? 每股分配比例 A 股每股现金红利0.025元（含税） ? 相关日期 证券代码：600918 证券简称：中泰证券 公告编号：2025-026 中泰证券股份有限公司 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： 四、 分配实施办法 除自行发放对象外，无限售条件流通股的红利委托中国结算上海分公司通过 其资金清算系统向股权登记日上海证券交易所收市后登记在册并在上海证券交易 所各会员办理了指定交易的股东派发。已办理指定交易的投资者可于红利发放日 在其指定的证券营业部领取现金红利，未办理指定交易的股东红利暂由中国结算 上海分公司保管，待办理指定交易后再进行派发。 枣庄矿业（集团）有限责任公司、莱芜钢铁集团有限公司、山东高速投资控 股有限公司、山东省鲁信投资控股集团有限公司、新汶矿业集团有限责任公司。 股份类别 股权登记日 最后交易日 除权（息）日 现金红利发放日 Ａ股 2025/6/11 － 2025/6/12 2025/6/12 ? 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经中 ...

重要内容提示： 每股分配比例 证券代码：600918 证券简称：中泰证券 公告编号：2025-026 中泰证券股份有限公司 2024年年度权益分派实施公告 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。 A 股每股现金红利0.025元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/11 | － | 2025/6/12 | 2025/6/12 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经中泰证券股份有限公司（以下简称"公司"）2025 年 5 月 27 日的2024年度股东会审议通过。 二、 分配方案 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 | 股份类别 | 股权登记日 | 最后交易日 | ...

Core Viewpoint - The article discusses the recent trend of share buybacks among A-share listed companies, particularly focusing on the rapid progress made by several securities firms in implementing their buyback plans amidst market fluctuations and regulatory support [1][2][3]. Group 1: Buyback Trends - In April 2025, over 240 companies announced share buyback plans, a significant increase from 44 in March, with a total proposed buyback amount of approximately 735.25 billion yuan, up 257.14% from the previous month [2]. - Notable securities firms such as Guotai Junan, Guojin Securities, and Dongfang Securities have reported swift progress in their buyback initiatives, with some already meeting the minimum requirements of their plans [3][4]. Group 2: Specific Buyback Progress - Guotai Junan Securities approved a buyback plan with a budget between 1 billion and 2 billion yuan, and as of May 31, 2025, it had repurchased 32.488 million shares, accounting for 0.18% of its total share capital, with a total expenditure of 557 million yuan [3]. - Dongfang Securities initiated a buyback plan of 250 million to 500 million yuan and reported having repurchased 240 million yuan worth of shares within a month, nearing its minimum target [3]. - Guojin Securities announced a buyback plan of 50 million to 100 million yuan and had repurchased 675,110 shares for a total of 55.73 million yuan by May 31, 2025 [3]. Group 3: Slow Progress by Some Firms - Some firms, such as Guotou Securities and Zhongtai Securities, have not yet initiated their buyback plans, despite having approved them earlier. Guotou Securities had a buyback budget of 200 million to 400 million yuan, while Zhongtai Securities planned to use 300 million to 500 million yuan for its buyback [4][5]. - Both firms still have time to implement their buyback actions, with deadlines extending into the latter half of 2025 [6]. Group 4: Market Implications - The article highlights that under supportive policies, the scale of buybacks and share repurchases by listed companies is expected to continue increasing, which could enhance investor sentiment and stabilize market expectations [6]. - Regulatory bodies have emphasized the importance of genuine buyback actions to avoid misleading practices that could disrupt market expectations and harm investor interests [6].

