Group 1 - The company announced a cash dividend of 0.11 yuan per share (including tax) to all A-share shareholders based on the total share capital as of the dividend record date [1][2] - The annual profit distribution plan was approved at the 2024 annual general meeting held on June 19, 2025 [2] - The convertible bonds ("财通转债") will have their conversion price adjusted according to the terms outlined in the bond issuance prospectus following the dividend distribution [2] Group 2 - The trading of "财通转债" will be suspended during the dividend distribution period and will resume on the first trading day after the record date [2] - Holders of "财通转债" can convert their bonds into shares until July 16, 2025, to enjoy the benefits of the dividend distribution [2] - The company has provided contact information for inquiries regarding the announcement [2]

| 证券代码：601108 | | 证券简称：财通证券 | 公告编号：2025-046 | | --- | --- | --- | --- | | 债券代码: | 113043 | 债券简称: 财通转债 | | 财通证券股份有限公司 关于实施 2024 年年度权益分派时"财通转债"停止转 股的提示性公告 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。 重要内容提示： 证券停复牌情况：适用 因实施 2024 年年度权益分派,本公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 113043 | 财通转债 | 可转债转股停牌 | 2025/7/17 | | | | 2025 年 7 月 17 日至权益分派股权登记日期间，本公司可转债将停止转股。 一、2024 年年度权益分派方案基本情况 财通证券股份有限公司（简称"公司"）2024年年度利润分配方案于202 ...

Group 1 - The stock price of Zhongtai Automobile (000980) closed at 1.99 yuan on July 10, 2025, down 2.45% with a trading volume of 479 million yuan [1] - The stock experienced block trades for two consecutive trading days, totaling 114 million yuan in transaction value, with sellers identified as Caitong Securities [1] - On July 9, two block trades occurred, totaling 30.3 million shares and 57.57 million yuan, at an average price of 1.90 yuan, representing a discount of 6.86% compared to the closing price [1] Group 2 - On July 10, another two block trades were executed, totaling 30.25 million shares and 55.96 million yuan, with an average price of 1.85 yuan, reflecting a discount of 7.04% from the closing price [1] - Shareholder Zheshang Bank reduced its holdings by 64.32 million shares (1.28% of total equity) on July 9 and further reduced by 31.92 million shares (0.63% of total equity) on July 10 [1] - For Q1 2025, the company reported revenue of 98.75 million yuan and a net loss attributable to shareholders of 103 million yuan [1] Group 3 - In the secondary market, Zhongtai Automobile has seen a cumulative decline of 1.45% over the last five trading days, with a net outflow of 105 million yuan from main funds [2] - The latest price-to-earnings ratio stands at -24.35 times, while the price-to-book ratio is as high as 76.14 times [2] - The company is involved in sectors including complete vehicles and new energy vehicles, but reports indicate that it has not resumed complete vehicle production this year [2]

Group 1 - The Shanghai Composite Index strengthened on July 9, rising nearly 0.1% and surpassing the 3500-point mark for the first time since November 8, 2024 [1] - Major stocks in the securities sector showed positive performance, with GF Securities up 1.87%, East Money up 0.60%, CITIC Securities up 0.61%, China Merchants Securities up 0.57%, and Huatai Securities up 0.44% [1] - The global regulatory framework for stablecoins is accelerating, shifting market focus from cross-border payments to asset tokenization, driven by liquidity release and improved settlement efficiency [1] Group 2 - Guotai Junan Securities estimates that the future scale of stablecoins could reach $3.5 trillion, with projections across four scenarios: $363.3 billion in crypto assets, $2.9 trillion in cross-border payments, $121.6 billion in daily consumer payments, and $133.3 billion in traditional capital market tokenization [2] - The Securities ETF leader closely tracks the Guozheng Securities Leader Index, reflecting the market performance of quality listed companies in the securities theme and providing investors with richer index investment tools [2] - As of June 30, 2025, the top ten weighted stocks in the Guozheng Securities Leader Index account for 78.71% of the index, including East Money, CITIC Securities, Huatai Securities, and others [2]

Core Viewpoint - The company announced the suspension of large-scale subscription, conversion, and regular investment business for the Caizheng Asset Management Hongfu Short Bond Fund starting from July 7, 2025, to maintain stable operations and protect the interests of fund shareholders [1][2]. Summary by Category Fund Operations - The Caizheng Asset Management Hongfu Short Bond Fund will suspend large-scale subscription, conversion, and regular investment business, with a subscription and conversion limit set at 10 million yuan [1]. - The fund's A and C class shares will be assessed separately for the large-scale subscription limit [1]. Subscription Limits - For non-individual investors, any single subscription amount exceeding 10 million yuan will be rejected, and multiple subscriptions will be aggregated until they meet the 10 million yuan limit [1]. - The fund will continue to process redemption and other business operations during the suspension period [2].

