Core Viewpoint - The acquisition of COFCO Packaging by Orijin is expected to significantly improve the competitive landscape of the two-piece can industry in China, leading to a more rational market supply-demand relationship and sufficient pricing power for downstream customers, which will drive the industry's profitability recovery. Group 1: Industry Overview - The market size of China's two-piece can industry reached 44.7 billion yuan in 2023, with a compound annual growth rate (CAGR) of 8.3% from 2018 to 2023, and is projected to reach 77.6 billion yuan by 2030 [1] - The industry's capacity utilization and downstream demand will directly influence the average price trends in the sector [1] - The market concentration is expected to increase, with the top three companies holding over 70% market share post-acquisition, enhancing pricing power and profitability [1] Group 2: Comparison with Overseas Markets - Overseas metal beverage packaging leaders have achieved high market concentration through mergers and acquisitions, resulting in improved profitability and pricing power [2] - For instance, Ball Corporation and Crown Holdings have seen significant increases in gross margins following strategic acquisitions, while domestic leaders like Baosteel Packaging have lower pricing per can compared to their overseas counterparts [2] - The current gross margin for domestic two-piece can businesses is below 10%, indicating substantial room for improvement compared to the 15%-20% range of overseas leaders [2] Group 3: Historical Context and Future Outlook - The two-piece can industry has undergone cycles of capacity release, oversupply, and subsequent consolidation, leading to profitability recovery [3] - From 2012 to 2017, the industry faced profit squeezes due to rising raw material costs, followed by a consolidation phase that improved average prices and margins for listed companies [3] - The gross margins for leading companies like Baosteel Packaging and Orijin have declined from 2019 levels, but the acquisition of COFCO is expected to enhance market concentration and pricing power, leading to a recovery in industry average prices [3]

Core Viewpoint - China Galaxy Securities successfully issued its 2025 22nd short-term financing bond with a total issuance amount of RMB 4 billion and a coupon rate of 1.62% [1] Group 1: Financing Details - The short-term financing bond was issued on September 10, 2025, with a maturity period of 90 days [1] - The total principal and interest paid on the bond upon maturity on December 9, 2025, amounted to RMB 4,015,978,082.19 [1] Group 2: Company Assurance - The board of directors of China Galaxy Securities guarantees that the announcement contains no false records, misleading statements, or significant omissions, and they assume individual and joint responsibility for the authenticity, accuracy, and completeness of the content [1]

Group 1 - The company successfully issued its 22nd short-term financing bond on September 10, 2025, with a total issuance amount of RMB 4 billion [1] - The bond has a coupon rate of 1.62% and a maturity period of 90 days [1] - The company repaid the principal and interest of the bond, totaling RMB 4.016 billion, on the maturity date of December 9, 2025 [1]

智通财经APP讯，中国银河(06881)发布公告，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，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。2025年12月9日，公司兑付了本期短期融资券本息共 计人民币40.16亿元。 ...

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。 承董事會命 中國銀河證券股份有限公司 （在中華人民共和國註冊成立之股份有限公司） （股份代號：06881） 海外監管公告 本公告乃由中國銀河證券股份有限公司（「本公司」）根據香港聯合交易所有限公司 證券上市規則第13.10B條作出。 茲載列本公司於上海證券交易所網站發佈之《中國銀河證券股份有限公司2025年 度第二十二期短期融資券兌付完成的公告》，僅供參閱。 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 ...

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（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 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 12 月 11 日 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兑付完成的公告 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董事会 ...

