证券代码：600918 证券简称：中泰证券 公告编号：2025-039 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： ? 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 7 月 14 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 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， 经全体董事共同推举，会议由董事冯艺东先生主持。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 会议； 二、 议案审议情况 (一)非累积投票议案 议案 （三）出席会议的普通股股东及其持有股份情况： 份总数的比例（%） 67.0900 注：公司有表决权股份总数为 6,926,694,256 股，即总股本 6,968,625,756 股扣除截至股权登记日公司回购专户回购的股份数 41,931,500 股。 （四）表决方式是否符合《中华人 ...

Group 1 - The company expects to achieve a net profit attributable to shareholders of 722.6444 million yuan for the first half of 2025, representing an increase of 80.09% compared to the same period last year [1][2] - The net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be 706.1191 million yuan, reflecting an increase of 81.65% year-on-year [1][2] - The previous year's net profit attributable to shareholders was 401.2718 million yuan, with a total profit of 471.4653 million yuan [2] Group 2 - The increase in profit is attributed to the improvement in core functions and operational efficiency, with growth in wealth management, investment, and asset management business revenues [2] - The earnings forecast has not been audited by a registered accounting firm, and the company confirms there are no significant uncertainties affecting the accuracy of the forecast [2]

中泰证券股份有限公司 2025 年第一次临时股东会之法律意 国浩律师（济南）事务所 中泰证券股份有限公司 关于 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|CHONG |HONGKONG|PARIS|MADRID|SILICONVALLEY|STOCKHOLM|NEW 济南市龙奥西路 1 号银丰财富广场 C 座 19、20、25 层 邮编：250014 电话/Tel:+8653186112118 传真/Fax:+8653186110945 网址/Website:http://www.grandall.com.cn 二〇二五年七月 中泰证券股份有限公司 2025 年第一次临时股东会之法律意见书 国浩律师（济南）事务所 本所律师就本次股东会的有关事宜谨出具法律意见如下： 一、本次股东 ...

证券代码：600918 证券简称：中泰证券 公告编号：2025-039 中泰证券股份有限公司 2025年第一次临时股东会决议公告 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。 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 7 月 14 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： | 1.出席会议的股东和代理人人数 | 934 | | --- | --- | | 2.出席会议的股东所持有表决权的股份总数（股） | 4,647,119,733 | | 3.出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 67.0900 | 注：公司有表决权股份总数为 6,926,694,256 股，即总股本 6,968,625,756 股扣除截至股权登记日公司回购专户回购的股份数 41,931,500 股。 （四）表决方式是否符合《中华人民共和国公司法》及《 ...

中泰证券股份有限公司 2025 年第一次临时股东会之法律意见书 国浩律师（济南）事务所 关于 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|MADRID|SILICONVALLEY|STOCKHOLM|NEWYORK 济南市龙奥西路 1 号银丰财富广场 C 座 19、20、25 层 邮编：250014 19、20、25/F,BlockC,YinfengFortunePlaza,No.1Long'aoxiRoad,Jinan250014,China 电话/T ...

