Core Viewpoint - The report from Everbright Securities International indicates that demand driven by artificial intelligence and storage cycles will keep Huahong Semiconductor's utilization rate high through 2026, with stable price increases expected. However, accelerated expansion may lead to increased depreciation pressure, prompting adjustments to net profit forecasts for 2026 and 2027 [1] Group 1: Financial Performance - In Q4 2025, the company achieved revenue of $660 million, a year-over-year increase of 22.4%, and a quarter-over-quarter increase of 3.9%, aligning closely with the company's guidance range of $650 to $660 million [1] - The gross margin for Q4 2025 was 13%, meeting the company's guidance of 12% to 14%, with a year-over-year increase of 1.6 percentage points [1] - The net profit attributable to shareholders for Q4 2025 was $17.5 million, which fell short of the market expectation of $37.4 million [1] Group 2: Market Trends and Demand - The company expects strong growth in demand driven by AI, with revenue from BCD and power management increasing by 41% year-over-year in Q4 2025 [2] - Embedded NVM revenue grew by 31% year-over-year, while standalone NVM revenue increased by 23% year-over-year, indicating a favorable outlook for storage despite potential supply constraints [2] - The company has already implemented slight price increases in 2025 and anticipates further price increases for 12-inch wafers in 2026, while the 8-inch segment may see limited price adjustments [2] Group 3: Capacity and Production - The utilization rate in Q4 2025 was 103.8%, a year-over-year increase of 0.6 percentage points, but a quarter-over-quarter decrease of 5.7 percentage points due to the timing differences in rapid expansion [3] - The company’s total 8-inch wafer output in Q4 2025 was 1.448 million pieces, reflecting a year-over-year increase of 19.4% [3] - The acquisition of Huahong Micro's Fab 5 is progressing smoothly, which has a capacity of 38,000 pieces per month for 12-inch wafers, expected to enhance revenue growth in 2026 [3] Group 4: Future Guidance - For Q1 2026, the company has guided revenue of $650 to $660 million, representing a year-over-year increase of 21.1%, but below the market expectation of $695 million [4] - The gross margin guidance for Q1 2026 is set at 13% to 15%, which exceeds the market expectation of 13.2% [4] - The company plans to dynamically adjust and balance expansion, pricing, utilization rates, and profitability, with strong downstream demand expected to support high utilization rates in 2026 [4]

Group 1 - The report from Everbright Securities indicates that gold prices have shown resilience, maintaining above the 50-day moving average since August of last year, with support at $4,402 per ounce [1] - The recent upward trend in gold prices has seen a high of approximately $5,092 per ounce, and a potential breakthrough above this level could lead to a revised price target for gold in 2026 [1] - The U.S. non-farm payrolls reported a significant increase of 130,000 jobs in January, exceeding market expectations, while the unemployment rate unexpectedly dropped to 4.3% [1] Group 2 - Gold prices reached a peak of $5,595.46 per ounce at the end of January, surpassing the mid-year target of $4,950, but subsequently experienced a sharp decline, hitting a low of $4,402.97 per ounce [2] - Following the decline, gold prices have shown a technical rebound, currently stabilizing around $5,061 per ounce, with strong support indicated on the daily chart at the 50-day moving average [2]

Group 1 - The company has received a no-objection letter from the Shanghai Stock Exchange regarding the non-public issuance of corporate bonds totaling up to 15 billion yuan [1] - The no-objection letter is valid for 12 months from the date of issuance, allowing the company to issue the bonds in installments within the specified limit [1] - The company will proceed with the issuance of the bonds in accordance with relevant laws and regulations, as well as the authorization from the shareholders' meeting [1] Group 2 - The company's board of directors held a meeting on February 12, 2026, where all 12 attending directors unanimously approved the appointment of Mr. Jiang Qi as the business director [3][4] - Mr. Jiang Qi has a Master's degree in Business Administration from Sun Yat-sen University and has held various senior positions in financial institutions, including as the general manager of the financial innovation business headquarters at the company [6] - The board's remuneration, nomination, and qualification review committee confirmed that Mr. Jiang Qi meets the qualifications to serve as a senior management personnel in a listed company and is capable of fulfilling the responsibilities of the business director [4][6]

