Core Insights - The global financial system is undergoing significant changes due to rising protectionism and adjustments in the international monetary system, necessitating enhanced macro policy coordination and trade dialogue among countries to maintain economic resilience and openness [1] - The 2025 Financial Street Forum, held from October 27 to 30 in Beijing, focuses on global financial development under the theme "Innovation, Transformation, and Reshaping" [3] Group 1: Company Initiatives - China Galaxy Securities, as the most widely distributed Chinese brokerage in Asia, is actively participating in high-quality overseas expansion, having signed a memorandum with Johor Land Group to enhance cross-border investment and economic cooperation [4][6] - The company has established a cross-border investment cooperation financial ecosystem, recognizing the rapid urbanization, digitalization, and green transformation in Southeast Asia as significant opportunities for global enterprises and capital [5][8] - China Galaxy Securities has facilitated secondary listings for major Chinese companies in Singapore and has launched innovative ETF products to connect Chinese capital with local sovereign funds [6][8] Group 2: Strategic Focus - The company emphasizes the importance of a dual approach of "investment + investment banking" to provide comprehensive support for Chinese enterprises going abroad, aiming to attract more social and international capital for the Belt and Road Initiative [6][9] - China Galaxy Securities has been actively hosting investment forums focused on China-ASEAN relations and has collaborated with local governments to support cross-border investment initiatives [7][8] - The company is transitioning from a financing intermediary to a resource integrator, aiming to support technology innovation enterprises in their overseas expansion [9][10] Group 3: Financial Innovation - China Galaxy Securities has played a key role in the issuance of the first private equity investment institution's technology innovation bonds in Beijing, which allows funds to reach tech enterprises more directly [10] - The introduction of technology innovation bonds is expected to alleviate the fundraising difficulties faced by seed and early-stage companies, providing a new financing channel for equity investment institutions [10]

Core Insights - The ETF market is experiencing significant growth, with brokers focusing on transforming retail investors into institutional investors through comprehensive ETF services [1][2][5] - Major brokers are enhancing their competitive edge by upgrading from basic ETF trading to a full-fledged investment ecosystem, leveraging their research capabilities [1][3][6] Market Overview - As of September 2025, the total number of ETFs in the Shanghai market reached 760, with a total market value of 4 trillion yuan, reflecting a 7.65% increase [3] - The leading brokers in ETF holdings are Galaxy Securities and Shenwan Hongyuan, holding a combined market share of approximately 39.49% [3][4] Broker Performance - In terms of trading volume, CITIC Securities led the Shanghai market with an 11.24% share, followed closely by Huatai Securities at 11.09% [4] - Huabao Securities has established a comprehensive service system around ETFs, indicating its strategic importance to the firm [4][6] Strategic Developments - Brokers are increasingly focusing on creating an ETF ecosystem, integrating research, distribution, and custody services to enhance collaboration [2][7] - The shift towards a comprehensive investment ecosystem is evident, with firms like Guotai Junan and招商证券 developing tools and community platforms to support investors throughout the investment process [6][7] Future Outlook - The ETF market is expected to continue its robust growth, with brokers that effectively leverage AI and deepen business collaboration likely to gain a competitive advantage [2][5] - Analysts suggest that ETFs serve not only as investment products but also as a vehicle for brokers to transition retail investors into a more structured investment framework [7]

Core Insights - The overall performance of the brokerage industry shows a positive trend, with significant growth in key indicators, although there is notable internal performance differentiation [1] Financial Performance - The total net profit attributable to shareholders of comparable brokerages reached 183.78 billion yuan in the first three quarters, marking a substantial increase of 61.25% year-on-year [3] - In Q3 alone, the net profit totaled 70.36 billion yuan, reflecting a year-on-year growth of 59.08% and a quarter-on-quarter increase of 26.45% [3] - Five brokerages reported net profits exceeding 10 billion yuan, with CITIC Securities leading at 23.16 billion yuan, followed by Guotai Junan at 22.07 billion yuan [3] Growth Rates - A total of 34 brokerages achieved a year-on-year net profit growth exceeding 50%, with 12 brokerages doubling their profits [4] - Guolian Minsheng topped the list with a staggering year-on-year growth rate of 345.30%, attributed to seizing market opportunities and expanding business operations [4] Performance Differentiation - Among 48 comparable brokerages, 31 reported positive quarter-on-quarter growth, while 17 experienced declines, indicating a nearly 2:1 ratio of positive to negative growth [5] - Tianfeng Securities emerged as a standout with a remarkable quarter-on-quarter growth rate of 1404.44% [5] Asset Scale - As of the end of Q3, CITIC Securities and Guotai Junan both surpassed 2 trillion yuan in total assets, with CITIC Securities at 2.03 trillion yuan and Guotai Junan at 2.009 trillion yuan [5][6] - Other brokerages in the top ten by total assets include Huatai Securities, GF Securities, and China Galaxy, with Huatai Securities holding 1.03 trillion yuan [5][6]

