智通财经APP讯，中国银河(06881)发布公告，根据股东授权及中国证券监督管理委员会的批复，本公司 已于2025年11月17日完成2025年短期公司债券(第一期)公开发行(本期债券)。本期债券的发行规模为人 民币30亿元，面值及发行价均为每单位人民币 100元。本期债券的期限为184天，最终票面利率为 1.67%。本期债券发行所募集的资金将用于偿还本公司到期债务。 ...

Core Viewpoint - China Galaxy Securities (06881.HK) has received approval from the China Securities Regulatory Commission to publicly issue short-term corporate bonds with a face value of up to RMB 15 billion, and has successfully completed the issuance of RMB 3 billion in bonds on November 17, 2025 [1][2] Group 1: Bond Issuance Details - The total issuance scale of the bonds is RMB 3 billion, with a face value and issuance price of RMB 100 per unit [1] - The bonds have a maturity of 184 days and a final coupon rate of 1.67% [1] - The funds raised from this bond issuance will be used to repay the company's maturing debts [1] Group 2: Subscription Information - Dachen Fund Management Co., Ltd. subscribed for RMB 20 million of the bonds, which is considered a related party transaction [1] - The main underwriter, China Merchants Securities Co., Ltd., had its affiliate, Industrial Fund Management Co., Ltd., subscribe for RMB 300 million of the bonds [2] - Another affiliate of the main underwriter, CITIC Bank Corporation Limited, subscribed for RMB 500 million of the bonds [2]

（在中華人民共和國註冊成立之股份有限公司） （股份代號：06881） 董事會欣然宣布，根據上述股東授權及中國證券監督管理委員會的批覆，本公 司已於2025年11月17日完成2025年短期公司債券（第一期）公開發行（「本期債 券」）。本期債券的發行規模為人民幣30億元，面值及發行價均為每單位人民幣 100元。本期債券的期限為184天，最終票面利率為1.67%。本期債券發行所募集 的資金將用於償還本公司到期債務。 公告 2025年短期公司債券（第一期）公開發行完畢 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%。 亦提述本公司日期為2025年10月14日之公告，內容有關本公司收到中國證券監督 管理委員會的批覆，同意本公司向專業投資者公開發行面值餘額不超過人民幣150 億元的短期公司債券。 香港交易及結算所有限公司及香港聯合交易 ...

Core Points - China Galaxy Securities Co., Ltd. successfully issued its 20th short-term financing bond for the year 2025 on August 21, 2025, with an issuance amount of RMB 4 billion and a coupon rate of 1.64% [1] - The term of the short-term financing bond is 85 days, with a maturity date set for November 14, 2025 [1] - On November 14, 2025, the company repaid the principal and interest of the short-term financing bond, totaling RMB 4.015 billion [1]

Group 1 - The company successfully issued the 20th short-term financing bond for the year 2025 on August 21, 2025, with a total issuance amount of RMB 4 billion [1] - The bond has a coupon rate of 1.64% and a maturity period of 85 days [1] - The company repaid the principal and interest of the bond, totaling RMB 4.015 billion, on November 14, 2025 [1]

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） 海外監管公告 王晟 董事長及執行董事 中國北京 2025年11月17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：2025-104 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 中国银河证券股份有限公司 2025年度第二十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 ...

2025 年 11 月 14 日，本公司兑付了本期短期融资券本息共计人民币 4,015,276,712.33 元。 特此公告。 中国银河证券股份有限公司董事会 中国银河证券股份有限公司 2025年度第二十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 8 月 21 日 成功发行了中国银河证券股份有限公司 2025 年度第二十期短期融资券（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 1.64%，短期融资券期限为 85 天，兑付日期为 2025 年 11 月 14 日。（详 见本公司于 2025 年 8 月 22 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 年度第二十期短期融资券发行结果公告》）。 证券代码：601881 证券简称：中国银河 公告编号：2025-104 2025 年 11 月 18 日 ...

