Core Viewpoint - China Galaxy Securities successfully issued its 21st short-term financing bond for the year 2025, raising a total of 4 billion RMB with a coupon rate of 1.60% and a maturity of 86 days [1] Group 1 - The total issuance amount of the short-term financing bond is 4 billion RMB [1] - The coupon rate for the bond is set at 1.60% [1] - The maturity period of the bond is 86 days, with a repayment date scheduled for December 3, 2025 [1] Group 2 - On December 3, 2025, the company repaid the principal and interest of the short-term financing bond, totaling 4,015,079,452.05 RMB [1]

Core Viewpoint - China Galaxy Securities successfully issued its 21st short-term financing bond for the year 2025, indicating strong market confidence and liquidity management by the company [1] Group 1: Financing Details - The total issuance amount of the short-term financing bond is RMB 4 billion [1] - The coupon rate for the bond is set at 1.60% [1] - The maturity period of the bond is 86 days [1] Group 2: Repayment Information - On December 3, 2025, the company repaid the principal and interest of the bond, totaling approximately RMB 4.015 billion [1]

智通财经APP讯，中国银河(06881)发布公告，中国银河证券股份有限公司(以下简称"公司")于2025年9 月8日成功发行了中国银河证券股份有限公司2025年度第二十一期短期融资券(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1.60%，短期融资券期限为86天，兑付日期 为2025年12月3日。 2025年12月3日，公司兑付了本期短期融资券本息共计人民币4,015,079,452.05元。 ...

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 8 日 成功发行了中国银河证券股份有限公司 2025 年度第二十一期短期融资券（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 1.60%，短期融资券期限为 86 天，兑付日期为 2025 年 12 月 3 日。（详 见本公司于 2025 年 9 月 9 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 年度第二十一期短期融资券发行结果公 告》）。 2025 年 12 月 3 日，本公司兑付了本期短期融资券本息共计人民币 4,015,079,452.05 元。 特此公告。 中国银河证券股份有限公司董事会 2025 年 12 月 5 日 证券代码：601881 证券简称：中国银河 公告编号：2025-110 中国银河证券股份有限公司 2025年度第二十一期短期融资券兑付完成的公告 ...

（股份代號：06881） 海外監管公告 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） 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 度第二十一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 王晟 董事長及執行董事 中國北京 2025年12月4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：2025-110 中国银河证券股份有限公司 2025年度第二十一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 ...

中国银河公告称，公司于2025年9月8日发行2025年度第二十一期短期融资券，发行额40亿元，票面利率 1.60%，期限86天。2025年12月3日，公司完成该期短期融资券本息兑付，共计40.15亿元。 ...

银河德睿资本产品总监张丝莹发表题为《场外期权在上市公司市值管理过程中应用场景分享》的主题分 享。张丝莹重点介绍了多种金融工具和策略，如雪球期权和香草期权，这些工具被广泛应用于服务上市 公司股东和私募基金。 中国证券报创新中心产品总监李淼发表题为《如何借助媒体做好上市公司市值管理》的主题分享。李淼 表示，舆情管理对企业的生存与发展至关重要，尤其是对上市公司而言。舆情问题还可能涉及金融资 产、市值管理、产品运营和法律诉讼等多个方面，这些因素共同作用于上市公司的市值和舆论形象。因 此，企业应主动管理和应对舆情，特别是在海外发展时，需关注宏观政治倾向和政策变化。 2025年，"中国银河证券·星耀企业家办公室"将持续整合公司企业服务资源，通过企业家办公室活动平 台，助力拓展企业家及家庭核心圈层，不断扩大企业服务边际效应。银河证券将始终秉持"金融报国 客 户至上"的服务理念，深刻把握金融工作"功能性"，积极投身并融入区域产业和经济发展。未来，中国 银河证券将继续同各方紧密携手，服务于国家战略，实现高质量发展。 银万资本总经理赵峰深入解读《上市公司股东资产管理和PIPE业务》。赵峰重点介绍上市公司股东的 资产管理与PIPE ...

