2025年科创债市场迎来了跨越式发展，债券市场"科技板"设立，通过扩容发行主体至股权投资机构、鼓 励资金投向硬科技前沿领域等一系列举措，科创债成为今年债市增量资金的重要来源。 根据数据统计，截至2025年12月31日，债市"科技板"新政口径下的科创债已发行1683只，涉及发行人 792家，总规模1.87万亿元。其中，证券公司积极响应科创债新政，在2025年占据了相关债券承销的半 壁江山。 中国银河（601881）证券依托其在科技型企业投融资领域的前瞻布局与综合金融优势，在2025年精准把 握债券市场"科技板"启航的契机，切实发挥了金融"活水"灌溉科技创新"沃土"的枢纽作用。 "全国首批、北京首单"，驱动金融力量精准滴灌 当前，以人工智能、生物技术、新能源、高端制造为代表的科技创新企业，已经成为驱动中国经济高质 量发展的核心引擎。如何为这些科技创新企业精准"输血"，打通金融活水流向科技创新高地的"最后一 公里"，是整个资本市场面临的时代课题。 而在金融活水精准滴灌科技创新领域的布局中，民营股权投资机构一直扮演着举足轻重的地位，是支持 我国科技产业发展，"投早、投小、投硬科技"的重要推动力量。但受制于自身资质与体 ...

Core Viewpoint - The report from China Galaxy Securities indicates a significant growth in domestic and foreign sales of excavators in January 2026, with domestic sales increasing by 61.4% and exports by 40.5% [1] Group 1: Excavator Sales - In January, a total of 18,708 excavators were sold, representing a year-on-year increase of 49.5%. Domestic sales accounted for 8,723 units (including 24 electric excavators), up 61.4%, while exports reached 9,985 units (including 11 electric excavators), up 40.5% [1] - The increase in domestic sales is influenced by the Lunar New Year timing, while overseas demand is recovering, particularly in Europe and the U.S., alongside strong metal prices and robust mining market demand in regions like Australia and Africa [1] Group 2: Other Machinery Sales - In December, various types of cranes showed high growth in sales, with truck cranes increasing by 38% overall, and crawler cranes by 68% [2] - For 2025, the overall sales growth for truck cranes is projected at 1.39%, while crawler cranes are expected to see a significant increase of 30% [2] Group 3: Working Hours and Rates - In January, the average working hours for major construction machinery products was 72.5 hours, a year-on-year increase of 23.9%, while the average operating rate was 48.1%, reflecting a year-on-year decrease of 2.63 percentage points [3] - In December, there was an improvement in working hours for Komatsu excavators in North America, Europe, Japan, and Indonesia [3] Group 4: Caterpillar's Market Outlook - Caterpillar reported a year-on-year increase of 11% in end-user sales in Q4 2025, with expectations for moderate growth in North American demand in 2026, supported by strong order levels [4] - The resource business saw a decline in sales due to weak coal prices, but growth is anticipated in 2026 driven by rising demand for copper and gold, as well as heavy construction and aggregate industries [4] Group 5: Recommended Companies - Based on the upward trend in domestic and foreign sales, leading manufacturers such as SANY Heavy Industry, XCMG, Zoomlion, and LiuGong are recommended, along with core component manufacturer Hengli Hydraulic [5]

Group 1 - Investors are debating whether to hold stocks or cash during the upcoming Spring Festival, with discussions on which assets may serve as a "ballast" for wealth in the new era [1] - UBS's China equity strategy head noted that foreign investors' interest in emerging market stocks is expected to rise, indirectly benefiting Chinese stocks [2] - Historical data shows that the Hang Seng Technology Index has averaged a 5.98% increase during the Spring Festival over the past four years, while the Hang Seng Index has averaged a 3.49% increase [2] Group 2 - The Chief Macro Strategist at China Galaxy highlighted that the Hong Kong Stock Connect will be closed for over a week during the Lunar New Year, potentially reducing market liquidity [3] - BlackRock's investment strategist mentioned that infrastructure assets are a good choice for long-term investment, with returns comparable to U.S. large-cap stocks but with significantly lower volatility [4] - The investment environment in China is shifting, with the stock market becoming increasingly attractive as a primary channel for wealth management, potentially replacing real estate [5] Group 3 - The transition from the old paradigm of global trade is slow, with a potential timeframe of 30 to 50 years for significant changes, particularly in capital flows and the role of the U.S. dollar [6] - Key structural themes worth focusing on include power equipment, military, high-end manufacturing, and AI infrastructure suppliers due to ongoing geopolitical tensions and competition between the U.S. and China [6]

证券代码：601881 证券简称：中国银河 公告编号：2026-019 中国银河证券股份有限公司 2025年度第二十三期短期融资券 兑付完成的公告 2026年2月12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、准确性和完整性承担个别及连带责任。 中国银河证券股份有限公司（以下简称"本公司"）于2025年9月17日成功发行了中国银河证券股份有限 公司2025年度第二十三期短期融资券（以下简称"本期短期融资券"），本期短期融资券发行额为人民币 40亿元，票面利率为1.70%，短期融资券期限为146天，兑付日期为2026年2月10日。（详见本公司于 2025年9月18日刊登于上海证券交易所网站（www.sse.com.cn）的《中国银河证券股份有限公司2025年 度第二十三期短期融资券发行结果公告》）。 2026年2月10日，本公司兑付了本期短期融资券本息共计人民币4,027,200,000.00元。 特此公告。 中国银河证券股份有限公司董事会 ...

