智通财经APP获悉，相较于银行业绩继续承压的预期，中国银河证券认为，下半年银行业有望实现量价 险三因素共振，迎来业绩实质性改善，主要体现在：财政货币政策协同引导银行加力信贷投放、优化信 贷结构；非对称降息下息差可控程度提高；化债和地产政策加码推动对公资产风险预期改善。 中国银河证券主要观点如下： 2025年上半年回顾：资金裂变主导银行估值重塑：截至6月13日，银行板块累计上涨9.84%，跑赢沪深 300约12pct。增量资金持续推升银行估值，包括中长期资金入市、公募基金欠配调仓、汇金增持、被动 型指数ETF发展。 2025年下半年展望：量价险共振，基本面拐点可期：相较于银行业绩继续承压的预期，我们认为下半年 银行业有望实现量价险三因素共振，迎来业绩实质性改善，主要体现在：（1）财政货币政策协同引导 银行加力信贷投放、优化信贷结构;（2）非对称降息下息差可控程度提高；（3）化债和地产政策加码 推动对公资产风险预期改善。 量价：信贷驱动因素加码，降息空间仍存，负债成本为稳息差关键变量：（1）量：预计2025年下半年 信贷平稳、增量好于去年同期，财政发力、结构性工具优化、大行增资落地、按揭拖累减弱为主要驱 动，化债 ...

Group 1 - The issuer, Xinjiang Beixin Road and Bridge Group Co., Ltd., has changed its accounting firm from Sigma Accounting Firm to Yongtuo Accounting Firm for the 2024 financial and internal control audit [2][5][6] - Yongtuo Accounting Firm was selected through a public bidding process and has been confirmed to have the necessary qualifications and capabilities to perform the audit [5][6] - The previous auditor, Sigma Accounting Firm, had provided audit services for 18 years and issued unqualified audit reports for the 2023 financial statements [5][6] Group 2 - Yongtuo Accounting Firm was established on December 20, 2013, and has a professional risk fund amounting to 2023 year-end [2][3] - The firm has no civil liability in the last three years related to professional conduct and has a clean record with no criminal penalties [2][3][4] - The audit fee for Yongtuo is set at RMB 2.7 million, which includes RMB 1.8 million for the annual report audit and RMB 900,000 for internal control audit, compared to the previous fee of RMB 2.6 million charged by Sigma [4][5] Group 3 - The issuer's audit committee has thoroughly reviewed Yongtuo's professional competence, investor protection capability, integrity, and independence before approving the appointment [5][6] - The decision to change the accounting firm was approved by both the board of directors and the supervisory board, ensuring compliance with relevant laws and regulations [6] - The change in accounting firm is not expected to adversely affect the issuer's production operations, financial status, or overall debt repayment capability [6]

Group 1 - Chinese brokerage stocks saw significant gains in the afternoon, with Everbright Securities up 4.02% at HKD 8.29, Huatai Securities up 3.33% at HKD 14.88, China Galaxy up 3.18% at HKD 8.11, CICC up 3.05% at HKD 16.22, and GF Securities up nearly 3.01% at HKD 12.34 [1] - The recent issuance of the "Opinions on Deepening Reform and Innovation in the Shenzhen Comprehensive Reform Pilot" by the Central Committee of the Communist Party of China and the State Council is expected to enhance the connectivity between the mainland and Hong Kong capital markets, increasing trading activity and opening growth opportunities for brokerage investment banking businesses [1] - In the context of the "A+H" wave this year, Chinese brokerages have benefited significantly, with 23 brokerages participating in the Hong Kong IPO market in the first five months, securing the majority of IPO projects [1] - The brokerage sector is anticipated to experience further valuation recovery due to favorable policies and a market rebound, with potential benefits for brokerage, investment banking, and capital intermediary businesses [1] Group 2 - Since 2025, the average AH premium rate for the brokerage industry has decreased, with current rates approaching the average from November 2020 to May 2025 [2] - The narrowing gap in AH premium rates among certain brokerages indicates reduced investment divergence between mainland and Hong Kong investors, suggesting potential upward movement for Hong Kong stocks if a return to average premium rates occurs [2]

