湘财股份有限公司 关于重大资产重组的进展公告 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。 一、本次交易的基本情况 湘财股份有限公司（以下简称"公司"或"湘财股份"）与上海大智慧股份有 限公司（以下简称"大智慧"）正在筹划由湘财股份通过向大智慧全体换股股东发 行 A 股股票的方式换股吸收合并大智慧并发行 A 股股票募集配套资金（以下简称 "本次交易"）。 二、本次交易进展情况 证券代码：600095 证券简称：湘财股份 公告编号：临 2025-061 公司于 2025 年 3 月 28 日召开第十届董事会第十三次会议、第十届监事会第 六次会议，审议通过了《关于<湘财股份有限公司换股吸收合并上海大智慧股份有 限公司并募集配套资金暨关联交易预案>及其摘要的议案》等与本次交易相关的议 案，具体内容详见公司在 2025 年 3 月 29 日刊登在上海证券交易所网站的相关公 告。 2025 年 4 月 28 日、5 月 28 日、6 月 28 日、7 月 26 日、8 月 23 日，公司分别 发布了《湘财股份关于重大资产重组的进展公告 ...

Market Overview - On September 22, the securities sector rose by 1.12%, with Guosheng Jin控 leading the gains [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Individual Stock Performance - Guosheng Jin控 (002670) closed at 19.94, up 7.49% with a trading volume of 1.026 million shares and a turnover of 2.009 billion yuan [1] - Shouchuang Securities (601136) closed at 22.82, up 3.26% with a trading volume of 721,000 shares and a turnover of 1.626 billion yuan [1] - Other notable performers include Xiangcai Co. (600095) up 2.40%, Huatai Securities (601688) up 1.90%, and China Galaxy (601881) up 1.74% [1] Fund Flow Analysis - The securities sector saw a net inflow of 467 million yuan from institutional investors, while retail investors experienced a net outflow of 391 million yuan [2][3] - Guosheng Jin控 had a significant net inflow of 325 million yuan from institutional investors, while retail investors showed a net outflow of 216 million yuan [3] - Other stocks with notable fund flows include Shouchuang Securities with a net inflow of 77.62 million yuan from institutional investors and a net outflow of 117 million yuan from retail investors [3]

Group 1 - The A-share market saw a short-term rally in brokerage stocks, with Guosheng Financial Holdings rising over 5% [1] - Other brokerage firms such as Shouchuang Securities, Huatai Securities, CITIC Securities, and China Galaxy also experienced gains [1] Group 2 - Guosheng Financial Holdings increased by 5.77%, with a total market capitalization of 38 billion and a year-to-date increase of 49.89% [2] - Shouchuang Securities rose by 2.62%, with a market cap of 62 billion and a year-to-date increase of 3.54% [2] - Huatai Securities saw a rise of 1.84%, with a market cap of 179.5 billion and a year-to-date increase of 14.97% [2] - CITIC Securities increased by 1.66%, with a market cap of 426.5 billion and a year-to-date decrease of 0.47% [2] - China Galaxy rose by 1.62%, with a market cap of 185.7 billion and a year-to-date increase of 12.78% [2] - Other notable increases include Xiangcai Securities at 1.38% (31.5 billion, 52.78% YTD), GF Securities at 1.19% (155.8 billion, 29.37% YTD), and Guosen Securities at 1.06% (136.7 billion, 22.97% YTD) [2] - The MACD golden cross signal formation indicates a positive trend for these stocks [1]

