Core Points - Hu Zhikui, the secretary of the board of directors of Huaxin Co., has resigned due to reaching retirement age [2] - The board of directors approved the appointment of Zhang Sufeng as the new secretary of the board during the 23rd meeting of the 11th board of directors held on November 5, 2025 [2] Company Changes - Hu Zhikui will not hold any position in the company or its subsidiaries after his resignation [2] - The decision to appoint Zhang Sufeng was made through a communication vote [2]

证券代码：600621 证券简称：华鑫股份 编号：临 2025－040 （二）离任对公司的影响 上海华鑫股份有限公司（以下简称"公司"）董事会秘书胡之奎先生因到龄 退休，提请辞任公司董事会秘书职务。离任后，胡之奎先生不在公司及其控股子 公司任职。胡之奎先生将按照公司离职管理制度做好交接工作，其离任不会影响 公司相关工作的正常进行。 公司董事会对胡之奎先生任职期间对公司作出的贡献表示感谢。 上海华鑫股份有限公司 关于高级管理人员变更的公告 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。 一、高级管理人员离任情况 （一）提前离任的基本情况 | 姓名 | | 离任职 务 | | 离任时间 | | | 原定任期到期日 | | | | 离任 原因 | 是否继续在上 市公司及其控 | 具体职 务（如 | 是否存在未 履行完毕的 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | ...

Core Insights - The futures concept sector experienced a decline of 0.36% on October 28, with the leading drop from Wuchan Zhongda [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Sector Performance - Notable gainers in the futures concept sector included: - Ruida Futures (002961) with a closing price of 24.29, up 5.75%, and a trading volume of 354,300 shares, totaling 861 million yuan [1] - Xiamen Guomao (600755) closed at 6.81, up 5.26%, with a trading volume of 1,649,200 shares, totaling 1.117 billion yuan [1] - Yuanda Environmental (600292) closed at 12.83, up 3.05%, with a trading volume of 301,900 shares, totaling 389 million yuan [1] - Major decliners included: - Wuchan Zhongda (600704) closed at 5.88, down 4.70%, with a trading volume of 2,257,700 shares, totaling 1.336 billion yuan [2] - Zhongjin Lingnan (000060) closed at 5.50, down 3.51%, with a trading volume of 1,289,500 shares, totaling 716 million yuan [2] - Zhongke Jincai (002657) closed at 30.78, down 2.75%, with a trading volume of 295,100 shares, totaling 903 million yuan [2] Capital Flow - The futures concept sector saw a net outflow of 705 million yuan from main funds, while retail funds experienced a net inflow of 296 million yuan [2][3] - Notable capital flows included: - Ruida Futures had a main fund net inflow of 150 million yuan, but retail funds saw a net outflow of 91.24 million yuan [3] - Yong'an Futures (600927) had a main fund net inflow of 43.91 million yuan, with retail funds experiencing a net outflow of 22.76 million yuan [3] - Yuanda Environmental had a main fund net inflow of 37.84 million yuan, with retail funds seeing a net outflow of 26.08 million yuan [3]

Investment Rating - The report assigns an "Overweight" rating to the non-bank financial industry, indicating that it is expected to outperform the CSI 300 index by at least 10% over the next six months [34]. Core Insights - The non-bank financial index rose by 2% last week, outperforming the CSI 300 index by 1.2 percentage points. The brokerage and insurance indices also saw increases of 2.1% and 1.8%, respectively, indicating a synchronized upward trend in these sectors [3][8]. - The report highlights the rapid growth in third-quarter earnings for brokerages, driven by a market recovery. Major brokerages like CITIC Securities and Huaxin Securities reported year-on-year profit increases of 37.9% and 66.4%, respectively, with a significant rise in average daily A-share trading volume [4][8]. - The upcoming Financial Street Forum is expected to provide policy-driven catalysts that could further enhance market activity and valuations in the brokerage sector [4]. Market Data Tracking - The average daily trading volume for stock funds was 23,307 billion yuan, a decrease of 16.2% from the previous week. The margin trading balance increased by 1.1% to 2.46 trillion yuan, while the stock pledge market value rose by 2.1% to 2.99 trillion yuan [16][22]. - The report notes that the insurance sector is also experiencing strong earnings growth, with major insurers like China Life and New China Life projecting profit increases of 50%-70% and 45%-65%, respectively, for the first three quarters of 2025 [4][14]. Industry News - The China Securities Regulatory Commission (CSRC) emphasized the importance of enhancing the resilience and risk management capabilities of the capital market during a recent meeting. This includes improving the inclusiveness and adaptability of market regulations and promoting deeper capital market openness [32]. - The report mentions that the new regulatory framework aims to support high-quality development in the financial sector, focusing on risk prevention and regulatory compliance [32].