Fund Overview - The fund is named "Penghua ChiNext New Energy Exchange-Traded Open-Ended Index Securities Investment Fund" with the code 159261 [10] - It is an exchange-traded, stock-type fund with an indefinite duration [10] - The initial value of each fund share is set at 1.00 RMB [11] Fundraising Details - The fundraising period is from June 9, 2025, to June 20, 2025, with a maximum fundraising limit of 2 billion RMB, excluding interest and subscription fees [12][17] - Investors can subscribe through online cash subscription or offline cash subscription methods [19] - The minimum subscription amount for online cash subscription is 1,000 shares or multiples thereof, while for offline cash subscription, it is 1,000 shares or 50,000 shares depending on the method used [14][27] Subscription Process - Investors must hold a Shenzhen securities account to participate in the subscription [30] - Subscription applications cannot be revoked once submitted [5] - The fund management may adjust the subscription arrangements based on various circumstances and will announce any changes [17] Fund Management and Custody - The fund is managed by Penghua Fund Management Co., Ltd., and the custodian is Zhongtai Securities Co., Ltd. [1][42] - The fund's registration has been approved by the China Securities Regulatory Commission [1] Investor Eligibility - The fund is open to individual investors, institutional investors, qualified foreign investors, and other investors permitted by laws and regulations [15] Fundraising Conditions - The fund contract will take effect if the total number of shares raised is not less than 200 million shares, the total amount raised is not less than 200 million RMB, and the number of fund shareholders is not less than 200 [17][39] - If these conditions are not met, the fundraising period may be extended, and the funds will be returned to investors with interest [40]

证券代码：600918 证券简称：中泰证券 公告编号：2025-025 中泰证券股份有限公司 关于股份回购进展公告 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 年度股东会，审议 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》，公司拟使用自 有资金 3 亿元（含）-5 亿元（含），以集中竞价交易方式回购部分公司股份，回购 价格不超过 9.42 元/股（含），回购的股份将用于减少公司注册资本。具体内容详 见公司于 2025 年 4 月 30 日在上海证券交易所网站披露的《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方案》（公告编号：2025-015）。 二、回购股份的进展情况 截至 2025 年 5 月末，公司暂未实施股份回购。 三、其他事项 公司将严格按照《上市公司股份回购规则》《上海证券交易所上市公司自律监 1 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 ...

Group 1 - The announcement states that from June 4, 2025, Guoxin Jiali Fund will begin selling certain funds managed by the company [1][2] - The applicable fund range is subject to compliance with the fund contract, prospectus, and related business announcements [4] - Investors can consult details through various channels, including the websites and customer service numbers of both Guoxin Jiali Fund and the company [5][6] Group 2 - The company has signed sales agreements with multiple securities firms and fund sales companies, which will also start selling its funds from June 4, 2025 [2][3] - A comprehensive list of sales institutions includes major securities firms and fund sales companies, indicating a broad distribution network [3][10] - The announcement emphasizes that the specific dates, processes, and fee discount activities for fund sales will be determined by the sales institutions [4]

"稳定币"的风正在刮向资本市场。 6月3日，A股三大股指集体收涨。数字货币概念反复活跃，四方精创（300468）盘中一度涨超19%，雄 帝科技（300546）盘中涨近18%。截至收盘，翠微股份（603123）、恒宝股份（002104）、海联金汇 （002537）、保税科技（600794）等多只个股涨停，其中，翠微股份、恒宝股份、海联金汇录得三连 板。 不过，港股方面，稳定币相关概念股全线回调，连连数字午后跌超35%，移卡、众安在线纷纷跌超 6%。此前一天，连连数字涨超60%，移卡涨近40%，众安在线涨近10%。 数字货币概念股爆发，四方精创一度涨超19% 5月30日，香港特别行政区政府在宪报刊登《稳定币条例》，这意味着《稳定币条例》正式成为法例， 进一步完善了香港的数位资产活动监管框架。此前5月21日，香港立法会三读通过《稳定币条例草 案》。 国泰海通证券认为，随着美国及中国香港稳定币相关政策落地，稳定币受到广泛关注。稳定币是基于信 用背书产生的挂钩法定货币的加密货币，具有一般等价物的性质，稳定币的出现有利于推动交易的进 行；对中国香港而言，稳定币的发行对于国际贸易正常开展具有积极意义。 中信证券指出，随着《 ...

