证券代码： 601375 证券简称： 中原证券 公告编号：2025-016 中原证券股份有限公司第七届监事会 第二十六次会议决议公告 中原证券股份有限公司（以下简称"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。 公司第七届监事会第二十六次会议于 2025 年 6 月 9 日以通讯投票表决方式 召开。2025 年 6 月 3 日，公司以电子邮件的形式向全体监事发出会议通知。会 议应出席监事 9 人，实际出席监事 9 人。本次会议召集、召开及表决程序符合《公 司法》等法律、行政法规、部门规章和《公司章程》有关规定。本次会议由监事 会主席朱军红女士召集并主持，审议并通过了《关于取消公司监事会的议案》。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 本议案需提交股东大会审议。 特此公告。 中原证券股份有限公司监事会 2025 年 6 月 10 日 ...

证券代码： 601375 证券简称： 中原证券 公告编号：2025-015 中原证券股份有限公司 第七届董事会第三十五次会议决议公告 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。 公司第七届董事会第三十五次会议于 2025 年 6 月 9 日以现场结合通讯表决 方式召开。2025 年 6 月 3 日，公司以电子邮件的形式向全体董事发出会议通知。 会议应出席董事 8 人，实际出席董事 8 人。本次会议的召集、召开及表决程序符 合《公司法》等法律、行政法规、部门规章和《公司章程》的有关规定。本次会 议由董事长张秋云女士主持，审议并通过了以下议案： 一、审议通过了《关于取消公司监事会的议案》 表决结果：同意 8 票，反对 0 票，弃权 0 票。 本议案事先经公司董事会发展战略委员会预审通过。 本议案需提交股东大会审议。 二、审议通过了《关于修订<公司章程>的议案》 表决结果：同意 8 票，反对 0 票，弃权 0 票。 本议案事先经公司董事会发展战略委员会预审通过。 具体内容请参阅与本公告同日披露 ...

Domestic Market Performance - The A-share market showed slight fluctuations with the Shanghai Composite Index closing at 3,385.36, up by 0.04% [2] - The Shenzhen Component Index closed at 10,183.70, down by 0.19% [2] - The ChiNext Index closed at 2,022.77, down by 0.47% [2] International Market Performance - The Dow Jones closed at 30,772.79, down by 0.67% [3] - The S&P 500 closed at 3,801.78, down by 0.45% [3] - The Nasdaq closed at 11,247.58, down by 0.15% [3] Economic Policies and Developments - The State-owned Assets Supervision and Administration Commission issued a new management method for the development planning of central enterprises, focusing on optimizing and adjusting industries [4][9] - The Ministry of Finance announced plans to revise investment management regulations for the national social security fund and other financial regulations [4][9] - The China Securities Regulatory Commission released guidelines for the audit committees of listed companies, which will serve as a basis for evaluating independent directors and corporate governance [4][9] Macro Strategy - The report indicates that the communication and non-ferrous metal industries are leading the market, with A-shares showing slight fluctuations [4][9] - The average P/E ratios for the Shanghai Composite and ChiNext indices are at 13.86 and 36.87, respectively, indicating a suitable environment for medium to long-term investments [9] - The report highlights a mild recovery in the Chinese economy, driven by consumption and investment, with strong service consumption and high-tech manufacturing investment supporting the economic fundamentals [9] Industry Insights - The food and beverage sector showed a slight increase, with the overall performance affected by the liquor segment [20] - The food and beverage sector's valuation is at a ten-year historical low, with a current valuation of 21.50 times earnings [21] - The mechanical industry reported significant improvements in Q1 2025, with revenue growth of 8.91% and net profit growth of 17.21% [32] - The semiconductor industry continues to see growth, with global sales increasing by 18.8% year-on-year in March 2025 [38] Investment Recommendations - The report suggests focusing on investment opportunities in the communication, semiconductor, and non-ferrous metal sectors [9] - In the food and beverage sector, it recommends attention to soft drinks, health products, and baked goods [22] - The mechanical sector is advised for investment in traditional cyclical industries with stable fundamentals and high dividend yields [36]

