Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes the expansion of market hotspots towards cyclical industries such as large consumption and finance, highlighting opportunities in the non-bank financial sector. The market's trading activity remains high, and with low investment returns as a baseline, it is expected that brokerage firms will see significant year-on-year growth in Q1 performance. The report maintains a positive outlook on brokerage and fintech sectors, while the insurance sector shows stable liabilities and potential for equity beta catalysts [5][11]. Summary by Sections 1. Capital Market Support for Technological Innovation - The central bank's recent meeting emphasized the implementation of a moderately loose monetary policy, with potential interest rate cuts. Following this, the non-bank financial sector saw a notable increase of 3.97% on March 14. The report suggests that the brokerage sector is likely to experience high growth in Q1 due to increased trading volumes and a favorable investment environment [5][11]. 2. Market Review - During the trading days from March 10 to March 14, the non-bank sector outperformed the CSI 300 index, with a gain of 3.15%. Notably, brokerage firms and insurance companies increased by 2.86% and 4.29%, respectively. Key stocks such as New China Life and China Pacific Insurance saw significant increases of 11.2% and 5.7% [16][17]. 3. Data Tracking - The average daily trading volume for stock-based funds was 1.92 trillion yuan, a decrease of 3% week-on-week but an increase of 65% year-on-year. The report also notes a significant increase in the issuance of public funds, with 167 new stock and mixed funds issued in 2025, totaling 883 billion yuan, which is a 111% year-on-year increase [20][21]. 4. Industry and Company News - The report highlights the upcoming public fund reform plan, which is expected to introduce significant new regulations affecting the 32 trillion yuan public fund market. Key changes include a shift towards long-term performance assessments for fund managers and adjustments to fee structures [31]. Additionally, the report mentions the release of regulatory guidelines for the bankruptcy restructuring of listed companies [32]. 5. Recommended and Beneficiary Stocks - The report recommends stocks such as Hong Kong Exchanges, Dongfang Securities, and China Life Insurance, while also identifying beneficiary stocks including Nine Point Investment Holdings and China Galaxy Securities [14].

Investment Rating - The report does not explicitly provide an investment rating for the securities industry or the specific company being analyzed [1]. Core Insights - The company has initiated a digital transformation since 2021, focusing on building a data foundation to enhance digital capabilities, resulting in the launch of 28 significant applications to improve customer engagement and service quality [18][20]. - The company plans to increase its proprietary investment scale in response to regulatory encouragement for long-term capital market participation, aiming to enhance overall capital efficiency [18][19]. - The asset management division is strategically positioned to leverage its public fund license and is focusing on passive equity products, particularly in the index investment space, to meet diverse client needs [20][21]. - The company is expanding its international business by following the needs of local enterprises, particularly in the "Belt and Road" regions, and aims to integrate domestic and international client services [22][23]. - The asset-backed securities (ABS) business has seen significant growth, with a total issuance of 173 ABS products amounting to 1,391.13 billion, indicating a strong market position [24]. Summary by Sections 01 Research Overview - The research was conducted on February 26, 2025, focusing on the securities industry and involved multiple financial institutions [1][13]. 02 Detailed Research Institutions - The research involved seven fund management companies and one other financial company, with a significant representation from fund management firms [14][16]. 04 Main Content Information - The company is actively enhancing its AI capabilities to improve investment advisory services and customer interactions, aiming for a comprehensive digital transformation [18]. - The company is committed to expanding its asset management capabilities, particularly in passive investment products, to cater to varying risk appetites among clients [21]. - The company has established a strong presence in the ABS market, with a focus on innovative products in response to national policy directions [24].

| 证券代码：601108 | 证券简称: 财通证券 | 公告编号：2025-006 | | --- | --- | --- | | 债券代码：113043 | 债券简称: 财通转债 | | 财通证券股份有限公司 关于不向下修正"财通转债"转股价格的公告 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： 1.截至 2025 年 2 月 25 日，财通证券股份有限公司（以下简称"公司"）A 股 股票已出现连续三十个交易日中至少有十五个交易日的收盘价低于当期可转债 转股价格的 80%之情形，触及"财通转债"转股价格向下修正条款。 2.经公司第四届董事会第十九次会议审议通过，会议决定本次不向下修正 "财通转债"转股价格，同时在 2025 年 2 月 26 日至 2025 年 5 月 25 日期间，如再 次触及可转债转股价格向下修正条款，公司未履行审议程序及信息披露的，则公 司亦不提出向下修正方案。从 2025 年 5 月 26 日开始重新起算，若再次触发"财 通转债"的转股价格向下修正条款，届时公司董事会将再次召开会议 ...

