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]

Market Performance - The A-share market has shown wide fluctuations, with the Shanghai Composite Index closing at 3,765.88, down 1.25%, and the Shenzhen Component Index at 12,118.70, down 2.83% [3] - The average P/E ratios for the Shanghai Composite and ChiNext are 15.57 and 46.82, respectively, indicating a suitable environment for medium to long-term investments [7][8] Economic Policies and Strategies - The State Council has issued guidelines to enhance the sports industry, aiming for a total scale exceeding 7 trillion yuan by 2030 [4][7] - The Ministry of Industry and Information Technology has released a plan to promote high-quality development in the electronic information manufacturing industry, focusing on areas like photovoltaic technology and high-performance AI servers [4][7] Industry Insights - The food and beverage sector has shown strong performance, with a 7.34% increase in the sector's index in August 2025, driven by snacks, soft drinks, and liquor [12][14] - The chemical industry has seen a slowdown in price declines, with the basic chemical industry index rising by 10.21% in August 2025, indicating potential investment opportunities [16][17] Investment Recommendations - The report suggests focusing on sectors such as liquor, soft drinks, and health products for investment opportunities in September 2025 [15] - In the photovoltaic sector, the report highlights the importance of monitoring the implementation of policies aimed at curbing low-price competition and improving industry standards [25][27] Sector Performance - The new materials sector has outperformed the market, with a 12.30% increase in the new materials index, indicating strong demand and growth potential [22] - The lithium battery sector has shown significant improvement, with revenue and net profit growth in the first half of 2025, suggesting a positive outlook for investments in this area [18][19]

Core Viewpoint - The margin financing and securities lending business (referred to as "margin business") is a core pillar of brokerage credit operations, significantly impacting brokerage performance due to its scale changes [1] Group 1: Business Performance - In the first half of the year, the margin balance remained high at 1.8 trillion yuan, laying a foundation for the growth of interest income for brokerages [2] - A total of 42 listed brokerages achieved net interest income of 19.657 billion yuan, a year-on-year increase of 30.66% [2] - Leading brokerages dominate the margin business, with Guotai Junan leading with 3.187 billion yuan in net interest income, followed by Huatai Securities with 2.037 billion yuan [2][3] Group 2: Growth Trends - The top brokerages and some regional firms showed remarkable performance, with Guotai Junan, Huatai Securities, and Zhongyuan Securities experiencing net interest income growth rates exceeding 100% [2] - The margin business of Guotai Junan focused on customer needs, achieving a net increase of 26,400 new margin clients, a 61% year-on-year increase [3] Group 3: Market Dynamics - As of September 1, the total margin balance reached 2.296991 trillion yuan, surpassing the historical peak of 2.27 trillion yuan in June 2015 [4] - The number of individual investors in the margin market increased to 7.6222 million, with active trading participants rising to 492,096 [4] Group 4: Strategic Focus - Leading brokerages have clarified their business priorities for the second half of the year, focusing on steady development of the margin business to support overall performance growth [5] - Guotai Junan plans to enhance customer acquisition efforts, while Huatai Securities aims to improve differentiated marketing policies and tools [5]

Group 1 - The company, Zhongyuan Securities, announced that it will hold a 2025 semi-annual performance briefing on September 12, 2025 [1]

Group 1 - The lithium battery sector has shown significant performance improvement, outperforming the CSI 300 index, with a projected revenue growth of 0.07% and a net profit decline of 30.19% in 2024, followed by a revenue increase of 13.78% and a net profit increase of 28.07% in the first half of 2025 [1] - The report maintains an "outperform the market" investment rating for the lithium battery sector, emphasizing the importance of industry policies, performance growth expectations, and valuation levels [1] - Key investment themes for the fourth quarter include focusing on leading companies in niche segments, companies with strong R&D investment and market share growth, and opportunities related to solid-state batteries [1] Group 2 - Global sales of new energy vehicles (NEVs) are expected to continue growing, with a 25.0% year-on-year increase in global NEV sales to 9.0143 million units in the first half of 2025, and a 38.14% increase in China to 8.1970 million units, accounting for 44.94% of total sales [2] - The macro policies in China are continuously encouraging the development of the NEV industry, and the rectification of internal competition is expected to facilitate orderly industry growth [2] - The NEV industry is transitioning to a strong product-driven model, with significant growth in exports and increasing penetration rates in niche segments, leading to a projected 14.43% year-on-year increase in NEV sales in China to 16 million units in 2025 [2] Group 3 - The performance of the lithium battery sector is expected to recover, with a 37.3% year-on-year increase in global power battery installations to 504.4 GWh in the first half of 2025, and a 57.5% increase in China's power battery and other battery production to 831.1 GWh [3] - The global shipment of energy storage lithium batteries is projected to reach 340 GWh in 2024, a 51.1% year-on-year increase, with China's share of global shipments rising to 98.53% [3] - Demand for consumer lithium batteries is expected to continue growing due to increased smartphone shipments, while the pricing dynamics within the supply chain show differentiation, with lithium carbonate prices under pressure but cobalt prices experiencing short-term rebounds due to external policy influences [3]

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） 海外監管公告 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。 本公告乃由中原證券股份有限公司（「本公司」）根據香港聯合交易所有限公司 證券上市規則第13.10B條作出。 茲載列本公司於上海證券交易所網站發佈之《中原證券股份有限公司關於召開 2025年半年度業績說明會的公告》，僅供參閱。 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9月4日 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*。 欢迎有意向参加本次说明会的投资者于 2025 年 9 月 5 日(星期五)至 9 月 11 日(星期四)16:00 前登录上证路演中心网站 ...

证券代码：601375 证券简称：中原证券 公告编号：2025-028 中原证券股份有限公司 会议召开方式：上证路演中心网络互动 欢迎有意向参加本次说明会的投资者于 2025 年 9 月 5 日(星期五)至 9 月 11 日(星期四)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目 或通过公司投资者关系邮箱（investor@ccnew.com）进行提问。公司将在本次说 明会上对投资者普遍关注的问题进行重点回答。 公司于 2025 年 8 月 30 日在上海证券交易所网站（www.sse.com.cn）披露公 司 2025 年半年度报告。为方便广大投资者更加全面深入地了解公司 2025 年上半 年度业绩和经营情况，公司拟于 2025 年 9 月 12 日（星期五）13:00-14:00 举行 2025 年半年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 关于召开 2025 年半年度业绩说明会的公告 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： 会议 ...

致：香港交易及結算所有限公司 公司名稱: 中原证劵股份有限公司 (「本公司」) 呈交日期: 2025年9月4日 I. 法定/註冊股本變動 FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 | 1. 股份分類 | 普通股 | 股份類別 H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01375 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,195,365,000 | RMB | | 1 RMB | | 1,195,365,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 1,195,365,000 | RMB | | 1 RMB | | 1,195,365,000 | | 2. 股份分類 | ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 第 1 頁 共 11 頁 v 1.1.1 FF301 致：香港交易及結算所有限公司 公司名稱: 中原证劵股份有限公司 (「本公司」) 呈交日期: 2025年9月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01375 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,195,365,000 | RMB | | 1 RMB | | 1,195,365,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 1,195,365,000 | RMB | | 1 RMB | | 1 ...