证券代码：601881 证券简称：中国银河 公告编号：2025-078 中国银河证券股份有限公司（以下简称"本公司"）于 2025 年 6 月 3 日 成功发行了中国银河证券股份有限公司 2025 年度第十一期短期融资券（以下 简称"本期短期融资券"），本期短期融资券发行额为人民币 40 亿元，票面 利率为 1.69%，短期融资券期限为 107 天，兑付日期为 2025 年 9 月 18 日。（详 见本公司于 2025 年 6 月 4 日刊登于上海证券交易所网站（www.sse.com.cn） 的《中国银河证券股份有限公司 2025 年度第十一期短期融资券发行结果公告》）。 2025 年 9 月 18 日，本公司兑付了本期短期融资券本息共计人民币 4,019,816,986.30 元。 特此公告。 中国银河证券股份有限公司董事会 2025 年 9 月 20 日 中国银河证券股份有限公司 2025年度第十一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。 ...

格隆汇9月19日丨中国银河(06881.HK)发布公告，公司于2025年6月3日成功发行了中国银河证券股份有 限公司2025年度第十一期短期融资券，本期短期融资券发行额为人民币40亿元，票面利率为1.69%，短 期融资券期限为107天。2025年9月18日，公司兑付了本期短期融资券本息共计约人民币40.2亿元。 ...

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） （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 度第十一期短期融資券兌付完成的公告》，僅供參閱。 承董事會命 中國銀河證券股份有限公司 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"本公司"）于 2025 年 6 月 3 日成 功发行了中国银河证券股份有限公司 2025 年度第十一期短期融资券（以下简 称"本期短期融资券"），本期短期融资券发行额为人民币 40 亿元，票面利率 为 1.69%，短期融资券期限为 107 天，兑付日期为 2025 年 9 月 ...

2025 中期報告 重要提示 | 未出席董事姓名 | 未出席董事職務 | 未出席董事的原因說明 | 被委託人姓名 | | --- | --- | --- | --- | | 羅卓堅 | 獨立非執行董事 | 工作原因 | 范小雲 | 針對上述風險，本公司從完善組織架構、優化管理機制和工具、升級系統功能、規範人員管理等方面建立健全 一體化防控體系，同時通過定期監測、持續評估、不斷優化業務流程和控制措施來防範操作風險，對市場風 險、信用風險和流動性風險進行專業化管理，並重點做好創新業務和創新產品等的風險管控。 中國銀河證券股份有限公司 2025中期報告 一、 本公司董事會、監事會及董事、監事、高級管理人員保證本中期報告內容的真實性、準確性、完整性，不存在 虛假記載、誤導性陳述或重大遺漏，並承擔個別和連帶的法律責任。 二、 本中期報告經本公司第五屆董事會第六次會議（定期）審議通過。除以下董事外，公司董事均親自出席董事會會 議，未有董事對本中期報告提出異議。 三、 本中期報告未經審計。本公司按照國際財務報告準則編製的2025年中期財務報告已經安永會計師事務所審閱。 四、 公司負責人王晟、主管會計工作負責人薛軍及會計機構 ...

Core Viewpoint - The current driving force in the telecommunications industry is based on the optimization of operators' capital expenditure structure, resonating with artificial intelligence, and the emergence of new paradigms in sub-industries [1][2][3] Industry Overview - The importance of technological innovation and new productive forces is gradually increasing, with a consistent policy direction from the government [2] - The telecommunications industry is showing stable overall performance, with the rapid development of the global AI industry enhancing growth potential [2] - The industry is experiencing a continuous increase in inventory levels, indicating potential tightening in upstream raw material supply [2] Key Sub-sectors - **Operators**: Valuation remains low with steady growth; profitability and cash flow are improving, highlighting asset value advantages and increasing dividends for shareholders [3] - **Optical Communication**: Growth in AI capital expenditure from cloud vendors is driving the development of related industries such as PCB, GPU, and optical communication [3] - **Satellite Internet**: The transition from 5G to 6G will necessitate satellite internet capabilities, with commercial space satellite internet development expected to enter a major cycle [3] - **Quantum Technology**: The quantum information industry is showing high growth potential, with the market size for quantum communication expected to continue rising [3] Investment Recommendations - Focus on sectors related to operators, optical modules, optical devices/chips, copper connections, satellite internet, and quantum technology [4]

