JP-CSC @EC2603A

CSCIF Hong Kong Limited Issues $374 Million of Medium-term Notes

E Fund Management Reduced CITIC Securities by 1,245,000 Shares

CITIC Securities Co., Ltd. Completes 200 Million USD Medium-term Note Issuance

E Fund Management Reduced Holdings in China Construction Investment Corporation to 8.96%

CITIC Securities - Shougang Commercial Real Estate Asset-backed Securities Plan Status Updated to 'Feedback Received'

Hangzhou Cloud 深处 Technology Launches IPO Tutoring

City Light Autonomous Driving Completes PreA Round Financing

Jiaxing City Investment Group's 2025 Corporate Bond Project Status is 'Accepted'

Beijing Tianheng Property Group Issues 840 Million CNY MTN to Repay Interest-bearing Debt

CITIC Construction Investment - CITIC TaiFu Jiading Commercial Project Asset-Backed Special Plan Status Updated to 'Pending'

Citic Securities' Two Rivers Industry 1-5 Period Asset-Backed Special Plan Passes SSE Approval

Citic Securities - CITIC Pacific Jia Ding Commercial Project Asset-backed Special Plan Status Updated to 'Feedback Received'

CITIC Securities and Waigaoqiao Group Establish First-of-Its-Kind Industrial Real Estate REITs

CITIC Securities Completes the Issuance of Perpetual Subordinated Bonds Worth RMB 2.2 Billion with a Coupon Rate of 2.25%

Q3 2025: Growth in China's Wealth Management Market, Optimized Product Structure

CITIC Securities Plans to Issue Up to RMB 20 billion Perpetual Subordinated Bonds

China Securities Expressway Construction Investment Holding Co. Q3 Earnings Briefing Reveals Proprietary Trading and Wealth Management Achievements

Hangzhou Fuyang Industrial Park's Sci-Tech Innovation Bond Approved by SSE

CSC released FY2025 9 Months Earnings on October 30 After-Market (BJT), actual revenue HKD 18.79 B, actual EPS HKD 1.0233

CSC released FY2025 Q3 earnings on October 30 After-Market (BJT), actual revenue HKD 7.128 B (forecast HKD 8.664 B), actual EPS HKD 0.3204

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KWAN YONG

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ARCHOSAUR GAMES

XIAOCAIYUAN

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As of February 6, 685 listed companies have received brokerage research teams this year. Leading brokerages, leveraging the advantages of their research teams, have become the "main force" in the research market, with CITIC Securities ranking first with 213 research visits; Changjiang Securities, Guotai Haitong, and CICC also exceeded 150 visits each; 12 brokerages including Guosen Securities, Huatai Securities, Western Securities, GF SEC, and CSC have all conducted over 100 research visits

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Guotai Haitong

Sealand Securities

SDHT

GF SEC

ZHONGTAI SECURITIES

CICC

GTHT

HTSC

CITIC Securities Co., Ltd.

GF SECURITIES

Changjiang Securities

SINOLINK SECURITIES

GUOTAI JUNAN I

GUOSEN SECURITIES

Western Securities

CITIC SEC

CAITONG SECURITIES

Huaan Securities

Since the beginning of the year, securities firms have "visited" a total of 685 A-share companies

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CSC Financial's Indirectly Owned Subsidiary Guaranteed With 357 Million Yuan for Bond Issuance

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GF Fund CSI HK Connect Financials(ex Banks) Thematic ETF

Guotai CSI All Share Investment Banking & Brokerage ETF

Hwabao WP CSI All Share Investment Banking & Brokerage ETF

CSC Financial's Indirectly Owned Subsidiary Guaranteed With 357 Million Yuan for Bond Issuance

CSC Financial Co., Ltd. announced that due to work arrangement, Mr. Yan Xiaolei, a Non-executive Director, submitted a resignation report to the Board of the Company and resigned as the Non-executive Director and a member of the Risk Management Committee and the Audit Committee of the Board. Following his resignation, Mr. Yan will no longer hold any other position in the Company or its controlling subsidiaries. The resignation shall take effect from the date on which a new Non-executive Director is elected by the general meeting of the Company.

