股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年6月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國銀河證券股份有限公司 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 H | | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06881 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,690,984,633 | RMB | | 1 | RMB | | 3,690,984,633 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 3,690,984,633 | RMB | | 1 | RMB | | 3,690,984,633 | | 2. 股份分類 | 普通股 | A 股份 ...

Core Insights - The securities industry is experiencing accelerated personnel turnover and structural changes as of the first half of 2025, with a total of 323,900 practitioners, a decrease of 6,870 or 2.12% since the beginning of the year [1] Personnel Changes - The number of general securities business personnel decreased by 5,521, a decline of 2.74% - Securities sponsors saw a reduction of 330, representing a 3.90% drop - Securities brokers experienced a decrease of 2,264, which is an 8.75% decline - Conversely, investment advisors increased by 1,264, marking a growth of 1.55% - Securities analysts saw a net increase of 50, reflecting a growth of 0.89% [1] Firm-Specific Changes - Among 42 listed securities firms, 35 reported a reduction in employee numbers, indicating a high attrition rate of 83.33% - Major firms like Guotai Junan, CITIC Securities, CITIC Construction Investment, and GF Securities saw significant reductions in personnel, with decreases of 421, 401, 337, and 305 respectively - Smaller firms, while having lower absolute reductions, exhibited significant percentage declines, with Tianfeng Securities experiencing a reduction of over 5%, specifically 6.36% [1] Detailed Personnel Data - Guotai Haitong: 11,346 to 18,654, an increase of 7,308 or 39.18% - CITIC Securities: 14,216 to 13,815, a decrease of 401 or 2.90% - CITIC Construction Investment: 11,350 to 11,013, a decrease of 337 or 3.06% - China Galaxy: 11,248 to 11,004, a decrease of 244 or 2.22% - GF Securities: 10,790 to 10,485, a decrease of 305 or 2.91% - Guotai Securities: 9,924 to 9,503, a decrease of 421 or 4.43% [2] Investment Advisor Changes - Notable reductions in investment advisors include: - Industrial Securities: decreased by 40 to 1,041, a drop of 3.84% - CITIC Securities: decreased by 32 to 4,431, a drop of 0.72% - Guotai Securities: decreased by 19 to 3,745, a drop of 0.51% - Caida Securities: decreased by 12 to 726, a drop of 1.65% [3] Securities Sponsor Changes - The number of securities sponsors decreased significantly, with notable firms such as: - CITIC Construction Investment: decreased by 53 to 540, a drop of 9.81% - Oriental Securities: decreased by 35 to 208, a drop of 16.83% - CITIC Securities: decreased by 32 to 588, a drop of 5.44% [4] Analyst Changes - A total of 16 listed securities firms had more than 100 analysts, with CICC leading at 340 analysts, followed by Guotai Junan (287) and CITIC Securities (268) - However, firms like CITIC Construction Investment, Zhejiang Securities, CICC, and GF Securities experienced varying degrees of analyst reductions [5]

Core Viewpoint - China Galaxy Securities indicates that based on the value of breeding sows and farming efficiency, pig prices in 2025 may show a downward trend year-on-year, while remaining relatively stable throughout the year. Additionally, profit expectations are exceeded due to declining costs, with a focus on high-quality pig companies that exhibit significant changes in marginal costs and have a good financial position [1]. Group 1 - The analysis suggests a potential year-on-year decline in pig prices for 2025 [1] - The pig market is expected to operate relatively steadily within the year [1] - Profit expectations are anticipated to exceed due to a decrease in costs [1] Group 2 - There is an emphasis on monitoring high-quality pig companies with significant changes in marginal costs [1] - Companies with a good financial position are highlighted as key areas of focus [1]

Company Overview - Tianma Microelectronics Co., Ltd. is a leading innovative technology enterprise providing customized display solutions globally, focusing on small and medium-sized displays [5][6] - The company has a registered capital of approximately RMB 2.46 billion and was established on November 8, 1983 [4][5] Financial Performance - For the fiscal year 2024, the company reported total revenue of RMB 3,349.43 million, representing a year-on-year increase of 3.79% from RMB 3,227.13 million in 2023 [7][8] - The total assets as of December 31, 2024, were RMB 8,123.52 million, showing a slight decrease of 0.90% compared to RMB 8,197.63 million in 2023 [7] - The total liabilities were RMB 5,206.21 million, down 1.74% from RMB 5,298.26 million in the previous year [7] Business Segments - The revenue structure for 2024 indicates that display screens and modules accounted for 99.10% of total revenue, amounting to RMB 3,319.17 million, while other revenues contributed 0.90% [6] - The company continues to strengthen its core businesses in mobile displays and automotive displays, while also expanding into IT displays and other value-added services [5][6] Market Position - In 2024, Tianma Microelectronics achieved the highest global shipment volume in several display application markets, including automotive TFT-LCD and HUD displays, as well as LTPS smartphone displays [6] - The company maintained a strong competitive position in flexible AMOLED smartphone displays, ranking third globally in shipment volume [6] Debt and Financing - The company has issued bonds totaling RMB 30 billion, with the first phase of the bond issuance completed in 2020 [3][4] - The bond "21 Tianma 01" has a fixed interest rate of 3.95% and is set to pay interest annually [3][4] Credit Rating - The company's credit rating is assessed as AAA with a stable outlook, indicating strong creditworthiness [4][14] Cash Flow - The net cash flow from operating activities for 2024 was RMB 575.19 million, an increase from RMB 395.77 million in 2023 [8][12] - The company reported a net cash outflow from investing activities of RMB 438.05 million, which is an improvement of 19.30% compared to the previous year [8][12] Debt Servicing - The company has successfully met its debt servicing obligations, with interest payments for "21 Tianma 01" made on time [11][12] - The company's liquidity ratios, including a current ratio of 0.88 and a quick ratio of 0.72, indicate a slight decline compared to the previous year [12]

