Core Viewpoint - Huatai Securities has announced the issuance of short-term corporate bonds aimed at professional investors, with a maturity of 11 months and a coupon rate of 1.67% [1] Group 1 - The company is issuing short-term corporate bonds (first phase) with a total maturity of 11 months [1] - The final coupon rate for this bond issuance has been set at 1.67% after discussions between the issuer and the lead underwriter [1]

华西证券公告，预计2025年度净利润为12.7亿元–16.5亿元，同比增长74.46%-126.66%。2025年，我国资 本市场整体呈现上行态势，投资者信心持续回暖，市场交投活跃度显著提升。公司积极把握市场机遇， 稳中求进，推动 财富管理业务和投资业务均实现较高增长，经营业绩稳步提升。 ...

华西证券公告称，持有公司6.79%股份的股东剑南春公司，原计划于2025年9月25日披露公告之日起15 个交易日后的3个月内，合计减持不超2625万股，即不超总股本1%。截至2026年1月26日减持期限届 满，剑南春公司通过集中竞价交易减持1312.5万股，占总股本0.5%，减持均价9.56元/股，减持价格区间 为9.17 - 10.55元/股。减持后，剑南春公司持股降至16520.46万股，占总股本6.29%。本次减持未违规， 不会导致公司控制权变更。 ...

第 548 期 2026-01-27 焦点关注 河南金融监管局召开2026年监管工作会议，支持融资平台债务风险化解 1月26日，河南金融监管局召开2026年监管工作会议。会议强调，有力有序有效推进中小金融机构改革 化险，严防风险快速反弹。坚决做好信用风险降旧控新，查控并举加快案件风险处置。推动城市房地产 融资协调机制常态化运行，优化房地产领域金融服务。按照市场化法治化原则支持融资平台债务风险化 解。 宏观动态 央行今日开展4020亿元7天逆回购操作，净投放780亿元 中国央行今日开展4020亿元7天逆回购操作，投标量4020亿元，中标量4020亿元，操作利率为1.40％。 今日有3240亿元逆回购到期，当日实现净投放780亿元。 2025年人民币贷款增加16.27万亿元 1月27日，中国人民银行公布2025年四季度金融机构贷款投向统计报告。 2025年四季度末，金融机构人民币各项贷款余额271.91万亿元，同比增长6.4%，全年人民币贷款增加 16.27万亿元。 分期限看，短期贷款及票据融资余额64.16万亿元，同比增长11.0%，全年增加6.37万亿元。中长期贷款 余额118.39万亿元，同比增长7.9%， ...

Core Viewpoint - The Ministry of Finance's Debt Management Office released the trading statistics for the 2025 book-entry treasury bonds, highlighting the rankings of underwriting syndicate members and related institutions in the treasury bond spot and OTC trading markets [1] Group 1: Trading Activity - There is a significant differentiation in trading activity among various institutions, with banking institutions dominating the spot market while securities companies also show strong performance [1] - In the total ranking of the 2025 book-entry treasury bond underwriting syndicate's spot trading, Ping An Bank ranked first, followed by CITIC Securities and Orient Securities, indicating strong trading activity from both banks and securities firms [1] Group 2: Category Rankings - Among banking members, the top three in spot trading volume are Ping An Bank, Shanghai Pudong Development Bank, and Bank of Communications [1] - For non-banking members, the leading firms in spot trading volume are CITIC Securities, Orient Securities, and Huatai Securities [1] Group 3: Retail Trading - In the ranking of bank counter treasury bond trading volume aimed at individual and small investors, Agricultural Bank of China ranked first, followed by Shanghai Pudong Development Bank and Bank of China, showcasing the market influence of state-owned banks and certain joint-stock banks in retail treasury bond services [1] Group 4: Market Insights - Industry insiders indicate that the rankings objectively reflect the trading activity levels of various participating institutions in the 2025 treasury bond market, aiding market participants in understanding the industry landscape and promoting the sustainable and healthy development of the treasury bond market [1]

GOLD TRADER SHARING BE JIN 靠闭 全球领: 年7 ZFX 集 台, 通 千万F 7/ 胶兰财经 在当前全球市场高度关注美联储政策走向的背景下，ZFX山海证券注意到，本次议息会议更可能呈现出"稳定压倒一切"的特征。综合近期公开表态与经济数 据，美联储短期内延续现有利率水平的概率较高，其核心考量依然围绕经济运行本身，而非外部干扰因素。 从政策逻辑来看，ZFX山海证券梳理发现，美联储在去年连续三次小幅降息后，已经为经济提供了一定缓冲空间。当前失业率并未出现明显反弹，初请失业 金人数维持在历史偏低区间，就业市场显现出逐步企稳的迹象。在这样的环境下，货币政策转向更为谨慎，更多体现出"观察—验证—再行动"的节奏。 值得关注的是，经济增长动能依旧保持韧性。此前季度经济增速表现强劲，企业与消费端并未显现出明显收缩信号。若这一态势延续，美联储在政策选择上 更有理由保持耐心，通过时间换取更清晰的数据指引，而不是提前透支政策工具。 and and the county of the subject of the subject of the subject of the subject of the su ...

