中国银河证券股份有限公司 2024 年度股东大会 会议资料 2025.06.27 北京 中国银河证券股份有限公司 2024 年度股东大会议程 现场会议时间：2025 年 6 月 27 日（星期五）上午 10 时 现场会议地点：北京市丰台区西营街 8 号院 1 号楼青海金融 大厦 M1919 会议室 召集人：中国银河证券股份有限公司董事会 主持人：王晟董事长 2 一、 主持人宣布会议开始 二、 报告股东大会现场出席情况并宣读股东大会现场会议规则 三、 审议议案 四、 股东发言 五、 宣读大会议案表决办法，推选监票人和计票人 六、 现场投票表决 七、 休会，统计现场投票及网络投票结果（最终投票结果以公司 公告为准） 八、 律师宣读关于本次股东大会现场会议的表决结果和法律意 见书 3 议题 1 关于审议公司 2024 年财务决算方案的议案 各位股东： 公司 2024 年财务决算方案已于 2025 年 3 月 28 日经公司第五届 董事会第三次会议（定期）审议通过，提请股东大会审议。该财务决 算方案详情请参见公司 2024 年年度报告中的财务报表。 4 议题 2 目 录 | 议题 | 1：关于审议公司 | 2024 ...

证券代码：601881 证券简称：中国银河 公告编号：2025-039 中国银河证券股份有限公司 第五届董事会第五次会议（临时）决议公告 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。 2025 年 6 月 4 日，中国银河证券股份有限公司（以下简称"公司"）以通 讯方式召开第五届董事会第五次会议（临时）。本次会议通知已于 2025 年 5 月 26 日以电子邮件方式发出，本次会议由公司董事长王晟先生主持。本次会议应 出席董事 9 名，实际出席董事 9 名，均以通讯表决方式出席本次会议。董事会 全体董事按照董事会议事规则的相关规定参加了本次会议的表决。本次会议的召 集、召开及表决程序符合《中华人民共和国公司法》和《中国银河证券股份有限 公司章程》的规定。公司监事和有关高级管理人员列席了会议。 会议形成如下决议： 一、通过《关于推荐范小云女士为公司独立董事候选人的议案》，并提交 股东大会审议。 同意推荐范小云女士为公司第五届董事会独立董事候选人，并提请股东大会 选举，任期至股东大会审议通过本届董事会换届之日止。范小云女士 ...

Core Viewpoint - The article discusses the evolution and transformation of the private equity fund industry in China over the past decade, highlighting the shift from a commission-based service model to a comprehensive service ecosystem that includes various financial services for private equity funds [1][2]. Group 1: Development of Private Equity Business - The revision of the Securities Investment Fund Law in 2013 marked the beginning of legal regulation for private equity funds, allowing securities firms to provide comprehensive custody services [2]. - By the end of 2017, the number of private equity fund managers had increased to 20,289, with the total management scale reaching 19.91 trillion yuan, reflecting significant growth in the industry [3]. - The implementation of the Asset Management New Regulations in 2018 led to a more standardized private equity management environment, prompting securities firms to focus on compliance and risk management [4][5]. Group 2: Service Model and Market Competition - Securities firms have enriched their service offerings, developing a comprehensive service system that includes trading, product distribution, and derivative services to capture market share in quantitative private equity [6][8]. - The market has seen a trend towards headquarter consolidation, with leading firms leveraging their unique advantages in various segments, such as comprehensive service capabilities and expertise in derivatives [9]. Group 3: Regulatory Changes and Industry Trends - The introduction of the Private Securities Investment Fund Operation Guidelines in 2024 is expected to enhance data disclosure requirements and improve the collaboration between private equity firms and securities companies [7][10]. - The competition is shifting from a "license dividend" to a "capability competition," with firms needing to strengthen their core competencies to meet evolving private equity demands [10][11]. Group 4: Future Directions and Innovations - There is a growing demand for cross-border investment services among private equity firms, indicating a need for securities companies to enhance their capabilities in this area [11][12]. - The rise of AI and advanced technologies is transforming the service requirements of quantitative private equity funds, necessitating a shift towards comprehensive service offerings beyond traditional trading channels [12].

