证券代码：601236 证券简称：红塔证券 公告编号：2025-029 红塔证券股份有限公司 第七届监事会第二十四次会议决议公告 本公司监事会及全体监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。 红塔证券股份有限公司(以下简称"公司")第七届监事会第二十四次会议通 知和议案于 2025 年 7 月 8 日以电子邮件方式发出。会议于 2025 年 7 月 17 日以 通讯方式召开。本次会议应出席监事 5 名，实际出席监事 5 名。会议的召集召开 符合有关法律、行政法规、部门规章、规范性文件和《公司章程》的规定。经与 会监事审议，通过书面表决的方式形成以下决议： 一、审议通过《关于公司以集中竞价交易方式回购股份方案的议案》 本议案逐项表决如下： （一）公司本次回购股份的目的 基于对公司持续发展的信心和对公司价值的高度认可，为积极响应监管机构 号召，维护公司市场价值及股东权益，增强投资者对公司的投资信心，同时促进 公司稳定健康发展，公司拟使用自有资金通过上海证券交易所交易系统以集中竞 价方式回购公司部分股份，回购的股份将全部用于减少公司注册资本，优化 ...

证券代码：601236 证券简称：红塔证券 公告编号：2025-028 红塔证券股份有限公司 第八届董事会第二次会议决议公告 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。 红塔证券股份有限公司（以下简称"公司"）第八届董事会第二次会议于 2025 年 7 月 17 日（星期四）以通讯方式召开。会议通知已于 2025 年 7 月 8 日通过邮 件的方式送达各位董事。本次会议应出席董事 9 人，实际出席董事 9 人。会议的 召集召开符合有关法律、行政法规、部门规章、规范性文件和《公司章程》的规 定。经与会董事审议，通过书面表决的方式形成以下决议： 一、审议通过《关于公司以集中竞价交易方式回购股份方案的议案》 本议案逐项表决如下： （一）公司本次回购股份的目的 基于对公司持续发展的信心和对公司价值的高度认可，为积极响应监管机构 号召，维护公司市场价值及股东权益，增强投资者对公司的投资信心，同时促进 公司稳定健康发展，公司拟使用自有资金通过上海证券交易所交易系统以集中竞 价方式回购公司部分股份，回购的股份将全部用于减少公司注册资本， ...

红塔证券（601236）公告，拟以1亿元-2亿元回购公司股份，回购价格不超过12.76元/股。本次回购股份 的资金来源为公司自有资金，用途为减少注册资本。预计回购股份数量为783.7万股-1567.4万股，占公 司总股本的0.17%-0.33%。回购期限自股东大会审议通过本次回购方案之日起12个月内。 ...

红塔证券：拟1亿元-2亿元回购股份 用于减少公司注册资本 智通财经7月17日电，红塔证券(601236.SH)公告称，公司拟以集中竞价方式回购股份，回购金额不低于 人民币1亿元（含），不超过人民币2亿元（含）。回购的股份将用于减少公司注册资本。回购价格不超 过12.76元/股。回购期限自股东大会审议通过之日起12个月内。 ...

Core Viewpoint - The A-share market is experiencing a positive trend, with the first batch of nine securities firms reporting significant profit increases for the first half of 2025, driven by strong performance in proprietary trading and brokerage businesses [1][2][8]. Group 1: Performance Highlights - Nine listed securities firms have reported optimistic earnings forecasts for the first half of 2025, with all firms expecting profit increases [1][3]. - Among these, Guosen Securities leads with an expected net profit of 4.78 billion to 5.53 billion yuan, representing a year-on-year growth of 52% to 76% [5][12]. - Other notable performers include Guolian Minsheng and Huaxi Securities, with profit growth exceeding tenfold for the latter [6][5]. Group 2: Market Context - The A-share market has shown a rising trend, with major indices increasing, including a 2.76% rise in the Shanghai Composite Index and a 39.45% increase in the North Star 50 Index by the end of June [9]. - The securities industry is benefiting from this market environment, with many firms reporting strong performance in their proprietary and brokerage businesses [9][10]. Group 3: Analyst Insights - Analysts express optimism regarding the securities sector's performance, suggesting that the current phase is suitable for investing in firms with strong comprehensive capabilities and significant earnings elasticity [2][16]. - Recommendations include focusing on leading firms benefiting from an improved competitive landscape, those with high earnings elasticity, and firms with strong international business capabilities [19][22].

