Core Insights - The securities industry is experiencing accelerated personnel turnover and structural changes as of the first half of 2025, with a total of 323,900 practitioners, a decrease of 6,870 or 2.12% from the beginning of the year [1] Personnel Changes - The number of general securities business personnel decreased by 5,521, a decline of 2.74% - Securities sponsors saw a reduction of 330, marking a 3.90% drop - Securities brokers experienced a decrease of 2,264, which is an 8.75% decline - Conversely, investment advisors increased by 1,264, reflecting a growth of 1.55% - The number of securities analysts rose by 50, indicating a 0.89% increase [1] Firm-Specific Changes - Among 42 listed securities firms, 35 reported a reduction in employee numbers, representing 83.33% of the firms - Major firms like Guotai Junan, CITIC Securities, CITIC Jianan, and GF Securities saw significant reductions of 421, 401, 337, and 305 employees respectively - Smaller firms, while having lower absolute reductions, exhibited substantial percentage declines, with Tianfeng Securities experiencing a reduction of over 5%, specifically 6.36% [1] Detailed Personnel Data - The following firms reported notable changes in employee numbers from January 1, 2025, to June 30, 2025: - Guotai Haitong: Increased by 7,308 (39.18%) - CITIC Securities: Decreased by 401 (-2.90%) - CITIC Jianan: Decreased by 337 (-3.06%) - China Galaxy: Decreased by 244 (-2.22%) - GF Securities: Decreased by 305 (-2.91%) - Guoxin Securities: Decreased by 421 (-4.43%) [2] Investment Advisor Changes - Specific reductions in investment advisors included: - Industrial Securities: Decreased by 40 - CITIC Securities: Decreased by 32 - Guoxin Securities: Decreased by 19 - Caitong Securities: Decreased by 12 [3] Securities Sponsor Changes - The total number of securities sponsors decreased by over 300, marking the first decline in three years - Notable reductions included: - Oriental Securities: Decreased by 35 (16.83%) - Dongxing Securities: Decreased by 33 (14.77%) [4] Analyst Changes - A total of 16 listed securities firms had more than 100 analysts as of mid-2025 - The leading firm, Zhongjin Company, had 340 analysts, followed by Guotai Junan (287) and CITIC Securities (268) - However, firms like CITIC Jianan, GF Securities, and others experienced varying degrees of analyst reductions [5]

Core Insights - Nearly 90% of brokerage gold stock portfolios achieved positive returns in the first half of the year, with Northeast Securities leading at a 45.45% return [2][6] - The July gold stock list shows a strong representation from the electronics, pharmaceutical, and machinery sectors, with significant contributions from power equipment and non-bank financials [3][9] - Brokerages are optimistic about the market's potential to break through previous highs, particularly focusing on sectors like technology and brokerage firms for investment [4][12] Performance Summary - In June, the top-performing gold stock was Giant Network (002558.SZ) with a 63.09% monthly increase, driven by strong data from its new game [5] - Other notable performers included Shenghong Technology (300476.SZ) with a 55.39% increase and Inner Mongolia First Machinery (600967.SH) with a 54.80% increase [6] - The Shanghai Composite Index rose 2.76% in the first half of the year, while the North Star 50 Index surged nearly 40% [6] Brokerage Rankings - Northeast Securities topped the gold stock portfolio rankings with a 45.45% return, followed by Dongxing Securities at 37% and Huaxi Securities at 29.25% [6] - Five brokerages reported negative returns for their gold stock portfolios, including Changcheng Securities and Zhongyin Securities [7] Sector Focus - The latest gold stock recommendations highlight a concentration in electronics, pharmaceuticals, and machinery, with multiple brokerages recommending stocks like Pop Mart (09992.HK) and Zhongxin Securities (600030.SH) [9][10] - Other stocks receiving multiple recommendations include Muyuan Foods (002714.SZ), noted for its low costs and profitability in the slaughtering business [11] Market Outlook - Analysts suggest that the market may continue to show resilience in July, with potential breakthroughs depending on structural policy and market conditions [14][15] - The consensus among brokerages is that the Shanghai Composite Index has a significant chance of surpassing last year's highs, with a focus on technology and brokerage sectors for investment opportunities [12][15]

证券代码：601198 证券简称：东兴证券 公告编号：2025-026 东兴证券股份有限公司 董事会 2025 年 7 月 1 日 1 中华人民共和国财政部（以下简称财政部）将其所持有的中国东方资产管理 股份有限公司（以下简称中国东方）的股权全部划转至中央汇金投资有限责任公 司（以下简称汇金公司），国家金融监督管理总局已正式批准中国东方本次股权 变更，东兴证券股份有限公司（以下简称公司）已取得中国证监会批复，核准汇 金公司成为公司实际控制人。具体内容详见公司于2025年5月8日披露的《东兴证 券股份有限公司关于控股股东股权结构变更的进展公告》（2025-018），于6月7 日披露的《东兴证券股份有限公司关于实际控制人变更获得中国证监会核准的公 告》（2025-022）。 近日，公司收到控股股东中国东方《关于公司完成股权变更事宜的通知》， 中国东方已完成股东名册变更相关手续。 特此公告。 东兴证券股份有限公司 关于控股股东股权结构变更完成的公告 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。 ...

