Group 1 - The company successfully issued its 21st short-term financing bond on September 8, 2025, with a total issuance amount of RMB 4 billion [1] - The bond has a coupon rate of 1.60% and a maturity period of 86 days, with a repayment date set for December 3, 2025 [1] - On December 3, 2025, the company repaid the principal and interest of the bond, totaling RMB 4,015,079,452.05 [1]

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 8 日 成功发行了中国银河证券股份有限公司 2025 年度第二十一期短期融资券（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 1.60%，短期融资券期限为 86 天，兑付日期为 2025 年 12 月 3 日。（详 见本公司于 2025 年 9 月 9 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 年度第二十一期短期融资券发行结果公 告》）。 2025 年 12 月 3 日，本公司兑付了本期短期融资券本息共计人民币 4,015,079,452.05 元。 特此公告。 中国银河证券股份有限公司董事会 2025 年 12 月 5 日 证券代码：601881 证券简称：中国银河 公告编号：2025-110 中国银河证券股份有限公司 2025年度第二十一期短期融资券兑付完成的公告 ...

（股份代號：06881） 海外監管公告 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） 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2025年 度第二十一期短期融資券兌付完成的公告》，僅供參閱。 承董事會命 中國銀河證券股份有限公司 王晟 董事長及執行董事 中國北京 2025年12月4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。 证券代码：601881 证券简称：中国银河 公告编号：2025-110 中国银河证券股份有限公司 2025年度第二十一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 ...

Group 1 - The company announced the issuance of the 21st short-term financing bond for the year 2025, with an issuance amount of 4 billion yuan and a coupon rate of 1.60% [1] - The term of the bond is 86 days, indicating a short-term financing strategy [1] - The company completed the principal and interest repayment for this bond on December 3, 2025, totaling 4.015 billion yuan [1]

Core Viewpoint - The recent stock transfer of China Shangcheng (02330) from China Galaxy Securities Hong Kong to Bank of China (Hong Kong) indicates a significant movement in shareholder structure, with a market value of HKD 4.0681 million, representing 6.28% of the company [1] Group 1: Stock Transfer - On December 2, shareholders of China Shangcheng transferred stocks valued at HKD 4.0681 million from China Galaxy Securities Hong Kong to Bank of China (Hong Kong), accounting for 6.28% of the company [1] Group 2: Placement Agreement - 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 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 expanded issued share capital [1]

Core Viewpoint - The recent transfer of shares for China Shangcheng (02330) indicates a strategic shift in shareholder structure, with significant implications for the company's market positioning and investor confidence [1] Group 1: Shareholder Activity - On December 2, China Shangcheng's shares were transferred from China Galaxy Securities Hong Kong to Bank of China (Hong Kong), with a market value of HKD 4.0681 million, representing 6.28% of the total shares [1] - The transfer reflects a notable change in the company's shareholder base, which may influence future investment strategies and market perception [1] Group 2: Placement Agreement - On October 28, China Shangcheng announced that all conditions of the placement agreement had been met, and the placement was completed on the same date in 2025 [1] - A total of 75.4743 million shares were successfully placed at a price of HKD 0.180 per share to three investors, which included Mr. Chen Hui, Ms. Liu Xiaoling, and Mr. Li Yanyong [1] - Following the placement, the newly issued shares accounted for approximately 16.67% of the company's expanded issued share capital [1]

Core Viewpoint - The strong performance of the Hong Kong stock market is expected to continue until 2026, driven by technology, consumer sectors, and support from state-owned and cornerstone investors [1][2]. Group 1: Market Performance - The Hong Kong stock market is currently one of the best-performing markets globally, with the Hang Seng Index showing a year-to-date increase that outperforms major indices like Nasdaq and CSI 300 [1]. - The primary market in Hong Kong has also seen significant growth in IPOs and refinancing activities this year [1]. Group 2: Investment Opportunities - Three major opportunities for Chinese investment banks are identified: economic growth driven by technology and innovation, the consumer sector becoming a new growth line, and active support from state-owned and cornerstone investors [2]. - The favorable market conditions, including reasonable valuations of tech stocks and positive consumer policies, are expected to enhance investor interest in large IPOs in 2026 [2]. Group 3: Challenges - Potential challenges for the Hong Kong stock market include increased regulatory scrutiny of Chinese companies by the U.S., further controls on new productivity sectors like semiconductors, weaker liquidity compared to U.S. markets, and risks from global economic slowdowns and geopolitical conflicts [2]. - A significant challenge for Chinese investment banks is the lack of international talent, particularly outside Greater China, which is being addressed through a combination of external recruitment and internal training [3]. Group 4: Cultural Integration - Cultural challenges are highlighted as a major obstacle for the internationalization of Chinese investment banks, with cultural integration being essential for success in multinational financial institutions [3]. - The company is actively promoting cultural exchange through training programs and collaborative activities to enhance communication and cooperation among international teams [3].

