Group 1 - The explosion of AIGC is driving the demand for high-power chips, leading to liquid cooling becoming the preferred method for heat dissipation as traditional air cooling approaches physical limits [1] - Single-phase cold plate liquid cooling accounts for over 90% of liquid cooling applications in data centers, indicating high technological maturity [2] - The rapid growth of new energy vehicle production and sales is significantly increasing the demand for battery liquid cooling plates [4] Group 2 - The competition landscape for fluorinated refrigerants is optimizing, with domestic alternatives having substantial room for growth, particularly in electronic fluorinated liquids and traditional refrigerant replacements [3] - Major domestic companies benefiting from the shift to liquid cooling include Cooler Master, Vertiv, and others, with significant demand expected for upstream materials like high-purity copper and aluminum alloys [1][2] - The market for global power battery liquid cooling plates is projected to reach 14.5 billion yuan by 2025, with the domestic market expected to reach 9.6 billion yuan [4]

Core Insights - The report from China Galaxy Securities highlights a positive trend in domestic demand for construction machinery, particularly in the non-excavator segment, with significant month-on-month growth in sales for various types of cranes and machinery [1][2] - The export market for excavators and loaders has shown strong growth in early 2023, indicating robust international demand, particularly in mining and construction sectors [1] Domestic Demand - Non-excavator cranes have seen double-digit growth in domestic sales for six and eight consecutive months, respectively, with January showing a positive growth rate of 7% for tower cranes despite the impact of the Spring Festival [1] - In February, excavator sales in China decreased by 42% year-on-year, while exports increased by 37.2%, leading to a cumulative year-on-year growth of 13.1% for the first two months of 2023 [1] - Loader sales in February experienced a 14.3% decline in domestic sales but a 34.4% increase in exports, with a cumulative year-on-year growth of 27.9% for the first two months [1] Export Performance - The export of excavators and loaders has been a bright spot, with excavator exports growing by 38.8% and loader exports by 43.9% in the first two months of 2023 [1] - The overall trend in metal prices, such as gold and copper, is expected to support the growth of Chinese engineering machinery companies in international markets [1] Industry Developments - SANY has established a supply center in Dubai and delivered large hybrid mining dump trucks to Zijin Mining Group, marking its entry into the high-end market in West Africa [3] - XCMG signed a $400 million equipment procurement agreement with Dangote Group and a strategic cooperation memorandum with Codelco, indicating strong international partnerships [3] - Zoomlion has launched a new generation of 136-ton hybrid electric dump trucks, showcasing innovation in the industry [3]

Group 1 - The upstream core raw material market in the textile and apparel industry is undergoing a supply-demand restructuring, with supply tightening and demand recovering, leading to a new prosperity cycle for wool [1][2] - From July 2025, the wool market entered a new price increase cycle, rising from 1208 AUD/kg to 1716 AUD/kg by February 27, 2026, a 45% year-on-year increase [2] - Global cotton production and consumption are stable, with the 2025/26 market year production expected to reach 26 million tons, a slight increase of 0.81% year-on-year, supporting domestic cotton prices [3] Group 2 - The cost side is supported by rising crude oil prices, with Brent crude increasing from 61 USD/barrel to around 84 USD/barrel, driving up the cost center of the chemical fiber industry [4] - The processing price difference for polyester has steadily recovered from 1000-1100 CNY/ton to 1300-1500 CNY/ton, while nylon prices have room for further increases [4] - The price fluctuations of upstream raw materials directly impact the profit levels of companies in the textile industry, with wool price increases typically leading to higher profit margins for wool spinning companies [5][6]

Core Viewpoint - China Galaxy Securities Co., Ltd. has announced that it will not exercise the extension option for its 2021 perpetual subordinated bonds (second tranche) and will fully redeem the bonds on the first interest payment date of the fifth interest period, which is April 21, 2026 [1][2]. Group 1 - The company completed the issuance of the 2021 perpetual subordinated bonds (second tranche) on April 21, 2021, with a re-pricing cycle of every five years [1]. - The bonds include an issuer extension option, allowing the company to extend the bond term by one re-pricing cycle or fully redeem the bonds at the end of each re-pricing cycle [2]. - The company has decided to exercise its redemption right on April 21, 2026, opting for full repayment instead of extending the bond term [2]. Group 2 - The company will ensure proper information disclosure and management of principal and interest payments for the bonds in accordance with relevant business rules [3].

证券代码：601881 证券简称：中国银河 公告编号：2026-023 中国银河证券股份有限公司 本期债券设置发行人续期选择权，即在本期债券每个重定价周期末，发行 人有权选择将本期债券延长 1 个重定价周期，或全额兑付本期债券。同时，本 期债券设发行人赎回权，于本期债券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）赎回本期债券。 2026 年 4 月 21 日为本期债券第五个计息年度付息日，即第一个重定价周 期末，公司决定不行使本期债券发行人续期选择权，即行使本期债券发行人赎 回权，在 2026 年 4 月 21 日全额兑付即赎回本期债券。 公司将根据相关业务规则，做好本期债券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 2026 年 3 月 10 日 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 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"） ...

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。 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公開發 行2021年永續次級債券（第二期）發行人不行使續期選擇權暨行使贖回權並全額兌 付的公告》，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9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。 （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：2026-023 中国银河证券股份有限公司 公开发行 2021 年永续次级债券（ ...

