1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week (May 12 - May 16), the bond market was mainly volatile, with a differentiated yield curve and a steeper long - end. Yields generally rose due to factors such as better - than - expected China - US trade and tightened liquidity after the RRR cut and central bank's net capital withdrawal. As of May 16, the yields of 30Y, 10Y, and 1Y treasury bonds changed by 4BP, 3BP, and closed at 1.88%, 1.68%, and 1.45% respectively. The term spreads of 30Y - 10Y and 10Y - 1Y changed by - 1BP and 1BP to 20BP and 23BP respectively [1][7]. - Next week, the liquidity may be disturbed by factors such as concentrated treasury bond supply and tax periods, but the probability of a significant tightening is low. Fundamentally, most production indicators declined, real - estate transactions decreased year - on - year, and most price sectors continued to fall [1][25]. - In the short term, the bond market may be disturbed by tax periods and supply, but overall it is not bearish. Attention should be paid to the progress of fiscal bond issuance in May and the changes in liquidity maintained by the central bank [3][85]. 3. Summary According to the Catalog 3.1 This Week's Bond Market Review: Bond Market Weakened, Yield Curve Differentiated, Long - end Steepened - This week, the bond market was affected by better - than - expected China - US trade, RRR cut but central bank's net capital withdrawal and tightened liquidity. Yields generally rose. The 10Y yield increase was due to better - than - expected China - US trade negotiations, stronger equity market, and tightened liquidity [1][7]. - Specifically, on May 12, the bond market weakened significantly due to better - than - expected China - US trade negotiations; on May 13, the bond market recovered as liquidity was loose; on May 14, the bond market weakened slightly as the equity market strengthened; on May 15, the bond market weakened as liquidity tightened; on May 16, the long - and short - ends of the bond market showed differentiated performance as the funding rate increased [20][21]. 3.2 Next Week's Outlook and Strategy 3.2.1 Bond Market Outlook: Liquidity May Be Disturbed by Concentrated Treasury Bond Supply and Tax Periods, but the Probability of a Significant Tightening Is Low - Fundamentals: Most production indicators declined by 0.5 - 1 percentage point, but the operating rate of automobile semi - steel tires recovered to the pre - holiday level, rising to 78.33% month - on - month. Real - estate indicators such as commercial housing sales and land transactions decreased by 9 - 31% year - on - year. Most price indices continued to fall, with a decline of 0.4 - 0.7% except for pork prices which were flat compared to last week [25][37][44]. - Supply: From May 12 - May 16, the issuance scale of interest - rate bonds decreased slightly. The issuance of treasury bonds was 5904.9 billion yuan (including 280 billion yuan of special treasury bonds), local bonds was 1972.5 billion yuan, and inter - bank certificates of deposit was 5139.9 billion yuan, a decrease of 326.49 billion yuan compared to last week. The overall issuance progress of local bonds reached 32.5% [2][58]. - Liquidity: From May 12 - May 16, the central bank's reverse repurchase had a net withdrawal of 475.1 billion yuan. Liquidity tightened this week. DR001/DR007 rose by 14BP and 10BP respectively compared to May 9. For next week, attention should be paid to the disturbance caused by the large - scale and long - term treasury bond supply [2][67]. 3.2.2 Bond Market Strategy: In the Short Term, It May Be Disturbed by Tax Periods and Supply, but the Bond Market Is Not Bearish Overall - Next week, attention should be paid to: 1) The peak issuance of special treasury bonds and the accelerated implementation of new special bonds will drive the high - level supply of government bonds. The net supply in May is estimated to be about 1.9 trillion yuan. 2) The central bank will maintain liquidity, but it may be disturbed by tax periods and bond issuance. The probability of a significant tightening of liquidity is low. 3) The policy space is compressed, and the expectation of "loose money" is lowered [3][85]. - In terms of interest rates, the bond market will be volatile in the short term. The 10 - year treasury bond yield may reach a maximum of 1.8% (the level before the US announced tariffs in April), and considering a 10BP policy rate cut, 1.7% is a good point for increasing positions. For the short - end, if liquidity tightens next week, short - end interest rates may rise, and trading opportunities can be focused on [4][86]. 3.3 Next Week's Open - Market Operations and Financial Calendar - The table shows the central bank's open - market operations in the past four weeks and the forecast for the next four weeks, including reverse repurchase, MLF, and net investment (withdrawal) [87]. - The table of next week's (May 19 - May 25) capital calendar shows the expected issuance scale of local government bonds, the maturity scale of certificates of deposit, the maturity scale of reverse repurchases, and whether it is a tax - payment week or a reserve - payment week [90]. - The table of next week's financial calendar shows the release date, time, event/indicator name, and market expectation of some economic data [91].

