债券代码：149537.SZ 债券简称：21天马01 中国银河证券股份有限公司关于 天马微电子股份有限公司董事长、总经理 变更的临时受托管理事务报告 债券受托管理人 声 明 本报告依据《公司债券发行与交易管理办法》《公司债券受托管理人执业 行为准则》及《天马微电子股份有限公司2019年面向合格投资者公开发行公司 债券债券受托管理协议》（以下简称"《债券受托管理协议》"）等相关文 件，以及天马微电子股份有限公司（以下简称"发行人"或"公司"）披露的 相关公告，由"天马微电子股份有限公司2021年面向合格投资者公开发行公司 债券（第一期）（以下简称"21天马01"）"的债券受托管理人中国银河证券 股份有限公司（以下简称"中国银河证券"）编制。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相 关事宜作出独立判断，而不应将本报告中的任何内容据以作为中国银河证券所 作的承诺或声明。 根据天马微电子股份有限公司于 2025 年 6 月 13 日披露的《天马微电子股 份有限公司关于公司董事长、总经理离任暨选举董事长的公告》《天马微电子 股份有限公司第十届董事会第三十一次会议决议公告》，发行人董事长、总经 ...

Core Viewpoint - The investment outlook for the home appliance sector is driven by the stability of company performance, increasing dividend rates, and the upward trend in valuations due to declining risk-free interest rates [1] Industry Review - The home appliance industry is expected to achieve absolute and relative returns in 2023 and 2024, with the SW home appliance index rising by 3.8%, 25.40%, and 1.939% for the years 2023, 2024, and 2025 YTD respectively [1] - Domestic sales benefit from the durable necessity of major appliances and the competitive landscape, with the market also receiving a boost from the old-for-new subsidy policy since Q4 2024 [1] - The global market is benefiting from China's competitive advantage in the home appliance sector, leading to an increase in global market share and penetration in emerging markets [1] - Leading companies in the home appliance sector are steadily increasing their dividend rates, while the decline in China's risk-free interest rates is driving up valuations for these leading firms [2] Industry Outlook - Short-term pressures exist in the industry, with domestic sales potentially experiencing demand exhaustion due to the lack of seamless integration of national subsidies, and intensified competition in the online air conditioning market [2] - Concerns remain regarding U.S. tariff risks and potential negative impacts on the global economy [2] - The industry's certainty stems from its global competitive advantages and the ability to navigate U.S. tariff risks through a globally integrated supply chain, with no significant loss of U.S. customers reported [2] - The durable necessity of major appliances underpins long-term domestic demand stability, and the decline in China's risk-free interest rates is expected to continue driving up valuations for high-dividend leading companies [2] Expectations for Subsidy Policies - Consumer goods are expected to benefit from long-term special government bonds of 150 billion and 300 billion yuan in 2024 and 2025 respectively, with the number of appliance categories benefiting from subsidies expanding from 8 to 12 by 2025 [3] - The current subsidy amount is anticipated to support the market until early Q3, with provinces likely to adopt varying policies to extend the subsidy period [3] - The most benefited appliances from subsidies are air conditioners and cleaning appliances, leading to intense competition in the online market to capture current subsidy benefits [3] New Supply Landscape Overseas - U.S. tariff policy risks since April 2025 have negatively impacted exports, although a phased agreement reached in Geneva in May has alleviated some export pressures [4] - According to customs statistics, China's home appliance exports are expected to grow by 3.8% and 14.1% in 2023 and 2024 respectively, with air conditioner exports significantly exceeding expectations in 2024 [4] - Exports are projected to decline starting April 2025, with production output for air conditioners showing a year-on-year decrease from May to August [4] - Only industry leaders are establishing overseas supply chains, leading to a higher concentration of demand orders in the U.S. market by 2026, while smaller companies are likely to be absent [4]

Group 1 - The nuclear robot industry chain includes upstream raw material supply, midstream production processing, and downstream application segments [3] - The domestic development of humanoid robots for nuclear power is accelerating, with significant support from national and local policies [1][2] - The first humanoid robot for nuclear power has been successfully deployed and is undergoing training in nuclear power scenarios [1] Group 2 - Nuclear robots are designed for the harsh environments of nuclear power plants, featuring high radiation resistance and intelligent decision-making capabilities [2] - These robots can be categorized by function into inspection, maintenance, and emergency response, enhancing operational efficiency and safety in nuclear power [2] - The market for nuclear robots is expanding due to the growth of the nuclear industry and increasing demand for spent fuel management [3] Group 3 - Several listed companies are actively investing in the nuclear humanoid robot sector, driving industry advancement [4] - Companies like Jingye Intelligent and Shanghai Electric are focusing on developing and deploying humanoid robots for nuclear applications [4] - The collaboration between Shenhao Technology and Yundong Technology aims to leverage their strengths in developing intelligent inspection robots for the nuclear industry [4]

证券代码：601881 证券简称：中国银河 公告编号：2025-045 中国银河证券股份有限公司 2025年度第十三期短期融资券发行结果公告 | 债券名称 | 中国银河证券股份有限公司 | 2025 | 年度第十三期短期融资券 | | --- | --- | --- | --- | | 债券简称 | 25 银河证券 CP013 | 债券流通代码 | 072510107 | | 发行日 | 2025 年 6 月 13 日 | 起息日 | 2025 年 6 月 16 日 | | 到期兑付日 | 2025 年 12 月 16 日 | 期限 | 183 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 | 1.64% | 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）、上海清算所网站（www.shclearing.com）、 中国债券信息网（www.chinabond.com.cn）。 特此公告。 中国银河证券股份有限公司董事会 ...

