股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國銀河證券股份有限公司 備註： 第 1 頁 共 11 頁 v 1.2.0 FF301 因本公司於中華人民共和國註冊成立，"法定/註冊股本"之概念不適用於本公司。在上述第I部顯示「法定/註冊股本」的資料即本公司的已發行股本。 呈交日期: 2026年3月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 H | | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06881 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,690,984,633 | RMB | | 1 | RMB | | 3,690,984,633 | | 增加 / 減少 (-) ...

Core Viewpoint - The technology sector remains the long-term investment focus in the Hong Kong stock market, with concerns surrounding AI creating buying opportunities. The rise of China's AI capabilities is expected to boost market confidence, although full recovery will take time [1]. Group 1: Market Performance - During the week from February 23 to February 28, global major stock indices showed mixed performance. The Hang Seng Index rose by 0.82%, while the Hang Seng Tech Index and the Hang Seng China Enterprises Index fell by 1.41% and 1.12%, respectively [1]. - In terms of industry performance, five sectors in the Hong Kong stock market increased while six sectors decreased. The materials, real estate, and utilities sectors saw the highest gains, rising by 5.36%, 2.48%, and 1.60%, respectively. Conversely, healthcare, information technology, and consumer discretionary sectors experienced the largest declines, falling by 4.20%, 1.80%, and 1.55% [1]. Group 2: Market Liquidity - The average daily trading volume on the Hong Kong Stock Exchange for the week was HKD 241.836 billion, an increase of HKD 116.578 billion from the previous week [2]. - Cumulative net inflow of southbound funds reached HKD 6.705 billion, a decrease of HKD 21.095 billion compared to the previous week [2]. - For the week ending February 25, global active foreign funds saw a net inflow of USD 238 million into Chinese stocks, while passive foreign funds had a net inflow of USD 2.186 billion, with respective changes of a decrease of USD 83 million and an increase of USD 1.489 billion from the previous week [2]. Group 3: Valuation and Risk Appetite - As of February 27, 2026, the PE and PB ratios of the Hang Seng Index were 11.98 times and 1.23 times, respectively, placing them at the 77% and 55% percentile levels since 2010 [3]. - The yield on 10-year U.S. Treasury bonds decreased by 11 basis points to 3.97%, with the risk premium of the Hang Seng Index at 4.38%, which is -1.40 standard deviations from the 3-year rolling mean, placing it at the 8% percentile since 2010 [3]. - The AH share premium index for the Hong Kong-Shanghai Stock Connect rose by 1.77 points to 118.17, which is at the 12.21% percentile level since 2014 [3]. Group 4: Investment Outlook - Internationally, the U.S. and Israel have launched attacks on Iran, targeting its highest leaders. The U.S. is planning a multi-day operation, with economic issues being a key focus in recent political discussions [4]. - The market may continue to digest emotional disturbances in the short term, but the long-term supportive factors remain unchanged [4].

Core Viewpoint - ST Sike Rui (688053.SH) has announced a projected net loss for the year 2025, estimating a net profit attributable to shareholders of the parent company to be between -22.98 million yuan and -15.32 million yuan, with a net profit excluding non-recurring gains and losses expected to be between -24.37 million yuan and -16.71 million yuan [1]. Financial Performance Summary - In 2024, ST Sike Rui reported a net profit attributable to shareholders of the parent company of -21.00 million yuan, and a net profit excluding non-recurring gains and losses of -26.02 million yuan [1]. - The company's operating revenue for 2024 was approximately 143.81 million yuan, a decrease of 28.40% compared to 200.84 million yuan in 2023 [2]. - The revenue after excluding non-core business income was about 138.93 million yuan, reflecting a decline of 29.96% from 198.37 million yuan in 2023 [2]. - The net profit attributable to shareholders of the parent company in 2024 decreased by 143.90% compared to a profit of 47.84 million yuan in 2023 [2]. - The net profit excluding non-recurring gains and losses saw a decline of 161.25%, dropping from 42.48 million yuan in 2023 to -26.02 million yuan in 2024 [2]. Initial Public Offering (IPO) Details - ST Sike Rui raised a total of 138.83 million yuan from its initial public offering, with a net amount of 125.25 million yuan after expenses, which was 63.39 million yuan more than initially planned [3]. - The company intended to use the raised funds for various projects, including the construction of testing bases and a research and development center, with an initial fundraising target of 61.86 million yuan [3]. - The total issuance costs for the IPO amounted to 13.57 million yuan, with the underwriter, China Galaxy Securities Co., Ltd., receiving 10.76 million yuan in underwriting and sponsorship fees [3].

