国金证券股份有限公司二〇二五年第一次临时股东会会议材料 二〇二五年第一次临时股东会 会议资料 二〇二五年十月 1 国金证券股份有限公司二〇二五年第一次临时股东会会议材料 二〇二五年第一次临时股东会文件目录 | 序号 | 文件内容 | | --- | --- | | 1 | 股东会议程 | | 2 | 股东会注意事项 | | 3 | 议案材料 | | 3-1 | 关于审议公司《二〇二五年半年度利润分配预案》的议案 | | 3-2 | 关于变更部分回购股份用途并注销的议案 | | 3-3 | 关于修订公司《会计师事务所选聘制度》的议案 | | 3-4 | 关于修订公司《募集资金管理制度》的议案 | | 3-5 | 关于修订公司《关联交易管理制度》的议案 | | 3-6 | 关于修订公司《独立董事制度》的议案 | | 3-7 | 关于审议 2024 年度公司内部董事、监事考评结果的议案 | | 24 | 议案表决办法 | 第 2页 国金证券股份有限公司二〇二五年第一次临时股东会会议材料 股东会议程 | 序号 | 议程 | | --- | --- | | 1 | 介绍出席现场会议的嘉宾、董事、监事、高级管理人员 | ...

证券代码：600109 证券简称：国金证券 公告编号：临 2025－77 国金证券股份有限公司 第十三届董事会第三次会议决议公告 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个别及连带责任。 国金证券股份有限公司第十三届董事会第三次会议于 2025 年 9 月 30 日在上海市浦东新区芳甸路 1088 号紫竹国际大厦 8 楼会议室召 开，会议通知于 2025 年 9 月 25 日以电话和电子邮件相结合的方式发 出。 会议应参加表决的董事十一人，实际表决的董事十一人。 会议由董事长冉云先生主持，会议符合《公司法》和《公司章程》 的有关规定。 经审议，与会董事形成如下决议： 一、审议通过《关于修订公司<董事会审计委员会工作细则>的议 案》 本议案提交董事会前已经公司董事会审计委员会审议通过。 表决结果：同意 11 票；弃权 0 票；反对 0 票。 二、审议通过《关于修订公司<募集资金管理制度>的议案》 本议案提交董事会前已经公司董事会审计委员会审议通过。 本议案尚需提交公司股东会审议。 表决结果：同意 11 票；弃权 0 票；反对 0 票 ...

智通财经APP获悉，国金证券发布研报称，极兔速递-W(01519)2025H1收入为54.99亿美元，同比增长 13.1%，归母净利润为0.86亿美元，同比增长213%，其中收入端中国区占比最高(57%)，利润端东南亚 区贡献最大(经调整EBIT占比120%)。该行预计2025-2027年公司归母净利润分别为3.05亿美元、5.25亿 美元、8.25亿美元。给予2026年25倍PE，目标价为11.37港币，首次覆盖给予"买入"评级。 报告中称，国内"反内卷"下单票价格有望企稳，资源投入助成本改善。2025H1中国区收入为31.37亿美 元，同比增长4.6%;包裹量为106亿件，同比增长20.0%。随着广东等地率先推动快递"反内卷"，行业单 票价格降幅有望缩窄。公司持续加码自建转运中心、干线车辆及自动化设备布局，与"通达系"成本差距 持续缩小至约0.1元，2025年有望进一步下降0.1元，有助于盈利进一步改善。 ...

Core Viewpoint - The report from Guojin Securities indicates that Jitu Express-W (01519) is expected to see significant revenue and profit growth in the first half of 2025, driven by improvements in operational efficiency and market conditions in China and Southeast Asia [1] Financial Performance - In H1 2025, Jitu Express is projected to generate revenue of $5.499 billion, representing a year-on-year increase of 13.1% [1] - The net profit attributable to the parent company is expected to be $86 million, showing a substantial year-on-year growth of 213% [1] - The revenue contribution from the China region is the highest at 57%, while the Southeast Asia region contributes the most to profits, with an adjusted EBIT contribution of 120% [1] Future Projections - The company’s net profit forecasts for 2025, 2026, and 2027 are $305 million, $525 million, and $825 million, respectively [1] - A target price of HKD 11.37 is set for 2026, based on a 25x PE ratio, with an initial "buy" rating assigned [1] Market Dynamics - The report highlights a stabilization in the average order price in China due to the "anti-involution" trend, which is expected to positively impact revenue [1] - In H1 2025, revenue from the China region is anticipated to be $3.137 billion, with a year-on-year growth of 4.6% and a package volume of 10.6 billion pieces, reflecting a 20.0% increase [1] - The industry is expected to see a narrowing of price declines due to initiatives in regions like Guangdong promoting the "anti-involution" approach [1] Operational Improvements - The company is investing in building its own transfer centers, trunk vehicles, and automation equipment, which is helping to reduce the cost gap with competitors in the "Tongda system" to approximately 0.1 yuan [1] - It is projected that this cost gap will further decrease by 0.1 yuan in 2025, contributing to improved profitability [1]

