北京德恒（昆明）律师事务所 关于红塔证券股份有限公司 差异化分红事项的 法律意见 北京德恒(昆明) 律师事务所 Beijing DeHeng Law Offices (KunMing) 云南省昆明市西山区西园路 126 号"融城优郡"B5 幢 3、4 层 电话（传真）: 0871-63172192 邮编: 650032 北京德恒(昆明)律师事务所 关于红塔证券股份有限公司差异化分红事项的法律意见 北京德恒（昆明）律师事务所 关于红塔证券股份有限公司 差异化分红事项的 法律意见 德恒 21G20250067 号 致:红塔证券股份有限公司 本所接受红塔证券股份有限公司(以下简称"公司"或"红塔证券")的委 托,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》）、《上海证券交易所股票上市规则》《上海 证券交易所上市公司自律监管指引第 7号-回购股份》(以下简称《回购指引》) 等法律、法规、规范性文件以及《红塔证券股份有限公司章程》(以下简称《公 司章程》)的规定,按照律师行业公认的业务标准、道德规范和勤勉尽责精神, 出具本法律意见。 对本法律意见,本所律师作出如下声 ...

红塔证券股份有限公司 2025年半年度权益分派实施公告 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： 证券代码：601236 证券简称：红塔证券 公告编号：2025-053 每股分配比例 A 股每股现金红利0.05元(含税) 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/10/15 | － | 2025/10/16 | 2025/10/16 | 差异化分红送转： 是 本次利润分配方案经公司2025 年 9 月 15 日的2025年第四次临时股东大会审 议通过。 二、 分配方案 1. 发放年度：2025年半年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 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"）、《 ...

Market Overview - The Shanghai Composite Index rose by 1.32% on October 9, with 23 out of the 28 sectors experiencing gains. The top-performing sectors were non-ferrous metals and steel, with increases of 7.60% and 3.38% respectively [1] - The non-bank financial sector saw a slight increase of 0.10%, despite a net outflow of 6.725 billion yuan in main capital throughout the day [1] Non-Bank Financial Sector Analysis - Within the non-bank financial sector, there were 82 stocks, with 53 rising and 27 falling, including one stock hitting the daily limit down [1] - Notably, 34 stocks in this sector experienced net inflows, with five stocks receiving over 100 million yuan in net inflows. Huatai Securities led with a net inflow of 420 million yuan, followed by Hongta Securities and Zhongyou Capital with net inflows of 187 million yuan and 138 million yuan respectively [1] - Conversely, 14 stocks faced net outflows exceeding 100 million yuan, with Citic Securities, Guotai Junan, and Dongfang Caifu leading in net outflows of 2.197 billion yuan, 1.208 billion yuan, and 999 million yuan respectively [1] Individual Stock Performance - The following stocks in the non-bank financial sector had significant movements: - Citic Securities: -0.84% with a net outflow of approximately 2.197 billion yuan [1] - Huatai Securities: +2.89% with a net inflow of approximately 4.196 billion yuan [2] - Hongta Securities: +5.66% with a net inflow of approximately 1.871 billion yuan [2] - Other notable performers included: - First Venture: +2.43% with a net inflow of approximately 1.021 billion yuan [2] - Longjiang Securities: +1.81% with a net inflow of approximately 1.056 billion yuan [2] ETF and Fund Performance - The Digital Economy ETF, tracking the CSI Digital Economy Theme Index, reported a 5-day increase of 4.66% and a price-to-earnings ratio of 81.54 times, with a net inflow of 2.661 million yuan [5]

Market Overview - On October 9, the securities sector rose by 0.34% compared to the previous trading day, with Hongta Securities leading the gains [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Individual Stock Performance - Hongta Securities (601236) closed at 9.33, up 5.66% with a trading volume of 1.1977 million shares and a transaction value of 1.123 billion [1] - GF Securities (000776) closed at 23.19, up 4.08% with a trading volume of 1.7142 million shares and a transaction value of 3.902 billion [1] - Huatai Securities (601688) closed at 22.40, up 2.89% with a trading volume of 2.1249 million shares and a transaction value of 4.677 billion [1] - Other notable performers include Zhongtai Securities (600918) and First Capital Securities (002797), which saw increases of 2.88% and 2.43% respectively [1] Fund Flow Analysis - The securities sector experienced a net outflow of 5.404 billion from institutional funds, while retail funds saw a net inflow of 3.216 billion [2] - The net inflow from speculative funds was 2.188 billion [2] Detailed Fund Flow for Selected Stocks - Huatai Securities (601688) had a net inflow of 420 million from institutional funds, while it faced a net outflow of 1.12 billion from speculative funds [3] - Hongta Securities (601236) saw a net inflow of 168 million from institutional funds, with net outflows from both speculative and retail funds [3] - Changjiang Securities (000783) had a net inflow of 112 million from institutional funds, but also faced outflows from speculative and retail funds [3]

