Core Viewpoint - The State Administration of Foreign Exchange of China reported the trading volume of the foreign exchange market for December 2025, indicating significant activity in both the customer and interbank markets, as well as in spot and derivatives trading [1]. Group 1: December 2025 Trading Data - The total trading volume in China's foreign exchange market (excluding foreign currency pairs) reached 28.17 trillion RMB (approximately 3.99 trillion USD) in December 2025 [1]. - The customer market accounted for 4.78 trillion RMB (about 0.68 trillion USD), while the interbank market had a trading volume of 23.39 trillion RMB (around 3.31 trillion USD) [1]. - The spot market saw a cumulative trading volume of 10.44 trillion RMB (equivalent to 1.48 trillion USD), and the derivatives market totaled 17.73 trillion RMB (approximately 2.51 trillion USD) [1]. Group 2: Annual Trading Data for 2025 - For the entire year of 2025, the cumulative trading volume in China's foreign exchange market reached 304.57 trillion RMB (approximately 42.64 trillion USD) [1].

Core Viewpoint - The company is actively exploring and researching asset-backed securities, including REITs, but has not yet issued public REITs [1] Group 1: Company Activities - The company has been actively revitalizing its held properties and has issued CMBS using assets such as Beijing Financial Street Center, Beijing Financial Building, Shanghai Financial Street Helen Center, and Shanghai Rongyue Center [1] - The issuance of CMBS has allowed the company to raise long-term, low-cost funds [1] - The company is gradually building a comprehensive "investment, financing, management, and exit" business model [1]

Core Viewpoint - Financial Street Securities (01476.HK) expects to record a profit attributable to shareholders of approximately RMB 327 million for the year ending December 31, 2025, compared to a profit of approximately RMB 176 million for the year ending December 31, 2024, indicating a significant increase in performance [1]. Group 1 - The board believes that the increase in operating performance compared to 2024 is primarily due to the rise in revenue from securities brokerage and proprietary investment businesses [1].

Core Viewpoint - Financial Street Securities (01476) anticipates a significant increase in shareholder profit, projecting approximately RMB 327 million for the year ending December 31, 2025, compared to an estimated RMB 176 million for the year ending December 31, 2024, indicating a positive growth trajectory in the company's financial performance [1] Financial Performance - The company expects a rise in shareholder profit from RMB 176 million in 2024 to RMB 327 million in 2025, reflecting an increase of approximately 85.23% [1] - The board attributes the improvement in operational performance to increased revenues from securities brokerage and proprietary investment businesses [1]

Core Viewpoint - Financial Street Securities (01476) anticipates a significant increase in shareholder profit, projecting approximately RMB 327 million for the year ending December 31, 2025, compared to an estimated RMB 176 million for the year ending December 31, 2024, indicating a positive growth trajectory in the company's financial performance [1] Group 1 - The board of directors believes that the increase in operating performance compared to 2024 is primarily due to the rise in revenue from securities brokerage and proprietary investment businesses [1]

Investment Rating - The industry rating is "Positive," indicating that the overall return of the industry is expected to exceed the CSI 300 Index by more than 5% in the next six months [9]. Core Insights - The real estate sector is experiencing a mixed performance, with the Shanghai Composite Index and Shenzhen Component Index rising by 0.18% and 0.09% respectively, while the Shenwan Real Estate Index fell by 0.93% [3]. - The first land auction of 2026 in Ningbo includes four plots in the Yinzhou District, with a total starting price of over 2.916 billion yuan and a total area of 109,200 square meters [5]. - The individual stock performance within the real estate sector shows significant gains for companies like Shunfa Hengye (7.59%) and Jingneng Real Estate (4.52%), while companies like Shangshi Development (-4.83%) and Rongfeng Holdings (-4.76%) faced declines [4]. Market News - Ningbo has officially launched the auction for four plots in the Baihe Future Community, with a total construction area of approximately 300,000 square meters and a starting floor price of 9,723 yuan per square meter [5]. - Financial Street Holdings completed the issuance of its first medium-term notes for 2026, with a total planned and actual issuance amount of 1.4 billion yuan, at an interest rate of 3.05% [6]. - China Overseas Macro Group announced the issuance of corporate bonds not exceeding 5 billion yuan, with the current issuance scale capped at 1 billion yuan [7].

