Core Points - China Galaxy Securities has received approval from the China Securities Regulatory Commission (CSRC) for the public issuance of short-term corporate bonds to professional investors [1] - The approved bond issuance has a maximum face value of 15 billion yuan [1] - The approval is valid for 24 months from the date of registration, allowing for phased issuance of the bonds within this period [1]

Core Viewpoint - The brokerage sector is expected to maintain a growth trend in net profit for Q3 2025, continuing the over 50% year-on-year increase seen in the first half of 2025, driven by strong market trading volumes [1][8]. Market Performance - The average daily trading volume for the Shanghai and Shenzhen markets in Q3 2025 reached 2.04 trillion yuan, representing a year-on-year increase of 153% and a quarter-on-quarter increase of 37% [1][3]. - The average margin financing and securities lending balance for Q3 2025 was 2.12 trillion yuan, up 49% year-on-year and 17% quarter-on-quarter [1][3]. - The Hong Kong market saw an average daily turnover (ADT) of 2,550 billion HKD year-to-date, a 93% increase compared to 2024 [6][7]. Investment Business - The stock market performed well, with key indices reaching new highs in 2025: the CSI 300 index increased by 17.90%, the ChiNext index by 50.40%, and the STAR 50 index by 49.02% [1][2]. Bond Market - The yield on 10-year government bonds rose to 1.86% during the reporting period, while the CSI All Bond Index fell by 1.78% [2]. - Despite an increase in equity exposure by most brokerages, the bond market's decline led to a slight decrease in proprietary trading income for Q3 2025 [2]. Brokerage and Margin Financing Business - The brokerage sector is expected to generate 437 billion yuan in revenue for Q3 2025, reflecting a year-on-year increase of 111% and a quarter-on-quarter increase of 43% [3]. - New A-share accounts opened in September 2025 totaled 2.9372 million, marking a 61% year-on-year increase [3]. Investment Banking Business - The A-share IPO scale for Q3 2025 was 38 billion yuan, up 148% year-on-year and 77% quarter-on-quarter [4]. - The total scale of refinancing (including private placements, rights issues, and preferred shares) was 74 billion yuan, a year-on-year increase of 189% [4]. Asset Management Business - The market saw a significant recovery in newly established equity funds, with 2,093 million units created in Q3 2025, a 304% year-on-year increase [5]. - The total scale of ETFs reached 5.6 trillion yuan by the end of Q3 2025, a 31% increase from the end of Q2 2025 [5]. International Business - The performance of the Hong Kong market and IPO activities has been active, with 71 new companies listed year-to-date, raising 187.3 billion HKD [6][7]. - The top brokerages are expected to maintain high growth in their overseas businesses, particularly those that completed capital increases for international subsidiaries [7]. Investment Recommendations - The brokerage sector is projected to achieve a net profit of 610 billion yuan in Q3 2025, reflecting a year-on-year increase of 54% [8]. - Investment opportunities are recommended in three main lines: strong comprehensive institutions benefiting from industry competition optimization, brokerages with high earnings elasticity, and firms with strong international business competitiveness [8].

Core Viewpoint - China Galaxy Securities (06881.HK) has received approval from the China Securities Regulatory Commission (CSRC) to publicly issue short-term corporate bonds with a total face value of up to RMB 15 billion [1] Group 1 - The approval allows the company to issue bonds to professional investors [1] - The registration approval is valid for a period of 24 months [1] - The company can issue the short-term corporate bonds in multiple tranches within the approval period [1]

智通财经APP讯，中国银河(06881)公布，公司近日收到中国证券监督管理委员会的批复，同意公司向专 业投资者公开发行面值余额不超过人民币150亿元短期公司债券的注册申请。批覆的有效期为24个月。 公司可在批复的有效期内分期发行短期公司债券。 ...

本公司將按照有關法律法規、批覆要求及本公司股東大會的授權辦理短期公司債 券發行的相關事宜，並及時履行信息披露義務。 承董事會命 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） 公告 發行短期公司債券獲得中國證券監督管理委員會註冊批覆 中國銀河證券股份有限公司（「本公司」）近日收到中國證券監督管理委員會的批覆 （「批覆」），同意本公司向專業投資者公開發行面值餘額不超過人民幣150億元短 期公司債券（「短期公司債券」）的註冊申請。批覆的有效期為24個月。本公司可在 批覆的有效期內分期發行短期公司債券。 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10月14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。 ...