Group 1 - The company has signed sales agreements with Minsheng Securities, Wanlian Securities, and Caitong Securities to offer the Wanjia Multi-Dimensional Value Mixed Fund starting from July 7, 2025 [1][3][5] - The fund will be publicly offered from July 3 to July 9, 2025, allowing investors to subscribe through the designated sales institutions [1][3] - Investors can perform account opening and subscription for the fund at Minsheng Securities, Wanlian Securities, and Caitong Securities, and can also engage in other activities such as redemption and regular investment after the fund is established [1][3][5] Group 2 - Specific fee rates for the fund will be announced by the respective sales institutions, and investors are advised to follow the relevant procedures of these institutions [1][3] - Contact details for inquiries include customer service numbers and websites for Minsheng Securities, Wanlian Securities, Caitong Securities, and Wanjia Fund Management [4][5]

Global Asset Price Performance - Global bond yields have generally risen, with the 10-year U.S. Treasury yield increasing by 6 basis points due to strong employment data reducing rate cut expectations [1] - Major global stock markets showed mixed performance, with the S&P 500, Dow Jones, and Nasdaq indices rising by 1.7%, 2.3%, and 1.6% respectively [1][3] - Commodity prices for gold and crude oil have rebounded this week, while the U.S. dollar index fell by 0.1% [1] Major Central Bank Monetary Policies - Strong employment data has led to a decrease in rate cut expectations from the Federal Reserve, with the probability of a rate cut in July dropping from 20.7% to 4.7% [4] - The Bank of Japan's governor indicated that while inflation is above the 2% target, the underlying inflation rate remains slightly below target, reducing expectations for rate hikes [4] U.S. Economic Dynamics - In June, non-farm payrolls increased by 147,000, with government jobs contributing half of the new positions, while private sector job growth slowed significantly [12] - The unemployment rate decreased to 4.1%, but the labor force participation rate fell to 62.3%, indicating a trend of cooling employment [12] - The ISM Manufacturing PMI rose slightly to 49, but new orders continued to contract for the fifth consecutive month due to tariff policies [12] Economic Dynamics in Other Regions - Eurozone inflation has shown signs of stabilizing, with the CPI rising slightly to 2%, and the ECB is expected to consider a rate cut by the end of the year [29] - In the UK, a failed welfare reform has raised concerns about potential tax increases and borrowing, leading to a significant rise in long-term bond yields [29] - Japan's consumer spending increased by 4.7% year-on-year in May, driven by higher expenditures on automobiles and dining out [30]

Core Viewpoint - In the first half of the year, seven brokerage firms implemented share buybacks totaling 191 million shares and an aggregate amount of 2.031 billion yuan, indicating a positive trend in the brokerage sector's valuation recovery due to various supportive measures and an improving market environment [1][2]. Group 1: Share Buyback Details - Seven brokerages have disclosed their share buyback progress, with notable examples including Dongfang Securities, Guotai Junan, and Zhongtai Securities, which collectively repurchased millions of shares and spent significant amounts [2]. - Dongfang Securities repurchased 26.70 million shares for 250 million yuan, Guotai Junan repurchased 59.22 million shares for 1.051 billion yuan, and Zhongtai Securities repurchased 33.50 million shares for 213 million yuan [2]. Group 2: Future Buyback Plans - Some brokerages have announced future buyback plans, such as Hongta Securities, which plans to repurchase between 100 million and 200 million yuan worth of shares to support its ongoing development [3]. Group 3: Purpose of Share Buybacks - The primary objectives of the share buybacks include maintaining company value and shareholder rights, optimizing capital structure, and enhancing shareholder returns [4]. - Brokerages like Zhongtai Securities and Hongta Securities explicitly stated that their repurchased shares would be canceled to reduce registered capital and improve shareholder returns [4]. Group 4: Broader Market Management Strategies - In addition to share buybacks, several major shareholders of brokerages have announced plans to increase their holdings, reflecting a growing awareness of enhancing investor returns [5]. - For instance, Tianfeng Securities' major shareholder increased its stake by 1.79 million shares for 502 million yuan, while Changcheng Securities' major shareholder plans to invest between 50 million and 100 million yuan [5]. Group 5: Market Outlook - Analysts predict that with the influx of long-term capital and increased market stability, the risk appetite in the market is likely to improve, which may lead to a recovery in brokerage valuations [6].

Core Viewpoint - The company has decided to adjust the conversion price of its convertible bonds downward from 11.19 CNY per share to 8.2 CNY per share, effective from July 4, 2025, due to the stock price being below the threshold for a significant period [1][3]. Group 1: Conversion Price Adjustment - The initial conversion price of the convertible bonds was set at 13.33 CNY per share, which was later adjusted to 11.19 CNY per share [2]. - The adjustment to the conversion price was triggered by the company's stock closing price being below 80% of the current conversion price for at least 15 out of 30 consecutive trading days [3]. - The average trading price of the company's stock over the 30 trading days prior to the shareholder meeting was 7.6325 CNY per share, and the net asset value per share was 7.73 CNY [3]. Group 2: Corporate Governance and Decision-Making - The company's board of directors approved the proposal to adjust the conversion price on June 16, 2025, and the shareholders approved it on July 2, 2025 [3]. - The adjustment aims to optimize the company's capital structure and support long-term development while protecting investor interests [3].

因实施转股价格修正条款引发的转股价格调整,本公司的相关证券停复牌情况如 下： | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | | | | | 期间 | | | | 113043 | 财通转债 | 可转债转股停牌 | 2025/7/3 | 全天 | 2025/7/3 | 2025/7/4 | 一、转股价格调整依据 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准财通证券股 份有限公司公开发行可转换公司债券的批复》（证监许可〔2020〕2927 号）核准， 财通证券股份有限公司（以下简称"公司"）于 2020 年 12 月 10 日公开发行面值总 额为人民币 38 亿元的可转换公司债券（以下简称"财通转债"或"可转债"），初始 转股价格为 13.33 元/股，后因公司配股及历次权益分派，可转债转股价格下调至 11.19 元/股。 | 证券代码：601108 | | 证券简称：财通证券 | 公告编号：2025-045 | | --- | --- | --- | ...