Core Insights - The report highlights a moderate recovery in the Chinese economy, driven by consumption and investment, with service consumption showing strong recovery and high-tech manufacturing investment leading the way [8][15][38] - The A-share market is experiencing slight fluctuations, with growth in sectors such as consumer electronics, internet services, and semiconductor industries, while sectors like beauty care and pharmaceuticals are underperforming [9][15] - Recent monetary policies, including interest rate cuts and structural tools, are aimed at supporting technology innovation and consumer sectors, injecting liquidity confidence into the market [8][15][10] Domestic Market Performance - The Shanghai Composite Index closed at 3,384.10, with a slight increase of 0.23%, while the Shenzhen Component Index rose by 0.58% to 10,203.50 [3] - The average P/E ratios for the Shanghai Composite and ChiNext are at 13.83 and 36.51 respectively, indicating a suitable environment for medium to long-term investments [9][15] International Market Performance - The Dow Jones Industrial Average closed at 30,772.79, down by 0.67%, while the Nikkei 225 saw a slight increase of 0.62% to 26,643.39 [4] Industry Analysis - The automotive market saw retail sales of 1.93 million vehicles in May, a year-on-year increase of 13%, with cumulative sales for the year reaching 8.802 million, up 9% [5][8] - The electrical equipment sector underperformed compared to the broader market, with a 1.79% increase in the electrical equipment index, lagging behind the 2.34% rise of the CSI 300 index [17] - The photovoltaic industry experienced significant growth, with a 214.68% year-on-year increase in new installations in April, totaling 45.22 GW [21][22] Financial Sector Insights - The securities industry saw a recovery in 2024, with a revenue increase of 11.15% and a net profit increase of 21.35%, while Q1 2025 showed a more substantial growth of 24.60% in revenue and 83.48% in net profit [31][33] - The brokerage sector is expected to maintain a stable operating environment, with a focus on wealth management and low-valuation stocks as potential investment opportunities [33][35] Energy Sector Insights - The electricity supply and demand situation remains stable, with total electricity consumption in April reaching 772.1 billion kWh, a year-on-year increase of 4.7% [38] - The share of thermal power generation remains dominant at 66.46%, while renewable energy sources like wind and solar are showing increasing contributions [38]

Core Viewpoint - The recent surge in new A-share account openings indicates a positive trend in investor confidence, suggesting that the brokerage industry may experience significant revenue growth in the first half of the year [1][3]. Group 1: New Account Data - In May, approximately 1.56 million new A-share accounts were opened, with individual investors accounting for 1.5484 million and institutional investors for 0.07147 million [1][2]. - Although the new account openings in May decreased by 19.16% compared to April, they still showed a year-on-year increase of 22.86% compared to May 2024 [2]. - The total number of new accounts opened in the first five months of the year reached 10.9513 million, representing a 30.2% increase compared to the same period in 2024 [2]. Group 2: Brokerage Performance Outlook - The new account data serves as a barometer for investor confidence, with a notable "wave-like" trend in account openings observed in the first five months of the year [3]. - The peak was in March, with 3.0655 million new accounts opened, marking the second-highest monthly figure in history [3]. - In the first quarter, listed brokerages reported revenues of 125.93 billion yuan, a year-on-year increase of 24.6%, and net profits of 52.183 billion yuan, up 83.48% [3]. - The increase in new accounts directly correlates with the rise in brokerage revenue, with 42 listed brokerages reporting an increase in brokerage income, and 17 of them seeing growth rates exceeding 50% [3]. Group 3: Industry Outlook - According to research from Zhongyuan Securities, the overall operating environment for the securities industry is expected to improve steadily, with brokerage business activity likely to reach new highs in recent years [4]. - The proprietary trading business is anticipated to show slight fluctuations, while investment banking is expected to see marginal improvements [4]. - Asset management faces downward pressure, but the impact is expected to be limited, and net interest income is projected to recover due to increased interest income from margin financing [4].

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5月31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6月5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 | 備註： 第 1 頁 共 ...

Key Points - The report highlights the ongoing recovery of the Chinese economy, with consumption and investment being the main drivers of growth, supported by recent monetary policy measures including interest rate cuts and liquidity injections [5][8][12] - The electronic consumption sector is leading the A-share market, indicating a positive trend in consumer spending and investment in high-tech manufacturing [5][8][12] - The report notes a significant increase in domestic photovoltaic installations, with April's new capacity reaching 45.22 GW, a year-on-year growth of 214.68%, driven by commercial and distributed solar projects [21][22] - The mechanical industry shows signs of recovery, with the first quarter of 2025 reporting a year-on-year revenue increase of 8.91% and a net profit growth of 17.21% [23][24] - The securities industry has seen a rebound in performance, with a 24.60% increase in revenue and an 83.48% increase in net profit in the first quarter of 2025 compared to the previous year [31][32] - The report emphasizes the importance of monitoring external factors such as U.S.-China trade relations and their impact on export-oriented sectors, particularly in electronics and machinery [10][19] - The new materials sector is expected to grow due to increasing demand from manufacturing and technological advancements, despite recent underperformance compared to the broader market [28][30]