Core Viewpoint - Everbright Securities has received a no-objection letter from the Shanghai Stock Exchange regarding its non-public issuance of corporate bonds, allowing for a total issuance amount of up to 15 billion yuan [1] Group 1 - The company is authorized to issue corporate bonds not exceeding 15 billion yuan to professional investors [1] - The no-objection letter is valid for 12 months from the date of issuance, allowing the company to issue the bonds in installments within this period [1] - The Shanghai Stock Exchange has confirmed that the bond issuance meets the conditions for listing and transfer [1]

光大证券（601788）(06178)发布公告，公司董事经认真审议，通过了《关于聘任公司业务总监的议 案》，同意聘任蒋琦先生为公司业务总监。蒋琦先生业务总监任职自公司董事会审议通过之日起生效。 ...

光大证券（601788）(06178)发布公告，光大证券股份有限公司(以下简称公司)近日收到上海证券交易所 (以下简称上交所)出具的《关于对光大证券股份有限公司非公开发行公司债券挂牌转让无异议的函》( 上证函〔2026〕606号，以下简称无异议函)。 根据该无异议函，公司面向专业投资者非公开发行总额不超过 150 亿元的公司债券符合上交所的挂牌转 让条件，上交所对本次债券挂牌转让无异议。该无异议函自出具之日起12个月内有效，公司可在无异议 函有效期及上述额度内分期发行本次债券并及时办理债券挂牌转让手续。 ...

根据该无异议函，公司面向专业投资者非公开发行总额不超过150亿元的公司债券符合上交所的挂牌转 让条件，上交所对本次债券挂牌转让无异议。该无异议函自出具之日起12个月内有效，公司可在无异议 函有效期及上述额度内分期发行本次债券并及时办理债券挂牌转让手续。 格隆汇2月12日丨光大证券(06178.HK)公布，公司近日收到上海证券交易所(以下简称上交所)出具的 《关于对光大证券股份有限公司非公开发行公司债券挂牌转让无异议的函》(上证函〔2026〕606号，以 下简称无异议函)。 ...

智通财经APP讯，光大证券(06178)发布公告，公司董事经认真审议，通过了《关于聘任公司业务总监的 议案》，同意聘任蒋琦先生为公司业务总监。蒋琦先生业务总监任职自公司董事会审议通过之日起生 效。 ...

智通财经APP讯，光大证券(06178)发布公告，光大证券股份有限公司(以下简称公司)近日收到上海证券 交易所(以下简称上交所)出具的《关于对光大证券股份有限公司非公开发行公司债券挂牌转让无异议的 函》( 上证函〔2026〕606号，以下简称无异议函)。 根据该无异议函，公司面向专业投资者非公开发行总额不超过 150 亿元的公司债券符合上交所的挂牌转 让条件，上交所对本次债券挂牌转让无异议。该无异议函自出具之日起12个月内有效，公司可在无异议 函有效期及上述额度内分期发行本次债券并及时办理债券挂牌转让手续。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 根據中華人民共和國的有關法例規定，光大證券股份有限公司（「本公司」）在上海 證券交易所網站( www.sse.com.cn )刊發了《光大證券股份有限公司關於非公開發行 公司債券獲得上海證券交易所掛牌轉讓無異議函的公告》。茲載列如下，僅供參 閱。 承董事會命 光大證券股份有限公司 董事長 趙陵 中國上海 2026年2月13日 光大證券股份有限公司 Everbright Securities Company Limited （於中華人民共和國註冊成立的股份有限公司） （股份代號：6178） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 挂牌转让无异议函的公告 於本公告日期，本公司董事會成員包括趙陵先生（董事長、執行董事）、梁毅先生 （非執行董事、職工董事）、劉秋明先生（執行董事、總裁）、馬韌韜女士（非執行 董事）、連涯鄰先生（非執行董事）、潘劍雲先生（非執行董事）、秦 ...