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） 发行人不行使续期选择权暨行使赎回权并全额兑付的公告 证券代码：601881 证券简称：中国银河 公告编号：2026-015 本期债券设置发行人续期选择权，即在本期债券每个重定价周期末，发行 人有权选择将本期债券延长 1 个重定价周期，或全额兑付本期债券。同时，本 期债券设发行人赎回权，于本期债券第五个和其后每个付息日，发行人有权按 面值加应付利息（包括所有递延支付的利息及其孳息）赎回本期债券。 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。 公司将根据相关业务规则，做好本期债券后续信息披露及还本付息工作。 特此公告。 中国银河证券股份有限公司董事会 2026 年 2 月 7 日 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 ...

Core Viewpoint - China Galaxy Securities (06881.HK) has successfully completed the issuance of its 2026 corporate bonds (second phase) aimed at professional investors, raising a total of RMB 6 billion [1] Group 1: Bond Issuance Details - The total issuance scale of the bonds is RMB 60 billion, with a face value and issuance price of RMB 100 per unit [1] - The bonds consist of two varieties: a 25-month variety with an issuance scale of RMB 4.3 billion and a final coupon rate of 1.80%, and a 37-month variety with an issuance scale of RMB 1.7 billion and a final coupon rate of 1.85% [1] - The funds raised from this bond issuance will be used to supplement the company's working capital [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） 董事會欣然宣佈，根據上述股東授權及中國證券監督管理委員會的批覆，本公司 已於2026年2月6日完成向專業投資者公開發行2026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60億元，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25個月（「25個月品種」）和期限為37個月（「37個月品 種」）的兩個品種。25個月品種的最終發行規模為人民幣43億元，最終票面利率為 1.80%；37個月品種的最終發行規模為人民幣17億元，最終票面利率為1.85%。本 期債券發行所募集的資金將用於補充本公司營運資金。 本期債券承銷機構及其關聯方參與認購了本期債券。主承銷商中信証券股份有限 公司的關聯方華夏基金管理有限公司參與認購並獲配25個月品種人民幣0.2億元， 主承銷商中信証券股份有限公司和中信建投証券股份有限公司的關聯 ...

Market Overview - The A-share market experienced adjustments today, with the three major indices declining: the Shanghai Composite Index fell by 0.25%, the Shenzhen Component Index decreased by 0.33%, and the ChiNext Index dropped by 0.73% [1] Oil and Gas Sector - Oil and gas stocks rebounded, with Intercontinental Oil and Zhun Oil shares hitting the daily limit. Intercontinental Oil opened at a limit down but surged to a limit up, closing at 5.5 CNY per share, with a market capitalization of 22.82 billion CNY and a trading volume exceeding 4.4 billion CNY. The stock has increased by 76.28% year-to-date [5] - The "2025 Domestic and International Oil and Gas Industry Development Report" was released, predicting that by 2025, domestic oil and gas production will reach 420 million tons of oil equivalent, a historical high, with oil consumption increasing by 1.1% compared to the previous year [5] Chemical Sector - The chemical sector showed collective strength, with stocks like Cangzhou Dahua and Jinniu Chemical hitting the daily limit [5] Solid-State Battery Concept - The solid-state battery concept saw a surge, with stocks such as Huangting International and Dingsheng New Materials hitting the daily limit. Analysts believe that solid-state batteries have entered the medium-scale testing and process optimization phase, with non-automotive applications already in small-scale use, and automotive applications expected to be implemented around 2027 [7][9] - Geely Holding Group announced that its self-developed solid-state battery will complete its first Pack offline in 2026, while Yiwei Lithium Energy plans to achieve breakthroughs in solid-state battery production technology by 2026 [8] - Dongfeng Motor has established a 0.2 GWh solid-state battery pilot line, with plans to mass-produce a 350 Wh/kg solid-state battery by September 2026 [9] CPO Concept - The CPO (Co-Packaged Optics) concept continued to rise, with Zhili Fang hitting the daily limit and reaching a historical high, while Keri Technology also hit the daily limit [11] - Tower Semiconductor announced a collaboration with NVIDIA to develop advanced silicon photonics technology for AI data centers, which is expected to expand AI infrastructure deployment [13] - China Galaxy Securities expressed optimism about the optical communication sector and the supply chain opportunities presented by the rapid development of CPO technology [14]