Market Overview - The Shanghai Composite Index has surpassed 3900 points for the first time in over 10 years, closing up 1.24% [2][7] - The Shenzhen Component Index rose by 1.75%, and the ChiNext Index increased by 1.77% [2] - The total trading volume in the Shanghai and Shenzhen markets reached 1.72 trillion yuan, an increase of 354.7 billion yuan compared to the previous trading day [2] Sector Performance - Nuclear power, semiconductors, and precious metals sectors saw significant gains, while cyclical sectors like tourism, shipping, and liquor stocks experienced declines [2] - The Science and Technology Innovation 50 Index surged over 5%, with multiple chip stocks hitting new highs [5][9] Notable Stocks - ZTE Corporation hit the daily limit with a trading volume exceeding 10 billion yuan, while its Hong Kong counterpart rose over 10% [3] - Red Tower Securities reached the daily limit, and several other securities firms saw notable increases [5] - The storage chip sector experienced a broad rally, with companies like Huahong Semiconductor nearing a 20% limit up [9] Gold and Precious Metals - Gold stocks opened strongly, with several companies like Chifeng Jilong Gold and Sichuan Gold hitting the daily limit [15] - The price of spot gold has surpassed $4000 per ounce for the first time, marking a year-to-date increase of over 52% [15] International Markets - Hong Kong's aviation stocks saw significant gains, with China Eastern Airlines up 10.6% and China Southern Airlines rising approximately 8% [2] - The Hang Seng Technology Index initially fell over 1% but later turned positive, reflecting volatility in the tech sector [2]

Core Viewpoint - The A-share market experienced a strong opening on the first trading day after the holiday, with all three major indices rising, and the Shanghai Composite Index breaking through the 3900-point mark, reaching a 10-year high [1] Group 1: Market Performance - The brokerage sector opened lower but quickly rebounded, with the top brokerage ETF (512000) seeing a 0.5% increase in price and a trading volume exceeding 1.1 billion yuan within half a day [1] - The brokerage sector is expected to show significant year-on-year growth in Q3 earnings, driven by increased market trading activity and margin financing scale [2][3] - The top brokerage ETF (512000) has attracted a net inflow of 5.383 billion yuan over the last 20 trading days, with its total scale exceeding 35 billion yuan and an average daily trading volume of over 1 billion yuan this year [3] Group 2: Individual Stock Performance - Red Tower Securities led the gains with a 7.13% increase, followed by First Entrepreneurship with over a 3% rise, and several other brokerages like Zhongtai Securities and Huachuang Yuxin also showing positive performance [4] - The brokerage ETF (512000) includes 49 listed brokerage stocks, with nearly 60% of its holdings concentrated in the top ten leading brokerages, while the remaining 40% focuses on smaller brokerages with high earnings elasticity [5]

Core Viewpoint - Nanjing Securities has received approval from the Shanghai Stock Exchange for its plan to issue shares to specific investors, pending final approval from the China Securities Regulatory Commission (CSRC) [1] Fundraising Details - The total amount to be raised from the issuance of A-shares is not to exceed 5 billion yuan, which will be used to enhance the company's capital [2][3] - The funds will be allocated to various areas including investment banking, wealth management, purchasing government and corporate bonds, asset management, alternative investments, information technology, compliance, and debt repayment [2][3] Allocation of Funds - Investment banking services: up to 500 million yuan [3] - Wealth management services: up to 500 million yuan [3] - Purchase of government and corporate bonds: up to 500 million yuan [3] - Asset management capabilities: up to 500 million yuan [3] - Investment in alternative subsidiaries and private equity: up to 1 billion yuan [3] - Information technology and compliance: up to 700 million yuan [3] - Debt repayment and operational funding: up to 1.3 billion yuan [3] Share Issuance Details - The issuance will not exceed 30% of the total share capital prior to the issuance, amounting to a maximum of 1,105,908,310 shares [4] - The pricing will be based on the higher of 80% of the average trading price over the last 20 trading days or the latest audited net asset value per share [4] - The controlling shareholder, Zijin Group, plans to subscribe for 500 million yuan worth of shares [4][5] Lock-up Period - Shares subscribed by Zijin Group will be locked for 60 months, while those held by other significant shareholders will have a lock-up period of 36 months or 6 months depending on their ownership percentage [5] Underwriting and Sponsorship - The lead underwriter for this issuance is Hongta Securities, with joint underwriters including Dongwu Securities [5]

