中国银河证券股份有限公司 对会计师事务所履职情况评估报告 安永华明于 1992 年 9 月成立，2012 年 8 月完成本土化 转制，从一家中外合作的有限责任制事务所转制为特殊普通 合伙制事务所。安永华明总部设在北京，拥有分所数量 23 家， 截至 2024 年末拥有合伙人 251 人，拥有执业注册会计师近 1,700 人，其中拥有证券相关业务服务经验的执业注册会计 师超过 1,500 人。根据中国注册会计师协会发布的《2023 年 度会计师事务所综合评价百家排名信息》，安永华明排名第 一。 安永香港为一家根据香港法律设立的合伙制事务所，由 其合伙人全资拥有。安永香港自 1976 年起在香港提供审计、 税务和咨询等专业服务，为众多香港上市公司提供审计服务， 包括证券、银行、保险等金融机构。安永香港自成立之日起 1 即为安永全球网络的成员，与安永华明一样是独立的法律实 体。自 2019 年 10 月 1 日起，安永香港根据香港《财务汇报 局条例》注册为公众利益实体核数师。此外，安永香港经中 华人民共和国财政部批准取得在中国内地临时执行审计业 务许可证。 安永华明拥有财政部颁发的会计师事务所执业资格，是 中国首批 ...

中国银河证券股份有限公司 独立董事 2024 年度履职报告 各位股东： 本人作为中国银河证券股份有限公司（以下简称"银河 证券"或"公司"）独立董事，根据《上市公司治理准则》 《上市公司独立董事管理办法》《香港联交所上市规则》《上 海证券交易所股票上市规则》及《上海证券交易所上市公司 自律监管指引第 1 号-规范运作》等有关规定，现就 2024 年 度主要工作情况报告如下： 一、基本情况 本人自 2018 年起担任银河证券独立董事，2024 年 6 月 因任期届满辞去公司独立董事及董事会战略发展委员会委 员、审计委员会委员、提名与薪酬委员会委员、合规与风险 管理委员会委员职务。辞去上述职务后，本人已不担任公司 及其控股子公司任何职务。本人详细简历请见公司 2023 及 其以前年度披露的年度报告相关内容。 本人独立性情况：本人独立履行职责，与公司主要股东、 实际控制人、或者其他与公司存在利害关系的单位或个人没 有关联关系，不存在影响独立性的情况，本人的独立性符合 《上市公司独立董事管理办法》《上海证券交易所上市公司 姓名 职务 在其他单位任职情况 兼职单位 职务 王珍军 独立董事 大连银行股份有限公司 独立董事 ...

中国银河证券股份有限公司 独立董事 2024 年度履职报告 各位股东： 本人作为中国银河证券股份有限公司（以下简称"银河 证券"或"公司"）独立董事，根据《上市公司治理准则》 《上市公司独立董事管理办法》《香港联交所上市规则》《上 海证券交易所股票上市规则》及《上海证券交易所上市公司 自律监管指引第 1 号-规范运作》等有关规定，及时了解公司 经营管理情况，认真履行独立董事职责，恪尽职守，勤勉尽 责。作为公司董事会提名与薪酬委员会主任、战略发展委员 会委员、审计委员会委员，本人与专门委员会其他成员共同 努力,致力于维护公司的治理健康和有效运营，不断提升公 司治理水平。 现就 2024 年度主要工作情况报告如下： 一、基本情况 本人自 2024 年 1 月起担任银河证券独立董事，详细简 历请见公司 2025 年 3 月 28 日披露的《中国银河证券股份有 限公司 2024 年年度报告》。 | 姓名 | 职务 | 在其他单位任职情况 | | | --- | --- | --- | --- | | | | 兼职单位 | 职务 | | 刘力 | 独立董事 | 中国冶金科工股份有限公司 | 独立董事 | | | | 中 ...

