Core Viewpoint - The report from China Galaxy Securities indicates that monetary easing in the fourth quarter may exceed expectations due to signs of economic weakening in the third quarter and the onset of a new policy waiting period [1] Group 1: Economic Indicators - There are signs of weakening in the third quarter economic data, leading to a lack of consensus on interest rate cuts for the fourth quarter [1] - The challenges of low price levels and high real interest rates necessitate a potential reduction in rates [1] Group 2: Policy Measures - The government is expected to implement coordinated fiscal policies, with 500 billion yuan in policy financial tools accelerating deployment and around 1 trillion yuan in debt-related tools potentially being introduced in the fourth quarter [1] - The primary goals of monetary policy in the fourth quarter will focus on economic growth and full employment, suggesting that monetary easing may be more aggressive than anticipated [1] Group 3: Central Bank Actions - The central bank is likely to adopt a proactive approach to monetary easing, potentially implementing a 10-20 basis point interest rate cut to guide the Loan Prime Rate (LPR) downward, which would further reduce loan and deposit rates [1] - There is also a possibility of restarting government bond transactions as part of the monetary policy strategy [1]

Core Viewpoint - China Galaxy has received approval from the China Securities Regulatory Commission (CSRC) to issue short-term corporate bonds with a total face value of up to 15 billion yuan, valid for 24 months, as part of its ongoing capital replenishment strategy [1][2]. Financing and Capital Structure - The company has raised a total of 121.5 billion yuan in bond issuance for 2025, significantly exceeding previous annual levels [1][4]. - Since its listing, China Galaxy has raised a cumulative total of 704.96 billion yuan, with direct financing accounting for 98.45% of this amount [3]. - The company prefers debt instruments for direct financing, with bond issuance accounting for 96.77% of total fundraising [4]. Recent Bond Issuance and Cost Reduction - The recent bond issuance allows China Galaxy to implement "borrow new to repay old," thereby reducing financing costs. For instance, the interest rate on the newly issued bond is 1.84%, down 29 basis points from the previous year's bond [1][8]. - The company's interest expenses on bonds decreased by 14.88% year-on-year in the first half of 2025 [8]. Business Performance and Growth - In the first half of 2025, China Galaxy's trading financial assets rose to 253.62 billion yuan, and the amount of funds lent reached 100.99 billion yuan, a year-on-year increase of 22.84% [1][10]. - The company achieved an investment income of 7.40 billion yuan in the first half of 2025, a year-on-year increase of 48.24% [1][9]. - The margin income from margin financing increased by 5.69% year-on-year, despite an overall decline in interest income [10]. Investment Banking Business - China Galaxy's investment banking business has been underperforming, with revenues remaining low over the years. In the first half of 2025, investment banking revenue was 245 million yuan, a slight increase of 3.13% year-on-year, but with a decline in gross margin [11]. - The company heavily relies on bond underwriting for its investment banking revenue, ranking 6th in the industry for bond underwriting in the first half of 2025 [11][12]. - The company has struggled in the A-share IPO business, with no successful listings in 2023 and 2024, only achieving a small income from a single listing in 2025 [12]. Industry Context - The overall bond issuance by securities firms has significantly increased in 2025, with a total issuance of 1.26 trillion yuan, a year-on-year increase of 75.42% [5]. - The decline in market interest rates has created favorable conditions for low-cost financing for securities firms [7].

Core Viewpoint - China Galaxy (06881) has successfully completed a non-public issuance of corporate bonds to professional investors, raising a total of RMB 2 billion [1] Group 1: Bond Issuance Details - The bond issuance was completed on October 16, 2025, with a total scale of RMB 2 billion, with a face value and issuance price of RMB 100 per unit [1] - The bonds consist of two varieties: one with a term of 13 months and another with a term of 25 months [1] - The final issuance scale for the 13-month bond is RMB 1 billion with a coupon rate of 1.84%, while the 25-month bond also has a final issuance scale of RMB 1 billion with a coupon rate of 2.05% [1] Group 2: Use of Proceeds - The funds raised from this bond issuance will be used to supplement the company's working capital and to repay the principal of maturing corporate bonds [1]

