Core Insights - The report from China Galaxy Securities highlights a significant increase in attention towards AI applications, driven by intensive catalysts in the application sector, transitioning from traditional SEO to GEO, which is expected to facilitate the commercialization of AI [1][2] Group 1: AI Application Trends - AI applications are anticipated to see a surge in commercialization, particularly in B-end applications, as GEO leads the market by controlling traffic in the AI era, thereby enhancing its commercial value [2] - The internal application of AI models in enterprises is beginning to show cost-reduction and efficiency-enhancement effects, suggesting a focus on B-end applications such as AI in marketing, industrial software, healthcare, and finance [2] Group 2: Data Center and Domestic Computing Power - The demand for data centers is expected to rebound starting in Q4 2025, with major internet companies accelerating their data center layouts, potentially outpacing the 2025 timeline [3] - The recovery of H200 supply could enhance the efficiency of large model training, further accelerating the deployment of AI applications and increasing demand for domestic computing power chips [3] Group 3: Investment Recommendations - Key investment targets include major model and MaaS vendors such as Alibaba-W, Zhizhu AI, and MINIMAX-WP, as well as companies in the domestic computing power and data center supply chain [4][5] - Specific sectors for investment include AI in marketing, industrial software, healthcare, office applications, ERP, and finance, with recommended companies listed for each category [4][5]

Core Viewpoint - China Galaxy Securities predicts that during the "14th Five-Year Plan" period, the investment scale in the power grid may reach around 1 trillion yuan annually, with significant growth expected in the investment from State Grid and Southern Grid in 2026 [1] Group 1: Investment Outlook - The total fixed asset investment by State Grid is expected to reach 4 trillion yuan during the "14th Five-Year Plan," a 40% increase compared to the previous plan, while Southern Grid's investment is projected to be around 1 trillion yuan [1] - The anticipated investment amounts for State Grid and Southern Grid in 2026 are 700 billion yuan and 189 billion yuan, respectively, representing year-on-year growth of 7.6% and 8.0% [1] Group 2: High Voltage and Main Network - By the end of 2025, State Grid plans to complete 42 high-voltage projects, with expectations for further approvals and construction of additional projects in 2026 [2] - The demand for core equipment in the power system is increasing, with a projected tender amount for State Grid's transmission and transformation equipment reaching 91.88 billion yuan in 2025, a year-on-year increase of 25.3% [2] Group 3: Distribution Network and Metering - The distribution network is expected to see significant growth, with a total tender amount of 124.57 billion yuan in 2025, driven by the demand for smart upgrades [3] - The new standards for metering equipment are expected to lead to a recovery in prices, with 2026 anticipated to be a year of simultaneous volume and price increases [3] Group 4: Global Trends and AI Demand - North America is facing a significant electricity shortfall, with AI data center (AIDC) demand projected to increase electricity consumption from 176 TWh in 2023 to between 325-580 TWh by 2028 [4] - Global electricity and grid investment is expected to reach new highs, with projections of $1.5 trillion in 2024 and over $3.3 trillion by 2035, reflecting a compound annual growth rate (CAGR) of 8% from 2025 to 2035 [4] Group 5: Export Opportunities - The overseas supply of power equipment is expected to face shortages, with delivery times for transformers and high-voltage cables in Europe and the U.S. nearly doubling [5] - In the first 11 months of 2025, exports of transformers, meters, and other electrical equipment showed significant growth, indicating a continued upward trend in 2026 [6]

Core Viewpoint - The focus is on the historic moment of the Hainan Free Trade Port's official operation, highlighting the significant role of China Galaxy Securities in this development and its contributions to the global supply chain [1][2]. Group 1: Market Performance and Company Growth - The domestic capital market is experiencing a robust recovery, with the A-share index reaching a ten-year high, driven by high-growth sectors such as AI, semiconductors, and smart manufacturing [2]. - China Galaxy Securities reported its best performance in 25 years for 2025, with total assets increasing from 445.7 billion to 861.1 billion yuan and net assets rising from 82 billion to 152.4 billion yuan, marking nearly a twofold growth [2]. - The company has seen a customer increase of over 7 million accounts and a market capitalization growth of over 50 billion yuan, significantly enhancing its overall strength [2]. Group 2: Strategic Initiatives in Hainan - China Galaxy Securities is deeply involved in the development of the Hainan Free Trade Port, aiming to transform Hainan from a logistics channel to a "super interface" for global supply chains entering China [2][3]. - The company has organized high-profile events in Hainan, such as the Southeast Asia Two-Way Investment Forum and the International Consumption and Investment Theme Exchange, to foster regional cooperation and investment [3]. - A strategic cooperation agreement was signed with the Hainan International Economic Development Bureau to leverage tax incentives and financial facilities for comprehensive financial services [3]. Group 3: Financing Solutions and Green Development - China Galaxy Securities has provided extensive financing solutions, including assisting the Hainan provincial government in issuing offshore RMB bonds totaling 13 billion yuan and supporting major enterprises with tailored financial services [4]. - The company has introduced innovative products for green development, such as the first domestic cross-border carbon emission rights swap product, which has received multiple international awards [4]. Group 4: Regional Connectivity and Global Strategy - The company has established itself as the most widely positioned Chinese investment bank in the ASEAN region, exemplified by the successful launch of a direct flight route from Haikou to Kuala Lumpur [5]. - China Galaxy Securities aims to integrate its marketing network to support Chinese enterprises in leveraging Hainan's advantages for global expansion, aligning with the evolving global economic landscape [6]. - A new platform for high-quality services for enterprises going abroad has been established in collaboration with the Hainan Provincial Financial Office, enhancing support for domestic and international businesses [6].

