智通财经记者 | 邹文榕 "网络引流、洗脑荐股、取得信任、给点甜头、诱导加码、全部收割。" 随着股市诈骗招数在技术支持下不断翻新，智通财经记者关注到，一款碰瓷淡马锡旗下太白投资的诈骗团伙，以新的"太白投资APP"形式卷土从来，有受害 者损失已超百万元。 从私域平台的"投资大师"人设引流，到AI生成定制化荐股话术，从高仿券商首席分析师，到APP虚拟资金流水造假，如今的投资骗局早已告别"小打小闹"， 完成了产业化分工与智能化升级——大数据锁定精准人群、AI换脸伪造身份、模拟正规投顾场景，每一步都精心设计，等着投资者一步步走向陷阱。 有没有真的"太白投资"APP？ "骗子比我更懂人性。" "炒股"被骗100多万元后，莉莉（化名）向智通财经感慨了一句。 "2025年年底时，最初我只是在某书一个股票帖子下留了一个评论，没想到那时已经被精准锁定。"莉莉提到，"回头看，他们就是在各大平台的财经内容 里'守株待兔'，专门筛选有投资需求的人。" "骗子也是主动来和我交流股票，全程表现非常专业，推荐的都是中长线。不过我本人偏爱短线，所以只把他的建议当作参考，甚至一度以为在网络世界遇 到了一个能够交流投资心得的朋友。"莉莉回忆，" ...

2月4日，2025年度Wind最佳路演榜单揭晓。中国银河证券凭借高质量路演输出与深厚研究积淀，成功入选机构篇"证券公司影响力榜"。此外，宏观、策 略、固收研究团队也分别登榜人物篇三张人气榜单，彰显公司在路演交流与研究服务领域的综合实力。 Wind最佳路演榜基于Wind 3C会议平台2025年度实际运行数据，围绕"路演浏览量、参会规模、会议活跃度与持续影响力"三大核心维度交叉核验、客观评 估，设置机构篇、人物篇共11个子榜单，结果兼具数据支撑与行业参考价值，是对机构路演成效与研究影响力的权威认可。 此次机构榜单的入选，是对中国银河证券研究服务能力的又一印证。2025年，公司通过高频次、体系化的路演安排构建稳定的市场沟通与服务机制——从 宏观经济研判、行业趋势分析到资产配置建议，多维度输出研究观点，有效衔接研究成果与投资者需求，全年路演覆盖广度与内容深度均获市场认可。人 物篇三项人气奖项的斩获，进一步彰显总量团队专业实力，分析师凭借清晰的观点输出、扎实的研究支撑，在路演关注度、内容传播力等维度表现突出， 成为各自领域广受认可的路演嘉宾。 未来，中国银河证券将继续深化研究能力建设，优化路演服务质量，以更专业的研究输 ...

Group 1 - The company announced the full redemption of its 2021 perpetual subordinated bonds (first phase) on March 29, 2026, without exercising the extension option [1][2] - The bonds have a re-pricing cycle of five years, allowing the issuer to either extend the bond term or redeem it at the end of each cycle [2] - The company will ensure proper information disclosure and repayment of principal and interest for the bonds [3] Group 2 - The company successfully issued corporate bonds (second phase) aimed at professional investors, with a total face value not exceeding 30 billion yuan [5][6] - The second phase of the bond issuance has a maximum scale of 6 billion yuan, divided into two varieties with maturities of 25 months and 37 months [6] - The actual issuance scale for the first variety was 4.3 billion yuan with a final coupon rate of 1.80%, while the second variety was 1.7 billion yuan with a coupon rate of 1.85% [6][7]