[Overview of Performance Forecast Announcement](index=1&type=section&id=Overview%20of%20Performance%20Forecast%20Announcement) This section provides an overview of the performance forecast announcement, highlighting key financial projections for the first half of 2025 [Important Notice](index=1&type=section&id=Important%20Notice) Zhongtai Securities anticipates over 50% growth in H1 2025 net profit and non-recurring net profit - This performance forecast applies to situations where profit is achieved and net profit increases by more than 50% compared to the same period last year[2](index=2&type=chunk) 2025 Half-Year Performance Forecast (Preliminary Estimates) | Metric | Amount (Million CNY) | | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders | 722.64 | | Net Profit Attributable to Parent Company Shareholders After Deducting Non-Recurring Gains/Losses | 706.12 | [I. Current Period Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) This section details the company's performance forecast for H1 2025, including projected net profits and their year-on-year changes [Performance Forecast Period](index=1&type=section&id=Performance%20Forecast%20Period) This forecast covers the period from January 1, 2025, to June 30, 2025 - The performance forecast period is from January 1, 2025, to June 30, 2025[3](index=3&type=chunk) [Performance Forecast Details](index=1&type=section&id=%28II%29%20Performance%20Forecast%20Details) The company forecasts significant year-on-year growth in H1 2025 net profit and non-recurring net profit 2025 Half-Year Performance Forecast and Year-on-Year Change | Metric | Estimated Amount (Million CNY) | Year-on-Year Increase (Million CNY) | Year-on-Year Growth Rate | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders | 722.64 | 321.37 | 80.09% | | Net Profit Attributable to Parent Company Shareholders After Deducting Non-Recurring Gains/Losses | 706.12 | 317.40 | 81.65% | [Estimated Performance Unaudited by CPA](index=1&type=section&id=%28III%29%20Estimated%20Performance%20Unaudited%20by%20CPA) The estimated performance data for this period has not been audited by a certified public accountant - The estimated performance has not been audited by a certified public accountant[3](index=3&type=chunk) [II. Operating Performance and Financial Status for the Same Period Last Year](index=1&type=section&id=II.%20Operating%20Performance%20and%20Financial%20Status%20for%20the%20Same%20Period%20Last%20Year) This section presents the company's key operating performance and financial indicators for the first half of the previous year, 2024 [Key Financial Indicators (Same Period Last Year)](index=1&type=section&id=Key%20Financial%20Indicators%20%28Same%20Period%20Last%20Year%29) H1 2024 saw total profit of CNY 471.47 million, net profit of CNY 401.27 million, and EPS of CNY 0.05 Key Financial Indicators for H1 2024 | Metric | Amount (Million CNY) | | :--- | :--- | | Total Profit | 471.47 | | Net Profit Attributable to Parent Company Shareholders | 401.27 | | Net Profit Attributable to Parent Company Shareholders After Deducting Non-Recurring Gains/Losses | 388.72 | | Earnings Per Share | 0.05 (CNY) | [III. Primary Reasons for Current Period Performance Increase](index=1&type=section&id=III.%20Primary%20Reasons%20for%20Current%20Period%20Performance%20Increase) This section outlines the primary factors contributing to the company's anticipated performance increase in the current period [Reasons for Operating Performance Growth](index=2&type=section&id=Reasons%20for%20Operating%20Performance%20Growth) H1 2025 growth is driven by core business focus, enhanced competencies, and increased revenues from wealth, investment, and asset management - The company focused on its core responsibilities, striving to enhance five core competencies and four core functions, further improving the quality and efficiency of its operations[6](index=6&type=chunk) - Revenues from wealth management, investment, and asset management businesses achieved year-on-year growth[6](index=6&type=chunk) [Risk Warning and Explanation](index=2&type=section&id=Risk%20Warning%20and%20Explanation) This section provides important risk warnings and other explanatory matters regarding the preliminary nature of the performance forecast [IV. Risk Warning](index=2&type=section&id=IV.%20Risk%20Warning) This unaudited forecast has no major uncertainties, but investors should note its preliminary nature - This performance forecast data has not been audited by an accounting firm[7](index=7&type=chunk) - The company has no significant uncertainties affecting the accuracy of this performance forecast[7](index=7&type=chunk) [V. Other Explanatory Matters](index=2&type=section&id=V.%20Other%20Explanatory%20Matters) Preliminary forecast data is subject to the final H1 2025 report; investors are advised to note investment risks - The above forecast data is only preliminary, and the specific accurate financial data will be subject to the company's officially disclosed 2025 half-year report[8](index=8&type=chunk) - Investors are kindly requested to pay attention to investment risks[8](index=8&type=chunk)

