（在中華人民共和國註冊成立之股份有限公司） （股份代號：06881） 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。 王晟 董事長及執行董事 董事會會議通告 中國北京 2025年8月18日 本公告乃根據香港聯合交易所有限公司證券上市規則第13.43條而作出。 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。 中國銀河證券股份有限公司（「本公司」）董事會（「董事會」）謹此公告將於2025年 8月28日（星期四）舉行董事會會議，藉以（其中包括）考慮及批准本公司及其附屬 公司截至2025年6月30日止六個月的中期業績及其發佈，並考慮派發中期股息（如 有）。 承董事會命 中國銀河證券股份有限公司 ...

Group 1 - The core viewpoint of the report is that China Galaxy recommends Shengyi Technology (600183.SH) due to strong downstream demand expected in H1 2025 and record high revenue in Q2 [2] - The revenue from copper-clad laminates and bonding sheets is steadily increasing, with new production capacity gradually being released [2] - The printed circuit board business is experiencing high growth, with ongoing capacity expansion [2]

Core Insights - The skincare industry in China is experiencing high growth driven by ingredient transparency and scientifically validated efficacy, with domestic brands leveraging synthetic biology and targeted ingredient development to gain competitive advantages [1][2][3] Group 1: Market Trends - The Chinese skincare market is transitioning to an era of ingredient transparency and scientifically verifiable efficacy, with consumers shifting from brand reliance to rational analysis of ingredient lists [1] - The overall market size for cosmetics in China is projected to reach 774.6 billion yuan in 2024, reflecting a year-on-year decline of 2.83%, while the efficacy skincare segment is expected to grow significantly, surpassing 100 billion yuan [1] - The compound annual growth rate (CAGR) for efficacy skincare products from 2019 to 2024 is estimated at 24.9%, with this segment expected to account for 22.9% of the total skincare market by 2024 [1] Group 2: Product Development and Innovation - The targeted ingredient development has led to a multi-channel synergy for three core functions: anti-wrinkle and firming through peptides and other compounds, soothing and repairing through ingredients like centella asiatica and ceramides, and hydration through amino acids and hyaluronic acid [2] - Domestic brands such as Proya and Winona have entered the top 10 in the high-end anti-aging and soothing markets, traditionally dominated by international brands [2] - The evolution of ingredient formulations has progressed from basic hydration to synthetic biology, with Chinese companies achieving technological advancements, such as Huaxi Biological's breakthrough in hyaluronic acid and the establishment of international standards for recombinant collagen [3] Group 3: Emerging Opportunities - The rise of domestic brands is characterized by cost-effective ingredient innovations and technological differentiation, particularly in the peptide segment, where brands like Proya and Han Shu are reshaping the anti-aging landscape [3] - Traditional Chinese medicine ingredients are becoming core competitive advantages, with significant online sales growth projected for ginseng, astragalus, and artemisia, indicating a strong market for local herbal formulations [3]

Group 1 - The A-share market showed a collective rise on August 18, with the brokerage sector rebounding, highlighted by Changcheng Securities achieving a four-day consecutive rise and Xibu Securities increasing over 6% [1] - As of August 15, 33 brokerages reported positive half-year performance, with 21 companies showing net profits exceeding 500 million yuan, led by Guotai Junan, Haitong Securities, and China Galaxy Securities with net profits of 15.62 billion yuan, 6.582 billion yuan, and 5.155 billion yuan respectively [1] - Notable year-on-year profit growth was observed in Huaxi Securities and Guolian Minsheng, with increases of 1189.55% and 1183% respectively, while several other firms also reported over 200% growth [1] Group 2 - The A-share market's activity has significantly increased, with the margin trading balance exceeding 2 trillion yuan as of August 15, indicating a robust trading environment [2] - Huatai Securities noted that the equity market has been steadily rising since the beginning of the year, with continuous improvements in trading volume, margin balance, and issuance of equity products, suggesting a positive outlook for brokerage valuations [2] - The brokerage sector is expected to see improved performance in Q3 due to rising market risk appetite and increasing trading volumes, with potential for additional capital inflow into the sector [3]

