股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 光大證券股份有限公司 呈交日期: 2026年2月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601788 | 說明 | | A股(上海證券交易所) | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,906,698,839 | RMB | | 1 | RMB | | 3,906,698,839 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 3,906,698,839 | RMB | | 1 | RMB | | 3,906,698,8 ...

Core Viewpoint - The report from Everbright Securities highlights the focus on AI transformation in the automotive industry, particularly among new energy vehicle (NEV) manufacturers, while also addressing the pressure from rising raw material prices affecting profit margins. Group 1: AI Transformation in Automotive Industry - New energy vehicle companies are actively transitioning towards AI, especially in humanoid robotics, with Tesla planning to convert its Model S/X production line for humanoid robots, Xiaopeng announcing mass production of humanoid robots by 2026, and Li Auto establishing a humanoid robot team [1] Group 2: January NEV Performance - In January, the performance of NEVs was weak, with Li Auto's deliveries down 7.5% year-on-year and 37.5% month-on-month to 27,668 units; NIO's deliveries increased by 96.1% year-on-year but decreased by 43.5% month-on-month to 27,182 units; Xiaopeng's deliveries fell 34.1% year-on-year and 46.6% month-on-month to 20,011 units [1] Group 3: New Model Launches - Various NEV manufacturers launched updated models in January to meet tax requirements and enhance product competitiveness, including BYD's long-range versions of the Qin and Sea models, Xiaopeng's new P7+ and G7 models, and AITO's M7 long-range version [2] Group 4: Increased Purchase Incentives - Tesla is offering significant purchase incentives, including an 8,000 yuan insurance subsidy and low-interest financing for its Model 3 and Model Y vehicles, with delivery timelines ranging from 1 to 6 weeks [3] - Li Auto has maintained short delivery timelines for several models and extended purchase subsidies into February, while NIO and Xiaopeng have also introduced low-interest financing options across their vehicle ranges [4]

Group 1 - The report emphasizes the importance of capturing opportunities in cyclical industries from price expectations to performance realization, with a focus on the relationship between commodities and US Treasury yields [5][7][8] - In the week ending January 30, 2026, global stock markets showed mixed results, with Hong Kong and UK markets leading gains, while major commodity futures saw significant fluctuations, particularly in crude oil prices [5][6] - The report highlights that the manufacturing PMI for January 2026 fell to 49.3%, down from 50.1% in December, influenced by the upcoming Spring Festival and a high base effect from the previous month [10][11] Group 2 - The analysis indicates that the decline in the manufacturing PMI is not solely due to seasonal factors but also reflects a high base from the previous month, which saw an unusual improvement [10][11] - The report notes that the production index decreased to 50.6%, while the new orders index fell below the threshold to 49.2%, indicating a slowdown in demand [11][12] - The non-manufacturing PMI also showed weakness, dropping to 49.5%, primarily due to a decline in the construction sector, which was affected by seasonal factors and a high base from the previous month [12][13] Group 3 - The report discusses the performance of various sectors in the domestic equity market, with financials, cyclical, and consumer sectors leading in trading volume, while 10 sectors saw gains and 21 sectors experienced declines [6][18] - The report highlights that the energy sector, particularly crude oil, saw significant price increases due to geopolitical tensions, while precious metals experienced a sharp decline following the nomination of a new Federal Reserve chair [5][7] - The report also mentions that the A-share market is currently facing downward pressure, with major indices showing significant declines, and emphasizes the need to monitor support levels in the coming weeks [18][19]

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 香港联交所最新数据显示，1月27日，易方达基金减持光大证券（06178）69.48万股，每股作价8.8706港 元，总金额约为616.33万港元。减持后最新持股数目为5583.2万股，最新持股比例为7.93%。 香港联交所最新数据显示，1月27日，易方达基金减持光大证券（06178）69.48万股，每股作价8.8706港 元，总金额约为616.33万港元。减持后最新持股数目为5583.2万股，最新持股比例为7.93%。 责任编辑：卢昱君 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 ...

