[Current Period Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company forecasts a 45-55% year-on-year increase in net profit attributable to shareholders for H1 2025, reaching RMB 6.362-6.801 billion Key Performance Indicators for H1 2025 Performance Forecast | Indicator | Estimated Amount (RMB) | Year-on-Year Growth Rate | | :--- | :--- | :--- | | **Net Profit Attributable to Parent Company Shareholders** | RMB 6.362 billion - RMB 6.801 billion | 45% - 55% | | **Net Profit Attributable to Parent Company Shareholders (Excluding Non-Recurring Items)** | RMB 6.360 billion - RMB 6.799 billion | 44% - 54% | - The performance forecast data represents preliminary calculations based on the company's operating results from January 1 to June 30, 2025, and has not been audited by a certified public accountant[4](index=4&type=chunk) [Prior Period Performance Overview](index=1&type=section&id=II.%20Prior%20Period%20Performance%20Overview) In H1 2024, the company achieved net profit attributable to shareholders of RMB 4.388 billion, serving as the comparison basis for the 2025 forecast H1 2024 Performance Review | Indicator | Amount (RMB) | | :--- | :--- | | **Net Profit Attributable to Parent Company Shareholders** | RMB 4.388 billion | | **Net Profit Attributable to Parent Company Shareholders (Excluding Non-Recurring Items)** | RMB 4.409 billion | | **Basic Earnings Per Share** | RMB 0.35 | [Primary Reasons for Current Period Performance Increase](index=2&type=section&id=III.%20Primary%20Reasons%20for%20Current%20Period%20Performance%20Increase) The H1 2025 performance increase is primarily driven by the company's proactive market engagement and robust growth across core business segments - The company attributes its performance growth to proactively seizing market opportunities and achieving growth across multiple core business segments, including investment trading, wealth management, investment banking, and institutional business[7](index=7&type=chunk) [Risk Warning](index=2&type=section&id=IV.%20Risk%20Warning) The company states no significant uncertainties have been identified that could impact the accuracy of this performance forecast - The company states that no significant uncertainties have been identified that could affect the accuracy of this performance forecast[8](index=8&type=chunk) [Other Explanatory Notes](index=2&type=section&id=V.%20Other%20Explanatory%20Notes) The company emphasizes that the forecast data is preliminary and unaudited, with final figures subject to the official H1 2025 report - The financial data in this announcement is preliminary and unaudited, with the final results subject to the company's officially disclosed 2025 semi-annual report[9](index=9&type=chunk) - The company reminds investors that stock prices are influenced by various factors, including macroeconomic conditions and market trends, and advises caution regarding investment risks[9](index=9&type=chunk)

中国银河(601881.SH)公告称，预计2025年上半年归属于母公司股东的 净利润为63.62亿元至68.01亿元， 同比增长45%至55%。上年同期净利润为43.88亿元。公司投资交易、财富管理、投资银行、机构等业务 均实现增长，取得较好经营业绩。 ...

中国银河（601881）公告，预计2025年半年度实现归属于母公司股东的净利润为人民币63.62亿元至人 民币68.01亿元，与上年同期相比，将增加人民币19.75亿元至人民币24.13亿元，同比增长45%至55%。 公司主动把握市场机遇，不断寻求业务突破，稳中求进。公司投资交易、财富管理、投资银行、机构等 业务均实现增长，取得较好经营业绩。 ...

智通财经APP获悉，开源证券发布研报称，OCI和股票自营、海外业务高增或带来券商中报超预期，预 计2025H1上市券商业绩同比增速有望超50%(扣非口径)，环比增速可期。2024年新国九条、央行等金融 部委组合拳稳股市的长效影响延续，个人投资者和中长资金持续流入，交易活跃度中枢抬升逻辑验证， 券商港股业务和投行业务逐步改善，当下估值仍在低位，机构欠配显著，继续推荐券商板块机会。关注 业绩预告、稳定币主题以及基准回补等催化。 经纪+权益自营+海外驱动中报同比高增，债券自营+投行支撑Q2环比 (1)预计经纪业务、权益自营和海外业务同比高增是券商中报净利润增长核心驱动因素。2025H1市场日 均股基交易额1.6万亿，同比+66%，驱动证券行业经纪业务同比高增。市场震荡上涨+交易量活跃利好 券商权益自营投资以及相关衍生品业务(2024年初市场波动导致部分券商衍生品业务亏损)，2025H1沪深 300/万得全A上涨0.3%/5.8%(2024H1为+0.9%/-8.0%)。上半年港股市场景气度较高，2025上半年香港市 场现货ADT 2402亿港元，同比+118%，北向ADT 1713亿人民币，同比+32%，南向ADT ...

