Group 1 - China Galaxy Securities has received approval from the China Securities Regulatory Commission (CSRC) to issue short-term corporate bonds with a total face value not exceeding 15 billion yuan [2] - The approval is valid for 24 months from the date of registration, allowing for phased issuance of the bonds within this period [2] - The stock price of China Galaxy increased by 0.34% to 17.80 yuan per share, with a year-to-date increase of 18.23% [4] Group 2 - The bond issuance activity among securities firms has been robust this year, with several firms receiving new bond issuance quotas [6] - As of October 14, 2023, the total number of bonds issued by securities firms in China reached 708, with a total issuance scale of 1.29 trillion yuan, representing a year-on-year increase of 70.23% [6] - Major firms like Huatai Securities and China Galaxy have issued over 100 billion yuan in bonds, with respective issuance scales of 110.4 billion yuan and 107.9 billion yuan [6] Group 3 - The recovery of the equity market and active trading have significantly boosted the demand for financing among securities firms [7] - The low interest rate environment has made bond financing more attractive, encouraging firms to opt for debt issuance [7]

Core Viewpoint - China Galaxy Securities has received approval from the China Securities Regulatory Commission (CSRC) to issue short-term corporate bonds with a total face value of up to 15 billion yuan [1] Group 1: Company Actions - China Galaxy announced the approval for the issuance of short-term corporate bonds, which can be issued in tranches within a validity period of 24 months from the date of approval [1] - The stock price of China Galaxy increased by 0.34% to 17.80 yuan per share, with a year-to-date increase of 18.23% [3] Group 2: Industry Trends - The bond issuance activity among securities firms has been robust this year, with several firms receiving bond issuance quotas [5] - As of October 14, 2023, the total number of bonds issued by securities firms in China reached 708, with a total issuance scale of 1.29 trillion yuan, representing a year-on-year increase of 70.23% [5] - Major firms like Huatai Securities and China Galaxy have issued bonds exceeding 100 billion yuan, with respective issuance scales of 110.4 billion yuan and 107.9 billion yuan [5] - The current low-interest-rate environment has encouraged securities firms to opt for bond financing due to lower costs [6]

最新公告列表 《中国银河：关于向专业投资者公开发行短期公司债券获得中国证监会注册批复的公告》 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 截至2025年10月14日收盘，中国银河（601881）报收于17.8元，较前一交易日上涨0.34%，最新总市值 为1946.32亿元。该股当日开盘17.86元，最高18.18元，最低17.7元，成交额达10.64亿元，换手率为 0.82%。 近日，中国银河证券股份有限公司发布公告称，公司近日收到中国证监会出具的《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）。根据批 复，中国证监会同意公司向专业投资者公开发行面值余额不超过150亿元的短期公司债券。该批复自同 意注册之日起24个月内有效，在有效期内可分期发行。公司将按照有关法律法规、批复要求及公司股东 大会授权办理本次短期公司债券发行相关事宜，并及时履行信息披露义务。公司董事会保证公告内容真 实、准确、完整，无虚假记载、误导性陈述或重大遗漏。 ...

Core Viewpoint - China Galaxy Securities has received approval from the China Securities Regulatory Commission (CSRC) to publicly issue short-term corporate bonds with a total face value of up to 15 billion yuan [1] Group 1: Regulatory Approval - The CSRC issued a notice approving China Galaxy's application for the public issuance of short-term corporate bonds [1] - The approval allows for a maximum face value of 15 billion yuan for the bonds [1] - The approval is valid for 24 months from the date of issuance [1] Group 2: Issuance Details - The company can issue the short-term corporate bonds in multiple tranches during the validity period [1] - The issuance will be conducted in accordance with relevant laws, regulations, and the requirements of the approval [1] - The company is obligated to fulfill information disclosure duties in a timely manner [1]

Core Points - China Galaxy Securities (601881)(06881) has received approval from the China Securities Regulatory Commission to publicly issue short-term corporate bonds with a face value of up to RMB 15 billion [1] - The approval is valid for a period of 24 months, allowing the company to issue the bonds in tranches during this timeframe [1]

Company News - China Metallurgical Group Corporation (01618.HK) reported a new contract amount of 760.67 billion yuan for the first nine months, a year-on-year decrease of 14.7%. The overseas contract amount was 66.9 billion yuan, showing a year-on-year increase of 10.1% [1] - China General Nuclear Power Corporation (01816.HK) achieved a total power generation of approximately 182.822 billion kWh in the first nine months, representing a year-on-year growth of 2.67% [1] - "Jiao Ge Peng You" Holdings (01450.HK) recorded a cumulative GMV of approximately 9.53 billion yuan for the first three quarters, a year-on-year increase of 7.56%. However, the GMV for the third quarter was about 2.55 billion yuan, reflecting a year-on-year decline of approximately 12.07% [1] - China Resources Land (01109.HK) reported a cumulative contract sales amount of approximately 154.4 billion yuan for the first nine months, a year-on-year decrease of 10.4% [1] - Times China Holdings (01233.HK) reported cumulative contract sales of 3.933 billion yuan for the first nine months, a year-on-year decline of 37.1% [1] - ZhongAn Online P&C Insurance (06060.HK) achieved cumulative original insurance premium income of 26.934 billion yuan in the first nine months, a year-on-year increase of 5.64% [1] - COFCO Joycome (01610.HK) reported a pig slaughter volume of 468,000 heads in September, a month-on-month decrease of 6.02% [1] - Kingsoft Cloud Holdings (01548.HK) received a new payment under a licensing agreement related to PD-1 monoclonal antibodies, which will enhance cash reserves for new molecular discovery and development [2] - China National Building Material Group (03323.HK) expects a net profit of 2.95 billion yuan for the first three quarters, turning from loss to profit, mainly due to a decrease in sales costs of cement and ready-mixed concrete [2] - Lifen Holdings (01125.HK) issued a profit warning, expecting a year-on-year increase of no less than 50% in annual losses attributable to owners [2] - China Property Investment (00736.HK) signed a cooperation framework agreement to tokenize high-quality photovoltaic new energy assets [2] - Dali Pu Holdings (01921.HK) established a direct sales warehouse and sales office in Oman to strengthen its strategic layout in the Middle East [2] - Beijing Machinery Electric Co., Ltd. (00187.HK) faced bankruptcy liquidation application from creditors for its subsidiary Tianhai Cryogenic [2] Financing and Buyback Activities - Jihai Resources (02489.HK) successfully placed 400 million shares at 1.18 HKD per share, raising approximately 466 million HKD for potential gold mine acquisitions and general working capital [2] - China Galaxy Securities (06881.HK) was approved to issue short-term corporate bonds not exceeding 15 billion yuan [3] - Kuaishou Technology (01024.HK) repurchased 1.3146 million shares for approximately 98.4067 million HKD at prices ranging from 74.55 to 75.1 HKD [3] - Xiaomi Group (01810.HK) repurchased 4 million shares for approximately 19.5 million HKD at prices ranging from 48.44 to 49 HKD [4]

