Investment Rating - The report maintains a "Buy" rating for Xiangcai Co., Ltd. (600095) with a target price based on the last closing price of 8.43 [1]. Core Views - Xiangcai Co., Ltd. is positioned as a traditional brokerage firm embarking on a new journey, with a strong emphasis on advancing financial technology to create differentiated competitive advantages [1][5]. - The company has optimized its governance structure and continues to operate under a light asset model, with a significant focus on its securities business, which contributes 96.25% of net income [4][19]. - Financial performance has shown fluctuations due to proprietary trading, but there has been a recovery in 2024, with revenue and operating profit increasing by 5.89% and 42.04% respectively [4][23]. Summary by Sections Company Governance and Structure - Xiangcai Co., Ltd. was established from Hunan Xiangcai Securities and went public in 2020 through a reverse merger with Hako Technology [15]. - The introduction of Zhejiang state-owned capital has led to a mixed ownership structure, enhancing governance [16]. - The company has reduced the proportion of its industrial sector assets to less than 2% through various strategies [19]. Business Development through Financial Technology - The brokerage business is being empowered by financial technology, focusing on wealth management transformation [5][34]. - Credit business has seen stable growth, with margin financing increasing by 12.60% year-on-year [45]. - Proprietary trading has shifted towards long-term value investment, with a significant increase in fixed-income investments [51]. - The investment banking segment is focusing on regional service models, with a notable increase in profit margins [59]. Financial Performance and Forecast - Revenue projections for 2024-2026 are estimated at 22.60 billion, 25.11 billion, and 28.30 billion respectively, with net profits expected to reach 1.03 billion, 1.95 billion, and 2.55 billion [6]. - The diluted EPS is projected to grow from 0.04 in 2024 to 0.09 in 2026, indicating a positive trend in profitability [6][9]. Strategic Mergers and Acquisitions - The company plans to absorb and merge with Dazhihui, enhancing its financial technology capabilities and business synergy [83]. - This merger is expected to significantly boost Xiangcai's business development and wealth management transformation [84].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 11.42 CNY [2][6][12]. Core Insights - The report highlights that Xiangcai Co. possesses competitive advantages in traffic conversion and providing quality wealth management services. The merger with Dazhihui is expected to drive significant growth in the company's performance [3][40]. - The company is transitioning towards an "AI advisory brokerage" model, leveraging technology to enhance customer engagement and service offerings [12][31]. Financial Summary - The financial projections indicate a decline in revenue from 3,516 million CNY in 2022 to 2,321 million CNY in 2023, followed by a gradual recovery to 2,966 million CNY by 2026, reflecting a compound annual growth rate (CAGR) of approximately 8% from 2024 to 2026 [5][16]. - Net profit is forecasted to recover from a loss of 326 million CNY in 2022 to a profit of 413 million CNY by 2026, with significant growth expected in 2025 [5][16]. - Earnings per share (EPS) are projected to increase from -0.11 CNY in 2022 to 0.14 CNY in 2026 [5][16]. Business Model and Strategy - Xiangcai Co. has transformed into a financial holding platform focused on securities business, with over 70% of its revenue derived from this sector [23][24]. - The company is enhancing its wealth management capabilities by integrating digital platforms and collaborating with leading financial technology firms [30][37]. - The merger with Dazhihui is anticipated to create synergies that will enhance customer acquisition, service integration, and innovative business offerings [40][41]. Valuation Methodology - The report employs a relative valuation approach, using a P/E ratio of 90x for 2025 to arrive at the target price of 11.42 CNY, reflecting the company's growth potential [18][20]. - A P/B ratio of 3x is also considered, leading to an alternative valuation of 13.01 CNY, but the report favors the more conservative P/E valuation [18][22].

Core Viewpoint - Xiangcai Co., Ltd. has experienced a continuous decline in stock price, with a cumulative drop of -10.28% over six trading days, indicating potential concerns regarding its market performance and investor sentiment [1]. Company Overview - Xiangcai Co., Ltd. was established in 1994 and listed on the Shanghai Stock Exchange in 1997. The company has transitioned its main business focus to the securities service industry after acquiring Xiangcai Securities Co., Ltd. in 2020. Its business scope includes securities services, nutritional products, waterproof materials, and trade [1]. Financial Performance - The financial report indicates that the Guotai Fund's Guotai CSI All-Share Securities Company ETF is among the top ten shareholders of Xiangcai Co., Ltd., having reduced its holdings in the last quarter of the previous year. The company's year-to-date return is -11.84%, ranking 3359 out of 3442 in its category [1].