Investment Rating - The report maintains a positive investment rating for the non-banking sector, highlighting the potential for recovery and growth in various segments [7]. Core Insights - The report emphasizes the ongoing reforms in public fund management fees, which are expected to enhance market participation and investor returns [3]. - The third batch of long-term investment trials for insurance capital has been approved, indicating a shift towards stable, high-dividend stocks, which may bolster market stability [4]. - Recent regulatory changes in merger and acquisition rules are anticipated to stimulate activity in the investment banking sector, leading to a recovery in related revenues [5]. - Overall, the report suggests that favorable policies and market conditions are likely to improve investor sentiment and drive valuation recovery across the sector [6]. Summary by Sections Market Review - Major indices saw increases, with the Shanghai Composite Index rising by 0.76% and the Shenzhen Component Index by 0.52% during the week [10]. - The non-banking financial sector outperformed, with the insurance index increasing by 3.58% [10]. Securities Sector - The report notes that the total IPO underwriting scale for the year reached 25.81 billion yuan, while refinancing underwriting amounted to 236.59 billion yuan [17]. - Margin trading balances increased by 0.25% week-on-week, totaling 1.81 trillion yuan, reflecting a 17.88% year-on-year growth [17]. Insurance Sector - The total assets of insurance financial institutions reached 37.8 trillion yuan by the end of Q1 2025, marking a 5.4% increase from the beginning of the year [38]. - The report highlights a 0.8% year-on-year growth in original insurance premium income, amounting to 2.2 trillion yuan in Q1 2025 [38]. Liquidity Tracking - The central bank conducted a reverse repurchase operation of 486 billion yuan, indicating a tightening of liquidity with a net withdrawal of 475.1 billion yuan [30]. - Bond yields showed an upward trend, with the 10-year government bond yield rising to 1.68% [30]. Industry News and Company Announcements - The report discusses the approval of new floating management fee products by 26 fund management companies, which aligns with the push for high-quality development in public funds [38]. - The establishment of a new fund by China Life Asset Management, focusing on large-cap, liquid stocks, is noted as a significant move in the insurance investment landscape [38].

Core Viewpoint - The private equity industry is undergoing a historic transformation from "serving capital" to "serving technology innovation" under the strategic guidance of the Central Financial Work Conference, which emphasizes the importance of technology finance [1][2]. Group 1: Industry Transformation - The Central Financial Work Conference highlighted five key areas for financial development, with technology finance being the top priority, necessitating comprehensive support for the growth of technology innovation enterprises [2][3]. - Since the implementation of the private fund manager registration and fund filing system in 2014, the private equity industry has experienced rapid growth, transitioning from quantitative to qualitative changes [2][3]. - The introduction of regulatory frameworks, such as the "Private Investment Fund Supervision and Administration Regulations" and the "Private Securities Investment Fund Operation Guidelines," reflects a shift towards a more standardized and high-quality development phase in the industry [2][3]. Group 2: Starry Navigation Plan - The "Starry Navigation Plan" aims to identify leaders in the private equity industry through a quantitative and qualitative evaluation system, focusing on "products + investment advisory + investment" [3][4]. - The plan includes three main awards: the Starry Professional Award, the Technology Innovation Leader Award, and the Integrity Development Award, specifically designed to recognize outstanding private fund managers [3][4]. - The Technology Innovation Leader Award and the Integrity Development Award are aligned with the financial "five articles" to promote long-term investment and research in the technology sector [4]. Group 3: Company Initiatives - China Galaxy Securities has integrated external and internal resources to support national strategic initiatives, collaborating with various partners to enhance service offerings [6]. - The company has established a core brand, the Galaxy Starry Manager Club, which provides comprehensive services to institutional clients, addressing their trading, operational, research, funding, and branding needs [6]. - The "Starry Navigation Plan" represents a significant milestone in the collaboration between China Galaxy Securities and China Securities Journal, aiming to create the most influential technology-focused private equity empowerment platform in the country [7].

