Core Viewpoint - China Galaxy (06881) has successfully completed a private placement of corporate bonds amounting to RMB 5 billion on November 19, 2025, aimed at professional investors [1] Group 1: Bond Issuance Details - The total issuance scale of the bonds is RMB 5 billion, with a face value and issuance price of RMB 100 per unit [1] - The bonds consist of two varieties: a two-year term and a three-year term [1] - The final issuance scale for the two-year bonds is RMB 3.7 billion with a final coupon rate of 1.92% [1] - The final issuance scale for the three-year bonds is RMB 1.3 billion with a final coupon rate of 1.97% [1] Group 2: Fund Utilization - The funds raised from this bond issuance will be used to repay the principal of maturing corporate bonds [1]

Core Points - China Galaxy Securities (06881.HK) announced the completion of a non-public issuance of corporate bonds to professional investors, approved by the Shanghai Stock Exchange, on November 19, 2025 [1] Group 1: Bond Issuance Details - The total issuance scale of the bonds is RMB 5 billion, with a face value and issuance price of RMB 100 per unit [1] - The bonds consist of two types: a two-year bond with a final issuance scale of RMB 3.7 billion and a final coupon rate of 1.92%, and a three-year bond with a final issuance scale of RMB 1.3 billion and a final coupon rate of 1.97% [1] - The funds raised from this bond issuance will be used to repay the principal of maturing corporate bonds [1]

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。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%。 董事會宣佈，根據上述股東授權及上海證券交易所的批准，本公司已於2025年11 月19日完成向專業投資者非公開發行2025年公司債券（第三期）（「本期債券」）。本 期債券的發行規模為人民幣50億元，面值及發行價均為每單位人民幣100元。本 期債券包括期限為兩年（「兩年期品種」）和期限為三年（「三年期品種」）的兩個品 種。兩年期品種的最終發行規模為人民幣37億元，最終票面利率為1.92%；三年 期品種的最終發行規模為人民幣13億元，最終票面利率為1.97%。本期債券發行 所募集的資金將用於償還到期公司債券本金。 本期債券承銷機構及其關聯方參與認購了本期債券。主承銷商國信證券股份有限 公司參與認購並獲配兩年期品種人民幣0.1億元及三年期品種人民幣0.5億元，其 關聯方南方基金管理 ...

中国银河证券股份有限公司（以下简称"发行人"）已于 2025 年 9 月 18 日获上海证券交易所出具的《关于对中国银河证券股份有限公司非公开发行公 司债券挂牌转让无异议的函》（上证函〔2025〕3079 号），注册规模为不超 过 200 亿元（含 200 亿元）。 根据《中国银河证券股份有限公司 2025 年面向专业投资者非公开发行公 司债券（第三期）募集说明书》，中国银河证券股份有限公司 2025 年面向专 业投资者非公开发行公司债券（第三期）（以下简称"本期债券"）的发行规 模为不超过人民币 50 亿元（含 50 亿元），分为两个品种：品种一为 2 年期， 品种二为 3 年期，两个品种间可互拨。本期债券发行价格为每张人民币 100 元， 采取网下面向专业投资者簿记建档的方式发行。 本期债券发行工作已于 2025 年 11 月 19 日结束，本期债券品种一实际发 行规模人民币 37 亿元，最终票面利率为 1.92%，认购倍数为 2.4108 倍；本期 债券品种二实际发行规模人民币 13 亿元，最终票面利率为 1.97%，认购倍数 为 3.4769 倍。 证券代码：601881 证券简称：中国银河 公告编号 ...

中国经济网北京11月19日讯 中国证监会广东监管局网站昨日发布关于对银河期货有限公司佛山营业部 采取出具警示函监管措施的决定〔2025〕129号。 广东证监局 经查，银河期货有限公司佛山营业部在客户外接系统接入管理的过程中，未审慎开展外接系统技术测 试，违反了《期货公司监督管理办法》（证监会令第155号）第五十六条、第九十七条规定。根据《期 货公司监督管理办法》第一百零九条的规定，广东证监局决定对该营业部采取出具警示函的行政监管措 施。 中国银河（601881）(601881.SH)2025年半年度报告显示，银河期货有限公司为中国银河的全资子公 司。 以下为原文： 关于对银河期货有限公司佛山营业部采取出具警示函监管措施的决定 银河期货有限公司佛山营业部： 经查，你营业部在客户外接系统接入管理的过程中，未审慎开展外接系统技术测试，违反了《期货公司 监督管理办法》（证监会令第155号）第五十六条、第九十七条规定。根据《期货公司监督管理办法》 第一百零九条的规定，我局决定对你营业部采取出具警示函的行政监管措施。你营业部应高度重视，采 取切实有效措施，加强外部接入信息系统管理，并于收到本决定书后30日内向我局提交书面 ...

