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Group 1 - The core viewpoint of the news is that the recent evaluation results of securities companies by the Beijing Stock Exchange and the National Equities Exchange and Quotations reflect the competitive landscape and performance of various brokerages in the market, highlighting the strong performance of leading firms and the strategic positioning of smaller firms [1][2][4] Group 2 - In the first quarter of 2025, a total of 103 securities firms participated in the evaluation, with 102 firms scoring above 100 points. The top three firms were CITIC Securities with 152.22 points, Huatai Securities with 138.42 points, and Kaiyuan Securities with 128.03 points [2][3] - The evaluation system includes a professional quality score and compliance quality deductions, with a base score of 100 points, leading to significant changes in rankings compared to the previous year [2][3] - The top three firms in professional quality scores were CITIC Securities, Huatai Securities, and Kaiyuan Securities, with scores of 52.22, 38.42, and 30.31 respectively [3] Group 3 - Smaller securities firms are increasingly focusing on niche markets, particularly in the rapidly developing Beijing Stock Exchange and the New Third Board, to create differentiated competitive advantages [4][5] - Several smaller firms, such as Shichuang Securities and Guoyuan Securities, are actively developing their investment banking capabilities, targeting specialized clients and enhancing their service offerings [4][6] - The rapid growth of the Beijing Stock Exchange presents opportunities for smaller firms to establish a strong presence in specific business segments, avoiding direct competition with larger firms [5][6]

Group 1 - The core viewpoint emphasizes that China's policy options are more abundant, providing greater space and endurance compared to the U.S. during the trade war stalemate [1] - A-shares are seen as a key factor in boosting confidence, with a belief in the government's commitment to stabilize the capital market [1] - The article suggests that sectors benefiting from European capital expenditure expansion, essential consumer goods, and materials that do not rely on short-term performance will outperform [1] Group 2 - The market is expected to be more self-reliant, with a stable domestic economic foundation and timely responses to external uncertainties [2] - Internal demand and self-sufficiency are highlighted as focal points for economic momentum and short-term policy support [2] - The market is better prepared psychologically to handle external uncertainties compared to the previous trade conflict in 2018 [2] Group 3 - A-shares are anticipated to see a stabilization in risk appetite, with defensive assets likely to yield absolute and relative returns during adjustment phases [3] - The technology sector is expected to gain weight in the market as confidence in capital market stability increases [3][4] - The next phase of A-share market growth is likely to be driven by structural technology trends [4] Group 4 - The configuration value of the A-share market is expected to rise, supported by a resilient domestic economy and ample policy reserves [5] - The market is projected to achieve stable and healthy long-term development as it adapts to tariff policies [5] Group 5 - The Chinese stock market's upward momentum is not yet over, with a shift in the main contradictions of valuation [6] - A decline in discount rates is identified as a key driver for the stock market's rise by 2025 [6] Group 6 - The market's downward volatility risk is considered limited, with a focus on internal demand policies [7] - The upcoming months are expected to see more fiscal policy implementation, particularly in May and June [7] Group 7 - The A-share market is viewed as having controllable downside risks and potential for upward movement, with a focus on sectors experiencing local economic recovery [9] - Recommendations include sectors with high free cash flow and low penetration but high growth potential, such as AI and humanoid robots [9] Group 8 - The resilience of A-shares and the government's determination to stabilize the stock market are emphasized, with a favorable outlook for medium to long-term investments [10] - The A-share market is expected to maintain an advantage over global indices due to valuation benefits [10] Group 9 - The short-term equity market is in a consolidation phase, but domestic policy support and resilient internal demand are expected to maintain its relative strength [11] - Focus areas include domestic technology self-sufficiency and quality assets benefiting from domestic demand expansion [11] Group 10 - The expectation of a rebound in global recession forecasts suggests a need for China to find suitable demand to maintain its manufacturing capacity advantage [13] - Recommended sectors include consumer industries benefiting from domestic demand and resource products amid global economic restructuring [13]