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续发 行债券认购。 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假记载、误导性陈述或者重大 遗漏负连带责任。 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2024年面向专业投资者公开发行公司债券（第一期）（品种一）（续 发行）募集说明书》，中国银河证券股份有限公司2024年面向专业投资者公开发行公司债券（第一期） （品种一）（续发行）（以下简称"本期续发行债券"）的发行规模不超过人民币20亿元（含20亿元）。 本期续发行债券期限为3年（起息日为2024年10月17日，本金兑付日期为2027年10月17日），票面利率 为2.15%。 本期续发行债券采取网下面向专业投资者簿记建档的方式发行，发行工作已于2025年6月20日结束，本 期续发行债券（债券简称：24银河G1，代码：241757.SH）实际发行规模人民 ...

Core Viewpoint - The issuance of science and technology bonds by securities firms has experienced explosive growth, with 30 institutions participating and total issuance exceeding 100 billion yuan since May 7, driven by policy support and the need for business transformation [1][3]. Group 1: Market Dynamics - The rapid approval of science and technology bonds by securities firms, particularly since June, has led to significant issuance, with major firms like CITIC Securities and Guotai Junan exceeding 10 billion yuan in issuance [3]. - The subscription rates for these bonds have been notably high, with instances of oversubscription, such as Dongfang Securities achieving a subscription multiple of 8.17 times [3]. Group 2: Characteristics of Securities Firms - Securities firms are characterized by flexible fund utilization, high market recognition, and lower issuance costs compared to other entities, making them more attractive to investors [3][4]. - The funds raised through these bonds are often directed towards specific equity investments in technology enterprises, addressing their funding needs during critical development phases [4]. Group 3: Comprehensive Service Model - Securities firms leverage their full-service capabilities, including underwriting and market-making, to enhance financing channels for technology enterprises, thereby reducing their overall financing costs and time [5]. - The integration of various financial services, such as equity, bonds, and funds, allows for comprehensive financial support tailored to the lifecycle of technology enterprises [5]. Group 4: Investor Participation - The investor base for science and technology bonds includes banks, funds, and insurance companies, with banks being the primary subscribers due to their large asset base and low funding costs [7]. - The introduction of science and technology bond ETFs has provided individual investors with access to this market, enhancing participation opportunities [7]. Group 5: Investment Considerations - Since May, the favorable policy environment has led to a significant issuance of high-quality science and technology bonds, with interest rates notably lower than those of ordinary credit bonds [7]. - Investors should be aware of the potential risks associated with mismatched durations between equity projects and bond terms, as most science and technology bonds have a typical duration of three years [7].

Core Viewpoint - China Galaxy Securities predicts that the A-share market will exhibit a fluctuating upward trend in the second half of 2025, supported by favorable valuation levels and policy measures aimed at increasing long-term capital inflow [1] Group 1: Market Valuation and Trends - Current A-share valuations are at a historical medium level and are relatively low compared to overseas mature markets, indicating a high investment cost-performance ratio due to risk premiums and dividend yields [1] - The overall market is expected to show a fluctuating upward trend in the second half of 2025, although attention should be paid to uncertainties from overseas and the pace of domestic economic recovery [1] Group 2: Policy and Capital Inflow - Policies are being implemented to encourage long-term capital to enter the market, alongside the expansion of equity public funds and supportive policy tools, which are likely to maintain a stable and improving capital environment for A-shares [1] Group 3: Sector Focus - Technology innovation is identified as the core driver for the new supply-side reform in A-shares, with the TMT sector experiencing a decrease in crowding and a recovery in first-quarter activity, leading to accelerated capital expenditure in specific sub-industries [1] - Investment opportunities are suggested in areas such as AI computing power, AI applications, embodied intelligence, and innovative pharmaceuticals [1] - Defensive assets like dividend stocks are highlighted for their protective attributes, with state-owned enterprises offering high dividend yields aligning well with medium to long-term capital allocation needs [1]

