Core Viewpoint - The State Grid Corporation of China has announced that its fixed asset investment during the 14th Five-Year Plan (2021-2025) is expected to reach 4 trillion yuan, a significant increase of 40% compared to the 13th Five-Year Plan, with an average annual investment of 800 billion yuan. If combined with the investment from the Southern Power Grid, the total investment for the national grid during the 14th Five-Year Plan could approach 5 trillion yuan, with an average annual investment exceeding 1 trillion yuan [1][2]. Group 1: Investment Strength and Direction - Under the dual carbon goals, the energy transition on the supply side and the rapid increase in demand from sectors like AIDC and new energy vehicles are the core drivers for the upgrade of the power system [2]. - During the 14th Five-Year Plan, the planned investment was 2.4 trillion yuan, while the actual investment reached approximately 2.85 trillion yuan. For the 15th Five-Year Plan, with a planned investment of 4 trillion yuan, the corresponding annualized CAGR is around 6%. Optimistically, considering historical experience, the investment could reach 5 trillion yuan, corresponding to an annualized CAGR of about 13% [2]. Group 2: High Voltage and Main Network - Strengthening investment in high voltage and main networks to enhance the resource allocation capability of the grid is the primary task during the 15th Five-Year Plan. The State Grid aims to expedite the commissioning of 15 planned high voltage direct current lines, increasing inter-provincial transmission capacity by 35% and expanding regional interconnection capabilities by more than double [3]. Group 3: Distribution Network - The main goals for upgrading the distribution network include enhancing the capacity to accommodate new energy sources and increasing the space for distributed generation access. The 15th Five-Year Plan will focus on addressing shortcomings in the distribution network, aiming to increase capacity by over 90 million kilovolt-amperes [4]. - The plan includes promoting demonstration projects for source-based distribution networks in counties and microgrid projects in towns, facilitating the integration of distributed renewable energy sources [4]. Group 4: Smart Grid - Investment in digital platform construction will be advanced, establishing an integrated intelligent scheduling and monitoring platform for new energy, breaking down barriers in scheduling, trading, and consumption [5]. - The focus will be on enhancing smart control technology investments, particularly in precise forecasting for new energy, while promoting the industrial application of flexible control and proactive support technologies [5].

Core Viewpoint - China Galaxy Securities Co., Ltd. has successfully issued a total of 1 billion RMB in technology innovation corporate bonds aimed at professional investors, with a final coupon rate of 1.79% and a subscription multiple of 5.37 times [2]. Group 1 - The company has received approval from the China Securities Regulatory Commission for the public issuance of technology innovation corporate bonds, with a total face value not exceeding 5 billion RMB [1]. - The bonds have a term of 3 years and were issued at a price of 100 RMB per bond, utilizing a book-building method targeted at professional investors [1]. - The actual issuance of the bonds concluded on March 23, 2026, with a total issuance scale of 1 billion RMB [2]. Group 2 - The company's directors, senior management, and shareholders with over 5% ownership did not participate in the bond subscription [3]. - The main underwriter, China International Capital Corporation, and its affiliates participated in the bond subscription, with amounts of 80 million RMB and 300 million RMB respectively [3]. - The subscription quotes and procedures adhered to relevant laws and regulations [3].

Core Viewpoint - The equity market is under pressure due to ongoing geopolitical conflicts, tightening global liquidity expectations, and high oil prices, leading to a decline in risk appetite for equity assets [1][18] Weekly Review of Convertible Bond Market - During the week of March 16-20, the Shanghai Composite Index fell 3.38% to 3957.1 points, while the China Convertible Bond Index dropped 3.15% to 492.6 points [1][5] - Major indices experienced more declines than gains, with only the ChiNext Index rising by 1.3% [1][5] - The trading volume in the convertible bond market decreased, with the total daily trading volume for the entire A-share market falling by 11.5% to 2.21 trillion yuan [10][11] Market Outlook - The current adjustment in the convertible bond market may continue for another 20-50 days, with a potential decline of 10%-20% expected [2][19] - The People's Bank of China has indicated a commitment to maintaining stability in financial markets, which may provide liquidity support to the equity market [2][19] - The focus is shifting towards fundamental pricing as the market approaches the annual report disclosure period, with physical assets being favored over virtual assets [3][25] Sector Performance - The majority of sectors saw declines, with only the telecommunications and banking sectors showing positive performance [1][7] - Convertible bonds across all sectors fell, with financial convertible bonds showing relative resilience [1][7] Trading Activity - The number of convertible bonds subject to forced redemption decreased, with four bonds totaling 1.061 billion yuan announced for forced redemption, down by 2.852 billion yuan from the previous week [15][26] - The average price of convertible bonds fell by 5.69 yuan to 101.92 yuan, indicating a continued decline in valuation [10][11] Investment Strategy - Investors are advised to maintain strict control over positions and focus on low-priced convertible bonds for defensive strategies [3][25] - There may be opportunities for rebound in strong stocks during market fluctuations, with a cautious approach recommended for speculative participation [3][25]

