Core Viewpoint - Debon Fund announced a leadership change with Wu Xiaochun taking over as acting chairman from Zuo Chang due to work adjustments, ensuring stability in the company's management team and operations [9]. Group 1: Leadership Change - Zuo Chang has stepped down as chairman of Debon Fund effective February 12, 2026, with no indication of a new position within the company [6][9]. - Wu Xiaochun, who has over 30 years of experience in the financial industry, will serve as the acting chairman. He has held various key positions at Debon Securities, including general manager and chief financial officer [4][9]. Group 2: Company Growth - Under Zuo Chang's leadership since July 2018, Debon Fund experienced significant growth, with assets under management increasing from less than 8 billion yuan at the end of 2018 to approximately 69.7 billion yuan by the end of 2025, representing nearly an eightfold increase [9]. - Debon Fund was established in early 2012 with a registered capital of 590 million yuan and is the 70th fund company approved by the China Securities Regulatory Commission [10].

Core Viewpoint - The articles reflect on the achievements of the securities and fund industry in 2025, emphasizing the importance of integrating political and economic goals while looking forward to the opportunities and challenges in 2026 as part of the "15th Five-Year Plan" [1][4]. Group 1: Industry Achievements - The securities industry has seen significant transformation and high-quality development, with a successful completion of the "14th Five-Year Plan" [1]. - The company has actively integrated into national strategies, enhancing its core competitive advantages and service capabilities, resulting in impressive performance [1]. - The focus has been on supporting the real economy, particularly small and medium enterprises, and contributing to regional economic development [2]. Group 2: Innovation and Development - The company has emphasized innovation and differentiation, establishing a development pattern centered on regional and industry-specific needs [3]. - A customer-centric service model has been developed, combining chief service officers with product experts to enhance client engagement [3]. - Technological advancements have been prioritized, with initiatives like AI-enabled research and data collaboration platforms being implemented [3]. Group 3: Future Outlook - The year 2026 is seen as a pivotal year for deepening high-quality development in the capital market, with a commitment to serving the real economy and adhering to financial principles [4]. - The company aims to continue its focus on customer service and national strategies, contributing to social welfare and economic prosperity [4]. - There is a call for collaboration and dedication to navigating the challenges and opportunities ahead, with a strong commitment to the financial sector's mission [4].

Core Insights - The company reflects on the achievements of the past year and sets a positive outlook for the new year, emphasizing the importance of transformation and high-quality development in the securities and fund industry [1][4] Group 1: Company Achievements - The company has improved its market credibility, achieving a credit rating upgrade to AAA and an ESG rating increase to A [1] - The company has made significant progress in its Hong Kong IPO efforts and has enhanced its compliance and risk management systems [1] - The company has seen a substantial increase in its debt financing business, with underwriting volume rising over 40%, reaching a historical high [2] Group 2: Business Focus and Strategy - The company has focused on core business areas, advancing its fixed income and equity investment capabilities, and has seen growth in asset management, maintaining a leading position in the industry [2] - The company has adopted a diversified strategy with a balanced focus on stocks, bonds, and derivatives, showcasing its resilience and vitality in a competitive market [2] Group 3: Social Responsibility and Community Engagement - The company has been recognized for its social responsibility efforts, receiving full marks in industry assessments for four consecutive years and winning the "Most Socially Responsible Securities Firm" award [3] - The company has actively engaged in community service, supporting educational initiatives and promoting cultural values, demonstrating its commitment to social responsibility [3] Group 4: Future Outlook - The company aims to leverage the spirit of the Long March and focus on scaling, system upgrades, and comprehensive development in the new year, aligning with national goals and the "14th Five-Year Plan" [4] - The company is committed to strengthening its leadership in the industry through reform, innovation, and collaboration, with a focus on building a first-class state-owned securities firm with unique characteristics [4]

2月13日，市委市政府召开2026年金融机构迎春座谈会，邀请部分在宁金融主管、监管部门和金融 机构负责人共迎新春、共话发展。市委书记周红波、市长李忠军出席。 周红波代表市委市政府对各金融主管监管部门和金融机构给予南京的大力支持表示感谢。他说，过 去一年，南京经济发展向新向好、成绩来之不易，离不开金融业的有力支撑，离不开上级金融管理部门 和在宁金融机构的鼎力支持。特别是各部门和机构聚焦重点领域优化金融供给，积极助力南京科创金融 改革，持续强化政策支持、机制协同，有力有效防范化解风险，全方位赋能实体经济，为南京发展大局 作出了重要贡献。 会上，省委金融办常务副主任、省地方金融管理局局长巩海滨，中国人民银行江苏省分行行长周诚 君，江苏金融监管局局长秦汉锋，江苏证监局副局长毕庆锋，以及华泰证券、省信用增进公司、交通银 行江苏省分行、南京银行、人保财险南京市分公司等金融机构负责人分别发言，介绍了去年与南京的合 作情况和在宁业务发展情况，展望和谋划了新一年政金合作重点，表示将发挥金融增量和存量政策集成 效应，全力支持南京建设重要金融中心，为高质量发展赋能增效。 市委常委、常务副市长霍慧萍，各在宁金融机构负责人参加。 周红 ...

