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） 中國銀河證券股份有限公司（「本公司」）近日收到中國證券監督管理委員會的批覆 （「批覆」），同意本公司向專業投資者公開發行面值總額不超過人民幣50億元科技 創新公司債券（「科技創新公司債券」）的註冊申請。批覆的有效期為24個月。本公 司可在批覆的有效期內分期發行科技創新公司債券。 本公司將按照有關法律法規、批覆要求及本公司股東會的授權辦理科技創新公司 債券發行的相關事宜，並及時履行信息披露義務。 承董事會命 中國銀河證券股份有限公司 王晟 公告 發行科技創新公司債券獲得中國證券監督管理委員會註冊批覆 董事長及執行董事 中國北京 2026年1月21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 ...

中国银河公告称，公司2026年度第三期短期融资券于1月21日发行完毕。发行日为1月20日，起息日为1 月21日，到期兑付日为11月24日，期限307天。计划与实际发行总额均为40亿元，票面年利率1.71%， 发行价格100元/百元面值。相关发行文件已刊登在中国货币网、上海清算所网站、中国债券信息网。 ...

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） 公告 2026年度第三期短期融資券發行完畢 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%。 董事會欣然宣佈，根據上述股東授權，本公司已於2026年1月21日完成2026年度 第三期短期融資券發行（「本期融資券」）。本期融資券的發行規模為人民幣40億 元，面值及發行價均為每單位人民幣100元。本期融資券的期限為307天，最終票 面利率為1.71%。本期融資券發行所募集的資金將用於補充本公司流動資金。 承董事會命 中國銀河證券股份有限公司 王晟 董事 ...

西南证券计划重点对接江东新区跨国公司、央企区域总部及高新区高新技术企业，针对海南重点发展的旅游业、现代服务业、高新技术产业定制差异化投融 资解决方案，助力本地产业升级。银河证券则深挖海南作为国内国际双循环战略交汇点的区位优势，搭建海南与东盟资本市场互联互通桥梁，联合银河国 际、银河海外与海南国际经发局建立常态化工作机制，探索引入东盟企业及助力海南企业对接东盟科技、人才与金融资源。 跨境资产管理成为券商布局海南的另一关键赛道。据海南证监局官网信息，目前已有金元证券、万和证券在内的7家机构完成海南自贸港跨境资产管理试点 业务备案。金元证券成立海南跨境资管业务中心，规划分三步推进业务：短期内确保首批试点产品平稳高效运作，积累跨境客户服务经验；中期打造兼具国 际视野与本土经验的投研运营团队，开发属地化特色产品；长期将跨境资管业务打造为公司资管板块重要支撑力量。万和证券计划完善渠道建设、内部控制 等环节，拓展银行代销渠道准入，深挖境内外资金配置需求，力争实现跨境资管试点业务市占率位居前列的目标。 市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 西南证券相关人士表示， ...

在不能腐上深化拓展，织密规范权力运行的制度篱笆。一体推进"三不腐"，不能腐是关键，要强化监督 制约、扎紧制度笼子，巩固不敢腐、不想腐的成果。一是做实以案促改。加强个案剖析和类案分析，深 入挖掘腐败背后的制度短板、监管漏洞，提出高质量纪律检查建议，督促发案单位开展整改治理，推动 从解决"一个问题"向防范"一类问题"延伸。比如，从办案发现，有分支机构在租房工作中存在套取租金 问题，遂在全公司开展房屋租金问题促改促治，引入场地租金评估机制，使租金成本大大降低。二是强 化权力运行制约。通过开展以案促改促治，督促推动相关职能部门制定完善选人用人、费用审批、采购 管理等制度50多项，着力压缩权力设租寻租空间，使权力在阳光下运行，提升了用制度管权管事管人的 治理效能。 在不想腐上巩固提升，培养廉洁自律的道德操守。一体推进"三不腐"，不想腐是根本，要注重发挥不敢 腐的震慑和不能腐的约束作用，强化正反两方面教育，引导党员干部从思想上正本清源、固本培元。一 是筑牢拒腐防变防线。协助公司党委每年召开警示教育大会，通报典型案例；以查处的典型案件为题 材，制作6部警示教育片并集中播放，以身边事教育身边人；建立监督执纪信息发布平台，定期 ...

