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： 每股分配比例 证券代码：601788 证券简称：光大证券 公告编号：2025-034 光大证券股份有限公司 A 股每股现金红利0.1095元 2025年半年度权益分派实施公告 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/11/25 | － | 2025/11/26 | 2025/11/26 | 差异化分红送转： 否 H 股股东的现金红利发放不适用本公告,具体安排详见本公司 2025 年 9 月 30 日登载于香 港联交所（www.hkexnews.hk）的公告。 一、 通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 9 月 30 日的2025年第三次临时股东会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记 ...

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的內容概不負責，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 賴該等內容而引致的任何損失承擔任何責任。 光大證券股份有限公司 Everbright Securities Company Limited （於中華人民共和國註冊成立的股份有限公司） （股份代號：6178） 海外監管公告 漏，并对其内容的真实性、准确性和完整性承担法律责任。 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 根據中華人民共和國的有關法例規定，光大證券股份有限公司（「本公司」）在上海 證券交易所網站( www.sse.com.cn )刊發了《光大證券股份有限公司2025年半年度 權益分派實施公告》。茲載列如下，僅供參閱。 承董事會命 光大證券股份有限公司 董事長 趙陵 中國上海 2025年11月19日 於本公告日期，本公司董事會成員包括趙陵先生（董事長、執行董事）、梁毅先生 （非執行董事、職工董事）、劉秋明先生（執行董事、總裁）、馬韌韜女士（非執行 董事）、連涯鄰先生（非執行董事）、潘劍雲先生（非執行董事）、尹 ...

Core Viewpoint - The fusion energy sector is entering a phase of intensive bidding, with significant procurement projects exceeding 2 billion yuan recently announced by Fusion New Energy, indicating strong growth potential in the industry [1][3]. Group 1: Procurement Projects - Fusion New Energy has recently announced procurement projects totaling over 2 billion yuan, covering critical components such as power systems, low-temperature systems, and shielding layers [1][2]. - The BEST project has seen a notable acceleration in bidding activities, with significant procurement announcements made in October and November, including key components like low-temperature systems and ECRH gyrotrons [2][3]. - Major procurement projects include: 1) Low-temperature system key components: approximately 728 million yuan 2) BEST project ECRH gyrotron: 440 million yuan 3) BEST system magnetic power supplies: 189 million yuan 4) BEST assembly engineering: 180 million yuan 5) BEST ion cyclotron wave source system: 170 million yuan 6) BEST shielding layer system stainless steel shielding blocks: 139 million yuan [2]. Group 2: Industry Trends - The fusion industry is experiencing a surge in capital expenditure, with multiple large-scale bidding events occurring, including a recent announcement of over 1.3 billion yuan in procurement projects by the Hefei Institute of Physical Science [3]. - The strategic value of fusion energy is highlighted by the increasing demand for electricity driven by AI and cloud computing, with predictions that data centers will account for 5%-9% of global electricity consumption by 2050 [4]. - Major tech companies are investing in fusion energy, with agreements such as Helion's deal with Microsoft for 50MW of commercial fusion power starting in 2028, and CFS's agreement with Google for 200MW of power from a planned fusion power plant [4]. Group 3: Investment Opportunities - Companies to watch in the fusion energy sector include: 1) Vacuum chambers and internal components: Huaneng Intelligent (603011.SH), Guoguang Electric (688776.SH), Antai Technology (000969.SZ) 2) Magnet systems: Lianchuang Optoelectronics (600363.SH), Yongding Co. (600105.SH) 3) Power systems: Sichuan Chuang (600990.SH), Wangzi New Materials (002735.SZ) 4) Low-temperature systems: Hangyang Co. (002430.SZ), Ice Wheel Environment (000811.SZ) [5].

Market Overview - The China convertible bond index increased by 0.52% during the week of November 10 to November 14, 2025, compared to a previous increase of 0.86% [6] - The overall index for the year-to-date shows a gain of 18.61% for convertible bonds and 23.61% for the broader market index [6] - High-rated bonds (AAA) decreased by 0.61%, while medium-rated bonds (AA) saw an increase of 0.56%, indicating a preference for medium-rated securities [6] Convertible Bond Performance - The average price of convertible bonds reached 133.30 yuan, with a price percentile of 99.28% [8] - The average conversion value was 105.52 yuan, with a percentile of 95.81% [8] - The average conversion premium stood at 27.12%, with a percentile of 18.21% [8] Investment Strategy - The convertible bond market experienced slight growth while the equity market declined, suggesting a shift in investor preference [9] - There is a noted scarcity of high-quality convertible bonds, leading to a need for careful selection and diversification in investment strategies [9] - It is recommended to assess convertible bond terms and underlying stock conditions to balance risk and return effectively [9]

● 光大证券党委书记、董事长 赵陵 金融是国民经济的血脉，是国家核心竞争力的重要组成部分。2023年10月，中央金融工作会议明确提 出，"要做好科技金融、绿色金融、普惠金融、养老金融、数字金融五篇大文章"。证券金融机构作为资 本市场的核心参与者，在普惠金融发展中担负着重要责任，通过加快财富管理转型，为居民增加财产性 收入提供有效途径，从而更好服务于人民美好生活向往的金融需求。 作为资本市场的专业服务机构，光大证券深入贯彻落实党中央关于金融工作的决策部署，自觉将企业发 展融入国家发展大局。近年来，公司以中央巡视整改为契机，坚决摒弃"重规模、轻质量""重销售、轻 服务"的短视思维，牢固树立把功能性放在首位的发展理念，将投资顾问服务作为转型抓手，推动财富 管理业务从以产品为中心向以客户为中心深度转变，努力构建让广大投资者可信赖、可感知、可持续的 专业财富管理服务体系。 公司着力打造"金阳光"系列服务品牌，以投资顾问为关键支点，系统性重构产品遴选、策略输出、客户 服务和科技支撑机制，推动形成覆盖"普惠金融-私人财富"的全维度投顾服务，让优质金融服务真正惠 及千家万户。 深化机制改革 推动从卖方逻辑向买方投顾转型 要实 ...

