公司决定行使21银河Y1发行人赎回权，即全部赎回21银河Y1。 中国银河（601881）(06881)发布公告，公司于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"21银河Y1")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》，21银河Y1设发行人赎回权，于21银河Y1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21银河Y1。 ...

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關於行 使「21銀河Y1」發行人贖回選擇權的第一次提示性公告》，僅供參閱。 承董事會命 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。 王晟 董事長及執行董事 中國北京 2026年2月10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。 证券代码：601881 证券简称：中国银河 公告编号：2026- ...

智通财经APP获悉，中国银河证券发布研报称，三星电子、SK海力士等头部厂商一季度合约价大幅上 调，其中NAND闪存供应价格上调超100%，DRAM价格涨幅达60%-70%。本轮存储涨价核心驱动因素 包括：AI服务器对HBM需求爆发、数据中心资本开支加码、产能结构性调整等，供需缺口持续扩大， 预计本轮涨价周期将延续至2026年中。当前时点是存储芯片赛道下一轮周期新起点，在AI服务器需求 高速增长叠加国产替代，看好国内存储产业链相关上市公司投资机遇。 中国银河证券主要观点如下： 1月存储市场延续2025年四季度以来的强势上涨态势，DRAM和NAND闪存价格涨幅持续超预期 三星电子、SK海力士等头部厂商一季度合约价大幅上调，其中NAND闪存供应价格上调超100%， DRAM价格涨幅达60%-70%。涨价核心驱动因素包括：AI服务器对HBM需求爆发、数据中心资本开支 加码、产能结构性调整等，供需缺口持续扩大，预计本轮涨价周期将延续至2026年中。目前存储涨价已 对下游产业链产生显著冲击，消费电子终端厂商面临成本压力。根据TrendForce数据，2026年全球智能 手机出货量预计年减2%，笔记本电脑Q1出货量可能减少 ...

Core Viewpoint - As the Spring Festival approaches, the choice between "holding stocks or holding cash" has become a focal point for investors, with a consensus emerging among major brokerages favoring "holding stocks" as the better option this year [1][2]. Group 1: Market Sentiment and Predictions - Major brokerages, including Guotai Junan and GF Securities, express optimism about the market's potential for recovery post-holiday, suggesting that the A-share market may experience a favorable "timing, location, and human factors" for an upward trend [2][17]. - Despite a general consensus on holding stocks, several brokerages caution that market performance may still be influenced by multiple risks, including slower-than-expected economic recovery and geopolitical uncertainties [3]. Group 2: Investment Strategies and Sector Focus - Guotai Junan recommends focusing on emerging technology and value sectors, highlighting themes such as commercial aerospace, robotics, urban renewal, and domestic consumption [4]. - Dongwu Securities suggests three main investment directions: overvalued technology sectors, booming industries like energy storage and lithium batteries, and themes related to the 14th Five-Year Plan, including commercial aerospace and 6G technology [5]. - Galaxy Securities advocates for a cautious approach with "light positions," emphasizing the importance of the upcoming "Two Sessions" and the shift towards "new productive forces" in sectors like semiconductors and artificial intelligence [6][7]. - Huaxia Securities emphasizes the importance of preparing for the post-holiday "red envelope" market, noting that technology sectors typically show better elasticity after the holiday [13]. - The investment focus should also include sectors that have underperformed but are expected to recover, such as food and beverage, agriculture, and healthcare [12]. Group 3: Market Dynamics and Historical Trends - Historical data indicates that the market tends to perform better after the Spring Festival, with a common pattern of "lower before the holiday and higher after" across various style indices [11]. - The current market environment is characterized by a high trading volume, with brokerages maintaining a cautious yet optimistic stance, suggesting that the market is not likely to turn bearish easily [8][9]. - The upcoming Spring Festival is seen as a critical period for potential market recovery, with many brokerages encouraging investors to remain confident and prepared for the first wave of the new year's upward cycle [17].

