Core Viewpoint - The passenger car market in December shows significant divergence, with the implementation of the 2026 vehicle trade-in policy expected to benefit the mid-to-high-end market segment [1][3] Market Performance - In December, retail sales of passenger cars reached 2.261 million units, down 14.0% year-on-year but up 1.6% month-on-month; wholesale sales were 2.789 million units, down 9.0% year-on-year and down 7.0% month-on-month [2] - The overall industry inventory decreased by 60,000 units in December, indicating cautious market conditions prompting dealers to actively reduce inventory [2] - The retail penetration rate for new energy vehicles (NEVs) reached 59.1%, up 9.6 percentage points year-on-year, while the wholesale penetration rate was 56.0%, up 6.6 percentage points year-on-year [2] Policy Impact - The 2026 vehicle trade-in policy introduces a proportional subsidy that favors the 150,000 to 200,000 price segment, which is expected to improve the sales structure of new vehicles [3] - The new policy will provide subsidies of 12% (up to 20,000 yuan) for NEVs and 8% (up to 15,000 yuan) for fuel vehicles, with the overall funding for the 2026 policy set at 625 billion yuan, a reduction compared to the previous year's 3 trillion yuan [3] Future Outlook - The consumer purchasing sentiment is expected to stabilize in January 2026 due to the early implementation of the trade-in policy and the backlog of year-end orders [4] - The market is anticipated to experience a smooth transition in sales as the new policy is expected to mitigate price wars and internal competition [4] Sector Performance - In the recent bi-weekly review, the performance of various sectors showed increases, with parts (+7.24%), commercial vehicles (+2.80%), and passenger vehicles (+2.08%) leading the gains [5] - Valuation metrics indicate that the price-to-earnings ratios for sales and services, parts, motorcycles, passenger vehicles, and commercial vehicles are 36.18x, 33.83x, 26.73x, 22.74x, and 16.73x respectively [5]

Company Overview - Lianchi Hospital has submitted a listing application to the Hong Kong Stock Exchange, with China Galaxy International as the exclusive sponsor [1] - The company is positioned as a high-quality specialty medical group with a focus on patient-centered care and innovative medical service models [1] - By September 30, 2025, the company plans to operate 5 hospitals and 1 elderly care facility, with a total building area of approximately 117,900 square meters and 786 registered beds [1] Operational Performance - As of September 30, 2025, the company has a medical team consisting of 341 practicing physicians and assistant doctors [1] - The outpatient visits, inpatient admissions, orthopedic surgeries, and childbirths are expected to maintain a high level through 2023, 2024, and the first nine months of 2025 [1] - According to Frost & Sullivan, Lianchi Orthopedic Hospital ranks first in Shandong Province and third nationwide in terms of private hospital knee surgery volume for 2024 [1] Industry Trends - The Chinese healthcare service market is experiencing overall growth, with the private hospital sector being one of the fastest-growing components [2] - Revenue from private hospitals increased from RMB 437.9 billion in 2019 to RMB 689.2 billion in 2023, reflecting a compound annual growth rate (CAGR) of 12.0% [2] - It is projected that the revenue for private hospitals will reach RMB 1.88 trillion by 2030, with a CAGR of 12.2% from 2024 to 2030 [2]

Core Viewpoint - China Galaxy Securities has received approval from the China Securities Regulatory Commission (CSRC) to publicly issue corporate bonds totaling up to 30 billion yuan to professional investors [1]. Group 1 - The company has been granted a registration approval for the issuance of corporate bonds with a total face value not exceeding 30 billion yuan [1]. - The approval from CSRC is valid for 24 months from the date of consent, allowing the company to issue the bonds in multiple tranches during this period [1]. - The company will comply with relevant laws, regulations, and the requirements of the approval, and will fulfill its information disclosure obligations in a timely manner [1].

中国银河证券指出，脑机接口技术正从实验室迈向产业化生产。近期，马斯克旗下公司Neuralink宣布， 计划在2026年启动脑机接口设备的大规模量产，并推进全自动化外科手术流程。全球脑机接口产业正迎 来快速发展，其技术路径主要分为侵入式和非侵入式两种，产业链覆盖材料、芯片、手术及医疗康复等 多个领域。近年来，我国从国家到地方层面密集出台的系列政策以及医保定价、优先审批等支持措施， 明确了脑机接口产业发展方向，并为中国脑机接口产业的商业化落地和创新追赶提供了强力保障。 ...

