Market Overview - A-shares opened lower with all three major indices declining: Shanghai Composite Index down 0.48%, Shenzhen Component Index down 0.63%, and ChiNext Index down 0.93% [1] Institutional Insights - CITIC Securities highlights that "self-controllable" and AI will be the main themes throughout 2025, with significant performance expected in related sectors. The trend is anticipated to strengthen in 2026, focusing on domestic computing power and semiconductor equipment, as well as AI computing directions like PCB and storage [2] - China Galaxy Securities emphasizes the "AI leap + century change" resonance driving a super copper cycle, noting that despite record high copper prices, adjusted for inflation, they have not reached previous super cycle levels. The ongoing reshaping of the international monetary order is expected to provide upward momentum for copper prices [3] - CITIC Jinshi points out that the mid-term "stock-bond seesaw" effect will further support A-share performance, with a global interest rate cut cycle entering its second half in 2026. The macro liquidity environment is characterized by "internal and external easing resonance" and a shift from extraordinary to normal conditions [3]

Group 1 - The market experienced a pullback after an initial rise, with the Shanghai Composite Index closing down 0.31% while the Shenzhen Component and ChiNext Index rose by 0.56% and 0.82% respectively [1] - The total trading volume in the Shanghai and Shenzhen markets reached 3.94 trillion, an increase of 290.4 billion compared to the previous trading day, marking the third consecutive day above 3.5 trillion [1] - Key sectors showing growth included AI applications, computing hardware, and semiconductors, while energy metals, insurance, and banking sectors faced declines [1] Group 2 - CITIC Securities predicts that "self-controllable" and AI will be the main themes for 2025, with significant performance expected in related sectors [1] - China Galaxy Securities emphasizes the importance of the "AI leap + century change" narrative in driving the current super copper cycle, suggesting that copper prices have substantial upward potential [2] - Cinda Securities notes that the mid-term "stock-bond seesaw" effect will further support the A-share market, with a focus on the macro liquidity environment and the reallocation of household savings [2]

Group 1 - The core viewpoint of the announcement is the completion of the issuance of the second short-term financing bond for the year 2026 by China Galaxy Securities Co., Ltd. on January 14, 2026 [1][3] - The relevant documents regarding the bond issuance have been published on multiple official websites, including China Money, Shanghai Clearing House, and China Bond Information Network [1] - The board of directors of China Galaxy Securities assures that the announcement contains no false records, misleading statements, or significant omissions, and they take responsibility for the authenticity, accuracy, and completeness of the content [1]

Core Insights - The issuance of bonds has become a mainstream method for securities firms to supplement capital and optimize their liability structure, driven by the need for business expansion and innovation, alongside the current low-interest financing window [1][2] Group 1: Bond Issuance Trends - Securities firms have issued bonds exceeding 90 billion yuan this year, with a year-on-year increase of nearly 50% [1] - As of January 14, securities firms have cumulatively issued 31 bonds, amounting to 90.5 billion yuan, representing a year-on-year growth of 47.4% [2] - The main type of bonds issued is securities company bonds, with 24 bonds issued totaling 72.2 billion yuan, a year-on-year increase of 37% [2] Group 2: Diversification in Bond Issuance - The bond issuance has shown significant diversification, with traditional leading firms like China Galaxy and Shenwan Hongyuan, as well as internet brokers like Oriental Fortune, participating [2] - The product types have expanded to include conventional corporate bonds, technology innovation corporate bonds, and perpetual subordinated bonds [2] Group 3: Cost Advantages - The average coupon rate for securities company bonds issued this year is 1.78%, down 0.19 percentage points from the average level of 1.97% in 2025 [2] - The average coupon rate for short-term financing bonds is 1.71%, slightly down 0.05 percentage points from 1.76% in 2025, enhancing the incentive for firms to issue bonds for capital supplementation [2] Group 4: Purpose of Fundraising - The primary purposes for bond issuance by securities firms include meeting business development needs, supplementing working capital, and repaying maturing debts [3]

Investment Rating - The report provides an investment rating for the industry, indicating a "Neutral" stance, with expected performance relative to the benchmark index within the range of -5% to 10% [10]. Core Insights - The report highlights a projected growth rate of 2.67% for the industry, with a specific mention of a 4.73% growth observed in 2015 [5]. - It notes a slight increase in performance metrics, with a 0.31% and 0.56% change in relevant indicators [5]. Summary by Sections - **Industry Performance**: The industry is expected to maintain a growth trajectory, with a focus on the 2.67% growth rate and historical performance of 4.73% in 2015 [5]. - **Analyst Background**: The report is authored by Zhang Qi, a non-bank analyst with two years of experience in non-bank research, holding a PhD from the University of International Business and Economics, and has been with China Galaxy Securities Research Institute since December 2020 [7].

Group 1 - The company, China Galaxy (06881), has completed the issuance of its second short-term financing bond for the year 2026 on January 14, 2026 [1] - The total issuance scale of this bond is RMB 5 billion, with a face value and issuance price of RMB 100 per unit [1] - The bond has a maturity period of 247 days and a final coupon rate of 1.71% [1] - The funds raised from this bond issuance will be used to supplement the company's working capital [1]

Core Viewpoint - China Galaxy (06881) has successfully completed the issuance of its second phase of short-term financing bonds for the year 2026, raising a total of RMB 5 billion [1] Group 1 - The issuance scale of the bonds is RMB 5 billion, with a face value and issuance price of RMB 100 per unit [1] - The bonds have a maturity period of 247 days and a final coupon rate of 1.71% [1] - The funds raised from this bond issuance will be used to supplement the company's working capital [1]

格隆汇1月14日丨中国银河(06881.HK)发布公告，公司已于2026年1月14日完成2026年度第二期短期融资 券发行。本期融资券的发行规模为人民币50亿元，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247天，最终票面利率为1.71%。本期融资券发行所募集的资金将用于补充公司流动资金。 ...

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） 董事會欣然宣佈，根據上述股東授權，本公司已於2026年1月14日完成2026年度 第二期短期融資券發行（「本期融資券」）。本期融資券的發行規模為人民幣50億 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247天，最終票 面利率為1.71%。本期融資券發行所募集的資金將用於補充本公司流動資金。 承董事會命 中國銀河證券股份有限公司 公告 2026年度第二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。 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%。 董事長及執 ...

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 2026 年度第二期短期融资券已于 2026 年 1 月 14 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 | 2026 | 年度第二期短期融资券 | | --- | --- | --- | --- | | 债券简称 | 26 银河证券 CP002 | 债券流通代码 | 072610005 | | 发行日 | 2026 年 1 月 13 日 | 起息日 | 2026 年 1 月 14 日 | | 到期兑付日 | 2026 年 9 月 18 日 | 期限 | 247 天 | | 计划发行总额 | 50 亿元人民币 | 实际发行总额 | 50 亿元人民币 | | 票面年利率 | 1.71% | 发行价格 | 100 元/百元面值 | 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.c ...