一、同意公司向专业投资者公开发行面值总额不超过 12 亿元次级公司债券的注册申请。 二、本次发行次级公司债券应严格按照报送上海证券交易所的募集说明书进行。 智通财经APP讯，中州证券(01375)发布公告，公司于近日收到中国证券监督管理委员会《关于同意中原 证券股份有限公司向专业投资者公开发行次级公司债券注册的批复》(证监许可〔2025〕2148 号)，批复 内容如下： 三、本批复自同意注册之日起 24 个月内有效，公司在注册有效期内可以分期发行次级公司债券。 四、自同意注册之日起至本次次级公司债券发行结束前，公司如发生重大事项，应及时报告并按有关规 定处理。 ...

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. 中原證券股份有限公司 董事長 張秋雲 中國，河南 2025年10月9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*。 * 本公司獨立非執行董事 （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 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向專 業投資者公開發行次級公司債券獲中國證監會註冊批覆的公告》，僅供參閱。 承董事會命 证券代码： 601375 证券简称： 中原证券 公告编号：2025-030 中原证券股份 ...

公司于近日收到中国证券监督管理委员会《关于同意中原证券股份有限公司 向专业投资者公开发行次级公司债券注册的批复》（证监许可〔2025〕2148 号）， 批复内容如下： 一、同意公司向专业投资者公开发行面值总额不超过 12 亿元次级公司债券 的注册申请。 二、本次发行次级公司债券应严格按照报送上海证券交易所的募集说明书进 行。 三、本批复自同意注册之日起 24 个月内有效，公司在注册有效期内可以分 期发行次级公司债券。 证券代码： 601375 证券简称： 中原证券 公告编号：2025-030 四、自同意注册之日起至本次次级公司债券发行结束前，公司如发生重大事 项，应及时报告并按有关规定处理。 中原证券股份有限公司 关于向专业投资者公开发行次级公司债券 获中国证监会注册批复的公告 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。 公司将按照法律法规、批复要求及公司股东会的授权，办理本次公开发行次 级公司债券相关事宜，并及时履行信息披露义务。 特此公告。 中原证券股份有限公司董事会 2025 年 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 证券研究报告-晨会聚焦 发布日期：2025 年 10 月 09 日 资料来源：聚源，中原证券研究所 -19% -13% -8% -3% 2% 7% 12% 18% 2024.10 2025.02 2025.06 2025.09 上证指数 深证成指 | 周度策略：一周要闻与投资参考(2025.0929-1005） | | --- | | 周度策略：一周要闻与投资参考(2025.0922-0928） | | 市场分析：航天汽车行业领涨 A 股震荡整固 | | 市场分析：电源计算机领涨 A 股小幅整理 | | 宏观专题：我国科创债市场发展及民营企业参与度分析 | | 【行业公司】 | 行业深度分析：上半年业绩小幅增长，二季度环比进一步改善 行业月报：八月国内新增光伏装机需求显著萎缩，多晶硅能耗标准拟大幅 提升 行业月报：周期为盾，成长为矛，关注工程机械、船舶、机器人、AIDC 等高景气板块 行业月报：稳增长工作方案出台，助力行业高质量发展 | 国内市场表现 | | | | --- | - ...

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9月30日 狀態: 新提交 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30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 | | 1,195,365,000 | | 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9月30日 狀態: 新提交 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30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 | | 1,195,365,000 | | 2. 股份分類 | ...

Group 1: Overall Industry Performance - The media sector's half-year report shows record high operating scale and significant profit growth for H1 2025, with performance differentiation among sub-sectors [1] - The gaming sector demonstrates strong growth potential, with A-share gaming companies reporting nearly 24% year-on-year revenue growth and approximately 75% net profit growth [1] - The publishing sector faces revenue decline due to changes in educational material subscription methods and shrinking demand for general books, but profits have increased due to favorable tax policies [1] Group 2: Gaming Sector Insights - The gaming industry benefits from high market sentiment and supportive policies, with user ARPU increasing and market scale growing steadily [1] - AI's contribution to cost reduction and efficiency improvement is notable, with R&D expense ratios decreasing from 11.02% in H1 2024 to 9.01% in H1 2025 [1] - Companies are encouraged to focus on product cycles, performance, and new product development in the gaming sector [1] Group 3: IP Derivative Products - The rise of cultural consumption in China is driven by generational shifts, with younger consumers favoring emotional spending, social currency, and collectibles [2] - The maturity of the IP licensing commercialization system and advantages in domestic manufacturing supply chains are boosting the demand for IP derivative products [2] - Content companies are increasingly exploring IP derivative businesses to optimize revenue structures and enhance profitability [2] Group 4: Publishing Sector Analysis - The publishing sector shows stable performance with good profit quality and low valuations, making state-owned publishing companies attractive for long-term investment [3] - High dividend yields of over 5% in some companies provide defensive investment value [3] - Several state-owned publishing companies are advancing digital transformation using AI technologies to improve performance resilience [3] Group 5: Film and Television Sector Outlook - Despite a weak Q2, the film and television sector is expected to see marginal recovery in Q3, with ticket sales showing slight improvement compared to the previous year [4] - The upcoming National Day holiday and a rich lineup of films are anticipated to boost viewing demand [4] - Some content companies are diversifying revenue streams by exploring derivative products based on their IP, reducing reliance on box office performance [4]

