2025 年 4 月 29 日，中国银河证券股份有限公司（以下简称"公司"）在 北京市丰台区西营街 8 号青海金融大厦 M1912 会议室以现场和通讯相结合的方 式召开第五届董事会第四次会议（定期）。本次会议通知已于 2025 年 4 月 15 日以电子邮件方式发出，本次会议由公司董事长王晟先生主持。本次会议应出席 董事 9 名，实际出席董事 9 名，其中委托出席董事 1 名，2 名董事以通讯表决方 式出席本次会议。董事罗卓坚先生因工作原因未能亲自出席会议，书面委托董事 麻志明先生代为出席会议并表决。董事会全体董事按照董事会议事规则的相关规 定参加了本次会议的表决。本次会议的召集、召开及表决程序符合《中华人民共 和国公司法》和《中国银河证券股份有限公司章程》的规定。公司监事和有关高 级管理人员列席了会议。 会议形成如下决议： 证券代码：601881 证券简称：中国银河 公告编号：2025-028 中国银河证券股份有限公司 第五届董事会第四次会议（定期）决议公告 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。 三、通过《 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥7,558,000,323.61, an increase of 4.77% compared to ¥7,214,073,753.02 in the same period last year[3]. - Net profit attributable to shareholders reached ¥3,015,845,560.34, marking an 84.86% increase from ¥1,631,459,082.73 year-on-year[3]. - The basic earnings per share rose to ¥0.25, up 108.33% from ¥0.12 in the previous year[3]. - The net profit excluding non-recurring gains and losses was ¥3,021,125,942.69, an increase of 85.06% from ¥1,632,526,324.08 year-on-year[3]. - Net profit for Q1 2025 was CNY 3,015,898,121, up 84.66% from CNY 1,631,553,901 in Q1 2024[23]. - Net profit for Q1 2025 was ¥2,791,431,629.52, compared to ¥1,512,702,645.52 in Q1 2024, marking an increase of about 84.5%[31]. Asset and Equity Management - The total assets at the end of the reporting period were ¥749,980,342,361.54, reflecting a 1.70% increase from ¥737,470,691,457.89 at the end of the previous year[3]. - The company's equity attributable to shareholders rose to CNY 142,216,396,687 as of March 31, 2025, from CNY 140,480,735,424 at the end of 2024[21]. - The total equity increased to ¥136,976,358,314.67 as of March 31, 2025, from ¥135,500,054,764.83 at the end of 2024[28]. Cash Flow Analysis - The net cash flow from operating activities decreased significantly by 91.04%, totaling ¥7,379,071,396.39 compared to ¥82,344,456,666.09 in the previous year[3]. - Cash flow from operating activities for Q1 2025 showed a net outflow of ¥125,417,327.51, a significant decrease compared to a net inflow of ¥86,476,388,358.25 in Q1 2024[33]. - The company's cash and cash equivalents at the end of Q1 2025 were ¥150,424,298,926.40, a decrease from ¥165,703,371,976.48 at the end of Q1 2024[26]. - The net cash flow from financing activities in Q1 2025 was -¥4,458,346,211.74, slightly improved from -¥4,920,927,200.03 in Q1 2024[26]. - The net cash flow from investing activities for Q1 2025 was ¥1,510,185,543.90, a recovery from a net outflow of ¥30,234,999,975.89 in Q1 2024[34]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 177,197, including 176,605 A-shareholders and 592 H-shareholders[14]. - The largest shareholder, China Galaxy Financial Holdings Co., Ltd., holds 5,186,538,364 shares, representing 47.43% of total shares[14]. - The second largest shareholder, Hong Kong Central Clearing Limited, holds 3,689,040,986 shares, accounting for 33.74%[14]. - The top 10 shareholders collectively hold a significant portion of the company's shares, with the first two shareholders alone accounting for over 81%[15]. Management and Governance - The independent director, Liu Chun, resigned due to the expiration of her six-year term, effective immediately upon delivery of the resignation[17]. - The board of directors approved the election of Ma Zhiming as the new chairman of the audit committee on March 28, 2025[17]. - The company has not provided any audit opinion type for the financial statements as of March 31, 2025[18]. - The financial statements are prepared by China Galaxy Securities Co., Ltd., indicating ongoing compliance with regulatory requirements[19]. Revenue and Income Breakdown - The company reported a significant increase in net commission income, which reached ¥2,224,985,044.50, a growth of 50.87% compared to the previous year[12]. - Investment income for Q1 2025 was CNY 2,741,702,074, a recovery from a loss of CNY 2,280,461,015 in Q1 2024[23]. - Fee and commission income surged to CNY 2,224,985,045, a significant increase of 50.7% from CNY 1,474,789,383 in Q1 2024[23]. - Total operating revenue for Q1 2025 reached ¥5,277,260,654.66, a significant increase from ¥3,292,340,955.97 in Q1 2024, representing a growth of approximately 60.3%[30]. - Other comprehensive income for Q1 2025 showed a loss of CNY 1,280,184,298, contrasting with a gain of CNY 907,702,449 in Q1 2024[24].