Group 1 - The core viewpoint of the article is the release of the first leadership TOP list for listed securities firms in China, ranking 50 firms based on their revenue scale for 2024 and evaluating their leadership capabilities across multiple dimensions [1] - China Galaxy Securities' Xu Jun ranked 5th in the industry with a total score of 94.35 in peer evaluation, with the highest score in control at 97.22 [1] - The evaluation model includes five dimensions: foresight, control, innovation, compliance, and influence, with scores converted to a percentage system [1] Group 2 - Xu Jun has a background in management, having held various positions in regulatory and financial institutions, and became the president of China Galaxy Securities in November 2023 [3] - The peer evaluation committee consists of senior management from securities research institutions, independent wealth management firms, and media [1] - In the foresight dimension, Xu Jun ranked 4th in the industry, while in the influence dimension, he ranked 8th [1]

Group 1: Commodity Market Overview - Domestic commodity futures experienced mixed performance from June 23 to June 27, with the black and base metal sectors leading gains, influenced by the ceasefire agreement between Israel and Iran, while fuel, crude oil, and European shipping routes faced declines [1] - In the energy and chemical sector, fuel prices fell by 10.73%, crude oil by 12.02%, while lithium carbonate rose by 7.47% [1] - The black metal sector saw increases in coke by 2.67%, coking coal by 6.60%, and iron ore by 1.92% [1] Group 2: Oil Price Dynamics - Brent crude oil prices fell by 12.46% to $66.34 per barrel, while U.S. crude oil dropped by 12.12% to $65.07 per barrel due to supply-demand dynamics [2] - The International Energy Agency (IEA) reported that global oil demand growth is expected to slow, with projections for 2025/2026 revised down to 720,000 to 740,000 barrels per day [2][3] - Analysts noted that while geopolitical tensions may support oil prices in the short term, long-term demand expectations are being adjusted downward, particularly with OPEC+ planning to discuss production levels [4] Group 3: Copper Market Insights - The main copper contract on the Shanghai Futures Exchange saw a weekly increase of 2.47%, closing at 79,920 yuan per ton, with a volatility of 2.42% [5] - Supply remains stable with sufficient copper ore port inventories, but increased export intentions are tightening domestic supply [6] - Global copper demand is projected to double by 2035, but supply may face a significant shortfall of up to 30% [7] Group 4: Industrial Profit Trends - The National Bureau of Statistics reported a 9.1% year-on-year decline in profits for industrial enterprises in May, with a cumulative decline of 1.1% for the first five months [9] - Equipment manufacturing and "new" industries showed profit expansion, while consumer manufacturing remained sluggish [9] - The profit structure remains concentrated in midstream manufacturing, with potential support from improved infrastructure investment and declining raw material prices [9][10] Group 5: U.S. Federal Reserve Policy Outlook - The Federal Reserve is currently in a wait-and-see mode regarding interest rate adjustments, with officials indicating a lack of urgency for rate cuts amid economic uncertainties [12] - Recent data revisions showed a contraction in U.S. GDP for the first quarter, raising concerns about economic growth and influencing market expectations for future Fed actions [13][14]

Core Viewpoint - The Hong Kong Stock Exchange will implement a new stock transaction fee structure starting June 30, 2025, eliminating the previous minimum and maximum fee limits, which is expected to significantly reduce transaction costs for smaller trades while increasing costs for larger trades [2][4][12]. Fee Structure Changes - The transaction fee will change from 0.002% of the transaction amount to 0.0042%, with the removal of the minimum fee of 2 HKD and the maximum fee of 100 HKD [5][7]. - For Exchange Traded Products (ETPs), the fee will be adjusted to 0.20 basis points (0.0020%), also removing minimum and maximum fees [5]. Impact on Market Participants - The new fee structure is anticipated to lower transaction costs for approximately 77% of market trades, which typically involve amounts less than 100,000 HKD, thus enhancing market liquidity and encouraging participation from retail and institutional investors [12][13]. - The reduction in costs is expected to particularly benefit high-frequency trading and quantitative strategies, leading to increased market activity [13]. Broker Notifications - Multiple brokers, including CITIC Securities and China Galaxy Securities, have issued notifications regarding the upcoming changes, advising investors to take note of the new fee structure [6][8].