证券代码：601881 证券简称：中国银河 公告编号：2025-105 经核查：本期债券存在发行人及其关联方认购情况，为发行人的关联方大 成基金管理有限公司参与认购并获配本期债券金额人民币 0.2 亿元，此外发行 人的董事、高级管理人员、持股比例超过 5%的股东及其他关联方未参与本期 债券认购。前述认购报价及程序均符合相关法律法规的规定。 本期债券存在承销机构及其关联方认购情况，为主承销商招商证券股份有 限公司的关联方兴业基金管理有限公司参与认购并获配本期债券金额人民币 3 亿元，主承销商中信建投证券股份有限公司的关联方中信银行股份有限公司参 与认购并获配本期债券金额人民币 5 亿元。前述认购报价及程序均符合相关法 律法规的规定。 特此公告。 中国银河证券股份有限公司董事会 2025 年 11 月 18 日 中国银河证券股份有限公司2025年面向专业投资者 公开发行短期公司债券（第一期）发行结果公告 本公司及其董事会全体成员保证公告内容的真实、准确和完整，不存 在虚假记载、误导性陈述或重大遗漏，并对其内容的真实性、准确性和完 整性承担个别和连带的法律责任。 中国银河证券股份有限公司（以下简称"发行人"）面向专 ...

Group 1 - The core viewpoint of the report indicates that the steel industry is experiencing a significant recovery in profitability, with leading steel companies showing substantial increases in net profit and some turning losses into profits [1] - In the first three quarters of 2025, the cumulative operating revenue of key steel enterprises was 4.56 trillion yuan, a year-on-year decrease of 2.36%, while total profit reached 96 billion yuan, a year-on-year increase of 1.9 times, indicating a marked improvement in industry efficiency [1] - The sales profit margin for the steel industry increased to 2.1%, up by 1.39 percentage points year-on-year, reflecting enhanced profitability [1] Group 2 - The supply-side policies aimed at reducing overcapacity have been intensified, with the Ministry of Industry and Information Technology and five other departments jointly issuing a plan for stable growth in the steel industry, targeting an average annual growth of around 4% in value-added from 2025 to 2026 [2] - The structure of steel products is continuously optimizing, with the proportion of steel used in manufacturing rising from 42% in 2020 to an expected 50% in 2025, while the proportion used in construction is declining [2] - High-end product development is accelerating, with the production of silicon steel expected to reach approximately 18 million tons in 2024, a 48% increase from 2020 [2] Group 3 - As of September 30, 2025, the number of steel industry holdings by fund companies increased to 41, with a total holding amount of 21.99 billion yuan, a year-on-year increase of 22.44% [3] - The steel industry holdings accounted for 0.50% of total fund holdings, indicating a growing interest in the sector [3] - Fund holdings in the steel industry are expected to have significant upward potential due to ongoing supply-side reforms and marginal recovery in company performance [3]

Group 1 - The report highlights that the brokerage industry is entering an upward trajectory after hitting a low in Q4 2023, with significant growth observed in Q2 and Q3 of 2025 [5][18]. - The brokerage sector has seen a shift from "customer acquisition" to "existing customer management and institutional deepening," focusing on creating a comprehensive product matrix across various investment types [5][29]. - The report identifies three categories of brokers that have outperformed: those with low valuations and improving fundamentals, those involved in mergers and acquisitions, and those driven by innovative business models [5][12]. Group 2 - The report indicates that the performance of H-shares has outpaced A-shares due to a stronger Hong Kong market, lower valuations, and accelerated interconnectivity between capital markets [11][12]. - As of November 14, 2025, the brokerage index has increased by 4.29%, while the Shanghai Composite Index has risen by 19.06%, indicating a significant underperformance of the brokerage sector compared to the broader market [11][12]. - The report notes that the brokerage sector's price-to-book ratio is currently at 1.41 times, which is at the 47th percentile since 2018, suggesting that the sector is undervalued [5]. Group 3 - The report emphasizes the importance of wealth management as a core support for brokerage businesses, driven by increased asset allocation from residents into the equity market [5][34]. - The brokerage industry is expected to benefit directly from the increasing attractiveness of the equity market, with specific recommendations for companies like GF Securities, Huatai Securities, and China Galaxy Securities [5]. - The report outlines that the brokerage sector's net profit for the first nine months of 2025 has increased by 66% year-on-year, with significant contributions from brokerage and interest income [18][34]. Group 4 - The report discusses the internationalization of brokerage services, driven by client demand, with major firms establishing overseas subsidiaries and focusing on cross-border services [5][18]. - The brokerage sector is experiencing a "counter-cyclical" asset allocation strategy, with a continued increase in equity asset allocation expected in 2025 [5][18]. - The report highlights that the brokerage industry is positioned for a recovery in public fund profitability, with the potential for increased allocations from public funds to the non-bank financial sector [5][18].