Core Viewpoint - The "fixed income +" products are becoming a favored choice for investors in the low interest rate era, and are expected to become the second main track for securities asset management firms [1][3]. Group 1: Market Trends - The current and future investment environment favors equity assets over bonds, providing higher investment value [2]. - The bond market has experienced a prolonged bull market since 2018, with yields continuing to decline, limiting future downward potential [2]. - The stock market is showing signs of recovery after a prolonged adjustment, with increased trading activity and improved earnings for high-tech companies, setting a foundation for market growth [2]. Group 2: Company Strategy - Securities asset management firms are facing pressure from declining asset yields, necessitating a shift towards "fixed income +" products to mitigate systemic risks [3]. - The transition to "fixed income +" products allows for better asset allocation and risk management, appealing to clients with moderate risk preferences [3]. - The company has been actively developing "fixed income +" products since 2019, including "fixed income + options" and "fixed income + equity funds," which have shown stable investment performance [4][5]. Group 3: Performance and Future Outlook - The company's "fixed income +" products have been well-received, achieving steady investment results despite market fluctuations [5]. - The company aims to enhance its research and investment capabilities while seizing opportunities in the equity market to support the growth of its "fixed income +" business [5]. - The company plans to continue expanding its "fixed income +" offerings across various banking channels, reinforcing its market position and supporting client wealth preservation and growth [5].

Core Viewpoint - The "fixed income +" products are emerging as a favored investment option for investors in the low interest rate era, becoming the second main track for securities asset management [2][6]. Group 1: Market Trends - The current and future period is expected to favor equity assets over bond assets in terms of investment cost-effectiveness [4]. - The bond market has experienced a prolonged bull market since 2018, with yields continuing to decline, leading to pressure on bond investment returns [4][7]. - The equity market is showing signs of recovery after a prolonged downturn, with increased trading activity anticipated from the second half of 2024, supported by policy guidance and improving corporate earnings [5][4]. Group 2: Product Development - "Fixed income +" products are set to become one of the most important tracks for securities asset management, as they allow for a gradual transition from pure fixed income to equity investments while managing risks [7][8]. - The company has been developing "fixed income +" products since 2019, including "fixed income + options" and "fixed income + equity funds," which provide varying risk-return profiles [10][11]. - The "fixed income + options" product aims to control downside risk while capturing some upside potential, whereas the "fixed income + equity funds" leverage both fixed income and equity investment capabilities [11]. Group 3: Strategic Positioning - The company is transitioning its asset management business towards a "multi-asset multi-strategy" approach, capitalizing on low equity market valuations while maintaining its traditional fixed income strengths [10][11]. - The successful implementation of this strategy has resulted in stable investment performance for the company's "fixed income +" products amid market fluctuations [11]. - The company aims to continue enhancing its research and investment capabilities to seize opportunities in the equity market and support clients' wealth preservation and growth [11].

Market Overview - On December 2, the securities sector declined by 0.94%, with Shouchuang Securities leading the drop [1] - The Shanghai Composite Index closed at 3897.71, down 0.42%, while the Shenzhen Component Index closed at 13056.7, down 0.68% [1] Individual Stock Performance - Notable declines included Shouchuang Securities at 20.31, down 2.59%, and Dongfang Caifu at 22.61, down 2.08% [2] - Other significant losers included Tianfeng Securities at 4.38, down 1.79%, and Dongfang Securities at 10.28, down 1.63% [2] Trading Volume and Value - The trading volume for Shouchuang Securities was 207,200 shares, with a transaction value of 424 million [2] - Dongfang Caifu had a trading volume of 2,342,700 shares, with a transaction value of 532.6 million [2] Capital Flow Analysis - The securities sector experienced a net outflow of 2.475 billion from major funds, while retail investors saw a net inflow of 1.652 billion [2][3] - The data indicates that speculative funds had a net inflow of 824 million [2][3] Individual Stock Capital Flow - Notable net inflows included Guosen Securities with 561,930 and Changjiang Securities with 248,640 [3] - Conversely, significant net outflows were observed in Huachuang Yuxin with -1,222,700 and Zhongyuan Securities with -536,480 [3]

"十四五"期间，资本市场作为金融强国战略的核心枢纽，正经历深刻变革与升级。券商行业从传统通道 服务向综合金融服务商转型的浪潮中，首创证券始终坚持金融工作的政治性与人民性，践行"合规、诚 信、专业、稳健"的证券行业文化理念，推动中国特色金融文化融入公司经营、引领发展，以"守正创 新、阳光经营、以人为本、共创共赢"的经营理念为锚点，将提质增效贯穿战略布局与业务实践全过 程，在服务国家战略、赋能实体经济、回报投资者等方面交出了一份亮眼答卷。 作为首都国有控股券商，首创证券在复杂多变的市场环境中，始终与国家战略同频共振。2024年，公司 实现营业收入24.18亿元，同比增长25.49%；归母净利润9.85亿元，同比增长40.49%，营收与利润双双 创下历史新高。2025年，公司前三季度的经营业绩在去年高基数的基础上继续实现营收与利润双增长。 自2022年上市以来，首创证券累计实施分红11.89亿元，现金分红比例始终保持在30%以上，让投资者 切实分享公司发展成果。这份成绩单的背后，是公司对"提质增效重回报"核心目标的坚定践行，更是对 金融报国使命的深度落地。 经营理念筑基：构建提质增效"压舱石" 经营理念是企业发展的 ...

