Core Viewpoint - The recent rumors regarding the merger between China International Capital Corporation (CICC) and China Galaxy Securities have stirred market sentiments, leading to significant stock price increases for both companies, but both firms have quickly issued clarifications denying any such plans [1][2][3] Group 1: Company Responses - On February 26, both CICC and China Galaxy experienced stock price surges, with CICC's A-shares hitting the daily limit and its H-shares rising over 19%, while China Galaxy's A-shares also reached the limit and its H-shares increased by 17.11% [1][2] - CICC announced that it had confirmed with its controlling shareholder, Central Huijin, that there were no plans for a merger or any undisclosed significant matters [2][3] - China Galaxy similarly clarified that it had not received any information regarding the merger from government departments or its controlling shareholders [2][3] Group 2: Market Context - The securities industry is currently experiencing a wave of mergers and acquisitions, with notable examples including the rapid completion of the merger between Guotai Junan and Haitong Securities, and the acquisition of Guodu Securities by Zheshang Securities [3][4] - Following the stock price movements of CICC and China Galaxy, several other brokerage stocks also saw significant increases, indicating a broader market reaction to the merger rumors [3][4] Group 3: Central Huijin's Role - The rumors surrounding the merger are partly attributed to the increasing number of brokerages under Central Huijin, which directly holds 40.11% of CICC and indirectly holds 47.43% of China Galaxy [5][6] - Analysts suggest that the recent transfer of shares from state-owned asset management companies to Central Huijin has opened up possibilities for further consolidation among brokerages [5][6] Group 4: Financial Comparisons - As of the third quarter of 2024, China Galaxy outperformed CICC in key financial metrics, with total assets of 747.918 billion yuan and net profit of 6.964 billion yuan, while CICC reported total assets of 655.38 billion yuan and a net profit of 2.858 billion yuan [6][7] - The combined financial strength of CICC and China Galaxy, if merged, would significantly narrow the gap with leading firms like CITIC Securities and Guotai Junan [6][7] Group 5: Business Complementarity - Market expectations for a merger are high due to the complementary nature of the two firms' businesses, with CICC excelling in investment banking and China Galaxy having a strong foothold in wealth management [7] - Both companies have been actively enhancing their capabilities, with China Galaxy expanding its investment banking presence in Southeast Asia and CICC increasing its offerings in retail financial products [7]

Core Viewpoint - The potential merger between CICC and Galaxy Securities has sparked significant interest in the industry, with both companies' A-share prices hitting the daily limit up following the news [2][4]. Group 1: Merger Background - Both CICC and Galaxy Securities are controlled by Central Huijin, indicating a strong connection between the two firms [2]. - The appointment of former Galaxy Securities Chairman Chen Liang as the head of CICC and the promotion of Wang Sheng, who has a strong background at CICC, to Chairman of Galaxy Securities are seen as signals of a possible merger [2]. - If the merger proceeds, CICC may focus on strengthening its investment banking business while transferring its brokerage and wealth management operations to Galaxy Securities, which has a traditional advantage in brokerage services [2][12]. Group 2: Business Synergies - The merger aims to achieve synergies, with the potential for combined operations to exceed the sum of their parts, achieving a "1+1>2" effect [7][8]. - CICC has a strong reputation in investment banking, consistently ranking among the top firms in A-share underwriting and leading among Chinese brokers in Hong Kong [10]. - Galaxy Securities has expanded its presence in Southeast Asia through acquisitions, establishing a significant foothold in countries like Singapore, Malaysia, Indonesia, and Thailand, which could complement CICC's existing international operations [11][12]. Group 3: Wealth Management Opportunities - CICC's wealth management division, CICC Wealth, has been recognized for its transformation and industry leadership, while Galaxy Securities has a strong traditional brokerage business [14][15]. - The combination of Galaxy's brokerage strengths and CICC's wealth management capabilities is expected to create new business opportunities and enhance overall performance [15]. Group 4: Competitive Landscape - The merger rumors have raised concerns about the competitive dynamics among leading brokerages, particularly with the ongoing merger between Guotai Junan and Haitong Securities [16]. - If the merger between CICC and Galaxy Securities is realized, their combined total assets would reach approximately 1,365.41 billion yuan, positioning them closely behind the merged entity of Guotai Junan and Haitong Securities and just behind CITIC Securities [17]. - The potential merger could pressure CITIC Securities' position as the leading brokerage, prompting speculation about further consolidations in the industry [17].

