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的內容概不負責，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的任 何損失承擔任何責任。 ZHONGTAI FUTURES Company Limited 中泰期貨股份有限公司 （在中華人民共和國註冊成立的股份有限公司） 截 至2025年6月30日 止六個月之中期業績公告 中 泰 期 貨 股 份 有 限 公 司（「本公司」）董 事 會（「董 事 會」）謹 此宣佈本公司及其附屬公司 （「本 集 團」）截 至2025年6月30日 止 六 個 月 之 未 經 審 計 綜 合 中 期 業 績，連 同2024年 同 期 的 比 較 數 字。本 業 績 公 告 列 載 本 公 司2025年 中 期 報 告 全 文，並 符 合《香 港聯合交 易 所 有 限 公 司 證 券 上 市 規 則》中 有 關 中 期 業 績 初 步 公 告 附 載 的 資 料 之 披 露 要 求。 本業績公告在香港聯合交易所有限公司網 站（www.hkexnews.hk）及 本 公 司 網 站 （www.ztqh.com）上 刊 ...

Core Viewpoint - The Shandong Provincial State-owned Assets Supervision and Administration Commission has recognized the "Insurance + Futures" innovative model for cotton price targeting as a benchmark practice in supporting rural revitalization through financial services [1][2]. Group 1: Background and Context - The cotton planting area and yield in Shandong have been declining due to multiple factors, including falling cotton prices, differences in subsidy policies, and higher returns from alternative crops [1]. - The "Insurance + Futures" pilot project was initiated in 2019 with support from the Shandong Provincial Department of Agriculture and Rural Affairs and the Provincial Department of Finance, making it the first of its kind to be promoted at the provincial level [1]. Group 2: Project Implementation and Impact - As of 2024, the pilot project covers major cotton-producing areas such as Dongying and Jining, insuring a cotton planting area of 637,300 acres, benefiting approximately 150,000 cotton farmers, equivalent to a physical cotton scale of 51,000 tons [2]. - The government has provided a special premium subsidy of 70.11 million yuan, offering price risk protection amounting to 780 million yuan for cotton farmers in the province [2]. - The project has successfully compensated over 73 million yuan due to significant cotton price declines influenced by supply-demand imbalances, international trade tensions, and financial market volatility, effectively mitigating farmers' operational risks and stabilizing their income [2]. Group 3: Recognition and Future Plans - The "Insurance + Futures" model has been recognized as one of the first innovative products in financial support for agriculture in Shandong, contributing to the company's reputation in the sector [2]. - The company plans to continue innovating the "Insurance + Futures" model, aiming to expand the range of covered products, enhance protection amounts, and establish a long-term mechanism involving farmer participation, government subsidies, insurance protection, and futures hedging [2].

Core Viewpoint - The "Insurance + Futures" innovative model for cotton price targeting has been recognized as a benchmark practice in supporting rural revitalization in Shandong Province, showcasing the financial industry's role in empowering agriculture and rural development [1][2]. Group 1: Background and Context - The cotton planting area and production in Shandong have been declining due to multiple factors, including falling cotton prices, differences in subsidy policies, and higher returns from alternative crops, posing significant challenges for cotton farmers [1]. - The "Insurance + Futures" pilot project was initiated in 2019 with support from the Shandong Provincial Department of Agriculture and Rural Affairs and the Provincial Department of Finance, making it the first innovative practice of its kind to be promoted at the provincial level in China [1]. Group 2: Project Implementation and Impact - As of 2024, the pilot project covers major cotton-producing areas such as Dongying and Jining, insuring a cotton planting area of 637,300 acres, benefiting approximately 150,000 cotton farmers, equivalent to a cash cotton scale of 51,000 tons [2]. - The government provided a special premium subsidy of 70.11 million yuan, offering price risk protection amounting to 780 million yuan for cotton farmers across the province [2]. - The project effectively mitigated the operational risks faced by farmers, resulting in over 73 million yuan in compensation due to significant price declines caused by supply-demand imbalances, international trade tensions, and market volatility [2]. Group 3: Future Outlook - As one of the first futures companies to implement the "Insurance + Futures" model, the company has received recognition for its innovative financial products and aims to deepen this model, expand coverage, and enhance protection amounts [2]. - The company is committed to building a long-term mechanism involving farmer participation, government subsidies, insurance protection, and futures hedging to contribute to high-quality agricultural development and rural revitalization in Shandong [2].

Group 1 - The board meeting of Zhongtai Futures (01461.HK) is scheduled for August 29, 2025, to review and approve the interim results for the six months ending June 30, 2025 [1]

中 泰 期 貨 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 宣 佈，董 事 會 會 議 將 於 二 零 二 五 年 八 月 二 十 九 日（星 期 五）舉 行，藉 以 審 議 及 批 准（其 中 包 括）本 公 司 及 其 附 屬 公司截至二零二五年六月三十日止六個月之中期業績及其發佈。 承董事會命 中泰期貨股份有限公司 董事長 呂祥友 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通告之內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不會就本公告全部或任何部分內容而產生或因倚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的股份有限公司） （股份代號：01461） 董事會會議通知 ZHONGTAI FUTURES Company Limited 中泰期貨股份有限公司 本公告乃根據香港聯合交易所有限公司證券上市規則第13.43條之規定而發佈。 中 國，濟南 二 零二五年八月十九日 於本公告日期，董事會成員包括執行董事呂祥友先生、周順遠先生及梁中偉先生；非執行董事鄭韓胤先生、 明鋼先生及王惠女士；及獨立非執行董事鄭堅平先生、陳華先生及羅新華先 ...

