本期债券发行工作已于 2026 年 2 月 6 日结束，经发行人与主承销商共同 协商，本期债券品种一实际发行规模人民币 43 亿元，最终票面利率为 1.80%， 认购倍数为 2.3977 倍；品种二实际发行规模人民币 17 亿元，最终票面利率为 1.85%，认购倍数为 4.6765 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，为主承销商中信证券股份有 限公司的关联方华夏基金管理有限公司参与认购并获配本期债券品种一金额 人民币 0.2 亿元，主承销商中信证券股份有限公司和中信建投证券股份有限公 司的关联方中信银行股份有限公司参与认购并获配本期债券品种一金额人民 币 1 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 证券代码：601881 证券简称：中国银河 公告编号：2026-016 中国银河证券股份有限公司2026年面向专业投资者 公开发行公司债券（第二期）发行结果公告 本公司及其董事会全体成员保证公告内容的真实、准确和完整，不存 在虚假记载、误导性陈述或重大遗漏，并对其内容的真实性、准确性和 ...

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 证券代码：601881 证券简称：中国银河 公告编号：2026-015 本期债券设置发行人续期选择权，即在本期债券每个重定价周期末，发行 人有权选择将本期债券延长 1 个重定价周期，或全额兑付本期债券。同时，本 期债券设发行人赎回权，于本期债券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）赎回本期债券。 2026 年 3 月 29 日（实际付息日为 2026 年 3 月 30 日）为本期债券第五个 计息年度付息日，即第一个重定价周期末，公司决定不行使本期债券发行人续 期选择权，即行使本期债券发行人赎回权，在 2026 年 3 月 29 日（实际兑付日 为 2026 年 3 月 30 日）全额兑付即赎回本期债券。 公司将根据相关业务规则，做好本期债券后续信息披露及还本付息工作。 特此公告。 中国银河证券股份有限公司董事会 2026 年 2 月 7 日 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 ...

Core Viewpoint - China Galaxy Securities (06881.HK) has successfully completed the issuance of its 2026 corporate bonds (second phase) aimed at professional investors, raising a total of RMB 6 billion [1] Group 1: Bond Issuance Details - The total issuance scale of the bonds is RMB 60 billion, with a face value and issuance price of RMB 100 per unit [1] - The bonds consist of two varieties: a 25-month variety with an issuance scale of RMB 4.3 billion and a final coupon rate of 1.80%, and a 37-month variety with an issuance scale of RMB 1.7 billion and a final coupon rate of 1.85% [1] - The funds raised from this bond issuance will be used to supplement the company's working capital [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。 （在中華人民共和國註冊成立之股份有限公司） （股份代號：06881） 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2026年2月6日完成向專業投資者公開發行2026年公司債券（第二期）（「本期 債券」）。本期債券的發行規模為人民幣60億元，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25個月（「25個月品種」）和期限為37個月（「37個月品 種」）的兩個品種。25個月品種的最終發行規模為人民幣43億元，最終票面利率為 1.80%；37個月品種的最終發行規模為人民幣17億元，最終票面利率為1.85%。本 期債券發行所募集的資金將用於補充本公司營運資金。 本期債券承銷機構及其關聯方參與認購了本期債券。主承銷商中信証券股份有限 公司的關聯方華夏基金管理有限公司參與認購並獲配25個月品種人民幣0.2億元， 主承銷商中信証券股份有限公司和中信建投証券股份有限公司的關聯 ...

Core Viewpoint - China Galaxy Securities indicates that the domestic initiative to build a copper resource reserve system aims to enhance the resilience and security of the domestic copper supply chain. The ongoing global geopolitical shifts and major power competition will lead to an expanded global copper deficit, resulting in an upward trend in copper prices due to a "security premium" [1] Group 1: Copper Supply Chain and Market Dynamics - The construction of a copper resource reserve system in China is intended to improve the resilience and security of the domestic copper supply chain [1] - Global geopolitical changes are prompting countries to secure key minerals for resource supply safety and to build independent supply chains, which will exacerbate the global copper deficit [1] Group 2: Price Trends and Investment Opportunities - Short-term copper prices are influenced by expectations surrounding Federal Reserve policies, but there is potential for recovery due to improving downstream demand, which supports the fundamental outlook [1] - Current valuations of certain core copper mining stocks in the A-share market show a high margin of safety for 2026, highlighting their investment value [1] - The outlook for copper prices is positive, with expectations for continued increases in the future [1]

Core Viewpoint - The nomination of Kevin Warsh as the next Federal Reserve Chairman by Trump is not merely a personnel change but signals a shift in the defense of the dollar and U.S. Treasury credit, with the dollar index rising by 1% on the announcement [2]. Group 1: Warsh's Monetary Policy Views - Warsh is a clear critic of the current Federal Reserve's policies, opposing quantitative tightening (QT) during market turmoil and questioning the Fed's focus on price stability [2]. - He criticizes the Fed's reliance on data and its disconnect from reality, emphasizing the need for credible monetary policy and a return to normalization, opposing unlimited quantitative easing (QE) [2][3]. Group 2: Proposed Reforms for the Federal Reserve - Warsh advocates for a revival of the Fed's core framework while eliminating past policy errors, focusing on reducing the balance sheet to control inflation, which could create room for lowering interest rates [3]. - He stresses the importance of the Fed and Treasury fulfilling their respective roles and calls for a reassessment of the 1951 Treasury-Fed Accord, emphasizing the need for Fed independence [3]. Group 3: Impact on Major Assets - The leadership change at the Fed should not be automatically interpreted as a major market trend shift; the impact of policies on the U.S. economy is fundamental to dollar pricing [4]. - Under Warsh's leadership, the Fed may transition from a supportive role post-financial crisis to a more traditional, rule-based approach, with expectations of a stronger dollar in the short term and a slow bearish trend in the long term [4]. - Short-term U.S. Treasury yields are expected to rise, putting pressure on prices, while long-term inflation expectations are anchored around 2% [4].