Core Viewpoint - The report from China Galaxy Securities highlights that during the "14th Five-Year Plan" period, the automotive industry is expected to benefit from policies supporting domestic demand and the acceleration of new productivity development, particularly through technological innovations and global supply chain layouts [1][2]. Group 1: Automotive Industry Contribution - The automotive industry has become a significant contributor to GDP, with the industrial output of key automotive enterprises projected to grow from 2.51 trillion yuan in 2013 to 4.45 trillion yuan by 2024, maintaining a GDP contribution of over 3% [1]. - The automotive sector is a stabilizer for the job market due to its long industrial chain and high correlation with other sectors, providing numerous employment opportunities [1]. Group 2: New Energy Vehicle (NEV) Development - During the "14th Five-Year Plan," NEV policies evolved from direct subsidies to diversified support, including tax incentives and market regulations, leading to a projected NEV sales volume of 12.87 million units in 2024, a 35.5% year-on-year increase, with a penetration rate of 40.93% [2]. - Domestic brands have gained significant market share, with NEV sales expected to reach 17.96 million units in 2024, a 23.5% increase, resulting in a cumulative market share of 61%, up by 8.6 percentage points from the previous year [2]. Group 3: Global Expansion and Export Growth - The Chinese automotive industry has become the world's largest automobile exporter, with exports projected to reach 6.41 million units in 2024, reflecting a five-year compound annual growth rate (CAGR) of 45.15% [2]. - The export structure is shifting towards new energy vehicles, which are expected to account for 35.76% of total exports in 2024, with significant growth in markets such as Europe, Southeast Asia, and Latin America [2]. Group 4: Future Trends in Automotive Technology - The integration of artificial intelligence (AI) is transforming the automotive industry, with smart driving and smart cockpit technologies expected to enhance vehicle performance and user experience [3]. - The development of embodied intelligence and low-altitude economy is anticipated to create new growth opportunities, with the global market for urban air mobility projected to exceed one trillion dollars by 2040 [3]. Group 5: Strategic Recommendations - The focus should be on four main lines: 1) Policy-driven domestic demand, with an emphasis on high-end models to avoid price wars [6] 2) Further penetration of electrification and intelligence into mid-range vehicles [6] 3) Global expansion opportunities, particularly in Europe and emerging markets [6] 4) New productivity layouts, including humanoid robots and low-altitude economy [6].

Core Viewpoint - The automotive industry in China is expected to benefit from policies aimed at expanding domestic demand and accelerating the development of new productive forces during the "14th Five-Year Plan" period, with a focus on technological innovation and global industrial chain layout [1] Group 1: Policy-Driven Domestic Demand - Short-term policies encouraging automotive consumption will likely continue, focusing on high-end models to avoid price wars and ineffective competition [1] - Long-term support for strong enterprises and encouragement of long-range plug-in hybrid/lightweight technologies are expected to drive steady growth in domestic automotive sales [1] Group 2: Electrification and Intelligentization - The penetration rate of electrification is continuously increasing, while intelligent features are rapidly being integrated into mid- to low-priced models [1] - The trend of "smart driving equality" may lead to a new round of industry elimination as companies upgrade their vehicles and components [1] Group 3: Globalization and Export Opportunities - Export markets are becoming a core source of incremental growth, with domestic brands accelerating their global layout due to technological and cost advantages [1] - Key regions for expansion include Europe, Southeast Asia, and emerging markets [1] Group 4: New Productive Forces Layout - Humanoid robots and low-altitude economy are expected to create new growth curves [1] - The ability of automotive and component companies to expand into emerging businesses will drive long-term growth [1]

