本报记者 张晓玉 "深化产融结合不仅是落实长江三角洲区域一体化发展战略的重要举措，更是践行金融服务实体经济本 质要求、破解'产业升级缺资本、科技创新缺支撑'现实瓶颈的关键路径。"财达证券党委书记、董事长 张明近日在接受《证券日报》记者专访时表示。 当前，江苏正处于高质量发展的关键时期，作为长三角经济重要组成部分，这里正积极推进新型工业化 与新质生产力发展，在先进制造业集群培育、产业链韧性提升等领域迎来多重机遇。面对新时代赋予的 使命，财达证券作为国有上市金融机构，正在积极探索产融结合的新模式，为长三角一体化发展注入金 融活水。 深耕长三角 以实体化布局强化赋能思维 长三角地区是我国经济发展最活跃、开放程度最高、创新能力最强的区域之一。近年来，随着长江三角 洲区域一体化发展战略的深入推进，区域协调发展新格局正在加速形成。 此外，张明还表示，财达证券将依托财达研究院、城投之家、中国城投50人论坛等专业平台，持续深化 对产业集群培育、国企投融资机制等重点领域的研究与服务能力建设，促进产学研用深度融合与生产要 素高效共享，为精准服务提供决策支撑。 三大维度发力 服务区域经济高质量发展 面对新形势新任务，财达证券已经明 ...

Core Viewpoint - The integration of industry and finance is crucial for implementing the Yangtze River Delta regional integration development strategy and addressing the capital shortage in industrial upgrading and technological innovation [1][2]. Group 1: Industry and Economic Development - The Yangtze River Delta region is recognized as one of the most active and innovative economic areas in China, with a focus on new industrialization and the development of new productivity [2]. - Financial institutions are expected to act not only as "blood suppliers" but also as "empowerers" to facilitate the deep integration of industrial chains, innovation chains, capital chains, and talent chains [2][4]. Group 2: Financial Services Strategy - The company aims to enhance cooperation with governments, enterprises, and other financial institutions to build a more comprehensive financial service ecosystem [4]. - The company plans to increase technological investments to improve service efficiency and risk management capabilities [4]. Group 3: Service Models - The company is developing a "full-chain service" model to support enterprises throughout their lifecycle, from startup to maturity, providing various financial services tailored to each stage [4][5]. - A "differentiated service" strategy is being implemented to address the diverse needs of different industries, focusing on supporting traditional industries in their transformation and emerging industries in their growth [5][6]. - The company emphasizes "customized services" for technology innovation enterprises, addressing their unique financing challenges through innovative service models such as intellectual property pledges and equity incentive designs [6].

Group 1 - The board of directors of Caida Securities held its 12th meeting of the 4th session on October 24, 2025, via communication, with all 10 directors participating in the voting [2] - The meeting approved the proposal regarding the 3rd quarter report of the public asset management plan for 2025, with a unanimous vote of 10 in favor and no votes against or abstentions [2] - The proposal for the reports of the "Caida Securities Stable Three-Month Rolling Bond Type Collective Asset Management Plan" and the "Caida Securities Stable Short-Duration Bond Type Collective Asset Management Plan" for the 3rd quarter of 2025 was also approved [2][3] Group 2 - The announcement confirms that the content is accurate and complete, with the board taking legal responsibility for its authenticity [1][4] - The meeting and voting procedures complied with the relevant regulations of the Company Law and the articles of association of Caida Securities [2]

二、董事会会议审议情况 证券代码：600906 证券简称：财达证券 公告编号：2025-041 财达证券股份有限公司 第四届董事会第十二次会议决议公告 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"）第四届董事会第十二次会议（以 下简称"本次会议"）于 2025 年 10 月 24 日以通讯方式召开。本次会议通知和材料 于 2025 年 10 月 17 日以电子邮件方式发出。本次会议应参加表决的董事 10 名，实 际参加表决的董事 10 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。 （一）《关于审议<财达证券股份有限公司公募资产管理计划 2025 年第 3 季度 报告>的议案》 表决结果：10 票同意，0 票反对，0 票弃权，本议案获得通过。 同意《财达证券稳达三个月滚动持有债券型集合资产管理计划 2025 年第 3 季度 报告》和《财达证券稳达中短债债券型集合资产管理计划 2025 年第 3 季度报告》。 本议案已经董事 ...

