Core Viewpoint - The gold market is expected to continue its upward trend in 2023, driven by four main factors: the independence of the Federal Reserve, expectations of interest rate cuts, uncertainty surrounding tariffs, and the ongoing trend of "de-dollarization" [1][6]. Group 1: Factors Driving Gold Prices - **Federal Reserve Independence**: Concerns about the independence of the Federal Reserve have intensified, particularly with Trump's influence over the board. A loss of independence could lead to increased inflation risks, debt issues, and a weakened dollar, driving investors towards safe-haven assets like gold [2]. - **Interest Rate Cut Expectations**: The market anticipates a 91.7% probability of a 25 basis point rate cut in September, up from 75% prior to the JH meeting. Historically, gold has risen during most rate cut cycles, making this a significant factor for its price increase [3]. - **Geopolitical and Economic Uncertainty**: Recent court rulings regarding tariffs and ongoing geopolitical tensions, such as the Russia-Ukraine conflict, have heightened market uncertainty, further increasing demand for gold as a safe-haven asset [4]. - **De-dollarization Trend**: Global central banks are increasingly purchasing gold, with it becoming the second-largest reserve asset after the dollar. This trend is expected to support gold demand amid rising concerns over U.S. fiscal policies and the dollar's stability [5]. Group 2: Market Outlook - **Continued Upward Pressure**: The macroeconomic environment is expected to maintain strong demand for gold from both private sectors and ETFs, which will likely attract more capital inflows and support higher gold prices [6][7].

Core Points - Tianfeng Securities has announced the cancellation of 67,786,990 repurchased shares, reducing its total share capital from 10,141,772,224 shares to 10,073,985,234 shares [2][3] - The company has set a 30-day period for creditors to claim their debts following the share cancellation announcement [3] - An investor briefing session is scheduled for October 17, 2025, to discuss the company's half-year performance and financial indicators [6][8] Group 1: Share Cancellation Announcement - Tianfeng Securities' board approved the cancellation of repurchased shares during meetings held on August 15 and September 3, 2025 [2] - The cancellation will affect the company's total share capital and registered capital, requiring creditors to act within specified timeframes to claim their debts [3] Group 2: Investor Briefing Session - The investor briefing will take place online on October 17, 2025, from 14:00 to 15:00, via the Shanghai Stock Exchange's interactive platform [6][8] - Investors can submit questions from October 10 to October 16, 2025, for discussion during the briefing [9]

Core Insights - The company held a roadshow on September 3, 2025, with participation from seven institutions, including Tianfeng Securities and Morgan Stanley [1] Group 1: Company Overview - The company has a diversified customer base covering key sectors such as aviation, aerospace, and shipbuilding, which reduces reliance on single customers and aligns with industry consolidation trends [1] - The company is optimizing its capacity layout in key regions and extending its composite materials business, enhancing delivery capabilities for unmanned aerial vehicles (UAVs) and improving profit margins [1] Group 2: Strategic Initiatives - The company is actively integrating into the domestic large aircraft industry chain, optimizing capacity and enhancing service capabilities in civil aviation manufacturing [1] - Collaborations with universities like Harbin Engineering University and Harbin Institute of Technology are accelerating the transformation of cutting-edge technologies into practical applications [1] Group 3: Business Development - The company is focusing on the research and development of large fixed-wing UAVs, with expectations for growth as market demand increases and low-altitude economic policies are implemented [1] - The company aims to develop a comprehensive "sea-land-air-space" equipment system, enhancing UAV design and manufacturing capabilities while exploring innovations in unmanned marine vehicles [1]

（文章来源：证券日报） 证券日报网讯 9月3日晚间，天风证券发布公告称，公司2025年第四次临时股东会于2025年09月03日召 开，审议通过了《关于变更回购股份用途并注销的议案》等多项议案。 ...

证券日报网讯 9月3日晚间，天风证券（601162）发布公告称，公司计划于2025年10月17日（星期五） 14：00-15：00举行2025年半年度业绩说明会。 ...

Group 1 - The analyst meeting held by Luzhou Laojiao on September 1, 2025, involved 169 institutions including Tianfeng Securities and Huachuang Securities, focusing on the development prospects of the liquor industry and the pricing strategy of Guojiao 1573 [1][2] - The Chinese liquor industry is currently undergoing a new adjustment cycle characterized by a "reduction in volume and an increase in quality," shifting from "capacity expansion" to a focus on "quality, brand, culture, and value" [3] - Luzhou Laojiao's marketing strategy includes deepening market penetration, promoting product innovation to align with trends like lower alcohol content, optimizing product structure, and transforming channels through a digital marketing system [3] Group 2 - Guojiao 1573 maintains its positioning as a "strong aroma national liquor," focusing on price stability to reinforce its status in the high-end liquor market [3] - The company aims for a "steady progress" operational goal for 2025, influenced by the consumption environment, and will adapt strategies to pursue long-term industry value and sustainable development [3] - Despite challenges in the liquor industry, the upcoming Mid-Autumn and National Day festivals are expected to maintain the fundamental demand for liquor, with the company leveraging digital tools to boost sales [3] Group 3 - The trend towards lower alcohol content products is acknowledged, with the company welcoming competition and planning to introduce high and low alcohol products as needed to cultivate potential markets [3] - Performance in the first half of the year showed steady development in key markets such as Sichuan, North China, and East China, with East China performing particularly well [3] - The company will adhere to its "2358 + 100" regional strategy to deepen its base market [3]

