首创证券股份有限公司 证券代码：601136 证券简称：首创证券 公告编号：2025-027 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： ? 股东会召开日期：2025年8月28日 ? 本次股东会采用的网络投票系统：上海证券交易所股东大会网络投票系 统 一、召开会议的基本情况 （一）股东会类型和届次 （二）股东会召集人：董事会 （三）投票方式：本次股东会所采用的表决方式是现场投票和网络投票相 结合的方式 （四）现场会议召开的日期、时间和地点 召开的日期时间：2025 年 8 月 28 日 15 点 00 分 召开地点：北京市朝阳区安定路 5 号院 13 号楼北投投资大厦会议室 （五）网络投票的系统、起止日期和投票时间。 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 8 月 28 日 至2025 年 8 月 28 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 股东会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15: ...

证券代码：601136 证券简称：首创证券 公告编号：2025-027 首创证券股份有限公司 关于召开2025年第一次临时股东会的通知 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： 股东会召开日期：2025年8月28日 本次股东会采用的网络投票系统：上海证券交易所股东大会网络投票系 统 一、召开会议的基本情况 （一）股东会类型和届次 2025年第一次临时股东会 （二）股东会召集人：董事会 （三）投票方式：本次股东会所采用的表决方式是现场投票和网络投票相 结合的方式 （四）现场会议召开的日期、时间和地点 召开的日期时间：2025 年 8 月 28 日 15 点 00 分 召开地点：北京市朝阳区安定路 5 号院 13 号楼北投投资大厦会议室 （五）网络投票的系统、起止日期和投票时间。 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 8 月 28 日 至2025 年 8 月 28 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 股东会召开当日的交易时间段，即 ...

首创证券股份有限公司 2025 年第一次临时股东会 会议文件 2025 年 8 月 28 日·北京 2025 年第一次临时股东会会议文件 首创证券股份有限公司 2025 年第一次临时股东会议程 现场会议时间：2025 年 8 月 28 日（星期四）15 点 00 分 现场会议地点：北京市朝阳区安定路 5 号院 13 号楼北投投资大厦会议室 网络投票：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会召开当日的 9:15-15:00。 会议召集人：首创证券股份有限公司（以下简称公司或本公司）董事会 会议主持人：公司董事长（按照《公司章程》规定主持召开） 现场会议日程： 一、主持人宣布会议开始 二、宣布股东会出席情况、推选监票人和计票人 三、介绍会议基本情况 四、审议股东会议案（含股东发言、提问环节） 五、填写现场表决票并开始投票 六、休会（汇总统计现场投票情况和网络投票情况） 七、宣布会议表决结果（最终投票结果以公司公告为准） 八、公司聘请的见证律师宣读本次股东 ...

Core Insights - The securities industry is accelerating its digital transformation, with financial technology evolving from a service role to a leading and empowering role [1] - A total of 22 listed securities firms have disclosed their information technology investments for 2021, amounting to 14.178 billion yuan, with each firm investing over 100 million yuan [1][2] Investment in Information Technology - The securities industry has significantly increased its investment in information technology, with cumulative investments reaching 84.5 billion yuan from 2017 to 2020, and the total is expected to exceed 100 billion yuan in the last five years [2] - Major firms like Huatai Securities, CICC, and others have invested over 1 billion yuan in 2021, with Huatai Securities leading at 2.228 billion yuan [2][3] - The proportion of IT investment relative to operating income is increasing, with Huayin Securities having the highest ratio at 25.17% [3] Talent and Human Resources - Talent is crucial for the digital transformation of financial institutions, with firms like招商证券 and 中信建投 employing over 1,000 IT personnel, representing more than 9% of their total workforce [4] - The industry recognizes the importance and urgency of digital transformation, but challenges such as unclear goals and a lack of digital talent remain [4] Information Security Concerns - Information security is a top priority, as the operation and maintenance of trading systems are critical for online business [5] - Despite significant investments in IT, firms like 招商证券 have faced information security incidents, highlighting the need for improved management and emergency response [5] - Regulatory measures have been updated to ensure timely and accurate reporting of cybersecurity incidents in the securities industry [6]

Group 1 - Huatai Securities and five other listed brokerages reported a positive growth in both operating income and net profit for the first half of 2023 [1][2] - As of August 15, over 25 listed brokerages have disclosed their half-year performance forecasts, with more than 90% indicating positive earnings [1][4] - The overall net profit of listed brokerages is expected to grow year-on-year, although the growth rate is weaker compared to the first quarter of 2023 [5][6] Group 2 - Huatai Securities is projected to achieve an operating income of 18.369 billion yuan, a year-on-year increase of 13.63%, and a net profit of 6.556 billion yuan, up 21.94% [2][3] - Dongfang Securities anticipates the largest net profit growth, with expected operating income of 8.695 billion yuan and a net profit of 1.901 billion yuan, reflecting increases of 19.18% and 193.72% respectively [2][3] - Other brokerages like Zhongyin Securities, Zhongtai Securities, and Xingye Securities also reported significant growth in both operating income and net profit, with Zhongtai Securities showing a net profit increase of 79.79% [3] Group 3 - The growth in investment, underwriting, and wealth management businesses has significantly supported the performance of these brokerages in the first half of 2023 [3] - Huatai Securities emphasized its strategy of technology-driven wealth management and institutional services to enhance its service capabilities amid a challenging market environment [3] Group 4 - Institutions remain optimistic about the performance of brokerages in the second half of 2023, citing favorable policies and low base effects as potential drivers for strong earnings [5][6] - Among the brokerages with positive earnings forecasts, Guotai Junan Securities expects a slight decline in both operating income and net profit due to market factors [4]