Core Viewpoint - The bond issuance by securities firms has significantly accelerated since July, with a total issuance of 1.14 trillion yuan in 2023, surpassing the previous year's total of 693.7 billion yuan, indicating strong capital replenishment needs in the industry [2][10]. Group 1: Bond Issuance Trends - In September alone, at least four securities firms announced new short-term financing bond issuances, totaling over 8 billion yuan, contributing to a cumulative issuance of over 110 billion yuan in the first half of September [1][9]. - The total bond issuance by securities firms from July 1 to September 17 reached approximately 543.8 billion yuan, accounting for about 47% of the annual total [2]. - As of September 17, 2023, 71 securities firms have issued bonds, with a total issuance of 1.14 trillion yuan, reflecting a year-on-year increase of approximately 64.7% [10]. Group 2: Types of Bonds and Their Purposes - Securities company bonds remain the mainstay, with 415 bonds issued totaling over 750 billion yuan, while short-term financing bonds accounted for nearly 370 billion yuan [11]. - The average coupon rate for the issued bonds is 1.89%, with a general downward trend in interest rates compared to the previous year [13][14]. - The primary purposes of the raised funds include liquidity support and refinancing existing debts, with some firms committing to limit the use of funds for capital-consuming businesses [21][24]. Group 3: Market Dynamics and Future Outlook - The increase in bond issuance is driven by a recovery in the A-share market, which has led to a rise in margin trading balances from approximately 1.85 trillion yuan at the end of June to about 2.26 trillion yuan at the end of August, marking a 22.2% increase [9]. - The current low-interest-rate environment makes bond financing more attractive compared to equity financing, providing larger funding support while avoiding equity dilution [25]. - If the A-share market remains active, the trend of bond issuance by securities firms is expected to continue in the near future [25].

本公司及其董事会全体成员保证公告内容的真实、准确和完整，不存在虚假记载、误导性陈述或重大遗 漏，并对其内容的真实性、准确性和完整性承担个别和连带的法律责任。 中国银河证券股份有限公司（以下简称"发行人"）面向专业投资者公开发行面值总额不超过200亿元 （含200亿元）的永续次级债券已于2025年8月13日获中国证券监督管理委员会出具的《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永续次级公司债券注册的批复》（证监许可〔2025〕1723 号）注册。 根据《中国银河证券股份有限公司2025年面向专业投资者公开发行永续次级债券（第一期）募集说明 书》，中国银河证券股份有限公司2025年面向专业投资者公开发行永续次级债券（第一期）（以下简 称"本期债券"）的发行规模不超过人民币50亿元（含50亿元），发行价格为每张人民币100元，采取网 下面向专业投资者簿记建档的方式发行。本期债券以每5个计息年度为1个重定价周期。在每个重定价周 期末，发行人有权选择将本期债券期限延长1个重定价周期（即延续5年），或全额兑付本期债券。 证券代码：601881 证券简称：中国银河 公告编号：2025-077 本期债券发行工作 ...

中证报中证网讯（王珞）近日，2025年"中国银河杯"全国大学生证券投资知识技能大赛正式启动。该比 赛由浙江金融职业学院国家级投资者教育基地与中国银河证券国家级互联网投教基地联合主办。 本次大赛在赛事设计上，既保留传统模拟交易的实战性，又创新增设投教作品设计赛——通过原创视 频、漫画、海报等青少年喜闻乐见的形式，将专业金融知识转化为大众易懂的传播内容，形成"教育— 实践—传播"的良性循环。 大赛设置191个奖项，覆盖股票/ETF模拟投资与投教作品设计两大类别，不仅为高校学生提供了展示专 业能力的平台，更成为培养"理性投资、价值投资"理念的重要载体。 赛事期间还将同步开展行业专家进校园、投教课程共建等活动，延续并深化"专家进课堂"的常态化教学 机制，实现投资者教育与专业教育的无缝融合。 赛事以全国职业教育大会"推动岗课赛证融通综合育人"精神为指引，创新性地将岗位需求、课程内容、 竞赛标准与职业认证有机结合。在股票/ETF基金模拟投资赛中，100万元股票模拟资金与50万元ETF基 金模拟资金的配置，严格遵循"单只股票市值不超总资产30%"的行业风控标准，将券商投顾岗位的核心 技能要求转化为赛事竞技指标；而投教作品设 ...