Core Viewpoint - China Galaxy (06881) has received approval from the China Securities Regulatory Commission to publicly issue a total face value of up to RMB 5 billion in technology innovation corporate bonds aimed at professional investors [1] Group 1: Bond Issuance Details - The company has completed the issuance of the first phase of the 2026 technology innovation corporate bonds on March 23, 2026, with a total issuance scale of RMB 1 billion [1] - The face value and issuance price of the bonds are both set at RMB 100 per unit, with a maturity period of 3 years and a final coupon rate of 1.79% [1] - At least 70% of the funds raised from this bond issuance will be specifically allocated to support business in the technology innovation sector through equity, bonds, and fund investments, while the remaining portion will be used to supplement working capital and other legal purposes [1]

Group 1 - The core point of the article is that China Galaxy (06881) has received approval from the China Securities Regulatory Commission to publicly issue technology innovation corporate bonds totaling up to RMB 5 billion [1] - The company has completed the issuance of the first phase of the 2026 technology innovation corporate bonds on March 23, 2026, with a total issuance scale of RMB 1 billion [1] - The bonds have a term of 3 years and a final coupon rate of 1.79% [1] Group 2 - At least 70% of the funds raised from this bond issuance will be used to support business in the technology innovation sector through equity, bonds, and fund investments [1] - The remaining funds will be used to supplement working capital and for other purposes that comply with laws and regulations [1]

Group 1 - The core point of the article is that China Galaxy (06881.HK) has received approval from the China Securities Regulatory Commission to publicly issue technology innovation corporate bonds totaling up to RMB 5 billion [1] - The company has successfully completed the issuance of the first phase of the 2026 technology innovation corporate bonds, with a total issuance scale of RMB 1 billion [1] - The bonds have a maturity of three years and a final coupon rate of 1.79% [1] Group 2 - At least 70% of the funds raised from this bond issuance will be specifically allocated to support businesses in the technology innovation sector through equity, bonds, and fund investments [1] - The remaining portion of the funds will be used to supplement working capital and for other purposes that comply with legal regulations [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） 公告 2026年科技創新公司債券（第一期）公開發行完畢 本期債券的承銷機構及其關聯方認購了本期債券。主承銷商中國國際金融股份有 限公司的關聯方中國中金財富證券有限公司參與認購並獲配本期債券人民幣0.8億 元，主承銷商中信建投証券股份有限公司及其關聯方中信銀行股份有限公司分別 參與認購並獲配本期債券人民幣0.3億元和人民幣1.5億元。 1 除此之外，本期債券的其他承銷機構及其關聯方未參與本期債券認購。本公司的 董事、高級管理人員、持股比例超過5%的股東及其他關聯方未參與本期債券認 購。 承董事會命 中國銀河證券股份有限公司 王晟 茲提述中國銀河證券股份有限公司（「本公司」）日期為2025年1月23日的通函以 及2025年2月17日之公告。於2025年2月17日召開的2025年第一次臨時股東大會 上，本公司通過了股東大會對本公司董事會（「 ...

证券代码：601881 证券简称：中国银河 公告编号：2026-029 本期债券存在承销机构及其关联方认购情况，为主承销商中国国际金融股 份有限公司的关联方中国中金财富证券有限公司参与认购并获配本期债券金 额人民币 0.8 亿元，主承销商中信建投证券股份有限公司及其关联方中信银行 股份有限公司分别参与认购并获配本期债券金额人民币 0.3 亿元和金额人民币 1.5 亿元。前述认购报价及程序均符合相关法律法规的规定。 特此公告。 中国银河证券股份有限公司董事会 2026 年 3 月 24 日 中国银河证券股份有限公司2026年面向专业投资者 公开发行科技创新公司债券（第一期）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、准确性和完 整性承担个别和连带的法律责任。 中国银河证券股份有限公司（以下简称"发行人"）面向专业投资者公开 发行面值总额不超过 50 亿元（含 50 亿元）的科技创新公司债券已于 2026 年 1 月 7 日获中国证券监督管理委员会出具的《关于同意中国银河证券股份有限 公司向专业投资者公开发行科技创新公司债券注册 ...

