Core Viewpoint - The company, Wuxi Xinjie Electric Co., Ltd., is implementing a differentiated dividend distribution for the fiscal year 2024, which involves a cash dividend of 0.87 RMB per share for shareholders, excluding shares repurchased for employee stock ownership plans [1][2][4]. Group 1: Reasons for Differentiated Dividend - The differentiated dividend is a result of the company's share repurchase plan, which allows for the repurchased shares to not participate in profit distribution [1][2]. - The company plans to repurchase shares using its own funds, with a total repurchase amount between 25 million RMB and 40 million RMB, at a price not exceeding 56.73 RMB per share [1][2]. Group 2: Dividend Distribution Plan - The total share capital for the dividend distribution is 157,138,633 shares, with 272,443 shares repurchased and excluded from the distribution, resulting in a base of 156,866,190 shares for the cash dividend calculation [2][3]. - The total cash dividend to be distributed amounts to approximately 136,473,585.30 RMB [2][3]. Group 3: Calculation Basis for Differentiated Dividend - The ex-dividend reference price is calculated based on the formula: (previous closing price - cash dividend per share) / (1 + change in circulating shares ratio) [3]. - The actual cash dividend received by participating shareholders is 0.87 RMB per share, leading to an ex-dividend reference price of 61.04 RMB per share [3][4]. Group 4: Sponsor Institution's Review Opinion - The sponsor institution, Zhongtai Securities, has reviewed the differentiated dividend matter and found no violations of relevant laws and regulations, confirming that it does not harm the interests of the company or its shareholders [4].

Core Viewpoint - Supor has experienced a decline in stock price for six consecutive trading days, with a cumulative drop of -4.79% [1] Group 1: Company Overview - Zhejiang Supor Co., Ltd. is a leading brand in cookware and small appliances, listed on the Shenzhen Stock Exchange in 2004 (stock code 002032), and is the first listed company in China's cookware industry [1] Group 2: Shareholder Activity - Three funds under Zhongtai Securities (Shanghai) Asset Management have entered Supor's top ten shareholders. Zhongtai Xingyuan Flexible Allocation Mixed A reduced its holdings in Q1 2023, while Zhongtai Yuheng Value Preferred Mixed A increased its holdings, and Zhongtai Xingwei Value Selected Mixed A entered as a new shareholder in Q1 2023 [1] - Zhongtai Xingyuan Flexible Allocation Mixed A has a year-to-date return of 0.72%, ranking 1235 out of 2262 in its category. Zhongtai Yuheng Value Preferred Mixed A has a year-to-date return of -0.01%, ranking 1475 out of 2262, while Zhongtai Xingwei Value Selected Mixed A has a year-to-date return of 5.06%, ranking 1796 out of 4369 [1] Group 3: Fund Management - The fund manager for Zhongtai Xingyuan Flexible Allocation Mixed A, Zhongtai Yuheng Value Preferred Mixed A, and Zhongtai Xingwei Value Selected Mixed A is Jiang Cheng, who has a background in finance from Tsinghua University and Shanghai University of Finance and Economics [6] - Jiang Cheng has held various positions in asset management and has been managing multiple funds since 2018, including Zhongtai Xingyuan Value Preferred Flexible Allocation Mixed Fund and Zhongtai Yuheng Value Preferred Flexible Allocation Mixed Fund [6][8]

证券代码：600918 证券简称：中泰证券 公告编号：2025-031 中泰证券股份有限公司 关于以集中竞价交易方式首次回购公司股份的公告 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。 回购方案首次披露日 2025/4/30，由董事长提议 回购方案实施期限 2025/5/27~2025/8/26 预计回购金额 3亿元~5亿元 √减少注册资本 □用于员工持股计划或股权激励 回购用途 □用于转换公司可转债 □为维护公司价值及股东权益 累计已回购股数 100.01万股 累计已回购股数占总股本比例 0.01% 累计已回购金额 620.06万元 实际回购价格区间 6.20元/股~6.21元/股 一、 回购股份的基本情况 中泰证券股份有限公司（以下简称"公司"）于 2025 年 4 月 29 日、2025 年 通过了《关于〈公司以集中竞价交易方式回购股份方案〉的议案》，拟使用自有 资金 3 亿元（含）-5 亿元（含），通过集中竞价交易方式回购部分公司股份，用 于减少公司注册资本。本次回购的具体内容详见公司于 2025 年 4 月 30 ...