Core Viewpoint - The report from China Galaxy Securities indicates that the construction of AI infrastructure in China will continue to be strong through 2026, with a focus on increasing the domestic production rate, leading to positive investment opportunities in semiconductors and related components [1] Industry Data Tracking - Semiconductor sales reached $78.9 billion in December 2025, with a month-on-month growth of 2.7% and a year-on-year growth of 37.1%. The overall semiconductor sales for 2025 hit a record high of $791.7 billion, reflecting a year-on-year increase of 25.6%. All regions except Japan saw growth in semiconductor sales [2] - The global semiconductor manufacturing equipment sales are projected to reach a historical high of $133 billion in 2025, with a year-on-year growth of 13.7%. The market for semiconductor back-end equipment is expected to perform exceptionally well, with sales of testing equipment and packaging equipment anticipated to grow by 48.1% and 19.6%, respectively [2] - The demand for storage is surging due to the explosion of AI demand and supply bottlenecks, leading to an overall upward trend in storage prices. DRAM prices, crucial for AI servers, are expected to rise significantly, driven by high demand for HBM and limited supply of standard DRAM like DDR4 [2] Industry News - Storage demand remains robust, with SK Hynix's DRAM and NAND inventory reduced to about four weeks of supply. TSMC has announced strategic agreements with Micron Technology to establish a long-term relationship for advanced DRAM packaging [3] - ASML researchers have discovered a method to enhance the power of key chip manufacturing equipment, potentially increasing chip production by up to 50% by 2030. SK Hynix has introduced a new H3 architecture concept that integrates high-bandwidth memory (HBM) into a single design [3] Sector Tracking - Over the past month, the semiconductor index underperformed the CSI 300 index by 3.86 percentage points and the electronics index by 1.44 percentage points, with the semiconductor index showing a decline of 3.15% [4] - Over the past year, the semiconductor index outperformed the CSI 300 index by 27.08 percentage points and the electronics index by 1.22 percentage points, with the semiconductor index increasing by 46.38% [4]

2026年02月26日 MACD金叉信号形成，这些股涨势不错！ 为促进华宝中证细分食品饮料产业主题交易型开放式指数证券投资基金（以下简称食品ETF，基金 代码:515710）的市场流动性和平稳运行，根据《上海证券交易所基金自律监管规则适用指引第2号—— 上市基金做市业务》等相关规定，本所同意中国银河证券股份有限公司自2026年02月27日起为食品ETF 提供主做市服务。 特此公告。 上海证券交易所 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 上证公告（基金）【2026】393号 ...

Group 1 - The announcement pertains to the promotion of market liquidity and stable operation for the Huabao CSI Big Data Industry Exchange-Traded Open-Ended Index Securities Investment Fund (referred to as "Data Industry", fund code: 516700) [1] - China Galaxy Securities Co., Ltd. has been approved to provide primary market-making services for the Data Industry fund starting from February 27, 2026 [1]

Group 1 - The Shanghai Stock Exchange has approved China Galaxy Securities Co., Ltd. to provide primary market-making services for the Huabao CSI Consumer Leaders ETF starting from February 27, 2026 [1][2][3] - The approval aims to enhance market liquidity and ensure stable operation of the Consumer Leaders ETF, which is identified by the fund code 516130 [1]

Core Viewpoint - The optimization of the trade-in policy is effectively guiding consumers to purchase higher-priced vehicles, which is expected to enhance the effectiveness of the trade-in policy and provide favorable support for automotive market consumption [1][2]. Group 1: Trade-in Policy Impact - The trade-in policy has already stimulated automotive consumption exceeding 100 billion yuan, with the average purchase price for trade-in vehicles rising to over 164,000 yuan [2]. - As of February 19, 2026, the trade-in policy has benefited 28.88 million consumers, generating sales of 198.02 billion yuan, with 612,000 vehicles traded in, leading to new car sales of 100.53 billion yuan [2]. - The optimized subsidy standards include a 12% subsidy (up to 20,000 yuan) for new energy vehicles and a 10% subsidy (up to 15,000 yuan) for fuel vehicles with an engine size of 2.0 liters or less [2]. Group 2: Market Trends and Forecasts - In January 2026, China's automotive sales decreased by 3.2% year-on-year to 2.346 million units, with domestic sales down 14.8% to 1.665 million units, primarily due to the expiration of the new energy vehicle purchase tax exemption and the impact of the trade-in policy [3]. - The export of automobiles in January 2026 saw a significant increase of 44.9% year-on-year, with 681,000 units exported, indicating strong demand in overseas markets [3]. - The upcoming Beijing Auto Show (April 24 - May 3) and the launch of several flagship new energy products are expected to drive market demand recovery post-Spring Festival [4].

Group 1 - The core viewpoint of the article indicates that domestic automobile sales in China have experienced a temporary decline due to the traditional Spring Festival consumption lull and the impact of policy withdrawal [1] - The report anticipates a recovery in market demand following the Spring Festival, as production and work resumption progresses in an orderly manner [1] - The upcoming Beijing Auto Show, scheduled from April 24 to May 3, is expected to stimulate market activity as automakers prepare to launch flagship new models in the first half of 2026 [1] Group 2 - Several new models are expected to be launched, including the Li Auto L9 Livis, Xpeng GX, BYD Datang, Xiaomi YU7 GT, new SU7, AITO M6, Wey V9X, Zhiji V9, and Zeekr 8X [1] - The influx of new vehicle supply is likely to drive a rebound in market demand, with the penetration rate of new energy vehicles expected to hit a bottom and then recover [1]

Core Insights - The report from China Galaxy Securities highlights the rapid evolution of large model capabilities, pushing the industry into the "Agentic AI" phase, while noting uncertainties in software business models [1] - In contrast, hardware remains the most certain beneficiary of AI application implementation, presenting new business growth opportunities for companies in the consumer electronics supply chain [1] Consumer Electronics Industry - During the Chinese New Year period, there was a significant increase in the consumption of new types of electronic products [1] - Leading overseas companies are accelerating their investments in AI hardware, focusing on areas such as AI glasses, AI toys, humanoid robots, and smart driving [1]