（记者 张明双） 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。 每经头条（nbdtoutiao）——海南封关政策红利全解析：零关税、低个税、投资准入放宽、跨境资金自 由、创业扶持…… 每经AI快讯，中国银河12月18日发布研报称，给予茂莱光学（688502.SH，最新价：389.01元）"推 荐"评级。评级理由主要包括：1）深耕精密光学，营业收入稳定增长；2）工业级精密光学高速发展， 价值加速释放；3）公司优势：技术护城河深厚，客户生态多元优质。风险提示：产品验证不及预期的 风险；产能提升不及预期的风险；无人驾驶和AR/VR等新兴领域的发展不及预期的风险；国际贸易的 风险。 ...

截至2025年12月18日收盘，中国银河（06881）报收于10.3元，较前一交易日下跌1.44%。该股当日开盘 价为10.43元，盘中最高触及10.45元，最低下探至10.14元，成交额达2.69亿元。近52周内，公司股价最 高为12.83元，最低为5.91元。 根据近日发布的海外监管公告，中国银河证券股份有限公司于2025年6月16日成功发行2025年度第十三 期短期融资券，发行总额为人民币40亿元，票面利率为1.64%，期限为183天，兑付日期为2025年12月 16日。2025年12月16日，公司已完成本期短期融资券本息的兑付，兑付金额合计人民币4,032,889,863.01 元。相关发行结果已于2025年6月17日在上海证券交易所网站披露。董事会确认本公告内容真实、准 确、完整，无虚假记载、误导性陈述或重大遗漏。 最新公告列表 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。 《海外监管公告》 ...

本文源自：市场资讯 资料显示，中国银河证券股份有限公司,是中国证券行业领先的综合金融服务提供商。凭借独特的历 史、品牌和股东优势,公司资本规模、盈利水平、业务实力和风险管理能力位居行业前列。公司为个 人、企业、机构、国际及资本市场客户提供财富管理、投资银行、机构业务、国际业务、投资交易等全 方位、多层次、专业高效的综合金融服务,致力于打造受人尊敬的现代投资银行。 12月18日，上证指数涨0.16%，收报3876.37点，恒生指数涨0.12%，收报25498.13点。 *注：AH股是指同时在A股和港股上市的公司，溢价（A/H）越大，说明H股相比A股越便宜。 中国银河AH溢价达70.04%，位居AH股溢价率第58位。当日收盘，中国银河A股报15.85元，跌幅 1.92%，H股报10.3港元，下跌1.44%。 作者：金股通 ...

Core Viewpoint - The report from China Galaxy Securities emphasizes the importance of the medium- to long-term consumption goals outlined in the "14th Five-Year Plan" and highlights the need for specific consumption policies to be implemented by 2026 [1] Group 1: Consumption Industry Outlook - The global consumption recovery is slow, with high tariffs pushing up prices and high interest rates suppressing credit demand, leading to weakened consumer confidence in Europe and the US [1] - The Central Economic Work Conference has proposed a focus on domestic demand, aiming to build a strong domestic market and implement actions to boost consumption, including plans to increase urban and rural residents' income [1] - The report expresses a more optimistic view on service consumption compared to goods consumption, noting recent policies that enhance the focus on service consumption and the removal of unreasonable restrictions in the consumption sector [1] Group 2: Domestic Demand and Retail Performance - In November, the retail sales growth rate was +1.3% year-on-year, with a month-on-month decline of 1.6 percentage points, marking a continuous decrease since May [2] - The reduction in national subsidies is reflected in the retail sales of household appliances and audio-visual equipment, which saw declines of -14.6% and -19.4% year-on-year in October and November, respectively [2] - Retail sales in the furniture category showed a year-on-year increase of +9.6% in October, while daily necessities experienced a growth of +7.4%, indicating a weakening trend [2] Group 3: Category-Specific Insights - The gold and jewelry category saw significant growth of +37.6% and +8.5% year-on-year in October and November, influenced by new tax policies affecting gold jewelry [3] - The clothing, footwear, and textile categories maintained stable growth rates of +6.3% and +3.5% year-on-year, supported by seasonal changes [3] - The cosmetics sector also showed improvement, with year-on-year growth rates of +9.6% and +6.1% in October and November, aided by promotional activities [3] Group 4: Global Consumer Sentiment - Consumer confidence in Europe and the US remains weak, with the US consumer confidence index at 53.3, close to historical lows, and the EU consumer confidence index at -13.6, indicating a relatively low level of optimism [4] - Overall retail performance in the US has been subdued, with a year-on-year increase of +3.9% in September, reflecting a decline from August [4] - Online sales during the holiday shopping week showed modest growth, with Black Friday and Cyber Monday experiencing increases of +9.3% and +7.1% year-on-year, respectively, amidst intense competition [4]

