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） 海外監管公告 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2025年 度報告》，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3月30日 於本公告日期，本公司執行董事為王晟先生（董事長）、薛軍先生（副董事長及總 裁）及屈艷萍女士；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。 重要提示 一、本公司董事会及董事、高级管理人员保证年度报告内容的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏， 并承担个别和连带的法律责任。 二、公司全体董事出席董事会会议。 三、本公司按照中国企业 ...

Core Insights - In 2025, China Galaxy Securities achieved an operating income of 28.302 billion yuan, representing a year-on-year growth of 24.34% [1] - The net profit attributable to shareholders reached 12.520 billion yuan, marking a 24.81% increase and the highest level since the company's establishment [1] - Total assets rose to 855.745 billion yuan, an increase of 16.04% compared to the end of 2024, maintaining a strong position within the top five in the industry [1] Business Performance - Wealth management business generated an operating income of 13.472 billion yuan, up 28.36% year-on-year [1] - Investment banking business reported an operating income of 0.585 billion yuan, reflecting a growth of 22.18% [1] - Institutional business saw a remarkable increase in operating income to 1.740 billion yuan, a growth of 508.20% [1] - International business achieved an operating income of 2.569 billion yuan, with an 18.23% increase [1] - Investment trading business recorded an operating income of 7.026 billion yuan, growing by 10.76% [1] - Integrated business of parent and subsidiary companies generated an operating income of 2.767 billion yuan, up 11.16% [1]

Investment Rating - The investment rating for the company is "Buy" with a current price of 5.58 CNY and a reasonable value of 6.52 CNY [2]. Core Insights - The report highlights that the company's net interest margin has stabilized, with a net interest margin of 1.50% for the year, showing a slight increase of 1 basis point compared to the previous quarters [6]. - The company has achieved steady growth in its asset scale, with interest-earning assets and loans increasing by 9.2% and 7.8% year-on-year, respectively [6]. - The diversification of income sources is evident, with non-interest income accounting for 2.71% of total revenue, reflecting a year-on-year increase of 1.8 percentage points [6]. - The dividend payout ratio has increased to 20.96%, up by 0.54 percentage points year-on-year [6]. Summary by Sections Financial Performance - For the fiscal year 2025, the company's revenue, pre-provision operating profit (PPOP), and net profit attributable to shareholders grew by 0.5%, -1.9%, and 2.3% year-on-year, respectively [6][9]. - The company’s total assets grew by 9.52% year-on-year, while loans and deposits increased by 7.82% and 9.47%, respectively [9][12]. Income Sources - The net interest income growth rate was 8.3% for the year, while non-interest income saw a decline of 16.4% year-on-year [12][21]. - Wealth management and international business segments contributed significantly to the growth of non-interest income, with wealth management income increasing by 18.13% and international business settlement volume growing by 49.41% [6]. Asset Quality - The non-performing loan (NPL) ratio stood at 0.99%, with a provision coverage ratio of 326.51% [6][9]. - The report indicates a slight increase in the overdue loan ratio to 2.01%, reflecting ongoing pressures in the retail sector [6]. Profitability Metrics - The return on equity (ROE) for the year was 10.20%, while the return on assets (ROA) was 0.86% [9][12]. - The company is projected to achieve net profit growth rates of 2.56% and 4.13% for the years 2026 and 2027, respectively [6].

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的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部份內容而產 生或 因依賴該等內容而引致的任何損失承擔任何責任。 中信銀行股份有限公司 China CITIC Bank Corporation Limited （在中華人民共和國註冊成立的股份有限公司） （股份代號：998） 於其他市場發佈的公告 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條刊登。 茲載列該公告（於上海證券交易所網站刊登）如下，僅供參閱。 承董事會命 中信銀行股份有限公司 方合英 董事長 中國•北京 2026年3月20日 於本公告日期，本行執行董事為方合英先生（董事長）及胡罡先生；非執行董事為魏強先生、王 彥康先生及付亞民先生；及獨立非執行董事為廖子彬先生、周伯文先生、王化成先生及宋芳秀女 士。 证券代码：601998 证券简称：中信银行 中信银行股份有限公司 二〇二五年年度报告摘要 第一节 重要提示 本年度报告摘要来自本行2025年年度报告全文，为全面了解本行的经营成果、 财务状况及未来发展规划，投资者应当到上海证券交易所网 ...

