特此公告。 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 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 东兴证券股份有限公司2026年度第一期短期融资券已于2026年1月27日发行 完毕，相关发行情况如下： | 债券名称 | | | 东兴证券股份有限公司 | | 2026 年度第一期短期融资券 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 债券简称 | 26 | 东兴证券 | | CP001 | 债券代码 | 072610026 | | | | | 发行日 | 2026 | 年 1 | 月 26 | 日 | 起息日 | 年 2026 | 月 1 | 日 | 27 | | 兑付日 | 2026 | 年 9 | 月 4 | 日 | 期限 | 220 天 | | | | | 计划发行总额 | 人民币 | 10 | 亿元 | | 实际发行总额 | 人民币 | 10 | 亿元 | | | 发行利率 | 1.66% | | | | 发行价 ...

Core Viewpoint - The report from Dongxing Securities indicates that there are initial signs and a certain basis for an increase in milk prices, driven by a decline in dairy cow inventory and expected short-term reductions in raw milk production [1] Group 1: Dairy Cow Inventory and Production - The domestic dairy cow inventory is projected to decrease to 6.3 million heads in 2024, a year-on-year decline of 4.55%, ending a five-year growth trend [2] - Raw milk production is estimated at 40.79 million tons in 2024, reflecting a year-on-year decrease of 2.8% [2] - Despite the decline in inventory, the average milk yield is expected to reach 9.9 tons per cow, with a compound annual growth rate (CAGR) of 4.51%, indicating a slight increase in overall milk production [2] Group 2: Import and Supply Dynamics - The quantity of imported dairy products has significantly decreased due to price discrepancies, with net imports estimated at 14.35 million tons in December 2024, a reduction of 35.31% compared to December 2021 [3] - The total supply of raw milk in China is projected to decline from a historical high of 59.01 million tons in 2021 to 55.14 million tons in 2024, a year-on-year decrease of approximately 4% [4] - The report suggests that the total supply of dairy products may remain stable but slightly contract in the coming years due to ongoing declines in dairy cow inventory and fluctuating international trade conditions [4] Group 3: Demand Trends - Domestic per capita dairy consumption is expected to be 12.6 kg in 2024, a year-on-year decrease of 4.55%, indicating weak demand [5] - Despite the current weakness, there is potential for growth in dairy product consumption, particularly in high-end products like milk powder and cheese, which are experiencing an upward trend [5] - The rural market is becoming an important growth point, with projected dairy consumption reaching 5.506 million tons in 2025, a decrease of 3.3% from the previous year, but expected to grow to 6.354 million tons by 2029, with a CAGR of 3.65% from 2025 to 2029 [5]

Group 1 - The hybrid bonding industry is entering a high-speed implementation phase, with equipment demand expected to grow several times before 2030, marking this technology as a key driver for the next generation of computing power [1][3] - Hybrid bonding technology is a critical enabling technology for breaking through computing power bottlenecks in the post-Moore era, driven by explosive growth in AI, high-performance computing (HPC), and high-bandwidth memory (HBM) [1][3] - The current market is dominated by overseas leaders, but there are clear opportunities for domestic alternatives [1] Group 2 - Hybrid bonding offers extreme interconnect density and performance breakthroughs, process compatibility, cost optimization potential, and flexibility in three-dimensional integration and heterogeneous design [2] - However, challenges such as defect control, alignment precision, thermal management, wafer warping, material compatibility, and process throughput must be addressed for successful mass production [2] Group 3 - The demand for hybrid bonding technology is transitioning from an advanced option to a core infrastructure in the AI era, with significant applications in storage and logic integration [3] - Major manufacturers like TSMC are expanding production in advance, with HBM4/5 and high-end AI chips expected to be the first to scale, indicating a robust growth trajectory for related equipment [3] Group 4 - The hybrid bonding equipment market is characterized by a clear pattern of "overseas dominance and domestic breakthroughs," with Dutch company BESI holding about 70% of the global market share [4] - Chinese equipment manufacturers are accelerating their catch-up efforts, with companies like Tuojing Technology launching mass production-level hybrid bonding equipment and receiving repeat orders [4] - Domestic equipment is rapidly entering the key tracks of 3D integration and advanced packaging, with market share expected to continue increasing due to rising precision and stability [4] Group 5 - BESI is the absolute leader in the global hybrid bonding equipment market, establishing a core position in high-performance computing with a complete range of equipment from traditional packaging to cutting-edge 2.5D/3D integration [5] - Its flagship product, Datacon 8800 CHAMEO ultra plus AC, achieves 100nm alignment precision and a throughput of 2000 CPH, indicating a shift from laboratory to mass production [5] - BESI's advanced packaging business demonstrates strong technical premium capabilities with a gross margin exceeding 65%, reflecting a successful transition to an AI-driven growth model [5]

