Group 1 - The company,交银施罗德基金管理有限公司, has signed sales agreements with multiple fund sales agencies, effective from March 28, 2025, to expand its distribution network [1][3][8][13][17][22]. - The newly added sales agencies include 财通证券股份有限公司, 蚂蚁（杭州）基金销售有限公司, 上海基煜基金销售有限公司, 上海利得基金销售有限公司, 上海天天基金销售有限公司, and 珠海盈米基金销售有限公司 [1][3][8][13][17][22]. - Investors can consult details regarding the fund sales through the respective customer service numbers and websites of the sales agencies and the company [5][10][15][20][24]. Group 2 - The company emphasizes that the specific time, process, business types, and any fee discount activities for fund sales will be determined by the sales agencies and their arrangements, in compliance with the fund contracts and prospectuses [4][9][14][19][23]. - The company has committed to managing and utilizing fund assets with honesty and diligence, although it does not guarantee profits or minimum returns [26][27].

证券代码：601108 证券简称: 财通证券 公告编号：2025-008 财通证券股份有限公司 本期发行短期融资券的相关文件已在以下网站上刊登： 2025年度第一期短期融资券发行结果公告 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。 财通证券股份有限公司 2025 年度第一期短期融资券已于 2025 年 3 月 14 日 发行完毕， 相关发行情况如下： | 短期融资券名称 | | | 财通证券股份有限公司 | | | 2025 年度第一期短期融资券 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 短期融资券简称 | 25 | 财通证券 | | | CP001 | 短期融资券代码 | 072510036 | | | 发行日 | 2025 | 年 | 3 月 | 13 | 日 | 起息日期 | 2025 年 3 月 14 | 日 | | 兑付日期 | 2025 | 年 | 8 月 | 15 | 日 | 期限 | 154D | | | 计划发行总额 | ...

Core Viewpoint - The demand for civil explosives is expected to increase due to significant infrastructure projects supported by government funding, particularly in the northwest region of China, driven by the "Western Development" policy [1][4]. Group 1: Industry Expansion and Policy Influence - The civil explosive industry is experiencing continuous expansion, with a projected CAGR of 3.6% in main business revenue from 2019 to 2024, driven by rapid growth in blasting service revenue, which is expected to rise from 46.12% of total revenue in 2019 to 78.35% in 2024 [2]. - Profitability in the civil explosive sector is anticipated to improve significantly, with total profits expected to increase by 45.0% in 2023 and 13.0% in 2024 [2]. - Key policy directions include promoting industry consolidation, optimizing product structure, and encouraging production companies to extend into blasting services, leading to an integrated model of research, production, and blasting services [2]. Group 2: Demand Drivers - The civil explosive industry is closely linked to mining and hydropower infrastructure, with high prices for copper and gold expected to sustain mining sector demand, supported by new legislation aimed at enhancing domestic exploration and production [3]. - Traditional infrastructure investment is stable, while green transformation is driving investment in hydropower projects, with installed capacity projected to reach 436 million kilowatts by the end of 2024 and potentially exceed 540 million kilowatts by 2030 [3]. Group 3: Regional Opportunities - In Xinjiang, diverse mineral resources and significant coal production growth (CAGR of 17.9% from 2019 to 2024) are expected to stimulate civil explosive demand, alongside ongoing transportation infrastructure investments [4]. - Tibet's rich mineral reserves and the development of complex construction projects are anticipated to drive demand for civil explosives, particularly in hydropower projects [4]. - Inner Mongolia's abundant coal and rare earth resources, along with the acceleration of a comprehensive transportation network, are expected to support civil explosive demand [4].

Investment Rating - The report does not explicitly provide an investment rating for the securities industry or the specific company being analyzed [1]. Core Insights - The company has initiated a digital transformation since 2021, focusing on building a data foundation to enhance digital capabilities, resulting in the launch of 28 significant applications to improve customer engagement and service quality [18][20]. - The company plans to increase its proprietary investment scale in response to regulatory encouragement for long-term capital market participation, aiming to enhance overall capital efficiency [18][19]. - The asset management division is strategically positioned to leverage its public fund license and is focusing on passive equity products, particularly in the index investment space, to meet diverse client needs [20][21]. - The company is expanding its international business by following the needs of local enterprises, particularly in the "Belt and Road" regions, and aims to integrate domestic and international client services [22][23]. - The asset-backed securities (ABS) business has seen significant growth, with a total issuance of 173 ABS products amounting to 1,391.13 billion, indicating a strong market position [24]. Summary by Sections 01 Research Overview - The research was conducted on February 26, 2025, focusing on the securities industry and involved multiple financial institutions [1][13]. 02 Detailed Research Institutions - The research involved seven fund management companies and one other financial company, with a significant representation from fund management firms [14][16]. 04 Main Content Information - The company is actively enhancing its AI capabilities to improve investment advisory services and customer interactions, aiming for a comprehensive digital transformation [18]. - The company is committed to expanding its asset management capabilities, particularly in passive investment products, to cater to varying risk appetites among clients [21]. - The company has established a strong presence in the ABS market, with a focus on innovative products in response to national policy directions [24].

| 证券代码：601108 | 证券简称: 财通证券 | 公告编号：2025-006 | | --- | --- | --- | | 债券代码：113043 | 债券简称: 财通转债 | | 财通证券股份有限公司 关于不向下修正"财通转债"转股价格的公告 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： 1.截至 2025 年 2 月 25 日，财通证券股份有限公司（以下简称"公司"）A 股 股票已出现连续三十个交易日中至少有十五个交易日的收盘价低于当期可转债 转股价格的 80%之情形，触及"财通转债"转股价格向下修正条款。 2.经公司第四届董事会第十九次会议审议通过，会议决定本次不向下修正 "财通转债"转股价格，同时在 2025 年 2 月 26 日至 2025 年 5 月 25 日期间，如再 次触及可转债转股价格向下修正条款，公司未履行审议程序及信息披露的，则公 司亦不提出向下修正方案。从 2025 年 5 月 26 日开始重新起算，若再次触发"财 通转债"的转股价格向下修正条款，届时公司董事会将再次召开会议 ...

