1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report analyzes the bond custody volume data in May 2025, indicating that the month - on - month increase in the total bond custody volume has widened, with different trends in various bond types and significant differences in the custody volume changes of different institutions. The bond market leverage ratio has slightly increased [1][22]. 3. Summary by Directory 3.1 Bond Custody Volume and Structure - The total bond custody volume has a wider month - on - month increase. As of the end of May 2025, the total bond custody volume of CCDC and SHCH was 169.99 trillion yuan, with a net month - on - month increase of 2.16 trillion yuan, 0.56 trillion yuan more than that at the end of April [10]. - The total credit bond custody volume slightly decreased, while the custody volumes of other bonds all increased month - on - month. In May 2025, the interest - rate bond custody volume was 115.73 trillion yuan, accounting for 68.08% of the inter - bank bond market custody volume, with a net increase of 1.70 trillion yuan; the credit bond custody volume was 18.35 trillion yuan, accounting for 10.79%, with a slight month - on - month decrease of 5254 million yuan; the non - policy financial bond custody volume was 12.17 trillion yuan, accounting for 7.16%, with a net increase of 0.22 trillion yuan; the inter - bank certificate of deposit (NCD) custody volume was 21.83 trillion yuan, accounting for 12.84%, with a net increase of 0.27 trillion yuan [10]. 3.2 Bond Holder Structure and Changes 3.2.1 Month - on - Month Changes in Custody Volume by Institution - Policy banks continued to increase their holdings of NCDs and major credit products while continuously reducing their holdings of major interest - rate products. - Commercial banks continued to increase their holdings of major interest - rate products while reducing their holdings of NCDs and major credit products. - Credit unions and non - legal entity products comprehensively increased their holdings of major bond types. - Insurance institutions increased their holdings of major interest - rate products and major credit products while continuously reducing their holdings of NCDs. - Securities companies and overseas institutions comprehensively reduced their holdings of major bond types [22]. 3.2.2 Month - on - Month Changes in Custody Volume by Bond Type - The custody volume of treasury bonds continued to increase month - on - month, with commercial banks continuously increasing their holdings and policy banks continuously reducing their holdings. - The custody volume of local government bonds continued to increase month - on - month, with commercial banks continuously increasing their holdings and policy banks continuously reducing their holdings. - The custody volume of policy financial bonds changed to an increase, with commercial banks being the main buyers. - The custody volume of NCDs continued to increase month - on - month, with non - legal entity products continuously increasing their holdings and commercial banks continuously reducing their holdings. - The custody volume of enterprise bonds continued to decrease month - on - month, and all institutions reduced their holdings. - The custody volume of medium - term notes continued to increase month - on - month, with non - legal entity products significantly increasing their holdings and commercial banks changing to reducing their holdings. - The custody volume of short - term commercial paper and super short - term commercial paper changed to a decrease, with non - legal entity products being the main sellers. - The custody volume of privately placed bonds continued to decrease month - on - month, with commercial banks being the main sellers [24]. 3.2.3 Holder Structure of Major Bond Types - As of the end of May 2025, the holder structure of treasury bonds: commercial banks accounted for 67.72%, overseas institutions 6.11%, policy banks 10.97%, non - legal entity products 8.38%, securities companies 3.10%, insurance institutions 2.56%, and credit unions 1.16% [29]. - The holder structure of policy financial bonds: commercial banks accounted for 54.39%, non - legal entity products 32.12%, overseas institutions 3.32%, credit unions 3.23%, insurance institutions 2.10%, securities companies 1.01%, and policy banks 3.83% [31]. - The holder structure of local government bonds: commercial banks accounted for 75.11%, non - legal entity products 9.07%, policy banks 9.50%, insurance institutions 4.82%, securities companies 0.93%, credit unions 0.55%, and overseas institutions 0.02% [35]. - The holder structure of enterprise bonds: non - legal entity products accounted for 53.61%, commercial banks 32.85%, securities companies 9.09%, insurance institutions 3.29%, policy banks 0.74%, credit unions 0.33%, and overseas institutions 0.09% [37]. - The holder structure of medium - term notes: non - legal entity products accounted for 62.74%, commercial banks 20.49%, nominal holder accounts (domestic) 7.16%, policy banks 4.85%, securities companies 4.32%, others 0.24%, credit unions 0.17%, overseas institutions 0.01%, and insurance institutions 0.00% [41]. - The holder structure of privately placed bonds: non - legal entity products accounted for 59.37%, commercial banks 25.05%, policy banks 1.35%, credit unions 2.10%, others 3.26%, nominal holder accounts (domestic) 2.01%, securities companies 1.18%, overseas institutions 5.60%, and insurance institutions 0.09% [44]. - The holder structure of NCDs: non - legal entity products accounted for 64.77%, commercial banks 28.59%, nominal holder accounts (domestic) 3.32%, securities companies 0.81%, policy banks 1.39%, others 0.25%, insurance institutions 0.09%, credit unions 0.05%, and overseas institutions 0.74% [46]. 3.3 Observation of Bond Market Leverage Ratio As of the end of May 2025, the estimated balance of repurchase - to - be - bought under pledged repurchase was 107,343.28 billion yuan, with a month - on - month increase of 1,870.36 billion yuan. The leverage ratio was 106.74%, with a month - on - month increase of 0.03 percentage points and a year - on - year decrease of 0.05 percentage points [47].

