证券代码：601881 证券简称：中国银河 公告编号：2026-026 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 2026 年 3 月 10 日披露了《中国银河证券股份有限公司公开发行 2021 年永续次级债券 （第二期）发行人不行使续期选择权暨行使赎回权并全额兑付的公告》（公告编 号：2026-023），本公告为上述事项的提示性公告。 公司于 2021 年 4 月 21 日完成中国银河证券股份有限公司公开发行 2021 年永续次级债券（第二期）（以下简称"21 银河 Y2"）的发行工作。根据《中 国银河证券股份有限公司公开发行 2021 年永续次级债券（第二期）募集说明书》， 21 银河 Y2 设发行人赎回权，于 21 银河 Y2 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 21 银河 Y2。 中国银河证券股份有限公司 关于行使"21 银河 Y2"发行人赎回选择权的 第二次提示性公告 公司决定行使 21 ...

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） 证券代码：601881 证券简称：中国银河 公告编号：2026-026 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關於行 使「21銀河Y2」發行人贖回選擇權的第二次提示性公告》，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 2026年3月13日 於本公告日期，本公司執行董事為王晟先生（董事長）、薛軍先生（副董事長及總 裁）及屈艷萍女士；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。 公司将根据相关业务规则，做好21银河Y2后续信息披露及还本付息工作。 特此公告。 中国银河证券 ...

Core Viewpoint - The report from China Galaxy Securities indicates that while January's credit growth was slightly below expectations, the overall trend of stable growth and proactive policy implementation remains unchanged, with structural optimization being the main focus [1] Group 1: Credit Growth and Structure - January's credit growth was lower than expected due to factors such as debt resolution, weak demand, and delays in corporate financing [2] - It is anticipated that credit growth will accelerate as work resumes post-holiday, with a projected total credit increase of 16.31 trillion yuan for 2026, with Q1 expected to account for 65% of this increase, approximately 10.6 trillion yuan [2] - Structural optimization will be the main focus of credit policy, with significant resources directed towards expanding domestic demand, supporting technology innovation, and aiding small and medium enterprises [2] Group 2: Deposit Repricing and Earnings Resilience - The repricing of maturing deposits is expected to be a major source of earnings resilience, with a significant amount of long-term deposits maturing this year [3] - Approximately 54 trillion yuan of fixed deposits are expected to mature in 2026, with 23.4 trillion yuan being three-year deposits, which could positively impact net interest margins by 11.75 basis points [3] - The improvement in net interest margins is expected to be more pronounced in Q1, particularly for regional banks, although they may face higher pressures from deposit migration [3] Group 3: Non-Interest Income and Market Conditions - The expansion of wealth management and non-interest income is anticipated, with a projected increase in non-interest income driven by scale expansion [4] - An estimated 2.1 trillion yuan of migrating deposits will be redirected towards investments, with a focus on wealth management products [4] - The bond market is expected to see a short-term recovery in Q1, although challenges may arise throughout the year due to an expanding loan-to-deposit gap [4] Group 4: Risk Management and Profitability - The risk of non-performing loans is expected to remain stable, with sufficient provisions in place to absorb potential losses [5] - The proportion of corporate real estate loans held by listed banks is low, and recent favorable policies for the real estate sector have led to a narrowing of credit spreads [5] - Overall, the profitability of listed banks is projected to improve, with Q1 performance expected to surpass that of the previous year, with revenue and net profit growth forecasted at 3.42% and 3.3% respectively for 2026 [6]

Core Viewpoint - The establishment of Harbin Longrui Equity Investment Partnership (Limited Partnership) signifies a new investment initiative in the private equity sector, with a focus on equity investment, investment management, and asset management activities [1] Group 1 - Harbin Longrui Equity Investment Partnership has been established with a registered capital of 244 million RMB [1] - The executing partner is Galaxy Innovation Capital Management Co., Ltd., which is a subsidiary of China Galaxy Securities [1] - The partnership is jointly funded by Harbin Venture Capital Group Co., Ltd. and Galaxy Innovation Capital Management Co., Ltd. [1]

