中信证券研报表示，从窑炉、织布机、需求拆分、特种布等多维度分析传统电子布的供需情况，认为 2026年7628电子布供需有望维持偏紧，价格上涨有望明显超出市场预期，高点或达到6元/米以上。 （文章来源：第一财经） ...

Group 1 - The company, Sunac Services (01516), announced that its wholly-owned subsidiary, Dongtai Rongjia, subscribed to a fixed-income financial product issued by CITIC Securities Asset Management [1] - The subscription amount is RMB 200 million, which will be funded from the company's own capital [1] - The subscription is scheduled to take place on February 4, 2026 [1]

Group 1 - The company, Sunac Services (01516), announced that its wholly-owned subsidiary, Dongtai Rongjia, will subscribe to a fixed-income financial product issued by CITIC Securities Asset Management [1] - The subscription amount is set at RMB 200 million, which will be funded using the company's own capital [1]

Core Viewpoint - The company, Andavil Technology Co., Ltd., is actively engaging with institutional investors to discuss its strategic plans, including low-altitude economy development, gross margin improvement, and international market expansion [1]. Group 1: Investor Activity - The investor activity was a roadshow and site visit held on February 4, 2026, organized by CITIC Securities, with participation from 26 institutional investors [2]. - The company’s management team included key executives such as the Chairman, General Manager, and financial leaders, indicating a strong reception for investor inquiries [2]. Group 2: Business Expansion and Operational Improvement - The event featured a site tour where the management presented the company's strategic planning and the details of a planned private placement [3]. - In the low-altitude economy sector, the company has signed multiple research and development contracts or cooperation intentions with eVTOL manufacturers, indicating substantial progress in business expansion [4]. - The company is currently in technical discussions with commercial aerospace firms, although no revenue has been generated from this sector yet [4]. - The SIPDM industrial software is targeted at "specialized and innovative" small and medium enterprises, with a significant demand expected in this market [4]. Group 3: Financial Outlook - The company anticipates revenue growth in 2025, but a decline in gross margin due to product mix differences; however, gross margin is expected to stabilize and improve in 2026 through enhanced cost control and product optimization [4]. - The overall cash flow situation is secure, with good receivables from civil aviation business, and is expected to improve further in 2026 due to project settlements and supportive national policies [4]. Group 4: International Market Development - The company’s application for EASA (European Union Aviation Safety Agency) certification has been accepted, which will facilitate the development of Airbus supplier relationships and support international market entry [4]. - The Tianjin fundraising project is expected to benefit from the local aviation industry cluster and favorable talent policies, enhancing cost efficiency [4].

| 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | 持有權益的股份數目 佔已發行的 有關事件的日期 | | | --- | --- | --- | --- | --- | | | 股份數目 | | ( 請參閱上述 * 註 | 有投票權股(日/月/年) 有 | | | | | | 份自分比 | | | | | | 30/0 3 | | CS20260204E00061 | 中信证券-开元单一资产管理计1101(L) | 11,460,000(L) | HKD 3.1835 1,790,129,000(L) | 16.04(L)03/02/2026 | 格隆汇2月4日丨根据联交所最新权益披露资料显示，2026年2月3日，中广核电力(01816.HK)获中信证券-开元单一资产管理计划在场内以每股均价3.1835港元 增持1146万股，涉资约3648.29万港元。 增持后，中信证券-开元单一资产管理计划最新持股数目为1,790,129,000股，持股比例由15.93%上升至16.04%。 | 股份代號: | 01816 | | --- | --- | | 上市法國 ...

"券商一哥"中信证券再发公告。 2月2日晚间，中信证券发布"提质增效重回报"行动方案2025年落实情况报告（简称"落实报告"），其中包含公司2025年业绩快报数据、对于"五篇大文 章"的落实举措、落实"看门人"职责的情况以及分红情况等。 据落实报告，2025年中信证券全年实现营业收入748.30亿元，同比增长28.75%；公司实现归母净利润300.51亿元，同比增长38.46%。对于稳健增长的业 绩，公司派发2025年中期现金分红42.98亿元，让投资者切实收获益处。 截至2025年12月31日，中信证券资产总额为20835.34亿元，较年初增长21.79%；公司归属于母公司股东权益为3199.05亿元，较年初增长 9.14%，经营业绩持续稳健增长。 针对公司业绩水平及分红情况，时代周报记者向中信证券发送了采访提纲，截至发稿公司未作回复。 2025年营收增长近30% 2023年，中信证券业绩水平延续下行状态。全年，中信证券实现营业收入600.68亿元，同比下降7.74%；公司实现归母净利润197.21亿元，同比下降 7.49%。公司上述两项重要指标下降幅度相比2022年有所收窄，但多项主营业务收入均下降。 2 ...

联交所最新资料显示，2月3日，中信证券-开元单一资产管理计划增持中广核电力(01816)1146万股，每 股作价3.1835港元，总金额约为3648.29万港元。增持后最新持股数目约为17.90亿股，最新持股比例为 16.04%。 ...

智通财经APP获悉，联交所最新资料显示，2月3日，中信证券-开元单一资产管理计划增持中广核电力 (01816)1146万股，每股作价3.1835港元，总金额约为3648.29万港元。增持后最新持股数目约为17.90亿 股，最新持股比例为16.04%。 ...

