Financial Performance - In 2024, the company achieved operating revenue of RMB 35.37 billion, representing a year-on-year increase of 5.13%[3] - The net profit attributable to shareholders reached RMB 10.13 billion, up 28.62% compared to 2023[3] - Operating profit for 2024 was RMB 10.82 billion, reflecting a growth of 31.72% year-on-year[5] - The net profit excluding non-recurring gains and losses was RMB 10.11 billion, a rise of 28.16% year-on-year[3] - The basic earnings per share (EPS) improved to RMB 0.82, marking a 22.39% increase from the previous year[3] Assets and Equity - Total assets as of December 31, 2024, amounted to RMB 736.34 billion, an increase of 11.03% from the previous year[3] - The total equity attributable to shareholders was RMB 140.59 billion, up 7.76% from the end of 2023[3] - The company's net asset value per share was RMB 12.86, an increase of 7.76% compared to the previous year[3] Return on Investment - The company's return on equity (ROE) increased to 8.41%, up by 0.89 percentage points from 2023[3] Strategic Focus - The company emphasizes high-quality development and steady growth in investment trading and wealth management businesses[5]

Core Insights - China Galaxy (601881) reported a revenue of 35.37 billion yuan for 2024, reflecting a year-on-year growth of 5.13% [1] - The net profit attributable to shareholders reached 10.133 billion yuan, marking a significant year-on-year increase of 28.62% [1] - The basic earnings per share stood at 0.82 yuan [1] Business Performance - The company experienced robust growth in its investment trading and wealth management sectors, contributing to steady performance [1]

Core Viewpoint - Cisco Ray (688053.SH) experienced a significant drop in stock price, closing at 24.16 yuan with a decline of 12.34%, resulting in a total market capitalization of 2.416 billion yuan due to regulatory issues [1][4]. Regulatory Actions - On January 17, 2025, Cisco Ray received an administrative supervision decision from the Sichuan Securities Regulatory Bureau, which mandated corrective actions and issued warning letters to key personnel for improper revenue recognition [1][2][5]. - The Sichuan Securities Regulatory Bureau found that Cisco Ray recognized revenue of 9.9604 million yuan in 2022 without meeting the necessary conditions, leading to an overstatement of revenue and profit in the annual report [5][6]. Company Response - Cisco Ray acknowledged the issues raised in the regulatory documents and committed to improving financial controls, legal awareness, and compliance to prevent future violations [2][6]. - The company stated that its operational and financial conditions remain normal and it will cooperate with the China Securities Regulatory Commission in related matters [2][6]. IPO and Financial Details - Cisco Ray was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on July 8, 2022, with an initial public offering of 25 million shares at a price of 55.53 yuan per share [3][6]. - The total funds raised from the IPO amounted to 1.38825 billion yuan, with a net amount of 1.2525066 billion yuan, exceeding the original plan by 633.9425 million yuan [3][7]. - The funds were intended for various projects, including testing bases and research centers, with total issuance costs of 135.7434 million yuan [7].

Investment Rating - The report highlights the successful completion of a cross-border acquisition project by China Galaxy Securities, indicating a strong performance in international business operations [1][5]. Core Insights - The acquisition of PT Perma Plasindo Tbk (BINO Group) is a significant milestone for China Galaxy Securities, showcasing its capabilities in handling complex cross-border transactions [1][6]. - The transaction, valued at nearly 280 billion Indonesian Rupiah, allows the acquirer to rapidly enter the Indonesian market and leverage existing resources for international expansion [6][7]. - The project is seen as a classic case of Southeast Asian cross-border mergers and acquisitions, setting a new benchmark for foreign entities entering the Southeast Asian market [7][8]. Summary by Sections Cross-Border Acquisition Overview - BINO Group, established in 1992 and listed in 2021, is a prominent Indonesian holding company with a strong brand presence in the office equipment and ventilation systems sectors [2]. - The acquisition process involved a two-step approach, with the first step being the completion of the control rights acquisition by June 2024, followed by a mandatory tender offer [5][6]. Challenges and Complexity - The acquisition process is complex due to the involvement of various stakeholders, including original controlling shareholders and public shareholders, each with differing interests [6][7]. - Compliance with local regulations and effective integration of management, employees, and corporate culture are critical for the success of such transactions [7]. Industry Context and Future Outlook - The report emphasizes the importance of international business as a growth driver for domestic securities firms, with a focus on developing a first-class investment banking capability [8][10]. - China Galaxy Securities has made significant strides in international markets, with over 800 billion in cross-border business, and aims to innovate in areas like cross-border mergers and global asset allocation [10][11]. - The increasing complexity of cross-border transactions is expected to lead to more similar cases, enhancing the competitive edge of Chinese securities firms in the global market [13].