https://m.21jingji.com/subscribe/author?type=3&aid=3207 作 者丨孙永乐 杨万林 编 辑丨陈思颖 尹华禄 金珊 2月2 6日，临近A股收盘，中央汇金旗下中金公司和中国银河双双涨停。 港股方面，中国银河、中金公司也一度涨超1 9%，截至收盘，中国银河涨1 7 . 11%，中金公司涨1 9 . 0 9%。 消息面上，据券商中国报道，分析人士认为，汇金系券商异动与一则传闻有关。市场传出，中金公司将与同业中国银河合并，这笔交易将缔造 出一家资产规模达1 9 3 0亿美元的券商巨头。此前市场曾多次曝出两大券商合并传闻，但均被公司否认。 对此，南财快讯记者向中金公司方面进行了求证，但未获得回复。此外，还多次致电银河证券投资者热线，但未获接通。 机构表示，国内券商过去主要通过内生增长逐渐扩大规模，未来在监管的指引下，业内的并购可能会增多，行业内的资源整合或将成为券商快 速提升规模与综合实力的又一重要方式。大型券商通过并购进一步补齐短板，巩固优势，中小券商通过外延并购有望弯道超车，快速做大，实 现规模效应和业务互补。 东吴证券指出，政策引导叠加内生驱动之下，当前国联+民生 ...

对此，券商中国记者联系了中金公司的投资者关系办公室和公关部，但均未对此给出回应。银河证券公 关部亦未对此回应。 突然大涨 双双涨停！ 临近A股尾盘时分，中央汇金旗下中金公司和中国银河双双涨停，西部证券涨超8%，信达证券涨超 6%。港股方面，中国银河一度升超18%，中金公司涨超14%，中信建投证券、中州证券、招商证券均涨 超8%。 分析人士认为，汇金系券商异动与一则传闻有关。市场传出，中金公司将与同业中国银河合并，这笔交 易将缔造出一家资产规模达1930亿美元的券商巨头。此前市场曾多次曝出两大券商合并传闻，但均被公 司否认。 此次券商股突然异动，与一则券业合并传闻有关。 此前的2月14日，中证金融公司、中国信达、东方资产、长城资产发布公告，宣布股东拟将所持股权划 转至中央汇金。划转完成后，中央汇金将分别持有中国信达、东方资产、长城资产已发行股份总数的 58%、72%、74%，成为其控股股东。同日，信达证券、东兴证券相继发布公告，划转完成后，两家公 司实际控制人将由财政部变更为中央汇金。中央汇金旗下实际控制有中金公司、中国银河、申万宏源、 信达证券、东兴证券、长城国瑞证券等多家券商。此前，国金证券认为，券商并购重 ...

Core Insights - Bilibili's profitability significantly improved in Q4 2024, with a vibrant community ecosystem and strong overall performance [1][2] - The company achieved a revenue of 7.734 billion yuan in Q4 2024, representing a year-on-year growth of 21.8% [1] - Bilibili reported a net profit attributable to shareholders of 90 million yuan in Q4 2024, marking a turnaround from losses [1] - Adjusted net profit for Q4 2024 was 452 million yuan, with the company achieving profitability for two consecutive quarters under non-GAAP measures [1] - The gross margin for Q4 2024 reached 36.1%, an increase of nearly 10 percentage points year-on-year, and has shown a continuous quarter-on-quarter growth for ten consecutive quarters [1] Revenue Breakdown - For the full year 2024, Bilibili's total revenue was 26.832 billion yuan, a year-on-year increase of 19.1% [1] - The adjusted net profit for the full year was -39 million yuan, narrowing losses by 98.9% compared to the previous year [1] - The gaming business generated 5.610 billion yuan in revenue for the full year 2024, reflecting a year-on-year growth of 39.5% [1] - The new game "Three Kingdoms: Strategy of the World" performed well, contributing to stable operations and expected ongoing significant performance [1] - Advertising revenue for the full year reached 8.189 billion yuan, up 27.7% year-on-year, driven by product optimization and efficiency improvements [1] User Engagement - In Q4 2024, the Daily Active Users (DAU) and Monthly Active Users (MAU) were 103 million and 340 million, respectively, with an average daily usage time of 99 minutes [2] - The community ecosystem continues to thrive, with Bilibili's animated series "The Mortal Cultivation" accumulating over 3 billion views [2] Future Outlook - Analysts expect Bilibili's revenue to grow by 16.8%, 7.8%, and 6.1% in 2025, 2026, and 2027, reaching 31.340 billion, 33.800 billion, and 35.873 billion yuan, respectively [2] - The continued launch of new games and growth in high-margin advertising business are anticipated to drive revenue growth and improve profitability [2]

证券代码：601881 证券简称：中国银河 公告编号：2025-010 中国银河证券股份有限公司 2025年度第三期短期融资券发行结果公告 特此公告。 中国银河证券股份有限公司董事会 2025 年 2 月 19 日 中国银河证券股份有限公司 2025 年度第三期短期融资券已于 2025 年 2 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 年度第三期短期融资券 | | --- | --- | --- | | 债券简称 | 25 银河证券 CP003 债券流通代码 | 072510017 | | 发行日 | 2025 年 2 月 17 日 起息日 | 2025 年 2 月 18 日 | | 到期兑付日 | 2025 年 7 月 17 日 期限 | 149 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 | 1.9% 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 ...

