Core Points - China Galaxy Securities Co., Ltd. successfully issued its 10th short-term financing bond for the year 2025 on May 26, 2025, with an issuance amount of RMB 3 billion and a coupon rate of 1.68% [1] - The term of the short-term financing bond is 179 days, with a maturity date set for November 21, 2025 [1] - On November 21, 2025, the company repaid the principal and interest of the short-term financing bond, totaling RMB 3.025 billion [1]

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） （股份代號：06881） 海外監管公告 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 度第十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11月24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。 中国银河证券股份有限公司董事会 证券代码：601881 证券简称：中国银河 公告编号：2025-107 中国银河证券股份有限公司 2025 年 11 月 25 日 2025年度第十期短期融资券 ...

2025年度第十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。 中国银河证券股份有限公司（以下简称"本公司"）于 2025 年 5 月 26 日 成功发行了中国银河证券股份有限公司 2025 年度第十期短期融资券（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 30 亿元，票面利 率为 1.68%，短期融资券期限为 179 天，兑付日期为 2025 年 11 月 21 日。（详 见本公司于 2025 年 5 月 27 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 2025 年度第十期短期融资券发行结果公告》）。 2025 年 11 月 21 日，本公司兑付了本期短期融资券本息共计人民币 3,024,716,712.33 元。 特此公告。 中国银河证券股份有限公司董事会 证券代码：601881 证券简称：中国银河 公告编号：2025-107 中国银河证券股份有限公司 2025 年 11 月 25 日 ...

Investment Rating - The investment rating for the non-bank financial sector is "Outperform the Market" [2][7]. Core Viewpoints - The report indicates that the securities industry is entering a new phase of mergers and acquisitions, termed "M&A 2.0," which emphasizes functional enhancement and the creation of a complementary business ecosystem rather than merely increasing capital size [3][5]. - The report highlights that recent mergers, such as the absorption of Dongxing Securities and Xinda Securities by CICC, reflect a shift towards strengthening professional capabilities and expanding business lines [4][18]. - The overall improvement in the securities industry's fundamentals, including active market trading and growth in margin financing, is expected to drive both valuations and profitability for brokerages [4][22]. Summary by Sections Industry Overview - The report notes a significant wave of mergers and restructuring in China's securities industry, driven by both policy support and market competition. The aim is to cultivate leading investment banks and enhance core competitiveness through consolidation [6][10]. - In the first three quarters of 2025, 43 listed brokerages achieved revenue of CNY 421.42 billion, a year-on-year increase of 42.57%, and a net profit of CNY 169.29 billion, up 62.48% [6]. Mergers and Acquisitions - The merger between Guotai Junan and Haitong Securities is highlighted as a scale-driven consolidation, significantly enhancing net capital strength and risk tolerance, while optimizing the national network layout [15][17]. - CICC's merger with Dongxing and Xinda Securities is characterized as a functional superiority-driven integration, aimed at enhancing business capabilities and expanding service offerings [18][20]. Business Structure and Performance - The report outlines a dual-driven characteristic in the securities industry, with brokerage and proprietary trading as the main revenue drivers. In the first three quarters of 2025, brokerage income reached CNY 111.78 billion, a year-on-year increase of 74.64% [11]. - The revenue structure is shifting, with brokerage income accounting for 26.5%, investment income 44.4%, and other segments contributing to the overall performance [11]. Investment Recommendations - The report suggests that the recent mergers are likely to stimulate investment enthusiasm in the industry. It recommends focusing on leading brokerages with comprehensive performance layouts and those with high elasticity in earnings, such as Huatai Securities and CITIC Securities [22].

