东方证券股份有限公司 关于阜新德尔汽车部件股份有限公司发行股份购买资产并募集 配套资金暨关联交易相关主体买卖股票情况的自查报告 之专项核查意见 根据《中华人民共和国证券法》《上市公司重大资产重组管理办法》《公开 发行证券的公司信息披露内容与格式准则第 26 号——上市公司重大资产重组》 及《监管规则适用指引——上市类第 1 号》等法律法规和规范性文件的规定，东 方证券股份有限公司（以下简称"东方证券"）作为阜新德尔汽车部件股份有限 公司（以下简称"德尔股份"、"上市公司"）发行股份购买资产并募集配套资 金暨关联交易（以下简称"本次交易"）的独立财务顾问，对本次交易相关主体 买卖上市公司股票的情况进行了核查，具体如下： 一、 本次交易相关主体买卖股票情况的自查期间 本次交易相关主体买卖股票情况的自查期间为上市公司首次披露本次交易 事项或就本次交易申请股票停牌（孰早）前六个月至《阜新德尔汽车部件股份有 限公司发行股份购买资产并募集配套资金暨关联交易报告书（草案）》首次披露 之前一日止，即自 2024 年 5 月 6 日至 2025 年 1 月 20 日期间。 二、 本次交易相关主体核查范围 本次交易相关主体核查范 ...

Core Viewpoint - The report outlines the continuous supervision and guidance provided by Dongfang Securities for YN Technology's IPO and ongoing compliance with regulatory requirements, emphasizing the importance of corporate governance, internal controls, and information disclosure [1][2][3][4]. Continuous Supervision Work - Dongfang Securities has established a continuous supervision plan and signed a sponsorship agreement with YN Technology, detailing mutual rights and obligations [1][2]. - Regular communication, site inspections, and due diligence are conducted to monitor YN Technology's operational status [2]. - Any violations or breaches of commitments by YN Technology must be reported to the Shanghai Stock Exchange within five working days [2][3]. Corporate Governance and Compliance - The sponsor has urged YN Technology to implement effective corporate governance and internal control systems, which have been executed without any noted failures [3]. - The company is guided to adhere to legal and regulatory requirements, ensuring that all commitments are fulfilled [2][3]. Financial Performance - For the year 2024, YN Technology reported a revenue of approximately CNY 1.77 billion, a 24.70% increase from CNY 1.42 billion in 2023 [12]. - The net profit attributable to shareholders decreased by 36.41% to CNY 140 million, influenced by foreign exchange losses and inventory write-downs [12][13]. Research and Development - YN Technology emphasizes R&D, with 5.31% of revenue allocated to R&D activities, a decrease from 7.37% in 2023 [16]. - The company holds 188 authorized intellectual properties, including 91 invention patents, reflecting its commitment to innovation [17][23]. Market Position and Competitive Advantage - YN Technology is recognized as a national high-tech enterprise and has established a strong brand presence in the photovoltaic industry, receiving multiple awards for its products [20][19]. - The company has developed a comprehensive product line in the integrated solar and storage market, enhancing customer loyalty and market competitiveness [18][19]. Industry Risks - The photovoltaic industry faces intense competition, leading to potential price declines and margin pressures [7][8]. - Regulatory changes and trade barriers in key markets may pose risks to YN Technology's international operations [8][9]. Conclusion - The report highlights YN Technology's proactive measures in governance, compliance, and innovation, while also addressing the challenges posed by market dynamics and regulatory environments [1][2][3][4][7][8].

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16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 ...

Core Viewpoint - The report highlights that Western Securities has accumulated new borrowings exceeding 40% of its net assets as of the end of the previous year, indicating a significant increase in leverage [1]. Financial Data Overview - As of December 31, 2024, the audited net assets of Western Securities were RMB 29.015 billion, with a borrowing balance of RMB 36.998 billion. By April 30, 2025, the borrowing balance increased to RMB 51.558 billion, with a cumulative new borrowing of RMB 14.56 billion, representing 50.18% of the net assets at the end of the previous year [1]. New Borrowing Classification - The new borrowings are categorized as follows: - Bank Loans: Increased by RMB 0.1 billion, accounting for 0.03% of net assets [2]. - Corporate Bonds and Other Debt Instruments: Decreased by RMB 12.69 billion due to the maturity of certain bonds [2]. - Other Borrowings: Increased by RMB 158.19 billion, representing 54.52% of net assets, primarily due to increased funding and financial asset transactions [2]. Impact on Debt Servicing Ability - The new borrowings are in compliance with relevant laws and regulations and are part of the company's normal business operations. The financial condition remains stable, with all debts being serviced on time, indicating no adverse impact on the company's operational status or debt servicing ability [2]. Additional Notes - No additional matters were deemed necessary for explanation by the issuer [3]. - The report serves as a temporary management report by Dongfang Securities, which will continue to monitor the repayment of principal and interest related to the bonds [3].