Market Overview - On June 4, the A-share market opened high and experienced slight fluctuations, with the Shanghai Composite Index facing resistance around 3378 points[2] - The Shanghai Composite Index closed at 3376.20 points, up 0.42%, while the Shenzhen Component Index rose 0.87% to 10,144.58 points[3] - Total trading volume for both markets reached 11,776 billion yuan, above the median of the past three years[3] Sector Performance - Consumer electronics, internet services, securities, and non-ferrous metals sectors performed well, while aviation, logistics, aerospace, and chemical pharmaceuticals lagged[3] - Over 70% of stocks in the two markets rose, with jewelry, beauty care, packaging materials, and light industry leading the gains[8] Economic Indicators - The average P/E ratios for the Shanghai Composite and ChiNext indices are 13.78 times and 36.16 times, respectively, indicating a suitable environment for medium to long-term investments[3] - Industrial profits for large-scale enterprises grew by 3.0% year-on-year in April, with significant improvements in steel, agricultural products, transportation equipment, and TMT manufacturing sectors[3] Policy and Market Outlook - Recent monetary policies, including reserve requirement ratio cuts and interest rate reductions, aim to support technology innovation, inclusive finance, and consumption, boosting market liquidity confidence[3] - The market is expected to maintain a steady upward trend in the short term, with a focus on consumer electronics, internet services, electronic components, and non-ferrous metals for investment opportunities[3]

Group 1 - The report highlights that the central bank's monetary policy in May, including interest rate cuts and reserve requirement ratio reductions, has released significant liquidity into the market, which is expected to enhance consumer spending and support the economy [5][10]. - A temporary easing of export pressures has been noted due to the recent US-China tariff adjustments, which could benefit export-oriented industries such as light manufacturing, technology, and automotive parts [5][10]. - The equity market in May showed a clear preference for value stocks over growth stocks, with the North Star 50 Index rising by 5.83%, while the large-cap growth index only saw a slight increase of 0.36% [45][51]. Group 2 - The bond market experienced fluctuations in May, with interest rates initially declining due to a favorable liquidity environment, followed by a rebound influenced by supply pressures from long-term government bonds [51]. - The report suggests that the economic data for May, particularly in industrial production, consumption, and exports, provides a solid foundation for the A-share market [6][68]. - The report recommends focusing on sectors that benefit from domestic consumption and technological innovation, such as computers, components, and telecommunications, as well as defensive sectors like banking and energy [68][69]. Group 3 - The report indicates that the real estate market has shown signs of improvement, with policies aimed at stabilizing prices and boosting demand, including interest rate cuts and reduced transaction costs [69][70]. - Data from 70 major cities shows a narrowing decline in new residential prices, suggesting a potential stabilization in the housing market [71][75]. - The report emphasizes the importance of ongoing financial support for the real estate sector, as evidenced by the positive growth in real estate loans and mortgage loans, which indicates a recovery in buyer sentiment [89][90].

Key Points - The report highlights the ongoing recovery in the domestic market, with a focus on the automotive and financial sectors leading the growth in A-shares [5][8][9] - The manufacturing sector is experiencing a decline, as indicated by the PMI dropping to 48.3 in May, marking the first fall below the critical point since October 2024 [5][8] - The electric equipment sector underperformed compared to the broader market, with a 1.79% increase in May, lagging behind the CSI 300 index which rose by 2.34% [13][15] - The photovoltaic industry saw significant growth in installed capacity, with April's new installations reaching 45.22 GW, a year-on-year increase of 214.68% [17][18] - The mechanical industry reported improved performance in Q1 2025, with revenue growth of 8.91% and net profit growth of 17.21% compared to the previous year [20][21] - The semiconductor sector continues to show growth, with global sales increasing by 18.8% year-on-year in March 2025 [26][27] - The new materials sector is expected to benefit from increasing demand driven by domestic manufacturing and technological advancements, maintaining a "stronger than market" investment rating [28] - The brokerage sector is experiencing a recovery, with Q1 2025 showing a 24.60% increase in revenue and an 83.48% increase in net profit compared to the previous year [29][31]