证券代码：601108 证券简称: 财通证券 公告编号：2025-051 财通证券股份有限公司 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 年度第四期短期融资券已于 2025 年 8 月 8 日缴 款完毕，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 年度第四期短期融资券 短期融资券简称 25 财通证券 CP004 短期融资券代码 072510160 发行日 2025 年 8 月 7 日 起息日期 2025 年 8 月 8 日 兑付日期 2026 年 8 月 7 日 期限 364D 计划发行总额 20 亿元人民币 实际发行总额 20 亿元人民币 发行价格 100 元/张 票面利率 1.65% 本期发行短期融资券的相关文件已在以下网站上刊登： 特此公告。 财通证券股份有限公司董事会 ...

| 短期融资券名称 | | 财通证券股份有限公司 | | 2025 | 年度第四期短期融资券 | | | --- | --- | --- | --- | --- | --- | --- | | 短期融资券简称 | 25 | 财通证券 | CP004 | 短期融资券代码 | | | | 发行日 | 2025 年 | 8 月 | 7 日 | 起息日期 | 2025 年 | 月 日 | | 兑付日期 | 年 2026 | 月 8 | 日 7 | 期限 | | | | 计划发行总额 | 20 | 亿元人民币 | | 实际发行总额 | 20 | 亿元人民币 | | 发行价格 | 100 | 元/张 | | 票面利率 | | | | | | | | | | 072510160 8 8 364D 1.65% | 证券代码：601108 证券简称: 财通证券 公告编号：2025-051 财通证券股份有限公司 2025年度第四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 年度第四期短期 ...

Market Overview - The Shanghai Composite Index rose by 0.34% to close at 3647.55 points, with a daily high of 3656.85 points [1] - The Shenzhen Component Index increased by 1.46% to close at 11291.43 points, reaching a peak of 11311.88 points [1] - The ChiNext Index saw a rise of 1.96%, closing at 2379.82 points, with a maximum of 2384.86 points [1] ETF Performance - The median return for stock ETFs was 0.87% [2] - The highest performing scale index ETF was Penghua SSE Sci-Tech Innovation Board 100 ETF, with a return of 2.87% [2] - The top industry index ETF was Southern CSI New Energy ETF, returning 2.62% [2] - The leading strategy index ETF was CICC MSCI China A-Share International Quality ETF, with a return of 1.68% [2] - The best performing style index ETF was E Fund ChiNext Growth ETF, returning 2.66% [2] - The top thematic index ETF was Huaxia CSI New Energy Vehicle ETF, achieving a return of 3.68% [2] ETF Rankings - The three ETFs with the highest gains were: - Huaxia CSI New Energy Vehicle ETF (3.68%) [6] - Huitianfu CSI New Energy Vehicle Industry ETF (3.67%) [6] - Bosera CSI New Energy Vehicle ETF (3.67%) [6] - The three ETFs with the largest declines were: - Ping An CSI Hong Kong Gold Industry Stock ETF (-2.76%) [7] - ICBC Credit Suisse CSI Hong Kong Gold Industry Stock ETF (-2.67%) [7] - Guotai Junan CSI Hong Kong Gold Industry Stock ETF (-2.67%) [7] ETF Fund Flows - The top three ETFs by fund inflow were: - Huaxia SSE 50 ETF (inflow of 1.91 billion) [8] - Southern CSI 1000 ETF (inflow of 1.265 billion) [8] - Guotai Junan CSI All-Share Securities Company ETF (inflow of 435 million) [8] - The top three ETFs by fund outflow were: - Huaxia SSE Sci-Tech Innovation Board 50 Component ETF (outflow of 476 million) [9] - Huatai-PB CSI Dividend Low Volatility ETF (outflow of 443 million) [9] - E Fund CSI Artificial Intelligence Thematic ETF (outflow of 320 million) [9] Financing and Margin Trading - The top three ETFs by financing buy-in were: - Huaxia SSE Sci-Tech Innovation Board 50 Component ETF (685 million) [10] - E Fund ChiNext ETF (373 million) [10] - Guotai Junan CSI All-Share Securities Company ETF (302 million) [10] - The top three ETFs by financing sell-out were: - Huatai-PB CSI 300 ETF (20.897 million) [11] - Huaxia SSE 50 ETF (19.016 million) [11] - Southern CSI 500 ETF (13.443 million) [11] Industry Insights - CITIC Securities noted that supply concerns are rising due to the expiration of mining rights for a large lithium mine in Jiangxi, potentially affecting over 100,000 tons of annual production [12] - SMM reported that lithium carbonate production in July was 81,500 tons, with a significant impact expected if the mine suspensions occur [13] - Financial analysts predict that the combination of supply constraints and seasonal demand increases could lead to a significant rise in lithium prices [14]