Investment Rating - The report maintains an "Overweight" rating for the securities industry [1] Core Insights - The report emphasizes the importance of a "sustained, stable, and active capital market" as a key driver for market sentiment and growth [6][7] - It highlights the significant growth in the securities industry, particularly in brokerage and proprietary trading, with a notable increase in revenue and net profit for listed brokers in Q1 2025 [36][37] Summary by Sections 1. Policy Interpretation on "Sustained, Stable, and Active Capital Market" - The report discusses recent policy measures aimed at stabilizing and invigorating the capital market, including support for long-term capital inflows and the promotion of new regulatory frameworks [8][7] - It outlines specific actions from the China Securities Regulatory Commission (CSRC) to enhance market liquidity and investor confidence [8] 2. Securities Industry Q1 2025 Performance Overview and Outlook - In Q1 2025, 42 listed brokers achieved revenues of CNY 125.93 billion, a year-on-year increase of 19%, and a net profit of CNY 52.18 billion, up 77.8% [37][38] - The fastest-growing segments were proprietary trading (up 45.5%) and brokerage services (up 43.2%), while investment banking and asset management saw slight declines [36][37] - The report notes that the average return on equity (ROE) for listed brokers improved to 8.05%, reflecting enhanced profitability across the sector [47][46] 3. Investment Recommendations - The report suggests that the ongoing reforms and market conditions present favorable investment opportunities within the securities sector, particularly in brokerage and proprietary trading [36][37] - It identifies potential benefits for underweighted sectors, indicating a shift in investment strategies towards areas with lower current allocations [15]

Group 1 - The Shanghai Stock Exchange announced the top 100 financial institutions in bond trading for 2024, which includes 39 brokerages and 10 brokerage asset management companies [1] - As of May 13, 2024, the Shanghai bond market has 32,746 bonds under custody, a 7.89% increase year-on-year, with a total custody value of 18.22 trillion yuan, up 6.17% from the previous year [1] - The ranking aims to encourage various types of institutions, including brokerages, banks, insurance companies, and funds, to actively participate in the bond market and enhance secondary market liquidity [1] Group 2 - The top ten companies in bond trading volume for 2024 are CITIC Securities, Orient Securities, China Galaxy, Huatai Securities, CITIC Construction Investment, China Merchants Securities, Huachuang Securities, Guangdong Kaiyuan Securities, Guotai Junan, and Guosen Securities [2] - The asset management subsidiaries of brokerages that performed well in bond trading volume include CITIC Securities Asset Management, Zhejiang Merchants Asset Management, Caitong Securities Asset Management, Wanlian Asset Management, Dongzheng Ronghui, and Hua'an Asset Management [2] - The Shanghai Stock Exchange regularly publishes a list of "Bond Trading and Investment Elites" to recognize institutions and individuals actively participating in bond investment and innovation, encouraging alignment with national strategies and support for the real economy [2] Group 3 - Proprietary trading has become the largest source of income for brokerages, with bond investment being a significant component, leading to a focus on differentiated strategies for stable investment returns [3] - Brokerages are enhancing their investment and market-making capabilities, with firms like Hongta Securities improving research systems and trading efficiency, while Hualin Securities leverages technology to optimize bond allocation strategies [3] - Market-making activities by brokerages enhance price discovery and liquidity in the bond market, helping to reflect the intrinsic value of bonds and reduce liquidity premiums and issuance costs, thereby supporting the real economy [3]

