北京市金杜律师事务所 关于中国银河证券股份有限公司 2025 年第二次临时股东大会的 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》（中国证券监督管理委员会公告[2025]7 号，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 2025 年 10 月 31 日召开 的 2025 年第二次临时股东大会（以下简称本次股东大会），并就本次股东大会相 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 2023 年年度股东大会审议通过的《公司章程》； 2. 公司 2025 年 4 月 29 ...

中国银河证券股份有限公司 董事会议事规则 （2007年12月21日公司2007年第三次临时股东大会审议通 过 2008年1月21日2008年第一次临时股东大会第一次修正 2012年11月16日2012年第三次临时股东大会第二次修正 2012年11月16日2012年第四次临时股东大会第三次修正 2013年2月20日2013年第二次临时股东大会会议第四次修正 2021年6月29日2020年度股东大会第五次修正 2024年6月28 日2023年度股东大会第六次修正 2025年10月31日2025年 第二次临时股东大会第七次修正） 1 中国银河证券股份有限公司 董事会议事规则 第一条 总则 为规范中国银河证券股份有限公司（以下简称"公司" 或"本公司"）董事会的议事方式和决策程序，保证董事和 董事会有效履行职责，提高董事会的运作效率和决策水平， 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》(以下简称"《证券法》")、《上市公 司治理准则》、《上海证券交易所股票上市规则》（以下简称 "《上交所上市规则》"）、《香港联合交易所有限公司证券上 市规则》(以下简称"《香港上市规则》")等 ...

中国银河证券股份有限公司 股东会议事规则 （2007年12月21日公司2007年第三次临时股东大会审议通 过 2008年1月21日2008年第一次临时股东大会第一次修正 2012年11月16日2012年第三次临时股东大会第二次修正 2012年11月16日2012年第四次临时股东大会第三次修正 2013年2月20日2013年第二次临时股东大会会议第四次修正 2013年5月20日2012年度股东大会第五次修正 2015年3月26 日2015年第一次临时股东大会第六次修正 2021年6月29日 2020年度股东大会第七次修正 2025年10月31日2025年第 二次临时股东大会第八次修正） 1 中国银河证券股份有限公司 股东会议事规则 第一章 总则 第一条 为规范中国银河证券股份有限公司（以下简称 "公司"或"本公司"）的行为，保证股东会依法行使职权， 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、《证券公司 治理准则》、《上海证券交易所股票上市规则》、《上市公司股 东会规则》、《香港联合交易所有限公司证券上市规则》(以 下简称"《香港上市规则》")等 ...

Core Points - ST Sike Rui (688053.SH) closed at 29.92 yuan, with a decline of 2.48%, currently in a risk warning status [1] - The company received an administrative penalty notice from the China Securities Regulatory Commission on September 19, 2025, leading to the implementation of risk warnings and a name change to ST Sike Rui [1] - The stock was suspended from trading on September 22, 2025, with risk warnings starting on September 23, 2025 [1] Fundraising and Financials - Sike Rui raised a total of 138,825.00 million yuan from its initial public offering, with a net amount of 125,250.66 million yuan, exceeding the original plan by 63,394.25 million yuan [2] - The company initially planned to raise 61,856.41 million yuan for various projects, including testing bases and a research and development center [2] - The total issuance costs amounted to 13,574.34 million yuan, with China Galaxy Securities receiving 10,760.38 million yuan for underwriting and sponsorship fees [2]

中国银河（601881）(06881)发布公告，本公司已于2025年10月30日完成向专业投资者非公开发行2025 年公司债券(第二期)(续发行)。2025年公司债券(第二期)(品种一)(续发行)(本期债券(品种一)(续发行))的 发行规模为人民币30亿元，发行价格为每单位人民币100.133元，票面利率为1.84%。本期债券(品种一) (续发行)的期限为13个月，自2025年10月16日起计。2025年公司债券(第二期)(品种二)(续发行)(本期债券 (品种二)(续发行))的发行规模为人民币20亿元，发行价格为每单位人民币100.219元，票面利率为 2.05%。本期债券(品种二)(续发行)的期限为25个月，自2025年10月16日起计。本期债券(品种一)(续发 行)及本期债券(品种二)(续发行)发行所募集的资金将用于偿还本公司到期公司债券本金及补充营运资 金。 ...

