Core Viewpoint - The financial advisor, Zhongtai Securities Co., Ltd., has verified the detailed equity change report of Jinkai New Energy Co., Ltd., confirming that the disclosed content is accurate, complete, and complies with relevant regulations [1][4]. Group 1: Verification of Equity Change Report - The financial advisor conducted a thorough review of the detailed equity change report and found no false records, misleading statements, or significant omissions [3][4]. - The report's content aligns with the requirements of the Securities Law and the Acquisition Management Measures [4]. Group 2: Purpose of Equity Change - The purpose of the equity change is to enhance investor confidence and support the sustainable development of Jinkai New Energy, reflecting a recognition of its value [5]. - There are currently no plans for the information disclosing party and its concerted actors to increase or decrease their holdings in the next 12 months [5]. Group 3: Basic Information of Disclosing Party and Concerted Actors - The disclosing party, Jinkai Enterprise Management Co., Ltd., is wholly owned by Tianjin Jinrong Group, which is controlled by the Tianjin State-owned Assets Supervision and Administration Commission [6][12]. - The concerted actors include Tianjin Jincheng No. 2 Equity Investment Fund and Tianjin Jinrong Capital Operation Co., Ltd., both of which are also under the control of Tianjin Jinrong Group [6][12]. Group 4: Financial Data - Jinkai Enterprise Management's recent financial data shows total assets of 65,271.22 million yuan and net assets of 49,563.86 million yuan for the year 2024 [22]. - Tianjin Jincheng No. 2's total assets were reported at 38,728.43 million yuan with a net profit of 2,554.40 million yuan for the year 2024 [22]. - Tianjin Jinrong Capital's total assets reached 95,469.01 million yuan with a net profit of 1,930.00 million yuan for the year 2024 [24]. Group 5: Equity Structure and Changes - Following the equity change, Jinkai Enterprise Management's shareholding increased from 9.47% to 12.61%, while the total shareholding of the disclosing party and its concerted actors rose from 16.86% to 20.00% [29][30]. - The equity change was executed through a centralized bidding method in the secondary market [30]. Group 6: Funding Sources - The total payment for the equity change amounted to 356.23 million yuan, with 60 million yuan from self-owned funds and the remainder from self-raised funds [31]. - The self-raised funds include loans for stock repurchase and increase, with the main source of self-owned funds being shareholder contributions and dividends from Jinkai New Energy [31].

证券代码：600918 证券简称：中泰证券 公告编号：2025-022 中泰证券股份有限公司关于回购股份用于注销 公司拟使用自有资金以集中竞价交易方式回购部分公司股份，回购的股份将 用于减少公司注册资本。本次回购股份价格不超过人民币 9.42 元/股（含），回 购资金总额不低于人民币 3 亿元（含），不超过人民币 5 亿元（含）。以回购股 份价格上限 9.42 元/股（含）测算，预计回购股份数量约为 31,847,134 股至 53,078,556 股，约占公司总股本的 0.46%至 0.76%。具体的回购数量以回购完毕 或回购实施期限届满时公司的实际回购情况为准。 本次回购股份的实施期限自公司 2024 年度股东会审议通过回购方案之日起 3 个月内。 二、需债权人知晓的相关信息 根据《中华人民共和国公司法》等相关法律、法规的规定，公司特此通知债 权人，债权人自接到公司通知起 30 日内、未接到通知者自本公告披露之日起 45 日内，均有权凭有效债权文件及相关凭证要求公司清偿债务或者提供相应担保。 1 逾期未提出权利要求的，不会因此影响其债权的有效性，相关债务（义务）将由 公司根据原债权文件的约定继续履行。 （ ...

中泰证券股份有限公司 2024 年度股东会之法律意见书 国浩律师（济南）事务所 关于 中泰证券股份有限公司 2024 年度股东会 之 法律意见书 北京上海深圳杭州广州昆明天津成都宁波福州西安南京南宁济南重庆苏州长沙太原武汉贵阳乌鲁木齐郑州石家庄合肥海南青岛 香港巴黎马德里硅谷斯德哥尔摩纽约 BEIJING|SHANGHAI|SHENZHEN|HANGZHOU|GUANGZHOU|KUNMING|TIANJIN|CHENGDU|NINGBO|FUZHOU|XI'AN|NANJING|NANNING|JINAN|CHONGQING|SUZHOU|CHANGSHA|TAIYUAN|WUHAN|GUIYANG|URUMQI|ZHENGZHOU|SHIJIAZHUANG|HEFEI|HAINAN|QINGDAO |HONGKONG|PARIS|MADR ID|SILICONVALLEY|STOCKHOLM|NEWYOR K 济南市龙奥西路 1 号银丰财富广场 C 座 19、20、25 层邮编：250014 19th-20thFloor,BlockC,YinfengFortunePlaza,No.1Long'aoWest ...