CSC Financial Co., Ltd. Announces Board and Committees Changes

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China Securities Co. Ltd. has announced the resignation of Non-executive Director Mr. Yan Xiaolei and nominated Mr. Dong as his replacement. Mr. Dong will take office pending approval at the company's general meeting.

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CC SECURITIES

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China Securities Co. Ltd. Nominates Dong as Non-Executive Director

CITIC Securities Co., Ltd. Chief Economist Mingming stated that the market is focused on the timing of the reserve requirement ratio and interest rate cuts, and it is expected that the policy interest rate will be lowered in the second quarter. Based on past experience, after the reduction of the re-lending rate, the overall space for interest rate cuts will also be opened accordingly. As the fixed deposits mature in the first quarter, the pressure on bank interest margins will ease

CITIC Securities Co., Ltd.: It is expected that the timing of the policy interest rate reduction will be in the second quarter

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CITIC Construction Investment analysts Zhou Junzhi and Tian Yunong pointed out in their research report on January 11 that recent performance of non-ferrous metals such as copper and aluminum has been strong, believing that copper prices will continue to rise, and USD 13,000 is not the endpoint. Although copper prices have entered a technical correction phase and may be affected by profit-taking in the short term, structural demand will still support copper prices, with an optimistic outlook for copper prices by 2026

Yinhua CSI Non-ferrous Metal ETF

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CSC: Copper will surely take over from gold and silver, and the market is not yet over

In early 2026, several brokerages such as CSC, SINOLINK SECURITIES, and Xiangcai Securities frequently experienced personnel changes involving multiple star analysts. These changes varied in nature, including internal position adjustments, age-related retirements, and "transfers" to join other firms

Frequent personnel changes in sell-side at the beginning of 2026: Wu Chaoze and Huang Wentao of CSC have new positions, and there are also adjustments at Xiangcai and SINOLINK SECURITIES

CITIC Construction Investment Securities Chief Economist Huang Wentao has been appointed as the director of the research institute. He graduated from Nankai University with a Ph.D. in Economics and has previously served as a visiting scholar at the State University of New York. Huang Wentao previously held the positions of Chief Economist, Co-Head of the Research and Development Department, Managing Director, and Chief Analyst of the Macroeconomic and Fixed Income Research Team at CITIC Construction Investment Securities

CITIC Construction Investment Securities Chief Economist Huang Wentao appointed as Director of the Research Institute

Zhongxin JianTou's Zhou Junzhi analyzed the revaluation of China's household balance sheet, pointing out that total household assets will reach 763.7 trillion yuan in 2024, with real estate accounting for 395.6 trillion yuan. Over the past 20 years, real estate has contributed more than 50% to household wealth. With the end of urbanization and the leverage era, consumption patterns will face transformation, and insufficient domestic demand and declining consumption are phase-specific phenomena. The importance of real estate in the economy is reflected in five dimensions: investment, assets, finance, consumption, and fiscal policy. In the future, household wealth creation and consumption patterns will undergo changes

- The article provides a comprehensive analysis of the evolution of Chinese residents' asset and liability balance sheets, highlighting the significant role of real estate in wealth accumulation.  
- It notes that total household assets in China are projected to reach 763.7 trillion yuan by 2024, with real estate contributing approximately 395.6 trillion, and emphasizes the historical expansion in household wealth over the past two decades.  
- The piece anticipates a shift in consumption patterns as the real estate-driven wealth expansion transitions, highlighting emerging trends such as rational consumption adjustments and changes in wealth accumulation related to real estate.

