（股份代號：06881） 海外監管公告 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依 賴該等內容而引致之任何損失承擔任何責任。 （在中華人民共和國註冊成立之股份有限公司） 本公告乃由中國銀河證券股份有限公司（「本公司」）根據香港聯合交易所有限公司 證券上市規則第13.10B條作出。 茲載列本公司於上海證券交易所網站發佈之《中國銀河證券股份有限公司2025年 度第二十一期短期融資券兌付完成的公告》，僅供參閱。 承董事會命 中國銀河證券股份有限公司 王晟 董事長及執行董事 中國北京 2025年12月4日 於本公告日期，本公司執行董事為王晟先生（董事長）及薛軍先生（副董事長及總 裁）；非執行董事為楊體軍先生、李慧女士、黃焱女士及宋衛剛先生；以及獨立非 執行董事為羅卓堅先生、劉力先生、麻志明先生及范小雲女士。 证券代码：601881 证券简称：中国银河 公告编号：2025-110 中国银河证券股份有限公司 2025年度第二十一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 ...

中国银河公告称，公司于2025年9月8日发行2025年度第二十一期短期融资券，发行额40亿元，票面利率 1.60%，期限86天。2025年12月3日，公司完成该期短期融资券本息兑付，共计40.15亿元。 ...

Core Insights - The report emphasizes the recovery of the securities industry in 2025, with a significant increase in profits driven by self-operated businesses, and anticipates continued growth in 2026 due to favorable policies and market conditions [6][15][26]. Section Summaries 1. 2025 Review: Recovery Begins - The securities industry saw a substantial improvement in profitability, with 43 listed brokers achieving a net profit of CNY 1,692.54 billion in the first three quarters of 2025, a year-on-year increase of 63.44% [15]. - The overall revenue for the same period reached CNY 4,216.23 billion, reflecting a 12.85% increase year-on-year [15]. - The recovery is supported by strong performance in brokerage and proprietary trading, with brokerage net income rising by 68% [18]. 2. Incremental Catalysts Expected, Performance Continues to Improve - The "14th Five-Year Plan" outlines a strategic direction for high-quality development in the financial sector, emphasizing the importance of a robust capital market [33]. - There is significant potential for increased market participation from institutional investors and retail investors, as the wealth effect from the capital market is expected to drive demand expansion [44][48]. 3. Comprehensive Performance Recovery, Growth Potential in Light Asset Businesses - The wealth management sector is recovering, with public funds showing high-quality development and increased market activity [18]. - Investment banking activities are also rebounding, particularly in the dual innovation sector, with IPOs and underwriting volumes expected to rise [18]. 4. Industry Structure Optimization: Building a First-Class Investment Bank - The report highlights the acceleration of mergers among leading brokers and the internationalization of Chinese brokers as key strategies for building a first-class investment bank [6][39]. - The integration of mergers and international expansion is seen as crucial for enhancing the competitive landscape of the industry [6][39]. 5. Profit Forecast: Continued ROE Improvement in 2026 - The report predicts that the return on equity (ROE) for the industry will continue to improve, with a projected net profit growth of 13% year-on-year under neutral assumptions for 2026 [6][39]. 6. Investment Recommendations: Focus on Structural Optimization and Alpha Catalysts - Investors are advised to pay attention to brokers benefiting from structural optimization and the recovery of wealth management, such as China International Capital Corporation, Huatai Securities, and CITIC Securities [6][39].