一、审议通过《关于审议豁免本次董事会需提前 3 天通知的议案》 表决情况：9 票赞成，0 票反对，0 票弃权。 证券代码：601108 证券简称：财通证券 公告编号：2025-005 财通证券股份有限公司 第四届董事会第十九次会议决议公告 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。 财通证券股份有限公司（以下简称"公司"）第四届董事会第十九次会议通知 于 2025 年 2 月 25 日以电话和电子邮件等方式发出，会议于 2025 年 2 月 25 日以 通讯表决方式召开。本次会议应参加表决董事 9 人，实际参加表决董事 9 人。本 次会议的召集、召开符合《公司法》、公司《章程》和《董事会议事规则》的有 关规定，本次会议审议并通过以下议案： 二、审议通过《关于审议不向下修正"财通转债"转股价格的议案》 会议同意不向下修正转股价格，同时在 2025 年 2 月 26 日至 2025 年 5 月 25 日期间，如再次触及可转债转股价格向下修正条款，公司未履行审议程序及信息 披露的，则公司亦不提出向下修正方案。从 2025 年 5 ...

| 证券代码：601108 | 证券简称：财通证券 | 公告编号：2025-004 | | --- | --- | --- | | 转债代码: 113043 | 转债简称:财通转债 | | 财通证券股份有限公司 5、发行票面利率：本次发行可转债票面利率为：第一年 0.2%，第二年 0.4%， 第三年 0.6%，第四年 1.0%，第五年 2.0%，第六年 2.5%。 6、债券期限：本次发行的可转债期限为发行之日起六年，即 2020 年 12 月 10 日至 2026 年 12 月 9 日。 关于"财通转债"预计满足转股价格修正条件的提示性公告 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。 一、可转债发行上市概况 1、发行日期：2020 年 12 月 10 日 2、发行数量：3,800 万张（380 万手） 3、发行面值：本次发行的可转债每张面值人民币 100 元，按面值发行 4、发行总额：本次发行的可转债总额为人民币 38 亿元 若在前述三十个交易日内发生过因除权、除息等引起公司转股价格调整的情 形，则在转股价格调整日前的交易 ...

Core Viewpoint - Brokerage stocks experienced a significant upward trend, with notable gains led by Caitong Securities, which rose over 8% [1] Group 1 - Caitong Securities saw a peak increase of more than 8% during the trading session [1] - Other brokerage firms such as First Capital, Hongta Securities, and Huatai Securities also recorded substantial gains [1]

Core Viewpoint - DeepSeek is leading the AI trend and is being widely integrated across various industries, with financial technology firm Caifutong Securities completing integration with DeepSeek's large model [1] Group 1: Company Overview - Caifutong Securities is deeply rooted in Zhejiang, connecting with local businesses and contributing to the economic development of the region [2] - The company emphasizes its commitment to integrity, stability, innovation, and mutual benefit, aiming to build trust through professionalism and create value through service [2] Group 2: Service and Technology - Caifutong Securities is implementing a major reform to reshape its customer operation system, focusing on customer needs and satisfaction to create a comprehensive and personalized financial service system [2][3] - The firm is leveraging financial technology to enhance its services, aiming to provide a more convenient, efficient, and intelligent investment experience for clients [2] Group 3: Future Outlook - Caifutong Securities is committed to its mission of serving the real economy and promoting common prosperity, continuously improving service capabilities and levels [3] - The company aims to collaborate with clients to create a prosperous future, emphasizing the importance of customer-centric service and financial technology [3]

