从行业层面来看，2025年以来券商发债规模显著增长，除中国银河外，华泰证券的发债规模也超千亿 元、国泰海通、广发证券等多家券商机构发债规模均超过500亿元。据统计，券商境内发债总量已达 1.29万亿元，同比增长70.23%，合计发行约708只。 有分析称，券商密集发债融资，是因为市场交投活跃及低利率环境，券商两融、衍生品等资本消耗型业 务扩张推动，券商对资本金的需求显著增加，发债尤其是次级债，能直接补充净资本。 10月14日，中国银河公告称，公司向专业投资者公开发行面值余额不超过人民币150亿元短期公司债券 的注册申请，已获证监会同意，批覆的有效期为24个月。 作为国内头部券商之一，中国银河近年在持续强化资本实力。通过 IPO、定增、债券发行等多种方式补 充资本金，为业务扩张提供保障。前不久（9月18日），中国银河还刚刚完成2025年永续次级债券(第一 期)公开发行，规模为50亿元。发行债券多用于补充公司运营资本金，以及偿还到期公司债券。 市场数据显示，截至10月14日，中国银河年内发债规模已有1079亿元，累计发行债券34只。 从中国银河自身来看，在市场热度大幅回暖的背景下，今年上半年其核心业务表现也较为亮 ...

Core Viewpoint - The financial performance of CITIC Securities has shown significant growth in revenue and profit, indicating a strong operational capacity and market position in the securities industry [1][2]. Financial Performance - Total assets increased to approximately CNY 1,807.73 billion, up 5.67% from the previous year [1]. - Net assets attributable to shareholders rose to approximately CNY 305.43 billion, reflecting a 4.20% increase [1]. - Operating income for the reporting period reached approximately CNY 33.04 billion, marking a 20.44% increase year-on-year [1]. - Total profit amounted to approximately CNY 17.75 billion, representing a 27.19% increase compared to the previous year [1]. - Net profit attributable to shareholders was approximately CNY 13.72 billion, up 29.80% year-on-year [1]. Earnings Metrics - The weighted average return on equity increased to 4.91%, up 0.95 percentage points from the previous period [2]. - Basic earnings per share were CNY 0.89, a 28.99% increase from CNY 0.69 [2]. - Diluted earnings per share also stood at CNY 0.89, reflecting the same growth rate [2]. Shareholder Information - As of the reporting date, the total number of shareholders was 658,522 for A-shares and 144 for H-shares [2]. - The largest shareholder, CITIC Financial Holdings, holds 18.45% of the shares, while Hong Kong Central Clearing holds 14.74% [2]. Debt Issuance - CITIC Securities has issued various bonds aimed at professional institutional investors, with notable issues including a CNY 2.53 billion bond maturing in 2025 and a CNY 2.80 billion bond maturing in 2025 [4][6].

Core Viewpoint - The report highlights the financial performance of GF Securities for the first half of 2025, showing significant growth in revenue and net profit compared to the previous year, alongside changes in various financial metrics and capital structure [1][2][3]. Financial Performance - Total operating revenue for the reporting period reached approximately CNY 15.40 billion, representing a year-on-year increase of 34.38% [3]. - Net profit attributable to shareholders was approximately CNY 6.47 billion, up 48.31% from the previous year [3]. - Basic and diluted earnings per share increased to CNY 0.79, reflecting a growth of 51.92% [3]. Financial Metrics - The total assets at the end of the reporting period were approximately CNY 815.84 billion, a 7.52% increase from the previous year [3]. - Total liabilities rose to approximately CNY 659.26 billion, marking an 8.85% increase [3]. - The net assets attributable to shareholders increased by 2.27% to approximately CNY 150.95 billion [3]. Cash Flow and Ratios - The net cash flow from operating activities was negative at approximately CNY -1.23 billion, a significant decrease from the previous year [3]. - The weighted average return on equity improved to 4.83%, an increase of 1.44 percentage points [3]. - The liquidity coverage ratio decreased to 152.48%, down from 153.18% [3]. Shareholder Information - The total number of shares outstanding as of the reporting date was 7,605,845,511 [3]. - Major shareholders include Hong Kong Central Clearing Limited and Jilin Aodong Pharmaceutical Group, among others [3][4]. Debt and Capital Structure - The company has issued various bonds, including perpetual subordinated bonds and short-term corporate bonds, to manage its capital structure [3][4]. - The core net capital at the end of the reporting period was approximately CNY 70.02 billion, reflecting a slight increase of 0.81% [3].

中國銀河證券股份有限公司 王晟 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 半年度報告摘要》，僅供參閱。 承董事會命 中国银河证券股份有限公司 2025 年半年度报告摘要 董事長及執行董事 中國北京 2025年8月28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。 中国银河证券股份有限公司 2025 年半年度报告摘要 公司代码：601881 公司简称：中国银河 中国银河证券股份有限公司 2025 年半年度报告摘要 1 第 ...

证券研究报告 | 行业周报 gszqdatemark 2025 06 15 年 月 日 2）社融结构：5 月单月新增社融 2.29 万亿，同比多增 2271 亿： A.对实体经济发放的人民币贷款增加 5960 亿，同比少增 2237 亿； B.新口径下企业债券融资净增加 1496 亿，同比多增 1211 亿，5 月公司债 发行利率在 4 月较低水平上进一步下行，企业发债意愿有所提高； C.表外融资方面，信托贷款净增加 173 亿，委托贷款净减少 167 亿，分别 同比少增 51 亿和同比多减 158 亿； D.政府债券净增加 1.46 万亿，同比多增 2367 亿，年内政府债券发行进度 明显加快，成为拉动社融增长的主要因素； E.未贴现银行汇票减少 1162 亿，同比少减 169 亿。 银行 本周聚焦—5 月社融数据：政府债支撑社融，新发放贷款利率保持不变 一、5 月社融数据 1、社融结构拆分 1）社融增速：2025 年 5 月新口径下社融增速 8.7%，较上月持平，剔除 政府债券后的社融增速 6.0%，较上月持平。 2、信贷、存款增长情况 1）贷款：5 月新增人民币贷款 6200 亿元，同比少增 3300 ...

Group 1: Market Operations - The central bank conducted a 7-day reverse repurchase operation on April 3, with a fixed rate and a total amount of 223.4 billion yuan, at an interest rate of 1.50%, resulting in a net injection of 4.9 billion yuan for the day after accounting for 218.5 billion yuan in reverse repos maturing [2] - The funding environment remains loose, with overnight and 7-day pledged repo rates for deposit-taking institutions both declining by over 10 basis points, reaching new lows [4] Group 2: Interbank Rates and Bonds - The secondary market for one-year interbank certificates of deposit from major banks is trading around 1.8%, showing a significant decline from the previous day [8] - Major interbank bond rates have collectively decreased significantly, with various government bonds showing notable drops in yields across different maturities [10] - The closing prices for government bond futures saw increases across all maturities, with the 30-year main contract rising by 1.43% [13] Group 3: Corporate Bond News - China Overseas Land & Investment has a bond balance of 3.7 billion yuan, with maturities starting in 2026 [18] - Teda Investment is increasing its wholly-owned subsidiary Yangzhou Wanyun's capital by 2.182 billion yuan through a debt-to-equity swap [18] - Guosen Securities has been approved to issue no more than 20 billion yuan in perpetual subordinated bonds [18] Group 4: Negative Events in Bond Market - Recent negative events in the bond market include the postponement of ratings for Henan Xinzheng Rural Commercial Bank and the downgrade of implied ratings for Suning Appliance Group [19]