Core Points - China Galaxy Securities successfully issued its sixth short-term financing bond for 2025 on March 18, 2025, with an issuance amount of RMB 3 billion and a coupon rate of 1.99% [1] - The bond has a maturity period of 213 days, with a repayment date set for October 17, 2025 [1] - On the repayment date, the company paid a total of RMB 3.035 billion, which includes both the principal and interest of the bond [1]

证券代码：601881 证券简称：中国银河 公告编号：2025-092 2025 年 10 月 17 日，本公司兑付了本期短期融资券本息共计人民币 3,034,838,630.14 元。 特此公告。 中国银河证券股份有限公司董事会 2025 年 10 月 21 日 中国银河证券股份有限公司 2025年度第六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 3 月 18 日 成功发行了中国银河证券股份有限公司 2025 年度第六期短期融资券（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 30 亿元，票面利 率为 1.99%，短期融资券期限为 213 天，兑付日期为 2025 年 10 月 17 日。（详 见本公司于 2025 年 3 月 19 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 年度第六期短期融资券发行结果公告》）。 ...

（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2025年 度第六期短期融資券兌付完成的公告》，僅供參閱。 承董事會命 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。 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20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：2025-092 中国银河证券股份有限公司 2025年度第六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 ...

Core Points - China Galaxy Securities successfully issued the sixth phase of short-term financing bonds for 2025 on March 18, with a total issuance amount of 3 billion yuan and a coupon rate of 1.99% [1] - The bonds have a maturity of 213 days, with the repayment date set for October 17 [1] - On the repayment date, the company paid a total of 3.03483863014 billion yuan in principal and interest for this bond issue [1] - The board of directors and all directors of the company guarantee the authenticity, accuracy, and completeness of the announcement content and assume corresponding responsibilities [1]

Group 1: Conference Overview - The 2025 Sustainable Global Leaders Conference will be held from October 16 to 18 in Shanghai, focusing on "Facing Challenges Together: Global Action, Innovation, and Sustainable Growth" as its core theme, aiming to explore new paths for sustainable development and inject "Chinese momentum" into global governance [1] - The conference is co-hosted by the World Green Design Organization (WGDO) and Sina Group, with support from the IFRS Foundation and the Shanghai Huangpu District People's Government [1] Group 2: Financial Sector Insights - Discussions at the conference highlighted the importance of the "Five Major Articles" in constructing a new ecosystem for sustainable development in the securities industry, emphasizing collaboration among banks, securities, and insurance institutions to provide comprehensive services [3][7] - China Galaxy Securities' Chairman Wang Sheng noted that innovation is the primary driving force for development, with a focus on technology finance as the first of the "Five Major Articles," indicating that the capital market has formed a multi-level service system for technology finance [5] - CITIC Securities' General Manager Zou Yingguang emphasized the need for continuous investment in technology finance and the exploration of innovative products in green finance to support the "dual carbon" goals [10] - The ESG strategy of China Merchants Securities aims to create a capital cycle that supports low-carbon transformation and enhance social welfare, integrating the "Five Major Articles" with ESG development [12] - Guangda Securities' President Liu Qiuming discussed the importance of integrating the "Five Major Articles" into the company's strategy and achieving positive progress in supporting innovation and financing for high-tech enterprises [15] - Guo Chuanzhou, Chairman of Yuekai Securities, highlighted the company's efforts in promoting inclusive finance and knowledge property transactions to support small and medium-sized enterprises [19] Group 3: Wealth Management Trends - Guo Xiaobo, President of Guolian Minsheng Securities, pointed out that wealth management has a significant impact on the valuation and market value of securities firms, with a notable shift towards wealth management and asset management in the global securities industry [17]

Group 1 - The core viewpoint of the report indicates that domestic construction machinery demand remains under pressure, but small excavators continue to see growth in domestic sales, supported by stock updates, machine replacements, agricultural water conservancy, and urban renovation projects. Future large-scale engineering projects and the opening of mining rights in Xinjiang and Inner Mongolia are expected to boost medium and large excavator sales [1] - In September, excavator domestic sales reached 9,249 units, a year-on-year increase of 21.5%, while export sales reached 10,609 units, a year-on-year increase of 29%. The structure of domestic sales shows rapid growth in small excavators, while medium and large excavators face pressure [1] - The sales of loaders in September totaled 10,530 units, a year-on-year increase of 30.5%, with domestic sales at 5,051 units (up 25.6%) and exports at 5,479 units (up 35.3%). The electrification rate in September was 24.56%, a decrease of 1.68 percentage points month-on-month [1] Group 2 - The average working hours for major construction machinery products in September were 78.1 hours, a year-on-year decrease of 13.3%, while the average operating rate was 55.2%, a year-on-year decrease of 9.08 percentage points [3] - In September, the operating hours of Komatsu excavators in North America and Europe showed significant recovery, with year-on-year growth rates of 10.2% and 7.3%, respectively [3] - The report highlights a trend towards high-end, electrified, and intelligent equipment in the industry, with various companies showcasing new electric and intelligent products at BICES 2025 [4]

