香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致之任何損失承擔任何責任。 Central China Securities Co., Ltd. （2002年於中華人民共和國河南省成立的股份有限公司，中文公司名稱為「中原証券股份有限公司」， 在香港以「中州証券」名義開展業務） （股份代號：01375） 董事會召開日期 於本公告日期，本公司董事為張秋雲女士、李文強先生、馮若凡先生、唐進先生及田聖春先 生，陳志勇先生*、曾崧先生*及賀俊先生*。 * 本公司獨立非執行董事 中原證券股份有限公司（「本公司」）之董事（「董事」）會（「董事會」）謹此宣佈， 本公司將於二零二五年八月二十九日（星期五）舉行董事會會議，其中議程包 括審議及批准本公司及其附屬公司截至二零二五年六月三十日止六個月之中 期業績及其刊發，以及考慮派發中期股息之建議（如有）。 承董事會命 中原證券股份有限公司 董事長 張秋雲 中國，河南 2025年8月19日 ...

Key Points Summary Core Viewpoints - The report highlights the strong recovery in the A-share market, driven by policy support and capital market attractiveness, with a focus on growth sectors such as robotics, insurance, and semiconductor industries [5][9][12]. Domestic Market Performance - The Shanghai Composite Index closed at 3,728.03, up 0.85%, while the Shenzhen Component Index rose by 1.73% to 11,835.57 [3]. - The average P/E ratios for the Shanghai Composite and ChiNext are at 15.14 and 44.04, respectively, indicating a suitable environment for medium to long-term investments [5][9]. International Market Performance - Major international indices showed mixed results, with the Dow Jones down 0.67% and the Nikkei 225 up 0.62% [4]. Economic and Policy Insights - The People's Bank of China emphasizes enhancing policy support to invigorate the financing market [5][8]. - As of June 2025, over 35,000 high-quality datasets have been established in China, significantly aiding AI training [5][8]. Industry Analysis - The software industry in China saw a revenue increase of 11.9% in the first half of 2025, with total profits rising by 12.0% [13][14]. - The semiconductor industry is experiencing a robust growth cycle, with global sales increasing by 19.6% year-on-year in June 2025 [25][26]. - The new energy vehicle sector is projected to see significant growth, with global electric vehicle sales expected to exceed 20 million units by 2025 [36][37]. Investment Recommendations - The report suggests focusing on sectors such as communication equipment, consumer electronics, and cultural media for short-term investment opportunities [5][9][12]. - In the AI sector, attention is drawn to domestic AI chip manufacturers, which are expected to accelerate development and capture market share [26][27]. Sector-Specific Insights - The chemical industry is experiencing a downward price trend, with a focus on sectors benefiting from anti-involution policies, such as pesticides and organic silicon [16][19]. - The media sector shows a rebound in fund holdings, particularly in gaming and advertising, indicating increased institutional interest [20][21].

8月13日，中原证券发布公告称，结合子公司中州蓝海投资管理有限公司（以下简称"中州蓝海"）的发展需求，对中州蓝海注册资本由24.26亿元调减至22.26 亿元，并已完成相关工商变更登记。 实际上，早在2023年，中原证券就曾下调中州蓝海注册资本。2023年12月，中原证券发布公告表示，基于自身发展规划，结合中州蓝海的发展需求，对中州 蓝海注册资本由35亿元调减至32亿元。 公开信息显示，中州蓝海是中原证券另类投资子公司，主要业务为以自有资金进行金融产品投资、股权投资等另类投资，是中原证券自有资金投资的重要实 施平台。 Wind数据显示，中州蓝海2022年至2024年经营表现呈现出明显的波动性，营业收入分别为9407.29万元、-7722.91万元和6300万元，净利润则分别为2437.88 万元、-9802.16万元和5000万元。 此外，2024年2月底，河南证监局对中原证券采取监管措施，明确指出其在2020年违反相关规定，通过子公司中州蓝海以协议收购方式获得了中原小贷5%的 股权。并且截至目前仍通过中州蓝海持有中原小贷39%股权，未按监管要求规范到位。 同年5月，中原证券发布公告称，将对其间接参股的小贷公 ...

Group 1 - The stock price of Zhongzhou Securities (01375) increased by 4.97% on August 18, reaching 3.17 CNY per share with a trading volume of 304 million CNY [1] - Zhongzhou Securities is a comprehensive brokerage firm that includes research, investment banking, investment business, wealth management, and asset management among its services [1] - As of the end of 2021, Zhongzhou Securities ranked 9th in the industry for the number of companies it sponsored for listing and its approval rate [1] Group 2 - As of the first quarter of 2025, Zhongzhou Securities reported total operating revenue of 401 million CNY and a net profit of 103 million CNY [2]

Group 1 - The stock price of Zhongzhou Securities (01375) increased by 5.3% on August 18, reaching 3.18 CNY per share with a trading volume of 296 million CNY [1] - Zhongzhou Securities is a comprehensive brokerage firm that includes research, investment banking, investment business, wealth management, and asset management among its services [1] - The company ranks 9th in the industry for the number of companies it has sponsored for listing and its approval rate as of the end of 2021 [1] Group 2 - As of the first quarter of 2025, Zhongzhou Securities reported total operating revenue of 401 million CNY and a net profit of 103 million CNY [2]

