Investment Rating - The report maintains a "Positive" investment rating for the brokerage sector, indicating a favorable outlook for investment opportunities in this industry [2]. Core Insights - The brokerage industry is experiencing an upward trend in market activity, with valuations currently in a reasonable range and the sector being underweighted, suggesting it possesses characteristics of a "good industry," "good price," and "good companies" [2]. - Short-term perspective highlights that brokerages are closely tied to capital market activities, benefiting directly from increased trading volumes. The average stock trading volume has risen to 2.1 trillion yuan since August 2025, surpassing previous levels [2]. - Mid-term analysis indicates a recovery in market conditions, with regulatory easing and increased IPO activities expected to support the sector's growth [2]. - Long-term outlook suggests structural and business model optimizations within the brokerage industry, with a focus on developing leading institutions capable of international competition [2]. Summary by Sections Good Industry - Short-term: Brokerages are sensitive to market trading volumes, with significant increases observed in trading activity [2]. - Mid-term: Regulatory measures are expected to ease, allowing for a recovery in brokerage activities and increased IPOs [2]. - Long-term: The industry aims to enhance its structure and business models, focusing on comprehensive service offerings and differentiation among smaller firms [2]. Good Price - The brokerage sector is currently undervalued, with a price-to-book (PB) ratio of 1.58, indicating potential for over 50% upside based on historical PB-ROE relationships [9]. - The sector is underweighted in equity fund allocations, suggesting room for increased investment [9]. Good Companies - Key companies identified for investment include Guotai Junan, CITIC Securities, and China International Capital Corporation, recognized for their competitive advantages and growth potential [9]. - Recommendations also include mid-sized firms like Zhongyin Securities and Longcheng Securities, as well as internet brokerages such as Zhina and Tonghuashun [9].

证券代码：600958 证券简称：东方证券 公告编号：2025-038 东方证券股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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： ? 会议召开时间：2025 年 9 月 1 日（星期一） 15:15-16:30 （三）会议召开地点：上海证券交易所上证路演中心（网址：h ttps://roadshow.sseinfo.com/） 三、参加人员 ? 会议召开方式：视频和网络互动 ? 会议召开地点：上海证券交易所上证路演中心（网址：http s://roadshow.sseinfo.com/） ? 投资者可于 2025 年 8 月 25 日（星期一）至 8 月 29 日（星 期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目 或通过公司邮箱 ir@orientsec.com.cn 进行提问。公司将在说明会上 对投资者普遍关注的问题进行回答。 东方证券股份有限公司（以下简称"公司"）将于 2025 年 8 月 了解公司的经营成果和财务状况，公司计 ...

Group 1 - The core point of the news is that Western Securities has been approved to become the major shareholder of Guorong Securities, acquiring 1,151,433,439 shares, which represents 64.5961% of the total shares of Guorong Securities [1][2] - The approval was granted by the China Securities Regulatory Commission, allowing Shaanxi Investment Group Co., Ltd. to become the actual controller of Guorong Securities and its subsidiaries [1] - Eastern Securities, as the bond trustee manager, will closely monitor the issuer's ability to repay the principal and interest of the bonds and other matters that significantly affect the interests of bondholders [2] Group 2 - The report emphasizes the importance of compliance with relevant regulations, including the Company Bond Issuance and Trading Management Measures and the Code of Conduct for Bond Trustees [2] - No additional matters were deemed necessary for explanation by the issuer [1]

香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算有限公司對本公 告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本 公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 1 ● 會議召開時間：2025年 9月 1日（星期一）15: 15- 16: 30 ● 會議召開方式：視頻和網絡互動 ● 會議召開地點：上海證券交易所上證路演中心 （網址： https: //roadshow.sseinfo.com/） ● 投資者可於 2025年 8月 25日（星期一）至 8月 29日（星期五）16: 00前登錄上證路演中心 網 站 首 頁 點 擊「提 問 預 徵 集 」欄 目 或 通 過 公 司 郵 箱 ir@ orientsec.com.cn 進行提問。公 司將在說明會上對投資者普遍關注的問題進行回答。 一、 說明會類型 本次業績說明會以視頻和網絡互動形式召開，公司將針對 2025年半年度經營成果及 財務指標的具體情況與投資者進行互動交流和溝通，在信息披露允許的範圍內就投 資者普遍關注的問題進行回答。 （ 於 中 華 人 民 共 和 國 註 冊 成 立 之 股 ...

证券代码：600958 证券简称：东方证券 公告编号：2025-038 东方证券股份有限公司 二、说明会召开的时间、地点 关于召开 2025 年半年度业绩说明会的公告 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： 会议召开地点：上海证券交易所上证路演中心（网址：http s://roadshow.sseinfo.com/） 投资者可于 2025 年 8 月 25 日（星期一）至 8 月 29 日（星 期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目 或通过公司邮箱 ir@orientsec.com.cn 进行提问。公司将在说明会上 对投资者普遍关注的问题进行回答。 东方证券股份有限公司（以下简称"公司"）将于 2025 年 8 月 30 日发布公司 2025 年半年度报告。为便于广大投资者更全面深入地 了解公司的经营成果和财务状况，公司计划于 2025 年 9 月 1 日（星 期一）15:15-16:30 举行 2025 年半年度业绩说明会，就投资者关心 的问题进行交流。 一、说明会类型 本 ...

