证券代码：601881 证券简称：中国银河 公告编号：2025-072 2025年9月9日 ■ 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 中国银河证券股份有限公司 2025年度第二十一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年度第二十一期短期融资券已于2025年9月8日发行完毕，相关发行情况 如下： ...

Core Viewpoint - The A-share non-ferrous metal industry in China has maintained high growth in the first half of 2025, further establishing a positive trend for the industry [1][2] Industry Performance - In the first half of 2025, the A-share non-ferrous metal industry achieved a revenue growth of 6.70% year-on-year and a profit growth of 43.88% [2] - In Q2 2025, the industry saw a revenue increase of 6.03% year-on-year and a profit increase of 23.80% [2] Financial Metrics - The overall ROE (Return on Equity) for the A-share non-ferrous metal industry rose from 2.69% in Q1 2025 to 3.09% in Q2 2025, an increase of 0.40 percentage points [3] - The asset turnover ratio improved from 0.25 to 0.28, contributing 0.33 percentage points to the ROE increase [3] - The sales profit margin increased from 5.26% in Q1 2025 to 5.29% in Q2 2025, adding 0.02 percentage points to the ROE [3] - The equity multiplier rose from 2.01 to 2.05, contributing an additional 0.06 percentage points to the ROE [3] Cash Flow Situation - The operating net cash flow for 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] Investment Recommendations - Suggested gold-related stocks include Zhongjin Gold (600489.SH), Shandong Gold (600547.SH), Chifeng Gold (600988.SH), Shanjin International (000975.SZ), and Hunan Gold (002155.SZ) [1] - Recommended rare earth-related companies include Northern Rare Earth (600111.SH), China Rare Earth (000831.SZ), Jinli Permanent Magnet (300748.SZ), and Ningbo Yunsheng (600366.SH) [1]

中国银河证券股份有限公司 2025 年度第二十一期短期融资券已于 2025 年 9 月 8 日发行完毕，相关发行情况如下： 证券代码：601881 证券简称：中国银河 公告编号：2025-072 中国银河证券股份有限公司 2025年度第二十一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。 特此公告。 中国银河证券股份有限公司董事会 2025 年 9 月 9 日 | 债券名称 | 中国银河证券股份有限公司 | 2025 | 年度第二十一期短期融资券 | | --- | --- | --- | --- | | 债券简称 | 25 银河证券 CP021 | 债券流通代码 | 072510206 | | 发行日 | 2025 年 9 月 5 日 | 起息日 | 2025 年 9 月 8 日 | | 到期兑付日 | 2025 年 12 月 3 日 | 期限 | 86 天 | | 计划发行总额 | 40 亿元人民币 | 实际发行总额 | 40 亿元人民币 | | 票面年利率 | 1.60% | 发行价格 ...

董事會欣然宣佈，根據上述股東授權，本公司已於2025年9月8日完成2025年度第 二十一期短期融資券發行（「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86天，最終票 面利率為1.60%。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 （股份代號：06881） 公告 2025年度第二十一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。 於2025年2月17日召開的2025年第一次臨時股東大會上，本公司通過了股東大會 對本公司董事會（「董事會」）的授權方案的修訂，據此，股東大會授權董事會發行 債務融資工具，發行規模合計不超過本公司最近一期經審計淨資產的350%。 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 ...

Core Viewpoint - China Galaxy Securities, as the first state-owned securities company in China, has achieved significant growth over 25 years, with operating income increasing 11 times, net profit 12 times, and total assets 15 times, positioning itself among the top five in the industry [1][2][3] Group 1: Company Development and Achievements - The company has maintained a strong brand influence and resilience, with its net profit in the first half of 2025 reaching the highest level since its establishment [2] - China Galaxy Securities has formed a diversified and stable business layout, consistently ranking among the top five in key operational indicators [2][3] - The company emphasizes the importance of adhering to the leadership of the Communist Party and integrating its operations with national development strategies [2][3] Group 2: Strategic Goals and Cultural Development - The company aims to become a first-class investment bank with efficient operations, robust risk control, comprehensive services, and international influence [1][3] - China Galaxy Securities has established a cultural framework that emphasizes political leadership and the cultivation of a unique Chinese financial culture [9][10] - The company has received the highest AA rating for cultural construction for four consecutive years, reflecting its commitment to cultural development [10] Group 3: Financial Services and National Strategy - The company has focused on serving national strategies and enhancing financial services to meet the needs of the real economy and the public [6][7] - China Galaxy Securities has set up a leadership group to coordinate efforts in supporting national strategies and has integrated these efforts into its operational development strategy [6][7] - The company is actively involved in the "Belt and Road" initiative, enhancing its international competitiveness and financial service capabilities [8][11] Group 4: Governance and Compliance - The company has implemented a "Clean Galaxy" initiative to strengthen governance and compliance, ensuring a transparent and accountable organizational culture [4][5] - China Galaxy Securities has developed a comprehensive risk management and compliance system to safeguard its operations [3][5] - The company emphasizes the importance of education and supervision in maintaining a clean and efficient working environment [5]

