证券代码：601881 证券简称：中国银河 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： 公司第五届董事会第七次会议（临时）审议通过了《公司重新设定 2025-2027 年持续关联交易上限并与银河金控签署证券及金融服务框架协议之补充协议的 议案》，同意重新设定 2025-2027 年度银河证券集团与银河金控集团在补充协议 项下的关联交易收入上限分别为人民币 2.31 亿元、9.44 亿元、9.61 亿元，利息 开支均为人民币 0.1 亿元。 二、关联方介绍和关联关系 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 ...

议案表决情况：同意 5 票，反对 0 票，弃权 0 票。 二、审议通过《公司重新设定 2025-2027 年持续关联交易上限并与银河金 控签署证券与金融服务框架协议之补充协议的议案》 证券代码：601881 证券简称：中国银河 公告编号：2025-084 中国银河证券股份有限公司 第五届监事会第五次会议（临时）决议公告 本公司监事会及全体监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 10 月 13 日，中国银河证券股份有限公司（以下简称"公司"）以 现场和通讯相结合的方式召开第五届监事会第五次会议（临时）。本次会议通知 已于 2025 年 9 月 30 日以电子邮件方式发送公司各位监事、合规总监及董事会 秘书。本次会议由监事会主席屈艳萍召集并主持，本次会议应出席监事 5 人，实 际出席监事 5 人，其中 1 名监事以通讯表决方式出席本次会议。合规总监梁世 鹏、董事会秘书刘冰列席会议。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，做出的决议合 法有效。 会议形成如下决 ...

中国银河证券股份有限公司 第五届董事会第七次会议（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 10 月 13 日，中国银河证券股份有限公司（以下简称"公司"）以 现场和通讯相结合的方式召开第五届董事会第七次会议（临时）。本次会议通知 已于 2025 年 9 月 30 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 10 名，实际出席董事 10 名，其中委托出席董事 2 名，4 名董事以通讯表决方式出席本次会议。董事宋卫刚先生及独立董事罗卓坚 先生因工作原因未能亲自出席会议，董事宋卫刚先生书面委托董事杨体军先生代 为出席会议并表决，独立董事罗卓坚先生书面委托独立董事刘力先生代为出席会 议并表决。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《关于提请审议修订<公司章程>的 ...

Core Insights - The overall sales of liquor during the Mid-Autumn Festival and National Day holidays have declined by 20%-30%, with variations across scenes, regions, and brands [1] - Business banquet demand remains weak, while mass consumption and gatherings are relatively stable [1] - The liquor industry shows signs of recovery, particularly for leading brands like Moutai, which has seen a significant increase in sales [1] Liquor Industry Analysis - Sales during the holiday period have shown a decline of 20%-30%, with a notable differentiation in performance based on consumption scenarios, regions, and brands [1] - Business banquet demand is still low, while mass consumption and gatherings are holding up better [1] - Traditional liquor consumption provinces such as Henan, Shandong, and Jiangsu are performing relatively well [1] - Moutai's sales have rebounded, with a reported increase of approximately 100% month-on-month and over 20% year-on-year since September [1] Restaurant Supply Chain Industry - The Ministry of Commerce and other departments have issued policies aimed at boosting consumer confidence [2] - High-frequency consumer traffic initiatives are being launched to support the restaurant and service industries [2] - The transportation department reported a record high of 2.432 billion cross-regional movements during the National Day holiday, indicating a marginal recovery in consumer activity [2] Price Tracking and Cost Analysis - Liquor prices are under pressure, with various brands experiencing price declines compared to last year [3] - Packaging material prices have shown mixed trends, with some materials increasing while others have decreased [3] - Raw material costs for certain food items have decreased significantly, while others have seen slight increases [3] Investment Recommendations - The food and beverage index has underperformed relative to the broader market, with various sub-sectors in a phase of adjustment [4] - Focus on companies with growth potential in new categories and channels, such as Guoquan and Dongpeng Beverage [4] - Emphasis on stable demand and improved competitive landscapes in sectors like Nongfu Spring and Uni-President [4] - For cyclical recovery, attention should be given to leading liquor brands like Moutai and Wuliangye [5]

Core Viewpoint - The smart glasses sector is experiencing high demand, with Meta's glasses being in short supply, indicating a positive outlook for related companies in the industry [1] Industry Summary - The report from China Galaxy Securities highlights the strong growth potential in the smart glasses market, driven by high demand and supply constraints [1] - There is an optimistic view on Apple's supply chain, with expectations for shipment volumes to exceed forecasts, presenting additional investment opportunities [1] Company Recommendations - Recommended companies include: - Crystal Optoelectronics - Jiebang Technology - Tianyue Advanced [1] - Companies to watch include: - Luxshare Precision - GoerTek - Linyit Technology - Lens Technology - Yian Technology [1]

Core Viewpoint - The banking sector experienced a significant rise on October 13, with notable increases in stock prices for several banks, amidst concerns over new tariffs imposed by the U.S. on Chinese products starting November 1 [1] Group 1: Market Reaction - Shanghai Pudong Development Bank saw a stock increase of over 6%, while Nanjing Bank and Chongqing Rural Commercial Bank rose by more than 4%, and other banks like Shanghai Bank and Qilu Bank increased by approximately 3% [1] Group 2: Tariff Impact Analysis - The new tariffs, announced by U.S. President Trump, could have a controllable overall impact on banks, but regional banks in export-oriented areas may face heightened risks [1] - Major state-owned banks with global operations have an average of 10.5% of their revenue coming from overseas as of June 2025, indicating potential vulnerability to tariff-related uncertainties [1] - Regions with high export-to-GDP ratios, such as the Yangtze River Delta and Pearl River Delta, may experience significant impacts, affecting financing needs of export-related industries and potentially leading to pressure on local banks' corporate and retail lending as well as asset quality [1] Group 3: Investment Opportunities - The uncertainty surrounding tariffs may increase global asset price volatility, creating a demand for defensive asset allocations, which could present opportunities for banks [1] - The banking sector's stable dividends, combined with a recent price correction, have improved the attractiveness of dividend yields, likely drawing in risk-averse capital [1]

