Market Overview - On September 5, A-shares experienced a significant rebound, with the Shanghai Composite Index rising over 1% to reclaim the 3800-point mark, ending a three-day decline [1] - The ChiNext Index surged by 6.55%, reaching a new high since January 2022 [1] - Analysts indicate that the recent market volatility is not due to substantial negative factors, but rather a correction following previous gains and profit-taking [1][3] Broker Sector Performance - The broker sector saw a positive response, with the top broker ETF (512000) rising by 0.67%, ending a five-day losing streak, and achieving a trading volume of 1.486 billion yuan [1][3] - Most broker stocks closed in the green, with notable gains from Nanjing Securities (up 4%) and several others rising over 1% [3] - The broker sector has maintained a fluctuating correction trend, with investors actively buying on dips, indicating strong "bottom-fishing" sentiment [3] Fund Inflows and Market Sentiment - The broker ETF (512000) has attracted a total of 1.948 billion yuan over six consecutive days, with a cumulative net inflow of 5.057 billion yuan over the past 20 days [3] - The strong performance of the broker sector is linked to its close relationship with capital market performance, suggesting a positive outlook as market risk appetite increases [3][7] Future Outlook - Analysts from Great Wall Securities remain optimistic, expecting continued monetary and fiscal support, which historically has helped the stock market withstand external risks [1][5] - The broker sector's valuation remains relatively low, with the price-to-book ratio (PB) of the index at 1.56, indicating potential for future growth [3] - The liquidity index in the A-share market is expected to rise, driven by ongoing policy support and increased market participation [5][7] ETF Insights - The broker ETF (512000) has surpassed 30 billion yuan in scale, with an average daily trading volume of 948 million yuan, making it one of the most liquid ETFs in the A-share market [7] - The ETF tracks the CSI All Share Securities Companies Index, providing exposure to 49 listed broker stocks, with a significant portion allocated to leading firms [7]

Group 1 - The market showed mixed performance on September 5, with the ChiNext Index rising over 1%, while the Shanghai Composite Index fell by 0.07% and the Shenzhen Component Index increased by 0.42% [1] - The broker ETF (159842) experienced a decline of 0.85% with a trading volume exceeding 23 million yuan, indicating active trading and a premium trading occurrence [1] - In terms of fund flow, the broker ETF (159842) saw net inflows in 8 out of the last 10 days, accumulating over 1.38 billion yuan [1] Group 2 - The wealth management business of brokerages is showing positive growth due to increased market trading activity, with 42 A-share listed brokerages reporting a total brokerage income of 74.545 billion yuan in the first half of 2025, a significant year-on-year increase of 50.69% [2] - The wealth management business exhibited four key characteristics: intensified "Matthew effect," traditional trading business dominance, increased market attractiveness leading to new account openings, and deepening transformation of buyer advisory services [2] - The capital market's total market value to household deposits ratio remains low at 0.59 as of July 2025, indicating potential for continued "deposit migration" from residents into the stock market [2] Group 3 - As of June 30, the total financial investment scale of 42 brokerages reached 6.75 trillion yuan, reflecting an 11.28% increase since the beginning of the year, with trading financial assets growing by 14.43% to 4.76 trillion yuan [3] - The brokerages are gradually increasing their equity OCI asset scale, supported by a low interest rate environment and improved market sentiment, which is expected to provide stable support for performance growth in the second half of the year [3]

Market Overview - On September 1, the securities sector declined by 0.97%, with Huaxi Securities leading the drop [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Individual Stock Performance - Zhongyin Securities (601696) closed at 16.82, up 4.15% with a trading volume of 2.1491 million shares and a turnover of 3.605 billion [1] - Pacific Securities (660109) closed at 4.46, up 1.13% with a trading volume of 3.3672 million shares [1] - Other notable performances include: - China Merchants Jinling (601995) at 38.94, up 1.01% [1] - Guojin Securities (600109) at 10.36, up 0.48% [1] - Huaxin Securities (600621) at 17.85, down 0.56% [1] Fund Flow Analysis - The securities sector experienced a net outflow of 7.504 billion from institutional investors, while retail investors saw a net inflow of 5.043 billion [2] - Notable fund flows include: - Zhongyin Securities had a net inflow of 4.65 billion from institutional investors, but a net outflow of 1.13 billion from speculative funds [2] - Pacific Securities saw a net inflow of 1.12 billion from speculative funds, but a net outflow of 645.725 million from institutional investors [2] - Overall, retail investors contributed positively to the fund flow in the sector [2]

