Group 1: Beer Industry Insights - The beer industry has seen accelerated volume growth in April, entering a stocking peak season, confirming previous views [1] - Budweiser (01879) is losing market share in regions like Guangdong due to management changes and damage to traditional night channel advantages [1] - China Resources Beer (00291) and Zhujiang Beer (002461.SZ) have performed better than expected in 2025, benefiting from competitors' adjustments [1] - Yanjing Beer (000729.SZ) continues strong growth momentum, enhancing profitability with its first national soda product, Best, and further penetrating the dining market through a "beer + soda" strategy [1] Group 2: Beverage Sector Developments - Bairun Co. (002568.SZ) is entering a critical phase for its whiskey business, with the 50ML Bailede 22 mini bottles already distributed in regions like Chengdu, Shanghai, and Guangdong [1] - Dongpeng Beverage (605499.SH) is focusing on its 5 yuan "Fruit Tea" product, which is expected to surpass the growth trajectory of its hydration products [1] Group 3: Macro Data and Retail Performance - In April 2025, retail sales growth for tobacco and beverage categories slowed, with retail sales total, catering revenue, tobacco retail, and beverage retail changing by 5.1%, 5.2%, 4.0%, and 2.9% year-on-year respectively [2] - The domestic M2 monthly growth rate is 8.0%, with social financing scale at 1.16 trillion yuan, an increase of 1.22 trillion yuan year-on-year [2] Group 4: Price Trends in Alcoholic Beverages - As of May 23, 2025, the wholesale price of original Flying Moutai and scattered Flying Moutai reached approximately 2135 yuan and 2060 yuan, showing slight declines from the previous week [3] - The price of mainstream products like Moutai and Guojiao has remained stable, while other premium products have seen price fluctuations [3] Group 5: Beer Production and Raw Material Prices - In April 2025, domestic beer production increased by 4.8% year-on-year, with a cumulative decline of 0.6% from January to April [4] - The average import price of barley in April 2025 was 254 USD/ton, down 7% year-on-year, indicating a downward trend in barley prices [4] Group 6: Recommendations for Investment - Recommended stocks include Yanjing Beer (000729.SZ) for its strong growth and profitability improvement, and Bairun Co. (002568.SZ) for its potential recovery in traditional cocktail and whiskey segments [6] - Dongpeng Beverage (605499.SH) is also recommended for its stable growth and the promising new product "Fruit Tea" [6]

Group 1 - The insurance securities ETF (515630.SH) increased by 0.41%, while its associated index 800 Securities Insurance (399966.SZ) rose by 0.55% [1] - Major constituent stocks such as China Ping An, China Pacific Insurance, and China Life saw increases of 1.58%, 2.27%, and 1.74% respectively [1] - CITIC Securities' latest research report indicates that the brokerage sector's valuation is expected to stabilize and rebound due to liquidity benefits from interest rate cuts, strong year-on-year growth in semi-annual reports, and the implementation of a package of financial policies [1] Group 2 - The brokerage sector's valuation has adjusted to a reasonable level, with positive catalysts from fundamentals, policies, and liquidity benefits, as well as merger and acquisition themes stimulating the sector's elasticity [1] - Shenwan Hongyuan's research highlights that value-style active equity funds have a structure more aligned with broad-based indices like CSI 300 and CSI 800, indicating a high overlap with the constituent stocks of the 800 Securities Insurance index [1] - Guotai Junan Futures emphasizes that the financial sector's performance is closely related to macroeconomic recovery expectations, and attention should be paid to the marginal impact of policies on the insurance securities industry [1]

