Core Viewpoint - China Galaxy Securities reported strong financial results for the first half of the year, with significant growth in revenue and net profit, reflecting a positive trend in the brokerage industry overall [2][7]. Financial Performance - The company's operating revenue for the first half of the year reached 13.75 billion yuan, a year-on-year increase of 37.71% [2][3]. - The net profit attributable to shareholders was 6.49 billion yuan, up 47.86% compared to the previous year [2][3]. - The company plans to distribute a cash dividend of 0.125 yuan per share, totaling 1.37 billion yuan [2]. Business Segments - Wealth management business contributed significantly, accounting for 43.11% of total revenue, with revenue of 5.93 billion yuan, a growth of 35.5% [4]. - Investment trading revenue was 3.86 billion yuan, growing by 5.81%, representing 28.07% of total revenue [5]. - Institutional business saw the highest growth, with revenue of 1.04 billion yuan, a staggering increase of 243%, and a gross margin improvement of 210.11 percentage points [5]. - Other business segments, including investment banking, international business, and integrated services, generated revenues of 245 million yuan, 1.10 billion yuan, and 1.28 billion yuan, respectively, with year-on-year growth rates of 3.13%, 4.71%, and 21.06% [6]. Market Context - The overall brokerage industry is experiencing growth, with expectations of a 27.8% increase in main revenue and a 60.8% rise in net profit for the first half of 2025 across 44 listed brokerages [7]. - As of August 28, the company's stock price was 18.38 yuan per share, reflecting a year-to-date increase of 22.05% [7].

Performance Summary - SF Holding reported a revenue of 146.858 billion yuan, a year-on-year increase of 9.26%, and a net profit of 5.738 billion yuan, up 19.37% year-on-year [2] - Shanghai Pharmaceuticals achieved a revenue of 141.593 billion yuan, a growth of 1.56%, with a net profit of 4.459 billion yuan, increasing by 51.56% [2] - New China Life Insurance's revenue reached 69.429 billion yuan, a 25.5% increase, and a net profit of 14.799 billion yuan, up 33.5% [2] - Huadian International Power's revenue was 59.953 billion yuan, down 8.98%, while net profit increased by 13.15% to 3.904 billion yuan [2] - China Pacific Insurance reported a revenue of 55.964 billion yuan, a slight increase of 0.2%, and a net profit of 6.764 billion yuan, up 12.2% [2] - CITIC Securities had a revenue of 46.552 billion yuan, a 16.28% increase, and a net profit of 13.719 billion yuan, up 29.79% [2] - Beijing Enterprises Holdings reported a revenue of 44.529 billion yuan, a 5.2% increase, and a net profit of 3.404 billion yuan, up 8.1% [2] - Li Auto's vehicle sales revenue for Q2 2025 was 28.9 billion yuan, down 4.7%, with a net profit of 1.093 billion yuan, a decrease of 0.9% [2] - Huishang Bank reported a revenue of 21.157 billion yuan, a 2.25% increase, and a net profit of 9.109 billion yuan, up 5.55% [2] - SMIC achieved a revenue of 4.456 billion USD, a 22% increase, with a net profit of 320 million USD, up 35.6% [2] - China Galaxy Securities reported a total revenue of 18.798 billion yuan, an 18.92% increase, and a net profit of 6.488 billion yuan, up 47.86% [2] - Zhongjun Group Holdings had a revenue of 18.521 billion yuan, down 25.4%, with a net loss of 3.48 billion yuan, a narrowing of 5.5% [2] - BeiGene reported a revenue of 2.433 billion USD, a 44.7% increase, and a net profit of 95.59 million USD, turning from a loss of 372 million USD [2] - SF Express City reported a revenue of 10.236 billion yuan, up 48.8%, and a net profit of 137 million yuan, up 120.4% [2] - China Shipbuilding Defense reported a revenue of 10.173 billion yuan, a 16.54% increase, and a net profit of 526 million yuan, up 258.46% [2] - Qingdao Port reported a revenue of 9.434 billion yuan, a 4.04% increase, and a net profit of 2.842 billion yuan, up 7.58% [2] - Shanghai Industrial Holdings reported a revenue of 9.476 billion yuan, down 8.6%, and a net profit of 1.042 billion yuan, down 13.2% [2] - Everbright Securities reported a revenue of 7.481 billion yuan, a 17.7% increase, and a net profit of 1.683 billion yuan, up 21% [2] - Baozun reported a revenue of 4.617 billion yuan, a 5.63% increase, with a net loss of 97.04 million yuan, narrowing [2] - Sichuan Chengyu Expressway reported a revenue of 4.08 billion yuan, down 23.3%, and a net profit of 838 million yuan, up 20.1% [2] - Baideli Holdings reported a revenue of approximately 3.813 billion yuan, down 10.9%, and a net profit of 7.1 million yuan, down 79.1% [2] - Tigermed reported a revenue of 3.25 billion yuan, down 3.21%, and a net profit of 383 million yuan, down 22.22% [2] - Zhengli New Energy reported a revenue of 3.172 billion yuan, a 71.9% increase, and a net profit of 220 million yuan, turning from a loss of 130 million yuan [2] - Sensong International reported a revenue of 2.687 billion yuan, down 22.7%, and a net profit of 338 million yuan, down 10.15% [2] - Dasheng Holdings reported a revenue of approximately 2.593 billion yuan, a 27% increase, and a net profit of 65.924 million yuan, up 504.4% [2] - SenseTime reported a revenue of 2.358 billion yuan, a 35.6% increase, with a gross profit of 908 million yuan, up 18.4%, and an adjusted net loss of 1.162 billion yuan, narrowing by 50% [2] - Ruian Real Estate reported a revenue of 2.074 billion yuan, flat year-on-year, with a net profit of 51 million yuan, down 29.2% [2] - Shangri-La Asia reported a revenue of 1.056 billion USD, a 0.7% increase, and a net profit of 57.9 million USD, down 38.7% [2] - Quanfeng Holdings reported a revenue of 912 million USD, an 11.9% increase, and a net profit of 95.217 million USD, up 54.8% [2] - COSCO Shipping Ports reported a revenue of 806 million USD, a 13.6% increase, and a net profit of approximately 182 million USD, up 30.6% [2] - Tianjin Development reported a revenue of 1.719 billion yuan, down 5.59%, and a net profit of 344 million yuan, up 19.57% [2] Company News - Sillodic Pharmaceuticals successfully administered the new radiolabeled drug 3D1015 to patients with PSMA-positive metastatic castration-resistant prostate cancer, demonstrating safety and preliminary efficacy [2] - Shoucheng Holdings signed a strategic cooperation framework agreement with Alter and Alrite to jointly promote breakthroughs in robotics technology, scene implementation, and industrial chain collaboration [2]

