Company Overview - Dongshan Precision Manufacturing Co., Ltd. is located in Suzhou, Jiangsu Province, and was established on October 28, 1998, with its listing date on April 9, 2010 [1] - The company specializes in the manufacturing and service of precision sheet metal parts and precision castings, as well as precision electronic manufacturing and flexible circuit board design, production, and sales [1] - The revenue composition of the company includes: 65.23% from electronic circuit products, 17.98% from touch panels and LCD display modules, 13.93% from precision components, 1.69% from LED display devices, and 1.17% from other sources [1] Stock Performance - On September 9, Dongshan Precision's stock rose by 5.01%, reaching a price of 68.90 CNY per share, with a trading volume of 2.485 billion CNY and a turnover rate of 2.67%, resulting in a total market capitalization of 126.198 billion CNY [1] Fund Holdings - According to data from the top ten holdings of funds, one fund under Caitong Securities Asset Management holds a significant position in Dongshan Precision [2] - Caitong Asset Management's Consumer Selection Mixed A Fund (005682) held 292,300 shares in the second quarter, accounting for 4.34% of the fund's net value, ranking as the tenth largest holding [2] - The fund has achieved a return of 62.4% year-to-date, ranking 310 out of 8,179 in its category, and a return of 119% over the past year, ranking 189 out of 7,984 [2]

公司网址：www.ctsec.com 财通商城：mall.ctsec.com 官 方 微 信 财通证券股份有限公司 2025 次临时 股东会 会 议 文 件 2025 9 16 杭州 公司地址：浙江省杭州市西湖区天目山路198号财通双冠大厦 客服电话：95336 | | | | 会议议程 | 2 | | --- | --- | | 会议须知 | 3 | | 1.关于选举董事的议案 | 5 | - 1 - 会议议程 现场会议开始时间：2025 年 9 月 16 日（星期二）14:30 现场会议召开地点：杭州市西湖区天目山路198号财通双冠大厦西楼1102会议室 投票方式：现场投票和网络投票相结合的方式 召集人：财通证券股份有限公司董事会 主持人：董事长章启诚先生 现场会议日程： 一、宣布会议开始，介绍与会股东、来宾情况 2.填写表决票 3.主持人宣布休会 4.计票、统计，汇总投票结果 5.主持人宣布复会 （宣布出席现场会议的股东人数及其代表的股份总数） 二、宣读 2025 年第二次临时股东会会议须知 三、审议会议议案 1.关于选举董事的议案 四、股东或股东代表发言 五、记名投票表决上述议案 1.推选计票人和监票 ...

Group 1 - The core viewpoint of the news is the performance and market position of Sanhui Electric, which saw a 5.1% increase in stock price, reaching 25.98 CNY per share, with a total market capitalization of 3.356 billion CNY [1] - Sanhui Electric, established on July 16, 1996, and listed on March 23, 2017, specializes in the production, testing, and sales of electric energy meters and related products, with revenue composition being 57.27% from energy storage devices, 38.75% from energy metering products, and 1.72% from calibration devices [1] - The trading volume for Sanhui Electric was 149 million CNY, with a turnover rate of 4.56% [1] Group 2 - According to data, one fund from Caitong Securities Asset Management holds a significant position in Sanhui Electric, with 1.5164 million shares, accounting for 7.57% of the fund's net value, making it the third-largest holding [2] - The fund, Caitong Advanced Manufacturing Mixed Initiation A (021985), has achieved a return of 63.92% this year, ranking 321 out of 8248 in its category [2] - The fund manager, Xu Jingze, has been in position for 329 days, with the fund's total asset size at 386 million CNY and a best return of 64.74% during his tenure [3]