证券代码：600918 证券简称：中泰证券 公告编号：2025-021 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 5 月 27 日 (二)股东会召开的地点：山东省济南市市中区经七路 86 号证券大厦 23 楼会议室 (三)出席会议的普通股股东及其持有股份情况： 中泰证券股份有限公司 2024年度股东会决议公告 (四)表决方式是否符合《中华人民共和国公司法》及《公司章程》的规定，会议 主持情况等。 本次会议由公司董事会召集，采用现场投票和网络投票相结合的方式召开， 1 会议由王洪董事长主持。会议的召集、召开符合《中华人民共和国公司法》等法 律法规及《公司章程》的有关规定。 (五)公司董事、监事和董事会秘书的出席情况 1.公司在任董事11人，出席11人； 2.公司在任监事7人，出席6人，刘庆法先生因工作原因未能出席本次会议； 3.公司董事会秘书张晖女士出席会议；公司其他高级管理人员列席会议。 二、 议案审议情况 (一) ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 2,544,862,245.26, a slight increase of 0.23% compared to CNY 2,539,079,317.87 in the same period last year[7] - Net profit attributable to shareholders increased by 11.61% to CNY 369,863,960.38 from CNY 331,384,466.85 year-on-year[7] - Basic and diluted earnings per share rose by 25.00% to CNY 0.05 from CNY 0.04 in the same quarter last year[8] - Net profit for Q1 2025 was CNY 412,101,585.30, compared to CNY 348,692,490.96 in Q1 2024, indicating an increase of 18.2%[31] - Total comprehensive income amounted to CNY 259,023,131.42, a decrease from CNY 369,466,303.52 in the previous year[32] Cash Flow - The net cash flow from operating activities showed a significant decline of 241.07%, resulting in a negative cash flow of CNY -6,422,845,632.07 compared to a positive CNY 4,552,904,639.62 in the previous year[7] - Cash inflow from operating activities totaled CNY 8,919,052,546.91, down from CNY 13,329,098,955.22 year-over-year[35] - Cash outflow from operating activities increased to CNY 15,341,898,178.98, compared to CNY 8,776,194,315.60 in the previous year[36] - Net cash flow from investing activities was CNY 2,474,965,538.80, a significant improvement from a negative CNY 337,904,455.41 in the prior year[36] - Cash inflow from financing activities was CNY 5,613,541,097.38, down from CNY 12,434,353,640.00 year-over-year[36] - Cash outflow from financing activities increased to CNY 10,318,922,121.14, compared to CNY 9,410,274,560.07 in the previous year[36] - The ending cash and cash equivalents balance was CNY 72,215,295,512.71, compared to CNY 67,549,497,919.91 at the end of the previous year[36] - The company reported a net increase in cash and cash equivalents of CNY -8,667,236,429.24, compared to an increase of CNY 7,256,404,946.55 in the same period last year[36] Assets and Liabilities - Total assets decreased by 4.76% to CNY 213,986,623,662.59 from CNY 224,693,255,623.92 at the end of the previous year[8] - Total liabilities also decreased to CNY 168,506,999,623.79 from CNY 179,434,706,771.34, a drop of 6.1%[28] - The company's equity increased slightly to CNY 45,479,624,038.80 from CNY 45,258,548,852.58, an increase of 0.5%[28] - The core net capital at the end of the reporting period was CNY 21,703,795,693.63, slightly up from CNY 21,632,146,224.76 at the end of the previous year[10] - The liquidity coverage ratio decreased to 320.55% from 344.21% at the end of the previous year[10] Shareholder Information - The company reported a total of 111,882 common shareholders at the end of the reporting period[15] - The largest shareholder, Zaozhuang Mining Group, holds 32.62% of the shares, totaling 2,273,346,197 shares[15] - As of the end of the reporting period, Zaozhuang Mining (Group) Co., Ltd. holds 32.62% of the company's shares, while Xinwen Mining Group Co., Ltd. holds 3.47%[18] - The top ten shareholders include Dezhou Yuzuo Investment Center (Limited Partnership) with 2.36% and Shandong Yongtong Industrial Co., Ltd. with 1.10% of the shares[18] - The report indicates no significant changes in the shareholding structure due to securities lending or borrowing activities[18] Operational Changes - The company has relocated one securities business department and closed five during the reporting period[20] - The company has made changes to its branch offices, including two relocations and two name changes[23] - The company is expected to continue its strategic focus on market expansion and operational efficiency improvements in the upcoming quarters[20] Revenue Sources - Net interest income increased to CNY 423,989,703.28 in Q1 2025 from CNY 369,204,161.23 in Q1 2024, a rise of 14.8%[30] - Net commission and fee income rose to CNY 1,710,022,878.51 in Q1 2025, compared to CNY 1,430,679,396.78 in Q1 2024, marking an increase of 19.5%[30] - Investment income surged to CNY 719,890,454.77 in Q1 2025, up from CNY 254,978,338.70 in Q1 2024, reflecting a growth of 182.5%[31] - Total operating expenses decreased to CNY 2,068,262,133.62 in Q1 2025 from CNY 2,174,174,233.68 in Q1 2024, a reduction of 4.9%[31]

