Core Viewpoint - China Galaxy Securities Co., Ltd. has announced the exercise of the redemption option for its perpetual subordinated bonds "20 Galaxy Y1" and will fully redeem the bonds [1][2]. Group 1 - The company disclosed the decision to exercise the redemption right for the "20 Galaxy Y1" bonds, which were issued on November 24, 2020 [1][2]. - The bonds allow the issuer to redeem them at face value plus accrued interest on the fifth and subsequent interest payment dates [1]. - The company will ensure proper information disclosure and repayment of principal and interest following the redemption [3].

Core Viewpoint - China Galaxy Securities Co., Ltd. has successfully completed the issuance of its second phase of non-public corporate bonds aimed at professional investors, with a total issuance scale of up to RMB 60 billion [1][2]. Summary by Sections Bond Issuance Details - The bond issuance was approved by the Shanghai Stock Exchange on September 18, 2025, with a registered scale not exceeding RMB 20 billion [1]. - The second phase of the bond issuance consists of two varieties: a 13-month term and a 25-month term, with a total issuance price of RMB 100 per bond [1]. Issuance Outcome - The bond issuance concluded on October 16, 2025, with the first variety having an actual issuance scale of RMB 1 billion and a final coupon rate of 1.84%, achieving a subscription multiple of 1.91 times [2]. - The second variety also had an actual issuance scale of RMB 10 billion, with a final coupon rate of 2.05% and a subscription multiple of 2.64 times [2]. Participation and Compliance - Key stakeholders, including directors, supervisors, senior management, and shareholders with over 5% ownership, did not participate in the bond subscription [2]. - Various affiliated entities of the lead underwriters participated in the subscription, with specific amounts allocated to different entities, all in compliance with relevant laws and regulations [2].

Group 1 - The company successfully issued the 9th short-term financing bond on May 19, 2025, with a total issuance amount of RMB 3 billion [1] - The bond has a coupon rate of 1.63% and a maturity period of 150 days [1] - The total amount of principal and interest paid on the bond on October 16, 2025, was RMB 3,020,095,890.41 [1]

Core Points - China Galaxy Securities Co., Ltd. successfully issued its 2025 Annual Ninth Short-term Financing Bond on May 19, 2025, with an issuance amount of RMB 3 billion and a coupon rate of 1.63% [2] - The bond has a maturity period of 150 days, with the repayment date set for October 16, 2025, when the company repaid a total of RMB 3,020,095,890.41, including principal and interest [2]

中国银河证券股份有限公司 证券代码：601881 证券简称：中国银河 公告编号：2025-091 公司于 2020 年 11 月 24 日完成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"20 银河 Y1"）的发行工作。根据《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）募集说明书》， 20 银河 Y1 设发行人赎回权，于 20 银河 Y1 第五个和其后每个付息日，发行人 有权按面值加应付利息（包括所有递延支付的利息及其孳息）赎回 20 银河 Y1。 公司决定行使 20 银河 Y1 发行人赎回权，即全部赎回 20 银河 Y1。 公司将根据相关业务规则，做好 20 银河 Y1 后续信息披露及还本付息工作。 特此公告。 中国银河证券股份有限公司董事会 2025 年 10 月 18 日 关于行使"20 银河 Y1"发行人赎回选择权的 第二次提示性公告 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"公司"或"发行人"）于 2025 ...

中国银河证券股份有限公司 2025年度第九期短期融资券兑付完成的公告 证券代码：601881 证券简称：中国银河 公告编号：2025-090 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 5 月 19 日 成功发行了中国银河证券股份有限公司 2025 年度第九期短期融资券（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 1.63%，短期融资券期限为 150 天，兑付日期为 2025 年 10 月 16 日。（详 见本公司于 2025 年 5 月 20 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 年度第九期短期融资券发行结果公告》）。 2025 年 10 月 16 日，本公司兑付了本期短期融资券本息共计人民币 3,020,095,890.41 元。 特此公告。 中国银河证券股份有限公司董事会 2025 年 10 月 18 日 ...

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的內容概不負責，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份內容而產生或因倚 賴該等內容而引致的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) 董事會會議通告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.43條而作出。 中國銀河證券股份有限公司（「本公司」）董事會（「董事會」）謹此公告將於2025年 10月30日（星期四）舉行董事會會議，藉以（其中包括）考慮及批准本公司及其附 屬公司按照中國企業會計準則編製的截至2025年9月30日止九個月的未經審核業 績及其發佈。 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 執行董事羅卓堅先生、劉力先生、麻志明先生及范小雲女士。 ...

Investment Ratings - Banking: Overweight (Maintain) [1] - Securities: Market Weight (Maintain) [1] - Insurance: Overweight (Maintain) [1] Core Insights - The banking sector is seen as a safe haven amid rising market uncertainties, with high dividend yield assets becoming increasingly attractive [1][41] - The securities sector is benefiting from a surge in trading volumes and increased stamp duty revenues, indicating strong performance in upcoming quarterly reports [1][43] - The insurance sector is experiencing significant growth in investment income and new business value, driven by increased equity market exposure and favorable policy support [1][45] Summary by Sections Market Review - As of October 16, 2025, the banking index increased by 5.53%, the securities index decreased by 0.57%, and the insurance index rose by 6.27%, while the CSI 300 index fell by 0.48% [11] - Among the sub-sectors, Chongqing Bank (+15.90%), GF Securities (+8.98%), and New China Life Insurance (+12.21%) showed the best performance [11] Valuation Situation - As of October 16, 2025, the banking sector's price-to-book (PB) ratio is 0.73, with state-owned banks at 0.79, joint-stock banks at 0.62, city commercial banks at 0.73, and rural commercial banks at 0.65 [22] - The securities sector's PB ratio is 1.59, indicating potential for valuation recovery [24] - Insurance companies' price-to-earnings value (PEV) ratios are as follows: New China Life (0.74), China Pacific Insurance (0.59), Ping An (0.69), and China Life (0.72) [25] Recent Market Indicators - As of October 16, 2025, the one-year Medium-term Lending Facility (MLF) rate is 2.0%, and the one-year and five-year Loan Prime Rates (LPR) are 3.0% and 3.50%, respectively [29] - The average daily trading volume in the A-share market is 22,359.31 billion, showing a decrease of 13.57% [33] - The total social financing scale reached 437.08 trillion yuan, with a year-on-year growth of 8.7% [41] Company Announcements - New China Life Insurance expects a net profit of 29.986 billion to 34.122 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 45% to 65% [45] - Shanghai Bank announced a cash dividend of 0.30 yuan per share, totaling 4.263 billion yuan [41]

Core Points - China Galaxy Securities successfully issued the 9th phase of its short-term financing bonds for 2025, with an issuance amount of RMB 3 billion and a coupon rate of 1.63% [1] - The term of the short-term financing bond is 150 days, with a maturity date set for October 16, 2025 [1] - On October 16, 2025, the company redeemed the principal and interest of the short-term financing bond, totaling approximately RMB 3,020,095,890.41 [2]

Core Viewpoint - China Galaxy (06881.HK) announced that it will hold a board meeting on October 30, 2025, to consider and approve the unaudited financial results for the nine months ending September 30, 2025, prepared in accordance with Chinese accounting standards [1] Summary by Category - **Company Announcement** - The board meeting is scheduled for October 30, 2025 [1] - The meeting will focus on the approval of the unaudited performance results for the nine months ending September 30, 2025 [1] - The financial results will be prepared according to Chinese accounting standards [1]