Group 1: Domestic Economic Analysis - The Politburo meeting in July emphasized the implementation of existing policies rather than introducing new stimulus measures, leading to a "hold but not lift" approach[6] - China's GDP grew by 5.3% year-on-year in the first half of 2025, indicating strong economic resilience[14] - In July, the transaction area of commercial housing in 30 major cities decreased by 18.6% year-on-year to 6.49 million square meters, marking the largest monthly decline of the year[17] - Passenger car sales in July increased by 6.1% year-on-year to 1.834 million units, supported by a 138 billion yuan subsidy for vehicle trade-ins to be distributed in the third and fourth quarters[20] Group 2: International Economic Context - The U.S. non-farm payrolls added only 73,000 jobs in July, with revisions showing a cumulative downward adjustment of 253,000 jobs for May and June, indicating weakening economic momentum[28] - The U.S. manufacturing PMI showed marginal contraction in July, while the unemployment rate remained stable at 4.2%, suggesting that the Fed may wait for further data before making decisions on interest rates[31] - China's July exports increased by 7.2% year-on-year to $321.78 billion, reflecting ongoing demand despite potential tariff impacts[22] - The correlation between A-shares and global indices is expected to remain strong, with the MSCI global and MSCI China indices showing a stable yield gap within a 40% range since 2024[33] Group 3: Market Implications - If U.S. inflation and employment data in August reinforce expectations for a rate cut in September, it could benefit A-share growth sectors[4] - Conversely, if tariffs are shown to have a greater impact on inflation than recession risks, the Fed may delay rate cuts, favoring defensive assets in the short term[4] - The upcoming October Fourth Plenary Session is anticipated to introduce more systematic policies aimed at expanding domestic demand and stabilizing growth[23]

Group 1 - The brokerage sector experienced significant upward movement, with Xinda Securities rising over 8% [1] - Other securities firms such as Hongta Securities, Dongxing Securities, Dongfang Securities, and Shouchuang Securities also saw increases in their stock prices [1]

Group 1 - In 2025, the Hong Kong capital market shows strong financing vitality, with total equity financing in the Hong Kong stock market reaching 291.64 billion RMB, a year-on-year increase of 288.75% [1] - On July 25, 2025, the company announced plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange, marking the resumption of Hong Kong listings for brokers after six years [1] - Currently, there are 13 brokers listed in both A-share and H-share markets, including notable firms such as CITIC Securities and Huatai Securities [1] Group 2 - The company achieved a revenue of 2.418 billion RMB in 2024, a year-on-year growth of 25.49%, ranking 40th among A-share listed brokers; net profit reached 985 million RMB, up 40.49%, ranking 29th [2] - Asset management business has become a significant growth driver, with revenue of 909 million RMB in 2024, accounting for 37.61% of total revenue, and a year-on-year increase of 62.67% [2][4] - Investment banking business also saw substantial growth, with net income from fees reaching 184 million RMB, a year-on-year surge of 91.66% [5] Group 3 - The brokerage business has faced stagnation, with net income from fees remaining around 223 million RMB from 2021 to 2023, and a slight decline to 219 million RMB in 2024 [5] - Interest net income remains under pressure, showing a continuous decline since 2020, with a recovery to -95 million RMB in 2024, but still in a loss position [7] - In Q1 2025, the company experienced a significant decline in net profit by 31.42%, attributed to bond market volatility affecting asset management income [9][10] Group 4 - The company plans to invest up to 110 million RMB in purchasing an office building in Shanghai to enhance its operational capabilities and attract financial talent [11][12] - The dual strategy of seeking international capital through H-share listing and strengthening local operations through real estate acquisition reflects the company's determination to overcome challenges and transform [12][13]

Core Viewpoint - The announcement of Shouchuang Securities planning to list in Hong Kong highlights a growing trend among Chinese brokers to pursue an "A+H" listing strategy, driven by the need for capital replenishment and international business expansion in a rapidly changing market environment [1] Group 1: Capital Strengthening - The move to list in Hong Kong aims to solidify the capital base and enhance overall competitiveness, as capital strength is crucial for business scale and risk management [1] - The "A+H" model allows brokers to optimize their capital structure and improve financial resilience, which is essential for expanding capital-intensive businesses and enhancing risk resistance [1] Group 2: Global Expansion - Hong Kong's status as an international financial center is increasingly significant, providing brokers with opportunities to grow their international business [2] - Listing in Hong Kong is a direct manifestation of brokers' internationalization strategies, enabling them to efficiently expand into high-value cross-border services, particularly under favorable policies like the "Cross-Border Wealth Management Connect" [2] Group 3: Differentiated Development for Small and Medium Brokers - For small and medium-sized brokers, listing in Hong Kong presents a viable path for achieving differentiated competition and overcoming resource constraints [3] - The Hong Kong market attracts numerous emerging technology and biopharmaceutical companies, allowing smaller brokers to focus on specialized services such as investment banking and cross-border mergers and acquisitions [3] - Expanding into international markets helps small brokers diversify their income sources, reduce reliance on a single market, and enhance overall service quality [3]

截至2025年7月30日收盘，首创证券股价报20.44元，较前一交易日下跌1.59%。当日成交量为207927 手，成交金额达4.27亿元。 首创证券属于证券行业板块，是一家综合性证券公司。公司业务范围涵盖证券经纪、证券投资咨询、证 券承销与保荐等多个领域。 首创证券近日宣布拟发行H股并在香港联交所主板上市，有望成为第14家"A+H"股上市券商。公司表示 此举旨在提高资本实力和综合竞争力，整合国际资源并提升国际影响力。目前已有13家内地券商在AH 两地上市，包括中信证券、中金公司等头部券商。 2025年7月30日，首创证券主力资金净流出5717.18万元，占流通市值的0.58%。 风险提示：股市有风险，投资需谨慎。 ...