Core Viewpoint - The securities sector is experiencing significant profit growth, with multiple firms reporting substantial increases in net profit for the first half of the year, indicating a bullish market trend [1][2]. Group 1: Profit Forecasts - Guojin Securities projects a net profit of 1.092 billion to 1.137 billion yuan for the first half of 2025, representing a year-on-year increase of 140% to 150% [1]. - Great Wall Securities anticipates a net profit of 1.335 billion to 1.407 billion yuan for the same period, reflecting a growth of 85% to 95% year-on-year [1]. - Huaxi Securities expects a net profit of 445 million to 575 million yuan, with a staggering year-on-year growth of 1025.19% to 1353.9% [1]. - Guolian Minsheng forecasts a net profit of 1.129 billion yuan, marking an increase of approximately 1183% compared to the previous year [1]. Group 2: Market Performance - Over 10 securities firms have issued positive half-year performance forecasts, indicating a strong recovery in the market [1]. - The securities index saw a significant rise of 2.47% on July 11, ranking second among concept sectors [2]. - Notable stocks such as Bank of China Securities have experienced consecutive trading limit increases, leading the sector's performance this month [2]. Group 3: Factors Driving Growth - The growth in performance is attributed to a recovering market, with the A-share market showing a trend of upward fluctuations and increased activity [1]. - Companies are enhancing their financial service capabilities through the integration of technology and finance, which has led to substantial growth in securities investment, wealth management, and investment banking [2]. - The favorable policies regarding public fund distribution, mergers and acquisitions, and events related to virtual assets are expected to further boost the securities index in the second half of the year [2].

Core Viewpoint - The A-share listed securities firms and related stocks have shown significant growth in their net profit for the first half of 2025, with many firms reporting increases driven by core business revenues such as proprietary trading and wealth management [1][3][4]. Group 1: Performance Overview - As of mid-July, 11 A-share listed securities firms have released their half-year performance forecasts, indicating varying degrees of growth in net profit [1][3]. - Notable firms include Guotai Junan Securities, with an expected net profit of 4.78 billion to 5.53 billion yuan, reflecting a year-on-year increase of 52% to 76% [3][4]. - Other firms with projected net profits exceeding 1 billion yuan include Changcheng Securities, Guolian Minsheng Securities, Guojin Securities, and Huashan Securities, with respective forecasts of 1.335 billion to 1.407 billion yuan, 1.129 billion yuan, 1.092 billion to 1.137 billion yuan, and 1.035 billion yuan [2][3]. Group 2: Growth Drivers - Six firms are expected to see their net profit more than double year-on-year, with Guolian Minsheng Securities anticipating a growth of approximately 1183% [4]. - The growth in net profit for these firms is primarily attributed to increases in income from proprietary trading, wealth management, and brokerage services [4][5]. - For instance, Guotai Junan Securities reported significant growth in its proprietary investment and brokerage fee income compared to the previous year [4][5]. Group 3: Market Outlook - The securities sector is expected to maintain an upward trend in performance for the second half of the year, supported by positive earnings forecasts and a bullish market environment [6][7]. - The CSI All Securities Index has shown a daily increase of 2.42% as of July 11, with all constituent stocks rising, indicating strong market sentiment [6]. - Analysts suggest that ongoing measures to stabilize and activate the capital market will support continued activity in brokerage and proprietary trading, benefiting the overall performance and valuation of the securities sector [7].