Group 1 - The report highlights that active equity funds are expected to experience a value reassessment due to favorable market conditions and policy support, despite previous underperformance [4][6][10] - The active equity funds have shown significant excess returns in a structural bull market, particularly those focused on advanced manufacturing themes [4][5][6] - The report suggests a "core + satellite" investment strategy to capitalize on the current market environment, emphasizing the importance of thematic investments in state-owned enterprises, technology, and consumption sectors [4][5][6] Group 2 - The ETF market has seen a substantial breakthrough in both quantity and scale, with the total ETF size surpassing 1 trillion yuan, indicating a shift towards high-quality development [4][5][10] - The report notes that the growth of passive products is driven by policy support, technological advancements, and increased demand, particularly in the non-ferrous metals and TMT sectors [4][5][10] - The report anticipates a continued trend of strong performance in popular sectors, with a focus on technology and financial real estate, as well as the potential for expansion in niche ETFs [4][5][10] Group 3 - The report outlines a multi-dimensional ETF quantitative allocation strategy that leverages macro timing, momentum, and advanced modeling techniques to capture diverse returns [4][5][10] - It emphasizes the importance of asset allocation to achieve stable risk-adjusted returns, particularly in a "slow bull" market [4][5][10] - The report suggests that the focus should be on sectors with strong momentum and lower crowding, especially in technology, to capture excess returns [4][5][10]

Core Viewpoint - China Galaxy Securities reaffirms the value of bank sector dividends, maintaining a positive outlook on medium to long-term capital market opportunities, particularly focusing on the structural market of quality urban and rural commercial banks under the "14th Five-Year Plan" financial transformation [1] Group 1: 2025 Review - As of November 14, the banking sector has seen a cumulative increase of 10.8%, driven primarily by capital market dynamics, with ongoing medium to long-term capital allocation favoring dividend value and quality fundamentals [1] Group 2: 2026 Outlook - The bank sector is expected to transition from performance recovery to structural optimization and momentum conversion, aligning better with economic development and stable operations, while structural factors begin to dominate pricing evolution [2] Group 3: Quantity and Price - On the asset side, credit growth is expected to be driven by optimized allocations, with corporate loans remaining the main driver, while retail loan growth may continue to be weak. Positive factors include structural tools and consumption promotion policies, with the negative impact from the real estate market expected to diminish. On the liability side, competition for core deposits is intensifying [3] - Net interest margin (NIM) is projected to stabilize between 1.45% and 1.50%, supported by policy backing and improved liability costs, although rebound potential is limited due to low interest rates and asset scarcity [3] Group 4: Long-term Perspective - The development of digital finance is anticipated to reshape banking operating models, with ongoing improvements in fintech and digital transformation policies. Future policy planning may adapt to new AI trends, promoting deeper integration of technology and business within the banking sector, enhancing cost efficiency and creating new growth avenues [5]

Core Viewpoint - The report from China Galaxy Securities highlights optimism for investment opportunities in the pharmaceutical industry by 2026, suggesting that after recent fluctuations, valuations have returned to relatively low levels, with a potential for a resurgence in growth [1] Investment Outlook - The pharmaceutical sector is expected to see significant differentiation in 2025, with various factors driving rapid growth in the innovative drug segment, particularly in the Hong Kong market [2] - China's innovative drug development is gaining a competitive edge globally due to cost advantages and efficient conversion capabilities, transitioning from a "technology follower" to a "leading participant" in the global pharmaceutical innovation landscape [2] Policy Outlook for 2026 - The 14th Five-Year Plan marks a year of deepening collaboration in the healthcare system, with policies expected to enhance the efficiency of medical insurance funds and support for innovative drugs and devices [3] - The focus will be on optimizing procurement rules to balance quality and innovation, driving domestic alternatives, and improving public health capabilities [3] Sector-Specific Investment Insights - **Innovative Drugs**: Anticipated breakthroughs in domestic innovative drugs, with several promising candidates entering late-stage clinical trials [4] - **Life Sciences and CXO Sector**: A structural recovery is expected as global financing conditions improve and domestic innovation ecosystems stabilize [4] - **Medical Devices**: Growth opportunities in the domestic medical device sector are anticipated, particularly in aging-related markets and overseas exports [4] - **Traditional Chinese Medicine and Biologics**: Market dynamics may shift due to clinical re-evaluations, with potential changes in profit margins for traditional Chinese medicine [4] Healthcare Services - The aging population presents a reliable opportunity in the healthcare services sector, emphasizing the importance of maintaining a strong position in this area [5] Aesthetic Medicine - Upgrades in ingredient formulations and the rise of domestic brands in aesthetic medicine are noteworthy, with a focus on specific segments like collagen and botulinum toxin [6] Pharmaceutical Commerce - Attention is drawn to accounts receivable turnover, with a positive outlook on new business models in Contract Sales Organizations (CSO) [7] Medical AI - The acceleration of artificial intelligence in healthcare is expected to significantly enhance clinical service capabilities and efficiency, particularly in medical diagnostics [7]

