Group 1 - The core viewpoint of the report is that the overall valuation of lithium batteries and the ChiNext board is projected to be 28.69 times and 46.07 times, respectively, as of February 12, 2026, maintaining a strong market rating for the industry based on development prospects [1] - In January 2026, the lithium battery sector outperformed the CSI 300 index, attributed to prior sector corrections and overall price increases in the supply chain [1] - The overall industry prosperity is expected to continue rising, with short-term focus on upstream raw material price trends, monthly sales, domestic and international policies, and advancements in solid-state batteries [1] Group 2 - The long-term outlook for the domestic and international electric vehicle industry is confirmed, making the sector a key area of interest [1] - It is anticipated that individual stock performance and trends will show divergence, suggesting a continued focus on leading companies within specific sub-sectors [1]

Core Viewpoint - The report from Zhongyuan Securities maintains an "outperform" investment rating for the lithium battery sector, predicting that the sector will outperform the CSI 300 index in January 2026 due to prior corrections and overall price increases in the supply chain [1] Group 1: Lithium Battery Sector Performance - In January 2026, the lithium battery index rose by 3.31%, while the new energy vehicle index increased by 0.44%, compared to a 1.65% rise in the CSI 300 index, indicating stronger performance of the lithium battery sector [1] Group 2: New Energy Vehicle Sales - In January 2026, sales of new energy vehicles in China reached 945,000 units, a slight year-on-year increase of 0.11%, but a month-on-month decline of 44.71%, with January sales accounting for 40.28% of total sales [2] Group 3: Battery Installation and Material Prices - In January 2026, the installed capacity of power batteries was 42.0 GWh, a year-on-year increase of 8.25%, with ternary materials accounting for 22.38% of the total installation [2] - As of February 12, 2026, the price of battery-grade lithium carbonate was 143,000 CNY/ton, up 19.17% from early January, while lithium hydroxide rose by 26.67% to 142,500 CNY/ton [3] - The price of cobalt electrolyte was 428,000 CNY/ton, down 7.16% from early January, while lithium iron phosphate increased by 13.17% to 52,400 CNY/ton [3]

Core Viewpoint - Southbound funds have reduced their holdings in Zhongzhou Securities (01375.HK) by 1.443 million shares on February 12, 2026, indicating a trend of net selling over recent trading days [1]. Group 1: Shareholding Changes - In the last five trading days, southbound funds have reduced their holdings on three occasions, with a total net reduction of 7.177 million shares [1]. - Over the past 20 trading days, there have been 12 days of net increases in holdings by southbound funds, totaling 4.298 million shares [1]. - As of now, southbound funds hold 702 million shares of Zhongzhou Securities, accounting for 58.71% of the company's total issued ordinary shares [1]. Group 2: Company Overview - Zhongzhou Securities Co., Ltd. is a Chinese company engaged in securities brokerage, operating through eight divisions [2]. - The brokerage division handles client transactions in stocks, funds, and bonds, while the proprietary trading division focuses on equity and fixed income investments [2]. - The investment banking division includes equity underwriting and sponsorship, as well as bond product underwriting [2]. - The credit division provides margin financing, repurchase agreements, and stock pledge services [2]. - The investment management division encompasses asset management, private fund management, and alternative investments [2]. - The futures division covers futures brokerage, trading consulting, and risk management services [2]. - The company also operates an overseas business division and other divisions related to its headquarters [2].

Core Viewpoint - Multiple brokerage firms are reducing their alternative investment subsidiaries, indicating a strategic restructuring within the industry as firms differentiate their approaches to alternative investments [1][4]. Group 1: Company Actions - Dongxing Securities announced a capital reduction for its subsidiary Dongxing Investment, decreasing its registered capital from 20 billion to 7 billion yuan, following a previous reduction of 10 billion yuan [2]. - Zhongshan Securities' parent company Jinlong Co. agreed to reduce the capital of its wholly-owned subsidiary Shenzhen Jinhong Shaohui Investment Co., by 150 million yuan, bringing its registered capital down to 50 million yuan [1]. - Northeast Securities decided to reduce the capital of its subsidiary Dongzheng Rongda Investment Co. by 2 billion yuan due to poor performance, with reported total revenue of -1.836 million yuan and a net loss exceeding 16 million yuan in 2024 [3]. Group 2: Industry Trends - The alternative investment landscape among brokerages is becoming increasingly polarized, with some firms like Zhongyuan Securities, Dongbei Securities, and Guodu Securities reducing capital, while others like Caitong Securities and Guohai Securities are increasing their investments [1][4]. - Guohai Securities announced a 500 million yuan capital increase for its alternative investment subsidiary, raising its registered capital to 1.5 billion yuan, citing rapid growth in investment business as a reason [4]. - Caitong Securities plans to increase its wholly-owned alternative investment subsidiary's capital by up to 2 billion yuan, raising its registered capital from 1.5 billion to a maximum of 3.5 billion yuan [4]. Group 3: Expert Insights - Industry experts suggest that the frequent capital reductions are driven by performance volatility and underwhelming results from alternative investment subsidiaries [3]. - The new company law mandates that registered capital must be fully paid within five years, prompting brokerages to adjust their capital structures to mitigate compliance risks [3]. - According to Tian Lihui, the director of the Financial Development Research Institute at Nankai University, the capital management of brokerages is maturing, shifting from a focus on scale to a more refined approach to capital returns [3][5].

