Core Points - China Galaxy Securities Co., Ltd. successfully issued its 20th short-term financing bond for the year 2025 on August 21, 2025, with an issuance amount of RMB 4 billion and a coupon rate of 1.64% [1] - The term of the short-term financing bond is 85 days, with a maturity date set for November 14, 2025 [1] - On November 14, 2025, the company repaid the principal and interest of the short-term financing bond, totaling RMB 4.015 billion [1]

智通财经APP讯，中国银河(06881)发布公告，公司于2025年8月21日成功发行了中国银河证券股份有限 公司2025年度第二十期短期融资券，本期短期融资券发行额为人民币40亿元，票面利率为1.64%，短期 融资券期限为85天，兑付日期为2025年11月14日。 2025年11月14日，公司兑付了本期短期融资券本息共计人民币40.15亿元。 ...

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） 海外監管公告 王晟 董事長及執行董事 中國北京 2025年11月17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。 证券代码：601881 证券简称：中国银河 公告编号：2025-104 本公告乃由中國銀河證券股份有限公司（「本公司」）根據香港聯合交易所有限公司 證券上市規則第13.10B條作出。 茲載列本公司於上海證券交易所網站發佈之《中國銀河證券股份有限公司2025年 度第二十期短期融資券兌付完成的公告》，僅供參閱。 承董事會命 中國銀河證券股份有限公司 中国银河证券股份有限公司 2025年度第二十期短期融资券兑付完成的公告 本公司董事会及全体董事保证本公告内容不存在任何 ...

2025 年 11 月 14 日，本公司兑付了本期短期融资券本息共计人民币 4,015,276,712.33 元。 特此公告。 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年度第二十期短期融资券兑付完成的公告 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（以下简称"本公司"）于 2025 年 8 月 21 日 成功发行了中国银河证券股份有限公司 2025 年度第二十期短期融资券（以下 简称"本期短期融资券"），本期短期融资券发行额为人民币 40 亿元，票面 利率为 1.64%，短期融资券期限为 85 天，兑付日期为 2025 年 11 月 14 日。（详 见本公司于 2025 年 8 月 22 日刊登于上海证券交易所网站（www.sse.com.cn） 的《中国银河证券股份有限公司 2025 年度第二十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：2025-104 2025 年 11 月 18 日 ...

证券代码：601881 证券简称：中国银河 公告编号：2025-105 经核查：本期债券存在发行人及其关联方认购情况，为发行人的关联方大 成基金管理有限公司参与认购并获配本期债券金额人民币 0.2 亿元，此外发行 人的董事、高级管理人员、持股比例超过 5%的股东及其他关联方未参与本期 债券认购。前述认购报价及程序均符合相关法律法规的规定。 本期债券存在承销机构及其关联方认购情况，为主承销商招商证券股份有 限公司的关联方兴业基金管理有限公司参与认购并获配本期债券金额人民币 3 亿元，主承销商中信建投证券股份有限公司的关联方中信银行股份有限公司参 与认购并获配本期债券金额人民币 5 亿元。前述认购报价及程序均符合相关法 律法规的规定。 特此公告。 中国银河证券股份有限公司董事会 2025 年 11 月 18 日 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）发行结果公告 本公司及其董事会全体成员保证公告内容的真实、准确和完整，不存 在虚假记载、误导性陈述或重大遗漏，并对其内容的真实性、准确性和完 整性承担个别和连带的法律责任。 中国银河证券股份有限公司（以下简称"发行人"）面向专 ...

供给端反内卷政策加码，钢铁品种结构优化升级 中国银河（601881）证券发布研报称，近日钢企陆续发布2025前三季度业绩报告，龙头钢企归母净利润 高增，部分钢企利润同比扭亏为盈，钢铁行业整体盈利能力修复。在供给侧反内卷持续推进的背景下， 钢铁行业产能持续向优质龙头集中;从需求侧看，行业有望受益于制造业升级和AI转型。中长期来看， 该行认为普钢龙头企业有望受益于行业供需格局的改善。建议关注：受益于行业供需格局改善的普钢板 块龙头公司，基本面向好的特钢板块相关龙头公司等。 中国银河证券主要观点如下： 2025前三季度利润修复，行业效益显著改善 2025年前三季度，从业绩来看，中钢协重点统计钢铁企业累计营业收入为4.56万亿元，同比下降2.36%; 营业成本为4.26万亿元，同比下降3.88%，收入降幅小于成本降幅1.52个百分点;利润总额960亿元，同比 增长1.9倍，行业效益相比去年同期明显改善;销售利润率为2.1%，同比上升1.39个百分点。从供需结构 来看，据国家统计局数据，前三季度，全国累计生产粗钢7.46亿吨，同比下降2.9%，预计全年仍将保持 同比下降，实现粗钢产量调控目标;生产生铁6.46亿吨，同比 ...