Core Viewpoint - Short-term copper prices are fluctuating, but the outlook for copper prices in 2026 remains positive due to ongoing supply-demand tightness [4]. Group 1: Market Overview - As of January 30, 2026, SHFE copper closed at 103,680 CNY/ton, up 2.31% from January 23, while LME copper closed at 13,071 USD/ton, down 0.44% [4]. - The market perceives a low probability of the Federal Reserve lowering interest rates in March 2026, which may affect overall commodity sentiment [4]. Group 2: Inventory Analysis - Domestic copper social inventory decreased by 2.2%, while LME copper inventory increased by 2.6% [5]. - As of January 30, 2026, domestic mainstream port copper concentrate inventory was 673,000 tons, down 6.8% from the previous week [5]. - Global electrolytic copper inventory totaled 986,000 tons, up 2.8% from January 23 [5]. Group 3: Supply Dynamics - The price difference between refined copper and scrap copper increased by 765 CNY/ton this week [6]. - In October 2025, China's copper concentrate production was 130,000 tons, down 8.1% month-on-month and 12.1% year-on-year [6]. Group 4: Smelting and Production - China's electrolytic copper production in January 2026 was 1.1793 million tons, up 0.1% month-on-month and 16.3% year-on-year [7]. - The TC spot price as of January 30, 2026, was -50.30 USD/ton, reflecting a decrease of 0.3 USD/ton from January 23 [7]. Group 5: Demand Insights - Cable manufacturing, which accounts for approximately 31% of domestic copper demand, saw an increase in operating rate to 59.46%, up 0.75 percentage points from the previous week [8]. - Air conditioning production, which represents about 13% of domestic copper demand, is projected to decline year-on-year by 31.6% in February, 6.5% in March, and increase by 4.0% in April [8]. Group 6: Futures Market - As of January 30, 2026, the open interest for SHFE copper active contracts was 223,000 lots, down 2.6% from the previous week [9]. - The non-commercial net long position on COMEX was 48,000 lots, down 8.0% from the previous week [9].

Group 1 - The issuer of the bond is China National Railway Group Co., Ltd., and the total issuance scale is 10 billion yuan for the "2026 Third Phase China Railway Construction Bond" [4][29] - The bond is divided into two types: a 10-year bond with a scale of 5 billion yuan and a 30-year bond with a scale of 5 billion yuan, totaling 10 billion yuan [21][29] - The bonds will be issued at a fixed interest rate, with the 10-year bond's interest rate being the Shibor benchmark rate plus a basic spread ranging from -0.3% to 0.7%, and the 30-year bond's interest rate ranging from 0.1% to 1.1% [21][29] Group 2 - The main underwriter for this bond issuance is Guotai Junan Securities Co., Ltd., which is responsible for managing the underwriting team and coordinating the issuance process [5][31] - The bonds will be publicly issued to institutional investors through a bidding system on the Shenzhen Stock Exchange [22][31] - The bonds will be registered and held by the Shenzhen branch of the China Securities Depository and Clearing Corporation and the Central Government Bond Registration and Clearing Co., Ltd. [24][30] Group 3 - The bonds will have a maturity date of February 5, 2036, for the 10-year bond and February 5, 2056, for the 30-year bond [27] - The bonds will be issued at par value of 100 yuan, with a minimum subscription unit of 10 million yuan [24][29] - The bonds will be guaranteed by the Railway Construction Fund, providing an irrevocable joint liability guarantee [29]

| 表格序號 | 大股東/董事/最高行政人員名稱 作出披露的 買入 / 賣出或涉及的股 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事 | | --- | --- | --- | --- | --- | --- | | | 份數目 | 原内 | | | (請參閱上述*註解) 有投票權股 (日/月 | | | | | | | 份百分比 | | and the control controlled to the many of the many of the many of the comments of | | | | | 196 | | CS20260130E00608 | 易方达基金管理有限公司 | 1201(L) | 694,800(L | HKD 8.8706 | 55,832,000(L 7.93(L)27/01/ | | 股份代號: | 06178 | | --- | --- | | 上市法國名稱: | 光大證券股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 02/01/2026 - 02/02/2026 | 格隆汇2月2日丨根据联交所最新权益披露资料显示， ...

智通财经APP获悉，香港联交所最新数据显示，1月27日，易方达基金减持光大证券(06178)69.48万股， 每股作价8.8706港元，总金额约为616.33万港元。减持后最新持股数目为5583.2万股，最新持股比例为 7.93%。 ...

智通财经APP获悉，香港联交所最新数据显示，1月27日，易方达基金减持光大证券(06178)69.48万股， 每股作价8.8706港元，总金额约为616.33万港元。减持后最新持股数目为5583.2万股，最新持股比例为 7.93%。 ...

光期研究 光期黑色：铁矿石基差及价差监测日报 2026 年 2 月 2 日 1 光大证券 2020 年 半 年 度 业 绩 E V E R B R I G H T S E C U R I T I E S 1.1 合约价差 | 期货合约 | 今日收盘价 | 上日收盘价 | 变化 | 合约价差 | 今日价差 | 上日价差 | 变化 | | --- | --- | --- | --- | --- | --- | --- | --- | | I05 | 791.5 | 798.5 | -7.0 | I05-I09 | 19.0 | 19.5 | -0.5 | | I09 | 772.5 | 779.0 | -6.5 | I09-I01 | 12.5 | 13.5 | -1.0 | | I01 | 760.0 | 765.5 | -5.5 | I01-I05 | -31.5 | -33.0 | 1.5 | 图表1：05-09合约价差（单位：元/吨） 图表2：09-01合约价差（单位：元/吨） -50 0 50 100 150 200 09 10 10 10 11 11 12 12 01 01 02 02 03 03 0 ...