智通财经APP获悉，中国银河证券发布研报称，4月建筑业景气度受季节性需求影响有所回落，但基建 投资增速维持高位，专项债靠前发力支撑资金来源。房地产投资承压但销售降幅收窄，政策组合拳有望 提振市场信心。推荐稳增长、出海、低空经济等主线。看好三大方向：1)低估值高分红、业绩稳健、处 于基建房建产业链的央国企;2)业绩高增长的出海国际工程企业;3)低空经济主力军设计企业。 中国银河证券主要观点如下： 建筑业景气度有所回落，固定资产投资增速放缓 房地产投资、竣工承压，销售、新开工降幅继续收窄 1-4月，全国房地产开发投资27730亿元，同比下降10.3%，降幅较1-3月扩大0.4pct;商品房销售面积28262 万平方米，同比下降2.8%，降幅较1-3月收窄0.2pct;房屋新开工面积17836万平方米，同比下降23.8%， 降幅较1-3月收窄0.6pct;竣工面积15648万平方米，同比下降16.9%，降幅较1-3月扩大2.6pct。房地产政策 组合拳发布后，奠定了房地产行业去库存的大方向，一线城市快速响应，放开限购、下调首付比例和房 贷利率，稳地产节奏加快，有望促进供需结构改善、房企融资提速，提振房地产市场信心， ...

今年以来，港股市场表现强势，科技叙事持续深入，赴港上市公司数量持续上升，投资者对港股投资越 发青睐。6月3日，港股市场三大指数均上涨，恒生指数、恒生中国企业指数、恒生科技指数分别上涨 1.53%、1.92%、1.08%。 分析人士认为，当前恒生指数估值处于中等位置，而恒生科技指数估值正处于历史低位，从估值角度来 看，港股具有较高的投资性价比。在国内政策积极发力以及海外扰动减弱的双重支撑下，港股市场有望 延续震荡上升格局。 ● 刘英杰 谭丁豪 中信建投（601066）证券新股策略团队首席分析师张玉龙认为，在全球科技产业格局加速重构的背景 下，港股市场正成为全球资本配置中国科技资产的战略要地，中国境内南向资金也踊跃流入，预计香港 市场将在未来3年迎来快速发展。 中航证券首席经济学家董忠云表示，从港股市场质量来看，港股上市公司汇集多家具备高竞争力的科技 巨头。当前我国鼓励A股、中概股优质公司赴港上市，港股市场质量有望进一步提升。当前港股估值较 低，在全球具备明显优势。 南向资金连续5个月净流入 回顾5月，港股市场三大指数震荡上行。截至5月30日，恒生指数报23289.77点，5月累计上涨5.29%；恒 生中国企业指 ...

证券代码：601881 证券简称：中国银河 公告编号：2025-038 中国银河证券股份有限公司 2025年度第十一期短期融资券发行结果公告 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。 中国银河证券股份有限公司董事会 中国银河证券股份有限公司 2025 年度第十一期短期融资券已于 2025 年 6 月 3 日发行完毕，相关发行情况如下： 2025 年 6 月 4 日 | 债券名称 | 中国银河证券股份有限公司 | 2025 | 年度第十一期短期融资券 | | --- | --- | --- | --- | | 债券简称 | 25 银河证券 CP011 | 债券流通代码 | 072510093 | | 发行日 | 2025 年 5 月 30 日 | 起息日 | 2025 年 6 月 3 日 | | 到期兑付日 | 2025 年 9 月 18 日 | 期限 | 107 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 | 100 元 ...

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5月31日 狀態: 新提交 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 | 股份類別 A | | | 於香港聯交所上市 (註1) | | 否 | | | ...