华泰证券发布港股策略研报称，市场波动率可能走高，板块轮动重要性上升，近关税扰动脱敏，政策预 期升温，南向资金净流入显著增加，外资同步回流。展望看，港股流动性宽裕的中期逻辑未发生显著变 化，但短期伴随热点板块出现调整，资金再配置已悄然进行，指数层面波动率或将进一步放大。 国海富兰克林基金称，下半年对港股市场持谨慎乐观态度，综合考量当前港股市场所具备的低估值优 势，以及国内政策的持续稳步推进，认为港股有望在 2025 年下半年延续震荡上涨的良好态势。 中国银河证券分析指出，近期全球宏观风险再次升温预期，市场的风险偏好受到影响。在全球权益市场 中，港股绝对估值处于相对低位水平、估值分位数处于历史中上水平，中长期配置价值仍然较高。展望 后市，科技板块依然具备较高投资机会。主要由于科技板块政策支持力度较大，盈利增速居前，估值处 于历史中低水平，第二，在国内促消费政策刺激下，消费行业业绩增速预期改善，估值相对较低的港股 消费股有望上涨，重点关注医药行业和可选消费行业。而在海内外不确定性因素的扰动下，高股息标也 可以为投资者提供较为稳定的回报。 本文转自"腾讯自选股"；智通财经编辑：刘璇。 恒生指数高开0.32%，恒生科技 ...

Core Viewpoint - The China Interbank Market Dealers Association has initiated a self-discipline investigation into six main underwriters due to concerns over their bidding fees for a bond issuance project by Guangfa Bank [1] Group 1: Regulatory Actions - The Dealers Association released a notice to strengthen the self-regulation of underwriting practices in the interbank bond market, particularly targeting non-compliant behaviors such as low underwriting fees and low-price underwriting [1] - The investigation is based on the self-discipline rules of the interbank bond market, which allows for disciplinary actions against institutions that violate these rules during their business operations [1] Group 2: Bond Issuance Details - Guangfa Bank announced a competitive procurement project for selecting underwriters for its 2025-2026 secondary capital bond issuance, with a total project scale of 35 billion yuan [1] - The selected underwriters include China Galaxy Securities, Guangfa Securities, Industrial Bank, Guotai Junan Securities, CITIC Construction Investment Securities, and CITIC Securities, with estimated service fees ranging from 700 yuan to 35,000 yuan [1] - The total estimated underwriting service fee for the project amounts to 63,448 yuan, with a 6% VAT applicable [1]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 转自：新华财经 银河证券作为券商"国家队"，始终坚持将公司使命融入国家发展大局，积极践行"金融报国、客户至 上"的理念。银河证券通过传授证券市场理论知识与实践教学相结合，为提升学生们的金融素养、培养 有竞争力的复合型人才、培育未来建设资本市场的生力军发挥了积极作用。 在北京证监局、深圳证券交易所的指导与大力支持下，中国银河证券与北京大学法学院共建"北京大学 思想政治实践教育基地"，并于2023、2024年连续两年举办暑期资本市场实践课程，活动效果显著。 北京大学法学院副院长戴昕指出："在资本市场深化改革背景下，法律人对金融市场的认知深度直接决 定法治保障的精准度。此次实践旨在让法学生在真实场景中建立'金融思维+法律逻辑'的复合认知框 架，成为服务国家战略的复合型人才。" 中国银河证券财富运管总部副总经理邸柱阐释课程的"三维目标"："通过金融机构参访理解市场运行机 理，通过法治实践强化规则意识，通过科技企业调研前瞻监管挑战。" 在银河证券北京安贞门营业部，同学们了解了证券业务从传统柜台向智能终端的数字化转型；在《银小 河财商桌游》环节完成 ...