一、审议通过《关于审议豁免本次董事会需提前 3 天通知的议案》 表决情况：9 票赞成，0 票反对，0 票弃权。 证券代码：601108 证券简称：财通证券 公告编号：2025-005 财通证券股份有限公司 第四届董事会第十九次会议决议公告 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。 财通证券股份有限公司（以下简称"公司"）第四届董事会第十九次会议通知 于 2025 年 2 月 25 日以电话和电子邮件等方式发出，会议于 2025 年 2 月 25 日以 通讯表决方式召开。本次会议应参加表决董事 9 人，实际参加表决董事 9 人。本 次会议的召集、召开符合《公司法》、公司《章程》和《董事会议事规则》的有 关规定，本次会议审议并通过以下议案： 二、审议通过《关于审议不向下修正"财通转债"转股价格的议案》 会议同意不向下修正转股价格，同时在 2025 年 2 月 26 日至 2025 年 5 月 25 日期间，如再次触及可转债转股价格向下修正条款，公司未履行审议程序及信息 披露的，则公司亦不提出向下修正方案。从 2025 年 5 ...

| 证券代码：601108 | 证券简称：财通证券 | 公告编号：2025-004 | | --- | --- | --- | | 转债代码: 113043 | 转债简称:财通转债 | | 财通证券股份有限公司 5、发行票面利率：本次发行可转债票面利率为：第一年 0.2%，第二年 0.4%， 第三年 0.6%，第四年 1.0%，第五年 2.0%，第六年 2.5%。 6、债券期限：本次发行的可转债期限为发行之日起六年，即 2020 年 12 月 10 日至 2026 年 12 月 9 日。 关于"财通转债"预计满足转股价格修正条件的提示性公告 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、可转债发行上市概况 1、发行日期：2020 年 12 月 10 日 2、发行数量：3,800 万张（380 万手） 3、发行面值：本次发行的可转债每张面值人民币 100 元，按面值发行 4、发行总额：本次发行的可转债总额为人民币 38 亿元 若在前述三十个交易日内发生过因除权、除息等引起公司转股价格调整的情 形，则在转股价格调整日前的交易 ...

Core Viewpoint - Brokerage stocks experienced a significant upward trend, with notable gains led by Caitong Securities, which rose over 8% [1] Group 1 - Caitong Securities saw a peak increase of more than 8% during the trading session [1] - Other brokerage firms such as First Capital, Hongta Securities, and Huatai Securities also recorded substantial gains [1]

Core Viewpoint - DeepSeek is leading the AI trend and is being widely integrated across various industries, with financial technology firm Caifutong Securities completing integration with DeepSeek's large model [1] Group 1: Company Overview - Caifutong Securities is deeply rooted in Zhejiang, connecting with local businesses and contributing to the economic development of the region [2] - The company emphasizes its commitment to integrity, stability, innovation, and mutual benefit, aiming to build trust through professionalism and create value through service [2] Group 2: Service and Technology - Caifutong Securities is implementing a major reform to reshape its customer operation system, focusing on customer needs and satisfaction to create a comprehensive and personalized financial service system [2][3] - The firm is leveraging financial technology to enhance its services, aiming to provide a more convenient, efficient, and intelligent investment experience for clients [2] Group 3: Future Outlook - Caifutong Securities is committed to its mission of serving the real economy and promoting common prosperity, continuously improving service capabilities and levels [3] - The company aims to collaborate with clients to create a prosperous future, emphasizing the importance of customer-centric service and financial technology [3]

Core Viewpoint - The company aims to enhance its services and strengthen its role in supporting the economic development of Zhejiang Province, focusing on customer-centric transformation and innovative financial solutions for local enterprises [1][3][4]. Group 1: Company Strategy and Goals - In 2025, the company will focus on multi-dimensional financial service needs related to economic and industrial upgrades, guided by major decisions from the central and provincial governments [1][3]. - The company emphasizes a "three-heart" service philosophy: reliable, considerate, and reassuring, to improve service quality for Zhejiang enterprises [1][3]. - The company plans to implement a "Hundred Thousand" action plan to empower local enterprises and enhance their innovation capabilities [1][3]. Group 2: Achievements and Future Plans - The past year was marked by significant achievements, including the integration into broader financial strategies and the promotion of the "Four Types of Financial Services" [2][3]. - The company aims to leverage new macroeconomic policies and opportunities in mergers and acquisitions, stock repurchases, and other financial instruments to provide better services [3][4]. - The company is committed to deepening cooperation with local governments and enhancing its presence in the region through various business headquarters and branches [3][4]. Group 3: Commitment to Stakeholders - The company intends to build a community of shared interests with local enterprises, ensuring that its services follow the development of these businesses [3][4]. - There is a focus on creating a supportive environment for employees and stakeholders, enhancing their sense of belonging and contribution [4]. - The company aims to improve its visibility and recognition in the market while maintaining a strong commitment to its mission of contributing to the financial strength of the nation [4].