证券研究报告 | 2026年01月26日 美元债双周报（26 年第 4 周） 弱于大市 地缘风险与财政隐忧下美债利率升至半年新高 美国 11 月 PCE 物价指数符合预期，通胀温和且支出稳健。1 月 22 日美国经 济分析局发布的 11 月 PCE 报告显示，PCE 物价指数同比上涨 2.8%，环 比上涨 0.2%，均与市场预期一致，反映通胀温和运行。剔除食品和能源 后的核心 PCE 同比亦上涨 2.8%，环比增长 0.2%，同样符合预期。报告 同时指出，美国个人支出在 11 月保持稳健增长，显示消费者支出依然 是经济增长的重要支撑，不过储蓄率进一步下滑，这或对中长期消费动 力构成一定压力。核心 PCE 维持在较高水平但未显著超预期，表明通胀 压力虽有所缓解但仍高于美联储 2%的长期目标。 风险提示：美国经济和货币、财政、贸易政策的不确定性。 核心观点 行业研究·海外市场专题 美股 弱于大市·维持 | 证券分析师：王学恒 | 证券分析师：徐祯霆 | | --- | --- | | 010-88005382 | 010-88005494 | | wangxueh@guosen.com.cn | xuzhenti ...

Core Viewpoint - The A-share delisting ecosystem is undergoing profound changes, with a significant increase in both mandatory and voluntary delistings, reflecting a shift from policy deterrence to normalized execution of delisting mechanisms [3][4][5]. Regulatory Changes - As of this year, 23 A-share companies have completed delisting, with 9 companies delisted in July alone. The types of delistings have shifted, with a notable increase in mandatory delistings due to major violations and voluntary delistings [3][4]. - Regulatory bodies have improved the efficiency of handling major violations, with some companies facing criminal charges post-delisting, indicating a "zero tolerance" approach to regulation [3][4]. - The execution of delisting has become faster, more precise, and harsher, with a significant reduction in the time from investigation to punishment, effectively eliminating opportunities for market speculation [4][5]. Delisting Cases - The case of *ST Jinkang illustrates the rapid process of delisting due to financial fraud, taking only about two months from the administrative penalty to formal delisting [5]. - There has been a marked increase in major violation delistings compared to the previous year, with 9 companies facing administrative penalties for financial fraud, triggering mandatory delistings [4][5]. Voluntary Delistings - There has been a rise in voluntary delistings, with 5 companies opting for this route this year, driven by factors such as strategic mergers and significant operational uncertainties [8][9]. - Companies like Yulong Co. and AVIC Industry have set cash options for investors during voluntary delistings, often at prices above the last trading price, to protect small investors [8][9]. Strategic Implications - The trend of voluntary delisting is shifting from a last resort to a strategic choice, allowing companies to escape short-term performance pressures and focus on long-term restructuring [9]. - Benefits of voluntary delisting include reduced operational costs and the ability to concentrate on risk management during periods of uncertainty [9].

Core Viewpoint - Hongda Co., Ltd. has received approval from the Shanghai Stock Exchange for its plan to issue shares to specific investors, pending final approval from the China Securities Regulatory Commission [1][2]. Group 1: Share Issuance Details - The total amount of funds to be raised through the issuance is 285,292.80 million RMB, which will be used for debt repayment and to supplement working capital [2]. - The shares will be issued at a price of 4.68 RMB per share, which is not less than 80% of the average trading price over the 20 trading days prior to the pricing date [3]. - A total of 609,600,000 shares will be issued, representing no more than 30% of the total share capital before the issuance [4]. Group 2: Shareholder and Control Information - The shares will be issued to Shudao Group, the controlling shareholder of the company, which constitutes a related party transaction as per the listing rules [4]. - The issuance will not change the control of the company, as Shudao Group will maintain its status as the controlling shareholder after the issuance [4]. Group 3: Regulatory and Advisory Information - The issuance is sponsored by CITIC Securities Co., Ltd., with Guo Hao and Li Yanping serving as the sponsoring representatives [5].