China Galaxy Securities Co Ltd Class A

The Government Pension Fund of Thailand (GPF) has joined as a founding member of the China-ASEAN Joint Investment Council (CAJIC), which was officially launched in Xiamen, People's Republic of China. There are six founding members in total: GPF, China's sovereign wealth fund CIC, Indonesia's sovereign wealth fund INA, Malaysia's sovereign wealth fund Khazanah, Malaysia's retirement fund KWAP, and the sovereign oil fund of the Republic of Azerbaijan, SOFAZ. CAJIC was initiated and coordinated by CIC, with CGS International Securities Pte. Ltd., the overseas business unit of China Galaxy Securities, serving as the secretariat. Dr. Srikorn Tulayasathien, Secretary-General of the Government Pension Fund board, said that GPF, as a long-term institutional investor, sees growth potential in economic and investment cooperation between China and ASEAN, particularly in sustainable infrastructure, technology, and the transition to a low-carbon economy. He expressed hope that CAJIC will serve as a key mechanism linking long-term institutional investors in the region through regular discussions, annual conferences, targeted research, and executive development programs, in order to create concrete cooperation and enhance the investment capacity of its members.

China Galaxy released its 2026 interim report, with total operating revenue of 16.85 billion yuan, up 22.58% year-on-year, and net profit attributable to the parent of 7.797 billion yuan, up 20.18% year-on-year. Net cash inflow from operating activities was 73.327 billion yuan, up 371.05% year-on-year. The company's asset-liability ratio was 85.32%, ROE was 5.01%, and diluted earnings per share was 0.66 yuan. The number of shareholders was 135,500, and the shareholding ratio of the top ten shareholders was 84.21%.

As of July 15, 73 securities firms have issued a combined total of more than 1.35 trillion yuan in onshore bonds since the start of 2026, a year-on-year increase of over 96%. Recently, a number of listed brokers including China Merchants Securities, GF Securities, Guolian Minsheng, Soochow Securities, and Zhongtai Securities have received intensive approvals from the China Securities Regulatory Commission to issue large corporate bonds, while Shenwan Hongyuan obtained registration approval for perpetual subordinated bonds in July. In a low interest rate environment, enthusiasm for broker bond subscriptions is running high. Taking China Galaxy Securities as an example, the first tranche of its fifth corporate bond issue carried a coupon rate of 1.60% with a subscription multiple of 3.8722 times, while the second tranche had a coupon rate of 1.67% and a subscription multiple of 3.165 times. At the same time, the credit ratings of bonds issued by several brokers, including Northeast Securities, Great Wall Securities, Huaan Securities, and Zheshang Securities, have been upgraded from AA+ to AAA. Fitch also raised the long-term issuer default ratings of CICC and CICC International from BBB+ to A-. Analysts point out that this surge in bond issuance is not only about capital replenishment, but also serves as strategic capital support amid a wave of mergers and acquisitions. Leading institutions are using bond financing to pre-position M&A capital in advance, forming a chain of integration, bond issuance, and further expansion, while small and medium-sized brokers face increasing pressure from financing difficulties.