Core Viewpoint - Guojin Securities Co., Ltd. has been approved to publicly issue corporate bonds to professional investors, with a total face value not exceeding 20 billion RMB, valid for 24 months from the approval date [1]. Group 1: Bond Issuance Details - The company plans to issue a total of 15 billion RMB in corporate bonds in the first phase, with a maturity of 3 years [1][3]. - The bond issuance price is set at 100 RMB per bond, and the issuance will be conducted through a book-building process targeted at professional investors [2]. - The actual issuance was completed on January 19, 2026, with a coupon rate of 1.95% [3].

Group 1: Space Industry Developments - Shenzhou 20 spacecraft successfully landed on January 19, 2026, with the Shenzhou 23 spacecraft arriving at the launch center for backup tasks [1] - York Space Systems plans to raise $512 million through an IPO, pricing shares between $30 and $34, with a total of 16 million shares to be issued [3] - Guojin Securities recommends focusing on companies involved in 3D printing for commercial aerospace, highlighting its potential as a final processing solution for rockets and satellites [4] Group 2: Economic and Industrial Growth - Beijing's Fengtai District aims to exceed a trillion yuan in industrial scale by 2030, focusing on key industries such as aerospace and emerging technologies [2] - The National Bureau of Statistics reported that China's GDP reached 140.19 trillion yuan in 2025, growing by 5.0% year-on-year, with significant contributions from various sectors [6] - The high-tech manufacturing sector's value added increased by 9.4% in 2025, with contributions from industries like integrated circuits and aircraft manufacturing [7] Group 3: Renewable Energy and Green Initiatives - By 2025, China's annual production and sales of new energy vehicles are expected to exceed 16 million units, reflecting a growing emphasis on clean energy [5] - Five government departments issued guidelines to accelerate the transition to a green and low-carbon energy structure, promoting zero-carbon factories and renewable energy utilization [8]

Core Insights - The Hong Kong stock market has seen active financing since the beginning of the year, with equity financing reaching HKD 39.09 billion, a year-on-year increase of 316.27% [1] - Chinese securities firms are increasingly taking a leading role in the Hong Kong market, with six out of the top ten equity underwriting positions held by Chinese institutions, accounting for a total market share of 56.15% [1][2] Group 1: Market Performance - The Hang Seng Index rose by 27.77% in 2025, and the primary market equity financing reached HKD 612.7 billion, a year-on-year increase of 248.8% [1] - The active investment and financing environment is attributed to the deep involvement of intermediary institutions, providing valuable development opportunities for investment banks [1] Group 2: Underwriting and Advisory Services - In IPO sponsorship, China International Capital Corporation (CICC) led with a sponsorship scale of HKD 51.65 billion, followed by CITIC Securities (Hong Kong) at HKD 46.03 billion [2] - CICC also demonstrated a strong advantage in refinancing underwriting, with a scale of HKD 24.97 billion and 13 transactions [2] Group 3: Strategic Developments - Chinese securities firms are enhancing their presence in Hong Kong to capture growth opportunities, with several firms increasing capital for their subsidiaries and providing guarantees for business development [4] - For instance, Guotai Junan Securities announced plans to secure a bank loan of up to HKD 35 million to support its Hong Kong subsidiary [4] Group 4: Future Outlook - The Hong Kong market is becoming a crucial platform for Chinese securities firms to expand internationally, with expectations of increased opportunities as international investors seek quality Chinese assets [3] - The core opportunity for Chinese securities firms lies in leveraging their client networks and understanding of Chinese enterprises to serve "A+H" listed companies and support the internationalization of domestic industry chains [5]

Core Viewpoint - The "2025 A-share Listed Company Governance White Paper" by Guojin Securities outlines the core reforms and development trends in the governance of A-share listed companies, providing comprehensive guidance for optimizing corporate governance [1][3]. Group 1: Governance Structure Optimization - The implementation of the new Company Law is driving A-share listed companies from a "three meetings and one layer" structure to a "two meetings and one layer" structure, with the supervisory board set to exit by January 1, 2026, and its functions to be taken over by the audit committee [1][16]. - Over half of the listed companies have established employee directors, with many having 10%-20% of board seats occupied by them, and over 20% in some ChiNext companies, highlighting a new trend in governance reform [1][17][21]. Group 2: Strengthening Board Committee Effectiveness - The audit committee, now a mandatory institution, is taking on some functions of the supervisory board, but issues such as non-compliance in member composition and procedural flaws still exist [1][25][27]. - The nomination committee and the remuneration and assessment committee have a setting rate exceeding 90%, with the former required to conduct dynamic checks on the qualifications of directors and senior executives [1][25][35]. Group 3: Full Process Management of Directors and Senior Executives - New regulations require strict qualification reviews, standardized appointment procedures, and the establishment of a scientific assessment and incentive system for directors and senior executives, enhancing supervision and accountability [2][45]. - The remuneration system reform mandates that performance-based pay must account for at least 50% of total remuneration, with a significant concentration of executive pay in the range of 500,000 to 1,000,000 yuan [2][61]. Group 4: Cash Dividends as a Means of Enhancing Investor Returns - Cash dividends have become a crucial method for improving investor returns, with total dividends expected to grow continuously from 2020 to 2024, and over 94% of profitable companies projected to distribute dividends in 2024 [2].

