Core Viewpoint - Dongfang Securities (600958) announced that neither the company nor its subsidiaries have any overdue guarantees [1] Company Summary - Dongfang Securities confirmed the absence of overdue guarantees, indicating a stable financial position [1]

Core Viewpoint - Dongfang Securities (03958) has announced that it will provide an unconditional and irrevocable guarantee for the issuance of a USD 300 million three-year floating interest bond by its wholly-owned subsidiary, Orient ZhiSheng Limited, set to mature on September 29, 2025 [1] Group 1 - The guarantee provided by Dongfang Securities covers all payment obligations related to the bond issuance by Orient ZhiSheng Limited [1] - Orient ZhiSheng Limited is a wholly-owned subsidiary of Dongfang Securities, meaning that the guarantee does not involve other shareholders [1] - After this guarantee, the total guarantee amount provided by Dongfang Securities for Orient ZhiSheng Limited will be USD 646 million, including this new guarantee [1] Group 2 - The remaining available guarantee limit for wholly-owned subsidiaries with an asset-liability ratio exceeding 70% is RMB 6.009 billion [1]

香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算有限公司 對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示， 概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失 承擔任何責任。 （ 於 中 華 人 民 共 和 國 註 冊 成 立 之 股 份 有 限 公 司 ，中 文 公 司 名 稱 為 「東 方 証 券 股 份 有 限 公 司 」， 在 香 港 以「 東 方 證 券」（中 文 ）及「DFZQ」（ 英 文 ） 開 展 業 務 ） （股份代號：03958） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B條規則作出。 茲載列公司在上海證券交易所網站刊登之《東方證券股份有限公司關於為境外間接 全資子公司發行美元債券提供擔保的公告》，僅供參閱。 关于为境外间接全资子公司发行美元债券 提供担保的公告 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： 担保对象及基本情况 | 担保 | 被担保人名称 | Orient | ZhiSheng Li ...

Group 1 - The core point of the article is that Dongfang Securities announced its total external guarantees amounting to RMB 16.984 billion, which represents 20.87% of the company's latest audited net assets [1] - The company provided guarantees totaling RMB 5.051 billion to its controlling subsidiaries, accounting for 6.21% of the latest audited net assets [1] - As of the announcement date, Dongfang Securities has a market capitalization of RMB 97.4 billion [1] Group 2 - For the first half of 2025, the revenue composition of Dongfang Securities is as follows: institutional and sales trading at 39.93%, securities brokerage at 32.07%, international and other businesses at 15.73%, and investment banking and alternative investments at 12.46% [1] - The offsetting component in the revenue structure is reported at -0.2% [1]

证券代码：600958 证券简称：东方证券 公告编号：2025-046 东方证券股份有限公司 关于为境外间接全资子公司发行美元债券 提供担保的公告 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。 （一）担保的基本情况 重要内容提示： 担保对象及基本情况 | 担保 | 被担保人名称 | Orient | ZhiSheng 1 | Limited | | --- | --- | --- | --- | --- | | | 本次担保金额 | 3 亿美元 | | | | 对象 | 实际为其提供的担保余额 | 6.46 | 亿美元 | | | | 是否在前期预计额度内 | 是 | □否 | □不适用 | | | 本次担保是否有反担保 | □是 | 否 | □不适用 | 累计担保情况 1 对外担保逾期的累计金额 - 截至本公告日上市公司及其 控股子公司对外担保总额 人民币 169.84 亿元 对外担保总额占上市公司最 近一期经审计净资产的比例 20.87% 特别风险提示 □对外担保总额（含本次）超过上市公 司最近一期经审计净资产 50 ...

2025年9月29日，东方证券签署《担保契据》，为境外间接全资子公司OrientZhiShengLimited发行的3亿 美元三年期浮动利息美元债券提供无条件且不可撤销的保证担保。本次担保实施后，公司为该子公司担 保余额为6.46亿美元。截至公告日，公司及控股子公司对外担保总额为169.84亿元，占最近一期经审计 净资产的20.87%，无逾期担保情况。此次担保在公司内部决策授权范围内，虽被担保方资产负债率超 70%，但公司间接持股100%，担保风险可控，不会损害公司及股东利益。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 本公告僅供參考，並不構成收購、購買或認購證券的邀請或要約。 本公告並不構成在美國境內購買或認購證券的任何要約或邀請或其中一部分。證券並無亦不會 根據經修訂的1933年美國證券法（「證券法」）或美國任何州或其他司法權區的證券法例登記。證 券依據證券法項下S規例（「S規例」）於美國境外對非美國人士提呈發售及出售，如未登記或獲 豁免遵守證券法的登記規定，不得在美國境內或針對美國人士（定義見S規例）或以其名義或為 其利益提呈發售、出售或以其他方式轉讓。證券將不會於美國或提呈發售受限制或被禁止的任 何其他司法權區進行公開發售。 於香港聯合交易所有限公司上市的通告 Orient ZhiSheng Limited （於英屬維京群島註冊成立的有限公司） （「發行人」） 發行於2028年到期之300,000,000美元浮動利率擔保債券（「債券」） （股份代號：5953） 聯席全球協調人、聯席賬簿管理人及聯席牽頭經辦人 由 ...

