证券代码：601881 证券简称：中国银河 公告编号：2025-039 中国银河证券股份有限公司 第五届董事会第五次会议（临时）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个别及连带 责任。 2025 年 6 月 4 日，中国银河证券股份有限公司（以下简称"公司"）以通 讯方式召开第五届董事会第五次会议（临时）。本次会议通知已于 2025 年 5 月 26 日以电子邮件方式发出，本次会议由公司董事长王晟先生主持。本次会议应 出席董事 9 名，实际出席董事 9 名，均以通讯表决方式出席本次会议。董事会 全体董事按照董事会议事规则的相关规定参加了本次会议的表决。本次会议的召 集、召开及表决程序符合《中华人民共和国公司法》和《中国银河证券股份有限 公司章程》的规定。公司监事和有关高级管理人员列席了会议。 会议形成如下决议： 一、通过《关于推荐范小云女士为公司独立董事候选人的议案》，并提交 股东大会审议。 同意推荐范小云女士为公司第五届董事会独立董事候选人，并提请股东大会 选举，任期至股东大会审议通过本届董事会换届之日止。范小云女士 ...

Core Viewpoint - The article discusses the evolution and transformation of the private equity fund industry in China over the past decade, highlighting the shift from a commission-based service model to a comprehensive service ecosystem that includes various financial services for private equity funds [1][2]. Group 1: Development of Private Equity Business - The revision of the Securities Investment Fund Law in 2013 marked the beginning of legal regulation for private equity funds, allowing securities firms to provide comprehensive custody services [2]. - By the end of 2017, the number of private equity fund managers had increased to 20,289, with the total management scale reaching 19.91 trillion yuan, reflecting significant growth in the industry [3]. - The implementation of the Asset Management New Regulations in 2018 led to a more standardized private equity management environment, prompting securities firms to focus on compliance and risk management [4][5]. Group 2: Service Model and Market Competition - Securities firms have enriched their service offerings, developing a comprehensive service system that includes trading, product distribution, and derivative services to capture market share in quantitative private equity [6][8]. - The market has seen a trend towards headquarter consolidation, with leading firms leveraging their unique advantages in various segments, such as comprehensive service capabilities and expertise in derivatives [9]. Group 3: Regulatory Changes and Industry Trends - The introduction of the Private Securities Investment Fund Operation Guidelines in 2024 is expected to enhance data disclosure requirements and improve the collaboration between private equity firms and securities companies [7][10]. - The competition is shifting from a "license dividend" to a "capability competition," with firms needing to strengthen their core competencies to meet evolving private equity demands [10][11]. Group 4: Future Directions and Innovations - There is a growing demand for cross-border investment services among private equity firms, indicating a need for securities companies to enhance their capabilities in this area [11][12]. - The rise of AI and advanced technologies is transforming the service requirements of quantitative private equity funds, necessitating a shift towards comprehensive service offerings beyond traditional trading channels [12].

中国银河证券股份有限公司 关于禾丰食品股份有限公司差异化分红事项的 核查意见 中国银河证券股份有限公司（以下简称"中国银河证券"或"保荐机构"）作 为禾丰食品股份有限公司（以下简称"禾丰股份"或"公司"）2022年度公开发行 可转换公司债券并在上海证券交易所上市的保荐机构，根据《证券发行上市保荐业 务管理办法》《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管指 引第1号——规范运作》《上海证券交易所上市公司自律监管指引第11号——持续督 导》《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第7号—— 回购股份》等相关法律法规和规范性文件的规定，对禾丰股份2024年度利润分配所 涉及的差异化分红（以下简称"本次差异化分红"）事项进行了审慎核查，具体情况 如下： 一、本次差异化分红的原因 方式回购公司股份的方案，同意公司用自有资金回购股份用于出售，预计回购金额 为1.50-3.00亿元（含本数），回购期限不超3个月。 截 至 本 核 查 意 见 签 署 日 前 一 交 易 日 2025 年 5 月 16 日 ， 公 司 总 股 本 为 总股本865,778,296股计算合计拟派发现金红利 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年5月31日 狀態: 新提交 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 H | | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06881 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,690,984,633 | RMB | | 1 | RMB | | 3,690,984,633 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 3,690,984,633 | RMB | | 1 | RMB | | 3,690,984,633 | | 2. 股份分類 | 普通股 | 股份類別 A | | | 於香港聯交所上市 (註1) | | 否 | | | ...