（文章来源：第一财经） 中国银河证券表示，把握"AI飞跃 + 百年变局"共振下的超级铜周期。回顾历史，每一轮超级铜周期都 对应一段清晰而强大的宏观叙事，而本轮周期同时叠加了"人工智能科技革命"与"全球秩序重塑"两大长 期逻辑，其持续性和战略意义不亚于战后重建、我国对外开放等历史阶段。中国银河证券认为，铜价依 然有较大上行空间。其一，虽铜价已履创新高，但根据历史复盘结果，剔除通胀因素之后的铜价尚未达 到前几轮超级周期的高度。其二，国际货币秩序正在重塑，美元作为大类资产价格锚的基础正在弱化， 如果以黄金作为标尺，当前铜金比价仍然处在历史低位。投资层面，应以中长期视角重新审视铜的配置 价值，重点关注铜资源端、优质矿企及与电力、AI 基础设施高度相关的产业链环节，把握超级铜周期 下由需求扩张与供给刚性共同驱动的投资机会。 ...

Core Viewpoint - China Galaxy Securities has received approval from the China Securities Regulatory Commission (CSRC) to publicly issue corporate bonds totaling up to 30 billion yuan to professional investors [1] Group 1: Stock Performance - As of January 13, 2026, China Galaxy's stock closed at 16.06 yuan, down 1.17% from the previous trading day [1] - The stock opened at 16.28 yuan, reached a high of 16.36 yuan, and a low of 16.01 yuan on the same day [1] - The total market capitalization of the company is 175.607 billion yuan, with a trading volume of 8.57 billion yuan and a turnover rate of 0.73% [1] Group 2: Bond Issuance - The approval from CSRC is valid for 24 months from the date of registration, allowing the company to issue bonds in multiple tranches within this period [1] - The company will comply with relevant laws, regulations, and shareholder authorizations in the bond issuance process and will fulfill its information disclosure obligations [1]

中国银河(601881.SH)公告称，近日收到中国证监会出具的批复，同意公司向专业投资者公开发行面值 总额不超过300亿元公司债券的注册申请。该批复自同意注册之日起24个月内有效，公司在注册有效期 内可以分期发行公司债券。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

中国银河证券股份有限公司（以下简称"公司"）近日收到中国证券监督 管理委员会（以下简称"中国证监会"）出具的《关于同意中国银河证券股份 有限公司向专业投资者公开发行公司债券注册的批复》（证监许可[2026]37 号）。 根据该批复，中国证监会同意公司向专业投资者公开发行面值总额不超过 300 亿元公司债券的注册申请。该批复自同意注册之日起 24 个月内有效，公司在 注册有效期内可以分期发行公司债券。 公司将按照有关法律法规、批复要求及公司股东会授权办理本次公司债券 发行的相关事宜，并及时履行信息披露义务。 特此公告。 证券代码：601881 证券简称：中国银河 公告编号：2026-002 中国银河证券股份有限公司 关于向专业投资者公开发行公司债券获得中国证监会批复 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。 中国银河证券股份有限公司董事会 2026 年 1 月 14 日 ...

Group 1 - The company, China Galaxy Securities, has received approval from the China Securities Regulatory Commission to publicly issue corporate bonds with a total face value of up to 30 billion RMB [1] - The approval is valid for a period of 24 months, allowing the company to issue the bonds in multiple tranches during this timeframe [1] - The company will handle the bond issuance in accordance with relevant laws, regulations, and the authorization from its shareholders' meeting, ensuring timely information disclosure [1]

智通财经APP讯，中国银河(06881)发布公告，本公司近日收到中国证券监督管理委员会的批覆，同意本 公司向专业投资者公开发行面值总额不超过人民币300亿元公司债券的注册申请。批覆的有效期为24个 月。本公司可在批覆的有效期内分期发行公司债券。 本公司将按照有关法律法规、批覆要求及本公司股东会的授权办理公司债券发行的相关事宜，并及时履 行信息披露义务。 ...