Core Viewpoint - The alternative investment subsidiaries of several securities firms are undergoing capital adjustments, with some firms reducing capital while others are increasing investments in the sector [1][3][4]. Group 1: Capital Reduction by Securities Firms - Zhongyuan Securities announced a reduction in the registered capital of its subsidiary Zhongzhou Blue Ocean from 2.426 billion to 2.226 billion yuan due to development needs [1]. - Northeast Securities reduced the registered capital of its subsidiary Dongzheng Rongda to 1 billion yuan, reporting a total revenue of -1.836 million yuan and a net loss exceeding 16 million yuan for 2024 [3]. - Guodu Securities announced a capital reduction of up to 1.2 billion yuan for its subsidiary Guodu Jingrui, with the new registered capital set at 300 million yuan [3]. - CITIC Securities reduced the registered capital of its subsidiaries by 4 billion and 900 million yuan, representing reductions of 23.53% and 30% respectively, primarily due to changes in business positioning [3]. Group 2: Reasons Behind Capital Reduction - The capital reductions are influenced by a prolonged downturn in the equity investment and M&A markets, leading to underperformance and losses for some subsidiaries [4]. - Resource optimization is a key consideration, allowing firms to redirect released resources towards core business areas for higher quality development [4]. - Regulatory changes, such as the new Company Law requiring registered capital to be fully paid within five years starting July 2024, are prompting firms to adjust capital structures [5]. Group 3: Contrasting Trends in the Industry - While some firms are reducing capital, others are increasing investments in alternative investment subsidiaries, such as Caitong Securities planning to increase capital by up to 2 billion yuan [6]. - Century Securities has established a new alternative investment subsidiary, indicating a commitment to expanding in this area [6]. - Nanjing Securities and Zhongtai Securities are also planning to raise funds for their alternative investment subsidiaries, with amounts not exceeding 1 billion yuan each [6]. Group 4: Future Industry Trends - The current trend of differentiation is expected to accelerate industry reshuffling, with well-capitalized firms potentially creating ecosystems through a "mother fund + direct investment" model [7]. - Smaller firms may shift towards specialized investment strategies, such as convertible bond investments in specialized enterprises [7]. - The adoption of a "dynamic registered capital" mechanism is anticipated, allowing firms to flexibly adjust capital based on project reserves [7].

Domestic Market Performance - The Shanghai Composite Index closed at 3,696.77, with a rise of 0.83% [3] - The Shenzhen Component Index closed at 11,634.67, with a rise of 1.60% [3] - The ChiNext Index closed at 2,022.77, with a decline of 0.47% [3] International Market Performance - The Dow Jones closed at 30,772.79, down by 0.67% [4] - The S&P 500 closed at 3,801.78, down by 0.45% [4] - The NASDAQ closed at 11,247.58, down by 0.15% [4] Economic Indicators - In July, the industrial added value above designated size increased by 5.7% year-on-year, while retail sales of consumer goods rose by 3.7% [8] - Fixed asset investment from January to July grew by 1.6% year-on-year [8] Industry Analysis - The software industry saw a revenue of 7.06 trillion yuan in the first half of 2025, growing by 11.9% [14] - The AI sector is experiencing significant growth, with a 422% increase in the number of projects awarded related to large models in July [14] - The semiconductor industry showed a 3.06% increase in July, with a year-to-date increase of 11.96% [24] Investment Recommendations - The report suggests focusing on sectors such as insurance, robotics, banking, and semiconductors for short-term investment opportunities [8][12][13] - In the software sector, companies like Huada Jiutian and Runze Technology are highlighted for their growth potential [14] - The report recommends monitoring the agricultural chemicals, organic silicon, and polyester filament industries due to their benefits from anti-involution policies [17][20] Sector Performance - The chemical industry index rose by 4.51% in July, outperforming the Shanghai Composite Index [17] - The media sector saw a 35.97% increase in the total market value of public fund holdings in Q2 2025 [21] - The photovoltaic industry index increased by 9.73% in July, indicating a recovery from previous lows [32]

来源：金融界 金融界8月15日消息，有投资者在互动平台向中原证券提问：公司子中州国际不看好稳定币吗？不准备 申请稳定币牌照？是自身实力不够还是缺乏战略眼光？公司定位服务河南本地，但实际业务但抢了多 少，没点自知之明？公司准备做只井底之蛙？ 公司回答表示：尊敬的投资者，您好！公司通过在香港设立的全资子公司中州国际在香港开展业务，目 前中州国际目前暂未开展稳定币相关业务。公司始终立足战略定位，聚焦主责主业，积极服务区域发 展。新业务的开展需考量可持续发展及风险特性等综合因素，后续公司将根据业务发展需要及市场环境 变化，审慎推进各项业务布局，相关信息请以公司披露的公告为准。感谢您对公司的关注！ ...

（文章来源：每日经济新闻） 每经AI快讯，8月15日，中资券商股午后涨幅扩大，中州证券大涨13%，中信建投证券、中金公司涨超 8%，中国银河涨超7%，中信证券、招商证券涨超6%。 ...

Group 1 - Major technology stocks are generally underperforming, with JD.com down nearly 4%, Meituan down over 3%, and Alibaba down 2.6% [2] - Chinese brokerage stocks are rising, with Zhongzhou Securities leading with a nearly 14% increase, and CITIC Securities and China Merchants Securities both up over 5% [2] - The Hang Seng Index fell by 1.19%, dropping over 300 points, while the Hang Seng China Enterprises Index and the Hang Seng Tech Index decreased by 1.26% and 1.08%, respectively [3] Group 2 - The financial impact of consumer loan subsidy policies on domestic banks is expected to be limited, yet bank stocks are still experiencing declines, with major banks like ICBC, ABC, and CMB down over 2% [2] - Insurance stocks, which performed strongly previously, are experiencing some pullback, with AIA down nearly 3% [2] - Various sectors including robotics, automotive, gambling, coal, dairy, sports goods, and dining stocks are all declining [2]