Group 1 - The A-share market is currently experiencing a clear risk-averse sentiment and structural differentiation, with funds favoring high-dividend, low-valuation, and defensive consumption sectors, while technology and cyclical sectors continue to adjust [1][2] - The market is showing significant structural differentiation, with defensive sectors acting as a "safe haven" for funds, leading to a notable decline in trading activity and a shift of capital from high-valuation technology and cyclical sectors to more stable assets [1][2] - The upcoming Chinese New Year is expected to influence market behavior, with historical trends indicating a preference for high-dividend and defensive sectors before the holiday, while post-holiday, the market may favor small-cap and growth styles [2][3] Group 2 - The current industry structure is transitioning from a traditional factor-driven growth model to a new productivity development model centered on technological innovation [2] - Investors are weighing the strategies of "holding stocks during the holiday" versus "holding cash for safety," with the former focusing on potential policy catalysts and liquidity, while the latter aims to avoid short-term volatility [3] - Post-holiday, the market is expected to shift focus back to growth sectors with industry catalysts and earnings certainty, driven by policy catalysts in February and earnings disclosures in March [3][4] Group 3 - Earnings forecasts indicate a shift in the logic of A-share market growth for 2026, with profitability expected to take precedence over valuation, highlighting structural opportunities in technology manufacturing and cyclical industries benefiting from price increases [4] - Two main investment themes are suggested: one focusing on the improvement of supply-demand dynamics and industry profitability, and the other on new productivity areas such as semiconductors, artificial intelligence, and renewable energy [4] - The overall market tone for 2026 is expected to remain bullish, with a focus on technological innovation and profitability recovery, supported by domestic consumption and overseas expansion as auxiliary themes [4]

中国银河（601881）(06881)发布公告，公司于2025年9月17日成功发行了中国银河证券股份有限公司 2025年度第二十三期短期融资券，本期短期融资券发行额为人民币40亿元，票面利率为1.70%，短期融 资券期限为146天，兑付日期为2026年2月10日。2026年2月10日，公司兑付了本期短期融资券本息共计 人民币40.272亿元。 ...

智通财经APP讯，中国银河(06881)发布公告，公司于2025年9月17日成功发行了中国银河证券股份有限 公司2025年度第二十三期短期融资券，本期短期融资券发行额为人民币40亿元，票面利率为1.70%，短 期融资券期限为146天，兑付日期为2026年2月10日。2026年2月10日，公司兑付了本期短期融资券本息 共计人民币40.272亿元。 ...

2025年度第二十三期短期融资券兑付完成的公告 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。 中国银河证券股份有限公司（以下简称"本公司"）于 2025 年 9 月 17 日 成功发行了中国银河证券股份有限公司 2025 年度第二十三期短期融资券（以 下简称"本期短期融资券"），本期短期融资券发行额为人民币 40 亿元，票 面利率为 1.70%，短期融资券期限为 146 天，兑付日期为 2026 年 2 月 10 日。 证券代码：601881 证券简称：中国银河 公告编号：2026-019 中国银河证券股份有限公司 特此公告。 中国银河证券股份有限公司董事会 2026 年 2 月 12 日 （详见本公司于2025年9月18日刊登于上海证券交易所网站（www.sse.com.cn） 的《中国银河证券股份有限公司 2025 年度第二十三期短期融资券发行结果公 告》）。 2026 年 2 月 10 日，本公司兑付了本期短期融资券本息共计人民币 4,027,200,000.00 元。 ...

中國銀河證券股份有限公司 海外監管公告 （在中華人民共和國註冊成立之股份有限公司） （股份代號：06881） 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。 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。 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 度第二十三期短期融資券兌付完成的公告》，僅供參閱。 承董事會命 2025年度第二十三期短期融资券兑付完成的公告 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。 中国银河证券股份有限公司（以下简称"本公司"）于 2025 年 9 月 17 日 成功发行了中国银河证券股份有限公司 2025 年度第二十三期短期融资券（以 下简称"本期短期融资券"），本期短期融资券发行额为人民币 40 亿元，票面 利率为 1.70%，短期融资券 ...

Core Viewpoint - China Galaxy Securities successfully issued its 23rd short-term financing bond for the year 2025, raising a total of RMB 4 billion with a coupon rate of 1.70% [1] Group 1 - The total issuance amount of the short-term financing bond was RMB 4 billion [1] - The bond has a maturity period of 146 days, with a repayment date set for February 10, 2026 [1] - On the repayment date, the company will pay back a total of RMB 4.027 billion, which includes both principal and interest [1]