本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导 性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带 责任。 中国银河证券股份有限公司（以下简称"本公司"）于 2025 年 6 月 16 日 成功发行了中国银河证券股份有限公司 2025 年度第十三期短期融资券（以下 简称"本期短期融资券"），本期短期融资券发行额为人民币 40 亿元，票面 利率为 1.64%，短期融资券期限为 183 天，兑付日期为 2025 年 12 月 16 日。（详 见本公司于 2025 年 6 月 17 日刊登于上海证券交易所网站（www.sse.com.cn） 的《中国银河证券股份有限公司 2025 年度第十三期短期融资券发行结果公告》）。 2025 年 12 月 16 日，本公司兑付了本期短期融资券本息共计人民币 4,032,889,863.01 元。 证券代码：601881 证券简称：中国银河 公告编号：2025-116 中国银河证券股份有限公司 2025年度第十三期短期融资券兑付完成的公告 特此公告。 中国银河证券股份有限公司董事会 2025 年 12 月 18 日 ...

Core Viewpoint - New consumption categories, represented by health food, are identified as a core investment theme for the food and beverage sector in 2025, with expectations for continuity into 2026 and beyond. The focus will be on health food as a key investment direction due to its rich SKU variety and long-tail structure, similar to the snack sector investment logic [1] Industry Overview - The health food market, including natural and nutritional health foods, has a combined market size of approximately 600 billion yuan. Since 2025, there have been profound changes in external demand and distribution channels, driven by a shift in consumer demographics from the elderly to younger groups and an expansion of consumption scenarios from disease prevention to personalized needs such as emotional relief and weight management. Additionally, the rise of interest e-commerce, cross-border e-commerce, and membership supermarkets has addressed issues of consumer trust and category recognition [1] Category Insights - The investment logic for health food is similar to that of the snack sector, focusing on selecting listed companies that are well-positioned in key categories. The "function-scenario-price" triangle is crucial for identifying potential best-selling products. Recommended categories include: - Oats: Market size of 10 billion yuan, low GI characteristics, and versatile usage in breakfast and snacks [2] - Corn: Market size of approximately 200 billion yuan, low GI, and broad acceptance as both a staple and snack [2] - Walnuts: Market size of 80 billion yuan, beneficial for heart and brain health, with a competitive price among tree nuts [2] - Black sesame: Beneficial for hair nourishment, priced around 1 yuan per bag, with applications in traditional and baking scenarios [2] - Sports health: Market size of approximately 6 billion yuan, expected to grow with the increasing number of fitness enthusiasts [2] - Gut health: Online market size estimated at 4 billion yuan, with probiotics accounting for over 75% [2] Key Companies - Companies that are strategically positioned in potential categories are expected to achieve rapid growth: - Ximai Food: Leading in the domestic cereal industry with a revenue CAGR of approximately 18% over the past three years [3] - October Rice Field: A new consumption brand with a revenue CAGR of about 17% over the past three years [3] - Wugu Mofang: Leading in walnut and sesame powder, recovering from a low point with a revenue CAGR of around 9% [3] - Xianle Health: A leading CDMO in China with a revenue CAGR of approximately 21% over the past three years [3] - Junyao Health: A pioneer in probiotic foods with a revenue CAGR of about 17% over the past three years [3]

中国银河证券主要观点如下： 1)折叠屏：2025年12月2日，三星电子在韩国首尔举行全球发布会，正式推出首款三折叠屏手机 GalaxyZTriFold。12月11日，华为发布全新一代折叠屏旗舰华为MateX7。2)AI/AR眼镜：10月24日，阿 里巴巴旗下的夸克AI眼镜S1正式在各大电商平台开启预售，产品将于12月初陆续发货。2025年12月3 日，在"理想科技日"发布会上，理想汽车正式推出旗下最具突破性的智能终端产品——理想AI眼镜 Livis。12月9日，谷歌AI眼镜原型机首次用上谷歌NanoBanana图像编辑能力。 板块跟踪 1)近一个月消费电子指数表现：从涨跌幅水平来看，消费电子行业指数跑赢沪深300指数0.74个百分 点，跑输电子指数1.60个百分点。从具体数据来看，消费电子行业指数涨跌幅为-2.08%，电子行业指数 涨跌幅为-0.48%，沪深300指数涨跌幅为-2.82%。2)近一年消费电子指数表现：从涨跌幅水平来看，消 费电子行业指数跑赢沪深300指数20.93个百分点，跑输电子指数3.09个百分点。从具体数据来看，消费 电子行业指数涨跌幅为35.28%，电子行业指数涨跌幅为38.37%，沪 ...

