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） 關連交易 成立合夥企業 由於合夥協議及其項下之交易相關之一項或以上適用之百分比率（定義見上 市規則第14.07條）（盈利比率除外）高於0.1%但均低於5%，訂立合夥協議須遵 守上市規則第14A章項下有關申報及公告之規定，惟獲豁免遵守有關通函及 獨立股東批准之規定。 – 1 – 背景 董事會宣佈，中鼎開源（作為普通合夥人）與河南資產基金（作為普通合夥人） 及河南資產（作為有限合夥人）於2025年9月8日訂立合夥協議，藉以成立合夥企 業。合夥企業全體合夥人認繳出資總額不超過人民幣125百萬元，其中，中鼎 開源認繳出資額不超過人民幣50百萬元。中鼎開源將作為合夥企業的基金管理 人。合夥 ...

风险提示：泓鼎基金仍处于筹备设立阶段，尚需通过市场监督管理部门 及中国证券投资基金业协会等有关机构登记注册、备案等手续，具体实施结果存 在不确定性。泓鼎基金具有投资周期长、流动性较低的特点，在投资运作过程中， 可能将受到宏观经济、行业周期、政策法规、投资标的经营管理等多种因素影响， 可能存在不能实现预期效益、不能及时退出等风险。敬请广大投资者注意投资风 本次交易构成关联/连交易。 本次交易不构成重大资产重组。 一、关联/连交易概述 中原证券股份有限公司 关于全资子公司发起设立私募基金暨关联/连交易的 公告 中原证券股份有限公司（以下简称"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： 交易简要内容：公司全资子公司中鼎开源创业投资管理有限公司（以下 简称"中鼎开源"）拟认缴出资不超过人民币 5,000 万元与关联/连人河南资产基 金管理有限公司（以下简称"河南资产基金"）和河南资产管理有限公司（以下 简称"河南资产"）共同设立河南泓鼎股权投资合伙企业（有限合伙）（暂定名， 以下简称"基金"或"泓鼎基金"），基 ...

Group 1 - Zhongyuan Securities (601375.SH) announced the establishment of a new private equity fund, Hongding Fund, in collaboration with Henan Assets and Henan Assets Fund [1] - The company’s wholly-owned subsidiary, Zhongding Kaiyuan, plans to contribute no more than RMB 50 million to the fund [1] - The total proposed scale of the Hongding Fund is set to not exceed RMB 125 million [1]

Group 1 - The core viewpoint of the article is that Zhongyuan Securities is expanding its private fund management business by establishing a new fund called Hongding Fund, in collaboration with Henan Assets and Henan Assets Fund [1] - Zhongyuan Securities' wholly-owned subsidiary, Zhongding Kaiyuan, plans to contribute no more than RMB 50 million to the fund [1] - The total planned scale of the Hongding Fund is set to be no more than RMB 125 million [1]

Core Insights - The report highlights a positive outlook for the A-share market, driven by supportive government policies and improving liquidity conditions, with a focus on sectors such as batteries, energy metals, semiconductors, and electronic components for investment opportunities [9][15][18]. Domestic Market Performance - The Shanghai Composite Index closed at 3,812.51, up by 1.24%, while the Shenzhen Component Index rose by 3.89% to 12,590.56, indicating a strong performance in the domestic market [3]. - The average P/E ratios for the Shanghai Composite and ChiNext are 15.41 and 45.40, respectively, suggesting a favorable environment for medium to long-term investments [9][15]. International Market Performance - Major international indices showed mixed results, with the Dow Jones down by 0.67% and the S&P 500 down by 0.45%, while the Nikkei 225 increased by 0.62% [4]. Industry Analysis - The food and beverage sector saw a significant increase in trading volume, with a total of 380.43 billion shares traded in August, reflecting a 53.45 billion share increase from July [19]. - The chemical industry index rose by 10.21% in August, with the fluorochemical, carbon fiber, and modified plastics sectors performing particularly well [22]. - The lithium battery sector experienced a notable recovery, with revenue and net profit growth of 13.78% and 28.07% respectively in the first half of 2025, indicating a strong rebound from previous declines [24]. Investment Recommendations - The report suggests focusing on investment opportunities in the white liquor, soft drink, health products, baking, and snack sectors for September 2025, highlighting specific stocks such as Yingjia Gongjiu and Luzhou Laojiao [21]. - In the chemical sector, it is recommended to look for investment opportunities in pesticide, organic silicon, and polyester filament industries due to expected improvements in supply-demand dynamics [23]. - The report emphasizes the importance of monitoring the impact of government policies on the lithium battery and new energy sectors, particularly in relation to the ongoing "involution" reforms aimed at enhancing global competitiveness [26][27].

格隆汇9月8日丨根据联交所最新权益披露资料显示，2025年9月2日，中州证券(01375.HK)获易方达基金管理有限公司在场内以每股均价2.8055港元增持343.3 万股，涉资约963.13万港元。 | 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 費出或涉及的 每股的平均價 | | | | | 持有權益的股份數目 佔已發行的 有關事件的日期相 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 博 | 開困 | 股份數目 | | | ( 請參閱上述 * 註 | 有投票權股 (日 / 月 / 年) 核 | | | | | | | | | 份百分比 | | | | | | | | | ( % ) | | CS20250905E00271 | 易方达基金管理有限公司 | 1101(L) | | 3,433,000(L) | HKD 2.8055 | 144.692,000(L) | 12.10(L)02/09/2025 | 增持后，易方达基金管理有限公司最新持股数目为144,692,000股，持股比例由11.82%上升至12.1 ...