证券代码：601881 证券简称：中国银河 公告编号：2025-002 中国银河证券股份有限公司 2025年度第一期短期融资券发行结果公告 | 债券名称 | | | | | 中国银河证券股份有限公司 | 2025 | 年度第一期短期融资券 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 债券简称 | 25 | 银河证券 | | | CP001 | 债券流通代码 | 072510004 | | | | 发行日 | 2025 | 年 1 | 月 | 10 | 日 | 起息日 | 2025 年 1 | 月 13 | 日 | | 到期兑付日 | 2025 | 年 4 | 月 | 15 | 日 | 期限 | 92 天 | | | | 计划发行总额 | 30 | 亿元人民币 | | | | 实际发行总额 | 30 亿元人民币 | | | | 票面年利率 | 1.64% | | | | | 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 （w ...

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。 证券代码：601881 证券简称：中国银河 公告编号：2025-003 中国银河证券股份有限公司 2024年度第八期短期融资券兑付完成的公告 特此公告。 中国银河证券股份有限公司董事会 2025 年 1 月 14 日 中国银河证券股份有限公司（以下简称"本公司"）于 2024 年 10 月 10 日 成功发行了中国银河证券股份有限公司 2024 年度第八期短期融资券（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 50 亿元，票面利率 为 2.15%，短期融资券期限为 92 天，兑付日期为 2025 年 1 月 10 日。（详见本 公司于 2024 年 10 月 11 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 2024 年度第八期短期融资券发行结果公告》）。 2025 年 1 月 10 日，本公司兑付了本期短期融资券本息共计人民币 5,027,095,890.41 元。 ...

中国银河证券股份有限公司（以下简称"发行人"）已于 2024 年 4 月 2 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〔2024〕849 号），注册规模为不超过 200 亿元（含 200 亿元）。 证券代码：601881 证券简称：中国银河 公告编号：2025-001 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（第一期）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。 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（第一期）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（第一期）（以下简称"本期债券"）的发行规 模为不超过人民币 40 亿元（含 40 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 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 ...

财联社1月9日讯（记者 赵昕睿） 在银河证券举办的2025年策略会上，中国银河证券首席策略分析师杨 超围绕2025年市场投资环境展望、A股市场发展趋势、主题风格等话题进行分析和研判。"大幅度、大 变革"为本轮A股市场展望的核心主题。 杨超称，"未来很长一段时间内，A股市场的估值结构将面临一个风险的结构性融合。"新质生产力、自 主可控、高端制造是未来3-5年内可能长期聚焦的板块。 新旧动能转换期，房地产为影响市场的关键因素之一 2025年投资者环境预期如何，是此次会议探讨的第一个主题。杨超分别从海外确定性叠加不确定性、国 内面临的风险与挑战、国内政策"稳定"与"进"的协同等3方面作出分析。杨超认为，2025年的投资主线 或仍将围绕政策延续进行演绎。 海外有几点因素值得关注。杨超分析，2025年将体现美国针对中国货币政策的一个转向，并且今年还存 在二次通胀风险的可能性。特朗普所提倡的政策会在未来进一步推升通胀问题。此外，海外层面还存在 5点不确定性，包括地缘政治因素；极端天气对主要国家农业和经济发展影响；美国大选对全球资本市 场的扰动；全球经济衰退风险；全球降息周期节奏预期不稳，持续的高利率环境将对市场产生一定影 ...

配置方面，重点关注以下几个领域：1、基于自主可控逻辑与发展新质生产力要求的科技创新主题2、涉 及大规模设备更新和消费品以旧换新的"两新"主题。 随着消费品以旧换新工作持续推进，带动汽车、家电、家居家装等重点消费品销量快速增长，有利于带 动业绩复苏，同时，大消费板块目前估值处于历史中低水平，投资价值较高。 3、继续看好避险属性较强的红利板块，重点关注央国企。 财联社1月5日电，中国银河证券表示，当前A股市场估值处于历史中等水平。 展望后市，A股有望震荡上行。 ...

一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | | 364 | | --- | --- | --- | | 其中：A 股股东人数 | | 363 | | 境外上市外资股股东人数（H 股） | | 1 | | 2、出席会议的股东所持有表决权的股份总数（股） | 6,239,604,310 | | | 其中：A 股股东持有股份总数 | 5,251,574,652 | | | 境外上市外资股股东持有股份总数（H 股） | | 988,029,658 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | 57.063972 | 证券代码：601881 证券简称：中国银河 公告编号：2024-088 中国银河证券股份有限公司 2024 年第三次临时股东大会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 (一) 股东大会召开的时间：2024 年 12 月 30 日 (二) 股东大会召开的地点：北京市丰台区西营街 8 号院 1 号楼青海金融大厦 M191 ...