Group 1 - The overall market performance shows mixed results with the Shanghai Composite Index down by 1.3%, while the Shenzhen Component and ChiNext Index increased by 1.14% and 2.34% respectively [1] - Citic Securities emphasizes the importance of the globalization of leading Chinese manufacturing companies, suggesting that this will enhance pricing power and profit margins, leading to market capitalization growth beyond domestic economic fundamentals [1] - The financing trends around the National Day holiday indicate a pattern of "pre-holiday contraction and post-holiday explosion," with historical data suggesting a high probability of A/H shares rising after preventive rate cuts by the Federal Reserve [1][2] Group 2 - Huajin Securities notes that historically, after high-level fluctuations in a bull market, A-shares tend to continue rising, with current policies and external events remaining positive [2] - Dongwu Securities identifies potential market directions for the fourth quarter, suggesting a structural shift may occur, with cyclical sectors and low-position technology branches being key areas to watch [3] - China Galaxy Securities recommends focusing on sectors benefiting from policy and industry support, such as AI, lithium batteries, and consumer services, especially with the upcoming holidays boosting travel-related stocks [4] Group 3 - Western Securities reports a contraction in A-share valuations, with the coal industry leading gains due to rising coal prices driven by winter supply concerns [5] - The market is expected to experience a period of consolidation, with support levels identified at previous lows, and recommendations to maintain current positions until adjustments are complete [7] - Kaisheng Securities highlights the ongoing dominance of technology sectors, driven by relative profitability and global semiconductor cycles, with AI emerging as a significant demand driver [8] Group 4 - Debon Securities indicates that the current market is at the beginning of a new dollar interest rate cut cycle, with a slow bull market expected to continue, particularly in sectors like AI and solid-state batteries [9] - Xiangcai Securities suggests that the A-share market is likely to operate in a "slow bull" manner, influenced by ongoing policies and the "14th Five-Year Plan," with a focus on technology, green initiatives, and consumer services [10]

证券日报网讯 9月19日晚间，湘财股份发布公告称，截至本公告披露日，公司及子公司对外担保总额为 98，000.00万元，均为对控股子公司提供的担保，公司实际担保余额为23，146.00万元（不含本次）， 分别占公司最近一期经审计归属于上市公司股东净资产的8.29%、1.96%，公司及子公司不存在逾期对 外担保情况。 （文章来源：证券日报） ...

湘财股份有限公司 关于对外担保的进展公告 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： 证券代码：600095 证券简称：湘财股份 公告编号：临 2025-060 担 保 对 象一 被担保人名称 浙江湘新石油化工有限公司（以下 简称"浙江湘新"） 本次担保金额 12,000.00 万元 实际为其提供的担保余额 10,000.00 万元 是否在前期预计额度内 是 □否 □不适用：_________ 本次担保是否有反担保 □是 否 □不适用：_________ 担 保 对 象二 被担保人名称 浙江湘链实业有限公司（以下简称 "湘链实业"） 本次担保金额 12,000.00 万元 实际为其提供的担保余额 0.00 万元 是否在前期预计额度内 是 □否 □不适用：_________ 本次担保是否有反担保 □是 否 □不适用：_________ 担保对象及基本情况 累计担保情况 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股 | 23,146.00 | | ...

Company Overview - Xiangcai Co., Ltd. is located in Harbin, Heilongjiang Province, and was established on March 25, 1994, with its listing date on July 8, 1997. The company primarily operates in the securities service industry, with its main business revenue composition being 95.92% from trading, 2.41% from food processing, 0.88% from waterproof membrane business, and 0.79% from other sources [1]. Financial Performance - As of June 30, 2025, Xiangcai Co., Ltd. reported a revenue of 1.144 billion yuan, representing a year-on-year growth of 4.63%. The net profit attributable to shareholders was 142 million yuan, showing a significant increase of 93.12% compared to the previous year [2]. - The company has cumulatively distributed 961 million yuan in dividends since its A-share listing, with 297 million yuan distributed over the past three years [3]. Stock Market Activity - On September 19, 2023, Xiangcai's stock price decreased by 2.14%, trading at 10.97 yuan per share, with a total market capitalization of 31.365 billion yuan. The stock has seen a year-to-date increase of 52.36%, but has declined by 4.11% in the last five trading days and 7.50% over the past 20 days [1]. - The company has appeared on the "Dragon and Tiger List" four times this year, with the most recent appearance on June 26 [1]. Shareholder Information - As of June 30, 2025, the number of shareholders for Xiangcai Co., Ltd. reached 125,100, an increase of 37.14% from the previous period. The average number of circulating shares per person decreased by 27.08% to 22,857 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 20.7898 million shares, an increase of 2.8364 million shares from the previous period. The Guotai CSI All-Index Securities Company ETF and Southern CSI 500 ETF also feature in the top ten, with varying changes in their holdings [3].