Core Insights - As of October 23, 16 listed brokerages have announced mid-year cash dividends totaling approximately 8 billion yuan, providing investors with a "mid-term red envelope" [1][2] - There is a significant disparity in dividend amounts among brokerages, with Guotai Junan leading with over 2.6 billion yuan in cash dividends and a dividend rate of 16.8%, while some smaller firms reported dividends below 100 million yuan [2][3] - The differences in dividend payouts reflect structural changes in the capital market, with leading brokerages benefiting from strong capital, diversified businesses, and stable governance [3] Dividend Analysis - The total cash dividends announced by brokerages reached 79.74 billion yuan, with Guotai Junan, China Merchants Securities, and Dongfang Securities being the top three in terms of total dividends [2] - Smaller brokerages like Zhongyuan Securities and First Capital have lower total dividends and dividend rates, indicating a disparity in profitability and capital [2][3] - A healthy dividend rate is generally considered to be above 30%, while rates exceeding 50% may strain cash flow [3] Investment Considerations - The brokerage sector shows significant internal differentiation, providing various investment perspectives [4] - The A-share market has seen a rise in brokerage stocks, with the brokerage index increasing by approximately 29% from April 8 to October 23 [4] - Investors should focus on market conditions, trading volumes, and other performance indicators rather than solely on dividend data [5] Financial Performance - All 42 listed brokerages reported positive growth in net profit for the first half of the year, with 37 experiencing revenue growth year-on-year [5] - Key drivers of performance include a 44% increase in brokerage income and a 54% increase in proprietary trading income [5] Balancing Dividends and Growth - Brokerages must maintain sufficient cash flow to meet dividend demands while ensuring funds for development [6] - Strategies may include flexible dividend policies based on business maturity and expansion, as well as adopting international models for dividends and share buybacks [6] - Enhancing financial transparency and strategic clarity is crucial for attracting long-term investors and achieving sustainable growth [6]

为深入贯彻中央金融工作会议精神，全面落实党中央、国务院关于金融服务实体经济、防范化解金融风 险的决策部署，2025年10月23日，2025江苏产融结合研讨会在南京成功举办。南京市江宁区委副书记、 区长黄成文、财达证券党委书记、董事长张明，中国民生银行南京分行党委书记、行长康文哲出席开幕 式并致辞。 本次研讨会立足国家大力推进金融供给侧结构性改革、引导资本投向战略性新兴产业的时代背景，聚焦 产融协同新机制，旨在凝聚智慧、汇聚合力，共同探寻区域经济高质量发展之路。 财达证券党委书记、董事长张明在致辞中表示，当前江苏正处于高质量发展的关键时期，深化产融结合 不仅是落实"长江三角洲区域一体化发展"国家战略的重要举措，更是践行金融服务实体经济本质要求、 破解"产业升级缺资本、科技创新缺支撑"现实瓶颈的关键路径。作为国有上市金融机构，财达证券积极 贯彻落实国家关于提高直接融资比重的政策导向，致力于发挥连接产业与资本、创新与市场的桥梁作 用，推动产业链、创新链、资金链与人才链的深度融合。未来，公司将重点从以"全链条服务"助力产业 生态构建、以"差异化服务"推动产业转型升级、以"定制化服务"赋能科技创新突破三方面发力，把金融 ...

Core Viewpoint - The Jiangsu integration of industry and finance seminar highlighted the importance of deepening the integration of industry and finance for high-quality development in Jiangsu province [1] Group 1: Company Initiatives - Caida Securities emphasizes its commitment to integrity, compliance, professionalism, and stability in its operations as a state-owned listed financial institution [1] - The company plans to enhance financial services through a "full-chain service" approach to support the construction of industrial ecosystems [1] - Caida Securities aims to leverage its research institute and various professional platforms to strengthen its research and service capabilities in key areas such as industrial cluster cultivation and state-owned enterprise financing mechanisms [1] Group 2: Event Overview - The seminar was co-hosted by the Jiangning District People's Government, Jiangning Economic and Technological Development Zone Management Committee, Caida Securities, and China Minsheng Bank Nanjing Branch [1] - Participants included representatives from local governments, financial regulatory bodies, state-owned enterprises, listed companies, and financial institutions [1]