Group 1 - The core viewpoint of the report indicates that COMEX gold prices are expected to steadily break through $3,300 per ounce, with a potential to reach $3,500 per ounce under extreme risk scenarios [1] - In the third quarter, if geopolitical tensions continue to escalate, WTI oil prices may hit $75 per barrel due to transportation bottlenecks and seasonal demand [1] - By the fourth quarter, as demand weakens and OPEC+ resumes supply increases, WTI oil prices are projected to return to around $60 per barrel [1] Group 2 - The report highlights three major uncertainties for the second half of 2025: first, tariff disruptions, where U.S. tariff policies may reshape international order and global power structures, leading to potential re-imposition of tariffs post-agreement [1] - Second, credit reconstruction is noted, with the U.S. debt reaching $36.1 trillion and over 30% of short-term external debt, raising liquidity risks and questioning the dollar's credit system [1] - Third, geopolitical risks are emphasized, particularly with the escalation of conflicts in the Middle East, which could lead to increased oil prices and global shipping costs, resulting in new structural re-evaluations of asset prices [1] Group 3 - In terms of global macroeconomic outlook, the report suggests that major economies are experiencing structural deceleration rather than typical recession, with the U.S. economy expected to transition slowly and steadily [2] - It is anticipated that the Federal Reserve may implement two rate cuts totaling 50 basis points in the second half of 2025, likely in September and December, unless inflation remains resilient or growth data is strong [2]

Meeting Overview - The shareholders' meeting of China Galaxy Securities was held on June 27, 2025, at Qinghai Financial Building, Beijing [1] - A total of 1,271 shareholders attended the meeting, with A-share shareholders holding 5,330,237,870 shares, accounting for 48.75% of the total shares [1] Voting Results - All resolutions presented at the meeting were approved, with significant support from shareholders [3][4] - For the annual profit distribution proposal, A-share approval was 99.96% and H-share approval was 98.86% [2][3] - The total votes for the ordinary shares amounted to 6,146,240,899, with an overall approval rate of 99.81% [2] Dividend Distribution - The company plans to distribute cash dividends for the year ending December 31, 2024, with the record date set for July 11, 2025 [2] - The ex-dividend date for A-shares is July 14, 2025, and further announcements regarding the specific arrangements will be made [2] Legal Compliance - The meeting's procedures and voting processes were confirmed to comply with relevant laws and regulations, ensuring the legitimacy of the proceedings [4]

Summary of Key Points Core Viewpoint The company, O-Film Group Co., Ltd., is changing the use of part of its raised funds and adding new investment projects to enhance its optical lens production capabilities, aligning with market demands and strategic planning. Group 1: Fundraising and Investment Changes - The total amount raised from the non-public offering was approximately 3.53 billion RMB, with a net amount of about 3.51 billion RMB after deducting issuance costs [1][2] - The company plans to adjust the investment amounts for existing projects, reducing the funding for the "High Pixel Optical Lens Construction Project" by 200 million RMB and reallocating it to a new project focused on optical lenses and lenses for smart vehicles, VR/AR, and other applications [2][5] - The new investment project aims to upgrade and expand the production line for high-precision optical lenses, introducing advanced production equipment to enhance production capacity [5][10] Group 2: Market Context and Strategic Alignment - The global optical lens market is projected to grow from 45.29 billion RMB in 2019 to 68.28 billion RMB in 2023, with a CAGR of 10.81% [11][12] - The Chinese optical lens market reached 16.13 billion RMB in 2023, with a forecasted growth to 17.39 billion RMB in 2024 [12] - The company is focusing on high-end products to meet the increasing demand for high-performance lenses in smartphones and smart vehicles, as well as in consumer electronics and other emerging fields [9][10] Group 3: Project Feasibility and Economic Benefits - The new project is expected to generate an annual revenue of approximately 804 million RMB and a net profit of about 69.49 million RMB once it reaches full production [18] - The project has a payback period of 8.12 years and an internal rate of return of 12.20%, indicating good economic viability [18] - The company has a strong production capacity and technical foundation in the optical lens sector, which supports the feasibility of the new project [18][19] Group 4: Regulatory Compliance and Approval Process - The changes to the fundraising and investment projects have been approved by the company's board and supervisory committee, and are awaiting shareholder approval [24][25] - The adjustments are in compliance with relevant regulations and are aimed at optimizing resource allocation and improving the efficiency of fund usage [24][25][26]