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 中國北京 2025年9月15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：2025-075 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 度第五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 王晟 董事長及執行董事 中国银河证券股份有限公司董事会 2025 年 9 月 16 日 中国银河证券股份有限公司 2025年度第五期短期融资券兑付 ...

中国银河证券发布公告称，公司董事会对公告内容真实性等负责。该公司于2025年3月12日成功发行 2025年度第五期短期融资券，发行额30亿元，票面利率2.07%，期限184天。兑付日期为2025年9月12 日，当日公司已完成本期短期融资券本息兑付，共计人民币3,031,305,205.48元。相关发行结果曾于2025 年3月13日刊登于上海证券交易所网站。 ...

Core Viewpoints - The Chinese stock market is expected to continue its upward trend, with A/H shares likely to reach new highs within the year due to accelerating economic transformation and reduced uncertainties [4][5][15] - The focus should shift from domestic economic cycles to a global perspective when evaluating company fundamentals, especially as more companies expand their international exposure [3] Group 1: Market Trends and Sentiment - The current market sentiment is characterized by a structural rally driven by "smart money," with a daily trading volume expected to stabilize around 1.6 to 1.8 trillion yuan [3] - Historical data suggests that after a "volume peak," the upward trend often continues, albeit at a slower rate, indicating that the current bull market narrative remains intact [6][7] - The market is entering a phase of rotation and expansion, with a focus on sectors that exhibit strong industrial trends and economic governance improvements [10][11] Group 2: Investment Opportunities - Key sectors to watch include resources, consumer electronics, innovative pharmaceuticals, chemicals, gaming, and military industries, as they align with global supply chain dynamics [3] - The market presents broad opportunities, with a focus on both emerging technologies and traditional sectors undergoing valuation recovery [5] - Specific recommendations include sectors with high economic activity such as software development, communication equipment, and cyclical commodities like non-ferrous metals and chemicals [8][9] Group 3: Economic Indicators and Policy Impact - The improvement in basic economic indicators is expected to broaden the scope of economic prosperity across various sectors, moving beyond just a few high-growth areas [11][12] - The anticipated easing of monetary policy by the Federal Reserve and the ongoing capital inflow into the equity market are likely to support the upward trajectory of A-shares [13][14] - The upcoming policy changes and economic governance strategies are expected to further enhance market confidence and investor returns [4][15]

Core Viewpoint - The policy goals of "stabilizing growth, stabilizing the stock market," and "boosting the capital market" will continue to guide the future direction of the sector, supported by a moderately loose liquidity environment, ongoing optimization of the capital market, and the rebuilding of investor confidence [1] Group 1: Performance Metrics - In H1 2025, 42 A-share listed brokerages achieved a total operating income of 251.87 billion yuan, a year-on-year increase of 11.37%, and a net profit attributable to shareholders of 104.02 billion yuan, a year-on-year increase of 65.08%, marking the highest level in nearly five years [1] - The growth in performance is primarily driven by brokerage and proprietary trading businesses, with brokerage income reaching 63.45 billion yuan, up 38.66% year-on-year, and proprietary trading income at 112.36 billion yuan, up 50.43% year-on-year, contributing 44.61% to total operating income [1] Group 2: Business Transformation - The distribution of financial products has become a key focus for wealth management transformation, with listed brokerages generating 5.57 billion yuan in income from financial product sales, a year-on-year increase of 29.56% [2] - The international business of listed brokerages showed strong growth, with the top ten firms achieving international business revenue of 19.10 billion yuan, a year-on-year increase of 21.15% [2] Group 3: Market Concentration - The industry is experiencing increased concentration, with the net profit concentration ratio (CR5) reaching 45.88%, up 6.81 percentage points year-on-year, and CR10 at 67.44%, up 9.04 percentage points year-on-year [3] - Leading brokerages are expanding their competitive advantages through diversified operations, while smaller firms are focusing on regional characteristics or niche markets to differentiate themselves [3] Group 4: Profitability and Capital Management - The industry’s annualized ROE reached 7.07%, an increase of 1.63 percentage points year-on-year, while the leverage ratio remained stable at 3.29x, a slight decrease of 0.08 percentage points from the end of 2024 [4] - The proportion of equity assets in proprietary investments has increased, with an average of 22.12% of net capital allocated to equity securities and derivatives, up 3.58 percentage points year-on-year [4] - A total of 29 listed brokerages announced interim dividend plans totaling 18.80 billion yuan, a year-on-year increase of 39.79%, reflecting a shift towards prioritizing shareholder returns [4]

