格隆汇8月28日丨根据联交所最新权益披露资料显示，2025年8月22日，中州证券(01375.HK)获易方达基金管理有限公司在场内以每股均价2.9496港元增持65 万股，涉资约191.72万港元。 | 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | | 持有權益的股份數目 佔已發行的有關事件的日 相關法 | | --- | --- | --- | --- | --- | --- | --- | | | | 胤天 | 股份數目 | | | (請參閱上述 * 註 有投票權股 期 (日 / 月 / | | | | | | | | 份自分比 年) | | | | | | | | 0/0 | | CS20250827E00198 | 易方达基金管理有限公司 | 1101(L) | | 650.000(L | HKD 2.9496 | 132,084,000(L) 11.05(L)22/08/2025 | | 股份代號: | 01375 | | --- | --- | | 上市法國名稱: | 中原證券股份有限公司 - H股 | | 日期 (日 / 月 / 年 ...

Group 1 - The report indicates that Zhongyuan Securities has effectively reviewed the information disclosure documents of Rongxin Education Cultural Industry Development Co., Ltd. and has not missed any reviews [1] - The company has established and effectively executed regulations to prevent related parties from occupying company resources and to manage fundraising [1] - There have been six inquiries into the company's fundraising special accounts, and the progress of fundraising projects is consistent with the disclosed information [1] Group 2 - There are no reported issues requiring attention from the sponsor, and no significant problems were identified during the review process [2] - The commitments made by the company and its shareholders have been fulfilled, with no reasons for non-fulfillment reported [2] - The previous sponsor representative, Liu Zhe, has been replaced by Wu Bingxu and Wang Dantong for ongoing supervision duties [2][3]

Core Viewpoint - The company plans to use part of the excess raised funds to permanently supplement its working capital, which is expected to enhance the efficiency of fund utilization and align with the interests of all shareholders [6]. Fundraising Overview - The company raised a total of RMB 537,839,000.00 from its initial public offering, with a net amount of RMB 469,051,085.05 after deducting issuance costs [1]. - The funds were deposited into a special account approved by the board of directors, and a tripartite supervision agreement was signed with the bank [2]. Investment Project Details - The total investment for the children's book development and copyright reserve project is RMB 31,000,000.00, with the entire amount funded by the raised capital [2]. - As of June 30, 2025, all funds from the initial public offering have been fully utilized for the investment projects [2]. Excess Fund Utilization - The company has approved the use of RMB 47,700,000.00 of excess funds to permanently supplement working capital, which accounts for 29.99% of the total excess funds [3]. - An additional resolution allows for the management of idle excess funds up to RMB 100,000,000.00 within a 12-month period [3]. Current Plan for Excess Fund Usage - The company intends to use RMB 45,000,000.00 of excess funds for permanent working capital, representing 28.29% of the total excess funds, pending shareholder approval [4]. - The cumulative amount used for permanent working capital in the last 12 months does not exceed 30% of the total excess funds [4]. Decision-Making Process - The board of directors and the supervisory board have approved the proposal to use part of the excess funds for working capital, which will be submitted for shareholder approval [5]. - The supervisory board confirmed that this use of funds does not conflict with the investment project implementation and does not harm the interests of shareholders [5]. Sponsor's Verification Opinion - The sponsor has verified that the decision to use part of the excess funds for working capital has followed necessary approval procedures and complies with relevant regulations [6]. - The sponsor believes this action will improve fund utilization efficiency and is in the best interest of all shareholders [6].

Group 1 - Wang Xiaogang resigned from his position as Deputy General Manager of Zhongyuan Securities due to a job change, as he was appointed as Deputy General Manager of Zhongyuan Trust [1][3] - Wang has a long career within the Zhongyuan system, having held various management positions since the establishment of Zhongyuan Securities in 2002, including roles in brokerage, wealth management, and asset management [3][4] - His departure is part of an internal personnel adjustment within the Zhongyuan system, as both Zhongyuan Securities and Zhongyuan Trust are controlled by the Henan Investment Group [4] Group 2 - Zhongyuan Securities is facing challenges in its business layout and revenue performance, particularly in its investment banking and asset management sectors, which have seen significant declines in revenue [5][7] - The brokerage business remains the main revenue driver, with net income from brokerage fees reaching CNY 643 million in 2024, a year-on-year increase of 20.88%, but this reliance on market fluctuations raises concerns about business resilience [5][7] - The company has implemented strong cost control measures, reducing operating expenses from CNY 18.04 billion in 2021 to CNY 11.43 billion in 2024, and decreasing average employee compensation from CNY 487,300 to CNY 272,500 during the same period [7][13]

