Core Viewpoint - As of the end of August, China's foreign exchange reserves reached $33,222 billion, an increase of $29.9 billion from the end of July, reflecting a rise of 0.91% [1] Group 1: Economic Factors - The increase in foreign exchange reserves is influenced by expectations regarding monetary policies of major economies and macroeconomic data [1] - The decline of the US dollar index has contributed to the overall rise in global financial asset prices [1] Group 2: Valuation Effects - The appreciation of non-US currencies against the dollar and the rise in asset prices have generated positive valuation effects [1] Group 3: Risk Management - The new high in foreign exchange reserves, the highest since January 2016, indicates an enhanced capacity for China to mitigate various shocks [1]

Core Viewpoint - As of the end of August, China's foreign exchange reserves reached $33,222 billion, an increase of $29.9 billion from the end of July, representing a growth rate of 0.91% [1] Group 1: Foreign Exchange Reserves - China's foreign exchange reserves increased to $33,222 billion by the end of August [1] - The reserves rose by $29.9 billion compared to the end of July, marking a 0.91% increase [1] Group 2: Economic Influences - The increase in foreign exchange reserves is attributed to expectations regarding monetary policies of major economies and macroeconomic data [1] - The decline of the US dollar index has contributed to the overall rise in global financial asset prices [1] - The appreciation of non-US currencies against the dollar and the increase in asset prices have created a positive valuation effect [1]

Group 1 - The core point of the article is the election of a new chairman for the board of directors at Zhongyin Securities [1] - The board meeting was held on September 5, where the proposal to elect Zhou Quan as the chairman was approved [1] - Zhou Quan will serve as the chairman and a member of the board's risk control committee until the end of the current board's term [1]

Group 1 - The company announced the election of Zhou Quan as the new chairman of the board, effective immediately, following the resignation of the previous chairman, Ning Min [2] - Zhou Quan will also serve as the legal representative of the company and the chairman of the board's strategy and development committee [2] - The company has a history of stable management and growth, with a focus on business transformation and differentiation in the financial sector [3] Group 2 - In the first half of the year, the company achieved a revenue of 1.505 billion yuan, representing a year-on-year growth of 20.79% [3] - The net profit attributable to shareholders reached 565 million yuan, showing a year-on-year increase of 33.13% [3] - The company reported a significant increase in operating income and net profit in the first quarter of 2025, with revenue up 22% and net profit up 39% year-on-year [3]

Core Viewpoint - The announcement of the election of Zhou Quan as the new chairman of Zhongyin Securities marks a significant leadership change, with Zhou bringing extensive experience from the banking sector to the securities industry [2][10]. Group 1: Leadership Change - Zhou Quan has been elected as the chairman of Zhongyin Securities, with his term starting immediately and lasting until the end of the current board's term [2]. - Zhou also assumes the roles of the company's legal representative and the chairman of the board's strategy and development committee [2]. - Zhou has a rich background in asset management and has held various positions within the Bank of China since 1999, including vice president of the Heilongjiang branch and head of the asset-liability management department [4]. Group 2: Company Performance - In the first half of 2025, Zhongyin Securities reported operating revenue of 1.505 billion yuan, a year-on-year increase of 20.79%, and a net profit attributable to shareholders of 565 million yuan, up 33.13% [8]. - The company played a crucial role in the merger of Guotai Junan and Haitong Securities, marking a significant event in the capital market [8]. - Despite the positive revenue growth, Zhongyin Securities has faced challenges, with a decline in investment banking fees and a significant drop in investment income, which decreased by 32.55% year-on-year in the first half of 2025 [9].

Group 1 - The new chairman of Zhongyin Securities is Zhou Quan, elected during the 39th meeting of the second board of directors, following the resignation of former chairman Ning Min [2][4] - Zhou Quan has a background in various departments of the Bank of China and has been involved in the management of Zhongyin Securities since June 2025 [4] - Zhongyin Securities is considered a "mid-tier" brokerage firm, achieving a revenue of 1.51 billion yuan and a net profit of 510 million yuan in 2025 [5] Group 2 - As of September 5, Zhongyin Securities has a total market capitalization of 41.5 billion yuan and a price-to-earnings ratio of nearly 40, indicating investor optimism about potential restructuring similar to other large brokerages [8] - The largest shareholder of Zhongyin Securities is Zhongyin International Holdings, a wholly-owned subsidiary of the Bank of China, holding a 33.42% stake [4] - The company has a total of 2,934 employees, with an average salary of 333,800 yuan, which is considered to be at a medium level compared to other brokerages [6]

（文章来源：证券日报） 证券日报网讯 9月5日晚间，中银证券发布公告称，公司2025年第一次临时股东大会审议通过了《关于 修订公司章程的议案》等多项议案。 ...

证券日报网讯 9月5日晚间，中银证券发布公告称，2025年9月5日，公司召开第二届董事会第三十九次 会议，审议通过了《关于选举公司董事长的议案》，选举董事周权先生为公司第二届董事会董事长、代 表公司执行公司事务的董事、董事会风险控制委员会委员，任期自公司董事会审议通过之日起至第二届 董事会任期届满之日止。 （文章来源：证券日报） ...

北京市中伦（上海）律师事务所 关于中银国际证券股份有限公司 法律意见书 致：中银国际证券股份有限公司 北京市中伦（上海）律师事务所（以下简称"本所"）作为中银国际证券股 份有限公司（以下简称"公司"）的常年法律顾问，受公司委托，指派律师出席 公司 2025 年第一次临时股东大会（以下简称"本次股东大会"）。本所律师根据 《中华人民共和国公司法》 本所及经办律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则》等规定及本法律意见书出具日以前已经 发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信用原则， 进行了充分的核查验证，保证本法律意见所认定的事实真实、准确、完整，所发 表的结论性意见合法、准确，不存在虚假记载、误导性陈述或者重大遗漏，并承 担相应法律责任。 为出具本法律意见书，本所律师审查了公司本次股东大会的有关文件和材料。 本所律师得到公司如下保证，即其已提供了本所律师认为作为出具本法律意见书 法律意见书 所必需的材料，所提供的原始材料、副本、复印件等材料、口头证言均符合真实、 准确、完整的要求，有关副本、复印件等材料与原始材料一致。 在本法律意见书中 ...

| 表决情况： | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东类型 | | 同意 | | | | 反对 | | | 弃权 | | | | | 票数 | | 比例 | | 票数 | 比例 | | 票数 | | 比例 | | | | | | （%） | | | （%） | | | （%） | | | | A股 | 1,541,752,224 | | 99.9257 | 931,600 | | 0.0604 | 214,100 | 0.0139 | | | | | (二)累积投票议案表决情况 | | | | | | | | | | | | | 议案序号 | | 议案名称 | | | 得票数 | | | 得票数占出席 | | | 是否当选 | | | | | | | | 会议有效表决 | | | | | | | | | | | | | 权的比例（%） | | | | | | | (三)涉及重大事项，5%以下股东的表决情况 | | | | | | | | | | ...