证券代码：601881 证券简称：中国银河 公告编号：2025-083 中国银河证券股份有限公司 关于签订《证券及金融服务框架协议之补充协议》 暨关联交易公告 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。 重要内容提示： 公司第五届董事会第七次会议（临时）审议通过了《公司重新设定 2025-2027 年持续关联交易上限并与银河金控签署证券及金融服务框架协议之补充协议的 议案》，同意重新设定 2025-2027 年度银河证券集团与银河金控集团在补充协议 项下的关联交易收入上限分别为人民币 2.31 亿元、9.44 亿元、9.61 亿元，利息 开支均为人民币 0.1 亿元。 二、关联方介绍和关联关系 一、关联交易基本情况 2024 年 12 月 6 日，中国银河证券股份有限公司（以下简称"公司"）第四 届董事会第三十三次会议（临时）审议通过了《公司与银河金控签署证券与金融 服务框架协议并设定 2025-2027 年关联交易上限的议案》。同日，公司与中国银 河金融控股有限责任公司（以下简称"银河金控"）签订《证券及金融服务框 ...

议案表决情况：同意 5 票，反对 0 票，弃权 0 票。 二、审议通过《公司重新设定 2025-2027 年持续关联交易上限并与银河金 控签署证券与金融服务框架协议之补充协议的议案》 证券代码：601881 证券简称：中国银河 公告编号：2025-084 中国银河证券股份有限公司 第五届监事会第五次会议（临时）决议公告 本公司监事会及全体监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 10 月 13 日，中国银河证券股份有限公司（以下简称"公司"）以 现场和通讯相结合的方式召开第五届监事会第五次会议（临时）。本次会议通知 已于 2025 年 9 月 30 日以电子邮件方式发送公司各位监事、合规总监及董事会 秘书。本次会议由监事会主席屈艳萍召集并主持，本次会议应出席监事 5 人，实 际出席监事 5 人，其中 1 名监事以通讯表决方式出席本次会议。合规总监梁世 鹏、董事会秘书刘冰列席会议。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，做出的决议合 法有效。 会议形成如下决 ...

中国银河证券股份有限公司 第五届董事会第七次会议（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 10 月 13 日，中国银河证券股份有限公司（以下简称"公司"）以 现场和通讯相结合的方式召开第五届董事会第七次会议（临时）。本次会议通知 已于 2025 年 9 月 30 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 10 名，实际出席董事 10 名，其中委托出席董事 2 名，4 名董事以通讯表决方式出席本次会议。董事宋卫刚先生及独立董事罗卓坚 先生因工作原因未能亲自出席会议，董事宋卫刚先生书面委托董事杨体军先生代 为出席会议并表决，独立董事罗卓坚先生书面委托独立董事刘力先生代为出席会 议并表决。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。公司监事和有关高级管理人员列席了会议。 会议形成如下决议： 一、通过《关于提请审议修订<公司章程>的 ...

Core Insights - The overall sales of liquor during the Mid-Autumn Festival and National Day holidays have declined by 20%-30%, with variations across scenes, regions, and brands [1] - Business banquet demand remains weak, while mass consumption and gatherings are relatively stable [1] - The liquor industry shows signs of recovery, particularly for leading brands like Moutai, which has seen a significant increase in sales [1] Liquor Industry Analysis - Sales during the holiday period have shown a decline of 20%-30%, with a notable differentiation in performance based on consumption scenarios, regions, and brands [1] - Business banquet demand is still low, while mass consumption and gatherings are holding up better [1] - Traditional liquor consumption provinces such as Henan, Shandong, and Jiangsu are performing relatively well [1] - Moutai's sales have rebounded, with a reported increase of approximately 100% month-on-month and over 20% year-on-year since September [1] Restaurant Supply Chain Industry - The Ministry of Commerce and other departments have issued policies aimed at boosting consumer confidence [2] - High-frequency consumer traffic initiatives are being launched to support the restaurant and service industries [2] - The transportation department reported a record high of 2.432 billion cross-regional movements during the National Day holiday, indicating a marginal recovery in consumer activity [2] Price Tracking and Cost Analysis - Liquor prices are under pressure, with various brands experiencing price declines compared to last year [3] - Packaging material prices have shown mixed trends, with some materials increasing while others have decreased [3] - Raw material costs for certain food items have decreased significantly, while others have seen slight increases [3] Investment Recommendations - The food and beverage index has underperformed relative to the broader market, with various sub-sectors in a phase of adjustment [4] - Focus on companies with growth potential in new categories and channels, such as Guoquan and Dongpeng Beverage [4] - Emphasis on stable demand and improved competitive landscapes in sectors like Nongfu Spring and Uni-President [4] - For cyclical recovery, attention should be given to leading liquor brands like Moutai and Wuliangye [5]

Core Viewpoint - The smart glasses sector is experiencing high demand, with Meta's glasses being in short supply, indicating a positive outlook for related companies in the industry [1] Industry Summary - The report from China Galaxy Securities highlights the strong growth potential in the smart glasses market, driven by high demand and supply constraints [1] - There is an optimistic view on Apple's supply chain, with expectations for shipment volumes to exceed forecasts, presenting additional investment opportunities [1] Company Recommendations - Recommended companies include: - Crystal Optoelectronics - Jiebang Technology - Tianyue Advanced [1] - Companies to watch include: - Luxshare Precision - GoerTek - Linyit Technology - Lens Technology - Yian Technology [1]

