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 ...

Core Viewpoint - The recent surge in share buybacks among securities firms is aimed at enhancing investor confidence and stabilizing company value, with multiple firms announcing significant repurchase plans [1][4][8]. Group 1: Buyback Plans - On June 10, Zhongtai Securities announced a share buyback plan with an estimated amount of 300 million to 500 million yuan [1][4]. - Other firms, such as Hongta Securities and Guojin Securities, have also proposed buybacks, with amounts ranging from 100 million to 2 billion yuan and 50 million to 100 million yuan, respectively [4][5]. - As of May 31, Guotai Haitong Securities had repurchased 32.49 million shares, accounting for 0.1843% of its total shares, with a total expenditure of 557 million yuan [5][7]. Group 2: Industry Trends - The trend of buybacks is shifting from stock incentive programs to "cancellation-style buybacks," which aim to reduce registered capital and enhance shareholder returns [8]. - Regulatory support has encouraged this trend, as the government aims to improve the investment value of listed companies [8][9]. - The overall sentiment in the securities sector has improved, with the CSI Securities Index rising by 4.52% in June, reflecting positive market reactions to these buyback initiatives [9][10]. Group 3: Market Impact - The concentrated buyback efforts are expected to create a demonstration effect, potentially leading to a positive resonance across the industry [9]. - Analysts suggest that these buybacks signal strong financial health and commitment from firms, which may stabilize stock prices and restore investor confidence [8][9]. - The ongoing buyback plans and optimized dividend policies are anticipated to enhance the investment attractiveness of the securities sector [9].

Group 1 - Libet has received approval from the China Securities Regulatory Commission for the issuance of convertible bonds, valid for 12 months [1] - Dinglong plans to acquire an additional 8% stake in its subsidiary, increasing its ownership from 91.35% to 99.35% for a total price of 240 million yuan [1] - Longyuan Donggu has been designated as a supplier for a major automotive project, with an expected total sales amount of 450 to 500 million yuan over five years [14] Group 2 - Luoniushan reported a sales revenue of 100 million yuan in May, a year-on-year decrease of 11.45% [2] - Baoming Technology has secured a loan commitment of up to 7 million yuan for stock repurchase [2] - Xinhua Pharmaceutical has received approval for the listing of a new chemical raw material used in treating chronic heart failure and hypertension [3] Group 3 - China Minmetals announced a new contract amount of 396 billion yuan for the first five months of the year, a decrease of 22.2% year-on-year [7] - Zhongbei Communication's application for a specific stock issuance has been accepted by the Shanghai Stock Exchange [8] - Rongfa Nuclear Power plans to issue bonds not exceeding 1 billion yuan to repay debts and supplement working capital [9] Group 4 - Phoenix Optical plans to invest 8.5 million USD to establish a wholly-owned subsidiary in Vietnam for manufacturing optical products [11] - Xiamen Airport reported a passenger throughput of 2.4752 million in May, a year-on-year increase of 8.34% [12] - Weilan Biological has received a new veterinary drug registration certificate for a product aimed at treating canine allergies and inflammation [13] Group 5 - Shouxiangu has completed the registration of a health food product that claims to enhance immunity [13] - Xingye Yinxin's subsidiary has passed a resource reserve verification report, confirming significant mineral reserves [16] - Shaanxi Construction has won two major projects with a total contract value exceeding 2.8 billion yuan [18] Group 6 - Huari received a cash dividend of 50 million yuan from its subsidiary [20] - Zhongchu's deputy general manager has resigned due to governance arrangements [21] - Kexin Pharmaceutical's core product has received breakthrough therapy designation from the National Medical Products Administration [39]