Core Insights - Tencent Holdings (00700), Southern Hang Seng Technology (03033), and Xiaomi Group-W (01810) ranked as the top three in net inflow of southbound funds, with net inflows of 1.792 billion, 0.571 billion, and 0.412 billion respectively [1] - The top three in net outflow of southbound funds were Yingfu Fund (02800), Hang Seng China Enterprises (02828), and Kuaishou-W (01024), with net outflows of -4.553 billion, -1.380 billion, and -0.576 billion respectively [1] - In terms of net inflow ratio, Huaxia Hang Seng Technology (03088), Southern East Selection (03441), and Anhui Wantuo Expressway (00995) led the market with ratios of 90.53%, 74.02%, and 68.27% respectively [1] - The top three in net outflow ratio were Southern Hong Kong Stock Connect (03432), Fuyao Glass (06865), and Baize Medical (02609) with ratios of -100.00%, -59.27%, and -53.09% respectively [1] Net Inflow Rankings - Tencent Holdings (00700) had a net inflow of 1.792 billion, representing a 12.21% increase, closing at 560.000 (+2.28%) [2] - Southern Hang Seng Technology (03033) saw a net inflow of 0.571 billion, with a 6.77% increase, closing at 5.300 (+1.34%) [2] - Xiaomi Group-W (01810) recorded a net inflow of 0.412 billion, with a 9.45% increase, closing at 35.200 (+0.06%) [2] Net Outflow Rankings - Yingfu Fund (02800) experienced the highest net outflow of -4.553 billion, with a -22.13% decrease, closing at 27.220 (+1.72%) [2] - Hang Seng China Enterprises (02828) had a net outflow of -1.380 billion, representing an -11.37% decrease, closing at 93.940 (+1.56%) [2] - Kuaishou-W (01024) faced a net outflow of -0.576 billion, with a -10.25% decrease, closing at 69.300 (-2.74%) [2] Net Inflow Ratio Rankings - Huaxia Hang Seng Technology (03088) led with a net inflow ratio of 90.53%, with a net inflow of 47.6883 million, closing at 6.875 (+1.33%) [3] - Southern East Selection (03441) followed with a net inflow ratio of 74.02%, with a net inflow of 18.0421 million, closing at 11.600 (+1.13%) [3] - Anhui Wantuo Expressway (00995) had a net inflow ratio of 68.27%, with a net inflow of 5.6553 million, closing at 13.340 (-0.07%) [3]

Group 1 - The company *ST Taihe (605081.SH) received a regulatory work letter regarding its performance forecast on February 6 [1] - *ST Taihe was listed on the Shanghai Stock Exchange on February 9, 2021, with an issuance of 19.53 million shares at a price of 43.30 yuan per share [1] - The highest intraday price on the first trading day was 62.35 yuan, but the stock is currently in a state of decline [1] Group 2 - The total amount raised from the initial public offering (IPO) was 845.649 million yuan, with a net amount of 778.1094 million yuan [1] - The funds raised are intended for operational capital for engineering construction, headquarters operation center, and information technology projects [1] - The total issuance costs for the IPO amounted to 67.5396 million yuan, including underwriting and sponsorship fees of 52.3725 million yuan [2] Group 3 - On May 26, 2022, the company announced a cash dividend of 1 yuan per share and a capital reserve increase of 0.45 shares per share, resulting in a total distribution of 78.1014 million yuan in cash and an increase of 35.1456 million shares [2] - The total share capital after the distribution increased to 113.247072 million shares [2] - The stock name changed from "Taihe Water" to "*ST Taihe" on April 29, 2025 [3]