本报记者 周尚伃 近期，A股市场交投活跃度持续走高，两融余额维持在高位水平，叠加上市券商三季度业绩有望继续向好，多重利好因素共同作用下，证券行业景气度显 著回升，素有"牛市旗手"之称的证券板块频繁异动。 "季度切换在即，积极布局回调后的非银板块。"民生证券研究院非银金融首席分析师张凯烽表示，资本市场回稳向好，市场交投活跃度保持高位，两融余 额扩大，券商业绩修复趋势有望延续。中国香港股票与债券市场相关制度优化调整，有望拓展内地非银机构南向投资机会。建议关注头部券商标的。 | 1311 J NJ F | 28.15 | +8.02% +4.69% | | --- | --- | --- | | 融 300059 | | | | 人气龙头 3 | | | | 东方证券 | 11.57 | +7.93% +9.98% | | 融 600958 | | | | 国信证券 | 14.35 | +7.73% +7.09% | | 融 002736 | | | | 东吴证券 | 9.98 | +7.43% +6.16% | | 融 601555 | | | 与此同时，港股中资券商板块爆发，截至记者发稿时，板块涨幅已超10%。 ...

Core Insights - The report highlights the overall performance of the A-share market, indicating a mixed trend with sectors like aerospace and automotive leading while others like gaming and internet services lag behind [6][10][17] - The macroeconomic environment is supported by government policies aimed at stabilizing growth, with a focus on consumption and real estate [9][10] - The semiconductor industry shows robust growth, with domestic companies performing well in AI computing capabilities [8][20][36] Domestic Market Performance - The Shanghai Composite Index closed at 3,828.11, down 0.65%, while the Shenzhen Component Index fell 1.76% to 13,209.00 [4] - The A-share market experienced a slight correction, with average P/E ratios for the Shanghai Composite and ChiNext at 15.72 and 50.62, respectively, indicating a suitable environment for medium to long-term investments [10][12] - The trading volume in the two markets exceeded 21,000 billion yuan, reflecting strong investor interest [10][12] International Market Performance - Major international indices such as the Dow Jones and S&P 500 also faced declines, with the Dow down 0.67% and the S&P 500 down 0.45% [5] - The global semiconductor sales reached $62.07 billion in July, marking a 20.6% year-on-year increase, with China's semiconductor sales at $17.02 billion, up 10.4% [20] Industry Analysis - The report notes a significant increase in the new materials sector, outperforming the broader market with a 4.46% rise in September [19] - The automotive industry showed strong recovery, with production and sales figures for August indicating a year-on-year increase of 12.96% and 16.44%, respectively [30][31] - The communication industry index rose by 33.78% in August, driven by growth in telecom services and 5G user adoption [39][43] Investment Recommendations - The report suggests focusing on sectors with strong fundamentals, such as aerospace, automotive, and new materials, while maintaining a cautious approach to avoid excessive risk [10][12][30] - Specific recommendations include investing in leading companies within the engineering machinery and semiconductor sectors, which are expected to benefit from ongoing technological advancements and market demand [27][28][36]

Investment Rating - The industry is rated as "stronger than the market," indicating an expected increase of over 10% in the industry index relative to the CSI 300 index over the next six months [13]. Core Viewpoints - The A-share market experienced slight fluctuations with a notable resistance at 3856 points for the Shanghai Composite Index, while sectors such as aerospace, wind power equipment, automotive, and chemical fibers performed well [2][3]. - The average price-to-earnings ratios for the Shanghai Composite and ChiNext indices are 15.72 times and 50.62 times, respectively, which are above the median levels of the past three years, suggesting a favorable environment for medium to long-term investments [3][12]. - The total trading volume on the two exchanges reached 21,663 billion, indicating a robust market activity above the median of the past three years [3][12]. - Government policies are expected to support economic recovery, with a focus on consumer promotion and real estate stabilization, providing a solid foundation for the market [3][12]. - The market is anticipated to present new investment opportunities amidst fluctuations, with a recommendation to focus on sectors like chemical fibers, aerospace, automotive, and wind power equipment [3][12]. Summary by Sections A-share Market Overview - On September 26, the A-share market faced resistance and exhibited slight fluctuations, with the Shanghai Composite Index closing at 3828.11 points, down 0.65% [6][7]. - The trading volume for the day was 21,663 billion, showing a decrease compared to the previous trading day [6][12]. - Over 60% of stocks declined, with notable gains in wind power equipment, chemical fibers, fertilizers, insurance, and pesticides, while sectors like gaming, consumer electronics, and software development saw significant declines [6][8]. Future Market Outlook and Investment Recommendations - The market is expected to maintain a steady upward trend in the short term, with a focus on sectors such as chemical fibers, aerospace, automotive, and wind power equipment for potential investment opportunities [3][12]. - Investors are advised to remain cautious and avoid blind chasing of high prices, while optimizing their investment strategies based on market conditions [3][12].