2.公司于 2025 年 10 月 1 日刊登于上海证券交易所网站等中国证监会指定信 息披露平台的《第十三届董事会第三次会议决议公告》； 3. 公司于 2025 年 10 月 1 日刊登于上海证券交易所网站等中国证监会指定 信息披露平台的《关于召开 2025 年第一次临时股东会的通知》； 4. 公司本次股东会股权登记日的股东名册； 北京金杜（成都）律师事务所 关于国金证券股份有限公司 2025 年第一次临时股东会 之法律意见书 致：国金证券股份有限公司 北京金杜（成都）律师事务所（以下简称本所）接受国金证券股份有限公司 （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、规章和规范性文件及 现行有效的公司章程有关规定，指派律师现场出席了公司于 2025 年 10 月 16 日 召开的 2025 年第一次临时股东会（以下简 ...

证券代码：600109 证券简称：国金证券 公告编号：临 2025-80 国金证券股份有限公司 2025年第一次临时股东会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 10 月 16 日 (二)股东会召开的地点：成都市东城根上街 95 号成证大厦 16 楼会议室 (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 | 678 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,608,805,769 | | 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 | | | 份总数的比例（%） | 43.6788 | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 本次会议由公司董事会召集，采用现场记名投票表决和网络投票表决相结合 的方式召开。公司董事长冉云先生主持会议，符合《公司法》、《证券 ...

Core Insights - The competition in the AI + cross-border e-commerce industry is shifting from "channel expansion" to "efficiency competition," with a focus on leading platforms that drive foreign trade efficiency through technology [1] - The application of AI is becoming widespread, with significantly reduced integration costs, marking a transition to a phase of large-scale value realization [2] - E-commerce and online services are the most compatible sectors for AI applications, serving as a key link between technological innovation and consumer demand [3] - The industry is transitioning from a focus on cost reduction to efficiency enhancement, leading to a dual upward trend in revenue and a downward trend in costs [4] Group 1 - The AI application landscape is evolving, with major models like GPT-5 and Wenxin Yiyan 4.0 reaching maturity and operational costs decreasing significantly, such as an 80% reduction in the inference cost of the Tongyi Qianwen model compared to the average in 2023 [2] - E-commerce's computational power demand shows intermittent fluctuations, with an increasing number of service providers optimizing costs through a hybrid public-private computational model [3] - The data infrastructure in e-commerce encompasses 12 types of heterogeneous data sources, providing ample "fuel" for AI to enhance model accuracy [3] Group 2 - The current trend shows that most AI-enabled business units are not only reducing costs but also experiencing a dual inflection point of rising revenue and declining costs [4] - E-commerce companies are leveraging AI for process automation, significantly optimizing labor structures, as seen with Liren Lizhuang's virtual live streaming covering 40% of its duration, achieving peak GMV of 5 million yuan [4] - AI is being innovatively applied in demand forecasting and inventory optimization, allowing e-commerce businesses to transition towards a "light asset operation" model [4]

Core Insights - The enthusiasm for share buybacks and increases in holdings among A-share listed companies and their major shareholders remains strong since 2025, with significant amounts being repurchased and increased [1][2][3] Group 1: Share Buybacks - As of October 15, 2023, several listed brokerages, including Dongfang Securities and Xibu Securities, have repurchased shares totaling over 2.3 billion yuan, a significant increase compared to the previous year [1][2] - Hongta Securities has repurchased 221.69 million shares, accounting for 0.047% of its total share capital, with a total expenditure of approximately 20.01 million yuan [2] - Guotai Junan led the buyback efforts among brokerages, repurchasing 67.52 million shares for a total of 1.21 billion yuan, representing 0.383% of its total share capital [3] Group 2: Shareholder Increases - Major shareholders of listed brokerages are also increasing their holdings, with Huaneng Capital increasing its stake in Changcheng Securities by 6.37 million shares, amounting to approximately 50.17 million yuan [3][4] - Hubei Hongtai Group has increased its holdings in Tianfeng Securities by 179 million shares, representing 2.06% of the total share capital, with a total investment of 502 million yuan [4] Group 3: Investor Confidence and Value Management - Many brokerages are focusing on enhancing investor confidence through new annual action plans aimed at improving returns and establishing effective shareholder return mechanisms [5][6] - Longjiang Securities has outlined plans for value creation, maintenance, and communication to enhance its investment value and investor relations [6]

Market Overview - On October 15, the securities sector rose by 1.15%, with GF Securities leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Individual Stock Performance - GF Securities (000776) closed at 24.53, up 5.19% with a trading volume of 1.8543 million shares and a transaction value of 4.431 billion [1] - Other notable performers include: - Xinda Securities (601059) at 19.91, up 3.48% [1] - Huaxin Securities (600621) at 16.94, up 3.17% [1] - Guojin Securities (600109) at 10.52, up 3.14% [1] - CITIC Securities (600030) at 29.69, up 2.27% [1] Fund Flow Analysis - The securities sector saw a net inflow of 1.096 billion in main funds, while retail funds experienced a net outflow of 0.893 billion [2] - The main funds' net inflow for CITIC Securities (600030) was 488 million, while GF Securities (000776) saw a net inflow of 334 million [3] - Notable outflows included: - Guojin Securities (600109) with a net outflow of 105 million [3] - China Galaxy Securities (601881) with a net outflow of 696.57 million [3]