中国银河证券指出，中美贸易摩擦再度引发市场关注。市场大概率不会复制4月7日行情。短期来看，外 部环境不确定上升压制市场风险偏好，叠加部分资金获利回吐压力，将加剧市场波动，个股分歧或加 大。但是驱动本轮行情的核心因素并未改变。流动性预计延续向好趋势。在"十五五"规划关键窗口期和 三季报披露窗口期，重点关注新一轮政策聚焦领域和业绩确定性较强板块。配置机会方面，关税冲击 下，关注有色金属（贵金属、工业金属、小金属）、农业、能源行业的投资机会。（1）反内卷："十五 五"时期，反内卷政策将保持延续性，并在现有基础上进一步深化。（2）新质生产力主题：顺应国家战 略、具备真实技术壁垒的科技企业将是A股投资的重要主线。短期关注低位补涨板块，中长期关注产业 趋势突破。（3）大消费板块：扩内需政策进一步落地，有望带动行情向上。供需两端协同发力下，新 消费浪潮正蓬勃兴起。（4）"两重"领域：多地重大工程项目建设加快推进，将推动产业链的完善和发 展。 ...

Core Viewpoint - The announcement by President Trump to impose a 100% additional tariff on Chinese goods starting November 1 has led to significant market volatility, reminiscent of the global market crash in April due to tariff disputes. However, the current market decline is relatively contained and shows resilience against the sudden negative news [1] Market Impact - The financial market has exhibited panic but has not experienced a collapse, indicating a degree of market resilience in the face of tariff threats [1] - A-share market is expected to face short-term shocks, but the long-term market dynamics remain unchanged, suggesting that the market is still in a bullish phase [1] Investor Sentiment - Investor sentiment in the A-share market remains high, with the potential for sharp declines during a bull market seen as both a risk and an opportunity [1] - The "stabilization fund" introduced in the second quarter has played a positive role in stabilizing the market, and it is expected to be effective again in the event of sudden market drops [1]

Core Viewpoint - The A-share market is expected to remain focused on domestic policies, with a low likelihood of replicating the market conditions seen on April 7. Short-term uncertainties in the external environment may suppress market risk appetite, leading to increased volatility and divergence among individual stocks. However, the core drivers of the current market trend remain unchanged, with liquidity expected to continue improving [1]. Group 1: Investment Opportunities - Focus on sectors such as non-ferrous metals (precious metals, industrial metals, and minor metals), agriculture, and energy for investment opportunities [1]. - The "anti-involution" policy is expected to continue and deepen during the 14th Five-Year Plan period [1]. - The theme of new productive forces will be crucial, with technology companies that align with national strategies and possess genuine technological barriers being significant investment targets in the A-share market [1]. Group 2: Market Trends - Short-term attention should be given to sectors that are poised for recovery, while medium to long-term focus should be on industries that are breaking through current trends [1]. - The large consumption sector is anticipated to benefit from the implementation of domestic demand expansion policies, potentially driving market performance upward [1]. - The acceleration of major engineering projects in various regions will promote the improvement and development of industrial chains [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。 承董事會命 中國銀河證券股份有限公司 王晟 （在中華人民共和國註冊成立之股份有限公司） （股份代號：06881） 暫停辦理H股股份過戶登記手續以釐定 出席臨時股東大會並於會上投票的權利 中國銀河證券股份有限公司（「本公司」）將於2025年10月31日（星期五）上午10時 正於中國北京市豐台區西營街8號院1號樓青海金融大廈M1919會議室舉行2025年 第二次臨時股東大會（「臨時股東大會」）。 為確定有權出席臨時股東大會的H股股東名單，本公司將於2025年10月27日（星 期一）至2025年10月31日（星期五）（首尾兩天包括在內）期間暫停辦理H股股份過 戶登記手續。H股股東如欲出席臨時股東大會，須於2025年10月24日（星期五）下 午4時30分前，將股票連同股份過戶文件一併送交本公司H股股份過戶登記處香港 中央證券登記有限公司，地址為香港灣仔皇后大道東183號合和中心17樓1712至 1716號舖。 ...

王晟 中國銀河證券股份有限公司（「本公司」）將於2025年10月31日（星期五）上午10時 正於中國北京市豐台區西營街8號院1號樓青海金融大廈M1919會議室舉行2025年 第二次臨時股東大會（「臨時股東大會」）。 為確定有權出席臨時股東大會的H股股東名單，本公司將於2025年10月27日（星 期一）至2025年10月31日（星期五）（首尾兩天包括在內）期間暫停辦理H股股份過 戶登記手續。H股股東如欲出席臨時股東大會，須於2025年10月24日（星期五）下 午4時30分前，將股票連同股份過戶文件一併送交本公司H股股份過戶登記處香港 中央證券登記有限公司，地址為香港灣仔皇后大道東183號合和中心17樓1712至 1716號舖。 載有於臨時股東大會上提呈的決議案詳情的通函連同臨時股東大會的通告將適時 於本公司網站（www.chinastock.com.cn)及香港交易及結算所有限公司披露易網站 (www.hkexnews.hk)發佈。 承董事會命 中國銀河證券股份有限公司 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 ...