Group 1: Market Overview - The silver market is expected to maintain a strong trend after a short-term adjustment, despite increasing uncertainties and volatility [1][3] - In late July 2025, silver prices surged, breaking through historical resistance levels, reaching a high of $39.52 per ounce in London and $39.91 per ounce on COMEX [1][2] - Following the peak, silver prices experienced a correction, dropping to $36.19 per ounce before rebounding to around $37.6 per ounce [1] Group 2: Economic Factors - Fluctuating global trade relations have impacted silver prices, with initial concerns over economic recession leading to a significant drop, followed by a recovery as trade negotiations progressed [2] - The expectation of interest rate cuts by the Federal Reserve has created a favorable environment for silver, with market predictions suggesting multiple rate cuts in the latter half of 2025 [2][3] Group 3: Technical Analysis - Silver and copper prices often move in tandem, with strong copper performance providing upward momentum for silver [3] - Technical indicators suggest that silver's price trajectory remains robust, supporting the likelihood of continued strength in the market [3] Group 4: Risk Management Strategies - In a high-volatility environment, futures protection and risk management are critical, with options strategies gaining prominence due to their flexibility and hedging capabilities [4] - Options strategies allow investors to achieve asymmetric returns, with limited losses and potential for significant gains, making them suitable for current market conditions [4]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中泰期貨股份有限公司 呈交日期: 2025年8月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01461 | 說明 | H股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 277,090,000 | RMB | | | 1 RMB | | 277,090,000 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | | | 本月底結存 | | | 277,090,000 | RMB | | | 1 RMB | | 277,090,000 | | 2. 股份分類 ...

Group 1: Market Developments - Hong Kong Stock Exchange will lower the minimum price fluctuation for stocks starting August 4, 2025, following successful market rehearsals and regulatory approvals [1] - The Hang Seng Index's ADR closed at 24,987.99 points, down 6.15 points or 0.02% [3] Group 2: Index Adjustments - The Hang Seng Index announced changes to the calculation method of the Hang Seng Hong Kong Stock Connect Innovative Drug Selection Index, effective from the index review on June 30, 2025 [2] Group 3: Company Earnings - Cathay Pacific reported a 23.3% year-on-year increase in passenger numbers, carrying approximately 2.9 million passengers in June 2025 [8] - China Longgong expects a significant increase in net profit for the first half of 2025, estimated between RMB 590 million and RMB 665 million, representing a year-on-year increase of 29% to 45% [11] - Meitu Company anticipates a 65% to 72% year-on-year growth in adjusted net profit for the first half of 2025 [10] - Hengtou Securities expects a net profit of approximately RMB 239 million for the first half of 2025, a significant increase from RMB 53.87 million in the same period last year [14] - Huiri Group forecasts a consolidated profit of approximately HKD 250 million for the first half of 2025, up from HKD 37 million in the previous year [15] - Harbin Electric anticipates a net profit of approximately RMB 1.02 billion for the first half of 2025, a substantial increase from RMB 523 million in the same period last year [21] Group 4: Strategic Initiatives - Multiple departments released implementation details for cross-border asset management pilot business in Hainan Free Trade Port, allowing foreign investors to invest in various financial products [6] - Dongyangguang Jiangsu Pharmaceutical and Dongyangguang Pharmaceutical's merger agreement was approved by shareholders, with the new entity expected to be listed on August 7, 2025 [13] - Global New Materials International's acquisition of Merck's surface solutions business was approved by a special shareholder meeting, with a transaction value of EUR 665 million [17] Group 5: Industry Trends - GGII reported that China's power battery installation capacity reached approximately 288.1 GWh in the first half of 2025, a year-on-year increase of 44% [5] - The key product DB-1310 from InnoCare Pharma has received fast track designation from the FDA for treating advanced non-small cell lung cancer [20]

Group 1 - Chinese brokerage stocks in Hong Kong showed strong performance in early trading, with 弘业期货 (03678.HK) rising over 5% [1] - 中泰期货 (01461.HK) increased by more than 4% [1] - Other firms such as 华泰证券 (06886.HK) and 国联民生 (01456.HK) also experienced gains [1]

Core Viewpoint - The "Insurance + Futures" model is an innovative agricultural risk management approach that combines agricultural insurance with the futures market to provide price protection for farmers and agricultural enterprises [1][2] Group 1: Product Overview - The "Insurance + Futures" model aims to transfer market price volatility risks through insurance and hedge the risks on the insurance side via the futures market, thereby reducing income uncertainty for farmers and enhancing the risk resilience of insurance companies [1] - The model has been recognized as a "Typical Inclusive Finance Product" in Shandong, with the cotton target price provincial "Insurance + Futures" model being implemented for five years, covering 489,000 farmers and 2.172 million mu of cotton, with a project amount of 2.756 billion and total compensation of 312 million, resulting in a compensation rate of 129.77% [1] Group 2: Company Initiatives - Since 2016, the company has been a pioneer in the "Insurance + Futures" pilot projects, launching over 650 projects across 22 provinces, covering 13 agricultural products, with a total guaranteed spot scale of 2.21 million tons and project amounts exceeding 12 billion, providing nearly 480 million in compensation to farmers [2] - The company has consistently ranked in the top 10 in the "Insurance + Futures" special evaluation by the China Futures Association, establishing a strong reputation for financial services in agriculture [2] - Future plans include optimizing product pricing and risk hedging for the "Insurance + Futures" model, designing localized price risk product solutions to support farmers' income growth and contribute to rural revitalization [2]