- The report highlights the performance of index-enhanced funds, with the CSI 1000 index-enhanced funds achieving the highest weekly excess return median of 0.96%, followed by CSI 500 at 0.88%, and CSI 300 at 0.44%[2][3][4] - The CSI 1000 index-enhanced funds showed a quarterly excess return median of 1.04%, while CSI 500 funds had 0.33%, and CSI 300 funds achieved 0.86%[3][4][5] - Absolute return (hedge) funds recorded a weekly return median of 0.27%, while other active quantitative funds had a negative weekly return median of -1.39%[6][7] - Multi-factor funds demonstrated a weekly return median of -1.41%, with a quarterly return median of 6.99%, and an annual return median of 6.99%[17][20] - Big data-driven active investment funds had a weekly return median of -1.37%, a quarterly return median of 5.95%, and an annual return median of 5.95%[18][20]

Core Viewpoint - The stock market has shown strong trading activity, with both exchanges recording over 1 trillion yuan in trading volume for 45 consecutive days, indicating robust investor interest and confidence in the market [3][4]. Group 1: Market Performance - The Shanghai Composite Index and ChiNext Index experienced slight declines, while the STAR Market 50 Index fell over 1% [3]. - The CSI All Share Securities Companies Index decreased by 0.35%, with individual stocks showing mixed performance; Zhejiang Securities and Zhongtai Securities rose over 1%, while Xinda Securities and China Galaxy fell over 2% [3]. Group 2: Fund Flows and Investor Sentiment - There has been a continuous inflow of leveraged funds, reflecting increased market confidence in the mid-term outlook [4]. - The presence of policies aimed at stabilizing the market and expectations of interest rate cuts have alleviated concerns about liquidity tightening, contributing to the inflow of leveraged funds [4]. Group 3: Policy Support and Market Strategy - Policies emphasizing the support for new productive forces and the deepening of the registration system are expected to attract long-term capital, enhancing market activity [3]. - Short-term investment strategies in the securities sector are advised to focus on stability, particularly around quarterly earnings reports and potential mergers and acquisitions [4]. Group 4: Mergers and Acquisitions - The current focus on mergers and acquisitions is driven by supportive policies and increasing operational challenges within the securities industry, leading to heightened interest in consolidation [4]. - Historical analysis indicates that significant merger and acquisition activity often correlates with favorable policy and market conditions, suggesting a new wave of consolidation in the securities sector [4]. Group 5: Investment Opportunities - The Securities ETF Leader (560090) is highlighted as an effective tool for investors to gain exposure to the securities sector, tracking the CSI All Share Securities Companies Index and encompassing 50 listed brokerage stocks [4].

Core Viewpoint - The article discusses the recent measures taken by China Galaxy Securities to prevent "roundabout cashing out" in margin trading, highlighting the importance of regulatory compliance and risk management in the securities industry [2][4][6]. Summary by Sections Regulatory Actions - China Galaxy Securities announced revisions to its margin trading contracts to explicitly prohibit investors from engaging in "roundabout cashing out" operations, with penalties including credit limit reductions and forced liquidation [2][4]. - The revisions include eight key changes, notably the addition of clauses that empower the company to adjust credit limits and enforce risk control measures against clients who violate the rules [4][6]. Definition and Risks of "Roundabout Cashing Out" - "Roundabout cashing out" refers to a practice where investors exploit margin trading to circumvent restrictions on the types of securities and purposes for financing, which poses significant risks and compliance issues [5][6]. - This practice can increase credit risk and obscure market transparency, making it difficult for other market participants to assess the true market conditions [5]. Industry Response and Guidelines - The actions by China Galaxy align with the guidelines set forth by the China Securities Association to standardize margin trading practices and mitigate risks associated with "roundabout cashing out" [6][7]. - Other securities firms, such as GF Securities and CITIC Securities, have also implemented measures to restrict similar practices, indicating a broader industry trend towards stricter compliance [7]. Market Context - As of March 20, the total margin trading balance in the market was 11.615 billion yuan, with a margin balance accounting for 0.01% of the A-share circulating market value, showing stability since September 2024 [7]. - The regulatory focus on margin trading and related activities continues, with the China Securities Regulatory Commission emphasizing the need for targeted monitoring of these practices [8].