Group 1 - The event "China Galaxy Securities · China Securities Journal Private Equity Industry Star Navigation Plan" was launched in Beijing, focusing on the theme of "Investing in Science and Technology Innovation, Empowering Science and Technology" [1] - Industry experts emphasized the necessity of embracing technological innovation as a key investment strategy to enhance research and investment capabilities, aligning investments with China's economic transformation and the development of the science and technology sector [1][2] - The concept of "new productive forces" is highlighted as a crucial driver for high-quality economic development, creating new industrial forms, business models, and development opportunities [2] Group 2 - The roundtable discussion featured insights from various industry leaders who expressed optimism about the development prospects of new productive forces driven by technological innovation [2][3] - The Central Financial Work Conference outlined the importance of focusing on "five major financial articles," including technology finance, green finance, inclusive finance, pension finance, and digital finance, to guide high-quality financial development [2] - There is a consensus among financial institutions, including banks and private equity firms, to increase allocations to technology-related themes, reflecting a strategic shift towards supporting innovation [3] Group 3 - Companies are focusing on major asset allocation strategies that align with market trends and national policy directives, particularly increasing investments in technology companies [3] - The insurance sector is advised to carefully consider its capacity for investment in technology themes due to the inherent volatility of technology stocks [3][4] - Private equity firms are increasingly integrating AI, algorithms, and large models into their investment strategies, positioning themselves as technology-driven entities [4] Group 4 - The private equity industry is seen as having a direct role in supporting technological innovation, with firms like quantitative private equity managers adopting a technology-centric approach [4][5] - The market has experienced a series of policy initiatives since September of the previous year, creating opportunities for the industry [4][5] - China Galaxy Securities aims to enhance the private equity industry's high-quality development through a comprehensive service ecosystem that includes products, advisory services, and investment support [5]

Group 1 - The core viewpoint of the news is that China Galaxy Securities is launching the "Starry Navigation Plan" in collaboration with China Securities Journal to enhance the private equity industry, focusing on supporting technology innovation and transitioning from serving capital to serving innovation [1][3][4] - China Galaxy Securities has witnessed and participated in the growth of the private equity industry over the past decade, evolving from providing basic trading channels to establishing a comprehensive service system that includes capital connection, strategy incubation, technical empowerment, and ecological co-construction [2][3] - The company aims to respond to the national strategy for technological innovation and contribute to the high-quality development of the private equity industry, positioning itself as a key player in the financial sector [3][4] Group 2 - This year marks the 25th anniversary of China Galaxy Securities, which has developed into a leading investment bank in Asia, serving over 18 million clients with managed assets exceeding 5 trillion yuan [2] - The "Starry Navigation Plan" is seen as a milestone in deepening private equity services and is expected to help private equity institutions grow into "capital engines" for the era of technological innovation [3] - The company emphasizes its commitment to supporting the real economy and contributing to the long-term stability and healthy development of China's capital market [4]

作为证券行业的先行者之一，中国银河证券见证并深度参与了私募行业从萌芽到壮大的全过程。中国银 河证券表示，今年是公司成立25周年。25年来，公司始终与国家经济和资本市场同频共振。此次启 动"星耀领航计划"，是践行金融央企责任、服务实体经济的重要举措。未来，中国银河证券将继续以专 业能力赋能私募行业，为金融"五篇大文章"书写银河方案，为中国科创事业注入金融"活水"，为中国经 济高质量发展贡献力量。 启动仪式当天，有近百位来自券商、银行、保险、公募基金、私募基金的专业人士汇聚一堂，共同见证 私募行业这一重要发展时刻，并在大会上纵论金融行业应该如何进一步服务好金融"五篇大文章"，为中 国科创企业发展赋能创新力量。 2024年8月，《私募证券投资基金运作指引》正式落地，私募基金行业迈入高质量发展阶段。在私募服 务领域，中国银河证券通过资源整合、专业服务和平台搭建，助力私募机构成长，激发资本市场活 力。"星耀领航计划"将充分紧扣时代主题，聚焦服务好金融"五篇大文章"和"国家科创战略"，以私募行 业为纽带，引导私募基金管理人向"投硬科技"持续发力，推动金融资源与科创企业的深度对接，旨在打 造"国内最具影响力的科创类私募赋能 ...