Core Viewpoint - The conference "New Pattern · New Hub - Hainan Free Trade Port Empowering Global Supply Chain Construction" highlights Hainan's strategic role in China's modernization and its commitment to higher levels of openness, with China Galaxy Securities positioning itself as a key partner in this development [1][2]. Group 1: Conference Overview - The conference is the first of its kind focused on global supply chain construction since Hainan's full closure, aiming to gather consensus and outline a new blueprint for global supply chain hubs [1]. - The event was hosted by the Hainan Provincial Financial Office and organized by China Galaxy Securities, emphasizing the importance of Hainan's unique geographical and institutional advantages [1][2]. Group 2: Economic and Strategic Insights - The global economic landscape is undergoing significant changes, with supply chains being restructured, and Hainan is poised to seize new development opportunities [2]. - The "New Pattern" refers to a new international economic cooperation framework amidst de-globalization, while the "New Hub" signifies Hainan's ambition to become a key node in global supply chain resource allocation [2]. Group 3: Achievements and Initiatives - China Galaxy Securities has made substantial progress in five areas: 1. Establishing platforms for investment forums and international exchanges to enhance communication [2]. 2. Launching a 10 billion yuan fund for the construction of the free trade port, with a total fund size reaching 20.9 billion yuan [2]. 3. Assisting in the issuance of 13 billion yuan in offshore RMB local government bonds and providing comprehensive financial services to key state-owned enterprises [3]. 4. Promoting green development through the establishment of a carbon market and innovative financial products [3]. 5. Expanding its presence in Southeast Asia, aligning with Hainan's strategic positioning [3]. Group 4: Cross-Border Financial Services - China Galaxy Securities is actively building a bridge between Hainan and ASEAN capital markets, leveraging its extensive network and resources [4]. - The firm supports cross-border mergers and acquisitions and financing for Chinese enterprises venturing abroad, enhancing their global competitiveness [5]. Group 5: Ecosystem Development - The establishment of the "Hainan Free Trade Port High-Quality Service Platform for Enterprises Going Abroad" aims to integrate resources and provide comprehensive solutions for businesses [6]. - The "Gathering Hainan · Connecting the World" initiative was launched, with participation from leading companies, showcasing a strong consensus on utilizing Hainan as a strategic base for global operations [6]. Group 6: Future Outlook - China Galaxy Securities is committed to supporting national strategies and aims to create a comprehensive financial service ecosystem that facilitates Hainan's role as an important gateway for international trade [5][7].

Core Viewpoint - The conference "New Pattern · New Hub" highlighted the role of Hainan Free Trade Port in enhancing global supply chain construction, with China Galaxy Securities positioning itself as a key strategic partner in this initiative [1][2]. Group 1: Conference Overview - The conference was the first of its kind focused on global supply chain construction since the full closure of Hainan Free Trade Port, aiming to gather consensus and outline a new blueprint for global supply chain key hubs [1]. - The event was hosted by the Hainan Provincial Financial Office and organized by China Galaxy Securities, emphasizing the importance of Hainan's unique geographical and institutional advantages in the new global economic landscape [1][2]. Group 2: Company Achievements and Initiatives - China Galaxy Securities has made significant progress in five areas to support the construction of Hainan Free Trade Port: platform building, fund investment, investment banking services, green development, and international expansion [2][3]. - The company has established a total scale of 10 billion yuan for a mother fund aimed at Hainan Free Trade Port construction, with sub-funds reaching a cumulative scale of 20.9 billion yuan, and recently approved to expand the mother fund to 20 billion yuan [2][3]. - The company has assisted the Hainan provincial government in issuing a total of 13 billion yuan in offshore RMB local government bonds and has provided comprehensive financial services to key state-owned enterprises in Hainan [3]. Group 3: Strategic Positioning and Future Plans - Hainan's geographical position as a hub between China and Southeast Asia is increasingly significant, with China Galaxy Securities leveraging its resources to build a solid bridge between Hainan and ASEAN capital markets [4][5]. - The company has launched the "Galaxy Starry Entrepreneur Office" platform to provide integrated services for enterprises, including market value management and cross-border merger consulting, aiming to become a crucial bridge for high-growth Chinese enterprises and global capital [5]. - China Galaxy Securities is committed to supporting national strategies and aims to create a comprehensive financial service ecosystem to enhance Hainan's role as an important gateway for international trade [6][7]. Group 4: Ecosystem Development - The conference also marked the establishment of the "Hainan Free Trade Port High-Quality Service Platform for Enterprises Going Abroad," which integrates top institutions to create a comprehensive service system for global supply chains [6]. - The initiative received support from leading enterprises, showcasing a strong consensus among industry leaders to use Hainan as a strategic base for global operations [6]. - China Galaxy Securities plays a pivotal role in this ecosystem, facilitating the development of a safe and efficient cross-border investment service environment [6][7].

