中国银河证券股份有限公司 独立董事 2025 年度履职报告 各位股东： 本人作为中国银河证券股份有限公司（以下简称"银河 证券"或"公司"）独立董事，根据《上市公司治理准则》 《上市公司独立董事管理办法》《香港联交所上市规则》《上 海证券交易所股票上市规则》及《上海证券交易所上市公司 自律监管指引第 1 号-规范运作》等有关规定，定期了解公司 经营情况，认真履行独立董事的职责，恪尽职守，勤勉尽责。 本人担任董事会审计委员会主任委员、合规与风险管理委员 会委员、提名与薪酬委员会委员。现就 2025 年度主要工作情 况报告如下： 一、基本情况 本人自 2019 年 2 月起担任银河证券独立董事，2025 年 2 月因任期届满辞任公司独立董事及董事会审计委员会主任 委员、合规与风险管理委员会委员、 提名与薪酬委员会委员 职务，辞去上述职务后，已不担任公司及其控股子公司任何 职务。本人详细简历请见公司 2025 年 3 月 28 日披露的《中 国银河证券股份有限公司 2024 年年度报告》。 本人兼职情况如下： | | | 在其他单位任职情况 | | | --- | --- | --- | --- | | 姓名 | ...

证券代码：601881 证券简称：中国银河 公告编号：2026-030 2026 年 3 月 30 日，中国银河证券股份有限公司（以下简称"公司"）在 北京市丰台区西营街 8 号青海金融大厦 M1919 会议室以现场和通讯相结合的方 式召开第五届董事会第十二次会议（定期）。本次会议通知已于 2026 年 3 月 16 日以电子邮件方式发出，本次会议由公司董事长王晟先生主持。本次会议应出席 董事 11 名，实际出席董事 11 名，其中 4 名董事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。公司有关高级管理人员列席了会议。 会议形成如下决议： 一、通过《关于提请审议<中国银河证券股份有限公司 2025 年度财务决算 方案>的议案》 议案表决情况：同意 11 票，反对 0 票，弃权 0 票。 本议案已经公司董事会审计委员会事前审议通过。 二、通过《关于提请审议<中国银河证券股份有限公司 2025 年度利润分配 方案>的议案》，并提交股东会审议。 2025 年度，公 ...

证券代码：601881 证券简称：中国银河 公告编号：2026-031 中国银河证券股份有限公司 关于2025年年度利润分配方案的公告 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。 （二）本公司不触及其他风险警示情形的说明 重要内容提示： 一、利润分配方案内容 （一）利润分配方案的具体内容 经安永华明会计师事务所（特殊普通合伙）审计，2025 年公司实现合并口 径归属于上市公司股东的净利润人民币 12,519,718,792.04 元，截至 2025 年末 母公司可供分配利润为人民币 32,429,994,808.69 元。经董事会决议，公司 2025 年度拟以实施权益分派股权登记日登记的总股本为基数分配利润。本次利润分配 方案如下： 2025 年度利润分配拟采用现金分红方式，向 2025 年度现金红利派发股权登 记日登记在册的 A 股股东和 H 股股东派发红利，每 10 股派发现金股利人民币 2.25 元（含税）。以 2025 年 12 月 31 日公司总股本 10,934,402,256 股为基数， 1 每股分配比 ...

Group 1 - The Beijing Stock Exchange accepted Ruijian Medical's application for public offering on March 31, 2025, but has now decided to terminate the review process following the company's request to withdraw its application [2] - Ruijian Medical specializes in the research, production, and sales of blood purification products, focusing on providing diverse and stable quality products for end-stage renal disease patients [2] - The company originally planned to issue up to 43,000,000 shares, with a potential total of 49,450,000 shares including an over-allotment option, aiming to raise 482 million yuan for various blood purification projects [4][6] Group 2 - The controlling shareholder of Ruijian Medical is Puhua Heshun, which holds 50.55% of the voting rights, significantly influencing the company's management decisions [3] - Yufeng Liu, the ultimate controlling shareholder of Puhua Heshun, has significant influence over Ruijian Medical's shareholder meetings and decisions due to her ownership structure [3] - The company has a joint actual controller relationship between Yufeng Liu and Pu Zhongjie, with Liu being the mother-in-law of Zhongjie, which affects the governance of the company [3]

Group 1 - The core viewpoint of the report indicates that short-term demand for AI-related servers and data centers may support Singapore's manufacturing sector [1] - The output of electronic products is expected to continue being driven by structural technological demand [1] - Pharmaceutical output may remain volatile due to inherent mass production cycles [1] Group 2 - Geopolitical tensions could exert pressure on manufacturing activities by weakening external demand, disrupting supply chains, and increasing input costs [1] - The company maintains its forecast for Singapore's manufacturing output growth at 5.0% for 2026 [1]

Core Viewpoint - The recent fuel price increase in Thailand is expected to significantly impact domestic market-oriented industries, particularly those sensitive to oil prices [1] Industry Impact - The Thai Oil Fuel Fund Committee approved a nationwide fuel price increase of 6 Thai Baht per liter, which will adversely affect oil-sensitive and domestic demand-driven sectors such as transportation, commercial, construction, and non-essential consumer goods [1] - Conversely, the energy sector is anticipated to perform well as rising oil prices will directly boost profitability in this industry [1] Preferred Stocks - The brokerage's preferred stocks in light of the fuel price increase include PTT, PTT Exploration and Production, True Corp., and Bangkok Dusit Medical Services [1]