证券日报网讯 光大证券（601788）11月17日在互动平台回答投资者提问时表示，根据公司2025年三季 报披露信息，截至2025年9月末，公司普通股股东总数为180487户。 ...

Core Viewpoint - Everbright Securities maintains an "overweight" rating for the steel and non-ferrous metals industries, with a ranking of industry prosperity as follows: copper and aluminum > gold > steel [1][2]. Supply - Supply growth for steel, copper, and aluminum remains constrained. For steel, energy consumption and carbon emissions will continue to restrict supply, with crude steel output facing pressure. Future policies similar to the 2017 supply-side reform need to be monitored [3]. - For copper, Freeport and Teck Resources have lowered their 2026 production guidance, leading to increased disruptions at the mining level, with a projected 0.1% year-on-year decline in global refined copper output for 2026 [3]. - Aluminum production in China is expected to grow by 1.6% in 2026 due to capacity constraints [3]. Demand - Demand recovery will contribute to price elasticity for steel, copper, and aluminum. The real estate market is still expected to stabilize, but the World Steel Association forecasts a 1% year-on-year decline in steel demand in China for 2026 [4]. - For copper, the demand from the new energy sector is anticipated to be the main growth driver, with a projected 1.5% increase in global copper demand for 2026 [4]. - Aluminum demand in China is expected to grow by 1.8% in 2026, driven by manufacturing sectors such as new energy vehicles and electricity, which offset declines in real estate [4]. Gold - The demand for gold is expected to rise due to ETF investments and central bank purchases. The U.S. entering a rate-cutting cycle, combined with increased global uncertainty, is likely to boost gold ETF investment demand [5]. Recommended Stocks - For steel, companies such as Baosteel and Jiuli Special Materials are recommended, with a focus on Erdos, CITIC Special Steel, and Hualing Steel [6]. - In the copper sector, Zijin Mining and Luoyang Molybdenum are recommended, with attention to Tongling Nonferrous Metals, Western Mining, and Jincheng Mining [6]. - For aluminum, China Hongqiao is recommended, with a focus on Yun Aluminum, Shenhuo, and Zhongfu Industrial [6]. - In the gold sector, Zijin Mining is recommended, with attention to Chifeng Jilong Gold Mining and Zijin Gold International [6].

Core Viewpoint - The chemical industry is experiencing a peak in new capacity investments, but the actual peak has passed, leading to a reduction in overall capital expenditure in the sector moving forward [1] Group 1: Capital Expenditure Trends - Fixed asset investment in the chemical raw materials and chemical products manufacturing industry decreased by 5.6% year-on-year from January to September 2025, marking a decline for the first time since 2020 [1] - Capital expenditure for listed companies in the basic chemical industry in the first half of 2025 was approximately 124.1 billion, a year-on-year decrease of 12.5% [1] - The total amount of construction in progress at the end of the first half of 2025 was about 397.9 billion, down 12.2% year-on-year [1] Group 2: Supply and Demand Dynamics - With the reduction in capital expenditure and a gradual recovery in demand, the supply-demand balance in the chemical industry is expected to improve, leading to a potential increase in industry prosperity [1] Group 3: Valuation Insights - The current PB-LF valuation of the basic chemical industry is close to the bottom levels observed in 2019 and 2024, indicating that the valuation remains low [1] - Continuous improvement in supply-demand dynamics is likely to sustain the upward trend in industry prosperity, while the PB valuation remains at historically low levels, suggesting a favorable outlook for valuation recovery in the chemical sector [1]

(本文来自第一财经) 光大证券研报表示，近几年为化工行业新增产能的投产高峰期，但是实际的投产峰值已经过去，后续化 工行业整体的资本开支力度将有所减弱。伴随着资本开支的减少，叠加需求端的逐步修复，化工行业供 需格局将迎来好转，行业景气程度有望上行。此外，从PB估值角度来看，当前基础化工行业的PB-LF估 值与2019年和2024年期间的底部水平较为接近，当前化工行业估值水平仍然处于低位。化工行业供需持 续改善景气度有望持续上行，PB估值仍处于历史低位水平，持续看好化工板块迎来估值修复。 ...

（文章来源：第一财经） 光大证券研报表示，近几年为化工行业新增产能的投产高峰期，但是实际的投产峰值已经过去，后续化 工行业整体的资本开支力度将有所减弱。伴随着资本开支的减少，叠加需求端的逐步修复，化工行业供 需格局将迎来好转，行业景气程度有望上行。此外，从PB估值角度来看，当前基础化工行业的PB-LF估 值与2019年和2024年期间的底部水平较为接近，当前化工行业估值水平仍然处于低位。化工行业供需持 续改善景气度有望持续上行，PB估值仍处于历史低位水平，持续看好化工板块迎来估值修复。 ...