截至2026年1月9日收盘，中兴通讯（000063）报收于40.23元，较上周的37.84元上涨6.32%。本周，中 兴通讯1月8日盘中最高价报40.4元。1月5日盘中最低价报37.59元。中兴通讯当前最新总市值1924.42亿 元，在通信设备板块市值排名3/85，在两市A股市值排名82/5182。 本周关注点 关于按照《香港上市规则》公布2025年12月份证券变动月报表的公告 中兴通讯股份有限公司根据《香港上市规则》要求，公布了截至2025年12月31日的证券变动月报表。报 告显示，公司H股和A股的法定注册资本、已发行股份及库存股均无变动。H股总数为755,502,534股，A 股总数为4,028,032,353股，总注册资本为人民币4,783,534,887元。可转换债券方面，人民币 3,584,000,000元的H股可转换债券仍在存续期，转换价为每股30.25港元，本月底可能转换的股份为 129,726,464股。 关于回购A股股份的进展公告 中兴通讯股份有限公司于2025年12月12日召开第十届董事会第十七次会议，审议通过以集中竞价交易方 式回购A股股份的方案，拟用于员工持股计划或股权激励，回购资金总 ...

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！ 广发证券股份有限公司（以下简称"广发证券"或"公司"）第十一届董事会第十二次会议通知于2026年1 月6日以专人送达或电子邮件方式发出，会议于2026年1月6日以通讯表决的方式召开。本次董事会应出 席董事11人，参与表决董事11人。会议内容同时通知了公司高级管理人员。会议的召开符合《公司法》 等有关法律法规和《广发证券股份有限公司章程》的规定。 会议审议通过了以下议案： 一、审议关于公司根据一般性授权实施H股再融资的议案 以上议案同意票11票，反对票0票，弃权票0票。 反对票或弃权票的理由：不适用。 公司根据一般性授权实施H股再融资的详情请见与本公告同时披露于巨潮资讯网站 证券代码：000776 证券简称：广发证券 公告编号：2026-001 广发证券股份有限公司 第十一届董事会第十二次会议决议 公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 广发证券股份有限公司董事会 二〇二六年一月七日 （www.cninfo.com.cn）的《 ...

Core Viewpoint - GF Securities is initiating a significant refinancing round to inject capital into its international business, with a total fundraising expected to exceed HKD 6 billion [1] Group 1: Financing Details - The financing will be conducted through a combination of placing new H-shares and issuing convertible bonds, with the total expected net proceeds exceeding HKD 6 billion [2] - The company plans to place 219 million new H-shares at a price of HKD 18.15 per share, and issue zero-coupon convertible bonds totaling HKD 2.15 billion, with an initial conversion price of HKD 19.82 per share [2] - The placement shares will account for approximately 12.87% of the existing issued H-shares, with a discount of about 8.38% compared to the last trading day's closing price [2] Group 2: Use of Proceeds - The net proceeds from the financing will be fully allocated to increase capital for overseas subsidiaries, enhancing their capital strength and risk resistance to support international business development [4] - This move aims to better serve the needs of the real economy and residents' cross-border wealth management [4] Group 3: Strategic Context - The financing is a key step in GF Securities' internationalization strategy, which aligns with the growing demand for Chinese enterprises to "go global" and the encouragement from regulators to build first-class investment banks [1][4] - The company has adopted a strategy combining "internal development and external expansion," gradually establishing a cross-border service network that connects Hong Kong, Southeast Asia, Europe, and the United States [4] - GF Securities has already obtained full business licenses in global securities, investment banking, asset management, and wealth management, positioning itself as a "super interface" connecting domestic and international markets [4] Group 4: Industry Trends - The trend of enhancing international business capabilities among securities firms is being driven by both policy encouragement and market opportunities [6][7] - The China Securities Regulatory Commission has urged securities institutions to improve cross-border financial service capabilities and promote coordinated development of domestic and international businesses [7] - Other firms in the industry, such as China Merchants Securities and Guotai Junan Securities, are also actively pursuing international expansion through capital increases and acquisitions [7]