（二）本次担保事项履行的内部决策程序 证券代码：600918 证券简称：中泰证券 公告编号：2025-030 中泰证券股份有限公司 关于中泰金融国际有限公司全资子公司为其提供担保的公告 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： 中泰国际因经营需要与华夏银行股份有限公司香港分行（以下简称"华夏银 行香港"）签订银行授信协议。中泰国际之下属全资子公司中泰金融服务将提供 担保函以支持银行授信协议。该担保函设定了担保人（中泰金融服务）对被担 保人（中泰国际）的担保金额为不超过4.50亿等值港元。担保函签署日期为 中泰金融服务将对中泰国际提供以下担保：中泰国际与华夏银行香港签订 的银行授信协议下的付款责任，担保金额不超过4.50亿等值港元。担保方式为一 般保证担保，是持续担保，直到清偿所有的债务，担保类型为借贷担保。 四、担保的必要性和合理性 发行境内外债务融资工具一般性授权的议案》。2023年6月16日，公司2022年 度股东大会审议通过了以上议案，股东大会授权公司董事会并由董事会进一 步授权公司经营管理层，在确 ...

中泰证券股份有限公司 关于以集中竞价交易方式首次回购公司股份的公告 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。 证券代码：600918 证券简称：中泰证券 公告编号：2025-031 重要内容提示： | 回购方案首次披露日 | 2025/4/30，由董事长提议 | | --- | --- | | 回购方案实施期限 | 2025/5/27~2025/8/26 | | 预计回购金额 | 3亿元~5亿元 | | 回购用途 | √减少注册资本 □用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 100.01万股 | | 累计已回购股数占总股本比例 | 0.01% | | 累计已回购金额 | 620.06万元 | | 实际回购价格区间 | 6.20元/股~6.21元/股 | 一、回购股份的基本情况 中泰证券股份有限公司（以下简称"公司"）于 2025 年 4 月 29 日、2025 年 5 月 27 日分别召开公司第三届董事会第十一次会议、公司 2024 ...

证券代码：600918 证券简称：中泰证券 公告编号：2025-030 中泰证券股份有限公司 1 被担保人名称：中泰金融国际有限公司（以下简称"中泰国际"） 被担保人是否为公司关联方：否，为中泰证券股份有限公司（以下 简称"公司"）的全资子公司 本次担保金额及已实际为其提供的担保余额：本次担保金额为不超 过4.50亿等值港元。截至本公告披露之日，中泰国际金融服务有限公 司（以下简称"中泰金融服务"）为中泰国际提供的担保余额为人民 币4.11亿元（含本次担保，按2025年6月13日中国外汇交易中心公布 的人民币汇率中间价折算，下同）。 本次担保是否有反担保：否 对外担保逾期的累计数量：无 特别风险提示：中泰国际资产负债率超过70%，提示投资者予以关 注。 关于中泰金融国际有限公司全资子公司为其提供担保的公告 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： 一、担保情况概述 （一）担保基本情况 中泰国际因经营需要与华夏银行股份有限公司香港分行（以下简称"华夏银 行香港"）签订银行授信协议。中泰国际之下属全资子公司中 ...

Group 1 - The company has approved a share repurchase plan using its own funds ranging from RMB 3 billion to RMB 5 billion, with a maximum repurchase price of RMB 9.42 per share [2] - The share repurchase will be conducted through centralized bidding and all repurchased shares will be canceled, reducing the company's registered capital [2] - The company disclosed a repurchase report on June 11, 2025, detailing the share repurchase plan [2] Group 2 - The adjustment of the maximum repurchase price is due to the implementation of a cash dividend distribution of RMB 0.25 per 10 shares, with the record date set for June 11, 2025 [3] - The adjusted maximum repurchase price will be RMB 9.40 per share starting from June 12, 2025, following the cash dividend distribution [4] - The calculation for the adjusted repurchase price considers the cash dividend and the absence of changes in the number of circulating shares [4] Group 3 - The total number of shares to be repurchased is estimated to be between approximately 31,914,894 shares and 53,191,489 shares, representing about 0.46% to 0.76% of the company's total share capital [4] - The company will continue to follow the repurchase plan and fulfill its information disclosure obligations as required by laws and regulations [6]