华泰证券指出，自9月以来，闪迪、美光、三星等海外存储原厂相继宣布涨价，且涨价幅度多超市场预 期。DRAM方面，AI驱动的HBM及高容量DDR5需求仍保持旺盛，推动4Q25主流DRAM价格继续稳健 上行，且美光FY25Q4业绩会上表示26年DRAM市场供需关系仍将保持紧张；NAND方面，除原厂严格 控制产能稼动率外，HDD供应短缺叠加AI推理应用快速增加进一步加大企业级SSD需求，推动NAND供 需结构持续优化，4Q25价格涨幅或较3Q25有所扩大，供需共振推动存储芯片周期向上。 中信建投：稀土战略地位进一步强化 中信建投指出，商务部连发四文强化稀土出口管制，增加5类中重稀土出口管控，增加全产业链条设 备、技术、原辅材料出口管制，并对海外军事及高端半导体需求进行管制，稀土战略地位进一步强化。 上周五市场全天震荡调整，三大指数集体下跌，沪指跌近1%失守3900点。沪深两市成交额2.52万亿， 较上一个交易日缩量1376亿。下跌方面，高位股集体下跌，电池、芯片概念股大面积调整，华虹公司、 亿纬锂能、先导智能、佰维存储等多股大跌。板块方面，燃气、煤炭等板块涨幅居前，半导体、电池、 贵金属等板块跌幅居前。截至收盘，沪指 ...

中国银河证券指出，中美贸易摩擦再度引发市场关注。市场大概率不会复制4月7日行情。短期来看，外 部环境不确定上升压制市场风险偏好，叠加部分资金获利回吐压力，将加剧市场波动，个股分歧或加 大。但是驱动本轮行情的核心因素并未改变。流动性预计延续向好趋势。在"十五五"规划关键窗口期和 三季报披露窗口期，重点关注新一轮政策聚焦领域和业绩确定性较强板块。配置机会方面，关税冲击 下，关注有色金属（贵金属、工业金属、小金属）、农业、能源行业的投资机会。（1）反内卷："十五 五"时期，反内卷政策将保持延续性，并在现有基础上进一步深化。（2）新质生产力主题：顺应国家战 略、具备真实技术壁垒的科技企业将是A股投资的重要主线。短期关注低位补涨板块，中长期关注产业 趋势突破。（3）大消费板块：扩内需政策进一步落地，有望带动行情向上。供需两端协同发力下，新 消费浪潮正蓬勃兴起。（4）"两重"领域：多地重大工程项目建设加快推进，将推动产业链的完善和发 展。 ...

Core Viewpoint - The consensus among brokerages is that the impact of the current trade tensions will be significantly less than that experienced in April, with many viewing the situation as an opportunity rather than a cause for panic [1][4][5][10]. Group 1: Market Reactions and Strategies - Multiple brokerages emphasize the "TACO" trading strategy, suggesting that short-term market declines due to tariff threats often present buying opportunities [1][7][11]. - Analysts from various firms, including Guangfa Securities and Huaxi Securities, predict that the current market environment is different from April, with a more robust monetary and fiscal policy backdrop supporting the market [7][10]. - The potential for a minor risk-reward rebalancing is noted, with expectations of a short-term reduction in leveraged funds against the backdrop of strong market fundamentals [4]. Group 2: Economic and Policy Insights - The ongoing trade tensions are viewed as a tactical maneuver by the U.S. to gain leverage in negotiations, with the likelihood of a resolution being high [6][11]. - Analysts highlight that the long-term trend for A-shares remains bullish, supported by structural improvements in earnings and credit recovery [13]. - The upcoming APEC summit is identified as a critical event that may influence future negotiations and market sentiment [6]. Group 3: Investment Opportunities - Specific sectors such as technology, AI, and semiconductor industries are recommended for investment, particularly in the context of potential market volatility [7][10]. - The focus on domestic policies aimed at stabilizing growth and addressing internal demand is seen as a key driver for future market performance [9][13]. - Analysts suggest that the current market conditions may provide favorable entry points for investors, particularly in light of historical patterns observed during similar market conditions [7][8].

Core Viewpoint - The announcement by President Trump to impose a 100% additional tariff on Chinese goods starting November 1 has led to significant market volatility, reminiscent of the global market crash in April due to tariff disputes. However, the current market decline is relatively contained and shows resilience against the sudden negative news [1] Market Impact - The financial market has exhibited panic but has not experienced a collapse, indicating a degree of market resilience in the face of tariff threats [1] - A-share market is expected to face short-term shocks, but the long-term market dynamics remain unchanged, suggesting that the market is still in a bullish phase [1] Investor Sentiment - Investor sentiment in the A-share market remains high, with the potential for sharp declines during a bull market seen as both a risk and an opportunity [1] - The "stabilization fund" introduced in the second quarter has played a positive role in stabilizing the market, and it is expected to be effective again in the event of sudden market drops [1]