首创证券股份有限公司（以下简称公司）第二届董事会第十七次会议于 2025 年 9 月 25 日以书面方式发出会议通知及会议材料，于 2025 年 9 月 30 日在公司 总部会议室以现场结合通讯的方式召开。本次会议应出席董事 12 名；实际出席 董事 12 名，其中现场出席的董事 4 名，以视频方式出席的董事 8 名。 本次会议由公司董事长毕劲松主持，公司高级管理人员和其他相关人员列席 会议。本次董事会会议的召开和表决情况符合有关法律、行政法规、部门规章、 规范性文件和《首创证券股份有限公司章程》等公司规章制度的相关规定。 二、董事会会议审议情况 审议通过《关于审议公司高级管理人员 2024 年度绩效奖励发放的议案》 证券代码：601136 证券简称：首创证券 公告编号：2025-042 首创证券股份有限公司 第二届董事会第十七次会议决议公告 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、董事会会议召开情况 首创证券股份有限公司 董 事 会 2025 年 10 月 1 日 1 本议案事先经公司第二届董事会薪酬与提名委员会 ...

首创证券日前研报指出，美的集团25H1实现归母净利润260亿元，同比增长25%。C端业务稳健增长，B 端业务表现亮眼。公司是全球领先的科技集团，ToC业务经营稳健，积极推进DTC变革及OBM渗透率提 升，ToB业务布局高潜力、高成长赛道，海内外市场双轮驱动长期成长。公司重视股东回报，首次启动 中期分红分享发展红利。该行预计公司25/26/27年归母净利润为444/486/527亿元，对应9月23日市值PE 为13/12/11倍，首次覆盖，给予"买入"评级。 ...

首创证券日前研报指出，美的集团25H1实现归母净利润260亿元，同比增长25%。C端业务稳健增长，B 端业务表现亮眼。公司是全球领先的科技集团，ToC业务经营稳健，积极推进DTC变革及OBM渗透率提 升，ToB业务布局高潜力、高成长赛道，海内外市场双轮驱动长期成长。公司重视股东回报，首次启动 中期分红分享发展红利。该行预计公司25/26/27年归母净利润为444/486/527亿元，对应9月23日市值PE 为13/12/11倍，首次覆盖，给予"买入"评级。 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600095 | 湘财股份 | 12.68 | 4.11% | 174.03万 | | 22.23亿 | | 600061 | 国投资本 | 7.76 | 1.97% | 99.34万 | | 7.76/Z | | 600864 | 哈投股份 | 7.16 | 0.70% | 36.79万 | | 2.64亿 | | 002736 | 国信证券 | 13.32 | 0.53% | 1 29.60万 | | 3.95亿 | | 000783 | 长江证券 | 7.97 | 0.50% | 77.22万 | | 6.20亿 | | 000686 | 东北证券 | 8.33 | 0.48% | 13.21万 | | 1.10亿 | | 600958 | 东方证券 | 10.72 | 0.47% | 111.40万 | | 12.00亿 | | 601688 | 华泰证券 | 19.79 | 0.46% | 61.79万 | | 12.27 ...

Core Viewpoint - The brokerage sector is experiencing a significant rally, driven by increased market activity and investor participation, leading to a positive outlook for the third quarter performance of securities firms [1][2]. Group 1: Market Activity and Performance - As of September 22, 48 out of 50 brokerage stocks closed higher, with Guosheng Financial leading with a 7.49% increase [1]. - The trading volume in A-shares has notably increased, with 15 out of 16 trading days in September exceeding 2 trillion yuan, and a peak of 3.14 trillion yuan on September 18, marking the third-highest daily volume of the year [1]. - The active trading environment is expected to boost the brokerage firms' brokerage and proprietary trading business forecasts [1]. Group 2: Financial Metrics and Growth Potential - The return on equity (ROE) for the brokerage sector is on an upward trend, as firms have passed the peak of high costs and are balancing cost reduction with long-term competitiveness [1][2]. - There is significant potential for incremental capital inflow into the market, with the current high savings rate indicating room for a shift from savings to investments [2]. - The self-operated business of brokerages is expected to see enhanced elasticity, with the low-interest-rate environment making equity markets increasingly attractive [2]. Group 3: Valuation and Long-term Outlook - The brokerage sector's valuation remains at historically low levels, despite a positive performance in the equity market since the beginning of the year [3]. - There is a clear divergence between the improvement in the brokerage sector's fundamentals and its valuation, indicating strong potential for recovery [3]. - The overall outlook for the brokerage industry is positive, supported by increased market activity, favorable regulatory policies, and accelerated long-term capital inflows [3].