Core Insights - The overall performance of A-share listed securities firms in the first three quarters of the year showed strong growth, with total operating income reaching 421.42 billion yuan, a year-on-year increase of 42.57%, and net profit attributable to shareholders reaching 169.29 billion yuan, up 62.48% [1] Group 1: Performance Highlights - 42 out of 43 listed securities firms reported year-on-year growth in both operating income and net profit [1] - Leading firms such as CITIC Securities and Guotai Junan achieved significant revenue, with CITIC Securities reporting 55.81 billion yuan in operating income, a 32.7% increase, and net profit of 23.16 billion yuan, up 37.86% [2] - Guotai Junan's operating income reached 45.89 billion yuan, a remarkable 101.6% increase, with net profit soaring to 22.07 billion yuan, up 131.8% [2] Group 2: Mergers and Acquisitions Impact - Mergers and acquisitions have been pivotal for securities firms to overcome growth bottlenecks, with firms like Guolian Minsheng and Guotai Junan showing over 100% growth in operating income [3] - Guolian Minsheng's net profit surged by 345.3%, reaching 1.76 billion yuan, while Huaxi Securities and Guohai Securities also reported net profit increases exceeding 200% [3] Group 3: Business Segment Performance - All five core business segments (brokerage, investment banking, asset management, proprietary trading, and credit) experienced growth, indicating a comprehensive recovery across the industry [4] - Brokerage business net income reached 111.78 billion yuan, a 74.64% increase, with Guolian Minsheng leading with a 293.05% growth rate [4] - Proprietary trading, the largest income source for securities firms, generated 186.86 billion yuan, up 43.83%, with CITIC Securities leading at 31.60 billion yuan [5]

Group 1: Overall Industry Performance - The brokerage industry showed strong performance in the first three quarters of 2025, with five companies surpassing a net profit of 10 billion yuan, collectively earning over 82.5 billion yuan [2] - CITIC Securities led the industry with a net profit of 23.916 billion yuan, followed closely by Guotai Junan with 23.059 billion yuan, marking a significant year-on-year growth of 132.59% [2] - Among the 40 brokerages that disclosed data, only Huachuang Yuxin reported a net profit of less than 100 million yuan, while the majority experienced positive growth, with 12 brokerages seeing net profit growth exceeding 100% [2] Group 2: Brokerage Business Growth - The brokerage business revenue increased across the board, benefiting from heightened trading volumes in the A-share market, particularly in technology stocks [3] - All brokerages that disclosed data reported positive growth in brokerage business, with three companies experiencing growth rates exceeding 100% [3] - CITIC Securities reported brokerage business revenue of 10.939 billion yuan, a 52.90% increase year-on-year, while Guotai Junan's revenue surged by 142.80% to 10.814 billion yuan [4][6] Group 3: Investment Business Performance - Investment income saw substantial growth, with over 80% of brokerages reporting positive net investment income, and nine companies achieving growth rates over 100% [8] - CITIC Securities led the investment income with 32.838 billion yuan, reflecting a year-on-year increase of 195.92%, followed by Guotai Junan and Huatai Securities with 18.374 billion yuan and 16.140 billion yuan, respectively [9] - Notably, Caitong Securities reported an extraordinary increase in investment income from 0.025 billion yuan to 2.317 billion yuan, marking a growth rate of 9022.70% [8][11] Group 4: Margin Financing and Interest Income - The margin financing market remained active, with the balance exceeding 2.5 trillion yuan by October 29 [11] - Guotai Haitong topped the interest income rankings with 5.208 billion yuan, a growth of 232%, while CITIC Securities experienced a decline of 16.88% in interest income [12] - Several small and medium-sized brokerages showed significant expansion in margin financing, with Longcheng Securities reporting a more than 30-fold increase in interest income [12]

