Group 1 - Investors are debating whether to hold stocks or cash during the upcoming Spring Festival, with discussions on which assets may serve as a "ballast" for wealth in the new era [1] - UBS's China equity strategy head noted that foreign investors' interest in emerging market stocks is expected to rise, indirectly benefiting Chinese stocks [2] - Historical data shows that the Hang Seng Technology Index has averaged a 5.98% increase during the Spring Festival over the past four years, while the Hang Seng Index has averaged a 3.49% increase [2] Group 2 - The Chief Macro Strategist at China Galaxy highlighted that the Hong Kong Stock Connect will be closed for over a week during the Lunar New Year, potentially reducing market liquidity [3] - BlackRock's investment strategist mentioned that infrastructure assets are a good choice for long-term investment, with returns comparable to U.S. large-cap stocks but with significantly lower volatility [4] - The investment environment in China is shifting, with the stock market becoming increasingly attractive as a primary channel for wealth management, potentially replacing real estate [5] Group 3 - The transition from the old paradigm of global trade is slow, with a potential timeframe of 30 to 50 years for significant changes, particularly in capital flows and the role of the U.S. dollar [6] - Key structural themes worth focusing on include power equipment, military, high-end manufacturing, and AI infrastructure suppliers due to ongoing geopolitical tensions and competition between the U.S. and China [6]

证券代码：601881 证券简称：中国银河 公告编号：2026-019 中国银河证券股份有限公司 2025年度第二十三期短期融资券 兑付完成的公告 2026年2月12日 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9月17日成功发行了中国银河证券股份有限 公司2025年度第二十三期短期融资券（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1.70%，短期融资券期限为146天，兑付日期为2026年2月10日。（详见本公司于 2025年9月18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 度第二十三期短期融资券发行结果公告》）。 2026年2月10日，本公司兑付了本期短期融资券本息共计人民币4,027,200,000.00元。 特此公告。 中国银河证券股份有限公司董事会 ...

Group 1 - The A-share market is currently experiencing a clear risk-averse sentiment and structural differentiation, with funds favoring high-dividend, low-valuation, and defensive consumption sectors, while technology and cyclical sectors continue to adjust [1][2] - The market is showing significant structural differentiation, with defensive sectors acting as a "safe haven" for funds, leading to a notable decline in trading activity and a shift of capital from high-valuation technology and cyclical sectors to more stable assets [1][2] - The upcoming Chinese New Year is expected to influence market behavior, with historical trends indicating a preference for high-dividend and defensive sectors before the holiday, while post-holiday, the market may favor small-cap and growth styles [2][3] Group 2 - The current industry structure is transitioning from a traditional factor-driven growth model to a new productivity development model centered on technological innovation [2] - Investors are weighing the strategies of "holding stocks during the holiday" versus "holding cash for safety," with the former focusing on potential policy catalysts and liquidity, while the latter aims to avoid short-term volatility [3] - Post-holiday, the market is expected to shift focus back to growth sectors with industry catalysts and earnings certainty, driven by policy catalysts in February and earnings disclosures in March [3][4] Group 3 - Earnings forecasts indicate a shift in the logic of A-share market growth for 2026, with profitability expected to take precedence over valuation, highlighting structural opportunities in technology manufacturing and cyclical industries benefiting from price increases [4] - Two main investment themes are suggested: one focusing on the improvement of supply-demand dynamics and industry profitability, and the other on new productivity areas such as semiconductors, artificial intelligence, and renewable energy [4] - The overall market tone for 2026 is expected to remain bullish, with a focus on technological innovation and profitability recovery, supported by domestic consumption and overseas expansion as auxiliary themes [4]

中国银河（601881）(06881)发布公告，公司于2025年9月17日成功发行了中国银河证券股份有限公司 2025年度第二十三期短期融资券，本期短期融资券发行额为人民币40亿元，票面利率为1.70%，短期融 资券期限为146天，兑付日期为2026年2月10日。2026年2月10日，公司兑付了本期短期融资券本息共计 人民币40.272亿元。 ...

智通财经APP讯，中国银河(06881)发布公告，公司于2025年9月17日成功发行了中国银河证券股份有限 公司2025年度第二十三期短期融资券，本期短期融资券发行额为人民币40亿元，票面利率为1.70%，短 期融资券期限为146天，兑付日期为2026年2月10日。2026年2月10日，公司兑付了本期短期融资券本息 共计人民币40.272亿元。 ...

