东方证券股份有限公司 董事会薪酬与提名委员会工作规则 第一章 总则 第一条 为完善公司治理结构，进一步建立健全公司董事及高级管理人员的 薪酬考核管理制度，根据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司独立董事管理办法》《上海证券交易所股票上市规则》《上海证券交易 所上市公司自律监管指引第 1 号——规范运作》《香港联合交易所有限公司证券 上市规则》（以下简称"《香港上市规则》"）等法律、法规、规章、规范性文件以 及《东方证券股份有限公司章程》（以下简称"《公司章程》"）有关规定，公司董 事会设立薪酬与提名委员会，制定本工作规则。 第二条 薪酬与提名委员会是依据《公司章程》设立的专门工作机构。 第三条 本工作规则所涉及董事是指正副董事长、其他董事，高级管理人员 是指公司总裁、副总裁、财务负责人、首席风险官、合规总监、董事会秘书等经 董事会决议担任重要职务并具备法律法规和中国证监会规定条件的人员。 第二章 人员组成 第四条 薪酬与提名委员会委员由三至五名董事组成，委员中独立董事应当 过半数。 第五条 薪酬与提名委员会委员由董事会选举产生。 第六条 薪酬与提名委员会设主任委员（即召集人）一名，负责 ...

证券代码：600958 证券简称：东方证券 公告编号：2025-048 东方证券股份有限公司 2025年第一次临时股东大会决议公告 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： 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 10 月 24 日 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持 有股份情况： | 1.出席会议的股东和代理人人数 | 1,382 | | --- | --- | | 其中：A 股股东人数 | 1,381 | | 境外上市外资股股东人数（H 股） | 1 | | 2.出席会议的股东所持有表决权的股份总数（股） | 4,078,510,833 | | 其中：A 股股东持有股份总数 | 3,783,224,776 | | 股） 境外上市外资股股东持有股份总数（H | 295,286,057 | | 3.出席会议的股东所持有表决权股份数占公司有表决权股 份总数的比例（%） | 48.3517 | | 其中：A 股股东持股占股份总数的 ...

关于东方证券股份有限公司 2025 年第一次临时股东大会的法律意见书 国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 致：东方证券股份有限公司 东方证券股份有限公司（以下简称"公司"）2025 年第一次临时股东大会（以 下简称"本次股东大会"）于 2025 年 10 月 24 日在上海市中山南路 119 号 7 楼会议 室召开。国浩律师（上海）事务所（以下简称"本所"）接受公司的委托，指派本所 律师出席会议见证，并依据《中华人民共和国证券法》《中华人民共和国公司法》、 中国证券监督管理委员会（以下简称"中国证监会"）《上市公司股东会规则》和《东 方证券股份有限公司章程》（以下简称"《公司章程》"）出具本法律意见书。 本所律师根据对事实的了解和对法律的理解，已按有关法律、法规的规定对 公司本次股东大会的召集、召开程序是否合法及是否符合《公司章程》、出席会议 人员资格和召集人资格的合法有效性，以及本次股东大会表决程序、表决结果和 决议的合法有效性发表法律意见。 本所律师依据有关法律、法规的规定出具本法律意见书，已对与出具本法律 意见书有关的法律事实进行审查判断。本法律意见书不存在虚假、严重误导性陈 述 ...

Group 1 - The core viewpoint of the report is that Dongfang Securities maintains a "Buy" rating for Bosideng (03998) with a target price of HKD 6.31, highlighting positive sales impacts from recent temperature drops in the East China market [1] - The sales peak for the company typically starts in October and lasts until before the Spring Festival, with the 2026 Spring Festival occurring on February 17, which is 19 days later than last year, effectively extending the sales season [1] - The ongoing Double Eleven shopping festival is showing promising results for the company's main brand, aided by nationwide cooling temperatures that benefit winter apparel sales [1] Group 2 - The company is expected to achieve a compound annual growth rate (CAGR) of 17.66% in revenue and 19.73% in profit from FY2021 to FY2025, demonstrating resilience during economic fluctuations [2] - Future revenue growth is anticipated to remain in double digits over the next three years, with profit growth expected to slightly exceed revenue growth [2] - The company has maintained a high dividend payout ratio, averaging around 78% since its listing, and is expected to continue this trend, enhancing its investment appeal [2]