特此公告。 中国银河证券股份有限公司董事会 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 12 月 16 日 成功发行了中国银河证券股份有限公司 2024 年度第十七期短期融资券（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 25 亿元，票面利 率为 1.72%，短期融资券期限为 92 天，兑付日期为 2025 年 3 月 18 日。（详见 本公司于 2024 年 12 月 17 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 年度第十七期短期融资券发行结果公告》）。 2025 年 3 月 18 日，本公司兑付了本期短期融资券本息共计人民币 2,510,838,356.16 元。 证券代码：601881 证券简称：中国银河 公告编号：2025-019 中国银河证券股份有限公司 2024年度第十七期短期融资券兑付完成的公告 2025 年 3 月 20 日 ...

中国银河证券股份有限公司董事会 中国银河证券股份有限公司 2025 年度第六期短期融资券已于 2025 年 3 月 18 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 | 年度第六期短期融资券 | | --- | --- | --- | --- | --- | --- | --- | --- | | 债券简称 | 25 | 银河证券 | | CP006 | | 债券流通代码 | 072510041 | | 发行日 | 2025 | 年 3 | 月 | 17 | 日 | 起息日 | 2025 年 3 月 18 日 | | 到期兑付日 | 2025 | 年 10 | 月 | 17 | 日 | 期限 | 213 天 | | 计划发行总额 | 30 | 亿元人民币 | | | | 实际发行总额 | 30 亿元人民币 | | 票面年利率 | 1.99% | | | | | 发行价格 | 100 元/百元面值 | 本 期 发 行 短 期 融 资 券 的 相 关 文 件 已 刊 登 在 中 国 货 币 网 （www.chinamoney.com.cn）、上海清算所 ...

承董事會命 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分內容而產生或因倚 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 3月28日（星期五）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 公司截至2024年12月31日止年度的業績及其發佈，並考慮派發末期股息（如有）。 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3月18日 於本公告日期，本公司執行董事為王晟先生（董事長）和薛軍先生（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。 ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [8] Core Insights - In the second half of 2024, the top 100 fund distribution institutions saw a significant rebound in fund retention scale, with equity fund retention reaching CNY 4.85 trillion, up 2.6% from the previous half, but down 3.3% year-on-year. Non-monetary fund retention reached CNY 9.54 trillion, up 7.6% from the previous half and up 11.6% year-on-year [12][13] - The expansion of ETFs is driving a high increase in equity retention by securities firms, while non-monetary fund retention is generally accelerating [12][18] - The concentration of fund distribution has decreased, indicating intensified competition within the industry [29] Summary by Sections Fund Retention Scale - By the end of 2024, the equity fund retention scale of the top 100 distribution institutions was CNY 4.85 trillion, with a 2.6% increase from the previous half and a 3.3% decrease year-on-year. Non-monetary fund retention was CNY 9.54 trillion, reflecting a 7.6% increase from the previous half and an 11.6% increase year-on-year [12][13] Channel Performance - Among the three main channels, the proportion of securities firms has significantly increased. By the end of 2024, the proportions of equity fund retention for banks, securities firms, and independent third-party institutions were 41.9%, 27.3%, and 28.4%, respectively [12][13] - The growth rates of equity funds through securities firms were led by China International Capital Corporation, Lufax, and HSBC, with increases of 69.0%, 41.0%, and 40.4%, respectively [18][19] Product Type Analysis - In terms of product types, the bank channel is focusing on passive investments, while the securities channel is seeing an increase in the proportion of bond funds. The market shares of Ant Fund and Tian Tian Fund have increased significantly in the active equity segment [24][25] Market Concentration - By the end of 2024, the concentration ratios (CR5, CR10, CR20) for equity fund distribution were 42.9%, 57.8%, and 73.5%, respectively, indicating a decline from the previous half [29]