Group 1 - The core viewpoint of the news is the implementation of the second dividend distribution for the China Securities Red Chip Quality ETF (code: 159209), with a cash dividend of 0.003 yuan per share, representing a distribution ratio of 0.3% [1] - The fund will be suspended from trading on August 12, 2025, from the market opening until 10:30 AM, and will resume trading at 10:30 AM on the same day, prompting investors to plan their transactions accordingly [1] - Recent market research indicates the emergence of two differentiated investment paths due to the deepening of dividend investment strategies, with one focusing on deep value through high dividend and low volatility, and the other on value growth through high dividend and high profitability quality [1] Group 2 - The Hong Kong dividend low volatility ETF (520550) represents a deep value strategy, focusing on defensive sectors such as finance and utilities, with a current dividend yield close to 6% [1] - The China Securities Red Chip Quality ETF (159209) adopts a value growth strategy, emphasizing high dividend and high profitability quality, targeting sectors like consumption and pharmaceuticals, achieving a balance between defensiveness and growth [1] - Professional institutions suggest that conservative investors should focus on the Hong Kong dividend low volatility ETF for stable returns, while aggressive investors may consider the China Securities Red Chip Quality ETF for growth opportunities [2]

Group 1 - The first clean energy holding-type real estate ABS in China, named "Yuanjing Energy ABS," was successfully listed on the Shanghai Stock Exchange, marking a structural innovation in the asset securitization of clean energy [1] - The issuance of Yuanjing Energy ABS provides innovative solutions for enterprises with green electricity and ESG needs, effectively addressing the long-term financing challenges of clean energy [1] - The project demonstrates the leverage value of financial instruments in energy transition and promotes a shift from policy-driven to market-driven self-circulation in the industry [1] Group 2 - Yuanjing Energy ABS is seen as a key to unlocking a new door for wind power asset securitization, enhancing cash flow realization and significantly improving capital efficiency for sustainable development [2] - The inclusion of green certificates in the asset pool increases the economic value of clean energy projects, exploring a new financial path for promoting green economic development [2] - The asset management company, as a wholly-owned subsidiary of a provincial state-owned securities firm, aims to actively practice the social value of financial institutions through innovative tools like holding-type real estate ABS [2]

Core Insights - Gout is a significant health issue in China, with over 30% of the world's gout patients residing in the country, projected to reach nearly 18 million by 2025 [1] Group 1: Gout Prevalence and Treatment - China accounts for 17.4% of the global population but has over 30% of the world's gout patients, indicating a high prevalence of the disease [1] - The prevalence of hyperuricemia among Chinese adults reached 14% according to 2018-2019 data, with some progressing to gout [1] Group 2: Treatment Approaches - Gout treatment is divided into acute phase relief and chronic uric acid lowering therapy, with first-line medications including colchicine and NSAIDs for acute treatment [2] - Common medications for uric acid lowering include xanthine oxidase inhibitors (allopurinol, febuxostat), uricosuric agents (benzbromarone, probenecid), and uricase agents (pegloticase, rasburicase) [2] Group 3: Research and Development in Uric Acid Lowering - Research on uric acid lowering treatments is focused on URAT1 inhibitors, with drugs like Molnupiravir showing promising efficacy and safety, potentially becoming first-line treatments [3] - The competition in the URAT1 inhibitor space remains intense, with several candidates still awaiting further clinical efficacy data [3] Group 4: Acute Phase Relief Innovations - Research for acute phase relief is centered on IL-1β inhibitors, with the approval of Vusirikumab, the first IL-1β inhibitor in China, which significantly reduces the risk of recurrence by over 90% [4] - Vusirikumab's pain relief efficacy is comparable to that of combination betamethasone, marking a significant advancement in gout treatment [4]

Core Viewpoint - The securities industry is undergoing a significant transformation, with increasing competition prompting firms to seek high-quality development and adapt to new market conditions through leadership changes and talent acquisition [1][3]. Group 1: Executive Changes - Recent months have seen a wave of executive turnover in the securities industry, with several high-profile resignations due to job adjustments and retirements [1][2]. - Notable departures include executives from firms such as Xinda Securities, First Capital Securities, and Changcheng Securities, with many citing personal reasons or retirement age as factors [1]. - The trend of executive turnover reflects a broader shift in the industry as firms seek to adapt to changing market dynamics and operational challenges [1][3]. Group 2: New Leadership - The industry is also welcoming new executives with diverse backgrounds, indicating a shift towards hiring leaders with cross-industry experience [2][4]. - Recent appointments include Ying Chaohui as the new general manager of Caitong Securities and Wang Suwang as the chairman of Guotou Securities, both of whom bring extensive experience from various financial institutions [2]. - The new leadership is expected to leverage their insights and experiences to drive innovation and transformation within their respective firms [3][4]. Group 3: Market-oriented Recruitment - Market-oriented recruitment has become a prominent trend in the securities industry, allowing firms to attract talent with specialized skills and innovative thinking [3][4]. - Companies like Chengtong Securities and Guosheng Financial Holdings have publicly advertised executive positions, reflecting a shift from traditional internal selection methods [3][4]. - This approach is believed to enhance the firms' ability to adapt to market changes and meet diverse client needs through innovative business models and service offerings [4].

