东方证券股份有限公司 2024 年年度股东大会 （证 券代码 ：600958） 会议资料 2025 年 5 月 23 日 东方证券股份有限公司 2024 年年度股东大会 会议议程 现场会议时间：2025 年 5 月 23 日（周五）下午 14:00 现场会议地点：上海市中山南路 119 号 15 楼会议室 召集人：东方证券股份有限公司董事会 主持人：龚德雄董事长 一、主持人宣布会议开始 二、宣读会议须知 三、审议议案 1.审议《公司 2024 年度董事会工作报告》； 2.审议《公司 2024 年度监事会工作报告》； 3.审议《公司独立董事 2024 年度述职报告》； 4.审议《公司 2024 年度财务决算报告》； 5.审议《关于公司 2025 年度自营规模的议案》； 6.审议《公司 2024 年度利润分配方案》； 7.审议《关于公司 2025 年中期利润分配授权的议案》； 8.审议《公司 2024 年年度报告》； 9.审议《关于预计公司 2025 年度日常关联交易的议案》； 10.审议《关于预计公司 2025 年度对外担保的议案》； 11.审议《关于聘请 2025 年度会计师事务所的议案》； 12.审议《关于 ...

Group 1: Consumption Trends - March retail sales data for consumer goods exceeded expectations, with a year-on-year growth of 5.9% in March and a cumulative growth of 4.6% for the first quarter[14] - Price reductions in essential goods, particularly in food and daily necessities, have led to improved sales volumes, with all price-reduced categories achieving positive year-on-year sales growth for three consecutive months[4] - The learning tablet market saw a significant increase, with sales volume up 29.4% and sales revenue up 15.8% in Q1 2025, driven by government subsidies and promotional efforts[8] Group 2: Economic Indicators - The first quarter GDP growth was 5.4%, consistent with the previous quarter and better than the 5% growth for the entire year of 2024[18] - The cumulative fixed asset investment growth rate was 4.2% in March, with significant contributions from transportation infrastructure and equipment upgrades[18] - The social financing scale increased by 58,879 billion yuan in March, a year-on-year increase of 10,544 billion yuan, indicating a positive trend in credit availability[22] Group 3: Market Risks - Potential risks include fluctuating statements regarding tariffs from the U.S., which could impact market stability[23] - The restructuring of supply chains due to tariffs may lead to global growth slowdowns and overcapacity risks[23]

Group 1 - Huang Yanming has officially left Guotai Junan and will join Dongfang Securities to oversee research operations [2][4][6] - Huang Yanming has nearly 30 years of experience in the brokerage research field, having held significant positions at various firms including UBS and Guotai Junan [4][5] - His leadership at Guotai Junan included a successful transition from sell-side to buy-side research, and he was instrumental in developing foundational regulatory documents for the industry [5][8] Group 2 - Dongfang Securities currently has 72 licensed analysts, placing it in the middle tier among domestic brokerages, and it ranked 14th in public fund commission income for 2024 [3][7] - The addition of Huang Yanming is expected to enhance the overall competitiveness of Dongfang Securities' research business, although significant staff expansion may not occur immediately due to ongoing changes in commission structures [8][7] - The previous head of Dongfang Securities' research department, Chen Gang, has transitioned to a new role, creating an opportunity for Huang Yanming to lead the research team [8][10]

Core Insights - The number of brokerage apps with over 1 million monthly active users reached 25, showing a positive month-on-month growth with an average increase of 3.35% in March compared to February [1][2] - The highest month-on-month growth was observed in Xinda Securities' app "Xinda Tianxia" with an increase of 5.29%, while the lowest growth was in Huaxi Securities' app "Huacai Rensheng" with an increase of only 2.07% [1][2] Monthly Active User Growth of Brokerage Apps - The top brokerage apps by month-on-month growth in March are as follows: - 1st: "Zhangle Caifutong" by Huatai Securities with a growth of 2.79% [2] - 2nd: "Guotai Haitong Junhong" by Guotai Junan Securities with a growth of 2.66% [2] - 3rd: "Ping An Securities" with a growth of 2.80% [2] - 4th: "Zhaoshang Securities" with a growth of 4.37% [2] - 5th: "CITIC Securities Xin E-Tou" with a growth of 3.95% [2] - 6th: "Guotai Haitong Tongcai" by Haitong Securities with a growth of 2.38% [2] - 7th: "Qingting Diankin" by CITIC JianTou Securities with a growth of 4.09% [2] - 8th: "GF Securities Yitaojin" with a growth of 3.84% [2] - 9th: "Xiaofang" by Fangzheng Securities with a growth of 3.53% [2] - 10th: "China Galaxy Securities" with a growth of 2.75% [2] - Other notable apps include "Xinda Tianxia" by Xinda Securities with a growth of 5.29% and "Yuli Bao" by Industrial Bank with a growth of 5.89% [2]

