中国银河证券股份有限公司 第五届董事会第九次会议（临时）决议公告 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。 2025年11月28日，中国银河证券股份有限公司（以下简称"公司"）以通讯方式召开第五届董事会第九次 会议（临时）。本次会议通知已于2025年11月19日以电子邮件方式发出。本次会议应出席董事10名，实 际出席董事10名，均以通讯表决方式出席本次会议。董事会全体董事按照董事会议事规则的相关规定参 加了本次会议的表决。本次会议的召集、召开及表决程序符合《中华人民共和国公司法》和《中国银河 证券股份有限公司章程》的规定。 会议形成如下决议： 一、通过《关于提请董事会审议撤销监事会办公室的议案》 议案表决情况：同意10票，反对0票，弃权0票。 证券代码：601881 证券简称：中国银河 公告编号：2025-109 二、通过《关于提请董事会审议合规总监2024年度暨2022-2024年任期考核结果的议案》 议案表决情况：同意10票，反对0票，弃权0票。 本议案已经公司董事会合规与风险管理委员会事前审议通过。 特此公告 ...

2025年11月29日，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）发布第五届 董事会第九次会议（临时）决议公告，宣布于11月28日以通讯方式召开的董事会审议通过了撤销监事会 办公室及合规总监2024年度暨2022-2024年任期考核结果等两项议案，所有议案均获全票通过。 会议召开程序合规 董事全员参与表决 公告显示，本次临时董事会通知已于2025年11月19日以电子邮件方式发出，会议应出席董事10名，实际 出席董事10名，均以通讯表决方式参与会议。中国银河证券强调，本次会议的召集、召开及表决程序符 合《中华人民共和国公司法》和《中国银河证券股份有限公司章程》的规定，决议合法有效。 中国银河证券董事会在公告中承诺，全体董事保证公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对内容的真实性、准确性和完整性承担个别及连带责任。本次董事会决议的后续实施情况，仍 需关注公司进一步公告。 点击查看公告原文>> 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考， ...

截至发稿，中国银河市值为1739亿元。 （记者 曾健辉） 每经AI快讯，中国银河（SH 601881，收盘价：15.9元）11月28日晚间发布公告称，公司第五届第九次 董事会临时会议于2025年11月28日以通讯方式召开。会议审议了《关于提请董事会审议撤销监事会办公 室的议案》等文件。 2025年1至6月份，中国银河的营业收入构成为：证券经纪业务占比43.11%，投资交易业务占比 28.07%，其他母子公司一体化业务占比9.33%，海外业务占比8.0%，机构业务占比7.59%。 每经头条（nbdtoutiao）——已有75人遇难，1名死者为消防员，还有10名消防员受伤！记者现场直击香 港大埔火灾：燃烧的宏福苑，五级大火的五个谜团 ...

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。 2025 年 11 月 28 日，中国银河证券股份有限公司（以下简称"公司"）以 通讯方式召开第五届董事会第九次会议（临时）。本次会议通知已于 2025 年 11 月 19 日以电子邮件方式发出。本次会议应出席董事 10 名，实际出席董事 10 名， 均以通讯表决方式出席本次会议。董事会全体董事按照董事会议事规则的相关规 定参加了本次会议的表决。本次会议的召集、召开及表决程序符合《中华人民共 和国公司法》和《中国银河证券股份有限公司章程》的规定。 证券代码：601881 证券简称：中国银河 公告编号：2025-109 中国银河证券股份有限公司 第五届董事会第九次会议（临时）决议公告 2025 年 11 月 29 日 本议案已经公司董事会合规与风险管理委员会事前审议通过。 特此公告。 中国银河证券股份有限公司董事会 会议形成如下决议： 一、通过《关于提请董事会审议撤销监事会办公室的议案》 议案表决情况：同意 10 票，反对 0 票，弃权 0 票。 本议案已经公司董事会战略与 ...

（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第五屆 董事會第九次會議（臨時）決議公告》，僅供參閱。 承董事會命 中國銀河證券股份有限公司 王晟 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） 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。 董事長及執行董事 中國北京 2025年11月28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：2 ...