2025年度第二十三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 9 月 17 日 成功发行了中国银河证券股份有限公司 2025 年度第二十三期短期融资券（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 1.70%，短期融资券期限为 146 天，兑付日期为 2026 年 2 月 10 日。 证券代码：601881 证券简称：中国银河 公告编号：2026-019 中国银河证券股份有限公司 特此公告。 中国银河证券股份有限公司董事会 2026 年 2 月 12 日 （详见本公司于2025年9月18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 年度第二十三期短期融资券发行结果公 告》）。 2026 年 2 月 10 日，本公司兑付了本期短期融资券本息共计人民币 4,027,200,000.00 元。 ...

中國銀河證券股份有限公司 海外監管公告 （在中華人民共和國註冊成立之股份有限公司） （股份代號：06881） 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。 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。 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 度第二十三期短期融資券兌付完成的公告》，僅供參閱。 承董事會命 2025年度第二十三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 9 月 17 日 成功发行了中国银河证券股份有限公司 2025 年度第二十三期短期融资券（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 1.70%，短期融资券 ...

Core Viewpoint - China Galaxy Securities successfully issued its 23rd short-term financing bond for the year 2025, raising a total of RMB 4 billion with a coupon rate of 1.70% [1] Group 1 - The total issuance amount of the short-term financing bond was RMB 4 billion [1] - The bond has a maturity period of 146 days, with a repayment date set for February 10, 2026 [1] - On the repayment date, the company will pay back a total of RMB 4.027 billion, which includes both principal and interest [1]

Group 1 - The company announced the issuance of the 23rd short-term financing bond for the year 2025, with an issuance amount of 4 billion yuan and a coupon rate of 1.70% [1] - The term of the bond is 146 days, with the maturity date set for February 10, 2026 [1] - The company has repaid the principal and interest of the short-term financing bond, totaling 4.027 billion yuan [1]

Group 1 - The core viewpoint of the report indicates that the AIDC sector remains buoyant, with explosive growth in electricity demand and power equipment requirements [1] - The U.S. Department of Energy predicts that AIDC electricity demand will increase from 176 TWh in 2023 to between 325-580 TWh by 2028, raising its share of total U.S. electricity demand from 4.4% to 6.7%-12% [1][8] - The aging U.S. power grid, with 70% of transformers exceeding their 25-year design life and a backup load rate of only 20%, is under pressure to meet the surging electricity demand driven by AI [1][8] Group 2 - North American tech giants are significantly increasing their capital expenditures, with Amazon planning $200 billion in 2026 (up 50% YoY), Google estimating $175-185 billion (up 91%-102% YoY), and Meta projecting $115-135 billion (up 59%-87% YoY) [1] - Domestic internet companies in China, such as Alibaba, plan to invest between 380 billion to 480 billion yuan in AI infrastructure and cloud computing over the next three years, while ByteDance expects to reach 160 billion yuan in capital expenditure by 2026 [1] Group 3 - The transition to 800V HVDC is being accelerated by companies like NVIDIA, which plans to shift to this system by 2027, while domestic manufacturers are expected to achieve initial shipments by the second half of 2026 [2] - The 800V HVDC system is anticipated to improve efficiency, reliability, and reduce copper usage by approximately 45%, addressing the high-density computing power requirements [2] Group 4 - The global liquid cooling market is projected to reach approximately $15 billion (around 105 billion yuan) by 2026, with a compound annual growth rate (CAGR) of about 30% from 2026 to 2028 [6] - The penetration rate of liquid cooling in AI data centers is expected to rise from 14% in 2024 to 40% in 2026, driven by the increasing power demands of chips like Google's TPU and NVIDIA's upcoming Rubin series [6] Group 5 - North America faces a significant electricity supply gap, with AIDC electricity demand expected to grow from 8.9 GWh in 2025 to 190 GWh by 2030, reflecting a CAGR of approximately 84% [8] - The supply gap for transformers in North America is estimated at 30%, with Chinese manufacturers holding 60% of global transformer production capacity, indicating a favorable outlook for Chinese transformer exports [9]