Investment Rating - The industry rating is "Positive," indicating that the overall return of the industry is expected to exceed the CSI 300 Index by more than 5% in the next six months [9]. Core Insights - The report highlights that the real estate sector is experiencing a mixed performance, with the Shanghai Composite Index and Shenzhen Component Index rising by 0.18% and 0.09% respectively, while the Shenwan Real Estate Index fell by 0.93% [3]. - The report notes that Ningbo has listed four plots of land in the Yinzhou District, with a total starting price exceeding 2.916 billion yuan, marking the first residential land listing in 2026 [5]. - The report provides insights into individual stock performances within the real estate sector, with notable gainers including Shunfa Hengye and Jingneng Real Estate, which saw increases of 7.59% and 4.52% respectively [4]. Market Performance - As of January 27, 2026, the overall market performance shows that most sectors are rising, with the CSI 300 Index experiencing a slight decline of 0.03% [3]. - The report lists the top five gainers in the real estate sector, with their respective increases in stock prices, while also noting the top five decliners [4]. Company Announcements - Financial Street Holdings completed the issuance of its first medium-term notes for 2026, with a total planned and actual issuance amount of 1.4 billion yuan, and an interest rate of 3.05% [6]. - China Overseas Macro Group announced the issuance of corporate bonds for professional investors, with a total scale not exceeding 1 billion yuan for this phase [7]. - Vanke disclosed a borrowing agreement with Shenzhen Metro Group for up to 2.36 billion yuan, which constitutes a related party transaction [7].

Core Viewpoint - Financial Street Holdings Co., Ltd. announced the issuance of its first phase of medium-term notes for 2026, confirming the authenticity and completeness of the information disclosed [1]. Group 1: Issuance Details - The company issued the medium-term notes 26 Financial Street MTN001 on January 23, 2026 [1]. - The company did not directly subscribe or fund the issuance but indicated that it was indirectly involved through related institutions and asset management products [1]. Group 2: Participation and Compliance - The board members, senior management, shareholders with over 5% ownership, and other related parties did not participate in the subscription of this debt financing tool [1]. - The company confirmed that it was not aware of any related parties indirectly participating in the subscription through asset management products [1].

证券代码：000402 证券简称：金融街 公告编号：2026-004 金融街控股股份有限公司 2026 年度第一期中期票据发行情况公告 本公司及董事会全体成员保证信息披露的内容是真实、准确、完整的，没 有虚假记载、误导性陈述或者重大遗漏。 金融街控股股份有限公司于 2026 年 1 月 23 日发行了中期票据 26 金融街 MTN001，现将发行申购、配售情况公告如下： | | 金融街控股股份有限公司 | 年度第一期中期票据 2026 | | | --- | --- | --- | --- | | | 发行要素 | | | | 名称 | 金融街控股股份有限公 司 年度第一期中 2026 期票据 | 简称 26 | 金融街 MTN001 | | 代码 | 102680311 | 期限 | 年 3+2 | | 起息日 | 2026 年 1 月 26 日 | 兑付日 | 2031 年 1 月 26 日 | | 计划发行总额 （万元） | 140,000.00 | 实际发行总额 （万元） | 140,000.00 | | 发行利率（%） | 3.05 | 发行价格 | 100 元/百元面值 | | | 申购情况 | ...

Core Viewpoint - The People's Bank of China (PBOC) is focusing on enhancing its macro-prudential management system and promoting the internationalization of the Renminbi (RMB) in 2026, following the guidelines from the 20th National Congress and the Central Economic Work Conference [1][2]. Group 1: Macro-Prudential Management - In 2025, the PBOC accelerated the construction of a macro-prudential management system, improving governance mechanisms and enhancing the standardized and practical capabilities of macro-prudential monitoring and assessment [1]. - Key areas of focus include systemically important financial institutions, financial markets, and cross-border capital flows [1]. Group 2: Renminbi Internationalization - The PBOC aims to further promote the internationalization of the RMB by optimizing cross-border usage arrangements and enhancing the network of currency swaps and clearing banks [2]. - The goal is to strengthen the RMB's financing capabilities and support trade and investment facilitation, thereby improving service to the real economy [1][2]. Group 3: Future Work Directions - The macro-prudential work in 2026 will continue to build a comprehensive management system, enhance the central bank's macro-prudential management functions, and expand the coverage of macro-prudential policies [2]. - There will be a focus on forward-looking assessments of systemic financial risks and the innovation of policy tools to maintain stable financial markets and overall financial system stability [2].