Core Viewpoint - The current market changes are primarily driven by unexpected demand, with additives set to benefit from both volume and structural growth, alongside limited supply, indicating a potential bottoming out and upward momentum in the industry [1] Demand Side - The global demand for VC additives is projected to grow significantly, with global power battery shipments expected to reach 1,447 GWh by 2026, maintaining a stable growth rate of around 20% [3] - Domestic and international demand is expected to resonate, with energy storage demand anticipated to exceed expectations, leading to a projected 62% year-on-year growth in global energy storage battery shipments to 822 GWh by 2026 [3] - The overall lithium battery market (including power, storage, and consumer) is expected to expand by 31% by 2026, directly driving the growth of the electrolyte additive market, representing a "demand growth impact" [3] - Structural changes, such as faster growth in energy storage and an increasing share of overseas lithium iron phosphate, are expected to lead to a 64% growth in VC demand by 2026, representing a "demand growth double impact" [3] - FEC is expected to benefit from advancements in fast-charging technology and silicon-based anode technology, with a projected demand growth rate of 29.5% by 2026 [3] Supply Side - The additive industry has experienced over three years of decline, with irrational expansion leading to intense competition and rapid price declines, resulting in cash losses for listed companies in 2024 [4] - Major companies' cash reserves have dropped to historical lows, limiting their willingness to expand production, leading to a more rational industry environment [4] - The low pricing environment is accelerating the exit of underperforming capacities, while downstream electrolyte companies may exhibit stronger purchasing needs due to supply shortages, enhancing price elasticity [4] - The estimated capacity gap for VC in 2026 is projected to reach -16,000 tons, indicating a supply tightness of approximately 15.1%, which is expected to persist throughout the year [4] - FEC is expected to remain in a tight balance, with potential for rapid growth if downstream technologies exceed expectations [4] - Under certain conditions, if VC prices stabilize at 150,000 yuan/ton and FEC at 60,000 yuan/ton, the latest valuations for industry-leading companies are below 12x, indicating a strong safety margin [4]

人民财讯12月10日电，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。 ...

Core Insights - The 2025 Wind "Gold Analyst" awards were announced on December 10, recognizing outstanding research teams based on the number of report reads from buy-side institutions [1]. Group 1: Award Winners - The awards included 33 individual research field awards and 4 institutional awards, with participation from over 600 teams from 38 research institutions [1]. - Notable winners in various categories include: - Strategy Research: - First: Galaxy Securities - Second: Guosen Securities - Third: Zheshang Securities [3] - Fixed Income: - First: Zheshang Securities - Second: Huachuang Securities - Third: Dongwu Securities [3] - ESG Research: - First: Guosen Securities - Second: Galaxy Securities - Third: Zheshang Securities [5] - Restaurant and Tourism: - First: Guosen Securities - Second: Kaiyuan Securities - Third: Dantan Haidao [6] - Media: - First: Dongwu Securities - Second: Guohai Securities - Third: Kaiyuan Securities [7] Group 2: Sector-Specific Insights - In the Electric Power and Utilities sector: - First: Dongwu Securities - Second: Guosen Securities - Third: Tianfeng Securities [8] - In the Real Estate sector: - First: Kaiyuan Securities - Second: Everbright Securities - Third: Zhongxin Jian Investment [11] - In the Automotive sector: - First: Dongwu Securities - Second: Minsheng Securities - Third: Guosen Securities [31] - In the Non-Bank Financial sector: - First: Zhongxin Jian Investment - Second: Kaiyuan Securities - Third: Dongwu Securities [21] Group 3: Overall Trends - The awards reflect a competitive landscape among research institutions, with a significant number of teams participating and a diverse range of sectors represented [1][3]. - The methodology for the awards was based on objective metrics, specifically the reading counts of research reports by buy-side institutions, ensuring a transparent evaluation process [1].

登录新浪财经APP 搜索【信披】查看更多考评等级 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！ 来源：财通社 一起始于信任的理财购买，最终演变为本金难回的维权纠纷。 银河证券代销的私募产品爆雷后，投资者损失惨重。 然而最终实际情况跟销售人员介绍差距极大，不仅收益落空，本金亦未兑付。 公开资料显示，雷根添宝五号由上海雷根资产管理有限公司（下称"雷根资产"）管理，银河证券担任代 销机构和托管人。 据《经济参考报》报道，事后蔡女士才了解到，银河证券在代销该私募基金时涉嫌多项违规。 01 62岁投资人损失500万元 南京62岁的蔡女士三年前将500万元资金投向"雷根添宝全天候五号二期私募证券投资基金"（下称"雷根 添宝五号"）。 | | | | | 中国银河证券股份有限公司南京江东中路证券登业部资金账户对账单 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | FORETHIN. | 20240126 10:51 | | 操作频: | 21050003 | | | 第1页,共1页 | | | | | | | ...