Core Viewpoint - The report from Zhongtai Securities highlights the investment value in the IP industry, focusing on the commercialization of major IPs and identifying three key areas of interest: IP2C model leaders with strong operational and channel capabilities, content creators with strong creative abilities, and IP operators with quality IP and B2B customer resources [1] Group 1: Overview of the IP Licensing Industry - The IP licensing industry consists of two types of IPs, two main entities, and various models, including content IP and character IP, with significant revenue generated from merchandise licensing, particularly toys [1] - The Chinese market for licensed products is projected to reach a retail total of 155.09 billion yuan in 2024, indicating substantial potential for back-end development, as the current conversion rate of domestic content IP is relatively low [1] - Per capita spending on IP products in China is less than one-fourth of that in Japan and one-fifth of that in the United States, with back-end development revenue accounting for about 10% of the industry chain, significantly lower than the approximately 70% seen in the US and Japan [1] Group 2: Drivers of Development - The transition to a post-$10,000 GDP era is leading to a shift from survival-based consumption to development-oriented and enjoyment-based consumption [2] - Changes in population and social structure, particularly among Generation Z and Millennials, are creating new pressures and opportunities [2] - The "Japan Valley" phenomenon is enhancing licensing and sales channels domestically, improving the supply chain for IP derivative products [2] - Innovations in content and channel development are paving the way for cultural exports to enter a golden era [2] Group 3: Commercialization of IP - The monetization of IP relies on upfront licensing fees that can leverage multiple revenue streams downstream, with licensing fees typically ranging from 3% to 10% of sales for physical products [3] - Derivative product sales represent the primary revenue source in the downstream operation of IP, with significant profit margins available for IP operators and distributors [3] - The full value of IP is linked to user lifecycle value models, where ARPPU is influenced by emotional value, social currency, emotional companionship, and collectible value [3] Group 4: Core Competencies of IP Licensing Players - The potential of IP is assessed through the quantity and proprietary share of the IP matrix, with a larger and more exclusive IP portfolio leading to a more stable business model and stronger industry influence [4] - Operational capabilities are critical, with effective supply chain management and user engagement enhancing emotional connections and product quality [4] - Channel capabilities are essential for performance elasticity, with direct sales providing strong control and distribution models expanding market reach [4]

Group 1 - The stock price of Zhongtai Securities (600918) closed at 6.09 yuan on May 30, 2025, down by 0.16% with a turnover rate of 0.35% and a trading volume of 139,800 shares, amounting to a transaction value of 85.03 million yuan [1] - On May 30, the net outflow of main funds was 5.05 million yuan, while retail investors saw a net inflow of 4.36 million yuan [2][3] - Zhongtai Securities announced that its wholly-owned subsidiary, Zhongtai Financial International Co., Ltd., provided an unconditional and irrevocable guarantee for a 200 million USD, 2-year dollar bond issued by its wholly-owned subsidiary Zhongtai International Finance (British Virgin Islands) Ltd [2][3] Group 2 - As of the announcement date, the total guarantee amount provided by Zhongtai Financial International Co., Ltd. for the bond was 400 million USD, equivalent to approximately 287.6 million yuan [2] - The total assets of the guaranteed party amounted to 1,608,230,697 HKD, with total liabilities of 1,586,475,326 HKD, resulting in a net asset value of 21,755,371 HKD [2] - The guarantee covers the bond principal, interest, and other payable amounts, with the guarantee period lasting until the bond is fully repaid [2]

Market Outlook - A-shares are expected to experience a structural market in June, with a focus on core assets despite short-term downward pressure [1][2] - Institutions suggest maintaining dividend assets as a base while exploring growth and consumption opportunities, particularly in banking, computing industry chain, card games, and innovative pharmaceuticals [1][5] Market Performance Review - In May, the three major indices saw gains, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rising by 2.09%, 1.42%, and 2.32% respectively [1] - Daily trading volume in A-shares remained above 1 trillion yuan [1] Economic and Policy Factors - Economic recovery and positive domestic policies are expected to enhance market risk appetite, leading to a potential upward trend in June [2] - The stability of the Chinese economy and policy expectations may continue to favor Chinese assets, even amid global uncertainties [2] Sector Performance - In May, 25 out of 31 Shenwan first-level industries saw gains, with environmental protection, pharmaceuticals, defense, and banking leading the way [3] - There is a divergence among institutions regarding market style and focus for June, with some favoring technology growth while others lean towards large-cap value stocks [3][4] Investment Strategies - Suggested strategies include focusing on technology growth sectors, consumer sectors benefiting from domestic policies, and banking sectors with stable earnings and high dividends [5][6] - Specific recommendations include investing in robotics, artificial intelligence, and sectors with recent thematic catalysts, such as innovative pharmaceuticals and military electronics [5][6]