在場内出售庫存股份報告 不適用 呈交者： 龔德雄 (姓名) 職銜： 董事長 (董事、秘書或其他獲正式授權的人員) 第 7頁共 7 頁 v 1.3.0 FF305 翌日披露報表 | (股份發行人 | | ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) | | | --- | --- | --- | --- | | 表格類別： 股票 狀態： 新提交 | | | | | 公司名稱： 東方證券股份有限公司 | | | | | 呈交日期： 2025年5月12日 | | | | | 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第 | | | | | 13.25A條 / 《香港聯合交易所有限公司GEM證券 | | | | | 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | | | | | 第一章節 | | | | | 證券代號 (如上市) 說明 A股於上海證券交易所上市 | 600958 | | | | A. 已發行股份或庫存股份變動 已發行股份（不包括庫存股份）變動 | | | ...

| 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 A | | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | 600958 | 說明 | A股於上海證券交易所上市 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | | 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總數 | | 於下列日期開始時的結存(註1) | 2025年5月9日 | | 7,428,706,300 | | 40,776,564 | | 7,469,482,864 | | 1). 購回股份 (股份被持作庫存股份) | | | -1,047,700 | 0.014 % | 1,047,700 RMB | 9.53 | | ...

Core Viewpoint - The company has shown growth in revenue and profit for the fiscal year 2024, but faces challenges in its biopharmaceutical segment due to a competitive environment and high R&D costs [2][3]. Financial Performance - In 2024, the company achieved total revenue of 2.19 billion yuan, a 1.03% increase from 2.17 billion yuan in the previous year [2]. - Profit before tax reached 643.94 million yuan, up 24.24% from 518.28 million yuan year-on-year [2]. - Net profit attributable to shareholders was 521.53 million yuan, reflecting a 23.79% increase from 421.30 million yuan [2]. - In Q1 2025, the company reported a net profit of 97.67 million yuan, an 11.61% increase from 87.52 million yuan in the same period last year [2]. Biopharmaceutical Segment - The biopharmaceutical sector is a key part of the company's strategy but is currently facing a cooling market with high competition and investment risks [2][3]. - The company is optimizing its R&D pipeline, focusing on projects with promising clinical data, such as the BC006 monoclonal antibody injection, which is nearing completion of Phase I clinical trials [3]. Inventory and Sales Management - The company has improved its inventory management through a BI intelligent analysis system, achieving a healthier inventory cycle of 1.5 to 2 months [5]. - The company has implemented diverse promotional activities to stimulate end-market consumption and optimize inventory structure [5]. Product Development - The company is optimistic about the growth potential of its second and third-tier products, with specific products like the Guaifenesin capsule and the dizziness relief series expected to maintain or achieve significant growth [6]. Dividend Policy - The company has a consistent cash dividend policy, proposing a cash dividend of 0.35 yuan per share for 2024, totaling 206 million yuan [8]. - The company aims to maintain stable operating cash flow to support its dividend policy unless special funding needs arise [7]. Sales Expense Management - The company has been strict in controlling sales expenses, focusing on second and third-tier products while maintaining a balanced sales expense ratio [9].

A股大金融板块异动拉升，锦龙股份冲击涨停，弘业期货、华鑫股份、中信证券、东方财富、东方证 券、中国银河等跟涨。 ...

- The report does not contain any specific quantitative models or factors for analysis, construction, or testing [5][17][21] - The report primarily focuses on fund market dynamics, issuance, performance, and ETF flows without detailing quantitative models or factor-based strategies [5][7][26] - Quantitative product performance is mentioned, with active quantitative products yielding an average return of 1.79% last week and 2.55% year-to-date, while quantitative hedging products yielded 0.14% last week and 0.71% year-to-date [17][21][22]

5月9日晚间，红塔证券公告称，公司收到董事长景峰的函件，提议进行股份回购注销，以优化资本结构并 提升股东价值。今年以来，A股证券板块已有多家公司提出回购计划。 此前在4月8日，国务院国资委表示，全力支持央企控股上市公司不断加大增持回购力度。随后，以央企国企为 主的证券公司开始陆续酝酿回购方案。据券商中国统计，目前公布回购计划的6家券商（含券商母公司，下 同）中，已有4家进行了回购操作，其中国泰海通已累计回购近3亿元。 已有6家推出回购方案 根据公告，红塔证券5月9日收到董事长景峰提交的《关于提议红塔证券进行股份回购注销的函》，提议以自有 资金在上交所以集中竞价方式回购股份，回购金额在1亿元至2亿元，回购的股份将用于减少注册资本，优化资 本结构，提升股东价值。 景峰称，此举是基于对公司持续发展的信心和对公司价值的高度认可，为积极响应监管机构号召，维护公司市 场价值及股东权益，增强投资者对公司的投资信心，同时促进公司稳定健康发展。这一想法同多家券商不谋而 合。 在红塔证券之前，今年已有6家券商公布了回购方案。行动最早的国金证券，其在4月8日国务院国资委发声 后，第一时间公告的新一轮回购股份方案——此前在2024年 ...

