Core Viewpoint - The company has received approval from the China Securities Regulatory Commission (CSRC) to publicly issue perpetual subordinated bonds to professional investors, with a total face value of up to 3 billion yuan [1]. Group 1 - The CSRC issued a formal approval for the company's application to register the issuance of perpetual subordinated bonds [1]. - The total face value of the bonds that can be issued is capped at 3 billion yuan [1]. - The approval is valid for 24 months from the date of registration, allowing the company to issue the bonds in multiple tranches within this period [1].

Core Viewpoint - The successful issuance of the first offshore bond in the Shanghai Free Trade Zone marks a significant innovation in China's offshore financial market, providing a new pathway for non-bank financial institutions to expand internationally [1][2]. Group 1: Offshore Bond Issuance - The first offshore bond, issued by Dongfang Zhisheng Co., with a scale of 200 million RMB and a maturity of 364 days at an interest rate of 1.88%, was successfully completed [1]. - The issuance was supported by Dongfang Securities Co., which provided cross-border guarantees, highlighting a new role for non-bank financial institutions in offshore debt financing [2][3]. Group 2: Market Dynamics and Regulatory Framework - The new regulations for offshore bonds, effective from March 1, 2026, provide clear institutional expectations for issuers, defining the boundaries and encouraging RMB pricing [4]. - The Shanghai Free Trade Zone's offshore bond market has quickly become a vital channel connecting high-quality domestic assets with foreign capital, with significant interest from international investors [2][4]. Group 3: Future Outlook and Market Potential - The upcoming maturity of a large volume of existing offshore bonds in 2026, with a total outstanding amount of approximately 67.8 billion RMB, indicates a critical period for the market [5]. - Experts believe that the offshore bond market will attract foreign investors due to its high credit quality and stable yields, especially in the context of global monetary policy shifts [5][6]. - The development of a more robust offshore bond framework is expected to enhance the international use of the RMB, positioning offshore bonds as a key support for China's financial globalization [6].

Group 1 - The core point of the article is that Guolian Minsheng Securities Co., Ltd. has received approval from the China Securities Regulatory Commission (CSRC) to publicly issue perpetual subordinated bonds to professional investors, with a total face value not exceeding 3 billion yuan [1] Group 2 - The approval from the CSRC is documented in the official notice numbered 2026 (Approval No. 125) [1] - The registration approval is valid for 24 months from the date of consent, allowing the company to issue the bonds in tranches during this period [1]

智通财经APP讯，广发证券(01776)公布，广发证券股份有限公司 2026 年面向专业投资者公开发行短期 公司债券(第一期)符合深圳证券交易所债券上市条件，将于 2026 年 1 月 29 日起在深圳证券交易所上 市，并面向专业投资者中的机构投资者交易，交易方式包括匹配成交、点击成交、询价成交、竞买成交 和协商成交。本期债券发行总额30亿元，票面年利率1.68%，债券期限365天。 ...

中新社北京1月28日电 (记者 郭超凯)据中国公安部经济犯罪侦查局28日消息，2025年以来，中国公安经 侦部门依法严厉打击、严密防范证券期货犯罪活动，全年共办理重大证券犯罪案件200余起。 针对利用网络直播荐股、假冒券商等非法证券活动的新趋势、新特点，公安经侦部门加强与证监、网信 等部门的合作，开展深度研判和全链条波次打击，共同净化资本市场生态。(完) 针对投资者深恶痛绝的上市公司财务造假类犯罪活动，公安经侦部门对相关犯罪始终保持严打高压态 势。2025年，公安部经侦局共部署侦办70余起上市公司涉嫌犯罪案件、联合有关部门督办12起重大财务 造假类犯罪案件，从严惩治涉嫌犯罪的上市公司控股股东、实际控制人等"关键少数"，深挖财务造假背 后的挪用资金、职务侵占、背信损害上市公司利益等掏空公司资产的犯罪行为，对参与和配合造假的中 介机构及第三方"一案双查"，全面净化行业生态。 针对严重影响市场秩序的操纵市场和内幕交易等犯罪活动，公安经侦部门坚持深入研判、快速打击。 2025年公安部经侦局部署地方公安经侦部门依法办理证监部门移送的130余起证券交易类涉嫌犯罪案 件，部署北京、江苏、浙江等地经侦部门会同证监稽查部门对重 ...

格隆汇1月28日｜长城证券(002939.SZ)公告称，长城证券预计2025年归属于上市公司股东的净利润为 22.91亿元–24.49亿元，比上年同期增长45%–55%。2025年公司积极把握市场机遇，财富管理、证券投 资业务稳定增长，投资银行、资产管理业务同比回升，各业务条线协同共进，推动整体业绩稳步提升。 ...