Summary of Key Points Core Viewpoint - On May 23, 2025, Dongfang Securities (600958) closed at 9.27 RMB, down 0.96%, with a turnover rate of 0.35% and a trading volume of 258,300 shares, amounting to a transaction value of 241 million RMB [1]. Group 1: Trading Information - On May 23, 2025, the net inflow of main funds was 15.07 million RMB, while the net outflow of speculative funds was 4.93 million RMB, and the net outflow of retail investors was 10.14 million RMB [1][4]. Group 2: Shareholder Changes - Dongfang Securities repurchased 3,151,100 shares on May 22 and 4,428,600 shares on May 23 at prices of 9.34 RMB and 9.29 RMB per share, respectively. The total repurchase amounts were 29.42 million RMB and 41.15 million RMB. After the repurchase, the issued shares (excluding treasury shares) decreased from 7,420,806,400 to 7,413,226,700, while the number of treasury shares increased from 48,676,464 to 56,256,164, keeping the total issued shares unchanged at 7,469,482,864 [1][2][4]. Group 3: Company Announcements - The sixth board of directors of Dongfang Securities held a temporary meeting on May 22, 2025, and approved the adjustment of certain indicators in the 2025 asset-liability allocation plan with a unanimous vote of 15 in favor [1]. - The 2024 annual general meeting of shareholders was held on May 23, 2025, where multiple proposals were approved, including the 2024 board of directors' work report and the 2024 financial settlement report. All proposals were passed, with special resolutions receiving more than two-thirds approval [2][4].

经深圳证券交易所确认，根据国联安基金管理有限公司（以下简称"本公司"）与东方证券股份有限公司 （以下简称"东方证券"）签署的申购、赎回业务代理协议，本公司决定自2025年5月26日起增加东方证 券为国联安中证全指证券公司交易型开放式指数证券投资基金（场内简称：证券ETF基金，二级市场交 易代码：159848，一级市场申购、赎回代码：159848）、国联安中证消费50交易型开放式指数证券投资 基金（场内简称：消费ETF基金，二级市场交易代码：159670，一级市场申购、赎回代码：159670）、 国联安创业板科技交易型开放式指数证券投资基金（场内简称：创科技ETF基金，二级市场交易代码： 159777，一级市场申购、赎回代码：159777）、国联安国证ESG300交易型开放式指数证券投资基金 （场内简称：ESG300ETF，二级市场交易代码：159653，一级市场申购、赎回代码：159653）的申购 赎回代办券商。 投资者可通过以下途径咨询有关详情： 1、东方证券股份有限公司： 客户服务电话：95503 网址：www.dfzq.com.cn 2、国联安基金管理有限公司： 客户服务电话：021-38784766， ...

Group 1 - The company, Wanji Fund Management Co., Ltd., has signed agreements with several securities firms to increase their roles as agents for subscription and redemption of various ETFs starting from May 26, 2025 [1][3][5][11][13] - The specific ETFs mentioned include the A500 ETF (code: 159356), the 300 Growth ETF (code: 159656), the Aerospace ETF (code: 159208), the National Index 2000 ETF (code: 159628), the ChiNext Comprehensive ETF (code: 159541), and the Hong Kong Central State-Owned Enterprises Dividend ETF (code: 159333) [1][3][5][11][13] - Investors will be able to process subscription and redemption transactions through the newly appointed securities firms starting from the specified date [1][3][5][11][13] Group 2 - The announcement includes contact details for the involved securities firms, providing customer service numbers and websites for investor inquiries [1][4][6][11][14] - The company emphasizes the importance of investors reading the fund contracts and prospectuses before making investment decisions [1][4][5][11][14]

◎记者 严晓菲 黄冰玉 在政策引导与市场创新双轮驱动下，券商正积极为债市"科技板"建设添砖加瓦。上海证券报记者自业内 了解到，除承销科创债外，券商正在探索科创债做市新路径，希望借助"承销+做市"模式推动一二级市 场协同发展，激活科创债市场生态。 在业内人士看来，当前，券商发力科创债一二级市场联动，既面临着资质评估、资金成本等方面的挑 战，也迎来了自身发展的新机遇。在此背景下，市场正翘首以盼在机制安排等方面能进一步完善，为服 务科创用途资金的"源远流长"营造良好生态。 券商积极推动科创债发行 科创债发行如火如荼，背后离不开券商积极发挥资本市场中介作用：一方面，券商通过广泛推介询价， 帮助引入基石投资者；另一方面，券商积极开展做市报价服务，提升科创债市场的流动性。 债市"科技板"启动后，从头部券商到中小券商均积极抢滩科创债承销。例如，中信证券助力长江产业集 团成功发行14亿元科技创新公司债券，全场认购倍数达3.7倍；中信建投助力中国石化资本成功发行新 一期科技创新公司债券，该期债券创央企资本公司同期限科技创新公司债券发行利率历史新低。 对发行人而言，招商证券相关负责人表示，券商通过做市提供双边报价，提升科创债流动 ...

