（股份代號：0576） （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） 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 會就本公告全部或任何 部分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。 公 告 | | 年初至報告期末 | 比 上 年 同 期 增╱減 | | --- | --- | --- | | | （1-3月） | (%) | | 經營活動產生的現金流量淨額 | -1,331,817,103.28 | -140.45 | | 營業收入 | 2,993,854,049.22 | -22.89 | | 歸屬於上市公司股東的淨利潤 | 555,582,922.16 | 24.17 | | 歸屬於上市公司股東的扣除 | | | | 非經常性損益的淨利潤 | 554,847,435.31 | 26.01 | | 加 權 平 均 淨 資 產 收 益 率（%） | 1.57 | 減 少0.07個百分點 | | 基 本 每 ...

监事会发表如下书面意见：公司 2025 年第一季度报告的编制和审议程序符 合相关法律、法规、《公司章程》和公司内部管理制度的各项规定，报告内容和 格式符合中国证监会和证券交易所的要求，报告真实反映公司的经营结果和财务 状况等事项，不存在任何虚假记载、误导性陈述或者重大遗漏。未发现参与报告 编制和审议的人员有泄密、违规行为。 表决结果：3 票同意、0 票反对、0 票弃权。 特此公告。 浙商证券股份有限公司监事会 本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个别及连带责任。 2025 年 4 月 30 日 浙商证券股份有限公司（以下简称"浙商证券"或"公司"）第四届监事会 第十九次会议于 2025 年 4 月 18 日以书面方式通知全体监事，于 2025 年 4 月 28 日以通讯表决方式召开。会议应出席监事 3 人，实际出席 3 人。会议的召开符合 《公司法》和《公司章程》规定。会议作出决议如下： 一、审议通过公司《2025 年第一季度报告》 证券代码：601878 证券简称：浙商证券 公告编号：2025-028 浙商证券股份有限公司 ...

证券代码：601878 证券简称：浙商证券 公告编号：2025-027 浙商证券股份有限公司 第四届董事会第三十一次会议决议公告 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个别及连带责任。 表决结果：9 票同意，0 票反对，0 票弃权。 特此公告。 浙商证券股份有限公司董事会 表决结果：9 票同意，0 票反对，0 票弃权。 本议案提交董事会前已经公司董事会审计委员会审议通过。 具体内容详见同日在上海证券交易所网站（www.sse.com.cn）上披露的《浙 商证券股份有限公司 2025 年第一季度报告》。 二、审议通过公司《关于制定<浙商证券股份有限公司市值管理制度>的议 案》 浙商证券股份有限公司（以下简称"浙商证券"或"公司"）第四届董事会 第三十一次会议于 2025 年 4 月 18 日以书面方式通知全体董事，因临时增加议案 公司于 2025 年 4 月 25 日向全体董事发送了补充通知，会议于 2025 年 4 月 28 日在浙商证券 1702 会议室以现场结合电话表决方式召开。会议应出席董事 9 人， 实际出席董事 9 人 ...

Core Insights - The main contract of the CSI 1000 Index futures closed at 2506, with a change of +0.70% and a trading volume of 116,200 contracts as of April 29 [1][2] - Total trading volume for all contracts was 178,800 contracts, a decrease of 9,018 contracts from the previous day [1][4] - The top 20 positions showed a net short position with a difference of 17,010 contracts [1] Group 1: Trading Volume and Positions - The total long positions for the top 20 contracts were 219,500 contracts, down by 3,655 contracts from the previous day [1][4] - The total short positions for the top 20 contracts were 247,900 contracts, down by 2,709 contracts from the previous day [1][4] - The top three long positions were held by Guotai Junan (45,437 contracts), CITIC Futures (41,114 contracts), and Guotou Futures (13,619 contracts) [1][4] Group 2: Changes in Long and Short Positions - The top three increases in long positions were from Guotai Junan (22,105 contracts, +1,074), CITIC Futures (21,092 contracts, +552), and Donghai Futures (2,214 contracts, +284) [1][3] - The top three decreases in long positions were from Zhongtai Futures (4,891 contracts, -466), Guoxin Futures (2,611 contracts, -376), and Huatai Futures (4,035 contracts, -279) [1][3] - The top three increases in short positions were from Guotai Junan (17,974 contracts, +657), Huawen Futures (2,969 contracts, +617), and Guoxin Futures (4,713 contracts, +371) [1][3] - The top three decreases in short positions were from Zhongtai Futures (2,971 contracts, -297), Galaxy Futures (4,399 contracts, -155), and Yong'an Futures (2,080 contracts, -150) [1][3]

