Core Viewpoint - The Central Economic Work Conference held on December 10-11 emphasizes five essential approaches for economic work under new circumstances, including fully tapping economic potential and combining policy support with reform innovation [2] Group 1: Domestic Market and Consumption - The conference highlights the need to build a strong domestic market, focusing on boosting consumer spending and income to enhance residents' consumption capacity [3] - Specific measures include implementing actions to stimulate consumption, improving supply quality, and stabilizing employment and income expectations [3] - The emphasis is on optimizing policies for service consumption and removing unreasonable restrictions in the consumption sector [3] Group 2: Innovation and New Momentum - The conference stresses the importance of innovation-driven development and aims to establish international technology innovation centers in key regions [4] - It calls for a new round of high-quality development actions for key industrial chains, particularly in electric vehicles, photovoltaics, and energy storage [4][5] - Policies will focus on enhancing the innovation ecosystem and protecting intellectual property rights in emerging fields [4] Group 3: Reform and Market Vitality - The conference outlines reforms to enhance market vitality, including the establishment of a unified national market and addressing "involution" in competition [6][7] - It emphasizes the need for tax system reforms to improve local financial capabilities and support consumer-driven competition [7] - Measures will also target the revitalization of state-owned and private enterprises, addressing issues like overdue payments to private firms [7] Group 4: External Cooperation and Trade - The conference reiterates the importance of steady external openness, particularly in the service sector, and encourages the development of digital and green trade [8] - It aims to accelerate the signing of regional and bilateral trade agreements to enhance international cooperation [8] Group 5: Regional Development and Urban-Rural Integration - The conference promotes urban-rural integration and regional collaboration, focusing on the development of county towns and revitalizing rural areas [9][10] - It emphasizes the need for coordinated development among major city clusters and enhancing cross-regional cooperation [9] Group 6: Green Transition and Carbon Neutrality - The conference prioritizes green transformation, emphasizing the development of a new energy system and the promotion of energy efficiency in key industries [11][12] - It aims to expand the application of green electricity and strengthen the national carbon trading market [12] Group 7: Social Welfare and Public Services - The conference addresses key social welfare issues, including employment, social security, education, and healthcare, with a focus on stabilizing the birth rate [13] - It proposes comprehensive solutions to reduce burdens on residents in these areas, aiming to enhance overall living standards [13] Group 8: Risk Management and Real Estate - The conference outlines strategies for risk management, particularly in the real estate sector, shifting focus from stabilizing prices to controlling supply and inventory [14][15] - It emphasizes the need for reforms in housing provident funds and improving the financial health of local governments [14]

Core Viewpoint - China Galaxy Securities (601881) is expected to continue releasing growth potential due to its advantages in risk management, customer base, and policy benefits, amid industry recovery and business structure optimization, with a target price of HKD 12.66 and a "Buy" rating [1] Financial Performance - For the first three quarters of 2025, the company achieved revenue of CNY 22.75 billion, a year-on-year increase of 44.4%, and a net profit attributable to shareholders of CNY 10.97 billion, up 57.5% year-on-year; the weighted average ROE reached 8.77%, an increase of 2.97 percentage points year-on-year [2] - In Q3 alone, the net profit attributable to shareholders was CNY 4.48 billion, soaring 73.9% year-on-year and 29.0% quarter-on-quarter, marking the best single-quarter performance in history [2] Brokerage and Margin Financing - The brokerage business net income reached CNY 6.31 billion, a year-on-year increase of 70.7%, accounting for approximately 28% of total revenue; Q3 revenue was CNY 2.66 billion, up 125% year-on-year and 54% quarter-on-quarter, significantly outpacing market transaction growth [3] - The average daily trading volume of stock funds in the market increased by 113% year-on-year to CNY 1.81 trillion, and the margin financing balance reached CNY 2.39 trillion, a year-on-year increase of 66.2% [3] Investment Performance - The net investment income (including fair value changes) for the first three quarters was CNY 12.103 billion, achieving a year-on-year growth of 42.4%; Q3 alone saw a year-on-year increase of 32.6% [4] - As of the end of Q3, the financial asset scale was CNY 417 billion, a 9% increase from the beginning of the year, with other debt investments increasing by 16.3% to CNY 256.7 billion [4] Investment Banking Recovery - Investment banking net income for the first three quarters was CNY 480 million, a year-on-year increase of 29.9%; equity underwriting scale reached CNY 24.1 billion, a year-on-year increase of 1,420% [5] - The bond underwriting scale was CNY 576.1 billion, a year-on-year increase of 76.1%, with market share rising to 4.7% [5] - The company expects net profits attributable to shareholders for 2025-2027 to be CNY 14.7 billion, CNY 16.9 billion, and CNY 18.3 billion, corresponding to year-on-year growth rates of 46.5%, 14.9%, and 8.6% respectively [5]

