Core Viewpoint - The continuous rise of the Shanghai Composite Index is expected to further catalyze the inflow of personal and institutional funds, indicating significant potential for residents' equity asset allocation, particularly in the non-bank financial sector, which is viewed positively for strategic allocation opportunities as the fundamentals improve [1] Group 1: Securities Industry - The average daily trading volume of stock funds reached 3.01 trillion yuan, a 21% increase week-on-week, with a cumulative average daily trading volume of 1.75 trillion yuan by August 22, representing a 90% year-on-year increase [2] - The China Securities Regulatory Commission (CSRC) has revised and officially implemented the "Securities Company Classification Evaluation Regulations," which aims to guide the industry towards more concentrated development and differentiated growth for small and medium-sized institutions [2] - Market trading activity continues to rise, with an expansion in margin financing and securities lending, as well as increased self-owned equity positions and robust overseas business, which are expected to lead to better-than-expected performance for securities firms [3] Group 2: Insurance Industry - According to a recent survey by the China Insurance Asset Management Association, insurance institutions have shown a significant rebound in confidence regarding the A-share and bond markets for the second half of 2025, with stocks being the preferred investment asset [4] - As of June 30, the balance of insurance funds reached 36.23 trillion yuan, an 8.9% increase from the beginning of the year, with a continued increase in equity and bond allocations while reducing bank deposits and non-standard investments [4] - The stable long-term interest rates and improved asset yield expectations are expected to enhance the return on equity (ROE) for insurance companies, leading to a potential recovery in price-to-book (PB) valuations, with recommendations for undervalued companies like China Pacific Insurance and Ping An Insurance [4] Group 3: Recommended Stocks - Recommended stocks include Guosen Securities, Dongfang Securities, China Pacific Insurance, Ping An Insurance, Jiangsu Jinzhong, Hong Kong Stock Exchange, and others [5] Group 4: Beneficiary Stocks - Beneficiary stocks include CICC, Tonghuashun, Jiufang Zhitu Holdings, and New China Life Insurance [6]

该基金股票持仓前十分别为：中国太保、上海银行、农业银行、杭州银行、江苏银行、南京银行、江苏 金租、福建高速、东吴证券、中金黄金。前十持仓占比合计40.19%。 来源：金融界 金融界2025年8月24日消息，华安国企改革主题灵活配置混合A(001445) 最新净值2.7230元，该基金近一 周收益率0.78%，近3个月收益率5.18%，今年来收益率-0.95%。 华安国企改革主题灵活配置混合A基金成立于2015年6月29日，基金经理关鹏，截至2025年6月30日，华 安国企改革主题灵活配置混合A规模3.55亿元。 ...

Core Viewpoint - The legal opinion letter confirms the legality and compliance of Jiangsu Financial Leasing Co., Ltd.'s stock incentive plan, specifically regarding the lifting of restrictions on shares held by Mr. Xian-Geng Xiong and the repurchase and cancellation of certain restricted stocks [1][10]. Group 1: Legal Compliance and Approvals - The company has obtained necessary approvals and authorizations for the implementation of the stock incentive plan, including independent opinions from the board and supervisory committee affirming the plan's benefits and compliance with regulations [4][5][10]. - The stock incentive plan has undergone required procedures, including various resolutions and independent assessments, ensuring it aligns with the relevant laws and company regulations [4][6][10]. Group 2: Details of Stock Incentive Plan - Mr. Xiong's restricted shares, totaling 504,000 shares, are set to have their restrictions lifted due to his retirement, meeting the conditions outlined in the incentive plan [10][11]. - The company plans to repurchase and cancel 513,332 shares of restricted stock from an individual who no longer qualifies as an incentive target due to termination [11][12]. Group 3: Financial Implications - The repurchase price for the restricted stocks is calculated at 1.57 yuan per share, based on adjustments for dividends and stock increases from 2019 to 2023 [12]. - The company has distributed dividends over the years, with the most recent being 3.2 yuan per 10 shares in 2023, reflecting a consistent profit-sharing strategy [12].

Core Points - The announcement details the unlocking and listing of restricted stock for Mr. Xian Gen Xiong, a key executive of Jiangsu Financial Leasing Co., Ltd, as part of the 2019 stock incentive plan [1][6][12] - A total of 504,000 shares will be listed for circulation on August 26, 2025, following the approval of the unlocking conditions [1][6][10] - The stock incentive plan was approved by the Jiangsu Provincial State-owned Assets Supervision and Administration Commission, and the relevant procedures have been followed [2][12][13] Summary by Sections Stock Incentive Plan Approval and Implementation - The 2019 stock incentive plan was approved by the 14th meeting of the Supervisory Board and received preliminary consent from the Jiangsu Provincial State-owned Assets Supervision and Administration Commission [1][2] - The plan included a public announcement of the incentive targets, which was conducted from December 25, 2019, to January 3, 2020, with no objections received [1][2] Unlocking Conditions and Procedures - The first unlocking of restricted stock for 146 incentive targets was approved, with a total of 29,159,956 shares granted at a price of RMB 3.89 per share on March 16, 2020 [2][5] - The unlocking conditions for Mr. Xiong were met due to his retirement and the successful completion of the economic responsibility audit [6][10] Stock Circulation and Capital Structure Changes - The unlocking of 504,000 shares will reduce the number of restricted shares from 2,431,332 to 1,927,332, while increasing the unrestricted shares from 5,789,948,431 to 5,790,452,431 [10][11] - The company will adhere to restrictions on the transfer of unlocked shares for six months post-unlocking [10][11] Supervisory and Legal Opinions - The Supervisory Board confirmed that the unlocking of Mr. Xiong's shares complies with relevant laws and regulations [10][12] - Legal opinions from Jiangsu Century Tongren Law Firm and Huatai United Securities confirmed that the procedures followed were in accordance with the Company Law and Securities Law [12][13]