Group 1 - The core viewpoint is that the robotics ETF (562500) is experiencing a strong upward trend, with a current price of 1.057 yuan, reflecting a 1.148% increase from the opening price [1] - The ETF tracks 66 constituent stocks, with 52 stocks showing gains, indicating a robust bullish sentiment in the market [1] - The liquidity of the ETF is stable, with a trading volume of 9.37 billion yuan and a turnover rate of 3.79%, suggesting a positive outlook for the robotics sector [1] Group 2 - The field of embodied intelligence has become a focal point in global technological competition, with increased investments from Europe and the US in humanoid robotics [2] - The robotics ETF (562500) is the only robot-themed ETF in the market with a scale exceeding 20 billion yuan, covering various segments such as humanoid robots, industrial robots, and service robots [2] - Recent adjustments to the ETF's constituent stocks have increased the humanoid robot content to nearly 70%, successfully removing underperforming stocks and retaining high-quality ones [2]

美元预计短期走强，长期呈"慢熊"格局；美债短期收益率上行，价格承压，中长期若政策可信，长期通 胀预期锚定在2%附近。全球股市短期承压，长期美股先破后立。黄金中长期牛市的核心逻辑依然稳 固，央行购金将持续增加，美元信用的任何瑕疵也会加速全球多极化储备体系的构建。 另外，地缘层面的避险需求也出现降温迹象。伊朗与美国官员确认，双方将于周五在阿曼举行谈判。该 消息缓解了市场对相关局势迅速升级的担忧，削弱了黄金作为避险资产的吸引力。投资者正密切关注谈 判进展，以判断是否会进一步影响避险资产配置逻辑。 昨日黄金市场早盘开盘在4980.4的位置后行情先拉升给出5024.2的位置后行情强势回落，日线最低给到 了4756.9的位置后行情低位区间盘整，日线最终收线在了4782.9后行情以一根上影线稍长的大阴线收 线，而这样的形态收尾后，今日的行情回踩空，点位上，本周下方4400的多减仓后止损上移放到4500， 今日4855尝试空，止损4862，目标看4800和4780和4755，跌破的话看4723和4702和4675-4670离场准备 多。 在这种背景下，黄金作为无息资产的吸引力明显下降。历史上，每当美元指数出现显着反弹，黄金往 ...

Market Overview - Major indices opened lower, with the Shanghai Composite Index down 0.87%, Shenzhen Component Index down 1.09%, and ChiNext Index down 1.15% [1] - The sectors with the largest declines included non-ferrous metals, oil and gas, and photovoltaic [1] Index Performance - Shanghai Composite Index: 4040.30, down 0.87%, with 322 gainers and 1804 losers [2] - Shenzhen Component Index: 13801.03, down 1.09%, with 362 gainers and 2346 losers [2] - ChiNext Index: 3222.88, down 1.15%, with 177 gainers and 1132 losers [2] External Market Impact - The software sector and cryptocurrency experienced significant declines, influenced by weak U.S. employment data, leading to broader market sell-offs [3] - The S&P 500 Index fell 1.23% to 6798.4 points, the Nasdaq Composite Index dropped 1.59% to 22540.59 points, marking the most severe three-day sell-off since April of the previous year [3] Institutional Insights - CITIC Securities predicts high profit growth for listed brokerages by 2025, driven by increased average daily trading volume and high margin financing balances, with some brokerages seeing profit increases exceeding 70% [4] - Huatai Securities remains optimistic about the recovery of wind and solar power profitability by 2026, despite short-term pressures from low-priced projects and rising costs [5] - China Galaxy Securities emphasizes the stability of the long-term bull market for gold, with central bank purchases expected to continue [6] - CITIC Securities highlights the strong demand for storage driven by AI, predicting sustained high demand and price increases for storage chips through 2026 [7]