Quantitative Factors and Construction Methods Factor Name: Liquidity - **Construction Idea**: Measures the market's preference for high-liquidity assets, reflecting the demand for stocks with higher turnover rates [9][14] - **Construction Process**: - **TO**: Average logarithmic turnover rate over the past 243 trading days - **Liquidity Beta**: Regression of individual stock turnover rates against market turnover rates over the past 243 trading days [14] - **Evaluation**: Demonstrated the highest positive return among style factors in the recent week, indicating a significant increase in demand for high-liquidity assets [9] - **Performance**: Weekly return of 5.44%, monthly return of 13.08%, and annualized return of 33.79% over the past year [11] Factor Name: Volatility - **Construction Idea**: Captures the market's preference for high-volatility stocks, reflecting risk appetite [9][14] - **Construction Process**: - **Stdvol**: Standard deviation of daily returns over the past 243 trading days - **Ivff**: Fama-French 3-factor idiosyncratic volatility over the past 243 trading days - **Range**: Difference between the highest and lowest prices over the past 243 trading days - **MaxRet_6**: Average return of the six highest daily returns over the past 243 trading days - **MinRet_6**: Average return of the six lowest daily returns over the past 243 trading days [14] - **Evaluation**: Showed a significant improvement in weekly performance, reflecting increased market risk appetite [9] - **Performance**: Weekly return of 5.03%, monthly return of 12.37%, and annualized return of 25.55% over the past year [11] Factor Name: Beta - **Construction Idea**: Represents the market's preference for high-beta stocks, indicating sensitivity to market movements [9][14] - **Construction Process**: Bayesian shrinkage of market beta [14] - **Evaluation**: Significant weekly performance improvement, indicating a strong preference for high-beta stocks [9] - **Performance**: Weekly return of 4.28%, monthly return of 12.51%, and annualized return of 33.02% over the past year [11] Factor Name: Growth - **Construction Idea**: Measures the market's preference for growth-oriented stocks, focusing on financial growth metrics [9][14] - **Construction Process**: - **Delta ROE**: Average change in ROE over the past three years - **Sales Growth**: 3-year compound growth rate of TTM sales revenue - **Na Growth**: 3-year compound growth rate of TTM net assets [14] - **Evaluation**: Improved weekly performance, reflecting increased market interest in growth stocks [9] - **Performance**: Weekly return of 1.65%, monthly return of 0.77%, and annualized return of 1.32% over the past year [11] Factor Name: Certainty - **Construction Idea**: Reflects the market's preference for stocks with higher predictability and stability [10][14] - **Construction Process**: - **Instholder Pct**: Proportion of holdings by mutual funds - **Cov**: Analyst coverage adjusted for market capitalization - **Listdays**: Number of days since the stock's listing [14] - **Evaluation**: Experienced a significant decline in weekly performance, indicating reduced confidence in certainty-based strategies [10] - **Performance**: Weekly return of -3.99%, monthly return of -9.10%, and annualized return of -17.07% over the past year [11] Factor Name: Value - **Construction Idea**: Measures the market's preference for undervalued stocks based on valuation metrics [10][14] - **Construction Process**: - **BP**: Book-to-price ratio - **EP**: Earnings yield [14] - **Evaluation**: Significant decline in weekly performance, reflecting reduced market interest in value-based strategies [10] - **Performance**: Weekly return of -4.75%, monthly return of -8.10%, and annualized return of -16.96% over the past year [11] Factor Name: Size - **Construction Idea**: Captures the market's preference for small-cap stocks [10][14] - **Construction Process**: Logarithm of total market capitalization [14] - **Evaluation**: Experienced the largest decline among style factors, indicating reduced market interest in small-cap stocks [10] - **Performance**: Weekly return of -5.96%, monthly return of -12.84%, and annualized return of -54.81% over the past year [11] --- Factor Backtesting Results Weekly Performance - **Liquidity**: 5.44% - **Volatility**: 5.03% - **Beta**: 4.28% - **Growth**: 1.65% - **Certainty**: -3.99% - **Value**: -4.75% - **Size**: -5.96% [11] Monthly Performance - **Liquidity**: 13.08% - **Volatility**: 12.37% - **Beta**: 12.51% - **Growth**: 0.77% - **Certainty**: -9.10% - **Value**: -8.10% - **Size**: -12.84% [11] Annualized Performance (Past Year) - **Liquidity**: 33.79% - **Volatility**: 25.55% - **Beta**: 33.02% - **Growth**: 1.32% - **Certainty**: -17.07% - **Value**: -16.96% - **Size**: -54.81% [11]