Group 1 - The company has completed the issuance of 219,000,000 new H-shares at a price of 18.15 HKD per share, as approved by the shareholders' meeting and the board of directors [1] - Following the H-share issuance, the company's registered capital has increased from RMB 7,605,845,511 to RMB 7,824,845,511, reflecting an increase of RMB 219,000,000 [2] - The company has completed the necessary registration changes with the Guangdong Provincial Market Supervision Administration and has received a new business license [2]

Group 1 - The board of directors of the company confirmed the authenticity, accuracy, and completeness of the announcement content [1] - The 21st meeting of the second board of directors was held on February 13, 2026, with all 12 directors present [2] - The meeting was chaired by the chairman Zhang Tao, and it complied with relevant laws and regulations [2] Group 2 - The board approved the adjustment of the special committee members, adding Jiang Qingfeng to the Strategy Committee and Risk Control Committee [3] - The updated list of special committee members was provided, effective immediately [4][5] Group 3 - The board approved the appointment of He Feng as the Executive Vice President, effective from the date of approval [9][11] - The board also approved the appointment of Cheng Jialin as Vice President, effective from the date of approval [12][13] Group 4 - The board confirmed that both He Feng and Cheng Jialin do not hold shares in the company and meet the qualifications required by relevant regulations [14][15]

天风证券遭证监会顶格处罚、前董事长被终身禁 入，罚单刚出再被立案 上述处罚落地之际，天风证券再被立案。据当日晚间公告，该公司涉嫌福建省永安林业(集团) 股份有限公司持股变动信息披露违法违规。 资料图。本文来源：澎湃新闻 顶格处罚+前董事长终身禁入 证监会顶格处罚刚出，天风证券股份有限公司（天风证券，601162.SH）再被立案。 2月13日晚间，证监会披露，针对天风证券为武汉当代科技产业集团股份有限公司（下称"当代 集团"）涉嫌违法提供融资及信息披露违法违规的行为，湖北证监局拟对天风证券和当代集团合 计处以2500万元的顶格罚款，9名相关责任人被罚款合计3480万元。同时，当代集团实际控制 人艾路明，天风证券时任董事长余磊、时任副总裁兼财务总监许欣被采取终身证券市场禁入措 施。 据证监会网站披露，近日，证监会对天风证券为当代集团涉嫌违法提供融资及信息披露违法违 规行为作出行政处罚及市场禁入事先告知。 经查，2020年至2022年期间，天风证券违法为原第一大股东当代集团提供融资、未按规定披露 与当代集团关联交易，当代集团与天风证券共同实施相关违法行为，严重违反证券法律法规。 湖北证监局拟依法对 天风证券和当代集 ...

Regulatory Actions - The China Securities Regulatory Commission (CSRC) issued warning letters to three securities firms: Pacific Securities, Zhongtian Guofu Securities, and Caitong Securities due to issues such as inadequate internal controls and improper due diligence in bond underwriting [1] - The Shanghai and Shenzhen Stock Exchanges released a special notice to standardize investor education regarding general bond repurchase transactions, requiring member units to conduct self-inspections and complete rectifications by April 30, 2026 [3] Monetary Policy - The People's Bank of China (PBOC) conducted a 10 trillion yuan six-month reverse repurchase operation, with a net injection of 5 trillion yuan after 5 trillion yuan matured [6] - The PBOC's January financial statistics report indicated that the total social financing stock was 449.11 trillion yuan, a year-on-year increase of 8.2%, with a net cash injection of 519.1 billion yuan in January [7] Foreign Investment in Bonds - As of the end of January 2026, foreign institutions held 3.35 trillion yuan in the interbank bond market, accounting for approximately 1.9% of the total custody amount, with government bonds making up 59.4% of this holding [9] Local Government Debt Management - The government of Anyang city emphasized the need to monitor local debt comprehensively and to prevent the emergence of new hidden debts, while also addressing overdue payments to enterprises [10] Bond Issuance Activities - Chengfa Group issued its first bond to support small and micro enterprises, raising 400 million yuan at an interest rate of 2.43%, with a subscription multiple of 5.45 times [11] - Beijing State-owned Assets Management Company submitted a registration for a corporate bond issuance of 10 billion yuan [12] - The Linyi City Investment Group and the Weishi County Ronggang Investment Development Company announced plans for their first bond issuances, with amounts of 15 million yuan and 6 million yuan, respectively [15][16] Debt Financing Adjustments - The China Interbank Market Dealers Association announced a reduction of 232.065 billion yuan in debt financing tool quotas for 10 companies, indicating tighter control over corporate debt issuance [16][17] Corporate Leadership Changes - The State-owned Assets Supervision and Administration Commission (SASAC) announced personnel changes involving 11 leaders across 14 central enterprises, including appointments and removals [18][19]

