湘财股份有限公司 独立董事制度 第一章 总 则 第一条 为进一步完善湘财股份有限公司（以下简称"公司"）的法人治理结构， 促进公司规范运作，根据《中华人民共和国公司法》《中华人民共和国证券法》《上市 公司治理准则》《上市公司独立董事管理办法》（以下简称"《管理办法》"）、《上 海证券交易所股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号——规范 运作》和《湘财股份有限公司章程》（以下简称"《公司章程》"）和其他有关规定， 结合公司实际，特制定本制度。 第二条 独立董事是指不在公司担任除董事外的其他职务，并与公司及其主要股东、 实际控制人不存在直接或者间接利害关系，或者其他可能影响其进行独立客观判断关系 的董事。 独立董事应当独立履行职责，不受公司及其主要股东、实际控制人等单位或者个人 的影响。 第三条 独立董事对公司及全体股东负有忠实与勤勉义务，并应当按照相关法律、 行政法规、中国证监会规定、上海证券交易所业务规则和《公司章程》的规定，认真履 行职责，在董事会中发挥参与决策、监督制衡、专业咨询作用，维护公司整体利益，保 护中小股东的合法权益。 第四条 公司独立董事占董事会成员的比例不得低于三分之一 ...

湘财股份有限公司 信息披露暂缓与豁免业务管理制度 第一条 为规范湘财股份有限公司（以下简称"公司"）信息披露暂缓与豁免 行为，确保公司及相关信息披露义务人依法合规履行信息披露义务，保护投资者 的合法权益，根据《中华人民共和国证券法》《上市公司信息披露管理办法》《上 市公司信息披露暂缓与豁免管理规定》《上海证券交易所股票上市规则》（以下简 称"《股票上市规则》"）、《上市公司自律监管指引第 2 号——信息披露事务管理》 《湘财股份有限公司章程》（以下简称"《公司章程》"）等规定，特制定本制度。 第二条 公司和其他信息披露义务人暂缓、豁免披露临时报告，在定期报告、 临时报告中豁免披露中国证监会和上海证券交易所规定或者要求披露的内容，适 用本制度。 第三条 公司应当真实、准确、完整、及时、公平地披露信息，不得滥用暂缓 或者豁免披露规避信息披露义务、误导投资者，不得实施内幕交易、操纵市场等 违法行为。 第四条 公司和其他信息披露义务人应当审慎确定信息披露暂缓、豁免事项， 履行内部审核程序后实施。 暂缓、豁免事项的范围原则上应当与公司股票首次在证券交易所上市时保持 一致，在上市后拟增加暂缓、豁免披露事项的，应当有确实充 ...

湘财股份有限公司 董事和高级管理人员所持本公司股份变动管理制度 第一章 总则 第一条 为加强对湘财股份有限公司（以下简称"公司"或"本公司"）董 事和高级管理人员等主体所持本公司股份及其变动的管理，根据《中华人民共和 国公司法》《中华人民共和国证券法》《上市公司董事和高级管理人员所持本公 司股份及其变动管理规则》《上海证券交易所上市公司自律监管指引第 8 号—— 股份变动管理》《上海证券交易所上市公司自律监管指引第 15 号——股东及董 事、高级管理人员减持股份》等法律、行政法规、部门规章、规范性文件，以及 《湘财股份有限公司章程》（以下简称"《公司章程》"）等规定，制定本指引。 第二条 公司董事和高级管理人员所持本公司股份，是指登记在其名下和利 用他人账户持有的所有本公司股份。上述主体从事融资融券交易的，还包括记载 在其信用账户内的本公司股份。 第三条 本制度适用于公司董事和高级管理人员所持本公司股份及其变动的 管理。公司董事和高级管理人员委托他人代行买卖公司股票，视作本人所为， 也应遵守本制度并履行相关询问和报告义务。公司董事和高级管理人员就所持股 份变动相关事项作出承诺的，应当严格遵守。 公司董事和高级 ...

Group 1 - The company's operating revenue for the first half of 2025 is 207 million, a year-on-year decrease of 34.25% [1] - The net profit for the same period is 142 million, showing a year-on-year increase of 93.12% [1] - The company plans not to distribute cash dividends, issue bonus shares, or increase share capital from reserves [1]