CSC Zhou Junzhi: The Future of Consumption in the Reassessment of the Balance Sheet

CSC stated that, first, the trading volume stabilizes ahead of price recovery; second, core city housing prices rebound first; third, monetary easing (with the 10-year government bond yield not exceeding 200 basis points above core inflation) is a necessary condition; fourth, improving economic growth expectations are a fundamental prerequisite. The experience of most countries shows that the monetary policy cycle lasts 4-7 years, and the real estate cycle also requires 4-7 years to bottom out and recover. In special circumstances (such as Japan), it may take a longer cycle to emerge from negative drag

- The current focus of the market is identifying the bottom of the real estate market.  
- A report by CITIC Securities outlines four international indicators for transitioning from weak to strong in real estate: stabilization of sales volume before price recovery, major cities seeing price rebounds first, necessary monetary easing, and improvement in economic growth expectations.  
- China is experiencing deep adjustments in its real estate market, requiring patience for the confirmation of four key signals to indicate a true turning point.

Four International Rules for Stabilizing and Rebounding Housing Prices

The public fund market is expected to accelerate growth in 2025, with the ETF investment boom continuing and multi-asset allocation becoming an important trend. A report from CSC indicates that the equity market's upward fluctuations are driving a rebound in the scale of actively managed equity funds, but the process of passive investment is accelerating, with fixed income + products expanding in a low-interest-rate environment. The scale of passive index funds has increased by over 1.1 trillion yuan, and the scale of ETFs has surpassed 5 trillion yuan. There is a clear differentiation in fixed income products, with the scale of short-term pure bond funds decreasing, while the scale of fixed income + funds has grown by 625 billion yuan. The FOF new issuance market is warming up, with over 80 new FOF funds launched, reaching a scale of 80 billion yuan

- In 2025, the public fund market in China experienced accelerated growth, with a notable rise in ETF investments and multi-asset allocation trends.  
- Despite a recovery in active equity funds, predominantly driven by net value increases, passive index funds led growth with an increase exceeding 1.1 trillion yuan, reaching over 5 trillion yuan in total ETF scale.  
- Fixed income products displayed clear differentiation, with a significant decline in mid- to long-term pure debt funds while solid growth was seen in flexible allocation and secondary debt funds, reflecting a shift towards multi-asset investment strategies in a low-interest-rate environment.

Active management, fixed income +, ETF three major tracks -- Understand this year's public fund big winners in one article

The research report from CSC identifies the top ten global macro opportunities for 2026, including increased gold reserves, silver revaluation, development of electricity and energy, integration of new technologies, construction of a unified market, internationalization of enterprises, optimization of capital markets, strengthening of Hong Kong as a financial center, internationalization of the Renminbi, and easing of U.S. monetary policy

CSC: Proposes the Top Ten Global Macro Opportunities for 2026

China Investment Silver LOF announced today that investors who blindly invest in fund shares with high premium rates may face significant losses. The net asset value of China Investment Silver LOF has underperformed the silver futures index. However, on-market trading investors have used the silver futures trend as a benchmark to participate in the trading of China Investment Silver LOF, driving the secondary market price of China Investment Silver LOF significantly higher, greatly deviating from the net asset value of the fund shares, resulting in a further expansion of the premium

- Following extreme fluctuations, the Guotou Silver LOF experienced a dramatic drop before rebounding to an 8.80% increase on December 29, 2025.  
- The fund warned investors about potential losses from investing in overpriced shares, as its net asset value significantly lagged behind the secondary market price amid rising silver prices.  
- Analysts highlight factors driving silver prices up but also caution about significant risks of short-term corrections, driven by investor behavior and industrial demand challenges.

China Investment Silver LOF experienced a huge fluctuation during trading, with the limit-down price soaring straight to an increase of over 9%. What happened?

JP-CSC @EC2603A(28565.HK)

Since the beginning of the year, securities firms have "visited" a total of 685 A-share companies

CSC Financial's Indirectly Owned Subsidiary Guaranteed With 357 Million Yuan for Bond Issuance

CSC Financial Co., Ltd. Announces Board and Committees Changes

China Securities Co. Ltd. Nominates Dong as Non-Executive Director

CITIC Securities Co., Ltd.: It is expected that the timing of the policy interest rate reduction will be in the second quarter