Core Viewpoint - The 2025 Sustainable Global Leaders Conference is being held in Shanghai, highlighting the achievements of China Galaxy Securities in its 25 years of operation and its commitment to sustainable finance and national strategy [1][3]. Group 1: Company Achievements - China Galaxy Securities has achieved significant growth in terms of institutional numbers, personnel scale, business volume, and financial indicators over the past 25 years [3]. - The company reported record high operating performance and stock price levels in the current year [3]. Group 2: Strategic Direction - The company emphasizes its role as a core hub connecting the real economy and capital markets, aiming to guide capital flow and optimize resource allocation [3]. - Future plans include actively exploring sustainable finance practices and enhancing comprehensive financial service capabilities to build a more resilient and sustainable financial ecosystem [3]. Group 3: Commitment to Sustainability - China Galaxy Securities believes that aligning with sustainable development is essential for achieving long-term value [3]. - The company expresses a willingness to deepen cooperation with global partners to leverage financial expertise in supporting innovation and green industries [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。 承董事會命 中國銀河證券股份有限公司 （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年公司債券（第二期）非公開發行完畢 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%。 董事會宣佈，根據上述股東授權及上海證券交易所的批准，本公司已於2025年10 月16日完成向專業投資者非公開發行2025年公司債券（第二期）（「本期債券」）。本 期債券的發行規模為人民幣20億元，面值及發行價均為每單位人民幣100元。本 期債券包括期限為13個月（「13個月品種」）和期限為25個月（「25個月品種 ...

Core Insights - The 2025 Sustainable Global Leaders Conference will be held from October 16 to 18 in Shanghai, focusing on global action, innovation, and sustainable growth [1] - The conference is co-hosted by the World Green Design Organization and Sina Group, with support from the Shanghai Huangpu District Government [1] - Approximately 500 prominent guests, including 100 international attendees, will participate, featuring political figures, Nobel laureates, and leaders from Fortune 500 companies [1] Company Contributions - China Galaxy Securities has underwritten nearly 100 billion in technology finance over the past three years, with an investment balance exceeding 26 billion, including 29 companies listed as national-level "specialized and innovative" enterprises [1] - The company has underwritten the world's first green bond certified for drone and carbon satellite projects, assisting in the issuance of approximately 2 billion USD in multi-currency green bonds related to the Belt and Road Initiative [1] - Over the past three years, China Galaxy Securities has underwritten inclusive finance-related bonds exceeding 50 billion, with an investment balance nearing 40 billion, and has created the market's first inclusive agricultural ABS with credit protection certificates [2]

Core Points - Qinghai Huzhu Tianyoude Qingke Liquor Co., Ltd. announced the release of 14,500,000 shares from pledge by its controlling shareholder, Qinghai Tianyoude Technology Investment Management Group Co., Ltd. [1] - The released shares represent 7.27% of the controlling shareholder's holdings and 3.03% of the company's total share capital [1] - As of the announcement date, Tianyoude Group holds 199,483,040 shares, accounting for 41.64% of the company, with a total of 68,500,000 shares pledged, which is 34.34% of its holdings and 14.30% of the company's total share capital [1]

Core Viewpoint - The A-share market is experiencing an unprecedented wave of delistings due to major violations, with a record number of companies forced to delist as regulatory scrutiny intensifies [1][5]. Group 1: Regulatory Environment - The new delisting regulations that came into effect at the beginning of the year have led to a historical high of 13 companies reaching the mandatory delisting criteria for major violations as of October 15 [1][5]. - The regulatory environment is becoming increasingly stringent, with the China Securities Regulatory Commission (CSRC) enforcing stricter oversight on financial fraud and other illegal activities [4][6]. Group 2: Role of Investment Banks - Eleven investment banks are under scrutiny for their roles in the delisted companies, with only two, First Capital and Wumart Securities, currently facing regulatory action [2][7]. - The complexity of the investment banks' responsibilities is highlighted by the fact that many of the involved companies frequently changed their advisory firms during periods of fraud [4][9]. Group 3: Case Studies of Delisted Companies - Notable cases include *ST Dongtong, which was involved in fraudulent activities from 2019 to 2022, leading to warnings issued to its sponsor, First Capital [7][8]. - Guandao Digital inflated its revenue by 1.465 billion yuan through fraudulent contracts and invoices, resulting in penalties for Wumart Securities, which served as its sponsor [8]. Group 4: Investment Banks' Due Diligence - Many investment banks provided "no objection" reports during the supervision periods of companies that were later found to have committed fraud, raising questions about their diligence [4][12]. - National Securities was the only firm to explicitly warn of risks associated with a client, indicating a lack of proactive risk management among other firms [12][13]. Group 5: Changes in Oversight Practices - Investment banks are reportedly increasing their efforts in due diligence, particularly during the ongoing supervision phases, in response to heightened regulatory scrutiny [15]. - Accounting firms are also enhancing their audit processes, adding independent review steps and increasing personnel to ensure thorough examinations [15].

