证券代码：600906 证券简称：财达证券 公告编号：2025-026 财达证券股份有限公司 本次业绩说明会以网络互动形式召开，公司将针对 2025 年半年度经营成果 及财务状况的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围内 就投资者普遍关注的问题进行回答。 关于召开 2025 年半年度业绩说明会的公告 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。 重要内容提示： （https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 问题征集方式：投资者可于 2025 年 8 月 27 日（星期三）至 9 月 2 日（星 期二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目，选中本次 活动进行提问，或通过财达证券股份有限公司（以下简称"公司"）投资者关系 邮箱 cdzqdbs@cdzq.com 向公司提问。公司将在 2025 年半年度业绩说明会上对投 资者普遍关注的问题进行重点回答。 公司将于 2025 年 8 月 29 日在上海证券交易所网站 http://www. ...

8月25日，一场聚焦医药产业创新与资本协同的高端对接会在华北制药（600812）举行。财达证券 （600906）党委书记、董事长张明携中国工程院院士团队与华北制药党委书记、董事长王立鑫等企业高 管围绕纳米新技术创新药合作、进一步推动医药产业创新与资本协同发展进行深入交流。 "我们致力于打造产业最友好的投资银行。"张明向记者阐述了财达证券的服务理念。 据介绍，该券商已为华北制药构建起包含市值管理、科创融资、股权协同、资本培育、市场开拓等五大 板块的"五位一体"服务体系。这种全链条、差异化、精准化的服务模式，正在河北省属企业中形成示范 效应。 在技术对接环节，医药院士团队带来的纳米新技术创新药方案引发关注。该技术实现了原材料进口替代 和工艺流程简化两大突破，与华北制药的转型升级需求高度契合。财达证券充分发挥桥梁作用，推动技 术入股、合作研发等多元合作模式落地。 张明表示，未来财达证券将进一步发挥投资银行功能，围绕"五大举措"全方位精准对接华北制药科技创 新、重大项目融资和市场开拓等方面金融需求，携手打造更加紧密的省属企业战略合作典范。一是持续 协助市值管理，充分发挥资本市场的价值发现和价值投资功能。二是充分把握资 ...

Group 1: Market Performance - The A-share market has shown significant growth, with the Shanghai Composite Index rising from around 3200 points at the beginning of the year to over 3700 points, marking a notable increase in investor sentiment and market attractiveness [1] - As of early August, the A-share financing balance exceeded 2 trillion yuan, reaching a 10-year high, with an increase of approximately 150 billion yuan this year [2][3] Group 2: Investor Engagement - The number of new A-share accounts opened in July 2025 reached 1.9636 million, a year-on-year increase of 70.54%, contributing to a total of 14.5613 million new accounts in the first seven months of 2025, up 36.88% year-on-year [2] - Monthly active users of securities apps reached 167 million in July 2025, reflecting a 3.36% increase from the previous month [2] Group 3: Corporate Actions - Nearly 70% of listed companies in Shanghai and Shenzhen have announced cash dividend plans for the year, totaling approximately 1.64 trillion yuan, indicating a trend towards quality improvement and shareholder returns [5] - BYD announced a record cash dividend of 39.74 yuan per 10 shares, totaling around 12.077 billion yuan, marking the largest dividend since its A-share listing in 2011 [4] Group 4: Mergers and Acquisitions - Since the implementation of policies like "Merger Six Articles," over 200 major asset restructurings have been disclosed in the A-share market, indicating increased activity and scale in the M&A sector [6] - The China Securities Regulatory Commission emphasizes the need to optimize mechanisms for mergers and acquisitions to better support technological and industrial innovation [6] Group 5: Brokerage Activity - Brokerages are experiencing increased activity due to the surge in investor accounts and trading volume, with customer service departments reporting a significant rise in inquiries [7] - Securities firms are enhancing their systems to manage the increased trading volume and are focusing on providing services to technology companies, particularly in response to policies supporting the Sci-Tech Innovation Board [8]

2024年1至12月份，财达证券的营业收入构成为：证券经纪业务占比37.24%，证券自营占比17.69%，资 产管理业务占比13.34%，投资银行业务占比11.24%，信用交易业务占比10.2%，总部及其他占比 6.16%。 （记者 胡玲） 每经头条（nbdtoutiao）——最火游资不再是方新侠、章盟主、佛山无影脚？这名95后声名鹊起！ 每经AI快讯，财达证券（SH 600906，收盘价：7.8元）8月20日晚间发布公告称，公司第四届第九次董 事会会议于2025年8月20日以通讯方式召开。会议审议了《关于提请董事会授权经理层决定财达稳达系 列参公大集合产品存续期届满后相关事宜的议案》等文件。 截至发稿，财达证券市值为253亿元。 ...