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies [2]. Core Insights - The "Big and Beautiful" Act significantly raises the U.S. debt ceiling, but the risks associated with U.S. Treasury bonds remain limited. The act is expected to lead to increased issuance of U.S. debt, yet the high yield characteristics and current macroeconomic environment may attract overseas capital back to the U.S. market, mitigating liquidity pressures caused by borrowing [7]. - The signing of the "Big and Beautiful" Act is likely to benefit the A-share technology sector and the bond market, as it continues the tax reduction policies from Trump's first term, potentially enhancing economic performance [7]. - The recent trade agreement between the U.S. and Vietnam is expected to increase transshipment trade costs, which may put additional pressure on Chinese transshipment enterprises [8]. Market Performance - The major indices mostly rose last week, with the ChiNext 50 index showing a significant increase of 2.65%. The real estate index and telecommunications services index performed relatively well, with weekly increases of 6.29% and 2.27%, respectively [11][19]. - Among the 30 Shenwan first-level industries, 26 saw an increase, with real estate, steel, and non-bank financials leading the gains at 6.12%, 4.41%, and 3.96%, respectively. Conversely, coal, banking, and automotive sectors experienced declines of 1.08%, 1.00%, and 0.41% [19] [11]. Investment Suggestions - The report identifies four main lines for investment in the second half of the year: 1. **Stable sectors**: Including banking, public utilities, and transportation, which may perform well amid macroeconomic deflationary pressures [8]. 2. **Safety sectors**: Such as national defense, nuclear power equipment, and gold, which may benefit from global geopolitical tensions [8]. 3. **Big technology sectors**: Including semiconductor and computing industries, which are expected to gain from increased policy support for private technology firms [8]. 4. **New consumption sectors**: Focused on emotional value and self-gratification, particularly in beauty and pet food markets [8]. Valuation Tracking - As of July 11, 2025, the valuation of the Wind All A index (PE_TTM) stands at 20.22, reflecting an increase of 0.25 from the previous week and is positioned at the 79.40% historical percentile over the past five years [27]. - Among the 30 Shenwan first-level industries, 26 have shown a recovery in valuation (PE_TTM) [27].

