Core Points - The company has completed the filing of its revised Articles of Association with the Beijing Regulatory Bureau of the China Securities Regulatory Commission [3] - The revisions were made in accordance with the updated Company Law of the People's Republic of China and other relevant regulations, reflecting the company's actual situation [2] - The company is in the process of completing the filing procedures with the Beijing Market Supervision Administration and will disclose updates as necessary [3] Summary by Sections - **Company Meetings**: The company held its fifth board meeting and the second extraordinary general meeting on October 13 and October 31, 2025, respectively, where the proposal to amend the Articles of Association was approved [2] - **Regulatory Compliance**: The amendments were necessary due to the repeal of certain regulations, leading to the adjustment and revision of related clauses in the Articles of Association [2] - **Disclosure of Information**: The revised Articles of Association can be accessed on the Shanghai Stock Exchange, Hong Kong Stock Exchange, and the company's official website [3]

Group 1 - The computing power sector is still in the performance realization stage and has a relatively moderate valuation level, with continued optimism for computing-related PCB, domestic computing, IP licensing, and chip inductors [1] - The year 2026 may be a key year for the recovery of the foldable screen market, with rumored foldable products from Apple expected to stimulate overall category discussions and potentially bring new insights in software interaction and hardware design, further activating market demand [1] - Newly launched wearable devices this year are also expected to drive market recovery [1] Group 2 - AR glasses manufacturers are pushing AR glasses from being "niche geek toys" to "mainstream smart terminals" through technological breakthroughs, ecosystem integration, and market penetration, with the maturity of AI and AR technologies suggesting that smart glasses could become the next mainstream computing terminal after smartphones [1]

（在中華人民共和國註冊成立之股份有限公司） （股份代號：06881） 中國銀河證券股份有限公司章程 （2005年12月31日公司創立大會審議通過 2007年1月11日臨時股東大會第一次 修正 2008年6月12日2008年第三次臨時股東大會第二次修正 2008年12月19日 2008年第四次臨時股東大會第三次修正 2009年10月9日2009年第三次臨時股東 大會第四次修正 2012年1月10日2012年第一次臨時股東大會第五次修正 2012 年6月5日2011年度股東大會第六次修正 2012年8月2日2012年第二次臨時股東 大會第七次修正 2012年11月16日2012年第三次臨時股東大會第八次修正 2012 年11月16日2012年第四次臨時股東大會第九次修正 2013年1月25日2013年第 一次臨時股東大會第十次修正 2013年2月20日2013年第二次臨時股東大會第十 一次修正 2013年4月24日2013年第三次臨時股東大會第十二次修正 2013年5 月20日2012年度股東大會第十三次修正 2013年9月25日2013年第四次臨時股 東大會第十四次修正 2014年4月25日2014年第一次臨時 ...

中国银河证券股份有限公司章程 （2005 年 12 月 31 日公司创立大会审议通过 2007 年 1 月 11 日临时股东大会第一次修正 2008 年 6 月 12 日 2008 年第三次临时股东大会第二次修正 2008 年 12 月 19 日 2008 年第四次临时股东大会第三次修正 2009 年 10 月 9 日 2009 年第三次临时股东大会第四次修正 2012 年 1 月 10 日 2012 年第一次临时股东大会第五次修正 2012 年 6 月 5 日 2011 年 度股东大会第六次修正 2012 年 8 月 2 日 2012 年第二次临 时股东大会第七次修正 2012 年 11 月 16 日 2012 年第三次 临时股东大会第八次修正 2012 年 11 月 16 日 2012 年第四 次临时股东大会第九次修正 2013 年 1 月 25 日 2013 年第一 次临时股东大会第十次修正 2013 年 2 月 20 日 2013 年第二 次临时股东大会第十一次修正 2013 年 4 月 24 日 2013 年第 三次临时股东大会第十二次修正 2013 年 5 月 20 日 2012 年 度股东大会第 ...

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。 （在中華人民共和國註冊成立之股份有限公司） （股份代號：06881） 公告 公司章程備案完成 本公司宣佈，本公司已於近日就公司章程的修訂完成在中國證券監督管理委 員會北京監管局的備案，並正在推進在北京市市場監督管理局的備案。修訂 後的公司章程全文載於上海證券交易所網站（ http://www.sse.com.cn ）、香港 交易及結算所有限公司披露易網站（ http://www.hkexnews.hk ）及本公司網站 （http://www.chinastock.com.cn）。 承董事會命 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11月11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。 玆提述中國銀河證券股份有限 ...

