於2025年2月17日召開的2025年第一次臨時股東大會上，本公司通過了股東大會 對本公司董事會（「董事會」）的授權方案的修訂，據此，股東大會授權董事會發行 債務融資工具，發行規模合計不超過本公司最近一期經審計淨資產的350%。 董事會欣然宣佈，根據上述股東授權，本公司已於2025年8月21日完成2025年度 第二十期短期融資券發行（「本期融資券」）。本期融資券的發行規模為人民幣40億 元，面值及發行價均為每單位人民幣100元。本期融資券的期限為85天，最終票 面利率為1.64%。本期融資券發行所募集的資金將用於補充本公司流動資金。 承董事會命 中國銀河證券股份有限公司 王晟 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） 公告 2025年度第二十期短期融資券發行完畢 茲提述中國銀河證券股份有限公司（「本公司」）日期為2025年1月23日的通函以及 2025年2月17日之公告。 董 ...

固收研究报告 权益市场再创新高，高波策略表现强势 ——转债量化类策略更新 2025 年 8 月 20 日 核心观点 分析师 刘雅坤 ：17887940037 ：liuyakun_yj@chinastock.com.cn 分析师登记编码：S0130523100001 研究助理：郝禹 风险提示 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 ⚫ 策略绩效及策略推荐：上一周期（8.5-8.18）低价增强策略、改良双低策略、 高价高弹性策略分别录得 3.5%、3%、6.8%（同期基准 4%）。今年以来，三 类策略绩效分别为 13.5%、26.4%、48.5%（同期基准 15.7%），累计超额收 益率-2.2%、10.7%、32.8%。上个周期权益市场快速走高，上证指数突破 3700 点，万得全 A 和中证转债分别上涨 5.6%、4%，高价高弹策略继续占优。年 初至今改良双低、高价高弹性策略分别有 10.7%、32.8%的显著超额收益。 ⚫ 低价增强策略最新持仓：牧原转债（农林牧渔，新入）、杭氧转债（基础化 工，新入）、花园转债（医药生物，新入）、聚合转债 ...

（文章来源：每日经济新闻） 中国银河8月21日发布研报称，给予许继电气（000400.SZ，最新价：23.28元）推荐评级。评级理由主 要包括：1）特高压兑现高增，景气长存有望持续受益；2）国内市场保持领先；3）国际市场强劲增 长；4）盈利能力持续增长。风险提示：电网建设不及预期的风险；竞争加剧的风险；海外开拓不及预 期的风险。 ...

中国银河（601881）证券发布研报称，血液肿瘤分类复杂，多种细分亚型治疗领域仍存在较多投资机 会。近年来在靶向、免疫以及细胞治疗等新兴治疗手段的推广应用下，血液瘤治疗已呈现与高血压、糖 尿病类似的慢病管理趋势。血液瘤的长生存周期带来大量存量患者，且药物治疗费用高，导致重磅产品 频出，潜在市场机会巨大。建议关注百济神州(06160)、诺诚健华(09969)、亚盛医药-B(06855)、迪哲医 药-U(688192.SH)。 AML、ALL等急性白血病目前主要采用化疗或靶向联合化疗模式，并通过靶向治疗和多药联合提升生 存率。在慢性白血病治疗中，CML主要采用BCR-ABLTKI治疗，尝试通过技术迭代及新靶点克服耐 药;CLL治疗包括BTK、BCL-2、CD20等药物，正探索BTK+BCL-2固定疗程给药及开发非共价BTK、双 靶BTK、BTKPROTAC等布局BTK耐药后市场。淋巴瘤亚型较多，大多数采用利妥昔联合化疗，而多发 性骨髓瘤仍以CD38单抗治疗为核心;淋巴瘤中侵袭性较强的DLBCL和多发性骨髓瘤均面临复发概率高且 复发后难治的问题，目前CAR-T疗法缓解率较高，为后线患者提供更多治疗选择。 靶向药竞争 ...

（文章来源：每日经济新闻） 中国银河8月21日发布研报称，给予北新建材（000786.SZ，最新价：26.53元）推荐评级。评级理由主 要包括：1）费用率小幅增长，信用减值拉低利润水平；2）国际业务增长显著，"一体两翼"持续推进。 风险提示：下游需求不及预期的风险；原材料价格超预期的风险；公司产能释放不及预期的风险；公司 业务整合不及预期的风险。 ...

Group 1 - The core viewpoint of the report is that China Galaxy recommends Jinli Permanent Magnet (300748.SZ) due to several positive factors affecting its performance [2] Group 2 - The report highlights that rare earth prices have stabilized and are on the rise, leading to continuous improvement in profitability [2] - There is a significant increase in the share of revenue from the air conditioning sector, while the new energy vehicle sector remains stable [2] - The proportion of overseas revenue has decreased in the first half of the year, but exports to the U.S. have increased [2] - The company is building a rare earth recycling system, with Silver Sea New Materials starting to turn a profit [2] - Early investments in emerging fields have led to small-scale deliveries of humanoid robots [2]

