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法律责任。 重要内容提示： 证券代码：601881 证券简称：中国银河 公告编号：2025-100 中国银河证券股份有限公司 2025年半年度权益分派实施公告 每股分配比例 A 股每股现金红利人民币 0.125元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/11/14 | － | 2025/11/17 | 2025/11/17 | 差异化分红送转： 否 一、 通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 10 月 31 日的2025年第二次临时股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 本次利润分配以方案实施前的公司总股本10,934,402,256股为基数，每股派发现金红利人 民币 0.125元 ...

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） 王晟 董事長及執行董事 中國北京 2025年11月10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。 （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 半年度權益分派實施公告》，僅供參閱。 承董事會命 中國銀河證券股份有限公司 证券代码：601881 证券简称：中国银河 公告编号：2025-100 中国银河证券股份有限公司 2025 年半年度权益分派实施公告 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 ...

Core Viewpoint - The stock of Biao Bang Co., Ltd. (301181.SZ) experienced significant declines following its resumption of trading, with a total drop of 29.10% over two trading days after a halt due to control change discussions [1][4]. Group 1: Stock Performance - On November 10, 2025, Biao Bang Co. closed at 36.30 yuan, down 11.38% [1]. - After resuming trading on November 7, 2025, the stock hit a daily limit down, closing at 40.96 yuan, a decrease of 20.00% [1]. - The stock reached a peak of 53.96 yuan on October 28, 2025, before the trading halt [4]. Group 2: Shareholding Structure - As of September 30, 2025, China Galaxy Securities Co., Ltd. held 0.992% of Biao Bang Co., making it the ninth largest circulating shareholder [1][3]. - The largest shareholder is Jiangyin Biao Bang Network Technology Co., Ltd., holding 43.652% of the shares [3]. Group 3: Control Change Discussions - On October 30, 2025, Biao Bang Co. received notice regarding potential changes in control involving its major shareholder and actual controller, Zhao Qi [4]. - The company announced on November 6, 2025, that discussions regarding the control change had not reached an agreement, leading to the termination of the planned change [5]. Group 4: Financial Information - Biao Bang Co. was listed on the Shenzhen Stock Exchange on February 21, 2022, with an initial public offering of 22.5 million shares at a price of 40.25 yuan per share [5]. - The total funds raised from the IPO amounted to 906 million yuan, with a net amount of 838 million yuan after deducting issuance costs [5][6].

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 of 5.183 billion yuan, down 28.11% year-on-year [2] - Huatai's 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 [2] Group 2: M&A and Restructuring - The market is highly focused on the integration and restructuring of securities firms, supported by regulatory encouragement [4] - Guotai Junan Securities is actively pursuing integration in business, management, and system platforms, having completed several key steps in this process [4] - CITIC Securities emphasized that M&A can effectively consolidate market resources and enhance competitive capabilities, balancing internal growth with external expansion [4] Group 3: International Business Expansion - Several securities firms have outlined their strategies for expanding international business [5] - CITIC Securities aims to leverage favorable external market conditions to enhance its international business and client market scale [6] - China Galaxy Securities plans to strengthen its overseas subsidiaries' management and deepen integrated operations to solidify its position in Southeast Asia [6] Group 4: Investment Banking Challenges - Securities firms are adapting their investment banking strategies to navigate current industry headwinds [7] - CITIC Securities is focusing on functional priorities, supporting national strategies, and enhancing services for key clients in technology innovation [7] - China Galaxy Securities is committed to improving service quality in alignment with national strategies and enhancing collaboration across business lines [7]

