证券代码：601881 证券简称：中国银河 公告编号：2025-114 中国银河证券股份有限公司（以下简称"本公司"）于 2025 年 9 月 10 日 成功发行了中国银河证券股份有限公司 2025 年度第二十二期短期融资券（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 1.62%，短期融资券期限为 90 天，兑付日期为 2025 年 12 月 9 日。（详 见本公司于 2025 年 9 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 2025 年度第二十二期短期融资券发行结果公 告》）。 2025 年 12 月 9 日，本公司兑付了本期短期融资券本息共计人民币 4,015,978,082.19 元。 特此公告。 2025 年 12 月 11 日 中国银河证券股份有限公司 2025年度第二十二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董事会 ...

Core Viewpoint - The current market changes are primarily driven by unexpected demand, with additives set to benefit from both volume and structural growth, alongside limited supply, indicating a potential bottoming out and upward momentum in the industry [1] Demand Side - The global demand for VC additives is projected to grow significantly, with global power battery shipments expected to reach 1,447 GWh by 2026, maintaining a stable growth rate of around 20% [3] - Domestic and international demand is expected to resonate, with energy storage demand anticipated to exceed expectations, leading to a projected 62% year-on-year growth in global energy storage battery shipments to 822 GWh by 2026 [3] - The overall lithium battery market (including power, storage, and consumer) is expected to expand by 31% by 2026, directly driving the growth of the electrolyte additive market, representing a "demand growth impact" [3] - Structural changes, such as faster growth in energy storage and an increasing share of overseas lithium iron phosphate, are expected to lead to a 64% growth in VC demand by 2026, representing a "demand growth double impact" [3] - FEC is expected to benefit from advancements in fast-charging technology and silicon-based anode technology, with a projected demand growth rate of 29.5% by 2026 [3] Supply Side - The additive industry has experienced over three years of decline, with irrational expansion leading to intense competition and rapid price declines, resulting in cash losses for listed companies in 2024 [4] - Major companies' cash reserves have dropped to historical lows, limiting their willingness to expand production, leading to a more rational industry environment [4] - The low pricing environment is accelerating the exit of underperforming capacities, while downstream electrolyte companies may exhibit stronger purchasing needs due to supply shortages, enhancing price elasticity [4] - The estimated capacity gap for VC in 2026 is projected to reach -16,000 tons, indicating a supply tightness of approximately 15.1%, which is expected to persist throughout the year [4] - FEC is expected to remain in a tight balance, with potential for rapid growth if downstream technologies exceed expectations [4] - Under certain conditions, if VC prices stabilize at 150,000 yuan/ton and FEC at 60,000 yuan/ton, the latest valuations for industry-leading companies are below 12x, indicating a strong safety margin [4]

Core Insights - The 2025 Wind "Gold Analyst" awards were announced on December 10, recognizing outstanding research teams based on the number of report reads from buy-side institutions [1]. Group 1: Award Winners - The awards included 33 individual research field awards and 4 institutional awards, with participation from over 600 teams from 38 research institutions [1]. - Notable winners in various categories include: - Strategy Research: - First: Galaxy Securities - Second: Guosen Securities - Third: Zheshang Securities [3] - Fixed Income: - First: Zheshang Securities - Second: Huachuang Securities - Third: Dongwu Securities [3] - ESG Research: - First: Guosen Securities - Second: Galaxy Securities - Third: Zheshang Securities [5] - Restaurant and Tourism: - First: Guosen Securities - Second: Kaiyuan Securities - Third: Dantan Haidao [6] - Media: - First: Dongwu Securities - Second: Guohai Securities - Third: Kaiyuan Securities [7] Group 2: Sector-Specific Insights - In the Electric Power and Utilities sector: - First: Dongwu Securities - Second: Guosen Securities - Third: Tianfeng Securities [8] - In the Real Estate sector: - First: Kaiyuan Securities - Second: Everbright Securities - Third: Zhongxin Jian Investment [11] - In the Automotive sector: - First: Dongwu Securities - Second: Minsheng Securities - Third: Guosen Securities [31] - In the Non-Bank Financial sector: - First: Zhongxin Jian Investment - Second: Kaiyuan Securities - Third: Dongwu Securities [21] Group 3: Overall Trends - The awards reflect a competitive landscape among research institutions, with a significant number of teams participating and a diverse range of sectors represented [1][3]. - The methodology for the awards was based on objective metrics, specifically the reading counts of research reports by buy-side institutions, ensuring a transparent evaluation process [1].