Group 1 - The core viewpoint of the news is that Huatai Securities is experiencing fluctuations in its financing and stock performance, with a notable decrease in financing net purchases and a significant drop in operating revenue year-on-year [1][2]. Group 2 - As of February 26, Huatai Securities' stock price fell by 1.15%, with a trading volume of 1.488 billion yuan. The financing buy-in amount was 147 million yuan, while the financing repayment was 219 million yuan, resulting in a net financing buy of -72.28 million yuan [1]. - The total margin trading balance for Huatai Securities reached 6.209 billion yuan, with the financing balance of 6.197 billion yuan accounting for 3.95% of the circulating market value, which is below the 20th percentile level over the past year [1]. - On the same day, the company repaid 9,900 shares in securities lending and sold 21,800 shares, with a selling amount of 468,500 yuan, while the securities lending balance was 11.2393 million yuan, exceeding the 70th percentile level over the past year [1]. Group 3 - As of September 30, Huatai Securities had 195,500 shareholders, a decrease of 6.96% from the previous period, while the average circulating shares per person increased by 7.62% to 38,566 shares [2]. - For the period from January to September 2025, Huatai Securities reported operating revenue of 27.129 billion yuan, a year-on-year decrease of 13.67%, while the net profit attributable to shareholders increased by 1.69% to 12.733 billion yuan [2]. Group 4 - Huatai Securities has cumulatively distributed dividends of 42.893 billion yuan since its A-share listing, with 13.994 billion yuan distributed over the past three years [3]. - As of September 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited, which held 442 million shares (a decrease of 108 million shares), and China Securities Finance Corporation, which maintained its holding of 153 million shares [3].

Group 1 - The core viewpoint of the articles highlights the financial performance and stockholder dynamics of Huatai Securities, indicating a mixed performance with a decrease in revenue but an increase in net profit [2][3]. - As of February 25, Huatai Securities experienced a 1.00% decline in stock price, with a trading volume of 2.178 billion yuan and a net financing purchase of 226 million yuan [1]. - The total margin trading balance for Huatai Securities reached 6.281 billion yuan, with the financing balance accounting for 3.95% of the circulating market value, indicating a low level compared to the past year [1]. Group 2 - For the period from January to September 2025, Huatai Securities reported an operating income of 27.129 billion yuan, a year-on-year decrease of 13.67%, while the net profit attributable to shareholders increased by 1.69% to 12.733 billion yuan [2]. - The company has distributed a total of 42.893 billion yuan in dividends since its A-share listing, with 13.994 billion yuan distributed over the past three years [3]. - As of September 30, 2025, the number of shareholders decreased by 6.96% to 195,500, while the average circulating shares per person increased by 7.62% to 38,566 shares [2].

Group 1 - The core viewpoint of the article highlights that the stock price fluctuations of COFCO Capital are influenced by multiple complex factors, including macroeconomic conditions, industry policies, market sentiment, and the company's fundamentals, leading to significant uncertainty [1] Group 2 - COFCO Capital's value creation is reflected in multiple dimensions, such as focusing on a pension finance strategy through COFCO Life, which aims to build an "insurance + health + pension" ecosystem [1] - COFCO Futures is developing its domestic brokerage, international business, and risk management sectors, with the establishment of a subsidiary in Singapore and clearing qualifications in Hong Kong effectively expanding its international business space [1] - COFCO Trust is concentrating on the integration of production and finance, as well as asset management transformation, constructing seven core business tracks including standard product asset management and securities service trusts, while empowering the group's industrial chain through innovative supply chain finance models and practicing social responsibility through charitable trusts [1] - The company will continue to empower its main business with finance and aims to reward investors' trust through solid operations in the future [1]