Core Viewpoint - The article highlights the increasing trend of securities firms in China to sell insurance products, driven by regulatory support and the need for wealth management transformation amid operational pressures [1][5][18]. Group 1: Regulatory Changes and Market Trends - Starting from 2025, the China Securities Association (CSRC) aims to promote more compliant securities firms to obtain licenses for selling bank wealth management and insurance products [1]. - The presence of insurance products on the shelves of securities firms has been steadily increasing, indicating a shift towards insurance sales [4][6]. - Major securities firms like CITIC Securities, China Merchants Securities, and Ping An Securities have launched insurance sections on their apps, showcasing a variety of insurance products alongside traditional financial offerings [3][10]. Group 2: Sales Pressure and Employee Experiences - Employees at leading securities firms are experiencing significant pressure to meet insurance sales targets, leading to a growing emphasis on insurance sales in their daily work [2][22]. - The performance metrics for insurance sales have become a focal point, with employees often feeling overwhelmed during peak sales periods [2][22]. Group 3: Product Offerings and Market Position - As of now, the number of securities firms holding insurance intermediary licenses remains unchanged from 2022, with only 11 firms licensed to sell insurance [6]. - Despite the limited number of licensed firms, major players are actively expanding their insurance product offerings, with Ping An Securities offering 56 products and CITIC Securities offering 20 [8][10]. - The insurance products being sold are primarily focused on life insurance and annuities, reflecting a trend towards financial products with investment attributes rather than pure risk coverage [10][19]. Group 4: Competitive Landscape and Challenges - The competitive landscape for insurance sales is evolving, with securities firms leveraging their existing client bases and expertise in asset management to penetrate the insurance market [20][22]. - However, the dominance of banks in the insurance distribution channel remains a significant challenge for securities firms, as banks have extensive networks and established customer relationships [22]. - Regulatory scrutiny is increasing, with upcoming regulations aimed at ensuring appropriate management of cross-industry sales, which may pose additional challenges for securities firms [24].

Core Viewpoint - The article discusses the recent trends of talent outflow from China International Capital Corporation (CICC), highlighting the shift in employee preferences and the impact of regulatory changes on the investment banking landscape in China [4][5][6]. Group 1: Employee Outflow Trends - CICC, once a prestigious institution attracting top talent, has seen a significant decline in its appeal due to increased competition, regulatory tightening, and a reduction in compensation packages [5][6]. - Employees are leaving CICC for other brokerages, often following two paths: "high-level lateral moves" to similar top-tier firms or "strategic downshifts" to smaller firms for greater decision-making power [8][9]. - Notable examples of former CICC executives transitioning to other firms include Liang Hong, who moved to Huatai Securities, and Yang Sulan, who joined China Galaxy Securities, both continuing to leverage their expertise in the capital markets [8][9]. Group 2: Transition to Real Economy - A growing number of former CICC employees are leaving the financial sector entirely to join the real economy, driven by the 2023 "827 policy" which has cooled the IPO market and led to a contraction in investment banking activities [12]. - The demand for professionals with capital market experience in the real economy has surged, as companies seek expertise in compliance and market operations for financing and investor relations [12][13]. - Many former CICC employees are taking on key roles such as company secretaries, leveraging their backgrounds to manage corporate governance and investor relations effectively [13][14]. Group 3: Movement to Foreign Investment Banks - There is a notable trend of CICC talent moving to foreign investment banks, capitalizing on their international experience and networks [16]. - For instance, Jiang Zhiwei, a former CICC executive, joined Deutsche Bank, reportedly for a significantly higher salary, reflecting the competitive compensation landscape in foreign firms [16]. - This trend is not limited to CICC's core business lines but extends to its subsidiaries and affiliated institutions, indicating a broader talent migration within the financial services sector [16][17]. Group 4: Challenges and Issues - CICC Capital, once a leading player in alternative investments, has faced significant turmoil, including the fall of key executives due to allegations of misconduct, which has tarnished the reputation of the CICC brand [19]. - The issues within CICC Capital highlight serious governance and compliance failures, raising concerns about the integrity of the investment management industry as a whole [19].

