（记者 王晓波） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每经AI快讯，中国银河9月2日发布研报称，给予长盈通（688143.SH，最新价：49.21元）推荐评级。评 级理由主要包括：1）订单交付加速，业绩表现亮眼；2）订单饱满，回款向好；3）收购生一升，开拓 新增长曲线。风险提示：行业需求波动的风险；新产品市场开拓不及预期的风险。 每经头条（nbdtoutiao）——阿里的双向突围 ...

Group 1 - The core viewpoint of the report is that China Galaxy has given a "recommended" rating to Zoomlion (000157.SZ, latest price: 7.4 yuan) based on several positive factors [1] - The overseas business is experiencing good growth, with rapid development in emerging markets and an upgraded capacity layout in the European market [1] - The earth-moving machinery sector is seeing dual growth both domestically and internationally, with a solid advantage in core products [1] - Profitability is improving, and operational cash flow remains stable [1] - The development of humanoid robots is accelerating, with products already entering factory training [1]

Core Viewpoint - The report from China Galaxy Securities indicates that sectors focusing on technological independence, domestic consumption, and dividend stocks have medium to long-term investment value. The market is expected to experience a high-level operation with potential short-term fluctuations after previous gains, supported by active trading and positive policy expectations [1]. Group 1: Market Trends and Expectations - The market is anticipated to show a phase of consolidation after prior gains, with active trading and liquidity providing support [1]. - Short-term focus should be on rebound opportunities, while medium to long-term attention should be on three main lines: "anti-involution" concepts driven by supply-demand improvements, undervalued consumer service sectors, and technology independence sectors such as AI, robotics, semiconductors, and military industry [1]. Group 2: Valuation and Performance Matching - Current A-share valuations are generally aligned with performance, although significant differences exist across industries. The overall market remains within a reasonable valuation range, with some sectors overvalued and others undervalued but showing profit improvements [2]. - A-share companies' net profit for the first half of 2025 showed a year-on-year growth of 2.45%, indicating stable profit quality despite a slight decline from the first quarter [2]. - A-shares have room for valuation improvement compared to U.S. stocks, particularly in sectors like finance and transportation infrastructure, which still hold valuation advantages [2]. Group 3: Market Sentiment Support - Recent policies aimed at stabilizing expectations and increasing market liquidity have bolstered investor confidence and supported the A-share market [3]. - Factors such as currency, interest rates, and U.S.-China interest rate differentials are contributing positively to A-share liquidity, with various elements like household savings and investment funds entering the market [3].

中国银河证券研报称，银行基本面积极因素持续积累，中期业绩基本面改善，拐点可期。消费贷、经营 贷贴息落地在即，关注政策成效释放以及零售业务需求和风险改善情况。 ...

Group 1 - The overall valuation level of A-shares is reasonable, with significant differences across industries [1] - A-share companies' overall net profit attributable to shareholders increased by 2.45% year-on-year in the 2025 mid-year report, indicating stable corporate profitability [1] - The net profit growth rate since 2025 has been relatively steady, and the current price-to-book ratio is within a reasonable range, showing good alignment between valuation and performance [1] Group 2 - A-shares have a lower absolute valuation compared to U.S. stocks, indicating substantial room for improvement [1] - The technology sector in the U.S. is at historical high valuations, with price-to-book ratios generally exceeding 90%, suggesting that valuation expansion may be nearing its end [1] - Certain sectors in A-shares, such as finance and transportation infrastructure, still possess valuation advantages and present structural opportunities [1] Group 3 - There is an expectation for performance improvement, characterized by a trend of "anti-involution" [1]

证券代码：601881 证券简称：中国银河 公告编号：2025-070 中国银河证券股份有限公司 2024年面向专业投资者 公开发行公司债券（第一期）（品种二） （续发行）发行结果公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假记载、误导性陈述或者重大 遗漏负连带责任。 中国银河证券股份有限公司（以下简称"发行人"）面向专业投资者公开发行面值不超过200亿元（含200 亿元）的公司债券已经上海证券交易所审核同意并经中国证券监督管理委员会"证监许可〔2024〕1197 号文"注册。 根据《中国银河证券股份有限公司2024年面向专业投资者公开发行公司债券（第一期）（品种二）（续 发行）募集说明书》，中国银河证券股份有限公司2024年面向专业投资者公开发行公司债券（第一期） （品种二）（续发行）（以下简称"本期续发行债券"）的发行面值总额不超过人民币20亿元（含20亿 元）。本期续发行债券期限为5年（起息日为2024年10月17日，本金兑付日期为2029年10月17日），票 面利率为2.25%。 本期续发行债券采取网下面向专业投资者簿记建档的方式发行，发行工作已于2025年9月1日结束，本期 ...

