Core Viewpoint - Huaxin Co., Ltd. experienced a decline in stock price, with a current trading price of 16.41 yuan per share and a market capitalization of 17.41 billion yuan, indicating a mixed performance in recent trading days [1] Financial Performance - As of June 30, 2025, Huaxin Co., Ltd. reported a net profit of 224 million yuan, representing a year-on-year growth of 48.68% [2] - The company achieved zero operating revenue for the first half of 2025 [2] Shareholder Information - The number of shareholders decreased by 0.79% to 65,200, while the average number of circulating shares per person increased by 0.80% to 16,272 shares [2] - Cumulative cash dividends since the A-share listing amount to 1.711 billion yuan, with 378 million yuan distributed over the past three years [3] Stock Trading Activity - On October 17, 2023, Huaxin Co., Ltd. saw a net outflow of 35.52 million yuan in principal funds, with significant selling pressure observed [1] - The stock has shown a slight increase of 0.05% year-to-date, but has declined by 1.80% over the past five trading days and 2.67% over the past 20 days [1] Business Segments - The company's revenue composition includes: Other businesses (44.80%), Brokerage services (39.48%), Investment banking (8.08%), Asset management (7.43%), Credit services (5.50%), and Futures business (3.33%) [1] Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable changes in their holdings [3]

Core Viewpoint - Xinjiang Qianhai United Fund has undergone a complete leadership change, with Shanghai Securities becoming the sole shareholder and Baillan Group as the actual controller [2][4]. Group 1: Shareholder and Management Changes - On October 15, Xinjiang Qianhai United Fund announced that Shanghai Securities has legally acquired 100% of the company's shares, making it the wholly-owned controlling shareholder, while Baillan Group has become the actual controller [4]. - The previous chairman, general manager, and legal representative of Xinjiang Qianhai United Fund have all resigned, with He Guoling appointed as the new general manager and acting chairman [4][6]. Group 2: New Management Profile - He Guoling has over 20 years of experience in the financial industry, having held various positions in banks, public funds, and securities asset management [5]. - Prior roles include positions at Luoyang Bank, Ping An Bank, Guohai Franklin Fund Management, and Huatai Baoxing Fund Management, culminating in her role as co-general manager of the asset management headquarters at Shanghai Securities before joining Xinjiang Qianhai United Fund [5]. Group 3: Industry Context - The tightening of public fund license applications has led many securities asset management firms to withdraw their applications and instead pursue the establishment or acquisition of existing fund companies [8][9]. - Shanghai Securities had previously considered establishing a separate asset management subsidiary to apply for a public fund license but ultimately opted for the full acquisition route [9]. - The current environment suggests that acquiring an existing fund company is a more straightforward path for medium to large securities firms looking to enter the public fund sector, despite the significant capital investment required [9].

Core Insights - The Securities ETF (159841) has reached a new high, surpassing 10 billion yuan in scale, making it the largest product of its kind in the Shenzhen market [2][3] - The ETF has seen significant capital inflow, with a net subscription of nearly 130 million shares in a single day, and a total of 670 million yuan in net inflow over the past four days [2][5] - The securities sector is characterized by strong beta attributes, closely linked to capital market performance, and is recommended for investors looking to capitalize on market opportunities [3][6] Market Performance - As of October 15, 2025, the Securities ETF (159841) closed up 0.97% with a turnover rate of 5.56% and a transaction volume of 549 million yuan [2] - Key stocks in the ETF, such as GF Securities and Citic Securities, have shown significant price increases, contributing to the overall performance of the ETF [2] Industry Trends - In Q3 2025, the securities market has shown positive trends, with average daily trading volume reaching 2.11 trillion yuan, a year-on-year increase of 211% [5] - The margin financing balance has also increased to 2.39 trillion yuan, up 66% year-on-year, indicating a growing interest in leveraged trading [5] Institutional Perspectives - Huatai Securities has reiterated the strategic allocation opportunities in the brokerage sector, citing multiple factors such as policy, funding, performance, and valuation [6] - The capital market is undergoing profound reforms, with a shift towards a new phase of co-development in investment and financing, leading to increased profitability for brokerage firms [6]