Investment Rating - The investment rating for China Galaxy is "Accumulate" [6] Core Views - China Galaxy reported strong performance in the first three quarters of 2025, achieving operating revenue and net profit attributable to shareholders of 22.751 billion and 10.968 billion yuan, respectively, representing year-on-year increases of 44.4% and 57.5% [1][6] - The company benefits from a solid brokerage foundation, with a significant increase in daily trading volume in the A-share market, which rose by 107% year-on-year [2] - The self-operated investment income showed robust growth, with net interest income and investment business income reaching 3.207 billion and 12.103 billion yuan, respectively, reflecting year-on-year increases of 22.1% and 39.4% [3] Summary by Sections Financial Performance - In Q3 2025, the net profit attributable to shareholders was 4.48 billion yuan, up 74% year-on-year and 29% quarter-on-quarter [1] - The weighted average ROE for the first three quarters of 2025 increased by 2.97 percentage points to 8.8% [1] - The company’s operating leverage, excluding customer funds, was 4.23 times at the end of Q3 2025, an increase of 4% from the beginning of the year [1] Revenue Breakdown - For the first three quarters of 2025, net income from brokerage, investment banking, and asset management was 6.305 billion, 0.475 billion, and 0.396 billion yuan, respectively, with year-on-year growth rates of 70.7%, 29.9%, and 12.7% [2] - The company’s investment banking revenue continued to expand, with equity financing reaching 1.683 billion yuan, up from zero in the same period last year, and bond underwriting volume increased by 75% to 576.8 billion yuan [2] Investment Strategy - The company has increased its allocation to TPL assets, with the scale of holdings growing by 16.3% to 256.7 billion yuan compared to the beginning of the year [3] - The forecast for net profit attributable to shareholders for 2025-2027 is 15.064 billion, 16.246 billion, and 17.772 billion yuan, with year-on-year growth rates of 50.2%, 7.8%, and 9.4% respectively [3]

Core Viewpoint - China Galaxy announced an interim dividend of 1.25 RMB per share for the six months ending June 30, 2025, to be distributed on December 24, 2025 [1] Summary by Relevant Sections - **Dividend Details** - The interim dividend is set at 1.25 RMB per share, equivalent to 1.37021 HKD for every 10 shares [1] - The ex-dividend date is November 7, 2025, with a record date of November 14, 2025 [1] - Shareholders must submit transfer documents by 16:30 on November 10, 2025, and the share transfer registration will be suspended from November 11 to November 14, 2025 [1] - **Tax Implications** - Non-resident corporate shareholders and non-individual resident shareholders will have tax withheld at applicable rates [1] - For mainland individual investors under the Hong Kong Stock Connect, a 20% personal income tax will be withheld [1] - Mainland corporate investors are responsible for self-reporting and paying taxes [1]

Core Insights - The report highlights the performance of three investment strategies: Low Price Enhancement, Improved Dual Low, and High Price High Elasticity, which recorded returns of 1.3%, 0.5%, and 0.7% respectively during the last period, outperforming the benchmark return of 0.3% [1] - Year-to-date, these strategies have achieved returns of 17.4%, 28.2%, and 52.2%, with cumulative excess returns of 0.3%, 11.2%, and 35.2% compared to the benchmark return of 17.0% [1] - The equity market experienced fluctuations, with the Wind All A and CSI Convertible Bonds rising by 1.5% and 0.3% respectively, indicating a resurgence of low volatility strategies [1] Low Price Enhancement Strategy - The latest holdings include new entries such as Jinggong Convertible Bond (Construction Decoration), Shangyin Convertible Bond (Bank), and Yangfeng Convertible Bond (Basic Chemicals) among others [2] - The adjustment rationale is based on the strong performance of the low price index (1.4%) and the resurgence of low volatility strategies, with a focus on stable or improving performance and reasonable premium rates [3] Improved Dual Low Strategy - The latest holdings feature new entries like Shangyin Convertible Bond (Bank) and Zhonghuan Convertible Bond (Environmental Protection) [4] - Adjustments were made due to the upward movement of the dual low index (0.4%), with a focus on stocks with improved performance or stable operations while avoiding those with high redemption progress [5] High Price High Elasticity Strategy - The latest holdings include new entries such as Wankai Convertible Bond (Basic Chemicals) and Shuiyang Convertible Bond (Beauty Care) [6] - The strategy's adjustments were influenced by the decline in high price index returns (-1.5%) and the need to manage redemption risks while maintaining a balanced industry allocation [7]

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 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《北京市金杜律師事務所關於中國銀 河證券股份有限公司2025年第二次臨時股東大會的法律意見書》，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10月31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。 4. 公司 2025 年 10 月 13 日刊登于香港交易及结算所有限公司披露易网站的 《海外监管公告》及同日刊登于上海证券交易所网站的《中国银河证券股份有限 北京市金杜 ...

（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 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董事會 議事規則》，僅供參閱。 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。 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10月31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。 中国银河证券股份有限公司 董事会议事规则 （2007年12月21日公司2007年第三次临时股东大会审议通 过 2008年1月21日2008年第一次临时股东大会第一次修正 2012年11月16日2012年第三次临时股东大会 ...