重要内容提示： 证券代码：601881 证券简称：中国银河 公告编号：2025-068 一、本次会计政策变更概述 中国银河证券股份有限公司 2025 年 7 月 8 日，财政部会计司发布标准仓单交易相关会计处理实施问答 （以下简称"《实施问答》"），根据上述要求，公司对原会计政策作相应变更， 并按相关要求进行会计处理及信息披露。 关于会计政策变更的公告 公司于 2025 年 8 月 28 日召开第五届董事会第六次会议（定期），同意根 据财政部发布的实施问答对公司的会计政策进行变更。本次会计政策变更无需 提交公司股东大会审议。 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。 二、本次会计政策变更具体情况及对公司的影响 （一）本次会计政策变更的原因 1 中国银河证券股份有限公司（以下简称"本公司"）于 2025 年 8 月 28 日召开第五届董事会第六次会议（定期），审议通过《关于提请审议公 司会计政策变更的议案》。本次会计政策变更无需提交股东大会审议。 本次追溯调整，对本公司 2024 年 12 月 31 日资产负债表项 ...

Group 1 - The construction of satellite internet in China has significantly accelerated since late July, with the launch interval for the China Star Network GW constellation reduced from 1-2 months to 3-5 days, increasing the total number of satellites from 34 to 72 [1] - The ITU's "first come, first served" rule for orbital resources is driving the acceleration of network construction, and the expectation for satellite internet license issuance is rising, which is likely to expedite the commercialization process [1] - The GW and Qianfan constellations are the two major low-orbit satellite constellations being developed in China, with a planned total of 13,000 and 15,000 satellites respectively [1] Group 2 - The central economic meeting at the end of 2023 classified the low-altitude economy as a strategic emerging industry, emphasizing its importance for high-quality development in the upcoming government work report for 2024 [2] - Various provinces and cities, including Sichuan, Beijing, Shanghai, and Wuhan, have introduced relevant documents or action plans, reflecting local governments' emphasis on satellite internet and commercial aerospace [2] - The increasing number of launches by SpaceX's Starlink is heightening the urgency for low-orbit space resource allocation, with China's major constellations primarily being the Star Network and Qianfan [2] Group 3 - The emergence of cluster effects in regions like Guangdong, Shanghai, and Beijing is enhancing the development of key technologies such as reusable rockets and low-cost satellites [3] - The issuance of licenses is expected to boost enthusiasm for low-orbit satellite internet network construction, despite the ongoing development of downstream application ecosystems [3] - Satellite internet is seen as a potential significant demand increment for China, capable of driving the entire industry chain's development and representing advanced manufacturing capabilities [3]

Group 1 - The core viewpoint of the report is that China Galaxy has given a recommendation rating to Deyang Co., Ltd. (605117.SH) based on several positive factors [1] - Significant increase in industrial storage volume is highlighted as a key reason for the positive rating [1] - High growth in energy storage battery pack volume is also noted as a contributing factor [1] - Continuous deepening of overseas expansion is emphasized as a strategic advantage for the company [1]

Core Viewpoint - The new regulations aim to enhance the classification and evaluation system for securities companies, promoting high-quality development in the industry and supporting differentiated growth for small and medium-sized firms [1][2]. Group 1: Regulatory Changes - The new regulations, officially titled "Securities Company Classification Evaluation Regulations," were released by the China Securities Regulatory Commission on August 22, 2023, and will take effect immediately [1]. - This marks the fourth revision since the original regulations were implemented in 2009, with adjustments made in 2010, 2017, and 2020 [2]. Group 2: Evaluation Criteria - The core logic of the new regulations is to evaluate securities companies based on their risk management capabilities and compliance status, alongside their business development and functional performance [2]. - The new regulations introduce an assessment of "functional performance," which was not included in the previous version, and authorize the China Securities Association to conduct specialized evaluations [2]. Group 3: Encouragement for Development - The new regulations eliminate the "operating income" bonus item and increase the value and coverage of the "return on net assets" bonus, guiding the industry towards a quality-focused development direction [3]. - The regulations expand the coverage for bonuses related to "agency trading," "sponsorship and underwriting," and "asset management," providing more opportunities for small and medium-sized firms to earn bonuses [3]. - New bonus indicators for proprietary investment in equity assets and wealth management are introduced to encourage securities companies to enhance their capabilities in serving the real economy and investors [3]. Group 4: Penalties for Violations - The new regulations increase the number of penalty items related to administrative punishments and disciplinary actions, emphasizing a regulatory approach that targets serious violations [4]. - The penalties are adjusted to maintain a balance between deductions and bonuses, with the maximum deduction for severe violations reduced from 10 points to 8 points [4].