Financial Performance - The company's operating revenue for Q1 2025 was CNY 2,993,854,049.22, a decrease of 22.89% compared to CNY 3,882,423,873.09 in the same period last year[5] - Net profit attributable to shareholders was CNY 555,582,922.16, representing a 24.17% increase from CNY 447,423,004.80 year-on-year[5] - Total revenue for Q1 2025 was CNY 2,993,854,049.22, a decrease of 22.8% compared to CNY 3,882,423,873.09 in Q1 2024[18] - Operating profit for Q1 2025 was CNY 701,508,369.22, an increase of 25.3% from CNY 559,165,834.65 in Q1 2024[19] - Net profit for Q1 2025 reached CNY 566,890,013.38, up 24.0% from CNY 457,824,391.76 in Q1 2024[19] Cash Flow - The net cash flow from operating activities was negative at CNY -1,331,817,103.28, a decline of 140.45% compared to CNY 3,292,570,342.26 in the previous year[5] - In Q1 2025, the total cash inflow from operating activities was CNY 19.60 billion, a significant increase from CNY 11.97 billion in Q1 2024, representing a growth of approximately 63.5%[21] - The net cash outflow from operating activities in Q1 2025 was CNY -1.33 billion, compared to a net inflow of CNY 3.29 billion in Q1 2024, indicating a decline of 140.5%[22] - Cash inflow from financing activities in Q1 2025 was CNY 5.35 billion, up from CNY 2.57 billion in Q1 2024, marking an increase of approximately 108.5%[23] - The net cash flow from financing activities in Q1 2025 was CNY 539.96 million, a turnaround from a net outflow of CNY -463.82 million in Q1 2024[23] Assets and Liabilities - The total assets at the end of Q1 2025 were CNY 171,416,601,617.52, an increase of 11.25% from CNY 154,085,739,578.88 at the end of the previous year[6] - Total liabilities rose to CNY 134,428,131,878.58, compared to CNY 117,561,353,377.24, marking an increase of 14.4%[16] - Shareholders' equity totaled CNY 36,988,469,738.94, up from CNY 36,524,386,201.64, indicating a growth of 1.3%[16] Income Sources - Interest income for Q1 2025 was CNY 247,179,757.93, a 63.12% increase from CNY 151,536,309.91 in the same period last year[10] - Investment income surged to CNY 460,032,879.77, compared to a loss of CNY -159,496,163.93 in the previous year[10] - Net interest income increased to CNY 247,179,757.93 from CNY 151,536,309.91, representing a growth of 63.1%[18] - Net commission and fee income rose to CNY 904,207,877.55, up 12.5% from CNY 803,726,896.23 in the previous year[18] Shareholder Information - The total number of common shareholders at the end of the reporting period is 179,590[12] - Zhejiang Shangsan Expressway Co., Ltd. holds 2,124,825,159 shares, representing 46.46% of total shares[12] - The company has no known related party transactions among the top shareholders[13] - The top 10 shareholders do not participate in the securities lending business[14] Other Financial Metrics - The weighted average return on equity decreased to 1.57%, down by 0.07 percentage points from 1.64%[6] - Basic earnings per share remained stable at CNY 0.12, while diluted earnings per share increased to CNY 0.12 from CNY 0.11[20] - The total monetary funds as of March 31, 2025, amount to ¥52,696,836,854.42, an increase from ¥41,864,300,738.09 on December 31, 2024[14] - Customer funds deposits are ¥45,627,036,125.22, up from ¥34,105,636,050.13 in the previous period[14] - The total amount of loans to customers is ¥24,840,653,915.44, compared to ¥24,224,341,732.66 previously[14] - The derivative financial assets decreased to ¥392,802,049.85 from ¥570,460,834.61[14] - The total buy-back financial assets are valued at ¥5,952,396,496.48, an increase from ¥5,491,055,870.52[14] Operational Status - The company has not reported any significant changes in the operational situation during the reporting period[14]

浙商证券（601878）公告，2025年第一季度营收为29.94亿元，同比下降22.89%；净利润为5.56亿元， 同比增长24.17%。 ...