Group 1 - The core viewpoint of the news is the successful issuance of the first clean energy real estate ABS in China, named "Yuanjing Energy ABS," which provides innovative solutions for companies with green electricity and ESG needs [1] - The issuance of Yuanjing Energy ABS effectively addresses the long-term financing challenges in clean energy, demonstrating the leverage value of financial tools for energy transition [1] - The project creates a standardized liquidity solution for existing renewable energy assets, shifting the industry from policy-driven to market-driven self-circulation [1] Group 2 - The project is supported by Caitong Securities, which acts as the financial advisor, leveraging its expertise in clean energy infrastructure [1] - Yuanjing Energy ABS is described as a key that opens a new door for wind power asset securitization, enhancing cash flow realization and funding efficiency for enterprises [1] - The innovative inclusion of green certificates in the asset pool increases the economic value of clean energy projects, exploring a new financial path for promoting green economic development [1] Group 3 - Caitong Asset Management, as a wholly-owned subsidiary of Caitong Securities, emphasizes the dual role of holding real estate ABS as both functional and market-oriented innovative tools [2] - The company aims to deepen exploration in investment and financing linkage, enhancing cooperation with the clean energy industry through innovative financial products [2] - Caitong Asset Management also plans to leverage its traditional advantages in consumer finance and leasing, focusing on innovation in technology and rural revitalization to contribute to high-quality economic development [2]

Core Viewpoint - The stability of information systems in the securities industry is essential for ensuring the safe operation of financial markets, prompting the China Securities Association to seek industry feedback on the "Stability Assurance System Standard for the Securities Industry" [1][2]. Group 1: Background and Purpose - The initiative aims to integrate best practices from securities firms to create a practical stability assurance framework, promoting the digital and standardized development of technical capabilities across the industry [1]. - The project for drafting the standard began in November 2023, with participation from 14 securities firms, including major players like GF Securities and CITIC Securities [1]. Group 2: Current Challenges - There are four main challenges identified: 1. Lack of resilience design in system development, leading to high operational risk prevention costs due to insufficient monitoring and automation capabilities [2]. 2. Predominantly reactive risk perception during operations, lacking proactive data-driven risk identification capabilities [2]. 3. Emergency response relies heavily on individual expert experience, lacking data-driven human-machine collaborative capabilities [2]. 4. Insufficient depth of intelligent technology application, resulting in a gap between abnormal response efficiency and real-time business requirements [2]. Group 3: Proposed Framework - The "Stability Assurance System Standard" proposes a "three-in-one" framework for stability assurance, focusing on organizational, institutional, and process guarantees [3]. - Organizational guarantees include defining the structure, personnel competency requirements, and management objectives [3]. - Institutional guarantees encompass regulations, technical support, operational procedures, and timelines to ensure management requirements are actionable and traceable [3]. - Process guarantees focus on ten core processes related to stability management, including monitoring, alerting, and fault management, with mechanisms for evaluation and key activities [3]. - The standard emphasizes a shift towards proactive operations management to meet non-functional requirements like resilience and maintainability, utilizing digital methods to enhance defense capabilities [3].

Export Data Insights - In July, dollar-denominated exports increased by 7.2% year-on-year, while imports rose by 4.1%, both significantly exceeding expectations and reaching new highs since May 2025 and August 2024 respectively[11] - The strong export performance is attributed to four main factors: low base effect, robust exports to non-US economies, a surge in transshipment activities, and the restructuring of supply chains leading to increased demand for capital goods[3] - From a price perspective, refined oil (+0.82%) was the main driver, while mobile phones (-0.42%) and steel (-0.21%) were the main constraints; in terms of quantity, automobiles (+0.61%) were the primary driver, while refined oil (-0.84%) was the main constraint[34] Global Economic Context - The global manufacturing PMI fell to 49.3 in July, indicating a contraction in the manufacturing sector and a lack of reversal signals in the global manufacturing cycle[39] - The US market is a critical variable affecting external demand; a slowdown in US demand could lead to a downward shift in global export growth rates[43] - Recent US data indicates that tariffs have impacted corporate capital expenditures and employment demand, increasing the probability of an economic recession in the US[43] Inventory and Trade Dynamics - Unlike previous cycles, US wholesalers and retailers are experiencing declining inventory levels, with inventory-to-sales ratios at 1.30 and 1.31, below the central levels of 2023-2024[58] - The current inventory accumulation is likely occurring at the consumer level rather than the corporate level, suggesting a longer adjustment period when the cycle reverses[58] Risks and Uncertainties - Domestic policy effectiveness may fall short of expectations, and international geopolitical developments could introduce unexpected changes[63] - There is a potential for measurement errors in monthly import and export growth rates due to various variables in the models used[63]