Core Insights - The three major indices opened high but closed lower, with the ChiNext Index dropping over 2%, while the precious metals sector led gains and the technology sector saw declines [3] Group 1: ETF Performance - The broker ETF fund (515010) rose by 0.42%, with its holdings such as Guoyuan Securities increasing by 5.10% [3] - The broker ETF fund has seen continuous net inflows over the past four days, totaling 57.6868 million yuan, with the latest share count reaching 1.262 billion and a total scale of 1.811 billion yuan, both hitting record highs since inception [3] Group 2: New Account Openings - In September, the number of new A-share accounts reached 2.9372 million, marking a year-on-year increase of 60.73% and a month-on-month increase of 10.83%, making it the second-highest monthly figure this year, following March's 3.0655 million [3] - Among the new accounts in September, 2.9263 million were individual accounts and 10,900 were institutional accounts, with institutional openings surpassing 10,000 for the first time this year [3] Group 3: Broker ETF Fund Characteristics - The broker ETF fund (515010) tracks the securities company index (code 399975), with the top ten constituent stocks accounting for 60.1% of the index weight, allowing for direct exposure to leading brokerages benefiting from the A-share market recovery [3] - The combined management and custody fee rate for the fund is 0.2%, making it the lowest fee investment option currently available in the market [3]

智通财经APP获悉，中国银河证券发布研报称，9月食品饮料指数相对大盘表现较弱，内部各个子板块 均处于调整阶段。展望10月，市场重点将聚焦于三季报业绩，相关绩优个股与板块可重点关注。展望 25Q4，在PPI改善向CPI改善逐渐传导的预期下，可优先重点关注供给出清+估值底部的顺周期方向。中 长期则继续建议重点关注三条主线：1)新品类与新渠道方向的成长性个股;2)需求相对稳定与竞争格局改 善的板块;3)顺周期复苏方向。 中国银河证券主要观点如下： 1)白酒批价，9月飞天整箱、散瓶批价为1790/1765元，较上月-40/-40元，较去年同期-600/-530元;八代普 五批价为840元，较上月-20元，较去年同期-120元;国窖1573批价为840元，较上月+10元，较去年同 期-20元;青花20批价为360元，较上月持平，较去年同期-15元;梦之蓝M6+批价为540元，较上月持平， 较去年同期-10元。2)包装材料，截至2025年9月24日，PET/包膜价格同比-7.1%/-4.8%，铝材/玻璃/纸箱 价格同比+3.2%/+2.6%/+8.0%。3)原材料成本，白糖/面粉/鹌鹑蛋/猪肉价格同 比-8.8%/-2. ...

Core Viewpoint - The report from China Galaxy Securities indicates that the food and beverage index underperformed the broader market in September, with all sub-sectors undergoing a phase of adjustment. The focus for October will be on the performance of third-quarter reports, with a recommendation to pay attention to high-performing stocks and sectors. Looking ahead to the fourth quarter of 2025, there is an expectation of improvement in PPI gradually transmitting to CPI, suggesting a focus on cyclical stocks that are at valuation bottoms and experiencing supply clearance [1]. Summary by Categories Market Performance - In September, the food and beverage index showed weaker performance compared to the overall market, with all sub-sectors in an adjustment phase [1]. Future Outlook - For October, the market will concentrate on third-quarter earnings reports, with a recommendation to focus on high-performing stocks and sectors [1]. - By the fourth quarter of 2025, there is an expectation that improvements in PPI will gradually lead to improvements in CPI, indicating a potential focus on cyclical stocks [1]. Investment Recommendations - The report suggests three main investment lines for the medium to long term: 1. Growth stocks in new categories and new channels [1]. 2. Sectors with relatively stable demand and improved competitive landscapes [1]. 3. Cyclical recovery directions [1].

证券代码：601881 证券简称：中国银河（601881） 公告编号：2025-083 中国银河证券股份有限公司 关于签订《证券及金融服务框架协议 之补充协议》暨关联交易公告 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。 重要内容提示： ●本次关联交易无需提交股东大会审议； ●本日常关联交易事项不会导致公司对关联方形成较大的依赖，没有损害公司及公司股东的整体利益， 不影响公司的独立性。 一、关联交易基本情况 2024年12月6日，中国银河证券股份有限公司（以下简称"公司"）第四届董事会第三十三次会议（临 时）审议通过了《公司与银河金控签署证券与金融服务框架协议并设定2025-2027年关联交易上限的议 案》。同日，公司与中国银河金融控股有限责任公司（以下简称"银河金控"）签订《证券及金融服务框 架协议》（以下简称"原协议"），约定作为日常业务的一部分，公司及其下属子公司（以下简称"银河 证券集团"）将按一般商务条款向银河金控集团提供证券和金融服务。具体详见公司于2024年12月7日披 露的《关于签订〈证券及金融服务框架 ...

Core Viewpoint - China Galaxy Securities Co., Ltd. has completed the issuance of its 2020 perpetual subordinated bonds (Phase 1), referred to as "20 Galaxy Y1" [1] Group 1: Issuance Details - The issuance of "20 Galaxy Y1" was completed on November 24, 2020 [1] - The bond has a repricing cycle of 5 years, with the issuer having the option to extend the bond for another cycle or redeem it in full at the end of each repricing period [1] Group 2: Issuer's Rights - The bond includes an issuer's extension option, allowing the issuer to extend the bond for one additional repricing cycle at the end of each cycle [1] - The issuer also has a redemption right, which can be exercised on the fifth interest payment date and subsequent payment dates, allowing for redemption at face value plus accrued interest [1] Group 3: Future Actions - On November 24, 2025, which marks the fifth interest payment date and the end of the first repricing cycle, the company has decided not to exercise the extension option and will fully redeem "20 Galaxy Y1" [1]