Core Viewpoint - The company aims to enhance its services and strengthen its role in supporting the economic development of Zhejiang Province, focusing on customer-centric transformation and innovative financial solutions for local enterprises [1][3][4]. Group 1: Company Strategy and Goals - In 2025, the company will focus on multi-dimensional financial service needs related to economic and industrial upgrades, guided by major decisions from the central and provincial governments [1][3]. - The company emphasizes a "three-heart" service philosophy: reliable, considerate, and reassuring, to improve service quality for Zhejiang enterprises [1][3]. - The company plans to implement a "Hundred Thousand" action plan to empower local enterprises and enhance their innovation capabilities [1][3]. Group 2: Achievements and Future Plans - The past year was marked by significant achievements, including the integration into broader financial strategies and the promotion of the "Four Types of Financial Services" [2][3]. - The company aims to leverage new macroeconomic policies and opportunities in mergers and acquisitions, stock repurchases, and other financial instruments to provide better services [3][4]. - The company is committed to deepening cooperation with local governments and enhancing its presence in the region through various business headquarters and branches [3][4]. Group 3: Commitment to Stakeholders - The company intends to build a community of shared interests with local enterprises, ensuring that its services follow the development of these businesses [3][4]. - There is a focus on creating a supportive environment for employees and stakeholders, enhancing their sense of belonging and contribution [4]. - The company aims to improve its visibility and recognition in the market while maintaining a strong commitment to its mission of contributing to the financial strength of the nation [4].

财通证券股份有限公司（以下简称"本公司"）于2024年10月17日成功发行 了财通证券股份有限公司2024年度第五期短期融资券（以下简称"本期短期融资 券"），本期短期融资券发行规模为人民币25亿元，票面利率为1.97%，短期融 资券期限为92天，兑付日期为2025年1月17日（详见本公司于2024年10月21日登 载于上海证券交易所网站 www.sse.com.cn 的《财通证券股份有限公司2024年度 第五期短期融资券发行结果公告》）。 2025年1月17日，本公司按期兑付了本期短期融资券本息共计人民币 2,512,413,698.63元。 特此公告。 财通证券股份有限公司 2024年度第五期短期融资券兑付完成公告 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。 证券代码：601108 证券简称: 财通证券 公告编号：2025-003 财通证券股份有限公司董事会 2025年1月20日 ...

Summary of Conference Call Company Overview - The company is the only provincial state-owned securities firm in Zhejiang Province, focusing on investment banking, wealth management, and asset management [2][3]. Financial Performance and Outlook - For 2024, the company expects stable revenue and profit growth despite a high base in 2023, with improvements anticipated in economic and asset management sectors [3][4]. - The asset management business has a total management scale exceeding 300 billion, with public funds over 120 billion and non-monetary public funds exceeding 100 billion [3][4]. - The company has maintained a stable asset management scale of 180 to 200 billion over the past three to five years, ranking in the top three of the industry for net income [4][5]. Business Strategy - The company emphasizes leveraging its provincial state-owned enterprise advantages for strategic partnerships and talent exchanges [2][3]. - It has established long-term strategic cooperation agreements with major internet platforms like Ant Group and Tonghuashun since 2016, enhancing its financial technology and wealth management capabilities [5][6]. - The company plans to expand its product offerings in financial product distribution, focusing on passive investment products due to increasing demand [8][9]. Market Conditions and Challenges - The company remains cautiously optimistic about 2025, despite challenges from U.S.-China relations and market volatility [3][12]. - The commission rates are expected to remain stable or slightly above market levels, with a focus on improving service quality rather than engaging in price wars [12][13]. Investment and Asset Management - The company has a diversified investment strategy, with over 50% of its self-operated investment in bonds, and is increasing its allocation to equity ETFs [15][17]. - The average daily balance of margin trading has seen a growth of approximately 7% compared to the market [19]. Corporate Governance and Cost Control - The company has implemented measures for cost control, focusing on optimizing operational efficiency and resource utilization [27][28]. - It aims to maintain a long-term investment strategy while ensuring cost-effectiveness in its operations [27]. Collaboration and Synergy - The company is enhancing collaboration between its investment banking, investment, and wealth management divisions to create a synergistic effect [22][26]. - It has been actively involved in local government projects to foster business development and enhance service delivery [24][25]. Future Plans - The company is exploring opportunities for mergers and acquisitions to strengthen its market position and expand its service offerings [29][30]. - It is committed to sharing development results with investors, having already distributed 697 million in dividends in 2023 and 2024 [32]. Technology and Innovation - The company is investing in digital transformation and technology integration to improve customer experience and service quality [34][35]. - It has established a strong presence in quantitative trading, generating over 100 million in profits for clients in 2024 [33][38]. Conclusion - The company is well-positioned to navigate market challenges and capitalize on growth opportunities through strategic partnerships, innovative product offerings, and a focus on operational efficiency.