| 证券代码：600109 | 证券简称：国金证券 | 公告编号：临 2026－4 | | --- | --- | --- | | 债券代码：244544 | 债券简称：26 国金 01 | | 国金证券股份有限公司 2026年面向专业投资者公开发行公司债券（第一期） 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。 本期债券发行价格为每张人民币100元，全部采用网下面向专业 投资者簿记建档的方式发行。 本期债券发行工作已于2026年1月19日结束，实际发行规模15亿 元，期限3年，票面利率为1.95%。 特此公告。 国金证券股份有限公司 董事会 根据中国证券监督管理委员会《关于同意国金证券股份有限公司 向专业投资者公开发行公司债券注册的批复》（证监许可[2025]2881 号），国金证券股份有限公司（以下简称"公司"）获准向专业投资 者公开发行一年期以上公司债券面值总额不超过200亿元，批复有效 期自同意注册之日起24个月内有效，公司在注册有效期内可以分期发 行公司债券。 根据《国金证券股份有限公司2026 ...

Core Insights - 3D printing significantly reduces initial costs compared to traditional manufacturing by eliminating the need for molds or tooling, but its cost advantage diminishes as production scales up, resulting in a different cost curve compared to traditional manufacturing [1] - The maturity of 3D printing technology is increasing, making it a viable solution for mass production, particularly in the commercial aerospace sector, with promising applications in rockets and satellites [1] Group 1: 3D Printing Technology and Cost Advantages - 3D printing has seven major technological routes, including powder bed fusion and directed energy deposition, which have expanded the range of materials from polymers to metals, meeting diverse application needs [1] - The unit production cost of 3D printing is continuously decreasing, allowing it to become competitive with traditional manufacturing processes, especially in cost-sensitive sectors like consumer electronics [1] Group 2: 3D Printing in Commercial Aerospace - 3D printing introduces a new design philosophy in aerospace, shifting from manufacturing-driven design to design-driven manufacturing, which enhances functionality, reduces part count, and optimizes structures, particularly beneficial in weight-sensitive aerospace applications [2] - The development and application of various printing materials in the aerospace sector are maturing, establishing a foundation for 3D printing to become the ultimate solution in commercial aerospace [2] Group 3: 3D Printing in Rocket Manufacturing - The thrust chamber is the most complex and challenging component of rocket engines, and there are already mature solutions for manufacturing core parts like injectors and combustion chambers using powder bed fusion and directed energy deposition [3] - Domestic companies such as Deep Blue Aerospace, Blue Arrow Aerospace, and Tianbing Technology have begun applying 3D printing technology in thrust chamber manufacturing, but there is still significant room for improvement compared to established standards set by NASA and SpaceX [3]

Core Insights - The monthly active users (MAU) of securities apps reached 175 million in December 2025, marking a 1.75% month-on-month increase and a 2.26% year-on-year increase, achieving a new monthly high for the year [4][3] - Throughout 2025, the MAU of securities apps experienced a recovery after a dip in the middle of the year, with a significant rebound in November leading to a peak at year-end [4][2] - The competition for traffic between third-party platforms and brokerage self-operated apps intensified, with brokerages accelerating the integration of AI technology in advisory and trading scenarios to enhance service models and user experience [4][12] Monthly Active Users Overview - In December 2025, the MAU for securities apps was 175.32 million, with notable monthly changes: November had 172.30 million (up 2.06% month-on-month) and October had 168.82 million (down 3.38% month-on-month) [5][4] - The MAU trend for 2025 showed a starting point of 161.84 million in January, peaking in December after a recovery phase post-May [4][5] Leading Apps and Market Dynamics - The top three securities apps by MAU in December were Tonghuashun (36.70 million), Dongfang Caifu (18.22 million), and Dazhihui (12.97 million) [6][5] - Among brokerage self-operated apps, Huatai's Zhangle Wealth reached over 12 million MAU, followed by Guotai Haitong Junhong with 10.40 million [6][5] - The number of brokerage apps with an average monthly active user count exceeding 6 million increased to 14 in 2025, indicating a growing concentration in the market [8][7] AI Technology Integration - The application of AI technology in the securities industry has accelerated, with multiple brokerages launching intelligent tools across key areas such as intelligent research, trading, and advisory services [12][11] - Notable advancements include the upgrade of trading robots by Galaxy Securities and the introduction of AI advisory platforms by various brokerages, enhancing service efficiency and user experience [13][12] - Despite the current limitations of AI tools in guaranteeing stable investment returns, their functionality is expanding, addressing various investment challenges and improving investors' capabilities in data analysis and strategy formulation [12][13]