国内零食量贩门店：从高速开店迈向高质量增长 智通财经APP获悉，中国银河证券发布研报称，7月食品饮料指数迎来阶段性调整，尤其是前期涨幅较 多的饮料、零食板块调整幅度较明显，认为主要归因于资金风格切换与短期基本面预期有所调整。实际 上，饮料、零食等板块的中长期产业逻辑仍具有持续性，随着估值逐渐消化叠加Q4消费旺季来临，大 众品板块仍然具备诸多投资机会，建议重点关注：1)新品类与新渠道方向的成长性个股;2)需求相对稳定 与竞争格局改善的板块;3)关注Q4餐饮端需求修复对上游供应链基本面的提振。 中国银河证券主要观点如下： 近年来，国内零食量贩行业经历高速增长，以鸣鸣很忙、万辰集团二大头部品牌为代表的参与者，通过 极致性价比、加盟拓店模式实现市场快速渗透并达成万店规模。目前头部品牌基本完成全国化布 局，"跑马圈地"式扩张的第一增长曲线已经取得良好效果，未来增量空间需要开启"第二增长曲线"。参 考日本、欧美市场经验，该行认为零食量贩门店拓展第二增长曲线的路径包括：1)强化情绪+效率零售 定位;2)优化品类结构;3)大力发展自有品牌;4)海外市场拓展。 海外折扣零售巨头：第二增长曲线的路径梳理 堂吉诃德：过去二十余年营 ...

Market Performance - The Hong Kong stock market indices showed positive performance from August 11 to August 15, with the Hang Seng Index rising by 1.65% to close at 25,270.07 points, the Hang Seng Tech Index increasing by 1.52% to 5,543.17 points, and the Hang Seng China Enterprises Index up by 1.62% to 9,039.09 points [6][1][3] - Among the ten sectors, all but utilities saw gains, with healthcare, information technology, and materials leading the way with increases of 8.02%, 4.95%, and 4.7% respectively [7][1] Liquidity and Fund Flow - The average daily trading volume on the Hong Kong Stock Exchange was HKD 256.86 billion, an increase of HKD 30.31 billion from the previous week [14][1] - Southbound capital recorded a net inflow of HKD 38.12 billion, with a record single-day net inflow of HKD 35.88 billion on August 15 [14][1] Valuation and Risk Premium - As of August 15, the Hang Seng Index had a PE ratio of 11.52 and a PB ratio of 1.2, both at the 85th percentile since 2019 [16][2] - The risk premium for the Hang Seng Index was calculated at 4.35%, indicating a low-risk environment compared to historical standards [18][2] Investment Outlook - The market is advised to focus on sectors with better-than-expected interim results, such as innovative pharmaceuticals, AI industry chains, and sectors benefiting from favorable policies [25][3] - The semiconductor industry is experiencing a cyclical adjustment, but investment in semiconductor equipment has shown a significant increase of 53.4% [11][3] - The "anti-involution" initiative in the lithium industry aims to promote healthy competition and stabilize market supply [12][3]

Group 1 - The internationalization of public funds has accelerated in 2023, with numerous fund companies establishing subsidiaries to expand overseas operations [1][2] - Yifangda Fund has received approval from the China Securities Regulatory Commission to set up a company in Macau, aiming to enhance asset management services for investors in the Greater Bay Area [1] - The establishment of overseas subsidiaries is becoming a key vehicle for public funds to deepen international cooperation, as seen with the collaboration between Fuguo Asset Management and Malaysian entities to launch ETF products [1][2] Group 2 - The number of overseas subsidiaries for fund companies continues to grow, with Xingsheng Global Fund's Singapore subsidiary approved to enhance its research and investment capabilities [2] - ETFs are emerging as a leading product for international expansion, with several ETFs launched in overseas markets, including the first ETF tracking the CSI Dividend Index in Singapore [2] - Public funds are actively enriching their cross-border product lines, with various funds recently submitted for approval, including those focused on bonds and global investments [2] Group 3 - QDII funds are evolving their strategies, with many products now covering multiple markets, enhancing risk resilience through regional diversification [3] - The expansion of QDII quotas has provided strong support for the internationalization of public funds, with over 20 fund managers receiving new quotas in June [3]

