截至2025年11月21日收盘，中国银河（601881）报收于15.88元，较上周的16.85元下跌5.76%。本周， 中国银河11月20日盘中最高价报17.2元。11月21日盘中最低价报15.8元。中国银河当前最新总市值 1736.38亿元，在证券板块市值排名6/50，在两市A股市值排名85/5167。 本周关注点 公司公告汇总 中国银河：2025年面向专业投资者公开发行短期公司债券（第一期）发行结果公告 中国银河证券股份有限公司2025年面向专业投资者公开发行短期公司债券（第一期）于2025年11月17日 发行完毕，实际发行规模为人民币30亿元，期限184天，最终票面利率为1.67%，认购倍数为3.86倍。发 行采用网下面向专业投资者簿记建档方式，发行价格为每张100元。大成基金管理有限公司获配0.2亿 元；主承销商关联方兴业基金和中信银行分别获配3亿元和5亿元，相关认购符合法规要求。 中国银河：2025年度第二十期短期融资券兑付完成的公告 中国银河证券股份有限公司于2025年8月21日发行的第二十期短期融资券，发行额为人民币40亿元，票 面利率1.64%，期限85天，兑付日为2025年11月14日。公司 ...

Group 1 - The company, China Galaxy, reported a total of 125,066 shareholders as of September 30, 2025, which includes 124,499 A-share ordinary shareholders and 567 H-share registered shareholders [1]

Core Viewpoint - The A-share market has been strong since July 2025, leading to a significant increase in bond issuance by securities firms, with a year-to-date issuance exceeding 1.6 trillion yuan, a growth of over 50% year-on-year [1] Group 1: Bond Issuance - As of November 21, 2025, 73 securities firms have issued bonds totaling over 1.6 trillion yuan, marking a year-on-year increase of more than 50% [1] - China Galaxy, Guotai Junan, and Huatai Securities are the top three firms in terms of bond issuance, with amounts of 134.9 billion yuan, 124.3 billion yuan, and 121.9 billion yuan respectively [1] - China Galaxy began its aggressive bond issuance in May 2025, with a monthly issuance exceeding 10 billion yuan, peaking at 21 billion yuan in August [1] Group 2: Financial Performance - China Galaxy's assets have shown a positive trend, with significant increases in customer deposits and lending activities, reflecting a robust market environment [2] - The company's lending amounts were 101 billion yuan and 132.5 billion yuan at the end of Q2 and Q3 respectively, with a quarter-on-quarter growth of 31% in Q3 [2] - Revenue for Q3 2025 reached 9.004 billion yuan, representing a year-on-year growth of 55.94%, driven by significant increases in brokerage, proprietary trading, and net interest income [2] Group 3: Risk Management and Credit Business - The annualized return on investment for China Galaxy in Q3 was 4.49%, an increase of 0.64 percentage points year-on-year, ranking 17th among 43 listed securities firms [3] - The company has maintained a balanced approach to risk management, with no significant shift towards equity assets despite the expansion of proprietary trading [3] - Credit impairment losses for the first three quarters of 2025 were negative, indicating a decrease in expected credit risk, contrasting with a significant impairment loss recorded in Q4 2024 [3][4] Group 4: Overall Assessment - China Galaxy's proactive bond issuance strategy and focus on proprietary business have led to strong performance in Q3 2025 [5] - There are concerns regarding the potential lag in credit impairment loss recognition, suggesting that current performance may not fully reflect operational risks [5]

Core Viewpoint - The report from China Galaxy Securities emphasizes the importance of identifying and capturing turning points in the agricultural sector in 2026, focusing on core indicators and finding entry points within a relatively reasonable valuation range [1] Group 1: Swine Breeding - The swine breeding sector is expected to benefit from changes in supply and demand, with a continued emphasis on a balanced approach of offense and defense [1] - The investment opportunities in the swine breeding sector arise from changes in production capacity affecting pig price expectations, with a recommendation to focus on major players like Muyuan Foods (002714) and Wens Foodstuff Group (300498), as well as smaller companies like Tiankang Biological (002100) and Shennong Group (605296) [1] - Despite a generally pessimistic outlook on pig prices based on current data, there is potential for changes within the industry that could lead to investment opportunities [1] Group 2: Pet Food - The pet food sector is characterized by sustained growth and significant market share expansion potential, with export growth serving as a shield for performance and the development of proprietary brands as a spear for future market share increases [2] - The report suggests that companies in the pet food industry should focus on maintaining or exceeding growth expectations for their proprietary brands while leveraging multi-brand operations [2] - Key companies to watch in the pet food sector include Zhongchong Co., Ltd. (002891), Guibao Pet (301498), and Petty (300673), with additional attention on Yuanfei Pet (001222) [2]