Core Viewpoint - 2024 marks a significant year for the standardization of ESG and sustainable development information disclosure in China, with new guidelines and regulations being implemented across various financial institutions and exchanges [1][4]. Group 1: Regulatory Developments - The China Securities Regulatory Commission has unified the deployment of sustainable development report guidelines for listed companies, while the Ministry of Finance and nine other ministries have released the "Corporate Sustainable Disclosure Standards - Basic Standards (Trial)" [1]. - The Hong Kong Stock Exchange has introduced further requirements for climate-related disclosures for listed companies, effective from the 2025 fiscal year [3]. Group 2: Company Initiatives - Dongfang Securities has released its 2024 Sustainable Development Report, which aligns with new regulations from the Shanghai Stock Exchange and anticipates the Hong Kong Stock Exchange's climate disclosure requirements [2]. - The report employs a dual materiality analysis to identify and assess the importance of ESG issues, enhancing the utility of the disclosed information for stakeholders [2]. Group 3: Financial Contributions - In 2024, Dongfang Securities has actively contributed to national strategies through various financial services, including underwriting technology innovation bonds worth 16.164 billion yuan and green bonds totaling 9.028 billion yuan [5]. - The company has also supported small and micro enterprises with a total of 2.633 billion yuan in financing and has provided personalized pension services to over 50,000 individuals [5]. Group 4: Sustainable Development Goals - Dongfang Securities has guided over 470 billion yuan into sustainable development sectors from 2021 to 2024, with an annual growth rate of over 10% in sustainable financing [7]. - The company has reduced its Scope 1 and Scope 2 greenhouse gas emissions by 3,263.72 tons of CO2 equivalent compared to the baseline year of 2021 [7]. Group 5: Recognition and Ratings - Dongfang Securities has maintained an AA rating from MSCI ESG, ranking in the top 24% globally among peers, and has significantly exceeded the industry average in the S&P CSA score [8]. - The company has been included in various prestigious ESG rankings and has achieved the highest rating of "four and a half stars" among securities firms [8].

Core Viewpoint - Huang Yanming, a prominent figure in China's securities research field, has been removed from his position at Guotai Haitong Securities and is expected to join Dongfang Securities, potentially as the head of its research institute [2][4][8]. Group 1: Career Background - Huang Yanming has nearly 30 years of experience in sell-side research, starting his career in 1994 at WanGuo Securities and later becoming a key figure at Shenwan Hongyuan Securities [5]. - He has held significant positions, including the head of Guotai Junan Research Institute, where he led the team to be recognized as the "Best Local Research Team" for three consecutive years from 2014 to 2016 [5][6]. - Huang has contributed to the development of a comprehensive securities research system and has been influential in training many analysts, earning the nickname "A股总教习" (A-share total instructor) [5]. Group 2: Recent Developments - Huang's recent removal from Guotai Haitong marks the end of his 13-year tenure there, indicating a return to sell-side research [4][7]. - His potential role at Dongfang Securities aligns with the firm's strategic need for talent and innovation, especially as it faces challenges in commission income and competition [8]. - The shift reflects broader changes in the securities research industry, where firms are transitioning from traditional research to supporting multiple business lines, including investment banking and wealth management [8].

作 者丨易妍君 编 辑丨姜诗蔷 图 源丨2 1世纪经济报道 梁远浩 摄 资管行业一则传闻已久的高管变动最终落地。 近日，国信证券公告称，公司董事会同意成飞 先生辞去公司副总裁职务；不再委派成飞先生担任国信证券资产管理有限公司董事。 2 1世纪经济报道记者了解到，成飞或将加盟东方红资管，并担任总经理一职。 此前，4月3日，张锋因个人原因离任东方红资管总经理职务。随后，张锋又卸任了东方红睿 玺三年持有期基金、东方红产业升级灵活配置基金、东方红启恒三年持有期基金等产品的基 金经理。 对此，东方红资管表示，经过多年积累和发展，公司已经形成了统一的企业文化价值观，拥 有较为健全的投研体系、销售服务体系和产品创新体系，建立了科学的人才培养和团队发展 机制，张锋先生离职不会对公司的正常运作及经营管理产生影响。同时，东方红资管对张锋 为公司发展所做出的重要贡献表示衷心感谢。 成飞接任 作为东方证券的全资子公司，东方红资管是国内首家获准设立的券商系资产管理公司，也是 业内首家获得公募基金管理业务资格的券商资管。东方红资管自成立以来，始终对标公募基 金公司，主动权益产品为该公司的一大特色。 而成飞有着丰富的券商资管任职经历。其能 ...

