中国银河公告称，公司于2025年9月8日发行2025年度第二十一期短期融资券，发行额40亿元，票面利率 1.60%，期限86天。2025年12月3日，公司完成该期短期融资券本息兑付，共计40.15亿元。 ...

银河德睿资本产品总监张丝莹发表题为《场外期权在上市公司市值管理过程中应用场景分享》的主题分 享。张丝莹重点介绍了多种金融工具和策略，如雪球期权和香草期权，这些工具被广泛应用于服务上市 公司股东和私募基金。 中国证券报创新中心产品总监李淼发表题为《如何借助媒体做好上市公司市值管理》的主题分享。李淼 表示，舆情管理对企业的生存与发展至关重要，尤其是对上市公司而言。舆情问题还可能涉及金融资 产、市值管理、产品运营和法律诉讼等多个方面，这些因素共同作用于上市公司的市值和舆论形象。因 此，企业应主动管理和应对舆情，特别是在海外发展时，需关注宏观政治倾向和政策变化。 2025年，"中国银河证券·星耀企业家办公室"将持续整合公司企业服务资源，通过企业家办公室活动平 台，助力拓展企业家及家庭核心圈层，不断扩大企业服务边际效应。银河证券将始终秉持"金融报国 客 户至上"的服务理念，深刻把握金融工作"功能性"，积极投身并融入区域产业和经济发展。未来，中国 银河证券将继续同各方紧密携手，服务于国家战略，实现高质量发展。 银万资本总经理赵峰深入解读《上市公司股东资产管理和PIPE业务》。赵峰重点介绍上市公司股东的 资产管理与PIPE ...

Core Insights - The report emphasizes the recovery of the securities industry in 2025, with a significant increase in profits driven by self-operated businesses, and anticipates continued growth in 2026 due to favorable policies and market conditions [6][15][26]. Section Summaries 1. 2025 Review: Recovery Begins - The securities industry saw a substantial improvement in profitability, with 43 listed brokers achieving a net profit of CNY 1,692.54 billion in the first three quarters of 2025, a year-on-year increase of 63.44% [15]. - The overall revenue for the same period reached CNY 4,216.23 billion, reflecting a 12.85% increase year-on-year [15]. - The recovery is supported by strong performance in brokerage and proprietary trading, with brokerage net income rising by 68% [18]. 2. Incremental Catalysts Expected, Performance Continues to Improve - The "14th Five-Year Plan" outlines a strategic direction for high-quality development in the financial sector, emphasizing the importance of a robust capital market [33]. - There is significant potential for increased market participation from institutional investors and retail investors, as the wealth effect from the capital market is expected to drive demand expansion [44][48]. 3. Comprehensive Performance Recovery, Growth Potential in Light Asset Businesses - The wealth management sector is recovering, with public funds showing high-quality development and increased market activity [18]. - Investment banking activities are also rebounding, particularly in the dual innovation sector, with IPOs and underwriting volumes expected to rise [18]. 4. Industry Structure Optimization: Building a First-Class Investment Bank - The report highlights the acceleration of mergers among leading brokers and the internationalization of Chinese brokers as key strategies for building a first-class investment bank [6][39]. - The integration of mergers and international expansion is seen as crucial for enhancing the competitive landscape of the industry [6][39]. 5. Profit Forecast: Continued ROE Improvement in 2026 - The report predicts that the return on equity (ROE) for the industry will continue to improve, with a projected net profit growth of 13% year-on-year under neutral assumptions for 2026 [6][39]. 6. Investment Recommendations: Focus on Structural Optimization and Alpha Catalysts - Investors are advised to pay attention to brokers benefiting from structural optimization and the recovery of wealth management, such as China International Capital Corporation, Huatai Securities, and CITIC Securities [6][39].