Group 1 - The policy support for private technology enterprises in China has significantly increased, with a focus on encouraging leading private companies to grow stronger, which may benefit Hong Kong's technology leaders and form a main investment theme for 2025 [1] - Global geopolitical tensions are driving a new round of manufacturing expansion worldwide, with strong mid-term demand for upstream non-ferrous and resource products in China [1] - The development strategy in China emphasizes "security," leading to active performance in military-related sectors, including nuclear power, which benefits from both technology and military industries, making it a key area of focus [1] Group 2 - The Hong Kong Technology ETF tracks the Hong Kong Stock Connect Technology Index, which is compiled by China Securities Index Co., Ltd., selecting representative technology companies eligible for Hong Kong Stock Connect as constituent stocks [1] - This index aims to comprehensively reflect the overall performance of technology companies in the Hong Kong market, covering diverse technology fields such as software services and hardware manufacturing, with a focus on innovation-driven and technology-leading companies [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The emotional premium brought by geopolitical conflicts in the polypropylene market is starting to decrease, and there is a risk of price correction. Production profits are expected to continue to weaken, and one should be cautious of the callback risk. It is recommended to close the long - PP short - MA spread strategy and consider buying put options and selling call options [1][7][11]. 3. Summary According to Relevant Catalogs 3.1 Recent Market Main Contradictions - Production: This week's production was less than expected due to more newly added maintenance devices. In the next two weeks, device maintenance will decrease, and production may increase slightly. The maintenance loss this week was 16.77 million tons, up 0.98 million tons from last week, and is expected to be zero in the next two weeks. - Supply and demand: The import and export volumes were in line with expectations. The apparent demand decreased by 1.71 million tons this week, and it is expected to be around 81 million tons next week according to seasonality. The inventory increased slightly this week and is expected to continue to increase slightly next week, mainly due to relatively weak apparent demand [6]. 3.2 Polypropylene Supply - Production: This week's national production was 77.01 million tons, 0.36 million tons less than last week. In the next two weeks, it is expected to reach 78.41 million tons and 78.50 million tons respectively. - Maintenance: There are many newly added maintenance devices this week, resulting in less production than expected. In the next two weeks, device maintenance will decrease, and production may increase slightly [6]. 3.3 Polypropylene Supply and Demand Situation - Supply: The national production this week was 77.01 million tons, with an import volume of 7.5 million tons and an export volume of 3.75 million tons. - Demand: The apparent demand this week was 79.48 million tons, 1.71 million tons less than last week. - Inventory: The total inventory increased by 1.28 million tons this week, and is expected to reach 80.53 million tons and 81.36 million tons in the next two weeks respectively. The upstream inventory increased, mainly due to relatively weak apparent demand [6]. 3.4 Polypropylene Upstream Raw Material Situation - Raw materials: The prices of crude oil, coal, and propane fluctuated this week. The cost of oil - based PP increased by 22.38 yuan/ton, the cost of coal - based PP remained unchanged, and the cost of propane - dehydrogenated PP increased by 88.41 yuan/ton. - Cost: The cost side fluctuated strongly this week, and the emotional premium brought by geopolitical conflicts began to decrease. It is expected to fluctuate next week [7]. 3.5 Polypropylene Cost and Profit - Cost: The cost of oil - based PP, coal - based PP, propane - dehydrogenated PP, and externally purchased methanol - based PP all changed to varying degrees this week. - Profit: The comprehensive profit of the oil - chemical end decreased by 110 yuan/ton, and the production profit is expected to continue to weaken. The import profit is still inverted [7]. 3.6 Polypropylene Price and Spread - Basis: The basis showed an overall weakening trend this week, with limited basis trading opportunities. - Inter - month spread: The inter - month spread fluctuated weakly this week. - Variety spread: The spread between pellets and powders was too narrow, which had a certain supporting effect on the pellet price. The long - PP short - MA spread strategy has been recommended to close the position [9]. 3.7 Polypropylene Upstream, Mid - stream, and Downstream Views and Strategies - Upstream: Although upstream maintenance is gradually entering the peak period, the overall supply is still relatively sufficient, and the main idea is to actively sell goods. - Mid - stream: The mid - stream sales situation has slightly deteriorated, and the demand for speculative inventory in the early stage is still being digested, resulting in a short - term decline in transactions. - Downstream: The downstream replenishment willingness has decreased. After the price correction, the downstream's willingness to purchase goods has decreased significantly. - Strategy: Close the long - PP short - MA spread strategy, be cautious of the callback risk, and consider buying put options and selling call options [11].

7月10日，中泰—华科创合—西投保西安知识产权1期资产支持证券在深交所成功发行。该项目是中 西部地区首单"双标识"（专精特新、中小微企业支持）的知识产权ABS，首期发行规模为1亿元，以西 安吉利电子新材料股份有限公司、西安奇芯光电科技有限公司等8家高新技术企业所拥有的知识产权为 基础资产，为陕西科创型企业提供了融资新渠道。 知识产权ABS是一种针对科创企业的金融工具，是以知识产权所产生的未来现金流为基础资产，通 过结构化设计打包成资产支持证券，在资本市场向合格投资者募集资金的融资方式。中泰—华科创合— 西投保西安知识产权1期资产支持证券由西安担保集团有限公司、中泰证券、省政府投资引导基金等联 合推进。其中，西安担保集团所属的西安投融资担保有限公司为该项目提供差额支付承诺，西安小微企 业融资担保有限公司为基础资产保证人。 穿透交易架构，中泰—华科创合—西投保西安知识产权1期资产支持证券实际上是一次省、市联动 的科技金融创新。其中，股权为省政府投资引导基金子基金，贷款为陕国投、联易盛，担保为西安担保 集团。 "知识产权资产证券化作为一种创新的融资模式，为科创型企业开辟了一条全新的融资渠道。"陕西 财金投资管理有限 ...