证券代码：601881 证券简称：中国银河 公告编号：2025-101 中国银河证券股份有限公司 关于完成公司章程备案的公告 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"公司"）分别于 2025 年 10 月 13 日、2025 年 10 月 31 日召开第五届董事会第七次会议（临时）、2025 年第二次 临时股东大会，审议通过了《关于提请审议修订<公司章程>的议案》，同意公司 根据修订后的《中华人民共和国公司法》《上市公司章程指引》《上市公司股东会 规则》等法律法规及监管规则规定并结合公司的实际情况，对《公司章程》相关 条款进行修订和完善。同时，鉴于《国务院关于股份有限公司境外募集股份及上 市的特别规定》《到境外上市公司章程必备条款》已废止，《公司章程》中落实该 等规定要求的部分条款已不再适用，据此，公司对《公司章程》相关条款统一进 行调整、修订，具体内容请见公司于 2025 年 10 月 14 日披露的《关于修订公司 章程部分条款的公告》（公告编号：2025-082）。 近日 ...

Core Viewpoint - The construction materials industry is experiencing weak demand in Q3 2025, leading to a slight revenue decline, but profitability has significantly improved due to cost reduction and price increases for certain products [1] Group 1: Industry Overview - In the first three quarters of 2025, 77 listed companies in the construction materials sector achieved a total revenue of 489.86 billion yuan, a year-on-year decrease of 5.74%, while net profit attributable to shareholders reached 19.25 billion yuan, an increase of 21.46% [1] - The overall gross profit margin for the industry was 19.38%, reflecting a year-on-year increase of 0.22 percentage points [1] - Operating cash flow for these companies improved significantly, with a year-on-year growth of 52.91%, attributed to better receivables management and retail channel transformations [1] Group 2: Cement Sector - In October, there was a slight improvement in cement demand, but overall national demand is showing signs of peaking [2] - The industry is facing increased clinker inventory pressure despite efforts to control supply through staggered kiln shutdowns [2] - Cement prices saw a month-on-month increase of 2.22%, with expectations of further price hikes in November, although the increase may be limited [2] Group 3: Consumer Building Materials - From January to September 2025, retail sales of building and decoration materials grew by 1.6% year-on-year, with a 10.49% month-on-month increase in September [3] - The demand for consumer building materials is gradually improving as the seasonal downturn in the home decoration market ends, although it remains below last year's levels [3] - The ongoing urban renewal strategy is expected to stimulate demand for renovation and high-quality green building materials [3] Group 4: Glass Fiber Sector - In October, there was a slight recovery in demand for glass fiber, with some construction projects requiring expedited delivery [4] - Major glass fiber manufacturers have issued price increase notices for roving, indicating strong pricing power and expectations for stable to rising prices in the future [4] - Demand for electronic yarn is also increasing, with prices expected to remain stable after an initial rise [4] Group 5: Float Glass Sector - The average price of float glass increased in October, although there was a downward trend within the month [5] - The market is characterized by cautious purchasing behavior and high inventory levels, which are expected to limit price increases in the short term [5] - Overall, prices are anticipated to remain stable due to high inventory and limited improvement in demand [5]

Core Points - The company announced a cash dividend distribution plan for the first half of 2025, with a total cash dividend of RMB 1,366,800,282.00, translating to RMB 0.125 per share [1] - The distribution plan was approved at the company's second extraordinary general meeting on October 31, 2025 [1] - The dividend will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited Shanghai Branch as of the close of trading on the record date [1] Distribution Plan - The cash dividend of RMB 0.125 per share is applicable to all shareholders, with a total of 10,934,402,256 shares as the basis for distribution [1] - The distribution method involves the China Securities Depository and Clearing Corporation handling the payment through its clearing system [1] - Shareholders who have not completed designated trading will have their dividends held by the China Securities Depository until the trading is completed [1] Taxation Information - For individual shareholders holding shares for over one year, the dividend income is exempt from personal income tax, resulting in an actual distribution of RMB 0.125 per share [2] - For individual shareholders holding shares for one year or less, the company will not withhold personal income tax at the time of distribution, but tax will be calculated upon the sale of shares [2] - Qualified Foreign Institutional Investors (QFIIs) will have a 10% withholding tax applied, resulting in an actual distribution of RMB 0.1125 per share [3] - Hong Kong investors will also face a 10% withholding tax, with the same effective distribution of RMB 0.1125 per share [4] - Other institutional investors will not have tax withheld by the company, receiving the full RMB 0.125 per share [4] H-Shares Information - Information regarding the dividend distribution for H-share shareholders will be disclosed on the Hong Kong Stock Exchange and the company's website following the extraordinary general meeting [5] Contact Information - For inquiries regarding the equity distribution plan, shareholders can contact the board office at the provided phone number [6]