Overview - The core viewpoint of the news is that China Galaxy Securities has launched the "Galaxy Securities Preferred Huijin Bond Basket" (basket code: BBX013025) to create a standardized and efficient asset allocation and trading tool for investors, aligning with national strategies for building a strong financial nation and improving the management of state-owned financial capital [1][4]. Basket Introduction - The basket focuses on high-grade bonds issued by Central Huijin, aiming to construct a standardized bond investment portfolio by selecting liquid and valuable Huijin bond varieties [1][4]. Features and Advantages - The basket aligns with national strategies, focusing on core state-owned financial assets, as bonds issued by Central Huijin have high credit quality and market recognition, meeting institutional investors' demand for stable core assets [1][4]. - The basket selects high-quality bonds with sufficient liquidity and matching term structures, balancing liquidity and allocation value to meet mainstream market preferences [5]. Dynamic Management and Market Liquidity - The basket will undergo dynamic adjustment management based on market conditions, trading activity, and investor demand, ensuring it remains aligned with market trading trends and allocation needs [2][5]. - China Galaxy Securities will provide continuous and high-quality bid-ask quotes, maintaining an overall price spread of approximately 2 basis points to ensure secondary market liquidity [2][5]. Galaxy Securities Basket Business - As one of the first institutions to create and quote bond baskets, China Galaxy Securities has launched over 20 bond baskets covering various themes, including interlinked futures, government financial bonds, and more, catering to diverse investor needs [3][6]. - The company is committed to providing high-quality financial services and responding to customer needs, continuously innovating products to support the high-quality development of the bond market [7].

（编辑 楚丽君） 证券日报网讯 3月26日，中国银河在互动平台回答投资者提问时表示，公司始终以用户需求为导向， 持续推进APP版本迭代与体验优化，不断完善功能设计、提升用户体验。欢迎关注与监督，助力公司为 广大投资者提供更优质的服务。 ...

焦煤、石油、天然气都具有能源属性，长周期视角下，焦煤与原油、天然气走势整体较为一致，三者共 同受全球能源周期、宏观流动性及大宗商品整体β驱动。 智通财经APP获悉，中国银河证券发布研究报告称，2月底以来，受地缘冲突等影响，油气大涨，情绪 外溢，煤炭同属能源，也受到一定影响。煤炭替代油气主要路径有化工替代及能源替代两条路线，主要 影响动力煤，但由于焦煤兼具能源及工业品属性，进而传导至焦煤，资金及情绪传导明显快于基本面变 化。 就国内市场而言，其中化工替代效应强于能源替代效应。油气大涨对于焦煤的影响传导链路较长，逻辑 也较为复杂。同时需要注意的是，我国煤炭供应以"我"为主，进口作为补充(我国煤炭对外依存度约 10%，其中焦煤对外依存度约20%，且焦煤主要来自蒙古、俄罗斯等国，供应较为稳定)，当前我国煤炭 产量仍有提升空间，且进口蒙古煤维持高位，焦煤供应较为平稳。简言之，能源替代是慢变量，同时从 油气涨价传导到焦煤路径较长且逻辑也较为复杂，盘面的大涨提前计价了部分煤炭替代油气的利好，后 续核心驱动在于地缘冲突进展及油气价格变化，关注煤炭实际需求增量。 中国银河证券主要观点如下： 逻辑分析 一、地缘冲突扰动，煤炭替代 ...

Core Viewpoint - The establishment of a green transition empowerment system aimed at the Global South is crucial for balanced global climate governance and sustainable development in developing countries [1] Group 1: Green Capital Flow Challenges - Current cross-border green capital flows face three major obstacles: insufficient regulatory coordination, high risk premiums due to low credit ratings in many Global South countries, and an incomplete cross-border service system lacking specialized green capital intermediaries [2] - Financial institutions are encouraged to take responsibility by enhancing green financial innovation and service levels, focusing on creating suitable green financial products for the Global South [2] Group 2: Innovative Financial Products - In 2024, China Galaxy Securities and its subsidiary Galaxy International launched the "CGT-ESG Bond Portfolio," which adapts international standards to local needs, identifying green attributes based on seven key industries and 96 economic activities recognized by the EU-China Common Classification [3] - This innovative practice addresses the challenges of inconsistent standards and cross-border recognition for green projects in the Global South [3] Group 3: Demonstrative Cases - China Galaxy Securities successfully introduced the "One Yuan Carbon Sink" project to the Hong Kong market in 2022, marking the first cross-border sale of a carbon sink project in China, which supports local ecological protection and poverty alleviation [4] - The company has developed a comprehensive ESG service ecosystem that includes compliance disclosure, rating enhancement, and long-term governance, providing targeted solutions for local enterprises [4] Group 4: Integrated Empowerment System - The establishment of an integrated empowerment system requires clear positioning of various stakeholders, including financial institutions, think tanks, technology companies, and enterprises, to complement each other's strengths [5] - In 2025, Galaxy International assisted a state-owned capital operation company in Quzhou to issue $470 million in green and sustainable bonds, marking the company's debut in the international green bond market [5] Group 5: Expanding Green Financial Practices - China Galaxy Securities has been expanding its green financial practices, including the issuance of green financial bonds for local governments and projects aimed at pollution prevention and clean energy [6] - The company aims to continue playing a bridging role in capital markets to promote a fair and inclusive green capital flow system for the Global South [6]