中国银河证券股份有限公司（以下简称"本公司"）于 2024 年 11 月 18 日成功发行了中国银河证券股份有限公司 2024 年度第十一期短期融资券（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 40 亿元，票 面利率为 1.90%，短期融资券期限为 183 天，兑付日期为 2025 年 5 月 20 日。 （ 详 见 本 公 司 于 2024 年 11 月 19 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 年度第十一期短期 融资券发行结果公告》）。 2025 年 5 月 20 日，本公司兑付了本期短期融资券本息共计人民币 4,038,104,109.59 元。 特此公告。 中国银河证券股份有限公司董事会 2025 年 5 月 22 日 证券代码：601881 证券简称：中国银河 公告编号：2025-035 中国银河证券股份有限公司 2024年度第十一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 ...

Core Viewpoint - The establishment of the Global South Research Center by China Galaxy Securities aims to support national strategies and enhance cooperation among global South countries, focusing on long-term issues in various fields such as economic cooperation and sustainable development [1] Group 1: Objectives and Focus Areas - The center is dedicated to providing forward-looking assessments for national foreign policy and building collaborative networks [1] - It will focus on research related to economic cooperation, industrial chain integration, financial collaboration, digital economy synergy, and sustainable development among global South countries [1] - The center aims to leverage research capabilities to empower the company's business and serve national strategies [1]

证券代码：601881 证券简称：中国银河 公告编号：2025-034 特此公告。 中国银河证券股份有限公司董事会 2025 年 5 月 20 日 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 2025 年度第九期短期融资券已于 2025 年 5 月 19 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 | 年度第九期短期融资券 | | --- | --- | --- | --- | | 债券简称 | 25 银河证券 CP009 | 债券流通代码 | 072510084 | | 发行日 | 2025 年 5 月 16 日 | 起息日 | 2025 年 5 月 19 日 | | 到期兑付日 | 2025 年 10 月 16 日 | 期限 | 150 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 | 1.63% | 发行价格 | 100 元/百元面值 | 本 期 发 行 短 期 融 资 券 的 ...

A股快速轮动、冲高回落后，进入5月下旬，市场将作何表现呢？ 智通财经搜集了10家券商的观点，大部分券商认为，随着资本市场基础制度改革提速和资金情绪略有回 升，叠加经济基本面有望脉冲式改善，接下来A股指数有望进一步缓步推高，并向上挑战震荡区间上 限。 国泰海通证券表示，展望后市仍然保持乐观，随着资本市场基础制度改革提速，继续看好中国股市。同 时贴现率下降是如今中国股市上升的重要动力，A股指数有望进一步缓步推高。 中信证券：回归基准是通过基准的行业配比向基金持仓配比演化而不是相反 当前，市场对于公募考核新规以及回归基准行业配置的讨论存在一些误区。从海外经验来看，回归基准 是通过基准的行业配比向基金持仓配比演化而不是相反；产品投资策略向客户盈利导向回归，在长期视 野下，这与追求排名和绝对收益并不矛盾，反而是统一的；跑输基准的惩罚机制最终导致的是基金减少 博弈性持仓，长期来看最大的影响是活跃头寸的占比下降。 "二季度经济基本面有望脉冲式改善。二季度从'抢转口'到'抢出口'，外需从初步显现下行压力，到可能 脉冲式上行。尽管基本面改善尚无法外推，但短期数据验证有望保持强势，至少排除了下行风险。5月 政策兑现成为主要矛盾阶 ...