Financial Performance - The company's operating revenue for Q1 2025 was RMB 7,558,000,324, representing a 4.77% increase compared to RMB 7,214,073,753 in the same period last year[6]. - Net profit attributable to shareholders increased by 84.86% to RMB 3,015,845,560 from RMB 1,631,459,083 year-on-year[6]. - The net profit excluding non-recurring gains and losses also rose by 85.06% to RMB 3,021,125,943 compared to RMB 1,632,526,324 in the previous year[6]. - Basic and diluted earnings per share increased by 108.33% to RMB 0.25 from RMB 0.12 in the same period last year[6]. - Total operating income for Q1 2025 was CNY 7.56 billion, up 4.8% from CNY 7.21 billion in Q1 2024[38]. - Net profit for Q1 2025 reached CNY 3.02 billion, a significant increase of 84.7% compared to CNY 1.63 billion in Q1 2024[38][39]. - Total comprehensive income for Q1 2025 was approximately CNY 1.74 billion, a decrease of 31.6% compared to CNY 2.54 billion in Q1 2024[40]. Assets and Liabilities - Total assets at the end of the reporting period were RMB 749,980,342,362, a 1.70% increase from RMB 737,470,691,458 at the end of the previous year[9]. - Total liabilities increased to CNY 607.75 billion as of March 31, 2025, compared to CNY 596.97 billion as of December 31, 2024, marking an increase of approximately 1.3%[34]. - Total liabilities as of March 31, 2025, amounted to ¥512,186,330,151.12, slightly up from ¥510,205,709,946.22 as of December 31, 2024[48]. - Total assets increased to CNY 749.98 billion as of March 31, 2025, from CNY 737.47 billion as of December 31, 2024, reflecting a growth of approximately 1.9%[33][36]. Cash Flow - The net cash flow from operating activities decreased significantly by 91.04% to RMB 7,379,071,396 from RMB 82,344,456,666 in the previous year[6]. - The company reported a net cash flow from operating activities of -¥125,417,327.51 for Q1 2025, a decrease from ¥86,476,388,358.25 in Q1 2024[57]. - Cash inflow from investment activities in Q1 2025 totaled CNY 13.56 billion, significantly higher than CNY 810.31 million in Q1 2024[43]. - The company received CNY 7.40 billion from issuing bonds in Q1 2025, compared to CNY 12.00 billion in Q1 2024, indicating a decrease of 38.3%[43]. - The company reported a net increase in cash from operating activities of CNY 19.71 billion in Q1 2025, down from CNY 116.48 billion in Q1 2024[42]. Shareholder Information - Total number of common shareholders at the end of the reporting period was 177,197, with 176,605 A-share shareholders and 592 H-share registered shareholders[22]. - The largest shareholder, China Galaxy Financial Holdings Co., Ltd., holds 47.43% of shares, totaling 5,186,538,364 shares[24]. - The second-largest shareholder, Hong Kong Central Clearing Limited, holds 33.74% of shares, totaling 3,689,040,986 shares[24]. Income and Expenses - The company’s operating expenses decreased to CNY 4.07 billion in Q1 2025 from CNY 5.43 billion in Q1 2024, a reduction of about 25.1%[39]. - Interest and commission income for Q1 2025 was CNY 7.31 billion, compared to CNY 6.89 billion in Q1 2024, reflecting a growth of 20.6%[42]. - The company’s total operating expenses for Q1 2025 were ¥2,093,978,522.72, up from ¥1,669,246,798.48 in Q1 2024[51]. Other Financial Metrics - The weighted average return on equity improved by 1.14 percentage points to 2.44% from 1.30% year-on-year[6]. - The liquidity coverage ratio improved to 386.12% from 376.07% year-on-year, indicating better liquidity management[11]. - The company reported a significant increase in asset disposal gains by 293.11% to ¥807,929.59 from ¥205,524.99, due to higher proceeds from non-current asset disposals[21]. - Other comprehensive income after tax showed a decline of 241.04%, resulting in a loss of ¥1,280,184,297.62 compared to a gain of ¥907,702,448.56, influenced by changes in the fair value of other debt investments[21].

