证券代码：601881 证券简称：中国银河 公告编号：2025-075 中国银河证券股份有限公司 2025年度第五期短期融资券兑付完成的公告 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 3 月 12 日 成功发行了中国银河证券股份有限公司 2025 年度第五期短期融资券（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 30 亿元，票面利 率为 2.07%，短期融资券期限为 184 天，兑付日期为 2025 年 9 月 12 日。（详 见本公司于 2025 年 3 月 13 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 年度第五期短期融资券发行结果公告》）。 2025 年 9 月 12 日，本公司兑付了本期短期融资券本息共计人民币 3,031,305,205.48 元。 特此公告。 中国银河证券股份有限公司董事会 2025 年 9 月 16 日 ...

2025年9月12日，公司兑付了本期短期融资券本息共计人民币30.313亿元。 中国银河（601881）(06881)发布公告，公司于2025年3月12日成功发行了中国银河证券股份有限公司 2025年度第五期短期融资券，本期短期融资券发行额为人民币30亿元，票面利率为2.07%，短期融资券 期限为184天，兑付日期为2025年9月12日。 ...

智通财经APP讯，中国银河(06881)发布公告，公司于2025年3月12日成功发行了中国银河证券股份有限 公司2025年度第五期短期融资券，本期短期融资券发行额为人民币30亿元，票面利率为2.07%，短期融 资券期限为184天，兑付日期为2025年9月12日。 2025年9月12日，公司兑付了本期短期融资券本息共计人民币30.313亿元。 ...

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。 （在中華人民共和國註冊成立之股份有限公司） （股份代號：06881） 海外監管公告 中國北京 2025年9月15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。 证券代码：601881 证券简称：中国银河 公告编号：2025-075 本公告乃由中國銀河證券股份有限公司（「本公司」）根據香港聯合交易所有限公司 證券上市規則第13.10B條作出。 茲載列本公司於上海證券交易所網站發佈之《中國銀河證券股份有限公司2025年 度第五期短期融資券兌付完成的公告》，僅供參閱。 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 中国银河证券股份有限公司董事会 2025 年 9 月 16 日 中国银河证券股份有限公司 2025年度第五期短期融资券兑付 ...

中国银河证券发布公告称，公司董事会对公告内容真实性等负责。该公司于2025年3月12日成功发行 2025年度第五期短期融资券，发行额30亿元，票面利率2.07%，期限184天。兑付日期为2025年9月12 日，当日公司已完成本期短期融资券本息兑付，共计人民币3,031,305,205.48元。相关发行结果曾于2025 年3月13日刊登于上海证券交易所网站。 ...

Core Viewpoints - The Chinese stock market is expected to continue its upward trend, with A/H shares likely to reach new highs within the year due to accelerating economic transformation and reduced uncertainties [4][5][15] - The focus should shift from domestic economic cycles to a global perspective when evaluating company fundamentals, especially as more companies expand their international exposure [3] Group 1: Market Trends and Sentiment - The current market sentiment is characterized by a structural rally driven by "smart money," with a daily trading volume expected to stabilize around 1.6 to 1.8 trillion yuan [3] - Historical data suggests that after a "volume peak," the upward trend often continues, albeit at a slower rate, indicating that the current bull market narrative remains intact [6][7] - The market is entering a phase of rotation and expansion, with a focus on sectors that exhibit strong industrial trends and economic governance improvements [10][11] Group 2: Investment Opportunities - Key sectors to watch include resources, consumer electronics, innovative pharmaceuticals, chemicals, gaming, and military industries, as they align with global supply chain dynamics [3] - The market presents broad opportunities, with a focus on both emerging technologies and traditional sectors undergoing valuation recovery [5] - Specific recommendations include sectors with high economic activity such as software development, communication equipment, and cyclical commodities like non-ferrous metals and chemicals [8][9] Group 3: Economic Indicators and Policy Impact - The improvement in basic economic indicators is expected to broaden the scope of economic prosperity across various sectors, moving beyond just a few high-growth areas [11][12] - The anticipated easing of monetary policy by the Federal Reserve and the ongoing capital inflow into the equity market are likely to support the upward trajectory of A-shares [13][14] - The upcoming policy changes and economic governance strategies are expected to further enhance market confidence and investor returns [4][15]