Core Viewpoints - The latest strategies from top brokerages indicate a bullish outlook for the A/H stock indices, with expectations for new highs driven by changes in valuation logic and capital market reforms [1][4][7] - Economic slowdown is evident, particularly in investment and consumption, prompting expectations for policy interventions to support specific sectors [2][11] - A "healthy bull market" is emerging, characterized by steady index growth and low volatility, with opportunities across various sectors [4][6] Group 1: Market Outlook - The A/H stock indices are expected to reach new highs, supported by a shift in valuation logic and capital market reforms aimed at improving investor returns [1] - The market is anticipated to maintain a strong oscillating pattern, with coal stocks offering attractive dividend yields, making them appealing in a low-risk environment [6] - The mid-term outlook for the A-share market remains positive, with significant potential for growth driven by strong household savings and a shift in investment preferences [7][13] Group 2: Investment Themes - Key investment themes include high-growth technology sectors such as AI, robotics, and military industries, which are expected to outperform in the current market environment [3][10] - Areas with strong performance support or exceeding earnings expectations include rare earths, precious metals, and engineering machinery [3] - The focus on sectors benefiting from liquidity easing, such as large financial institutions and high-dividend stocks, is expected to continue [8][12] Group 3: Economic Indicators - Recent economic data shows a noticeable slowdown, particularly in investment and consumption, with July GDP growth estimated at around 4.98%, down from the previous quarter [2] - The trend of "deposit migration" among residents is becoming apparent, indicating a shift towards equity investments, which could positively impact the stock market [13][14] - The financial sector is seeing increased inflows, with non-bank deposits significantly rising, suggesting a growing appetite for market participation [11][13]

Core Viewpoint - Company released its 2025 mid-term report showing significant growth in revenue and net profit, indicating improved operational quality and a favorable market environment [1][2] Financial Performance - For 2025H1, the company reported revenue of 8.68 billion yuan, a year-on-year increase of 24.4%, and a net profit of 980 million yuan, up 60.8% year-on-year [1][2] - The net profit margin for 2025H1 was 11.3%, an increase of 2.6 percentage points compared to the previous year [1] - The company recorded a net cash flow from operating activities of 1.456 billion yuan, indicating a healthy financial situation [2] Product Performance - The company achieved a total product shipment of 1.876 million units in 2025H1, a year-on-year increase of 55.5%, with a decrease in average selling prices of 9% for its main brand and 7.2% for its sub-brand [2] - The company's innovative product, the rolling drum washing machine, accounted for 60% of the brand's revenue in 2025H1, receiving positive market feedback [3] Market Dynamics - The competitive landscape is easing, with competitors like Roborock and Ecovacs improving profitability through price increases or reduced marketing expenses [3] - In July, the company's market share for robotic vacuum cleaners reached 31%, widening the gap with the second competitor, while its sub-brand's market share for washing machines was 36.9% [3] Investment Outlook - The company is a leader in the global market for robotic vacuum cleaners, washing machines, and smart lawn mowers, with an upward revision of net profit forecasts for 2025-2027 to 2.12 billion, 2.48 billion, and 2.88 billion yuan respectively [3] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 3.7, 4.31, and 5 yuan, corresponding to price-to-earnings ratios of 24.8, 21.3, and 18.3 times [3]

Group 1: Fund Sales Performance - In the first half of 2025, Tian Tian Fund achieved a record fund sales amount of 1.05 trillion yuan, marking a historical high for the same period [3] - Non-monetary fund sales reached 626.04 billion yuan, representing a year-on-year growth of 25.29% [3] Group 2: Industry Trends and Innovations - China Europe Fund emphasizes a transformation towards "professionalization, industrialization, and digitalization," which is seen as a core philosophy for future development [4] - The concept of "China Europe Manufacturing" is described as a practical and replicable methodology for enhancing investment capabilities [4][5] Group 3: ETF Market Developments - The first science and technology bond ETF, managed by Jiashi Fund, surpassed 20 billion yuan in scale, becoming the first of its kind to reach this milestone [6] - As of August 13, the overall scale of science and technology bond ETFs exceeded 1.1 trillion yuan, with eight products entering the "billion club" [7] Group 4: Fund Management Strategies - China Europe Fund's manager emphasizes the importance of long-term orientation, consistent processes, and team collaboration for sustainable performance [5] - The focus is on building an organization capable of continuously generating investment insights rather than short-term performance [5] Group 5: Regulatory and Market Changes - Several QDII funds have recently resumed normal subscription operations or increased subscription limits, although some have also implemented stricter purchase limits [8] - The market has seen a rise in floating-rate funds, with notable products exceeding 20 billion yuan in fundraising [9][13] Group 6: Performance Metrics - As of August 11, 2025, 131 products from Guangfa Fund had a one-year growth rate exceeding 30%, with 52 products growing over 50% and 20 products over 70% [14] - The overall performance of bank-managed public equity products has improved, with 90% of products showing positive annualized returns [15]