Group 1 - The fund distributes a dividend of 0.075 RMB for every 10 shares for all classes (A, C, E, I) [1] - Investors who apply for subscription on the record date will not be entitled to the dividend, while those who redeem shares on the record date will receive the dividend [1] - The default dividend method for investors who do not specify is cash distribution [1][2] Group 2 - Investors can modify their dividend method during trading hours on fund open days and should confirm the changes with the sales outlet [1][2] - For inquiries regarding dividends, investors can visit local sales outlets or the fund manager's website [2] - The announcement is made by Caitong Securities Asset Management Co., Ltd. on April 30, 2025 [3]

Domestic Economic Recovery - During the May Day holiday, inter-regional personnel flow increased significantly, with approximately 630 million trips made, representing a growth of 37.1% compared to 2019 and 5% compared to 2024 [1][4][6] - Various modes of transportation saw growth, with road travel accounting for 570 million trips, a 37.2% increase from 2019, and rail and air travel also showing significant increases [6][9][11] - The subway passenger volume reached a historical high, with major cities reporting an average of 63.21 million trips per day, a 2% increase from 2024 and 18.8% from 2019 [11][10] - Domestic tourism was robust, with ticket bookings for scenic spots increasing nearly 20% year-on-year, and rural tourism orders growing over 40% [14][15] - The film market underperformed, with box office revenue dropping 51.6% year-on-year during the first three days of the holiday [17] Real Estate Sales - New home sales were at a historical low for the same period, with a cumulative sales area of approximately 325.8 million square meters, a decrease of 15.4% year-on-year [21][23] - In contrast, second-hand home sales reached a historical high, with a cumulative sales area of 259.1 million square meters, a 3.7% increase year-on-year [23] Global Asset Performance - Global stock indices mostly rose during the May Day holiday, with the MSCI global index increasing by 2.7% [2][24] - The U.S. stock market saw gains across major indices, with the industrial sector performing the best [26] - The bond market experienced mixed results, with U.S. Treasury yields rising while most other countries' bond yields fell [30][31] - The dollar index showed a slight increase, while the Chinese yuan strengthened against the dollar [36] Overseas Economic Developments - The U.S. job market remained stable, with expectations of three interest rate cuts this year, while trade tensions with Europe continued to influence monetary policy [3][38][40] - U.S. GDP for Q1 2025 showed a contraction of -0.3% due to increased imports, which were driven by tariff expectations [41] - The U.S. and China are expected to ease trade tensions, with ongoing negotiations regarding tariffs [48]

互换便利工具在去年下半年推出，不少券商陆续获得了参与互换便利的业务资格。不过，究竟有哪些券商实际落地了互换 便利业务？参与额度又有多少？部分券商年报有披露。 有的券商在年报中表示，公司使用互换便利获得的资金持仓股票和股票ETF。还有的券商称，公司主动参与央行第二批互换便 利操作且积极配置A股市场。年报数据显示，有的券商互换便利质押式回购接近50亿元。 买入股票和股票ETF "作为首批获得互换便利业务资格的金融机构，整体参与进度属于同业前列；发挥做市商专业优势，为中小微企业提供专业化 的流动性支持，公司在北交所做市业务中创市场先例，首家通过互换便利账户开展北交所做市业务，向市场传递积极信号。" 申万宏源表示 。 财通证券称， 互换便利作为国家支持资本市场健康发展的增量政策，为资本市场和行业发展带来了重大政策机遇。公司积极 承接政策，获得互换便利业务资格，并在第一时间完成股票增持的首笔交易。据悉，财通证券使用互换便利获得的资金持仓 股票和股票ETF。 东吴证券称， 响应国家政策号召，成功取得互换便利操作资格，主动参与央行第二批互换便利操作且积极配置A股市场。 东方证券 稳妥使用互换便利资金，高效筛选合适的A股标的 ...