Core Viewpoint - The brokerage industry is actively issuing bonds to supplement capital and enhance financial strength, with a significant increase in bond issuance observed in early 2023 [1][2]. Group 1: Bond Issuance Overview - In February 2023, several brokerages received approval to issue large-scale bonds, including Southwest Securities (up to 14 billion yuan) and China International Capital Corporation (up to 20 billion yuan for long-term bonds and 15 billion yuan for short-term bonds) [1]. - As of February 6, 2023, 28 brokerages had issued a total of 157 bonds, raising 419.35 billion yuan, a 457.65% increase compared to the same period last year [1]. - The breakdown of bond issuance includes 97 securities company bonds (293.53 billion yuan), 18 subordinated bonds (46.62 billion yuan), and 42 short-term financing bonds (79.2 billion yuan) [1]. Group 2: Purpose of Fundraising - The primary uses of the funds raised through bond issuance include repaying maturing debts, supplementing liquidity, and supporting overseas business development [2]. - There has been a notable increase in the issuance of technology innovation bonds, with three brokerages issuing four such bonds totaling 5.7 billion yuan since the beginning of the year [2]. Group 3: International Market Engagement - Five brokerages successfully issued bonds in the international market, raising a total of 1.617 billion USD since the start of 2023, with Huatai Securities, CITIC Securities, and GF Securities leading in issuance amounts [2]. - The international bond issuance is seen as a crucial channel for brokerages to supplement capital [2]. Group 4: Future Outlook - The bond issuance scale is expected to continue growing through 2026, driven by favorable capital market conditions and high demand for funds in brokerage services such as brokerage and margin trading [3]. - Brokerages are accelerating their international expansion, which will further enhance their capital-raising capabilities through multiple channels [3].

2026年3月29日(实际付息日为2026年3月30日)为本期债券第五个计息年度付息日，即第一个重定价周期 末，公司决定不行使本期债券发行人续期选择权，即行使本期债券发行人赎回权，在2026年3月29日(实 际兑付日为2026年3月30日)全额兑付即赎回本期债券。 中国银河（601881）(06881)发布公告，中国银河证券股份有限公司(以下简称"公司"或"发行人")于2021 年3月29日完成中国银河证券股份有限公司公开发行2021年永续次级债券(第一期)(以下简称"本期债券") 的发行工作。根据《中国银河证券股份有限公司公开发行2021年永续次级债券(第一期)募集说明书》， 本期债券以每5个计息年度为1个重定价周期。在每个重定价周期末，发行人有权选择将本期债券期限延 长1个重定价周期(即延续5年)，或全额兑付本期债券。 ...

Company News - Beijing Capital International Airport Co., Ltd. (00694.HK) expects a net loss of approximately RMB 6.0 billion to RMB 7.6 billion in 2025, a year-on-year reduction of about 45.3% to 56.8%, benefiting from the recovery in aviation market demand and enhanced cost control [1] - Times Electric (03898.HK) anticipates total operating revenue of approximately RMB 28.761 billion in 2025, a year-on-year increase of 15.46%, with a net profit of about RMB 4.105 billion, up 10.88% year-on-year [1] - Hong Kong Tong Holdings (00032.HK) issued a profit warning, expecting a year-on-year increase in profit attributable to shareholders to approximately HKD 660 million for the fiscal year 2025 [1] - Datang Environment Industry Group (01272.HK) issued a profit warning, expecting pre-tax profit to rise to approximately RMB 700 million to RMB 710 million in 2025 [1] Power Generation - Datang New Energy (01798.HK) completed power generation of 3.272 million MWh in January, a year-on-year increase of 6.69% [2] - Longyuan Power (00916.HK) achieved power generation of 7.1627 million MWh in January, a year-on-year growth of 12.05%, with wind power generation increasing by 8.11% and solar power generation rising by 42.25% [2] - Jiangshan Holdings (00295.HK) reported total power generation of approximately 18.3 thousand MWh in January, a year-on-year decrease of 22.13% [4] Real Estate - Yuexiu Property (00123.HK) reported contract sales of approximately RMB 4.201 billion in January, a year-on-year decline of about 36.4% [2] - Poly Real Estate (01238.HK) recorded total contract sales of approximately RMB 470 million in January, a year-on-year decrease of 31.98% [2] - Greenland Hong Kong (00337.HK) reported contract sales of approximately RMB 508 million in January, a year-on-year increase of about 287.79% [3] Other Developments - CloudTop New Drug (01952) received approval for the new drug application of Vedolizumab for treating moderate to severe ulcerative colitis in adults in China [4] - Zhonghang Science and Technology (02357.HK) plans to invest RMB 58 million to acquire a 10% stake in Zhonghang Jierui [4] - Kelun-Biotech (06990.HK) received approval for the fourth indication of its core product TROP2ADC for treating 2L+ HR+/HER2- breast cancer [4] Financing and Buyback Activities - Kingsoft Corporation (03888.HK) repurchased approximately 1.1142 million shares for about HKD 29.9994 million, with repurchase prices ranging from HKD 26.8 to HKD 27 [7] - Geely Automobile (00175.HK) repurchased approximately 1.665 million shares for about HKD 27.1612 million, with repurchase prices between HKD 15.94 and HKD 16.44 [7] - October Rice Field (09676.HK) repurchased 780,000 shares for approximately HKD 7.3357 million, with repurchase prices between HKD 9.3 and HKD 9.46 [7] - China Galaxy (06881.HK) completed the issuance of corporate bonds totaling RMB 6 billion [7]