Core Viewpoint - The food and beverage industry is expected to see improvements in supply and demand dynamics across multiple sub-sectors by 2026, with a clearer recovery trend in CPI, indicating sustained new consumption but with internal rotations. Traditional consumption sectors benefiting from CPI recovery are anticipated to experience bottom improvements, particularly in the mass consumer goods and liquor sectors [1] Group 1: CPI and PPI Trends - The CPI turned positive for the first time in October 2025, showing a month-on-month improvement with November and December CPI at +0.7% and +0.8% respectively, while food CPI was +0.2% and +1.1% [1] - Fresh vegetable and fruit prices have seen significant increases, with November and December fresh vegetable CPI at +14.5% and +18.2%, and fresh fruit CPI at +0.7% and +4.4% [1] - The decline in prices for grains, edible oils, and livestock has narrowed, with November and December grain CPI at -0.4% and -0.3%, edible oil CPI at -1.2% and -1.0%, and livestock CPI at -6.6% and -6.1% [1] Group 2: Liquor Sector Insights - The price of Feitian Moutai has shown signs of recovery, with prices for whole boxes and individual bottles at 1710 and 1660 yuan respectively, reflecting increases of 30 yuan and 10 yuan since January 31 [2] - The demand for liquor is strong due to festive consumption, and the recent price drop has activated potential consumers, leading to improved sales [2] - Moutai's supply chain adjustments and channel reforms are effectively supporting the price stability of its products [2] Group 3: Dairy Industry Developments - The average price of fresh milk in major production areas was 3.04 yuan/kg as of January 29, showing a year-on-year decrease of 2.9% but a month-on-month increase of 0.3%, indicating a strong bottoming signal [3] - The dairy price is expected to enter an upward trend in 2026 due to supply-side adjustments and improved demand driven by demographic policies and product upgrades [3] Group 4: Consumer Goods Price Movements - The frozen food sector is nearing a competitive bottom, with potential demand recovery in 2026 expected to drive fundamental improvements [4] - Leading company Anjijia has begun to recover some promotional policies, which may lead to profit recovery [4] - Three squirrels have raised the ex-factory prices of certain nut gift products, which may alleviate pressures from rising raw material and transportation costs, improving profitability [4]

智通财经APP获悉，中国银河证券发布研报称，家电面临成本驱动的提价，以及部分结构性升级。本轮 成本上涨周期与2020Q3-2022Q2连续8个季度的成本大幅上涨差异。空调提价坚决，该行预计2025年Q4 是空调市场竞争、成本压力最大的时期。2026年以来的提价将明显缓解行业成本压力。扫地机试图结束 自补，但情况较为复杂。彩电结构升级、运动相机竞争激烈。 1)扫地机国补受益于部分地方政府选品。2025年下半年，扫地机国补基本停止，科沃斯、石头等品牌自 补(对消费者宣称国补)导致企业盈利承压。2)扫地机企业试图结束自补，但由于2026年初以来部分省份 恢复对扫地机的补贴，JD、TMALL也倾向于给与补贴，目前已经全面恢复"国补"(补贴来自国家、平 台、企业)。3)AVC监测的扫地机线上零售均价，2025年10、11、12月零售均价3645、3387、3291，同 比分别-2.9%、-6.2%、-5.1%，环比也呈现下降。到2026年第四周、第五周均价回升到3535、3403元， 有所回升。但扫地机市场没有摆脱 "国补"名义的影响(补贴来自国家、平台、企业)。 彩电结构升级、运动相机竞争激烈 本轮成本上涨周期与20 ...

证券代码：601881 证券简称：中国银河 公告编号：2026-017 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 10 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 2026 年度第四期短期融资券已于 2026 年 2 月 9 日发行完毕，相关发行情况如下： | 债券名称 | 中国银河证券股份有限公司 | 2026 | 年度第四期短期融资券 | | --- | --- | --- | --- | | 债券简称 | 26 银河证券 CP004 | 债券流通代码 | 072610041 | | 发行日 | 2026 年 2 月 6 日 | 起息日 | 2026 年 2 月 9 日 | | 到期兑付日 | 2026 年 12 月 8 日 | 期限 | 302 天 | | 计划发行总额 | 40 亿元人民币 | 实际发行总额 | 40 亿元人民币 | | 票面年利率 | 1.67% | 发行价格 | 100 元/百元面值 | 本 期 发 行 短 ...

