股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國銀河證券股份有限公司 呈交日期: 2025年12月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06881 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,690,984,633 | RMB | | 1 | RMB | | 3,690,984,633 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 3,690,984,633 | RMB | | 1 | RMB | | 3,690,984,633 | | 2. ...

致：香港交易及結算所有限公司 公司名稱: 中國銀河證券股份有限公司 呈交日期: 2025年12月1日 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06881 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,690,984,633 | RMB | | 1 | RMB | | 3,690,984,633 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 3,690,984,633 | RMB | | 1 | RMB | | 3,690,984,633 | | 2. ...

Core Viewpoint - The food and beverage index in November shows continued recovery, outperforming the broader market due to a shift in market style and a positive CPI growth rate, with pre-processed foods, baked goods, and dairy products leading the gains [1] Group 1: Market Trends - The food and beverage sector experienced a 0.8% increase in November, with an excess return of 3.1% compared to the Wind All A index, ranking 11th among 31 sub-industries [4] - Five out of ten sub-sectors achieved positive monthly returns, with pre-processed foods, dairy, and baked goods showing significant increases of +9.1%, +6.6%, and +4.2% respectively [4] Group 2: Investment Opportunities - The report highlights opportunities in the retail and dining supply chain, with a focus on developing private labels in supermarkets, which could see a growth potential of 2-3 times, translating to a market increment of approximately 100 billion [2] - The dining channel is expected to recover as competition stabilizes, with pre-processed food net profit growth showing improvement in Q3 2025, driven by the easing of price competition and the gradual lifting of alcohol bans [2] Group 3: Price Tracking - As of November 30, 2025, the price of premium liquor has decreased compared to the previous month and year, with specific prices for various brands noted [3] - Packaging material prices have shown mixed trends, with glass and PET prices down year-on-year, while aluminum and cardboard prices have increased [3] - Raw material prices for sugar, flour, palm oil, and pork have decreased significantly year-on-year, while quail eggs and soybean prices have increased [3]

Core Viewpoint - The lithium battery industry is expected to experience a new round of growth during the "14th Five-Year Plan" period, with a focus on high-certainty segments such as battery cells, electrolytes, additives, and steel foils [1] Group 1: Price Trends - Battery cell prices have been continuously rising, with significant increases noted in various segments, including a rise in lithium iron phosphate battery prices by 6% and 3% in different quarters [1] - The market price for small battery cells has increased from approximately 0.33 yuan/Wh at the beginning of the year to over 0.4 yuan/Wh, with some urgent orders exceeding 0.45 yuan/Wh, marking a maximum increase of over 20% [1] Group 2: Supply Chain Dynamics - The price increase in battery cells is a necessary condition for the reasonable price rise of upstream materials, supported by strong demand and lower price sensitivity in overseas markets [2] - Various materials in the supply chain have seen significant price increases, with lithium hexafluorophosphate and other materials experiencing rises of 215% and 245%, respectively, due to differing supply and demand conditions [2] Group 3: Demand Drivers - The core driver of the current price increase is the strong demand for energy storage, with China's new energy vehicle sales reaching 11.23 million units in the first three quarters of 2025, a year-on-year increase of 35% [3] - The energy storage sector has shown unexpected performance following policy changes, with domestic economic viability becoming apparent and overseas markets experiencing synchronized growth [3] Group 4: Production and Profitability - Continuous production increases and high capacity utilization rates have led to a recovery in profitability for leading companies, with battery cell production rising by 7% month-on-month in November [4] - The net profit margins for various materials, including battery cells and electrolytes, have shown positive month-on-month growth, indicating a stabilization in profitability [4] Group 5: Investment Recommendations - The SW lithium battery index has risen by 44.8% year-to-date, with a notable increase of 47.7% since Q3 [5] - Recommended companies include CATL, Yiwei Lithium Energy, and Tianci Materials, with a focus on segments with potential price increases and technological flexibility, such as lithium sulfide and iron phosphate materials [5]

Core Viewpoint - The market valuation for the telecommunications industry remains relatively conservative, not fully reflecting the industry's high growth potential, with a long-term bullish outlook expected to continue [1] Group 1: 2025 Telecommunications Overview - The telecommunications industry has seen a year-to-date increase of 51.67%, ranking second among all industries, with some optical module stocks experiencing nearly tenfold growth [1] - The rapid development of the global artificial intelligence (AI) sector is enhancing industry growth, with the optical communication sub-sector becoming the second largest in telecommunications, following the operator segment [1] - Public fund holdings in the telecommunications sector have reached a record high of over 6.5%, indicating strong market confidence despite conservative valuations [1] Group 2: 2026 Outlook - The growth of the telecommunications industry is driven not only by high demand but also by infrastructure upgrades and policy guidance, with a focus on early positioning in emerging and future industries [2] Group 3: Investment Recommendations - The development of emerging industries and AI-enabled sectors will be a key topic during the "14th Five-Year Plan" period, particularly in the telecommunications sector [3] - Operators are characterized by low valuations and high dividends, with improving profitability and cash flow, leading to increased shareholder returns [3] - The optical communication sector is expected to thrive due to increased capital expenditures from cloud vendors, driving growth in related industries [3] - The satellite internet sector is anticipated to enter a major development cycle starting in 2026, supported by advancements in commercial rocket technology and increased government spending [3] - The quantum technology market is projected to grow significantly, with expanding application scenarios during the "14th Five-Year Plan" period [3]