Group 1 - The core viewpoint of the news is that Huatai Securities has shown a mixed performance in terms of financing and stockholder metrics, with a notable decrease in financing net purchases and a decline in shareholder numbers [1][2]. - As of February 4, Huatai Securities' financing balance is 65.64 billion yuan, which is 4.05% of its market capitalization, indicating a low level compared to the past year [1]. - The company reported a total revenue of 27.13 billion yuan for the first nine months of 2025, a year-on-year decrease of 13.67%, while the net profit attributable to shareholders increased by 1.69% to 12.73 billion yuan [2]. Group 2 - Huatai Securities has distributed a total of 42.89 billion yuan in dividends since its A-share listing, with 13.99 billion yuan distributed in the last three years [3]. - As of September 30, 2025, the number of shareholders decreased by 6.96% to 195,500, while the average number of circulating shares per person increased by 7.62% to 38,566 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 442 million shares, a decrease of 108 million shares from the previous period, while China Securities Finance Corporation remains unchanged with 153 million shares [3].

Core Viewpoint - Huatai Securities experienced a decline of 4.05% in stock price on February 3, with a trading volume of 4.739 billion yuan, indicating market volatility and investor sentiment shifts [1]. Financing and Margin Trading - On February 3, Huatai Securities had a financing buy-in of 656 million yuan and a repayment of 432 million yuan, resulting in a net financing buy of 225 million yuan. The total margin trading balance reached 6.742 billion yuan [1]. - The financing balance of 6.731 billion yuan accounts for 4.23% of the circulating market value, which is above the 50th percentile level over the past year, indicating a relatively high level of financing activity [1]. - In terms of securities lending, 73,000 shares were repaid while 48,600 shares were sold, with a selling amount of approximately 1.058 million yuan. The remaining securities lending balance was 1.153 million yuan, exceeding the 80th percentile level over the past year, also indicating a high level of activity [1]. Business Performance - As of September 30, Huatai Securities reported a total of 195,500 shareholders, a decrease of 6.96% from the previous period. The average number of circulating shares per person increased by 7.62% to 38,566 shares [2]. - For the period from January to September 2025, Huatai Securities achieved an operating income of 27.129 billion yuan, a year-on-year decrease of 13.67%. However, the net profit attributable to shareholders increased by 1.69% to 12.733 billion yuan [2]. Dividend Distribution and Shareholding Structure - Since its A-share listing, Huatai Securities has distributed a total of 42.893 billion yuan in dividends, with 13.994 billion yuan distributed over the past three years [3]. - As of September 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited, holding 442 million shares (a decrease of 108 million shares), and China Securities Finance Corporation, holding 153 million shares (unchanged). The Guotai CSI All-Share Securities Company ETF (512880) entered as a new shareholder with 131 million shares [3].

Core Insights - The article emphasizes the positive role of small and medium-sized banks in supporting China's long-term economic development, particularly in fostering private enterprises and local economies while advancing financial market reforms [2][16] - It highlights the significant growth in total assets and liabilities of small and medium-sized banks, indicating their expanding market presence and competitiveness [16] Summary by Sections Overview of the Small and Medium-Sized Banking Industry - Small and medium-sized banks are defined as those excluding the six major state-owned banks, encompassing various types such as national joint-stock banks, urban commercial banks, rural commercial banks, and private banks [3][17] - These banks play a crucial role in providing diverse financial services, including cash management, online banking, investment banking, and microfinance [5][19] Industry Policies - The Chinese government has shown strong support for the development of small and medium-sized banks, with policies aimed at enhancing their operational environment and promoting rural revitalization [7][21] - Key policies include the "Opinions on Further Deepening Rural Reform" and measures to support micro-enterprise financing, which guide these banks to leverage their local advantages [21][23] Industry Chain - The upstream of the small and medium-sized banking industry includes IT service providers, payment platforms, and financial market participants, which support banks in digital transformation and service innovation [10][24] - The midstream consists of the banks themselves, which provide essential financial services to meet the diverse needs of consumers and businesses [10][24] - The downstream includes consumers and enterprises that utilize banking services for consumption, investment, and financing, reflecting a growing demand for financial services [11][25] Financial Performance - In 2024, the total assets of small and medium-sized banks reached 192.25 trillion yuan, a year-on-year increase of 6.39%, while total liabilities were 177.36 trillion yuan, up 6.27% [16] - By November 2025, total assets are projected to grow to 201.6 trillion yuan, with liabilities increasing to 186.07 trillion yuan, indicating a continued upward trend in the sector [16]