Core Viewpoint - The 2025 Green Finance Ecological Conference in Chongqing highlighted the city's strategic position as a "best testing ground" for green finance, leveraging its ecological significance and industrial transformation needs to promote ecological protection and industrial transition [3][12]. Group 1: Green Finance Strategies - The strategy of "疏堵结合，精准赋能" (combining restriction and precision empowerment) was proposed to address the high proportion of heavy industry in Chongqing, focusing on limiting investments in high-pollution and high-energy consumption projects while providing comprehensive support for transitioning enterprises [3][14]. - The introduction of products like the CGT-ESG bond portfolio aims to guide funds towards low-carbon and environmentally friendly sectors, facilitating the green transformation of industrial enterprises [3][14]. Group 2: Biodiversity Finance - Biodiversity finance is identified as a frontier area, emphasizing the importance of quantifying ecological value and designing financial products that attract social capital, transforming biodiversity protection from a purely philanthropic effort into a source of stable returns [4][15]. - The goal is to create "green assets" that generate cash flow and returns, thereby encouraging broader market participation in biodiversity protection [4][15]. Group 3: Collaborative Development - China Galaxy Securities plans to focus on three strategic areas to support Chongqing's development model of "capital, ecology, and industry": enhancing full-chain services, leveraging technology for precision service, and promoting regional collaboration for carbon reduction and ecological protection [5][13]. - The integration of industrial transformation and biodiversity protection is seen as a way to achieve synergistic effects, with innovative financial tools like "green transition bonds" and "ecological credit loans" being explored to support this dual empowerment [8][16].

10月28日，中国上城发布公告，配售协议所载的所有条件已获达成，而配售事项已于2025年10月28日完 成。合共7547.43万股配售股份已成功由配售代理根据配售协议的条款及条件按每股配售股份0.180港元 的配售价配售予叁位承配人，陈晖先生为一位投资者;刘晓玲女士为一位投资者;及李艳勇先生为一位投 资者，占公司紧接配售事项后经配发及发行配售股份扩大的公司已发行股本约16.67%。 来源：智通财经网 香港联交所最新资料显示，12月2日，中国上城(02330)股东将股票由中国银河证券香港转入中国银行(香 港)，转仓市值406.81万港元，占比6.28%。 ...

Core Viewpoint - The recent transfer of shares for China Shangcheng (02330) indicates a strategic shift in shareholder structure, with significant implications for the company's market positioning and investor confidence [1] Group 1: Shareholder Activity - On December 2, China Shangcheng's shares were transferred from China Galaxy Securities Hong Kong to Bank of China (Hong Kong), with a market value of HKD 4.0681 million, representing 6.28% of the total shares [1] - The transfer reflects a notable change in the company's shareholder base, which may influence future investment strategies and market perception [1] Group 2: Placement Agreement - On October 28, China Shangcheng announced that all conditions of the placement agreement had been met, and the placement was completed on the same date in 2025 [1] - A total of 75.4743 million shares were successfully placed at a price of HKD 0.180 per share to three investors, which included Mr. Chen Hui, Ms. Liu Xiaoling, and Mr. Li Yanyong [1] - Following the placement, the newly issued shares accounted for approximately 16.67% of the company's expanded issued share capital [1]

"第十九届深圳国际金融博览会暨2025中国金融机构年会"近日在深圳举行。在分论坛"2025中国证券业 投资银行高峰论坛"上，中国银河（601881）证券执委会委员吴鹏发表主题演讲表示，预计港股的强劲 表现将延续至2026年，中资投行正迎来由科技驱动经济、消费接棒成新增长线、国资与基石投资者给予 支持的三大机遇。 最后，吴鹏着重强调了文化挑战，并认为这是中资投行国际化发展的最大挑战。"文化方面的相融互 通，实际上是跨国金融机构未来可以成功的基石。"他表示，在这方面，银河证券积极推动文化交流， 通过举行文化融合培训班，让海内外高管共同学习生活等方式，在实现业务交流的同时，也推动了文化 交流。通过类似的人才交流和经验分享，可以有效建立起畅通的沟通协作与工作机制，有助于迎接未来 更为严峻的国际化发展挑战。 基于此，吴鹏认为当前中资投行正迎来三大机遇，即由科技与创新企业驱动经济、消费行业接棒成为新 的增长主线、国资与基石投资者也会给予积极支持。 当然，挑战也同样不容忽视。吴鹏列举了港股市场可能面临的多个方面挑战，包括美国对中概股监管趋 严、美国政府对芯片等新质生产力行业的进一步管控、港股的流动性依然弱于美股，以及潜在的 ...