文章来源:新浪期货 新浪期货 根据交易所数据，截至6月16日收盘主力合约集运指数欧线期货2508,涨跌-4.04%,成交量6.59万手，持仓数据显示前20席 位呈现净空，差额头寸为4022手。 集运指数欧线期货期货全合约总计成交8.86万手，比上一日减少9.61万手。全合约前20席位多头持仓2.62万手，比上一日减少2110 手。全合约前20席位空头持仓3.01万手，比上一日增加29手。 根据合并数据显示，多头前三席位为国泰君安，总持仓3227、中信期货，总持仓2439、东证期货，总持仓2091；空头前三席位为 国泰君安，总持仓3865、银河期货，总持仓2551、中信期货，总持仓2331； 主力合约前20席位中，多头增仓前三名分别是：方正中期、持仓813、增仓160，东方财富、持仓1179、增仓154，申万期货、持仓 720、增仓148；多头减仓前三名分别是：国泰君安、持仓2500、减仓-769，广发期货、持仓750、减仓-326，东证期货、持仓 1207、减仓-324； 主力合约前20席位中，空头增仓前三名分别是：东证期货、持仓1711、增仓301，中财期货、持仓904、增仓252，方正中期、持仓 1935 ...

Investment Rating - The report maintains a positive investment rating for the non-bank financial sector, highlighting potential growth opportunities due to regulatory changes and market dynamics [4][37]. Core Insights - Ant Group is expected to apply for stablecoin issuance qualifications, which could expand the participation of non-bank financial institutions in various financial services, including custody, cross-border payments, and supply chain finance [1]. - China Pacific Insurance and New China Life Insurance reported robust premium growth in the life insurance sector, with China Pacific's life insurance premiums increasing by 10.2% year-on-year to CNY 134.79 billion in the first five months of 2025 [2]. - The monetary data for May shows that M1 and M2 growth rates remain high, indicating a potential economic recovery that could support stable capital market operations [3]. Summary by Sections Market Review - Major indices experienced fluctuations, with the non-bank financial index showing a gain of 1.16% [7]. - Key stocks in the brokerage and insurance sectors, such as China Galaxy and New China Life, saw positive performance, with increases of 2.22% and 2.80% respectively [7]. Securities Sector - The total trading volume in the A-share market reached CNY 7.85 trillion, with a daily average of CNY 1.31 trillion, reflecting a significant year-on-year increase of 76.18% [14]. - The IPO underwriting scale for the year reached CNY 338.80 billion, while refinancing underwriting totaled CNY 2,478.79 billion [14]. Insurance Sector - China Pacific Insurance reported a total premium income of CNY 2,271.69 billion for the first five months, up 6.0% year-on-year, while New China Life's premiums surged by 26.1% to CNY 990.86 billion [2][35]. - The life insurance sector continues to show strong growth, with both companies maintaining a positive outlook for the remainder of the year [2]. Liquidity Tracking - The central bank's operations included a net withdrawal of CNY 727 billion, with various interest rates showing mixed trends [27]. - Government bond yields decreased, indicating a supportive environment for capital market stability [27]. Investment Recommendations - The report suggests focusing on key insurance companies such as China Pacific, New China Life, and major brokerages like China Galaxy and CITIC Securities for potential investment opportunities [4][38]. - Non-bank financial institutions are expected to benefit from the implementation of stablecoin regulations, with companies like ZhongAn Online and Hong Kong Exchanges being highlighted as potential investment targets [4][38].

Core Insights - Cell and gene therapy (CGT) is currently the most promising development direction in the biopharmaceutical field, entering a phase of result realization [1] - The industry is characterized by a rich pipeline of ongoing research and development, with a continuous increase in market activity and investment [1][2] - The high outsourcing ratio and market concentration in CGT suggest that CXO companies are likely to benefit first [3] Group 1 - CGT is a new generation of precision therapy following small molecule and large molecule targeted therapies, leading a new wave in biopharmaceuticals, divided into cell therapy and gene therapy [1] - CGT has a high clinical success rate and offers long-term efficacy from single treatments, providing new options for difficult-to-treat diseases, with various products like CAR-T, stem cells, TCR-T, and TIL launched recently [1] - The CAR-T cell therapy has been the most groundbreaking in tumor immunotherapy since 2013, with six products approved in China and more potential products expected to launch soon [1][2] Group 2 - The first globally approved TCR-T cell therapy is expected in 2024, with a 43% overall response rate (ORR) for advanced synovial sarcoma, and companies like Xiangxue Pharmaceutical and Northeast Pharmaceutical are leading in this area [2] - Stem cell therapy is a significant branch of regenerative medicine, expanding its treatment scope from leukemia to anti-aging and cardiovascular diseases, with approvals for mesenchymal stem cell therapies in both China and the U.S. in 2024 [2] - Gene therapy primarily targets rare diseases, genetic disorders, and malignant tumors, with Ultragenyx Pharmaceutical submitting a Biologics License Application for a treatment in December 2024 [2] Group 3 - The high outsourcing ratio in CGT, with over 65% penetration in gene therapy compared to 35% in traditional biopharmaceuticals, indicates a greater demand for CXO services due to the complexity and regulatory challenges in the industry [3]