Core Insights - The artificial intelligence sector index continued to rise in August, indicating a sustained period of prosperity in the industry [1] - The focus is shifting towards domestic computing power chips and infrastructure, as well as the commercialization of AI applications and agents [1] Market Performance - The AI sector index (884201.WI) saw a growth of 14.42% in August, compared to the Shanghai Composite Index's increase of 7.97%, CSI 300's increase of 10.33%, and the ChiNext Index's increase of 24.12% [1] - The trading volume for the AI sector reached 25,333.9 billion yuan, marking a year-on-year increase of 644.23% and a month-on-month increase of 85.5% [1] - Market liquidity remained generally loose, with the PMI index slightly rising by 0.1 percentage points to 49.4, indicating marginal improvement in manufacturing sentiment [1] Technological Developments - DeepSeek launched its new language model DeepSeek-V3.1, which utilizes UE8M0 FP8 Scale parameter precision, marking a significant advancement in domestic computing power [2] - The model supports both "thinking" and "non-thinking" modes, enhancing its capabilities in various applications [2] - The adoption of FP8 precision is expected to create a new technological trend, allowing domestic ASIC chips to approach the performance of advanced NVIDIA GPUs [2] Industry Recommendations - Investment focus should be on the following segments: domestic computing power supply chain, IDC service providers and computing power leasing, domestic innovation manufacturers, AI agents and applications, cloud computing companies, integrated machines and edge AI, and companies involved in the supply, circulation, and application of data elements [4]

Core Viewpoint - The A-share market is likely to continue a trend of oscillating upward, but short-term volatility risks should be monitored, particularly focusing on marginal changes in market volume [1] Group 1: Market Trends - The growth sector has shown high prosperity in the first half of the year, with industrial trends accumulating upward, which may lead to a rotation of main lines as more prosperity clues gather [1] - Short-term market volatility may increase, with industries such as machinery and electrical equipment showing potential for rebound, warranting attention to capital inflow situations [1] Group 2: Sector Focus - Low-position sectors, such as certain consumer sub-segments, may strengthen under policy support, indicating potential for rotation [1] - From a medium to long-term perspective, attention should be paid to the improvement of supply-demand patterns and industry profit recovery, driving the "anti-involution" concept [1] - Dividend assets with safe valuation margins, undervalued targets in the service consumption sector, and sectors benefiting from the rapid development of domestic high-tech industries should be highlighted [1]

Group 1 - The core point of the article is that E Fund Management Co., Ltd. has increased its stake in China Galaxy Securities Co., Ltd. by purchasing 7,800,500 shares at an average price of HKD 10.873 per share, totaling approximately HKD 84.815 million [1][2] - Following this transaction, E Fund's total shareholding in China Galaxy has risen to 336,517,500 shares, which represents an increase in ownership percentage from 8.91% to 9.12% [1][2]

Core Viewpoint - China Galaxy Securities, as the first state-owned securities company in China, has achieved significant growth over 25 years, with operating income increasing 11 times, net profit 12 times, and total assets 15 times, positioning itself among the top five in the industry [1][2][3] Group 1: Company Development and Achievements - The company has maintained a strong brand influence and resilience, achieving its highest net profit for the first half of 2025 since its establishment [2] - The company emphasizes the importance of adhering to the leadership of the Communist Party and integrating its operations with national development strategies [2][3] - The company has established a comprehensive business layout and aims to become a first-class investment bank with international influence [1][2][3] Group 2: Governance and Integrity Initiatives - The company has implemented the "Clean Galaxy" initiative to enhance party leadership and governance, focusing on political integrity and accountability [4][5] - The "Clean Galaxy" initiative includes a three-year action plan (2022-2024) aimed at improving the political ecology and establishing a culture of integrity within the organization [5] - The company has developed various educational and supervisory mechanisms to promote compliance and ethical behavior among employees [5] Group 3: Financial Services and National Strategy - The company is committed to serving national strategies and enhancing its financial services capabilities, focusing on the "Five Major Articles" of financial service [6][7] - It has established a leadership group to coordinate efforts in supporting national strategies and has integrated these efforts into its business development strategy [6] - The company aims to strengthen its international competitiveness and enhance its role in global financial cooperation, particularly in the context of the Belt and Road Initiative [8][11] Group 4: Cultural Development - The company has developed a unique corporate culture centered on Chinese financial values, which has received the highest AA rating for four consecutive years [9][10] - It has implemented a cultural construction model that emphasizes responsibility, leadership, efficiency, collaboration, integrity, and stability [10] - The company integrates its cultural values into employee training and assessment, promoting a cohesive corporate identity [10]

Group 1 - The core point of the news is that E Fund Management Co., Ltd. has increased its stake in China Galaxy Securities Co., Ltd. by purchasing 7,800,500 shares at an average price of HKD 10.873 per share, totaling approximately HKD 84.815 million [1][2] - After the purchase, E Fund's total shareholding in China Galaxy has risen to 336,517,500 shares, increasing its ownership percentage from 8.91% to 9.12% [1][2]