Group 1 - The second "Golden Unicorn Best Investment Advisor" selection has officially started, aiming to identify outstanding investment advisors in wealth management [1] - The competition includes various categories such as stock simulation trading, ETF simulation trading, public fund simulation allocation, and social service evaluation [1] - The weekly ranking data from September 22 to September 28 shows that Jin Xin from China Aviation Securities Fujian Branch achieved the highest weekly return of 19.5% in the stock simulation category [1][2] Group 2 - In the stock simulation trading group, the top three advisors are Jin Xin (19.5%), Zhang Hong (13.52%), and Wang Tan (13.41%) [2] - The ETF simulation trading group saw Zhang Yefeng from Guotai Haitong Securities achieve a weekly return of 9.16%, followed by Li Ting (6.66%) and Fan Chunqing (6.58%) [3] - In the public fund simulation allocation group, the top advisor is Ma Kengcheng from Changcheng Securities with a weekly return of 8.39%, followed by Jiang Wenjie (8.23%) and Zhang Yefeng (6.81%) [5]

Group 1: Federal Reserve's Rate Cut Impact - The Federal Reserve's recent rate cut is expected to benefit Chinese companies' profitability through three main channels: increased U.S. market demand, reduced domestic financing costs, and lower overseas debt costs for Chinese enterprises, particularly in high-leverage sectors like real estate and infrastructure [1] - The Fed's "preventive rate cuts" historically lead to economic stabilization and improved stock market performance, suggesting a potential for renewed global demand expansion [3] Group 2: Economic Data and Market Sentiment - China's August economic data shows a downward trend influenced by "anti-involution" factors, but there are positive signs such as a rebound in PPI and strong performance in high-value exports [4] - The shift in China's economic model from strong supply-driven growth to a combination of supply clearing and recovering overseas demand indicates a potential recovery in corporate profitability [4] Group 3: Sector-Specific Opportunities - In the construction materials sector, the rate cut is expected to favor overseas expansion, particularly in regions like Africa and Southeast Asia, where Chinese industries can leverage their advantages [6][7] - The engineering machinery sector is anticipated to see a resurgence in global demand, especially in North America and Europe, driven by infrastructure policies and a recovery in construction activities [8][9] - The pharmaceutical sector stands to gain from lower financing costs, encouraging increased R&D investment and new drug development, which could lead to more orders for contract research organizations [10] - The petrochemical sector may benefit from macroeconomic rate cuts that could stabilize prices, despite ongoing geopolitical tensions affecting supply [11] - The metals sector is likely to experience price increases for industrial metals due to expectations of continued rate cuts, with specific optimism for aluminum and copper markets [12]