Group 1 - The core viewpoint is that with the implementation of the "Action Plan for Promoting the High-Quality Development of Public Funds" and the A-share market entering a "slow bull" phase, the market environment has significantly improved, leading to a potential revaluation of active equity funds [1][2] - Despite a weak performance of active equity funds from 2022 to 2024, 2025 is expected to be a crucial turning point, with many active funds showing positive stock selection capabilities and achieving significant excess returns in a structural market [1][2] - The report emphasizes the importance of focusing on thematic investments in state-owned enterprises, technology, and consumption sectors, while also identifying high-scoring individual stocks based on solid fundamentals to uncover stable alpha [1][2] Group 2 - The active fund performance is expected to improve in 2025, with 66% of active funds outperforming the CSI 800 index, particularly those concentrated in advanced manufacturing themes, indicating that a "core + satellite" investment strategy is effective in the current structural bull market [2] - The ETF market has seen a significant breakthrough in both quantity and scale since 2025, with the total ETF scale surpassing 5.7 trillion yuan, an increase of over 2 trillion yuan from the end of 2024, particularly in broad-based and leading industry themes [3] - The report outlines a multi-dimensional ETF quantitative allocation strategy that captures diverse returns, focusing on macro timing strategies, momentum strategies, and advanced techniques to achieve stable risk-adjusted returns in 2026 [4]

Core Viewpoint - China Galaxy Securities is actively issuing bonds to supplement its capital amid a favorable capital market environment, with a total bond issuance of 120 billion yuan in November alone, marking it as the largest bond issuer among listed brokerages in 2025 [1][3][4]. Bond Issuance - In November, China Galaxy announced a non-public issuance of corporate bonds totaling 50 billion yuan, with a two-year bond at a rate of 1.92% and a three-year bond at 1.97% [1][2]. - The company also issued 30 billion yuan in public short-term corporate bonds and 40 billion yuan in short-term financing notes, bringing the total bond issuance for the month to 120 billion yuan [1][3]. - As of November 23, 2025, China Galaxy has cumulatively issued bonds worth 1,385 billion yuan, leading the industry, followed by Huatai Securities at 1,307 billion yuan [3][4]. Financial Performance - For the first three quarters of 2025, China Galaxy reported a net profit attributable to shareholders of 109.68 billion yuan, a year-on-year increase of 57.51%, marking a historical high for the company [1][5]. - The company's operating revenue decreased by 16.01% to 227.51 billion yuan, indicating a shift in revenue sources [6]. - The significant profit increase is attributed to growth in investment, brokerage, and investment banking businesses [6][7]. Business Segments - Investment business revenue reached 120.81 billion yuan, up 41% year-on-year, driven by increased market activity [6][7]. - Brokerage business net income from fees surged by 70.74% to 63.05 billion yuan, supported by a robust retail presence and a comprehensive wealth management system [7]. - Investment banking fees increased by 29.88% to 4.75 billion yuan, with a notable performance in bond underwriting, achieving a main underwriting scale of 576.1 billion yuan, up 76.1% [7][8]. Industry Trends - The bond issuance scale among brokerages has significantly increased in 2025, with a total of 73 brokerages issuing bonds worth 1.7 trillion yuan, a year-on-year growth of 55.84% [3][4]. - Factors driving this growth include low interest rates, the launch of a new bond market segment, and a favorable capital market environment [4].

Core Viewpoint - Investor sentiment is significantly influenced by expectations of interest rate cuts by the Federal Reserve and geopolitical situations, leading to rapid rotation of market hotspots and a likely continuation of a volatile trend in the Hong Kong stock market [1] Sector Recommendations - The market's fluctuating risk appetite may drive investors towards dividend stocks for defensive positioning [1] - Concerns regarding the AI bubble are gradually diminishing following recent market corrections, presenting new allocation opportunities in the technology sector [1] - The effects of "anti-involution" policies are becoming evident, with changes in supply and demand dynamics potentially leading to a sustained rebound in cyclical stocks as commodity prices rise [1]