Grace Communique on September 26th: Central China Securities research reports pointed out that China Galaxy (601881.SH) experienced some fluctuations in brokerage business in the first half of the year due to market conditions, but still maintained an industry-leading position overall; the scale of debt financing has maintained rapid growth for many years, and equity financing business has strengthened professional capabilities and project reserves; equity self-operated actively develops medium and low-risk investment business, fixed income self-operated comprehensively lays out client-driven innovative businesses, investment income (including fair value changes) has increased steadily year-on-year; international business has achieved differentiated competition, with rankings steadily improving. As a brokerage holding of Central Huijin Investment, the company's operations focus on serving national major strategies and the real economy, and is expected to continue benefiting from the policy orientation of supporting the good, limiting the inferior, and building a first-class investment bank in the future. Maintaining an "increase holdings" investment rating.