Group 1 - The company plans to add a staff representative director to its board following the resignation of director Cheng Haidong, who submitted his resignation report recently [1] - Cheng Haidong's resignation will take effect upon delivery to the board and will not reduce the number of board members below the legal requirement, nor will it affect the company's normal operations [1] - The company expresses gratitude for Cheng Haidong's contributions during his tenure as a director [1]

Group 1 - The company Xiangcai Co., Ltd. (stock code: 600095) announced on the evening of September 9 that its director Cheng Haidong has submitted a written resignation report to the board, applying to resign from his position as a director of the company [1]

湘财股份有限公司 2025 年第一次临时股东大会资料 （股票代码：600095） 2025年9月 湘财股份有限公司 2025 年第一次临时股东大会资料 1、投票办法：同一表决权只能选择现场或网络表决方式中的一种。 同一表决权出现重复表决的以第一次投票结果为准。 股东大会须知 各位股东： 为保证本次会议的顺利进行，以下事项希望得到您的配合与支持。 一、董事会以维护全体股东的合法权益、维持大会正常秩序和提高议 事效率为原则，认真履行《湘财股份有限公司章程》（以下简称"《公司 章程》"）规定的职责，做好召集、召开股东大会的各项工作。 二、股东参加股东大会依法享有发言权、质询权、表决权等权利。股 东参加股东大会，应认真履行其法定权利和义务，不得侵犯其他股东的权 益，不得扰乱大会的正常秩序。 三、本公司董事会办公室具体负责大会有关程序方面的事宜。 四、投票表决的有关事宜 股东大会现场会议采用记名方式投票表决。股东（包括股东代理人） 以其所代表的有表决权的股份数额行使表决权，每一股份享有一票表决权。 出席股东大会的股东，应当对提交表决的议案发表以下意见之一：同 意、反对或弃权。 未填、错填、字迹无法辨认的表决票、未投的表 ...

Group 1 - The company Xiangcai Co., Ltd. announced the resignation of director Cheng Haidong to meet certain requirements [1] - For the year 2024, the revenue composition of Xiangcai Co., Ltd. is as follows: Other securities industry accounts for 75.27%, trade accounts for 18.68%, other businesses account for 4.85%, soybean deep processing accounts for 0.39%, and waterproof membrane accounts for 0.36% [1] - As of the latest report, the market capitalization of Xiangcai Co., Ltd. is 32.1 billion yuan [2]

证券代码：600095 证券简称：湘财股份 公告编号：临 2025-056 湘财股份有限公司 根据《中华人民共和国公司法》《湘财股份有限公司章程》等规定，程海东 先生的辞职报告自送达公司董事会之日起生效。其离任不会导致公司董事会成员 低于法定人数，不会影响公司董事会依法规范运作，也不会影响公司正常的经营 发展。公司将尽快完成职工代表董事的选举工作。截至本公告披露日，程海东先 生未持有公司股份。 程海东先生在担任公司董事职务期间恪尽职守、勤勉尽责，公司及董事会对 程海东先生在担任公司董事期间为公司所做出的贡献表示衷心感谢！ 特此公告。 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： 根据《中华人民共和国公司法》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等规定，湘财股份有限公司（以下简称"公司"）董事会拟 增设一名职工代表董事。为满足前述要求，公司董事程海东先生于近日向董事会 提交了书面辞职报告，申请辞去公司董事职务。 | 姓名 | 离任 职务 | 离任时间 | 原定任期 到期日 | 离任原因 | ...

Group 1 - The core point of the article is that Xiangcai Co., Ltd. announced the release of share pledges by its controlling shareholder's concerted action party, Chuzhou Development [1] - Chuzhou Development released 25,000,000 shares, which accounts for 5.38% of its held shares and 0.87% of the total share capital of the company [1]