中国银河证券股份有限公司（以下简称"发行人"）已于 2025 年 9 月 18 日获上海证券交易所出具的《关于对中国银河证券股份有限公司非公开发行公 司债券挂牌转让无异议的函》（上证函〔2025〕3079 号），注册规模为不超 过 200 亿元（含 200 亿元）。 根据《中国银河证券股份有限公司 2025 年面向专业投资者非公开发行公 司债券（第二期）募集说明书》，中国银河证券股份有限公司 2025 年面向专 业投资者非公开发行公司债券（第二期）（以下简称"本期债券"）的发行规 模为不超过人民币 60 亿元（含 60 亿元），分为两个品种：品种一为 13 月期， 品种二为 25 月期，两个品种间可互拨。本期债券发行价格为每张人民币 100 元，采取网下面向专业投资者簿记建档的方式发行。 本期债券发行工作已于 2025 年 10 月 16 日结束，本期债券品种一实际发 行规模人民币 10 亿元，最终票面利率为 1.84%，认购倍数为 1.91 倍；本期债 券品种二实际发行规模人民币 10 亿元，最终票面利率为 2.05%，认购倍数为 2.64 倍。 证券代码：601881 证券简称：中国银河 公告编号：202 ...

Core Viewpoint - China Galaxy (06881.HK) has successfully completed a non-public issuance of corporate bonds to professional investors, raising a total of RMB 2 billion [1] Group 1: Bond Issuance Details - The bond issuance consists of two varieties: a 13-month bond and a 25-month bond, each with a final issuance scale of RMB 1 billion [1] - The final coupon rate for the 13-month bond is 1.84%, while the 25-month bond has a final coupon rate of 2.05% [1] Group 2: Fund Utilization - The funds raised from this bond issuance will be used to supplement the company's working capital and repay maturing corporate bond principal [1]

Core Viewpoint - China Galaxy (06881) has successfully completed a non-public issuance of corporate bonds to professional investors, raising a total of RMB 2 billion [1] Group 1: Bond Issuance Details - The bond issuance was completed on October 16, 2025, with a total scale of RMB 2 billion, with a face value and issuance price of RMB 100 per unit [1] - The issuance includes two varieties: a 13-month bond with a final scale of RMB 1 billion and a coupon rate of 1.84%, and a 25-month bond with a final scale of RMB 1 billion and a coupon rate of 2.05% [1] Group 2: Fund Utilization - The funds raised from this bond issuance will be used to supplement the company's working capital and repay maturing corporate bond principal [1]

Core Insights - The 2025 Sustainable Global Leaders Conference was held in Shanghai, emphasizing the importance of technology finance, green finance, inclusive finance, pension finance, and digital finance for high-quality development and serving the real economy [1] Group 1: Technology Finance - Innovation is highlighted as the primary driver of development, with various stock markets providing targeted financing support for technology enterprises [3] - In the past three years, the company has underwritten nearly 100 billion yuan in technology finance, with an investment balance exceeding 26 billion yuan, and 29 invested companies recognized as national "specialized, refined, and innovative" small giants [3] - The company successfully underwrote the first batch of technology bonds for private venture capital institutions this year, aiming to cultivate "patient capital" to support technological innovation [3] Group 2: Green Finance - Green development is identified as the foundation for high-quality financial development, with China's energy transition index ranking rising to 12th globally [5] - During the 14th Five-Year Plan period, the annual growth rate of green loans in China exceeded 20%, with the scale of green loans ranking first in the world [5] - The company established an international ESG research center and developed an independent rating system, achieving significant results in green finance innovation, including underwriting the world's first green bond certified by "drone + carbon satellite" [5] Group 3: Inclusive Finance - Inclusive finance is recognized as a mission to serve the real economy and promote common prosperity, with the annual growth rate of inclusive small loans in China exceeding 20%, reaching a balance of 36 trillion yuan [6] - The company has underwritten over 50 billion yuan in bonds related to inclusive finance in the past three years, with an investment balance of nearly 40 billion yuan [6] - The company created the market's first inclusive agricultural ABS with credit protection certificates and provided hedging services to 3,000 small and micro enterprises, with a transaction scale of nearly 250 billion yuan [6] Group 4: Pension and Digital Finance - In pension finance, the average life expectancy in China reached 79 years, with commercial pension and health insurance reserves totaling 11 trillion yuan [7] - The company has developed the "Galaxy Star Safe Nursing" comprehensive service brand, with over 200,000 personal pension accounts opened [7] - Digital finance is positioned as a key engine for adapting to the digital economy, with the company issuing the first fully processed digital RMB bond and leading the development of industry standards [7]