1)HLX43是全球潜在BICPD-L1ADC，肺癌、胃癌、胸腺癌等多适应症临床在研。继2025年9月WCLC大 会更新1期数据后(共计56例)，2025年11月2日公司公布了HLX43治疗NSCLC的关键更新数据，首次合并 了国际多中心II期临床结果，总人群疗效显著：鳞状NSCLC患者(2mg/kg，n=33)ORR为33.3%，非鳞状 NSCLC患者(2.5mg/kg，n=35)ORR为48.6%。同时，HLX43不依赖生物标志物筛选：PD-L1阴性(TPS＜ 1%，n=43)患者ORR为39.5%，提示疗效不受PD-L1表达限制，有望覆盖更广泛群体。此外，HLX43安 全性良好：血小板计数减少仅1.7%，血液学毒性较低。9.8%患者报告了irAE，2.9%患者出现免疫相关 性肺病，但观察到显著治疗获益：40%的cORR及100%的肿瘤缩小率，提示其疗效经由小分子毒素以及 免疫机制共同介导。同时，2025ESMOAsia披露：HLX43在晚期宫颈癌II期临床研究中展现了优异的初 步临床疗效，ORR为37.9%，DCR为72.4%，且安全性可控。2)HLX22：与曲妥珠单抗联用更优效、安 全，HLX22联合 ...

Core Viewpoint - Fuhong Hanlin (复宏汉霖) is positioned as a leading player in the biosimilar drug market in China, focusing on hematological malignancies, solid tumors, and autoimmune diseases, with a strong emphasis on international collaboration and product commercialization [1][2] Group 1: Business Performance - In 2023, the company achieved profitability with projected revenue of 5.724 billion yuan in 2024, representing a 6% year-on-year growth, and a net profit of 815 million yuan, reflecting a 50% increase compared to the previous year [2] - The company is expected to enter a high-growth phase in overseas business by 2025, with overseas product profits projected to grow over 200% in the first half of 2025 [2] Group 2: Product Pipeline and R&D - HLX43, a potential BICPD-L1ADC, is under clinical development for multiple indications including lung cancer and gastric cancer, showing significant efficacy in clinical trials with an overall response rate (ORR) of 33.3% for squamous NSCLC and 48.6% for non-squamous NSCLC [3] - HLX22, in combination with trastuzumab, has shown improved efficacy and safety in treating HER2-positive gastric/gastroesophageal junction cancer, with ongoing global Phase III trials [3] - The company is also advancing the development of Surulitinib, which aims to replace postoperative chemotherapy in gastric cancer with immunotherapy, having met primary clinical endpoints [3] Group 3: Market Strategy and Valuation - The company has established a global presence with its biosimilar products, which are key drivers of revenue growth, and is considering implementing full circulation of H-shares to enhance liquidity [4] - The projected net profits for 2025-2027 are estimated at 823 million, 744 million, and 1.129 billion yuan respectively, with corresponding price-to-earnings ratios of 39, 43, and 28, suggesting a total market valuation between 52.1 billion and 67.9 billion yuan [4]

Core Viewpoint - The article discusses the strategic planning and responsibilities of China Galaxy Asset Management Co., Ltd. in light of the 20th Central Committee's Fourth Plenary Session, emphasizing the importance of high-quality development and risk prevention in the financial sector [1][2][3]. Group 1: Historical and Theoretical Significance - The company recognizes the historical significance of the 20th Central Committee's Fourth Plenary Session, viewing it as a pivotal moment for planning the 15th Five-Year Plan and reflecting on past economic development phases [2]. - The session is seen as a mobilization for advancing Chinese-style modernization, with the proposed guidelines providing a theoretical foundation for the upcoming five years [2]. Group 2: Practical Implications - The session outlines key goals and strategic deployments for China's economic and social development over the next five years, focusing on high-quality development, technological self-reliance, and comprehensive reforms [3]. - The company aims to align its core responsibilities with the broader goals of Chinese-style modernization, seeking sustainable development paths that enhance its competitive edge [3]. Group 3: Political and Organizational Advantages - The company emphasizes the necessity of adhering to the Party's comprehensive leadership as a fundamental principle for economic and social development during the 15th Five-Year Plan [4]. - It aims to integrate the Party's political advantages into its governance processes, transforming these into competitive advantages for high-quality development [4]. Group 4: Focus on Core Business and Risk Management - The company is committed to its primary role in managing non-performing assets, aligning with national strategies to mitigate financial risks and support the real economy [5]. - A robust risk management framework is being developed, focusing on a closed-loop management system and prudent operational strategies to enhance risk control capabilities [7]. Group 5: Operational Efficiency and Strategic Alignment - The company plans to implement refined management practices to improve operational efficiency, prioritizing functional aspects over profitability [6]. - It aims to align its operations with national strategic initiatives, focusing on key regions and industries to optimize resource allocation [6].