销量方面：新能源车购置税免征持续至2025年底，2026-2027年政策调整为减半征收，每车减税额度不 超过1.5万元，对30万元以下产品新增购车成本比例更高，该价格带目标消费者对价格变化更加敏感， 预计形成更强的销量冲击。展望2026年，鸿蒙智行、零跑、吉利、江淮等车企进入密集的新品投放周 期，在产品力技术领先、新车矩阵丰富的优势下，部分主机厂有望持续提高销量和市场份额。 电动化方面：2023-2025年主流车企的纯电平台（如比亚迪e平台3.0、吉利SEA）完成验证，2026年将规 模化落地新车型；智能化方面，L3级别智能驾驶落地在即，智能化升级正在成为2026年各主流车企新 车型放量的关键驱动力，车企通过在新车型上大规模配置高阶智驾必备的核心硬件，匹配车企新车周期 节奏，对整体销量形成拉动作用；全球化方面，比亚迪等车企2024-2025年在匈牙利、泰国、巴西等地 新建工厂投产，2026年海外产能迎来释放。 新兴业务：Robotaxi（开放高速场景）受益于政策支持+技术进步+成本下行进入商业化拐点，主机厂与 科技龙头Robotaxi业务在国内外多点开花，逐渐形成商业闭环；低速无人物流车/矿卡（封闭/低速场 ...

近日，第四批国补资金690亿元已下达地方，国补实施机制持续完善，补贴发放方式持续优化，看好国 补政策对全年下游需求的催化作用。国补资金已全面下达，实施机制持续完善，资金监管与拨付效率提 升，看好政策对下游消费需求持续催化作用。 智通财经APP获悉，中国银河证券发布研报称，国补资金已全面下达，看好政策对下游消费需求持续催 化作用。数据显示，家具类消费已呈现回暖态势，10月零售额同比增长9.6%，1-10月累计增长19.9%； 包装行业方面，下游需求整体平稳，原材料价格小幅波动，产业升级步伐加快；轻工消费领域，头部IP 持续推新，如泡泡玛特新品系列陆续上市，推动玩具板块保持高成长性。投资上建议关注受益国补政策 的家居龙头、包装资源整合企业及具备IP推新能力的玩具公司。 中国银河证券主要观点如下： 地产数据仍然承压，看好国补回归对下游需求拉动作用 2025年1-10月，我国商品房累计销售面积达71982.00万平方米，同比-6.8%；累计销售额达69017.06亿 元，同比-9.6%。房屋新开工面积累计值达49061.39万平方米，同比-19.8%；房屋竣工面积累计值达 34861.00万平方米，同比-16.9%。 ...

Core Insights - The report from China Galaxy Securities highlights that by 2026, the Robotaxi sector is expected to reach a commercialization turning point driven by policy support, technological advancements, and cost reductions [1][3] - The automotive industry in China is projected to experience stable volume and gradual price increases in 2025, with a dual drive from exports and new energy vehicles [1][2] Group 1: 2025 Overview - In 2025, the Chinese automotive industry is expected to achieve a pattern of "stable volume and gradual price increase," supported by the effective recovery of domestic demand due to vehicle replacement policies [1] - Both wholesale and retail sales are anticipated to grow year-on-year, with an increasing penetration rate of new energy vehicles [1] - The industry is facing continued price wars, leading to further pressure on profitability, with revenue growth outpacing profit growth [1] Group 2: 2026 Outlook - The exemption of the new energy vehicle purchase tax is expected to continue until the end of 2025, with a reduction to half in 2026-2027, potentially impacting sales significantly, especially for vehicles priced below 300,000 yuan [2] - Major automakers like Hongmeng Zhixing, Leap Motor, Geely, and JAC are entering a period of intensive new product launches, which may enhance their sales and market share [2] - The mainstream automakers' pure electric platforms are expected to be validated by 2025, with new models being launched at scale in 2026 [2] - The rollout of L3-level intelligent driving technology is imminent, becoming a key driver for new model launches in 2026 [2] Group 3: Emerging Business Opportunities - The Robotaxi sector is benefiting from policy support, technological progress, and cost reductions, leading to a commercial breakthrough, with major manufacturers and tech giants expanding their operations [3] - Low-speed unmanned logistics vehicles and mining trucks are moving towards scale due to policy support and economic advantages [3] - The integration of the intelligent automotive supply chain with the robotics industry is creating multiple advantages, including technological migration and resource consolidation [3] Group 4: Investment Recommendations - The report recommends focusing on leading passenger vehicle manufacturers, the intelligent industry chain, and humanoid robotics industry, highlighting companies like Geely and Great Wall Motors as key players [3] - Beneficiary stocks include JAC Motors and Leap Motor in the passenger vehicle sector, and companies like SUTENG and Desay SV in the intelligent sector [3] - In the humanoid robotics sector, companies such as Top Group and Aikodi are identified as beneficiaries [3]