IPO Issuance Dynamics - Zijin Mining plans to restructure its overseas gold mining assets under its wholly-owned subsidiary, Zijin Gold International, and apply for a spin-off listing on the Hong Kong Stock Exchange, aiming to enhance overall company and shareholder value [2] - Haitian Flavor Industry has received approval from the China Securities Regulatory Commission for its overseas issuance of up to 710.52 million shares, intending to list on the Hong Kong Stock Exchange, although uncertainties remain [3] Financing Dynamics - Cambrian plans to raise no more than 4.98 billion yuan through a private placement of A-shares, targeting projects related to large model chip and software platforms, as well as to supplement working capital [5] Mergers and Acquisitions Dynamics - Tianli Lithium Energy has terminated its acquisition of control over Jiangsu Damo Semiconductor Technology Co., Ltd. due to changes in circumstances, with no significant adverse impact on the company's financial status [7] Regulatory Compliance Dynamics - Ruida Futures received a regulatory letter from the Shenzhen Stock Exchange due to non-compliance in accounting practices, leading to inaccuracies in financial data disclosures [9] - ST Langyuan is facing a lawsuit from six individual investors for alleged false statements, with a total claim amount of approximately 398,000 yuan [10] - Caitong Securities' independent director is under investigation for serious violations, prompting the company to seek a new independent director [11] - The controlling shareholder of Jiawei New Energy received a warning letter from the Shenzhen Securities Regulatory Bureau for failing to fulfill a commitment to increase shareholding [12] Company Announcement Dynamics - Hainan Airport plans to acquire a 50.19% stake in Meilan International Airport for 2.339 billion yuan, aiming to enhance management efficiency across three airports in Hainan Free Trade Port [15] - Meng Xiantang, chairman of Haiguang Information, resigned due to age reasons [16] - Tian Tie Technology's planned change of controlling shareholder has been terminated, maintaining the current control structure [17] - Aolai De's subsidiary signed a sales contract worth 655 million yuan with Chengdu BOE Display Technology Co., Ltd., expected to positively impact future performance [18] - Jinhongshun is planning a major asset restructuring, with stock price fluctuations raising concerns about potential insider trading investigations [19] - Wolong Real Estate intends to change its stock name to "Wolong New Energy" to align with national carbon neutrality policies [20] - Heimu Dan has received approval to publicly issue bonds totaling up to 1.658 billion yuan [21] - Baotai Co.'s general manager resigned due to work changes, continuing to serve as a director [22]

财通证券股份有限公司 关于独立董事无法履职的进展公告 证券代码：601108 证券简称：财通证券 公告编号：2025-027 敬请广大投资者理性投资，注意投资风险。 特此公告。 财通证券股份有限公司董事会 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。 2025年4月30日 近日，中央纪委国家监委网站公布，中国建设银行浙江省分行原党委书记、行 长高强涉嫌严重违纪违法，目前正接受中央纪委国家监委驻中国建设银行纪检监 察组织纪律审查和北京市通州区监察委员会监察调查。 高强为公司第四届董事会独立董事、薪酬与提名委员会主任委员、审计委员 会委员，除此以外未担任公司任何职务，不参与公司日常生产经营管理工作。鉴 于高强已无法履行公司独立董事职责，公司将尽快按照相关法律法规及《公司章 程》的规定遴选新任独立董事。 ...

Core Viewpoint - The company reported a decline in overall revenue for 2024, but showed growth in net profit, with significant fluctuations in different business segments [1][5]. Financial Performance - In 2024, the company achieved operating revenue of 6.29 billion, a year-on-year decrease of 3.6%, while net profit attributable to shareholders was 2.34 billion, an increase of 3.9% [1] - The fourth quarter of 2024 saw operating revenue of 1.84 billion, up 18.0% year-on-year and 30.3% quarter-on-quarter, with net profit of 868 million, up 15.5% year-on-year and 59.2% quarter-on-quarter [1] - For Q1 2025, operating revenue was 1.07 billion, down 24.2% year-on-year, and net profit was 290 million, down 36.5% year-on-year [1] Brokerage Business - The brokerage business showed significant growth in 2024, with revenue of 1.41 billion, an increase of 17.7%, accounting for 22.5% of total operating revenue [2] - In Q1 2025, brokerage revenue reached 420 million, up 41.4% year-on-year, representing 39.4% of total operating revenue [2] - The average daily trading volume for the entire market in 2025 was 17.031 trillion, a year-on-year increase of 70.3% [2] Investment Banking - The investment banking sector continued to decline, with revenue of 520 million in 2024, down 31.3% year-on-year [3] - The equity underwriting scale for 2024 was 1.42 billion, a significant drop of 83.3%, ranking 31st [3] - In Q1 2025, the equity underwriting scale was 700 million, with two IPO projects in reserve, ranking 23rd [3] Asset Management - Asset management revenue for 2024 was 1.55 billion, a slight decrease of 0.3%, with total assets under management at 282.2 billion, up 2.0% year-on-year [4] - The net profit for the asset management subsidiary was 520 million, an increase of 12% year-on-year [4] - Investment income (including fair value) for 2024 was 1.5 billion, down 14.5% year-on-year [4] Profit Forecast - The company revised its profit forecast, expecting net profits of 2.485 billion and 2.631 billion for 2025 and 2026, respectively, with year-on-year growth rates of 6.21% and 5.86% [5] - The estimated net profit for 2027 is projected to be 2.761 billion, a year-on-year increase of 4.94% [5] - The current market capitalization corresponds to PE ratios of 11.87x, 11.21x, and 10.68x for 2025, 2026, and 2027, respectively [5]