证券代码：601881 证券简称：中国银河 公告编号：2025-085 中国银河证券股份有限公司 关于向专业投资者公开发行短期公司债券获得中国证监会 注册批复的公告 中国银河证券股份有限公司（以下简称"公司"）近日收到中国证券监督管 理委员会（以下简称"中国证监会"）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）。根据该批复，中国证监会同意公司向专业投资者公开发行面值余额不超 过150亿元短期公司债券的注册申请。该批复自同意注册之日起24个月内有效， 在注册有效期内可以分期发行短期公司债券。 公司将按照有关法律法规、批复要求及公司股东大会授权办理本次短期公司 债券发行的相关事宜，并及时履行信息披露义务。 特此公告。 中国银河证券股份有限公司董事会 2025 年 10 月 15 日 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。 ...

Core Points - China Galaxy Securities has received approval from the China Securities Regulatory Commission (CSRC) for the public issuance of short-term corporate bonds to professional investors [1] - The approved bond issuance has a maximum face value of 15 billion yuan [1] - The approval is valid for 24 months from the date of registration, allowing for phased issuance of the bonds within this period [1]

Core Viewpoint - The brokerage sector is expected to maintain a growth trend in net profit for Q3 2025, continuing the over 50% year-on-year increase seen in the first half of 2025, driven by strong market trading volumes [1][8]. Market Performance - The average daily trading volume for the Shanghai and Shenzhen markets in Q3 2025 reached 2.04 trillion yuan, representing a year-on-year increase of 153% and a quarter-on-quarter increase of 37% [1][3]. - The average margin financing and securities lending balance for Q3 2025 was 2.12 trillion yuan, up 49% year-on-year and 17% quarter-on-quarter [1][3]. - The Hong Kong market saw an average daily turnover (ADT) of 2,550 billion HKD year-to-date, a 93% increase compared to 2024 [6][7]. Investment Business - The stock market performed well, with key indices reaching new highs in 2025: the CSI 300 index increased by 17.90%, the ChiNext index by 50.40%, and the STAR 50 index by 49.02% [1][2]. Bond Market - The yield on 10-year government bonds rose to 1.86% during the reporting period, while the CSI All Bond Index fell by 1.78% [2]. - Despite an increase in equity exposure by most brokerages, the bond market's decline led to a slight decrease in proprietary trading income for Q3 2025 [2]. Brokerage and Margin Financing Business - The brokerage sector is expected to generate 437 billion yuan in revenue for Q3 2025, reflecting a year-on-year increase of 111% and a quarter-on-quarter increase of 43% [3]. - New A-share accounts opened in September 2025 totaled 2.9372 million, marking a 61% year-on-year increase [3]. Investment Banking Business - The A-share IPO scale for Q3 2025 was 38 billion yuan, up 148% year-on-year and 77% quarter-on-quarter [4]. - The total scale of refinancing (including private placements, rights issues, and preferred shares) was 74 billion yuan, a year-on-year increase of 189% [4]. Asset Management Business - The market saw a significant recovery in newly established equity funds, with 2,093 million units created in Q3 2025, a 304% year-on-year increase [5]. - The total scale of ETFs reached 5.6 trillion yuan by the end of Q3 2025, a 31% increase from the end of Q2 2025 [5]. International Business - The performance of the Hong Kong market and IPO activities has been active, with 71 new companies listed year-to-date, raising 187.3 billion HKD [6][7]. - The top brokerages are expected to maintain high growth in their overseas businesses, particularly those that completed capital increases for international subsidiaries [7]. Investment Recommendations - The brokerage sector is projected to achieve a net profit of 610 billion yuan in Q3 2025, reflecting a year-on-year increase of 54% [8]. - Investment opportunities are recommended in three main lines: strong comprehensive institutions benefiting from industry competition optimization, brokerages with high earnings elasticity, and firms with strong international business competitiveness [8].

Core Viewpoint - China Galaxy Securities (06881.HK) has received approval from the China Securities Regulatory Commission (CSRC) to publicly issue short-term corporate bonds with a total face value of up to RMB 15 billion [1] Group 1 - The approval allows the company to issue bonds to professional investors [1] - The registration approval is valid for a period of 24 months [1] - The company can issue the short-term corporate bonds in multiple tranches within the approval period [1]