Core Viewpoint - Huaxin Co., Ltd. has shown a positive stock performance with a year-to-date increase of 2.12% and a market capitalization of 17.77 billion yuan as of October 15 [1] Financial Performance - For the first half of 2025, Huaxin Co., Ltd. reported a net profit of 224 million yuan, representing a year-on-year growth of 48.68% [2] - The company achieved zero operating revenue during the same period [2] Stock Market Activity - As of October 15, Huaxin's stock price was 16.75 yuan per share, with a trading volume of 191 million yuan and a turnover rate of 1.09% [1] - The stock has seen a net inflow of 9.24 million yuan from main funds, with significant buying activity from large orders [1] Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 0.79% to 65,200, while the average number of circulating shares per person increased by 0.80% to 16,272 shares [2] - The top ten circulating shareholders include significant institutional investors, with notable changes in holdings among various ETFs [3] Business Segments - Huaxin's main business revenue composition includes: Other businesses (44.80%), Brokerage services (39.48%), Investment banking (8.08%), Asset management (7.43%), Credit services (5.50%), and Futures business (3.33%) [1] Dividend Distribution - Since its A-share listing, Huaxin has distributed a total of 1.711 billion yuan in dividends, with 378 million yuan distributed over the past three years [3] Industry Classification - Huaxin Co., Ltd. is classified under the non-bank financial sector, specifically in the securities industry [1] - The company is associated with various concept sectors, including futures, state-owned enterprise reform, and equity transfer [1]

Group 1 - The company announced the convening of the second session of the sixth employee representative assembly on October 13, 2025 [2] - Due to work changes, Ms. Zhang Sufeng will no longer serve as the employee director of the company [2] - Mr. Wang Zhijian was elected as the employee director of the company's 11th board of directors [2]

Core Points - Huaxin Co., Ltd. announced a profit distribution plan for the first half of 2025, proposing a cash dividend of 0.039 yuan per share (tax included) for A-shares [2] - The record date for the dividend is set for October 20, 2025, with the ex-dividend date and cash dividend payment date both scheduled for October 21, 2025 [2]

（二）离任对公司的影响 证券代码：600621 证券简称：华鑫股份 编号：临 2025－037 上海华鑫股份有限公司 关于职工董事变更的公告 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、职工董事离任情况 | 姓名 | 离任 职务 | 离任时间 | 原定任期 | 离任原 | 是否继续在上市 公司及其控股子 | 具体职务（如适用） | 是否存在未 履行完毕的 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 到期日 | 因 | 公司任职 | | 公开承诺 | | 张溯枫 | 职工 | 2025 年 10 | 2026 年 5 | 工作变 | 是 | 上海华鑫股份有限 | 否 | | | 董事 | 月 13 日 | 月 15 日 | 动 | | 公司纪委副书记、 | | | | | | | | | 审计部总经理、纪 | | | | | | | | | 律检查室主任、董 | | | | | | | | | 事会办公室主任 | | （一）提前离任的基本情况 2 ...

证券代码：600621 证券简称：华鑫股份 公告编号：临 2025-036 上海华鑫股份有限公司 2025年半年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.039元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/10/20 | － | 2025/10/21 | 2025/10/21 | 差异化分红送转： 否 一、 通过分配方案的股东会届次和日期 上海华鑫股份有限公司（以下简称"公司"）于 2025 年 6 月 9 日召开了公司 2024 年年 度股东大会，会议审议通过了《公司关于 2025 年度中期分红安排的议案》，并授权公司董事 会制定与实施具体的 2025 年中期分红方案。公司于 2025 年 8 月 28 日召开的第十一届董事 会第二十次会议审议通过了《公司 2025 年半年度利润分配议案》。 二、 分配方案 ...

Group 1 - The company announced the election of Mr. Wang Zhijian as the employee director of the 11th Board of Directors due to the work change of Ms. Zhang Sufeng [1] - For the year 2024, the company's revenue composition is as follows: 91.85% from the securities industry, 7.64% from the futures industry, 0.33% from other businesses, and 0.18% from software [1] - The current market capitalization of the company is 17.6 billion yuan [1]

========= - The "券商金股业绩增强组合" (Broker Gold Stock Performance Enhanced Portfolio) aims to outperform the median of public funds by optimizing the broker gold stock pool[39] - The portfolio uses the偏股混合型基金指数 (Equity-biased Hybrid Fund Index) as its benchmark, with a 90% position last month[39] - The absolute return of the portfolio for the month (2050901-20250930) was -0.55%, with an excess return of -3.50% relative to the偏股混合型基金指数[42] - The absolute return for the year (20250102-20250930) was 33.26%, with an excess return of 1.19% relative to the偏股混合型基金指数[42] - The portfolio ranked in the 43.07% percentile among active equity funds this year (1494/3469)[42] - The annualized return of the portfolio from 2018.1.2 to 2025.6.30 was 19.34%, with an annualized excess return of 14.38% relative to the偏股混合型基金指数[44] - The portfolio consistently ranked in the top 30% of active equity funds each year from 2018 to 2025[44] - The portfolio's performance statistics for each year from 2018 to 2025 are detailed in Table 6[47] - The portfolio's historical performance is illustrated in Figure 12[46] =========