Core Viewpoint - China Galaxy Securities indicates that the domestic initiative to build a copper resource reserve system aims to enhance the resilience and security of the domestic copper supply chain. The ongoing global geopolitical shifts and major power competition will lead to an expanded global copper deficit, resulting in an upward trend in copper prices due to a "security premium" [1] Group 1: Copper Supply Chain and Market Dynamics - The construction of a copper resource reserve system in China is intended to improve the resilience and security of the domestic copper supply chain [1] - Global geopolitical changes are prompting countries to secure key minerals for resource supply safety and to build independent supply chains, which will exacerbate the global copper deficit [1] Group 2: Price Trends and Investment Opportunities - Short-term copper prices are influenced by expectations surrounding Federal Reserve policies, but there is potential for recovery due to improving downstream demand, which supports the fundamental outlook [1] - Current valuations of certain core copper mining stocks in the A-share market show a high margin of safety for 2026, highlighting their investment value [1] - The outlook for copper prices is positive, with expectations for continued increases in the future [1]

A股券商两融业务迎来"开门红"。 市场活跃度提升与政策逆周期调节同步推进，推动两融余额攀升至历史高位，机构普遍看好券商业绩因 此获得提振。 中信建投（601066）研报表示，2025年上市券商净利润普遍实现高增，主要受益于日均成交额同比提升 及两融余额维持高位，多家券商净利增幅超70%；与此同时，降准降息与中长期资金入市方案落地，分 类评价优化打开优质券商资本空间，并购重组成效显著。宏观层面经济圆满实现5%增长目标，资本市 场活跃度创十年新高，为业绩提供坚实支撑。当前板块PB估值仅1.36倍，处于历史中等分位，业绩改善 与政策红利有望驱动估值中枢上移。 中资券商相关概念港股： 华泰证券（601688）(06886)、广发证券（000776）(01776)、中国银河（601881）(06881)、国泰海通 (02611)、中金公司（601995）(03908)、中信证券（06030）、中信建投证券(06066)、东方证券 （600958）(03958)、光大证券（601788）(06178)、申万宏源（000166）(06806)、中州证券(01375)、国 联民生(01456)等。 最新数据显示，2026年1 ...

Group 1 - The core viewpoint of the articles highlights the strong performance of A-share brokerage firms in their margin financing and securities lending (two-in-one) business, with a significant increase in new accounts and profitability forecasts for 2025 [1][2] - In January 2026, the number of new margin financing accounts reached 190,500, representing a month-on-month growth of 29.5% and a year-on-year increase of 157% [1] - Major brokerages like CITIC Securities and Guotai Junan are expected to maintain their market leadership, with CITIC Securities forecasting a net profit exceeding 30 billion yuan for 2025, while Guotai Haitong anticipates a net profit growth rate of over 100% [1] Group 2 - The brokerage sector's performance is driven by robust growth in brokerage and proprietary trading businesses, with smaller firms like Guolian Minsheng expected to see net profit growth exceeding 400% in 2025 [1] - The overall market activity is supported by policy measures aimed at counter-cyclical adjustments, leading to a historical high in margin financing balances, which is expected to boost brokerage performance [1][2] - The average daily trading volume and high margin financing balances are key factors contributing to the projected high net profit growth for listed brokerages, with many firms expecting profit increases exceeding 70% [2] Group 3 - Related Hong Kong-listed brokerage firms include Huatai Securities, GF Securities, China Galaxy, Guotai Haitong, CICC, CITIC Securities, and others [3]