证券代码：601108 证券简称：财通证券 公告编号：2025-037 财通证券股份有限公司 关于召开2025年第一次临时股东大会的通知 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： 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 7 月 2 日 至2025 年 7 月 2 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六)融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者 的投票，应按照《上海证券交易所上市公司自律监管指引第 1 号 — 规范运 作》等有关规定执行。 一、 召开会议的基本情况 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 7 月 2 日 14 点 30 分 召开地点 ...

证券代码：601108 证券简称：财通证券 公告编号：2025-034 财通证券股份有限公司 第四届董事会第二十二次会议决议公告 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。 一、审议通过《关于提议向下修正"财通转债"转股价格的议案》 为进一步优化公司资本结构，提升综合竞争力，支持公司长期发展，维护投 资者权益，会议同意向下修正"财通转债"转股价格，修正后的转股价格不低于 股东大会召开日前 30 个交易日、前 20 个交易日和前 1 个交易日公司 A 股股票 交易均价，以及最近一期经审计的每股净资产和股票面值。股东大会召开时，如 上述指标高于调整前"财通转债"的当前转股价格（11.19 元/股），则"财通转 债"转股价格无需调整。同时，提请股东大会授权董事会根据公司《公开发行 A 股可转换公司债券募集说明书》相关条款办理本次向下修正可转债转股价格的具 体事宜。 表决情况：8 票赞成，0 票反对，0 票弃权。 本议案已经公司董事会战略与 ESG 委员会事前审议通过。 本议案尚需提交公司股东大会审议。 《关于提议向下修正"财通转 ...

核 心 内 容 月度商品价格预测： 黄金区间震荡，铜、油震荡上行。 内需： 地产需求疲软，汽车有所改善；节后服务消费热度减退。 ①新房和乘用车回升、二手房走弱，家电月均销售价同比增速多数下跌。6月新房销量增速降幅略有收窄，而二手房延续价升量跌。商品消费中，乘用车零售由降 转升、而批发有所回落，半钢胎开工率回升。本周家电销售均价多数回升，6月月均销售价同比增速多数下跌。 ②节后服务消费热度减退。节后第一周，电影票房收入下降，同比增速再度转负，酒店平均每间可售房收入续降，同比降幅走扩；商圈人流指数延续小幅下行，但 同比增速略升；在天气因素的叠加影响下，本周上海迪士尼乐园客流明显下降，同比降幅有所走扩。 外需： "抢出口"力度趋弱，美国加征钢制家电关税。 ①6月高频出口数量指标全线回落，运价同比增速大幅下行，指向出口整体放缓。 ②由于担心7月对等关税到期的不确定性，美国集装箱预订有所回落，中国至美国集装箱到港周同比降至低位，而传统转口贸易地区港口停靠量周同比同样回落至 低位，指向整体抢出口力度趋弱。 ③韩国6月前10天出口同比增速回升，品类中半导体和船拉动明显。美对多种钢制家用电器加征50%的关税。 ②中东局势恶化 ...

Group 1: Domestic Demand - New housing and passenger vehicle sales are recovering, while second-hand housing remains weak; the average sales price of home appliances has mostly declined year-on-year [3] - Post-holiday service consumption has cooled down, with movie box office revenues declining and hotel revenues per available room continuing to drop [4] - The retail of passenger vehicles has turned from decline to growth, while wholesale has seen a decrease; the operating rate of semi-steel tires has rebounded [3] Group 2: External Demand - The intensity of "export grabbing" is weakening, with the U.S. imposing tariffs on steel household appliances [5] - High-frequency export indicators in June have all declined, indicating an overall slowdown in exports [6] - Concerns over the expiration of reciprocal tariffs in July have led to a decrease in container bookings to the U.S. from China [7] Group 3: Production - The manufacturing sector is showing clear signs of off-season characteristics, with employment in manufacturing reaching a new low [9] - The operating rates of blast furnaces and electric furnaces have continued to decline, with rebar production decreasing and steel prices showing weak fluctuations [10] - The blue-collar employment index in manufacturing has been below last year's levels for six consecutive weeks, reaching a historical low [11] Group 4: Prices - Prices of major commodities have generally rebounded; domestic cement and rebar prices have increased, while glass and thermal coal prices have continued to decline [12] - The conflict between Israel and Iran has escalated, raising concerns about oil supply disruptions and pushing oil prices up significantly [13] - Geopolitical tensions and changes in U.S. tariff policies have increased global uncertainty, driving gold prices to fluctuate upwards [14]

