Core Points - The company, Tibet Dongcai Fund Management Co., Ltd., is participating in a fee discount activity for fund subscription and purchase through Dongfang Securities Co., Ltd. to better meet investors' financial needs [1][2][3] Group 1: Applicable Time - The duration of the fee discount is subject to the announcement made by Dongfang Securities [1] Group 2: Applicable Fund Range - The fee discount applies to fund products sold by the company through Dongfang Securities starting from the date these funds are available for sale [2] Group 3: Fee Discount Plan - During the fee discount period, there are no restrictions on the discount rates for subscription and purchase fees, with specific rates to be announced by Dongfang Securities [3] Group 4: Applicable Investors - The fee discount is available to investors who subscribe or purchase the aforementioned funds through Dongfang Securities [4] Group 5: Important Notes - Detailed information about the funds and original fee rates can be found in the relevant legal documents and announcements from the company [5] - Any changes to the fee discount plan and applicable time will be based on the latest announcements from Dongfang Securities [5][6] Group 6: Inquiry Channels - Investors can consult details through the customer service of Tibet Dongcai Fund Management Co., Ltd. and Dongfang Securities [7]

ETF Industry News - Major indices experienced fluctuations with the Shanghai Composite Index down 0.02%, Shenzhen Component down 0.26%, and ChiNext down 0.31. Multiple transportation sector ETFs saw gains, including the Logistics Express ETF (516530.SH) up 1.23%, Logistics ETF (516910.SH) up 1.15%, and Transportation ETF (561320.SH) up 0.93 [1] - The logistics industry is expected to maintain rapid growth in 2024, despite a decline in package value and ticket prices due to trends towards smaller packages. Rail passenger volume is projected to grow at a double-digit rate in 2024, while road freight and passenger transport will continue to increase [1] - In the ETF market, as of the end of April, the Shanghai Stock Exchange had 680 ETFs with a total market value of 2.96 trillion yuan and total shares of 1.75 trillion. The Shenzhen Stock Exchange had 467 ETFs with a total market value of 1.09 trillion yuan and total shares of 866.68 billion [3][4] - The top three brokers in terms of ETF trading volume on the Shanghai Stock Exchange in April were Huatai Securities, China Galaxy, and CITIC Securities, with market shares of 10.94%, 8.52%, and 7.94% respectively [4] - The overall performance of ETFs showed that strategy-based ETFs had the best average return of 0.43%, while thematic ETFs had the worst average return of -0.37% [11] - The top three performing stock ETFs for the day were Communication ETF (515880.SH) with a return of 1.42%, 800 Cash Flow ETF (563990.SH) with 1.37%, and 180 Governance ETF (510010.SH) with 1.24% [13] - The top three stock ETFs by trading volume were A500 ETF Fund (512050.SH) with 2.798 billion yuan, A500 Index ETF (159351.SZ) with 2.533 billion yuan, and CSI 300 ETF (510300.SH) with 2.130 billion yuan [17]

Core Viewpoint - The report discusses the approval and upcoming listing of restricted shares for YN Technology Co., Ltd., highlighting the details of the share issuance and the implications for shareholders [1][2][9]. Group 1: Share Issuance Details - YN Technology completed its initial public offering (IPO) of 20,000,000 shares on June 8, 2022, resulting in a total share capital of 80,000,000 shares, with 61,761,450 shares under restrictions and 18,238,550 shares unrestricted [2][3]. - The restricted shares set to be listed for trading amount to 75,690,352 shares, which represents 48.43% of the total share capital, and will become tradable on June 9, 2025 [2][4][7]. Group 2: Changes in Share Capital - Following the IPO, the company underwent capital increases through stock dividends, leading to changes in the number of restricted shares. The first increase occurred in 2023, raising the restricted shares from 38,617,526 to 54,064,537 shares [3][4]. - A subsequent capital increase in 2024 further adjusted the number of restricted shares to the current total of 75,690,352 shares, following the approval of a new profit distribution plan [3][4]. Group 3: Shareholder Commitments - Shareholders holding the restricted shares have committed not to transfer or manage their shares for 36 months post-IPO, ensuring compliance with relevant regulations and maintaining market stability [6][7]. - The shareholders' commitments include provisions for extending the lock-up period if the stock price falls below the IPO price for a specified duration [6][7]. Group 4: Regulatory Compliance - The underwriting institution has confirmed that YN Technology's application for the listing of restricted shares complies with the relevant laws and regulations, including the Company Law and Securities Law of the People's Republic of China [9].

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 東方證券股份有限公司 呈交日期： 2025年5月28日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 A | | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | 600958 | 說明 | A股於上海證券交易所上市 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | 事件 | | 已發行股份（不包括庫存股份 ...