Core Viewpoint - The recent earnings presentations by leading securities firms highlight key industry trends, including M&A activities, international business expansion, digital transformation, and performance fluctuations [2]. Performance Fluctuations - Despite an overall market recovery, some securities firms reported performance volatility in Q3 2025. For instance, Huatai Securities reported a revenue of 10.909 billion yuan, a year-on-year decrease of 6.94%, and a net profit of 5.183 billion yuan, down 28.11% [4]. - Huatai Securities' CEO explained that excluding a one-time gain of 6.23 billion yuan from subsidiary disposals in the same period last year, the firm's Q3 2025 revenue would have increased by 98%, with a 389% year-on-year growth in net profit after adjustments [5]. - Investors questioned why Huatai Securities underperformed in a favorable market, while招商证券's president noted plans to enhance self-operated investment performance through better asset allocation and market strategy adjustments [5]. M&A Expectations and Progress - The market is closely watching the integration efforts of securities firms, especially under regulatory support for M&A to strengthen capabilities [6][7]. - Guotai Junan Securities' chairman stated that the firm is actively pursuing integration in business, management, and system platforms, including updating over 600 regulations to enhance compliance and risk management [8]. - CITIC Securities' chairman emphasized that M&A can effectively consolidate market resources and enhance competitiveness, indicating a balanced approach between organic growth and external expansion [8]. International Business Expansion - Several securities firms are focusing on international business development, with CITIC Securities aiming to leverage favorable external market conditions to enhance its international presence [9][10]. - Everbright Securities is implementing a "one body, two wings" strategy to strengthen its wealth management and cross-border financing capabilities [10]. - China Galaxy Securities plans to deepen its management of overseas subsidiaries and enhance its integrated operational system to solidify its position in Southeast Asia [10]. Investment Banking Challenges - In light of the current headwinds in the investment banking sector, firms are adapting their strategies. CITIC Securities is prioritizing functional roles to support national strategies and enhance services for key clients [11][12]. - The firm is also focusing on expanding its product offerings and exploring M&A opportunities for technology innovation companies [12]. - China Galaxy Securities is committed to enhancing its investment banking services by aligning with national strategic priorities and developing benchmark cases in equity and debt financing [13].

Core Viewpoint - The Hong Kong stock market is expected to continue its volatile trend as year-end approaches, with a cautious risk appetite among investors. Key sectors to watch include cyclical stocks benefiting from rising downstream commodity prices, dividend stocks for defensive strategies, and sectors positively impacted by improving China-US trade relations [1][4]. Market Performance - During the week of November 3 to November 7, the Hong Kong stock market showed mixed results, with the Hang Seng Index rising by 1.29%, while the Technology Index fell by 1.20%, and the State-Owned Enterprises Index increased by 1.08% [2]. - Among the primary sectors, Energy, Financials, and Utilities saw the highest gains, with increases of 6.02%, 3.45%, and 3.14% respectively. Conversely, Healthcare, Consumer Discretionary, and Information Technology experienced declines of 3.05%, 1.80%, and 0.77% respectively [2]. Liquidity Analysis - The average daily trading volume on the Hong Kong Stock Exchange was HKD 230.53 billion, a decrease of HKD 49.99 billion from the previous week. The average short-selling amount was HKD 29.46 billion, down by HKD 2.08 billion, with short-selling accounting for 12.79% of the trading volume, an increase of 1.6 percentage points [2]. - Cumulative net inflow from southbound funds reached HKD 38.68 billion, an increase of HKD 11.19 billion compared to the previous week [2]. Valuation and Risk Appetite - As of November 7, the Hang Seng Index had a Price-to-Earnings (PE) ratio of 11.87 and a Price-to-Book (PB) ratio of 1.23, reflecting increases of 1.81% and 1.87% respectively, positioning it at the 85% and 88% percentile levels since 2019. The Hang Seng Technology Index had a PE of 22.69 and a PB of 3.30, at the 28% and 69% percentile levels respectively [3]. - The risk premium for the Hang Seng Index was calculated at 4.32%, which is -1.86 standard deviations from the 3-year rolling mean, placing it at the 6% percentile since 2010 [3]. Investment Outlook - Internationally, the U.S. Supreme Court raised questions about the legality of Trump's tariffs, leading to expectations of potential tariff reductions. In October, U.S. private sector employment increased by 42,000, significantly exceeding the expected 30,000 [4]. - Domestically, China's total goods trade value in October was CNY 3.7 trillion, a 0.1% increase, with exports at CNY 2.17 trillion (down 0.8%) and imports at CNY 1.53 trillion (up 1.4%) [4]. - The market is advised to focus on cyclical stocks due to changing supply-demand dynamics, dividend stocks for defensive positioning, and sectors benefiting from improved China-US trade relations [4].