Group 1 - China Galaxy Securities executed three block trades on January 15, totaling 2.598 million shares and a transaction value of 37.3593 million yuan, with a transaction price of 14.38 yuan, reflecting an 8.29% discount compared to the closing price of the day [1][2] - The closing price of China Galaxy on the same day was 15.68 yuan, down 1.88%, with a turnover rate of 0.89% and a total transaction amount of 1.015 billion yuan, indicating a net outflow of 51.4924 million yuan in main funds [1][2] - Over the past five days, the stock has declined by 2.24%, with a cumulative net outflow of funds amounting to 74.1534 million yuan [1][2] Group 2 - The latest margin financing balance for China Galaxy is 3.006 billion yuan, which has decreased by 6.9368 million yuan over the past five days, representing a decline of 0.23% [2] - China Galaxy Securities Co., Ltd. was established on January 26, 2007, with a registered capital of 1.0934402256 billion yuan [2]

Core Viewpoint - China Galaxy Securities (06881.HK) has successfully completed the public issuance of its 2026 perpetual subordinated bonds (Phase 1) on January 15, 2026, with a total issuance size of RMB 5 billion [1] Group 1: Bond Issuance Details - The bonds were issued at a price of RMB 100 per unit [1] - The bonds have a repricing cycle of five years, with the first coupon rate set at 2.37% for the initial five-year period [1] - The company has the option to extend the bond term for an additional repricing cycle or fully redeem the bonds at the end of each cycle [1] Group 2: Fund Utilization - Proceeds from the bond issuance will be used to supplement the company's working capital [1] Group 3: Underwriting Participation - The main underwriter, CITIC Securities Co., Ltd., subscribed to RMB 150 million of the bonds [1] - Other participating underwriters include Shenwan Hongyuan Securities Co., Ltd. and its affiliate, which subscribed for RMB 120 million, and Guotai Junan Securities Co., Ltd. and its affiliates, which subscribed for RMB 140 million and RMB 50 million respectively [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。 1 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。 （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（第一期）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%。 亦提述本公司日期為2025年8月22日之公告，內容有關本公司收到中國證券監督 管理委員會的批覆，核准本公司向專業投資者公開發行面值總額不超過人民幣200 億元的永續次級公司債券。 董事會欣然宣佈，根據上述股東授權及中國證券監督管理委員會的批覆，本公司 已於2 ...

Group 1 - The core transaction on January 15 involved China Galaxy, with a total of 2.598 million shares traded, amounting to 37.3593 million yuan, which represented 3.55% of the total trading volume for that day [1] - The transaction price was 14.38 yuan, reflecting an 8.29% discount compared to the market closing price of 15.68 yuan [1] - The trading data indicates multiple transactions on the same day, with varying amounts and prices, all centered around the same stock, China Galaxy [2]

证券代码：601881 证券简称：中国银河 公告编号：2026-004 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（第一期）发行结果公告 本期债券发行工作已于 2026 年 1 月 15 日结束，本期债券实际发行规模人 民币 50 亿元，首个定价周期（前 5 个计息年度）的票面利率为 2.37%，认购 倍数为 1.904 倍。 经核查，发行人的董事、高级管理人员、持股比例超过 5%的股东及其他 关联方未参与本期债券认购。 本期债券存在承销机构及其关联方认购情况，为主承销商中信建投证券股 份有限公司参与认购并获配本期债券金额人民币 1.5 亿元，主承销商申万宏源 证券有限公司的关联方富国基金管理有限公司参与认购并获配本期债券金额 人民币 1.2 亿元，主承销商国信证券股份有限公司的关联方南方基金管理股份 有限公司和华润深国投信托有限公司分别参与认购并获配本期债券金额人民 币 1.4 亿元和人民币 0.5 亿元。前述认购报价及程序均符合相关法律法规的规 定。 特此公告。 中国银河证券股份有限公司董事会 2026 年 1 月 16 日 本公司及其董事会全体成员保证公告内容的真实、准确和完 ...