Core Viewpoint - China Galaxy Securities Co., Ltd. announced the change of its signing auditors for the 2025 fiscal year due to the adjustment of the original signing auditors [1] Group 1 - The company received a letter from Ernst & Young Hua Ming and Ernst & Young Hong Kong regarding the change of signing auditors for the 2025 fiscal year [1] - The original signing auditors, Yu Liu (A-shares) and Wu Zhiqiang (H-shares), have been replaced due to work adjustments [1] - The new signing auditors appointed are Yu Xiaoyue (A-shares) and Liang Zhaoyu (H-shares) to continue the audit of the company's financial statements and internal controls for 2025 [1]

Core Viewpoint - China Galaxy Securities Co., Ltd. announced a change in its signing auditors for the 2025 fiscal year due to the adjustment of the original signing auditors [1] Group 1 - The company received a letter from Ernst & Young Hua Ming and Ernst & Young Hong Kong regarding the change of signing auditors for the 2025 fiscal year [1] - The original signing auditors, Yu Liu (A-shares) and Wu Zhiqiang (H-shares), have been reassigned [1] - The new signing auditors appointed are Yu Xiaoyue (A-shares) and Liang Zhaoyu (H-shares) to continue the audit of the company's financial statements and internal controls [1]

证券代码：601881 证券简称：中国银河 公告编号：2025-111 中国银河证券股份有限公司 关于变更签字注册会计师的公告 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"公司"）分别于 2025 年 6 月 4 日、 2025 年 6 月 27 日召开第五届董事会第五次会议（临时）、2024 年度股东大会， 审议通过了《关于聘任公司 2025 年度外部审计机构的议案》，同意聘任安永华 明会计师事务所（特殊普通合伙）（以下简称"安永华明"）和安永会计师事务所 （以下简称"安永香港"）为公司 2025 年度外部审计机构，具体情况请见公司 于 2025 年 6 月 5 日披露的《关于续聘会计师事务所的公告》（公告编号： 2025-040）。 1 2、诚信记录 上述签字注册会计师近三年均未因执业行为受到刑事处罚，亦未受到证监会 及其派出机构、行业主管部门等的行政处罚、监督管理措施以及证券交易所、行 业协会等自律组织的自律监管措施、纪律处分。 一、本次变更签字注册会计师的基本情况 202 ...

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） 海外監管公告 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。 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關於變 更簽字註冊會計師的公告》，僅供參閱。 董事長及執行董事 中國北京 2025年12月5日 於本公告日期，本公司執行董事為王晟先生（董事長）及薛軍先生（副董事長及總 裁）；非執行董事為楊體軍先生、李慧女士、黃焱女士及宋衛剛先生；以及獨立非 執行董事為羅卓堅先生、劉力先生、麻志明先生及范小雲女士。 承董事會命 中國銀河證券股份有限公司 王晟 证券代码：601881 证券简称：中国银河 公告编号：2025-111 中国银河证券股份有限公司 关于变更签字注册会计师的公告 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 ...

Group 1 - The core viewpoint of the report indicates a rising trend in flu activity in China since November, suggesting a short-term focus on the flu market [1] - The report highlights a significant structural recovery trend in the pharmaceutical sector after a prolonged valuation adjustment, with continued optimism for pharmaceutical innovation and investment recovery [1] - The report notes that the positive trend in the secondary market is expected to drive a rebound in primary market financing, with ongoing favorable conditions for CXO and upstream sectors [1] Group 2 - The report states that the positive rate of flu virus among outpatient and emergency cases is approximately 45%, predominantly driven by the H3N2 strain [1] - It mentions that the ILI% reported by sentinel hospitals in southern provinces is 7.8%, higher than the previous week and above the levels of 2022 and 2024, but lower than 2023 [1] - The report provides data on the main pathogens detected in flu-like cases, with influenza virus accounting for 44.8% of the samples tested [1] Group 3 - The report discusses various antiviral drugs for flu treatment, with significant sales growth for Oseltamivir and Baloxavir during the week of November 15-21, with increases of 237% and 180% year-on-year, respectively [2] - It highlights the importance of flu vaccination as a preventive measure, with a total of 373 batches of flu vaccines approved for release since January 2025, including 230 batches of quadrivalent vaccines, a 3% increase year-on-year [2] - The report notes a decline in the approval of trivalent vaccines, with 143 batches approved, representing an 18% year-on-year decrease [2]

