Core Viewpoint - China Galaxy Securities Co., Ltd. serves as the sponsor and ongoing supervisory institution for Guangdong Sanhe Pile Co., Ltd.'s A-share issuance, with the supervision period lasting until December 31, 2024 [1] Group 1: Sponsor and Company Information - The sponsor is China Galaxy Securities Co., Ltd., located in Beijing, with a registered capital of 599,074,678 yuan [1] - The issuer, Guangdong Sanhe Pile Co., Ltd., has a stock code of 003037 and is based in Zhongshan, Guangdong Province [1] Group 2: Issuance Details - The specific issuance of stocks occurred on July 31, 2023, and the listing date was August 25, 2023, on the Shenzhen Stock Exchange [1] Group 3: Due Diligence and Ongoing Supervision - The sponsor conducted due diligence, prepared application documents, and cooperated with regulatory bodies during the issuance process [1] - Ongoing supervision includes ensuring compliance with operational norms, commitments, and information disclosure obligations [2] Group 4: Major Events and Handling - A delay in the investment project for the "Jiangsu Taixing PHC Prestressed High-Strength Concrete Pile Production Line" was reported due to macroeconomic fluctuations, leading to a revised timeline for project completion [4] - The termination of the "Zhejiang Huzhou Annual Production of 6 Million Meters PHC Prestressed High-Strength Concrete Pile Intelligent Production Line" project was approved due to local government planning adjustments, with remaining funds to be securely stored [4][5] Group 5: Cooperation and Evaluation - The issuer actively cooperated with the sponsor during both the due diligence and ongoing supervision phases, providing necessary documents and information [6] - The securities service institutions involved complied with legal requirements and provided timely professional reports and opinions [6] Group 6: Information Disclosure and Fund Usage - The sponsor reviewed the issuer's information disclosure system and found it compliant with relevant regulations during the ongoing supervision period [6] - The sponsor also verified the management of raised funds, confirming that the usage aligned with disclosed information [6][7] Group 7: Ongoing Responsibilities - The sponsor will continue to oversee the remaining raised funds until fully utilized, even after the official supervision period ends on December 31, 2024 [7]

| 中国银河证券股份有限公司 | | | | --- | --- | --- | | 关于广东三和管桩股份有限公司 2024 年年度保荐工作报告 | | | | 保荐人名称：中国银河证券股份有限公司 | 被保荐公司简称：三和管桩 | | | 保荐代表人姓名：付月芳 | | | | 项目 工作内容 | | | | （1）是否及时审阅公司信息披露文件 | | 是 | | （1）是否督导公司建立健全规章制度（包括但不限于防 | | | | 止关联方占用公司资源的制度、募集资金管理制度、内控 | | 是 | | 制度、内部审计制度、关联交易制度） | | | | （2）公司是否有效执行相关规章制度 | | 是 | | （1）查询公司募集资金专户次数 每月 | | 1 次 | | （2）公司募集资金项目进展是否与信息披露文件一致 | | 是 | | 其决议 | | | | 未现场出席，审阅 | | | | （2）列席公司董事会次数 了历次会议通知及 | | | | 其决议 | | | | 未现场出席，审阅 | | | | （3）列席公司监事会次数 了历次会议通知及 | | | | 其决议 | | | | （1）现场检查 ...

Group 1 - The National Financial Supervision Administration approved China Galaxy Asset Management Co., Ltd. to change its registered capital [1] - The company will increase its registered capital by 502,424,838.52 RMB, changing from 10,000,000,000 RMB to 10,502,424,838.52 RMB [1]

中国银河证券股份有限公司 2025年度第八期短期融资券发行结果公告 证券代码：601881 证券简称：中国银河 公告编号：2025-030 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 2025 年度第八期短期融资券已于 2025 年 5 月 12 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 | 年度第八期短期融资券 | | --- | --- | --- | --- | | 债券简称 | 25 银河证券 CP008 | 债券流通代码 | 072510077 | | 发行日 | 2025 年 5 月 9 日 | 起息日 | 2025 年 5 月 12 日 | | 到期兑付日 | 2025 年 8 月 12 日 | 期限 | 92 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 | 1.66% | 发行价格 | 100 元/百元面值 | 本 期 发 行 短 期 融 资 券 的 相 关 文 ...