Group 1 - The stock of Sanwei Communication experienced a limit down, with a trading volume of 4.632 billion yuan and a turnover rate of 42.44% [1] - After trading hours, the Longhu list showed that the Shenzhen Stock Connect special seat bought 133 million yuan and sold 150 million yuan, indicating significant trading activity [1] - One institutional special seat had a net purchase of 18.6794 million yuan, while three institutional special seats had a net sale of 212 million yuan [1] Group 2 - China Galaxy's Dalian Huanghe Road had a net sale of 289 million yuan, reflecting a bearish sentiment towards the stock [1]

Market Overview - A-shares opened high but closed lower, with the Shanghai Composite Index down 0.3% at 4101.62 points, Shenzhen Component down 1.22%, and ChiNext Index down 1.83% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.85 trillion yuan, an increase of 568 billion yuan compared to the previous trading day [2] Sector Performance - The communication equipment, aerospace military, electronic components, basic metals, and energy equipment sectors experienced significant declines [2] - The banking and insurance sectors saw a notable rise, with food and beverage, real estate, and semiconductor sectors also performing well [2] Banking and Insurance Sector - The banking and insurance sector showed resilience, with major insurance stocks like China Life and Ping An rising over 1% [3] - Key banking stocks such as CITIC Bank increased by over 2%, while other banks like China Construction Bank and Bank of China rose by over 1% [5] - A report from China Galaxy Securities indicated that structural monetary policy tools and a marginal improvement in RMB credit could support bank lending [5] Food and Beverage Sector - The food and beverage sector was active, with food processing stocks leading the gains, including Hongmian Co., Jingji Zhino, and Weizhi Xiang, all hitting the daily limit [6] - Notable performers included Hongmian Co. with a 10.13% increase and Jingji Zhino with a 10.01% increase [7] Real Estate Sector - The real estate sector showed a rebound, with stocks like Dayue City and Chengtou Holdings hitting the daily limit, and others like China Merchants Shekou and Binjiang Group rising over 5% [8] - Recent data from the National Bureau of Statistics indicated a slight decrease in new residential sales prices in first-tier cities, which may influence market sentiment [10] Aerospace and Military Sector - The aerospace and military sector faced significant declines, with stocks like Tongyu Communication and Aerospace Power hitting the daily limit down, and Aerospace Hongtu dropping 13% [11] - Other companies in the sector, such as China Satellite and China Aerospace, also saw declines exceeding 6% [12]

Core Viewpoint - The report from China Galaxy Securities indicates that the expansion of structural monetary policy tools and interest rate cuts will benefit banks by stabilizing interest margins and providing stronger support for key areas of the real economy [1] Group 1: Monetary Policy Impact - The expansion of structural monetary policy tools and interest rate cuts is expected to positively impact banks by stabilizing their interest margins [1] - There are signs of a marginal improvement in RMB credit, with a recovery in financing demand from real enterprises [1] Group 2: Banking Sector Performance - The first batch of listed banks has reported stable recovery in their performance [1] - The current environment of abundant liquidity, low interest rates, and frequent dividend distributions continues to enhance the dividend attributes of banks [1] Group 3: Investment Outlook - Long-term funds, represented by insurance capital, are continuously increasing their holdings in banks, which accelerates pricing efficiency and valuation reconstruction [1] - The banking sector's dividend value is expected to remain favorable [1]