Core Viewpoint - The global asset pricing logic is changing under the backdrop of high oil prices, high inflation, and high interest rates, with implications for various asset classes and investment strategies [1][5]. Group 1: Economic Environment - The U.S. Treasury yield is increasingly influenced by inflation and supply factors, with long-term interest rates facing upward pressure [1][3]. - High oil prices are constraining the Federal Reserve's monetary policy space, with expectations of limited interest rate cuts in the near term [2][5]. - The U.S. federal debt is approaching $40 trillion, with a significant increase in issuance driven by military spending and long-term fiscal deficits [3][4]. Group 2: Asset Class Implications - Gold is seen as having allocation value in an environment characterized by inflation and uncertainty [1][5]. - The attractiveness of RMB assets is expected to increase due to China's relative stability and strong supply chain capabilities [1][5]. - A-shares are influenced by external disturbances but still present structural opportunities in sectors like power equipment and high-end manufacturing [1][5]. - Hong Kong stocks are more affected by foreign capital flows, showing higher volatility, but are becoming more attractive to medium- and long-term investors due to low valuations [1][5].

Core Viewpoint - The ongoing geopolitical conflicts create significant uncertainty regarding their duration and evolution, leading to persistent disturbances in global risk assets, with expectations of high volatility in global equity markets. However, the A-share market is likely to experience limited downside, with a probable oscillation and structural rotation to absorb external pressures [1]. Group 1: A-share Market Performance - During the week of March 16-20, 2026, the A-share market experienced a volatile adjustment, with the overall A-index declining by 4.13%. Only the ChiNext index saw an increase of 1.26%, while the North Star 50 and CSI 1000 indices fell by over 5%, and other indices dropped by more than 2% [2]. - In terms of market style, large-cap stocks outperformed, while all five major style indices retreated, with the cyclical style dropping over 7% and stability, growth, and consumer styles declining by more than 2% [2]. - Most primary industry sectors saw declines, with only the communication and banking sectors rising, while non-ferrous metals, basic chemicals, and steel experienced the largest drops [2]. Group 2: Fund Flows - The A-share market's trading activity slightly cooled, with an average daily turnover of 22,111 billion yuan, down by 2,875.9 billion yuan from the previous week [3]. - The margin financing balance stood at 26,501.11 billion yuan, a decrease of 15.89 billion yuan compared to the previous week [3]. - A total of 30 new equity funds were established, with an issuance volume of 21.388 billion units, an increase of 1.564 billion units from the previous week [3]. - From March 12 to 18, global funds saw a net outflow of 12.78 million USD, improving from a previous outflow of 36.15 million USD, while overseas funds had a net outflow of 5.32 million USD, down from 10.35 million USD [3]. Group 3: Valuation Changes - The PE (TTM) valuation of the overall A-index decreased by 3.16% to 22.59 times, placing it at the 91.20 percentile since 2010. The PB (LF) valuation fell by 3.39% to 1.86 times, at the 51.45 percentile since 2010 [4]. - The bond-equity spread for the overall A-share market is 2.5959%, situated near the three-year rolling average (3.316%) minus 1.39 standard deviations, at the 45.88 percentile since 2010 [4]. Group 4: Investment Outlook - The ongoing escalation of the US-Iran conflict is expected to drive strong demand for energy and alternatives, with a focus on sectors such as coal chemical, coal, shipping ports, and oil and gas. The recent significant pullback in non-ferrous metals warrants attention for valuation recovery and cost-effectiveness [6]. - The market is shifting towards defensive assets, with a focus on financials, public utilities, and transportation [6]. - The technology innovation sector is highlighted, particularly in areas such as power equipment, new energy, energy storage, storage, semiconductors, computing power, and communication devices. Additionally, the consumer sector is noted for its historically low valuations, with certain sub-sectors like agriculture, food and beverage, and home appliances showing potential for recovery [6].