2025年度第十期短期融资券兑付完成的公告 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"本公司"）于 2025 年 5 月 26 日 成功发行了中国银河证券股份有限公司 2025 年度第十期短期融资券（以下简 称"本期短期融资券"），本期短期融资券发行额为人民币 30 亿元，票面利 率为 1.68%，短期融资券期限为 179 天，兑付日期为 2025 年 11 月 21 日。（详 见本公司于 2025 年 5 月 27 日刊登于上海证券交易所网站（www.sse.com.cn） 的《中国银河证券股份有限公司 2025 年度第十期短期融资券发行结果公告》）。 2025 年 11 月 21 日，本公司兑付了本期短期融资券本息共计人民币 3,024,716,712.33 元。 特此公告。 中国银河证券股份有限公司董事会 证券代码：601881 证券简称：中国银河 公告编号：2025-107 中国银河证券股份有限公司 2025 年 11 月 25 日 ...

Core Viewpoint - China Galaxy Securities reaffirms the value of bank sector dividends, maintaining a positive outlook on medium to long-term capital market opportunities, particularly focusing on the structural market of quality urban and rural commercial banks under the "14th Five-Year Plan" financial transformation [1] Group 1: 2025 Review - As of November 14, the banking sector has seen a cumulative increase of 10.8%, driven primarily by capital market dynamics, with ongoing medium to long-term capital allocation favoring dividend value and quality fundamentals [1] Group 2: 2026 Outlook - The bank sector is expected to transition from performance recovery to structural optimization and momentum conversion, aligning better with economic development and stable operations, while structural factors begin to dominate pricing evolution [2] Group 3: Quantity and Price - On the asset side, credit growth is expected to be driven by optimized allocations, with corporate loans remaining the main driver, while retail loan growth may continue to be weak. Positive factors include structural tools and consumption promotion policies, with the negative impact from the real estate market expected to diminish. On the liability side, competition for core deposits is intensifying [3] - Net interest margin (NIM) is projected to stabilize between 1.45% and 1.50%, supported by policy backing and improved liability costs, although rebound potential is limited due to low interest rates and asset scarcity [3] Group 4: Long-term Perspective - The development of digital finance is anticipated to reshape banking operating models, with ongoing improvements in fintech and digital transformation policies. Future policy planning may adapt to new AI trends, promoting deeper integration of technology and business within the banking sector, enhancing cost efficiency and creating new growth avenues [5]

Core Viewpoint - The report from China Galaxy Securities highlights optimism for investment opportunities in the pharmaceutical industry by 2026, suggesting that after recent fluctuations, valuations have returned to relatively low levels, with a potential for a resurgence in growth [1] Investment Outlook - The pharmaceutical sector is expected to see significant differentiation in 2025, with various factors driving rapid growth in the innovative drug segment, particularly in the Hong Kong market [2] - China's innovative drug development is gaining a competitive edge globally due to cost advantages and efficient conversion capabilities, transitioning from a "technology follower" to a "leading participant" in the global pharmaceutical innovation landscape [2] Policy Outlook for 2026 - The 14th Five-Year Plan marks a year of deepening collaboration in the healthcare system, with policies expected to enhance the efficiency of medical insurance funds and support for innovative drugs and devices [3] - The focus will be on optimizing procurement rules to balance quality and innovation, driving domestic alternatives, and improving public health capabilities [3] Sector-Specific Investment Insights - **Innovative Drugs**: Anticipated breakthroughs in domestic innovative drugs, with several promising candidates entering late-stage clinical trials [4] - **Life Sciences and CXO Sector**: A structural recovery is expected as global financing conditions improve and domestic innovation ecosystems stabilize [4] - **Medical Devices**: Growth opportunities in the domestic medical device sector are anticipated, particularly in aging-related markets and overseas exports [4] - **Traditional Chinese Medicine and Biologics**: Market dynamics may shift due to clinical re-evaluations, with potential changes in profit margins for traditional Chinese medicine [4] Healthcare Services - The aging population presents a reliable opportunity in the healthcare services sector, emphasizing the importance of maintaining a strong position in this area [5] Aesthetic Medicine - Upgrades in ingredient formulations and the rise of domestic brands in aesthetic medicine are noteworthy, with a focus on specific segments like collagen and botulinum toxin [6] Pharmaceutical Commerce - Attention is drawn to accounts receivable turnover, with a positive outlook on new business models in Contract Sales Organizations (CSO) [7] Medical AI - The acceleration of artificial intelligence in healthcare is expected to significantly enhance clinical service capabilities and efficiency, particularly in medical diagnostics [7]