Core Viewpoint - The financial performance of Caitong Securities in 2024 showed a decline in revenue but an increase in net profit, while the first quarter of 2025 experienced significant profit drop due to pressure on proprietary trading business. Group 1: Financial Performance - In 2024, Caitong Securities achieved operating revenue of 6.29 billion, a year-over-year (yoy) decrease of 3.6%, and a net profit attributable to shareholders of 2.34 billion, a yoy increase of 3.9% [1] - For Q1 2025, the net profit attributable to shareholders was 290 million, reflecting a yoy decrease of 36.5% and a quarter-over-quarter (qoq) decrease of 66.6% [1] - The main revenue sources in 2024 included brokerage, investment banking, asset management, net interest, net investment, and long equity investment, with respective revenues of 1.41 billion, 520 million, 1.55 billion, 610 million, 1.50 billion, and 520 million [1] Group 2: Cost Management - In 2024, the company maintained good cost control with management expenses of 3.46 billion, a yoy decrease of 8.5%, resulting in a management fee ratio of 56.1%, down 3.0 percentage points yoy [2] Group 3: Investment and Assets - By the end of 2024, the total assets of the company were 144.6 billion, a yoy increase of 8.1%, while net assets were 36.4 billion, a yoy increase of 5.2% [3] - The investment income for 2024 was 1.5 billion, a yoy decrease of 14.6%, with an annualized investment return rate of 2.21%, down 0.39 percentage points yoy [3] - As of Q1 2025, total assets decreased to 138.9 billion, a decline of 3.9% from the beginning of the year, while net assets slightly increased to 36.6 billion, up 0.6% [3] Group 4: Brokerage and Asset Management - The brokerage business showed strong performance with a net income market share increase of 5.1%, achieving net income from agency trading of 1.22 billion, a yoy increase of 21.0% [4] - In asset management, the revenue for 2024 was 1.55 billion, a yoy decrease of 0.3%, while the AUM for Caitong Fund was 53.6 billion, down 37.0% from the beginning of the year [5] - For Q1 2025, asset management revenue was 260 million, a yoy decrease of 17.5%, while long equity investment revenue was 80 million, a yoy increase of 42.5% [5] Group 5: Future Projections - The projected net profit attributable to shareholders for 2025-2027 is estimated to be 2.22 billion, 2.40 billion, and 2.57 billion, reflecting yoy changes of -5%, +8%, and +7% respectively [5]

Group 1 - The resignation of Jin Yu as chairman of Shanghai Bank due to age marks a significant leadership change, with Gu Jianzhong appointed as the new party secretary [2] - Wang Liang, the chairman of China Merchants Bank, reported a slight decline in operating income for 2024, while net profit showed a modest increase, reflecting the challenges faced by the banking sector [4][6] - Gao Yingxin, chairman of Minsheng Bank, reported the worst performance in nearly a decade, with a significant drop in both operating income and net profit, despite being the highest-paid executive in the A-share listed banks [8][9] Group 2 - Lu Jianqiang, chairman of Zheshang Bank, introduced the concept of "good financial practices" as a guiding principle for the bank's operations, emphasizing a new financial paradigm [9][11] - The upcoming retirement of several bank executives, including those from major banks, is expected to lead to a wave of leadership changes that could impact strategic direction and corporate culture [22][23] - The implementation of an elastic retirement policy starting in 2025 may allow banks to retain key executives beyond the statutory retirement age, potentially stabilizing leadership during transitions [27]