Core Viewpoint - The current technology sector is undergoing adjustments, with some thematic trends showing signs of recovery, but sustainability remains insufficient. The market is expected to maintain a volatile structure, focusing on the value of adjusted configurations [1] Group 1: Market Trends - The market is anticipated to experience rapid rotation of hotspots during the policy and earnings lull, with sectors such as power grid equipment, lithium batteries, and chemicals showing upward movement [1] - The underlying theme of "anti-involution" is gradually being confirmed, with rising price levels boosting mid-term economic improvement expectations [1] - The third-quarter reports of listed companies demonstrate resilience in fundamentals, highlighting structural strengths [1] Group 2: Investment Opportunities - In the context of sector rotation, attention should be paid to themes related to anti-involution and dividends, with a focus on the technology sector's potential for catch-up in specific sub-sectors and industrial trends [1] - The anti-involution field is becoming a key focus for macroeconomic regulation, enhancing the long-term investment value of related sectors [1] - In the new productivity sector, technology companies with genuine technical barriers that align with national strategies will be a significant investment theme in the A-share market [1] - The consumption sector, particularly service consumption and new consumption sub-fields, is crucial for stabilizing the economic foundation and warrants close attention [1] - The "dual" sector, driven by project construction, will promote the improvement and development of the industrial chain, benefiting related companies through order growth and performance release [1]

Group 1 - The core viewpoint is that the AI narrative has influenced the slope of market trends rather than the overall trend itself, with a focus on the stability of the corporate overseas environment and AI infrastructure investment [2] - The A-share market is expected to maintain resilience supported by stable economic and policy expectations, with a focus on cyclical sectors such as steel, chemicals, and new consumption [3] - The market is preparing for a new upward trend, with structural highlights in the third-quarter reports indicating fundamental resilience [3] Group 2 - The A-share market is likely to remain in a volatile state, with long-term upward trends in technology growth facing short-term fundamental concerns [4] - There are three parts of mid-term returns yet to be realized, including cyclical improvement, asset allocation towards equities, and China's increasing global influence [5] - November is favorable for small-cap and thematic investments, with a focus on themes related to the "14th Five-Year Plan" such as AI applications and new materials [7] Group 3 - The recent market rally is seen as a preemptive move for a cyclical recovery year, with price increases concentrated in sectors like coal, non-ferrous metals, and renewable energy [11] - Short-term attention is drawn to the power equipment sector and chemicals, as the market shifts towards high-certainty products [12] - The A-share investment focus is shifting towards strategic upstream industries and technology applications under the "anti-involution" theme [13]

Fund Size - The total public fund size reached 35.4 trillion yuan, with a quarter-on-quarter increase of 6.04% or approximately 2.02 trillion yuan [6][11] - The bond fund size decreased by 0.25 trillion yuan to 10.56 trillion yuan, accounting for a reduction of 2.57% [6][11] - The stock fund size expanded significantly, increasing by 1.03 trillion yuan to 5.26 trillion yuan, while other fund types also saw slight growth [6][11] Pure Bond Fund Performance - The total size of pure bond funds decreased by 0.75 trillion yuan, with bond positions dropping by 0.7-2.3 percentage points [22][23] - The average yield of pure bond funds fell to 0.52%, down from 1.05%, indicating a significant decline in performance [42][43] - The maximum drawdown for bond funds increased from -0.15% to -0.54%, reflecting heightened risk [42][46] Asset Allocation - The allocation of pure bond funds remains primarily in financial bonds (including policy financial bonds), with a notable increase in credit bonds [14][20] - Financial bonds accounted for approximately 59.09% of the allocation, while credit bonds made up about 54.62% [14][20] - The proportion of financial bonds has remained stable between 50%-60% since 2020 [14] Leverage and Duration - The average leverage ratio for bond funds decreased to 114.53%, down from 117.88%, indicating a trend towards reduced leverage [54][55] - The average duration of bond funds shortened to 2.71 years, down from 3.45 years, as funds sought to mitigate interest rate risk [54][55] - The concentration of holdings in the top five positions increased to 40.04%, reflecting a slight rise in concentration [58] Credit Strategy - Many pure bond funds adopted a strategy of credit downgrading, with AAA-rated holdings decreasing by 2.99% and 3.45% for medium and short-term funds, respectively [60] - The strategy shift was primarily due to significant market adjustments, prompting funds to seek higher coupon income [60]

Group 1 - The core viewpoint of the article is that China Galaxy has given a "recommended" rating to Times Electric (688187.SH) based on its stable performance and growth prospects in the rail transit equipment and new industries sectors [1] - The company's performance is supported by the resonance between rail transit equipment and new industries, leading to steady growth [1] - The stability of period expenses and an increase in gross margin are highlighted as positive factors for the company's financial health [1] - The semiconductor business is gradually being released, and emerging equipment is expected to continue growing rapidly [1]