Market Overview - On September 22, the securities sector rose by 1.12%, with Guosheng Jin控 leading the gains [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Individual Stock Performance - Guosheng Jin控 (002670) closed at 19.94, up 7.49% with a trading volume of 1.026 million shares and a turnover of 2.009 billion yuan [1] - Shouchuang Securities (601136) closed at 22.82, up 3.26% with a trading volume of 721,000 shares and a turnover of 1.626 billion yuan [1] - Other notable performers include Xiangcai Co. (600095) up 2.40%, Huatai Securities (601688) up 1.90%, and China Galaxy (601881) up 1.74% [1] Fund Flow Analysis - The securities sector saw a net inflow of 467 million yuan from institutional investors, while retail investors experienced a net outflow of 391 million yuan [2][3] - Guosheng Jin控 had a significant net inflow of 325 million yuan from institutional investors, while retail investors showed a net outflow of 216 million yuan [3] - Other stocks with notable fund flows include Shouchuang Securities with a net inflow of 77.62 million yuan from institutional investors and a net outflow of 117 million yuan from retail investors [3]

Group 1 - The A-share market saw a short-term rally in brokerage stocks, with Guosheng Financial Holdings rising over 5% [1] - Other brokerage firms such as Shouchuang Securities, Huatai Securities, CITIC Securities, and China Galaxy also experienced gains [1] Group 2 - Guosheng Financial Holdings increased by 5.77%, with a total market capitalization of 38 billion and a year-to-date increase of 49.89% [2] - Shouchuang Securities rose by 2.62%, with a market cap of 62 billion and a year-to-date increase of 3.54% [2] - Huatai Securities saw a rise of 1.84%, with a market cap of 179.5 billion and a year-to-date increase of 14.97% [2] - CITIC Securities increased by 1.66%, with a market cap of 426.5 billion and a year-to-date decrease of 0.47% [2] - China Galaxy rose by 1.62%, with a market cap of 185.7 billion and a year-to-date increase of 12.78% [2] - Other notable increases include Xiangcai Securities at 1.38% (31.5 billion, 52.78% YTD), GF Securities at 1.19% (155.8 billion, 29.37% YTD), and Guosen Securities at 1.06% (136.7 billion, 22.97% YTD) [2] - The MACD golden cross signal formation indicates a positive trend for these stocks [1]

Core Points - The company successfully issued the second phase of short-term financing bonds for the year 2025 on April 9, 2025, with a total issuance scale of RMB 1 billion and a coupon rate of 1.90% [1][1] - The bonds have a maturity period of 162 days, with the repayment date set for September 19, 2025 [1][1] - On the repayment date, the company paid a total of RMB 1,008,432,876.71, which includes both principal and interest [1][1]

Group 1 - The stock of Shouchao Securities (601136) closed at 22.1 yuan on September 19, 2025, down 2.99% from the previous trading day, with a total market capitalization of 60.407 billion yuan [1] - On the same day, the stock opened at 22.43 yuan, reached a high of 22.5 yuan, and a low of 21.97 yuan, with a trading volume of 1.337 billion yuan and a turnover rate of 12.53% [1] - Shouchao Securities announced the completion of the repayment of its second short-term financing bond for 2025, which was issued on April 9, 2025, with a scale of 1 billion yuan and a coupon rate of 1.90% for a term of 162 days [1][2] Group 2 - The total repayment amount for the short-term financing bond on September 19, 2025, was 1,008,432,876.71 yuan [1] - The company's board of directors ensured the announcement's content is true, accurate, and complete, with no false records or misleading statements [1]

Core Points - The company successfully issued its second short-term financing bond for the year 2025 on April 9, 2025, with a total issuance scale of 1 billion RMB [1] - The bond has a coupon rate of 1.90% and a maturity period of 162 days, with the repayment date set for September 19, 2025 [1] - On the repayment date, the company paid back a total of 1,008,432,876.71 RMB, which includes both principal and interest [1]