Group 1 - The core viewpoint emphasizes the acceleration of renewable energy subsidies and the implementation of various policies that enhance the value reassessment of new energy operators [1][2] - The new storage revenue model is being refined, with a target of 180 million kW of installed capacity by 2027, nearly doubling from 95 million kW at the end of June 2025 [1] - The establishment of a reliable capacity assessment mechanism for traditional power sources is highlighted, which will objectively reflect their contribution to the power system's capacity [3] Group 2 - The implementation of green electricity direct connection fees is expected to promote nearby consumption of renewable energy, with cost savings on system operation fees for self-generated electricity [2] - The capacity compensation mechanism is anticipated to benefit high-reliability traditional power sources such as thermal, nuclear, and large hydropower [3] - The policies aim to enhance the trading mechanisms for electricity, supporting long-term agreements between renewable energy, nuclear power companies, and electricity users [3]

Core Viewpoint - The bond issuance by securities firms in August reached nearly 300 billion yuan, marking a record high for the year, driven by strong demand for capital replenishment due to active market trading, low interest costs, and policy encouragement [1][2]. Group 1: Bond Issuance Data - In August, securities firms issued a total of 141 bonds, raising 293.5 billion yuan, both figures being the highest monthly totals for the year [2][3]. - As of September 12, the total bond issuance by securities firms for the year reached 1.06 trillion yuan, a significant increase from 673.6 billion yuan in the same period last year [2]. Group 2: Major Issuers - Six securities firms issued bonds exceeding 50 billion yuan this year, with China Galaxy Securities leading at 102.5 billion yuan, followed by Huatai Securities at 77.7 billion yuan [3]. Group 3: Business Development and Demand - The surge in financing demand from July to August coincided with a notable rise in the A-share market, with the Shanghai Composite Index breaking through several key levels [4]. - The primary uses of the raised funds include refinancing existing debts and supplementing working capital to support business expansion [4]. Group 4: Margin Financing and Competitive Landscape - The balance of margin financing reached 2.34 trillion yuan by September 11, indicating a growing demand for leveraged funds among high-net-worth clients [6]. - The average bond issuance interest rate for securities firms this year was 1.89%, with larger firms enjoying lower rates, enhancing their competitive edge in margin financing [6][7].

Core Viewpoint - China Galaxy Securities reported a significant increase in revenue and net profit for the first half of 2025, despite a drop in its revenue ranking among peers [1][7]. Financial Performance - The company achieved an operating income of 13.747 billion yuan, representing a year-on-year growth of 37.71% [1][3]. - Net profit attributable to shareholders reached 6.488 billion yuan, up 47.86% year-on-year [1][3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was 6.485 billion yuan, reflecting a growth of 47.09% [1][3]. Revenue Ranking - Despite the revenue growth, China Galaxy's ranking among A-share listed brokerages fell from third to fifth place [7][8]. - Competitors such as Guotai Junan and GF Securities surpassed China Galaxy in revenue, achieving 23.872 billion yuan and 15.398 billion yuan respectively [8][9]. Investment Banking Performance - The company has faced challenges in its investment banking segment, with a decline in underwriting fees over the past few years [10]. - In 2025, China Galaxy completed one IPO project and several refinancing projects, indicating some recovery in its investment banking operations [11]. Regulatory Issues - The company has encountered compliance issues, including a downgrade in its investment banking rating to C, the lowest among major brokerages [10]. - Regulatory actions have been taken against the company for various compliance failures, including inadequate diligence in certain projects [10][12].