Investment Rating - The report indicates a cautiously optimistic outlook for the Hong Kong property market, particularly in premium office spaces and the residential sector, while traditional buildings face challenges due to increased supply and vacancies [21][22]. Core Insights - The Hong Kong office market is experiencing a bifurcation, with premium Grade-A buildings in Central seeing a 3% year-on-year rent increase, while traditional buildings in Central, Causeway Bay, and Quarry Bay have seen significant rent declines of 7.1%, 8.1%, and 8.6% respectively [11][12]. - The residential market has shown signs of recovery, with total transaction volume reaching 62,832 units in 2025, an 18.3% increase year-on-year, and primary market transactions rising by 21.5% [30][31]. - Retail sales have stabilized with a 0.4% year-on-year increase, reaching approximately HK$345 billion from January to November 2025, indicating a tentative recovery in consumer spending [47]. Office Market Summary - The total Grade-A office vacancy rate in Central is reported at 11.6% as of Q4 2025, with significant leasing activity driven by financial institutions [18][21]. - Major leasing transactions include QRT committing to 140,000 sq ft at Two IFC and Futu Securities leasing 38,169 sq ft at Two Pacific Place [7][8]. - Kowloon’s leasing activity softened in Q4 2025, particularly in December, with overall demand primarily supported by lease renewals [14]. Residential Market Summary - The primary market accounted for 33% of total sales in 2025, above the five-year average of 27%, with notable sell-through performances in competitively priced projects [30][31]. - The luxury segment saw a 45% quarter-on-quarter increase in transactions above HK$78 million, highlighting strong demand from both local and foreign buyers [32]. - Unsold units decreased to approximately 11,250 by December 2025, down from 17,530 in June 2025, indicating easing inventory pressure [36]. Retail Market Summary - E-commerce penetration has increased significantly, with online sales rising from 6.3% in 2020 to 9.5% in 2025, reflecting changing consumer behavior [48]. - The F&B sector remains resilient, averaging HK$27.3 billion in sales between 2023 and Q3 2025, despite facing rising competition and costs [56]. - Key retail lettings in Q4 included significant transactions by financial institutions, indicating a shift in tenant mix towards more diversified uses [55].

Core Viewpoint - The article emphasizes the commitment of the Public Security Economic Investigation Department to combat securities and futures crimes, ensuring a clean market environment and protecting investors' rights, thereby supporting the high-quality development of the capital market [1][3]. Group 1: Actions Against Securities Crimes - In 2025, over 200 major securities crime cases were handled, significantly purifying the capital market ecosystem [1]. - The department focused on financial fraud by listed companies, investigating over 70 cases and strictly punishing key individuals involved in such crimes [1]. - A total of 130 securities trading-related criminal cases were processed, with collaborative efforts to enhance intelligence analysis and rapid response to crime [2]. Group 2: Online Securities Crime - The department initiated a cluster attack model to address rampant online illegal securities activities, successfully cracking down on 12 cases and arresting over 230 suspects [2]. - More than 35 million yuan in illegal gains were recovered, with the total amount involved exceeding 200 billion yuan [2]. Group 3: Future Strategies - The article outlines a new policing model combining professionalism, mechanisms, and big data to tackle increasingly complex securities crimes [3]. - The focus will be on enhancing collaboration with relevant departments to ensure effective legal accountability and promote the high-quality development of the capital market [3].

从金银下游消费来看，部分企业表示，市场买涨情绪较浓，近期白银消费量明显增加。 上海某用金企业负责人 王恺：最近银的消费增多了，但基本是以投资银条的形式走到了最终端。目前 在水贝市场，银条的现货溢价差不多3到5个百分点。还有铂金，铂金最近出的货也多。 近期，金价、银价连续上涨。26日，国际金价突破5000美元/盎司大关；白银同样创出新高，伦敦银一 度突破108美元/盎司，日内涨幅超6%。27日金银价格走势如何？ 截至北京时间27日下午三点，纽约商品交易所黄金期价报约5085美元/盎司，较前一交易日收盘的 5004.8美元/盎司继续上涨；纽约商品交易所白银期价报约110美元/盎司，同样较前一交易日收盘价继续 上涨。今年以来，国际黄金期货价格涨幅已超17%，白银涨幅则高达55%。 长江证券金属煤炭联席首席分析师 赵超：1月份以来，金银比跌至50附近，创13年新低，是由近期白银 冲高的速度远胜于黄金导致的。 卓创资讯贵金属分析师 黄加奇：投资金条、投资银条的需求更是随着市场的看涨预期而爆发。但对于 光伏、镀金、镀银等产业需求，因为采购成本高企，多寻求采用"去金""去银"的技术路线。 资本市场方面，27日A股贵金属板块 ...

近日，国联民生证券股份有限公司（以下简称"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）。 登录新浪财经APP 搜索【信披】查看更多考评等级 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：601456 证券简称：国联民生 公告编号：2026-002号 国联民生证券股份有限公司关于公司及控股子公司向专业投资者公开发行公司债券获得中国证监会注册 批复的公告 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。 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 ...