Core Viewpoint - The A-share market is experiencing a strong demand for financing from securities firms, leading to a significant increase in bond issuance, with a total approval amount exceeding 3,400 billion yuan for 2026 [5][10]. Group 1: Bond Issuance Trends - As of February 4, 2026, 12 securities firms have received approval for bond issuance, with a total amount reaching 3,400 billion yuan [5]. - In 2026, 46 securities firms have issued 120 domestic bonds, totaling over 3,168 billion yuan, with a net financing amount of 2,227.17 billion yuan [6][10]. - The bond issuance volume in 2026 has increased by over three times compared to the same period last year, driven by a low base from 2025 [6]. Group 2: Major Issuers - Leading securities firms such as Huatai Securities and Guotai Junan Securities have issued 350 billion yuan and 340 billion yuan in bonds, respectively, making them the largest issuers in 2026 [7]. - Other significant issuers include CITIC Securities, China Merchants Securities, and China Galaxy Securities, each exceeding 200 billion yuan in bond issuance [7][8]. Group 3: Purpose of Fundraising - The primary purpose of the bond issuance is to ensure liquidity and support business development, with many firms indicating that funds will be used for debt repayment and to supplement working capital [11][12]. - Specific allocations for capital-consuming businesses have been noted, with firms like Guotai Junan and CITIC Securities committing to limit the use of raised funds for such purposes to no more than 10% [13]. Group 4: H-share Financing - In addition to domestic bond issuance, major securities firms are also engaging in H-share refinancing, with Guangfa Securities planning to raise over 6 billion HKD through a combination of new H-share placements and convertible bonds [15]. - Huatai Securities announced a zero-coupon convertible bond issuance of 10 billion HKD, aimed at supporting overseas business development and enhancing operational capital [18].

Core Viewpoint - China Galaxy Securities Co., Ltd. has completed the issuance of its 2021 perpetual subordinated bonds, with a decision to redeem the bonds at the end of the first repricing period instead of extending the term [1] Group 1: Bond Issuance Details - The bond issuance was completed on March 29, 2021, under the 2021 perpetual subordinated bond program [1] - The bonds have a repricing cycle of five years, allowing the issuer to either extend the term or redeem the bonds at the end of each cycle [1] Group 2: Redemption Decision - The first repricing period will end on March 29, 2026, with the actual interest payment date being March 30, 2026 [1] - The company has decided not to exercise the option to extend the bond term and will fully redeem the bonds on March 29, 2026 [1]

（在中華人民共和國註冊成立之股份有限公司） （股份代號：06881） 海外監管公告 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。 证券代码：601881 证券简称：中国银河 公告编号：2026-015 中国银河证券股份有限公司 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公開發 行2021年永續次級債券（第一期）發行人不行使續期選擇權暨行使贖回權並全額兌 付的公告》，僅供參閱。 承董事會命 中國銀河證券股份有限公司 王晟 董事長及執行董事 中國北京 2026年2月6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。 公开发行 2021 年永续次级债券（第一期） 发 ...

本期债券发行工作已于 2026 年 2 月 6 日结束，经发行人与主承销商共同 协商，本期债券品种一实际发行规模人民币 43 亿元，最终票面利率为 1.80%， 认购倍数为 2.3977 倍；品种二实际发行规模人民币 17 亿元，最终票面利率为 1.85%，认购倍数为 4.6765 倍。 经核查，发行人的董事、高级管理人员、持股比例超过 5%的股东及其他 关联方未参与本期债券认购。 本期债券存在承销机构及其关联方认购情况，为主承销商中信证券股份有 限公司的关联方华夏基金管理有限公司参与认购并获配本期债券品种一金额 人民币 0.2 亿元，主承销商中信证券股份有限公司和中信建投证券股份有限公 司的关联方中信银行股份有限公司参与认购并获配本期债券品种一金额人民 币 1 亿元，主承销商国信证券股份有限公司的关联方南方基金管理股份有限公 证券代码：601881 证券简称：中国银河 公告编号：2026-016 中国银河证券股份有限公司2026年面向专业投资者 公开发行公司债券（第二期）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 ...