Core Viewpoint - The company intends to utilize part of its idle raised funds for cash management to enhance fund efficiency and increase shareholder returns [1][2][5] Fundraising Overview - The company raised a total of RMB 403,490,205.00 through its initial public offering, issuing 20,000,000 shares at a price of RMB 22.92 per share [1] - The total investment amount for the projects funded by the raised capital is RMB 520,000,000, with an adjusted amount of RMB 403,490,200 planned for investment [1] Cash Management Plan - The company plans to use up to RMB 220,000,000 of temporarily idle raised funds for cash management within a 12-month period [2][5] - The cash management products will be of high safety, good liquidity, and low risk, with a maturity not exceeding 12 months [2] Decision-Making Process - The board of directors approved the cash management plan, ensuring it does not affect the construction of fundraising projects or the company's normal operations [4][5] - The supervisory board also approved the plan, affirming it aligns with regulatory requirements and benefits the company and shareholders [5] Regulatory Compliance - The cash management plan complies with relevant regulations from the Shenzhen Stock Exchange and does not constitute a related party transaction [4][5] - The sponsor institution has verified that the plan adheres to legal and regulatory standards, ensuring no alteration of the intended use of raised funds [5][6]

Core Viewpoint - The recent surge in share buybacks among securities firms is aimed at enhancing investor confidence and stabilizing company value, with multiple firms announcing significant repurchase plans [1][4][8]. Group 1: Buyback Plans - On June 10, Zhongtai Securities announced a share buyback plan with an estimated amount of 300 million to 500 million yuan [1][4]. - Other firms, such as Hongta Securities and Guojin Securities, have also proposed buybacks, with amounts ranging from 100 million to 2 billion yuan and 50 million to 100 million yuan, respectively [4][5]. - As of May 31, Guotai Haitong Securities had repurchased 32.49 million shares, accounting for 0.1843% of its total shares, with a total expenditure of 557 million yuan [5][7]. Group 2: Industry Trends - The trend of buybacks is shifting from stock incentive programs to "cancellation-style buybacks," which aim to reduce registered capital and enhance shareholder returns [8]. - Regulatory support has encouraged this trend, as the government aims to improve the investment value of listed companies [8][9]. - The overall sentiment in the securities sector has improved, with the CSI Securities Index rising by 4.52% in June, reflecting positive market reactions to these buyback initiatives [9][10]. Group 3: Market Impact - The concentrated buyback efforts are expected to create a demonstration effect, potentially leading to a positive resonance across the industry [9]. - Analysts suggest that these buybacks signal strong financial health and commitment from firms, which may stabilize stock prices and restore investor confidence [8][9]. - The ongoing buyback plans and optimized dividend policies are anticipated to enhance the investment attractiveness of the securities sector [9].

Core Viewpoint - The brokerage sector is experiencing a collective rise, influenced by recent news, with related ETFs showing significant gains. The market currently has multiple ETFs tracking four main indices related to the brokerage sector, each with distinct characteristics [1][2]. Group 1: Index Characteristics - The four indices include the CSI All Share Securities Companies Index, CSI Securities Company 30 Index, CSI Hong Kong Securities Investment Theme Index, and National Securities Leader Index, each differing in sample space and focus [3]. - The CSI All Share Securities Companies Index consists of 49 stocks from the securities industry, providing broad coverage [3]. - The CSI Securities Company 30 Index focuses on leading brokerage firms with high market capitalization and revenue, comprising 29 stocks [3]. - The CSI Hong Kong Securities Investment Theme Index includes 20 stocks primarily from Hong Kong-listed brokerages and the Hong Kong Stock Exchange [3]. - The National Securities Leader Index selects the top 30 stocks based on revenue from various securities-related businesses, emphasizing leading firms in the A-share market [3]. Group 2: Weighting and Performance - The top ten stocks in the CSI All Share Securities Companies Index account for 59.1% of the total weight, with CITIC Securities, East Money, and Guotai Junan each exceeding 10% [4][5]. - The CSI Securities Company 30 Index has a higher concentration, with its top ten stocks making up 67.76% of the index, also featuring CITIC Securities, Guotai Junan, and East Money [6]. - The CSI Hong Kong Securities Investment Theme Index has an even higher concentration, with its top ten stocks comprising 88% of the index, including Hong Kong Exchanges and Clearing, CITIC Securities, and Guotai Junan [7]. - The National Securities Leader Index's top ten stocks account for 80.15% of the index, with East Money and CITIC Securities each exceeding 10% [8]. Group 3: Return Performance - The CSI All Share Securities Companies Index reflects the overall development of the securities industry, providing risk diversification during market downturns, though it may not perform as well during bullish phases [9]. - The CSI Securities Company 30 Index tends to perform well in strong market conditions, particularly when leading brokerages excel, but may face significant pullbacks during market downturns [10][11]. - The CSI Hong Kong Securities Investment Theme Index's performance is closely tied to the Hong Kong market and related policies, with potential for high returns but also significant volatility due to currency fluctuations [12]. - The National Securities Leader Index is expected to perform well during bullish trends due to its focus on leading brokerages, but it may also experience substantial declines during market corrections [13]. Group 4: Valuation Levels - Current valuation levels indicate that the CSI All Share Securities Companies Index and the CSI Securities Company 30 Index have TTM P/E ratios below the historical 30th percentile, suggesting they are relatively undervalued [14]. - The National Securities Leader Index's TTM P/E ratio is slightly above the historical 30th percentile, indicating a low valuation level [14]. - The CSI Hong Kong Securities Investment Theme Index shows the most significant recovery in TTM P/E ratios, approaching the historical 80th percentile [14]. Group 5: Commonalities - All four indices are related to the securities industry, reflecting market performance and providing investment insights [21]. - Due to their focus on a single industry, there is considerable overlap among the top-weighted stocks across these indices [21].