Core Insights - The competitive landscape of the ETF market in Shanghai is stabilizing, with leading institutions strengthening their advantages [1] - The strategic restructuring between Guotai Junan and Haitong Securities has led to Haitong's complete exit from the ETF market-making sector, potentially altering the rankings of brokerage firms in ETF trading [1][12] - Huatai Securities continues to lead the market with a share of 10.84%, followed by CITIC Securities and Guotai Junan with shares of 6.78% and 6.2% respectively [1] Brokerage Business Performance - In March, CITIC Securities and Dongfang Securities saw significant increases in their market share for ETF trading, with CITIC's share rising to 8.42% from 6.15% and Dongfang's from 3.97% to 6.28% [2] - The top ten brokerage firms in terms of ETF trading volume remained largely unchanged, indicating fierce competition among them [6] ETF Holdings - The combined ETF holdings of Shenwan Hongyuan and China Galaxy Securities have shown a slight upward trend, reaching 39.38% in March, up from 39.17% in February [5][11] - The top ten brokerage firms by ETF holdings have not changed, but there have been minor shifts in their rankings, reflecting intense competition [6] Market Structure and Trends - The ETF market is characterized by a "stronger gets stronger" dynamic, with leading firms leveraging technology to enhance customer loyalty and create significant competitive advantages [11] - As of March 2025, the Shanghai Stock Exchange had 21 primary market makers and 12 general market makers, providing liquidity for 700 fund products, with 98% of ETFs having market makers [11] Market Making Services - CITIC Securities leads in the number of primary market-making services, with 531 services, while Haitong Securities has seen a drastic reduction in its market-making activities, ceasing services for key ETFs [12]

Core Viewpoint - China Galaxy Securities has achieved significant growth in its financial performance, with a net profit exceeding 10 billion yuan and maintaining a strong industry ranking, attributed to strategic reforms and market recovery [1][4]. Financial Performance - In 2024, China Galaxy Securities reported operating revenue of 35.471 billion yuan, ranking fourth in the industry, with a year-on-year growth of 5.43% [4][6]. - The net profit for 2024 reached 10.031 billion yuan, reflecting a year-on-year increase of 27.31%, significantly outperforming the industry average [4][5]. - For Q1 2025, the company anticipates a net profit between 2.773 billion and 3.1 billion yuan, representing a year-on-year growth of 70% to 90% [4][5]. Business Segments - The investment trading business saw a remarkable increase of 45.91%, generating revenue of 6.344 billion yuan, closely linked to the recovery of the stock market [6][7]. - Wealth management revenue surpassed 10 billion yuan, reaching 10.496 billion yuan, with a year-on-year growth of 15.73%, making it the largest contributor to overall revenue [6][7]. - International business and investment banking also experienced growth, with increases of 8.29% and 11.80%, respectively, showcasing resilience amid market challenges [2][15]. Market Context - The overall performance of securities firms in China declined during 2022 and 2023 due to market volatility, but China Galaxy Securities maintained a stable position, leading to an improved ranking [3][4]. - The stock market indices, including the Shanghai Composite and Shenzhen Component, saw increases of 12.7% and 9.3%, respectively, contributing to the positive performance of the securities industry in 2024 [6]. International Expansion - China Galaxy Securities has made significant strides in international business, particularly in Southeast Asia, following the acquisition of local firms and establishing a strong market presence [9][13]. - The company has successfully hosted major financial events, such as the China-ASEAN Business Leaders Summit, enhancing its role as a bridge between Chinese and ASEAN markets [10][11]. Investment Banking Achievements - Despite a general decline in IPOs and refinancing activities in 2024, China Galaxy Securities' investment banking revenue grew by 11.80%, driven by strategic project management and international collaboration [15][16]. - The company successfully facilitated significant transactions, including a major asset restructuring deal valued at 11.5 billion yuan, marking a notable achievement in the investment banking sector [19].

证券代码：601881 证券简称：中国银河 公告编号：2025-026 中国银河证券股份有限公司 2024年度第九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 2024 年 10 月 14 日 成功发行了中国银河证券股份有限公司 2024 年度第九期短期融资券（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 40 亿元，票面利率 为 2.08%，短期融资券期限为 183 天，兑付日期为 2025 年 4 月 15 日。（详见 本公司于 2024 年 10 月 15 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 2024 年度第九期短期融资券发行结果公告》）。 2025 年 4 月 15 日，本公司兑付了本期短期融资券本息共计人民币 4,041,713,972.60 元。 特此公告。 中国银河证券股份有限公司董事会 2025 年 4 月 17 日 ...