Group 1 - The core viewpoint of the report is that Dongfang Securities maintains a "Buy" rating for Bosideng (03998) with a target price of HKD 6.31, highlighting positive sales impacts from recent weather changes in key markets [1] - The company is expected to benefit from an extended sales season due to the later timing of the 2026 Spring Festival, which falls on February 17, compared to January 29 last year, potentially enhancing FY2026 performance [1][2] - The appointment of renowned designer Kim Jones as the creative director for the new AREAL high-end urban line is anticipated to positively influence the brand's international presence and overall brand strength, despite the expected low sales contribution from this high-end line [1] Group 2 - The company is projected to achieve a compound annual growth rate (CAGR) of 17.66% in revenue and 19.73% in profit from FY2021 to FY2025, demonstrating resilience amid economic fluctuations [2] - Future revenue growth is expected to remain in double digits over the next three years, with profit growth likely to slightly exceed revenue growth, supported by favorable weather conditions and an extended sales season [2] - The company has maintained a high dividend payout ratio, averaging around 78% since its listing, and is expected to continue this trend, enhancing its investment appeal [2]

Core Insights - As of October 23, 16 listed brokerages have announced mid-year cash dividends totaling approximately 8 billion yuan, providing investors with a "mid-term red envelope" [1][2] - There is a significant disparity in dividend amounts among brokerages, with Guotai Junan leading with over 2.6 billion yuan in cash dividends and a dividend rate of 16.8%, while some smaller firms reported dividends below 100 million yuan [2][3] - The differences in dividend payouts reflect structural changes in the capital market, with leading brokerages benefiting from strong capital, diversified businesses, and stable governance [3] Dividend Analysis - The total cash dividends announced by brokerages reached 79.74 billion yuan, with Guotai Junan, China Merchants Securities, and Dongfang Securities being the top three in terms of total dividends [2] - Smaller brokerages like Zhongyuan Securities and First Capital have lower total dividends and dividend rates, indicating a disparity in profitability and capital [2][3] - A healthy dividend rate is generally considered to be above 30%, while rates exceeding 50% may strain cash flow [3] Investment Considerations - The brokerage sector shows significant internal differentiation, providing various investment perspectives [4] - The A-share market has seen a rise in brokerage stocks, with the brokerage index increasing by approximately 29% from April 8 to October 23 [4] - Investors should focus on market conditions, trading volumes, and other performance indicators rather than solely on dividend data [5] Financial Performance - All 42 listed brokerages reported positive growth in net profit for the first half of the year, with 37 experiencing revenue growth year-on-year [5] - Key drivers of performance include a 44% increase in brokerage income and a 54% increase in proprietary trading income [5] Balancing Dividends and Growth - Brokerages must maintain sufficient cash flow to meet dividend demands while ensuring funds for development [6] - Strategies may include flexible dividend policies based on business maturity and expansion, as well as adopting international models for dividends and share buybacks [6] - Enhancing financial transparency and strategic clarity is crucial for attracting long-term investors and achieving sustainable growth [6]

