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 2026年第一次臨時股東會投票表決結果 中國銀河證券股份有限公司（「本公司」）董事會（「董事會」）宣佈，本公司於2026 年2月12日（星期四）於中國北京市豐台區西營街8號院1號樓青海金融大廈M1919 會議室舉行2026年第一次臨時股東會（「臨時股東會」或「會議」）。臨時股東會上提 呈之決議案獲正式通過。 I. 臨時股東會投票表決結果 於臨時股東會當日，本公司已發行股份總數為10,934,402,256 股（包括 7,243,417,623股A股和3,690,984,633股H股）。 就於臨時股東會上提呈之第1項決議案，合共持有本公司10,934,402,256股股 份的股東，即代表本公司已發行股份總數的100%，有權出席臨時股東會及 就會上提呈之第1項決議案表決。就於臨時股東會上提呈之第2項決議案，中 國銀河金融控股有限責任 ...

证券代码：601881 证券简称：中国银河 公告编号：2026-020 公司决定行使 21 银河 Y1 发行人赎回权，即全部赎回 21 银河 Y1。 公司将根据相关业务规则，做好 21 银河 Y1 后续信息披露及还本付息工作。 特此公告。 中国银河证券股份有限公司 中国银河证券股份有限公司董事会 关于行使"21 银河 Y1"发行人赎回选择权的 2026 年 2 月 13 日 第二次提示性公告 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"公司"或"发行人"）于 2026 年 2 月 7 日披露了《中国银河证券股份有限公司公开发行 2021 年永续次级债券（第 一期）发行人不行使续期选择权暨行使赎回权并全额兑付的公告》（公告编号： 2026-015），本公告为上述事项的提示性公告。 公司于 2021 年 3 月 29 日完成中国银河证券股份有限公司公开发行 2021 年永续次级债券（第一期）（以下简称"21 银河 Y1"）的发行工作。根据《中 国银河证券股份有限公司公开发行 2021 ...

证券代码：601881 证券简称：中国银河 公告编号：2026-021 中国银河证券股份有限公司 2026年第一次临时股东会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 1,354 | | --- | --- | | 其中：A 股股东人数 | 1,352 | | 境外上市外资股股东人数（H 股） | 2 | | 2、出席会议的股东所持有表决权的股份总数（股） | 7,101,667,439 | | 其中：A 股股东持有股份总数 | 5,533,715,535 | | 境外上市外资股股东持有股份总数（H 股） | 1,567,951,904 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 64.947926 | 1 (一) 股东会召开的时间：2026 年 2 月 12 日 (二) 股东会召开的地点：北京市丰台区西营街 8 号院 1 号楼青海金融大厦 M1919 会议室 (三) 出席会议的普通 ...

北京市金杜律师事务所 关于中国银河证券股份有限公司 2026 年第一次临时股东会的 法律意见书 致：中国银河证券股份有限公司 北京市金杜律师事务所（以下简称本所）接受中国银河证券股份有限公司（以 下简称公司）委托，根据《中华人民共和国证券法》（以下简称《证券法》）、《中 华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会《上市公 司股东会规则》（以下简称《股东会规则》）等中华人民共和国境内（以下简称中 国境内，为本法律意见书之目的，不包括中国香港特别行政区、中国澳门特别行 政区和中国台湾省）现行有效的法律、行政法规、规章、规范性文件和现行有效 的《中国银河证券股份有限公司章程》（以下简称《公司章程》）有关规定，指派 律师出席了公司于 2026 年 2 月 12 日召开的 2026 年第一次临时股东会（以下简 称本次股东会），并就本次股东会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1. 经公司 2025 年第二次临时股东大会审议通过的《公司章程》； 2. 公司 2026 年 1 月 23 日刊登于香港交易及结算所有限公司披露易网站的 《海外 ...