Group 1 - Southbound funds increased their holdings in Zhongzhou Securities (01375.HK) by 1.604 million shares on February 10 [1] - Over the past five trading days, southbound funds have increased their holdings for four days, with a total net increase of 4.673 million shares [1] - In the last 20 trading days, there have been 12 days of net increases in holdings by southbound funds, totaling 9.577 million shares [1] - Currently, southbound funds hold 707.8 million shares of Zhongzhou Securities, accounting for 59.25% of the company's issued ordinary shares [1] Group 2 - Zhongyuan Securities Co., Ltd. is a Chinese company engaged in securities brokerage business, operating eight divisions [2] - The securities brokerage division handles client transactions for stocks, funds, and bonds [2] - The proprietary business division focuses on equity and fixed income investments [2] - The investment banking division includes equity underwriting and sponsorship, as well as bond product underwriting [2] - The credit business division provides margin financing, repurchase agreements, and stock pledge services [2] - The investment management division encompasses asset management, private fund management, and alternative investments [2] - The futures business division includes futures brokerage, trading consulting, and risk management services [2] - The company also operates overseas business and headquarters and other divisions [2]

Group 1 - The core viewpoint of the articles highlights the strong performance of A-share brokerage firms in their margin financing and securities lending (two-in-one) business, with a significant increase in new accounts and profitability forecasts for 2025 [1][2] - In January 2026, the number of new margin financing accounts reached 190,500, representing a month-on-month growth of 29.5% and a year-on-year increase of 157% [1] - Major brokerages like CITIC Securities and Guotai Junan are expected to maintain their market leadership, with CITIC Securities forecasting a net profit exceeding 30 billion yuan for 2025, while Guotai Haitong anticipates a net profit growth rate of over 100% [1] Group 2 - The brokerage sector's performance is driven by robust growth in brokerage and proprietary trading businesses, with smaller firms like Guolian Minsheng expected to see net profit growth exceeding 400% in 2025 [1] - The overall market activity is supported by policy measures aimed at counter-cyclical adjustments, leading to a historical high in margin financing balances, which is expected to boost brokerage performance [1][2] - The average daily trading volume and high margin financing balances are key factors contributing to the projected high net profit growth for listed brokerages, with many firms expecting profit increases exceeding 70% [2] Group 3 - Related Hong Kong-listed brokerage firms include Huatai Securities, GF Securities, China Galaxy, Guotai Haitong, CICC, CITIC Securities, and others [3]

Core Insights - The overall performance of the securities industry is recovering, prompting small and medium-sized brokerages to strategically position themselves for 2026 [1] - These brokerages are focusing on differentiated, specialized, and refined development paths to navigate the competitive landscape [2] Differentiation Strategy - Small and medium-sized brokerages are abandoning the "large and comprehensive" development model in favor of a "small but beautiful" approach, emphasizing differentiation and specialization [2] - In 2025, many brokerages reported significant growth, with Zhongyou Securities achieving a 22% revenue increase and a 50% profit increase, showcasing their strategic adaptability [2] Key Strategic Focus Areas - "Differentiation positioning" is a primary keyword in the strategic deployment of brokerages, with firms like Dongwu Securities focusing on three key areas: collaborative empowerment, research empowerment, and technological empowerment [3] - Zhejiang Securities aims to become a leading national comprehensive brokerage aligned with the economic status of Zhejiang, while Xinyi Securities emphasizes high-quality development and competitive advantages [3] Regional Development - Many brokerages are aligning their growth with national regional strategies and local economic development, emphasizing local market service [4] - Zhongyuan Securities aims for regional leadership, while Huayuan Securities focuses on deepening its presence in niche markets [4] Wealth Management and Investment Banking - The transformation towards wealth management is a core focus, with brokerages like Zhongyou Securities planning to enhance institutional demand and expand their service systems [5] - Investment banking efforts are directed towards premium and specialized services, with firms like Xinyi Securities targeting key clients and industries [5] Overall Development Path - The development path for small and medium-sized brokerages in 2026 is becoming clearer, moving away from scale competition to capability competition [6] - The focus is on specialized tracks and serving the real economy, with brokerages leveraging strategic determination and innovative vitality to find new opportunities [6]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中原证劵股份有限公司 (「本公司」) 呈交日期: 2026年2月5日 FF301 本公司乃2002年於中華人民共和國河南省成立的股份有限公司，中文公司名稱為「中原证券股份有限公司」，在香港以「中州证券」名義開展業務。因此，「法定/註冊股本」之概念不適用於本公 司。在上述第I部顯示「法定/註冊股本」的資料是指本公司的「已發行股本」。 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01375 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,195,365,000 | RMB | | 1 RMB | | ...