证券代码：601377 证券简称：兴业证券 公告编号：临 2025-035 兴业证券股份有限公司 本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： （三）出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 总数的比例（%） （四）表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 本次股东会采取现场投票与网络投票相结合的表决方式，符合《公司法》等 法律、法规及《公司章程》的有关规定。本次股东会由公司董事会召集，董事长 苏军良先生主持本次会议。 （五）公司董事和董事会秘书的出席情况 ? 本次会议是否有否决议案：无 一、会议召开和出席情况 （一）股东会召开的时间：2025 年 9 月 2 日 （二）股东会召开的地点：福建省福州市鼓楼区湖东路 268 号兴业证券大厦 9 楼会议室 二、议案审议情况 （一）非累积投票议案 审议结果：通过 表决情况： 董事的议案 兴业证券股份有限公司董事会 （三）关于议案表决的有关情况说明 本次股东会审议议案获得通过，议案不涉及特别决议以及关联股东需回避表 决的 ...

证券代码：601377 证券简称：兴业证券 公告编号：临 2025-035 兴业证券股份有限公司 2025年第一次临时股东会决议公告 本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： 本次会议是否有否决议案：无 一、会议召开和出席情况 （一）股东会召开的时间：2025 年 9 月 2 日 （二）股东会召开的地点：福建省福州市鼓楼区湖东路 268 号兴业证券大厦 9 楼会议室 （三）出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： （五）公司董事和董事会秘书的出席情况 1.公司在任董事10人，出席9人，董事叶远航先生因公务原因未能出席； 2.董事会秘书出席会议，部分高级管理人员列席会议。 二、议案审议情况 （一）非累积投票议案 | 1.出席会议的股东和代理人人数 | 1,484 | | --- | --- | | 2.出席会议的股东所持有表决权的股份总数（股） | 3,138,925,819 | | 3.出席会议的股东所持有表决权股份数占公司有表决权股份 | 36.3470 | | 总数的比例（%） ...

国浩律师（上海）事务所 关于兴业证券股份有限公司 2025 年第一次临时股东会的法律意见书 国浩律师（上海）事务所 股东会法律意见书 致：兴业证券股份有限公司 兴业证券股份有限公司（以下简称"公司"）2025 年第一次临时股东会（以下 简称"本次股东会"）于 2025 年 9 月 2 日召开，国浩律师（上海）事务所（以下简 称"本所"）接受公司的委托，指派律师（以下简称"本所律师"）出席会议，并依据 《中华人民共和国证券法》《中华人民共和国公司法》、中国证券监督管理委员会 《上市公司股东会规则》和《兴业证券股份有限公司章程》（以下简称"《公司章 程》"）出具本法律意见书。 本所律师已经按照有关法律、法规、规范性文件和《公司章程》的规定对公司 本次股东会召集、召开程序是否合法以及是否符合《公司章程》、出席或列席会议 人员的资格、召集人资格的合法有效性和股东会表决程序、表决结果的合法有效性 发表法律意见。法律意见书中不存在虚假、严重误导性陈述及重大遗漏，否则愿意 承担相应的法律责任。 本所律师是根据对事实的了解和对法律的理解发表法律意见。 本法律意见书依据国家有关法律、法规、规范性文件的规定而出具。 本所律师同意 ...

Core Viewpoint - The securities industry is experiencing mixed performance, with significant growth in the ETF sector, particularly the broker ETF, which has seen substantial inflows and a notable increase in net asset value and share count [1][2][6]. Group 1: ETF Performance - As of September 1, the broker ETF has achieved a net value increase of 61.10% over the past year [2]. - The broker ETF's latest scale reached 31.265 billion, marking a one-year high, and its share count reached 49.801 billion, also a one-year high [1]. - The ETF has seen a daily average net inflow of 248 million over the past three days, with a peak single-day inflow of 462 million [1]. Group 2: Market Dynamics - Major brokerage firms have outperformed the industry average in profit growth, with top firms showing a net profit growth rate of 37% for the first half of the year, surpassing the overall growth rate of 31% for listed brokerages [2]. - The market has seen a significant increase in daily trading volume and margin financing balances since July, enhancing the profitability outlook for the year [2][3]. Group 3: Investment Strategy - Analysts suggest focusing on high-quality brokerages with valuations significantly below the average, as well as those with strong performance potential among smaller firms [2]. - The broker ETF provides an efficient investment tool that encompasses both leading brokerages and smaller firms with high growth potential, with nearly 60% of its holdings concentrated in the top ten brokerages [6].