Core Viewpoint - The global semiconductor sales are expected to grow by 14.4% year-on-year by April 2025, with structural differentiation in the market, benefiting SoC chips from national subsidies for new energy vehicles and the release of AI terminals [1][3] Industry Review - The electronic industry showed a stable yet positive trend in the first half of 2025, with a revenue of 861.37 billion yuan, a year-on-year increase of 17.7%, and a net profit of 26.9 billion yuan, up 75.2% [2] - Despite market fluctuations due to US tariff policies, the resilience of the electronic industry chain was evident, with a year-on-year increase of 11.3% in the added value of the electronic information manufacturing industry from January to April [2] Industry Outlook - The demand is expected to continue differentiating, with a focus on AI edge computing and domestic substitution [3] - The penetration rate of AI smartphones is projected to reach 34% by 2025, while AI PCs are expected to surge from 0.5% in 2024 to 79.7% by 2028 [3] - The domestic server market in China is predicted to reach $25.3 billion by 2028, driven by local innovation due to US technology restrictions [3] Policy Impact and Technological Revolution - National subsidy policies have stimulated market demand, with smartphone sales increasing by 182% year-on-year during the Spring Festival, and a rise in the proportion of mid-to-high-end models [4] - AI technology is becoming a core driver, with expectations for significant hardware upgrades and deeper application scenarios [4] - The AR glasses market is anticipated to experience explosive growth, with global sales projected to reach 5.5 million units by 2025, driven by applications in B-end medical and industrial sectors [4]

Core Viewpoint - China Galaxy (601881) suggests continued attention to investment opportunities arising from new product categories and channels, indicating a slow recovery in traditional food and beverage sectors by H2 2025 [1] Group 1: New Consumption Trends - Rapid growth is expected in new product categories such as snacks and innovative soft drinks, including functional beverages, health water, and coconut water [1] - Channel transformations, including discount supermarkets, Sam's Club, and adjustments in traditional supermarkets, are benefiting certain baking and snack companies [1] Group 2: Traditional Consumption Value - Contrary to market opinions, traditional consumption sectors are believed to hold investment value due to low valuations, high dividends, and stable competitive landscapes [1] - Certain companies in traditional industries are actively seeking transformation, indicating potential for rebound [1]

Group 1 - The core viewpoint of the article highlights the revaluation of Hong Kong stocks driven by a combination of improved funding conditions, policy catalysts, and the influx of quality assets [1] - The article emphasizes that the restructuring of global industrial chains positions domestic AI, represented by DeepSeek, as a strategic pivot for China's AI industry to transition from "technological catch-up" to "industry benchmark" [1] - DeepSeek's open-source strategy is noted for breaking traditional closed-source model barriers, reshaping the global AI value chain with its low-cost and high-performance characteristics [1] Group 2 - The article suggests that the ecological synergy effects and global practices triggered by DeepSeek may redefine the industrial landscape in the digital age [1] - The transition of China's AI industry from a follower to a leader in the ecosystem is seen as a critical leap forward [1] - The combination of funding recovery, policy support, and quality asset inflow is expected to propel Hong Kong stocks from a global valuation lowland to a value highland [1]

| 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告 | | --- | | 的虚假记载、误导性陈述或者重大遗漏负连带责任。 | 证券代码：601881 证券简称：中国银河 公告编号：2025-046 中国银河证券股份有限公司2024年面向专业投资者 公开发行公司债券（第一期）（品种一）（续发行） 发行结果公告 特此公告。 中国银河证券股份有限公司董事会 2025 年 6 月 21 日 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 2024 年面向专业投资者公开发行公司 债券（第一期）（品种一）（续发行）募集说明书》，中国银河证券股份有限 公司 2024 年面向专业投资者公开发行公司债券（第一期）（品种一）（续发 行）（以下简称"本期续发行债券"）的发行规模不超过人民币 20 亿元（含 20 亿元）。本期续发行债券期限为 3 年（起息日为 2024 年 10 月 17 日，本金 兑付日期为 ...