Group 1 - The Hang Seng Index opened up by 0.65%, and the Hang Seng Tech Index rose by 0.7%. Brokerage stocks performed strongly, with China Galaxy, Orient Securities, and Everbright Securities all rising over 4%. However, new energy vehicle makers like Xpeng Motors saw a decline of 1.87% [1] - Huaxin Securities noted that the recent adjustment in the Hong Kong stock market has been relatively large, and valuations are more reasonable, indicating limited further downside. Although risk appetite may not be high towards year-end, sectors with high certainty for 2026 are expected to trend upwards [1] - According to招商香港, after the consolidation in October, pessimistic expectations for the Hong Kong market are gradually clearing. The firm believes that with improvements in supply-demand dynamics, the Chinese economic cycle may reach an inflection point [1] Group 2 - GF Securities suggested that the Hong Kong stock market may present a good opportunity for investment again, especially if the U.S. government shutdown ends and the Federal Reserve signals a dovish stance in December [2] - The firm emphasized a "barbell strategy" for investment, focusing on dividend stocks as a base and technology growth stocks for potential upside. They believe the foundation for a bull market in Hong Kong remains intact, but the market may experience a "volatile upward trend" rather than a rapid increase [2] - Galaxy Securities indicated that as the year-end approaches, market risk appetite is becoming cautious, and the Hong Kong stock market may continue its volatile trend. They recommend focusing on sectors such as cyclical stocks benefiting from rising downstream commodity prices and dividend stocks for defensive positioning [2]

Core Viewpoint - The collaboration between the Singapore Exchange and Nasdaq for dual listing may enhance the valuation of Singaporean companies [1] Group 1: Dual Listing Initiative - The Singapore Exchange and Nasdaq are seeking to simplify dual listing requirements for companies with a market capitalization of at least SGD 2 billion [1] - The initiative is set to launch in mid-2026 [1] - This dual listing bridge is considered significant for high-value cases [1] Group 2: Market Impact - The collaboration may attract a number of new economy companies to Singapore [1] - It could help differentiate Singapore from its competitor, Hong Kong [1] - The latest closing price of the Singapore Exchange shares was SGD 16.80, reflecting a decrease of 0.1% [1]

Group 1 - The core point of the article is that China Shangcheng (02330) has transferred shares from Hang Seng Securities to China Galaxy Securities Hong Kong, with a market value of HKD 17.57 million, accounting for 7.84% of the total [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 75.47 million placement 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 Viewpoint - On November 19, shareholders of China Shangcheng (02330) transferred stocks from Hang Seng Securities to China Galaxy Securities Hong Kong, with a market value of HKD 17.5705 million, accounting for 7.84% of the total [1] Group 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 placement shares were successfully placed by the placement agent at a price of HKD 0.180 per share to three investors, including Mr. Chen Hui, Ms. Liu Xiaoling, and Mr. Li Yanyong [1] - Following the placement, the newly issued shares represent approximately 16.67% of the company's enlarged issued share capital [1]

Core Viewpoint - China Galaxy Securities (601881) has successfully completed a private placement of corporate bonds amounting to RMB 5 billion on November 19, 2025, aimed at professional investors [1] Group 1: Bond Issuance Details - The total issuance scale of the bonds is RMB 50 billion, with a face value and issuance price of RMB 100 per unit [1] - The bonds consist of two varieties: a two-year term with a final issuance scale of RMB 3.7 billion and a final coupon rate of 1.92%, and a three-year term with a final issuance scale of RMB 1.3 billion and a final coupon rate of 1.97% [1] - The funds raised from this bond issuance will be used to repay the principal of maturing corporate bonds [1]

Core Points - China Galaxy Securities announced the issuance of its third phase of non-public corporate bonds aimed at professional investors, with a total issuance scale of up to RMB 5 billion [1] - The bonds are divided into two types: a 2-year bond and a 3-year bond, with the issuance price set at RMB 100 per bond [1] - The issuance was completed on November 19, 2025, with the 2-year bond having an actual issuance scale of RMB 3.7 billion and a final coupon rate of 1.92%, while the 3-year bond had an actual issuance scale of RMB 1.3 billion and a final coupon rate of 1.97% [1] Summary by Category Issuance Details - The total issuance scale for the third phase of bonds is set at a maximum of RMB 5 billion, which includes both bond types [1] - The bonds are issued through a book-building process targeted at professional investors [1] Bond Types and Terms - The bonds are categorized into two types: - Type One: 2-year bond with an actual issuance of RMB 3.7 billion and a coupon rate of 1.92% [1] - Type Two: 3-year bond with an actual issuance of RMB 1.3 billion and a coupon rate of 1.97% [1] Subscription Metrics - The subscription multiple for the 2-year bond was 2.4108 times, while for the 3-year bond, it was 3.4769 times, indicating strong investor interest [1]