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The non-bank financial sector is expected to benefit from the expansion of the Hong Kong stock market and the introduction of floating management fee products, which will enhance trading activity [3][4] - The recent decline in LPR and deposit rates is anticipated to lower the cost of liabilities for the insurance sector, potentially leading to a decrease in the preset interest rates for insurance products [5] Summary by Sections Industry Trends - The non-bank financial sector is projected to outperform the overall market, with a focus on the positive impact of the Hong Kong stock market's asset expansion and the introduction of new fund products [3][4] Market Activity - The average daily trading volume for stock funds decreased by 8% week-on-week, while the newly established stock and mixed funds saw a 100% increase in scale [4] Regulatory Environment - The China Securities Regulatory Commission (CSRC) is committed to optimizing the listing environment for technology companies, which is expected to support the return of quality red-chip technology firms to the domestic market [3] Recommended and Beneficiary Stocks - Recommended stocks include Jiangsu Jinzhong, Hong Kong Exchanges and Clearing, and China Pacific Insurance [6] - Beneficiary stocks include Guosen Securities, Jiufang Zhitu Holdings, and China Galaxy Securities [6]

从千年文化瑰宝的敦煌，到朴素乡村的儿童艺术教室，美的足迹用爱连接。 近日，"拾光益彩 悦享东方"东方证券心得益彰公益基金会十周年公益展在上海举办，一场公益与文化交融的盛宴，展现了东方证券在公益领域的十年坚守与丰硕成 果。 文化公益展落地上海街区 2015年，东方证券发起设立上海东方证券心得益彰公益基金会。成立十年来，基金会立足文化遗产的保护和推广，开展"西遇知美|敦煌"及"传承非遗·遇见皮影"等系 列项目，同时聚焦儿童艺术教育，通过乡村小学艺术教室搭建等方式，让更多的孩子有机会受到文化和艺术的熏陶，也在孩子们心中种下艺术的种子。 此次十周年公益展回顾了过去十年，东方证券心得益彰公益基金会与敦煌研究院合作的五季"西遇知美|敦煌"的成果。通过摄影展、书画展、诗歌集等多种方式展出 了心得益彰艺术教室十年来在乡村儿童美育教育方面的成果。此外，公益展现场还有皮影戏制作、泥板画制作等多个DIY手作区域，方便参观者参与，亲身体验传 统文化的魅力，感受公益的力量。5月20日，心得益彰公益基金会举办了公益展主题日活动，这一活动也开启了"西遇知美 丨敦煌"项目新的篇章。 据悉，过去十年间，东方证券以及心得益彰基金会为文化传承与" ...

Group 1 - The company is named Orient Securities Co., Ltd., with a registered capital of RMB 8,496,645,292 [3][11] - The company was approved by the China Securities Regulatory Commission (CSRC) for its initial public offering of 1 billion shares on February 27, 2015, and was listed on the Shanghai Stock Exchange on March 23, 2015 [3][4] - The company also issued 933,709,090 H shares, which were listed on the Hong Kong Stock Exchange on July 8, 2016 [3][4] Group 2 - The company's business scope includes securities business, investment consulting, and providing intermediary services for futures companies [13][14] - The company aims to support the real economy, fulfill corporate social responsibilities, and maximize long-term shareholder interests [13][14] Group 3 - The company has established a governance structure that includes a Party Committee, which plays a leading role in major decision-making processes [4][8] - The company emphasizes compliance, integrity, professionalism, and stability as core values of its corporate culture [16][17] Group 4 - The company can invest in other limited liability companies and establish wholly-owned subsidiaries, including those engaged in private equity fund business [6][14] - The company is committed to high-quality development and aims to build a first-class modern investment bank [16][17] Group 5 - The company has a total of 8,496,645,292 shares, consisting of 7,469,482,864 domestic shares and 1,027,162,428 H shares [11][12] - The company’s shares are issued in accordance with principles of openness, fairness, and justice, ensuring equal rights for all shareholders [10][11]

三、 律师见证情况 | 证券代码：600958 证券简称：东方证券 公告编号：2025-031 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 东方证券股份有限公司 | | | | | | | | | | | | 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) 股东大会召开的时间：2025 年 5 月 23 日 | | | | | | | | | | | | 119 15 (二) 股东大会召开的地点：上海市中山南路 号 楼会议室 | | | | | | | | | | | | ...