证券代码：601881 证券简称：中国银河 公告编号：2025-027 中国银河证券股份有限公司 2025年度第一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 1 月 13 日 成功发行了中国银河证券股份有限公司 2025 年度第一期短期融资券（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 1.64%，短期融资券期限为 92 天，兑付日期为 2025 年 4 月 15 日。（详见本 公司于 2025 年 1 月 14 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 年度第一期短期融资券发行结果公告》）。 2025 年 4 月 15 日，本公司兑付了本期短期融资券本息共计人民币 3,012,401,095.89 元。 特此公告。 中国银河证券股份有限公司董事会 2025 年 4 月 17 日 ...

Financial Performance - The company reported a total revenue of RMB 10 billion for the fiscal year 2024, representing a year-on-year increase of 15%[10]. - Total revenue for 2024 reached RMB 46,757,555 thousand, an increase of 3.99% compared to RMB 44,962,115 thousand in 2023[38]. - Net profit attributable to shareholders rose by 27.31% to RMB 10,030,838 thousand in 2024, compared to RMB 7,878,769 thousand in 2023[38]. - Basic earnings per share for 2024 were RMB 0.81, a 20.90% increase from RMB 0.67 in 2023[39]. - The weighted average return on equity improved to 8.30% in 2024, compared to 7.52% in 2023[39]. - Revenue attributable to shareholders reached RMB 100.31 billion in 2024, an increase from RMB 78.79 billion in 2023, marking a growth of 27.25%[50]. - The company's net capital increased to RMB 111.09 billion in 2024 from RMB 100.10 billion in 2023[56]. - The liquidity coverage ratio improved to 323.93% in 2024 from 289.15% in 2023[56]. Market Expansion and Strategy - The company provided a forward-looking guidance of 12% revenue growth for the next fiscal year, anticipating continued market expansion[10]. - Market expansion efforts include entering two new provinces, projected to increase market share by 5%[10]. - The company is considering strategic acquisitions to bolster its asset management division, targeting a 10% increase in assets under management[10]. - The company aims to enhance its integrated financial services through a five-pronged business model focusing on wealth management, investment banking, institutional business, international business, and trading[58]. - The group is focusing on expanding its international business, particularly in Southeast Asia, where it aims to enhance its market share in key regions like Singapore and Malaysia[69]. - The company is committed to providing comprehensive financial services to domestic and international clients, aiming for a balanced development across all business lines[196]. Risk Management - The board emphasized the importance of adapting to market volatility, with risk management strategies in place to mitigate potential impacts[10]. - The company faces various risks including legal and compliance risks, strategic risks due to market changes, and operational risks from business model transformations[11]. - The company has implemented risk management strategies focusing on organizational structure, management mechanisms, and information technology to mitigate identified risks[11]. - The company is positioned to manage market and credit risks effectively, ensuring stability in its operations[11]. - A comprehensive risk management system was established for new business operations, including feasibility assessments, risk identification, and ongoing monitoring[191][192]. Investment and Innovation - The company is investing RMB 500 million in technology research and development to enhance its digital platform capabilities[10]. - The company is actively involved in innovation and product development, emphasizing risk control in these areas[11]. - The company launched the "Galaxy Star Annuity" comprehensive pension service brand, focusing on integrated pension financial services[75]. - The company is advancing its fintech strategy, integrating AI and big data into securities operations, and enhancing digital and intelligent business processes[200]. Operational Efficiency - The company is committed to optimizing business processes to control operational risks and improve overall efficiency[11]. - The company aims to increase its operational efficiency and market competitiveness through strategic expansions and partnerships[30]. - The company’s digital transformation efforts led to the implementation of multiple intelligent systems in 2024, improving operational efficiency[102]. Capital Structure and Financial Health - The total assets of the company reached RMB 50 billion, reflecting a growth of 8% year-on-year[10]. - The registered capital increased from RMB 10,137,258,757 to RMB 10,934,402,256, reflecting a growth of approximately 7.85% due to the conversion of convertible bonds[14]. - The net capital rose from RMB 100,100,154,912.51 to RMB 111,090,346,133, indicating an increase of about 10.00%[14]. - Total liabilities grew by 12.06% to RMB 596,971,247 thousand in 2024, up from RMB 532,710,511 thousand in 2023[38]. - Total equity as of December 31, 2024, reached RMB 140,499.4 million, representing a year-on-year growth of 7.67%[169]. Awards and Recognition - The company received multiple awards, including "Best ESG Practice Research Institution" and "Best Overseas Investment Research Institution" in 2024[88]. - The company was awarded multiple accolades, including being named one of the "Top 50 Government Guidance Funds in China" by Qingke in 2024[109]. - The company was awarded multiple accolades, including the "Best Broker in Southeast Asia" by Alpha Southeast Asia and the "Best Sustainable Bond Issuance Project" award[93].

