智通财经APP获悉，香港联交所最新资料显示，11月26日，中国上城(02330)股东将股票由建设亚洲转入 中国银河证券香港，转仓市值1961.08万港元，占比7.87%。 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%。 ...

11月26日，以"变局·飞跃"为主题的中国银河证券2026年度投资策略报告会在北京举办。会议汇聚了众 多专家学者、行业领袖与投资界人士，共同展望宏观经济走势，把脉产业变革机遇，探寻未来投资脉 络。 多名与会分析师表示，在"大重构、大变革"的时代背景下，中国经济展现出强劲韧性，新质生产力加速 成长，资本市场正迎来结构性机遇。 在薛军看来，我国资本市场也展现出强大韧性。今年以来，A股市场整体稳中向好，上证指数涨幅超过 15%。我国股市的稳定机制已从"危机应对"转向"主动治理"，通过政策协同、制度改革与应急响应的系 统推进，市场内在稳定性显著增强，为服务实体经济筑牢基础。 为构建新发展格局注入金融动能 回顾中国银河证券自身的发展，薛军介绍，作为根植资本市场二十五载的头部券商，公司服务客户超 1800万，托管资产超5万亿元，已发展成为国内分支机构最多、亚洲网络布局最广的投资银行之一。截 至2025年三季度，公司ROE、净利润、营业收入等核心指标均稳居行业前列。 中国银河证券总裁薛军在致辞中表示，当前世界正处在一个"大重构、大变革"的时代。百年变局加速演 进，新一轮科技革命和产业变革加速突破，海外不确定性因素复杂多变。 ...

Core Insights - The conference themed "Change and Leap" highlighted the resilience of the Chinese economy amidst global restructuring and transformation, with a focus on structural opportunities in the capital market [1][2] - China Galaxy Securities aims to inject financial momentum into the new development pattern, emphasizing the importance of capital markets in the upcoming five years [2][3] Economic Outlook - The chief economist of China Galaxy Securities, Zhang Jun, introduced the "ReNew" framework, predicting a convergence of growth rates between emerging and developed markets, and a rebalancing of the US and Chinese economies [3][4] - Zhang emphasized the importance of new supply-side reforms in 2026, focusing on stabilizing the real estate market, eliminating outdated production capacity, and promoting AI and digital economy development [3][4] Policy and Market Predictions - The macro chief analyst, Zhang Di, forecasted a stable policy environment in 2026, with a fiscal deficit rate of around 4% and special government bonds between 1.3 trillion and 1.5 trillion yuan to support consumption [4] - Zhang also predicted a mild re-inflation with CPI growth around 0.4% and a recovery in PPI, which would positively impact corporate profits and household income expectations [4] Investment Strategy - The strategy chief analyst, Yang Chao, suggested that the A-share market is likely to shift from valuation-driven to profit-driven, with a focus on new quality productivity and manufacturing sector optimization [5][6] - Yang recommended two main investment lines: focusing on key areas such as AI, quantum technology, and new energy, and capitalizing on domestic consumption policies [5][6] Technology Trends - Analysts from China Galaxy Securities discussed the future of the computer industry, predicting a shift towards AI applications and increased domestic computing power penetration [6] - The communication sector is expected to benefit from AI computing power, with a focus on operational efficiency and advancements in quantum technology [6]

Core Insights - The China Securities Regulatory Commission (CSRC) has approved several brokerages, including Guolian Minsheng, Western Securities, and Northeast Securities, to conduct pilot programs for optimizing account management functions, which are crucial for operational efficiency and customer investment experience [1][2] Group 1: Account Management Optimization - The approved pilot programs aim to enhance the account management system of brokerages to keep pace with the increasing diversity of financial products and services in the market [1] - The regulatory guidelines emphasize the importance of customer fund safety, proper management of fund transfers, and compliance with identity verification and risk management protocols [1][2] Group 2: Customer-Centric Approach - Guolian Minsheng plans to establish a comprehensive account core system to achieve unified identity recognition, risk management, and centralized asset management for clients, moving away from traditional isolated account management [2] - The optimization of account management functions is expected to improve customer experience by allowing for a panoramic view of various assets and facilitating easier fund transfers, thereby enhancing fund utilization efficiency [2][3] Group 3: Industry Trends - There is a growing demand for wealth management among Chinese residents, with a significant increase in new investor accounts, totaling 24.67 million in the first ten months of the year, reflecting a 9.32% year-on-year growth [3] - Brokerages are increasingly focusing on customer service efficiency and quality as key competitive factors in the wealth management sector, with firms like Northeast Securities and招商证券 implementing customer-centric organizational structures and service systems [3]

