Core Insights - On October 22, Dongfang Securities experienced a decline of 0.62% with a trading volume of 652 million yuan, indicating a negative market sentiment towards the company [1] - The financing data shows that on the same day, Dongfang Securities had a financing purchase amount of 91.12 million yuan and a financing repayment of 138 million yuan, resulting in a net financing outflow of 46.82 million yuan [1] - As of October 22, the total margin balance for Dongfang Securities was 2.695 billion yuan, with the financing balance accounting for 3.25% of the circulating market value, which is above the 90th percentile of the past year [1] Financing and Margin Data - On October 22, the financing buy amount was 91.12 million yuan, while the current financing balance stood at 2.692 billion yuan [1] - The margin balance is at a high level, exceeding the 90th percentile of the past year, indicating strong investor interest [1] - In terms of securities lending, on October 22, 136,900 shares were repaid, and 1,900 shares were sold, with a selling amount of 21,100 yuan, while the remaining margin balance was 3.1108 million yuan, which is below the 20th percentile of the past year [1] Company Overview - Dongfang Securities, established on December 10, 1997, and listed on March 23, 2015, is headquartered in Shanghai and engages in various financial services including securities brokerage, investment banking, asset management, and research consulting [2] - The revenue composition of the company includes 39.93% from institutional and sales trading, 32.07% from wealth and asset management, 15.73% from international business and others, and 12.46% from investment banking and alternative investments [2] - As of June 30, the number of shareholders was 179,300, a decrease of 6.59% from the previous period, with no change in the average circulating shares per person [2] Dividend and Shareholding Information - Dongfang Securities has distributed a total of 16.155 billion yuan in dividends since its A-share listing, with 5.034 billion yuan distributed in the last three years [3] - As of June 30, 2025, Hong Kong Central Clearing Limited was the fifth-largest circulating shareholder with 275 million shares, an increase of 40.67 million shares from the previous period [3] - The Huatai-PB CSI 300 ETF entered the top ten circulating shareholders for the first time, holding 93.023 million shares, while the Guotai CSI All Index Securities Company ETF exited the list [3]

Core Viewpoint - The upstream titanium concentrate supply-demand gap is expected to continue narrowing in the medium term, leading to a more relaxed raw material supply, which may reduce costs for titanium processing companies and enhance their profit margins [1] Supply - Titanium concentrate production has been declining in recent years, with global reserves expected to decrease by 25.3% year-on-year in 2024 due to the closure of old mines in Australia and slow exploration of new mines [2] - It is projected that titanium concentrate supply will increase to 9.84 million tons, 10.27 million tons, and 10.71 million tons from 2025 to 2027, with year-on-year growth rates of 4.7%, 4.4%, and 4.3% respectively [2] Demand - The demand for titanium concentrate may slow down in the medium term as the expansion rate of midstream smelting products, such as titanium dioxide and sponge titanium, is expected to decelerate [3] - Although domestic production of titanium dioxide and sponge titanium has been expanding, overall global production capacity growth is expected to decline, particularly in overseas markets [3] Price - The supply of titanium concentrate is anticipated to become more relaxed, with prices expected to decline, which will likely benefit downstream titanium material companies by lowering production costs and enhancing profit margins [4] - From 2025 to 2027, the growth rate of titanium concentrate demand is expected to be lower than that of supply, indicating a continued narrowing of the supply-demand gap and further price reduction potential [4]

Group 1 - The three major indices opened lower, with the CSI All Share Securities Companies Index down 0.76% as of the report time, while individual stocks like Zhongyuan Securities rose over 1% and Guosen Securities, Tianfeng Securities fell over 3% [1] - The Broker ETF (159842) also saw a decline of 0.68%, with a trading volume exceeding 15 million yuan and a premium rate of 0.05%, indicating frequent premium trading at the beginning of the session [1] - In terms of capital flow, the Broker ETF (159842) recorded net inflows for 9 out of the last 10 trading days, accumulating over 1.1 billion yuan [1] Group 2 - Several securities firms are distributing a new round of mid-term dividends, with Huaxin Securities announcing a total dividend of 41.3751 million yuan on October 21 [1] - From October 22 to 28, eight securities firms including GF Securities and Dongfang Securities are set to distribute a total of 5.2 billion yuan in mid-term dividends, contributing to a total of over 18 billion yuan in mid-term dividends planned by 29 securities firms this year [1] - According to Founder Securities, the recovery trend of the brokerage sector's fundamentals is clear in a high trading environment, with a divergence between performance growth and valuation, indicating ample room for valuation adjustments [2]

