Summary of Key Points Core Viewpoint - In January 2026, the number of new companies listed on the A-share market decreased by 25% year-on-year, with a total of 9 new listings, while the net fundraising amount increased by 33.79% to 8.425 billion yuan compared to the same period last year [1]. Group 1: IPO Performance - A total of 8 underwriting institutions were involved in the IPO business for the 9 new listed companies in January 2026 [2]. - China International Capital Corporation (CICC) ranked first with 2 IPOs, while 7 other securities firms, including Shenwan Hongyuan, Guotou Securities, Dongwu Securities, Dongxing Securities, CITIC Securities, Guojin Securities, and Guotai Junan, each handled 1 IPO [3][4]. Group 2: Legal Services - Six law firms provided legal services for the 9 new listed companies' IPOs in January 2026 [5]. - Shanghai Jintiancheng, Beijing Zhonglun, and Beijing Kangda ranked jointly first, each with 2 IPOs, while Beijing King & Wood Mallesons, Guohao (Shanghai), and Beijing Deheng each handled 1 IPO [6][7]. Group 3: Audit Services - Six accounting firms provided auditing services for the 9 new listed companies' IPOs in January 2026 [8]. - Rongcheng ranked first with 3 IPOs, followed by Zhonghui with 2 IPOs, and Xinyong Zhonghe, Lixin, Tianjian, and Zhongxinghua each handled 1 IPO [9][10].

国金证券股份有限公司（以下简称"本公司"）于2024年1月29日发行了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）（债券简称：24国金01、债券代码：240564）,发行总额为 人民币15亿元，票面利率为2.83%，发行期限为3年。详见公司于2026年1月22日登载于上海证券交易所 网站（http://www.sse.com.cn）的《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》。 2026年1月29日，本公司"24国金01"公司债券付息完成，付息总额为人民币42,450,000.00元。 特此公告。 证券代码：600109 证券简称：国金证券 公告编号：临2026－8 债券代码：240564 债券简称：24国金01 国金证券股份有限公司 关于"24国金01"公司债券付息完成的公告 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。 国金证券股份有限公司 董事会 二〇二六年一月三十日 ...

证券日报网讯1月29日，国金证券在互动平台回答投资者提问时表示，公司三季报并未披露扣除客户交 易结算资金后的资产负债率，该指标通常在年报与半年报中予以披露。 ...

证券日报网讯1月29日，国金证券在互动平台回答投资者提问时表示，公司薪酬管理坚持市场化、绩效 导向和长期激励原则，旨在吸引和留住优秀人才，保障公司业务稳健发展。公司股价易受宏观市场等多 重因素影响，公司将持续优化薪酬与激励体系，使其更加契合公司战略目标和股东长期利益，实现员工 成长与企业价值提升的良性互动。 ...

| 证券代码：600109 | 证券简称：国金证券 | | 公告编号：临 2026－8 | | --- | --- | --- | --- | | 债券代码：240564 | 债券简称：24 01 | 国金 | | 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 关于"24 国金 01"公司债券付息完成的公告 董事会 二〇二六年一月三十日 国金证券股份有限公司（以下简称"本公司"）于 2024 年 1 月 29 日发行了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）（债券简称：24 国金 01、债券代码：240564）, 发行总额为人民币 15 亿元，票面利率为 2.83%，发行期限为 3 年。 详 见 公 司 于 2026 年 1 月 22 日 登 载 于 上 海 证 券 交 易 所 网 站 （http://www.sse.com.cn）的《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》。 2026 年 1 月 29 ...

Core Viewpoint - The company Hebi Haichang Intelligent Technology Co., Ltd. is applying for an IPO on the Beijing Stock Exchange, with a focus on high-performance wiring harness equipment manufacturing, and has notable clients including BYD and Tianhai Electronics [1] Group 1: Company Overview - Hebi Haichang Intelligent Technology Co., Ltd. is primarily engaged in the manufacturing of high-performance wiring harness equipment, which is essential for wiring harness production [1] - The company’s largest client is Tianhai Electronics, which is also in the process of applying for an IPO, followed by significant clients such as BYD and Luxshare Precision [1] Group 2: Financial Performance - The company has shown steady revenue growth in recent years, indicating good growth potential; however, there is a trend of declining gross margins, recorded at 38.71% in 2023, 34.21% in 2024, and 33.36% in Q3 2025 [1] Group 3: Client Relationships - The relationship with BYD is particularly noteworthy, as the company has labeled BYD as a "strategic low-price customer," indicating a unique approach to pricing strategy [2] - Despite regulatory inquiries regarding the gross margin comparison between Tianhai Electronics and strategic low-price customers like BYD, the company has applied for a disclosure exemption, maintaining a firm stance on confidentiality [3] Group 4: Regulatory Context - The regulatory framework established by the China Securities Regulatory Commission outlines conditions under which companies can apply for disclosure exemptions, particularly concerning commercial secrets and competitive information [4][5] - The specific rationale for classifying BYD as a "strategic low-price customer" and the implications of this classification in terms of regulatory compliance remain unclear [5]