Group 1 - The core viewpoint is that with the implementation of the "Action Plan for Promoting the High-Quality Development of Public Funds" and the A-share market entering a "slow bull" phase, the market environment has significantly improved, leading to a potential revaluation of active equity funds [1][2] - Despite a weak performance of active equity funds from 2022 to 2024, 2025 is expected to be a crucial turning point, with many active funds showing positive stock selection capabilities and achieving significant excess returns in a structural market [1][2] - The report emphasizes the importance of focusing on thematic investments in state-owned enterprises, technology, and consumption sectors, while also identifying high-scoring individual stocks based on solid fundamentals to uncover stable alpha [1][2] Group 2 - The active fund performance is expected to improve in 2025, with 66% of active funds outperforming the CSI 800 index, particularly those concentrated in advanced manufacturing themes, indicating that a "core + satellite" investment strategy is effective in the current structural bull market [2] - The ETF market has seen a significant breakthrough in both quantity and scale since 2025, with the total ETF scale surpassing 5.7 trillion yuan, an increase of over 2 trillion yuan from the end of 2024, particularly in broad-based and leading industry themes [3] - The report outlines a multi-dimensional ETF quantitative allocation strategy that captures diverse returns, focusing on macro timing strategies, momentum strategies, and advanced techniques to achieve stable risk-adjusted returns in 2026 [4]

Core Viewpoint - China Galaxy Securities is actively issuing bonds to supplement its capital amid a favorable capital market environment, with a total bond issuance of 120 billion yuan in November alone, marking it as the largest bond issuer among listed brokerages in 2025 [1][3][4]. Bond Issuance - In November, China Galaxy announced a non-public issuance of corporate bonds totaling 50 billion yuan, with a two-year bond at a rate of 1.92% and a three-year bond at 1.97% [1][2]. - The company also issued 30 billion yuan in public short-term corporate bonds and 40 billion yuan in short-term financing notes, bringing the total bond issuance for the month to 120 billion yuan [1][3]. - As of November 23, 2025, China Galaxy has cumulatively issued bonds worth 1,385 billion yuan, leading the industry, followed by Huatai Securities at 1,307 billion yuan [3][4]. Financial Performance - For the first three quarters of 2025, China Galaxy reported a net profit attributable to shareholders of 109.68 billion yuan, a year-on-year increase of 57.51%, marking a historical high for the company [1][5]. - The company's operating revenue decreased by 16.01% to 227.51 billion yuan, indicating a shift in revenue sources [6]. - The significant profit increase is attributed to growth in investment, brokerage, and investment banking businesses [6][7]. Business Segments - Investment business revenue reached 120.81 billion yuan, up 41% year-on-year, driven by increased market activity [6][7]. - Brokerage business net income from fees surged by 70.74% to 63.05 billion yuan, supported by a robust retail presence and a comprehensive wealth management system [7]. - Investment banking fees increased by 29.88% to 4.75 billion yuan, with a notable performance in bond underwriting, achieving a main underwriting scale of 576.1 billion yuan, up 76.1% [7][8]. Industry Trends - The bond issuance scale among brokerages has significantly increased in 2025, with a total of 73 brokerages issuing bonds worth 1.7 trillion yuan, a year-on-year growth of 55.84% [3][4]. - Factors driving this growth include low interest rates, the launch of a new bond market segment, and a favorable capital market environment [4].