Investment Rating - The industry investment rating is "Overweight," indicating that the growth level of the industry is expected to exceed that of the CSI 300 index over the next six months [3][38]. Core Views - The A-share margin trading balance has reached a new high of 2.44 trillion yuan, reflecting a robust demand in the margin trading market. The financing balance accounts for 2.54% of the circulating market value, and the financing buy-in amount represents 11.80% of the A-share trading volume [2]. - The current PB valuation of the brokerage sector is 1.42 times, which is near the 40th percentile of 2020, indicating a historical low [1]. - Regulatory encouragement for industry consolidation is evident, with mergers and acquisitions seen as effective means for brokerages to achieve external growth and enhance competitiveness [3][6]. Summary by Sections Brokerage Weekly Data Tracking - The average daily trading volume for A-shares was 23,132 billion yuan, down 8.13% week-on-week, with a daily turnover rate of 3.78%, a decrease of 0.48 percentage points [11]. - As of September 26, 2025, the total equity financing scale reached 876.615 billion yuan, with IPOs contributing 75 billion yuan and additional financing at 757.9 billion yuan [13]. Insurance Weekly Data Tracking - The total insurance premium income for July 2025 was 42,085.29 billion yuan, reflecting a year-on-year increase of 6.75%. The life insurance sector accounted for 33,202.78 billion yuan, up 7.53% year-on-year [27]. - The insurance sector is seeing a surge in new product launches, with 993 life insurance products and 652 annuity products introduced this year, indicating a shift towards more competitive offerings [7]. Industry Dynamics - Recent announcements from regulatory bodies support the development of bond repurchase business for foreign investors, enhancing the attractiveness of RMB-denominated bonds [31]. - Measures to foster the growth of digital economy innovation enterprises have been introduced, aiming to accelerate the listing and financing of high-quality companies in this sector [32].

Core Insights - The State Council's "Opinions on Deepening the Implementation of 'Artificial Intelligence+' Action" emphasizes the application of AI technology across various sectors, aiming to foster new infrastructure, technology systems, industrial ecosystems, and job opportunities, thereby accelerating the development of new productive forces and ensuring that all citizens benefit from AI advancements [1][6] Technology Development - The "Opinions" address three major challenges in domestic AI technology development: insufficient model originality, data resource issues, and rapidly growing computing power demands. It proposes measures such as supporting multi-path technology exploration, promoting open-source community development, and enhancing data processing and service industries [2][3] Application and Innovation - The document highlights the transition of AI technology from research-focused to widespread application, detailing plans for its use in industries like manufacturing, agriculture, and services. This shift is expected to enhance social productivity and improve living standards while enabling companies to realize value creation through technology [3][4] Consumer Market Expansion - AI technology is projected to significantly expand in consumer sectors such as entertainment, e-commerce, and smart home devices. The demand for AI-driven products, including smart vehicles and home automation, is expected to rise, with the sales of new energy vehicles projected to reach 12.87 million units in 2024, marking a 35.5% increase year-on-year [4] Employment Impact - The "Opinions" propose strategies to manage the relationship between AI and employment, emphasizing the creation of new jobs and the empowerment of traditional roles. It suggests exploring human-machine collaboration and fostering new business models to stimulate innovation and re-employment opportunities [5][6] Future Policy Directions - The release of the "Opinions" marks a significant shift towards integrating AI technology with economic and social sectors, indicating that future policies will focus on legal frameworks, corporate investment, and market openness to promote high-quality industry development [6]

Core Viewpoint - The planned share transfer of Hongta Securities by Yunnan Investment Holding Group has been terminated, reflecting a strategic reassessment in the context of the changing landscape of the brokerage industry [1][5][12] Group 1: Share Transfer Termination - Yunnan Investment Holding Group and Yunnan Yuntou Capital Operating Co., Ltd. have mutually agreed to terminate the share transfer agreement for Hongta Securities, which involved 817 million shares, accounting for 17.33% of the total share capital [1][4] - The share transfer process had been ongoing for two years, with the shares previously valued at 6.342 billion yuan by a third-party evaluation [3][4] - The termination indicates a lack of similar transfer plans from Yunnan Investment Holding Group moving forward [5] Group 2: Industry Context - The brokerage industry is experiencing a shift from quantitative expansion to qualitative improvement, leading shareholders to reassess the strategic value of brokerage licenses rather than merely transferring assets [5][7] - The trend of local state-owned enterprises acquiring brokerage shares is becoming mainstream, but there is a need for quality assets to match quality resources [5][7] - The cooling of share transfers among small and medium-sized brokerages reflects significant changes in the industry ecosystem, with a focus on real business capabilities and profitability rather than just "shell" companies [6][7] Group 3: Company Performance - Hongta Securities has reported a revenue of 1.189 billion yuan in the first half of the year, a year-on-year increase of 15.69%, with a net profit of 670 million yuan, up 49.25% [9] - The company's investment income reached 697 million yuan, and net income from brokerage fees was 113 million yuan, both showing year-on-year growth [9] - However, the investment banking and asset management sectors have seen a decline in revenue, indicating areas for improvement [10] Group 4: Strategic Initiatives - Hongta Securities is planning to recruit new senior management to drive its business transformation, indicating a proactive approach to adapt to industry changes [12] - The company aims to enhance its non-directional investment strategy while maintaining strict risk control measures [11][12] - The recruitment of high-level talent is seen as a critical step for small and medium-sized brokerages to seek breakthroughs in a competitive environment [12]