Group 1 - The core point of the article is the recent personnel change at Everbright Securities, where Mei Jian has transitioned from Vice President to Senior Expert, raising questions about the implications of this shift [1][5]. - Mei Jian, born in 1970, has a Master's degree in Business Administration and has had a long career in the securities industry, starting from Hubei Securities and holding various significant positions before joining Everbright Securities in 2006 [3][5]. - The announcement from Everbright Securities indicates that Mei Jian's responsibilities will remain unchanged despite the title change, continuing to oversee wealth management, futures, and the Hong Kong subsidiary [5]. Group 2 - Following this personnel adjustment, Everbright Securities now has only two remaining executives: President Liu Qiuming and Vice President Zhu Qun, who holds multiple roles including Compliance Director and Chief Risk Officer [5]. - In 2024, Everbright Securities reported a total revenue of 9.598 billion yuan, a year-on-year decrease of 4.3%, and a net profit attributable to shareholders of 3.058 billion yuan, down 28.4% compared to the previous year [5].

Core Viewpoint - The report discusses the resignation of Liu Tao, the general manager of Xinxing Casting Co., Ltd., and its implications for the company's operations and debt repayment capacity [4]. Group 1: Company Overview - Xinxing Casting Co., Ltd. is located in Wuan City, with its legal representative being He Qishu [3]. - The company issued bonds in 2021 aimed at qualified investors, with specific provisions for interest rate adjustments and investor redemption options [3]. Group 2: Management Changes - Liu Tao submitted his resignation on June 13, 2025, due to work-related reasons, and will no longer hold any position within the company [4]. - His resignation will not affect the minimum number of board members required by law, and the company will proceed with the necessary procedures to appoint a new general manager [4]. Group 3: Impact on Debt Repayment Capacity - The change in management is considered a normal occurrence in the company's operations and is not expected to adversely affect daily management, production, or debt repayment capabilities [4]. - The trustee, Everbright Securities, will continue to monitor the company's operational and financial status, as well as the repayment of bond principal and interest [4].

北京市金杜律师事务所上海分所 关于光大证券股份有限公司 2024 年年度股东大会 之法律意见书 致：光大证券股份有限公司 北京市金杜律师事务所上海分所（以下简称本所）接受光大证券股份有限公 司（以下简称公司）委托，根据《中华人民共和国证券法》 （以下简称《证券法》）、 《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会 《上市公司股东会规则》（以下简称《股东会规则》）等中华人民共和国境内（以 下简称中国境内，为本法律意见书之目的，不包括中国香港特别行政区、中国澳 门特别行政区和中国台湾省）现行有效的法律、行政法规、规章和规范性文件和 现行有效的《光大证券股份有限公司章程》（以下简称《公司章程》）有关规定， 指派律师出席并见证公司于 2025 年 6 月 17 日召开的公司 2024 年年度股东大 会（以下简称本次股东大会），并就本次股东大会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 本所律师根据有关法律法规的要求，按照律师行业公认的业务标准、道德规 范和勤勉尽责精神，出席了本次股东大会，并对本次股东大会召集和召开的有关 事实以及公司提供 ...

光大证券股份有限公司关于江苏华海诚科新材料股份有限 公司2024年度持续督导工作现场检查报告 "公司"）首次公开发行股票并 在科创板上市的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券 交易所科创板股票上市规则》《上海证券交易所科创板上市公司自律监管指引第 检查。现将现场检查情况报告如下： 一、现场检查的基本情况 保荐机构于 2024 年 9 月 25 日至 9 月 26 日、2025 年 6 月 11 日至 6 月 12 日 （参加人员：王如意、谈钟灵、陈苏）对华海诚科进行了现场检查。 现场检查人员对本持续督导期内华海诚科的公司治理及内部控制、信息披露、 公司的独立性以及与控股股东、实际控制人及其他关联方资金往来、募集资金使 用、关联交易、对外担保、重大对外投资、公司经营状况等方面进行了现场检查， 检查手段主要包括资料查阅、访谈、现场查看等，详见"二、现场检查的具体事 项及意见"。 二、现场检查的具体事项及意见 （一）公司治理及内部控制情况 现场检查人员查阅公司的章程、三会议事规则以及其他的内部控制制度；查 阅三会资料，核对公司相关公告；对相关人员进行访谈。 光大证券股份有限公司（以下简称"光大证 ...