Core Viewpoint - The ongoing share buyback trend among listed securities firms indicates a strong market signal regarding undervaluation, confidence in long-term development, and an active optimization of capital structure [1][6]. Group 1: Share Buyback Activities - Zhongtai Securities plans to repurchase shares worth 300 million to 500 million RMB to reduce registered capital, joining other firms in the buyback trend [1]. - As of May 31, 2023, five securities firms had announced buyback plans, with four already executing them, totaling over 1.2 billion RMB [3][5]. - The total amount of buybacks by six firms this year is approximately 1.219 billion RMB [5]. Group 2: Market Signals - The buyback actions from securities firms convey three significant signals: a judgment of undervaluation, confidence in company fundamentals, and an increase in cancellation buybacks reflecting industry optimization [6]. - The buyback trend is seen as a response to external market volatility, with over 200 listed companies, including securities firms, announcing buyback plans to stabilize the market [3]. Group 3: Investment Opportunities - The securities sector has become active, with the Wind Securities Index rising by 4.57% since June 2, although it has decreased by 6.99% since the beginning of the year [9]. - Analysts suggest that the current valuation of the securities sector is attractive, with a low price-to-book ratio and potential for dual improvement in valuation and performance [10]. - The ongoing policy support and liquidity improvements are expected to enhance the sector's performance, with a focus on mergers and acquisitions as a key theme for the industry [11].

Core Viewpoint - The article discusses the volatility of the A-share market amid significant changes in global trade and financial landscapes, emphasizing the need for investors to identify high-quality assets that can withstand market fluctuations [2][11]. Group 1: Market Context - The A-share market has experienced increased volatility and rapid sector rotation due to the ongoing U.S.-China trade tensions, with the Shanghai Composite Index attempting to breach the 3400-point mark [2][11]. - The article highlights the importance of understanding market dynamics and the challenges faced by retail investors in navigating these turbulent conditions [11][12]. Group 2: Investment Strategies - Xu Zhimin, the Chief Investment Officer at Zhongtai Securities, has over 20 years of experience and manages over 10 billion yuan, consistently outperforming the CSI 300 index for ten consecutive years [3][15]. - His investment philosophy focuses on identifying high-quality companies, particularly those with strong supply constraints, which he believes are essential for long-term investment value [5][6]. - Xu's approach includes avoiding market emotional influences by not monitoring the market closely and making decisions based on a structured investment framework [6][12]. Group 3: Upcoming Masterclass - Xu will conduct a masterclass titled "Crossing Bull and Bear Markets in Search of Alpha," where he will share his investment principles and experiences, including lessons learned from key investment cases [10][13]. - The masterclass aims to equip participants with practical investment strategies, including the use of a "prohibited list" to mitigate human biases in decision-making [14][17]. - Attendees will also gain insights into Xu's market outlook for the second half of the year and have the opportunity for interactive Q&A [20].

证券代码：600918 证券简称：中泰证券 公告编号：2025-029 中泰证券股份有限公司 关于2024年年度权益分派实施后调整回购股份价格上限的公告 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： 一、回购股份基本情况 除以上调整外，公司本次回购股份方案的其他事项均无变化。后续公司将在 回购期限内根据公司实际情况有序推进本次回购计划，并根据相关法律、法规和 规范性文件的规定及时履行信息披露义务，敬请广大投资者注意投资风险。 特此公告。 二、本次调整回购股份价格上限的原因 公司于 2025 年 5 月 27 日召开 2024 年度股东会，审议通过了《中泰证券股 份有限公司 2024 年度利润分配方案》，以实施权益分派股权登记日登记的总股 本为基数，向全体股东每 10 股派发现金红利 0.25 元（含税），本次权益分派实 施的股权登记日为 2025 年 6 月 11 日，除权除息日为 2025 年 6 月 12 日，具体内 容详见公司于 2025 年 6 月 6 日在上海证券交易所网站披露的《中泰证券股份有 1 ...