Core Viewpoint - The transition in leadership at the Federal Reserve should not be automatically equated with a major market trend shift; the impact of its policies on the fundamentals of the U.S. economy will be the cornerstone of dollar pricing [1] Group 1: Federal Reserve Policy Implications - A Federal Reserve led by Walsh may initiate a profound shift in the central bank's role, moving from a post-financial crisis support system to a more traditional approach focused on rules and discipline [1] - Short-term expectations indicate a strengthening of the dollar, while a long-term "slow bear" trend is anticipated [1] Group 2: Market Reactions - Short-term U.S. Treasury yields are expected to rise, putting pressure on prices; if policies are credible, long-term inflation expectations may stabilize around 2% [1] - Global stock markets are likely to face short-term pressure, with a potential recovery in U.S. stocks after an initial decline [1] Group 3: Gold Market Outlook - The core logic for a long-term bull market in gold remains solid, with central bank purchases of gold expected to continue [1] - Any flaws in dollar credibility could accelerate the construction of a multipolar reserve system globally [1]

Group 1 - The core viewpoint of the report indicates that the "fixed income +" fund scale is rapidly expanding, with optimized risk-return profiles and relatively stable asset allocation structures by 2025 [1] Group 2 - Scale: The broad "fixed income +" fund stock reached 1.79 trillion yuan, a year-on-year increase of 90.1%. The secondary bond fund increased by 136% to 1.42 trillion yuan, with new issues totaling 121.6 billion yuan (up 14% year-on-year), primarily driven by secondary bond funds [1] Group 3 - Performance: The cumulative annual return increased by 1.1 percentage points to 6.4%, with convertible bond funds leading at a 23.3% return. The highest quarterly return in Q3 was 3.8%, while the maximum drawdown for the year was -2.7% (down 1.5 percentage points year-on-year), with significant market fluctuations in Q4 resulting in a quarterly return of -1.7% [1] Group 4 - Asset Allocation: The stock-bond position remains centered around 80%/15%, with a 1.5 percentage point increase in stock allocation. In bond subcategories, there was an increase in government bonds by 2 percentage points and financial bonds by 10 percentage points, while convertible bonds and corporate bonds were reduced by 7 percentage points and 3 percentage points, respectively [1] Group 5 - Q4 Outlook: The "fixed income +" fund scale continues to grow, but performance is declining with cautious and proactive operations. The overall scale increased to 1.79 trillion yuan (a 13.8% increase), with secondary bond funds being the core of growth (up 18.1% to 1.41 trillion yuan), while convertible bond fund scale shrank by 4.2% to 58.1 billion yuan [1] Group 6 - Risk-Return Dynamics: The risk-return profile has weakened overall, with a return rate dropping by 3.4 percentage points to 0.4%, and the maximum drawdown expanding by 0.5 percentage points to -1.7%. The risk-return ratio and stability have also weakened [1] Group 7 - Pure Bond Operations: Operations are cautious and proactive, with duration shrinking to 2.9 years. Leverage and position concentration show divergence, with "fixed income +" funds increasing leverage and concentration slightly, while convertible bond funds are reducing leverage and concentration [1]

证券代码：601881 证券简称：中国银河 公告编号：2026-014 中国银河证券股份有限公司 中国银河证券股份有限公司（以下简称"本公司"）于2025年10月15日成功发行了中国银河证券股份有限 公司2025年度第二十四期短期融资券（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1.66%，短期融资券期限为112天，兑付日期为2026年2月4日。（详见本公司于 2025年10月16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 度第二十四期短期融资券发行结果公告》）。 2026年2月4日，本公司兑付了本期短期融资券本息共计人民币4,020,374,794.52元。 特此公告。 中国银河证券股份有限公司董事会 2026年2月6日 2025年度第二十四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。 ...

Core Viewpoint - China Galaxy Securities Co., Ltd. has successfully completed the repayment of its 2025 Annual 24th Short-term Financing Bond, indicating the company's financial stability and ability to meet its debt obligations [1][2]. Group 1: Stock Performance - As of February 5, 2026, China Galaxy's stock closed at 15.37 yuan, reflecting a 0.33% increase from the previous trading day [1]. - The stock opened at 15.3 yuan, reached a high of 15.46 yuan, and a low of 15.24 yuan during the trading session [1]. - The total market capitalization of the company is 168.06 billion yuan, with a trading volume of 5.97 billion yuan and a turnover rate of 0.54% [1]. Group 2: Bond Issuance and Repayment - The company issued the 2025 Annual 24th Short-term Financing Bond on October 15, 2025, with an issuance amount of 4 billion yuan and a coupon rate of 1.66% for a term of 112 days [1]. - The total principal and interest repaid on February 4, 2026, amounted to 4,020,374,794.52 yuan [1].