中国银河证券指出，11月人工智能板块维持震荡走势，小幅下跌，成交量持续萎缩，我们认为主要受到 美股科技股下跌传导及市场整体环境两大因素影响：英伟达公布三季度财报超预期，但股价却表现低 迷，源自市场对于AI泡沫以及谷歌TPU冲击的担忧；此外伴随上市公司三季报披露完毕，进入业绩以及 政策空窗期，板块缺少催化，部分个股出现短期题材交易机会，但并不可持续。当前节点我们仍然建议 关注人工智能板块中有业绩支撑细分领域及龙头公司，并建议逢低布局。 ...

Group 1 - The company successfully issued the 21st short-term financing bond with a total amount of RMB 4 billion on September 8, 2025, with a coupon rate of 1.60% and a maturity of 86 days [1] - The total principal and interest paid on the bond on the redemption date, December 3, 2025, amounted to RMB 4,015,079,452.05 [1] - The company ensures that the announcement content is truthful, accurate, and complete, with all board members taking responsibility for any misleading statements or omissions [1]

Group 1 - The bond market experienced increased volatility in November, with a general upward trend in yields and a slight steepening of the yield curve, as the 10-year government bond yield rose by 5 basis points (BP) to 1.84% and the 1-year yield increased by 2 BP to 1.4% [1][7][8] - Factors influencing the bond market included fluctuations in liquidity, the stock-bond relationship, and changing policy expectations, leading to cautious market sentiment [1][7][8] - The yield curve showed a divergence in movements across different maturities, with the short and medium-term yields rising more significantly than the long-term yields [8][17][25] Group 2 - Looking ahead to December, key focus areas include the outcomes of major central meetings and the potential for institutional behavior to drive early positioning in the market [2][3][26] - The government is expected to have a net supply of approximately 650 billion yuan in government bonds, returning to a lower level for the year, with specific allocations for various types of bonds [2][39][40] - The liquidity environment is anticipated to remain balanced, although there may be short-term pressures due to large maturities of certificates of deposit [2][45][48] Group 3 - The upcoming central economic work conference is expected to provide guidance on macroeconomic policies, including monetary easing and fiscal measures, with a focus on consumption and real estate [3][55][56] - The market is also watching for potential adjustments in monetary policy, particularly regarding the Loan Prime Rate (LPR) and the implications of recent changes in bank deposit products [3][58] - The real estate sector is under scrutiny for potential new policies aimed at stabilizing the market, with expectations for coordinated efforts on both supply and demand sides [3][57]

Core Viewpoint - China Galaxy Securities successfully issued its 21st short-term financing bond for the year 2025, raising a total of 4 billion RMB with a coupon rate of 1.60% and a maturity of 86 days [1] Group 1 - The total issuance amount of the short-term financing bond is 4 billion RMB [1] - The coupon rate for the bond is set at 1.60% [1] - The maturity period of the bond is 86 days, with a repayment date scheduled for December 3, 2025 [1] Group 2 - On December 3, 2025, the company repaid the principal and interest of the short-term financing bond, totaling 4,015,079,452.05 RMB [1]

Core Viewpoint - China Galaxy Securities successfully issued its 21st short-term financing bond for the year 2025, indicating strong market confidence and liquidity management by the company [1] Group 1: Financing Details - The total issuance amount of the short-term financing bond is RMB 4 billion [1] - The coupon rate for the bond is set at 1.60% [1] - The maturity period of the bond is 86 days [1] Group 2: Repayment Information - On December 3, 2025, the company repaid the principal and interest of the bond, totaling approximately RMB 4.015 billion [1]