Core Viewpoint - Dazhihui's performance in 2024 has declined significantly, with a revenue of 771 million yuan, a year-on-year decrease of 0.84%, and a net loss of 201 million yuan, marking a 296.51% decline compared to the previous year [1][2] Financial Performance - Dazhihui's operating revenue for 2024 was 771 million yuan, down 0.84% year-on-year, while the net profit turned into a loss of 201 million yuan, a decline of 296.51% [2][3] - The previous year's profit was inflated by a one-time payment of 335 million yuan from the actual controller, which was recorded as non-operating income, leading to a misleading comparison for 2023 [2][3] - Excluding non-recurring gains and losses, Dazhihui has faced three consecutive years of net losses since 2022 [2] Business Segments - The main business segment, financial information and data PC terminal services, generated 391 million yuan, contributing significantly but only grew by 1.5% year-on-year [3] - Revenue from Hong Kong stock services decreased by 13.51% to 119 million yuan, while advertising and internet business promotion services saw a substantial increase of 91.34% to 106 million yuan, although the overall contribution remains small [3] Competitive Landscape - Competitors such as Tonghuashun and Dongfang Caifu reported strong performance in 2024, with Tonghuashun achieving 4.187 billion yuan in revenue, a 17.47% increase, and Dongfang Caifu reaching 11.604 billion yuan, up 4.72% [4] - The growth of competitors is attributed to the recovery of the securities market and increased demand for financial information services [4] Merger and Acquisition Activity - Dazhihui is pursuing a merger with Xiangcai Co., which holds a brokerage license, to seek new growth opportunities [5][6] - The merger involves a share exchange ratio of 1:1.27, where shareholders of Dazhihui will receive shares of Xiangcai Co. [5] - The merger is seen as a strategic move to align with industry trends of digital transformation and consolidation, potentially allowing for resource sharing and market collaboration [6] Future Prospects - Analysts believe that the merger could enhance Xiangcai Co.'s performance by leveraging Dazhihui's user base of approximately 10 million monthly active users, compared to Dongfang Caifu's 16 million [6] - The integration is expected to create synergies in customer acquisition, service enhancement, and business innovation, potentially leading to a significant increase in performance post-merger [7]

Investment Rating - The industry investment rating is "Positive" indicating an expected overall return exceeding the CSI 300 Index by more than 5% in the next six months [39]. Core Views - The report highlights that the insurance capital's equity investment space has been expanded, allowing for greater support to the capital market and the real economy [33]. - The report notes a decline in major indices, with the Shanghai Composite Index, CSI 300, and ChiNext Index showing declines of -3.11%, -2.87%, and -6.73% respectively [9]. - The non-bank financial sector index experienced a decline of -5.19%, underperforming the CSI 300 Index by 2.31 percentage points [9]. Summary by Sections Market Review - The report provides a review of the market performance, indicating that the non-bank financial sector has underperformed compared to the broader market indices [9]. - Specific stock performances are noted, with leading declines in the insurance sector including China Life (-4.23%) and Ping An (-4.14%) [11]. Data Tracking - The report includes valuation metrics for the brokerage sector, with a PE-TTM of 22.34x and a PB-LF of 1.44x as of April 11, 2025 [5]. - The insurance sector's PEV valuations are reported as 0.60x for China Life and 0.57x for Ping An, with PB valuations of 1.98x and 0.97x respectively [6]. Industry Dynamics - Recent regulatory changes by the National Financial Regulatory Administration have increased the upper limit for equity asset allocation for insurance funds, aiming to enhance support for the capital market [33]. - The report discusses the revision of the "Insurance Group Consolidated Supervision Management Measures" to strengthen supervision and risk management within insurance groups [35].

Core Viewpoint - Xiangcai Co., Ltd. has experienced a decline in stock price over the past three trading days, with a cumulative drop of -4.09% [1] Company Overview - Xiangcai Co., Ltd. was established in 1994 and listed on the Shanghai Stock Exchange in 1997. The company transformed its main business to the securities service industry in 2020 by acquiring Xiangcai Securities Co., Ltd. Its business scope includes securities services, nutritional products, waterproof membranes, and trade [1]. Shareholder Information - Guotai Fund's Guotai Zhongzheng All-Index Securities Company ETF is among the top ten shareholders of Xiangcai Co., Ltd. The fund reduced its holdings in the fourth quarter of last year [1]. - The fund has reported a year-to-date return of -13.30%, ranking 3318 out of 3442 in its category [1]. Fund Management - The fund manager of Guotai Zhongzheng All-Index Securities Company ETF is Ai Xiaojun, who has extensive experience in quantitative analysis and fund management [4][5][6].