中国银河（601881）公告，2025年第一季度营收为75.58亿元，同比增长4.77%；净利润为30.16亿元， 同比增长84.86%。 ...

Core Viewpoint - In December 2024, Galaxy Securities issued a yield certificate product linked to the 10-year China government bond futures yield index to meet the increasing diversification needs of clients in financial products and services [1] Group 1: Product Development - The issuance of the yield certificate enriches the product line of Galaxy Securities' FICC business, with approximately 30 yield certificates issued to date, covering various professional investors across multiple industries, including state-owned enterprises, private enterprises, and individual investors [1] - The "small giant" high-tech enterprises recognized as national-level specialized and innovative firms have shown active subscription interest [1] Group 2: Market Impact - The China Government Bond Futures Yield Index series launched by the China Securities Index Company fills a gap in the domestic government bond futures index market, providing a productizable index that is investable and easily replicable, which is beneficial for developing off-exchange products linked to the index [1] - The index reflects the supply-demand relationship and price changes in the government bond futures market, complementing existing government bond spot indices and offering investors a more comprehensive market tracking benchmark [1] Group 3: Future Plans - In addition to the 10-year yield certificate, Galaxy Securities plans to introduce yield certificates linked to the 5-year and 2-year government bond futures yield indices, as well as yield swaps and off-exchange options [2] - The development of index productization is supported by policies and market demand, with the "14th Five-Year Plan" and the State Council's opinions on promoting high-quality development of the futures and derivatives market clearly supporting innovation in index tools [2] - Future integration of government bond futures indices and commodity indices is anticipated, exploring "government bond + commodity" inflation hedging combinations, which may play a more significant role in serving national strategies and wealth management for residents [2]

Core Insights - The brokerage industry is experiencing a "turnaround" in 2024, with five firms reporting net profits exceeding 10 billion yuan, an increase of three firms compared to 2023 [2] - CITIC Securities leads the industry with a net profit of 22.6 billion yuan, followed by Huatai Securities, Guotai Junan, China Merchants Securities, and Galaxy Securities [2] - The industry is undergoing a reshuffle, with leading firms optimizing costs and innovating services, while smaller firms seek survival through differentiated strategies [2] Brokerage Performance - In 2023, 27 out of 43 listed brokerages reported revenue growth, while 16 experienced declines [3] - The highest revenue growth was recorded by Dongxing Securities at 97.89%, while the lowest was by Xiangcai Securities at -24.36% [3] - 33 brokerages reported positive net profit growth, with 10 seeing declines; Hualin Securities achieved the highest net profit growth at 1014.54% [3][6] Financial Data - CITIC Securities reported revenue of 63.79 billion yuan, a year-on-year increase of 6.20%, and a net profit of 22.59 billion yuan, up 9.98% [4] - Guotai Junan achieved revenue of 43.40 billion yuan, a 20.08% increase, and a net profit of 13.55 billion yuan, up 37.06% [5] - Hualin Securities' net profit surged to 0.35 billion yuan from 0.032 billion yuan in 2023, driven by strong performance in proprietary trading and investment banking [6] Investment Banking and Proprietary Trading - The average revenue from investment banking for brokerages fell by 52.04% to 6.72 billion yuan, with CITIC Securities leading at 4.03 billion yuan, down 35% [8][9] - Proprietary trading revenues increased, with 8 brokerages exceeding 10 billion yuan in income, and 10 firms reporting over 100% growth [11][12] - The average proprietary trading income was 16.33 billion yuan, up 11.42%, while brokerage income from asset management and brokerage services declined [8] Notable Performers - First Capital and Shouchuang Securities reported over 90% growth in investment banking revenue, although First Capital remained in a loss position [10] - Among smaller firms, Hualin Securities and Hongta Securities saw significant profit increases, with net profit growth exceeding 100% [7] - The top-performing proprietary trading firms included CITIC Securities, Huatai Securities, and Guotai Junan, all exceeding 10 billion yuan in income [12][13]