Core Insights - The article highlights the changes in the Hong Kong Stock Connect holdings, indicating significant increases and decreases in ownership percentages for various companies [1][2][3] Summary by Category Increase in Holdings - Longpan Technology (02465) saw an increase of 1.64%, bringing its latest holding percentage to 53.40% [2] - Zhongzhou Securities (01375) increased by 1.45%, with a new holding percentage of 62.41% [2] - Everbright Securities (06178) rose by 1.25%, now holding 27.57% [2] - ZTE Corporation (00763) experienced a 1.16% increase, reaching 56.02% [2] - The top three companies with the largest increases over the last five trading days were ZTE Corporation (8.07%), Beijing Jingcheng Machinery Electric (7.14%), and Longpan Technology (6.75%) [3] Decrease in Holdings - Suton Juchuang (02498) had the largest decrease at -1.78%, with a holding percentage of 29.17% [2] - Chongqing Steel (01053) decreased by -1.31%, now at 31.16% [2] - Shanghai Fudan (01385) saw a reduction of -1.17%, with a holding percentage of 38.79% [2] - The largest decreases over the last five trading days were recorded by the Yingfu Fund (02800) at -6.38%, Nanjing Panda Electronics (00553) at -3.31%, and Southern Hengsheng Technology (03033) at -3.00% [3] Notable Trends - Over the last 20 days, Changfei Optical Fiber (06869) had the highest increase in holdings at +17.79%, now at 56.42% [4] - The company Yisou Technology (02550) recorded the largest decrease at -7.72%, with a holding percentage of 48.49% [4]

智通财经APP获悉，近期沪指再度刷新十年高点，沪深交易成交量破三万亿。 华西证券指出，市场放量大涨，是资金情绪正盛的表现。同时，隐含波动率大幅上升，也是投机热度快 速上升的信号。 中信建投发布研报称，政策/会议信号为证券板块超额收益的核心驱动。长期以来，证券板块在A股地位 非常重要，但主动权益投资机构的配置比例偏低，但研究发现，证券板块相对于宽基指数的超额收益投 资机会远多于绝对收益型机会，该板块配置价值存在低估。 中资券商板块相关港股： 中信建投证券(06066)、中金公司(03908)、广发证券(01776)、东方证券(03958)、光大证券(06178)、中信 建投(06066)、申万宏源(06806)、中州证券(01375)、国联民生(01456)等。 往后看，若行情和隐含波动率加速上涨，行情在短期内或将调整以回归理性；若市场延续"慢牛"格局， 同时隐含波动率变化不大或显著回落，行情波动的时点可能较前一种情况有所延后。不过，短期行情与 资金交易行为相关，而牛市的三条中长期逻辑依旧相对牢固。这意味着，若以上中长期逻辑不变，调整 仍是机会，牛市思维值得继续保持。 ...

Group 1 - The stock price of Zhongyuan Securities as of August 26, 2025, is 4.75 yuan, down 0.06 yuan from the previous trading day's closing price, representing a decline of 1.25% [1] - The company opened at 4.78 yuan, reached a high of 4.81 yuan, and a low of 4.73 yuan on the same day, with a trading volume of 873,055 hands and a transaction amount of 416 million yuan [1] - Zhongyuan Securities is located in Henan Province and its main business includes securities brokerage, investment consulting, underwriting, and sponsorship [1] Group 2 - On August 26, 2025, the company announced that Vice General Manager Wang Xiaogang resigned due to work-related changes, effective from the date the report was delivered to the board of directors, and this resignation will not affect the normal operations of the company [1] - The net outflow of main funds for Zhongyuan Securities on that day was 45.12 million yuan, accounting for 0.28% of the circulating market value [1] - Over the past five days, the net outflow of main funds totaled 120.90 million yuan, representing 0.74% of the circulating market value [1]

Group 1 - The report indicates that Tianfeng Securities and Zhongyuan Securities have successfully completed their sponsorship duties for Henan Xinning Modern Logistics Co., Ltd, with no instances of failing to review information disclosure documents [1][2] - The company has established and effectively executed regulations to prevent related parties from occupying company resources, manage fundraising, and maintain internal controls [1][2] - The sponsorship institutions attended the company's shareholder meetings twice and board meetings three times, ensuring oversight and compliance with relevant documents [1][2] Group 2 - There were no significant issues identified during the sponsorship process, and no measures were required to address any problems [1][2] - The company and its shareholders have fulfilled their commitments without any unfulfilled obligations reported [1][2] - The report does not indicate any matters requiring attention or further action [1][2]

Group 1 - Zhongyuan Securities announced the resignation of Wang Xiaogang from the positions of Deputy General Manager and Executive Committee Member due to work changes, effective from August 26, 2025 [1] - The resignation will not affect the normal operations of the company, and Wang Xiaogang confirmed that there are no disagreements with the board of directors [2]

中州证券(01375)发布公告，根据河南省人民政府《关于王晓刚职务任免的通知》(豫政任[2025]110号)， 因工作变动原因，王晓刚先生于2025年8月26日向董事会提交了辞职报告，申请辞去公司副总经理、执 行委员会委员职务。 ...