Market Overview - On September 3, the securities sector declined by 3.45%, with Pacific Securities leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Individual Stock Performance - Pacific Securities (code: 660109) closed at 4.35, down 8.03% with a trading volume of 10.72 million shares [1] - Guosheng Financial Holdings (code: 002670) closed at 65.81, down 7.10% with a trading volume of 986,500 shares [1] - Xian Financial Holdings (code: 600095) closed at 11.35, down 6.58% with a trading volume of 877,200 shares [1] - Zhongyin Securities (code: 601696) closed at 15.00, down 6.19% with a trading volume of 1.36 million shares [1] - Dongfang Fortune (code: 300059) closed at 26.63, down 4.38% with a trading volume of 8.00 million shares [1] Capital Flow Analysis - The securities sector experienced a net outflow of 11.088 billion yuan from institutional investors, while retail investors saw a net inflow of 7.267 billion yuan [1] - Dongfang Fortune had a net outflow of 3.482 billion yuan from institutional investors, with a net inflow of 2.344 billion yuan from retail investors [2] - Pacific Securities faced a net outflow of 1.244 billion yuan from institutional investors, with a net inflow of 675 million yuan from retail investors [2]

Core Viewpoint - The company, Pacific Securities Co., Ltd., is holding a half-year performance briefing on September 12, 2025, to discuss its operational results and financial status for the first half of 2025, allowing investors to engage in Q&A sessions [1][2]. Group 1: Meeting Details - The meeting is scheduled for September 12, 2025, from 14:00 to 15:00 [1][2]. - It will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [1][2]. - Investors can submit questions from September 5 to September 11, 2025, before 16:00 [3]. Group 2: Participants and Contact Information - Key participants include the General Manager, Deputy General Manager and CFO, Board Secretary, and an Independent Director [2]. - Investors can participate online via the Shanghai Stock Exchange Roadshow Center [2]. - Contact information for inquiries includes the Board Office phone number and email [3].

会议召开方式：上证路演中心网络互动 重要内容提示： 会议召开时间：2025 年 9 月 12 日（星期五）14:00-15:00 会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow. sseinfo.com/） 证券代码：601099 证券简称：太平洋 公告编号：临 2025-22 太平洋证券股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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。 投资者可于 2025 年 9 月 5 日（星期五）至 9 月 11 日（星期四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 tpydb@tpyzq.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 太平洋证券股份有限公司（以下简称"公司"）已于 2025 年 8 月 30 日发布 公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年 度经营成果、财务状况，公司计划于 2025 年 9 月 12 日（星期五）14:00-1 ...

二、接此批复文件后，该机构应立即停止一切经营活动，于15个工作日内向国家金融监督管理总局上饶 监管分局缴回许可证，并按照有关法律法规要求办理相关手续。 一、同意撤销中国太平洋财产保险股份有限公司上饶中心支公司饶城营销服务部。 2025年8月25日，国家金融监督管理总局上饶监管分局发布批复称，《中国太平洋财产保险股份有限公 司上饶中心支公司关于申请撤销饶城营销服务部的请示》（饶太保产〔2025〕3号）收悉。经审核，现 批复如下： ...

二、中国太平洋财产保险股份有限公司丹东市振安支公司应按照有关规定及时办理变更及许可证换领事 宜。 2025年9月1日，国家金融监督管理总局丹东监管分局发布批复称，《中国太平洋财产保险股份有限公司 辽宁分公司关于中国太平洋财产保险股份有限公司丹东市振安支公司营业场所变更的请示》（辽太保产 〔2025〕36号）收悉。经审核，现批复如下： 一、同意中国太平洋财产保险股份有限公司丹东市振安支公司将营业场所变更为：丹东市振安区鸭绿江 办事处燕窝村一组。 ...

一、同意中国太平洋财产保险股份有限公司辽阳中心支公司文圣营销服务部将营业场所变更为：辽宁省 辽阳市文圣区新城路16-3幢1单元5层3号（505室）。 2025年8月28日，国家金融监督管理总局辽阳监管分局发布批复称，《中国太平洋财产保险股份有限公 司辽宁分公司关于变更中国太平洋财产保险股份有限公司辽阳中心支公司文圣营销服务部营业场所的请 示》（辽太保产〔2025〕37号）收悉。经审核，现批复如下： 二、中国太平洋财产保险股份有限公司应按照有关规定及时办理变更及许可证换领事宜。 ...