Core Viewpoint - The regulatory measures taken against Dongfang Securities' Wuhan Sanyang Road branch highlight ongoing compliance issues within the company and the broader securities industry, reflecting challenges in managing branch operations and employee conduct amid increasing regulatory scrutiny [4][10]. Regulatory Actions - The Hubei Securities Regulatory Bureau announced administrative measures against Dongfang Securities' Wuhan Sanyang Road branch and its former head, Xu Wujun, due to non-compliance with employee conduct regulations [1][4]. - Xu Wujun provided investment advice without being registered as a securities investment advisor and violated company policies by accepting client accounts and assisting third-party operators [4]. - The branch is required to have its head participate in a regulatory discussion by June 9, with records of the incident being added to the securities market integrity archive [4]. Company Performance - Dongfang Securities reported a revenue of 19.19 billion yuan in 2024, a year-on-year increase of 12.29%, and a net profit of 3.35 billion yuan, reflecting a growth rate of 21.66% [9]. - The significant revenue growth was primarily driven by proprietary trading, which saw a 106% increase to 4.926 billion yuan [9]. - However, the brokerage business faced a decline in revenue by 9.7% to 2.511 billion yuan, marking the most significant drop among its main business segments [9]. Industry Context - The compliance issues faced by Dongfang Securities are not isolated, as multiple brokerage firms have received regulatory penalties in 2025 for various violations, including internal control failures and misconduct in brokerage services [10]. - The expansion of brokerage networks has increased the complexity of local management and employee supervision, leading to heightened compliance risks [10]. - The industry is experiencing stricter regulatory scrutiny regarding practices such as "client operation," "unqualified investment advice," and "private entrusted trading," necessitating a balance between operational efficiency and regulatory compliance [10].

智通财经APP获悉，东方证券发布研报称，根据公司官网，快手-W(01024)可灵4、5月流水均突破1亿 元，以及5月29日可灵2.1版本上线。该行表示，PE估值，维持此前给予公司25年15xPE估值，25年经调 整净利润195亿元，对应合理价值为2,931亿CNY/ 3,201亿HKD(汇率0.916)，目标价74.58港元/股，维 持"买入"评级。 东方证券主要观点如下： 除创作者端、B端的内容及素材应用，可灵近期在多场景扩圈上展示出了自己的产品力。如游戏与逆水 寒合作，偏C端，也体验了作为游戏大厂网易(公司AI模型能力强)，其对可灵在该领域能力的认可;营销 Agent与Lovart合作，偏小B端。 快手基本面稳健，股东回报提供安全垫 主业方面，公司业务稳步推进。股东回报方面，25年以来公司已累计回购19亿港元，参考24年公司累计 回购53.6亿，对应(回购-股权激励费用)/期末市值为3%。 目前可灵商业化提速的状态类似海外Runway收入从22年的450万美元到23年的4870万美元阶段，可灵产 品运营逐渐走入技术迭代-产品打磨-用户付费-商业化规模提速-收入继续投入于技术迭代的良性向上循 环。相较Run ...

东方证券股份有限公司 关于浙江李子园食品股份有限公司 差异化权益分派特殊除权除息事项的核查意见 东方证券股份有限公司（以下简称"东方证券"或"保荐机构"）作为浙江李子 园食品股份有限公司（以下简称"李子园"或"公司"）向不特定对象发行可转换公 司债券的保荐机构，根据《中华人民共和国公司法》《中华人民共和国证券法》 《证券发行上市保荐业务管理办法》 《上海证券交易所股票上市规则》 《上海证券 本次差异化权益分派属于：已回购至专用账户的股份不参与分配。 具体除权除息方案："每股拟派发现金红利 0.50 元（含税）" 根据《上海证券交易所交易规则》，按照以下公式计算除权除息参考价： 除权（息）参考价格＝（前收盘价格-现金红利）÷（1+流通股份变动比例） 交易所上市公司自律监管指引第 7 号——回购股份》及《上海证券交易所上市公 司自律监管指南第 2 号——业务办理》等法律法规及规范性文件，对本次李子园 差异化权益分派特殊除权除息事项进行了审慎核查，并出具核查意见如下： 一、本次差异化权益分派的原因 公司于 2023 年 10 月 9 日召开第三届董事会第八次会议，审议通过了《关于 公司以集中竞价交易方式回购公司股份 ...