Investment Rating - The report maintains an "Overweight" rating for banks and securities [10] Core Insights - The report highlights a recovery in wealth management product yields and an increase in the scale of bank wealth management products, with a total scale of 30.95 trillion yuan as of April 2025, up by 2.06 trillion yuan month-on-month [2][3][17] - The report suggests focusing on high-quality individual stocks, recommending China Merchants Bank (招商银行) and securities firms with strong advantages in the wealth management industry, such as Guangfa Securities (广发证券) and Dongfang Securities (东方证券) [2][17] Summary by Sections Bank Wealth Management - In April 2025, the total number of wealth management products issued was 5,985, a decrease of 3.2% month-on-month, while the total scale of bank wealth management products reached 30.95 trillion yuan, an increase of 7.15% month-on-month [3][38] - The overall yield of wealth management products has increased, driven by a strong bond market, although equity product yields have declined due to market volatility [3][18] Public Funds - As of the end of April 2025, the total scale of public funds reached 31.92 trillion yuan, up by 0.99% month-on-month and 9.84% year-on-year [4][17] - The issuance of public funds in April was 92.5 billion units, a decrease of 8.36% month-on-month, while stock ETF shares and net asset values increased by 4% to 2.03 trillion units and 2.95 trillion yuan, respectively [4][17] Securities Asset Management - As of Q4 2024, the scale of securities asset management was 6.10 trillion yuan, down by 3% quarter-on-quarter, with new issuance in April 2025 totaling 2.322 billion units, a decrease of 8.57% [5][17] Private Funds - As of the end of March 2025, the total scale of private funds was 19.97 trillion yuan, with a slight month-on-month increase of 0.17% [6][17] - The newly registered scale of private securities investment funds increased significantly year-on-year, with a total of 329.78 billion yuan, up by 232.74% [6][17] Insurance Asset Management - As of Q4 2024, the balance of insurance funds reached 33.26 trillion yuan, an increase of 15.08% year-on-year, with investments in bonds and stocks both increasing [7][17] Trusts - As of Q2 2024, the total asset scale of the trust industry was 27.00 trillion yuan, an increase of 12.87% year-to-date and 24.52% year-on-year [8][17] - In April 2025, the issuance scale of trust products was 20.555 billion yuan, a significant decrease of 78.84% month-on-month [8][17]

东方证券股份有限公司 关于上海瑞晨环保科技股份有限公司 东方证券股份有限公司（以下简称"东方证券"或"保荐机构"）作为上海瑞晨环保科 技股份有限公司（以下简称"瑞晨环保"、"公司"或"上市公司"）持续督导工作的保荐机 构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所创业板股票上市规则》 《上市公司监管指引第2号——上市公司募集资金管理和使用的监管要求》《深圳证券 交易所上市公司自律监管指引第2号——创业板上市公司规范运作》等有关法律、法规 和规范性文件的要求，对瑞晨环保2025年度向特定对象发行股票涉及关联交易的情况进 行了核查，具体情况如下： 一、关联交易概述 上海瑞晨环保科技股份有限公司（以下简称"公司"）拟向特定对象发行股票数量 为不超过13,009,049股（最终认购数量以深圳证券交易所审核通过且经中国证券监督管 理委员会同意注册的数量为准），未超过本次发行前公司总股本的30%。本次发行的发 行对象为陈万东先生。陈万东先生为公司控股股东、实际控制人，并担任公司董事长、 总经理，属于公司关联方，本次发行构成关联交易。 公司于2025年5月9日召开第三届董事会第六次会议，以5票同意，0票反对，0票 ...

Core Viewpoint - The appointment of Cheng Fei as the new general manager of Shanghai Dongfang Securities Asset Management marks a significant step in strengthening the core competitiveness and accelerating the strategic transformation of the company [1][2]. Group 1: Leadership Transition - Cheng Fei, previously the vice president of Guotai Junan Securities and chairman of Guotai Asset Management, officially took over as general manager on May 9 [1]. - Cheng has over 19 years of experience in the asset management sector, having led Guotai Securities' asset management from inception to a prominent position [2]. Group 2: Strategic Importance - Cheng's leadership is seen as crucial for addressing the challenges posed by the evolving capital market and changing wealth structures, focusing on strategy, licensing, and branding [2]. - Under Cheng's guidance, the company aims to enhance its core competitiveness through integrated research and investment, market strategies, and brand development [2][3]. Group 3: Current Status of Dongfang Asset Management - As of December 31, 2024, Dongfang Asset Management managed a total of 216.568 billion yuan in assets, with public fund management accounting for 166.169 billion yuan [3]. - Despite significant growth, Dongfang Asset Management still lags behind leading asset management firms in terms of scale [3]. Group 4: Competitive Advantages - The company has developed unique advantages in active equity and "fixed income plus" sectors, with a diversified product strategy showing initial success [3]. - Dongfang's brand has gained considerable recognition, supporting its transformation efforts, and its long-term performance in asset management ranks among the industry's best, with a 165.10% return on active stock management over the past decade [3].