Core Insights - The performance of listed securities firms in the first three quarters of this year has been impressive, with a total revenue of 452.22 billion yuan, representing a year-on-year growth of 41.05%, and a net profit attributable to shareholders of 183.09 billion yuan, up 61.96% [1] Group 1: Performance Highlights - Securities firms have shown significant revenue and profit growth, with 50 listed companies achieving a combined revenue of 452.22 billion yuan and a net profit of 183.09 billion yuan in the first three quarters [1] - The active trading environment and strategic business layouts have contributed to the substantial growth in revenue and net profit for firms like 兴业证券, which reported a revenue of 9.28 billion yuan and a net profit of 2.52 billion yuan, reflecting year-on-year increases of 39.96% and 90.98% respectively [2] Group 2: Dividend Distribution - Six securities firms have announced mid-term profit distribution plans, with a total cash dividend payout of approximately 1.37 billion yuan, in line with the policy of "multiple dividends within a year" [1] - 兴业证券 plans to distribute a cash dividend of 0.50 yuan per 10 shares, totaling 432 million yuan, which is 17.13% of its net profit for the first three quarters [2] - 财通证券 intends to distribute a cash dividend of 0.60 yuan per 10 shares, amounting to 276 million yuan, which represents 13.55% of its net profit [3] - 首创证券 will distribute a cash dividend of 0.10 yuan per share, totaling 273 million yuan, accounting for 34.01% of its net profit [3] - 东北证券 plans to distribute a cash dividend of 0.10 yuan per share, totaling 234 million yuan, which is 21.94% of its net profit [3] - 西南证券 aims to distribute a cash dividend of 0.10 yuan per 10 shares, totaling approximately 66.45 million yuan, representing 23.52% of its net profit [4] Group 3: Policy Influence - The regulatory environment encourages securities firms to adopt a "multiple dividends within a year" approach, as outlined in the revised regulations by the China Securities Regulatory Commission [6] - The emphasis on shareholder returns and cash dividends is expected to attract more long-term capital inflows, thereby stabilizing the securities market and enhancing investor confidence [6]

Group 1 - China Galaxy Asset participated in the 2025 Bay Area Special Asset Promotion Conference and the release of the "China Special Asset Industry Development Report (2025)" organized by the Guangzhou Bay Area International Restructuring Center and the Shanghai Financial and Development Laboratory, with over 300 representatives from various sectors attending [1] - The establishment of the Restructuring Center marks the official launch of a platform aimed at transforming the disposal of special assets from a fragmented service model to a comprehensive service model characterized by "government guidance + market efforts + judicial guarantees" [1] - China Galaxy Asset has actively engaged in building a new model for special asset management in Guangzhou, collaborating with government departments, financial institutions, state-owned enterprises, industry associations, and exchanges [1] Group 2 - China Galaxy Asset aims to deepen its involvement in special asset business resources in Guangdong, focusing on financial risk resolution in the Pearl River Delta region, and fulfilling its mission as a "financial risk resolver, social resource allocator, and service provider for the real economy" [2] - The company is committed to the value concept of "reshaping asset value and creating a better life," supporting national strategies, the real economy, and facilitating economic circulation to contribute to high-quality development [2]

Core Insights - The bond issuance by securities firms has significantly increased this year, with a total of 1.6 trillion yuan raised, marking a year-on-year growth of 62.34% [1][2] Group 1: Bond Issuance Trends - Securities firms are actively issuing bonds to enhance capital strength and market competitiveness, with 73 firms having issued bonds totaling 1.6 trillion yuan as of November 12 [1] - Major firms leading in bond issuance include China Galaxy with 126.9 billion yuan, Huatai Securities with 121.9 billion yuan, and others like Guotai Junan, GF Securities, and CITIC Securities [2] Group 2: Factors Driving Bond Issuance - The increase in bond issuance is driven by multiple factors, including abundant market liquidity, low interest rates, and the need for firms to strengthen capital to support business growth [2] - The launch of the "Technology Board" in the bond market has also contributed to the growth in bond issuance by securities firms [2] Group 3: Use of Raised Funds - The funds raised through bond issuance are primarily used for repaying maturing debts and supplementing operational liquidity, which is crucial for the stable operation and business expansion of securities firms [3] Group 4: Technology Bonds - Since the introduction of the "Technology Board" in May, 45 securities firms have issued 58 technology bonds, raising a total of 78.97 billion yuan, with high investor interest reflected in an average oversubscription rate of 3.8 times [4] - Leading firms in technology bond issuance include China Merchants Securities with 15 billion yuan and Guotai Junan with 13.9 billion yuan [4] Group 5: Market Development and Services - Securities firms are enhancing their roles in the technology bond market by providing liquidity and underwriting services, with 76 firms participating in underwriting, totaling 823.688 billion yuan [4][6] - The complexity of technology bond services is pushing firms to upgrade their core service capabilities, creating competitive advantages in the market [6]

