Core Viewpoint - The company is convening a shareholders' meeting to discuss key resolutions, including the downward adjustment of the conversion price for its convertible bonds, the removal of an independent director, and the election of a new independent director [5][8][9]. Meeting Guidelines - The meeting aims to protect shareholders' rights and ensure orderly proceedings, with specific rules for participation and speaking [2][3]. - Only authorized individuals, including shareholders and company representatives, are allowed to attend, and disruptive behavior will be addressed [2][3]. - Shareholders wishing to speak must register in advance, and speaking time is limited to maintain efficiency [4]. Meeting Agenda - The meeting is scheduled for July 2, 2025, at 14:30, at the company's headquarters [3]. - The agenda includes the announcement of the meeting's start, reading of guidelines, reviewing resolutions, shareholder speeches, voting, and concluding remarks [3][4]. Voting Procedures - Voting will be conducted through a combination of on-site and online methods, with specific rules for casting votes [5]. - The meeting will consider three resolutions, with one requiring a special resolution majority of two-thirds of the voting rights [4][5]. Convertible Bond Adjustment - The company proposes to adjust the conversion price of its convertible bonds due to stock price performance, with the current price at 11.19 yuan per share [6][7]. - The adjustment is permissible if the stock price falls below 80% of the conversion price for 15 out of 30 consecutive trading days [7]. - The proposed adjustment will be subject to shareholder approval, and the new price must meet certain valuation criteria [7]. Independent Director Changes - The company plans to remove independent director Gao Qiang due to his inability to fulfill duties and seeks shareholder approval for this action [8]. - A new independent director candidate, Mao Huigang, has been nominated, who meets all regulatory requirements and has no conflicts of interest [9].

财通证券股份有限公司 2025 第一次临时 股东大会 会议议程 会 议 文 件 2025 7 2 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 公司网址：www.ctsec.com 财通商城：mall.ctsec.com 官 方 微 信 | | | | 会议议程 | 2 | | --- | --- | | 会议须知 | 4 | | 1.关于向下修正"财通转债"转股价格的议案 | 6 | | 2.关于解除高强独立董事职务的议案 | 9 | | 3.关于选举独立董事的议案 | 10 | - 1 - 现场会议开始时间：2025 年 7 月 2 日（星期三）下午 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 （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 年第一次临时股东大会会议须知 三、审议会议议案 1.关于向下修正"财通转债"转股价格的议案 2.关于 ...

Core Viewpoint - The article discusses the increasing levels of U.S. debt driven by the potential passage of the "Beautiful Act" and the rising net deficit, which is expected to continue elevating U.S. debt levels over the next decade. It highlights the key holders of long-term U.S. Treasury bonds and their respective investment rationales. Group 1: Who Holds Long-Term U.S. Treasuries? - Foreign investors are the largest holders of U.S. Treasuries, followed by the Federal Reserve. As of Q1 this year, total U.S. Treasury holdings amount to approximately $26.9 trillion, with foreign investors holding about $9 trillion, accounting for roughly 33% of the total [1][4][10]. - The Federal Reserve's holdings peaked at over 26% during the QE period in 2021 but have since decreased to about 14% due to ongoing balance sheet reduction [4][10]. - Post-pandemic, U.S. households and non-profit institutions, including hedge funds, have significantly increased their Treasury holdings, rising from around 3% in 2021 to the current 11% [4][5]. Group 2: U.S. Investors' Rationale for Buying Treasuries - The Federal Reserve holds Treasuries for balance sheet management and is currently in a process of reducing its holdings, which have decreased from $5 trillion in May 2022 to $3.6 trillion in May this year [13][14]. - U.S. commercial banks buy Treasuries to meet liquidity regulations, particularly when the yield curve steepens, but their holdings are limited by supplementary leverage ratio (SLR) constraints [14][19]. - Pension funds and insurance companies invest in Treasuries primarily for asset-liability management, although their overall allocation to Treasuries remains relatively low [16][19]. - Households tend to invest in Treasuries for higher yields, especially when stock market returns decline relative to bond market returns, while also considering safety, liquidity, and inflation protection [19][20]. Group 3: Overseas Investors' Rationale for Buying Treasuries - Overseas investors view U.S. Treasuries as safe and stable investments, supported by the U.S. government's creditworthiness and the market's depth and breadth [22][24]. - Official foreign institutions hold Treasuries for foreign exchange reserve management and to ensure asset safety, as Treasuries are among the safest and most liquid assets globally [24][26]. - Some foreign official institutions, like Japan, have sold Treasuries to manage currency exchange rates, intervening in the market to stabilize their currencies [26][29]. - Non-official foreign investors may purchase Treasuries to hedge against currency risks, often using cross-currency swaps to manage their exposure [29].