Core Viewpoint - The report from Dongfang Securities indicates that Huayuan Bio achieved a net profit attributable to shareholders of 162 million yuan in the first half of the year, representing a year-on-year increase of 13.67%, with a non-recurring net profit of 150 million yuan, up 37.36% year-on-year, primarily due to effective cost control [1] Financial Performance - The company's performance is closely linked to vitamin prices, which saw a rapid increase starting from the second half of last year, although there was a slight decline in vitamin prices in the latter half of 2025 [1] - Despite the stable growth in revenue expected for the year, the profit performance remains promising due to cost control and business structure [1] Strategic Development - The "one vertical and one horizontal" strategy is showing positive effects, indicating a favorable long-term development outlook for the company [1] - The company is the only global producer with a full industrial chain for VD3, holding a 70% market share in NF-grade cholesterol, the only legal raw material for VD3 production [1] Cost and Margin Analysis - In the context of declining VD3 prices, the company maintains a cost advantage, with a gross margin of 62.99% for vitamin products in the first half of 2025, an increase of 8.12 percentage points year-on-year [1] Production Capacity and Future Projects - The annual production project for 6,000 tons of VA powder has been completed, while projects for 5,000 tons of VB6 and 200 tons of biotin are in trial production preparation [1] - Other vitamin products are expected to contribute to performance growth in the near future [1] Drug Development Pipeline - The company currently has seven products under review and five in research, with the potential to re-enter an upward trajectory following the elimination of the impact from centralized procurement [1] Valuation - Based on comparable companies, a target price of 18.90 yuan is set for the company, corresponding to a 30 times price-to-earnings ratio for 2025, maintaining a "buy" rating [1]

Core Viewpoint - The A-share market is experiencing a strong rebound, driven by financial stocks and hard technology sectors, with the Shanghai Composite Index surpassing 3800 points again, indicating a bullish market sentiment [1][5]. Group 1: Market Performance - The leading Securities ETF (560090) has seen a significant increase of over 2%, with net inflows exceeding 100 million yuan over four consecutive days [1]. - Major component stocks of the Securities ETF have also performed well, with notable gains including a 10% limit up for Xinda Securities and over 7% for Guangda Securities [2][3]. Group 2: Fund Flows and Liquidity - According to Morgan Stanley, asset rotation and increased liquidity are the main drivers of the Chinese stock market rebound, with an estimated potential liquidity injection of 14 trillion yuan, approximately 16% of the market capitalization [5]. - Data from CITIC Securities indicates a broad and gradual net inflow of institutional funds, alongside an acceleration of retail investor participation as market profitability accumulates [5]. Group 3: Deposit Migration Impact - Recent financial data shows a significant "deposit migration" trend, with a reduction of 1.11 trillion yuan in household deposits and an increase of 2.14 trillion yuan in non-bank financial institutions' deposits in July [6][8]. - The potential outflow of 4.5 to 9 trillion yuan from maturing deposits seeking higher returns could significantly impact the capital market, with a shift towards "fixed income plus" investment products [8]. Group 4: Securities Industry Outlook - The influx of household deposits into the market is expected to create growth opportunities for brokerage services, margin trading, asset management, and investment banking, indicating a new growth phase for the securities industry [8][9]. - The current market conditions, characterized by high trading activity and supportive policies, are likely to catalyze a wave of mergers and acquisitions within the securities sector [9].

格隆汇8月22日丨根据联交所最新权益披露资料显示，2025年8月18日，东方证券(03958.HK)获易方达基 金管理有限公司在场内以每股均价8.7245港元增持286.08万股，涉资约2495.9万港元。 增持后，易方达基金管理有限公司最新持股数目为113,094,000股，持股比例由10.73%上升至11.01%。 | 吸格序 | 大股東/攝聯/產獲行政人員名 作出技器的賣入 / 費出型考及的 ໝ取的平均價 | | 持有傳說的程份數目 佔已發行的開膠學生的日 相關班牙 | | --- | --- | --- | --- | | SE IN | | 股份數目 | (國金蘭上區,註 南民國權發局(日/月) 份權益 | | | | | 的直分比 增) | | | | | No. of Lot, | | and and and the commend of the commend of the may be and | | 12 12 12 12 12 12 12 12 11 | -- FREE | | CS20250821E00131 房方达基金管理有限公司 1101(L) | | 2,860,800(L | ...

Core Viewpoint - The company, Zhejiang Huakang Pharmaceutical Co., Ltd., has decided to terminate certain fundraising investment projects and permanently supplement the remaining funds into working capital, along with the cancellation of the fundraising special account [2][12]. Fundraising Basic Situation - The company raised a total of RMB 150,449.82 million from its initial public offering, with a net amount of RMB 137,477.15 million after deducting issuance costs of RMB 12,972.67 million [2][3]. Overview of Fundraising Investment Projects - The company has made several changes to its fundraising investment projects, including the termination of the "Viscose Fiber Press Liquid Comprehensive Utilization Industrialization Project" and reallocating funds to the "Annual Production of 30,000 Tons of High-Purity Crystalline Erythritol Construction Project" [3][4]. - The remaining unallocated funds of RMB 2,528.75 million were to be managed in a special fundraising account [3]. Project Termination and Adjustments - In 2024, the company decided to terminate the "Functional Sugar Alcohol Technology R&D Center Construction Project" and reallocate the remaining funds of RMB 12,963.95 million to working capital [5][8]. - The company adjusted the internal investment structure of the R&D center project, increasing construction investment by RMB 2,000.00 million and reducing equipment investment by the same amount [5][8]. Remaining Fund Usage Plan - The remaining funds after project termination will be permanently supplemented into working capital to enhance operational efficiency and maximize shareholder value [11][12]. Approval Procedures - The company has followed necessary internal approval procedures for the termination of fundraising investment projects and the reallocation of funds, ensuring compliance with relevant regulations [12][14].

智通财经APP获悉，香港联交所最新数据显示，8月18日，易方达基金管理有限公司增持东方证券 (03958)286.08万股，每股作价8.7245港元，总金额约为2495.9万港元。增持后最新持股数目为1.13亿 股，持股比例为11.01%。 ...