Group 1 - The stock of Aoni Electronics (301189.SZ) closed at 43.53 yuan, with a decline of 3.22%, currently in a state of breaking issue [1] - Aoni Electronics was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on December 28, 2021, with a public offering of 30 million shares at an issuance price of 66.18 yuan per share [1][2] - The stock reached its highest price of 68.34 yuan on December 30, 2021, just three days after its listing [2] Group 2 - The total amount of funds raised from the initial public offering (IPO) was 1.985 billion yuan, with a net amount of approximately 1.801 billion yuan, exceeding the original plan by 999.2 million yuan [2] - The funds raised are intended for various projects, including the construction of intelligent video and audio product production lines, smart workshop renovations, and brand development [2] - The total issuance costs amounted to 185 million yuan, with Dongxing Securities receiving 163 million yuan for sponsorship and underwriting fees [2]

Group 1 - The company, Dongxing Securities, stated that it will strictly fulfill its information disclosure obligations according to relevant regulations [2]

Group 1 - The core viewpoint of the news is that Dongxing Securities experienced a decline in stock price and trading volume, with significant changes in financing and margin trading activities on January 15 [1] - On January 15, Dongxing Securities' stock price fell by 1.51%, with a trading volume of 686 million yuan. The financing buy amount was 123 million yuan, while the financing repayment was 129 million yuan, resulting in a net financing outflow of 5.37 million yuan [1] - As of January 15, the total balance of margin trading for Dongxing Securities was 1.705 billion yuan, with the financing balance accounting for 3.84% of the circulating market value, indicating a high level compared to the past year [1] Group 2 - Dongxing Securities was established on May 28, 2008, and listed on February 26, 2015. Its main business includes securities brokerage, investment banking, asset management, proprietary trading, alternative investments, credit trading, futures, and direct investments [2] - As of September 30, 2025, Dongxing Securities reported a revenue of 3.610 billion yuan, a year-on-year decrease of 55.25%, while the net profit attributable to shareholders was 1.599 billion yuan, reflecting a year-on-year increase of 69.56% [2] - The company has distributed a total of 5.055 billion yuan in dividends since its A-share listing, with 1.202 billion yuan distributed in the last three years [3]

Group 1 - The core point of the announcement is that Dongxing Securities is planning a major asset restructuring involving a share swap merger with China International Capital Corporation (CICC) and Cinda Securities [2][3] - The transaction is expected to constitute a significant asset restructuring as defined by the "Management Measures for Major Asset Restructuring of Listed Companies," but it will not result in a restructuring listing [2] - The board of Dongxing Securities approved the merger proposal on December 17, 2025, and the company's A-shares resumed trading on December 18, 2025 [3] Group 2 - As of the announcement date, the audit and related work for the transaction have not been completed, and the company will hold another board meeting to review the transaction once these tasks are finished [3] - The transaction requires approval from the boards and shareholders of the involved parties, as well as regulatory approvals, which introduces uncertainty regarding the timing and likelihood of completion [4]