Group 1 - The joint statement from the China-US Geneva trade talks led to a significant rise in global risk assets, with the Hang Seng Index gaining nearly 700 points [1] - The Hang Seng Technology Index increased by 5.16%, while the Hang Seng Index and the National Enterprises Index rose by 2.98% and 3.01%, respectively [2] - Major technology stocks surged, with JD.com and Alibaba both rising over 6%, and financial stocks also performed well [2][4] Group 2 - The technology sector saw substantial gains, with stocks like Bilibili, JD.com, Kuaishou, and Alibaba all increasing by over 6% [4] - Apple-related stocks experienced a significant boost, with companies like GoerTek and AAC Technologies rising by over 18% and 15%, respectively, following price adjustments for iPhone models [5][6] - Financial stocks, particularly Chinese brokerage firms, showed strong performance, with China International Capital Corporation rising over 7% [7] Group 3 - Shipping stocks also saw notable increases, with China COSCO Shipping Holdings rising over 8% [8] - Conversely, gold stocks faced sharp declines, with Lingbao Gold and Chifeng Jilong Gold dropping over 11% due to reduced safe-haven demand following the easing of US-China trade tensions [9] - Biopharmaceutical stocks fell, with companies like BeiGene and CanSino Biologics experiencing declines of over 8% and 5%, respectively, due to announcements regarding drug price reductions in the US [10] Group 4 - Southbound capital saw a net sell-off of HKD 18.528 billion, indicating a cautious sentiment among investors [11] - Morgan Stanley expressed optimism about the progress in trade negotiations, leading hedge funds to increase their long positions in Chinese stocks [12]

Core Viewpoints - The article emphasizes the importance of macroeconomic policies and market trends, suggesting a focus on three major trends for investment strategies [3][5][9]. Monetary Policy and Economic Outlook - On May 7, three departments announced a series of financial policies aimed at stabilizing market expectations, including a 0.5% reduction in the reserve requirement ratio and a 0.1% cut in policy interest rates [3]. - The current macroeconomic environment faces risks from domestic policy changes and economic fluctuations, particularly in the context of unclear Sino-US trade relations [3]. Equity Market Insights - CITIC Securities recommends focusing on three enduring trends: the enhancement of China's independent technological capabilities, Europe's reconstruction of defense and energy sectors, and the acceleration of domestic demand through improved social security [5]. - According to Zhongtai Securities, A-share earnings showed a recovery in Q1 2025, with a 5.13% year-on-year increase in net profit for the non-financial oil and petrochemical sector [6]. - Galaxy Securities highlights multiple pressures on the US stock market, including aggressive tariff policies and potential stagflation due to conflicting economic indicators [7]. Fixed Income Market Analysis - In the wake of recent monetary easing, Invesco Great Wall Fund favors short- to medium-term credit bonds, anticipating a decline in yields due to increased liquidity [13]. - Bosera Fund predicts a new round of interest rate cuts in the money market, driven by the central bank's policies aimed at stabilizing market confidence [14]. - CICC forecasts that the yield on 10-year government bonds may drop to 1.3%-1.4% as a result of easing monetary conditions [15]. Asset Allocation Strategies - Founder Securities suggests that new regulations for public funds present a favorable opportunity for dividend assets, which have shown higher long-term success rates compared to mainstream indices [17].

■机构展望 ◎记者 汪友若 5月首个交易周，A股市场整体表现强势，日均成交额较4月底改善，情绪面显著回暖。消息面上，5月7 日，金融管理部门出台了一揽子金融政策支持稳市场稳预期。机构观点认为，一揽子金融政策的出台节 奏超出市场预期，显著提振了市场风险偏好。 市场风格演绎方面，机构称，短期科技板块的景气度高企，A股"科技叙事"逻辑有望伴随着产业突破得 到进一步强化。中长期来看，中国证监会5月7日印发了《推动公募基金高质量发展行动方案》，提出25 条措施督促行业从"重规模"向"重回报"转变，公募新规或推动A股市场风格向大盘权重股、红利资产等 方向演变。 一揽子金融政策提振市场信心 申万宏源证券分析称，上周金融管理部门出台一揽子政策，其政策落地的全面性、集中性、一致性显著 超出市场预期。招商证券认为，央行降准、降息、新设立结构性货币政策工具等多项政策落地，对市场 信心的提振较明显。 中金公司研究部首席国内策略分析师李求索认为，一揽子金融政策释放积极信号，有助于进一步稳增长 稳市场稳预期，在外部面临较大不确定性的环境下，助力促进投资者风险偏好回升。结合当前A股市场 估值仍处于相对低位具备较好投资吸引力，以及科技叙事和 ...