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。 承董事會命 中國銀河證券股份有限公司 （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 2025年公司債券（第二期）非公開發行完畢 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（「董事會」）的授權方案的修訂，據 此，股東大會授權董事會發行債務融資工具，發行規模合計不超過本公司最近一 期經審計淨資產的350%。 董事會宣佈，根據上述股東授權及上海證券交易所的批准，本公司已於2025年10 月16日完成向專業投資者非公開發行2025年公司債券（第二期）（「本期債券」）。本 期債券的發行規模為人民幣20億元，面值及發行價均為每單位人民幣100元。本 期債券包括期限為13個月（「13個月品種」）和期限為25個月（「25個月品種 ...

Core Insights - The 2025 Sustainable Global Leaders Conference will be held from October 16 to 18 in Shanghai, focusing on global action, innovation, and sustainable growth [1] - The conference is co-hosted by the World Green Design Organization and Sina Group, with support from the Shanghai Huangpu District Government [1] - Approximately 500 prominent guests, including 100 international attendees, will participate, featuring political figures, Nobel laureates, and leaders from Fortune 500 companies [1] Company Contributions - China Galaxy Securities has underwritten nearly 100 billion in technology finance over the past three years, with an investment balance exceeding 26 billion, including 29 companies listed as national-level "specialized and innovative" enterprises [1] - The company has underwritten the world's first green bond certified for drone and carbon satellite projects, assisting in the issuance of approximately 2 billion USD in multi-currency green bonds related to the Belt and Road Initiative [1] - Over the past three years, China Galaxy Securities has underwritten inclusive finance-related bonds exceeding 50 billion, with an investment balance nearing 40 billion, and has created the market's first inclusive agricultural ABS with credit protection certificates [2]

Core Viewpoint - China Galaxy Securities has shown a positive stock performance with a year-to-date increase of 22.52% and a recent uptick of 3.31% over the last five trading days, indicating strong market interest and potential growth in the financial services sector [1]. Financial Performance - As of June 30, 2025, China Galaxy reported a net profit of 6.488 billion yuan, representing a year-on-year growth of 47.86% [2]. - The company has cumulatively distributed dividends amounting to 18.494 billion yuan since its A-share listing, with 7.799 billion yuan distributed over the last three years [3]. Shareholder Structure - The number of shareholders decreased by 23.16% to 136,200, while the average number of circulating shares per person increased by 30.53% to 53,536 shares [2]. - Major shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 64.7687 million shares, and several ETFs that have adjusted their positions in the company [3]. Stock Market Activity - As of October 16, 2023, China Galaxy's stock price was 18.42 yuan per share, with a trading volume of 5.12 billion yuan and a market capitalization of 201.412 billion yuan [1]. - The stock has seen significant inflows, with net buying from major funds amounting to 48.499 million yuan, indicating strong institutional interest [1]. Business Segmentation - The company's revenue composition includes wealth management (43.11%), investment trading (28.07%), and other integrated services, highlighting a diversified business model [1]. - China Galaxy operates within the non-bank financial sector, specifically in the securities industry, which is characterized by its comprehensive range of services [1].