Core Viewpoint - Jiangfeng Electronics (300666) reported strong growth in its 2025 semi-annual report, with revenue reaching 2.095 billion yuan, a year-on-year increase of 28.71%, and net profit attributable to shareholders at 253 million yuan, up 56.79% [1][2]. Group 1: Financial Performance - The company achieved a gross margin of 29.72% in the first half of 2025, a decrease of 1.28 percentage points year-on-year, while the net profit margin increased by 3.29 percentage points to 11.12% [2]. - The ultra-pure sputtering material business generated revenue of 1.325 billion yuan, accounting for 63.25% of total revenue, with a year-on-year growth of 23.91% [1]. - The semiconductor precision components business reported revenue of 459 million yuan, representing 21.91% of total revenue, with a year-on-year increase of 15.12% [1]. Group 2: Business Development - The company is enhancing its competitive edge in advanced process products, with the ultra-pure sputtering material business's gross margin increasing by 2.93 percentage points to 33.26% [2]. - The construction of the Huanghu wheel material factory is progressing smoothly, providing a solid foundation for the continued growth of the sputtering material business [2]. - Multiple semiconductor precision component production bases have been completed and are in operation, which is expected to gradually release capacity and improve profitability in the precision components business [2]. Group 3: Strategic Initiatives - Jiangfeng Electronics plans to raise up to 1.948 billion yuan through a private placement to enhance its global competitiveness, focusing on semiconductor sputtering material production bases in South Korea [3]. - The company is a leading domestic producer of ultra-pure metal sputtering materials, with a tight global supply chain for high-end chip materials [3]. - The company is rapidly expanding its product line in precision components, with increasing shipments of precision temperature control heaters for wafer thin film deposition processes [3]. Group 4: Investment Outlook - Revenue projections for Jiangfeng Electronics are 4.506 billion yuan in 2025, 5.531 billion yuan in 2026, and 6.706 billion yuan in 2027, with year-on-year growth rates of 24.99%, 22.75%, and 21.24% respectively [4]. - Net profit forecasts are 511 million yuan in 2025, 648 million yuan in 2026, and 776 million yuan in 2027, with growth rates of 27.51%, 26.86%, and 19.74% respectively [4]. - The expected earnings per share (EPS) are 1.93 yuan in 2025, 2.44 yuan in 2026, and 2.92 yuan in 2027, corresponding to price-to-earnings (PE) ratios of 41.53, 32.74, and 27.34 times [4].

Core Viewpoint - China Galaxy Securities has issued a buy rating for China Steel International, highlighting the company's profitability improvement and growth driven by the Belt and Road Initiative [1] Financial Performance - In the first half of 2025, China Steel International reported revenue of 6.745 billion yuan, a year-on-year decrease of 25.66% [2] - Breakdown of revenue shows: - Engineering contracting revenue at 6.316 billion yuan, down 25.09% - Product sales revenue at 306 million yuan, down 38.13% - Service revenue at 108 million yuan, down 17.64% - Domestic business revenue was 1.76 billion yuan, down 59.88%, while overseas business revenue was 4.985 billion yuan, up 6.36% [2] - The company achieved a net profit attributable to shareholders of 424 million yuan, a year-on-year increase of 1.11% [2] - The net cash flow from operating activities was -2.912 billion yuan, a decrease of 1.356 billion yuan year-on-year, primarily due to reduced revenue and delayed payments from clients [2] Profitability and Contracts - The company's gross margin improved to 15.12%, an increase of 3.66 percentage points year-on-year [3] - Domestic engineering gross margin was 18.9%, up 8.58 percentage points, while overseas gross margin was 13.78%, up 1.25 percentage points [3] - The net profit margin was 6.54%, an increase of 1.7 percentage points [3] - New contracts signed totaled 6.308 billion USD, a year-on-year decrease of 34.96% [3] - As of June 2025, the total value of signed but uncompleted contracts was 38.926 billion yuan, with ongoing project amounts at 21.866 billion yuan [3] Strategic Initiatives - The company actively promotes the "Belt and Road" initiative and has achieved a ranking of 77 among the "Top 250 International Contractors" globally in 2024, marking its best historical performance [3] - Strong partnerships with major global companies such as Rio Tinto, ArcelorMittal, Vale, and others have been established, showcasing the company's robust international market expansion capabilities [3] Investment Recommendations - Projected net profits for 2025, 2026, and 2027 are 875 million yuan, 920 million yuan, and 983 million yuan respectively, with year-on-year growth rates of 4.75%, 5.18%, and 6.79% [4] - Corresponding price-to-earnings ratios are estimated at 10.74, 10.21, and 9.56 [4]

Core Viewpoint - The new regulations by the China Securities Regulatory Commission (CSRC) aim to enhance the classification and evaluation system for securities companies, promoting high-quality development in the industry [2] Group 1: Regulatory Changes - The new regulations, effective from August 22, 2023, rename the previous classification regulations to "Securities Company Classification Evaluation Regulations" and include significant revisions [2] - The core logic of the new regulations focuses on evaluating securities companies based on their risk management capabilities, compliance status, and functional performance [2] Group 2: Industry Development Direction - The new regulations encourage a shift from scale-focused growth to quality and efficiency, promoting an intensive development direction for the industry [3] - The regulations expand the scoring criteria for small and medium-sized securities firms, allowing them to gain points in specific areas and encouraging differentiated development [3] Group 3: Evaluation and Penalties - The new regulations introduce additional penalty points for major violations, emphasizing a "proportional punishment" principle to ensure a balanced evaluation system [3] - The maximum penalty points for severe violations have been reduced, making the evaluation system more equitable [3] Group 4: Market Valuation - The current price-to-book (PB) ratio for the securities sector stands at 1.57x, which is at the 34.5% percentile since 2010, indicating a certain safety margin for investments in the sector [1]