Summary of Key Points Core Viewpoint - The company intends to use raised funds to replace pre-invested self-raised funds for investment projects and expenses related to the issuance of shares, following necessary legal procedures and approvals [7][8]. Group 1: Fundraising Overview - The company has been approved to issue 45,312,900 shares at a price of RMB 11.50 per share, raising a total of RMB 521.0984 million, with a net amount of RMB 460.6722 million after deducting issuance costs [1][2]. - The total issuance costs amounted to RMB 60.4262 million (excluding VAT), with the net funds available for investment being lower than initially disclosed in the prospectus [2][3]. Group 2: Investment Project Adjustments - The total investment for the projects was adjusted from RMB 748.3020 million to RMB 612.3020 million, with the actual amount to be invested from the raised funds being RMB 460.6722 million [3][4]. - The company has made adjustments to the investment amounts for specific projects to ensure efficient use of the raised funds [2][3]. Group 3: Pre-Investment and Issuance Costs - The company has pre-invested a total of RMB 17.57628 million in the investment projects and has incurred issuance costs of RMB 12.9532 million, which will be replaced by the raised funds [5][6]. - The issuance costs include RMB 31.9541 million for underwriting and advisory fees, which have already been deducted from the total raised funds [6]. Group 4: Approval and Compliance - The board of directors and the supervisory board have approved the use of raised funds for replacing pre-invested amounts, and the process complies with relevant regulations [7][8]. - The accounting firm has issued a report confirming that the company's actions align with regulatory requirements and accurately reflect the situation regarding the use of funds [7].

Core Viewpoint - Baolande (688058.SH) reported significant declines in revenue and net profit for the first quarter of 2025, indicating ongoing financial challenges for the company [1] Financial Performance Summary - For Q1 2025, Baolande achieved operating revenue of 38.67 million yuan, a year-on-year decrease of 43.30% [1] - The net profit attributable to shareholders was -30.37 million yuan, compared to -3.38 million yuan in the same period last year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -31.73 million yuan, down from -3.74 million yuan year-on-year [1] - The net cash flow from operating activities was -1.83 million yuan, an improvement from -3.16 million yuan in the previous year [1] Previous Year Performance - In 2024, Baolande reported operating revenue of 283 million yuan, a decline of 7.18% year-on-year [1] - The net profit attributable to shareholders was -58.72 million yuan, a significant drop from a profit of 14.52 million yuan in the previous year [1] - The net profit after deducting non-recurring gains and losses was -54.79 million yuan, compared to a profit of 4.92 million yuan the previous year [1] - The net cash flow from operating activities was -96.22 million yuan, worsening from -35.28 million yuan in the previous year [1] IPO and Fundraising Details - Baolande's initial public offering raised a total of 793 million yuan, with a net amount of 710 million yuan after expenses [2] - The actual net fundraising exceeded the original plan by 425.75 million yuan [2] - The planned use of funds included software development, technology research center projects, and marketing service platform construction [2] Dividend Distribution - In 2022, Baolande distributed a cash dividend of 0.6 yuan per share and increased its capital stock by 0.4 shares for every share held, resulting in a total capital increase of 16 million shares [2] - The total cash dividend distributed was 24 million yuan, with the total share capital increasing to 56 million shares post-distribution [2] - In 2024, Baolande announced a cash dividend of 2.6 yuan for every 10 shares and a capital increase of 4 shares for every 10 shares held [3]

国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 关于东兴证券股份有限公司 致：东兴证券股份有限公司 东兴证券股份有限公司（以下简称"公司"）2024 年年度股东大会（以下简称 "本次股东大会"）于 2025 年 6 月 24 日在北京市西城区金融大街 9 号金融街中心 托，指派本所律师出席会议见证，并依据《中华人民共和国证券法》《中华人民共 和国公司法》、中国证券监督管理委员会《上市公司股东会规则》和《东兴证券股 份有限公司章程》（以下简称"《公司章程》"）出具本法律意见书。 本所律师同意将本法律意见书作为公司本次股东大会的必备文件予以公告， 并依法对本所出具的法律意见承担责任。 一、本次股东大会的召集、召开程序 经本所律师核查，公司董事会已于会议召开二十日以前即 2025 年 6 月 4 日于 中国证监会指定的信息披露媒体上刊登了《东兴证券股份有限公司关于召开 2024 年年度股东大会的通知》，并同日刊登了《东兴证券股份有限公司 2024 年年度股 东大会会议文件》，以公告方式通知各股东。公司发布的该等公告载明了会议的时 间、地点、召集人及会议采取现场投票和网络投票相结合的方式，说明了股东有权 ...