证券代码：601136 证券简称：首创证券 公告编号：2025-037 首创证券股份有限公司 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。 近日，首创证券股份有限公司（以下简称公司）收到中国证券监督管理委员 会《关于同意首创证券股份有限公司向专业投资者公开发行公司债券注册的批复》 （证监许可〔2025〕1786 号），批复内容如下： 一、同意公司向专业投资者公开发行面值总额不超过 30 亿元公司债券的注 册申请。 二、本次发行公司债券应严格按照报送上海证券交易所的募集说明书进行。 三、本批复自同意注册之日起 24 个月内有效，公司在注册有效期内可以分 期发行公司债券。 四、自同意注册之日起至本次公司债券发行结束前，公司如发生重大事项， 应及时报告并按有关规定处理。 公司将按照有关法律法规和上述批复文件的要求在公司股东会的授权范围 内办理本次公司债券发行的相关事宜，并及时履行信息披露义务。 关于向专业投资者公开发行公司债券 特此公告。 获得中国证监会注册批复的公告 董 事 会 首创证券股份有限公司 ...

Core Viewpoint - The company successfully issued its first short-term financing bond for 2024, raising a total of 500 million RMB with a coupon rate of 1.91% and a maturity of 273 days [1]. Group 1 - The issuance date of the short-term financing bond was November 28, 2024 [1]. - The bond will mature on August 28, 2025 [1]. - The detailed results of the bond issuance were published on the Shanghai Stock Exchange website on November 29, 2024 [1].

Core Viewpoint - The report presents the financial performance of Capital Securities Corporation Limited for the first half of 2025, highlighting an increase in revenue and net profit compared to the same period in the previous year. Group 1: Financial Performance - The total operating income for the first half of 2025 was CNY 1,283,977,917.15, representing a 2.33% increase from CNY 1,254,751,533.16 in the same period of 2024 [4]. - The total profit for the period was CNY 588,662,870.09, up 6.74% from CNY 551,470,871.84 year-on-year [4]. - The net profit attributable to shareholders of the parent company was CNY 483,819,409.80, reflecting a 2.37% increase from CNY 472,608,226.65 in the previous year [4]. - The basic earnings per share increased to CNY 0.18, up 5.88% from CNY 0.17 [4]. Group 2: Financial Position - As of June 30, 2025, the total assets amounted to CNY 54,242,524,668.93, a 15.76% increase from CNY 46,855,780,596.16 at the end of the previous year [4]. - Total liabilities reached CNY 40,498,417,823.63, which is a 20.49% increase from CNY 33,610,675,878.48 [4]. - The total equity attributable to shareholders of the parent company was CNY 13,744,106,845.30, up 3.77% from CNY 13,245,104,717.68 [4]. Group 3: Cash Flow and Investment - The net cash flow from operating activities was negative at CNY -382,919,280.97, compared to CNY -2,297,162,129.64 in the same period last year [4]. - The net cash flow from investing activities was CNY -2,230,247,079.52, indicating a significant decrease compared to CNY 1,054,495,452.11 in the previous year [4]. - The net cash flow from financing activities was CNY 1,498,748,079.82, contrasting with CNY -257,261,207.10 in the same period of 2024 [4]. Group 4: Risk Management - The company has established an effective internal control system and compliance management framework to manage various risks, including market, credit, liquidity, operational, compliance, money laundering, reputational, and information technology risks [4].

Meeting Overview - The second meeting of the Board of Directors of the company was held on August 28, 2025, with all 11 directors present, including 4 in person and 7 via video [1][2] - The meeting was chaired by the company's chairman, Bi Jinsong, and complied with relevant laws and regulations [1] Resolutions Passed - The Board approved the half-year report for 2025, with 11 votes in favor and no opposition or abstentions [2] - The mid-year compliance report was also approved, receiving unanimous support from the Board [2] - A resolution regarding the write-off of certain accounts receivable was passed, confirming that it would not affect the company's asset value or financial performance [2] - The self-inspection report on accountability for annual operational violations was approved unanimously [2] - The name change of the audit department to the audit department was also approved with full support [3] - The appointment of Wang Yufeng as the Chief Information Officer was approved, effective immediately until the current Board's term ends [3]

