美元凭借其坚实的经济基础和 强大的国家信用，在全球金 ...

Core Viewpoint - In 2026, China's economy is expected to experience moderate policy support and a structural focus on both "increase and decrease" and "supply and demand" to achieve reasonable growth [1][4] Macroeconomic Outlook - The macroeconomic policy is crucial for maintaining stable economic operations and achieving high-quality development. The People's Bank of China plans to implement a moderately loose monetary policy in 2026, enhancing counter-cyclical and cross-cyclical adjustments to support the "14th Five-Year Plan" [2] - The core drivers of economic growth in 2026 are expected to be a combination of policy-driven investment, domestic demand recovery, and resilient exports, forming a multi-faceted growth structure [3][4] A-share Market Performance - The A-share market is anticipated to stabilize around the 4000-point mark, which has shifted from a historical resistance level to a significant support level. Key drivers include policy and liquidity support, improvement in corporate earnings, and increased market confidence [5][6] - The overall profit growth rate for A-shares is projected to rise from 6% in 2025 to between 8% and 14% in 2026, with a notable recovery in non-financial corporate earnings [6] International Gold Price Trends - The international gold price is expected to continue its upward trend, with the London gold price experiencing a significant increase of 13.01% in January 2026, reaching above $5000 per ounce [8] - Factors supporting the rise in gold prices include the Federal Reserve's interest rate cuts, ongoing central bank gold purchases, and geopolitical tensions, with expectations for gold prices to potentially reach between $5500 and $6000 per ounce in 2026 [9]

Group 1 - Unisplendour Corporation has been pursuing the acquisition of H3C Technologies for ten years, with a total investment of 35.30 billion yuan for a 6.98% stake, valuing H3C at 505.86 billion yuan [2] - After this acquisition, Unisplendour will hold 87.98% of H3C, having invested a total of 354.91 billion yuan [2] Group 2 - Dongwang Times plans to acquire 51% of Keguan Polymer for 1.94 billion yuan, entering the new materials sector [3] - Keguan Polymer specializes in high-barrier PVDC latex and related products, with expected revenues of 1.5 billion yuan and a net profit of 1815.86 million yuan for 2024 [3] Group 3 - Debang Lighting is acquiring 44.72% of Jiali Co. for 653.75 million yuan, with an asset valuation increase of 45.92% [4] - The valuation of Jiali Co. is set at 1.46 billion yuan, exceeding its assessed value and market value [4] Group 4 - Kangxin New Materials has adjusted its acquisition plan for 55% of Yubang Semiconductor, now costing 347 million yuan, down from an initial 392 million yuan for 51% [5] - The pre-investment valuation has been revised from 688 million yuan to 550 million yuan [5] Group 5 - Beizhi Technology is set to acquire 100% of a target company for 140 million yuan, with 80% paid in shares and 20% in cash [7] - The transaction has undergone adjustments due to the withdrawal of certain parties from the deal [7] Group 6 - Deutsche Börse is acquiring a 20% stake in ISS Stoxx for 1.1 billion euros, with the first payment of 731 million euros due this month [8] - The acquisition is expected to have a minor positive impact on Deutsche Börse's earnings per share [8] Group 7 - Nuveen has agreed to acquire Schroders for approximately 135 billion dollars, with a total asset management of nearly 2.5 trillion dollars post-merger [9] - Shareholders of Schroders will receive 590 pence in cash per share, plus a potential dividend of up to 22 pence [9]