Core Viewpoint - The report from China Galaxy Securities indicates that by 2026, the Robotaxi sector is expected to reach a commercialization turning point driven by policy support, technological advancements, and cost reductions [1][4] Group 1: 2025 Overview - In 2025, the Chinese automotive industry is projected to achieve a stable volume and gradual price increase, driven by both domestic demand recovery and the dual engines of exports and new energy vehicles [2] - The wholesale and retail sectors are expected to see year-on-year growth, with an increasing penetration rate of new energy vehicles [2] - The ongoing price war is likely to further pressure industry profitability, leading to a scenario where revenue growth outpaces profit growth [2] Group 2: 2026 Outlook - The exemption of the purchase tax for new energy vehicles will continue until the end of 2025, with a planned reduction to half in 2026-2027, which may significantly impact sales, especially for products priced below 300,000 yuan [3] - Companies like Hongmeng Zhixing, Leap Motor, Geely, and JAC are expected to enter a period of intensive new product launches, potentially increasing their sales and market share due to their technological advantages and diverse product offerings [3] - Major automakers are anticipated to scale up new models based on validated pure electric platforms by 2026, while L3-level intelligent driving technology is nearing implementation, becoming a key driver for new model launches [3] - Global expansion efforts by companies like BYD are set to materialize with new factories in Hungary, Thailand, and Brazil, leading to increased overseas production capacity in 2026 [3] Group 3: Emerging Business Opportunities - The Robotaxi sector is benefiting from a combination of policy support, technological progress, and cost reductions, leading to a commercial breakthrough, with major manufacturers and tech giants developing this business both domestically and internationally [4] - Low-speed unmanned logistics vehicles and mining trucks are gradually moving towards scale due to policy support and economic advantages [4] - The integration of the intelligent automotive supply chain with the robotics industry is expected to create multiple advantages, including technological migration, precision manufacturing capability reuse, and supply chain resource integration [4] - Investment recommendations include leading passenger vehicle manufacturers in a strong new car cycle, as well as companies in the intelligent and humanoid robotics sectors, with specific mentions of Geely, Great Wall Motors, and others [4]

Core Viewpoint - China Galaxy Securities suggests focusing on the military industry chain's upstream, military trade, the two aircraft sectors, and equipment intelligence opportunities by 2026 [1] Short-term Outlook - In 2026, as the first year of the "14th Five-Year Plan," the main engine sector is expected to initiate a new round of inventory replenishment cycle, with the upstream of the military industry chain likely to benefit first [1] - The order-driven momentum is anticipated to start as early as the end of 2025 [1] Mid-term Outlook - Military trade demand is expected to reach a significant turning point, driving an increase in both quantity and price of equipment demand, benefiting main engine and key subsystem manufacturers [1] - Strong demand from AI in the power generation sector is likely to sustain the robust performance of the gas turbine industry chain [1] Long-term Outlook - By 2027, coinciding with the centenary of the military establishment, national defense spending is expected to maintain a high growth rate of around 7% [1] - The acceleration of new-generation main battle equipment iteration and the rising demand for new combat capabilities are likely to sustain high industry prosperity [1]