中信证券：关于回归基准配置的几个误区和几个事实 我们认为市场对于公募考核新规以及回归基准行业配置的讨论存在一些误区。从海外经验来看，回归基准是通 过基准的行业配比向基金持仓配比演化而不是相反；产品投资策略向客户盈利导向回归，在长期视野下，这与 追求排名和绝对收益并不矛盾，反而是统一的；跑输基准的惩罚机制最终导致的是基金减少博弈性持仓，长期 来看最大的影响是活跃头寸的占比下降。 此外，用前瞻眼光去看，未来如果外资逐步回流，市场生态也会相较过去3年发生重大转变，不能用后视镜视 角静态去看行业配比，好公司和差公司之间的差异会远远超过所谓的"好行业"和"差行业"。 申万宏源：公募持仓向业绩比较基准靠拢未必是普遍趋势 《推动公募基金高质量发展行动方案》是长期改革，而其短期映射，成为结构性行情的主要线索。在我们看 来，主动公募产品调整业绩比较基准，是集中梳理产品策略的一次机遇。而持仓向业绩比较基准靠拢却未必是 普遍趋势。 如何去有效地设定基准是长期而言实现客户利益、赢得竞争并避免被被动型产品替代的最关键问题。对于主动 权益型产品而言，沪深300、中证800以及A500作为全市场基金基准都有较大的局限性，能够反映新质生产力 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week (May 12 - May 16), the bond market was mainly volatile, with a differentiated yield curve and a steeper long - end. Yields generally rose due to factors such as better - than - expected China - US trade and tightened liquidity after the RRR cut and central bank's net capital withdrawal. As of May 16, the yields of 30Y, 10Y, and 1Y treasury bonds changed by 4BP, 3BP, and closed at 1.88%, 1.68%, and 1.45% respectively. The term spreads of 30Y - 10Y and 10Y - 1Y changed by - 1BP and 1BP to 20BP and 23BP respectively [1][7]. - Next week, the liquidity may be disturbed by factors such as concentrated treasury bond supply and tax periods, but the probability of a significant tightening is low. Fundamentally, most production indicators declined, real - estate transactions decreased year - on - year, and most price sectors continued to fall [1][25]. - In the short term, the bond market may be disturbed by tax periods and supply, but overall it is not bearish. Attention should be paid to the progress of fiscal bond issuance in May and the changes in liquidity maintained by the central bank [3][85]. 3. Summary According to the Catalog 3.1 This Week's Bond Market Review: Bond Market Weakened, Yield Curve Differentiated, Long - end Steepened - This week, the bond market was affected by better - than - expected China - US trade, RRR cut but central bank's net capital withdrawal and tightened liquidity. Yields generally rose. The 10Y yield increase was due to better - than - expected China - US trade negotiations, stronger equity market, and tightened liquidity [1][7]. - Specifically, on May 12, the bond market weakened significantly due to better - than - expected China - US trade negotiations; on May 13, the bond market recovered as liquidity was loose; on May 14, the bond market weakened slightly as the equity market strengthened; on May 15, the bond market weakened as liquidity tightened; on May 16, the long - and short - ends of the bond market showed differentiated performance as the funding rate increased [20][21]. 3.2 Next Week's Outlook and Strategy 3.2.1 Bond Market Outlook: Liquidity May Be Disturbed by Concentrated Treasury Bond Supply and Tax Periods, but the Probability of a Significant Tightening Is Low - Fundamentals: Most production indicators declined by 0.5 - 1 percentage point, but the operating rate of automobile semi - steel tires recovered to the pre - holiday level, rising to 78.33% month - on - month. Real - estate indicators such as commercial housing sales and land transactions decreased by 9 - 31% year - on - year. Most price indices continued to fall, with a decline of 0.4 - 0.7% except for pork prices which were flat compared to last week [25][37][44]. - Supply: From May 12 - May 16, the issuance scale of interest - rate bonds decreased slightly. The issuance of treasury bonds was 5904.9 billion yuan (including 280 billion yuan of special treasury bonds), local bonds was 1972.5 billion yuan, and inter - bank certificates of deposit was 5139.9 billion yuan, a decrease of 326.49 billion yuan compared to last week. The overall issuance progress of local bonds reached 32.5% [2][58]. - Liquidity: From May 12 - May 16, the central bank's reverse repurchase had a net withdrawal of 475.1 billion yuan. Liquidity tightened this week. DR001/DR007 rose by 14BP and 10BP respectively compared to May 9. For next week, attention should be paid to the disturbance caused by the large - scale and long - term treasury bond supply [2][67]. 3.2.2 Bond Market Strategy: In the Short Term, It May Be Disturbed by Tax Periods and Supply, but the Bond Market Is Not Bearish Overall - Next week, attention should be paid to: 1) The peak issuance of special treasury bonds and the accelerated implementation of new special bonds will drive the high - level supply of government bonds. The net supply in May is estimated to be about 1.9 trillion yuan. 2) The central bank will maintain liquidity, but it may be disturbed by tax periods and bond issuance. The probability of a significant tightening of liquidity is low. 3) The policy space is compressed, and the expectation of "loose money" is lowered [3][85]. - In terms of interest rates, the bond market will be volatile in the short term. The 10 - year treasury bond yield may reach a maximum of 1.8% (the level before the US announced tariffs in April), and considering a 10BP policy rate cut, 1.7% is a good point for increasing positions. For the short - end, if liquidity tightens next week, short - end interest rates may rise, and trading opportunities can be focused on [4][86]. 3.3 Next Week's Open - Market Operations and Financial Calendar - The table shows the central bank's open - market operations in the past four weeks and the forecast for the next four weeks, including reverse repurchase, MLF, and net investment (withdrawal) [87]. - The table of next week's (May 19 - May 25) capital calendar shows the expected issuance scale of local government bonds, the maturity scale of certificates of deposit, the maturity scale of reverse repurchases, and whether it is a tax - payment week or a reserve - payment week [90]. - The table of next week's financial calendar shows the release date, time, event/indicator name, and market expectation of some economic data [91].