证券代码：600901 证券简称：江苏金租 公告编号：2025-044 江苏金融租赁股份有限公司 关于 2019 年限制性股票股权激励计划 熊先根先生限售股份解锁暨上市公告 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、准确性和完整性依 法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上 市股数为504,000股。 本次股票上市流通总数为504,000股。 本次股票上市流通日期为2025 年 8 月 26 日。 一、股权激励计划限制性股票批准及实施情况 1、2019 年 12 月 20 日，公司第二届董事会第十五次会议和第二届 监事会第十四次会议审议通过了《江苏金融租赁股份有限公司 2019 年 限制性股票股权激励计划（草案）》及其他相关议案。 2、2020 年 1 月 22 日，公司公布了《关于 2019 年限制性股票股权 激励计划获江苏省国资委批复的提示性公告》。江苏省国资委原则同意 《江苏金融租赁股份有限公司 2019 年限制性股票股权激励计划（草 案）》。 9、2023 年 5 月 26 日，公司召开 202 ...

江 苏 世 纪 同 仁 律 师 事 务 所 关 于 江 苏 金 融 租 赁 股 份 有 限 公 司 2019 年 限 制 性 股 票 股 权 激 励 计 划 熊 先 根 先 生 限 售 股 份 解 除 限 售 、 回 购 注 销 部 分 限 制 性 股 票 相 关 事 项 的 法 律 意 见 书 苏同律证字2025第[ 062 ]号 南 京 市 建 邺 区 贤 坤 路 江 岛 智 立 方 C 座 4 层 邮 编 ： 2 1 0 0 1 9 电 话 ： + 8 6 2 5 - 8 3 3 0 4 4 8 0 传 真 ： + 8 6 2 5 - 8 3 3 2 9 3 3 5 江苏世纪同仁律师事务所 关于江苏金融租赁股份有限公司 为出具本法律意见书，本所特作以下声明： 1.本所及经办律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则（试行）》等规定及本法律意见书出具日 以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信 用原则，进行了充分的核查验证，保证本法律意见所认定的事实真实、准确、完 整，所发表的结论性意见合法、准确，不存在虚假记载、误导性陈述或 ...

Market Overview - The diversified financial sector rose by 0.02% on August 20, with Sichuan Shuangma leading the gains [1] - The Shanghai Composite Index closed at 3766.21, up 1.04%, while the Shenzhen Component Index closed at 11926.74, up 0.89% [1] Stock Performance - Sichuan Shuangma (000935) closed at 20.70, with a gain of 3.55% and a trading volume of 262,700 shares, amounting to a transaction value of 539 million [1] - Jiangsu Jinzu (600901) saw a closing price of 5.84, up 3.00%, with a trading volume of 777,600 shares, totaling 448 million [1] - ST Yalian (002316) closed at 6.26, increasing by 2.62%, with a trading volume of 159,200 shares, amounting to 98.21 million [1] - Other notable stocks include Zhongyou Capital (000617) at 9.88 (+1.65%) and *ST Rindong (002647) at 5.84 (+1.21%) [1] Capital Flow - The diversified financial sector experienced a net outflow of 1.79 billion from institutional investors, while retail investors saw a net inflow of 1.457 billion [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Sichuan Shuangma had a net inflow of 46.29 million from institutional investors, but a net outflow of 39.72 million from retail investors [3] - Jiangsu Jinzu experienced a net inflow of 35.16 million from institutional investors, with retail investors also withdrawing 19.20 million [3] - ST Yalian had a net inflow of 8.24 million from institutional investors, while retail investors withdrew 2.24 million [3]

| | | | + 1 : | | --- | --- | --- | --- | | 主要会计数据 | 本报告期 | 上年同期 | 本报告期比上年 | | | (1-6月) | | 同期增减(%) | | 营业收入 | 300,621.25 | 261.618.96 | 14.91 | | 归属于上市公司股东的净利润 | 156, 411. 91 | 143, 443. 34 | 9.04 | | 归属于上市公司股东的扣除非经常性 | 155, 112. 55 | 141. 402. 71 | 9.70 | | 损益的净利润 | | | | | 经营活动产生的现金流量净额 | -505.704.93 | 121.488.19 | -516.26 | | 投资活动产生的现金流量净额 | -1.679.12 | -71, 400. 38 | 不适用 | | 筹资活动产生的现金流量净额 | 230, 214. 12 | -107.686.60 | 不适用 | | | 本报告期末 | 上年度末 | 本报告期末比上 | | | | | 年度末增减(%) | | 归属于上市公司股东的净资产 | 2,413,081.14 ...

