Global Asset Price Performance - Global bond yields have generally risen, with the 10-year U.S. Treasury yield increasing by 6 basis points due to strong employment data reducing rate cut expectations [1] - Major global stock markets showed mixed performance, with the S&P 500, Dow Jones, and Nasdaq indices rising by 1.7%, 2.3%, and 1.6% respectively [1][3] - Commodity prices for gold and crude oil have rebounded this week, while the U.S. dollar index fell by 0.1% [1] Major Central Bank Monetary Policies - Strong employment data has led to a decrease in rate cut expectations from the Federal Reserve, with the probability of a rate cut in July dropping from 20.7% to 4.7% [4] - The Bank of Japan's governor indicated that while inflation is above the 2% target, the underlying inflation rate remains slightly below target, reducing expectations for rate hikes [4] U.S. Economic Dynamics - In June, non-farm payrolls increased by 147,000, with government jobs contributing half of the new positions, while private sector job growth slowed significantly [12] - The unemployment rate decreased to 4.1%, but the labor force participation rate fell to 62.3%, indicating a trend of cooling employment [12] - The ISM Manufacturing PMI rose slightly to 49, but new orders continued to contract for the fifth consecutive month due to tariff policies [12] Economic Dynamics in Other Regions - Eurozone inflation has shown signs of stabilizing, with the CPI rising slightly to 2%, and the ECB is expected to consider a rate cut by the end of the year [29] - In the UK, a failed welfare reform has raised concerns about potential tax increases and borrowing, leading to a significant rise in long-term bond yields [29] - Japan's consumer spending increased by 4.7% year-on-year in May, driven by higher expenditures on automobiles and dining out [30]

Core Viewpoint - In the first half of the year, seven brokerage firms implemented share buybacks totaling 191 million shares and an aggregate amount of 2.031 billion yuan, indicating a positive trend in the brokerage sector's valuation recovery due to various supportive measures and an improving market environment [1][2]. Group 1: Share Buyback Details - Seven brokerages have disclosed their share buyback progress, with notable examples including Dongfang Securities, Guotai Junan, and Zhongtai Securities, which collectively repurchased millions of shares and spent significant amounts [2]. - Dongfang Securities repurchased 26.70 million shares for 250 million yuan, Guotai Junan repurchased 59.22 million shares for 1.051 billion yuan, and Zhongtai Securities repurchased 33.50 million shares for 213 million yuan [2]. Group 2: Future Buyback Plans - Some brokerages have announced future buyback plans, such as Hongta Securities, which plans to repurchase between 100 million and 200 million yuan worth of shares to support its ongoing development [3]. Group 3: Purpose of Share Buybacks - The primary objectives of the share buybacks include maintaining company value and shareholder rights, optimizing capital structure, and enhancing shareholder returns [4]. - Brokerages like Zhongtai Securities and Hongta Securities explicitly stated that their repurchased shares would be canceled to reduce registered capital and improve shareholder returns [4]. Group 4: Broader Market Management Strategies - In addition to share buybacks, several major shareholders of brokerages have announced plans to increase their holdings, reflecting a growing awareness of enhancing investor returns [5]. - For instance, Tianfeng Securities' major shareholder increased its stake by 1.79 million shares for 502 million yuan, while Changcheng Securities' major shareholder plans to invest between 50 million and 100 million yuan [5]. Group 5: Market Outlook - Analysts predict that with the influx of long-term capital and increased market stability, the risk appetite in the market is likely to improve, which may lead to a recovery in brokerage valuations [6].

Core Viewpoint - The company has decided to adjust the conversion price of its convertible bonds downward from 11.19 CNY per share to 8.2 CNY per share, effective from July 4, 2025, due to the stock price being below the threshold for a significant period [1][3]. Group 1: Conversion Price Adjustment - The initial conversion price of the convertible bonds was set at 13.33 CNY per share, which was later adjusted to 11.19 CNY per share [2]. - The adjustment to the conversion price was triggered by the company's stock closing price being below 80% of the current conversion price for at least 15 out of 30 consecutive trading days [3]. - The average trading price of the company's stock over the 30 trading days prior to the shareholder meeting was 7.6325 CNY per share, and the net asset value per share was 7.73 CNY [3]. Group 2: Corporate Governance and Decision-Making - The company's board of directors approved the proposal to adjust the conversion price on June 16, 2025, and the shareholders approved it on July 2, 2025 [3]. - The adjustment aims to optimize the company's capital structure and support long-term development while protecting investor interests [3].

因实施转股价格修正条款引发的转股价格调整,本公司的相关证券停复牌情况如 下： | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | | | | | 期间 | | | | 113043 | 财通转债 | 可转债转股停牌 | 2025/7/3 | 全天 | 2025/7/3 | 2025/7/4 | 一、转股价格调整依据 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准财通证券股 份有限公司公开发行可转换公司债券的批复》（证监许可〔2020〕2927 号）核准， 财通证券股份有限公司（以下简称"公司"）于 2020 年 12 月 10 日公开发行面值总 额为人民币 38 亿元的可转换公司债券（以下简称"财通转债"或"可转债"），初始 转股价格为 13.33 元/股，后因公司配股及历次权益分派，可转债转股价格下调至 11.19 元/股。 | 证券代码：601108 | | 证券简称：财通证券 | 公告编号：2025-045 | | --- | --- | --- | ...