Core Viewpoint - The report from Zhongtai Securities indicates that the decline in supply growth presents an opportunity for improvement in the aviation industry, with expectations of a performance turning point for airlines due to favorable supply-demand dynamics, stable ticket prices, and high passenger load factors [1] Supply Side Analysis - The introduction of new aircraft is expected to slow down due to factors such as a slow recovery of the supply chain, retirement of old aircraft, insufficient new orders, and uncertainties in China-US relations. The projected supply growth rates (ASK) for the industry from 2025 to 2027 are 6.32%, 4.56%, and 2.26% respectively [1] - Boeing and Airbus are facing delivery delays, with 2024 deliveries expected to be 766 and 348 aircraft respectively, which do not return to pre-pandemic levels. The delivery progress for the first four months of 2025 is also lagging behind annual plans [1][2] - The shortage of engines is significantly constraining deliveries, with only 1,407 LEAP engines expected to be delivered in 2024, supporting only 700 new narrow-body aircraft, which is well below the pre-pandemic demand [1] Domestic Aircraft Production - The C909 aircraft is steadily increasing its production capacity, with a projected delivery of 35 units in 2024, while the C919 is expected to take longer to ramp up, with only 16 units delivered by the end of 2024 [2] - There are 195 total orders for the C909 and 330 confirmed orders for the C919, with significant deliveries planned from 2024 to 2031 [2] Inventory Perspective - The supply chain crisis persists, and the retirement of aircraft is expected to accelerate, with projected retirements of 134, 143, and 152 aircraft from 2025 to 2027 [4] - The utilization of wide-body aircraft remains low, with a significant shift in capacity allocation towards domestic routes, which may impact overall efficiency [3] Engine Issues - The PW1100 engine is facing significant operational disruptions due to contamination risks, leading to large-scale recalls and repairs, while the LEAP engine is experiencing durability issues that require upgrades [4] - The impact of these engine issues is expected to be more pronounced for the PW1100, with a notable increase in grounded aircraft compared to previous years [4]

Group 1 - The controlling shareholder of Caida Securities, Guokong Operations, plans to reduce its stake by no more than 3%, which may raise investor concerns about corporate governance and future business development [1] - The reduction involves selling up to 97.35 million shares, representing 3% of the total share capital, with the selling price not lower than the latest audited net asset value per share [1] Group 2 - Public funds have distributed over 95.64 billion yuan in dividends this year, marking a 41.04% year-on-year increase, the highest in nearly three years [2] - Bond funds are the main contributors to these dividends, with 2088 distributions totaling 73.35 billion yuan, accounting for 76.69% of the total dividends [2] - The trend of increased dividends reflects fund companies' efforts to reward investors, potentially boosting market confidence and supporting related company stock prices [2] Group 3 - Minsheng Securities appointed Jing Zhong as the new board secretary, following the departure of Yang Hai, who has taken a vice president role at Guolian Minsheng Securities [3] - This management change may prompt market scrutiny regarding Minsheng Securities' governance structure and long-term strategic execution [3] Group 4 - Zhongtai Securities announced a share buyback plan with a budget of 300 million to 500 million yuan, with a maximum buyback price of 9.42 yuan per share [4] - The buyback is intended to reduce registered capital and may enhance investor confidence, potentially influencing stock performance [4]

● 相关股东是否存在减持计划：截至本公告披露日，公司董监高、控股股东、实 际控制人及一致行动人、持股 5%以上的股东在未来 3 个月、未来 6 个月不存在减 持计划。若上述主体后续拟实施股份减持计划的，相关方及公司将严格按照相关 规定及时履行信息披露义务。 ● 相关风险提示： 1.本次回购方案需征询债权人同意，存在债权人不同意而要求公司提前清偿债 务或要求公司提供相应担保的风险； 证券代码：600918 证券简称：中泰证券 公告编号：2025-027 中泰证券股份有限公司 关于以集中竞价交易方式回购股份的回购报告书 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： 2.若本次回购期限内，公司股票价格持续超出回购方案披露的价格上限，则存 在回购方案无法顺利实施的风险； 3.如发生对公司股票交易价格产生重大影响的重大事项或其他导致公司决定 终止本次回购方案等事项，则存在回购方案无法顺利实施的风险； 4.因公司生产经营、财务情况、外部客观情况发生重大变化等原因，存在变更 或终止回购方案的风险； 5.存在后续监管部门 ...