Core Insights - The Ministry of Industry and Information Technology (MIIT) has initiated a special action for "millisecond computing" which is expected to stimulate demand for network equipment and computing infrastructure in the short term, while opening up new opportunities for edge computing and AI applications in the medium to long term [1][2] Group 1: Demand for Computing Infrastructure - The MIIT has set clear requirements for computing infrastructure, emphasizing the need for millisecond interconnectivity (<1ms) between computing centers, resources, and application terminals, which necessitates a significant upgrade of network infrastructure [1] - This upgrade will indirectly drive demand for computing chips, servers, optical modules, and switches, which are critical for network transmission [1] Group 2: Intelligent Computing Network Development - The special action promotes task-based scheduling and the development of intelligent network operations, with edge computing and computing scheduling becoming key components in building an intelligent computing network [2] - Increasing the density of edge computing nodes will allow computing resources to be pushed to the edge of urban networks, supporting AI applications that require access to large cloud models and data [2] Group 3: Acceleration of AI Application Commercialization - The initiative aims to achieve millisecond accessibility for computing applications, which is crucial as AI applications increasingly demand low latency to function effectively [3] - Reducing latency will accelerate the commercialization of AI applications, particularly in scenarios involving large data interactions, enhancing user experience [3] - In the intelligent driving sector, the use of automotive-grade Time-Sensitive Networking (TSN) chips will enable low-latency and high-reliability data transmission, meeting the needs of autonomous driving and complex in-vehicle applications [3]

Market Overview - The Shanghai Composite Index opened up by 0.67%, the Shenzhen Component Index by 1.49%, and the ChiNext Index by 2.45%, with sectors like CPO, insurance, and semiconductor chips leading the gains [1][2]. Institutional Insights - CITIC Securities believes the underlying logic of a bull market remains intact, supported by ample liquidity and limited downward adjustments. They highlight that market reforms are expected to promote upgrades, while structural prosperity continues to drive the market [1][3]. - CICC suggests that investors may focus on fundamental movements during the earnings season, looking for structural highlights in sectors such as gold, AI-driven TMT, and non-bank financials [3]. - Huatai Securities notes that market sentiment has returned to a neutral level, with potential for a shift towards defensive sectors amid ongoing trade negotiations. They recommend a balanced allocation with a focus on cost-effectiveness [4]. - Zhongjin Securities emphasizes the release of a three-year plan to double charging facilities for electric vehicles, which is expected to solidify construction expectations and suggests monitoring leading operators and equipment manufacturers [5]. - Guojin Securities sees a clear trend of supply-demand improvement in the airline industry, predicting significant profit releases for airlines due to rising passenger demand and ticket price improvements [6]. - China Galaxy Securities is optimistic about the innovation drug industry chain, medical AI, and leading companies in niche sectors, driven by the ongoing push for biopharmaceutical innovation [7].

Core Viewpoint - The report from China Galaxy Securities indicates that short-term market sentiment is cautious due to uncertainties from external trade frictions and previous significant gains in certain sectors, leading to reduced trading volumes and a shift in investment styles. The probability of market fluctuations is high [1] Group 1: Market Conditions - The upcoming 20th Central Committee's Fourth Plenary Session will focus on the "14th Five-Year Plan," which is expected to provide more investment clues for investors as the third-quarter reports are released [1] - The current short-term adjustments present opportunities for investors to position themselves strategically [1] Group 2: Investment Opportunities - Sectors with strong policy focus and earnings certainty should be prioritized for investment [1] - The logic of residents moving their deposits remains unchanged, which is likely to provide long-term incremental capital for the A-share market [1] - The acceleration of medium to long-term capital allocation into the equity market is supported by the Federal Reserve's interest rate cuts, enhancing global liquidity [1] Group 3: Economic Outlook - The strategic layout of the "14th Five-Year Plan" is expected to drive technological industries towards significant breakthroughs [1] - Anti-involution policies are anticipated to improve corporate profitability, thereby strengthening the resilience of the economic fundamentals [1]

Core Viewpoint - The report from China Galaxy Securities indicates that short-term market sentiment is cautious due to uncertainties from external trade frictions and previous significant gains in certain sectors, leading to reduced trading volumes and a likelihood of market fluctuations [1] Group 1: Market Conditions - External trade friction uncertainties are impacting market sentiment, resulting in cautious funding behavior [1] - Trading volumes have decreased, and there is a shift in funding styles, increasing the probability of market fluctuations [1] Group 2: Investment Opportunities - The upcoming 20th Central Committee's Fourth Plenary Session will focus on the "14th Five-Year Plan," providing investors with more allocation clues [1] - Sectors with strong policy focus and earnings certainty are recommended for attention [1] - Short-term adjustments present opportunities for investors to position themselves [1] Group 3: Long-term Trends - The logic of residents moving deposits remains unchanged, which is expected to provide long-term incremental capital for the A-share market [1] - Medium to long-term capital is accelerating its allocation to the equity market, supported by the Federal Reserve's interest rate cuts, enhancing global liquidity [1] - The strategic layout of the "14th Five-Year Plan" is expected to drive technological industries towards significant breakthroughs, while anti-involution policies are likely to improve corporate profitability, reinforcing the resilience of the economic fundamentals [1]