天风证券股份有限公司董事会 ? 上网公告文件 北京市君泽君（上海）律师事务所关于天风证券股份有限公司2025年第四次 临时股东会的律师见证意见 ? 报备文件 天风证券股份有限公司 2025 年第四次临时股东会决议 特此公告。 证券代码：601162 证券简称：天风证券 公告编号：2025-052 号 天风证券股份有限公司 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。 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 09 月 03 日 (二)股东会召开的地点：湖北省武汉市武昌区中北路 217 号天风大厦 3 楼会议室 (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： 份总数的比例（%） 37.1894 (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。 本次股东会由公司董事会召集，会议由董事长庞介民先生主持，会议的召集、 召开及表决方式符合《公司法》及《公司章程》的规定。 (五)公司董事和董事会秘书的出席情况 先生、董事 ...

证券代码：601162 证券简称：天风证券 公告编号：2025-053号 天风证券股份有限公司 上述事项的具体内容，详见公司分别于2025年8月19日、2025年9月4日在指 定信息披露媒体和上海证券交易所网站（http://www.sse.com.cn）披露的《天 风证券股份有限公司关于注销公司已回购股份的提示性公告》（公告编号： 告编号：2025-052）。 二、通知债权人的相关信息 由于公司本次回购注销股份涉及公司总股本及注册资本的减少，根据《中华 人民共和国公司法》等相关法律、法规和《公司章程》的规定，公司债权人自接 到公司通知起30日内、未接到通知者自本公告披露之日起45日内，凭有效债权文 件及相关凭证有权要求本公司清偿债务或者提供相应的担保。债权人如未在规定 期限内行使上述权利的，不会因此影响其债权的有效性，相关债务将由公司根据 原债权文件的约定继续履行，且本次注销将按法定程序继续实施。 债权申报所需材料包括：公司债权人可持证明债权债务关系存在的合同、协 议及其他凭证的原件及复印件到公司申报债权。债权人为法人的，需同时携带法 人营业执照副本原件及复印件、法定代表人身份证明文件；委托他人申报的，除 ...

Core Viewpoint - Tianfeng Securities plans to hold a semi-annual performance briefing on October 17, 2025, to discuss its 2025 semi-annual operating results and financial status with investors [1][2]. Group 1: Meeting Details - The meeting is scheduled for October 17, 2025, from 14:00 to 15:00 [2][3]. - The location for the meeting is the Shanghai Stock Exchange Roadshow Center, and it will be conducted in an online interactive format [2][3]. - Investors can submit questions from October 10 to October 16, 2025, through the Roadshow Center website or via the company's email [2][3]. Group 2: Participants - Key participants in the meeting will include Chairman Pang Jiemin, President Wang Linjing, Independent Director Yuan Jianguo, CFO Wang Yang, and Secretary of the Board Zhu Peining [2]. Group 3: Investor Participation - Investors can participate online by logging into the Shanghai Stock Exchange Roadshow Center during the meeting time [3]. - The company will address commonly asked questions from investors during the briefing [3]. Group 4: Contact Information - For inquiries, investors can contact the company's Board Office at phone number 027-87618867 or via email at dongban@tfzq.com [3]. Group 5: Additional Information - After the meeting, investors can view the meeting's proceedings and key content on the Shanghai Stock Exchange Roadshow Center [3].

天风证券股份有限公司 关于注销公司已回购股份通知债权人的公告 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。 一、通知债权人的原由 天风证券股份有限公司（以下简称"公司"）分别于2025年8月15日、2025 年9月3日召开第四届董事会第五十三次会议、2025年第四次临时股东会，审议通 过了《关于变更回购股份用途并注销的议案》，同意公司注销回购专用账户的 67,786,990股股份，本次注销完成后，公司总股本预计将由10,141,772,224股变 更为10,073,985,234股。 上述事项的具体内容，详见公司分别于2025年8月19日、2025年9月4日在指 定信息披露媒体和上海证券交易所网站（http://www.sse.com.cn）披露的《天 风证券股份有限公司关于注销公司已回购股份的提示性公告》（公告编号： 2025-046）、《天风证券股份有限公司2025年第四次临时股东会决议公告》（公 告编号：2025-052）。 证券代码：601162 证券简称：天风证券 公告编号：2025-053号 上述文件外，还需携带 ...