Market Overview - A-shares experienced a strong upward movement on June 9, with the Shanghai Composite Index briefly returning to 3400 points, and nearly 3700 stocks in the green. The half-day trading volume reached 823 billion, an increase of 764 billion compared to the previous trading day [1] Factors Influencing Market Strength - The strengthening of indices is attributed to three main factors: 1. Central Huijin becoming the actual controller of eight companies including Xinda Securities, which is expected to drive a new round of mergers and acquisitions in the securities industry [2][5] 2. The Shanghai Stock Exchange held a meeting encouraging listed companies to increase dividend payouts, thereby enhancing investment value [3] 3. The Ministry of Commerce stated that the export control of rare earths aligns with international practices, having approved a certain number of compliant applications [4] Sector Performance - **Brokerage Sector**: The "bull market leader" brokerage stocks surged, with Xinda Securities hitting the daily limit. Other stocks like Yong'an Futures and Nanhua Futures also reached their daily limits, driven by the announcement of Central Huijin's control over several securities firms [5] - **Pharmaceutical Sector**: The innovative drug and CRO sectors saw significant gains, with multiple stocks such as Zhongseng Pharmaceutical and Ruizhi Pharmaceutical hitting their daily limits. Analysts predict a sustained recovery in the pharmaceutical market, highlighting structural opportunities [6] - **Rare Earth Permanent Magnet Sector**: This sector has shown repeated strength, with stocks like Zhongke Magnetic Materials reaching a 20% limit up. The Ministry of Commerce's comments on export controls have positively influenced this sector [7] - **Solid-State Battery Sector**: Stocks in this sector, including Yinglian Co. and Dexin Technology, also saw gains, with predictions of significant production increases by 2030 [8] Institutional Insights - **CITIC Securities**: The firm suggests that the upcoming bull market entry point may occur in late Q3 to Q4, but a transitional phase of 3-4 months is expected. They emphasize the need for more concrete measures to boost domestic demand and caution against macroeconomic uncertainties [10] - **CITIC Construction Investment**: They highlight June as a critical period for dividend releases, recommending tracking fund flows and industry conditions to identify high-dividend stock opportunities [11] - **Orient Securities**: They believe that despite external negative factors, internal support is strong, suggesting limited downside for stock indices and recommending patience for opportunities in sectors like technology and strategic metals [12]

Group 1 - The company has signed a sales agency agreement with Guosen Securities and 14 other companies to expand the sales service network for the Anxin Value Win Mixed Securities Investment Fund Class A [1][2] - Investors can start handling various fund-related transactions such as account opening, subscription, redemption, and regular investment from June 9, 2025, through the newly appointed sales institutions [1][2] - The fund is identified by the code 024457, and investors are encouraged to review the relevant legal documents available on the company's website for detailed information [2] Group 2 - The announcement includes a list of 14 companies that will serve as sales service institutions for the fund, providing a broader access point for investors [1][3][5] - Investors are advised to follow the specific rules and procedures set by the sales institutions when engaging in fund investment activities [2][6] - The company emphasizes that the fund may participate in fee discount activities offered by the sales institutions, with details to be announced by those institutions [2][6]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 根据平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签署的销售协议，本公司自 2025年6月9日起新增以上机构为以下产品的销售机构。 现将相关事项公告如下： 投资者通过销售机构申购或定期定额申购、转换上述基金，享受费率优惠，优惠活动解释权归销售机构 所有，请投资者咨询销售机构。本公司对其申购费率、定期定额申购费率以及转换业务的申购补差费率 均不设折扣限制，优惠活动的费率折扣由销售机构决定和执行，本公司根据销售机构提供的费率折扣办 理，若销售机构费率优惠活动内容变更，以销售机构的活动公告为准，本公司不再另行公告。 三、重要提示 1、定投业务是基金申购业务的一种方式。投资者可以通过销售机构提交申请，约定每期扣款时间、扣 款金额及扣款方式，由销售机构于每期约定扣款日在投资者指定资金账户内自动完成扣款及基金申购业 务。上述开通定投业务的基金的每期最低扣款金额详见招募说明书及相关公告，销售机构可根据需要设 置等于或高于招募说明书或相关公告要求的最低扣款金额，具体最低扣款金额以销售机构的规定为准。 2、基金转换是指基金份额持有人按照 ...

投资策略 | 定期报告 报告发布日期 2025 年 06 月 08 日 | 张志鹏 | zhangzhipeng@orientsec.com.cn | | --- | --- | | 17 | 执业证书编号：S0860522020002 | | 张书铭 | 021-63325888*5152 | | | zhangshuming@orientsec.com.cn | | | 执业证书编号：S0860517080001 | | 美国"薛定谔式"关税扰动金融市场：— | 2025-06-02 | | --- | --- | | —策略周报 0531 | | | 进入政策观察期：——策略周报 0525 | 2025-05-25 | | 关税降级提振市场风险偏好：——策略周 | 2025-05-19 | | 报 0518 | | | 逆周期政策提振市场信心：——策略周报 | 2025-05-12 | | 0512 | | | 物来顺应：——策略周报 0505 | 2025-05-06 | 纷扰于外，求诸于内 研究结论 风险提示 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代 ...