Group 1 - The core viewpoint of the article is that the passage of the "One Big Beautiful Bill Act" may lead to significant increases in U.S. fiscal deficits and debt issuance, raising concerns about fiscal sustainability [1][3][19] - The bill is expected to result in approximately $3.8 trillion in tax cuts over the next decade, accounting for about 5.8% of fiscal revenue, with the most significant component being the extension of individual tax cuts from the Tax Cuts and Jobs Act [1][3][4] - The projected increase in net fiscal deficit over the next decade is around $2.4 trillion, with spending cuts estimated at $1.5 trillion, primarily affecting healthcare, student loans, and food stamps [1][3][20] Group 2 - The bill's tax cuts are characterized by "tax cuts first, spending cuts later," meaning most tax reductions will take effect immediately, while spending cuts will be implemented later, complicating deficit reduction efforts during Trump's term [19][20] - The U.S. debt-to-GDP ratio is projected to rise to 120.8% by Q1 2025, surpassing World War II peaks, with concerns about the sustainability of U.S. fiscal policy growing [22] - The article discusses the potential for U.S. Treasury to issue more short-term debt to manage cash flow, especially after the debt ceiling legislation is passed, which may lead to liquidity pressures in the market [2][25][27] Group 3 - The article suggests that U.S. Treasury bonds may be suitable for buying on dips, as the actual risk of default remains low, and the current yields may offer good value [25][29] - The demand for short-term debt has been primarily driven by money market funds, with a significant reduction in overnight reverse repurchase agreement (ON RRP) balances indicating a shift in liquidity [29][30] - The growth of the stablecoin market is expected to alleviate some pressure on short-term debt, as stablecoins are increasingly backed by U.S. Treasury securities [30][31]

Group 1 - The core viewpoint of the article is the potential impact of the "One Big Beautiful Bill Act" on the U.S. fiscal deficit and debt growth, raising concerns about fiscal sustainability [1][3][17] - The bill proposes a tax reduction of approximately $3.8 trillion over the next decade, accounting for about 5.8% of fiscal revenue, with a significant portion aimed at extending individual tax cuts [1][6][12] - The projected increase in net deficit is about $2.4 trillion over the next ten years, with spending cuts estimated at $1.5 trillion, primarily affecting healthcare, student loans, and food stamps [6][17][20] Group 2 - The bill includes provisions for punitive taxes on foreign investors, potentially raising an estimated $116.3 billion over ten years [8][10] - The Senate is expected to propose a more lenient version of the bill, allowing for a net deficit increase of up to $5.8 trillion, compared to the House's $2.4 trillion [12][13] - The current debt-to-GDP ratio is projected to reach 120.8% by Q1 2025, surpassing World War II peaks, indicating growing concerns over fiscal sustainability [20][18] Group 3 - The U.S. Treasury is likely to issue more short-term debt to manage cash flow, especially after the debt ceiling crisis is resolved [2][25][37] - The demand for short-term debt has been primarily driven by money market funds, with a significant reduction in overnight reverse repurchase agreement (ON RRP) balances [26][28] - The introduction of stablecoin regulations may alleviate some pressure on short-term debt, as the market for stablecoins is growing rapidly [32][33]