Group 1 - The article highlights that ETFs (Exchange-Traded Funds) are becoming a key driver for brokerage firms' wealth management transformation and business innovation [1] - As of the end of April, the Shanghai Stock Exchange had 846 fund products with a total asset management scale of 3.1 trillion yuan, while the Shenzhen Stock Exchange had 756 fund products with a total asset management scale of 1.13 trillion yuan [2] - The total number of ETF products in the market reached 1,181 as of May 27, showing a year-on-year growth of 23.28%, with total shares of 2.75 trillion, up 28.85% year-on-year [5] Group 2 - Leading brokerages are leveraging their comprehensive strength and rich business experience to rank high in ETF trading volume, with Huatai Securities, China Galaxy, and CITIC Securities leading the Shanghai market in April [2] - The brokerage with the highest market share in ETF holdings as of the end of April was China Galaxy, with a market share of 24.57%, followed by Shenwan Hongyuan Securities at 17.87% [3] - Huatai Securities led the market in the number of ETF trading accounts, holding an 11.8% market share as of the end of April [4] Group 3 - The rapid expansion of the ETF market is expected to drive growth in brokerage retail business and create favorable conditions for expanding institutional services and market-making activities [5] - Brokerages are actively increasing their presence in the ETF market, with firms like China Merchants Securities focusing on expanding quality product offerings and creating an ETF ecosystem [5]

盈方微（000670）公告，持股5%以上股东东方证券计划在公告披露之日起十五个交易日后的三个月 内，通过集中竞价、大宗交易方式减持公司股份，减持股份数量上限不超过公司总股本的3%。其中， 通过集中竞价交易减持股份的，合计不超过公司总股本的1%；通过大宗交易方式减持股份的，合计不 超过公司总股本的2%。 ...

FF305 公司名稱： 東方證券股份有限公司 呈交日期： 2025年5月27日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 A | | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | 600958 | 說明 | A股於上海證券交易所上市 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 | 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 東方證券股份有限公司 呈交日期： 2025年5月26日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 A | | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | 600958 | 說明 | A股於上海證券交易所上市 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | 事件 | | 已發行股份（不包括庫存股份 ...

Group 1: Beer Industry Insights - The beer industry has seen accelerated volume growth in April, entering a stocking peak season, confirming previous views [1] - Budweiser (01879) is losing market share in regions like Guangdong due to management changes and damage to traditional night channel advantages [1] - China Resources Beer (00291) and Zhujiang Beer (002461.SZ) have performed better than expected in 2025, benefiting from competitors' adjustments [1] - Yanjing Beer (000729.SZ) continues strong growth momentum, enhancing profitability with its first national soda product, Best, and further penetrating the dining market through a "beer + soda" strategy [1] Group 2: Beverage Sector Developments - Bairun Co. (002568.SZ) is entering a critical phase for its whiskey business, with the 50ML Bailede 22 mini bottles already distributed in regions like Chengdu, Shanghai, and Guangdong [1] - Dongpeng Beverage (605499.SH) is focusing on its 5 yuan "Fruit Tea" product, which is expected to surpass the growth trajectory of its hydration products [1] Group 3: Macro Data and Retail Performance - In April 2025, retail sales growth for tobacco and beverage categories slowed, with retail sales total, catering revenue, tobacco retail, and beverage retail changing by 5.1%, 5.2%, 4.0%, and 2.9% year-on-year respectively [2] - The domestic M2 monthly growth rate is 8.0%, with social financing scale at 1.16 trillion yuan, an increase of 1.22 trillion yuan year-on-year [2] Group 4: Price Trends in Alcoholic Beverages - As of May 23, 2025, the wholesale price of original Flying Moutai and scattered Flying Moutai reached approximately 2135 yuan and 2060 yuan, showing slight declines from the previous week [3] - The price of mainstream products like Moutai and Guojiao has remained stable, while other premium products have seen price fluctuations [3] Group 5: Beer Production and Raw Material Prices - In April 2025, domestic beer production increased by 4.8% year-on-year, with a cumulative decline of 0.6% from January to April [4] - The average import price of barley in April 2025 was 254 USD/ton, down 7% year-on-year, indicating a downward trend in barley prices [4] Group 6: Recommendations for Investment - Recommended stocks include Yanjing Beer (000729.SZ) for its strong growth and profitability improvement, and Bairun Co. (002568.SZ) for its potential recovery in traditional cocktail and whiskey segments [6] - Dongpeng Beverage (605499.SH) is also recommended for its stable growth and the promising new product "Fruit Tea" [6]

Summary of Key Points Core Viewpoint - On May 23, 2025, Dongfang Securities (600958) closed at 9.27 RMB, down 0.96%, with a turnover rate of 0.35% and a trading volume of 258,300 shares, amounting to a transaction value of 241 million RMB [1]. Group 1: Trading Information - On May 23, 2025, the net inflow of main funds was 15.07 million RMB, while the net outflow of speculative funds was 4.93 million RMB, and the net outflow of retail investors was 10.14 million RMB [1][4]. Group 2: Shareholder Changes - Dongfang Securities repurchased 3,151,100 shares on May 22 and 4,428,600 shares on May 23 at prices of 9.34 RMB and 9.29 RMB per share, respectively. The total repurchase amounts were 29.42 million RMB and 41.15 million RMB. After the repurchase, the issued shares (excluding treasury shares) decreased from 7,420,806,400 to 7,413,226,700, while the number of treasury shares increased from 48,676,464 to 56,256,164, keeping the total issued shares unchanged at 7,469,482,864 [1][2][4]. Group 3: Company Announcements - The sixth board of directors of Dongfang Securities held a temporary meeting on May 22, 2025, and approved the adjustment of certain indicators in the 2025 asset-liability allocation plan with a unanimous vote of 15 in favor [1]. - The 2024 annual general meeting of shareholders was held on May 23, 2025, where multiple proposals were approved, including the 2024 board of directors' work report and the 2024 financial settlement report. All proposals were passed, with special resolutions receiving more than two-thirds approval [2][4].