Core Insights - The report emphasizes the recovery of the securities industry in 2025, with a significant increase in profits driven by self-operated businesses, and anticipates continued growth in 2026 due to favorable policies and market conditions [6][15][26]. Section Summaries 1. 2025 Review: Recovery Begins - The securities industry saw a substantial improvement in profitability, with 43 listed brokers achieving a net profit of CNY 1,692.54 billion in the first three quarters of 2025, a year-on-year increase of 63.44% [15]. - The overall revenue for the same period reached CNY 4,216.23 billion, reflecting a 12.85% increase year-on-year [15]. - The recovery is supported by strong performance in brokerage and proprietary trading, with brokerage net income rising by 68% [18]. 2. Incremental Catalysts Expected, Performance Continues to Improve - The "14th Five-Year Plan" outlines a strategic direction for high-quality development in the financial sector, emphasizing the importance of a robust capital market [33]. - There is significant potential for increased market participation from institutional investors and retail investors, as the wealth effect from the capital market is expected to drive demand expansion [44][48]. 3. Comprehensive Performance Recovery, Growth Potential in Light Asset Businesses - The wealth management sector is recovering, with public funds showing high-quality development and increased market activity [18]. - Investment banking activities are also rebounding, particularly in the dual innovation sector, with IPOs and underwriting volumes expected to rise [18]. 4. Industry Structure Optimization: Building a First-Class Investment Bank - The report highlights the acceleration of mergers among leading brokers and the internationalization of Chinese brokers as key strategies for building a first-class investment bank [6][39]. - The integration of mergers and international expansion is seen as crucial for enhancing the competitive landscape of the industry [6][39]. 5. Profit Forecast: Continued ROE Improvement in 2026 - The report predicts that the return on equity (ROE) for the industry will continue to improve, with a projected net profit growth of 13% year-on-year under neutral assumptions for 2026 [6][39]. 6. Investment Recommendations: Focus on Structural Optimization and Alpha Catalysts - Investors are advised to pay attention to brokers benefiting from structural optimization and the recovery of wealth management, such as China International Capital Corporation, Huatai Securities, and CITIC Securities [6][39].

Core Viewpoint - The 2025 Green Finance Ecological Conference in Chongqing highlighted the city's strategic position as a "best testing ground" for green finance, leveraging its ecological significance and industrial transformation needs to promote ecological protection and industrial transition [3][12]. Group 1: Green Finance Strategies - The strategy of "疏堵结合，精准赋能" (combining restriction and precision empowerment) was proposed to address the high proportion of heavy industry in Chongqing, focusing on limiting investments in high-pollution and high-energy consumption projects while providing comprehensive support for transitioning enterprises [3][14]. - The introduction of products like the CGT-ESG bond portfolio aims to guide funds towards low-carbon and environmentally friendly sectors, facilitating the green transformation of industrial enterprises [3][14]. Group 2: Biodiversity Finance - Biodiversity finance is identified as a frontier area, emphasizing the importance of quantifying ecological value and designing financial products that attract social capital, transforming biodiversity protection from a purely philanthropic effort into a source of stable returns [4][15]. - The goal is to create "green assets" that generate cash flow and returns, thereby encouraging broader market participation in biodiversity protection [4][15]. Group 3: Collaborative Development - China Galaxy Securities plans to focus on three strategic areas to support Chongqing's development model of "capital, ecology, and industry": enhancing full-chain services, leveraging technology for precision service, and promoting regional collaboration for carbon reduction and ecological protection [5][13]. - The integration of industrial transformation and biodiversity protection is seen as a way to achieve synergistic effects, with innovative financial tools like "green transition bonds" and "ecological credit loans" being explored to support this dual empowerment [8][16].

Core Viewpoint - The recent stock transfer of China Shangcheng (02330) from China Galaxy Securities Hong Kong to Bank of China (Hong Kong) indicates a significant movement in shareholder structure, with a market value of HKD 4.0681 million, representing 6.28% of the company [1] Group 1: Stock Transfer - On December 2, shareholders of China Shangcheng transferred stocks valued at HKD 4.0681 million from China Galaxy Securities Hong Kong to Bank of China (Hong Kong), accounting for 6.28% of the company [1] Group 2: Placement Agreement - On October 28, China Shangcheng announced that all conditions of the placement agreement had been met, and the placement was completed on October 28, 2025 [1] - A total of 75.4743 million shares were successfully placed by the placement agent at a price of HKD 0.180 per share to three investors, including Mr. Chen Hui, Ms. Liu Xiaoling, and Mr. Li Yanyong [1] - Following the placement, the newly issued shares represent approximately 16.67% of the company's expanded issued share capital [1]