Investment Rating - The report rates the industry as "Positive" [1][2] Core Insights - The capital market is undergoing comprehensive reforms to deepen investment and financing, with a focus on attracting long-term funds [15][27] - The introduction of DeepSeek has driven a strong rise in Chinese technology stocks, significantly impacting market sentiment and performance [27][85] - The overall performance of listed securities firms has improved, with substantial increases in revenue and net profit [16][22] Summary by Sections 2025 Q1 Performance Review - As of Q1 2025, the total assets of 42 listed securities firms reached 13.11 trillion yuan, an increase of 850 billion yuan from the end of 2024 [16] - The combined operating income for Q1 2025 was 125.93 billion yuan, a year-on-year increase of 19%, while net profit rose by 74.93% to 53.46 billion yuan [16] Industry Development Trends - The report highlights the ongoing reforms aimed at enhancing the capital market's stability and investor confidence, with policies to attract long-term investments [70][72] - The trend towards passive investment products, particularly ETFs, is expected to continue, supported by favorable policies [73][84] Business Line Performance - **Brokerage Business**: The brokerage income for Q1 2025 was 32.736 billion yuan, a 43.16% increase year-on-year, driven by a significant rise in trading volumes [38][39] - **Asset Management**: The asset management business generated 10.131 billion yuan in fees, a slight decrease of 3.32% year-on-year, indicating a shift towards a competitive landscape [45] - **Proprietary Trading**: The proprietary trading income reached 48.566 billion yuan, up 51.02% year-on-year, reflecting a recovery in the equity market [56] - **Investment Banking**: The investment banking revenue was 6.672 billion yuan, a modest increase of 5.39%, with IPO financing down by 30.24% [61] - **Credit Business**: The credit business saw a net interest income of 7.878 billion yuan, a 27.25% increase year-on-year, as the market for margin trading and stock pledges improved [64] Investment Recommendations - The report suggests that the overall performance of the brokerage sector is expected to remain positive, supported by economic recovery and liquidity easing [91]

Fund Overview - The fund is named "Guotou Ruijin CSI All Share Public Utilities Index Fund" and is classified as an equity fund [16] - The fund operates as a contractual open-end fund [16] - The initial value of each fund share is set at 1.00 RMB [18] Fund Management and Custody - The fund is managed by Guotou Ruijin Fund Management Co., Ltd. and the custodian is China Galaxy Securities Co., Ltd. [44] Fund Offering Details - The fund's initial fundraising cap is set at 2 billion RMB, excluding interest accrued during the fundraising period [20] - The fundraising period is from June 16, 2025, to June 25, 2025 [22] - The fund is open to various investors, including individual and institutional investors, as well as qualified foreign investors [19] Subscription Classes - The fund offers two classes of shares: Class A shares, which charge a subscription fee, and Class C shares, which do not charge a subscription fee [16][26] - The subscription codes for Class A and Class C shares are 024192 and 024193, respectively [17] Subscription Process - Investors can subscribe multiple times during the fundraising period, with a minimum subscription amount of 1 RMB [11][30] - Subscription applications may be partially confirmed if the total subscription amount exceeds the fundraising cap [20][21] Interest and Share Calculation - Interest accrued on subscription funds during the fundraising period will be converted into fund shares for the holders [42] - The calculation of subscription shares is based on the net subscription amount plus interest earned [28][30] Regulatory Compliance - The fund is subject to regulatory approval and must meet specific conditions to ensure the contract's effectiveness [43] - The fund's contract will automatically terminate if the asset size falls below 20 million RMB after three years [13] Sales Channels - The fund will be sold through various sales institutions, including direct sales by Guotou Ruijin Fund Management Co., Ltd. and other securities firms [24] - Investors are encouraged to consult the sales institutions for detailed procedures and requirements [5]