Core Viewpoint - The independent financial advisor, China Galaxy Securities, conducted a thorough review of the impact of Hainan Airlines' major asset acquisition on the company's immediate return per share, concluding that the transaction will not dilute the earnings per share (EPS) and may enhance profitability in the future [1][4]. Group 1: Impact on Earnings - The transaction is expected to improve the net profit attributable to shareholders, with the projected basic EPS increasing from -0.0213 yuan/share to -0.0195 yuan/share post-transaction [1]. - The net profit before the transaction was -126,357.1 million yuan, which is expected to improve to -120,069.2 million yuan after the transaction [1]. Group 2: Measures to Enhance Returns - The company plans to integrate flight training operations into its business, enhancing the overall strategic development and operational efficiency [2]. - Measures include improving management efficiency, optimizing resource allocation, and exploring new growth opportunities to enhance profitability [2]. Group 3: Commitments from Management - The controlling shareholder and management have made commitments to ensure that measures to mitigate any potential dilution of immediate returns are effectively implemented [3][4]. - These commitments align with regulatory requirements aimed at protecting the rights of minority investors [4].

Fund Overview - The fund is named "Zhaoshang Zhongzheng Biotechnology Theme ETF" and was established on February 8, 2021, with a total fund share of 145,372,396.00 shares as of the report date [2][3]. - The fund aims to closely track the performance of the underlying index, minimizing tracking deviation and error through a full replication strategy [2][3]. Financial Performance - The fund reported a realized loss of approximately 8.98 million RMB and a profit of 5.37 million RMB for the reporting period from January 1 to June 30, 2025 [3][4]. - The weighted average net value profit rate was 7.21%, with a net asset value of approximately 71.41 million RMB at the end of the reporting period [3][4]. - The fund's net asset value per share was 0.4913 RMB, with a cumulative net value growth rate of -50.87% since inception [3][4]. Market Context - The underlying index, the Zhongzheng Biotechnology Theme Index, increased by 6.46% during the reporting period, while the fund's net value growth rate was 6.87% [7][8]. - The market showed active trading sentiment, supported by fiscal and monetary policies aimed at stabilizing growth and promoting high-quality development [7][8]. Investment Strategy - The fund employs a strategy that includes risk management through hedging with liquid and actively traded index futures, as well as participation in government bond futures to control systemic risks in the bond market [2][3]. - The fund's investment decisions are based on thorough analysis of macroeconomic conditions and the impact of domestic fiscal and monetary policies on the bond market [2][3]. Regulatory Compliance - The fund management strictly adheres to relevant laws and regulations, ensuring that all transactions are conducted in compliance with the fund contract and regulatory requirements [6][8]. - The fund has not experienced any significant abnormal trading behavior that could harm the interests of fund shareholders during the reporting period [6][8].

Overview - The article discusses the capital increase and equity incentive plan of Chengdu Sike Rui Microelectronics Co., Ltd.'s wholly-owned subsidiary, Hainan Guoxing Feice Technology Co., Ltd. [1][2] Capital Increase and Related Transactions - Hainan Guoxing Feice plans to introduce an employee stock ownership platform, Hainan Guoxing Technology R&D Center (Limited Partnership), through a capital increase of 10.588236 million yuan, acquiring 15% equity in Guoxing Feice [2][9] - After the capital increase, the registered capital of Guoxing Feice will change from 60 million yuan to 70.588236 million yuan, reducing the company's ownership from 100% to 85% [2][8] - The transaction constitutes a related party transaction as Wu Changnian, the company's secretary, is also the executive partner of Guoxing Technology [2][3] Financial Data - As of June 30, 2025, Guoxing Feice's total assets were 31.4699 million yuan, net assets were 31.1103 million yuan, with a net loss of 934,300 yuan [8][9] Valuation and Pricing - The valuation of Guoxing Feice's equity was assessed at 31.5715 million yuan as of June 30, 2025, and the capital increase price was set at 1 yuan per share, deemed reasonable [9][10] Equity Incentive Plan - The equity incentive plan targets key management and core employees, with three individuals involved, allowing them to indirectly hold shares through Guoxing Technology [10][11] - The funding for the incentive will come from the personal or self-raised funds of the incentive recipients, ensuring no financial assistance from the company [11][12] Approval Process - The independent directors and the board of supervisors unanimously approved the capital increase and equity incentive plan, confirming its alignment with the company's long-term strategy [12][13]