Core Insights - The retail monitoring by AVC indicates a general decline in major appliances since September, with a significant drop in retail for cleaning appliances in October, although there is still substantial growth compared to the same period in 2023 [1][2] - The industry has anticipated these trends, as evidenced by production data showing a cautious attitude with air conditioning production down by -11.5%, -8.4%, and -9.9% for October, November, and December respectively compared to the previous year [1][2] - The demand for appliance upgrades is expected to be the main driver, with short-term impacts from subsidy exhaustion; however, the penetration rate of cleaning appliances continues to rise, suggesting growth potential in the retail market through 2026 [1][2] Market Trends - The consumer electronics market is highly competitive, with Xiaomi upgrading its air conditioning warranty to 10 years, which has helped maintain its retail market share despite negative publicity from its automotive ventures [3] - The smart lawn mower market is gaining attention, with multiple companies entering, leading to intense competition; major players in the vacuum market have also launched similar products [3] - DJI is aggressively pricing its action cameras and drones, likely in response to competition from other brands entering the drone market [3] Company Performance - Ugreen Technology has benefited from a surge in demand for power banks following safety incidents, reporting a revenue of 2.51 billion yuan in Q3 2025, a year-on-year increase of 60.4% [4] Export Market Dynamics - The export market is seeing a shift in production capacity, with a recovery in heat pump exports; the U.S. has announced additional tariffs on Chinese imports, prompting companies to accelerate global production strategies [5] - Data indicates a 22.5% year-on-year increase in heat pump exports from January to August 2025, driven by low comparative bases and upcoming heating seasons in Europe [5] Investment Recommendations - The current market is active, with traditional appliance leaders lacking growth potential; technology-related companies are performing better [6] - Recommended stocks include Stone Technology, Ecovacs, and Ugreen Technology for their growth prospects, alongside undervalued companies like Midea Group and Haier Smart Home that have successfully digitized their offline channels [6]

Core Points - The company held its eighth regular meeting of the fifth board of directors on October 30, 2025, to review the third quarter report for 2025 [10][11] - The board unanimously approved the proposal to review the third quarter report, with all 10 directors present voting in favor [12] - The company has completed the non-public issuance of corporate bonds (second phase) with a total issuance scale of up to 50 billion RMB [13] Financial Data - The financial statements for the third quarter of 2025 are unaudited, covering the period from January to September 2025 [8][9] - The company reported that its financial information is guaranteed to be true, accurate, and complete by its management [2][3] Bond Issuance Details - The second phase of the non-public bond issuance has a total face value of up to 50 billion RMB, with two varieties of bonds issued [13] - The first bond variety has a term of 13 months with a coupon rate of 1.84%, while the second variety has a term of 25 months with a coupon rate of 2.05% [13] - The actual issuance scale for the first bond variety is 30 billion RMB, with a subscription multiple of 1.8433, and for the second variety, it is 20 billion RMB with a subscription multiple of 3.01 [14]

Core Viewpoint - The performance of listed securities firms in the A-share market has significantly improved in the first three quarters of 2025, driven by a recovery in market conditions and various business lines [1][6][10]. Performance Overview - All 42 listed securities firms reported a year-on-year increase in both revenue and net profit for the first three quarters of 2025, with notable performances from firms like CITIC Securities, Guotai Junan, and Huatai Securities [6][7]. - The top five firms by net profit were CITIC Securities (23.16 billion), Guotai Junan (22.07 billion), Huatai Securities (12.73 billion), China Galaxy (10.97 billion), and GF Securities (10.93 billion) [1][6]. - The total net profit of the top ten firms accounted for over 70% of the total net profit of all 42 firms, amounting to 119.55 billion [6][7]. Growth Rates - Among the top ten firms, Guotai Junan, CICC, and Shenwan Hongyuan achieved net profit growth rates exceeding 100%, with increases of 131.80%, 129.75%, and 108.22% respectively [7][9]. - Smaller securities firms showed even more impressive growth rates, with Huaxi Securities and Northeast Securities achieving net profit increases of 316.89% and 125.21% respectively [9][10]. Market Conditions - The significant growth in the securities industry is attributed to a recovery in market conditions, with the average daily trading volume in A-shares reaching 2.1 trillion, a year-on-year increase of 211% [10][12]. - The improvement in market activity has led to a stable increase in margin financing, which has risen to 2.4 trillion, compared to approximately 1.4 trillion a year ago [10][12]. Valuation Potential - Despite the strong performance, the securities sector has underperformed relative to major indices, with the CSI Securities Index rising only 7.21% year-to-date, compared to 19.70% for the CSI 300 Index [12][13]. - Analysts suggest that there is potential for valuation recovery in the securities sector, driven by ongoing improvements in the fundamentals of various business lines, including investment banking and asset management [12][13][14]. Strategic Opportunities - The current market environment, characterized by a market capitalization exceeding 100 trillion and increased trading activity, presents significant long-term growth opportunities for securities firms [14]. - Analysts recommend focusing on firms with strong retail advantages, those benefiting from cross-border asset management trials, and large firms with robust wealth management capabilities [14].