证券代码：601881 证券简称：中国银河 公告编号：2026-025 中国银河证券股份有限公司2026年面向专业投资者 公开发行永续次级债券（第二期）发行结果公告 中国银河证券股份有限公司（以下简称"发行人"）面向专业投资者公开 发行面值总额不超过 200 亿元（含 200 亿元）的永续次级债券已于 2025 年 8 月 13 日获中国证券监督管理委员会出具的《关于同意中国银河证券股份有限 公司向专业投资者公开发行永续次级公司债券注册的批复》（证监许可〔2025〕 1723 号）注册。 根据《中国银河证券股份有限公司 2026 年面向专业投资者公开发行永续 次级债券（第二期）募集说明书》，中国银河证券股份有限公司 2026 年面向 专业投资者公开发行永续次级债券（第二期）（以下简称"本期债券"）的发 行规模不超过人民币 50 亿元（含 50 亿元），发行价格为每张人民币 100 元， 采取网下面向专业投资者簿记建档的方式发行。本期债券以每 5 个计息年度为 1 个重定价周期。在每个重定价周期末，发行人有权选择将本期债券期限延长 1 个重定价周期（即延续 5 年），或全额兑付本期债券。 本期债券发行工作已于 ...

Group 1 - The core point of the article is that China Galaxy (06881.HK) has completed the public issuance of its 2026 perpetual subordinated bonds (second phase) on March 12, 2026, with a total issuance scale of RMB 5 billion [1] - The bonds are priced at RMB 100 per unit and have a re-pricing cycle of five years, allowing the company to extend the bond term or redeem it at the end of each cycle [1] - The initial coupon rate for the first re-pricing period (the first five interest years) is set at 2.25% [1] Group 2 - The funds raised from this bond issuance will be used to repay the principal of maturing corporate bonds [1]

Group 1 - The establishment of Harbin Longrui Equity Investment Partnership (Limited Partnership) has been reported, with a capital contribution of 244 million RMB [1] - The executive partner is Galaxy Innovation Capital Management Co., Ltd., indicating a strategic move in private equity investment [1] - The business scope includes private equity fund activities, investment management, asset management, and venture capital [1] Group 2 - The partnership is co-funded by Harbin Venture Investment Group Co., Ltd. and Galaxy Innovation Capital Management Co., Ltd., highlighting collaboration between local and national investment entities [1]

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年永續次級債券（第二期）公開發行完畢 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%。 本公司的董事、高級管理人員、持股比例超過5%的股東及其他關聯方未參與本期 債券的認購。 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 2026年3月12日 於本公告日期，本公司執行董事為王晟先生（董事長）、薛軍先生（副董事長及總 裁）及屈艷萍女士；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 ...

Group 1 - The establishment of Harbin Longrui Equity Investment Partnership (Limited Partnership) has been officially registered, with a capital contribution of 244 million RMB [1] - The managing partner is Galaxy Innovation Capital Management Co., Ltd., which is a subsidiary of China Galaxy Securities [1] - The partnership's business scope includes private equity investment, investment management, asset management, and venture capital activities [1] Group 2 - The investment is jointly funded by Harbin Venture Capital Group Co., Ltd. and Galaxy Innovation Capital Management Co., Ltd. [1]

Group 1 - The core viewpoint is that the rapid implementation of provincial-level medical insurance coordination policies aims to resolve structural contradictions in the medical insurance fund and activate over 5 trillion yuan in surplus funds, potentially leading to a recovery in the medical service and pharmaceutical sectors [1][2] - The recent deployment of provincial-level coordination policies includes discussions and guidelines from the State Council, emphasizing the importance of these policies in enhancing the efficiency of medical insurance fund usage and driving growth in the medical industry [2][3] - The provincial coordination system is expected to address structural issues within the medical insurance fund, redistributing surpluses from economically developed areas to support regions facing financial difficulties, thereby achieving a balance in risk-sharing [3][4] Group 2 - The transition from a "transfer fund" model to a "unified collection and expenditure" model is underway, with over 20 provinces accelerating this process, which is projected to lead to a return of double-digit growth in medical insurance expenditures [4][5] - The acceleration of medical insurance spending is anticipated to benefit the domestic healthcare industry, particularly in medical services, hospital-based pharmaceuticals, and innovative drug sectors, which are expected to see improved demand and financial performance [5]