Group 1: Company Overview - The company is a leading global aircraft operating lessor, listed on the Hong Kong Stock Exchange since 2016, and ranks fifth in aircraft asset value as of Q2 2025 according to Cirium [1] Group 2: Market Demand and Supply - The demand for air travel is recovering, with global RPK and ASK expected to reach 112% and 109% of 2019 levels by October 2025, driving new aircraft purchases and leasing demand [2] - Aircraft delivery rates are slow, with major manufacturers like Boeing and Airbus having significant backlogs, resulting in a supply-demand imbalance that is expected to increase aircraft valuations and rental prices [2] Group 3: Financial Performance - The operating lease yield is projected to increase from 9.2% in 2022 to 10.3% in H1 2025, benefiting from rising rental prices and strong operational capabilities [3] - The company's fleet is expected to expand to 462 owned aircraft by the end of 2025, with a slight recovery in aircraft asset net value in H1 2025 [3] Group 4: Financing and Cost Structure - The company benefits from strong support from its major shareholder, Bank of China, which enhances its credit rating, rated A- by Fitch in H1 2025 [4] - The average funding cost is low at 4.6% in H1 2025, with a significant portion of debt being floating rate, allowing for potential further reductions in financing costs due to anticipated interest rate cuts by the Federal Reserve [4]

Group 1 - The core viewpoint is that the next decade will be a golden period for China's manufacturing industry to earn excess profits, contingent on moving away from internal competition and embracing high-level competition, achieving a dual drive of "industry + capital" [1][8] - Recent policies have focused on developing new productive forces and strengthening hard technology innovation, particularly in key areas like integrated circuits, biomedicine, new energy, and artificial intelligence, providing comprehensive support for enterprises from R&D to market application [1][2] - The transition from a model reliant on investment and exports to one focused on domestic demand and technological innovation is essential, with internal demand and technology being the two core transformation lines during the "15th Five-Year Plan" period [2][3] Group 2 - The A-share IPO market is undergoing significant adjustment, with projections indicating a reduction in the number of IPOs to 100 in 2024 and 116 in 2025, reflecting complex market changes [4] - Guojin Securities is transitioning from a traditional channel-based investment bank to a value-creating investment bank, establishing a capital consulting headquarters to provide comprehensive capital operation solutions for enterprises [4][5] - The "capital strategy diamond model" proposed by Guojin Securities aims to help enterprises design reasonable profit distribution and equity structures, establish financial and internal control systems, and align valuation with strategy [5][6] Group 3 - In the context of high-quality economic development and accelerated industrial iteration, capital strategy has become a crucial support for sustainable development, requiring enterprises to bind capital operations with industrial layout and technological innovation [7] - A roundtable discussion highlighted the need for enterprises to scientifically plan capital paths based on their development stages and market environments to achieve sustainable growth, emphasizing the importance of strategic and capital coordination capabilities [7][8] - The conference outlined that competition in the "15th Five-Year Plan" period will be based on ecosystem competition, urging enterprises to abandon short-term profit-seeking mindsets and collaboratively build a new growth paradigm based on technological sovereignty and rational governance [8]

Group 1: Core Insights - The report from Guojin Securities initiates coverage on China Aircraft Leasing (02588) with a "Buy" rating, projecting net profit for the company to be $750 million, $850 million, and $950 million for 2025-2027, reflecting a year-on-year growth rate of -19%, 13%, and 13% respectively. The decline in 2025 profit is attributed to a high base effect from a one-time reversal of impairment related to Russian aircraft in 2024 [1] - The aircraft leasing industry is experiencing an upward trend in demand, with IATA reporting that global airline RPK (Revenue Passenger Kilometers) and ASK (Available Seat Kilometers) are expected to recover to 112% and 109% of 2019 levels by October 2025, respectively. This recovery is driving new aircraft purchases and leasing demand [2] - The company is a leading global aircraft operating lessor, ranked fifth in aircraft asset value as of Q2 2025 according to Cirium [1] Group 2: Operational Performance - The operating lease yield is expected to increase from 9.2% in 2022 to 10.3% in H1 2025, benefiting from rising rental prices and strong operational capabilities [3] - The company's fleet is projected to expand to 462 owned aircraft by the end of 2025, although the book value of aircraft assets has declined since 2021 due to impairments related to Russian aircraft and increased sale-leaseback transactions. However, the net asset value of aircraft is expected to recover steadily as aircraft deliveries stabilize [3] Group 3: Financial Position - The company benefits from a low financing cost, supported by its major shareholder, Bank of China, which provides a credit rating advantage. Fitch rated the company at A- in H1 2025 [4] - The average funding cost for the company was 4.6% in H1 2025, which is lower compared to some peers, with approximately 30%-40% of liabilities being floating-rate debt. The company's floating-rate debt costs are expected to decline further following three interest rate cuts by the Federal Reserve in 2025 [4]