Core Viewpoint - The global supply of specialty fiberglass cloth is currently limited due to high production technology barriers, leading to a supply-demand imbalance and rising prices. This situation is expected to persist, especially with the continued high demand for AI computing power, which will further support the tight supply of high-end specialty fiberglass cloth and impact traditional electronic cloth production capacity [1][2][3]. Group 1: Market Dynamics - The demand for specialty fiberglass cloth is rapidly increasing due to the explosive growth in AI computing power, which drives the need for high-performance materials in electronic products such as AI servers and 5G base stations [2]. - The production capacity for fiberglass is expected to increase by 2025; however, the release of this capacity will face delays, maintaining the supply shortage of specialty fiberglass cloth [2][3]. - Traditional electronic cloth supply is also tightening as manufacturers shift production towards specialty fiberglass cloth, leading to price increases for traditional electronic cloth [3]. Group 2: Financial Performance - Several fiberglass companies, including China National Materials and Honghe Technology, are projected to see significant profit growth in 2025, with expected net profit increases of 173.76%-251.97% and 745%-889%, respectively, driven by rising demand and prices for electronic cloth [4]. - The overall profitability of the fiberglass industry is anticipated to continue recovering, with expectations of further price increases for electronic cloth due to sustained high demand for AI computing [4]. Group 3: Investment Opportunities - Two investment directions are suggested: 1) Focus on companies with specialty fiberglass production capabilities, such as China National Materials and Honghe Technology, which are likely to benefit from the ongoing high demand and price growth [5]. 2) Consider companies like China Jushi that have advantages in traditional electronic cloth production capacity and cost, as they are expected to benefit from the tightening supply and rising prices [5].

Core Viewpoint - The "AI Red Packet War" is fundamentally about major companies competing for C-end user traffic and cultivating user habits on a large scale [1][3]. Group 1: Event Overview - On February 10, 2026, Doubao announced it will distribute over 100,000 technology gifts connected to its large model and cash red packets up to 8,888 yuan during the CCTV Spring Festival Gala on February 16 [1]. - Major companies, including Yuanbao App and Qianwen App, have initiated red packet activities to capture C-end users, with Yuanbao distributing 1 billion yuan in cash red packets starting February 1, and Qianwen offering 3 billion yuan in discounts starting February 6 [2]. Group 2: User Habit Cultivation - The "AI Red Packet War" serves to capture C-end traffic and cultivate user habits, with cash red packets significantly boosting user data for various AI assistant apps, leading to Yuanbao App topping the App Store free list for five consecutive days after its activity began [3]. - The use of red packets and the association with major Spring Festival galas have positioned AI assistants as default high-frequency access points for users, fostering habitual engagement [3]. Group 3: Integrated Industry Ecosystem - The AI assistants are becoming core carriers in the "AI Red Packet War," showcasing integrated functionality that connects with existing platforms, creating a new fusion ecosystem [4]. - For instance, users of Qianwen App can redeem red packets and make purchases through Alibaba's platforms, indicating an initial integration of AI ecosystems with traditional internet ecosystems [4]. - Future integration of large models with e-commerce, payment, and local services could validate the commercial pathways for large models in C-end applications [4]. Group 4: Investment Recommendations - The ongoing AI industry catalysis and the commercialization of AI applications present vast development opportunities, with the "AI Red Packet War" potentially marking a milestone in transitioning large models and AI assistants from technical development to C-end applications [5]. - Companies to watch include Tencent Holdings (00700) and Alibaba-W (09988), as well as those in AI-enabled sectors such as Kuaishou-W (01024), Worth Buying (300785), BlueFocus (300058), Kunlun Wanwei (300418), and Kaiying Network (002517) [5].