Group 1: Core Insights - The core growth drivers for the media and internet industry are performance-driven factors and AI empowerment, with a recommendation to focus on increasing AI investments and core internet assets in Hong Kong [1] - The film industry shows stable supply and a recovery in the market, with a notable increase in box office revenue, reaching 3.553 billion yuan in November 2025, a year-on-year increase of 89.29% and a month-on-month increase of 36.03% [1] Group 2: Gaming Sector - The domestic gaming market achieved actual sales revenue of 31.359 billion yuan in October 2025, reflecting a year-on-year growth of 7.8%, with client games showing strong performance [2] - Self-developed games generated overseas revenue of 1.799 billion USD, marking an 11.9% increase year-on-year, while the number of game licenses issued in November reached 178, with a total of 1,532 licenses issued in the year, up over 29% [2] Group 3: Marketing Trends - The overall advertising market saw a 4.3% year-on-year increase in spending from January to October 2025, with October alone witnessing a 10.6% increase compared to the same month last year [3] - Significant increases in advertising spending were noted in sectors such as telecommunications, personal care, and entertainment, while pharmaceuticals and alcoholic beverages experienced declines [3] - In November, advancements in AI technology focused on long text, multi-modal capabilities, and reasoning efficiency, with major companies releasing updates to enhance their AI systems [3]

格隆汇12月17日丨中国银河(601881.SH)公布，2025年12月16日，本公司兑付了本期短期融资券本息共 计人民币40.33亿元。 ...

Group 1 - The autoimmune disease market is a blue ocean, with new targets and mechanisms driving rapid industry development. The global autoimmune market reached $132.3 billion in 2022 and is expected to grow to $176.7 billion by 2030, with a CAGR of 3.68% [2][3] - The drug development paradigm is shifting from broad-spectrum anti-inflammatory treatments to precision regulation, with significant room for improvement in efficacy and safety of existing drugs [2][3] Group 2 - Psoriasis affects approximately 125 million patients globally, with a focus on large molecule antibody drugs and a surge in small molecule oral TYK2 inhibitors that may replace existing treatments [3] - Atopic dermatitis impacts over 204 million people worldwide, with Dupilumab achieving sales exceeding $12.9 billion in the first three quarters of 2025, and new oral drugs like STAT6PROTAC showing superior efficacy [3] - The clinical demand for autoimmune diseases remains largely unmet, with domestic companies actively innovating in drug development, focusing on target innovation and expanding indications [4] Group 3 - Companies to watch include: 1. **Xiansheng Pharmaceutical**: Focused on differentiated targets with potential candidates like SIM0278, SIM0709, and SIM0711 [4] 2. **Kangnuo Pharmaceutical**: Rapidly increasing sales of Dupilumab, with peak sales expected to reach 5 billion yuan; CM512 shows promise as a leading TSLPxIL-13 dual antibody [4] 3. **Quansheng Biotechnology**: QX013N targets c-kit for CSU treatment, with additional dual antibody projects expected to submit IND applications between 2025 and 2026 [4] 4. **Yifang Biotechnology**: D-2570 (TYK2 inhibitor) is in Phase II clinical trials for UC, with promising Phase II data for psoriasis [4] 5. **Sanofi Genzyme**: Rapidly advancing IL-5 monoclonal antibody for asthma, with NDA submission expected by 2027 [4]