北京市金杜律师事务所上海分所 关于光大证券股份有限公司 2024 年年度股东大会 之法律意见书 致：光大证券股份有限公司 北京市金杜律师事务所上海分所（以下简称本所）接受光大证券股份有限公 司（以下简称公司）委托，根据《中华人民共和国证券法》（以下简称《证券法》）、 《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会 《上市公司股东会规则》（以下简称《股东会规则》）等中华人民共和国境内（以 下简称中国境内，为本法律意见书之目的，不包括中国香港特别行政区、中国澳 门特别行政区和中国台湾省）现行有效的法律、行政法规、规章和规范性文件和 现行有效的《光大证券股份有限公司章程》（以下简称《公司章程》）有关规定， 指派律师出席并见证公司于 2025 年 6 月 17 日召开的公司 2024 年年度股东大 会（以下简称本次股东大会），并就本次股东大会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1. 经公司 2023 年年度股东大会审议通过的《公司章程》； 2. 公司 2025 年 3 月 28 日刊登于《中国证券报》《上海证券报》《证券日 报》《证 ...

证券代码：601788 证券简称：光大证券 公告编号：2025-018 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 6 月 17 日 光大证券股份有限公司 2024年年度股东大会决议公告 (二)股东大会召开的地点：上海市静安区新闸路 1508 号静安国际广场 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 882 | | --- | --- | | 其中：A 股股东人数 | 881 | | 境外上市外资股股东人数（H 股） | 1 | | 2、出席会议的股东所持有表决权的股份总数（股） | 2,461,173,863 | | 其中：A 股股东持有股份总数 | 2,162,441,145 | | 境外上市外资股股东持有股份总数（H 股） | 298,732,718 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 53.378599 | | ...

EF001 免責聲明 | | 除下表所述外，對個人股東股息稅率不屬10%的情況，按以下規定辦理：(1)低於10%稅 | | | --- | --- | --- | | | 率的協定國家居民，扣繳義務人可代為辦理享受有關協定待遇申請，經主管稅務機關審 核批准後，對多扣繳稅款予以退還；(2)高於10%低於20%稅率的協定國家居民，扣繳義 | | | | 務人派發股息紅利時應按協定實際稅率扣繳個人所得稅，無需辦理申請審批事宜；(3)沒 | | | | 有稅收協定國家居民及其他情況，扣繳義務人派發股息紅利時應按20%稅率扣繳個人所 | | | | 得稅。對內地企業投資者通過滬港通投資本公司H股取得的股利，本公司對內地企業投資 | | | | 者不代扣股息紅利所得稅款，應納稅款由企業自行申報繳納。 | | | | 有關H股股東股息所涉及的代扣所得稅信息之詳情，請參閲本公司日期為2025年5月8日 | | | | 之股東周年大會通告。 | | | | 有關代預扣所得稅之更多補充 | | | | 股東類型 （如適用） | 稅率 | | | 非居民企業 | | | | 根據《國家稅務總局關於中國居民 | | | | （非中國 ...

光大證券股份有限公司 Everbright Securities Company Limited 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份內容而產生或因倚 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的股份有限公司） （股份代號：6178） 公告 2024年度股東週年大會投票表決結果 及 派發2024年度末期股利 股東週年大會投票表決結果 董事會謹此宣佈，於2025年6月17日（星期二）舉行的股東週年大會上提呈的所 有決議案均獲正式通過。 分派本公司2024年末期股利 本公司將於2025年8月13日（星期三）向於2025年7月8日（星期二）名列本公司H 股股東名冊之H股股東派付截至2024年12月31日止年度末期股利每10股派發現 金股利人民幣1.086元（相等於港幣1.187268元）（含稅）。 光大證券股份有限公司（「本公司」）董事會（「董事會」）欣然公佈本公司於2025年6 月17日（星期二）下午2時30分在中國上海市靜安區新閘路1508號靜安國際廣場召 開的本公司202 ...

Group 1 - Chinese brokerage stocks collectively rose, with notable increases: Guolian Minsheng up 5.4% to HKD 3.92, Everbright Securities up 4.46% to HKD 8.66, CICC up 3.88% to HKD 16.6, CITIC Securities up 2.86% to HKD 10.08, and Huatai Securities up 2.56% to HKD 15.24 [1] - The recent issuance of the "Opinions on Deepening Reform and Innovation in the Shenzhen Comprehensive Reform Pilot" by the Central Committee and the State Council allows companies in the Guangdong-Hong Kong-Macao Greater Bay Area listed on the Hong Kong Stock Exchange to also list on the Shenzhen Stock Exchange [1] - This policy is expected to enhance the connectivity between the capital markets of mainland China and Hong Kong, increasing trading activity and opening growth opportunities for brokerage investment banking businesses [1] - Current brokerage valuations are at historical lows, and with market recovery and favorable policies, brokerage businesses such as brokerage, investment banking, and capital intermediary services are likely to benefit, leading to further valuation recovery in the brokerage sector [1] Group 2 - The 2025 Lujiazui Forum will be held in Shanghai on June 18-19, where major financial policies are expected to be announced by central financial management departments [2] - It is anticipated that more policies aimed at activating the capital market will be released, focusing on enhancing the quality of listed companies, market activity, and investor returns [2] - The market sentiment is expected to be catalyzed by the policy announcements during the Lujiazui Forum, according to Donghai Securities [2]