Group 1 - The company's performance growth in 25H1 is driven by investment performance, while asset sales have led to a decline in asset management business [1] - The company maintains a "Buy" rating with a target price of 8.85 yuan, projecting 2025H1 revenue and net profit of 5.404 billion and 1.33 billion yuan, respectively, representing year-on-year growth of 0.24% and 41.24% [2] - The company's investment business net income increased by 48.6% year-on-year to 1.767 billion yuan, contributing 47.79% to adjusted revenue growth [2] Group 2 - The company is entering a new phase of high-quality development, with opportunities arising from the reallocation of assets in both institutional and retail sectors due to changes in equity and interest rate markets [3] - The appointment of former Huafu Securities Chairman Su Junliang as Chairman of the company is expected to lead to multiple initiatives aimed at enhancing comprehensive value across regional platforms [3] - The active participation of retail funds in the market is anticipated to further enhance the company's valuation levels [3] Group 3 - Catalysts for growth include sustained activity and favorable trends in the equity market [4]

Group 1 - The overall commission from brokerage firms in the first half of the year reached 4.472 billion yuan, a year-on-year decrease of 33.98% [1] - Leading brokerage firms dominate the market, with CITIC Securities leading at 347 million yuan in commission, followed by Guotai Junan at 283 million yuan [1][2] - The top 20 brokerages accounted for 75% of the total commission, with individual firms surpassing 100 million yuan in commission income [2] Group 2 - Some mid-sized brokerages achieved significant growth in commission revenue, with Huafu Securities seeing a 312.34% increase to 86.83 million yuan [3] - Zhezhang Securities and Xinyu Securities also reported substantial growth, with increases of 2163.26% to 48.20 million yuan [3] - The research business is undergoing a comprehensive transformation, focusing on returning to value and exploring new development paths [4][5] Group 3 - CITIC Securities is expanding its research capabilities and global reach, enhancing service for institutional clients [4][6] - Guolian Minsheng plans to improve market share through differentiated and forward-looking research [6] - The industry is witnessing a shift towards integrated financial services, combining research with business operations to meet client needs [5][6]

Core Viewpoint - The report outlines the continuous supervision and tracking of Nanjing Maglev Technology Co., Ltd. by the sponsor, Industrial Securities, during its initial public offering and listing on the Sci-Tech Innovation Board, emphasizing compliance with relevant regulations and the company's operational status [1][2][3]. Continuous Supervision Work Content - The sponsor has established and effectively executed a continuous supervision work plan, including signing relevant agreements with the company and reporting to the Shanghai Stock Exchange [1][2]. - Regular communication, site inspections, and due diligence are conducted to understand the operational status of Maglev Technology [1][2]. - No violations or significant issues were reported during the supervision period [3]. Financial Performance - For the first half of 2025, the company reported operating income of 151.64 million yuan, a slight increase of 1.17% compared to the same period in 2024 [10]. - The net profit attributable to shareholders was approximately 4.48 million yuan, showing a decrease from 8.32 million yuan in the previous year [10]. - The company’s total assets at the end of the reporting period were approximately 1.38 billion yuan, a decrease of 3.61% from the previous year [10]. Research and Development - The company has invested in R&D, with a total R&D expenditure of approximately 20.86 million yuan in the first half of 2025, a decrease of 11.26% compared to the previous year [11][12]. - As of June 30, 2025, the company holds 373 authorized intellectual property rights, including 98 invention patents [12][17]. Market Position and Competitive Advantage - The company focuses on the development of maglev fluid machinery and has established a comprehensive product system, including maglev centrifugal blowers and compressors, which are widely used in various industries [12][13]. - The maglev centrifugal blower is reported to save approximately 30% energy compared to traditional blowers, enhancing its market competitiveness [13][14]. - The company has built a strong brand presence in the domestic high-end maglev fluid equipment market, supported by a robust sales and service network [15][16]. Industry Risks - The company faces risks related to the adoption of its products, as the maglev centrifugal blower is relatively new in the market and competes with traditional blowers [9][10]. - The operational performance of the company is subject to fluctuations due to the seasonal nature of its business, particularly in the municipal wastewater treatment sector [7][8]. Compliance and Governance - The company has adhered to relevant regulations regarding the management and use of raised funds, with no significant compliance issues reported [17].

Core Viewpoint - The company has successfully turned around its performance in the first half of the year, showing a clear recovery in business orders and organizational capabilities after a period of transformation [2]. Group 1: Company Overview - The company held a teleconference from August 25 to 27, attended by 38 institutions including Industrial Securities and Fortune Fund Management [2]. - Key executives including Chairman Song Guanfeng and CFO Jing Yekun participated in the meeting to discuss the company's overall situation and strategic developments [2]. Group 2: Business Performance - The company reported a turnaround in its financial performance, achieving profitability in the first half of the year after a period of losses [2]. - Business orders have shown a significant recovery, and organizational capabilities have returned to pre-transformation levels [2]. Group 3: Strategic Developments - The company has undergone organizational changes to drive growth, integrating five subsidiaries to eliminate redundant R&D and sales efforts, thereby enhancing market share [2]. - The international business has seen a 135% year-on-year increase in new contracts, shifting focus from platform software to overseas solution markets [2]. Group 4: AI Strategy - Since 2018, the company has been exploring AI in GIS, and this year it has committed to an "All in AI" strategy, with AI orders increasing by over 100% year-on-year [2]. - The company aims to become a leader in the geographic space AI niche by enhancing traditional GIS with AI capabilities, improving accuracy, efficiency, usability, and generalization [2]. Group 5: Future Development Phases - The company's future development is divided into three phases: transformation adjustment (2024-2025), accelerated development (2026-2030), and steady expansion (2031-2035) [2]. - The AI technology foundation (AIF) is set to be released in 2024, with ongoing upgrades planned [2]. Group 6: Financial Recovery - The second-quarter performance rebound was attributed to accelerated delivery and project acceptance, following delays in the first quarter due to delivery reforms [2]. - Cost optimization measures have also contributed to improved revenue and profit margins [2].