Key Points - The top three stocks with net inflows from southbound funds on August 18 are China Life (02628) with 955 million, Alibaba-W (09988) with 617 million, and Bilibili-W (09626) with 484 million [1][2] - The top three stocks with net outflows are the Tracker Fund of Hong Kong (02800) with -6.418 billion, Hang Seng China Enterprises (02828) with -2.181 billion, and CNOOC (00883) with -451 million [1][2] - In terms of net inflow ratio, the top three are Hong Kong and China Gas (01083) at 62.85%, Anjoy Foods (02648) at 59.88%, and Ruipu Lanjun (00666) at 51.93% [1][2] - The top three stocks with the highest net outflow ratios are Jiangsu Nanjing Highway (00177) at -54.22%, United Energy Group (00467) at -48.65%, and Sany International (00631) at -48.21% [1][2] Net Inflow Rankings - The top ten stocks by net inflow include China Life (02628) with 955 million, Alibaba-W (09988) with 617 million, and Bilibili-W (09626) with 484 million [2] - Other notable stocks in the top ten include CICC (03908) with 471 million and CITIC Securities (06030) with 411 million [2] Net Outflow Rankings - The top ten stocks by net outflow include the Tracker Fund of Hong Kong (02800) with -6.418 billion, Hang Seng China Enterprises (02828) with -2.181 billion, and CNOOC (00883) with -451 million [2] - Other significant outflows include Kuaishou-W (01024) with -381 million and Geely Automobile (00175) with -305 million [2] Net Inflow Ratio Rankings - The top three stocks by net inflow ratio are Hong Kong and China Gas (01083) at 62.85%, Anjoy Foods (02648) at 59.88%, and Ruipu Lanjun (00666) at 51.93% [2][3] - Additional stocks with high net inflow ratios include Daxin Financial (00440) at 50.35% and Shougang Resources (00639) at 47.08% [3] Net Outflow Ratio Rankings - The top three stocks by net outflow ratio are Jiangsu Nanjing Highway (00177) at -54.22%, United Energy Group (00467) at -48.65%, and Sany International (00631) at -48.21% [3] - Other notable stocks with significant outflow ratios include Tuhu-W (09690) at -46.99% and Ansteel (00347) at -46.67% [3]

Core Viewpoint - The Shanghai options market experienced significant trading activity in July, with a total trading volume of 115.51 million contracts, reflecting a month-on-month increase of 48.92% [1] Group 1: Market Performance - In July, the trading volume for the Shanghai options market reached 11550.66 million contracts, with notable increases in various ETFs: - SSE 50 ETF options: 29.40 million contracts, up 49.25% - CSI 300 ETF options: 29.43 million contracts, up 68.31% - CSI 500 ETF options: 32.35 million contracts, up 22.91% - Huaxia Sci-Tech 50 ETF options: 20.04 million contracts, up 81.23% - E Fund Sci-Tech 50 ETF options: 4.29 million contracts, up 42.75% [1] Group 2: Participant Data - As of July 2025, the total number of investor accounts in the Shanghai options market reached 705,868, with 4,323 new brokerage accounts added in July. A total of 91 securities firms and 34 futures companies have opened stock options brokerage business trading permissions [2] - The top three securities firms by trading volume in July were: - CITIC Securities: 5.08% market share - Guotai Junan Securities: 4.34% market share - Huabao Securities: 4.23% market share [2] Group 3: Wealth Management and Risk Management - The low interest rate environment has made standardized, high liquidity, and low-risk options increasingly popular among retail investors. The implementation of the Futures and Derivatives Law has provided a legal framework for the over-the-counter derivatives market, enhancing investor interest [2] - The main products in the over-the-counter derivatives business include OTC options and total return swaps, which serve both risk management and wealth management functions. OTC options can hedge market risks for various assets, while total return swaps help manage risks related to prices, interest rates, and exchange rates [3] Group 4: Market Opportunities - The over-the-counter derivatives market is poised for unprecedented growth opportunities due to the gradual improvement of regulatory frameworks and accelerated business innovations, highlighting its value in serving the risk management needs of the real economy and meeting diverse investment demands [4]

New Stock Activities - Companies currently in the IPO process include Jiaxin International Resources, Shuangdeng Co., and Kanglong Chemical [1] - Other companies in the IPO process are Suteng Juchuang, Jinglian Group, Binjiang Services, and Yika [1] Earnings Announcement Dates - Companies scheduled to announce earnings include Tengsheng Bo Pharmaceutical-B, Chunquan Industrial Trust, and Jinchao Yang Group [1] - Additional companies include Zaitong, China Petroleum & Chemical Corporation, Jinyuan Development International Industry, and Runli Maritime [1] - Other firms set to report earnings are New Fire Technology Holdings, Weijun Group Holdings, and Citic Bank [1] Shareholder Meetings - Companies holding shareholder meetings include Wuxi Life, China Wangwang, Cultural Communication, and Jingneng Clean Energy [1] - Additional companies include GC Construction [1] Dividend Distribution - Companies declaring dividends include Huixian Industrial Trust, Cabin, and Baotan Holdings [1] - Other firms include Pacific Shipping, China New Town, and Victory Securities [1] - Additional companies declaring dividends are Jinsang Machine Tool China, Aihua Credit, and Gaoxin Retail [1] - First Service Holdings is also listed for dividend distribution [1] Dividend Payment Dates - Companies with scheduled dividend payment dates include Midea Real Estate, China Galaxy, CITIC Securities, and China Life [2]

（文章来源：每日经济新闻） 中国银河8月19日发布研报称，给予新雷能（300593.SZ，最新价：20元）推荐评级。评级理由主要包 括：1）25H1 营收同比改善，利润短期承压；2）应收帐款管理改善，存货环比微涨；3）研发储备与产 能充足，营收天花板打开。风险提示：下游行业需求波动的风险；客户延迟验收的风险；募投项目进度 不及预期的风险；毛利率下降风险。 ...