Investment Rating - The report maintains a positive investment rating for the insurance and securities sectors, highlighting the favorable current interest rate environment and supportive policies [5][38]. Core Insights - The issuance of zero-coupon convertible bonds by China Pacific Insurance is expected to significantly reduce financial burdens and enhance capital strength, supporting long-term development [1]. - The Hong Kong government's policy report emphasizes the consolidation of its status as an international financial center, with initiatives to strengthen the stock market and develop a leading bond market [2][3]. - The report suggests that the ongoing optimization of Hong Kong's stock and bond market regulations will expand investment opportunities for non-bank institutions from the mainland [4][38]. Summary by Sections Market Review - Major indices showed mixed performance, with the Shenzhen Component Index and ChiNext Index rising, while the Shanghai Composite Index fell by 1.30% [8]. - The non-bank financial sector experienced a decline, with the insurance index showing relative resilience [8]. Securities Sector - The report notes a significant increase in trading activity, with a total transaction volume of 12.45 trillion yuan in the A-share market, reflecting a year-on-year increase of 344.52% [15]. - The report highlights a robust performance in the underwriting of IPOs and refinancing, with cumulative IPO underwriting reaching 630.28 billion yuan [15]. Insurance Sector - The report indicates a positive trend in insurance premium growth, with China Pacific Insurance reporting a 13.2% year-on-year increase in premium income [36]. - The report suggests a focus on key insurance companies such as Sunshine Insurance, China Pacific Insurance, and China Life Insurance for potential investment opportunities [39]. Liquidity Tracking - The report details the central bank's operations, including a net injection of 5,923 billion yuan into the market, indicating a supportive liquidity environment [27]. Industry News and Company Announcements - The report includes significant announcements from various companies, such as the completion of bond issuances by several securities firms, indicating active capital market participation [36].

Macro Dynamics - China's cumulative sales of new energy vehicles have surpassed 40 million, maintaining the world's leading position in production and sales for ten consecutive years, contributing to global carbon reduction goals [2] Government Response - The Ministry of Commerce of China responded to the EU's imposition of anti-subsidy taxes on Chinese electric vehicles, urging the EU to avoid weaponizing tariffs and to eliminate market barriers, promoting fair competition and cooperation in the industry [3] Financial Institutions - China Pacific Insurance announced the completion of the issuance of HKD 15.556 billion zero-coupon convertible bonds, which will be listed on the Hong Kong Stock Exchange [8] - HSBC Hong Kong announced a reduction in the annual interest rates for Hong Kong dollar and US dollar savings accounts, effective September 19, 2025 [9] - UBS predicts that the Federal Reserve may further cut interest rates by 75 basis points by the first quarter of 2026, following a recent 25 basis point reduction [10] Market Data - As of September 18, A-share indices experienced a decline, with the Shanghai Composite Index down 1.15%, Shenzhen Component down 1.06%, and ChiNext down 1.64%, with a total market turnover of approximately CNY 3.16 trillion [12] - The financing balance of the two markets increased by CNY 12.646 billion, with the Shanghai Stock Exchange reporting CNY 1.209727 trillion and the Shenzhen Stock Exchange CNY 1.170886 trillion [13] - The Hang Seng Index fell by 1.35%, while Huahong Semiconductor rose over 8% [14] Company Dynamics - Huawei expressed confidence in providing sufficient computing power for the development of artificial intelligence, emphasizing its role in the future of AI in China [15] - DeepSeek issued a statement warning against fraudsters impersonating the company, clarifying that it has never requested payments to personal or unofficial accounts [16] - *ST Chuangxing announced that its chairman is under investigation, but the company’s operations remain normal [17] - Tianpu Co., which has seen a 12-day stock price increase, warned that its stock price has significantly deviated from its fundamentals, indicating potential risks of a rapid decline [18] - Changan Automobile confirmed the fulfillment of its 60-day payment commitment and is exploring new technologies and products [20] - Shenzhen Huaqiang stated that it provides electronic components to Yushu Technology [21] - Fulim Precision signed a prepayment agreement with CATL for CNY 1.5 billion to secure lithium iron phosphate supply, enhancing strategic cooperation [22]

Core Viewpoint - China Pacific Insurance (Group) Co., Ltd. plans to issue zero-coupon convertible bonds totaling HKD 15.556 billion, maturing in 2030, to be converted into H-shares [1] Group 1 - The company announced the issuance of zero-coupon convertible bonds on September 18, 2025, with a total principal amount of HKD 15.556 billion [1] - The bonds are set to mature in 2030 and will be convertible into the company's H-shares [1] - All preconditions for the subscription agreement of the convertible bonds have been met, and the issuance was completed on September 18, 2025 [1] Group 2 - The bonds will be listed and traded on the Hong Kong Stock Exchange starting September 19, 2025 [1] - The company will comply with the relevant filing procedures as required by the China Securities Regulatory Commission [1]

Group 1 - The company, China Pacific Insurance (601601), announced the issuance of H-share convertible bonds totaling HKD 15.556 billion [1] - All conditions precedent in the subscription agreement for the bonds have been fulfilled [1] - The H-share convertible bonds were issued on September 18 and will be listed and traded on the Hong Kong Stock Exchange starting September 19 [1]