Investment Rating - The report maintains a "Positive" investment rating for the non-bank financial sector [8] Core Insights - The report highlights that due to a decline in global asset risk appetite, the overall valuation of the sector has adjusted, leading to a significant improvement in the cost-effectiveness of investments. The strong performance of brokerage firms in the first quarter further enhances their investment value. The recent "comprehensive financial policy to stabilize the market and expectations" introduced by the State Council is expected to support the performance and valuation of the non-bank financial industry, suggesting an active allocation in May [2][5] Summary by Sections Market Performance - The non-bank financial index increased by 1.7% this week, with a year-to-date decline of 8.0%, ranking 30 out of 31 sectors. The overall performance of the non-bank sector remains weak [6][19] Key Industry News - The State Council's press conference discussed a "comprehensive financial policy to stabilize the market and expectations," with the central bank and regulatory bodies announcing various supportive measures [7][59] - The central bank and the CSRC jointly released announcements to support the issuance of technology innovation bonds [7][60] - The CSRC issued an action plan to promote the high-quality development of public funds [7][64] Brokerage Performance - The average daily trading volume in the two markets reached 13,534.26 billion yuan, up 22.69% week-on-week, indicating a recovery in market activity [40] - The margin financing balance increased to 1.81 trillion yuan, reflecting a 0.36% week-on-week rise [47] Investment Business - The equity market showed signs of recovery, with the CSI 300 index rising by 2.00% and the ChiNext index by 3.27% [44] - The report notes that the proportion of equity investments in brokerage firms is approximately 10%-30%, while bond investments account for 70%-90% [44] Financing Activities - In April, equity financing decreased to 23.575 billion yuan, down 58.5% month-on-month, while bond financing totaled 784 billion yuan, down 9.8% [50][51] - The report anticipates an increase in stock underwriting scale due to the promotion of refinancing regulations and registration systems [51] Asset Management - The issuance of collective asset management products by brokerages fell to 2.322 billion shares in April, down 8.6% month-on-month [53] - The new fund issuance in April was 58.09 billion shares, down 40.4% from the previous month [53]

Group 1 - The core viewpoint of the articles highlights the significant increase in new personal investor accounts in the A-share market, with nearly 10 million new accounts opened in the first four months of the year, despite a month-on-month decline in April [1][2][3] - In April, 191.58 thousand new personal investor accounts were opened, a decrease of 114.04 thousand from March, but still showing a year-on-year growth of over 30% [2][3] - The total number of new personal investor accounts opened in the first four months reached 936.58 thousand, with a total of 378 million personal investor accounts as of April 30 [2][3] Group 2 - The increase in new accounts is closely linked to the performance of brokerage firms' brokerage businesses, with many firms reporting positive growth in account numbers contributing to their performance [1][3] - The "money-making effect" in the market, particularly after the Spring Festival, has attracted a large number of new investors, leading to a surge in account openings, especially in March [2][3] - Various measures, including the central bank's support and adjustments in insurance fund allocations, have been implemented to stabilize market confidence, which has helped maintain investor enthusiasm for opening new accounts [3][4] Group 3 - The challenge for brokerage firms lies in converting new customer acquisition into long-term retention, as the industry faces declining commission rates [5] - Major brokerage firms have reported significant increases in new accounts, with some firms seeing year-on-year growth rates exceeding 90%, while smaller firms also achieved notable growth [5] - Companies are focusing on enhancing wealth management services and customer engagement strategies to provide comprehensive financial solutions and maintain a competitive edge in the market [5]

5月9日，中国银河股票收盘大跌2.28%，天眼查工商信息显示，中国银河证券股份有限公司成立于2007年，位于北京市，是一家以从事资本市场服务为主的 企业。企业注册资本1093440.2256万人民币，法定代表人为王晟。 数据显示，国泰基金旗下国泰中证全指证券公司ETF为中国银河前十大股东，今年一季度增持。今年以来收益率-10.61%，同类排名3352(总3406)。 资料显示，国泰基金管理有限公司成立于1998年3月，董事长为周向勇，总经理为李昇。目前，国泰基金共有3名股东，中国建银投资有限责任公司持股 60%、Assicurazioni Generali S.p.A.持股30%、国网英大国际控股集团有限公司持股10%。 来源：金融界 简历显示，艾小军先生:中国国籍,硕士研究生,2001年5月至2006年9月在华安基金管理有限公司任量化分析师;2006年9月至2007年8月在汇丰晋信基金管理有 限公司任应用分析师;2007年9月至2007年10月在平安资产管理有限公司任量化分析师;2007年10月加入国泰基金,历任金融工程分析师、高级产品经理和基金 经理助理。2014年1月起任国泰黄金交易型开放式证券投资基金 ...