Core Insights - The core viewpoint of the news is that Galaxy Securities has reported strong financial performance for the first half of 2025, indicating a positive trend in the securities industry, which is entering a "big year" phase [1] Financial Performance - In the first half of 2025, Galaxy Securities achieved operating revenue of 13.747 billion yuan, a year-on-year increase of 37.71%, and a net profit attributable to shareholders of 6.488 billion yuan, up 47.86% year-on-year [1] - The net profit for this period marks the highest in the company's history [1] Main Business Growth - Wealth management business revenue reached 5.926 billion yuan, growing by 35.55% year-on-year - Investment trading business revenue was 3.858 billion yuan, with a year-on-year increase of 5.81% - International business revenue stood at 1.099 billion yuan, up 4.71% year-on-year - Institutional business revenue surged to 1.044 billion yuan, reflecting a significant growth of 243.06% year-on-year - Investment banking business revenue was 245 million yuan, increasing by 3.13% year-on-year - Other integrated business lines, including futures, private equity investment management, alternative investments, and asset management, generated a total revenue of 1.282 billion yuan, with a year-on-year growth of 21.06% [2] Personnel Expansion - As of the end of the reporting period, the company had 4,111 investment advisors, an increase of 313 from the beginning of the year, representing an 8.24% growth [3] - The increase in investment advisors indicates a rising demand for wealth management services and greater investor participation in the market [3] Investment Income Growth - Investment income and fair value changes reached 7.403 billion yuan, a significant increase of 48.24% compared to 4.994 billion yuan in the same period last year [5] - The company attributed this growth to increased investment income from the disposal of financial instruments and changes in the fair value of trading financial assets and derivatives [5] Overseas Business Performance - Galaxy Securities has established a strong overseas presence, particularly in Hong Kong, and has improved its market ranking in the region [6] - During the reporting period, the company completed 34 equity and bond financing transactions totaling 1.8 billion Singapore dollars, including significant IPO projects [6]

北京商报讯（记者 郝彦）8月28日，中国银河发布半年报，上半年实现营业收入137.47亿元，同比增长 37.71%；归母净利润64.88亿元，同比增长47.86%。 ...