Core Insights - The Chinese film and gaming market experienced a decline in revenue year-on-year due to high base effects, while the advertising market showed stable growth with significant investment in telecommunications and other sectors. The AI field is rapidly advancing, shifting from technical competition to ecosystem building and scenario penetration [1]. Film Industry - The film supply remains stable, but the overall box office revenue saw a year-on-year decline. In October 2025, the national box office reached 2.612 billion yuan (including service fees), a decrease of 27.94% year-on-year and 1.88% month-on-month. The film "The Volunteers: Blood and Peace" led the monthly box office with 525 million yuan, accounting for 22.4% of the total [2]. Gaming Industry - The gaming market experienced a slight year-on-year decline due to high base effects. In September 2025, the actual sales revenue of the domestic gaming market was 29.679 billion yuan, down 2.13% year-on-year. Self-developed games generated 1.621 billion USD in overseas revenue, a decrease of 4.82%. Mobile game revenue was 21.488 billion yuan, down 2.31%, while client games performed well with a revenue of 7.009 billion yuan, up 25.49%. Tencent's games dominated the iOS revenue chart in China [3]. Advertising Market - The overall advertising market showed stable growth, with a year-on-year increase of 3.5% in spending from January to September 2025. In September alone, advertising spending rose by 12.7% year-on-year and 0.7% month-on-month. Notable increases in advertising spending were observed in telecommunications, personal care, entertainment, and IT sectors, with year-on-year increases of 78.9%, 42.1%, 38.9%, and 22.2% respectively. Conversely, the pharmaceutical, alcoholic beverages, and cosmetics sectors saw declines of -17.4%, -12.7%, and -4.8% respectively [4]. AI Industry - The iteration of large models is accelerating, promoting the practical application of technology and ecosystem building. Companies like OpenAI and Google are advancing multimodal and secure applications. OpenAI released Sora2 and ChatGPT Atlas, while Google launched Veo3.1 integrated into the Gemini ecosystem, showcasing systematic development in generative AI. In China, DeepSeek introduced DeepSeek-OCR, reflecting trends in model lightweighting and multimodal integration. The AI industry is transitioning from competition in model capabilities to ecosystem building and scenario penetration, with applications expected to accelerate in education, creativity, development, and security [5]. Investment Recommendations - With the continuous iteration of foundational large model capabilities, AI applications are beginning to show a solid technological foundation for development. The ongoing exploration of AI across various industries is expected to bring transformative impacts. Companies to watch include Tencent Holdings, Alibaba, Kuaishou-W, Zhiwei Buy, and Kunlun Wanwei. The gaming market is expected to maintain high levels of prosperity, with several companies launching new products, making companies like Bilibili-W, Giant Network, G-bits, Perfect World, and 37 Interactive Entertainment worth monitoring [6].

截至2025年11月18日收盘，中国银河(601881)报收于16.52元，上涨0.0%，换手率0.33%，成交量23.65万 手，成交额3.92亿元。 当日关注点 中国银河证券股份有限公司2025年面向专业投资者公开发行短期公司债券（第一期）发行工作已于2025 年11月17日结束，实际发行规模为人民币30亿元，期限184天，最终票面利率为1.67%，认购倍数为3.86 倍。发行采用网下面向专业投资者簿记建档方式，发行价格为每张100元。存在关联方认购情况，大成 基金管理有限公司获配0.2亿元；主承销商关联方兴业基金和中信银行分别获配3亿元和5亿元，相关认 购符合法律法规规定。 中国银河：2025年度第二十期短期融资券兑付完成的公告 中国银河证券股份有限公司于2025年8月21日发行2025年度第二十期短期融资券，发行额为人民币40亿 元，票面利率1.64%，期限85天，兑付日期为2025年11月14日。2025年11月14日，公司已兑付本期短期 融资券本息合计人民币4,015,276,712.33元。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号） ...

Group 1 - China Galaxy Securities Co., Ltd. has issued short-term corporate bonds with a total face value of up to 15 billion RMB, approved by the China Securities Regulatory Commission [1] - The first phase of the bond issuance has a scale not exceeding 30 billion RMB, with a maturity of 184 days and a final coupon rate of 1.67% [2] - The actual issuance amount for this bond was 30 billion RMB, with a subscription multiple of 3.86 times [2] Group 2 - The bond issuance involved participation from related parties, including Dachen Fund Management Co., Ltd., which subscribed for 20 million RMB [2] - The lead underwriter, China Merchants Securities Co., Ltd., had its affiliate, Xingye Fund Management Co., Ltd., subscribe for 300 million RMB, while another affiliate, CITIC Bank Co., Ltd., subscribed for 500 million RMB [3] - The bond issuance process complied with relevant laws and regulations [2][3] Group 3 - China Galaxy Securities successfully completed the repayment of its 20th short-term financing bond, which had an issuance amount of 4 billion RMB and a coupon rate of 1.64% [5] - The repayment date for this bond was November 14, 2025, with total principal and interest paid amounting to approximately 4.02 billion RMB [6]