Core Viewpoint - The company, Zhongke Sanhuan, is actively managing the impact of export control measures on its neodymium-iron-boron permanent magnet materials, which are essential for various industries, including automotive and consumer electronics [2][3]. Group 1: Company Operations - The company has received export licenses for a small number of orders after complying with the new export control regulations [2]. - Zhongke Sanhuan's main products are neodymium-iron-boron permanent magnet materials, which are widely used in automotive (including new energy vehicles), consumer electronics, industrial robots, computers, energy-saving appliances, wind power, and industrial motors [3]. - The company has a 2-3 month inventory of light rare earth materials and a slightly larger inventory of medium and heavy rare earth materials, indicating a just-in-time purchasing strategy [4]. Group 2: Market Outlook - The demand for rare earth permanent magnet materials is expected to increase in mainstream application areas such as new energy vehicles, energy-saving appliances, and industrial motors, with potential expansion into emerging fields like humanoid robots and low-altitude economy [6]. - The company is currently focusing on the development of humanoid robots, which could positively impact the neodymium-iron-boron permanent magnet materials industry once successfully commercialized [3][6]. Group 3: Financial Performance - In the first quarter of 2025, the company reported a main revenue of 1.461 billion yuan, a year-on-year decrease of 11.58%, while the net profit attributable to shareholders increased by 113.66% to 13.49 million yuan [6]. - The company's net profit margin is reflected in a gross margin of 8.65%, with a debt ratio of 25.7% [6]. Group 4: Analyst Ratings - Over the past 90 days, five institutions have rated the stock, with four buy ratings and one neutral rating, indicating a generally positive outlook [7]. - The average target price set by analysts for the stock is 12.53 yuan [7]. Group 5: Profit Forecasts - Various institutions have provided profit forecasts for the company, with projected net profits of 233 million yuan for 2025, 400 million yuan for 2026, and 591 million yuan for 2027 [9].

近日，105家券商2024年文化建设年报在中国证券业协会网站公布。 （图：国泰海通、东吴证券文化建设年报内页） （图：中金公司、华泰证券、广发证券、中国银河证券文化建设年报内页） 党建引领仍是各内资券商文化建设年报最鲜明的共性之一，不少券商创新了党建形式，打造了特色党建品牌。例如，中泰证券打造了"红心如磐"党建品牌；华安证 券打造了"赤金"党建品牌；华源证券探索"智慧党建云+源文化+国企担当"融合发展模式；国泰海通证券则打造"融·党建"活动室特色宣传教育阵地，创新学习方式、 凝聚宣讲力量，推动党的创新理论深入一线、深入群众、深入人心。 打造廉洁文化，加强员工职业道德建设也是诸多券商近一年文化建设工作的重点之一。2024年9月，中国证券业协会修订发布了新版《证券从业人员职业道德准 则》，旨在引导证券从业人员珍惜职业声誉、恪守职业道德。 自2019年证券基金行业文化建设拉开序幕以来，今年已是各券商第四年提交文化建设年报。相比前三年，今年券商提交的文化建设年报更为体系化，案例更为丰 富，年报排版与设计精美度也直线上升。 从内容与形式来看，券商文化建设工作"卷"出新高度，一些券商新创设了党建、廉洁从业等子品牌，通过打 ...