值得注意的是，证监会主席吴清表示对优质机构适当"松绑"，进一步优化风控指标，适度打开资本空间 和杠杆限制，提升资本利用效率。海通证券研报分析指出，吴清主席提出的对优质机构"松绑"政策，其 核心在于推动证券行业经营逻辑从规模导向转向风险定价能力，从依赖牌照红利转向提升专业经营水 平。这一转变将显著利好优质头部券商，成为板块估值修复的重要催化剂。 消息面上，金融监管委员会发布对调整保险公司相关业务风险因子的通知。国泰海通指出，金监总局下 调长期持有的沪深300、中证红利低波成分股及部分科创板股票风险因子，在不放松偿付能力约束的前 提下，降低险资配置优质权益资产的资本占用，强化"长期持有享受资本优惠"的导向。本次释放的最低 资本规模有限但方向明确，有利于险资适度提升权益占比、延长持仓久期。叠加"新增保费约30%入 市"的中长期逻辑，我们仍看好险资在未来几年持续为权益市场提供增量。 中资券商股涨幅扩大，截至发稿，中国银河(06881)涨5.17%，报10.57港元；国泰海通(02611)涨4.61%， 报16.78港元；中信证券(06030)涨3.21%，报27.64港元；广发证券(01776)涨2.58%，报17. ...

Core Viewpoint - China Galaxy Securities (06881) is positioned to leverage its strengths in risk management, customer base, and policy advantages, with expectations for continued growth potential amid industry recovery and business optimization, targeting a price of HKD 12.66 and maintaining a "Buy" rating [1] Group 1: Financial Performance - The company achieved a revenue of CNY 22.75 billion for the first three quarters of 2025, a year-on-year increase of 44.4%, with net profit attributable to shareholders reaching CNY 10.97 billion, up 57.5% year-on-year [2] - The weighted average ROE reached 8.77%, an increase of 2.97 percentage points year-on-year, indicating significant improvement in profitability [2] - In Q3 alone, net profit attributable to shareholders was CNY 4.48 billion, soaring 73.9% year-on-year and 29.0% quarter-on-quarter, marking the best quarterly performance in history [2] Group 2: Brokerage and Margin Financing - The brokerage business net income was CNY 6.31 billion, a year-on-year increase of 70.7%, accounting for approximately 28% of total revenue, with Q3 income reaching CNY 2.66 billion, up 125% year-on-year [3] - The average daily trading volume in the market increased by 113% year-on-year to CNY 1.81 trillion, contributing to the growth in brokerage income [3] - The margin financing balance reached CNY 2.39 trillion, a year-on-year increase of 66.2%, reflecting a robust customer base and effective conversion capabilities [3] Group 3: Investment Performance - The net investment income (including fair value changes) for the first three quarters was CNY 12.103 billion, achieving a year-on-year growth of 42.4% [4] - The financial asset scale reached CNY 417 billion by the end of Q3, a 9% increase from the beginning of the year, with other debt investments rising by 16.3% to CNY 256.7 billion [4] - The ratio of equity securities and derivatives to net capital increased from 27.27% at the beginning of the year to 32.69%, indicating strong investment and risk control capabilities [4] Group 4: Investment Banking - The investment banking net income for the first three quarters was CNY 480 million, a year-on-year increase of 29.9%, although its impact on overall performance remains limited [5] - The scale of equity underwriting reached CNY 24.1 billion, a staggering increase of 1,420% year-on-year, with a market share increase of 1.68 percentage points to 2.5% [5] - The bond underwriting scale was CNY 576.1 billion, up 76.1% year-on-year, with a market share increase of 1.44 percentage points to 4.7%, ranking sixth in the industry [5]

Group 1 - Chinese brokerage stocks have seen significant gains, with China Galaxy rising by 5.17% to HKD 10.57, Guotai Junan increasing by 4.61% to HKD 16.78, CITIC Securities up by 3.21% to HKD 27.64, and GF Securities climbing by 2.58% to HKD 17.49 [1] - The Financial Regulatory Commission has issued a notice to adjust risk factors related to insurance companies' business, which includes lowering risk factors for long-term holdings of certain stocks, thereby encouraging insurance capital to increase equity asset allocation while maintaining solvency constraints [1] - The release of minimum capital requirements is limited but clearly directed, which is expected to benefit insurance capital in increasing equity ratios and extending holding periods, with an anticipated 30% of new premiums entering the market [1] Group 2 - The Chairman of the Securities Regulatory Commission, Wu Qing, indicated a policy of appropriate "relaxation" for quality institutions, aimed at optimizing risk control indicators and enhancing capital utilization efficiency [2] - The analysis from Haitong Securities highlights that the core of the "relaxation" policy is to shift the operational logic of the securities industry from scale-oriented to risk pricing capability, which will significantly benefit leading brokerages and act as a catalyst for valuation recovery in the sector [2]