Core Viewpoint - The 2025 Green Finance Ecological Conference in Chongqing highlighted the city's strategic position as a "best testing ground" for green finance, leveraging its ecological significance and industrial transformation needs to promote ecological protection and industrial transition [3][12]. Group 1: Green Finance Strategies - The strategy of "疏堵结合，精准赋能" (combining restriction and precision empowerment) was proposed to address the high proportion of heavy industry in Chongqing, focusing on limiting investments in high-pollution and high-energy consumption projects while providing comprehensive support for transitioning enterprises [3][14]. - The introduction of products like the CGT-ESG bond portfolio aims to guide funds towards low-carbon and environmentally friendly sectors, facilitating the green transformation of industrial enterprises [3][14]. Group 2: Biodiversity Finance - Biodiversity finance is identified as a frontier area, emphasizing the importance of quantifying ecological value and designing financial products that attract social capital, transforming biodiversity protection from a purely philanthropic effort into a source of stable returns [4][15]. - The goal is to create "green assets" that generate cash flow and returns, thereby encouraging broader market participation in biodiversity protection [4][15]. Group 3: Collaborative Development - China Galaxy Securities plans to focus on three strategic areas to support Chongqing's development model of "capital, ecology, and industry": enhancing full-chain services, leveraging technology for precision service, and promoting regional collaboration for carbon reduction and ecological protection [5][13]. - The integration of industrial transformation and biodiversity protection is seen as a way to achieve synergistic effects, with innovative financial tools like "green transition bonds" and "ecological credit loans" being explored to support this dual empowerment [8][16].

10月28日，中国上城发布公告，配售协议所载的所有条件已获达成，而配售事项已于2025年10月28日完 成。合共7547.43万股配售股份已成功由配售代理根据配售协议的条款及条件按每股配售股份0.180港元 的配售价配售予叁位承配人，陈晖先生为一位投资者;刘晓玲女士为一位投资者;及李艳勇先生为一位投 资者，占公司紧接配售事项后经配发及发行配售股份扩大的公司已发行股本约16.67%。 来源：智通财经网 香港联交所最新资料显示，12月2日，中国上城(02330)股东将股票由中国银河证券香港转入中国银行(香 港)，转仓市值406.81万港元，占比6.28%。 ...

Core Viewpoint - The recent transfer of shares for China Shangcheng (02330) indicates a strategic shift in shareholder structure, with significant implications for the company's market positioning and investor confidence [1] Group 1: Shareholder Activity - On December 2, China Shangcheng's shares were transferred from China Galaxy Securities Hong Kong to Bank of China (Hong Kong), with a market value of HKD 4.0681 million, representing 6.28% of the total shares [1] - The transfer reflects a notable change in the company's shareholder base, which may influence future investment strategies and market perception [1] Group 2: Placement Agreement - On October 28, China Shangcheng announced that all conditions of the placement agreement had been met, and the placement was completed on the same date in 2025 [1] - A total of 75.4743 million shares were successfully placed at a price of HKD 0.180 per share to three investors, which included Mr. Chen Hui, Ms. Liu Xiaoling, and Mr. Li Yanyong [1] - Following the placement, the newly issued shares accounted for approximately 16.67% of the company's expanded issued share capital [1]

"第十九届深圳国际金融博览会暨2025中国金融机构年会"近日在深圳举行。在分论坛"2025中国证券业 投资银行高峰论坛"上，中国银河（601881）证券执委会委员吴鹏发表主题演讲表示，预计港股的强劲 表现将延续至2026年，中资投行正迎来由科技驱动经济、消费接棒成新增长线、国资与基石投资者给予 支持的三大机遇。 最后，吴鹏着重强调了文化挑战，并认为这是中资投行国际化发展的最大挑战。"文化方面的相融互 通，实际上是跨国金融机构未来可以成功的基石。"他表示，在这方面，银河证券积极推动文化交流， 通过举行文化融合培训班，让海内外高管共同学习生活等方式，在实现业务交流的同时，也推动了文化 交流。通过类似的人才交流和经验分享，可以有效建立起畅通的沟通协作与工作机制，有助于迎接未来 更为严峻的国际化发展挑战。 基于此，吴鹏认为当前中资投行正迎来三大机遇，即由科技与创新企业驱动经济、消费行业接棒成为新 的增长主线、国资与基石投资者也会给予积极支持。 当然，挑战也同样不容忽视。吴鹏列举了港股市场可能面临的多个方面挑战，包括美国对中概股监管趋 严、美国政府对芯片等新质生产力行业的进一步管控、港股的流动性依然弱于美股，以及潜在的 ...