Group 1 - The company issued 3,378,000 convertible bonds on July 2, 2024, raising a total of RMB 33,780.00 million, with a net amount of RMB 33,552.93 million after deducting issuance costs [1][2][11] - The bonds have a maturity period of six years, from July 2, 2024, to July 1, 2030, with an annual interest rate that increases from 0.30% in the first year to 2.50% in the sixth year [2][3][4] - The initial conversion price for the bonds is set at RMB 8.29 per share, subject to adjustments based on specific corporate actions [4][6][18] Group 2 - The company reported a revenue of RMB 1,148,111,105.33 in 2024, a 14.59% increase from the previous year, while the net profit attributable to shareholders decreased by 4.23% to RMB 82,208,555.25 [13][14] - As of the end of 2024, total assets amounted to RMB 2,960,122,406.05, with total equity attributable to shareholders at RMB 1,428,961,079.68, reflecting a 2.41% increase [13][14] - The company has committed to using the raised funds primarily for the construction of an integrated intelligent manufacturing base and high-end equipment projects, with a total investment of RMB 89,759.88 million [11][12]

Group 1 - The core viewpoint of the news is the introduction of the "Opinions on Setting Up a Growth Layer in the Sci-Tech Innovation Board" by the China Securities Regulatory Commission, which aims to enhance the market's investment and financing functions and promote the aggregation of medium- and long-term funds towards new productive forces [1] - The inclusion of Sci-Tech Innovation Board ETFs in the fund advisory configuration range is significant, as it is expected to broaden the investment scope of fund advisors and attract long-term quality funds to invest in the Sci-Tech Innovation Board [2] - The number of fund companies laying out Sci-Tech Innovation Board ETFs has reached 27, indicating a growing interest and recognition of these products in the market, with approximately 1.23 billion yuan attracted by the Sci-Tech Innovation Board 50 ETF from June 18 to June 24 [3] Group 2 - The introduction of more Sci-Tech Innovation Board ETF options and futures is seen as beneficial for investors to manage risks associated with short-term market fluctuations, thereby attracting more medium- and long-term funds [4] - The upcoming allowance for qualified foreign investors to participate in on-site ETF options trading starting from October 9, 2025, is expected to enhance the stability of foreign institutional investment behavior and promote long-term investment in A-shares [4] - The diversification of Sci-Tech Innovation Board-related ETFs and other derivatives is anticipated to provide investors with more participation methods and effective risk management tools, enhancing market attractiveness and liquidity [4]

财通证券股份有限公司 公开发行 A 股可转换公司债券 2025 年度跟踪评级报告 编号：信评委函字[2025]跟踪 0621 号 财通证券股份有限公司公开发行 A 股可转换公司债券 2025 年度跟踪评级报告 声 明 中诚信国际信用评级有限责任公司 2025 年 6 月 18 日 2 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、准 确性不作任何保证。 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受评级委托 方、评级对象和其他第三方的干预和影响。 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国际实质性建议任 何使用人据此报告采取投资、借贷等交易行为，也 ...

