Group 1 - The core point of the article is that China Galaxy Securities has received approval from the China Securities Regulatory Commission to publicly issue perpetual subordinated bonds with a total face value of up to 20 billion RMB [1] - The approval is valid for a period of 24 months, allowing the company to issue the bonds in multiple tranches within this timeframe [1]

中油资本今日涨10.03%，成交额81.09亿元，换手率5.76%，盘后龙虎榜数据显示，深股通专用席位买入 4.73亿元并卖出3.16亿元，1家机构专用席位净买入4044.63万元，有1家机构专用席位净卖出8493.77万 元，中国银河大连黄河路席位净卖出9721.95万元。 ...

（在中華人民共和國註冊成立之股份有限公司） 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之內容概不負責，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分內容而產生或因依 賴該等內容而引致之任何損失承擔任何責任。 承董事會命 中國銀河證券股份有限公司 王晟 董事長及執行董事 中國北京 2025年8月22日 於本公告日期，本公司執行董事為王晟先生（董事長）及薛軍先生（副董事長及總 裁）；非執行董事為楊體軍先生、李慧女士、黃焱女士及宋衛剛先生；以及獨立非 執行董事為羅卓堅先生、劉力先生、麻志明先生及范小雲女士。 （股份代號：06881） 公告 發行永續次級公司債券獲得中國證券監督管理委員會註冊批覆 中國銀河證券股份有限公司（「本公司」）近日收到中國證券監督管理委員會的批覆 （「批覆」），同意本公司向專業投資者公開發行面值總額不超過人民幣200億元永 續次級公司債券（「永續次級公司債券」）的註冊申請。批覆的有效期為24個月。本 公司可在批覆的有效期內分期發行永續次級公司債券。 本公司將按照有關法律法規、批覆要求及本公司股東大會的授權辦理永續次級公 司債券發行的相關事宜，並及時 ...

Core Viewpoint - The report highlights the challenges faced by Zhongkuang Resources due to declining lithium prices, while the cesium and rubidium salt segment remains a stable performance driver, leading to a "buy" rating for the company [1] Financial Performance - In the first half of 2025, Zhongkuang Resources achieved operating revenue of 3.267 billion yuan, a year-on-year increase of 34.89% [2] - The net profit attributable to shareholders was 89 million yuan, down 81.16% year-on-year, with a non-recurring net profit of 8 million yuan, down 98.31% year-on-year [2] - In Q2 2025, the company reported operating revenue of 1.730 billion yuan, a year-on-year increase of 33.61% and a quarter-on-quarter increase of 12.62% [2] Lithium Business Challenges - The company sold 17,869 tons of lithium salts in the first half of 2025, a year-on-year increase of approximately 6.37% [3] - The average price of lithium hydroxide in China fell by 26.98% year-on-year to 67,385.47 yuan/ton, while battery-grade lithium carbonate prices dropped by 32.15% year-on-year to 70,385.38 yuan/ton [3] - Revenue from the lithium battery raw materials segment decreased by 17.84% to 1.307 billion yuan, with gross profit down 74.82% to 142 million yuan [3] Cesium and Rubidium Segment Growth - The cesium and rubidium salt segment generated operating revenue of 708 million yuan, a year-on-year increase of 50.43%, with gross profit of 511 million yuan, up 50.15% [4] - The fine chemical business for cesium and rubidium salts achieved revenue of 407 million yuan, a year-on-year increase of 24.93% [4] - The formic acid cesium rental business saw revenue growth of 107.63% to 301 million yuan [4] Mining and Resource Development - The company is leveraging its geological exploration advantages to enhance mining rights development, with progress in copper and other multi-metal layouts [5] - The Kitumba copper mine project has completed preliminary design work, with a planned capacity of 350 million tons/year for raw ore and 60,000 tons/year for cathode copper [5] - The Tsumeb project in Namibia is set to produce 33 tons/year of germanium and 11 tons/year of gallium, with construction of the first rotary kiln underway [5] Investment Outlook - The company maintains a leading position in the global cesium and rubidium market, with stable growth in performance [6] - Future improvements in the lithium battery raw materials segment are anticipated as lithium prices recover from recent lows [6] - The strategic layout in multi-metals, including the Zambian copper mine and Namibian recycling project, is expected to contribute significantly to future earnings growth [6]

Group 1 - A-share brokerage stocks strengthened in the afternoon, with notable gains in several companies [1] - Everbright Securities and Xinda Securities reached the daily limit, while GF Securities rose over 6% [1] - Huaxin Securities increased by over 5%, and China Galaxy Securities saw a rise of over 4% [1] Group 2 - Dongxing Securities, Huatai Securities, Guosen Securities, Shouchuang Securities, and CITIC Securities all experienced gains of over 3% [1]