Group 1 - The main stocks with significant capital outflow include Shanzi Gaoke (-8.24 billion), Xinyi Sheng (-5.19 billion), and Pacific (-4.83 billion) [1][2] - The sectors affected by the capital outflow include automotive, telecommunications, securities, and internet services [2][3] - Notable stock performances show that Shanzi Gaoke had a slight increase of 0.75%, while Longcheng Military Industry and Zhonghang Chengfei experienced declines of -4.87% and -8.12% respectively [2][3] Group 2 - The total capital outflow from the top 20 stocks indicates a trend of investors pulling back from certain sectors, particularly in specialized equipment and internet services [1][2] - Companies like Wan Tong Development and Liou Shares saw positive stock performance despite significant capital outflow, indicating potential resilience in the real estate and internet service sectors [2][3] - The data reflects a broader market sentiment where certain stocks are under pressure, leading to strategic shifts in investment focus [1][2]

Group 1 - On September 2, among the 31 first-level industries tracked by Shenwan, 14 industries experienced net financing inflows, with the non-bank financial sector leading at a net inflow of 1.468 billion yuan [1] - Other industries with significant net financing inflows included pharmaceuticals and biotechnology, non-ferrous metals, chemicals, and oil and petrochemicals, each exceeding 100 million yuan in net inflow [1] Group 2 - A total of 1,658 individual stocks received net financing inflows on September 2, with 96 stocks having net inflows exceeding 50 million yuan [1] - Among these, 37 stocks had net financing inflows exceeding 100 million yuan, with Shenghong Technology leading at a net inflow of 1.367 billion yuan [1] - Other notable stocks with significant net inflows included Dongfang Wealth, Top Group, BeiGene, Data Port, Pacific, Sanhua Intelligent Control, Kunlun Wanwei, and Huahong Semiconductor, each with net inflows exceeding 200 million yuan [1]

Market Overview - The A-share market experienced a sudden adjustment, with all three major indices closing in the red. Pacific Securities saw a significant intraday surge, closing up over 6%, with a net inflow of 2.686 billion yuan in main funds for the day [1] - The top-performing broker ETF (512000) saw a price drop of 1.27%, marking three consecutive days of decline, with a total trading volume exceeding 1.8 billion yuan, indicating active trading [1][3] Fund Flows and ETF Performance - Since reaching a year-to-date high in early August, the broker sector has shown a more subdued performance, yet funds have been patiently entering through ETFs. The broker ETF (512000) recorded a net inflow of 462 million yuan on the latest trading day, with a cumulative net inflow of over 4.1 billion yuan in the past 20 days [3] - The latest fund size of the broker ETF (512000) surpassed 31.2 billion yuan, setting a new historical high, with an average daily trading volume of over 900 million yuan, positioning it among the top in A-share scale and liquidity [3] Market Expectations and Industry Fundamentals - The overall market outlook for the broker sector can be assessed through market expectations and industry fundamentals. Morgan Stanley does not believe the market has entered a fully overheated state, as trading volume and margin financing balances have increased but remain below historical highs [5] - Zhongyuan Securities suggests that the current A-share market is in a favorable environment with intertwined domestic and foreign policy benefits and ample liquidity, expecting a steady upward trend in the short term [5] Broker Performance and Valuation - In terms of performance, all 49 broker stocks in A-share achieved positive growth in net profit for the first half of the year, with 13 companies seeing growth exceeding 100% [6] - The broker ETF (512000) tracks the CSI All Share Securities Company Index, which has a price-to-book ratio (PB) of only 1.65 times, situated in the median range of the past decade, indicating potential undervaluation [6][8] Investment Appeal and Structural Changes - The current configuration value of the broker sector is supported by policies, funding, and internal transformation, enhancing the profitability outlook for the sector [9][10] - The active capital market policies, including the deepening of the registration system and the introduction of long-term funds, are expected to expand the business space for brokers in investment banking, brokerage, and asset management [13] - The recovery of market confidence is driving trading activity and margin financing, with the expectation of new capital inflows from pensions and insurance, providing a foundation for broker performance [13]

Core Viewpoint - TCL Smart Home reported a net profit of 638 million yuan for H1 2025, representing a year-on-year increase of 14.15%, while Q2 net profit was 337 million yuan, up 0.78% [1] Financial Performance - H1 2025 net profit: 638 million yuan (+14.15%) [1] - Q2 2025 net profit: 337 million yuan (+0.78%) [1] Business Development - Q2 profitability faced short-term pressure, but cost efficiency improved [1] - Overseas self-owned brand sales increased by 66% year-on-year, indicating product structure optimization [1] Industry Position - The company is a leading player in the refrigeration sector, outpacing industry growth [1] - TCL's black electrical brand is expected to enhance the competitiveness of its self-owned white electrical brands in international markets [1] Capacity Expansion - Active progress in capacity construction, with the Oma refrigerator project achieving an annual production capacity of 2.8 million high-end frost-free refrigerators [1] - Completion of the Hefei home appliance supporting factory and plans for a new production base in Thailand, adding 1.4 million refrigerator and 300,000 freezer units, which may effectively mitigate trade risks [1] Future Outlook - Anticipation for the air conditioning business to further enhance performance [1] - Maintained "Buy" rating for the stock [1]