本 期 发 行 短 期 融 资 券 的 相 关 文 件 已 刊 登 在 中 国 货 币 网 （www.chinamoney.com.cn）、上海清算所网站（www.shclearing.com）、 中国债券信息网（www.chinabond.com.cn）。 特此公告。 中国银河证券股份有限公司董事会 2025年度第二十二期短期融资券发行结果公告 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 2025 年度第二十二期短期融资券已于 2025 年 9 月 10 日发行完毕，相关发行情况如下： | 债券名称 | 中国银河证券股份有限公司 | 2025 | 年度第二十二期短期融资券 | | --- | --- | --- | --- | | 债券简称 | 25 银河证券 CP022 | 债券流通代码 | 072510212 | | 发行日 | 2025 年 9 月 9 日 | 起息日 | 2025 年 9 月 10 日 | | 到期兑付日 | 2025 年 12 月 9 日 | 期限 | 90 天 ...

（原标题：中国银河(06881)完成兑付2025年度第十二期短期融资券） 2025年9月9日，公司兑付了本期短期融资券本息共计人民币30.13亿元。 智通财经APP讯，中国银河(06881)发布公告，中国银河证券股份有限公司（以下简称"公司"）于2025年 6月9日成功发行了中国银河证券股份有限公司2025年度第十二期短期融资券（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30亿元，票面利率为1.67%，短期融资券期限为92天，兑付日 期为2025年9月9日。 ...

Core Viewpoint - Satellite communication is transitioning from traditional voice and emergency connections to a composite infrastructure upgrade of "communication + computing power + data" [1] Industry Summary - The new satellite communication model is seen as an extension and complement to the next-generation information network rather than a replacement for existing fiber optic cables [1] - The acceleration of the satellite industry chain in China is paving the way for a dual-driven approach in satellite applications, encompassing both ToC (Consumer) and ToB (Business) models [1] - This dual-driven model is expected to lay a solid foundation for the long-term development of integrated terrestrial and space networks [1] Company Recommendations - Companies to watch include: - Putian Technology - Tongyu Communication - Zhenyou Technology - Jinxin Technology - Zongheng Communication - Zhenxin Technology - Shanghai Hantong - Shunhao Co. - Hangyu Micro [1]

Group 1 - The company successfully issued the 12th phase of short-term financing bonds on June 9, 2025, amounting to RMB 3 billion [1] - The coupon rate for the short-term financing bonds is 1.67% [1] - The maturity period for the bonds is 92 days [1] Group 2 - On September 9, 2025, the company redeemed the principal and interest of the short-term financing bonds, totaling RMB 3.013 billion [1]

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。 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 度第十二期短期融資券兌付完成的公告》，僅供參閱。 承董事會命 （在中華人民共和國註冊成立之股份有限公司） （股份代號：06881） 董事長及執行董事 中國北京 2025年9月10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。 中國銀河證券股份有限公司 王晟 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 ...

（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 2025年度第二十二期短期融資券發行完畢 茲提述中國銀河證券股份有限公司（「本公司」）日期為2025年1月23日的通函以及 2025年2月17日之公告。 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。 董事會欣然宣佈，根據上述股東授權，本公司已於2025年9月10日完成2025年度 第二十二期短期融資券發行（「本期融資券」）。本期融資券的發行規模為人民幣40 億元，面值及發行價均為每單位人民幣100元。本期融資券的期限為90天，最終 票面利率為1.62%。本期融資券發行所募集的資金將用於補充本公司流動資金。 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9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 ...

中国银河证券主要观点如下： 8月挖机内外销增速分别+15%/+11% 据协会统计，(1)挖掘机：8月销售各类挖掘机16523台，同比增长12.8%。其中国内销量7685台，同比增 长14.8%；出口量8838台，同比增长11.1%。内销主要小挖驱动，主要受益于机器替人、城市更新、农 田建设等，出口主要大挖驱动，主要受益于非洲基建/矿山等。(2)装载机：8月销售各类装载机9440台， 同比增长13.3%。其中国内销量4774台，同比增长18.3%；出口量4666台，同比增长8.69%。8月单月电 动化率26.24%，环比降低0.33pct，1-8月累计电动化率约22.62%，环比1-7月增加0.46pct。 智通财经APP获悉，中国银河证券发布研报称，8月销售各类挖掘机16523台，同比增长12.8%。其中国 内销量7685台，同比增长14.8%；出口量8838台，同比增长11.1%。内销主要小挖驱动，主要受益于机 器替人、城市更新、农田建设等，出口主要大挖驱动，主要受益于非洲基建/矿山等。展望下半年，风 电核电新农村建设等需求下，非挖里大吨位工起和泵车等有望实现不错增幅。看好下半年挖机需求稳健 增长、非挖逐步 ...

