关于2025年度第五期短期融资券兑付完成的公告 证券代码：600109 证券简称：国金证券 公告编号：临2026-7 国金证券股份有限公司 特此公告。 国金证券股份有限公司 董事会 二〇二六年一月二十三日 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 国金证券股份有限公司（以下简称"本公司"）于2025年7月23日 发行了2025年度第五期短期融资券，发行金额为人民币10亿元，票面 利率为1.63%，发行期限为183天，兑付日为2026年1月22日。详见公司 于2025年7月24日在上海证券交易所网站（www.sse.com.cn）披露的《 关于2025年度第五期短期融资券发行结果公告》以及2026年1月15日登 载于中国货币网（www.chinamoney.com.cn）、上海清算所网站（www.shc learing.com）的《国金证券股份有限公司2025年度第五期短期融资券 兑付公告》。 2026年1月22日，本公司兑付了该期短期融资券本息共计人民币 1,008,172,328.77元。 ...

Core Viewpoint - Guojin Securities Co., Ltd. is set to issue its first phase of corporate bonds aimed at professional investors in 2024, with interest payments commencing in 2026, indicating a strategic move to raise capital for future operations [2][3]. Group 1: Bond Issuance Details - The bond issuance is named "Guojin Securities Co., Ltd. 2024 Corporate Bonds for Professional Investors (Phase 1)" [2]. - The total issuance amount is 1.5 billion yuan, with a maturity period of 3 years and a coupon rate of 2.83% [5]. - The interest payment period for this bond is from January 29, 2025, to January 28, 2026, with the first interest payment scheduled for January 29, 2026 [3][4]. Group 2: Interest Payment and Taxation - The interest amount per bond (face value of 1,000 yuan) will be 28.30 yuan (including tax) [3]. - Investors will be subject to a personal income tax of 20% on the interest earned, which will be withheld by the payment institutions at the time of interest distribution [8]. - The bond's interest income for foreign institutional investors is temporarily exempt from corporate income tax and value-added tax until December 31, 2025, under specific conditions [7]. Group 3: Administrative and Contact Information - The issuer is Guojin Securities Co., Ltd., located in Chengdu, Sichuan Province [8]. - The trustee for the bond issuance is Dongwu Securities Co., Ltd., and the custodian is China Securities Depository and Clearing Corporation Limited, Shanghai Branch [9].

证券代码：600109 证券简称：国金证券 公告编号：临2026－6 国金证券股份有限公司2026年度第一期短期融资券已于2026年1月 21日发行完毕，相关发行情况如下： 国金证券股份有限公司 | 债券名称 | | | | 国金证券股份有限公司 | 第一期短期融资券 | 2026 | 年度 | | --- | --- | --- | --- | --- | --- | --- | --- | | 债券简称 | 26 | 国金证券 | CP001 | 债券流通代码 | 072610014 | | | | 发行日 | 2026 年 | 1 月 | 20 日 | 起息日 | 2026 年 | 1 月 | 21 日 | | 兑付日 | 2026 年 | 11 月 | 17 日 | 期限 | 300 天 | | | | 计划发行总额 | 10 | 亿元人民币 | | 实际发行总额 | 10 | 亿元人民币 | | | 票面利率 | 1.73% | | | 发行价格 | 100 | 元/百元面值 | | 关于2026年度第一期短期融资券发行结果公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或 ...

| 证券代码：600109 | 证券简称：国金证券 | | 公告编号：临 2026－5 | | --- | --- | --- | --- | | 债券代码：240564 | 债券简称：24 国金 | 01 | | 国金证券股份有限公司 2024年面向专业投资者公开发行公司债券（第一期） 2026年付息公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 国金证券股份有限公司 2024 年面向专业投资者公开发行公司债 券（第一期）（以下简称"本期债券"），将于 2026 年 1 月 29 日开始 支付自 2025 年 1 月 29 日至 2026 年 1 月 28 日期间的利息。为保证本 次付息工作的顺利进行，现将有关事宜公告如下： 一、本期债券的基本情况 1、债券名称：国金证券股份有限公司 2024 年面向专业投资者公 开发行公司债券（第一期） 债权登记日：2026 年 1 月 28 日 债券付息日：2026 年 1 月 29 日 2、债券简称：24 国金 01 3、债券代码：240564.SH 4、发 ...

Core Viewpoint - The company successfully issued its first short-term financing bond for 2026, indicating a strategic move to raise funds in the market [1] Group 1: Bond Issuance Details - The bond, referred to as "26国金证券 CP001," was issued on January 21, 2026 [1] - The bond has a maturity period of 300 days, with both planned and actual issuance amounts set at 1 billion yuan [1] - The coupon rate for the bond is 1.73%, and it was issued at a price of 100 yuan per 100 yuan face value [1] - The interest commencement date is January 21, 2026, and the repayment date is November 17, 2026 [1] - Relevant issuance documents have been published on the China Money Network and Shanghai Clearing House websites [1]

Core Viewpoint - Hongdu Aviation is a leading player in military trainer aircraft, benefiting from a dual-driven model of aircraft and missile integration, with a target price of 49.4 yuan and a valuation of 130 times by 2027 [1] Group 1: Company Overview - The company is a rare full-spectrum trainer aircraft assembly unit in China, with products including the primary trainer CJ6, basic trainer K8, and advanced trainer L15 [1] - The transformation of the trainer aircraft system from a "three aircraft three levels" model to a "two aircraft two levels" model is expected to drive demand growth [1] Group 2: Industry Trends - The trend of collaborative operations between manned and unmanned aircraft is emerging, and the company possesses the capability for manned-unmanned collaboration, which is expected to yield significant benefits [1] - As a leader in military trainer aircraft, the company's unique position of "factory and institution integration, aircraft and missile integration" is rare in the industry [1]