中国银河所属申万行业为：非银金融-证券Ⅱ-证券Ⅲ。所属概念板块包括：中字头、证金汇金、中特 估、H股、大盘等。 截至6月30日，中国银河股东户数13.62万，较上期减少23.16%；人均流通股53536股，较上期增加 30.53%。2025年1月-6月，中国银河实现营业收入0.00元；归母净利润64.88亿元，同比增长47.86%。 10月16日，中国银河盘中上涨2.16%，截至10:16，报18.42元/股，成交5.12亿元，换手率0.39%，总市值 2014.12亿元。 资金流向方面，主力资金净流入4849.89万元，特大单买入9289.29万元，占比18.13%，卖出4802.75万 元，占比9.38%；大单买入1.32亿元，占比25.86%，卖出1.29亿元，占比25.15%。 中国银河今年以来股价涨22.52%，近5个交易日涨3.31%，近20日涨7.91%，近60日涨7.72%。 资料显示，中国银河证券股份有限公司位于北京市丰台区西营街8号院1号楼青海金融大厦，成立日期 2007年1月26日，上市日期2017年1月23日，公司主营业务涉及提供经纪、销售和交易、投资银行和投资 管理等综合性证券服务。 ...

Core Points - China Galaxy Securities has decided to exercise the redemption option for its perpetual subordinated bonds "20 Galaxy Y1" and will fully redeem them [1][3] - The company completed the issuance of the "20 Galaxy Y1" bonds on November 24, 2020, which included a redemption right for the issuer [2] - The company will ensure proper information disclosure and repayment of principal and interest following the redemption [4] Group 1: Redemption Announcement - The company announced the exercise of the redemption option for the "20 Galaxy Y1" bonds, indicating a full redemption [3] - The bonds were issued with a redemption right that allows the issuer to redeem them at face value plus accrued interest on specified payment dates [2] Group 2: Short-term Financing Bond Issuance - The company successfully issued its 24th short-term financing bond on October 15, 2025, with details published on various financial websites [6] Group 3: Shareholders' Meeting Notification - The company will hold its second extraordinary general meeting of shareholders on October 31, 2025, with both on-site and online voting options available [8][10] - The meeting will discuss several resolutions, including amendments to the company's articles of association and other governance documents [10]

（文章来源：证券日报） 证券日报网讯 10月15日晚间，中国银河发布公告称，中国银河证券股份有限公司2025年度第二十四期 短期融资券已于2025年10月15日发行完毕。 ...

Core Points - The China Galaxy Securities Co., Ltd. held its second extraordinary general meeting of shareholders for 2025 on October 31, 2025, in Beijing [1] Group 1: Meeting Agenda - The meeting addressed six key agenda items, including amendments to the company's articles of association to align with the new Company Law effective July 1, 2024 [2] - The company proposed to abolish the supervisory board, transferring its responsibilities to the audit committee, and to repeal the relevant rules governing the supervisory board [2] - Amendments to the rules governing the shareholders' meeting and board of directors' meeting were proposed to enhance corporate governance in accordance with legal and regulatory changes [2] Group 2: Financial Matters - As of June 30, 2025, the company's unaudited undistributed profits amounted to 32.028 billion yuan, with a proposed cash dividend of 1.25 yuan per share (including tax) for A and H shareholders, totaling approximately 1.367 billion yuan [2] - The proposed cash dividend represents 21.07% of the net profit attributable to shareholders for the first half of 2025, which was 6.488 billion yuan [2] - The company plans to allocate a capital expenditure budget of 879 million yuan for 2025, focusing on financial technology investments and branch construction [2]

证券代码：601881 证券简称：中国银河 公告编号：2025-087 特此公告。 中国银河证券股份有限公司董事会 2025 年 10 月 16 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。 中国银河证券股份有限公司 2025 年度第二十四期短期融资券已于 2025 年 10 月 15 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 | 年度第二十四期短期融资券 | | --- | --- | --- | --- | | 债券简称 | 25 银河证券 CP024 | 债券流通代码 | 072510245 | | 发行日 | 2025 年 10 月 14 日 | 起息日 | 2025 年 10 月 15 日 | | 到期兑付日 | 2026 年 2 月 4 日 | 期限 | 112 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 | 1.66% | 发行价格 | 100 元/百元面值 | 本 期 发 行 短 期 融 ...