Core Viewpoint - The regulatory scrutiny on margin financing and securities lending business has intensified, with multiple brokerage firms, including Everbright Securities and Galaxy Securities, being found in violation of regulations related to "circumventing standards for cashing out" [1] Group 1: Regulatory Actions - The Guangxi Securities Regulatory Bureau issued a warning letter to Everbright Securities' Nanning Jinpu Road branch due to multiple violations, including facilitating clients in "circumventing standards for cashing out" during margin financing operations [1] - Galaxy Securities was previously ordered to rectify its practices by the Beijing Securities Regulatory Bureau due to insufficient control over "circumventing standards for cashing out" [1] - Since the beginning of 2024, the regulatory environment for brokerage margin financing has become significantly stricter, with nearly 10 brokerage firms being identified for violations [1] Group 2: Common Violations - Common issues identified among brokerage firms include not only facilitating clients in "circumventing standards for cashing out" but also improperly assisting clients in opening margin financing accounts and failing to manage client trading behaviors effectively [1] - The China Securities Association has released guidelines to assist brokerages in managing client trading behaviors, specifically through the "Securities Business Demonstration Practice No. 5 - Management of Client Trading Behaviors in Margin Financing and Securities Lending" [1] Group 3: Industry Response - In response to the regulatory pressures, brokerages such as Galaxy Securities and Changjiang Securities have begun revising their margin financing business contracts to strengthen management over client behaviors [1]

中央分析研究当前经济形势和经济工作 4月 25日，中共中央政治局召开会议，分析研究当前经济形势和经济工作。会议指出，要坚持稳中求进工作总基调，完整准确全面贯彻新发展理 念，加快构建新发展格局，统筹国内经济工作和国际经贸斗争，坚定不移办好自己的事，坚定不移扩大高水平对外开放，着力稳就业、稳企业、 稳市场、稳预期，以高质量发展的确定性应对外部环境急剧变化的不确定性。 会议强调，要加紧实施更加积极有为的宏观政策，用好用足更加积极的财政政策和适度宽松的货币政策。适时降准降息，保持流动性充裕，加力 支持实体经济。创设新的结构性货币政策工具，设立新型政策性金融工具，支持科技创新、扩大消费、稳定外贸。会议指出，要不断完善稳就业 稳经济的政策工具箱，既定政策早出台早见效，根据形势变化及时推出增量储备政策，加强超常规逆周期调节，全力巩固经济发展和社会稳定的 基本面。（财联社） 点击上图 ▲立即报名 ｜点评｜ 中国一季度经济延续复苏态势，国际贸易环境却再生变化。本次中央政治局会议对中国经济发展状况做出了全面的分析，并及时为下 一步经济发展路径指明了方向。会议为中美贸易摩擦定调，以稳字当头来应对美国关税政策的不确定性，给国内外企业 ...

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Core Viewpoint - The article discusses the performance and ranking changes of the top ten listed securities firms in China for the year 2024, highlighting shifts in profitability and business performance across various segments [1][4]. Group 1: Performance Overview - As of April 22, 2024, 26 listed securities firms have released their annual reports, with all major firms disclosing their results, revealing a new ranking among the top ten [1]. - The top ten securities firms by net profit attributable to shareholders are: CITIC Securities, Huatai Securities, Guotai Junan, China Merchants Securities, China Galaxy Securities, GF Securities, Guosen Securities, CITIC Construction Investment, CICC, and Shenwan Hongyuan, with a total net profit of 106.48 billion yuan, accounting for 64% of the industry's total net profit [4]. - CITIC Securities stands out with a significant lead, reporting 63.79 billion yuan in revenue and 21.70 billion yuan in net profit, while the other firms are grouped closely behind [4]. Group 2: Business Segment Analysis - Proprietary trading has become a key performance driver for the top firms, with total proprietary income reaching 122.15 billion yuan, representing 38% of total revenue, an increase of approximately 6 percentage points from the previous year [6]. - Brokerage business has shown recovery, with the top ten firms generating 64.29 billion yuan in brokerage fees, a year-on-year increase of 10% [7]. - Asset management performance varied, with five firms reporting positive growth, notably Guosen Securities with a 65% increase, while others like GF Securities and Shenwan Hongyuan experienced declines [7]. Group 3: Strategic Developments - The industry is undergoing a transformation, with a focus on building first-class investment banks, as emphasized by major firms during their earnings calls [9][10]. - CITIC Securities plans to balance internal growth with external expansion to maintain its leading position, while Guotai Junan aims to leverage its stronger client base post-merger to enhance competitiveness [9]. - CITIC Construction Investment has outlined a two-step roadmap to strengthen its domestic and international competitiveness by 2035 [10].