Group 1 - The company reported a revenue of 38.66 million yuan for Q1 2025, representing a year-on-year increase of 34.85% [1] - The net profit attributable to shareholders was -5.30 million yuan, compared to a profit of 4.57 million yuan in the same period last year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -7.39 million yuan, down from 3.36 million yuan year-on-year [1] - The net cash flow from operating activities was -5.63 million yuan, a decline from 23.60 million yuan in the previous year [1] Group 2 - In 2024, the company achieved a revenue of 144 million yuan, a year-on-year decrease of 28.40% [1] - The net profit attributable to shareholders for 2024 was -21.00 million yuan, down from 47.84 million yuan the previous year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -26.02 million yuan, compared to 42.48 million yuan in the prior year [1] - The net cash flow from operating activities for 2024 was 35.42 million yuan, a year-on-year decline of 49.28% [1] Group 3 - The company was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on July 8, 2022, with an initial public offering of 25 million shares at a price of 55.53 yuan per share [1] - The stock is currently trading below its initial offering price [1] - The total amount raised from the initial public offering was 1.39 billion yuan, with a net amount of 1.25 billion yuan, exceeding the original plan by 633.94 million yuan [2] - The funds raised are intended for various projects including testing bases and research and development centers [2]

Summary of Key Points Core Viewpoint - The company, Aibono Medical Technology Co., Ltd., is utilizing funds raised from a simplified issuance of shares to provide loans to its subsidiary, Tianyan Pharmaceutical, for the implementation of investment projects, ensuring compliance with regulatory requirements and maintaining the integrity of the fundraising purpose [1][4][5]. Fundraising Overview - The company plans to issue 3,593,615 shares at a price of 79.20 RMB per share, raising a total of 284,614,308 RMB, which will be used for specific investment projects [1][2]. - The total investment amount for the projects is 422,430,700 RMB, with 284,614,308 RMB allocated from the raised funds [2]. Investment Project Details - The funds will be allocated to various projects, with a total planned investment of 422,430,700 RMB, and the intended use of raised funds amounting to 284,614,308 RMB [2]. - The company may adjust the investment sequence and amounts based on project progress and funding needs, with any shortfall covered by self-raised funds [2]. Loan Provision to Subsidiary - The company intends to provide a loan of up to 260,000,000 RMB to Tianyan Pharmaceutical for the construction of an "invisible lens and injection mold processing production line" [3][4]. - The loan will be disbursed in batches based on project progress and actual funding needs, with interest rates determined by the latest published LPR [3][4]. Subsidiary Information - Tianyan Pharmaceutical, established on September 23, 2015, has a registered capital of 37,500,000 RMB and operates in pharmaceutical technology research and medical device production [3]. - As of December 31, 2024, Tianyan Pharmaceutical reported total assets of 541,571,200 RMB, total liabilities of 461,288,700 RMB, and a net profit of 7,607,000 RMB [3]. Purpose and Impact of the Loan - The loan aims to support the implementation of investment projects, aligning with the company's strategic planning and long-term interests without altering the intended use of raised funds [4][5]. - The management of the funds will adhere to strict regulatory protocols, ensuring effective oversight and compliance with relevant laws [4][5]. Review Procedures and Opinions - The board of directors and the supervisory board have approved the loan provision, confirming that it meets legal and regulatory standards and aligns with the company's long-term development needs [5][6].

证券代码：601881 证券简称：中国银河 公告编号：2025-037 中国银河证券股份有限公司 2024年度第十四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（以下简称"本公司"）于 2024 年 11 月 28 日成功发行了中国银河证券股份有限公司 2024 年度第十四期短期融资券（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 1.89%，短期融资券期限为 181 天，兑付日期为 2025 年 5 月 28 日。 （ 详 见 本 公 司 于 2024 年 11 月 29 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 2024 年度第十四期短期 融资券发行结果公告》）。 2025 年 5 月 28 日，本公司兑付了本期短期融资券本息共计人民币 4,037,489,315.07 元。 特此公告。 中国银河证券股份有限公司董事会 2025 年 5 月 30 ...

Group 1 - The overall market liquidity remains tight, with structural market conditions leading to rotations in new consumption and new manufacturing sectors [1][18] - There are left-side investment opportunities in fields such as robotics, intelligent driving, and internet platforms [1][18] - The basic chemical industry is currently undervalued, presenting medium to long-term investment potential [18] Group 2 - The performance of sectors like consumption and pharmaceuticals is expected to be relatively stable, with short-term elasticity likely to be better [18] - The chemical industry is anticipated to see structural opportunities and valuation recovery in 2025, driven by policy stimulus and improving demand [18] - The supply side of the chemical industry is experiencing a slowdown in capital expenditure and new capacity growth, which will take time to digest [18]