（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 度第六期短期融資券兌付完成的公告》，僅供參閱。 承董事會命 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。 中國銀河證券股份有限公司 王晟 董事長及執行董事 中國北京 2025年10月20日 於本公告日期，本公司執行董事為王晟先生（董事長）及薛軍先生（副董事長及總 裁）；非執行董事為楊體軍先生、李慧女士、黃焱女士及宋衛剛先生；以及獨立非 執行董事為羅卓堅先生、劉力先生、麻志明先生及范小雲女士。 证券代码：601881 证券简称：中国银河 公告编号：2025-092 中国银河证券股份有限公司 2025年度第六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 ...

Core Points - China Galaxy Securities successfully issued the sixth phase of short-term financing bonds for 2025 on March 18, with a total issuance amount of 3 billion yuan and a coupon rate of 1.99% [1] - The bonds have a maturity of 213 days, with the repayment date set for October 17 [1] - On the repayment date, the company paid a total of 3.03483863014 billion yuan in principal and interest for this bond issue [1] - The board of directors and all directors of the company guarantee the authenticity, accuracy, and completeness of the announcement content and assume corresponding responsibilities [1]

Group 1 - The core viewpoint of the report indicates that domestic construction machinery demand remains under pressure, but small excavators continue to see growth in domestic sales, supported by stock updates, machine replacements, agricultural water conservancy, and urban renovation projects. Future large-scale engineering projects and the opening of mining rights in Xinjiang and Inner Mongolia are expected to boost medium and large excavator sales [1] - In September, excavator domestic sales reached 9,249 units, a year-on-year increase of 21.5%, while export sales reached 10,609 units, a year-on-year increase of 29%. The structure of domestic sales shows rapid growth in small excavators, while medium and large excavators face pressure [1] - The sales of loaders in September totaled 10,530 units, a year-on-year increase of 30.5%, with domestic sales at 5,051 units (up 25.6%) and exports at 5,479 units (up 35.3%). The electrification rate in September was 24.56%, a decrease of 1.68 percentage points month-on-month [1] Group 2 - The average working hours for major construction machinery products in September were 78.1 hours, a year-on-year decrease of 13.3%, while the average operating rate was 55.2%, a year-on-year decrease of 9.08 percentage points [3] - In September, the operating hours of Komatsu excavators in North America and Europe showed significant recovery, with year-on-year growth rates of 10.2% and 7.3%, respectively [3] - The report highlights a trend towards high-end, electrified, and intelligent equipment in the industry, with various companies showcasing new electric and intelligent products at BICES 2025 [4]

Core Insights - The Ministry of Industry and Information Technology (MIIT) has initiated a special action for "millisecond computing" which is expected to stimulate demand for network equipment and computing infrastructure in the short term, while opening up new opportunities for edge computing and AI applications in the medium to long term [1][2] Group 1: Demand for Computing Infrastructure - The MIIT has set clear requirements for computing infrastructure, emphasizing the need for millisecond interconnectivity (<1ms) between computing centers, resources, and application terminals, which necessitates a significant upgrade of network infrastructure [1] - This upgrade will indirectly drive demand for computing chips, servers, optical modules, and switches, which are critical for network transmission [1] Group 2: Intelligent Computing Network Development - The special action promotes task-based scheduling and the development of intelligent network operations, with edge computing and computing scheduling becoming key components in building an intelligent computing network [2] - Increasing the density of edge computing nodes will allow computing resources to be pushed to the edge of urban networks, supporting AI applications that require access to large cloud models and data [2] Group 3: Acceleration of AI Application Commercialization - The initiative aims to achieve millisecond accessibility for computing applications, which is crucial as AI applications increasingly demand low latency to function effectively [3] - Reducing latency will accelerate the commercialization of AI applications, particularly in scenarios involving large data interactions, enhancing user experience [3] - In the intelligent driving sector, the use of automotive-grade Time-Sensitive Networking (TSN) chips will enable low-latency and high-reliability data transmission, meeting the needs of autonomous driving and complex in-vehicle applications [3]

Core Viewpoint - The report from China Galaxy Securities indicates that short-term market sentiment is cautious due to uncertainties from external trade frictions and previous significant gains in certain sectors, leading to reduced trading volumes and a shift in investment styles. The probability of market fluctuations is high [1] Group 1: Market Conditions - The upcoming 20th Central Committee's Fourth Plenary Session will focus on the "14th Five-Year Plan," which is expected to provide more investment clues for investors as the third-quarter reports are released [1] - The current short-term adjustments present opportunities for investors to position themselves strategically [1] Group 2: Investment Opportunities - Sectors with strong policy focus and earnings certainty should be prioritized for investment [1] - The logic of residents moving their deposits remains unchanged, which is likely to provide long-term incremental capital for the A-share market [1] - The acceleration of medium to long-term capital allocation into the equity market is supported by the Federal Reserve's interest rate cuts, enhancing global liquidity [1] Group 3: Economic Outlook - The strategic layout of the "14th Five-Year Plan" is expected to drive technological industries towards significant breakthroughs [1] - Anti-involution policies are anticipated to improve corporate profitability, thereby strengthening the resilience of the economic fundamentals [1]