Core Insights - The ETF market in China is experiencing significant growth, with a total market value of 56,258.27 billion yuan as of September 2025, reflecting a 7.65% increase from the previous period [3][4] - Major brokerage firms are showing strong competition in the ETF space, with a "duopoly" emerging between China Galaxy Securities and Shenwan Hongyuan Securities, which together hold 39.49% of the market share in the Shanghai market [3][4] Market Overview - As of September 2025, the Shanghai Stock Exchange has 935 fund products, of which 760 are ETFs, while the Shenzhen Stock Exchange has 841 fund products with 555 ETFs [3] - The total market value of ETFs in the Shanghai market is 40,003.11 billion yuan, and in the Shenzhen market, it is 16,255.16 billion yuan, with a total share of 9,648.33 billion units [3] Brokerage Performance - In terms of ETF holdings, China Galaxy Securities leads the Shanghai market with a 22.75% market share, followed by Shenwan Hongyuan Securities at 16.74% [4] - Guotai Junan Securities has seen a significant increase in its market share to 8.04%, surpassing CITIC Securities, which holds 6.87% [4] Trading Activity - In September, CITIC Securities topped the Shanghai market in ETF trading volume with an 11.24% share, while Huatai Securities followed closely with 11.09% [5][6] - Year-to-date, Huatai Securities maintains the highest cumulative trading volume at 11.01% [6] Client Engagement - In September, Huatai Securities led in the number of trading accounts for ETFs in the Shanghai market with a 10.29% share, followed by Dongfang Caifu Securities at 9.94% [10] - The active participation of non-traditional brokerage firms, such as Hongyu Information Services, highlights the growing interest in ETF trading among investors [7] Market Infrastructure - The number of market makers providing liquidity for ETFs has increased, with 21 primary market makers and 12 general market makers servicing 812 fund products as of September [11]

Market Overview - On October 23, the securities sector rose by 1.06%, with Haotou Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Individual Stock Performance - Haotou Co., Ltd. (600864) closed at 8.03, up 6.22% with a trading volume of 1.66 million shares and a transaction value of 1.299 billion [1] - Other notable performers included: - Tuxin Securities (002736) at 14.19, up 4.11% [1] - Guosheng Financial Holdings (002670) at 21.71, up 2.99% [1] - Huaxin Co., Ltd. (600621) at 16.61, up 2.40% [1] Capital Flow Analysis - The securities sector saw a net inflow of 358 million in institutional funds, while retail investors experienced a net outflow of 618 million [2] - Major stocks with significant capital inflows included: - Dongfang Fortune (300059) with a net inflow of 325 million [3] - Haotou Co., Ltd. (600864) with a net inflow of 16.6 million [3] - CITIC Securities (600030) with a net inflow of 13.8 million [3] Summary of Trading Data - The trading data for various securities showed mixed results, with some stocks experiencing gains while others faced declines [2][3] - The overall trading environment indicates a cautious sentiment among retail investors, contrasting with institutional buying activity [2][3]

Core Viewpoint - The significant drop in gold and silver prices on October 21, with London gold experiencing its largest single-day decline since April 2013, is attributed to trading factors rather than changes in market expectations [1][2]. Price Analysis - The report indicates that gold prices are expected to find support at the $4000 level, with a historical context provided by previous price movements in April, where gold saw significant declines [2]. - The current high for gold was noted at $4381 on October 20, and the expectation is that the price will stabilize around $4000 due to ongoing economic factors such as high U.S. fiscal deficits and declining fiat currency credibility [2]. Volatility Insights - The implied volatility of gold has decreased following the recent price drop, with the CBOE gold ETF volatility peaking at 32.78% on October 16 and then falling to 29.82% after the price decline [3]. - The expectation is that as gold enters a phase of sideways movement, volatility will continue to decrease, and stabilization may occur when implied volatility reaches around 20% [3].

Core Viewpoint - The significant drop in gold and silver prices on October 21, with London gold experiencing its largest single-day decline since April 2013, is attributed to trading factors rather than changes in market expectations [1][2]. Price Analysis - Gold prices are expected to find support at the $4000 level, with a historical context provided by previous price movements in April, where gold saw a high of $3500 and subsequent declines [2][3]. - The current high for gold was noted at $4381 on October 20, and the ongoing U.S. fiscal deficit and declining fiat currency credibility are projected to sustain mid-term upward pressure on gold prices [2]. Volatility Insights - The implied volatility of gold has decreased following the significant price drop, with the CBOE gold ETF volatility peaking at 32.78% on October 16 and then falling to 29.82% on October 22 [3]. - The expectation is for gold prices to stabilize once implied volatility returns to around 20%, indicating a potential period of sideways movement in the market [3].