Group 1: Market Performance - The A-share market experienced rapid rotation of hot themes, with the Shanghai Composite Index down 0.42%, the Shenzhen Component Index down 0.68%, and the ChiNext Index down 0.69% at the close [1] - The total market turnover reached 1,607.3 billion [1] Group 2: Sector Performance - The pharmaceutical commercial sector showed strong performance, ranking first in the increase of sector shares, with Haiwang Biological achieving a "five consecutive limit-up" and over 290,000 sealed orders remaining at the limit-up price [1] - The Fujian sector also performed well, with stocks like Jiarong Technology and Haixin Food hitting limit-up prices [1] - Energy metals and film industry sectors, which performed well previously, experienced adjustments [1] Group 3: Market Outlook - The market is expected to remain in a phase of frequent style switching in December, primarily characterized by structural trends [1] - Key areas for potential deployment include technological innovation, domestic demand expansion, anti-involution, and stabilizing the real estate sector, with industry meetings likely to catalyze thematic trends [1] - External uncertainties, particularly the potential impact of the upcoming Federal Reserve meeting on global market liquidity, are also highlighted [1] Group 4: Health Sector Insights - The China CDC reported that the flu positivity rate among emergency and outpatient cases is close to 45%, indicating a rapid increase in flu cases, with some provinces reaching high epidemic levels [2] - According to Everbright Securities, the demand for cold medicines in Q4 is expected to exceed market expectations due to the rising trend of flu cases [2] - The introduction of multi-pathogen detection products and convenient diagnostic tools is anticipated to support the performance of related pharmaceutical companies [2]

基于"以产出为导向、小步快跑、业务技术联合共创"的思路，银河证券聚焦机构业务推进AI应用，采用 逐步拓展的策略。先聚焦优势业务中ROI最高的场景，再打通业务链上下游、跨业务整合数据，最终构 建立体的用户画像赋能风控与新业务。 其中，选择针对机构客户的"协商交易"为银河证券首个重点突破场景。该场景服务上千家机构客户为其 提供风险管理、资产配置或做市服务，希望解决传统模式依赖交易员沟通，受交易员数量限制，复杂产 品报价慢等痛点。 因此，银河证券以"小模型+大模型"的混合智能体架构来处理这种交易场景。 小模型基于Transformer架构，经4TB数据预训练与业务数据微调，快速精准理解交易术语；大模型弥补 泛化能力不足，支持模型热替换与零训练新功能上线，迭代周期降低80%。定价方面，在原定价引擎系 统基础上通过GPU加速、PDE有限差分预计算等实现秒级返回定价结果，再借助机器人回复给客户。同 时搭配"AI预警+人工审核"的风控模式，校验风控限额等指标，落实各项风控要求。该机器人已覆盖公 司境内外4个业务主体的多品类对客协商交易。 专题：2025年大湾区交易所科技大会 在11月29日"2025年大湾区交易所科技大会" ...

在11月29日"2025年大湾区交易所科技大会"上，银河证券场外与创新业务研发模块负责人余慧佳表示， 综合市场数据，在生成式AI浪潮下， 88%的企业已在至少一个业务职能中使用AI。但仅31%实现规模 化落地。高绩效企业多将AI作为增长引擎，当中有55%的企业会依托AI重构核心业务流程，比例是普通 企业的2.8倍。 银河证券自2022年起研究大模型应用，目前处于从试点向规模化迈进的阶段。银河证券将AI定位为"伙 伴"而非"工具"，强调共享目标、资源与能力，共创业务价值。 基于"以产出为导向、小步快跑、业务技术联合共创"的思路，银河证券聚焦机构业务推进AI应用，采用 逐步拓展的策略。先聚焦优势业务中ROI最高的场景，再打通业务链上下游、跨业务整合数据，最终构 建立体的用户画像赋能风控与新业务。 专题：2025年大湾区交易所科技大会 其中，选择"协商交易"为银河证券首个重点突破场景。该场景服务上千家多家机构客户为其提供风险管 理、资产配置或做市服务，希望解决传统模式依赖交易员沟通，受交易员数量限制，复杂产品报价慢等 痛点。 基于"以产出为导向、小步快跑、业务技术联合共创"的思路，银河证券聚焦机构业务推进AI应用， ...