Core Viewpoint - The report highlights the strong growth of Haowei Group in the automotive and emerging markets, with a significant recovery in demand for simulation solutions, leading to a "buy" rating for the company [1][6]. Financial Performance - In the first half of 2025, Haowei Group achieved revenue of 13.956 billion yuan, a year-on-year increase of 15.42%, and a net profit attributable to shareholders of 2.028 billion yuan, up 48.34% year-on-year [2]. - For Q2 2025, the company reported a revenue of 7.484 billion yuan, reflecting a year-on-year growth of 16.07% and a quarter-on-quarter increase of 15.63% [2]. Investment Highlights - Q2 2025 revenue reached a historical high, driven by technological reforms and expansion in high-end application product lines, particularly in automotive intelligent driving and smart terminal imaging markets [3]. - The gross margin for Q2 2025 was 30.00%, a slight decrease of 0.24% year-on-year, while the net profit margin improved to 15.48%, an increase of 2.97% year-on-year [3]. - R&D investment in semiconductor design sales for H1 2025 was approximately 1.724 billion yuan, a year-on-year increase of 9.01% [3]. Market Growth - The automotive CIS (Camera Image Sensor) business saw revenue of approximately 3.789 billion yuan in H1 2025, a year-on-year increase of 30.04% [4]. - The emerging market CIS business achieved revenue of about 1.173 billion yuan, a remarkable year-on-year growth of 249.42% [4]. - The company launched new products in the smartphone CIS segment, including a 50-megapixel sensor, which is expected to enhance market share [4]. Simulation Solutions - Demand for simulation solutions has significantly rebounded, with H1 2025 revenue from this segment reaching 767 million yuan, a year-on-year increase of 20.88% [5]. - The automotive simulation IC segment generated revenue of 120 million yuan, accounting for 15.66% of the simulation solutions business, with a year-on-year growth of 45.51% [5]. Profit Forecast and Investment Recommendation - The company is projected to achieve revenues of 30.16 billion yuan, 35.21 billion yuan, and 40.36 billion yuan for the years 2025, 2026, and 2027, respectively [6]. - The forecasted net profits for the same years are 4.338 billion yuan, 5.400 billion yuan, and 6.623 billion yuan, with corresponding EPS of 3.60, 4.48, and 5.49 yuan [6].

智通财经APP获悉，香港联交所最新资料显示，9月2日，易方达基金管理有限公司增持中州证券 (01375)343.3万股，每股作价2.8055港元，总金额约为963.13万港元。增持后最新持股数目约为1.45亿 股，最新持股比例为12.1%。 ...

香港联交所最新资料显示，9月2日，易方达基金管理有限公司增持中州证券(01375)343.3万股，每股作 价2.8055港元，总金额约为963.13万港元。增持后最新持股数目约为1.45亿股，最新持股比例为12.1%。 ...

Macro Environment - The economic data for August indicates a stable overall economic volume in China, with strong growth in equipment manufacturing and high-tech manufacturing sectors, particularly in aviation, shipbuilding, electrical machinery, and electronic information industries [6][12] - Consumer demand showed a slight decline, with total retail sales and commodity retail sales experiencing a slowdown in year-on-year growth, but recovery is expected as national subsidy funds are gradually disbursed in the second half of the year [6][12] - Fixed asset investment growth remains stable overall, although real estate development investment continues to be a drag [6][12] - Inflationary pressures are easing, with core CPI rising by 0.8% year-on-year, marking an expansion in growth for three consecutive months [6][12] Policy Environment - In August, policies continued to focus on technological innovation and the real economy, with the central bank and seven departments issuing guidelines to support financing for high-end manufacturing and technology innovation enterprises [6][12] - The China Securities Regulatory Commission modified regulations to enhance the evaluation standards for securities companies, promoting the introduction of medium to long-term funds into the equity market, which is expected to boost liquidity in the A-share market [6][12] Market Performance - In August, the bond market saw a significant rise in risk appetite due to policies aimed at promoting fair competition and maintaining normal industry order, leading to expectations of price recovery [6][50] - The equity market remained strong, with significant gains in technology and small-cap stocks, particularly the ChiNext 50 (up 69.87%), North Star 50 (up 50.78%), and Sci-Tech 50 (up 45.14%) [6][56] - The technology (TMT) sector rose by 55.39%, advanced manufacturing by 33.73%, and healthcare by 29.64%, driven by high midstream manufacturing sector performance and supportive policies [6][56] Monthly Allocation Recommendations - The report suggests that due to the continuous increase in risk appetite, the market is showing a preference for small-cap stocks and growth over value [6][76] - With the likelihood of a Federal Reserve rate cut in September, risk appetite is expected to further increase, driving up TMT and cyclical sectors [6][76] - If the TMT sector enters a correction, it is recommended to gradually increase allocations to financials, transportation, and consumer sectors [6][76] Industry Performance - In August, the top-performing industries included telecommunications (up 34.41%), electronics (up 24.79%), and comprehensive sectors (up 21.9%), while the lowest performers were construction decoration (up 1.85%) and oil and petrochemicals (up 1.37%) [6][65] - The net financing amounts were highest in the electronics sector (784.24 billion), followed by computing (248.04 billion) and telecommunications (235.51 billion) [6][71]