智通财经APP获悉，中国银河证券发布研报称，中央经济工作会议12月10日至11日在北京举行。中央经 济工作会议通稿能源强国建设规划纲要，加快新型能源体系建设，扩大绿电应用，新能源依旧是十五五 发展中心，聚焦新质生产力与反内卷，风光储、AIDC、锂电、机器人有望全面受益。 AIDC海内外共振，电网及储能筑基 我国已建成全球最大物流、电力、通信等基建网络，AI加速全面发展，电力需求日益增长，北美AI缺 电担忧逐步强化，为适应人工智能+、绿色低碳转型等趋势，保障能源安全，现代化新基建势在必行。 1）AIDC：AI军备竞赛下智算需求助推AIDC高景气，未来供配电系统向800V HVDC高压直流演进，服 务器电源量利齐升，UPS和HVDC仍将长期并行发展，高电压等级HVDC渗透率有望在未来5年实现快速 提升，固态变压器SST是未来发展趋势。AI对电力消耗大，AI缺电担忧加剧，配储需求旺盛。AI电力设 备、储能、服务器电源优先受益。2）电网：新型电力系统持续推进，风光等可再生能源装机大，电网 建设需求旺盛，特高压及主网、配网数智化延续增长态势。全球电网投资高景气，经济复苏以及AI高 速发展，叠加新能源并网以及电网更新改造 ...

Core Viewpoint - The article highlights the importance of financial support and innovative investment strategies in fostering the growth of high-tech enterprises like Boruspan, emphasizing the role of China Galaxy Securities in providing not just capital but also strategic resources and industry connections [6][7][9]. Group 1: Company Overview - Boruspan Precision Machine Tool Co., Ltd. has successfully transitioned from facing financing challenges to achieving mass production and stable delivery of high-end CNC machine tools, gaining traction in international markets [6]. - The company emphasizes the significance of foundational technology research, as articulated by its chairman, who believes that neglecting basic research hinders revolutionary advancements [7]. Group 2: Financial Support and Investment Strategies - China Galaxy Securities has adopted a "bank + investment" model, providing equity and bond financing while also connecting enterprises with industry resources, thus facilitating comprehensive solutions for high-tech companies [6][9]. - The firm participated in Boruspan's D-round financing of 250 million yuan in April 2023, extending support beyond financial investment to include strategic guidance and market connections [7]. - The issuance of technology innovation bonds by private equity institutions, such as Junlian Capital, demonstrates the positive impact of financial instruments on the venture capital landscape, encouraging investment in technology innovation [8]. Group 3: Market Trends and Future Outlook - The securities industry is increasingly focusing on early-stage investments in hard technology sectors, with a reported 2.4% year-on-year growth in the scale of private equity investment funds, reaching 635.14 billion yuan [13]. - China Galaxy Securities aims to enhance its service offerings for technology enterprises by integrating investment, banking, and research functions, thereby creating a comprehensive financial service ecosystem [12][15]. - The ongoing reforms in the capital market are expected to further support the growth of high-tech industries, with a focus on long-term investments and the development of diverse funding channels [15].

投资者500万难追回！银河证券被指"保本承诺+操纵测评" 本文自南都·湾财社。 采写 | 南都·湾财社记者 刘常源 "保本"基金先涨后崩 南京蔡女士500万元难追索 媒体报道称，2022年7月初，南京62岁的蔡女士通过银河证券App认购了"雷根添宝全天候五号二期私募 证券投资基金"，投资金额500万元。 彼时，银河证券南京江东中路证券营业部工作人员石敏向蔡女士保证，这款基金投资策略稳健，以港股 打新为主、中资银行美元债为辅，新股上市申购后开盘首日即卖出，不涉及长期持股；产品与大盘指数 相关性低、抗风险能力强，本质上就是"固收+"产品。 然而，这样一份被吹嘘为"稳健""保本"的基金，却在一段时间的暴涨后迅速转入崩盘。 2022年以来，雷根资产兑付危机逐渐暴露，蔡女士也逐渐面临500万元投资款血本无归的局面。 此后，蔡女士以银河证券在销售、托管及基金登记服务中存在违法违规行为为由，多次向江苏证监局举 报投诉。2023年底，银河证券曾承诺以蔡女士撤回投诉为条件，赔付其本金的92%，但蔡女士撤回投诉 后，银河证券并未履行承诺。 编辑 | 王琦璋 从相关细节来看，事涉的雷根基金早在两年多前就已暴雷，而消费者的追索至今仍 ...

来源：中国银河CGS 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 未来，中国银河证券将始终严格履行定点帮扶政治责任，积极践行服务社会企业责任，为静宁县和其他 欠发达地区全面推进乡村振兴作出新的更大贡献。 责任编辑：杨红卜 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：中国银河CGS CHINA GALAXY SECURITIES 12月10日，在北京举办的全球减贫伙伴研讨会上，中国国际减贫中心、中国互联网新闻中心、世界银 行、联合国粮食及农业组织、联合国世界粮食计划署、国际农业发展基金和亚洲开发银行等七家机构联 合发布"第六届全球减贫案例"。中国银河证券股份有限公司（以下简称中国银河证券）申报的《做强苹 果产业，带动区域发展》从全球40个国家和地区的840个参评案例中脱颖而出，荣誉入选"最佳减贫案 例"，是证券行业唯一入选的案例，并将收录于南南合作减贫知识分享平台，为全球减贫事业提供参考 和借鉴。 中国银河证券自2012年帮扶静宁县以来，累计投入无偿帮扶资金2.5亿元，引入帮扶资金4.5亿元，先后 选派帮扶干部16名，消费帮扶和帮助销售农特产品2 ...