Market Overview - On November 27, the securities sector experienced a slight increase of 0.0%, with Western Securities leading the gains. The Shanghai Composite Index closed at 3875.26, up by 0.29%, while the Shenzhen Component Index closed at 12875.19, down by 0.25% [1]. Individual Stock Performance - Western Securities (002673) closed at 8.03, with a rise of 1.65% and a trading volume of 489,700 shares [1]. - First Capital Securities (601136) closed at 21.08, up by 1.25% with a trading volume of 394,600 shares [1]. - Huaxin Co. (600621) closed at 15.31, increasing by 0.72% with a trading volume of 101,900 shares [1]. - Other notable performers include: - Dream Travel (601211) at 19.00, up 0.53% [1] - Caitong Securities (601108) at 8.12, up 0.50% [1] - Zhongtai Securities (600918) at 6.64, up 0.45% [1]. Fund Flow Analysis - The securities sector saw a net outflow of 358 million yuan from institutional investors, while retail investors contributed a net inflow of 527 million yuan [2]. - Notable net inflows from retail investors were observed in: - CITIC Securities (600030) with a net inflow of 29.61 million yuan [3] - Western Securities (002673) with a net inflow of 17.21 million yuan [3]. - Conversely, significant net outflows were recorded for: - CITIC Securities (600030) with a net outflow of 60.64 million yuan from institutional investors [3] - Huaxin Co. (600909) with a net outflow of 6.32 million yuan from retail investors [3].

关于召开 2025 年第三季度业绩说明会的公告 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： ●会议召开时间：2025 年 12 月 5 日（星期五）15:30-16:30。 ●会议召开方式：网络互动。 ●会议召开地点：https://roadshow.cnstock.com/（上海证券报·中国证券网 路演中心网站）。 ●问题预征集：投资者可于 2025 年 12 月 4 日（星期四）16:00 前通过公司 邮箱（pr@sczq.com.cn）进行提问，邮件标题注明"601136 2025 年第三季度业 绩说明会问题预征集"。公司将在说明会上对投资者普遍关注的问题进行回答。 首创证券股份有限公司（以下简称公司）已于2025年10月30日发布公司2025 年第三季度报告，为便于广大投资者更全面深入地了解公司2025年第三季度经营 成果、财务状况，公司计划于2025年12月5日15:30-16:30举办2025年第三季度业 绩说明会，就投资者关心的问题进行交流。 证券代码：601136 证券简称：首创证券 公告编 ...

首创证券近日公告董事长和总经理同时变更，这距离上次变更才一年多 据首创证券公告，该公司已于2025年10月16日向香港联交所递交了发行境外上市股份（H 股）并在香港联交所主板挂牌上市的申请。首创证券两年内两次 更换董事长和总经理，对该公司发行H股有何影响，还有待观察。 业绩方面，首创证券今年前三季度归母净利润同比增长7.19%，但利息净收入亏损同比扩大52.56%，资产管理业务手续费净收入同比降59.59%。同时，该 公司加大了债券融资，今年前三季度发行债券收到的现金同比增长104.03%。 首创证券坚定推进"以资产管理类业务为核心引领，以财富管理类业务和投资银行类业务为两翼支撑，以投资类业务为平衡驱动"的差异化发展战略。不 过，资产管理业务手续费净收入的表现不如人意。 投资时间网、标点财经研究员就董事长和总经理变更等问题向首创证券发送了沟通提纲，截至发稿尚未收到回复。 董事长和总经理同时变更 投资时间网、标点财经研究员 田文会 仅仅一年多过去，首创证券股份有限公司（下称首创证券，601136.SH）董事长和总经理再次双双发生变动。对于继任者来说，首要任务是推动H股的发 行，同时，还要面对利息净收入亏损、资管 ...