在11月29日"2025年大湾区交易所科技大会"上，银河证券场外与创新业务研发模块负责人余慧佳表示， 综合市场数据，在生成式AI浪潮下， 88%的企业已在至少一个业务职能中使用AI。但仅31%实现规模 化落地。高绩效企业多将AI作为增长引擎，当中有55%的企业会依托AI重构核心业务流程，比例是普通 企业的2.8倍。 银河证券自2022年起研究大模型应用，目前处于从试点向规模化迈进的阶段。银河证券将AI定位为"伙 伴"而非"工具"，强调共享目标、资源与能力，共创业务价值。 基于"以产出为导向、小步快跑、业务技术联合共创"的思路，银河证券聚焦机构业务推进AI应用，采用 逐步拓展的策略。先聚焦优势业务中ROI最高的场景，再打通业务链上下游、跨业务整合数据，最终构 建立体的用户画像赋能风控与新业务。 专题：2025年大湾区交易所科技大会 其中，选择"协商交易"为银河证券首个重点突破场景。该场景服务上千家多家机构客户为其提供风险管 理、资产配置或做市服务，希望解决传统模式依赖交易员沟通，受交易员数量限制，复杂产品报价慢等 痛点。 基于"以产出为导向、小步快跑、业务技术联合共创"的思路，银河证券聚焦机构业务推进AI应用， ...

Group 1 - The New York Fed President Williams expressed dovish views, indicating increased risks of employment downturn and reduced inflation risks, suggesting potential adjustments to the federal funds rate target range [1][2] - Following the release of the September non-farm payroll report, market expectations for a Fed rate cut in December have risen, with futures indicating over 80% probability, leading to a rebound in gold prices and record highs in silver prices [2] - The ongoing rate cut cycle by the Fed and potential shift from balance sheet reduction to expansion due to liquidity pressures may continue to support rising prices for gold and silver [2] Group 2 - The China Copper Raw Materials Joint Negotiation Group (CSPT) has agreed to reduce copper concentrate production capacity by over 10% for 2026, which is expected to improve the supply-demand fundamentals for copper concentrate [3] - Global copper production has been disrupted by frequent accidents, leading to continuous downward adjustments in production expectations, with significant uncertainty for next year's copper output [2][3] - Codelco, the world's largest copper producer, has proposed a substantial increase in the annual contract premium for refined copper to Chinese smelters, rising to $335-$350 per ton for 2026, a more than 275% increase from $89 per ton in 2025, indicating intensified supply-demand conflicts [2]

Core Insights - The outlook for the power battery industry is optimistic, with solid-state batteries emerging as a clear direction for industrial evolution driven by policy support and demand from new industries like low-altitude economy and embodied intelligence [1][5] Group 1: Market Trends - The lithium battery sector has entered a major upward trend, with the battery index increasing by 64.5% as of November 14, 2025, significantly outperforming other indices due to surging demand for energy storage and solid-state batteries [2] - The industry is returning to an upward cycle, with energy storage becoming a core driver and new capital expenditures (Capex) in battery cells leading to profit recovery and performance improvement [3] Group 2: Key Components and Pricing - Leading battery cell manufacturers are experiencing full order books and steadily increasing capacity utilization, which grants them strong pricing power and positions them to lead the industry's recovery [4] - Material segments are expected to see significant price increases, particularly in electrolyte and related areas, copper foil, lithium iron phosphate, and separator materials, driven by limited supply and growing demand [4] Group 3: Solid-State Battery Developments - Solid-state batteries are gaining traction, with companies actively planning for accelerated commercialization, and the market for semi-solid state batteries expected to exceed 10 GWh in shipments by 2025 [5] - Key challenges in solid-state battery production include material interfaces and engineering for mass production, with a focus on dry processing and the need for improved domestic production of single-walled carbon nanotubes [6]