Core Insights - The China Securities Investment Fund Industry Association has released data on the public fund sales scale for the first half of 2025, showing a continued rise of brokerage firms in the market [1][2] Group 1: Fund Sales and Market Trends - A total of 57 brokerage firms made it to the top 100 fund sales institutions, an increase of one from the end of last year [1][3] - The combined scale of equity funds held by the top 100 fund sales institutions reached 5.14 trillion yuan, a growth of 5.89% compared to the second half of 2024 [2] - Non-monetary market funds reached a scale of 10.199 trillion yuan, increasing by 6.95% from the previous period [2] - Stock index funds saw the most significant growth, with a scale of 1.95 trillion yuan, up 14.57% from the second half of 2024 [2] Group 2: Market Share and Competition - The top ten institutions in equity fund holdings accounted for nearly 59% of the total scale of the top 100 [2] - Among the top 100, there are 57 brokerages, 24 banks, 15 internet and third-party fund sales institutions, 3 public funds, and 1 insurance company [2] - While banks remain the main force in fund sales, their market share has decreased from over 50% in previous years to just over 40% currently [2] Group 3: Brokerage Performance - In the brokerage channel, the leading firm, CITIC Securities, holds an equity fund scale of 142.1 billion yuan and a non-monetary market fund scale of 239.7 billion yuan [3] - Huatai Securities ranks second with an equity fund scale of 126.6 billion yuan and a non-monetary market fund scale of 175.2 billion yuan [3] - The merger of Guotai Junan and Haitong Securities has propelled them to the third position among brokerages [3] Group 4: Growth in Non-Monetary Market Funds - Many leading sales institutions have seen a higher growth rate in non-monetary market funds compared to equity funds, indicating a shift in focus [4] - CITIC Securities reported a 14.8% quarter-on-quarter growth in non-monetary market funds, while equity funds only grew by 4.72% [4] Group 5: Dominance in Stock Index Funds - Brokerages dominate the stock index fund market, holding 55% of the total scale [5] - Among brokerages, six firms have stock index fund holdings exceeding 50 billion yuan, with CITIC Securities leading at 122.3 billion yuan [5] Group 6: Future Outlook - Analysts suggest that the brokerage sector has unique advantages in the stock index fund market, and the ongoing reforms in public funds are expected to enhance market trading sentiment [6] - The future may see a strengthening of the "Matthew Effect," with large internet platforms and leading brokerages gaining more market power [6]

Core Viewpoint - The "Three-body Computing Constellation" represents a leap in the satellite communication industry from "connectivity" to "intelligence," transforming satellite communication into a new type of infrastructure for the digital economy, which will reshape the business logic of the satellite industry [1][4]. Group 1: Event Overview - At the 2025 Inclusion·Bund Conference, the founder of Alibaba Cloud stated that AI evolution has entered a critical phase where competition is shifting from code and models to a global collaborative system centered on data, computing power, and open-source resources [2]. - The "Three-body Computing Constellation," consisting of 12 computing satellites, was successfully launched on May 14, marking the establishment of a new category of "computing satellites" that process space data in orbit, significantly improving response speed and decision-making efficiency [2][3]. Group 2: Business Model - The business model of the "Three-body Computing Constellation" includes three main directions: 1. Space computing power leasing, creating a "space data center" to provide edge computing capabilities for application satellites [3]. 2. Space communication and star cable plans, building "space fiber" for low-latency, low-cost, and high-security cross-border transmission and computing power scheduling [3]. 3. Monetization of intelligent data assets, transforming remote sensing data into "data as a service" for various industries such as agriculture, meteorology, and urban governance [3]. Group 3: Strategic Significance - The strategic significance of the "Three-body Computing Constellation" includes: 1. Innovative model that opens a new track for composite space infrastructure combining communication, computing, and data [4]. 2. Market potential in the B2B sector for computing power scheduling and data transmission, which will be crucial for the commercialization of satellite communication [4]. 3. Alignment with national policies such as "integrated space-ground systems" and "East Data West Computing" projects, benefiting from industrial policy dividends [4]. 4. Global opportunities to become an international hub for space computing networks by opening computing resources and data platforms [4].

Group 1 - The 25th China International Investment Trade Fair (CIFIT) opened in Xiamen on September 8, focusing on "Investing in the Future with China" and serving as a significant platform for promoting bilateral investment [1] - The event attracted representatives from over 120 countries and regions, along with 11 international organizations, establishing itself as a crucial hub for global capital flow and cooperation [1] - China Galaxy Securities showcased its 25th anniversary with a theme of "Galaxy in Youth, Continuing the Chapter," highlighting its innovative vitality and international strategic layout [2] Group 2 - The exhibition featured a 1.5-meter diameter spherical LED screen, illustrating China Galaxy Securities' global business coverage under the Belt and Road Initiative, emphasizing its leading position in Southeast Asia [2] - The company organized a cross-border project matching exchange meeting, inviting over 100 outbound-related enterprises and investment institutions to discuss new trends in cross-border investment [2] - China Galaxy Securities has developed into one of the largest state-owned securities companies in China, providing comprehensive financial services to 18 million clients across more than 10 countries and regions, including mainland China, Hong Kong, Singapore, Malaysia, Indonesia, and Thailand [3]