Core Viewpoint - The report from China Galaxy Securities indicates that short-term market sentiment is cautious due to uncertainties from external trade frictions and previous significant gains in certain sectors, leading to reduced trading volumes and a likelihood of market fluctuations [1] Group 1: Market Conditions - External trade friction uncertainties are impacting market sentiment, resulting in cautious funding behavior [1] - Trading volumes have decreased, and there is a shift in funding styles, increasing the probability of market fluctuations [1] Group 2: Investment Opportunities - The upcoming 20th Central Committee's Fourth Plenary Session will focus on the "14th Five-Year Plan," providing investors with more allocation clues [1] - Sectors with strong policy focus and earnings certainty are recommended for attention [1] - Short-term adjustments present opportunities for investors to position themselves [1] Group 3: Long-term Trends - The logic of residents moving deposits remains unchanged, which is expected to provide long-term incremental capital for the A-share market [1] - Medium to long-term capital is accelerating its allocation to the equity market, supported by the Federal Reserve's interest rate cuts, enhancing global liquidity [1] - The strategic layout of the "14th Five-Year Plan" is expected to drive technological industries towards significant breakthroughs, while anti-involution policies are likely to improve corporate profitability, reinforcing the resilience of the economic fundamentals [1]

Core Viewpoint - China Galaxy Securities Co., Ltd. has announced the exercise of the redemption option for its perpetual subordinated bonds "20 Galaxy Y1" and will fully redeem the bonds [1][2]. Group 1 - The company disclosed the decision to exercise the redemption right for the "20 Galaxy Y1" bonds, which were issued on November 24, 2020 [1][2]. - The bonds allow the issuer to redeem them at face value plus accrued interest on the fifth and subsequent interest payment dates [1]. - The company will ensure proper information disclosure and repayment of principal and interest following the redemption [3].

二、权威识别三步法（监管部门验证指南） 1. 查人员资质（唯一可靠渠道） 登录中国证券业协会官网"从业人员公示" 栏，输入 "张超 + 银河证券" 查询执业资格 拨打银河证券官方客服 ，核实是否有该员工及荐股权限（正规券商严禁私人荐股） 2. 验交易渠道（防 "李鬼" APP） 正规交易仅通过券商官网 / 官方应用商店下载的 APP 进行，任何第三方链接均为骗局 资金需转入券商托管账户，私人账户、非银河证券对公账户 100% 是诈骗 3. 辨话术红线（三类话必是骗局） "稳赚不赔""月收益 50%"（违反《证券法》禁止承诺收益规定） "交会员费 / 保证金可领牛股"（非法投资咨询） "账户异常需解冻金"（典型诈骗收尾） 三、真实案例警示 四川曹某被冒充券商研究员诱骗，下载 "HX 证券极速版" APP，投入 120 万后因 "账户冻结" 再转 20 万解冻，最终失联，损失全部本金 湖州王女士加入 "戴清荐股群"，小额盈利后追加 7 万，随后 APP 无法登录，群聊解散 银河证券已发布公告：从未授权员工开展私人荐股，此类行为均为假冒 一、骗局典型套路（仿冒券商人员通用模式） 1. 身份包装：打造 "权威投顾" ...

Core Viewpoint - China Galaxy Securities Co., Ltd. has successfully completed the issuance of its second phase of non-public corporate bonds aimed at professional investors, with a total issuance scale of up to RMB 60 billion [1][2]. Summary by Sections Bond Issuance Details - The bond issuance was approved by the Shanghai Stock Exchange on September 18, 2025, with a registered scale not exceeding RMB 20 billion [1]. - The second phase of the bond issuance consists of two varieties: a 13-month term and a 25-month term, with a total issuance price of RMB 100 per bond [1]. Issuance Outcome - The bond issuance concluded on October 16, 2025, with the first variety having an actual issuance scale of RMB 1 billion and a final coupon rate of 1.84%, achieving a subscription multiple of 1.91 times [2]. - The second variety also had an actual issuance scale of RMB 10 billion, with a final coupon rate of 2.05% and a subscription multiple of 2.64 times [2]. Participation and Compliance - Key stakeholders, including directors, supervisors, senior management, and shareholders with over 5% ownership, did not participate in the bond subscription [2]. - Various affiliated entities of the lead underwriters participated in the subscription, with specific amounts allocated to different entities, all in compliance with relevant laws and regulations [2].

Group 1 - The company successfully issued the 9th short-term financing bond on May 19, 2025, with a total issuance amount of RMB 3 billion [1] - The bond has a coupon rate of 1.63% and a maturity period of 150 days [1] - The total amount of principal and interest paid on the bond on October 16, 2025, was RMB 3,020,095,890.41 [1]