Macro Strategy - The core viewpoint is that the "innovation bull market" in 2025 is driven by a positive cycle of capital pricing and industrial implementation under policy guidance, with macro policies anchoring industrial direction and capital markets facilitating value discovery [1] - The market liquidity and valuation have improved, with A-share trading volume exceeding 2 trillion yuan, indicating a positive trading structure and sentiment cycle [1] - The initial phase of the "innovation bull" is likely to extend towards financial sectors and technology industries, particularly in robotics, computing power, and innovative pharmaceuticals [1] Economic Outlook - The report anticipates that China's export growth may continue to exceed market expectations due to the dual easing of U.S. fiscal and monetary policies, suggesting resilience in external demand [2] - The expectation of interest rate cuts by the Federal Reserve is highlighted, with predictions of two cuts in September and December, although there is caution regarding overly optimistic market pricing [2] Fixed Income Market - The fixed income market has shown a "desensitization" to fundamental data, with the yield on 10-year government bonds rising to 1.745% despite disappointing economic indicators [4] - The report notes that structural policy tools may replace total monetary policies as the main line of easing in the third quarter [4] Company Performance - 瑞芯微 (Rockchip) reported a significant revenue increase of 63.85% year-on-year in H1 2025, with a net profit growth of 190.61%, driven by strong performance in AIoT products [8] - 禾赛科技 (Hesai Technology) achieved a revenue increase of 53.9% year-on-year in Q2 2025, with a net profit growth of 161.2%, supported by strong demand for ADAS and robotics [9] - 道通科技 (Dautong Technology) reported a revenue increase of 27.3% year-on-year in H1 2025, driven by advancements in digital repair and energy solutions [10] Industry Trends - The report emphasizes the growth potential in the AI and robotics sectors, with companies like 禾赛科技 and 瑞芯微 leading in their respective fields [9][8] - The demand for 3D vision technology is highlighted as a key growth driver for 奥比中光 (Orbbec), with expected rapid revenue growth in the coming years [20] Investment Ratings - The report maintains a "buy" rating for several companies, including 瑞芯微, 禾赛科技, and 道通科技, based on their strong performance and growth prospects in innovative sectors [8][9][10]

Summary of Jiangsu Jinzu's Conference Call Company Overview - **Company**: Jiangsu Jinzu - **Period**: First half of 2025 - **Key Financials**: - Revenue: 808 million CNY, up 14.25% YoY [2][3] - Net Profit: 1.565 billion CNY, up 9.11% YoY [3] - Total Assets: 156.808 billion CNY, up 14.25% from the beginning of the year [3] - Non-performing Loan Rate: 0.91% [2][3] Core Points and Arguments Financial Performance - Revenue growth driven by a 15.73% increase in financing lease scale and a 25% increase in new investments [2][3] - The company maintained a non-performing loan rate of 0.91%, with a reasonable provision coverage despite a slight decline [2][3] Strategic Initiatives - **Asset Acquisition**: - Emphasis on early project reserves and partnerships, particularly with Nanjing Bank, to enhance asset acquisition [2][6] - New investments in emerging markets such as health, technology, and cultural tourism [2][6] - **Cost Control**: - New financing rates decreased to 2.46%, with RMB financing rates at 2.17%, reflecting a 38 basis point and 42 basis point decline respectively [2][6][7] - Long-term funding arrangements with insurance companies to stabilize the liability structure [7][14] - **Risk Management**: - Enhanced risk identification and control, particularly for mid-tier clients, with tailored solutions for strategic clients [2][6][10] - **Operational Efficiency**: - Strengthening retail business systems and increasing average contract amounts through technology [2][5][10] Market Dynamics - The company anticipates a slight recovery in direct leasing proportions in the second half of the year, projecting it to be slightly above 47% for the year [8][9] - Increased competition in direct leasing and strategic sectors, with pricing pressures noted in renewable energy and printing industries [13] Long-term Planning - The new chairman aims to enhance operational capabilities while maintaining the company's traditional strengths [12] - Focus on creating a competitive and specialized financial leasing company through strategic planning and capability enhancement [18] Additional Important Insights - The company has seen a significant increase in contract numbers, with over 43,000 new contracts, doubling from the previous year [2][3][8] - The average contract amount has decreased to 1.33 million CNY from over 1.5 million CNY due to increased volume in specific sectors like commercial vehicles and distributed photovoltaic projects [9] - The company is exploring new industries to mitigate pricing wars and maintain profitability [13] - Plans for a mid-term dividend are under consideration, with expectations for a high dividend payout ratio [19]