Core Viewpoint - The report from Guojin Securities highlights the positive outlook for the engineering machinery sector, driven by the resonance of domestic and international sales, leading to growth in scale, profit release, and improved operational quality [1][2]. Domestic Market Performance - In the first half of 2025, domestic sales of earthmoving machinery remained strong, with notable recovery in non-earthmoving sectors such as cranes. The revenue growth rates for major manufacturers were as follows: Sany Heavy Industry at 21.4%, Liugong at 15.7%, XCMG at 5.5%, and Zoomlion at -11.6% [1][2]. - The gross profit margins of leading manufacturers in the domestic market were 5%-10% lower compared to the peak in 2020, but there is potential for increased performance as non-earthmoving sales rise [1]. International Market Dynamics - The overseas market remains a critical area for profit release for major manufacturers, with gross profit margins significantly higher than those in the domestic market. The margin differences for Sany, XCMG, Zoomlion, and Liugong were 9.1%, 3.7%, 7.3%, and 13.9% respectively [1][2]. Global Demand Recovery - The engineering machinery sector is expected to benefit from a global demand recovery, with a projected increase in excavator replacement demand from 79,000 units in 2023 to 249,000 units by 2027. The demand for non-earthmoving machinery is also anticipated to rise as it begins to recover from a lag behind excavator sales [3]. - Major infrastructure projects, such as the Yajiang Hydropower Station and rural road reconstruction, are expected to boost demand for various types of engineering machinery [3]. Interest Rate Impact on Overseas Demand - The report suggests that the current interest rate reduction cycle will support a recovery in overseas engineering machinery demand. In North America, demand is expected to release in 2025, while in Europe, there are signs of growth in excavator exports [4]. - Emerging markets are also projected to maintain high demand due to economic growth, urbanization, and mining activities, particularly in regions like Southeast Asia and the Middle East [4].

Core Viewpoint - The consumer-grade 3D printing market is experiencing rapid growth, driven by "price reduction + AI empowerment" [1][2] Market Size - The global consumer-grade 3D printing market size is projected to grow from $1.5 billion in 2020 to $4.1 billion by 2024, with a compound annual growth rate (CAGR) of approximately 28% [1] - From 2025 to 2029, the market size is expected to increase from $4.9 billion to $16.9 billion, with a CAGR of about 33% [1] - The annual shipment of consumer-grade printers is expected to remain around 3 million units from 2020 to 2023, surpassing 4 million units in 2024, with a CAGR of approximately 10.2% [1] - By 2029, shipments are projected to reach 13.4 million units, with a CAGR of about 26.6% from 2024 to 2029 [1] Competitive Landscape - Four Shenzhen companies, including Creality and Tiertime, hold a combined 90% market share in the entry-level 3D printer segment [2] - The entry-level 3D printer market (priced ≤ $2,500) is the only segment expected to see growth in 2024, with a shipment increase of 26% [2] Catalysts - The price of consumer-grade 3D printers has decreased by 60% compared to three years ago, with mainstream brands focusing on products priced between $200 to $300 [2] - Some entry-level products are priced below $1000, making them comparable to mid-range smartphones, facilitating the rapid adoption of consumer-grade 3D printers [2] - AI tools, exemplified by Hitem3D, have significantly lowered the creative barrier, providing software conditions for the popularization of consumer-grade 3D printing [2] Material Demand - PLA is the most common material in 3D printing, made from corn starch or sugarcane, known for its eco-friendliness and non-toxicity [3] - The domestic demand for PLA is expected to reach 120,000 tons in 2024, a year-on-year increase of 48.1%, with 3D printing accounting for approximately 35% of this demand [3] - PLA's cost-effectiveness and high frequency of repurchase make it well-positioned to benefit from the growth in consumer-grade 3D printing demand [3]

Group 1 - The core viewpoint is that global demand for construction machinery is expected to decline by 3% in 2023 and 5% in 2024 according to Guojin Securities based on Komatsu's financial report [1] - Overseas demand has been declining for two and a half years as of June this year, indicating that inventory destocking is nearing its end [1] - There is optimism regarding a recovery in overseas demand driven by a resurgence in demand from Europe and the United States amid a rate-cutting cycle [1]

Group 1 - Goldman Sachs maintains an overweight view on China, indicating that the A-share market does not show signs of overheating [1] - The sentiment indicator for Chinese retail investors suggests that there is room for further improvement in investor sentiment if economic fundamentals continue to improve [1] - Guotai Junan Securities believes that contrary to market perceptions, a recovery in China's earnings fundamentals may be in the making, with opportunities arising from the recent interest rate cuts [1] Group 2 - Guotai Junan Securities highlights that the current preventive interest rate cuts could benefit export-oriented companies, which can avoid domestic price pressures while capitalizing on increased demand from overseas markets [4] - The firm anticipates that the realization of fundamental improvements will be a key driver for market upward movement, supported by historical experiences and the Federal Reserve's economic forecasts [4] - Positive factors are emerging in the domestic market, including a reduction in the drag from PPI and CPI tail effects, as well as inventory replenishment behaviors among domestic companies, reminiscent of the experiences from 2006 to 2007 [4]