Group 1 - The report emphasizes the application of the "2+1" thinking model, which includes expectation thinking, trading thinking, and marginal thinking, in the investment process of major asset classes [6][9][10] - The overall risk of major assets is controllable, with domestic stocks, gold, commodities, domestic bonds, and US stocks being suitable for strategic allocation based on expectation perspectives [6][10][11][13] - The report highlights the need for tactical adjustments in asset positions, particularly in domestic stocks and gold, which suggest a cautious short-term approach but a relatively optimistic medium-term outlook [6][10][39] Group 2 - The trading characteristics of major assets show differentiation, with domestic stocks and gold experiencing a significant strengthening in trading trends since September, while other assets remain relatively stable [6][22][26] - The report indicates that trading sentiment for domestic stocks and gold has increased in the short term, but medium-term uncertainties are decreasing [22][30][39] - The report suggests that the trading trends for commodities and US stocks have weakened since September, with a neutral outlook for domestic bonds [39][20] Group 3 - Domestic stocks are supported by the DDM model, reflecting expectations of earnings and growth, while the risk evaluation has been improving [10][11] - Domestic bonds face uncertainties due to interest rate and inflation expectations, but the risks are still manageable [11][19] - Gold remains optimistic based on expectations of US real interest rates and global monetary system restructuring, with a neutral to slightly positive outlook for commodities [13][17][19]

本公告僅供參考，並不構成收購、購買或認購證券的邀請或要約。 本公告並不構成在美國境內購買或認購證券的任何要約或邀請或其中一部分。證券並無亦不會 根據經修訂的1933年美國證券法（「證券法」）或美國任何州或其他司法權區的證券法例登記。證 券依據證券法項下S規例（「S規例」）於美國境外對非美國人士提呈發售及出售，如未登記或獲 豁免遵守證券法的登記規定，不得在美國境內或針對美國人士（定義見S規例）或以其名義或為 其利益提呈發售、出售或以其他方式轉讓。證券將不會於美國或提呈發售受限制或被禁止的任 何其他司法權區進行公開發售。 於香港聯合交易所有限公司上市的通告 Orient ZhiSheng Limited 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 （於英屬維京群島註冊成立的有限公司） （「發行人」） 發行於2028年到期之300,000,000美元浮動利率擔保債券（「債券」） （股份代號：5953） 由 （於中華人民共和國註冊成立之股份有限公司，公司中 ...

Core Viewpoint - The A-share market experienced a strong upward trend on September 29, with all three major indices rising and trading volume exceeding 2 trillion yuan for the 13th consecutive day. The brokerage sector saw significant gains, indicating a positive market sentiment driven by supportive monetary policy measures [2]. Group 1: Market Performance - The A-share market showed a collective increase in all three major indices on September 29 [2]. - Trading volume in the Shanghai and Shenzhen markets surpassed 2 trillion yuan for the 13th consecutive day, reflecting heightened market activity [2]. - Brokerage concept stocks experienced a surge, with notable gains from companies such as GF Securities, Huatai Securities, and Guosheng Financial Holdings, which hit the daily limit [2]. Group 2: Monetary Policy Impact - The central bank's recent meeting emphasized the need for a moderately accommodative monetary policy to enhance credit supply from financial institutions [2]. - The policy aims to utilize tools such as securities, fund, and insurance company swaps, as well as stock repurchase loans, to stabilize the capital market [2]. Group 3: Future Outlook for Brokerages - According to a report from Kaiyuan Securities, the trading activity and margin financing scale in the third quarter have significantly improved, suggesting a potential increase in brokerage firms' performance in their Q3 reports [2]. - The report anticipates that investment banking, derivatives, and public fund businesses will continue to improve, with leading brokerages expected to see a rise in return on equity (ROE) driven by both overseas business growth and internal growth strategies [2]. - The brokerage sector remains undervalued, presenting strategic allocation opportunities for institutional investors, particularly in light of upcoming Q3 reports and policy events [2].