Core Viewpoint - Recent surges in overseas ultra-long bond yields are attributed to increasing concerns over the independence of the Federal Reserve and a general relaxation of fiscal discipline among major developed economies during the summer earnings season. This shift in the marginal pricing power of long-term bonds is amplifying market reactions to uncertainty [1][2]. Group 1: Market Impact - The combination of high interest rates and a weak dollar is expected to benefit risk assets like A-shares and globally priced commodities [2]. - The recent rise in bond yields is driven by two main factors: heightened concerns over political interference in the Federal Reserve and a general loosening of fiscal discipline in major developed economies, prompting investors to reassess fiscal responsibility [2][3]. - The traditional holders of long-term bonds, such as central banks and insurance companies, are systematically reducing their holdings, leading to a shift towards private investors who are more sensitive to price changes and demand higher risk premiums [2]. Group 2: Asset Class Analysis - Historical data indicates that the rare combination of a weak dollar and high U.S. bond yields tends to favor value/cyclical stocks and commodities [3]. - In the short term, the 10-year U.S. Treasury yield is expected to stabilize between 3.95% and 4.35%, with the dollar index projected to range between 95 and 99 [3]. - Domestic bond markets are expected to maintain a degree of independence, with a supportive monetary policy stance still in place, and a potential easing of external constraints as the U.S. may enter a rate-cutting cycle [3]. Group 3: Financial Products and Duration Tracking - As of August 31, the scale of wealth management products has slightly decreased by 8.2 billion yuan, while the overall duration of public funds has increased by 0.01 to 2.38, indicating a slight recovery in market consensus expectations [4].

Core Viewpoint - The growth of asset management scale among securities firms is accompanied by a decline in income, indicating a structural challenge in the industry as it transitions towards public offerings [1][2][4]. Group 1: Asset Management Scale and Income - As of the end of Q2 2025, the scale of private asset management products by securities firms reached 6.14 trillion yuan, an increase of 0.21 trillion yuan from the end of Q1 2025 [4]. - The net income from asset management for listed securities firms totaled 21.2 billion yuan in the first half of 2025, reflecting a year-on-year decline of 3% [4]. - The divergence in income performance is notable, with Citic Securities leading with a net income of 5.444 billion yuan, up 10.77%, while Huatai Securities saw a significant drop of 59.8% to 893 million yuan [5]. Group 2: Challenges in Public Offering Transformation - The transformation towards public offerings is a key direction for securities firms' asset management, but many face challenges due to licensing issues, which hinder product development [7]. - As of September 5, 2025, there were 108 public offering products undergoing transformation, including 50 bond funds, 28 mixed funds, and 27 money market funds [7]. Group 3: Future Strategies and Competitive Landscape - The competition in the asset management industry is shifting from scale expansion to a focus on research capabilities, technological empowerment, and product ecosystems [10]. - Firms are encouraged to enhance their investment research capabilities, innovate products tailored to client preferences, and leverage technology to improve operational efficiency [10]. - The market is expected to see a differentiation where leading firms will cover a broader client base while smaller firms may focus on niche markets like REITs and carbon-neutral bonds [10].

Group 1 - The company will adopt the index income method for valuing shares of "SMIC" (stock code: 688981) held by certain funds starting from September 4, 2025 [1] - The valuation method will revert to using the closing price on the day of trading once the stock exhibits active market trading characteristics [1] - The announcement is made in accordance with the guidelines from the China Securities Regulatory Commission and the Asset Management Association of China [1]

Group 1 - The meeting between the Ministry of Finance and the People's Bank of China (PBOC) emphasizes the coordination of fiscal and monetary policies to support economic recovery in a complex market environment [1][2] - The shift from a "single tool" approach to a "multi-policy collaboration" indicates a more synchronized rhythm, direction, and intensity of fiscal and monetary policies [2] - The meeting highlights the importance of the joint working group mechanism in enhancing cooperation and ensuring effective implementation of policies [2] Group 2 - From August to December 2024, the PBOC conducted net purchases of government bonds totaling 1 trillion yuan, providing crucial support for market liquidity [3] - The PBOC announced a temporary suspension of government bond purchases starting January 2025, with plans to resume based on market conditions [3] - The cost of issuing government bonds has increased, with the weighted average issuance rate for coupon bonds rising by 5 basis points to approximately 1.7% in August 2025 compared to July [3] Group 3 - The probability of the PBOC restarting government bond purchases within the year is considered high, with expectations for implementation in the fourth quarter [4] - Restarting government bond purchases is expected to release medium- to long-term liquidity, alleviating funding pressures in the banking system [4]