证券代码：601108 证券简称：财通证券 公告编号：2025-043 财通证券股份有限公司 2025年第一次临时股东大会决议公告 (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 | 984 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,818,294,813 | | 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（%） | 39.5022 | (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，董事长章启诚先生主持。会议采用的表决方式是现 场投票和网络投票相结合的方式。会议的召集、召开符合《公司法》及公司《章 程》的有关规定。 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 7 月 2 日 (二)股东会召开的地点：杭州市西湖区天目山路 1 ...

浙江六和律师事务所 关于财通证券股份有限公司 2025 年第一次临时股东大会的 法律意见书 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 2025 年第一次临时股东大会的召集、召开及其他相关法 律问题发表如下意见： 一、关于本次股东大会的召集、召开程序 （一）本次股东大会的召集 根据公司第四届董事会第二十二次会议决议，公司于 2025 年 6 月 17 日在上 海证券交易所网站和巨潮资讯网（http://www.cninfo.com.cn）上刊载了《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》，公司董事会已 提前 15 日以公告方式通知了公司全体股东本次股东大会召开的时间、地点、召 集人、召开方式、股权登记日、审议事项、会议登记办法等有关事项。 （二）本次股东大会的召开 本次股东大会采取现场投票与网络投票相结合的方式召开。 浙六和法意（2025）第 1179 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 ...

证券代码：601108 证券简称：财通证券 公告编号：2025-044 财通证券股份有限公司 第四届董事会第二十三次会议决议公告 《关于向下修正"财通转债"转股价格的公告》刊登在《中国证券报》《上 海证券报》《证券时报》《证券日报》及上海证券交易所网站（www.sse.com.cn）。 二、审议通过《关于调整部分董事会专门委员会委员的议案》 会议同意由毛惠刚先生担任薪酬与提名委员会委员，与原委员韩洪灵先生、 贲圣林先生、方军雄先生共同组成第四届董事会薪酬与提名委员会，其中由方军 雄担任主任委员；由毛惠刚先生担任审计委员会委员，与原主任委员韩洪灵先生、 委员郑联胜先生、胡宏文先生、方军雄先生共同组成第四届董事会审计委员会。 上述专门委员会的任期与本届董事会一致。 表决结果：9 票赞成，0 票反对，0 票弃权。 三、审议通过《关于修订<员工奖惩办法>的议案》 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"）第四届董事会第二十三次会议通 知于 2025 年 6 月 27 日以电话和电子邮件等方 ...

Group 1 - The core viewpoint of the articles highlights the significant rise in the convertible bond market, with the China Convertible Bond Index reaching a ten-year high, driven by strong performance in the A-share market and a favorable investment environment for convertible bonds [1][2][3]. - The China Convertible Bond Index has seen a year-to-date increase of 7.18%, with a notable rise of over 22% since September 24, 2024, indicating strong market momentum [2]. - The convertible bond market is characterized by low volatility and low drawdown, attracting continuous inflow of new capital, which is expected to further enhance investment experiences [2][3]. Group 2 - Several funds tracking convertible bonds have reported positive returns this year, with the top-performing fund, China Europe Convertible Bond A, achieving a return of 13.11% [4][5]. - A total of 14 convertible bond funds have recorded returns exceeding 10%, showcasing the strong performance of this asset class [4][5]. - The performance of convertible bond ETFs has also been commendable, with returns exceeding 7% for the Bosera China Convertible Bond ETF and over 5% for the Haifutong Shanghai Investment Grade Convertible Bond ETF [5]. Group 3 - The supply-demand imbalance in the convertible bond market is a key factor supporting the rising valuations, with supply expected to contract while demand continues to grow [2][3]. - Historical data indicates that most convertible bonds exit through conversion to equity rather than actual repayment, suggesting manageable credit risk in the current market environment [3]. - The market's confidence in convertible bonds has strengthened due to reduced risks of delisting or default, further enhancing investor sentiment [3].

Group 1 - The core point of the announcement is the conversion of convertible bonds into A-share stocks, with a total of 47,549 shares converted, representing 0.0013% of the company's total issued shares before conversion [2][3] - The total amount of unconverted convertible bonds as of June 30, 2025, is 3,799,431,000 yuan, which accounts for 99.9850% of the total issued convertible bonds [3] - The current conversion price for the convertible bonds is set at 11.19 yuan per share, and the bonds were initially issued on December 28, 2020, with a total issuance amount of 3.8 billion yuan [2][3] Group 2 - The total share capital before the conversion was 4,643,760,003 shares, which increased to 4,643,760,806 shares after the conversion of 803 shares [3] - The convertible bonds were approved by the China Securities Regulatory Commission and are traded on the Shanghai Stock Exchange under the code 113043 [2]

2.截至 2025 年 6 月 30 日，公司尚未转股的可转债金额为 3,799,431,000 元， 占可转债发行总量的 99.9850%。 证券代码：601108 证券简称：财通证券 公告编号：2025-042 转债代码: 113043 转债简称:财通转债 财通证券股份有限公司 可转债转股进展暨股份变动公告 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.自2021年6月16日至2025年6月30日期间，公司A股可转债累计有569,000元 转换为公司A股股份，累计转股数量为47,549股，占可转债转股前公司已发行股 份总数（3,589,000,000股）的0.0013%。 | 股份类别 | 变动前 | | 本次可转债 | | 变动后 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 年 月 （2025 3 31 | 日） | 转股 | （2025 | 年 6 | 月 | 日） 30 | | 有限售条件流通股 | 0 | | 0 | ...