面对机遇、挑战并存的经营环境，公司坚持以人民为中心的价值取向，坚定信心、保持定力，充分发挥 作为直接融资"服务商"、资本市场"看门人"、社会财富"管理者"的功能性，主动把握市场机遇，稳中求 进，稳步推进一流投行建设，不断完善业务布局，进一步强化数据支撑和科技赋能，严守风控合规底 线，公司发展态势稳健向上，市场形象和认可度进一步提升。 格隆汇8月28日丨中国银河(06881.HK)公告，截至2025年6月30日止6个月中期业绩，截至报告期末，集 团总资产人民币7,817.40亿元，归属于公司股东权益人民币1,441.35亿元；报告期内，集团实现收入、收 益及其他收入人民币187.98亿元，同比增长18.92%，归属公司股东的净利润人民币64.88亿元，同比增 长47.86%；加权平均净资产收益率5.16%，同比增加1.53个百分点。 ...

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。 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8月28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。 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。 （在中華人民共和國註冊成立之股份有限公司） 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關於會 計政策變更的公告》，僅供參閱。 （股份代號：06881） 承董事會命 二、本次会计政策变更具体情况及对公司的影响 证券代码：601881 证券简称：中国银河 公告编号：2025-068 中国银河证券股份有限公司 关于会计政策变更的公告 本公司董事会及全体董事保证本公告内容不存在任何虚 ...

Core Viewpoint - China Galaxy reported a total revenue of RMB 18.798 billion for the six months ending June 30, 2025, representing an 18.92% year-on-year increase, with a profit attributable to shareholders of RMB 6.488 billion, up 47.86% year-on-year, and basic earnings per share of RMB 0.54 [1] Financial Performance - The total assets of the group reached RMB 781.740 billion, an increase of 6.00% compared to the end of 2024 [2] - Cash and cash equivalents amounted to RMB 156.370 billion, up 7.92% year-on-year, primarily due to an increase in customer deposits [2] - Settlement reserves increased by 20.86% to RMB 43.266 billion, mainly due to an increase in customer reserve funds [2] - Loaned funds decreased by 0.54% to RMB 100.986 billion, indicating stable financing business scale [2] - Derivative financial assets fell by 52.89% to RMB 1.979 billion, influenced by changes in the scale and fair value of derivative financial instruments [2] - Trading financial assets increased by 14.88% to RMB 253.620 billion, primarily due to an increase in bond investment scale [2] - Other debt investments decreased by 9.37% to RMB 95.276 billion, mainly due to a decline in bond investment scale [2] - Other equity instrument investments rose by 4.17% to RMB 58.009 billion, reflecting an increase in the scale of other equity instrument investments [2] Business Strategy - The company aims to deepen mechanism construction and institutional reform, advancing services for national strategies and the real economy [3] - Wealth management business focuses on enhancing customer management through a "research-investment-advisory" system to create a closed loop for buyer wealth management [3] - Investment banking business is deeply involved in the entire lifecycle of enterprise development, enhancing the functionality of investment banking [3] - Institutional business leverages synergies between various services to enhance value for institutional clients [3] - International business continues to strengthen management of overseas subsidiaries and deepen integrated operations between domestic and international services, consolidating its position in the Southeast Asian core market [3] - Investment trading business adheres to prudent operations, enhancing overall asset allocation and promoting market stability and investment returns [3] - The company focuses on core business and transformation in integrated operations of parent and subsidiary companies to sustain internal development momentum [3] Risk Management - The company emphasizes a balanced approach to development and safety, adhering to prudent operations and comprehensive risk management requirements [3] - Continuous strengthening of compliance and risk control construction is prioritized, with ongoing improvements to the risk prevention system [3]

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） 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關於 2025年中期利潤分配方案的公告》，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 中國北京 2025年8月28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） 中国银河证券股份有限公司 证券代码：601881 证券简称：中国银河 公告编号：2025-067 关于2025年中期利润分配方案的公告 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 ...

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中 期報告》，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 中國北京 2025年8月28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。 （于中华人民共和国注册成立的股份有限公司） A 股股票代码：601881 H 股股票代码：06881 2025 中期报告 中国银河证券股份有限公司 2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事 ...

中國銀河證券股份有限公司 王晟 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 半年度報告摘要》，僅供參閱。 承董事會命 中国银河证券股份有限公司 2025 年半年度报告摘要 董事長及執行董事 中國北京 2025年8月28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。 中国银河证券股份有限公司 2025 年半年度报告摘要 公司代码：601881 公司简称：中国银河 中国银河证券股份有限公司 2025 年半年度报告摘要 1 第 ...