Group 1 - The domestic artificial intelligence industry in China is rapidly catching up, with leading internet companies expected to achieve a first-mover advantage in AI value reassessment [1] - The influence of major internet companies is likely to encourage more enterprises and developers to build applications and services around DeepSeek, enhancing the AI application industry chain's focus on core models [1] - This trend is anticipated to improve the overall industry's collaborative effect and innovation capability [1]

Core Viewpoint - The chemical industry in China is experiencing internal performance divergence in Q1 2025, with the petroleum and basic chemical sectors showing contrasting revenue and profit trends [1] Group 1: Revenue and Profit Performance - The petroleum chemical sector achieved revenue of 1,015.1 billion yuan, reflecting a year-on-year decline of 7.1% [1] - The basic chemical sector reported revenue of 607.0 billion yuan, with a year-on-year increase of 6.4% [1] - The net profit attributable to shareholders for the petroleum chemical sector was 17.0 billion yuan, down 23.5% year-on-year [1] - The basic chemical sector's net profit attributable to shareholders was 37.1 billion yuan, showing a year-on-year growth of 4.7% [1] Group 2: Factors Influencing Performance - The decline in oil prices is expected to be the main factor dragging down the performance of the petroleum chemical sector [1] - The growth in the basic chemical sector's performance may be attributed to industry scale expansion and supply disruptions leading to price increases for certain products [1] Group 3: Industry Outlook - The sales gross margins for the petroleum and basic chemical sectors were 14.3% and 17.9%, respectively, both at historical low levels [1] - The low prosperity in the chemical industry is anticipated to accelerate the elimination of backward production capacity and enhance industry self-discipline [1] - With the continued implementation of domestic demand stimulation policies, terminal demand momentum is expected to gradually stabilize, awaiting a bottoming out of the industry prosperity cycle [1]

证券代码：601881 证券简称：中国银河 公告编号：2025-032 中国银河证券股份有限公司 2025年度第二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 2 月 12 日 成功发行了中国银河证券股份有限公司 2025 年度第二期短期融资券（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 1.81%，短期融资券期限为 91 天，兑付日期为 2025 年 5 月 14 日。（详见 本公司于 2025 年 2 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 年度第二期短期融资券发行结果公告》）。 2025 年 5 月 14 日，本公司兑付了本期短期融资券本息共计人民币 3,013,537,808.22 元。 特此公告。 中国银河证券股份有限公司董事会 2025 年 5 月 16 日 ...

本期债券存在承销机构及其关联方认购情况，为主承销商中信建投证券股 份有限公司获配本期债券人民币 0.2 亿元，其关联方中信银行股份有限公司获 配本期债券人民币 3 亿元；主承销商国信证券股份有限公司获配本期债券人民 币 2 亿元，其关联方国泰海通证券股份有限公司获配本期债券人民币 0.5 亿元。 前述认购报价及程序均符合相关法律法规的规定。 根据中国证券监督管理委员会出具的《关于同意中国银河证券股份有限公 司向专业投资者公开发行次级公司债券注册的批复》（证监许可〔2024〕71 号），同意中国银河证券股份有限公司（以下简称"发行人"）向专业投资者 公开发行面值总额不超过 200 亿元次级公司债券的注册申请。 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次级 债券（第二期）募集说明书》，中国银河证券股份有限公司 2025 年面向专业 投资者公开发行次级债券（第二期）（以下简称"本期债券"）的发行规模为 不超过人民币 30 亿元（含 30 亿元），期限为 5 年期，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 5 月 15 日结束 ...