Core Viewpoint - The recent executive changes at Guosen Securities and Dongfang Hong Asset Management reflect ongoing transformations within the asset management industry, with expectations for new leadership to drive growth and innovation [1][3]. Group 1: Executive Changes - Guosen Securities announced the resignation of Cheng Fei as Vice President and his departure from the board of Guosen Securities Asset Management Co., Ltd. [1] - Cheng Fei is expected to join Dongfang Hong Asset Management as General Manager following the departure of Zhang Feng, who left for personal reasons [1][3]. - Dongfang Hong Asset Management reassured that Zhang Feng's departure would not impact the company's operations and expressed gratitude for his contributions [1]. Group 2: Company Background and Performance - Dongfang Hong Asset Management, a wholly-owned subsidiary of Dongfang Securities, is the first broker-dealer asset management company in China and has a strong focus on public fund management [3]. - During Cheng Fei's tenure at Guosen Securities, the asset management business saw steady revenue growth, with net income from asset management fees reaching 321 million yuan in 2022, 496 million yuan in 2023, and projected at 820 million yuan in 2024 [3]. Group 3: Strategic Insights - Cheng Fei emphasized the need for broker-dealer asset management firms to prioritize client investment returns over blind pursuit of scale, suggesting a more refined service approach for high-net-worth clients [4]. - He identified three major transitions for broker-dealer asset management: strategy transition, license transition, and brand transition, advocating for a shift from single to multi-strategy approaches [4]. Group 4: Industry Trends - The asset management sector is experiencing a wave of executive changes, with over 40 fund companies, including prominent names like E Fund and BlackRock, undergoing leadership transitions [5]. - Dongfang Hong Asset Management is undergoing a "second entrepreneurship" transformation, focusing on platform, diversification, and market-oriented development [7][8]. Group 5: Financial Metrics - As of December 2024, Dongfang Hong Asset Management's total entrusted asset management scale was approximately 216.57 billion yuan, with public fund management scale at 166.17 billion yuan, a decrease of over 17 billion yuan from the end of 2023 [9][10]. - Despite a significant reduction in non-monetary fund management scale, the company maintained a strong long-term investment performance, ranking first in the industry with a 165.10% return on actively managed stock investments over the past decade [10]. Group 6: Future Outlook - The company aims to enhance its integrated research and investment platform, improve its product management system centered on client needs, and strengthen its core competitiveness while leveraging the support of Dongfang Securities [11].

Group 1 - Huang Yanming officially leaves Guotai Junan Securities, potentially joining Dongfang Securities as the head of the research institute, bringing extensive experience and industry background that may enhance Dongfang Securities' strategic vision and research capabilities [1] - The departure of Huang Yanming indicates an intensifying talent flow within the industry, which could optimize the competitive landscape among brokerage firms and improve overall service levels [1] Group 2 - Dongfang Caifu Securities has received approval from the China Securities Regulatory Commission for its market-making trading business for listed securities, marking an expansion of its business scope and enhancing its market competitiveness [2] - The approval requires Dongfang Caifu Securities to equip itself with necessary personnel, facilities, and systems, and to complete business registration changes within six months [2] - This qualification is expected to strengthen the company's service capabilities in the securities market and may lead to innovation in business models across the industry, positively impacting market confidence in the brokerage sector [2] Group 3 - Global funds are beginning to reallocate assets, with Chinese assets becoming a significant option amid uncertainties in the U.S. bond market, as foreign institutions maintain or slightly increase their holdings in Chinese assets [3] - The technology sector is particularly attracting global investors, with multiple tech stocks undergoing group research by foreign and private equity firms, which may lead to valuation recovery for related companies [3] - Increased foreign capital inflow is likely to enhance market activity and reveal structural opportunities within the A-share market [3] Group 4 - QDII funds are reducing their holdings in U.S. stocks while increasing positions in A-shares and Hong Kong stocks, reflecting a cautious attitude towards U.S. equities amid global uncertainties [4] - Breakthroughs in China's technology sector are enhancing the attractiveness of Chinese assets, despite some recent stock adjustments, the logic for revaluation remains intact [4] - This shift in fund preferences may support the A-share technology sector and boost market confidence in Chinese assets, potentially leading to structural changes in the overall market [4]

记者获悉，国泰海通（601211）近日发布内部公告，免去黄燕铭财富管理委员会委员职务。据知情人士 透露，这一职务变动意味着黄燕铭已正式向国泰海通递交辞职申请，其职业生涯的下一站将锚定东方证 券（600958）。(券中社) ...