反内卷与新周期分论坛 - 2026 年度策略报告会 20251126 摘要 国际业务方面，中国银河证券取得了哪些进展？ 在国际业务上，中国银河证券实现了对银河联昌的全资控股，并持续巩固东南 亚核心市场领先地位，其中新加坡、马来西亚市场经纪业务排名第一。此外， 公司积极开展跨境业务，推出首支亚太地区低碳 ETF、首个 TIS 产品及首支越 南主题 ETF，通过领先的一带一路布局促进国内国际双循环。 中国银河证券在投资交易和风险管理方面表现如何？ 投资交易方面，中国银河证券拥有超过 3,000 亿元的金融资产规模，其证券投 资收益、公允价值变动收益均排名行业前列。公司稳固自营发展客需，构建自 营投资、投资顾问、产品创设及销售交易等一体化综合模式，以提升市场交易 活跃度和产品丰富度，从而促进资本市场形成内生稳定机制。在风险管理能力 上，公司一直位居行业前列。 中国银河证券零售业务表现突出，其财富管理和信用业务收入均位居行 业前列，为大量客户提供理财顾问服务，与居民财富共同成长。 中国银河证券投资银行业务累计助力近 4,500 家企业融资，成交规模达 1.96 万亿元，机构业务为 2.86 万机构客户提供托管外包服务 ...

（编辑 姚尧） 证券日报网讯 11月26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年度第二十七期 短期融资券已于2025年11月26日发行完毕。债券简称为25银河证券CP027，期限为289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1.69%，发行价格为100元/百元面值。 ...

中国银河（601881）(06881)发布公告，董事会欣然宣布，本公司已于2025年11月26日完成2025年度第 二十七期短期融资券发行(本期融资券)。本期融资券的发行规模为人民币40亿元，面值及发行价均为每 单位人民币100元。本期融资券的期限为289天，最终票面利率为1.69%。本期融资券发行所募集的资金 将用于补充本公司流动资金。 ...

Core Insights - The food and beverage index in early November showed a recovery, outperforming the broader market due to a shift in market style and a positive CPI growth rate [1][3] - The pre-processed food, baked goods, and dairy products sectors experienced the highest gains [1][3] - The konjac snack industry is expected to be highly prosperous in 2025, with a focus on the sustainability of this trend in 2026 [1] Group 1: Konjac Snack Industry - The konjac snack industry is projected to have strong growth in 2025, with companies like Salted Fish (002847) and Wei Long achieving significant revenue and stock price increases compared to the overall snack market [1] - The growth of konjac snacks is supported by health and taste trends, with potential for increased market penetration and innovation in "konjac+" products to attract new customers and boost repeat purchases [1] - The competitive landscape is favorable for leading companies, which are expected to maintain or increase market share through product innovation and supply chain capabilities [1] Group 2: Alcohol Industry Pricing - As of mid-November, the wholesale prices of Moutai have stabilized, with slight increases compared to the end of October, but still lower than the same period last year [2] - The prices of packaging materials have shown a mixed trend, with glass and PET prices decreasing, while aluminum and cardboard prices have increased [2] - Raw material prices for sugar, flour, palm oil, pork, and sunflower seeds have decreased year-on-year, while quail eggs and soybean prices have increased [2] Group 3: Food and Beverage Sector Performance - From November 1 to November 17, the food and beverage sector rose by 2.6%, matching the excess return of the overall A-share index [3] - Nine out of ten sub-sectors within the food and beverage industry reported positive returns, with pre-processed foods, baked goods, and dairy products leading the gains at 9.4%, 7.6%, and 4.5% respectively [3]

2025年度第二十七期短期融资券发行结果公告 证券代码：601881 证券简称：中国银河 公告编号：2025-108 中国银河证券股份有限公司 中国银河证券股份有限公司董事会 2025 年 11 月 27 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。 本 期 发 行 短 期 融 资 券 的 相 关 文 件 已 刊 登 在 中 国 货 币 网 （www.chinamoney.com.cn）、上海清算所网站（www.shclearing.com）、 中国债券信息网（www.chinabond.com.cn）。 特此公告。 中国银河证券股份有限公司 2025 年度第二十七期短期融资券已于 2025 年 11 月 26 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 | 年度第二十七期短期融资券 | | --- | --- | --- | --- | | 债券简称 | 25 银河证券 CP027 | 债券流通代码 | 072510294 | | 发行日 | 2025 年 11 月 ...

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。 公告 2025年度第二十七期短期融資券發行完畢 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。 （在中華人民共和國註冊成立之股份有限公司） （股份代號：06881） 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11月26日 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%。 董事會欣然宣佈，根據上述股東授權，本公司已於2025年11月26日完成2025年度 第二十七期短期融資券發行（「本期融資券」）。本期融資券的發行規模為人民幣40 億元，面值及發行價均為每單位人民幣100元。本期融資券的期限為289天，最終 票面利率為1.69 ...