Core Viewpoint - The performance of listed securities companies in the first half of 2025 shows significant growth, particularly among small and medium-sized brokers, which are expected to continue this trend into the second half of the year [1][2][3]. Group 1: Performance Overview - As of July 17, 2025, 31 A-share listed brokers have disclosed their mid-year performance forecasts, with all reporting positive growth in net profit attributable to shareholders [2]. - Among these, 27 brokers expect a year-on-year increase in net profit of over 50%, representing more than half of the total listed brokers [2]. - Major brokers like Guotai Junan and China Galaxy have projected substantial increases in net profit, with Guotai Junan expecting between 15.283 billion to 15.957 billion yuan, a growth of 205% to 218% [3]. Group 2: Small and Medium-sized Brokers - Many small and medium-sized brokers are forecasting net profit growth exceeding 100%, indicating greater performance elasticity [4]. - Huaxi Securities anticipates a net profit between 445 million to 575 million yuan, reflecting a growth of 1025.19% to 1353.90% year-on-year [4]. - Guolian Minsheng Securities also expects a net profit increase exceeding 1000%, attributing this to market opportunities and the integration with Minsheng Securities [4]. Group 3: Business Drivers - The primary drivers of growth for most brokers include increased brokerage income, investment returns, and a recovery in investment banking revenues [6]. - The securities industry is experiencing a favorable operating environment, with a strong growth trend in mid-year performance, suggesting potential for valuation recovery [6]. - The industry is entering a new phase of high-quality development, with a clear strategic direction for top-tier investment banks [6].

Core Viewpoint - The report indicates that Emei Mountain A's performance in the first half of 2025 is under pressure due to a decline in visitor numbers, but there are future opportunities for expansion in tourist capacity and new business developments [1][2][3]. Financial Performance - In 1H25, Emei Mountain A achieved revenue of 460 million yuan, a year-on-year decrease of 10.1%, and a net profit attributable to shareholders of 120 million yuan, down 8.5% year-on-year [2]. - The second quarter saw revenue of 230 million yuan, a decline of 9.3% year-on-year, but net profit increased by 7.4% to 60 million yuan [2]. - Visitor numbers to the Emei Mountain scenic area fell to 2.095 million, a decrease of 6.5% year-on-year, primarily attributed to weather factors [2]. Revenue Breakdown - Revenue from mountain ticket sales was 122 million yuan, down 9.5% year-on-year; cable car services generated 185 million yuan, down 7.5% [2]. - Hotel revenue decreased by 12.1% to 83 million yuan, impacted by reduced accommodation demand [2]. - Tea sales revenue fell significantly by 33.9% to 27 million yuan, while performance in the performing arts segment grew slightly by 1.4% to 5.4 million yuan [2]. - Travel agency revenue surged by 52.5% to 4.8 million yuan, benefiting from structural optimization and market expansion [2]. Profitability Metrics - The gross margin for 1H25 was 48.1%, a decline of 1.5 percentage points year-on-year, influenced by reduced margins in key business areas [3]. - The net profit margin improved slightly to 26.5%, up 0.5 percentage points year-on-year, mainly due to increased interest income and reduced financial expenses [3]. Future Outlook - The company is expected to enhance its tourist capacity significantly with ongoing infrastructure developments, including the expansion of the cable car system [3]. - New business initiatives in tea, tea beer, and tourism project development are anticipated to provide additional growth opportunities [3]. - Forecasted net profits for 2025, 2026, and 2027 are 280 million yuan, 300 million yuan, and 320 million yuan, respectively, with corresponding price-to-earnings ratios of 26X, 25X, and 23X [3].

本期债券发行工作已于 2025 年 8 月 7 日结束，本期债券品种一实际发行 规模人民币 30 亿元，最终票面利率为 1.79%，认购倍数为 2.2767 倍；品种二 实际发行规模人民币 30 亿元，最终票面利率为 1.90%，认购倍数为 2.3033 倍。 经核查，发行人的董事、监事、高级管理人员、持股比例超过 5%的股东 及其他关联方未参与本期债券认购。 证券代码：601881 证券简称：中国银河 公告编号：2025-060 中国银河证券股份有限公司2025年面向专业投资者 公开发行公司债券（第一期）发行结果公告 本公司及其董事会全体成员保证公告内容的真实、准确和完整，不存 在虚假记载、误导性陈述或重大遗漏，并对其内容的真实性、准确性和完 整性承担个别和连带的法律责任。 中国银河证券股份有限公司（以下简称"发行人"）面向专业投资者公开 发行面值不超过 200 亿元（含 200 亿元）的公司债券已经上海证券交易所审核 同意并经中国证券监督管理委员会"证监许可〔2024〕1197 号文"注册。 根据《中国银河证券股份有限公司 2025 年面向专业投资者公开发行公司 债券（第一期）募集说明书》，中国银河证券股 ...

证券代码：601881 证券简称：中国银河 公告编号：2025-059 责任。 中国银河证券股份有限公司 2025 年度第十九期短期融资券已于 2025 年 8 月 7 日发行完毕，相关发行情况如下： 债券名称 中国银河证券股份有限公司 2025 年度第十九期短期融资券 债券简称 25 银河证券 CP019 债券流通代码 072510159 发行日 2025 年 8 月 6 日 起息日 2025 年 8 月 7 日 到期兑付日 2026 年 6 月 17 日 期限 314 天 计划发行总额 40 亿元人民币 实际发行总额 40 亿元人民币 票面年利率 1.65% 发行价格 100 元/百元面值 本 期发 行短 期 融 资 券 的相 关 文 件 已 刊 登 在 中 国 货 币 网 （www.chinamoney.com.cn）、上海清算所网站（www.shclearing.com）、 中国债券信息网（www.chinabond.com.cn）。 特此公告。 中国银河证券股份有限公司董事会 中国银河证券股份有限公司 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 ...