Core Viewpoint - The correlation between the consumption sector and major online promotions like "Double Eleven" is expected to gradually decrease, necessitating a focus on the medium to long-term consumption goals outlined in the "14th Five-Year Plan" [1] Group 1: Consumption Sector Performance - In October, the retail sales of consumer goods (社零) grew by 2.9% year-on-year, with a month-on-month decline of 0.07 percentage points, marking a continuous decrease since May [1] - The decline in national subsidies is evident, with retail sales of household appliances and audio-visual equipment dropping by 14.6% year-on-year in October; however, other categories benefiting from subsidies, such as cultural office supplies, furniture, communication equipment, and daily necessities, saw year-on-year growth rates of 13.5%, 9.6%, 23.2%, and 7.4% respectively [1] - The jewelry sector experienced significant growth, with retail sales increasing by 37.6% in October, driven by rising gold prices and consumer interest in gold as a value-preserving investment [2] - The clothing, footwear, and textile sectors saw a year-on-year increase of 6.3% in retail sales in October, showing gradual improvement as colder weather sets in [2] - The cosmetics sector also showed improvement, with retail sales growing by 9.6% year-on-year in October, aided by early promotions for "Double Eleven" [2] - Restaurant retail sales grew by 3.8% year-on-year in October, indicating slow but positive growth despite competition from food delivery services [2] Group 2: Impact of Holidays and Promotions - During the National Day and Mid-Autumn Festival holiday, domestic travel reached 888 million trips, an increase of 123 million trips compared to the previous year, with total spending of 809 billion yuan, up by 108.2 billion yuan [3] - The "Double Eleven" pre-sale started earlier in 2025, with major platforms like JD and Tmall launching promotions on October 9 and October 15 respectively; the overall sales during the "Double Eleven" period reached 1.695 trillion yuan, a 14.2% increase from the previous year [3] Group 3: Export Challenges - Consumer goods exports have been declining since April 2025 due to U.S. tariffs, with a year-on-year decline of 15.6% in October, contributing to an overall export decrease of 1.1% for China [4] - The announcement of a potential 100% tariff on all Chinese imports by U.S. President Trump on November 1 has raised concerns among leading consumer companies about the unpredictability of future tariff policies, prompting them to accelerate global capacity planning [4]

Group 1 - The market experienced weak fluctuations yesterday, with the Shanghai and Shenzhen stock exchanges' trading volume at 1.91 trillion, a decrease of 47.3 billion compared to the previous trading day. The energy metals, military, and AI application sectors saw the largest gains, while precious metals and pharmaceuticals faced the most significant declines. The Shanghai Composite Index fell by 0.46%, the Shenzhen Component Index by 0.11%, and the ChiNext Index by 0.2% [1] Group 2 - CITIC Securities indicated that the recent signing of a 3-year 200GWh contract between Haibo Sichuang and CATL confirms the tight supply of energy storage batteries. They believe that excess profits in the downstream investment and operation of energy storage will be passed on to the materials, batteries, and integration sectors through price increases as demand surges. The lithium battery supply chain shows significant elasticity, with a focus on materials such as 6F, iron lithium, anode, separator, and battery segments [2] - The company anticipates a peak production season where materials and energy storage batteries will be in short supply, leading to continuous price increases. With downstream procurement and long-term guidance in October and November, demand for 2026 is becoming clearer, and pricing models are changing [2] Group 3 - Galaxy Securities noted that the correlation between the consumer sector and major online promotions like Double Eleven will gradually decrease. The consumer industry should focus on the medium to long-term goals outlined in the 14th Five-Year Plan, with short-term attention on policies related to consumption in December 2025 for 2026. They hold an optimistic view on the development of overseas business for the consumer sector in 2026, emphasizing high-dividend quality companies during the market style transition [3] Group 4 - CICC released a 2026 outlook for property management, suggesting that changes in the internal and external environment are driving the industry's operating model towards a healthier and more sustainable direction characterized by moderate changes in volume and price, along with relatively stable cash flow. In the short term, companies are still in a phase of revenue and profit growth driven by scale expansion, with slightly pressured cash returns and a continuous increase in dividend willingness. They recommend high-quality stocks with stable performance, strong cash flow, and high dividend yields [4]