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） 公告 2026年度第四期短期融資券發行完畢 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。 董事會欣然宣佈，根據上述股東授權，本公司已於2026年2月9日完成2026年度第 四期短期融資券發行（「本期融資券」）。本期融資券的發行規模為人民幣40億元， 面值及發行價均為每單位人民幣100元。本期融資券的期限為302天，最終票面利 率為1.67%。本期融資券發行所募集的資金將用於補充本公司流動資金。 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9日 茲提述中國銀河證券股份有限公司（「本公司」）日期為2025年1月23日的通函以及 2025年2 ...

ETF Market Overview - As of February 9, 2026, the total number of ETFs in the market reached 2,310, with an overall scale of 1.8 trillion yuan and a weekly trading volume of 0.4 trillion yuan [1][3] - Stock ETFs dominate the market, with broad-based stock ETFs accounting for 61.3% of the total scale and a weekly trading volume of 0.3 trillion yuan, representing 73.1% of the total market trading volume [1][3] - Bond ETFs are the most actively traded, with a weekly trading volume of 0.1 trillion yuan, accounting for 12.3% of the total market trading volume [1][3] Fund Inflows and Outflows - The top inflow ETFs include the Hang Seng Technology ETF, which saw an inflow of 1.2 billion yuan, followed by the Short-term Bond ETF with 0.5 billion yuan, and the Sci-Tech Innovation ETF with 0.3 billion yuan [5][6] - The top outflow ETF was the CSI 300 ETF, which experienced an outflow of 0.4 billion yuan, followed by the Hu-Shen 300 ETF with 0.3 billion yuan [7][8] Industry Sector Fund Flows - The technology and manufacturing sectors attracted a net inflow of 1.2 billion yuan, while the financial real estate and consumer sectors saw net inflows of 0.5 billion yuan and 0.3 billion yuan, respectively [13] - The resources and public services sector experienced the highest net outflow, totaling 0.6 billion yuan [13] Core Broad-based Index and ETF Performance - Core broad-based indices showed varying degrees of decline, with the Sci-Tech Innovation indices experiencing the largest drops, while large-cap blue-chip indices remained relatively resilient [18][19] - The Sci-Tech Innovation Entrepreneurship Index and the Sci-Tech Innovation Index had weekly returns of -1.5% and -1.3%, respectively, while the large-cap indices like the Shanghai Composite Index and the Hu-Shen 300 Index had smaller declines [18][19] Industry Theme Index and ETF Performance Technology and Manufacturing - The photovoltaic industry was the only segment to achieve positive returns, with a weekly return of 1.2%, while chip and AI-related sectors faced significant declines [20] - The CS Artificial Intelligence Index dropped by 3.5%, and the Sci-Tech AI Index fell by 3.2%, with corresponding ETFs reflecting similar declines [20] New ETF Listings - Last week, 12 new ETFs were launched, primarily in the stock category, covering broad-based, thematic, and cross-border classifications [15][16] - The largest new ETF was the Shipbuilding ETF, with a listing scale of 0.5 billion yuan, while the Color Metal ETF also had a significant scale of 0.4 billion yuan [16][17]

中国银河国际分析师Kasem Prunratanamala在一份报告中写道，随着政治局势日渐明朗，泰国外资流入 可能会回升。自豪泰党很可能在大选后成为第一大党，这一结果好于该经纪机构的预期。"获得强有力 授权后，我们相信新政府很可能带来一个更稳定的政治环境，这应会提振投资者信心，"该分析师称。 中国银河国际将其2026年底SET指数目标从之前的1,400点上调至1,480点。SET指数上涨3.3%，报 1,398.88点。 ...