Group 1 - As of April 28, 2024, 45 brokerage firms have released their annual reports, showing overall positive performance, with 9 firms experiencing declines in both total revenue and net profit attributable to shareholders [1] - Among the firms, Caitong Securities reported a total revenue of 6.286 billion yuan, a year-on-year decline of 3.55%, while its net profit attributable to shareholders increased by 3.9% to 2.34 billion yuan [3] - Caitong Securities' brokerage and credit businesses saw year-on-year growth, while its investment banking and proprietary trading businesses experienced declines, particularly the proprietary trading business, which has shown significant volatility in recent years [1][3] Group 2 - Caitong Securities' net income from various segments in 2024 was as follows: brokerage 1.412 billion yuan, investment banking 523 million yuan, asset management 1.547 billion yuan, proprietary trading 1.503 billion yuan, and credit business 608 million yuan [3] - The company ranked sixth in the asset management sector, with a slight decline in net income, while its investment banking and proprietary trading revenues fell by 31% and 14%, respectively [4] - Caitong Securities had a high withdrawal rate of 70% for its sponsored projects, with 10 projects initiated, and several were terminated or withdrawn, indicating challenges in its investment banking operations [4][5] Group 3 - In the competitive landscape of Zhejiang Province, Caitong Securities is in a fierce rivalry with Zheshang Securities for market leadership, amidst a wave of mergers and acquisitions in the securities industry [7] - Zheshang Securities reported a 10.33% decline in revenue to 15.816 billion yuan for 2024, while its net profit attributable to shareholders increased by 10.17% to 1.932 billion yuan [8] - Caitong Securities' chairman emphasized the company's focus on external development and mergers to strengthen its position in the industry [8]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a total revenue of 6.29 billion yuan in 2024, a decrease of 3.55% year-on-year, while the net profit attributable to shareholders was 2.34 billion yuan, an increase of 3.9% year-on-year [8] - The brokerage business showed significant growth, with revenue of 1.41 billion yuan in 2024, up 17.7% year-on-year, and 4.2 billion yuan in Q1 2025, up 41.4% year-on-year [8] - Investment income, including fair value changes, decreased by 14.5% year-on-year to 1.5 billion yuan in 2024, and dropped by 94.5% year-on-year in Q1 2025 [8] - The company is experiencing a decline in its equity underwriting business, with revenue of 520 million yuan in 2024, down 31.3% year-on-year [8] - The asset management business showed a stable growth trend, with an asset management scale of 282.2 billion yuan at the end of 2024, up 2.0% year-on-year [8] Summary by Sections Financial Performance - Total revenue for 2024 is projected at 6.29 billion yuan, with a year-on-year decrease of 3.55% [1] - Net profit attributable to shareholders is expected to be 2.34 billion yuan, reflecting a year-on-year increase of 3.9% [1] - Earnings per share (EPS) for 2024 is estimated at 0.50 yuan [1] Brokerage Business - The brokerage business revenue for 2024 reached 1.41 billion yuan, a growth of 17.7% year-on-year [8] - In Q1 2025, brokerage revenue was 4.2 billion yuan, marking a 41.4% increase year-on-year [8] Investment Banking - Investment banking revenue for 2024 was 520 million yuan, down 31.3% year-on-year [8] - The company ranked 31st in equity underwriting with a total scale of 1.42 billion yuan in 2024, a decrease of 83.3% year-on-year [8] Asset Management - The asset management business generated revenue of 1.55 billion yuan in 2024, a slight decrease of 0.3% year-on-year [8] - The total asset management scale was 282.2 billion yuan at the end of 2024, up 2.0% year-on-year [8] Investment Income - Investment income, including fair value changes, was 1.5 billion yuan in 2024, down 14.5% year-on-year [8] - In Q1 2025, investment income dropped to 20 million yuan, a significant decline of 94.5% year-on-year [8]