【深圳商报讯】（记者 陈燕青）随着中报收官，上市券商集体交出一份亮眼成绩单。根据Wind统计， 上半年共有10家券商营收超百亿元，9家券商净利润增速实现翻倍。由于并购重组，国泰海通超越中信 证券，位居券商净利润榜首。 净利润方面，国泰海通超越中信证券，上半年实现归母净利润157.37亿元，位居榜首；中信证券实现净 利润137.19亿元，位居第二；华泰证券实现净利润75.49亿元，位居第三。此外，中国银河、广发证券、 国信证券、招商证券净利润均超50亿元。 国泰海通上半年归母净利润同比增长213.74%，其业绩大幅预增主要得益于换股吸收合并海通证券产生 的负商誉计入营业外收入。 营业收入方面，上半年中信证券以330.39亿元的营收位居榜首；国泰海通位居第二，上半年实现营收 238.72亿元；华泰证券、广发证券紧随其后，营收均超150亿元；此外，中国银河、中金公司、申万宏 源、国信证券、中信建投、招商证券营收规模均超100亿元。 ...

Core Insights - China Galaxy Securities reported a net profit of 6.488 billion yuan for the first half of 2025, reflecting a year-on-year increase of 47.86%, despite a decline in revenue ranking from third to fifth in the industry [1][2][3]. Financial Performance - The company achieved operating revenue of 13.746 billion yuan, a year-on-year growth of 37.71%, although the revenue decreased by 3.339 billion yuan compared to the previous year [2][4]. - The total profit amounted to 7.635 billion yuan, marking a significant increase of 68.09% year-on-year [2]. - The net profit attributable to shareholders increased by 21 million yuan, indicating progress in revenue structure optimization and profit margin enhancement [2][7]. Industry Ranking - Despite the revenue ranking drop, China Galaxy's net profit ranking improved from fifth to fourth in the industry, showcasing its resilience and competitive strength [1][3][7]. - The average net profit growth rate in the industry was 127%, indicating that while China Galaxy's growth was below average, it still managed to improve its position [2][7]. Strategic Shift - Under the leadership of General Manager Xue Jun, China Galaxy is shifting focus from scale expansion to enhancing quality and efficiency, which is reflected in its improved profitability [3].

Core Insights - The overall performance of the securities industry in China has been strong in the first half of 2025, with significant revenue and profit growth reported by major brokerage firms [1][2]. Financial Performance - In the first half of 2025, 150 securities firms achieved a total operating income of 251.036 billion yuan and a net profit of 112.280 billion yuan [1]. - Among 50 listed brokerages, 44 reported year-on-year revenue growth, with 10 firms exceeding 10 billion yuan in revenue [2]. - Notable firms such as CITIC Securities and Guotai Junan reported revenues of 33.039 billion yuan and 23.872 billion yuan, respectively [2]. - The net profit of 50 listed brokerages all turned positive, with eight firms exceeding 5 billion yuan in profit [2]. Profit Growth - Thirteen brokerages reported a net profit growth of over 100% year-on-year, with Guolian Minsheng achieving a staggering 1185.19% increase [2][3]. - Huaxi Securities also saw a significant profit increase of 1195.02% [2][3]. Business Segments - Proprietary trading and brokerage services are the main drivers of profit growth for brokerages [4]. - In the first half of 2025, securities investment income reached 100.242 billion yuan, while brokerage business net income was 68.842 billion yuan [4]. - CITIC Securities reported proprietary trading income exceeding 10 billion yuan, with a year-on-year growth of 62.42% [4]. Investment Banking Recovery - The investment banking sector is showing signs of recovery, with CITIC Securities' investment banking revenue growing by 20.91% [5]. - The Hong Kong IPO market has been active, providing new opportunities for leading brokerages [6]. Future Outlook - The performance of listed brokerages is expected to remain strong, driven by market activity and regulatory support [6].

承销机构及其关联方参与了本期债券(续发行)的认购。主承销商中信建投（601066）证券股份有限公司 及其关联方中信银行股份有限公司参与认购并分别获配本期债券(续发行)金额人民币0.3亿元及人民币3 亿元，主承销商国信证券股份有限公司参与认购并获配本期债券(续发行)金额人民币0.5亿元，主承销商 光大证券股份有限公司参与认购并获配本期债券(续发行)金额人民币0.5亿元。 中国银河（601881）(06881)发布公告，根据上述股东授权及中国证券监督管理委员会的批复，本公司 已于2025年9月1日完成向专业投资者公开发行2025年公司债券(第一期)(品种一)(续发行)(本期债券(续发 行))。本期债券(续发行)的发行规模为人民币 30亿元，发行价格为每单位人民币99.810元，票面利率为 1.79%。本期债券(续发行)的期限为三年，自2025年8月7日起计。本期债券(续发行)发行所募集的资金将 用于偿还本公司到期公司债券本金及补充营运资金。 ...