2025年度第二十三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 9 月 17 日 成功发行了中国银河证券股份有限公司 2025 年度第二十三期短期融资券（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 40 亿元，票 面利率为 1.70%，短期融资券期限为 146 天，兑付日期为 2026 年 2 月 10 日。 证券代码：601881 证券简称：中国银河 公告编号：2026-019 中国银河证券股份有限公司 特此公告。 中国银河证券股份有限公司董事会 2026 年 2 月 12 日 （详见本公司于2025年9月18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 年度第二十三期短期融资券发行结果公 告》）。 2026 年 2 月 10 日，本公司兑付了本期短期融资券本息共计人民币 4,027,200,000.00 元。 ...

中國銀河證券股份有限公司 海外監管公告 （在中華人民共和國註冊成立之股份有限公司） （股份代號：06881） 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。 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。 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2025年 度第二十三期短期融資券兌付完成的公告》，僅供參閱。 承董事會命 2025年度第二十三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 9 月 17 日 成功发行了中国银河证券股份有限公司 2025 年度第二十三期短期融资券（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 40 亿元，票面 利率为 1.70%，短期融资券 ...

Core Viewpoint - China Galaxy Securities successfully issued its 23rd short-term financing bond for the year 2025, raising a total of RMB 4 billion with a coupon rate of 1.70% [1] Group 1 - The total issuance amount of the short-term financing bond was RMB 4 billion [1] - The bond has a maturity period of 146 days, with a repayment date set for February 10, 2026 [1] - On the repayment date, the company will pay back a total of RMB 4.027 billion, which includes both principal and interest [1]

Group 1 - The company announced the issuance of the 23rd short-term financing bond for the year 2025, with an issuance amount of 4 billion yuan and a coupon rate of 1.70% [1] - The term of the bond is 146 days, with the maturity date set for February 10, 2026 [1] - The company has repaid the principal and interest of the short-term financing bond, totaling 4.027 billion yuan [1]

Group 1 - The core viewpoint of the report indicates that the AIDC sector remains buoyant, with explosive growth in electricity demand and power equipment requirements [1] - The U.S. Department of Energy predicts that AIDC electricity demand will increase from 176 TWh in 2023 to between 325-580 TWh by 2028, raising its share of total U.S. electricity demand from 4.4% to 6.7%-12% [1][8] - The aging U.S. power grid, with 70% of transformers exceeding their 25-year design life and a backup load rate of only 20%, is under pressure to meet the surging electricity demand driven by AI [1][8] Group 2 - North American tech giants are significantly increasing their capital expenditures, with Amazon planning $200 billion in 2026 (up 50% YoY), Google estimating $175-185 billion (up 91%-102% YoY), and Meta projecting $115-135 billion (up 59%-87% YoY) [1] - Domestic internet companies in China, such as Alibaba, plan to invest between 380 billion to 480 billion yuan in AI infrastructure and cloud computing over the next three years, while ByteDance expects to reach 160 billion yuan in capital expenditure by 2026 [1] Group 3 - The transition to 800V HVDC is being accelerated by companies like NVIDIA, which plans to shift to this system by 2027, while domestic manufacturers are expected to achieve initial shipments by the second half of 2026 [2] - The 800V HVDC system is anticipated to improve efficiency, reliability, and reduce copper usage by approximately 45%, addressing the high-density computing power requirements [2] Group 4 - The global liquid cooling market is projected to reach approximately $15 billion (around 105 billion yuan) by 2026, with a compound annual growth rate (CAGR) of about 30% from 2026 to 2028 [6] - The penetration rate of liquid cooling in AI data centers is expected to rise from 14% in 2024 to 40% in 2026, driven by the increasing power demands of chips like Google's TPU and NVIDIA's upcoming Rubin series [6] Group 5 - North America faces a significant electricity supply gap, with AIDC electricity demand expected to grow from 8.9 GWh in 2025 to 190 GWh by 2030, reflecting a CAGR of approximately 84% [8] - The supply gap for transformers in North America is estimated at 30%, with Chinese manufacturers holding 60% of global transformer production capacity, indicating a favorable outlook for Chinese transformer exports [9]