Investment Rating - The industry investment rating is "Overweight" [5] Core Viewpoints - Various types of funds are entering the market, with insurance increasing stock allocation and public fund issuance/net subscriptions showing signs of recovery. The trend of residents "moving deposits" may have just begun [1][14] - The A-share liquidity index has shown a rapid increase, correlating highly with the median rise of brokerage stocks. Historical data indicates that significant increases in the liquidity index often precede or coincide with strong performance in brokerage stocks [2][41] - The brokerage industry is expected to achieve a profit growth rate of approximately 48% in the first half of 2025, with specific recommendations for undervalued and high ROE brokerage firms [3][48] Summary by Sections Current Fund Inflows - Since September 24, 2024, regulatory policies have encouraged various funds to enter the market, particularly focusing on long-term capital [14][15] - Insurance funds have shown stable premium growth, with stock allocation increasing to 8.5% as of Q2 2025, up 1.7 percentage points from Q2 2024 [21][1] - Public funds are experiencing a recovery in both issuance and net subscriptions, with a notable increase in active equity fund subscriptions [23][1] - A new cycle of residents "moving deposits" has begun, with the total market capitalization to resident deposits ratio at a low of 0.59, indicating potential for further inflows [26][1] Market Liquidity and Brokerage Stocks - The average daily trading volume and margin financing balance have reached historically high levels, indicating improved market liquidity [34][41] - The maximum turnover rate of the Wind All A index has historically aligned with peaks in brokerage stock performance, suggesting a potential indicator for market tops [35][41] - The A-share liquidity index has shown significant increases during previous bullish phases, with a 74% rise in brokerage stocks since the market transition on July 10, 2024 [2][41] Investment Recommendations - The brokerage sector is projected to see a profit growth of around 48% in 2025, with specific recommendations for leading brokerage firms that are undervalued and have high ROE [3][48] - The report suggests focusing on firms like Guotai Junan, Huatai Securities, and others that are expected to benefit from market conditions and potential mergers [3][48] - The report highlights a calendar effect where brokerage stocks typically exhibit excess returns from July to November, influenced by policy discussions and financial performance reviews [52][41]

Summary of Key Points Core Viewpoint - The announcement details the release of share pledges by a significant shareholder of Xiangcai Co., Ltd., indicating a potential shift in the company's financial stability and shareholder confidence [1]. Group 1: Shareholder Information - The controlling shareholder's concerted actor, Chuzhou Xin'an Development Co., Ltd., holds 464,427,406 shares, representing 16.24% of the total share capital of the company [1]. - After the release of the pledge, Chuzhou Development and its concerted actors collectively hold 1,154,282,767 shares, accounting for 40.37% of the total share capital [1]. - Following the release of the pledge, the total number of pledged shares held by Chuzhou Development and its concerted actors is 1,074,191,893 shares, which is 93.06% of their holdings and 37.57% of the company's total share capital [1]. Group 2: Pledge Release Details - The announcement confirms that Chuzhou Development has completed the release of its pledged shares, with specific details provided regarding the number of shares and their respective percentages [1]. - The remaining pledged shares after the release are noted, indicating the ongoing financial commitments of the shareholders [1]. - The company will fulfill its information disclosure obligations if there are any future pledging situations [1].

证券代码：600095 证券简称：湘财股份 公告编号：临 2025-055 湘财股份有限公司 关于控股股东之一致行动人股份解除质押的公告 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: 湘财股份有限公司（以下简称"公司"）控股股东的一致行动人衢州信 安发展股份有限公司（以下简称"衢州发展"）持有公司股份 464,427,406 股， 占公司总股本的 16.24%，本次解除质押后衢州发展累计质押股份数量为 384,400,000 股，占其持股数量的 82.77%，占公司总股本的 13.44%。 衢州发展及其一致行动人合计持有公司股份 1,154,282,767 股，占公司 总股本的 40.37%，本次解除质押后衢州发展及其一致行动人累计质押股份数量 为 1,074,191,893 股，占其持股数量的 93.06%，占公司总股本的 37.57%。 一、本次股份解除质押基本情况 注：因四舍五入原因导致数据在尾数上略有差异。 本次解除质押的股份后续如有质押情形，公司将根据相关法律法规要求及时 1 履行信息披露义务。 二 ...

Market Overview - On September 3, the securities sector declined by 3.45%, with Pacific Securities leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Individual Stock Performance - Pacific Securities (code: 660109) closed at 4.35, down 8.03% with a trading volume of 10.72 million shares [1] - Guosheng Financial Holdings (code: 002670) closed at 65.81, down 7.10% with a trading volume of 986,500 shares [1] - Xian Financial Holdings (code: 600095) closed at 11.35, down 6.58% with a trading volume of 877,200 shares [1] - Zhongyin Securities (code: 601696) closed at 15.00, down 6.19% with a trading volume of 1.36 million shares [1] - Dongfang Fortune (code: 300059) closed at 26.63, down 4.38% with a trading volume of 8.00 million shares [1] Capital Flow Analysis - The securities sector experienced a net outflow of 11.088 billion yuan from institutional investors, while retail investors saw a net inflow of 7.267 billion yuan [1] - Dongfang Fortune had a net outflow of 3.482 billion yuan from institutional investors, with a net inflow of 2.344 billion yuan from retail investors [2] - Pacific Securities faced a net outflow of 1.244 billion yuan from institutional investors, with a net inflow of 675 million yuan from retail investors [2]