Group 1 - The company, China Galaxy (601881)(06881), has completed the public issuance of corporate bonds to professional investors on August 7, 2025, with a total issuance scale of RMB 6 billion [1] - The bonds consist of two types: a three-year bond with an issuance scale of RMB 3 billion and a five-year bond also with an issuance scale of RMB 3 billion [1] - The final coupon rate for the three-year bond is 1.79%, while the five-year bond has a final coupon rate of 1.90% [1] Group 2 - The funds raised from this bond issuance will be used to supplement the company's working capital [1]

Group 1 - The company, China Galaxy (06881), has completed the public issuance of the 2025 corporate bonds (first phase) to professional investors on August 7, 2025 [1] - The total issuance scale of this bond is RMB 6 billion, with a face value and issuance price of RMB 100 per unit [1] - The bond includes two varieties: a three-year term and a five-year term, each with an issuance scale of RMB 3 billion [1] Group 2 - The final coupon rate for the three-year bond is 1.79%, while the final coupon rate for the five-year bond is 1.90% [1] - The funds raised from this bond issuance will be used to supplement the company's working capital [1]

Core Viewpoint - China Galaxy (06881.HK) has successfully completed the issuance of corporate bonds amounting to RMB 6 billion, aimed at supplementing its operating capital [1] Group 1: Bond Issuance Details - The bond issuance was authorized by shareholders and approved by the China Securities Regulatory Commission [1] - The total issuance scale of the bonds is RMB 60 billion, with a face value and issuance price of RMB 100 per unit [1] - The bonds consist of two types: a three-year bond with an issuance scale of RMB 30 billion and a final coupon rate of 1.79%, and a five-year bond with an issuance scale of RMB 30 billion and a final coupon rate of 1.90% [1]

特此公告。 中国银河证券股份有限公司董事会 2025 年 8 月 8 日 中国银河证券股份有限公司 2025 年度第十九期短期融资券已于 2025 年 8 月 7 日发行完毕，相关发行情况如下： | 债券名称 | 中国银河证券股份有限公司 | 2025 | 年度第十九期短期融资券 | | --- | --- | --- | --- | | 债券简称 | 25 银河证券 CP019 | 债券流通代码 | 072510159 | | 发行日 | 2025 年 8 月 6 日 | 起息日 | 2025 年 8 月 7 日 | | 到期兑付日 | 2026 年 6 月 17 日 | 期限 | 314 天 | | 计划发行总额 | 40 亿元人民币 | 实际发行总额 | 40 亿元人民币 | | 票面年利率 | 1.65% | 发行价格 | 100 元/百元面值 | 本 期 发 行 短 期 融 资 券 的 相 关 文 件 已 刊 登 在 中 国 货 币 网 （www.chinamoney.com.cn）、上海清算所网站（www.shclearing.com）、 中国债券信息网（www.chinabond.com.cn） ...

证券代码：601881 证券简称：中国银河 公告编号：2025-060 中国银河证券股份有限公司2025年面向专业投资者 公开发行公司债券（第一期）发行结果公告 本公司及其董事会全体成员保证公告内容的真实、准确和完整，不存 在虚假记载、误导性陈述或重大遗漏，并对其内容的真实性、准确性和完 整性承担个别和连带的法律责任。 中国银河证券股份有限公司（以下简称"发行人"）面向专业投资者公开 发行面值不超过 200 亿元（含 200 亿元）的公司债券已经上海证券交易所审核 同意并经中国证券监督管理委员会"证监许可〔2024〕1197 号文"注册。 根据《中国银河证券股份有限公司 2025 年面向专业投资者公开发行公司 债券（第一期）募集说明书》，中国银河证券股份有限公司 2025 年面向专业 投资者公开发行公司债券（第一期）（以下简称"本期债券"）的发行规模不 超过人民币 60 亿元（含 60 亿元），分为两个品种：品种一为 3 年期，品种二 为 5 年期，两个品种间可互拨。发行价格为每张 100 元，采取网下面向专业投 资者簿记建档的方式发行。 本期债券发行工作已于 2025 年 8 月 7 日结束，本期债券品种一 ...

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。 董事會欣然宣佈，根據上述股東授權及中國證券監督管理委員會的批覆，本公司 已於2025年8月7日完成向專業投資者公開發行2025年公司債券（第一期）（「本期 債券」）。本期債券的發行規模為人民幣60億元，面值及發行價均為每單位人民 幣100元。本期債券包括期限為三年（「三年期品種」）和期限為五年（「五年期品 種」）的兩個品種。三年期品種的最終發行規模為人民幣30億元，最終票面利率為 1.79%；五年期品種的最終發行規模為人民幣30億元，最終票面利率為1.90%。本 期債券發行所募集的資金將用於補充本公司營運資金。 本期債券承銷機構及其關聯方參與認購了本期債券。中信建投証券股份有限公司 認購三年期品種人民幣0.7億元及五年期品種人民幣0.6億元，其關聯方中信銀行 股份有限公司認購五年期品種人民幣3億元；國信證券股份有限公司認購三年期 品種人民幣0.5億元及五年期品種人民幣0.5億元，其關聯方南方基金管理股份 ...