捐建"绿色金融林"，公益治沙赋能边疆生态发展 11月22日，恰逢3046公里环塔克拉玛干沙漠绿色阻沙防护带合龙一周年之际，2025年和田地区"锁边有我"公益治沙秋季植树活动暨捐赠仪式在和田县G580 国道以西的4万亩群众治沙典型地块举办。 近日，首创证券（601136）积极响应国家援疆号召，在新疆和田地区携手北京市援疆和田指挥部、公益基金会、当地相关政府单位接连开展两项公益行动， 以实际举措践行绿色发展理念、铸牢中华民族共同体意识，为当地高质量发展注入金融国企力量。 11月24日，京和两地青少年学生"见字如面"书信交流活动捐赠仪式在墨玉县北京朝阳中学举行。首创证券向活动主办方捐赠专项信封与信纸10000余封，为 京和两地10000余名青少年书信往来提供坚实物资保障。此次捐赠是首创证券深耕教育帮扶、促进民族交往交流交融的重要举措。通过书信这一温情纽带， 京和两地青少年得以笔墨传情、分享成长故事，在心灵沟通中增进友谊、开阔视野、共同成长。此前，首创证券已为该校捐建音乐教室与科创教室，此次书 信物资捐赠延续了企业对和田教育帮扶的初心，以持续公益行动有形有感有效地铸牢中华民族共同体意识，助力各民族像石榴籽一样紧紧相拥 ...

Core Viewpoint - The company is at a critical juncture in the context of the "14th Five-Year Plan" and the acceleration of financial power construction, emphasizing the importance of the capital market and the ongoing transformation and value enhancement within the securities industry [1] Group 1: Strategic Direction and Governance - The company integrates party building with business operations to ensure alignment with national strategies and enhance development momentum [3] - A comprehensive education and training system is established to promote the integration of party building and business, ensuring that all employees resonate with national strategic goals [3] - The governance mechanism has been innovatively revised to embed party building into decision-making, execution, and assessment processes, addressing the disconnect between party building and business operations [3] Group 2: Business Performance and Growth - The company anticipates strong performance across its business segments in 2024, with asset management products expected to reach a net value of 143.88 billion yuan, significantly above the industry average [4] - Investment banking revenue is projected to grow by 65.59% year-on-year, with notable achievements in ABS issuance and underwriting [4][5] - Wealth management services have seen trading volume and margin financing business scale increase by 30.40% and 37.77%, respectively, both exceeding industry averages [5] Group 3: Technological and Green Financial Initiatives - The company is committed to deepening its engagement in technology and green finance, viewing these as essential for serving the real economy and achieving efficiency breakthroughs [6] - A collaborative model in technology finance is established to support the entire lifecycle of tech enterprises, with significant bond issuance aimed at strategic emerging industries [6] - The company has innovated in green finance by integrating equity and debt financing models, successfully launching projects that lower financing costs for green initiatives [8] Group 4: Social Responsibility and Investor Returns - The company emphasizes the integration of commercial and social value, maintaining a cash dividend ratio above 30% since its listing, with a planned cash dividend of 41.63% of net profit for 2024 [9][10] - Active participation in rural revitalization and investor education initiatives demonstrates the company's commitment to social responsibility and community support [10] - The company aims to continue leveraging its strengths in technology and green finance while enhancing governance and service quality to achieve high-quality development and investor satisfaction [10]

Core Viewpoint - The article emphasizes the importance of integrating cultural construction and social responsibility into the operations of securities companies, aligning with the "14th Five-Year Plan" and the strategic requirements of the China Securities Regulatory Commission to achieve high-quality development in the financial sector [1][2]. Group 1: Strategic Orientation - The company integrates its operational philosophy of "integrity, innovation, people-oriented, and win-win cooperation" into its development practices, focusing on enhancing investor returns and serving the real economy [2][4]. - The company has established a comprehensive cadre education and training system that includes theoretical, ethical, cultural, and professional courses to ensure alignment with national strategies [3]. Group 2: Business Performance - The company's asset management business reached a net asset value of 143.881 billion yuan by the end of 2024, with a year-on-year growth exceeding the industry average [4]. - Investment banking revenue grew by 65.59% year-on-year, with significant achievements in ABS issuance and underwriting, including the first corporate bond issuance on the Beijing Stock Exchange [4]. Group 3: Governance and ESG - The company has developed a governance system that clearly defines responsibilities and enhances operational efficiency, leading to an upgrade in its ESG rating from BBB to A by Wind in June 2025 [5]. - The integration of governance and business operations aims to resolve the disconnect between party building and business activities [3][5]. Group 4: Technological and Green Finance - The company is actively involved in both technological and green finance sectors, supporting strategic emerging industries through bond financing and equity services [6][8]. - The issuance of 22 technology innovation bonds in 2024 and the establishment of a private equity fund focused on carbon neutrality demonstrate the company's commitment to green finance [6][8]. Group 5: Social Responsibility and Investor Returns - The company maintains a cash dividend ratio of over 30% since its listing in 2022, with a total cash dividend amounting to 41.63% of the net profit attributable to shareholders in 2024 [9]. - The company engages in various social responsibility initiatives, including rural revitalization projects and investor education programs, to enhance community development and protect investor rights [10].