Investment Rating - The report rates the industry as "Positive" [1][2] Core Insights - The capital market is undergoing comprehensive reforms to deepen investment and financing, with a focus on attracting long-term funds [15][27] - The introduction of DeepSeek has driven a strong rise in Chinese technology stocks, significantly impacting market sentiment and performance [27][85] - The overall performance of listed securities firms has improved, with substantial increases in revenue and net profit [16][22] Summary by Sections 2025 Q1 Performance Review - As of Q1 2025, the total assets of 42 listed securities firms reached 13.11 trillion yuan, an increase of 850 billion yuan from the end of 2024 [16] - The combined operating income for Q1 2025 was 125.93 billion yuan, a year-on-year increase of 19%, while net profit rose by 74.93% to 53.46 billion yuan [16] Industry Development Trends - The report highlights the ongoing reforms aimed at enhancing the capital market's stability and investor confidence, with policies to attract long-term investments [70][72] - The trend towards passive investment products, particularly ETFs, is expected to continue, supported by favorable policies [73][84] Business Line Performance - **Brokerage Business**: The brokerage income for Q1 2025 was 32.736 billion yuan, a 43.16% increase year-on-year, driven by a significant rise in trading volumes [38][39] - **Asset Management**: The asset management business generated 10.131 billion yuan in fees, a slight decrease of 3.32% year-on-year, indicating a shift towards a competitive landscape [45] - **Proprietary Trading**: The proprietary trading income reached 48.566 billion yuan, up 51.02% year-on-year, reflecting a recovery in the equity market [56] - **Investment Banking**: The investment banking revenue was 6.672 billion yuan, a modest increase of 5.39%, with IPO financing down by 30.24% [61] - **Credit Business**: The credit business saw a net interest income of 7.878 billion yuan, a 27.25% increase year-on-year, as the market for margin trading and stock pledges improved [64] Investment Recommendations - The report suggests that the overall performance of the brokerage sector is expected to remain positive, supported by economic recovery and liquidity easing [91]

Market Outlook - A-shares are expected to experience a structural market in June, with a focus on core assets despite short-term downward pressure [1][2] - Institutions suggest maintaining dividend assets as a base while exploring growth and consumption opportunities, particularly in banking, computing industry chain, card games, and innovative pharmaceuticals [1][5] Market Performance Review - In May, the three major indices saw gains, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rising by 2.09%, 1.42%, and 2.32% respectively [1] - Daily trading volume in A-shares remained above 1 trillion yuan [1] Economic and Policy Factors - Economic recovery and positive domestic policies are expected to enhance market risk appetite, leading to a potential upward trend in June [2] - The stability of the Chinese economy and policy expectations may continue to favor Chinese assets, even amid global uncertainties [2] Sector Performance - In May, 25 out of 31 Shenwan first-level industries saw gains, with environmental protection, pharmaceuticals, defense, and banking leading the way [3] - There is a divergence among institutions regarding market style and focus for June, with some favoring technology growth while others lean towards large-cap value stocks [3][4] Investment Strategies - Suggested strategies include focusing on technology growth sectors, consumer sectors benefiting from domestic policies, and banking sectors with stable earnings and high dividends [5][6] - Specific recommendations include investing in robotics, artificial intelligence, and sectors with recent thematic catalysts, such as innovative pharmaceuticals and military electronics [5][6]

基金管理人：国投瑞银基金管理有限公司 基金托管人：中国银河证券股份有限公司 【重要提示】 1、国投瑞银中证全指公用事业指数型发起式证券投资基金（以下简称"本基金"）的募集已获中国证监 会证监许可[2025]870号文予以注册。中国证监会对本基金募集的注册，并不表明其对本基金的投资价 值和市场前景做出实质性判断或保证，也不表明投资于本基金没有风险。 2、本基金是股票型证券投资基金，基金运作方式是契约型开放式。 3、本基金的基金管理人和登记机构为国投瑞银基金管理有限公司（以下简称"本公司"），基金托管人 为中国银河证券股份有限公司。 4、本基金根据认购/申购费用、销售服务费收取方式的不同，将基金份额分为不同的类别。在投资者认 购/申购时收取认购/申购费用，但不从本类别基金资产中计提销售服务费的基金份额，称为A类基金份 额；在投资者认购/申购时不收取认购/申购费用，而是从本类别基金资产中计提销售服务费的基金份 额，称为C类基金份额。 A类基金份额的认购代码为024192，C类基金份额的认购代码为024193。 5、本基金为发起式基金，发起资金提供方认购本基金的金额不少于1000万元人民币，且持有期限自基 金合同生效 ...