Investment Rating - The report maintains a positive investment rating for the non-banking sector, highlighting the potential for recovery and growth in various segments [7]. Core Insights - The report emphasizes the ongoing reforms in public fund management fees, which are expected to enhance market participation and investor returns [3]. - The third batch of long-term investment trials for insurance capital has been approved, indicating a shift towards stable, high-dividend stocks, which may bolster market stability [4]. - Recent regulatory changes in merger and acquisition rules are anticipated to stimulate activity in the investment banking sector, leading to a recovery in related revenues [5]. - Overall, the report suggests that favorable policies and market conditions are likely to improve investor sentiment and drive valuation recovery across the sector [6]. Summary by Sections Market Review - Major indices saw increases, with the Shanghai Composite Index rising by 0.76% and the Shenzhen Component Index by 0.52% during the week [10]. - The non-banking financial sector outperformed, with the insurance index increasing by 3.58% [10]. Securities Sector - The report notes that the total IPO underwriting scale for the year reached 25.81 billion yuan, while refinancing underwriting amounted to 236.59 billion yuan [17]. - Margin trading balances increased by 0.25% week-on-week, totaling 1.81 trillion yuan, reflecting a 17.88% year-on-year growth [17]. Insurance Sector - The total assets of insurance financial institutions reached 37.8 trillion yuan by the end of Q1 2025, marking a 5.4% increase from the beginning of the year [38]. - The report highlights a 0.8% year-on-year growth in original insurance premium income, amounting to 2.2 trillion yuan in Q1 2025 [38]. Liquidity Tracking - The central bank conducted a reverse repurchase operation of 486 billion yuan, indicating a tightening of liquidity with a net withdrawal of 475.1 billion yuan [30]. - Bond yields showed an upward trend, with the 10-year government bond yield rising to 1.68% [30]. Industry News and Company Announcements - The report discusses the approval of new floating management fee products by 26 fund management companies, which aligns with the push for high-quality development in public funds [38]. - The establishment of a new fund by China Life Asset Management, focusing on large-cap, liquid stocks, is noted as a significant move in the insurance investment landscape [38].