Core Viewpoint - The bond issuance by securities firms has accelerated significantly at the beginning of 2026, with a total of 2,650 billion yuan approved for issuance, reflecting a 216.53% increase compared to the same period in 2025 [1][5][6]. Group 1: Bond Issuance Overview - On January 27, Guolian Minsheng Securities announced the approval to issue bonds totaling 180 billion yuan and its subsidiary Minsheng Securities 80 billion yuan, with approvals valid for 24 months [2][3]. - As of January 26, 2026, securities firms have cumulatively issued bonds amounting to 2,380.3 billion yuan, a significant increase from 752 million yuan in the same period of 2025 [5][6]. - The bond issuance includes various types such as perpetual subordinated bonds and technology innovation bonds, indicating a diversification in the types of bonds being issued [6][7]. Group 2: Market Dynamics and Trends - The surge in bond issuance is attributed to favorable market conditions and the increasing capital needs of securities firms, driven by the overall positive trend in the capital market [5][6]. - The current low interest rate environment provides an advantageous window for securities firms to engage in debt financing, allowing them to enhance their capital adequacy and invest in diversified business areas [5][6]. - The issuance of technology innovation bonds has gained momentum, supported by regulatory policies that encourage financial institutions to fund technology innovation [6][7]. Group 3: Future Outlook - Analysts suggest that the concentrated bond issuance at the beginning of the year is a common practice among securities firms to secure operational capital for the year ahead [7]. - With expectations of a prolonged bull market in China's capital market, securities firms will require more capital to support diversified business operations [7]. - The trend of "Matthew Effect" is evident, where leading securities firms continue to expand their issuance scale, while smaller firms face constraints in financing capabilities [7].

截至收盘，中证石化产业指数下跌0.7%，中证稀土产业指数下跌1.4%。 国金证券认为，化工板块或将重估，一是供给端的政策指引可能使得供给端的天花板更加明晰，产业地位方面，当前中国化工产业地位和经营情况严重错 配，后续修复概率较高；二是市场可能低估了流动性对于板块的影响，化工是少有的在周期底部+基本面趋势向上+估值具备性价比的大板块，在这大背景 下，流动性对板块涨幅影响可能会超预期。 | 今日该指数涨跌 | 该指数市净率 | i | | --- | --- | --- | | | | 发 | | -0. 7% | 1.7倍 | | 每日经济新闻 ...

智通财经APP获悉，国金证券发布研报称，现制饮品场景拓宽，叠加对软饮结构性替代，带动消费频次 提升。当前茶饮行业门店数增速放缓，品牌数量呈现下降趋势，行业集中度提升，步入成长期中后段。 头部品牌凭借供应链与产品优势，门店数量稳健增长，店效逐步修复;中小品牌则因供应链优势不足， 在成本和价格压力下逐步出清。该行认为，具备供应链规模化、能够精准快速捕捉用户需求的产品优 势、品牌优势的头部连锁品牌，在拓店和单店运营中将占据明显优势。 国金证券主要观点如下： 规模化采购和高效仓配筑就竞争壁垒 在采购端，头部品牌通过规模化采购建立成本优势和抗风险能力;并通过深度渗透到上游，保障产品差 异化。在仓配端，头部品牌通过冷链覆盖与高频配送时效，保障原材料新鲜度;同时通过高密度的仓配 网络，实现成本优势。 聚焦供应链驱动的头部连锁品牌 现制饮品场景拓宽，叠加对软饮结构性替代，带动消费频次提升。按照"市场规模=目标人群数量×人均 年消费频次×平均杯单价"测算我国现制饮品市场规模，伴随消费频次持续提升，我国现制饮品市场规 模有望持续增长。根据中商产业研究院数据，2023年我国人均现制饮品消费频次22杯，2018-2023年 CAGR ...

中证报中证网讯（记者 林倩）在全球宏观经济格局重塑、市场波动加剧的背景下，多元资产配置正成 为帮助投资者穿越周期、获取稳健回报的重要路径之一。国金证券资产管理有限公司相关负责人日前接 受中国证券报记者采访时表示，多资产投资作为践行资产配置理念、应对市场不确定性的重要方式，是 衡量一家资管机构综合实力的重要维度，近年来公司凭借前瞻性的布局与体系化的专业能力，在多资产 投资领域建立了独特的竞争优势。 打造科学配置能力 国金资管在多资产领域的探索起步较早。据介绍，2013年，公司便前瞻性地布局多资产管理相关业务， 着手推进股债混合及"固收+"策略。彼时，国内多资产相关产品尚处萌芽阶段，这一布局为其后续发展 奠定了先发优势。 "多资产配置并非资产的简单堆砌，其核心在于通过深入理解各类资产的风险收益特征及彼此间的相关 性，使其在组合中扮演不同的角色，实现风险的分散。"国金资管上述相关负责人补充道。 建立多资产产品线 面对多资产投资复杂程度大幅提升，国金资管着力打造体系化的"平台型"投研能力，公司通过专业化分 工，设立了覆盖宏观配置、行业研究、信用评估、量化分析的多个研究小组，为投资决策提供深度支 持。 国金资管上述相关 ...