Core Insights - Securities firms have intensified their efforts in the interbank bond market this year, focusing on underwriting business [1] - Several securities firms have been approved for independent lead underwriting qualifications for non-financial corporate debt financing instruments and have successfully completed their first transactions [1] Group 1: Market Dynamics - A total of 92 firms are identified as general lead underwriters for non-financial corporate debt financing instruments, with 25 of them being securities firms [1] - Among the 69 underwriters, 21 are from securities firms, indicating a growing presence of these firms in the underwriting space [1] Group 2: Company Strategies - Zheshang Securities (601878) has successfully attracted participation from multiple high-quality financial institutions by accurately identifying issuance windows and employing refined pricing strategies [1]

Core Viewpoint - Securities firms are increasingly engaging in the underwriting of non-financial corporate debt financing tools in the interbank bond market, with several firms obtaining independent underwriting qualifications and successfully executing their first deals [1][2]. Group 1: Independent Underwriting Qualifications - Multiple securities firms, including Dongwu Securities and Changcheng Securities, have been approved to independently underwrite non-financial corporate debt financing tools [2][3]. - As of March, Dongwu Securities received approval from the China Interbank Market Dealers Association to conduct independent underwriting [2]. - Changcheng Securities announced its qualification for independent underwriting and has initiated 107 projects, issuing 70 bonds in 2024 [2]. Group 2: Conditions for Independent Underwriting - Non-financial corporate debt financing tools are securities issued by non-financial enterprises in the interbank bond market, with various types including short-term financing bonds and medium-term notes [3]. - Underwriting firms are categorized into underwriters, general underwriters, and independent underwriters, with increasing qualification requirements [3]. - A well-known securities firm was warned for conducting underwriting activities without the necessary qualifications [3]. Group 3: Successful First Deals - Several securities firms have successfully executed their first deals in the independent underwriting space, including Chengtong Securities and Huazhong Securities [4][5]. - Chengtong Securities participated in the successful issuance of super short-term financing bonds for Overseas Chinese Town Group, marking its entry into the interbank market [5]. - Changcheng Securities successfully issued its first independent medium-term note, indicating a significant breakthrough in its debt financing tool capabilities [6].

Group 1 - Multiple securities firms have been approved for independent underwriting qualifications for non-financial corporate debt financing instruments, with some completing their first transactions after obtaining the relevant business qualifications [1] - Zheshang Securities stated that the company accurately grasped the issuance window and attracted participation from multiple high-quality financial institutions through multi-channel investor roadshows and refined pricing strategies [1] - The latest data shows that there are 92 general underwriters for non-financial corporate debt financing instruments, of which 25 are securities firms; there are 69 underwriters in total, with 21 being securities firms [1]

Core Viewpoint - The report from Zheshang Securities indicates that the small home appliance industry is expected to see a recovery in growth for most categories by 2025, driven by national subsidies and an increase in demand for essential and long-tail products like health pots [1][2] Group 1: National Subsidy Expansion - The national subsidy for small home appliances is expanding, with JD.com increasing its subsidy coverage to include a wider range of products, adding 36 new categories as of April 22 [1] - Tmall and Taobao are implementing region-specific policies, with 16 regions covered by the subsidy, particularly in provinces like Zhejiang, Guangdong, Hubei, Hunan, and Shaanxi [1] Group 2: Beneficiary Companies - Three types of companies are expected to benefit from the expanded national subsidies: 1. Companies with a high proportion of essential products positioned in the mid-to-high price range [2] 2. Companies with a significant share of long-tail products like health pots and power appliances, which have shown noticeable stimulation effects from the subsidies [2] 3. Companies with a high proportion of sales through JD.com, benefiting from substantial headquarters subsidies and extensive subsidiary layouts [2] Group 3: Market Outlook - The overall expectation is that domestic sales for various companies will accelerate due to the expansion of national subsidies in the small home appliance category [1]