总体而言，A 股上市公司治理体系不断健全，未来需持续深化改革，夯实经营根基，以高质量治理助力资本市场健康发展与中国经济高质量增长。 上市公司作为资本市场核心基石，其治理水平关乎企业可持续发展与市场健康生态。2025 年，在新《公司法》及配套监管规则推动下，A 股上市公司治理 迎来系统性改革，整体治理水平稳步提升，但部分企业仍面临规范运作等挑战。本报告围绕治理结构优化、效能强化等核心维度，梳理现状与经验，为行业 发展提供指引。 治理结构方面，监事会退出历史舞台，上市公司需于 2026 年 1 月 1 日前完成 "两会一层" 转型，审计委员会承接原监事会部分职权。职工董事成为改革新潮 流，超 3000 家上市公司已设置，多数配置 1 名，占董事会席位 10%-20%，其聘任规范与履职效能备受关注。 董事会专门委员会履职效能持续强化。审计委员会作为强制设置机构，主流配置 3 名成员，需严格规范人员组成、会议程序等，重点关注财务信息审核、内 外部审计监督等事项；提名委员会需对董高任职资格开展动态核查；薪酬与考核委员会主导薪酬机制改革，需避免程序违规，强化实质核查。 董高 "聘、管、退" 全流程管理规范升级。新规要求严 ...

宏观点评 政策半月观—各部委各地"开年第一会"的信号 证券研究报告 | 宏观研究 gszqdatemark 2026 01 18 年 月 日 核心结论：总体看，近半月政策聚焦 2026 年"开好头、起好步"，具体 有 6 大焦点：一是央行、证监会、商务部等部门陆续召开"开年第一会"， 分别聚焦扩内需、稳经济、综合惩治资本市场财务造假以及强化教育科 技人才支撑；二是开年中央密集调研河南、内蒙古、广东等地，聚焦"菜 篮子"稳产保供、新质生产力、"十五五"良好开局；三是 1.15 央行宣 布推出一揽子货币金融政策，下调各类结构性货币政策工具利率 0.25 个 百分点、并增加部分工具额度，央行也表示降准降息"仍有空间"，进一 步明确了货币宽松大方向，但节奏仍有待观察；四是开年以来 2 场国常 会均围绕促消费，包括 1.9 国常会部署实施财政金融协同促内需一揽子 政策，1.16 国常会研究加快培育服务消费新增长点等促消费举措；五是 各地"开年第一会"定调，上海、辽宁、福建等地均围绕优化营商环境， 海南和重庆聚焦区域建设，湖北聚焦科技创新、河南和云南等地推进重 大项目，广东和江苏聚焦细化落实、靠前发力；六是中央继续松地产 ...

Core Viewpoint - The report from Guojin Securities indicates that advancements in seven major technological routes are enabling 3D printing to transition from concept to mass production, positioning it as a potential final processing solution for commercial aerospace, covering rocket and satellite manufacturing [1] Group 1 - The current maturity of 3D printing technology is continuously improving, providing a foundation for mass production [1] - 3D printing is expected to become the ultimate processing solution in the commercial aerospace sector, with promising applications in both rockets and satellites [1] - Companies involved in commercial aerospace 3D printing are recommended for investment consideration [1]

Summary of Key Points Core Viewpoint - The company is providing a guarantee for its wholly-owned subsidiary, Guojin Financial Holdings (Hong Kong) Limited, to enhance its competitive strength and support its business development in Hong Kong, with a total guarantee amount of 105 million HKD [2][6]. Group 1: Guarantee Overview - The current guarantee balance is 70 million HKD, with an additional 35 million HKD being added, resulting in a total guarantee amount of 105 million HKD [2]. - The company has signed a comprehensive credit limit contract with Ping An Bank for an offshore credit limit of 200 million HKD, with an exposure limit of 105 million HKD, valid for one year [2]. - The company will provide a guarantee for the offshore loan application made by Guojin Financial Holdings to Ping An Bank through an internal guarantee for external loans [2][6]. Group 2: Internal Decision-Making Process - The company’s board of directors approved the guarantee proposal on April 23, 2025, and the shareholders' meeting on June 18, 2025, allowing for a total guarantee amount not exceeding 200 million RMB (or equivalent foreign currency) for Guojin Financial Holdings [3]. - The guarantee amount can be managed on a rolling basis within the authorized limit, effective until the next annual shareholders' meeting [3]. Group 3: Reporting Procedures - The company submitted a report to the China Securities Regulatory Commission on December 29, 2025, regarding the internal guarantee for external loan financing [4]. - On December 31, 2025, the company applied for registration and filing with the State Administration of Foreign Exchange, receiving the necessary documentation on January 9, 2026 [4]. Group 4: Financial Data of the Guaranteed Entity - Guojin Financial Holdings (Hong Kong) Limited is a wholly-owned subsidiary with a registered capital of 908,999,900 HKD, and its main business includes securities trading, investment banking, and asset management [5]. - The company’s recent financial data indicates a strong operational capacity, supporting the rationale for the guarantee [5]. Group 5: Board of Directors' Opinion - The board believes that the financial risks associated with Guojin Financial Holdings are manageable and that providing the guarantee will not harm the interests of the company and its shareholders [7]. Group 6: Total Guarantee Amount - As of the announcement date, the total amount of guarantees provided to subsidiaries is approximately 794.38 million RMB, which represents about 2.26% of the equity attributable to the parent company as of September 30, 2025 [8].