Group 1 - The New York Fed President Williams expressed dovish views, indicating increased risks of employment downturn and reduced inflation risks, suggesting potential adjustments to the federal funds rate target range [1][2] - Following the release of the September non-farm payroll report, market expectations for a Fed rate cut in December have risen, with futures indicating over 80% probability, leading to a rebound in gold prices and record highs in silver prices [2] - The ongoing rate cut cycle by the Fed and potential shift from balance sheet reduction to expansion due to liquidity pressures may continue to support rising prices for gold and silver [2] Group 2 - The China Copper Raw Materials Joint Negotiation Group (CSPT) has agreed to reduce copper concentrate production capacity by over 10% for 2026, which is expected to improve the supply-demand fundamentals for copper concentrate [3] - Global copper production has been disrupted by frequent accidents, leading to continuous downward adjustments in production expectations, with significant uncertainty for next year's copper output [2][3] - Codelco, the world's largest copper producer, has proposed a substantial increase in the annual contract premium for refined copper to Chinese smelters, rising to $335-$350 per ton for 2026, a more than 275% increase from $89 per ton in 2025, indicating intensified supply-demand conflicts [2]

Core Insights - The outlook for the power battery industry is optimistic, with solid-state batteries emerging as a clear direction for industrial evolution driven by policy support and demand from new industries like low-altitude economy and embodied intelligence [1][5] Group 1: Market Trends - The lithium battery sector has entered a major upward trend, with the battery index increasing by 64.5% as of November 14, 2025, significantly outperforming other indices due to surging demand for energy storage and solid-state batteries [2] - The industry is returning to an upward cycle, with energy storage becoming a core driver and new capital expenditures (Capex) in battery cells leading to profit recovery and performance improvement [3] Group 2: Key Components and Pricing - Leading battery cell manufacturers are experiencing full order books and steadily increasing capacity utilization, which grants them strong pricing power and positions them to lead the industry's recovery [4] - Material segments are expected to see significant price increases, particularly in electrolyte and related areas, copper foil, lithium iron phosphate, and separator materials, driven by limited supply and growing demand [4] Group 3: Solid-State Battery Developments - Solid-state batteries are gaining traction, with companies actively planning for accelerated commercialization, and the market for semi-solid state batteries expected to exceed 10 GWh in shipments by 2025 [5] - Key challenges in solid-state battery production include material interfaces and engineering for mass production, with a focus on dry processing and the need for improved domestic production of single-walled carbon nanotubes [6]

Core Viewpoint - The steel industry is expected to turn profitable in Q1-Q3 2025, showing significant improvement in profitability due to supportive policies and market conditions [1][2] Group 1: 2025 Review - The steel industry has shown signs of marginal improvement, with a revenue of 1,425.205 billion (+6.4%) and a net profit of 21.853 billion, marking a turnaround from losses [1] - In Q3 2025, the industry achieved a revenue of 480.123 billion (+0.1%) and a net profit of 8.716 billion, also turning profitable year-on-year [1] - The implementation of anti-involution policies and clear environmental and energy efficiency standards are expected to accelerate industry consolidation [1] Group 2: 2026 Outlook - The company holds an optimistic view for the steel industry in 2026, driven by the continuous promotion of favorable policies [2] - The "Steel Industry Energy Saving and Carbon Reduction Special Action Plan" aims for 30% of production capacity to meet benchmark energy efficiency levels by the end of 2025, leading to rapid capacity clearance [2] - The industry is expected to see marginal improvements in performance, with a projected annual growth rate of around 4% for value-added in 2025-2026 [2]