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]

Group 1 - China Galaxy (06881.HK) completed a private placement of corporate bonds totaling RMB 5 billion on November 19, 2025, with a face value and issue price of RMB 100 per unit [1] - The bond issuance consists of two types: a two-year bond with a final issuance size of RMB 3.7 billion at a coupon rate of 1.92%, and a three-year bond with a final issuance size of RMB 1.3 billion at a coupon rate of 1.97% [1] - The funds raised from this bond issuance will be used to repay maturing corporate bond principal [1] Group 2 - As of November 19, 2025, China Galaxy's stock closed at HKD 10.6, with a trading volume of 15.58 million shares and a turnover of HKD 165 million [1] - The stock is rated as outperform by investment banks, with a target price of HKD 13.8 based on a report from CICC [1] - China Galaxy has a market capitalization of HKD 39.124 billion, ranking third in the securities industry [1] Group 3 - Key financial metrics for China Galaxy include a Return on Equity (ROE) of 8.61%, a net profit margin of 34.51%, and a debt-to-equity ratio of 81.56% [2] - The company’s operating revenue stands at RMB 42.499 billion, significantly higher than the industry average of RMB 15.119 billion [2] - In terms of industry ranking, China Galaxy holds the 7th position in ROE, 10th in net profit margin, and 29th in debt-to-equity ratio among 36 companies in the securities industry [2]

Core Viewpoint - China Galaxy (06881) 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 5 billion, with a face value and issuance price of RMB 100 per unit [1] - The bonds consist of two varieties: a two-year term and a three-year term [1] - The final issuance scale for the two-year bonds is RMB 3.7 billion with a final coupon rate of 1.92% [1] - The final issuance scale for the three-year bonds is RMB 1.3 billion with a final coupon rate of 1.97% [1] Group 2: Fund Utilization - The funds raised from this bond issuance will be used to repay the principal of maturing corporate bonds [1]

Core Points - China Galaxy Securities (06881.HK) announced the completion of a non-public issuance of corporate bonds to professional investors, approved by the Shanghai Stock Exchange, on November 19, 2025 [1] Group 1: Bond Issuance Details - The total issuance scale of the bonds is RMB 5 billion, with a face value and issuance price of RMB 100 per unit [1] - The bonds consist of two types: a two-year bond with a final issuance scale of RMB 3.7 billion and a final coupon rate of 1.92%, and a three-year bond 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]

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%。 董事會宣佈，根據上述股東授權及上海證券交易所的批准，本公司已於2025年11 月19日完成向專業投資者非公開發行2025年公司債券（第三期）（「本期債券」）。本 期債券的發行規模為人民幣50億元，面值及發行價均為每單位人民幣100元。本 期債券包括期限為兩年（「兩年期品種」）和期限為三年（「三年期品種」）的兩個品 種。兩年期品種的最終發行規模為人民幣37億元，最終票面利率為1.92%；三年 期品種的最終發行規模為人民幣13億元，最終票面利率為1.97%。本期債券發行 所募集的資金將用於償還到期公司債券本金。 本期債券承銷機構及其關聯方參與認購了本期債券。主承銷商國信證券股份有限 公司參與認購並獲配兩年期品種人民幣0.1億元及三年期品種人民幣0.5億元，其 關聯方南方基金管理 ...

中国银河证券股份有限公司（以下简称"发行人"）已于 2025 年 9 月 18 日获上海证券交易所出具的《关于对中国银河证券股份有限公司非公开发行公 司债券挂牌转让无异议的函》（上证函〔2025〕3079 号），注册规模为不超 过 200 亿元（含 200 亿元）。 根据《中国银河证券股份有限公司 2025 年面向专业投资者非公开发行公 司债券（第三期）募集说明书》，中国银河证券股份有限公司 2025 年面向专 业投资者非公开发行公司债券（第三期）（以下简称"本期债券"）的发行规 模为不超过人民币 50 亿元（含 50 亿元），分为两个品种：品种一为 2 年期， 品种二为 3 年期，两个品种间可互拨。本期债券发行价格为每张人民币 100 元， 采取网下面向专业投资者簿记建档的方式发行。 本期债券发行工作已于 2025 年 11 月 19 日结束，本期债券品种一实际发 行规模人民币 37 亿元，最终票面利率为 1.92%，认购倍数为 2.4108 倍；本期 债券品种二实际发行规模人民币 13 亿元，最终票面利率为 1.97%，认购倍数 为 3.4769 倍。 证券代码：601881 证券简称：中国银河 公告编号 ...