Core Viewpoint - China Galaxy Securities (601881) announced that its publicly issued perpetual subordinated bonds (Phase 1) will start paying interest and principal from November 24, 2025, due to the issuer not exercising the extension option and opting for redemption [1] Group 1 - The total issuance amount of the bonds is 5 billion yuan [1] - The coupon rate of the bonds is 4.80% per annum [1] - Each bond has a face value of 1,000 yuan, with an interest payment of 48 yuan (including tax) [1]

（文章来源：证券日报） 证券日报网讯 11月12日晚间，中国银河发布公告称，中国银河证券股份有限公司2025年度第二十六期 短期融资券已于2025年11月12日发行完毕。 ...

Core Viewpoint - China Galaxy Securities (06881) announced that its publicly issued perpetual subordinated bonds (Phase 1) will start paying interest and principal from November 24, 2025, due to the issuer not exercising the extension option and redemption rights [1] Summary by Relevant Sections - **Bond Details** - The total issuance amount of the bonds is 5 billion yuan [1] - The coupon rate (annual interest rate) of the bonds is 4.80% [1] - Each bond has a principal repayment amount of 1,000 yuan, with an interest distribution of 48 yuan (including tax) [1]

格隆汇11月12日丨中国银河(06881.HK)宣布，公司已于2025年11月12日完成2025年度第二十六期短期融 资券发行。该期融资券的发行规模为人民币40亿元，面值及发行价均为每单位人民币100元。该期融资 券的期限为215天，最终票面利率为1.66%。该期融资券发行所募集的资金将用于补充公司流动资金。 ...

智通财经APP讯，中国银河(06881)发布公告，于2025年2月17日召开的2025年第一次临时股东大会上， 本公司通过了股东大会对本公司董事会的授权方案的修订，据此，股东大会授权董事会发行债务融资工 具，发行规模合计不超过本公司最近一期经审计净资产的350%。根据上述股东授权，本公司已于2025 年11月12日完成2025年度第二十六期短期融资券发行(本期融资券)。本期融资券的发行规模为人民币40 亿元，面值及发行价均为每单位人民币100元。本期融资券的期限为215天，最终票面利率为1.66%。本 期融资券发行所募集的资金将用于补充本公司流动资金。 ...

证券代码：601881 证券简称：中国银河 公告编号：2025-102 中国银河证券股份有限公司 2025年度第二十六期短期融资券发行结果公告 2025 年 11 月 13 日 中国银河证券股份有限公司 2025 年度第二十六期短期融资券已于 2025 年 11 月 12 日发行完毕，相关发行情况如下： | 债券名称 | 中国银河证券股份有限公司 | 2025 | 年度第二十六期短期融资券 | | --- | --- | --- | --- | | 债券简称 | 25 银河证券 CP026 | 债券流通代码 | 072510277 | | 发行日 | 2025 年 11 月 11 日 | 起息日 | 2025 年 11 月 12 日 | | 到期兑付日 | 2026 年 6 月 15 日 | 期限 | 215 天 | | 计划发行总额 | 40 亿元人民币 | 实际发行总额 | 40 亿元人民币 | | 票面年利率 | 1.66% | 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 （www.chinamoney.com.cn ...

证券代码：601881 证券简称：中国银河 公告编号：2025-103 中国银河证券股份有限公司 关于公开发行2020年永续次级债券（第一期） 赎回结果暨 2025 年本息兑付及摘牌的公告 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。 重要内容提示： 中国银河证券股份有限公司公开发行 2020 年永续次级债券（第一期）（以下 简称"本期债券"），由于发行人不行使续期选择权暨行使赎回权，将于 2025 年 11 月 24 日开始支付自 2024 年 11 月 24 日至 2025 年 11 月 23 日期间的利息及本 期债券本金。为保证本次还本付息及摘牌工作的顺利进行，现将有关事宜公告如 下： 一、本期债券的基本情况 1、债券名称：中国银河证券股份有限公司公开发行 2020 年永续次级债券（第 一期）。 2、债券简称：20 银河 Y1。 3、债券代码：175196。 4、发行人：中国银河证券股份有限公司。 5、发行总额：50 亿元。 6、次级条款：本期债券本金和利息在清算时的清偿顺序在发行人的普通债 务和次级债务之后； ...