新华财经上海1月27日电上海市证券同业公会1月27日发布2025年上海地区证券经纪业务分支机构经营简 况。数据显示，到2025年末，上海地区证券经纪业务分支机构共计842家。含分公司108家，营业部734 家，含A类54家，B类240家，C类440家。 数据显示，2025年，上海地区分支机构沪深A股交易量为128.19万亿元，同比上升80.4%，A股交易量最 大一家分支机构为11.21万亿元，共有19家分支机构交易量过万亿元。全国沪深A股交易量为413.8万亿 元，上海地区占比30.98%，较2024年上升3.05个百分点。 （文章来源：新华财经） 上海地区分支机构期末融资融券账户数为73.2万户，同比提升7.3%；融资融券余额3323亿元，同比上升 49.8%，其中排名第一的分支机构为91亿元；融资融券日均余额 2549亿元，同比上升34.5%。 2025年上海地区分支机构营业收入（含佣金收入、利息）为364.84亿元，同比上升45.4%。其中，营业 收入过1000万元的共有563家，占比65%；低于100万的共有47家，占比5%（营业收入包含统计期间既 往撤销、合并等分支机构数据）。 上海地区A股平均佣金 ...

智通财经APP讯，国联民生(01456)发布公告，近日，公司收到中国证监会出具的《关于同意国联民生证 券股份有限公司向专业投资者公开发行公司债券注册的批复》(证监许可﹝2026﹞122号)，公司控股子 公司民生证券股份有限公司收到中国证监会出具的《关于同意民生证券股份有限公司向专业投资者公开 发行公司债券注册的批复》(证监许可﹝2026﹞131 号)。 根据上述批复，中国证监会同意公司向专业投资者公开发行面值总额不超过180亿元公司债券的注册申 请，同意民生证券向专业投资者公开发行面值总额不超过80亿元公司债券的注册申请。上述批复自同意 注册之日起24个月内有效，公司及民生证券在注册有效期内可以分期发行公司债券。 ...

根据上述批复，中国证监会同意公司向专业投资者公开发行面值总额不超过180亿元公司债券的注册申 请，同意民生证券向专业投资者公开发行面值总额不超过80亿元公司债券的注册申请。上述批复自同意 注册之日起24个月内有效，公司及民生证券在注册有效期内可以分期发行公司债券。 格隆汇1月27日丨国联民生(601456.SH)公布，公司收到中国证券监督管理委员会(以下简称"中国证监 会")出具的《关于同意国联民生证券股份有限公司向专业投资者公开发行公司债券注册的批复》(证监 许可﹝2026﹞122号)，公司控股子公司民生证券股份有限公司(以下简称"民生证券")收到中国证监会出 具的《关于同意民生证券股份有限公司向专业投资者公开发行公司债券注册的批复》(证监许可 ﹝2026﹞131号)。 ...

Core Viewpoint - The Japanese bond market is facing significant volatility risks ahead of the upcoming 40-year government bond auction, with analysts warning of potential "collapse" similar to previous events due to rising yields and political uncertainties [1][2]. Group 1: Auction Risks - Traders are cautious about the upcoming auction of 40-year Japanese government bonds, which follows a recent spike in yields to historical highs [1]. - Barclays Securities strategists highlighted that risks related to fiscal policy could exacerbate yield pressures, potentially leading to disappointing auction results [1]. - Weak auction outcomes could trigger a sell-off in long-term bonds, putting additional pressure on the yen and increasing speculation about government intervention in the foreign exchange market [1]. Group 2: Political Uncertainty - The current market environment is unfavorable for bond auctions due to uncertainties surrounding election outcomes and food tax reductions, prompting a more cautious investor stance [2]. - The Japanese government is reportedly prepared to take action to prevent further depreciation of the yen and rising bond yields, as indicated by recent comments from Prime Minister Fumio Kishida [2]. - Polls show a slight decline in Kishida's approval ratings, indicating potential risks associated with the decision to hold early elections [2]. Group 3: Future Bond Auctions - Upcoming auctions for 10-year and 30-year Japanese government bonds will serve as critical tests for investor demand for long-term bonds [3]. - Concerns over food tax reductions are heightening cautious sentiment regarding all government bond auctions during the election period [3].