Group 1 - Tianfeng Securities received an administrative penalty notice from the China Securities Regulatory Commission (CSRC) for violations including undisclosed related party transactions and significant omissions in annual reports, with a proposed fine of 15 million yuan [1] - Zongshen Power plans to swap its motorcycle engine business assets with Longxin General's general machinery business assets to resolve competition issues and promote clearer business development, which is expected to constitute a major asset restructuring [2] - Quantum Leap, the third-largest shareholder of Zhangyue Technology, reduced its holdings by 4.3125 million shares, bringing its ownership below 5% [3] Group 2 - Southwest Securities plans to raise up to 6 billion yuan through a private placement to supplement its capital, with funds allocated for various business areas including wealth management and debt repayment [4][7] - ST Quanwei announced a risk of being subject to "delisting risk warning" due to projected negative net profit and revenue below 100 million yuan for 2025 [5] - ST Yigou's shareholder, Hangzhou Haoyue, plans to reduce its stake by up to 2.5% within three months [6] Group 3 - Gaode Infrared signed a contract worth 1.851 billion yuan for a complete equipment system, which is expected to significantly impact its Q1 2026 performance [9] - Jialinjie announced that its actual controller, Li Zhaoting, has been detained by the police, but this will not affect the company's operations [10] - Zhengyuan Wisdom's actual controller, Chen Jian, was sentenced to three years in prison for manipulating the securities market, but the company’s operations remain unaffected [11] Group 4 - Yongtai Technology terminated its plan to purchase a 25% stake in Yongtai High-tech from CATL due to a lack of consensus among parties involved, with no significant impact on operations [12] - Yingjixin is under investigation by the CSRC for suspected information disclosure violations, but its business activities continue normally [13] Group 5 - SF Holding reported a revenue of 26.86 billion yuan in January, a year-on-year increase of 2.22% [14] - China Shenhua's coal sales volume in January reached 33.2 million tons, up 9.9% year-on-year [14] - China Eastern Airlines and China Southern Airlines reported a year-on-year decline in passenger turnover of 1.03% and 2.86% respectively in January [14]

Core Viewpoint - Zhejiang Securities is undergoing a significant top-down restructuring of its core management team, with the recent appointment of Cheng Jingdong as president following the new chairman's arrival just three months prior [1][17]. Management Changes - Cheng Jingdong, a veteran in the investment banking sector, has been promoted to president after serving as vice president for nearly seven years, indicating a typical internal promotion [1][17]. - The company has seen a series of high-level personnel changes since 2025, including shifts in key positions such as vice president, chief risk officer, and financial director, indicating a comprehensive personnel adjustment [1][17]. - The new leadership aims to leverage the recovery of the capital market to enhance internal growth and achieve the goal of becoming a top-tier investment bank [1][17]. Performance Overview - Zhejiang Securities reported a nearly 50% year-on-year increase in net profit attributable to shareholders for the first three quarters of 2025, driven by strong growth in brokerage and proprietary trading businesses [1][17]. - The company's operating expenses were significantly reduced, with a 60.36% year-on-year decrease, contributing to the profit growth [1][17]. - Despite the overall profit increase, the growth rate is positioned in the middle to lower range among listed brokerages, highlighting the challenge of sustaining growth amid market fluctuations [1][17]. Investment Banking Business - Cheng Jingdong's leadership has seen explosive growth in underwriting business, particularly in bond underwriting, which ranked in the top ten of the industry for five consecutive years until recently [1][17]. - However, the company has faced a decline in both equity and bond underwriting activities, with bond underwriting dropping to 12th in the industry by the first half of 2025 [1][17]. - The net income from investment banking fees has decreased from over 10 billion yuan in 2020-2021 to 7.2 billion yuan in 2024, although there was a 12.6% year-on-year recovery in the first half of 2025 [1][17]. Analyst Departures and Organizational Changes - The research department has experienced a wave of analyst departures, with 12 analysts leaving in a short period, raising concerns about internal governance and compliance issues [1][17]. - The restructuring of the organization and internal governance upgrades are ongoing, indicating that the changes within the company are not yet complete [1][17]. Financial Performance and Market Position - As of the first three quarters of 2025, Zhejiang Securities achieved a net profit of 1.892 billion yuan, reflecting a 49.57% year-on-year increase, slightly below the industry average [1][17]. - The company’s operating revenue for the first three quarters was 6.789 billion yuan, marking a 66.73% increase compared to the adjusted figures from the previous year [1][17]. - The strategic goal set by the new chairman is to position Zhejiang Securities among the top 15 brokerages in the industry, emphasizing the need for effective integration and performance improvement following the acquisition of Guodu Securities [1][17].