智通财经APP获悉，中国银河证券发布研报称，7月全国天气炎热带动空调需求释放，7月空调内销出货 量 1058 万台，超市场预期。外销有所承压，空调出口仍然受关税及高库存影响，7月空调出口出货量 585 万台，延续此前下滑趋势。618后价格竞争压力有所缓和，多品牌线上零售均价均有不同程度的改 善。家电行业估值处于历史偏低水平，具备长期投资价值。 1)产业在线数据，7月空调出口出货量585 万台，同比-15.5%(之前 7 月出口排产量较去年实绩同 比-16.3%)，延续此前下滑趋势，主要是因为美国关税影响，以及海外市场的高库存压力。 2)空调龙头全球生产基地分布广泛，生产订单被快速分配到海外生产基地。产业在线数据，7月美的/海 尔空调出口出货量分别-22.2%/-30%，格力/海信出口出货量分别-15%/-11.9%。 中国银河证券主要观点如下： 7月空调内销受益于天气炎热，超市场预期 1)产业在线数据，7月空调内销出货量 1058 万台，同比+14.3%(之前 7 月内销排产量较去年实绩同比 +8.1%)，超市场预期，主要是因为 7月全国天气炎热带动空调需求释放。但部分地区国补每日限量，补 贴效果有所减弱。 ...

Core Viewpoint - China Galaxy has issued a report on August 22 recommending Yahua Group (002497.SZ, latest price: 14.02 yuan) due to the impact of falling lithium prices on the company's performance and the stability of its civil explosives business, with potential future growth from projects in Tibet and overseas [2] Summary by Categories - **Company Performance** - The decline in lithium prices has negatively affected the company's performance [2] - **Business Segments** - The civil explosives business remains stable, providing a reliable revenue stream [2] - **Future Growth Potential** - Projects in Tibet and overseas are expected to contribute to future growth [2]

券商股持续走高，信达证券涨停，光大证券涨逾7%，东兴证券、中国银河、东方财富等跟涨。 ...

Market Overview - The market experienced fluctuations with mixed performance across the three major indices. The Shanghai Composite Index rose by 0.13%, while the Shenzhen Component Index and the ChiNext Index fell by 0.06% and 0.47%, respectively. The total trading volume in the Shanghai and Shenzhen markets reached 2.42 trillion yuan, an increase of 158 billion yuan compared to the previous trading day, marking the seventh consecutive day of trading volume exceeding 2 trillion yuan [1]. Domestic Computing Power Sector - CITIC Securities highlighted the release of the DeepSeek-V3.1 model, which now supports FP8 precision and domestic chips, potentially accelerating the domestic computing power ecosystem [2]. - Tencent's earnings report indicated a diversification in the supply chain for inference chips, suggesting that domestic inference computing power chips may become a competitive advantage amid international supply chain fluctuations [2]. - Huawei's Ascend chips are gradually expanding their applications in government and financial sectors, further demonstrating the increasing market competitiveness of domestic chips [2]. AI Server and Electronic Fluids - Guojin Securities noted that the demand for electronic fluorinated liquids is rapidly increasing due to the rising shipment volumes of AI servers, particularly with the enhanced computing power of NVIDIA's GB300 NVL72 servers [3]. - Various existing liquid cooling solutions, including cold plate, immersion, and spray cooling, are heavily reliant on fluorinated liquid materials. The trend towards efficient thermal interface materials (TIM) and liquid metals is expected to enhance the advantages of two-phase cold plate cooling solutions [3]. - The liquid cooling solution is anticipated to become the mainstream cooling method for future AI servers, prompting a focus on domestic leading companies in the upstream raw materials for fluorinated refrigerants and electronic fluorinated liquids, as well as related enterprises in efficient TIM materials [3]. Commercial Aerospace Industry - Galaxy Securities projected that the commercial aerospace industry in China is expected to experience significant growth, with key technologies such as reusable rockets and low-cost satellites making breakthroughs [4]. - Predictions indicate that within the next three years, the commercial aerospace sector will reach a peak moment, with transportation costs for rockets dropping below 30,000 yuan per kilogram, approaching the technological capabilities of overseas competitors [4]. - The demand side is bolstered by recent policy measures in Guangdong province, which have included low-altitude economy and space tourism as initial demonstration scenarios, expanding the imagination of application scenarios [4]. - Breakthroughs in low-altitude economy applications have been observed in urban air traffic, industrial applications, and agricultural production, alongside anticipated growth in space tourism demand, suggesting further enhancement of industry space [4].

Group 1 - The complexity of blood cancer classification presents numerous investment opportunities in various subtypes of treatment [1] - The promotion and application of emerging treatment methods such as targeted therapy, immunotherapy, and cell therapy have led to a trend in blood cancer treatment similar to chronic disease management for hypertension and diabetes [1] - The long survival cycle of blood cancer patients results in a large existing patient population, coupled with high drug treatment costs, leading to the emergence of blockbuster products and significant potential market opportunities [1]