Core Viewpoint - The private equity industry is undergoing a historic transformation from "serving capital" to "serving technology innovation" under the strategic guidance of the Central Financial Work Conference, which emphasizes the importance of technology finance [1][2]. Group 1: Industry Transformation - The Central Financial Work Conference highlighted five key areas for financial development, with technology finance being the top priority, necessitating comprehensive support for the growth of technology innovation enterprises [2][3]. - Since the implementation of the private fund manager registration and fund filing system in 2014, the private equity industry has experienced rapid growth, transitioning from quantitative to qualitative changes [2][3]. - The introduction of regulatory frameworks, such as the "Private Investment Fund Supervision and Administration Regulations" and the "Private Securities Investment Fund Operation Guidelines," reflects a shift towards a more standardized and high-quality development phase in the industry [2][3]. Group 2: Starry Navigation Plan - The "Starry Navigation Plan" aims to identify leaders in the private equity industry through a quantitative and qualitative evaluation system, focusing on "products + investment advisory + investment" [3][4]. - The plan includes three main awards: the Starry Professional Award, the Technology Innovation Leader Award, and the Integrity Development Award, specifically designed to recognize outstanding private fund managers [3][4]. - The Technology Innovation Leader Award and the Integrity Development Award are aligned with the financial "five articles" to promote long-term investment and research in the technology sector [4]. Group 3: Company Initiatives - China Galaxy Securities has integrated external and internal resources to support national strategic initiatives, collaborating with various partners to enhance service offerings [6]. - The company has established a core brand, the Galaxy Starry Manager Club, which provides comprehensive services to institutional clients, addressing their trading, operational, research, funding, and branding needs [6]. - The "Starry Navigation Plan" represents a significant milestone in the collaboration between China Galaxy Securities and China Securities Journal, aiming to create the most influential technology-focused private equity empowerment platform in the country [7].

Group 1 - The event "China Galaxy Securities · China Securities Journal Private Equity Industry Star Navigation Plan" was launched in Beijing, focusing on the theme of "Investing in Science and Technology Innovation, Empowering Science and Technology" [1] - Industry experts emphasized the necessity of embracing technological innovation as a key investment strategy to enhance research and investment capabilities, aligning investments with China's economic transformation and the development of the science and technology sector [1][2] - The concept of "new productive forces" is highlighted as a crucial driver for high-quality economic development, creating new industrial forms, business models, and development opportunities [2] Group 2 - The roundtable discussion featured insights from various industry leaders who expressed optimism about the development prospects of new productive forces driven by technological innovation [2][3] - The Central Financial Work Conference outlined the importance of focusing on "five major financial articles," including technology finance, green finance, inclusive finance, pension finance, and digital finance, to guide high-quality financial development [2] - There is a consensus among financial institutions, including banks and private equity firms, to increase allocations to technology-related themes, reflecting a strategic shift towards supporting innovation [3] Group 3 - Companies are focusing on major asset allocation strategies that align with market trends and national policy directives, particularly increasing investments in technology companies [3] - The insurance sector is advised to carefully consider its capacity for investment in technology themes due to the inherent volatility of technology stocks [3][4] - Private equity firms are increasingly integrating AI, algorithms, and large models into their investment strategies, positioning themselves as technology-driven entities [4] Group 4 - The private equity industry is seen as having a direct role in supporting technological innovation, with firms like quantitative private equity managers adopting a technology-centric approach [4][5] - The market has experienced a series of policy initiatives since September of the previous year, creating opportunities for the industry [4][5] - China Galaxy Securities aims to enhance the private equity industry's high-quality development through a comprehensive service ecosystem that includes products, advisory services, and investment support [5]

Group 1 - The core viewpoint of the news is that China Galaxy Securities is launching the "Starry Navigation Plan" in collaboration with China Securities Journal to enhance the private equity industry, focusing on supporting technology innovation and transitioning from serving capital to serving innovation [1][3][4] - China Galaxy Securities has witnessed and participated in the growth of the private equity industry over the past decade, evolving from providing basic trading channels to establishing a comprehensive service system that includes capital connection, strategy incubation, technical empowerment, and ecological co-construction [2][3] - The company aims to respond to the national strategy for technological innovation and contribute to the high-quality development of the private equity industry, positioning itself as a key player in the financial sector [3][4] Group 2 - This year marks the 25th anniversary of China Galaxy Securities, which has developed into a leading investment bank in Asia, serving over 18 million clients with managed assets exceeding 5 trillion yuan [2] - The "Starry Navigation Plan" is seen as a milestone in deepening private equity services and is expected to help private equity institutions grow into "capital engines" for the era of technological innovation [3] - The company emphasizes its commitment to supporting the real economy and contributing to the long-term stability and healthy development of China's capital market [4]