值得一提的是，证券ETF(159841)今日盘中获资金大举布局，全天净申购近1.3亿份。推升证券 ETF(159841)规模创新高，正式突破百亿元大关，高居深市同类产品第一！ 天弘基金 广告 买指数 选天弘 牛市旗手》2 ▶▶▶ 反弹健将 再创新高!深市最大的证券ETF规模突破 0 0 0 证券ETF 截至2025年10月15日收盘，证券ETF(159841)收涨0.97%，换手5.56%，成交5.49亿元。跟踪指数成分股 广发证券(000776)上涨5.19%，信达证券(601059)上涨3.48%，华鑫股份(600621)上涨3.17%，国金证券 (600109)，中信证券(600030)等个股跟涨。 证券ETF(159841)，对应场外联接基金（A：008590，C：008591）。 【热点事件】 据统计，2025年第三季度，证券市场多项指标呈现积极变化，日均成交额达2.11万亿元，同比增长 211%，环比增长67%；两融余额达2.39万亿元，同比上升66%。 为高质量做好"十五五"资本市场规划思路和举措谋划工作，日前，证监会召开专题座谈会。会上一致认 为，"十四五"时期，我国资本市场实现了量质齐升，特 ...

中经实习记者 孙小琴 记者 夏欣 北京报道 2025年以来，上市券商及其大股东回购、增持股份热情持续高涨。据Wind数据统计，截至10月14日， 已有包括东方证券、西部证券、国金证券在内的9家券商实施股份回购，累计回购金额超过23亿元（不 含交易费用）。与此同时，长城证券、天风证券大股东也于年内完成了新一轮增持，合计增持金额超过 5亿元。 （编辑：夏欣 审核：何莎莎 校对：张国刚） ...

文：国金宏观宋雪涛/联系人钟天 AI是否造成美国就业疲软成为过去一段时间关注的焦点。 一方面是因为进入2025年后美国非农新增就业明显放缓，且年轻人和高学历劳动力的就业表现持续较 差，这部分人群面对AI有更大脆弱性；另一方面是从更宏观的角度看，美国疫情后就业的修复速率拐点 与ChatGPT推出时点较为一致，近期陆续发布的学术论文也观察到AI对于资浅(Junior)职位的替代较 为明显。 | | 2019 年平均水平 | 2025 年 1-7 月平均水平 | 百分比绝对水平变动 | | --- | --- | --- | --- | | 整体失业率 | 3.67% | 4.18% | 0.51 | | 应届大学毕业生 | 3.25% | 4.59% | 1.34 | | 大学学位拥有者 | 2.04% | 2.42% | 0.38 | | 未受过高等教育的年轻人 | 5.91% | 6.38% | 0.47 | | 高技能劳动力密集型 | 3.56% | 4.58% | 1.02 | 基于此，我们认为有必要进一步理解AI与美国劳动力市场结构性变化的互相作用，既可以寻找美国就业 疲软的真正原因，也是探索AI技术在 ...

国金证券指出，市场交易热度回升，上证50、沪深300、科创50等指数的波动率均回升，其他主要宽基 指数则均回落。节后两融与个人ETF重新成为了市场的主要增量资金，而北上资金的反复可能阶段成为 市场交易层面的扰动，后续关注两融回补的持续性。 （文章来源：第一财经） ...

登录新浪财经APP 搜索【信披】查看更多考评等级 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 热点情报 1. 央行释放利好 为保持银行体系流动性充裕，2025年10月15日，中国人民银行将以固定数量、利率招标、多重价位中标方式开展6000亿元买断式逆回购操作，期限为6个 月（182天）。 解读： 有些读者看不懂央行的买断式逆回购，可以简单理解成 "央行给银行的一笔短期贷款"。平时银行要给企业放贷、帮老百姓处理转账，手里得有足够的 钱。 央行10月9日投放1.1万亿元，明天投放6000亿元，这个月到期1.3万亿元，等于净投放4000亿元。 东方金诚首席宏观分析师王青认为，这一方面有助于满足企业和居民的融资需求，助力政府债券发行；另一方面释放了数量型政策工具持续加力信号，显 示货币政策延续支持性立场，有助于稳定市场信心。 2. 华林证券上调证券融资保证金比例至100% 华林证券近日发布公告，宣布自10月13日起将沪深交易所标的证券的融资保证金比例统一上调至100%。华林证券成为继国金证券后第二家公开上调融资 保证金比例的券商。 融资保证金比例从行业普遍的80%提升至100%，意味着投 ...