Investment Rating - The report suggests a positive outlook for the securities and insurance sectors, indicating potential for significant growth in the coming months [4][48]. Core Insights - The regulatory environment in mainland China is becoming more inclusive and proactive, particularly regarding the development of cryptocurrencies and stablecoins, which may enhance the financial sector's focus on these emerging technologies [2]. - The performance of brokerage firms is expected to improve significantly, with several companies projecting substantial increases in net profit for the first half of 2025, driven by favorable capital market conditions [3][28]. - The insurance sector is anticipated to see a near trillion yuan influx of funds into the market due to relaxed restrictions on insurance capital investments, with a focus on high-dividend stocks [4]. Summary by Sections Securities Sector - Several brokerage firms have reported impressive profit growth, with companies like Huaxi Securities and Guolian Minsheng showing net profit increases of over 1000% [3][28]. - The report recommends focusing on three main investment themes: stablecoin-related brokers, multi-financial firms like Hong Kong Exchanges, and potential acquisition targets within the brokerage sector [3]. Insurance Sector - The insurance industry is expected to see a significant increase in market participation, with an estimated influx of nearly 1 trillion yuan in investment funds due to regulatory changes [4]. - The report highlights the potential for value reassessment in the insurance sector, particularly for companies with strong fundamentals and low valuations [4]. - Key investment opportunities include companies with expected strong performance in Q2, undervalued large-cap stocks, and solid defensive positions in the property and casualty insurance sector [4]. Market Dynamics - The report notes that the A-share market has shown positive performance, with the non-bank financial sector outperforming the broader market [9]. - Data tracking indicates a significant increase in trading volumes and fundraising activities in the equity and bond markets, suggesting a robust market environment [11][20].

| | | 券商2025年上半年业绩预告 | | -览 | | --- | --- | --- | --- | --- | | | | (截至7月13日20:30) | | | | 并购 | 净利润(亿元) | 同比 | 置收(亿元) | 同比 | | 国金证券 | 10.92 11. 37 | 140% 150% | | | | 长城证券 | 13. 35 14. 07 | 85% 95% | | | | 国信证券 | 47. 8 55. 3 | 52% 76% | | | | 国联民生 | 11. 29 | 11.83 | | | | 华西证券 | 4. 45 5. 75 | 1025. 2% 1353. 9% | | | | 红塔证券 | 6. 51 6. 96 | 45% 55% | | | | 财达证券 | 3. 63 4. 04 | 51% 68% | | | | 哈投股份 | 3. 8 | 233. 1% | | | | 华林证券 | 2. 73. 5 | 118. 98% 183. 9% | | | | 华安证券 | 10. 35 | 45% | 28.08 | 43% | | 国盛证券 | ...

Investment Rating - The report maintains a positive investment rating for the non-banking sector, highlighting the potential for both beta and alpha resonance in the market due to upcoming mid-year performance catalysts [5]. Core Insights - The introduction of new regulations for insurance capital, promoting long-term investments, is expected to enhance the matching of assets and liabilities for insurance companies, thereby increasing their equity investment ratios and stabilizing profit margins [1]. - The performance of listed securities firms is anticipated to show robust growth in the first half of 2025, with several firms projecting significant year-on-year profit increases, driven by active market conditions and improved business operations [2]. - The China Securities Association's new self-regulatory management guidelines aim to enhance the quality of the securities industry, focusing on compliance and risk management, which is expected to support sustainable growth in the sector [3]. Summary by Sections Market Review - Major indices experienced gains, with the Shanghai Composite Index rising by 1.09% and the Shenzhen Component Index increasing by 1.78% during the week of July 7-11, 2025 [8]. Securities Sector - The total trading volume in the A-share market reached 8.80 trillion yuan, with a daily average trading amount of 1.47 trillion yuan, reflecting a 2.25% increase week-on-week and a 118.28% increase year-on-year [17]. - The IPO underwriting scale for the year reached 391.22 billion yuan, while refinancing underwriting amounted to 795.95 billion yuan as of July 11, 2025 [17]. Insurance Sector - The new regulations for insurance capital are expected to improve the long-term investment capabilities of insurance companies, enhancing their ability to provide stable returns and support economic growth [1]. Liquidity Tracking - The central bank conducted a reverse repurchase operation of 425.7 billion yuan, resulting in a net withdrawal of 226.5 billion yuan from the market, indicating tightening liquidity conditions [28]. Investment Recommendations - The report suggests focusing on leading insurance companies such as China Pacific Insurance, Sunshine Insurance, and China Life, as well as top securities firms like CITIC Securities and Huatai Securities, due to their strong market positions and growth potential [39][40].