Core Viewpoint - The announcement details the addition of several sales institutions for various funds managed by Ping An Fund Management Co., Ltd., effective from January 19, 2026, allowing investors to perform various transactions through these institutions [1][8][16][23][26]. Group 1: Sales Institutions - Ping An Fund Management Co., Ltd. has signed sales agreements with Dongfang Securities Co., Ltd., Xibu Securities Co., Ltd., Founder Securities Co., Ltd., Guojin Securities Co., Ltd., and Huaxi Securities Co., Ltd. to act as sales agents for its funds starting January 19, 2026 [1][8][16][23][26]. - Investors will be able to open accounts, subscribe, redeem, invest regularly, and convert funds through these institutions from the specified date [2][9][17][27]. Group 2: Fee Discounts - Investors who subscribe or regularly invest through these sales institutions will enjoy fee discounts, with the specifics of the discount determined by the sales institutions [4][11][18][28]. - The company does not impose restrictions on the discount limits for subscription fees, regular investment fees, and conversion fees, which will be managed based on the sales institutions' provided discount rates [4][11][18][28]. Group 3: Important Notes - Regular investment is a method of fund subscription where investors can set up automatic deductions for fund purchases, with minimum deduction amounts specified in the fund's prospectus [5][12][19][29]. - Fund conversion allows investors to exchange their holdings in one fund for shares in another fund managed by the same management company, subject to the rules outlined in the fund contract [5][12][19][29]. Group 4: Contact Information - Investors can consult details through the respective sales institutions, including customer service numbers and websites for Dongfang Securities, Xibu Securities, Founder Securities, Guojin Securities, and Huaxi Securities [7][14][21][24][31].

Group 1 - The core point of the article is that Guojin Securities announced its plan to support its wholly-owned subsidiary, Guojin Financial Holdings (Hong Kong) Co., Ltd., by applying for a bank loan from Ping An Bank, with Guojin Securities providing a guarantee for this financing [1] - Guojin Securities currently has a guarantee balance of 70 million HKD for Guojin Financial Holdings, and an additional 35 million HKD will be added, bringing the total guarantee amount to 105 million HKD [1] - As of the announcement date, the total guarantee amount provided by Guojin Securities to its wholly-owned subsidiaries is 794 million RMB, which accounts for approximately 2.26% of the equity attributable to the parent company as of September 30, 2025 [1]

Group 1 - The core viewpoint is that recent market "cooling" is not a definitive sign of a market peak, but rather stabilizes investor expectations [1][6] - Historical instances show that regulatory "cooling" often occurs during rapid market uptrends without necessarily indicating a market top [1][6] - The current market environment suggests that the long-term upward trend in equity market centrality remains intact despite recent regulatory actions [1][6] Group 2 - The analysis of theme investments indicates that policy and industry-driven themes focus more on performance realization, while event-driven and new themes are more influenced by trading heat [2][7] - Since 2000, there have been four distinct phases where theme investments have significantly outperformed, often coinciding with A-share profit downturns [2][7] - The current theme investment phase has not yet reached a clear dominance but shows signs of increasing heat, with the proportion of theme indices outperforming the overall market at 48.43% [3][8] Group 3 - The leading themes currently are centered around commercial aerospace and AI applications, although recent cooling has affected trading sentiment in these areas [3][9] - The market environment for industry themes remains favorable, with expectations of continued high performance despite recent adjustments in overheated themes [4][10] - The next critical verification point for performance will be the Q1 earnings disclosures in April, which will be crucial for assessing the sustainability of current themes [4][10] Group 4 - Recommendations for investment include focusing on AI-related industrial resources, Chinese equipment exports, and sectors benefiting from consumer recovery and capital market expansion [5][10] - The ranking of current hot themes is suggested as humanoid robots, AI applications, brain-computer interfaces, and commercial aerospace [4][10]