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the non-bank financial industry [1][30]. Core Insights - The first quarter earnings of brokerage firms are expected to increase significantly, with a maximum year-on-year growth rate of 400% reported by some firms. Eight out of ten firms reported growth exceeding 50% [3][9]. - Several brokerage firms have announced share buybacks to stabilize stock prices and enhance shareholder value amid market volatility [4][9]. - The overall market is showing signs of recovery after significant adjustments, with expectations for further valuation recovery in the brokerage sector as long-term capital enters the market [4][9]. Summary by Sections Investment Recommendations - The report highlights that ten brokerage firms have disclosed their first-quarter earnings, with all showing growth. The low base from the previous year and active market conditions contributed to this performance [9]. - Share buybacks were announced by multiple firms, including Dongfang Securities and Guotai Junan, aimed at maintaining company value and reflecting management confidence in future growth [4][9]. Market Review - Major indices experienced declines, with the Shanghai Composite Index down 3.11% and the ChiNext Index down 6.73%. The non-bank financial index fell by 5.19%, ranking 18th among 31 sectors [10]. - The average daily trading volume in A-shares reached 1.61 trillion yuan, a 41.84% increase from the previous period [13][14]. Key Industry Data Tracking 1. Market Performance and Scale: Major indices saw declines, with the A-share trading volume at 8.06 trillion yuan for the week [13]. 2. Credit Business: As of April 11, the market had 3,173.67 million pledged shares, accounting for 3.92% of total equity [16]. 3. Fund Issuance: In March 2025, new fund issuance reached 1,009.26 million units, a 53.42% increase from the previous month [16]. 4. Investment Banking: In March 2025, the equity underwriting scale was 577.90 billion yuan, with IPOs amounting to 92.18 billion yuan [16]. 5. Bond Market: The total price index for bonds fell by 0.50% since the beginning of the year, with the 10-year government bond yield at 1.66%, up 4.91 basis points [16]. Regulatory Policies and Industry Dynamics - The report notes progress in the acquisition of Wanhe Securities by Guosen Securities, which has been accepted for review by the Shenzhen Stock Exchange [24]. - Recent credit and social financing data exceeded expectations, indicating a robust financial environment [24]. Key Announcements from Listed Companies - Dongfang Securities reported a revenue of 5.382 billion yuan and a net profit of 1.436 billion yuan, with year-on-year changes of 49.04% and 62.08%, respectively [25]. - Guotai Junan's net profit is projected to be between 11.201 billion yuan and 12.445 billion yuan, reflecting a year-on-year increase of 350% to 400% [25].

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的內容概不負責，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份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 （在中華人民共和國註冊成立之股份有限公司） （股份代號：06881） 董事會會議通告 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。 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 4月29日（星期二）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 公司按照中國企業會計準則編製的截至2025年3月31日止三個月的未經審核業績 及其發佈。 承董事會命 中國銀河證券股份有限公司 王晟 董事長及執行董事 中國，北京 2025年4月15日 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、劉力先生及麻志明先生。 ...