Core Insights - The total revenue of 42 listed securities firms in the first half of 2025 reached 251.9 billion yuan, a year-on-year increase of 31%, while the net profit attributable to shareholders was 104 billion yuan, up 65% [1][2] - Among these firms, CITIC Securities reported the highest revenue at 33.04 billion yuan, while Pacific Securities had the lowest at 0.615 billion yuan [1][2] - 37 out of 42 firms experienced positive revenue growth, while 5 firms, including Caitong Securities, reported negative growth [4][5] Company Performance - Caitong Securities' revenue in the first half of 2025 was 2.959 billion yuan, a decline of 2.19% year-on-year [5] - The company's proprietary trading income saw a significant drop of 39.73%, amounting to 241 million yuan [6] - Caitong Securities' asset management business revenue decreased by 25.81% to 670 million yuan, despite a slight increase in asset management scale to 296.5 billion yuan [7] Investment Banking and IPO Activity - Caitong Securities' investment banking revenue fell by 22.83% to 212 million yuan, with no income from IPO underwriting in the first half of 2025 [8] - The firm has not completed any IPO projects for nearly 17 months, indicating a significant decline in its underwriting capabilities [9] - Caitong Securities submitted one IPO application during the period, indicating an attempt to leverage regulatory encouragement for new listings [9]

Group 1 - The core viewpoint of the news highlights the performance of Copper Crown Copper Foil, which saw a 5.07% increase in stock price, reaching 30.66 yuan per share, with a trading volume of 735 million yuan and a turnover rate of 2.98%, resulting in a total market capitalization of 25.418 billion yuan [1] - Copper Crown Copper Foil, established on October 18, 2010, and listed on January 27, 2022, specializes in the research, manufacturing, and sales of various high-precision electronic copper foils [1] - The company's main business revenue composition includes PCB copper foil at 56.84%, lithium battery copper foil at 37.92%, copper flat wire at 4.45%, and other supplementary products at 0.79% [1] Group 2 - From the perspective of fund holdings, one fund under Caitong Securities Asset Management has a significant position in Copper Crown Copper Foil, with the Caitong Asset Management CSI 1000 Index Enhanced A (019402) reducing its holdings by 100 shares in the second quarter, now holding 29,200 shares, which accounts for 3.29% of the fund's net value, making it the second-largest holding [2] - The Caitong Asset Management CSI 1000 Index Enhanced A (019402) was established on April 29, 2024, with a latest scale of 10.2815 million, achieving a year-to-date return of 15.13% and a one-year return of 47.91% [2] - The fund manager, Xin Chenchen, has a total asset scale of 11.1061 million, with the best fund return during the tenure being 28.55% and the worst being -34.95% [2]

Group 1 - The core viewpoint of the news is that CATL's stock price increased by 5.43% to 320.55 CNY per share, with a total market capitalization of 1,461.63 billion CNY as of the report date [1] - CATL is primarily engaged in the research, production, and sales of power batteries and energy storage batteries, with its products applied in various sectors including passenger vehicles, commercial vehicles, and energy storage systems [1] - The company's revenue composition includes 73.55% from power battery systems, 15.88% from energy storage systems, 4.41% from battery materials and recycling, 4.28% from other sources, and 1.88% from battery mineral resources [1] Group 2 - From the perspective of fund holdings, one fund under Caitong Securities Asset Management has CATL as its top ten heavy stock, with a reduction of 2,500 shares in the second quarter, holding 1,100 shares, which accounts for 0.73% of the fund's net value [2] - Caitong Asset Management Xin Yi Mixed A (004888) has achieved a year-to-date return of 14.2% and a one-year return of 22.84%, ranking 4,247 out of 8,178 and 5,134 out of 7,978 respectively [2] - The fund manager, Li Jing, has a tenure of 3 years and 309 days, with the best fund return during this period being 75.37% [3]