证券代码：600109 证券名称：国金证券 公告编号：临 2026－3 国金证券股份有限公司 关于为国金金融控股（香港）有限公司 提供内保外贷的公告 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: ●被担保人名称：国金金融控股（香港）有限公司（以下简称 "国金金控"） ●目前担保余额7000万港币，本次新增3500万港币，合计担保 金额1.05亿港币 ●本次担保是否有反担保：无 ●对外担保逾期的累计数量：无 一、 担保情况概述 （一） 担保基本情况 为满足全资子公司国金金控经营发展需要，增强国金金控的竞争 实力，稳步发展国金证券股份有限公司（以下简称"公司"）在港业 务，增加经营收益，国金金控拟向平安银行股份有限公司（以下简称 "平安银行"）申请银行贷款，公司拟通过内保外贷为上述融资提供 担保。 （三）上述担保事项履行的报备程序 2025 年 12 月 29 日，公司已向中国证券监督管理委员会四川监 管局报送《关于为国金金融控股（香港）有限公司提供内保外贷融资 担保的备案报告》。 1 2025年11月6日 ...

Group 1 - The core point of the announcement is that Guojin Securities is supporting its wholly-owned subsidiary, Guojin Financial Holdings (Hong Kong) Limited, by applying for a credit-backed external loan business from Ping An Bank [1] - The current guarantee balance is 70 million HKD, with an additional 35 million HKD being added, bringing the total guarantee amount to 105 million HKD [1] - The relevant matters have passed internal decision-making and reporting procedures [1] Group 2 - As of the announcement date, the total guarantee amount for the wholly-owned subsidiary is 794 million CNY, which accounts for approximately 2.26% of the equity attributable to the parent company as of September 30, 2025 [1] - There are no overdue guarantees reported [1]

Core Viewpoint - The brokerage asset management industry is undergoing significant changes due to two major events: the transition of public collective investment schemes ending by the end of 2025 and the obstacles faced in obtaining public fund licenses for brokerage asset management [1][2]. Group 1: Strategic Focus Areas - "Fixed Income +" and multi-asset allocation are identified as the two strategic focuses for brokerage asset management in 2026, aimed at meeting investor demand for stable returns in a low-interest-rate environment [3][6]. - Companies plan to enhance their competitive edge by developing differentiated strategies in areas such as Fund of Funds (FOF), equity, quantitative strategies, cross-border investments, and retirement products [3][4]. Group 2: Development of "Fixed Income +" Products - Brokerage firms are focusing on building a product lineup with varying risk characteristics in the "Fixed Income +" space, with firms like First Capital Asset Management emphasizing low-volatility products and ESG-focused offerings [4]. - Other firms, such as Caitong Asset Management, are refining their "Fixed Income +" strategies by creating a gradient of products from low to high volatility, while Guoxin Asset Management aims to expand its fixed income strategies while maintaining its traditional credit enhancement advantages [4]. Group 3: Multi-Asset and Diversified Strategies - Many firms are prioritizing multi-asset and diversified strategies, with Guangfa Asset Management planning to leverage its platform and digital capabilities to expand into "Fixed Income +", multi-strategy, and distinctive equity products [5]. - Caitong Asset Management is increasing its focus on QDII and retirement products, while Zhongtai Asset Management is set to emphasize FOF, active equity, and "Fixed Income +" products in 2026 [5]. Group 4: Passive Investment Tools - The trend towards passive investment is becoming increasingly significant, with firms developing index-enhanced and ETF products to improve asset allocation efficiency and reduce costs for clients [7][8]. - Companies like Guojin Asset Management are actively developing tool-based FOF and index-enhanced strategies, while Caitong Asset Management is working on a quantitative index-enhanced product line [8]. Group 5: Alternative Assets for Revenue Expansion - In the current low-interest-rate environment, alternative assets such as REITs, commodities, and derivatives are gaining traction as they offer low correlation with traditional assets and potential for enhanced returns [9][10]. - First Capital Asset Management has been a pioneer in public REITs investment and plans to deepen its involvement in this area, while Caitong Asset Management is focusing on a diversified investment approach that includes ABS and REITs [9][10].