东兴证券股份有限公司 关于深圳奥尼电子股份有限公司 首次公开发行前已发行股份上市流通的核查意见 东兴证券股份有限公司（以下简称"东兴证券"或"保荐机构"）作为深圳奥尼 电子股份有限公司（以下简称"奥尼电子"或"公司"）首次公开发行股票并在创业 板上市的保荐机构，根据《证券发行上市保荐业务管理办法》、 《深圳证券交易所 《深圳证券交易所上市公司自律监管指引第 2 号——创业 创业板股票上市规则》、 板上市公司规范运作》和《深圳证券交易所上市公司自律监管指引第 13 号—— 保荐业务》等法律法规和规范性文件的要求，对奥尼电子首次公开发行前已发行 股份上市流通事项进行了审慎核查，具体核查情况如下： 一、首次公开发行前已发行股份及限售股份情况 经中国证券监督管理委员会《关于同意深圳奥尼电子股份有限公司首次公 开发行股票注册的批复》（证监许可【2021】3582 号）同意注册，公司获准向 社会公开发行人民币普通股（A 股）股票 3,000 万股，并于 2021 年 12 月 28 日 在深圳证券交易所创业板上市交易。首次公开发行前，公司总股本为 股，占公司发行后总股本 26.1105%。 公司股票于 2021 年 12 ...

国浩律师（上海）事务所 关于东兴证券股份有限公司 2024 年年度股东大会的法律意见书 致：东兴证券股份有限公司 东兴证券股份有限公司（以下简称"公司"）2024 年年度股东大会（以下简称 "本次股东大会"）于 2025 年 6 月 24 日在北京市西城区金融大街 9 号金融街中心 18 层第一会议室召开。国浩律师（上海）事务所（以下简称"本所"）接受公司的委 托，指派本所律师出席会议见证，并依据《中华人民共和国证券法》《中华人民共 和国公司法》、中国证券监督管理委员会《上市公司股东会规则》和《东兴证券股 份有限公司章程》（以下简称"《公司章程》"）出具本法律意见书。 本所律师根据对事实的了解和对法律的理解，已按有关法律、法规的规定对公 司本次股东大会的召集、召开程序是否合法及是否符合《公司章程》、出席会议人 员资格和召集人资格的合法有效性，以及本次股东大会表决程序、表决结果和决议 的合法有效性发表法律意见。 本所律师依据有关法律、法规的规定出具本法律意见书，已对与出具本法律意 见书有关的法律事实进行审查判断。本法律意见书不存在虚假、严重误导性陈述及 重大遗漏。 国浩律师（上海）事务所 法律意见书 本所律师同 ...

证券代码：601198 证券简称：东兴证券 公告编号：2024-024 东兴证券股份有限公司 2024年年度股东大会决议公告 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。 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）股东大会召开的时间：2025 年 6 月 24 日 （二）股东大会召开的地点：北京市西城区金融大街 9 号金融街中心 18 层 第一会议室 （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： | 1、出席会议的股东和代理人人数 | 1,199 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,711,944,910 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份总数的比例（%） | 52.9612 | （四）表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况 等。 本次会议由公司董事会召集，采用现场投票与网络投票的方式召开。公司董 事长李娟女士主持会议，符合《公司法》等法律、法规及《公司章程》的有 ...

表决结果：15 名董事同意，0 名董事反对，0 名董事弃权。 二、审议通过《关于新设上杭营业部的议案》 表决结果：15 名董事同意，0 名董事反对，0 名董事弃权。 证券代码：601198 证券简称：东兴证券 公告编号：2025-025 东兴证券股份有限公司 第六届董事会第七次会议决议公告 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。 东兴证券股份有限公司（以下简称东兴证券或公司）第六届董事会第七次会 议于2025年6月13日通过电子邮件方式发出会议通知，2025年6月24日在北京市西 城区金融大街9号金融街中心18层第一会议室以现场及通讯方式召开。本次会议 应参与表决董事15名，实际参与表决董事共15人（其中：以通讯表决方式出席会 议的共10人）。会议由董事长李娟女士主持，监事和部分高级管理人员列席会议。 本次会议以记名投票方式进行表决，会议的召开及表决程序符合《公司法》及《东 兴证券股份有限公司章程》的规定。本次会议表决通过了以下议案： 一、审议通过《关于南宁金湖北路营业部更名为南宁分公司的议案》 特此公告。 东兴证券股 ...