Core Insights - The AI glasses market is rapidly transitioning from conceptual exploration to productization and ecological competition, with a 9.81% increase in the AI glasses theme index since November 24, 2023, and 10 out of 12 trading days showing gains [1] - Major players including tech giants, automotive companies, and startups are entering the AI glasses sector, leading to a diversification of product forms and increasing acceptance among consumers [1][6] - The industry is expected to see significant investment opportunities as technological advancements drive market demand [1] Product Launches - On December 9, 2023, the AI glasses theme index rose by 0.33%, with notable stock increases from companies like Qian Zhao Guang Dian (up 11.40%) and Pu Ran Co. (up 9.58%) [2] - Google announced collaborations with Samsung, Gentle Monster, and Warby Parker to develop two types of AI glasses, with the first product expected to launch in 2026 [2] - Alibaba's Quark AI glasses S1 topped sales charts shortly after its release, featuring advanced AI capabilities for voice and photo queries [3] - Li Auto launched its first AI glasses, Livis, which weigh only 36 grams and offer 18.8 hours of battery life, focusing on vehicle control and AI interaction [3] Company Involvement - Several listed companies are actively engaged in the R&D and manufacturing of AI glasses components, with Yu Tong Optical planning to supply molded glass for AI glasses and other new consumer markets in 2024 [4] - Crystal Optoelectronics is focusing on AR near-eye displays and other optical components for AR glasses [4] - Longying Precision has been collaborating with Google for over ten years, indicating a strong relationship with major tech players [4] Market Projections - IDC forecasts that by 2026, global smart glasses shipments will exceed 23.687 million units, with China's market expected to surpass 4.915 million units, marking a significant growth phase [5] - Analysts suggest that 2025 could be a pivotal year for AI glasses, with rapid growth anticipated in 2026 as product forms and interaction methods evolve [6] Investment Opportunities - Analysts recommend focusing on two main investment themes: the potential sales boost from new AI glasses releases in 2025-2026 and the anticipated turning point for AR glasses products [6][7] - The entry of major companies into the AI glasses market is expected to accelerate industry development, with smart glasses poised to become a major consumer electronics category [6][7]

本报讯(记者袁传玺)天眼查工商信息显示，近日，上海交汇银合私募投资基金有限公司成立，注册资本 20亿元，经营范围为以私募基金从事股权投资、投资管理、资产管理等活动。股东信息显示，该公司由 交银金融资产投资有限公司、中国银河（601881）资产管理有限责任公司共同持股。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：财通社 一起始于信任的理财购买，最终演变为本金难回的维权纠纷。 银河证券代销的私募产品爆雷后，投资者损失惨重。 然而最终实际情况跟销售人员介绍差距极大，不仅收益落空，本金亦未兑付。 公开资料显示，雷根添宝五号由上海雷根资产管理有限公司（下称"雷根资产"）管理，银河证券担任代 销机构和托管人。 据《经济参考报》报道，事后蔡女士才了解到，银河证券在代销该私募基金时涉嫌多项违规。 01 62岁投资人损失500万元 南京62岁的蔡女士三年前将500万元资金投向"雷根添宝全天候五号二期私募证券投资基金"（下称"雷根 添宝五号"）。 | | | | | 中国银河证券股份有限公司南京江东中路证券登业部资金账户对账单 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | FORETHIN. | 20240126 10:51 | | 操作频: | 21050003 | | | 第1页,共1页 | | | | | | | ...

来源：江苏经济报 来源：江苏经济报 ...