Group 1 - The report from China Galaxy Securities indicates that the rising cycle of upstream raw material prices presents clear profit recovery opportunities for leading textile yarn companies due to a contraction in wool supply and a recovery in demand, alongside fluctuating cotton prices and a supportive inventory-consumption ratio [2] - The wool market is entering a new price increase cycle starting from July 2025, with prices rising from 1208 AUD cents/kg to 1716 AUD cents/kg by February 2026, marking a 45% year-on-year increase [3] - The Australian wool production is expected to decline by 12.6% to 245,000 tons in the 2025/26 season, influenced by a significant reduction in the number of sheared sheep and a decrease in the average wool yield per sheep [4] Group 2 - The global cotton production and consumption have remained stable, with the 2025/26 market year production projected at 26 million tons, reflecting a minimal growth of 0.81%, while consumption is expected to remain steady at 25.89 million tons [5] - The inventory-consumption ratio for cotton is projected to be 62% for the 2024/25 season, which is at a lower level compared to the past decade, supporting domestic cotton prices amid expectations of reduced production in Xinjiang [5] - The cost of chemical fiber raw materials is rising due to Brent crude oil prices increasing from 61 USD/barrel to around 84 USD/barrel, establishing a cost center shift and profit recovery logic within the chemical fiber industry [6] Group 3 - The rising wool prices typically lead to increased profit margins for fine wool spinning companies, as they adopt a cost-plus pricing model, allowing for higher product prices during periods of rising wool prices [7] - Cotton is a core cost item for yarn companies, accounting for approximately 70% of raw material costs, and the profit margins of leading yarn companies are positively correlated with cotton prices [7] - The nylon business of leading chemical fiber company Taihua New Materials is expected to see profit margins increase as the price difference between nylon and caprolactam widens, indicating a potential for profit recovery in the chemical fiber industry [7]

Group 1 - The report from China Galaxy Securities indicates that the rising cycle of upstream raw material prices presents clear profit recovery opportunities for leading textile yarn companies, driven by a contraction in wool supply and a recovery in demand, alongside rising cotton prices and stable inventory-consumption ratios [1] - The wool market is entering a new price increase cycle, with prices rising from 1208 AUD cents/kg to 1716 AUD cents/kg, a 45% year-on-year increase, due to a predicted 12.6% decrease in Australian wool production for the 2025/26 season [2] - Global cotton production and consumption remain stable, with the 2025/26 market year production expected to reach 26 million tons, a slight increase of 0.81%, while the inventory-consumption ratio is projected to remain at 62%, supporting domestic cotton prices [3] Group 2 - The chemical fiber industry is experiencing a cost-driven price increase, with Brent crude oil prices rising from 61 USD/barrel to around 84 USD/barrel, leading to a recovery in processing margins for polyester and nylon products [4] - Companies like Xin'ao Co. and Bailong Oriental are expected to benefit from the rising wool prices, as their pricing models are based on cost-plus strategies, which enhance profit margins during periods of rising raw material costs [5] - The nylon segment, particularly for leading companies like Taihua New Materials, is anticipated to see profit margins increase as the price gap between nylon and caprolactam widens, indicating potential for further price recovery [6]

Core Viewpoint - The report from China Galaxy Securities indicates that China's new infrastructure has evolved from "concept proposal" to "system planning," emphasizing efficient operation and systematic layout during the 14th and 15th Five-Year Plans, which will drive the robust development of the communication industry [1][3]. Group 1: New Infrastructure Development - The National Development and Reform Commission highlighted the need for coordinated and efficient use of new infrastructure, focusing on building strategic, application-supporting, and forward-looking major technological infrastructures [2]. - The 15th Five-Year Plan emphasizes "appropriate advanced construction of new infrastructure," establishing the core principles of "coordinated promotion and efficient utilization" [3]. Group 2: Communication Infrastructure and Growth Potential - China's information and communication infrastructure has a significant scale advantage, with 80.9% availability of 5G-SA mode by the end of 2025, leading internationally [4]. - In the computing network sector, the U.S. leads with 44% of global data center capacity, while China holds 26%, indicating a competitive landscape [4]. - The satellite internet sector shows a considerable gap, with the U.S. having around 10,000 satellites in orbit compared to China's 250-300, suggesting substantial room for growth [4].

《中国企业社会价值探索与实践》由国务院国资委研究中心企业社会价值实验室编著，基于其阶段性研 究成果，通过九个章节，系统介绍了企业社会价值的理论研究、实践探索与企业案例等方面的研究成 果。中国银河证券研究院新发展研究院国际ESG中心主任、首席ESG分析师马宗明博士担任本书编委会 副主任。 2026年是"十五五"规划开局之年，也是国资央企强化担当、深化改革、谱写新篇的关键一年。新发展研 究院将继续推动与国资委研究中心的深入合作，不断加强对国资央企及其ESG发展的支持，为实现更高 质量的可持续发展贡献智库力量。 国际ESG中心供稿 （来源：中国银河证券新发展研究院） 2026年2月9日，国务院国有资产监督管理委员会研究中心向中国银河证券研究院发来感谢信，充分肯定 研究院在合作项目中的专业表现和贡献。信中指出，研究院积极参与国资委研究中心企业社会价值实验 室的建设，在《中国企业社会价值探索与实践》书籍的编写中给予了大力支持。正值辞旧迎新之际，向 新发院致以诚挚的感谢和崇高的敬意！ ...