Group 1 - The potential for the Federal Reserve to lower interest rates may strengthen a weak dollar environment, catalyzing a new round of growth in resource commodities, particularly precious metals and copper, which could accelerate the performance of the non-ferrous sector [2] - The upcoming product launches from Apple and META in September, focusing on edge AI and AR glasses, may lead to a sustainable trend in edge devices and AI ecosystems, making the consumer electronics sector, especially the Apple supply chain, worth watching [2] - The "anti-involution" trend is expected to reveal three clues: industries with high capital expenditure intensity and signs of marginal reduction, industries showing self-discipline or policy implementation, and industries relying on quotas to continuously improve profit margins [2] Group 2 - The number of innovative drug catalysts is expected to increase significantly in September, and recent technology shifts have cleared out short-term speculative funds, suggesting that innovative drugs may continue to rise after this adjustment [2] - The market is likely to maintain a volatile upward trend, driven by the accumulation of profit-making effects and continuous inflows of incremental capital, with a focus on sectors like AI computing power, semiconductor autonomy, solid-state batteries, commercial aerospace, controllable nuclear fusion, and innovative drugs [4][5] - The market is expected to remain in a high center of gravity, with structural rotation among sectors, supported by active trading and favorable policy expectations, particularly in growth sectors that have shown high prosperity in the first half of the year [5] Group 3 - The current market sentiment is high, with significant inflows of incremental capital, particularly from financing funds, leading to a further acceleration of market growth [6] - The market is experiencing structural differentiation, with volatility increasing, and a need for sectors to alternate and rise for a more stable and sustainable market [7] - Long-term capital, particularly from insurance funds, is increasing its presence in the A-share market, contributing to the stability of the current "slow bull" market [8] Group 4 - The market is expected to exhibit a primary trend of oscillation, with limited space for strong continuation, and a focus on defensive dividend sectors as their value is increasing [9] - The current bull market is supported by long-term factors such as the economic cycle nearing a bottom, supportive funding conditions, and positive signals from the industry [12] - The index center of gravity is expected to rise further, with a continuation of the growth trend in total market capitalization [12]

Core Insights - The brokerage industry is experiencing a significant decline in fund commission income, with a 35.27% drop in the first half of 2025 compared to the same period in 2024, totaling 4.284 billion yuan [1][2] - Despite a 22.84% increase in stock trading volume by funds, the commission rate has decreased sharply, falling to 0.3688% from 0.6998% in the previous year, marking a 47% decline [1][2] - The overall trend indicates a shift in the brokerage sector, with firms seeking to transform their research capabilities and explore new service directions due to declining commission revenues [4][6] Brokerage Commission Income - In the first half of 2025, the top five brokerages by fund commission income are CITIC Securities, Guotai Junan, GF Securities, Changjiang Securities, and Huatai Securities [2][4] - CITIC Securities remains the leader with 312 million yuan in commission, despite a 35.93% decrease from the previous year [3][10] - Guotai Junan, after merging with GF Securities, saw its ranking rise to second place, earning 276 million yuan, nearly unchanged from the previous year [2][4] Changes in Rankings - The rankings of the top ten brokerages by commission income have shifted, with notable movements including Guotai Junan rising from seventh to second place and CITIC Securities maintaining its first position [2][3] - Other brokerages like Longjiang Securities and Huatai Securities have seen slight changes in their rankings, with Longjiang dropping one position and Huatai rising one position [4][10] Regulatory Impact - New regulations effective from July 1, 2024, have set stricter limits on commission rates for public fund transactions, further pressuring brokerage income [4] - The commission rate for passive equity funds is capped at 0.262%, while other types cannot exceed 0.524%, which has led to a reevaluation of brokerage strategies [4] Resilience Among Smaller Brokerages - Some smaller brokerages, such as Huayuan and Huafu, have reported significant growth in commission income despite the overall industry decline, indicating a potential shift in market dynamics [5][6] - Notably, Guolian Minsheng Securities and Zheshang Securities have improved their rankings significantly, with Guolian Minsheng's commission income increasing by 138.83% due to a low base from the previous year [6][9]