证券代码：600906 证券简称：财达证券 公告编号：2025-025 财达证券股份有限公司 第四届董事会第九次会议决议公告 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法律责任。 一、董事会会议召开情况 财达证券股份有限公司（以下简称"公司"）第四届董事会第九次会议（以下 简称"本次会议"）于 2025 年 8 月 20 日以通讯方式召开。本次会议通知和材料于 2025 年 8 月 15 日以电子邮件方式发出。本次会议应参加表决的董事 11 名，实际参 加表决的董事 11 名。本次会议的召开和表决情况符合《公司法》、《财达证券股份 有限公司章程》等有关规定。 二、董事会会议审议情况 （一）《关于提请董事会授权经理层决定财达稳达系列参公大集合产品存续期 届满后相关事宜的议案》 表决结果：11 票同意，0 票反对，0 票弃权，本议案获得通过。 同意授权公司经理层根据有关法律法规、监管规定，在授权范围内决定财达稳 达系列参公大集合产品存续期届满及后续相关工作，本授权自董事会审议通过之日起 至授权事项办理完毕之日止。 本议案已经董事会审计委 ...

Group 1 - The core point of the article is that Caida Securities Co., Ltd. has updated the status of its 6 billion yuan small public offering bond project to "accepted" as of August 20, 2025 [1] - The total amount of the bond issuance is not to exceed 6 billion yuan [1] - Out of the raised funds, 5 billion yuan will be used for repaying interest-bearing debts and supplementing working capital, while 1 billion yuan will support technology innovation [1] Group 2 - At least 700 million yuan (including 700 million yuan) of the funds allocated for technology innovation will be specifically used through equity, bonds, and fund investments [1] - The remaining funds will also be used to supplement working capital [1]

Core Viewpoint - The article emphasizes the importance of "trailing conditional orders" in stock trading, which helps investors avoid missing critical buying and selling points while reducing emotional decision-making [1]. Group 1: Trailing Buy Orders - Trailing buy orders are designed to help investors identify potential bottom points during a stock price decline, allowing for opportunistic buying [1]. - The process involves two phases: the first phase is the pre-tracking state, where a benchmark price is set. When the real-time stock price falls below this benchmark, tracking begins [1]. - A specific example illustrates that if an investor sets a benchmark price of 8 yuan with a tracking interval of 3%, the order will only trigger when the stock price rebounds by 3% after hitting a low [1]. Group 2: Trailing Sell Orders - Trailing sell orders assist investors in identifying potential peak points during a stock price increase, facilitating timely selling [1]. - Similar to buy orders, the sell orders also consist of two phases, starting with a pre-tracking state based on a benchmark price. Tracking begins when the real-time stock price exceeds this benchmark [1]. - The article notes that if the stock price initially exceeds the benchmark, it directly enters the pre-tracking state, and a sell order is triggered when the price retraces beyond a specified margin [1]. Group 3: Value of Trailing Conditional Orders - The essence of trailing conditional orders lies in freeing investors from constant monitoring, allowing them to focus on in-depth research of industries and companies [4]. - This tool aids in enhancing trading systems and risk management frameworks, as well as in grasping medium to long-term market trends and asset allocation strategies [4]. - A seasoned trader's perspective is shared, stating that the best tools do not replace thought but rather facilitate better execution of decisions made after careful consideration [4].