Core Viewpoint - Chinese brokerage stocks have collectively rebounded, with significant increases in share prices across various firms, indicating a positive market sentiment and potential recovery in the sector [1]. Group 1: Stock Performance - As of the latest update, brokerage stocks have seen gains exceeding 5%, 4%, and 3% respectively [1]. - Notable stock performances include: - Zhongdeng Company: Latest price at 22.240, up by 5.30%, with a trading volume of 402 million [2]. - CITIC Construction Investment Securities: Latest price at 13.780, up by 4.24%, with a trading volume of 77.8149 million [2]. - Huatai Securities: Latest price at 20.800, up by 3.69%, with a trading volume of 98.0652 million [2]. Group 2: Earnings Forecasts - Dongwu Securities announced an earnings forecast, expecting a net profit attributable to shareholders of 2.748 billion to 3.023 billion for the first three quarters of 2025, representing a year-on-year growth of 50% to 65% [2]. - Dongguan Securities, a non-listed brokerage, projected total operating revenue for the first three quarters of this year to be between 2.344 billion and 2.591 billion, reflecting a year-on-year increase of 44.93% to 60.18% [2]. - The net profit forecast for Dongguan Securities is estimated to be between 862 million and 953 million, indicating a year-on-year growth of 77.77% to 96.48% [2]. Group 3: Market Trends and Valuation - According to Founder Securities, the brokerage sector is experiencing a clear trend of fundamental recovery in a high trading environment, with net profit growth expected to accelerate to 70% in the third quarter [2]. - The overall net profit for the brokerage sector is projected to increase by 54% year-on-year for the entire year, with current valuations not aligning with the improving performance, suggesting ample room for valuation adjustments [2].

Core Points - The company announced a cash dividend distribution of RMB 0.12 per share (before tax) for the first half of 2025 [2][4] - The distribution plan was approved at the annual general meeting on May 23, 2025, and further reviewed by the board on August 29, 2025 [2][3] Distribution Plan - The dividend distribution is based on the total share capital registered on the equity registration date, excluding shares held in the company's repurchase account [4][6] - The total number of A-shares participating in the distribution is 7,407,936,383 shares after excluding 61,546,481 shares from the repurchase account [6] - The cash dividend calculation results in an approximate distribution of RMB 0.1190 per share [6] Taxation Details - For individual shareholders holding A-shares, the tax rate varies based on the holding period: 20% for holdings of one month or less, 10% for holdings between one month and one year, and no tax for holdings over one year [10] - For qualified foreign institutional investors (QFII), a 10% withholding tax applies, resulting in a net cash dividend of RMB 0.108 per share [12] - For Hong Kong investors, a 10% tax is also withheld, leading to a net cash dividend of RMB 0.108 per share [12][14] Implementation Method - Cash dividends will be distributed through the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, to shareholders registered by the equity registration date [7][8] - Shareholders who have not completed designated transactions will have their dividends held by the clearing company until the transactions are completed [7] Additional Information - The company will not distribute dividends for shares held in the repurchase account [9] - The announcement includes contact information for inquiries regarding the dividend distribution plan [15][16]

Group 1 - The core point of the article is that Dongfang Securities announced a cash dividend distribution plan for the first half of 2025, with a cash dividend of RMB 0.12 per share (tax included) [1] - The record date for the dividend is set for October 27, 2025, and the ex-dividend date is October 28, 2025 [1]

Core Points - Oriental Securities announced a cash dividend of RMB 0.12 per share (tax included) for the first half of 2025, with the payment date set for October 28, 2025 [1][2]. Summary by Categories Dividend Distribution - The cash dividend distribution for A shares is RMB 0.12 per share (tax included) [3]. - Key dates for the dividend distribution include: - Record date: October 27, 2025 - Last trading date: October 28, 2025 - Ex-dividend date: October 28, 2025 - Cash dividend payment date: October 28, 2025 [3]. Shareholder Meeting - The profit distribution plan was authorized at the annual general meeting held on May 23, 2025, and was reviewed at the eighth meeting of the sixth board of directors on August 29, 2025 [3].

香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算有限公司 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倚賴該等內容而引致的任何損失 承擔任何責任。 （ 於 中 華 人 民 共 和 國 註 冊 成 立 之 股 份 有 限 公 司 ，中 文 公 司 名 稱 為 「東 方 証 券 股 份 有 限 公 司 」， 在 香 港 以「 東 方 證 券」（中 文 ）及「DFZQ」（ 英 文 ） 開 展 業 務 ） （股份代號：03958） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B條規則作出。 茲載列公司在上海證券交易所網站刊登之《國浩律師（上海）事務所關於東方證券股 份有限公司 2025年中期差異化分紅之專項法律意見書》，僅供參閱。 承董事會命 董事長 龔德雄 中國•上海 2025年 10月 20日 於本公告日期，董事會成員包括執行董事龔德雄先生、魯偉銘先生和盧大印先生； 非執行董事楊波先生、石磊先生、李芸女士、徐永淼先生、任志祥先生及孫維東先 生；以及獨立非執行董事吳弘先生、馮興東先生、羅新宇先生、陳漢 ...

香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算有限公司 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倚賴該等內容而引致的任何損失 承擔任何責任。 （ 於 中 華 人 民 共 和 國 註 冊 成 立 之 股 份 有 限 公 司 ，中 文 公 司 名 稱 為 「東 方 証 券 股 份 有 限 公 司 」， 在 香 港 以「 東 方 證 券」（中 文 ）及「DFZQ」（ 英 文 ） 開 展 業 務 ） （股份代號：03958） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B條規則作出。 茲 載 列 公 司 在 上 海 證 券 交 易 所 網 站 刊 登 之《東 方 證 券 股 份 有 限 公 司 2025年半年度權 益分派實施公告》，僅供參閱。 重要内容提示： 每股分配比例 A 股每股现金红利人民币 0.12 元（含税） 相关日期 承董事會命 董事長 龔德雄 中國•上海 2025年 10月 20日 於本公告日期，董事會成員包括執行董事龔德雄先生、魯偉銘先生和盧大印先生； 非執行董事楊波先生、石磊先生 ...

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