Core Viewpoint - The report from China Galaxy Securities emphasizes the importance of the "14th Five-Year Plan" for the consumption industry, highlighting the need to focus on medium- to long-term consumption goals and the specific policies related to consumption expected to be implemented by 2026 [1][2]. Group 1: Policy Developments - The Central Economic Work Conference held on December 10-11, 2025, underscored the need to prioritize domestic demand and build a strong domestic market, implementing actions to boost consumption and develop plans for increasing urban and rural residents' income [2][4]. - The government has been actively promoting various policies to stimulate consumption, including the introduction of a special fund of 150 billion yuan for consumption upgrades and an additional 300 billion yuan in 2025 for similar initiatives [3][4]. Group 2: Consumption Trends - The report anticipates significant changes in service consumption by 2026, with a more favorable outlook compared to goods consumption, driven by recent policies aimed at enhancing service consumption and removing unreasonable restrictions in the consumption sector [1][3]. - The retail sales growth rate showed a year-on-year increase of 2.9% in October 2025, although it experienced a slight month-on-month decline of 0.1 percentage points, indicating ongoing challenges in the consumption market [3]. Group 3: Investment Recommendations - The report suggests focusing on high-dividend quality companies during market style shifts, as well as companies with alpha potential in various segments, including new consumption in the social service sector and food and beverage industries [5]. - Specific recommendations include companies like Gu Ming and Da Mai Entertainment in the new consumption sector, and Midea Group and Haier Smart Home in the home appliance sector, which are noted for their high dividend yields [5].

Core Viewpoint - North Special Technology (603009.SH) has received approval from the Shanghai Stock Exchange for its application to issue A-shares to specific investors through a simplified procedure, pending final registration approval from the China Securities Regulatory Commission (CSRC) [1] Group 1: Issuance Details - The company plans to issue a total of 7,980,845 shares, aiming to raise no more than 300 million RMB, which does not exceed 20% of the company's net assets as of the end of the previous year [2] - The pricing benchmark date for the issuance is set for August 28, 2025, with the issue price determined at 37.59 RMB per share, which is 80% of the average trading price over the 20 trading days prior to the benchmark date [3] - The total subscription amount from the investors is 30 million RMB, and the funds raised will be used entirely for the construction of the Thailand screw production base project (Phase I) [3] Group 2: Shareholder Information - As of the date of the fundraising prospectus, Jin Kun holds 10,688.41 million shares, representing 31.57% of the total share capital, making him the controlling shareholder and actual controller of the company [4] - Jin Xiao Tang holds 2,774.88 million shares, accounting for 8.20% of the total share capital, and is related to Jin Kun as a father-son relationship, constituting a concerted action [4] - The issuance will not change the control of the company, as Jin Kun remains the controlling shareholder post-issuance [4]

Core Viewpoint - The report from China Galaxy Securities indicates a clear upward trend in both domestic and international sales growth for excavators in November compared to October, driven by a recovery in demand from the wind and hydropower sectors and strong overseas demand, particularly in Europe, North America, and Australia [1] Group 1: Industry Performance - In November, the growth rate of excavator sales, both domestic and international, increased compared to October, indicating a synchronized upward trend in industry demand [1] - The recovery in non-excavator segments, driven by wind and hydropower, continues to show positive momentum [1] Group 2: International Demand - Demand for mining machinery remains strong in Australia and Latin America, contributing to the overall positive outlook for the industry [1] - In 2024, domestic brands are expected to account for 19.2% of global (excluding China) demand for excavators, suggesting significant room for growth in export volumes [1]

本期债券承销机构及其关联方未参与本期债券认购。 证券代码：601881 证券简称：中国银河 公告编号：2025-115 中国银河证券股份有限公司2025年面向专业投资者 公开发行短期公司债券（第二期）发行结果公告 本公司及其董事会全体成员保证公告内容的真实、准确和完整，不存 在虚假记载、误导性陈述或重大遗漏，并对其内容的真实性、准确性和完 整性承担个别和连带的法律责任。 中国银河证券股份有限公司（以下简称"发行人"）面向专业投资者公开 发行面值余额不超过 150 亿元（含 150 亿元）的短期公司债券已于 2025 年 10 月 10 日获中国证券监督管理委员会出具的《关于同意中国银河证券股份有限 公司向专业投资者公开发行短期公司债券注册的批复》（证监许可〔2025〕2250 号）注册。 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短期 公司债券（第二期）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短期公司债券（第二期）（以下简称"本期债券"）的发 行规模不超过人民币 40 亿元（含 40 亿元），期限为 182 天，发行价格为每张 100 元，采取网下面 ...

证券代码：601881 证券简称：中国银河 公告编号：2025-114 中国银河证券股份有限公司 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董事会 中国银河证券股份有限公司（以下简称"本公司"）于2025年9月10日成功发行了中国银河证券股份有限 公司2025年度第二十二期短期融资券（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1.62%，短期融资券期限为90天，兑付日期为2025年12月9日。（详见本公司于 2025年9月11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 度第二十二期短期融资券发行结果公告》）。 2025年12月11日 2025年12月9日，本公司兑付了本期短期融资券本息共计人民币4,015,978,082.19元。 特此公告。 2025年度第二十二期短期融资券兑付完成的公告 ...