Core Viewpoint - The A-share market has seen a significant rise in brokerage stocks, with notable increases in shares of Dongxing Securities, Xiangcai Securities, and Huatai Securities [1] Group 1: Stock Performance - Dongxing Securities experienced a rise of 6.19%, with a total market capitalization of 41 billion and a year-to-date increase of 16.97% [2] - Xiangcai Securities saw an increase of 5.95%, with a market cap of 37.7 billion and a year-to-date rise of 82.92% [2] - Huatai Securities rose by 2.20%, boasting a market capitalization of 201.1 billion and a year-to-date increase of 28.85% [2] Group 2: Other Brokerage Stocks - Guoyuan Securities increased by 1.74%, with a market cap of 40.9 billion and a year-to-date rise of 14.49% [2] - Industrial Securities rose by 1.68%, with a market capitalization of 57.4 billion and a year-to-date increase of 7.81% [2] - GF Securities saw a rise of 1.66%, with a market cap of 177.5 billion and a year-to-date increase of 48.01% [2] - China Galaxy Securities increased by 1.12%, with a market capitalization of 197.4 billion and a year-to-date rise of 19.89% [2]

Group 1: Financial Events and Policies - The 2025 Financial Street Forum Annual Meeting is taking place from October 27 to 30 in Beijing, with key speeches from the Governor of the People's Bank of China, the head of the Financial Regulatory Administration, and the Chairman of the China Securities Regulatory Commission [2][3] - The People's Bank of China will conduct a 900 billion yuan Medium-term Lending Facility (MLF) operation on October 27, with a one-year term [3][5] - The State Council's report on financial work emphasizes the need for a moderately loose monetary policy to support the real economy and create a favorable financial environment [3] Group 2: Company Earnings Reports - WuXi AppTec reported a net profit of 12.076 billion yuan for the first three quarters, a year-on-year increase of 84.84% [4] - Cambridge Technology's net profit for the first three quarters increased by 70.88% year-on-year [5] - Weicai Technology achieved a net profit of 202 million yuan for the first three quarters, marking a 226.41% year-on-year growth [5] - Guosheng Financial Holdings reported a net profit of 242 million yuan for the first three quarters, up 191.21% year-on-year [6] - Shen Shen Fang A's net profit surged by 2791.57% year-on-year for the first three quarters, reaching 14.5 million yuan [6] - Several companies, including Morning Light Biotechnology and Wen Tai Technology, reported significant year-on-year profit increases of 385.3% and 265.09%, respectively [6][12] Group 3: Company Losses and Declines - Jing Sheng Machinery reported a net profit decline of 69.56% for the first three quarters [9] - China Shenhua's net profit decreased by 10% year-on-year, amounting to 39.052 billion yuan [8] - Health Yuan and Ping An Bank experienced net profit declines of 1.83% and 3.5%, respectively, for the first three quarters [8]

Core Points - The company ensures the authenticity, accuracy, and completeness of the quarterly report, with all board members and senior management bearing legal responsibility for the content [2][3] - The financial statements for the third quarter are not audited, indicating that the figures presented are preliminary [3][8] - The company has changed its financial reporting format from general enterprise to financial enterprise due to actual business operations, necessitating adjustments to the financial data for the same period in 2024 [4] Financial Data - The report includes major accounting data and financial indicators, but specific figures are not provided in the excerpts [3][8] - Non-recurring gains and losses are applicable, and the company has identified significant items that are considered non-recurring, although details are not specified [5] - The company has completed the deregistration of its wholly-owned subsidiary, Shanghai Quanchuang Information Technology Co., Ltd., and integrated its team into Huaxin Securities [7] Shareholder Information - The report includes information on the total number of ordinary shareholders and the top ten shareholders, but specific details are not provided in the excerpts [7] - There are no changes reported in the share lending situation of major shareholders compared to the previous period [7]

Core Insights - The company reported a significant increase in revenue and net profit for the third quarter of 2025, indicating strong financial performance [1] Financial Performance - The company achieved a revenue of 849,506,735.55 yuan in the third quarter, representing a year-on-year growth of 53.35% [1] - The net profit attributable to shareholders was 281,415,578.17 yuan, showing a year-on-year increase of 83.77% [1]

Core Viewpoint - Huaxin Co., Ltd. reported significant growth in its third-quarter financial results, indicating strong operational performance and profitability [1] Financial Performance - The company achieved a revenue of 850 million yuan in the third quarter, representing a year-on-year increase of 53.35% [1] - The net profit attributable to shareholders reached 281 million yuan, marking an 83.77% year-on-year growth [1] - The net profit excluding non-recurring gains and losses was 280 million yuan, reflecting an 83.29% increase compared to the previous year [1] - Basic earnings per share stood at 0.27 yuan [1]

Core Viewpoint - Huaxin Co., Ltd. (600621.SH) reported a significant increase in revenue and net profit for the first three quarters of 2025, indicating strong financial performance and growth potential [1] Financial Performance - The company's operating revenue for the first three quarters reached 2.02 billion yuan, representing a year-on-year growth of 36.25% [1] - The net profit attributable to shareholders was 506 million yuan, showing a year-on-year increase of 66.36% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 488 million yuan, reflecting a year-on-year growth of 61.79% [1] - Basic earnings per share stood at 0.48 yuan [1]