Group 1 - Huasheng Tiancheng's AI-related revenue currently accounts for a low proportion of overall revenue, indicating that it does not significantly impact the company's performance [2] - CICC's merger with Dongxing Securities and Xinda Securities is still undergoing audit work, which has not yet been completed [2] - Xinhua Department Store confirmed that there are no undisclosed major matters related to semiconductor asset injections, addressing market rumors [3] Group 2 - Zhong Rare Metals signed a strategic cooperation agreement with Xian Dao Group to enhance market share and industry influence in rare metals [4] - Zhongtian Rocket reported losses in its carbon/carbon thermal field materials business due to intensified competition in the photovoltaic industry [5] - Zhongyuan Nepe proposed to acquire 59% of Zhongyuan Jikean's equity for 143 million yuan, which will make it a wholly-owned subsidiary [5] Group 3 - Jiangxi Copper's subsidiary signed a cooperation agreement with First Quantum Minerals for exploration projects [6] - China Nuclear Power's Jiangsu Xuwei Nuclear Energy Heating Power Plant's first unit is set to pour its first concrete on January 16, 2026 [6] - ST Aowei's stock may be delisted if it continues to trade below par value [6] Group 4 - Triangle Tire plans to invest 3.219 billion yuan in a new high-performance tire project in Cambodia, expected to generate annual revenue of 2.585 billion yuan [7] - Baoxin Technology intends to publicly sell part of its subsidiary's assets, with a valuation of 50.2334 million yuan [7] - Nong Shang Environment's computing infrastructure project has not progressed as planned due to funding issues [8] Group 5 - Golden Dragon Fish plans to transfer stakes in two subsidiaries to Mars China for a total of 60 million USD, which is expected to impact its 2026 earnings significantly [8] - Jin Dao Technology intends to issue convertible bonds to raise up to 306 million yuan for various projects [8] - Aerospace Information expects a net loss of 700 million to 980 million yuan for 2025 due to industry changes [10] Group 6 - Tianji Co. forecasts a net profit of 70 million to 105 million yuan for 2025, recovering from a previous loss [10] - Muyuan Foods anticipates a net profit decrease of 12.2% to 17.79% for 2025 [11] - SAIC Group expects a net profit increase of 438% to 558% for 2025, driven by sales growth [12] Group 7 - Haolaike expects a significant drop in net profit for 2025, projecting a decrease of 75.16% to 83.23% [13] - Hainan Development anticipates a net loss of 440 million to 565 million yuan for 2025 [13] - Shuangliang Energy expects to report a loss for 2025 [14] Group 8 - Aijian Group also anticipates a loss for 2025 [14] - Meijin Energy forecasts a net loss of 850 million to 1.25 billion yuan for 2025 [14] - Kunlun Wanwei expects to report a loss for 2025 [14] Group 9 - Xue Rong Biological expects a net profit of 29 million to 40 million yuan for 2025, recovering from a previous loss [15] - Xin Nuo Wei anticipates a net loss of 170 million to 255 million yuan for 2025 due to increased R&D expenses [15] - Shengnuo Biological expects a net profit increase of 204.42% to 280.53% for 2025 [16] Group 10 - Longyuan Construction forecasts a net loss of 1 billion to 1.5 billion yuan for 2025 [17] - Kosen Technology expects a net loss of 245 million to 330 million yuan for 2025 [17] - Daqian Ecology anticipates a net loss of 100 million to 120 million yuan for 2025 [17] Group 11 - Lianfa Co. expects a net profit increase of 38.92% to 58.77% for 2025 [18] - Chongqing Steel anticipates a net loss of 2.5 billion to 2.8 billion yuan for 2025, but expects to reduce losses compared to the previous year [18] - Tongxing Technology forecasts a net profit increase of 74.2% to 125.44% for 2025 [19] Group 12 - Siyuan Electric expects a net profit of 3.163 billion yuan for 2025, a 54.35% increase year-on-year [19] - Luoyang Molybdenum expects a net profit increase of 47.8% to 53.71% for 2025 [20] - Nawei Technology anticipates a net profit increase of 54.51% to 75.03% for 2025 [20] Group 13 - Jingjia Micro expects a net loss of 120 million to 180 million yuan for 2025 [21] - Southwest Securities forecasts a net profit increase of 47% to 57% for 2025 [22] - Wankai New Materials expects a net profit of 156 million to 203 million yuan for 2025, recovering from a previous loss [22] Group 14 - Yilian Network anticipates a slight decrease in net profit for 2025, projecting a decline of 0% to 4% [23] - Baofeng Energy expects a net profit increase of 73.57% to 89.34% for 2025 [23] - Sanmei Co. forecasts a net profit increase of 155.66% to 176.11% for 2025 [23] Group 15 - Zhenyu Technology expects a net profit increase of 96.89% to 116.58% for 2025 [24] - Fute Technology anticipates a net profit increase of 121.98% to 164.26% for 2025 [24] - Guoli Electronics expects a net profit increase of 124.89% to 164.57% for 2025 [24] Group 16 - Shenyu Co. expects a slight decrease in net profit for 2025, projecting a decline of 0.05% to 11.37% [25] - Rongchang Biological plans to increase its share repurchase price limit to 116 yuan per share [26] - Defu Technology plans to repurchase shares for 75 million to 150 million yuan [26] Group 17 - ST Chengchang's stock will resume trading on January 16 after completing a trading fluctuation investigation [27] - Zhi Te New Materials will also resume trading on January 16 after confirming no major changes in business operations [27] - Lio Co. will suspend trading starting January 16 for stock fluctuation investigation [27]

Core Viewpoint - The announcement from Xinda Securities indicates a planned merger through a share exchange with China International Capital Corporation (CICC) and Dongxing Securities, which is classified as a significant asset restructuring but does not constitute a reverse listing [1] Group 1: Transaction Details - The merger involves CICC issuing A-shares to all A-share shareholders of Dongxing Securities and Xinda Securities [1] - The transaction is expected to be classified as a major asset restructuring under the regulations but will not lead to a reverse listing [1] - As of the announcement date, the auditing and related work for the transaction have not been completed, and further board meetings will be held to review the proposals once the work is finalized [1]

Core Insights - The "2026 Global and China Capital Market Outlook Forum and the Golden Kylin Best Wealth Management Institutions and Best Investment Advisors Ceremony" was held on January 15, 2026, featuring top experts and thought leaders discussing macro ecology, market strategies, and investment outlooks for 2026 [1][2] - The event also announced the 2025 Golden Kylin Best Wealth Management Institutions honors [1][2] Summary by Category - **Event Overview** - The forum aimed to outline the prospects for 2026 from multiple dimensions, including macroeconomic conditions and investment strategies [1] - **Awards Announcement** - The ceremony recognized the 2025 Golden Kylin Best Wealth Management Institutions, highlighting the growth and achievements within the wealth management sector [2]