Core Insights - The report from China Galaxy Securities indicates that the energy consumption targets for the end of the 14th Five-Year Plan are expected to catalyze demand for green electricity, while the establishment of a sustainable pricing settlement mechanism for renewable energy will clarify future revenue expectations for the industry [1] Group 1: Industry Performance - In the first three quarters of 2025, the SW thermal power, hydropower, nuclear power, wind power, and solar power sectors achieved net profits of 69.69 billion, 51.32 billion, 16.58 billion, 12.91 billion, and 2.57 billion yuan respectively, with year-on-year growth rates of 16.8%, 3.3%, -12.4%, -16.4%, and 86.0% [1] - In Q3 2025, the net profits for SW thermal power, hydropower, nuclear power, wind power, and solar power were 36.01 billion, 28.29 billion, 8.45 billion, 2.45 billion, and 1.35 billion yuan respectively, with year-on-year growth rates of 34.3%, -1.6%, -16.5%, -35.6%, and 169.5% [1] Group 2: Electricity Generation Trends - In September, the total industrial electricity generation was 826.2 billion kWh, a year-on-year increase of 1.5%, with growth slowing by 0.1 percentage points compared to August [2] - In September, the year-on-year changes in electricity generation for thermal power, hydropower, nuclear power, wind power, and solar power were -5.4%, +31.9%, +1.6%, -7.6%, and +21.1% respectively, with significant changes in growth rates compared to August [2] - The substantial increase in hydropower generation in September was attributed to improved water flow in major river basins and a low base effect from the previous year [2] Group 3: Electricity Consumption Trends - In September, the total electricity consumption was 888.6 billion kWh, with a year-on-year growth of 4.5%, slowing by 0.5 percentage points compared to August [3] - The year-on-year changes in electricity consumption for primary, secondary, tertiary industries, and residential use were 7.3%, 5.7%, 6.3%, and -2.6% respectively, with notable declines in growth rates for the tertiary sector and residential use [3] - The decrease in growth rates for the tertiary sector and residential electricity consumption was primarily due to a reduction in high-temperature weather compared to the previous year [3]

Core Insights - Major securities firms have held earnings briefings for Q3 2025, addressing key topics such as M&A, international business, digital transformation, and performance fluctuations [1] Group 1: Performance Fluctuations - Despite an overall market recovery, some securities firms reported performance fluctuations in Q3 2025, raising investor concerns [2] - Huatai Securities reported Q3 2025 revenue of 10.909 billion yuan, a year-on-year decrease of 6.94%, and a net profit attributable to shareholders of 5.183 billion yuan, down 28.11% year-on-year [2] - Huatai Securities' CEO explained that excluding a one-time gain from subsidiary disposal in 2024, Q3 2025 revenue would have increased by 98%, with a 389% year-on-year growth in net profit after adjustments [3] Group 2: Strategic Focus on Investment - Investors questioned why招商证券's proprietary investment returns lagged behind other leading firms, prompting the firm to emphasize its focus on asset allocation and market conditions [4] - 招商证券 plans to enhance fixed income investments by identifying structural opportunities in the domestic bond market and expanding overseas bond investments [4] Group 3: M&A and Restructuring - The market is closely watching the progress of M&A and restructuring among securities firms, supported by regulatory encouragement [5] - 国泰海通证券's chairman stated that the firm is actively integrating business, management, and systems in compliance with regulatory requirements [5] - 中信证券's chairman highlighted that M&A can effectively consolidate market resources and enhance competitiveness, indicating a balanced approach to internal and external growth strategies [5] Group 4: International Business Expansion - Several firms are prioritizing international business development, with 中信证券 aiming to leverage favorable external market conditions to expand its international footprint [6][7] - 光大证券 is focusing on enhancing its wealth management capabilities in Hong Kong and improving cross-border financing and research capabilities [7] - 中国银河证券 plans to strengthen its overseas subsidiaries' management and maintain its core market position in Southeast Asia [7] Group 5: Adapting to Industry Challenges - In light of the current challenges in the investment banking sector, firms are adapting their strategies to overcome headwinds [8] - 中信证券 is prioritizing functional roles to support national strategies and enhance services for key clients in technology innovation [8] - 中信建投 is focusing on a matrix layout to capture opportunities in various markets, including A-shares, Hong Kong stocks, and REITs [8]