Core Viewpoint - The report from China Galaxy Securities indicates that the average price of fresh milk in major production areas remained low at 3.02 yuan/kg in August, with a low likelihood of further price declines. This price level is expected to be the bottom of the current fresh milk price cycle, with potential for gradual stabilization and recovery in the future [1][2]. Group 1: Supply Side Analysis - The current milk price level has led many domestic dairy farms into cash flow losses, which will sustain the trend of industry capacity reduction. The pace of capacity reduction is expected to accelerate, especially with the upcoming silage procurement season in September and October, which will impose significant financial pressure on farms already facing cash flow challenges [1][2]. - Weak financial strength and risk resistance among some farms may lead them to further cull low-yield cows, reduce breeding scale, or even exit the market, directly accelerating the industry's capacity reduction process. This gradual contraction in supply will provide crucial support for the stabilization of fresh milk prices [2]. Group 2: Demand Side Analysis - Overall demand for dairy products remains weak, with a cumulative year-on-year decrease of 1% in dairy product output from January to July, and August is expected to remain stable. In the liquid milk sector, the consumption structure shows significant differences, with ambient milk experiencing notable weakness in demand due to changing consumer habits and intensified market competition [3]. - Conversely, low-temperature milk and yogurt are showing growth in sales due to their freshness and nutritional value, becoming bright spots in the liquid milk market. However, their market share is still relatively limited and has not yet formed a scale effect sufficient to reverse the overall market dynamics of liquid milk [3]. - Cheese consumption is experiencing good growth, with a cumulative year-on-year increase of 12% in cheese imports from January to July, driven primarily by increased penetration in the catering sector [3]. Group 3: Investment Recommendations - The report recommends focusing on the upstream dairy industry for potential cyclical reversal opportunities, specifically suggesting Yuran Dairy (09858). For the downstream sector, it recommends New Dairy (002946.SZ) in the low-temperature liquid milk field and Miaokelando (600882.SH) as a leading cheese producer. Additionally, H&H International Holdings (01112), which has a heavy overseas debt burden, is noted as a beneficiary of potential interest rate cuts by the Federal Reserve [4].

Core Viewpoint - The "14th Five-Year Plan" period is crucial for China to respond to the accelerating technological revolution, major AI competition, and the strategy of expanding domestic demand [1] Group 1: Consumer Electronics Industry - The consumer electronics industry is at the intersection of technological innovation and end-user consumption, aligning with development paths and policy directions [1] - AI is expected to stimulate consumer demand for device upgrades, supported by national subsidy policies [1] - The integration of technology is driving scenario innovation, with significant potential for wearable devices [1] - Companies to watch include Luxshare Precision, GoerTek, Lens Technology, and Lingyi iTech [1] Group 2: Semiconductor Equipment - Semiconductor equipment is a critical support segment in the semiconductor industry and is a key focus in the technology competition [1] - There is strong domestic demand for substitution, and breakthroughs in high-end materials are urgently needed [1] - The current domestic production rate of high-end semiconductor materials is low, but with national support, it is expected to follow a similar path to the domestic production of semiconductor manufacturing and equipment [1] Group 3: IC Sector - The downstream demand in the IC sector is diversifying, with rapid growth in computing and storage needs [1] - The manufacturing sector is recovering from the bottom, and the foundry industry is entering a new growth cycle [1] - Companies to focus on include SMIC, Cambricon, Northern Huachuang, Zhongwei Company, and Anji Technology [1] Group 4: PCB Companies - Domestic PCB companies have entered overseas supply chains, and their performance is expected to continue rapid growth [1] - Companies to watch include Huitian Technology, Shenghong Technology, Shenyang Electronics, Shenzhen South Circuit, and Shengyi Technology [1] Group 5: LCD and OLED Industry - China's LCD industry continues to maintain a global leading position, with the proportion of OLED products expected to increase year by year [1] - Companies to focus on include BOE Technology Group [1] Group 6: Automotive and High-Capacity Products - Rapid penetration of intelligent driving is expected to drive demand for CIS [1] - The proportion of domestic high-capacity products is expected to increase, with a focus on SanHuan Group [1]

Core Viewpoint - The market's expectation for the Federal Reserve to cut interest rates in September is driving global gold ETF funds to accelerate gold purchases, potentially increasing gold prices due to geopolitical tensions and trade disputes [1] Group 1: Industry Performance - The A-share non-ferrous metal industry is expected to maintain high growth in performance in the first half of 2025, establishing a positive industry trend [1] - In Q2 2025, the overall revenue of the non-ferrous metal industry increased by 6.03% year-on-year, with a performance growth of 23.80% [1] - The GDP growth rate in China reached 5.3% in the first half of 2025, exceeding market expectations, which supports the prices of non-ferrous metal commodities [1] Group 2: Financial Metrics - The overall ROE of the A-share non-ferrous metal industry increased from 2.69% in Q1 2025 to 3.09% in Q2 2025, primarily due to improved asset turnover [2] - The asset turnover ratio rose from 0.25 to 0.28, contributing 0.33 percentage points to the ROE increase [2] - The sales profit margin also improved slightly, from 5.26% in Q1 to 5.29% in Q2, adding 0.02 percentage points to the ROE [2] Group 3: Cash Flow Situation - The operating net cash flow of the A-share non-ferrous metal industry grew by 22% year-on-year and 211% quarter-on-quarter in Q2 2025 [3] - This marks the fourth consecutive quarter of year-on-year growth in operating net cash flow for the industry, indicating a continuous improvement in cash flow conditions [3]