Market Overview - The Hong Kong stock market experienced a significant rise on May 14, with all three major indices increasing by over 2%. The Hang Seng Index rose by 2.3% to 23,640.65 points, the Hang Seng China Enterprises Index increased by 2.47% to 8,593.07 points, and the Hang Seng Tech Index gained 2.13% to 5,381.78 points [2]. Financial Sector Performance - Major financial stocks saw a substantial surge, particularly in the insurance and Chinese brokerage sectors. Notable gains included China Pacific Insurance rising nearly 8%, with China Life and China Taiping both increasing by over 6%. In the brokerage sector, Hongye Futures surged over 12%, while other firms like Xingsheng International and GF Securities rose by 9% and 6%, respectively [4][9]. Technology Sector Performance - Large technology stocks collectively performed well, with Baidu increasing by over 4%, Alibaba and JD.com both rising by over 3%, and Tencent gaining nearly 3%. Internet healthcare stocks also showed strength, with JD Health and ZhongAn Online both rising over 5% [4][6]. Automotive Sector Performance - The automotive sector continued its upward trend, with Leap Motor increasing by over 6% to reach a new high. Other notable gains included BYD and Li Auto, both rising over 4%, while XPeng and NIO increased by over 3% [5][10]. Regulatory Impact - The China Securities Regulatory Commission (CSRC) recently released a plan to promote the high-quality development of public funds, which is expected to drive capital flows towards the brokerage sector. The new regulations may lead fund managers to allocate more resources to sectors with lower current allocations, particularly those with higher benchmark weights [9].

证券代码：600958 证券简称：东方证券 公告编号：2025-029 东方证券股份有限公司 关于东方金融控股(香港)有限公司为其全资子公司 提供担保的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 被担保人名称：东证国际金融集团有限公司（以下简称"东 证国际"） 被担保人是否为公司关联方：否，上述被担保人为东方证券 股份有限公司（以下简称"公司"）境外全资子公司。 本次担保金额及已实际为其提供的担保余额：本次担保金额 为 3.2 亿美元。本次担保实施后，公司及子公司为上述被担保人提供 担保余额为 5.3 亿美元（含本次担保）。 本次担保是否有反担保：否 对外担保逾期的累计数量：无 特别风险提示：被担保人东证国际的资产负债率超过 70%， 提示投资者予以关注。 一、担保情况概述 2024 年 3 月 27 日，公司第五届董事会第三十三次会议审议通过 了《关于预计公司 2024 年度对外担保的议案》，并提交公司于 2024 年 5 月 10 日召开的 2023 年年度股东大会审议获得通过。根据该议案， 公司 ...

公司名稱： 東方證券股份有限公司 呈交日期： 2025年5月13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 (註4) | ...

Group 1 - Hongta Securities announced a proposal for share buyback to optimize capital structure and enhance shareholder value [1] - As of May 11, 2023, 359 listed companies in A-share market have initiated buyback plans, with 265 companies specifically for stock repurchase, totaling a maximum buyback amount of 46.9 billion [1] - The State-owned Assets Supervision and Administration Commission supports central enterprises in increasing buyback efforts, leading to several securities firms, including Guotai Junan and Dongfang Securities, to propose buyback plans [4] Group 2 - The combined buyback amount from six major securities firms is estimated to reach 3.8 billion, with potential total buyback including Hongta Securities reaching up to 4 billion [4] - The People's Bank of China announced a combined usage of stock repurchase and loan increase tools with a total limit of 800 billion, enhancing the convenience and flexibility of these tools [4] - Analysts suggest that the buyback actions by securities firms signal strong confidence in their development, which can instill investor confidence in a volatile market [4] Group 3 - The current wave of buybacks is seen as a combination of policy guidance and market-driven behavior, which is expected to stabilize market confidence in the short term [5] - A series of financial policies, including interest rate cuts and increased liquidity, are contributing to the buyback trend, reinforcing the dual drive of policy and capital [5] - There are concerns regarding the sustainability of buyback funding, especially if economic pressures increase, which could lead to cash flow challenges for some firms [5] Group 4 - The A-share market is expected to experience a rotation of investment themes, with a focus on technology, consumption, and healthcare sectors in the short term [6][7] - Analysts highlight three main investment lines: TMT sector, low-cycle stocks under growth policies, and stable sectors like public utilities and transportation [6] - The overall performance of A-share companies is stabilizing, with improvements noted in both large and small-cap stocks [6]