Core Viewpoint - The consumption industry needs to focus on the medium- and long-term goals outlined in the "14th Five-Year Plan," with short-term attention on specific policies related to consumption expected to be implemented by 2026 [1] Group 1: Consumption Trends - Global consumption recovery is slow, with high tariffs pushing up prices and high interest rates suppressing credit demand, leading to weak consumer confidence in Europe and the U.S. [2] - The central economic work conference emphasized the importance of domestic demand and the construction of a strong domestic market, implementing actions to boost consumption and plans to increase income for urban and rural residents [2] - The report is more optimistic about the improvement of service consumption compared to goods consumption, highlighting recent policies aimed at enhancing service consumption [2] Group 2: Domestic Demand and Retail Performance - In November, the retail sales growth rate was 1.3% year-on-year, with a month-on-month decline of 1.6 percentage points, marking a continuous decrease since May [3] - The decline in retail sales for household appliances and audio-visual equipment was significant, with year-on-year drops of 14.6% and 19.4% in October and November, respectively [3] - Retail sales in the furniture category showed mixed results, with a year-on-year increase of 9.6% in October but a decline of 3.8% in November [3] Group 3: Category-Specific Insights - Jewelry retail sales saw substantial growth of 37.6% and 8.5% in October and November, influenced by new tax policies on gold jewelry [4] - The clothing and textile categories experienced stable growth, with year-on-year increases of 6.3% and 3.5% in October and November, respectively [4] - The restaurant sector's retail sales grew by 3.8% and 3.2% year-on-year in October and November, indicating stability despite slow growth [4] Group 4: Global Consumer Sentiment - Consumer confidence in Europe and the U.S. remains weak, with the U.S. consumer confidence index at 53.3, close to historical lows [5] - Retail performance in the U.S. was lackluster, with a year-on-year increase of 3.9% in adjusted retail sales for September, showing a decline from August [5] - Online sales during the holiday shopping period showed modest growth, with a year-on-year increase of 7.7%, indicating a competitive environment for promotions [5]

智通财经APP获悉，财政部公布数据，2025年1—11月证券交易印花税1855亿元 同比增长70.7%。 银河证券认为，国家"稳增长、稳股市"、"提振资本市场"的政策目标将持续定调证券板块未来走向，流 动性适度宽松环境延续、资本市场环境持续优化、投资者信心重塑等多方面因素共同推动证券板块景气 度上行。当前环境下，中长期资金加速入市，市场活跃度维持高位，资本市场展现出"健康牛"态势，财 富管理转型、国际业务拓展、金融科技赋能均有望成为行业提升ROE驱动力。当前板块估值处于历史低 位，防御反弹攻守兼备。建议关注综合实力强劲的头部券商，以及在财管、自营、跨境等业务领域具备 差异化竞争优势的券商。 中信建投研报称，证券方面，2026年政策利好驱动业绩持续增长，板块有望重新定价。2025年证券行业 进入新一轮增长周期，但券商股票因缺少独立催化、前两年悲观情绪的延续等原因而导致超额收益不 佳。当前"服务新质生产力+中长期资金入市+券商国际化机遇"三大核心利好逻辑尚未被市场充分定 价，其驱动的投行、资管、国际业务等新动能，有望在2026年后逐步兑现至行业基本面，为中长期业绩 弹性与韧性提供坚实支撑，无需担忧增长断层。 日前 ...

特此公告。 中国银河证券股份有限公司 董事会 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6月16日成功发行了中国银河证券股份有限 公司2025年度第十三期短期融资券（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40 亿元，票面利率为1.64%，短期融资券期限为183天，兑付日期为2025年12月16日。（详见本公司于 2025年6月17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 度第十三期短期融资券发行结果公告》）。 2025年12月16日，本公司兑付了本期短期融资券本息共计人民币4,032,889,863.01元。 证券代码：601881 证券简称：中国银河 公告编号：2025-116 中国银河证券股份有限公司 2025年度第十三期短期融资券兑付完成的公告 2025年12月18日 ...