Core Viewpoint - The report outlines the independent financial advisory opinion regarding the stock option and restricted stock incentive plan proposed by Guangdong Tongyu Communication Co., Ltd. for 2025, emphasizing the plan's structure, pricing, and conditions for granting and exercising options and stocks [1][3][5]. Summary by Sections Section 1: Definitions - The report defines key terms related to the incentive plan, including "stock options," "restricted stocks," "grant date," "exercise price," and "waiting period," ensuring clarity in the context of the plan [1][2]. Section 2: Declaration - China Galaxy Securities Co., Ltd. is appointed as the independent financial advisor for the incentive plan, ensuring compliance with relevant laws and regulations [2][3]. Section 4: Main Content of the Incentive Plan - The incentive plan consists of stock options and restricted stocks, with a total number of stock options to be granted being specified, and the plan is approved by the board of directors [5][6]. - The total number of stock options granted will not exceed 10% of the company's total share capital, and no individual recipient will receive more than 1% of the total share capital [6][27]. Section 5: Pricing and Conditions - The exercise price for stock options is set at 11.92 RMB per share, determined through a self-pricing method based on the average trading price of the company's shares prior to the announcement [14][16]. - The grant price for restricted stocks is set at 7.45 RMB per share, also based on the average trading price prior to the announcement [16][17]. Section 6: Grant and Exercise Conditions - The plan specifies conditions under which stock options and restricted stocks can be granted and exercised, including performance targets related to revenue and net profit growth for the years 2025 and 2026 [19][25]. - The performance targets require a minimum revenue growth rate of 15% for 2025 and 32.25% for 2026, based on the previous year's figures [19][25]. Section 7: Target Recipients - The plan targets a total of 242 individuals, including directors, senior management, and key personnel, excluding independent directors and major shareholders [26][27]. - The distribution of stock options and restricted stocks among recipients is detailed, ensuring no individual exceeds the specified limits [27][29].

证券代码：601881 证券简称：中国银河 公告编号：2025-044 中国银河证券股份有限公司（以下简称"本公司"）于 2024 年 12 月 11 日成功发行了中国银河证券股份有限公司 2024 年度第十六期短期融资券（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 1.78%，短期融资券期限为 182 天，兑付日期为 2025 年 6 月 11 日。 （ 详 见 本 公 司 于 2024 年 12 月 12 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 年度第十六期短期 融资券发行结果公告》）。 2025 年 6 月 11 日，本公司兑付了本期短期融资券本息共计人民币 4,035,502,465.75 元。 特此公告。 中国银河证券股份有限公司董事会 2025 年 6 月 13 日 中国银河证券股份有限公司 2024年度第十六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 ...

Market Overview - The computing power industry chain is strengthening, with the CPO direction leading the gains [1][3] - The gold and jewelry, innovative pharmaceuticals, rare earth permanent magnets, quantum technology, and IP economy concept stocks are active [1][3] - The sectors of departure tax refund, anti-tariff, semiconductors, liquor, and consumer electronics are weakening [1][3] Index Performance - On June 12, the three major stock indices closed mixed: the Shanghai Composite Index at 3402.66 points, up 0.01%; the Shenzhen Component Index at 10234.33 points, down 0.11%; and the ChiNext Index at 2067.15 points, up 0.26% [1] Sector Performance - Precious metals sector rose by 3.26% with significant inflows [4] - The beauty care sector increased by 2.39% with a net inflow of 6.18 million [4] - The film and television sector saw a rise of 2.32%, with Happiness Blue Ocean up over 13% [5] - The breeding industry declined, with Xianfeng Holdings down over 4% [5] Fund Flow - Main funds saw a net inflow into communication, computer, and media sectors [7] - Notable net inflows included Rongfa Nuclear Power at 8.81 billion, Zijin Mining at 7.86 billion, and Dongfang Caifu at 6.07 billion [8] - Major net outflows were observed in BYD at 6.65 billion, Kweichow Moutai at 4.94 billion, and Yaoji Technology at 4.71 billion [9] Institutional Insights - Guojin Securities suggests that new consumption faces valuation pressure, recommending low absorption rather than chasing highs [10] - China Galaxy Securities notes the positive impact of "H+A" stocks on the brokerage sector [11] - Guodu Securities highlights that the market's recent stabilization above 3400 points lacks clear signs of new capital influx, with trading volume around 1.3 trillion, indicating a need for caution [11]