Core Insights - The overall profit growth of listed insurance companies in Q1 2025 shows significant divergence, primarily influenced by base effect differences, while the liability side remains stable. The equity market is identified as a critical factor for performance, with regulatory policies fostering a recovery in market confidence, presenting opportunities in the non-bank sector [1] Group 1: Financial Performance - Q1 2025 net profit on a comparable basis increased by 1.4% year-on-year, with non-annualized ROE slightly declining from 4.2% in Q1 2024 to 4.0% in Q1 2025, which is better than previously pessimistic expectations [1] - The average net assets attributable to shareholders of A-share listed insurance companies remained flat compared to the beginning of the year, with life insurance showing the highest growth at 4.5%, while Xinhua reported a decline of 17.0% [1] - The ratio of other comprehensive income to net profit was -98.0%, with life insurance having the smallest difference at -20.9% [1] - Underwriting profit in Q1 2025 grew by 27.3% year-on-year, mainly due to a low base in the same period last year, with life insurance performing well and property insurance seeing a significant increase in underwriting profit [1] - The average annualized net investment return rate for listed insurance companies in Q1 2025 was 3.08%, slightly down from 3.19% in Q1 2024, while the average annualized total investment return rate was 4.06%, down from 4.08% [1] Group 2: Life Insurance Business - The average NBV growth rate for listed insurance companies in Q1 2025 was approximately 20%, with value rate improvement being the core reason [2] - NBV year-on-year growth rates from high to low were: Xinhua (67.9%), Ping An (34.9%), PICC (31.5%), Taikang (11.3%), and China Life (4.8%) [2] - New single premium growth showed significant divergence, with individual insurance affected by the "opening red" period, while the structure of bank insurance new single premiums improved [2] - The improvement in value rates is attributed to: 1) a reduction in scheduled interest rates leading to a stable decline in overall liability costs; 2) optimization of product and term structures; 3) active cost reduction and efficiency enhancement [2] Group 3: Property Insurance Business - In Q1 2025, listed insurance companies achieved property insurance service revenue of 249.635 billion yuan, a year-on-year increase of 4.0%, with a significant decrease in the combined underwriting cost ratio to 95.7%, down 2.8 percentage points [3] - Underwriting profit under the new standards reached 10.653 billion yuan, nearly doubling year-on-year, primarily due to a low base in the previous year and challenges from adverse weather conditions [3] - The total premium income from auto insurance grew by 3.2% year-on-year, with effective cost control contributing to improved underwriting profits [3] - Data from the Ministry of Emergency Management indicated that natural disasters in Q1 2025 primarily involved geological disasters, with direct economic losses of approximately 10.16 billion yuan, significantly lower than 23.76 billion yuan in Q1 2024, leading to improved claims ratios, especially in February [3]

证券代码：600918 证券简称：中泰证券 公告编号：2025-020 中泰证券股份有限公司 特此公告。 关于回购股份事项前十大股东及前十大无限售条件股东 中泰证券股份有限公司董事会 持股情况的公告 2025 年 5 月 22 日 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。 中泰证券股份有限公司（以下简称"公司"）于 2025 年 4 月 29 日召开第三 届董事会第十一次会议，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》，该议案尚需提交公司股东会审议。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）。 根据《上市公司股份回购规则》及《上海证券交易所上市公司自律监管指引 第 7 号——回购股份》等相关规定，现将公司审议本次回购股份事项的 2024 年 度股东会股权登记日（即 2025 年 5 月 21 日）登记在册的前 10 大股东和前 10 大无限售条件股东的名称及持股数量、比例情况 ...

Group 1 - The People's Bank of China emphasizes the implementation of a moderately loose monetary policy to meet the financing needs of the real economy and support key areas such as technological innovation and consumption [2] - The Ministry of Finance reports that from January to April, the national general public budget revenue reached 80,616 billion yuan, a year-on-year decrease of 0.4%, with the decline narrowing by 0.7 percentage points compared to the first quarter [3] - In April, tax revenue increased by 1.9% year-on-year, marking the first month of positive growth this year, while the total tax revenue from January to April was 65,556 billion yuan, down 2.1% year-on-year [4] Group 2 - The Ministry of Finance announces that the securities transaction stamp duty for January to April was 53.5 billion yuan, a year-on-year increase of 57.8% [5] - The National Energy Administration reports that the total electricity consumption in April was 7,721 billion kilowatt-hours, a year-on-year increase of 4.7% [6] - The National Development and Reform Commission states that most policies aimed at stabilizing employment and the economy are expected to be implemented by the end of June [8] Group 3 - The National Development and Reform Commission highlights the need to address "involution" competition that distorts market mechanisms and disrupts fair competition [9] - The China Automobile Industry Association reports that the top ten car manufacturers sold 2.502 million vehicles from January to April, accounting for 68.7% of total car sales [10] - A joint document from the Central Cyberspace Affairs Commission, the National Development and Reform Commission, and the Ministry of Industry and Information Technology outlines goals for IPv6 deployment by 2025, including reaching 850 million active users [11] Group 4 - Various companies are making significant moves, such as Zhaoyi Innovation planning to issue H-shares and list on the Hong Kong Stock Exchange, and several companies announcing share repurchase plans [13] - The Ministry of Finance reports that the total assets and loan growth rates of state-owned banks have slightly declined compared to 2024, but remain relatively high [14] - Zhongtai Securities discusses the logic behind the recent rise in bank stocks, indicating a strong rationale for continued investment in this sector [15]