Core Viewpoint - Investor sentiment is significantly influenced by expectations of interest rate cuts by the Federal Reserve and geopolitical situations, leading to rapid rotation of market hotspots and a likely continuation of a volatile trend in the Hong Kong stock market [1] Sector Recommendations - The market's fluctuating risk appetite may drive investors towards dividend stocks for defensive positioning [1] - Concerns regarding the AI bubble are gradually diminishing following recent market corrections, presenting new allocation opportunities in the technology sector [1] - The effects of "anti-involution" policies are becoming evident, with changes in supply and demand dynamics potentially leading to a sustained rebound in cyclical stocks as commodity prices rise [1]

中国银河证券表示，在市场情绪较为谨慎、板块轮动速度加快、热点行情持续性不足的环境下，A股市 场呈现出明显的"高切低"特征。预计短期行情仍以震荡结构为主。同时，近期行情主要受到前期涨幅较 大和市场担忧情绪加重的拖累，企业盈利和产业发展向上趋势并未出现根本性逆转。周五欧美股市多数 收涨也释放边际回暖信号。建议关注近期调整后的布局机会。随着经济转型背景下新兴产业结构性亮点 更加突出，PPI降幅收窄带动企业利润率水平进一步回升，同时市场流动性向上逻辑有望持续演绎，A 股向好趋势不改。 ...

Group 1 - The core point of the article highlights the transfer of shares of China Shangcheng (02330) from China Galaxy Securities Hong Kong to Hang Seng Securities, with a market value of HKD 17.8843 million, accounting for 7.45% of the total shares [1] - On October 28, China Shangcheng announced that all conditions of the placement agreement had been met, and the placement was completed on October 28, 2025 [1] - A total of 75.4743 million shares were successfully placed at a price of HKD 0.180 per share to three investors, which represents approximately 16.67% of the company's issued share capital after the placement [1]

Core Insights - On November 21, China Shangcheng (02330) shareholders transferred stocks from China Galaxy Securities Hong Kong to Hang Seng Securities, with a total market value of HKD 17.8843 million, representing 7.45% of the company [1] Group 1: Stock Transfer - The stock transfer involved a market value of HKD 17.8843 million [1] - The transfer accounted for 7.45% of the company's shares [1] Group 2: Placement Agreement - On October 28, China Shangcheng announced that all conditions of the placement agreement had been met, and the placement was completed on October 28, 2025 [1] - A total of 75.4743 million shares were successfully placed at a price of HKD 0.180 per share to three investors [1] - The placement represented approximately 16.67% of the company's issued share capital after the placement [1]

Group 1: Trend of Trendy Toys - The younger generation's "love for play" is reshaping market dynamics, with trendy toys, "Guzi," and AI toys becoming popular among Generation Z due to their emotional value and interactive experiences [1][2] - The trendy toy market has shown strong growth, with a compound annual growth rate (CAGR) of 34% from 2015 to 2022, and is expected to exceed 76 billion yuan in 2024 [1][10] - Generation Z, with a disposable income exceeding 3,500 yuan per month, is a significant consumer group, seeking artistic and unique products while enhancing their sense of belonging through second-hand community trading [1][17] Group 2: Guzi Market Growth - "Guzi," referring to merchandise derived from anime and games, is gaining popularity among young consumers, with the market expected to grow by 41% year-on-year to reach 168.9 billion yuan in 2024 [2][23] - The low price range of Guzi products (10 to 30 yuan) makes them accessible, turning them into "social currency" among teenagers [2][23] - The rapid increase in offline Guzi stores has significantly boosted foot traffic in shopping malls, exemplified by a tenfold increase in a Wuhan mall after introducing Guzi stores [2][31] Group 3: AI Toys Integration - The integration of AI technology into toys is becoming more prevalent, with AI-driven toys expected to account for over 15% of the global toy market by 2025 [6][35] - AI toys, such as Sony's AIBO and Robosen's transforming robots, are gaining popularity, with some products experiencing resale prices exceeding their original prices [6][41] - Chinese companies are actively entering the AI toy market, with products featuring built-in large models for interactive experiences, expanding market boundaries [2][6] Group 4: Cultural Export and Global Appeal - The new wave of toys not only meets the emotional needs of domestic youth but also serves as a significant vehicle for Chinese culture to go global, with brands like Pop Mart achieving explosive growth in overseas markets [3][6] - In 2024, revenue from Pop Mart's Hong Kong, Macau, and overseas businesses is expected to grow by 375% year-on-year, highlighting the global appeal of Chinese trendy toy culture [3][6] Group 5: Investment Opportunities - The trendy toy, Guzi, and AI toy sectors are benefiting from multiple driving forces, maintaining high growth rates and promising future development prospects [6][8] - Recommended companies for investment include Pop Mart, Blok, and Guangbo Co., with a focus on AI toy companies like Shifeng Culture and TCL Electronics [6][8]