Group 1 - Recent personnel changes at Caitong Securities include the departure of analysts Zhang Risheng and Zhao Jie, with the addition of Sun Qian from Tianfeng Securities as the new deputy director of the research institute and head of the consumer research team [2][3][8] - In the past month, a total of seven analysts have left Caitong Securities, including three senior chief analysts, indicating a significant turnover in the research team [3][4] - The departure of key personnel such as Zhang Yichi, who was both the chief analyst for electric power and the deputy director of the research institute, raises questions about the future direction of the research team [4][5] Group 2 - The research institute at Caitong Securities has experienced a strategic shift, with the recruitment of high-profile analysts aimed at enhancing its market influence and research capabilities [9][10] - Despite a strong performance in commission income in 2023, the revenue for 2024 has seen a significant decline of 41.76%, highlighting the challenges faced by the research institute amid industry changes [10][11] - Caitong Securities aims to strengthen its research capabilities and maintain its market position, with plans to enhance its competitive edge and attract talent in the evolving market landscape [11]

Core Viewpoint - The ongoing share buyback trend among listed securities firms indicates a strong market signal regarding undervaluation, confidence in long-term development, and an active optimization of capital structure [1][6]. Group 1: Share Buyback Activities - Zhongtai Securities plans to repurchase shares worth 300 million to 500 million RMB to reduce registered capital, joining other firms in the buyback trend [1]. - As of May 31, 2023, five securities firms had announced buyback plans, with four already executing them, totaling over 1.2 billion RMB [3][5]. - The total amount of buybacks by six firms this year is approximately 1.219 billion RMB [5]. Group 2: Market Signals - The buyback actions from securities firms convey three significant signals: a judgment of undervaluation, confidence in company fundamentals, and an increase in cancellation buybacks reflecting industry optimization [6]. - The buyback trend is seen as a response to external market volatility, with over 200 listed companies, including securities firms, announcing buyback plans to stabilize the market [3]. Group 3: Investment Opportunities - The securities sector has become active, with the Wind Securities Index rising by 4.57% since June 2, although it has decreased by 6.99% since the beginning of the year [9]. - Analysts suggest that the current valuation of the securities sector is attractive, with a low price-to-book ratio and potential for dual improvement in valuation and performance [10]. - The ongoing policy support and liquidity improvements are expected to enhance the sector's performance, with a focus on mergers and acquisitions as a key theme for the industry [11].

财通证券股份有限公司 会 议 文 件 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 目 录 会议议程 2 会议须知 4 -1- 会议议程 现场会议开始时间：2025 年 6 月 19 日（星期四）上午 9:30 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 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） -2- -3- 会议须知 为维护股东的合法权益，确保股东在本次股东大会期间依法行使权利， 保证本次股东大会的正常秩序和议事效率，依据中国证监会《上市公司股 东会规则》及本公司《章程》《股东大会议事规则》的有关规定，本公司 特通知如下： 一、本次会议期间，全体参会人员应以维护股东的合法权益、确保会 议的正常秩序和议事效率为原则，依法行使权利、认真履行义务。 二、为保证会议的严肃性和正常秩序，除参加现场会议的股东及股东 代理人（以下简称"股东"）、董事、监事、高级管理人员、公司聘请的 律师及公司董事会认可的人员以外，公司有权依法拒绝其他人士入场，对 于干扰会议秩序、侵犯股东合法权益的行为，公司有权予以制止并 ...

财通证券股份有限公司 2024 年度股东大会 会 议 文 件 2025 6 19 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.关于审议 2024 | 年度董事会工作报告的议案 | 6 | | 2.关于审议 2024 | 年度监事会工作报告的议案 | 16 | | 3.关于审议 2024 | 年年度报告的议案 | 24 | | 4.关于审议 2024 | 年度财务决算报告的议案 | 25 | | 5.关于审议 2024 | 年度利润分配方案及授权 2025 年中期分红的议案 | 33 | | 6.关于审议 2024 | 年度董事薪酬及考核情况的议案 | 36 | | 7.关于审议 2024 | 年度监事薪酬及考核情况的议案 | 38 | | 8.关于审议独立董事 | 年度述职报告的议案 2024 | 40 | | 9.关于确认 2024 | 年关联交易的议案 ...