Group 1 - The three major indices opened lower, with the CSI All Share Securities Companies Index down 0.76% as of the report time, while individual stocks like Zhongyuan Securities rose over 1% and Guosen Securities, Tianfeng Securities fell over 3% [1] - The Broker ETF (159842) also saw a decline of 0.68%, with a trading volume exceeding 15 million yuan and a premium rate of 0.05%, indicating frequent premium trading at the beginning of the session [1] - In terms of capital flow, the Broker ETF (159842) recorded net inflows for 9 out of the last 10 trading days, accumulating over 1.1 billion yuan [1] Group 2 - Several securities firms are distributing a new round of mid-term dividends, with Huaxin Securities announcing a total dividend of 41.3751 million yuan on October 21 [1] - From October 22 to 28, eight securities firms including GF Securities and Dongfang Securities are set to distribute a total of 5.2 billion yuan in mid-term dividends, contributing to a total of over 18 billion yuan in mid-term dividends planned by 29 securities firms this year [1] - According to Founder Securities, the recovery trend of the brokerage sector's fundamentals is clear in a high trading environment, with a divergence between performance growth and valuation, indicating ample room for valuation adjustments [2]

Core Insights - The performance of brokerage asset management products in the first three quarters of 2025 shows an average return of approximately 6.11% and a median return of 2.25% across 2669 products [1] - The most numerous category is bond-type products, with 1913 products yielding an average return of 2.51%, while stock-type products, though fewer in number (32), achieved an impressive average return of 23.30% due to strong A-share market performance [1] Summary by Category Stock-type Products - The top three stock-type asset management products for the first three quarters are: 1. CITIC Securities' "CITIC Securities Zhisheng 500 Index Enhanced No. 1" 2. Huabao's "Huahong No. 1" 3. Caida's "Caida Growth No. 6" [2][3] - The leading product, CITIC Securities Zhisheng 500 Index Enhanced No. 1, has a return exceeding ***% [3] Mixed-type Products - The top mixed-type asset management product is from Founder Securities, with the second place held by CITIC Securities [5][10] - There are 359 mixed-type products, with the top 20 yielding returns above ***% [5] FOF Products - The top five FOF products for the first three quarters include: 1. Zheshang's "Wealth Xinhui CSI 1000 and Small Cap Enhanced FOF No. 1" 2. CITIC Securities' "Wealth Selected Index Enhanced No. 1 FOF" [11] - The leading FOF product has a return exceeding ***% [11] Bond-type Products - The top five bond-type asset management products are: 1. First Entrepreneur's "Convertible Bond Flexible Allocation No. 1" 2. Galaxy's "Stable Earnings No. 20" [14][15] - The bond-type category has the highest number of products, totaling 1913, with the top 20 yielding returns above ***% [14]

Core Insights - During the "14th Five-Year Plan" period, the company has achieved significant growth across multiple business segments, including a rise in the number of bond underwriting cases and an increase in asset management scale to 44.342 billion yuan [1][4] Group 1: Business Development - The company has assisted local governments in Hebei in completing over 800 special bond project applications, with a financing scale exceeding 100 billion yuan [4] - The asset management business has seen its total scale reach 44.342 billion yuan, with its net income ranking improving from outside the top 70 to 25th place [4] - The combined revenue share from investment banking and asset management has increased from 14.98% to 24.66% [4] Group 2: Service Model Innovation - The company has developed a comprehensive service model integrating investment banking, investment, and research to provide tailored solutions for local governments and enterprises [2] - A "deep sinking" grid service mechanism has been implemented, allowing for customized services that address local industry policies and economic characteristics [5] - The company has established a "city liaison mechanism" to ensure comprehensive services are provided at the grassroots level, covering all cities in Hebei with nearly 50% county coverage [5] Group 3: Financial Product Innovation - The company has successfully launched innovative financial products, including the first carbon-neutral green corporate bond and the first technology innovation corporate bond in Hebei [8] - These innovative products have not only reduced financing costs for enterprises but also guided the development direction of regional industries [8] - The company has created a "banking + research" linkage model to analyze market dynamics and trends, effectively promoting regional industrial structure optimization [8] Group 4: Future Outlook and Strategy - The company aims to achieve balanced development between bond and equity businesses while enhancing its competitive advantage through increased investment in technology and capital market reforms [10] - Future strategies include leveraging shareholder background, regional advantages, and talent reserves to enhance overall competitiveness and expand market share through mergers and acquisitions [10]