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Views - The brokerage sector has outperformed the market, with the PB valuation recovering to near the median level of the past decade [3][10] - The average daily trading volume in the market has surpassed 20 trillion yuan, indicating a recovery in market activity and potential for continued performance improvement in the brokerage industry [5][30] Market Review - During the week of August 11-15, the Shanghai Composite Index rose by 1.7%, the Shenzhen Component Index by 4.5%, the CSI 300 Index by 2.4%, and the ChiNext Index by 8.6% [10] - The non-bank financial index increased by 6.5%, ranking 3rd among 31 sectors, outperforming the CSI 300 Index by 4.1 percentage points [10] - The brokerage index rose by 8.2%, outperforming the CSI 300 Index by 5.8 percentage points, with a PB ratio of 1.53x [3][10] - The top five performing brokerages were Changcheng Securities (+36%), Bank of China Securities (+21.8%), Dongfang Caifu (+15.3%), Tianfeng Securities (+12.8%), and Dongwu Securities (+11.3%) [4][10] Industry Weekly Data Brokerage Business - The average daily stock trading volume reached 20,780 billion yuan, a 24.1% increase week-on-week, recovering to levels seen in early November 2024 [5][17] - New fund issuance for stock, mixed, and bond funds was 3.9 billion, 4.9 billion, and 1.2 billion units respectively, with year-on-year changes of +220%, +42%, and -48% for August [21] Investment Banking Business - Three companies conducted equity financing with a total scale of 1.7 billion yuan, a 34% decrease week-on-week [23] - Year-to-date, IPO financing has increased by 68%, and refinancing by 365%, with private placements up by 528% [23] Capital Intermediation Business - As of August 15, the margin trading balance reached 20,552 billion yuan, a 2.3% increase week-on-week, maintaining above 20 trillion yuan for two consecutive weeks [6][25] - The financing balance exceeded 20 trillion yuan, reaching 20,410 billion yuan, with a 1.4% increase [25] Investment Recommendations - With the recovery in market risk appetite and continuous growth in trading volume, the brokerage industry's performance is expected to improve in the third quarter [30] - The report suggests focusing on internet brokerages with strong beta attributes, such as Zhina Compass, as they are likely to attract incremental capital allocation [30]

Core Viewpoint - The A-share market has seen significant gains, with the Shanghai Composite Index reaching a nearly four-year high, and brokerage firms are increasing their dividend payouts, indicating a positive trend in shareholder returns [1][4][5]. Group 1: Dividend Trends - Many brokerage firms are doubling their dividend payouts for 2024 compared to 2023, with Huayin Securities' dividend scale reaching ten times that of 2023 [1][5]. - As of August 13, over ten companies have proposed mid-term dividend plans for 2025, a significant increase from only two and one in 2022 and 2023, respectively [1][8]. - The number of brokerages planning mid-term dividends has surged to 26 in 2024, with expectations for further increases in 2025 [1][8]. Group 2: Specific Brokerage Dividend Data - In terms of per-hand dividend payouts for 2024, GF Securities leads with 40 yuan, followed by China Merchants Securities and Huatai Securities at 37.7 yuan and 37 yuan, respectively [2][11]. - Huayin Securities has seen its total dividend scale for 2024 reach 1.08 billion yuan, a significant increase from 0.108 billion yuan in 2023 [5][6]. - Southwest Securities' 2024 dividend scale is over double that of 2023, reaching 5.65 billion yuan, with plans for three dividend distributions throughout the year [6][8]. Group 3: Dividend Payment Rates - Among brokerages with a payout ratio above 50%, Guolian Minsheng leads at 80.04%, followed by Hongta Securities and Southwest Securities at 63.59% and 61.76%, respectively [12][14]. - In contrast, major brokerages like China Merchants Securities and GF Securities maintain payout ratios around 30%, with some even below 20% [12][14]. Group 4: Future Dividend Planning - More than ten brokerages have established three-year shareholder return plans for 2024-2026, indicating a strategic focus on long-term shareholder value [9][10]. - The upcoming half-year reports, typically released in late August, are expected to coincide with the announcement of mid-term dividend plans, potentially increasing the number of brokerages disclosing such plans [9][10].

Core Insights - The report highlights the significant role of CFOs in listed companies, with the total salary scale for CFOs in A-shares reaching 4.27 billion yuan in 2024, averaging 814,800 yuan per year [1] - The average salary for CFOs in the brokerage industry is 1.32 million yuan, with Tang Jianjun from Caida Securities earning only 780,400 yuan, which is about 60% of the industry average [1][6] - The report emphasizes the need for Caida Securities to address Tang Jianjun's salary issue to retain talent and ensure the company's competitive stability [3][4] Salary Overview - The average salary for CFOs across A-share listed companies is 814,800 yuan, with a total of 4.27 billion yuan for the entire group [1] - In the brokerage sector, the average CFO salary is 1.32 million yuan, with notable variations among different firms [6] - Tang Jianjun's salary of 780,400 yuan is significantly lower than the average, raising concerns about talent retention and motivation [1][3] Individual Case Study - Tang Jianjun, born in June 1973, has extensive experience in finance, having held various positions in companies like Baoding Tianwei Group and Hebei Steel Group before joining Caida Securities in 2017 [2] - His current role includes being a board member and financial head at Caida Securities, as well as serving on several financial committees [2] - The report suggests that increasing his salary would not only recognize his contributions but also motivate him to continue performing effectively for the company [3][4]