Core Viewpoint - The report from China Galaxy Securities indicates a significant growth in domestic and foreign sales of excavators in January 2026, with domestic sales increasing by 61.4% and exports by 40.5% [1] Group 1: Excavator Sales - In January, a total of 18,708 excavators were sold, representing a year-on-year increase of 49.5%. Domestic sales accounted for 8,723 units (including 24 electric excavators), up 61.4%, while exports reached 9,985 units (including 11 electric excavators), up 40.5% [1] - The increase in domestic sales is influenced by the Lunar New Year timing, while overseas demand is recovering, particularly in Europe and the U.S., alongside strong metal prices and robust mining market demand in regions like Australia and Africa [1] Group 2: Other Machinery Sales - In December, various types of cranes showed high growth in sales, with truck cranes increasing by 38% overall, and crawler cranes by 68% [2] - For 2025, the overall sales growth for truck cranes is projected at 1.39%, while crawler cranes are expected to see a significant increase of 30% [2] Group 3: Working Hours and Rates - In January, the average working hours for major construction machinery products was 72.5 hours, a year-on-year increase of 23.9%, while the average operating rate was 48.1%, reflecting a year-on-year decrease of 2.63 percentage points [3] - In December, there was an improvement in working hours for Komatsu excavators in North America, Europe, Japan, and Indonesia [3] Group 4: Caterpillar's Market Outlook - Caterpillar reported a year-on-year increase of 11% in end-user sales in Q4 2025, with expectations for moderate growth in North American demand in 2026, supported by strong order levels [4] - The resource business saw a decline in sales due to weak coal prices, but growth is anticipated in 2026 driven by rising demand for copper and gold, as well as heavy construction and aggregate industries [4] Group 5: Recommended Companies - Based on the upward trend in domestic and foreign sales, leading manufacturers such as SANY Heavy Industry, XCMG, Zoomlion, and LiuGong are recommended, along with core component manufacturer Hengli Hydraulic [5]

证券代码：601881 证券简称：中国银河 公告编号：2026-019 中国银河证券股份有限公司 2025年度第二十三期短期融资券 兑付完成的公告 2026年2月12日 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9月17日成功发行了中国银河证券股份有限 公司2025年度第二十三期短期融资券（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1.70%，短期融资券期限为146天，兑付日期为2026年2月10日。（详见本公司于 2025年9月18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 度第二十三期短期融资券发行结果公告》）。 2026年2月10日，本公司兑付了本期短期融资券本息共计人民币4,027,200,000.00元。 特此公告。 中国银河证券股份有限公司董事会 ...

Group 1 - The A-share market is currently experiencing a clear risk-averse sentiment and structural differentiation, with funds favoring high-dividend, low-valuation, and defensive consumption sectors, while technology and cyclical sectors continue to adjust [1][2] - The market is showing significant structural differentiation, with defensive sectors acting as a "safe haven" for funds, leading to a notable decline in trading activity and a shift of capital from high-valuation technology and cyclical sectors to more stable assets [1][2] - The upcoming Chinese New Year is expected to influence market behavior, with historical trends indicating a preference for high-dividend and defensive sectors before the holiday, while post-holiday, the market may favor small-cap and growth styles [2][3] Group 2 - The current industry structure is transitioning from a traditional factor-driven growth model to a new productivity development model centered on technological innovation [2] - Investors are weighing the strategies of "holding stocks during the holiday" versus "holding cash for safety," with the former focusing on potential policy catalysts and liquidity, while the latter aims to avoid short-term volatility [3] - Post-holiday, the market is expected to shift focus back to growth sectors with industry catalysts and earnings certainty, driven by policy catalysts in February and earnings disclosures in March [3][4] Group 3 - Earnings forecasts indicate a shift in the logic of A-share market growth for 2026, with profitability expected to take precedence over valuation, highlighting structural opportunities in technology manufacturing and cyclical industries benefiting from price increases [4] - Two main investment themes are suggested: one focusing on the improvement of supply-demand dynamics and industry profitability, and the other on new productivity areas such as semiconductors, artificial intelligence, and renewable energy [4] - The overall market tone for 2026 is expected to remain bullish, with a focus on technological innovation and profitability recovery, supported by domestic consumption and overseas expansion as auxiliary themes [4]

中国银河（601881）(06881)发布公告，公司于2025年9月17日成功发行了中国银河证券股份有限公司 2025年度第二十三期短期融资券，本期短期融资券发行额为人民币40亿元，票面利率为1.70%，短期融 资券期限为146天，兑付日期为2026年2月10日。2026年2月10日，公司兑付了本期短期融资券本息共计 人民币40.272亿元。 ...