Core Viewpoint - The Federal Reserve's decision to cut interest rates by 25 basis points on September 18 marks the beginning of a new preventive rate-cutting cycle, with expectations for further cuts in October and December [1][2][4]. Summary by Relevant Categories Interest Rate Outlook - Most brokerages anticipate an additional 50 basis points of cuts within the year, but the long-term reduction may not meet prior market expectations [1][2][4]. - The Fed's internal decision-making shows significant divergence, leading to uncertainty in future rate paths [1][4][9]. Economic Projections - The prevailing view is a soft landing for the U.S. economy, although some brokerages warn that excessive monetary easing could lead to stagflation risks [1][4][9]. - The Fed's dot plot indicates a lower rate of future cuts than previously expected, with projections of 75 basis points this year and 25 basis points in the following two years [3][10]. Market Reactions - Short-term risk assets are expected to experience increased volatility, while mid-term outlooks remain positive for U.S. equities [3][6]. - The market had already priced in the rate cut, leading to initial gains in bonds and equities followed by corrections [6][10]. Sector Impacts - Sectors such as real estate and manufacturing are anticipated to benefit first from the rate cuts, with a favorable sentiment in A-shares and increased sensitivity in Hong Kong stocks due to improved overseas liquidity [7][8][12]. - The Fed's decision is expected to create more room for China's monetary policy adjustments, potentially leading to further easing domestically [2][12]. Divergence in Analyst Opinions - Analysts express mixed views on the Fed's approach, with some highlighting a hawkish tone in the risk management narrative, suggesting that continuous rate cuts may not be guaranteed [4][11]. - The Fed's focus on employment risks over inflation risks indicates a cautious approach to future monetary policy adjustments [9][12].

Core Viewpoint - The securities industry is experiencing a decline, with several companies reporting significant drops in their stock prices, indicating potential market volatility and investor concerns [1] Company Performance - 首创证券 (Shou Chuang Securities) and 长城证券 (Great Wall Securities) both fell over 5% [1] - 国盛金控 (Guosheng Financial Holdings) dropped more than 4% [1] - Other companies such as 国海证券 (Guohai Securities), 信达证券 (Xinda Securities), 湘财股份 (Xiangcai Co.), 中原证券 (Zhongyuan Securities), and 东方财富 (East Money) also saw declines [1]

Group 1: Federal Reserve Rate Cut - The Federal Reserve announced a rate cut of 25 basis points, bringing the target range to 4.00%–4.25%, which aligns with market expectations[4] - The decision was passed with 11 votes in favor and 1 against, with the dissenting vote advocating for a 50 basis point cut[9] - Most officials anticipate two more rate cuts within the year, according to the updated dot plot[9] Group 2: Employment Data and Economic Outlook - Deteriorating employment data is the primary reason for the rate cut, with August non-farm payrolls increasing by only 22,000, significantly below the expected 75,000[4] - The unemployment rate rose to 4.3%, the highest in nearly four years, indicating a severe slowdown in the labor market[4] - The latest CPI and PPI data show inflation levels are manageable, with August CPI rising by 2.9% year-on-year, up 0.2 percentage points from the previous value[14] Group 3: Market Implications - The rate cut is expected to benefit the Hong Kong stock market, particularly technology stocks, due to increased liquidity from the Fed's actions[6] - A decline in U.S. Treasury yields may lead to a limited increase in foreign investment in Chinese bonds, as the yield gap remains inverted[21] - Gold prices are likely to rise further, with COMEX gold futures closing at $3,690 per ounce as of September 16, 2025, benefiting from the Fed's dovish stance[21] Group 4: Investment Recommendations - The report suggests focusing on investment opportunities in gold and Hong Kong stocks following the Fed's rate cut[7] - The potential for further easing in China's monetary policy is anticipated, following the Fed's actions[23] Group 5: Risks - Risks include potential escalation of U.S.-China tariffs, domestic monetary policy not meeting expectations, and prolonged geopolitical conflicts[24]