Group 1 - The core viewpoint of the article is that Pop Mart's latest sales forecast has increased its performance visibility, with significant expected growth in net profit and revenue due to supply chain optimization and product mix improvement [1] - Pop Mart reported total sales exceeding 400 million units last year, and analysts predict a 310% increase in net profit by 2025, reaching RMB 13.9 billion [1] - The company's annual revenue is expected to surge by 203% to RMB 39 billion, driven by the expansion of overseas stores, with approximately 70 new stores planned for this year [1] Group 2 - China Galaxy International maintains a buy rating on the stock with a target price of HKD 391.00, despite the stock experiencing a decline of 5.3% to HKD 255.40 [1]

Core Viewpoint - The Chinese film market is experiencing a pronounced "Matthew Effect," with a strong preference for high-quality films among audiences, as evidenced by the pre-sale performance of films for the 2026 Spring Festival [1] Group 1: Film Market Trends - The 2026 Spring Festival has six films scheduled for release, which is slightly lower than the average in recent years, but four of these films have already surpassed 10 million in pre-sale box office [1] - The cumulative pre-sale box office for the 2026 Spring Festival reached 100 million yuan by February 10, with "Flying Life 3," "Silent Awakening," and "Biao Ren: Wind Rises in the Desert" leading the pre-sale rankings [1] - The 2025 film market saw a total box office of 51.8 billion yuan, a 22% year-on-year increase, largely driven by the Spring Festival films, particularly the animated film "Nezha: The Devil's Child" [3] Group 2: IP and Audience Engagement - The 2026 Spring Festival films are all domestic productions, featuring several high-profile IP films, which have garnered significant audience interest and pre-sale performance [2] - The success of these films is closely tied to the audience's recognition of these high-value IPs, suggesting a trend where successful sequels and new IPs are likely to emerge [2] - The "self-pleasing economy" among Generation Z is fostering the growth of IP-related products, which is expected to empower the entire film IP and its surrounding industries [2]

中国银河证券表示，近年以来，电影市场档期效应和马太效应愈发明显。从目前春节档定档以及第三方 平台热度来看表现来看，观影群体对优质影片仍有较高接受度和观影意愿。2026年春节假期长达9天， 有望为档期票房的释放提供更为充裕的时间窗口期，关注后续春节档票房表现。 ...

Group 1 - The core viewpoint is that from early February to the Spring Festival, market funds are expected to accelerate rotation in sectors such as technology and non-ferrous metals, with strong-performing stocks becoming the focus [1] - The asset allocation focus will shift from a total "beta" approach to a structural "alpha" market trend [1] - The current Hong Kong stock market is forming a complete AI industry chain listing system, and with a mild appreciation of the RMB, the valuation of Chinese assets is expected to increase [1] Group 2 - The Hong Kong stock market is likely to experience a fluctuating upward trend influenced by the sentiment spillover from the A-share market [1] - Due to the Spring Festival occurring in mid-February and the later date of the 2026 Spring Festival, significant changes in market style are unlikely [1]

选择权的第一次提示性公告 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"）于2026年2月7日披露了《中国银河证券股份 有限公司公开发行2021年永续次级债券（第一期）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》（公告编号：2026-015），本公告为上述事项的提示性公告。 公司于2021年3月29日完成中国银河证券股份有限公司公开发行2021年永续次级债券（第一期）（以下 简称"21银河Y1"）的发行工作。根据《中国银河证券股份有限公司公开发行2021年永续次级债券（第 一期）募集说明书》，21银河Y1设发行人赎回权，于21银河Y1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21银河Y1。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：601881 证券简称：中国银河 公告编号：2026-018 中国银河证券股份有限公司 关于行使"21银河Y1"发行人赎回 公司将根据相关业务规则，做好21银河Y ...