Group 1 - The overall domestic PVC industry is currently facing significant loss pressure, which may lead to the accelerated exit of high-cost small and medium-sized capacities in certain regions [1] - The cancellation of export tax rebates is impacting the industry dynamics, potentially improving the supply-demand balance marginally in the future [1] - PVC prices and industry profitability are expected to gradually recover, suggesting a positive outlook for companies with large PVC production capacities and integrated supply chain layouts [1]

登录新浪财经APP 搜索【信披】查看更多考评等级 根据华安基金管理有限公司（以下简称"本公司"）与华鑫证券有限责任公司（以下简称"华鑫证券"）签 署《华安基金管理有限公司交易型开放式指数证券投资基金申购赎回代理协议》，自2026年1月21日 起，将新增华鑫证券为本公司旗下部分基金申购赎回代办证券公司（以下简称"一级交易商"）。投资者 可通过华鑫证券各营业网点办理以下基金的申购、赎回等业务。 ■ 投资者可通过以下渠道咨询详情： （1）华鑫证券有限责任公司 注册地址：深圳市福田区香蜜湖街道东海社区深南大道7888号东海国际中心一期A栋2301A 网址：www.hxrzrq.com （2）华安基金管理有限公司 客户服务电话：40088-50099 公司网址：www.huaan.com.cn 风险提示：本公司承诺以诚实信用、勤勉尽责的原则管理和运用基金资产,但不保证基金一定盈利,也不 保证最低收益。投资者应当认真阅读《基金合同》、《招募说明书》、基金产品资料概要等信息披露文 件。敬请投资者注意投资风险。 特此公告 华安基金管理有限公司 二〇二六年一月二十一日 华安基金管理有限公司 关于旗下部分基金增加国金证券股份有限 ...

Core Insights - The competition for AI entry points is fundamentally a battle for traffic, directly impacting the advertising and e-commerce fundamentals of large internet companies, with significant investments expected in AI model and application capabilities by 2026 [1][2] Group 1: AI Competition and Investment - Major internet companies are increasing their investment in AI as the competition for entry points intensifies [1] - The emergence of new reasoning models has unlocked approximately 10 times the computational potential compared to traditional models, shifting the demand from solely "training-driven" to a "dual-driven" model of both training and reasoning [1][2] Group 2: Domestic Chip Development - The scale of China's intelligent computing power is projected to maintain a compound annual growth rate of 57% from 2020 to 2028, with domestic GPU capabilities improving significantly [3] - Domestic chip manufacturers are narrowing the performance gap with international giants, supported by high capacity utilization rates from local foundries like SMIC [3] Group 3: Supply and Demand Dynamics - The demand for AI reasoning is expected to surge as AI applications in smartphones and other terminals reach critical mass, with policy initiatives driving hardware upgrades towards more efficient and energy-saving solutions [4] - Domestic CSP vendors are accelerating the adaptation of local GPUs, while increased restrictions on overseas cloud computing power are likely to expedite the domestic replacement process [4]

Core Viewpoint - The PVC industry in China is currently facing significant loss pressures, and the cancellation of export tax rebates may lead to the accelerated exit of high-cost small and medium-sized capacities, potentially improving the supply-demand balance and allowing for gradual recovery in PVC prices and industry profitability. Companies with large PVC production capacities and integrated industrial chain layouts are recommended for attention [1]. Supply Side - The domestic PVC capacity expansion phase is nearing its end, with high-cost pressures leading to the exit of overseas capacities. From 2018 to 2025, domestic PVC capacity is expected to grow from 24.9 million tons to 30.38 million tons, with a compound annual growth rate (CAGR) of approximately 2.9%, and production is projected to increase from 19.36 million tons to 23.94 million tons, with a CAGR of about 3.1%. No new domestic PVC capacities are planned for 2026, with new capacity mainly concentrated in the first half of 2027 and 2028, all of which will be ethylene-based [1][2]. Price and Profitability - Since 2022, the domestic acetylene-based PVC market price has entered a downward cycle, reaching a low of 4,290 yuan/ton in mid-December 2025, the lowest since 2005. Although prices have slightly rebounded since late December 2025, they remain at the bottom 1% of historical levels. The PVC and caustic soda sectors have been operating at a loss since the second half of 2022, indicating significant operational pressure on production companies. The continued losses may force high-cost PVC enterprises without integrated industrial layouts to exit, optimizing the industry structure [2][3]. Demand Side - The demand from the real estate sector is under pressure, with PVC products primarily used in the later stages of construction. The completion area of residential buildings in China for 2023, 2024, and 2025 is projected to be 998 million, 737 million, and 395 million square meters, respectively, showing a year-on-year change of +17%, -28%, and -18%. However, the demand for soft PVC products remains relatively strong, with a high operating rate. Exports are expected to provide some support, with a CAGR of 39% from 2019 to 2024, and approximately 3.51 million tons of PVC exported in the first 11 months of 2025, a 47% year-on-year increase. The export volume to India has significantly increased, indicating a growing reliance on imports due to domestic supply shortages [3][4]. Inventory Outlook - Based on relevant assumptions and calculations, inventory accumulation is expected to continue from 2026 to 2028, but the rate of increase is anticipated to slow significantly compared to 2023-2025. The overall loss pressures in the domestic PVC industry and the cancellation of export tax rebates may lead to the accelerated exit of high-cost small and medium-sized capacities [4].