Core Viewpoint - The issuance of zero-coupon convertible bonds by Chinese insurance companies, such as China Pacific Insurance, is a strategic move to raise capital while managing share capital effectively, balancing between debt financing and share repurchase operations [1][2][4]. Group 1: Financing Details - China Pacific Insurance successfully issued H-share convertible bonds amounting to HKD 155.56 billion, achieving a premium issuance under zero coupon conditions [2]. - The initial conversion price for the convertible bonds is set at HKD 39.04 per share, with a conversion premium rate of 25% [2]. - The issuance marks several records, including being the largest zero-coupon convertible bond in Hong Kong history and the largest overseas refinancing project in the Asia-Pacific financial sector since 2025 [2]. Group 2: Capital Management Strategy - The concurrent issuance of convertible bonds and the repurchase of A-shares by companies like China Ping An is a strategic "three-win" operation, enhancing shareholder value and improving stock liquidity [4]. - The repurchase of A-shares is expected to elevate share prices and increase earnings per share, while the issuance of convertible bonds can attract more foreign investors and improve H-share liquidity [4][6]. Group 3: Long-term Strategic Goals - The funds raised from the issuance will primarily support the core insurance business and strategic developments in healthcare and technology sectors, which require substantial capital investment [6][7]. - The issuance of low-cost bonds is aimed at meeting regulatory capital requirements and supporting the long-term strategic goals of the companies [7].

Investment Rating - The report maintains an "Accumulate" rating for the company [7][3]. Core Views - The company plans to issue H-share convertible bonds to enhance its capital strength, support strategic development, and improve flexibility in domestic and international business layouts [3][13]. - The issuance of convertible bonds is expected to alleviate capital pressure and support the company's ongoing strategic initiatives, particularly in the areas of insurance, health, and pension services [13][14]. Financial Summary - Projected revenue for 2023 is CNY 323,945 million, with a 2% decrease, followed by a 25% increase in 2024 to CNY 404,089 million. Revenue is expected to stabilize with slight fluctuations in the following years [5][14]. - Net profit attributable to shareholders is forecasted to be CNY 27,257 million in 2023, a 27% decrease, but is expected to rise significantly by 65% to CNY 44,960 million in 2024 [5][14]. - Earnings per share (EPS) is projected to increase from CNY 2.83 in 2023 to CNY 5.26 by 2027 [5][14]. - The company’s return on equity (ROE) is expected to improve from 11% in 2023 to 15% in 2024, stabilizing around 14% in subsequent years [5][14]. Target Price and Market Data - The target price for the company's stock is set at CNY 50.08, with the current price at CNY 37.44 [7][8]. - The company has a market capitalization of CNY 360,186 million and a total share capital of 9,620 million shares [8][9]. Convertible Bond Details - The company plans to issue CNY 15.556 billion in zero-coupon H-share convertible bonds, maturing in 2030, with an initial conversion price of HKD 39.04 per share, representing a premium of approximately 21.24% over the closing price on September 10 [13][14]. - The net proceeds from the bond issuance will primarily be used to support the insurance business, strategic initiatives in health and internationalization, and general corporate purposes [13][14].

Core Viewpoint - China Pacific Insurance (Group) Co., Ltd. has proposed to issue H-share convertible bonds and list them on the Hong Kong Stock Exchange, aiming to support its core insurance business and strategic initiatives [2][6]. Group 1: Board Meeting and Resolutions - The 17th meeting of the 10th Board of Directors was held on September 10, 2025, with all 13 attending directors agreeing to waive the notice period [1]. - The board unanimously approved the proposal for issuing H-share convertible bonds [3]. Group 2: Convertible Bonds Issuance - The company plans to issue convertible bonds exclusively to professional investors, in compliance with relevant regulations, and will not offer them to the general public or related parties [6]. - The pricing of the convertible bonds will be determined through a competitive bidding process, with specific terms yet to be finalized [6]. Group 3: Use of Proceeds - The net proceeds from the issuance of convertible bonds are intended to support the insurance core business, implement strategic initiatives related to "healthcare, artificial intelligence, and internationalization," and supplement working capital [8]. Group 4: Listing and Regulatory Compliance - The company will apply for approval from the Hong Kong Stock Exchange for the listing and trading of the convertible bonds and the H-shares issued upon conversion [9]. - As of the announcement date, no final agreement has been established regarding the issuance of the convertible bonds, and the issuance may not proceed [9].