Group 1 - The report highlights that the brokerage industry is entering an upward trajectory after hitting a low in Q4 2023, with significant growth observed in Q2 and Q3 of 2025 [5][18]. - The brokerage sector has seen a shift from "customer acquisition" to "existing customer management and institutional deepening," focusing on creating a comprehensive product matrix across various investment types [5][29]. - The report identifies three categories of brokers that have outperformed: those with low valuations and improving fundamentals, those involved in mergers and acquisitions, and those driven by innovative business models [5][12]. Group 2 - The report indicates that the performance of H-shares has outpaced A-shares due to a stronger Hong Kong market, lower valuations, and accelerated interconnectivity between capital markets [11][12]. - As of November 14, 2025, the brokerage index has increased by 4.29%, while the Shanghai Composite Index has risen by 19.06%, indicating a significant underperformance of the brokerage sector compared to the broader market [11][12]. - The report notes that the brokerage sector's price-to-book ratio is currently at 1.41 times, which is at the 47th percentile since 2018, suggesting that the sector is undervalued [5]. Group 3 - The report emphasizes the importance of wealth management as a core support for brokerage businesses, driven by increased asset allocation from residents into the equity market [5][34]. - The brokerage industry is expected to benefit directly from the increasing attractiveness of the equity market, with specific recommendations for companies like GF Securities, Huatai Securities, and China Galaxy Securities [5]. - The report outlines that the brokerage sector's net profit for the first nine months of 2025 has increased by 66% year-on-year, with significant contributions from brokerage and interest income [18][34]. Group 4 - The report discusses the internationalization of brokerage services, driven by client demand, with major firms establishing overseas subsidiaries and focusing on cross-border services [5][18]. - The brokerage sector is experiencing a "counter-cyclical" asset allocation strategy, with a continued increase in equity asset allocation expected in 2025 [5][18]. - The report highlights that the brokerage industry is positioned for a recovery in public fund profitability, with the potential for increased allocations from public funds to the non-bank financial sector [5][18].

Core Viewpoint - The People's Bank of China reported a significant increase in RMB deposits in the first ten months of the year, with a notable shift towards non-bank financial institution deposits, indicating a trend of "deposit migration" among residents and enterprises [1][2][3] Group 1: Deposit Trends - In the first ten months of the year, RMB deposits increased by 23.32 trillion yuan, with household deposits rising by 11.39 trillion yuan and non-bank financial institution deposits increasing by 6.66 trillion yuan [1] - In October alone, household deposits decreased by 1.34 trillion yuan, while non-bank financial institution deposits increased by 1.85 trillion yuan, reflecting a seasonal pattern observed in previous years [1][2] - Year-on-year comparisons show that in October 2024, household deposits decreased by 0.57 trillion yuan, while non-bank financial institution deposits increased by 1.08 trillion yuan, indicating a recurring trend of deposit migration [2] Group 2: Market Implications - The performance of the capital market is positively influencing the trend of "deposit migration," as indicated by a decrease in household deposit growth rate to 9.69% from 10.17% [3] - The narrowing gap between household deposit growth and M2 growth suggests a shift in savings behavior, with non-bank deposits showing a significant increase, which supports the healthy development of the capital market [3] - The increase in non-bank deposits by 1.85 trillion yuan in October, up by 0.77 trillion yuan year-on-year, is seen as a positive signal for market stability and confidence in China's economic growth [3]

Core Viewpoint - The recent market fluctuations are influenced by the Federal Reserve's hawkish stance and concerns over AI market trends, leading to a correction in technology stocks and a rotation of funds towards sectors like lithium batteries and consumer goods [1] Group 1: Market Overview - The overseas market is experiencing overall volatility, with technology stocks undergoing a correction phase [1] - The end of the longest U.S. government shutdown has raised attention on upcoming key economic data and its potential impact on overseas markets [1] - A-share market continues in a consolidation pattern, with rapid sector rotation and a focus on themes like lithium batteries and consumer sectors benefiting from policy support [1] Group 2: Investment Strategy - It is recommended to focus on themes such as anti-involution and dividends during sector rotations, with an emphasis on technology sectors that are poised for a rebound [2] - The anti-involution area is becoming a key focus for macroeconomic regulation, enhancing the long-term investment value of related sectors [2] - The consumption sector is crucial for stabilizing the economic foundation, with particular attention on service consumption and new consumption models [2] Group 3: Economic Indicators - The recent surge in the lithium battery supply chain reflects a tightening supply-demand balance, boosting mid-term economic improvement expectations [1] - Financial data from October confirms signals of fund migration, suggesting a favorable liquidity outlook [1] - The anticipated policy implementations and rising price expectations are expected to clarify the logic behind anti-involution sectors, while the technology sector's trends and performance are entering a verification phase [1]

中国银河证券认为，展望未来，市场风险偏好趋于谨慎，场内热点轮动加快，港股或延续震荡走势。配 置方面，建议关注以下板块：1、"反内卷"政策效果逐渐显现，供需格局变化下，商品价格上涨的周期 股或持续反弹。2、美联储降息政策面临较大不确定性，市场风险偏好下降，投资者或转向红利股寻求 防御。 ...