Group 1 - In January 2026, a total of 17 companies were reviewed for A-share IPOs, with 15 approved, resulting in an approval rate of 88.24% [1][6][28] - Two companies, Ningbo Huikang Industrial Technology Co., Ltd. and Zhejiang Xingsheng Technology Co., Ltd., were deferred for review [1][6][28] - Four companies terminated their A-share IPO processes in January, continuing the trend of single-digit terminations per month [11][33] Group 2 - The total amount raised from the 9 companies that went public in January 2026 was 9.053 billion yuan, a significant decrease compared to the previous month [1][39][44] - Among these, Zhenstone Co., Ltd. raised the highest amount at 2.919 billion yuan, while Guoliang New Materials raised the least at 194 million yuan [1][39][44] - The leading underwriter was China International Capital Corporation, which handled 2 IPOs with a total underwriting amount of 4.474 billion yuan [1][22][44] Group 3 - Xingsheng Technology was the first company in 2026 to fail to pass the IPO review, with issues raised regarding the authenticity of its sales revenue [6][28][30] - The company has a significant portion of its revenue (over 50%) coming from overseas markets, making compliance and verification of cross-border fund flows critical [7][29][30] - The underwriter, Guoxin Securities, faced scrutiny over its diligence in the review process, particularly regarding third-party payments [30][31] Group 4 - Huikang Technology was also deferred for review, with questions raised about its competitive position in the ice-making industry and the sustainability of its future performance [8][30][31] - The company must clarify the relationships with its main suppliers and ensure the accuracy of its disclosures [9][31] - Huikang Technology's main suppliers were established shortly before they began collaborating with the company, raising potential concerns about their relationships [10][31] Group 5 - In January, four companies withdrew their IPO applications, with two of them sponsored by Huatai United Securities, indicating a high withdrawal rate for this underwriter [11][14][38] - The companies that withdrew included Guangxi Baifei Dairy Co., Ltd., Nanjing Qinheng Microelectronics Co., Ltd., Jiangsu Yadian Technology Co., Ltd., and Zhuhai Saiwei Electronic Materials Co., Ltd. [11][33] - Zhuhai Saiwei had previously faced rejection in its first IPO attempt and withdrew its application after being approved in a second attempt [13][36] Group 6 - The issuance and underwriting situation showed that the average underwriting fee rate for the companies was relatively high, with Hengyun Chang's fee rate at 7.50%, which is above the industry average [19][42] - Hengyun Chang was the only company with an issuance price-to-earnings ratio exceeding the industry average, raising 1.561 billion yuan [19][42] - The underwriting fees for other companies were significantly lower, indicating a disparity in costs among different IPOs [19][42]

Core Viewpoint - The restaurant industry is currently in a phase of "marginal improvement in fundamentals - continuous policy support - price mechanism recovery - potential valuation uplift," with positive signals across operational, policy, pricing, and valuation dimensions, indicating a favorable recovery outlook for the industry [1][6]. Operational Improvement - The operational marginal improvement is the core support for the industry's recovery, with restaurant revenue showing significant year-on-year growth of 3.8%, 3.2%, and 2.2% in October to December 2025, outpacing overall retail levels [1][6]. - Supply-side optimization has created favorable conditions for operational recovery, with a noticeable slowdown in the growth rate of food service outlets in the second half of 2025, leading to reduced competitive intensity and a more favorable environment for existing businesses [1][6]. - Key segments such as fast food, tea drinks, coffee, and Western cuisine have shown positive same-store sales growth, demonstrating the resilience of leading enterprises with supply chain advantages and strong brand power [1][6]. Policy Support - Continuous policy support has injected strong momentum into the industry's recovery, with the restaurant sector benefiting from various consumption stimulus policies, particularly consumption vouchers [2][7]. - For instance, after the issuance of restaurant consumption vouchers in Shanghai in Q4 2024, the year-on-year decline in accommodation and catering revenue significantly narrowed, outperforming Beijing, which did not issue such vouchers [2][7]. - The increasing emphasis on policies to boost restaurant consumption is expected to yield positive short-term operational data improvements for the industry [2][7]. Price Mechanism Recovery - The recovery of the price mechanism has opened up space for profit improvement, with signs of improvement in the Consumer Price Index (CPI) since Q4 2025, and a national goal to "promote reasonable price recovery" in 2026 [3][8]. - Leading enterprises have begun to optimize menu structures and adjust pricing strategies, validating consumer demand resilience and showcasing their pricing power [3][8]. - Historical data indicates that rising raw material prices have a more temporary impact on restaurant gross margins, with top companies capable of navigating through price transmission and supply chain efficiency improvements [3][8]. Valuation Outlook - The valuation of the restaurant sector is expected to recover as inflation expectations improve, with CPI being a significant variable influencing restaurant valuations [3][8]. - Experiences from markets like Japan and the U.S. show that during periods of CPI recovery, market expectations for the long-term development of restaurant companies improve, leading to a valuation expansion phase [3][8]. - Leading restaurant companies, with their strong supply chain capabilities and management levels, are positioned to benefit from this valuation uplift as the pricing environment stabilizes [3][8]. Investment Themes - The report outlines three core investment themes: 1. Companies with strong growth potential that align with consumer trends and have robust same-store performance [4][9]. 2. Industry leaders with stable core businesses and promising new brand developments that can provide high returns to shareholders [4][9]. 3. Companies in specific segments that are actively pursuing operational changes and have shown signs of recovery [4][9].