| 证券代码：601108 | 证券简称：财通证券 | 公告编号：2025-041 | | --- | --- | --- | | 转债代码：113043 | 转债简称：财通转债 | | 特此公告。 财通证券股份有限公司董事会 前次债项评级："AAA"；主体评级："AAA"，评级展望：稳定 本次债项评级："AAA"；主体评级："AAA"，评级展望：稳定 根据《上市公司证券发行注册管理办法》和《上海证券交易所股票上市规 则》的相关规定，财通证券股份有限公司（以下简称"公司"）委托中诚信国际信 用评级有限责任公司（以下简称"中诚信国际"）对公司于2020年12月公开发行的 A股可转换公司债券（债券简称："财通转债"）进行跟踪评级。 公司前次主体信用评级结果为AAA，评级展望为稳定，"财通转债"前次 评级结果为AAA；评级机构为中诚信国际，评级时间为2024年6月25日。 中诚信国际在对公司经营状况、行业情况进行综合分析与评估的基础上，于 2025年6月18日出具了《财通证券股份有限公司公开发行A股可转换公司债券 2025年度跟踪评级报告》（信评委函字[2025]跟踪0621号），中诚信国际维持公司 主体信用等级A ...

浙江六和律师事务所 关于财通证券股份有限公司 法律意见书 浙六和法意（2025）第 0987 号 致：财通证券股份有限公司 根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华人民共 和国公司法》（以下称"《公司法》"）和中国证券监督管理委员会发布的《上市 公司股东会规则》等法律、法规、规范性文件以及《财通证券股份有限公司章程》 （以下称"《公司章程》"）的规定，浙江六和律师事务所接受财通证券股份有限 公司（以下称"公司"）委托，指派王舒瑜律师、李昊律师（以下称"六和律师"） 出席了公司 2024 年年度股东大会，对本次股东大会的相关事项进行见证，并出 具本法律意见书。 为出具本法律意见书，六和律师对本次股东大会所涉及的有关事项进行了审 查，查阅了六和律师认为出具本法律意见书所必须的文件、资料，并对有关事实 进行了必要的核查和验证。 六和律师同意将本法律意见书作为本次股东大会的法定必备文件予以公告， 并依法对所出具的法律意见承担责任。 六和律师根据我国法律的要求，按照律师行业公认的业务标准、道德规范和 勤勉尽责精神，对公司 2024 年年度股东大会的召集、召开及其他相关法律问题 发表如下意见： 一、 ...

财通证券股份有限公司 证券代码：601108 证券简称：财通证券 公告编号：2025-040 2024年年度股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 6 月 19 日 (二)股东会召开的地点：杭州市天目山路 198 号财通双冠大厦西楼 1102 会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 737 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,789,488,310 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 38.8764 | (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 本次会议由公司董事会召集，由于董事长章启诚先生因公出差，不能现场 主持会议，根据《公司章程》规定，经其他董事共同推举，由公司董事 ...

浙江六和律师事务所 关于财通证券股份有限公司 2024 年年度股东大会的 法律意见书 浙六和法意（2025）第 0987 号 致：财通证券股份有限公司 根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华人民共 和国公司法》（以下称"《公司法》"）和中国证券监督管理委员会发布的《上市 公司股东会规则》等法律、法规、规范性文件以及《财通证券股份有限公司章程》 （以下称"《公司章程》"）的规定，浙江六和律师事务所接受财通证券股份有限 公司（以下称"公司"）委托，指派王舒瑜律师、李昊律师（以下称"六和律师"） 出席了公司 2024 年年度股东大会，对本次股东大会的相关事项进行见证，并出 具本法律意见书。 为出具本法律意见书，六和律师对本次股东大会所涉及的有关事项进行了审 查，查阅了六和律师认为出具本法律意见书所必须的文件、资料，并对有关事实 进行了必要的核查和验证。 六和律师同意将本法律意见书作为本次股东大会的法定必备文件予以公告， 并依法对所出具的法律意见承担责任。 六和律师根据我国法律的要求，按照律师行业公认的业务标准、道德规范和 勤勉尽责精神，对公司 2024 年年度股东大会的召集、召开及其他相关法 ...