Market Performance - On August 28, the securities sector rose by 1.88%, with Xinda Securities leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Individual Stock Performance - Xinda Securities (601059) closed at 20.00, with a gain of 6.38% and a trading volume of 1.3175 million shares [1] - Xiangcai Securities (600095) closed at 12.99, up 4.51%, with a trading volume of 1.0716 million shares [1] - Changcheng Securities (002939) closed at 12.35, up 4.04%, with a trading volume of 2.3364 million shares [1] - Guosheng Holdings (002670) closed at 19.30, up 4.04%, with a trading volume of 770,100 shares [1] - Other notable stocks include Jinlong Co. (000712) at 15.41 (+2.94%), Guolian Minsheng (601456) at 12.20 (+2.78%), and Dongfang Caifu (300059) at 27.96 (+2.76%) [1] Capital Flow Analysis - The securities sector experienced a net outflow of 1.037 billion yuan from institutional investors and a net outflow of 234 million yuan from speculative funds, while retail investors saw a net inflow of 1.271 billion yuan [1] - Xinda Securities had a net inflow of 3.27 billion yuan from institutional investors, but a net outflow of 881.608 million yuan from speculative funds [2] - Other stocks like CITIC Securities (600030) had a net inflow of 278 million yuan from institutional investors, while also experiencing a net outflow of 2.13 billion yuan from speculative funds [2]

Group 1 - Some brokerage stocks experienced an increase, with Xinda Securities rising over 5% [1] - Great Wall Securities and Guosheng Jinkong both saw increases of over 3% [1] - Jinlong Co. rose over 2%, while several other securities firms, including GF Securities, First Capital, and Everbright Securities, increased by over 1% [1]

Group 1 - A-share market sees a rise in several brokerage stocks, with Xinda Securities increasing by over 5% [1] - Changcheng Securities and Guosheng Financial Holdings both rise by over 3% [1] - Jinlong Co., Ltd. experiences an increase of over 2% [1] Group 2 - Other notable gains include GF Securities, First Capital, Everbright Securities, Xiangcai Securities, CITIC Securities, Changjiang Securities, Dongwu Securities, Huatai Securities, and Founder Securities, all rising by over 1% [1]

Group 1 - The A-share market showed mixed performance on August 26, 2025, with trading volume exceeding 2 trillion yuan for the 10th consecutive trading day [3] - The Securities ETF (159841) experienced active trading with a turnover rate of 4.48% and a transaction volume of 301 million yuan [3] - The Securities ETF (159841) has seen a net inflow of funds amounting to 301 million yuan as of August 25, with a total of 581 million yuan net inflow over the past five trading days [3] Group 2 - The Securities ETF (159841) closely tracks the CSI All Share Securities Company Index, which includes both traditional and fintech securities leaders [4] - The market remains active with a potential continuation of the trend of residents moving their deposits, indicating an upward space for non-bank deposit growth [4] Group 3 - The securities sector holds significant market capitalization within the A-share market, but it faces challenges such as high volatility and difficulties in timing and stock selection [5] - Research indicates that the securities sector offers more excess return investment opportunities compared to absolute return opportunities, suggesting that its allocation value is underestimated [5]

Core Viewpoint - Digital finance is a crucial part of the financial sector's innovation and transformation, with Xiangcai Securities leading the way in digital transformation through a technology-driven strategy [1][2]. Group 1: Strategic Positioning - Xiangcai Securities adopts a "light asset, heavy technology, strong ecosystem" approach to differentiate itself in a competitive market [2]. - The company positions digital finance as a core pillar of its overall strategy, focusing on "financial technology + collaborative innovation" to build a business model centered on wealth management [2][4]. Group 2: Technological Integration - The company integrates AI technologies, including machine learning and large language models, into its operations, viewing them as key elements for future business success [4][5]. - The launch of the DeepSeek R1 service marks a significant step in the company's "intelligent business transformation," enhancing its capabilities in smart investment advisory [4][5]. Group 3: Mergers and Acquisitions - The merger between Xiangcai Securities and Dazhihui is seen as a landmark event in the industry, aimed at overcoming resource constraints faced by small and medium-sized brokerages [5][6]. - The combined entity is expected to leverage synergies from "licenses + products + traffic + data + technological capabilities" to create an "AI advisory brokerage" [6]. Group 4: Future Directions - Over the next three years, the company plans to deepen its digital transformation by focusing on three main areas: optimizing its smart enterprise architecture, enhancing core technology research and development, and strengthening technology talent and ecosystem development [7][8]. - The company aims to integrate big data analysis into its wealth management processes and enhance customer service efficiency through AI applications across various business functions [7][8].

Group 1 - The core viewpoint highlights the active trading environment in the securities market, with the Securities ETF (159841) experiencing a 1.07% increase and a net inflow of 3.01 billion yuan as of August 25, 2025 [3][5][6] - The trading volume has reached a new high, with daily average trading amounting to 2.5 trillion yuan, indicating strong market participation [6][7] - The securities industry is expected to see significant growth in net profit, with a projected year-on-year increase of 61.23% for the first half of 2025, driven by active trading and favorable market conditions [7][8] Group 2 - Recent regulatory changes are optimizing the industry ecosystem, encouraging smaller institutions to focus on niche markets, which is expected to enhance competition within the sector [5][8] - The securities sector is benefiting from a recovery in market sentiment, with ongoing capital market reforms and increased liquidity contributing to improved business performance [8][10] - The valuation of the securities sector shows potential for recovery, with a favorable long-term growth outlook as the market becomes more active and performance expectations improve [9][10]