21世纪经济报道记者 黎雨辰 广州报道 12月5日至6日，由南方财经全媒体集团主办，21世纪数字传媒承办的南方财经论坛2025年会，在广州南 方财经大厦成功举办。 其中在6日的证券业年会上，中国银河证券党委委员、副总裁罗黎明发表了题为"金融报国践行高水平开 放，熔铸枢纽服务全球化布局"的主题演讲，系统阐述了中国资本市场对外开放的新趋势、东盟地区 在"十五五"期间的战略机遇，以及证券公司在服务企业全球化进程中可发挥的枢纽作用。 对比我国历次五年规划的重点任务排序，"开放"在"十五五"规划建议中的位次大幅前移，位列第五大重 点任务。高水平对外开放战略重要性的提升，为企业"走出去"创造了良好的生态。 对此，罗黎明在会上表示，证券公司要以发挥功能性作用为关键首要，将科技转化为创造增量价值的持 续动能，把自己的发展融入到服务国家战略中去。 活力东盟蕴藏广阔机遇 "十五五"规划建议明确，坚持开放合作、互利共赢是中国式现代化的必然要求，并从积极扩大自主开 放、推动贸易创新发展、拓展双向投资合作空间、高质量共建"一带一路"四个维度作出安排，描绘了未 来五年中国对外开放的清晰路径。 回顾2024年中国对外直接投资，东盟在其中的 ...

记者了解到，在代销这款私募基金的过程中，银河证券及其工作人员涉嫌多重违规操作，且已被监 管部门采取监管措施，但蔡女士的500万元投资最终还是打了水漂。 代销过程涉嫌多重违规操作 "雷根全天候五号是银河风控、银河资金监管的。"银河证券南京江东中路证券营业部工作人员石敏 向蔡女士推销产品时称，这款基金投资策略稳健，以港股打新为主、中资银行美元债为辅，新股上市申 购后开盘首日即卖出，不涉及长期持股；产品与大盘指数相关性低、抗风险能力强，本质上就是"固收 +"产品。 南京62岁的蔡女士一提起自己500万元的投资经历，便痛心疾首。当初，她基于对中国银河证券的 信任，认购了该公司代销并托管的一款私募基金产品，如今却落得血本无归的境地。 2024年12月12日，江苏证监局也发布公告，查明石敏在任职期间，推介私募基金时使用不恰当言辞 误导客户，对其出具警示函并记入证券期货市场诚信档案。 银河证券未履行托管监督职责 这款名为"雷根添宝全天候五号二期私募证券投资基金"（下称"雷根五号基金"）的产品，由上海雷 根资产管理有限公司（下称"雷根资产"）管理，银河证券同时担任其代销机构和托管人。2022年7月5 日，蔡女士在银河证券Ap ...

Group 1: Cement Industry - The effect of capacity reduction is expected to become evident by 2026, improving the supply-demand balance and enhancing price recovery, leading to gradual profit restoration for companies [1] - In November, cement prices are expected to trend weakly due to seasonal demand reduction, despite a significant increase in kiln stoppage rates and a marginal decrease in clinker inventory [2] - The cement price is anticipated to stabilize until March next year, supported by high stoppage rates in northern regions and strong price stabilization intentions from companies [2] Group 2: Glass Fiber Industry - Demand for high-end coarse yarn has slightly declined, but mainstream electronic yarn demand continues to support price increases, with a marginal rise in coarse yarn prices [3] - The electronic yarn market shows stable demand, with prices increasing slightly, while high-end products maintain a favorable market outlook due to limited new capacity release [3] Group 3: Consumer Building Materials - Retail demand for home decoration materials weakened in October, with a year-on-year decline of 8.3%, while the cumulative retail sales from January to October grew by only 0.5% [4] - The ongoing urban renewal strategy is expected to release demand for renovation and old housing improvement, enhancing the market penetration of high-quality green building materials [4] Group 4: Float Glass Industry - The float glass market shows no significant changes in demand, with reduced production capacity leading to a contraction in total industry supply, yet prices continue to decline due to high inventory levels [5] - Short-term demand is expected to remain weak, but inventory pressure may ease, leading to a forecast of price stabilization [5] Group 5: Investment Recommendations - Companies to watch in the cement sector include Huaxin Cement, Shangfeng Cement, and Anhui Conch Cement [5] - In the glass fiber sector, focus on China Jushi and China National Materials [5] - For consumer building materials, recommended companies include Oriental Yuhong, Beixin Building Materials, Weixing New Materials, Sankeshu, and Tubao [5] - In the float glass sector, Qibin Group is highlighted for investment [5]