根据《中国银河证券股份有限公司 2025 年面向专业投资者公开发行科技 创新公司债券（第一期）（续发行）募集说明书》，中国银河证券股份有限公 司 2025 年面向专业投资者公开发行科技创新公司债券（第一期）（续发行） （以下简称"本期续发行债券"）的发行规模不超过人民币 10 亿元（含 10 亿 元）。本期续发行债券期限为 3 年（起息日为 2025 年 5 月 13 日，本金兑付 日期为 2028 年 5 月 13 日），票面利率为 1.75%。 本期续发行债券采取网下面向专业投资者簿记建档的方式发行，发行工作 已于 2025 年 7 月 14 日结束，本期续发行债券（债券简称：25 银河 K1，代码： 242589.SH）实际发行规模人民币 10 亿元，最终发行价格确定为人民币 100.460 元，认购倍数为 2.85 倍。 经核查，发行人的董事、监事、高级管理人员、持股比例超过 5%的股东 及其他关联方未参与本期续发行债券认购。 本期续发行债券存在承销机构及其关联方认购情况，为主承销商中信建投 证券股份有限公司参与认购并获配本期续发行债券 1.0 亿元，其关联方中信证 券股份有限公司参与认购并获配本期续 ...

Export Performance - In June, China's export value reached $325.18 billion, with a year-on-year growth rate of 5.8%, up from 4.8% in the previous month[5] - Cumulative export growth for the first half of the year was 5.9%, slightly up by 0.1 percentage points compared to 2024[5] - The trade surplus in June was $114.77 billion, an increase from $103.2 billion in the previous month[5] Import Trends - Imports in June totaled $210.4 billion, with a growth rate of 1.1%, recovering from a decline of 3.4% in May[5] - Cumulative import growth for the first half of the year was -3.9%, down by 5 percentage points compared to the previous year[5] - Key imports showing significant growth included natural and synthetic rubber (27.5%), refined oil (13.9%), and integrated circuits (11.4%) while some prices like coal and crude oil saw declines of -25.2% and -20.2% respectively[7] Trade Dynamics - Exports to the U.S. continued to decline sharply, with a year-on-year decrease of 16.1%, improving from a previous decline of 34.5%[13] - Exports to ASEAN countries increased to 16.8%, with notable growth rates for Thailand (27.9%) and Vietnam (23.8%) compared to the previous month[14] - The overall global manufacturing PMI rose to 50.3 in June, indicating a return to expansion, which supports China's export performance[6] Risks and Future Outlook - Trade friction risks are increasing, with potential tariff hikes from the U.S. and other economies, which may pressure exports in the second half of the year[22] - Despite challenges, long-term support for exports includes increased competitiveness of Chinese products and a diversified trade structure, with a notable rise in exports to ASEAN and EU markets[22] - High-tech product exports grew by 9.2% in the first half of the year, indicating a sustained demand for advanced manufacturing[22]

Core Viewpoint - The China Interbank Market Dealers Association has initiated self-discipline investigations against six main underwriters, including major securities firms and a bank, due to concerns over low underwriting fees in a recent bond issuance project [1][5]. Group 1: Investigation and Regulatory Actions - The self-discipline investigation was prompted by the observation of low underwriting fees in the 2025-2026 secondary capital bond project by Guangfa Bank, which raised market concerns [2][5]. - The association had previously issued a notice to strengthen the regulations on underwriting practices, specifically prohibiting bids below cost [3][5]. Group 2: Underwriting Fee Details - The total underwriting service fee for the six selected institutions was reported to be 63,448 yuan, with individual fees as low as 700 yuan for some firms [4][6]. - The breakdown of estimated service fees included: CITIC Jianan Securities at 35,000 yuan, CITIC Securities at 21,000 yuan, and others at significantly lower amounts [4][6]. Group 3: Market Dynamics and Implications - The phenomenon of low underwriting fees has been a recurring issue, with past instances showing fees as low as 0.0001% in previous bond issuances, indicating a trend of aggressive competition among underwriters [8][9]. - Analysts suggest that the practice of low-cost underwriting may lead to insufficient due diligence and could pose risks to the bond market, undermining the role of underwriters as gatekeepers [8][10]. Group 4: Recommendations for Improvement - There is a call for the industry to refocus on the core responsibilities of underwriting, emphasizing quality over quantity, and to establish stricter self-regulatory measures to combat unreasonable pricing practices [10]. - Experts recommend enhancing the ethical standards of underwriting personnel and relying on brand and professional expertise rather than aggressive pricing strategies to secure projects [10].