Core Insights - In the period from January to October 2025, a total of 87 new companies were listed on the A-share market, representing an 8.75% increase compared to the same period last year, which had 80 new listings [1] - The total net fundraising amount for these 87 new listings reached 833.81 billion yuan, marking a significant 77.02% increase from 471.02 billion yuan in the same period last year [1] Underwriting Institutions Performance Ranking - A total of 29 underwriting institutions participated in the IPOs of these 87 new companies, with a total of 88 deals completed [2] - The top five underwriting institutions by number of deals are: - 1st: Guotai Junan with 11 deals - 2nd: CITIC Securities with 10 deals - 3rd: Huatai United with 8 deals - 4th: CITIC Jianzhong with 7 deals - 5th: China Merchants Securities with 5 deals [2][3] Law Firms Performance Ranking - In the same period, 28 law firms provided legal services for the IPOs of the 87 new companies [6] - The top five law firms by number of deals are: - 1st: Shanghai Jintiancheng with 13 deals - 2nd: Beijing Deheng and Beijing Zhonglun, both with 7 deals - 4th: Beijing Guofeng with 6 deals - 5th: Shanghai Tongli with 5 deals [6][7] Accounting Firms Performance Ranking - A total of 16 accounting firms provided auditing services for the 87 new listings [9] - The top five accounting firms by number of deals are: - 1st: Rongcheng with 20 deals - 2nd: Tianjian with 16 deals - 3rd: Lixin and Zhonghui, both with 11 deals - 5th: Ernst & Young Hua Ming, KPMG Huazhen, and Zhongshen Zhonghuan, each with 4 deals [9][10]

Core Viewpoint - The report from China Galaxy Securities indicates that during the "14th Five-Year Plan" period, the growth of new energy installations is expected to continue, with a focus on enhancing flexibility and cleanliness in coal power development [1][2]. New Energy Installations - The report anticipates that the average annual new energy installations will reach at least 180 million kilowatts during the "14th and 15th Five-Year Plans" [1]. - Factors such as improved flexibility in thermal power, ongoing grid construction, and the emergence of new models for green electricity consumption are expected to enhance the absorption of new energy [1]. - The report also notes a positive trend in electricity prices, driven by the implementation of regulatory measures and increasing demand for green electricity [1]. Coal Power Development - The main direction for coal power development during the "14th Five-Year Plan" is to enhance flexibility and cleanliness, transitioning to a revenue model that combines ignition price difference, adjustment value, and capacity value [2]. - The report highlights the potential for low-carbon transformation technologies in coal power, including biomass co-firing and carbon capture, utilization, and storage (CCUS) [2]. Hydropower Installations - The report suggests that hydropower installations will continue to grow, particularly in specific river basins, and emphasizes the long-term investment value of hydropower due to its stable profitability and strong cash flow [3]. - The report identifies key companies in the hydropower sector for investment consideration [3]. Nuclear Power Growth - The report indicates significant growth potential in nuclear power installations, with a focus on the development of hydrogen energy and nuclear fusion as future economic growth points [4]. - The report notes that the domestic market has seen a consistent approval of new nuclear power units, and the market pricing mechanism is becoming more rational [4]. Renewable Energy in Non-Electric Fields - The report highlights the expected growth in green hydrogen, ammonia, and biofuels during the "14th Five-Year Plan," driven by renewable energy consumption targets and external demand from markets like the EU [6]. - Companies involved in these sectors are recommended for investment consideration [6].