Core Points - The document outlines the external guarantee management system of the company, aiming to standardize external guarantee behaviors and effectively control risks associated with such guarantees [1][2][3] - The system applies to the company and its subsidiaries, ensuring that any guarantees provided by subsidiaries are treated as guarantees by the company itself [1][2] - The company must conduct thorough assessments of the creditworthiness of the parties being guaranteed and analyze the associated risks and benefits before proceeding with any guarantees [2][3] Chapter Summaries Chapter 1: General Principles - The external guarantee management system is established based on various laws and regulations, including the Company Law and Securities Law of the People's Republic of China [1] - External guarantees include various forms such as loan guarantees, letters of credit, and performance guarantees [1] - Guarantees must be managed centrally by the company, and subsidiaries cannot provide guarantees without approval [1][2] Chapter 2: Application and Investigation of External Guarantees - Before deciding on a guarantee, the company must assess the credit status of the applicant and analyze the risks involved [2] - The applicant must submit a guarantee application detailing the debt situation, business or project, risk assessment, and other relevant documents [3] Chapter 3: Review and Establishment of Guarantee Contracts - Guarantees must be formalized through contracts that comply with legal standards, and the contracts must clearly define the obligations and risks involved [10][11] - The company must ensure that the applicant's materials are authentic and that the applicant has a good credit history [10][12] Chapter 4: Guarantee Risk Management - After a guarantee contract is signed, the company must monitor the applicant's financial health and operational status to mitigate risks [27][28] - If the applicant faces significant financial difficulties, the company must consider terminating the guarantee agreement [29] Chapter 5: Legal Responsibilities - Company executives who violate the guarantee management system or exceed their authority may face penalties or be held liable for damages [37][38][39] Chapter 6: Supplementary Provisions - The system will be effective upon approval by the shareholders' meeting and will replace any previous regulations [43]

《证券公司治理准则》 《上市公司独立董事管理办法》 《上海证券交易所股票上市规则》 （以下简称《上交所上市规则》 首创证券股份有限公司 关联（连）交易管理制度 （草案） （H 股发行上市后适用） 二零二五年八月 （于 2025 年 8 月 28 日经公司 2025 年第一次临时股东会审议通过） 目 录 第四章 关联（连）交易的认定、发起、决策及披露程序 ...... 9 第五章 日常关联（连）交易披露和决策程序的特别规定 ..... 17 首创证券股份有限公司关联（连）交易管理制度 首创证券股份有限公司 关联（连）交易管理制度 第一章 总则 第一条 为加强首创证券股份有限公司（以下简称公司）的 关联（连）交易管理，规范公司关联（连）交易行为，实现公司 与公司关联（连）方关联（连）交易事项规范运作，维护公司及 股东的合法权益，根据《中华人民共和国公司法》《中华人民共 和国证券法》 ）、 《上海证券交易所上市公司自律监管指引第 5 号——交易与关 联交易》 《香港联合交易所有限公司证券上市规则》 （以下简称《香 港上市规则》）等有关法律、行政法规、部门规章和规范性文件 以及《首创证券股份有限公司章程》 （以下简称 ...

首创证券股份有限公司 股东会议事规则 （草案） （H 股发行上市后适用） 二零二五年八月 （于 2025 年 8 月 28 日经公司 2025 年第一次临时股东会审议通过） 目 录 首创证券股份有限公司股东会议事规则 首创证券股份有限公司 股东会议事规则 第一章 总则 第一条 为规范首创证券股份有限公司（以下简称公司） 行为，保证股东会依法行使职权，根据《中华人民共和国公 司法》 （以下简称《公司法》） 、《中华人民共和国证券法》 （以 下简称《证券法》 ）并参照《上市公司章程指引》 《上市公司 治理准则》 《上市公司股东会规则》 《香港联合交易所有限公 司证券上市规则》 （以下简称《香港上市规则》）以及其他法 律、行政法规和《首创证券股份有限公司章程》 （以下简称公 司章程）的规定，并结合公司实际，制定本规则。 第二条 公司股东会的召集、提案、通知、召开等事项 适用本规则。 公司应当严格按照法律、行政法规、公司章程的相关规 定召开股东会，保证股东能够依法行使权利。 公司董事会应当切实履行职责，认真、按时组织股东会。 公司全体董事应当勤勉尽责，确保股东会正常召开和依法行 使职权。 第三条 股东会应当在《公司法 ...