中国银河证券股份有限公司 股东大会对董事会授权方案 为提高公司经营管理效率，根据《中华人民共和国公司法》 等有关法律法规和《公司章程》的规定，公司股东大会授予董事 会在授权有效期内行使以下权限： 一、授权事项及权限 （一）管理类授权 1.一般性长期股权投资、退出 （1）年度股权投资、退出的资产总额不超过公司最近一期 经审计净资产的 30%； （2）单次股权投资、退出资产金额，不超过公司最近一期 经审计净资产的 10%； （3）资产金额同时存在账面值和评估值的，以高者为准； （4）本项所称一般性长期股权投资包括公司新设、控制权 收购、对各级子公司增资、战略性投资及其他以长期持有为目的 的股权投资，但不含私募基金类及财务性直投类股权投资，不含 在全国中小企业股份转让系统等自营及做市业务投资等。 2.固定资产、无形资产等购置、处置 （1）年度累计购置、处置固定资产、无形资产及其他资本 性支出总额不超过公司最近一期经审计净资产的 10%； （2）单次购置、处置上述类型资产不超过公司最近一期经 1 （1）债权、股权资产年度核销总额不超过公司最近一期经 审计净资产的 3%； （2）其他资产年度核销总额不超过公司最近一期经 ...

中国银河证券股份有限公司 董事会对执行委员会授权方案 1.一般性长期股权投资、退出 （1）年度股权投资、退出总额分别不超过公司最近一期经 审计净资产的 1%； 一、授权事项及权限 （一）管理类授权 （2）单次投资、退出金额不超过 5 亿元； （3）对子公司及联营/合营公司的首次投资不超过 1 亿元； （4）资产金额同时存在账面值和评估值的，以高者为准； （5）本项所称一般性长期股权投资包括公司新设、控制权 收购、对各级子公司增资、战略性投资及其他以长期持有为目的 的股权投资，但不含私募基金类及财务性直投类股权投资，不含 在全国中小企业股份转让系统等自营及做市业务投资等； 为提高公司经营管理效率，根据《中华人民共和国公司法》 等有关法律法规和《公司章程》、《股东大会对董事会授权方案》 等规定，除《公司章程》规定的执行委员会职权外，董事会授权 执行委员会在授权有效期内行使以下权限： （6）子公司因层级调整、资产重组开展的增减资及股权重组， 在满足最终实际控制权未变更且利益未让渡的前提下，不受上述 额度限制； 1 （7）该项下由执委会审批的事项不得转授权。 2.固定资产、无形资产等购置、处置 （1）年度购置固定资产 ...

证券代码：601881 证券简称：中国银河 公告编号：2025-009 中国银河证券股份有限公司 2025 年第一次临时股东大会决议公告 | 1、出席会议的股东和代理人人数 | 1,326 | | --- | --- | | 其中：A 股股东人数 | 1,325 | | 境外上市外资股股东人数（H 股） | 1 | | 2、出席会议的股东所持有表决权的股份总数（股） | 6,113,920,772 | | 其中：A 股股东持有股份总数 | 5,248,472,393 | | 境外上市外资股股东持有股份总数（H 股） | 865,448,379 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 55.914541 | 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一) 股东大会召开的时间：2025 年 2 月 17 日 (二) 股东大会召开的地点：北京市丰台区西营街 8 号院 1 号楼青海金融大厦 M1919 会议室 (三) 出席会议的普通 ...

致：中国银河证券股份有限公司 北京市金杜律师事务所（以下简称本所）接受中国银河证券股份有限公司（以 下简称公司）委托，根据《中华人民共和国证券法》（以下简称《证券法》）、《中 华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会《上市公 司股东大会规则（2022 年修订）》（以下简称《股东大会规则》）等中华人民共和 国境内（以下简称中国境内，为本法律意见书之目的，不包括中国香港特别行政 区、中国澳门特别行政区和中国台湾地区）现行有效的法律、行政法规、规章、 规范性文件和现行有效的《中国银河证券股份有限公司章程》（以下简称《公司章 程》）有关规定，指派律师出席了公司于 2025 年 2 月 17 日召开的 2025 年第一次 临时股东大会（以下简称本次股东大会），并就本次股东大会相关事项出具本法律 意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 北京市金杜律师事务所 关于中国银河证券股份有限公司 2025 年第一次临时股东大会的 法律意见书 1. 经公司 2023 年年度股东大会审议通过的《公司章程》； 2. 公司 2025 年 1 月 23 日刊登于香港交易及结算 ...