Core Viewpoint - The stock of Xiangcai Co., Ltd. experienced an abnormal trading fluctuation, with a cumulative closing price increase of 20% over three consecutive trading days, prompting the company to issue a notice regarding this situation [2][3]. Group 1: Stock Trading Abnormality - The company's stock price increased by a cumulative 20% over the trading days of April 2, 3, and 7, 2025, which is classified as an abnormal trading fluctuation according to the Shanghai Stock Exchange rules [2][3]. - The company conducted a self-examination and confirmed that there are no undisclosed significant matters as of the announcement date [2][4]. Group 2: Company Operations and Confirmations - The company’s production and operational conditions are normal, with no significant changes reported [4]. - There are no major asset restructurings, share issuances, or other significant transactions that have not been disclosed [4]. - No media reports or market rumors that could significantly impact the stock price were found during the board's verification [4]. Group 3: Shareholder Pledge Risk - The controlling shareholder, Xinhu Holdings Co., Ltd., and its concerted parties have pledged a significant portion of their shares, with 1,138,191,893 shares pledged, representing 98.61% of their holdings and 39.81% of the total shares [7]. - There is no risk of forced liquidation of the pledged shares, and the company's control structure remains stable [7]. Group 4: Major Transaction Progress - The company plans to merge with Shanghai Dazhihui Co., Ltd. through a share exchange and is in the process of raising supporting funds [8]. - The audit and valuation related to this transaction are still ongoing, and the transaction requires further approval from the board and shareholders [8].

Investment Rating - The industry investment rating is "Overweight" for the non-banking financial sector, indicating a positive outlook for the next six months [1][33]. Core Insights - The report highlights the acceleration of mergers and acquisitions in the brokerage sector, driven by the merger of Xiangcai and Dazhihui, which is expected to enhance business synergy and customer acquisition [4][31]. - The insurance sector is seeing an expansion in the scope of equity investments by insurance funds, which is anticipated to benefit both the new productive forces and the returns on insurance capital [4][31]. - The report emphasizes the importance of regulatory support for the development of private enterprises and the capital market, which is expected to foster high-quality companies and promote continuous reform [4][31]. Summary by Sections Market Review - The non-banking financial index fell by 1.3% last week, with the brokerage index down 1.8% and the insurance index down 0.7%, while the multi-financial index increased by 0.3% [8][9]. - The average daily trading volume for stock funds was 13,897 billion, a decrease of 7% week-on-week [17]. Brokerage Sector - The brokerage index's decline was offset by Xiangcai's significant increase of 21.8% due to merger expectations, which is expected to enhance customer acquisition and digital transformation [4][31]. - New A-share accounts reached 3.07 million in March, a year-on-year increase of 27%, indicating sustained market enthusiasm despite potential impacts from U.S. tariff policies [4][31]. Insurance Sector - The regulatory authority has expanded the scope of equity investments for insurance funds to include technology and modern agriculture, aligning with national strategic industries [4][31]. - The report predicts that the expansion of equity investments will lead to stable investment returns for insurance funds, enhancing overall yield expectations [4][31]. Investment Recommendations - For brokerages, the report suggests focusing on mergers and acquisitions, high financial ratios, and improving return on equity (ROE) as key investment themes [4][31]. - In the insurance sector, attention is recommended for large comprehensive insurance companies with competitive advantages under the new regulatory framework [4][31].

证券代码：600095 证券简称：湘财股份 公告编号：临2025-023 湘财股份有限公司 股票交易异常波动公告 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。 本公司股票于 2025 年 4 月 2 日、4 月 3 日、4 月 7 日连续 3 个交易日内收盘 价格涨幅偏离值累计达到 20%，根据《上海证券交易所交易规则》的有关规定， 属于股票交易异常波动情形。 二、本公司关注并核实的相关情况 针对股票交易异常波动情况，公司对有关事项进行了核查，现将有关情况说 明如下： （一）经公司董事会自查，目前公司生产经营情况正常，未发生重大变化。 （二）经向公司控股股东及实际控制人书面函证确认，截至本公告披露日， 除本公司已披露事项外，不存在其他涉及本公司的重大资产重组、股份发行、重 ● 湘财股份有限公司（以下简称"公司"或"本公司"）股票于 2025 年 4 月 2 日、4 月 3 日、4 月 7 日连续 3 个交易日内收盘价格涨幅偏离值累计 达到 20%，属于《上海证券交易所交易规则》规定的股票交易异常波动 情形。 ● 经公司自查并 ...

关于湘财股份股票交易异常波动问询函的回复 湘财股份有限公司： 你公司 2025 年 4 月 7 日发出的关于 2025 年 4 月 2 日、4 月 3 日、 4 月 7 日连续 3 个交易日股票交易异常波动事项的《问询函》已收悉， 现回复如下： 截至目前，除你公司已披露事项外，不存在其他涉及你公司的重 大交易类事项、业务重组、股份回购、股权激励、破产重整、重大业 务合作、引进战略投资者等重大事项。 异常波动期间不存在买卖你公司股票的情况。 2025 年 4 月 7 日 2025 年 4 月 7 日 关于湘财股份股票交易异常波动问询函的回复 湘财股份有限公司： 你公司 2025 年 4 月 7 日发出的关于 2025 年 4 月 2 日、4 月 3 日、 4 月 7 日连续 3 个交易日股票交易异常波动事项的《问询函》已收悉， 现回复如下： 截至目前，除已披露事项外，不存在其他涉及你公司的重大交易 类事项、业务重组、股份回购、股权激励、破产重整、重大业务合作、 引进战略投资者等重大事项。 异常波动期间不存在买卖你公司股票的情况。 黄伟 新湖控股有限公司 ...