中国银河证券股份有限公司 第五届董事会第九次会议（临时）决议公告 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。 2025年11月28日，中国银河证券股份有限公司（以下简称"公司"）以通讯方式召开第五届董事会第九次 会议（临时）。本次会议通知已于2025年11月19日以电子邮件方式发出。本次会议应出席董事10名，实 际出席董事10名，均以通讯表决方式出席本次会议。董事会全体董事按照董事会议事规则的相关规定参 加了本次会议的表决。本次会议的召集、召开及表决程序符合《中华人民共和国公司法》和《中国银河 证券股份有限公司章程》的规定。 会议形成如下决议： 一、通过《关于提请董事会审议撤销监事会办公室的议案》 议案表决情况：同意10票，反对0票，弃权0票。 证券代码：601881 证券简称：中国银河 公告编号：2025-109 二、通过《关于提请董事会审议合规总监2024年度暨2022-2024年任期考核结果的议案》 议案表决情况：同意10票，反对0票，弃权0票。 本议案已经公司董事会合规与风险管理委员会事前审议通过。 特此公告 ...

2025年11月29日，中国银河证券股份有限公司（证券代码：601881，证券简称：中国银河）发布第五届 董事会第九次会议（临时）决议公告，宣布于11月28日以通讯方式召开的董事会审议通过了撤销监事会 办公室及合规总监2024年度暨2022-2024年任期考核结果等两项议案，所有议案均获全票通过。 会议召开程序合规 董事全员参与表决 公告显示，本次临时董事会通知已于2025年11月19日以电子邮件方式发出，会议应出席董事10名，实际 出席董事10名，均以通讯表决方式参与会议。中国银河证券强调，本次会议的召集、召开及表决程序符 合《中华人民共和国公司法》和《中国银河证券股份有限公司章程》的规定，决议合法有效。 中国银河证券董事会在公告中承诺，全体董事保证公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对内容的真实性、准确性和完整性承担个别及连带责任。本次董事会决议的后续实施情况，仍 需关注公司进一步公告。 点击查看公告原文>> 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考， ...

截至发稿，中国银河市值为1739亿元。 （记者 曾健辉） 每经AI快讯，中国银河（SH 601881，收盘价：15.9元）11月28日晚间发布公告称，公司第五届第九次 董事会临时会议于2025年11月28日以通讯方式召开。会议审议了《关于提请董事会审议撤销监事会办公 室的议案》等文件。 2025年1至6月份，中国银河的营业收入构成为：证券经纪业务占比43.11%，投资交易业务占比 28.07%，其他母子公司一体化业务占比9.33%，海外业务占比8.0%，机构业务占比7.59%。 每经头条（nbdtoutiao）——已有75人遇难，1名死者为消防员，还有10名消防员受伤！记者现场直击香 港大埔火灾：燃烧的宏福苑，五级大火的五个谜团 ...

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。 2025 年 11 月 28 日，中国银河证券股份有限公司（以下简称"公司"）以 通讯方式召开第五届董事会第九次会议（临时）。本次会议通知已于 2025 年 11 月 19 日以电子邮件方式发出。本次会议应出席董事 10 名，实际出席董事 10 名， 均以通讯表决方式出席本次会议。董事会全体董事按照董事会议事规则的相关规 定参加了本次会议的表决。本次会议的召集、召开及表决程序符合《中华人民共 和国公司法》和《中国银河证券股份有限公司章程》的规定。 证券代码：601881 证券简称：中国银河 公告编号：2025-109 中国银河证券股份有限公司 第五届董事会第九次会议（临时）决议公告 2025 年 11 月 29 日 本议案已经公司董事会合规与风险管理委员会事前审议通过。 特此公告。 中国银河证券股份有限公司董事会 会议形成如下决议： 一、通过《关于提请董事会审议撤销监事会办公室的议案》 议案表决情况：同意 10 票，反对 0 票，弃权 0 票。 本议案已经公司董事会战略与 ...

（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第五屆 董事會第九次會議（臨時）決議公告》，僅供參閱。 承董事會命 中國銀河證券股份有限公司 王晟 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。 董事長及執行董事 中國北京 2025年11月28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：2 ...