中国经济网北京11月19日讯 中国证监会广东监管局网站昨日发布关于对银河期货有限公司佛山营业部 采取出具警示函监管措施的决定〔2025〕129号。 广东证监局 经查，银河期货有限公司佛山营业部在客户外接系统接入管理的过程中，未审慎开展外接系统技术测 试，违反了《期货公司监督管理办法》（证监会令第155号）第五十六条、第九十七条规定。根据《期 货公司监督管理办法》第一百零九条的规定，广东证监局决定对该营业部采取出具警示函的行政监管措 施。 中国银河（601881）(601881.SH)2025年半年度报告显示，银河期货有限公司为中国银河的全资子公 司。 以下为原文： 关于对银河期货有限公司佛山营业部采取出具警示函监管措施的决定 银河期货有限公司佛山营业部： 经查，你营业部在客户外接系统接入管理的过程中，未审慎开展外接系统技术测试，违反了《期货公司 监督管理办法》（证监会令第155号）第五十六条、第九十七条规定。根据《期货公司监督管理办法》 第一百零九条的规定，我局决定对你营业部采取出具警示函的行政监管措施。你营业部应高度重视，采 取切实有效措施，加强外部接入信息系统管理，并于收到本决定书后30日内向我局提交书面 ...

Core Insights - The Chinese film and gaming market experienced a decline in revenue year-on-year due to high base effects, while the advertising market showed stable growth with significant investment in telecommunications and other sectors. The AI field is rapidly advancing, shifting from technical competition to ecosystem building and scenario penetration [1]. Film Industry - The film supply remains stable, but the overall box office revenue saw a year-on-year decline. In October 2025, the national box office reached 2.612 billion yuan (including service fees), a decrease of 27.94% year-on-year and 1.88% month-on-month. The film "The Volunteers: Blood and Peace" led the monthly box office with 525 million yuan, accounting for 22.4% of the total [2]. Gaming Industry - The gaming market experienced a slight year-on-year decline due to high base effects. In September 2025, the actual sales revenue of the domestic gaming market was 29.679 billion yuan, down 2.13% year-on-year. Self-developed games generated 1.621 billion USD in overseas revenue, a decrease of 4.82%. Mobile game revenue was 21.488 billion yuan, down 2.31%, while client games performed well with a revenue of 7.009 billion yuan, up 25.49%. Tencent's games dominated the iOS revenue chart in China [3]. Advertising Market - The overall advertising market showed stable growth, with a year-on-year increase of 3.5% in spending from January to September 2025. In September alone, advertising spending rose by 12.7% year-on-year and 0.7% month-on-month. Notable increases in advertising spending were observed in telecommunications, personal care, entertainment, and IT sectors, with year-on-year increases of 78.9%, 42.1%, 38.9%, and 22.2% respectively. Conversely, the pharmaceutical, alcoholic beverages, and cosmetics sectors saw declines of -17.4%, -12.7%, and -4.8% respectively [4]. AI Industry - The iteration of large models is accelerating, promoting the practical application of technology and ecosystem building. Companies like OpenAI and Google are advancing multimodal and secure applications. OpenAI released Sora2 and ChatGPT Atlas, while Google launched Veo3.1 integrated into the Gemini ecosystem, showcasing systematic development in generative AI. In China, DeepSeek introduced DeepSeek-OCR, reflecting trends in model lightweighting and multimodal integration. The AI industry is transitioning from competition in model capabilities to ecosystem building and scenario penetration, with applications expected to accelerate in education, creativity, development, and security [5]. Investment Recommendations - With the continuous iteration of foundational large model capabilities, AI applications are beginning to show a solid technological foundation for development. The ongoing exploration of AI across various industries is expected to bring transformative impacts. Companies to watch include Tencent Holdings, Alibaba, Kuaishou-W, Zhiwei Buy, and Kunlun Wanwei. The gaming market is expected to maintain high levels of prosperity, with several companies launching new products, making companies like Bilibili-W, Giant Network, G-bits, Perfect World, and 37 Interactive Entertainment worth monitoring [6].