中国银河（601881）证券发布研报称，国家"稳增长、稳股市"、"提振资本市场"的政策目标仍将持续定 调板块未来走向，流动性适度宽松环境延续、资本市场环境持续优化、投资者信心重塑等多方面因素共 同推动证券板块景气度上行，中长期资金扩容预期进一步增强基本面改善预期。截至2025年9月12日， 证券板块PB估值1.49x，处于2010以来30.1%分位，仍然具备较高安全边际，板块配置正当时。 中国银河证券主要观点如下： 市场集中度进一步提升，行业马太效应加剧。2025H1，行业净利润CR5达到45.88%，同比提升6.81pct; 净利润CR10达到67.44%，同比提升9.04pct，行业利润向头部集中。头部券商通过综合化经营扩大竞争 优势，并在衍生品、跨境业务等领域建立壁垒;中小券商聚焦区域特色或细分赛道，通过高弹性业务实 现突围。此外，外资券商加速布局中国市场。凭借在财富管理、跨境展业等领域具备先进的国际视野和 竞争优势，倒逼中资机构提升专业能力与服务效率。 盈利能力步入上行通道，资本管理持续优化 市场边际向好推动行业盈利能力显著改善。2025H1，行业年化ROE为7.07%，同比提升1.63个百分点;杠 ...

Group 1 - The core viewpoint emphasizes the acceleration of renewable energy subsidies and the implementation of various policies that enhance the value reassessment of new energy operators [1][2] - The new storage revenue model is being refined, with a target of 180 million kW of installed capacity by 2027, nearly doubling from 95 million kW at the end of June 2025 [1] - The establishment of a reliable capacity assessment mechanism for traditional power sources is highlighted, which will objectively reflect their contribution to the power system's capacity [3] Group 2 - The implementation of green electricity direct connection fees is expected to promote nearby consumption of renewable energy, with cost savings on system operation fees for self-generated electricity [2] - The capacity compensation mechanism is anticipated to benefit high-reliability traditional power sources such as thermal, nuclear, and large hydropower [3] - The policies aim to enhance the trading mechanisms for electricity, supporting long-term agreements between renewable energy, nuclear power companies, and electricity users [3]

Core Viewpoint - The bond issuance by securities firms in August reached nearly 300 billion yuan, marking a record high for the year, driven by strong demand for capital replenishment due to active market trading, low interest costs, and policy encouragement [1][2]. Group 1: Bond Issuance Data - In August, securities firms issued a total of 141 bonds, raising 293.5 billion yuan, both figures being the highest monthly totals for the year [2][3]. - As of September 12, the total bond issuance by securities firms for the year reached 1.06 trillion yuan, a significant increase from 673.6 billion yuan in the same period last year [2]. Group 2: Major Issuers - Six securities firms issued bonds exceeding 50 billion yuan this year, with China Galaxy Securities leading at 102.5 billion yuan, followed by Huatai Securities at 77.7 billion yuan [3]. Group 3: Business Development and Demand - The surge in financing demand from July to August coincided with a notable rise in the A-share market, with the Shanghai Composite Index breaking through several key levels [4]. - The primary uses of the raised funds include refinancing existing debts and supplementing working capital to support business expansion [4]. Group 4: Margin Financing and Competitive Landscape - The balance of margin financing reached 2.34 trillion yuan by September 11, indicating a growing demand for leveraged funds among high-net-worth clients [6]. - The average bond issuance interest rate for securities firms this year was 1.89%, with larger firms enjoying lower rates, enhancing their competitive edge in margin financing [6][7].

Core Viewpoint - China Galaxy Securities reported a significant increase in revenue and net profit for the first half of 2025, despite a drop in its revenue ranking among peers [1][7]. Financial Performance - The company achieved an operating income of 13.747 billion yuan, representing a year-on-year growth of 37.71% [1][3]. - Net profit attributable to shareholders reached 6.488 billion yuan, up 47.86% year-on-year [1][3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was 6.485 billion yuan, reflecting a growth of 47.09% [1][3]. Revenue Ranking - Despite the revenue growth, China Galaxy's ranking among A-share listed brokerages fell from third to fifth place [7][8]. - Competitors such as Guotai Junan and GF Securities surpassed China Galaxy in revenue, achieving 23.872 billion yuan and 15.398 billion yuan respectively [8][9]. Investment Banking Performance - The company has faced challenges in its investment banking segment, with a decline in underwriting fees over the past few years [10]. - In 2025, China Galaxy completed one IPO project and several refinancing projects, indicating some recovery in its investment banking operations [11]. Regulatory Issues - The company has encountered compliance issues, including a downgrade in its investment banking rating to C, the lowest among major brokerages [10]. - Regulatory actions have been taken against the company for various compliance failures, including inadequate diligence in certain projects [10][12].