浙商证券股份有限公司 会议资料 浙商证券股份有限公司董事会 二〇二五年九月 现场会议时间：2025年9月17日上午10:00 现场会议地点：杭州市五星路201号浙商证券十一楼会议室 主持人：董事长吴承根 一、宣布会议开始 二、宣布出席现场会议的股东人数、代表股份数 三、介绍现场参会人员、列席人员 四、推举现场计票人、监票人 五、审议议案 六、股东发言及公司董事、监事、高管人员回答股东提问 七、投票表决 八、会场休息（统计现场、网络投票结果） 九、宣布会议表决结果 十、律师宣布法律意见书 十一、宣布会议结束 会议须知 为维护股东的合法权益，确保浙商证券股份有限公司（以下简称 "公司"）2025年第二次临时股东大会（以下简称"本次大会"）的 正常秩序和议事效率，根据《公司法》《上市公司股东会规则》等法 律、法规和《公司章程》等规定，现就会议须知通知如下： 一、本次大会期间，全体参会人员应维护股东的合法权益、确保 大会的正常秩序和议事效率，自觉履行法定义务。 二、为保证本次大会的严肃性和正常秩序，除出席现场会议的股 东及股东代理人（以下简称"股东"）、董事、监事、高级管理人员、 公司聘请的律师及公司董事会认可的人员 ...

Group 1 - The company will hold its second extraordinary general meeting of shareholders on September 17, 2025, at 10:00 AM in Hangzhou [1][2] - The voting method for the meeting will combine on-site voting and online voting through the Shanghai Stock Exchange's system [2][3] - The agenda includes several proposals for amending the company's internal rules and appointing Tianjian Accounting Firm as the auditor for the 2025 fiscal year [3][4] Group 2 - Shareholders must register to attend the meeting and can delegate their voting rights to a proxy, who does not need to be a shareholder [4][5] - The deadline for shareholder registration is September 11, 2025, and attendees must bring valid identification and shareholder account cards [4][6] - The meeting will last half a day, and attendees are responsible for their own travel and accommodation expenses [5][6]

证券日报网讯 9月1日晚间，浙商证券（601878）发布公告称，公司将于2025年9月17日召开2025年第二 次临时股东大会。本次股东大会将审议《关于取消公司监事会的议案》等。 ...

Group 1 - The core viewpoint of the article is that Sanfu Outdoor (SZ 002780) will hold an investor meeting on September 1, 2025, where the chairman and general manager Zhang Heng, along with board secretary Qin Yamin, will participate in addressing investor inquiries [1] - For the first half of 2025, Sanfu Outdoor's revenue composition shows that outdoor products account for 95.93% and outdoor services account for 4.07% [1] - As of the time of reporting, Sanfu Outdoor has a market capitalization of 2.2 billion yuan [1]

浙商证券股份有限公司 2025 年第二次临时股东大会 会议资料 浙商证券股份有限公司董事会 二〇二五年九月 1 2025年第二次临时股东大会议程 七、投票表决 八、会场休息（统计现场、网络投票结果） 九、宣布会议表决结果 十、律师宣布法律意见书 十一、宣布会议结束 2 二、宣布出席现场会议的股东人数、代表股份数 三、介绍现场参会人员、列席人员 四、推举现场计票人、监票人 五、审议议案 六、股东发言及公司董事、监事、高管人员回答股东提问 会议须知 现场会议时间：2025年9月17日上午10:00 现场会议地点：杭州市五星路201号浙商证券十一楼会议室 主持人：董事长吴承根 一、宣布会议开始 为维护股东的合法权益，确保浙商证券股份有限公司（以下简称 "公司"）2025年第二次临时股东大会（以下简称"本次大会"）的 正常秩序和议事效率，根据《公司法》《上市公司股东会规则》等法 律、法规和《公司章程》等规定，现就会议须知通知如下： 一、本次大会期间，全体参会人员应维护股东的合法权益、确保 大会的正常秩序和议事效率，自觉履行法定义务。 二、为保证本次大会的严肃性和正常秩序，除出席现场会议的股 东及股东代理人（以下简称" ...

证券代码：601878 证券简称：浙商证券 公告编号：2025-052 浙商证券股份有限公司 关于召开2025年第二次临时股东大会的通知 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： 一、 召开会议的基本情况 (四)现场会议召开的日期、时间和地点 (七)涉及公开征集股东投票权 无 召开的日期时间：2025 年 9 月 17 日 10 点 00 分 召开地点：杭州市五星路 201 号浙商证券十一楼会议室 股东大会召开日期：2025年9月17日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (一)股东大会类型和届次 2025年第二次临时股东大会 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 9 月 17 日 至2025 年 9 月 17 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时 ...

Market Overview - On September 1, the securities sector declined by 0.97%, with Huaxi Securities leading the drop [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Individual Stock Performance - Zhongyin Securities (601696) closed at 16.82, up 4.15% with a trading volume of 2.1491 million shares and a turnover of 3.605 billion [1] - Pacific Securities (660109) closed at 4.46, up 1.13% with a trading volume of 3.3672 million shares [1] - Other notable performances include: - China Merchants Jinling (601995) at 38.94, up 1.01% [1] - Guojin Securities (600109) at 10.36, up 0.48% [1] - Huaxin Securities (600621) at 17.85, down 0.56% [1] Fund Flow Analysis - The securities sector experienced a net outflow of 7.504 billion from institutional investors, while retail investors saw a net inflow of 5.043 billion [2] - Notable fund flows include: - Zhongyin Securities had a net inflow of 4.65 billion from institutional investors, but a net outflow of 1.13 billion from speculative funds [2] - Pacific Securities saw a net inflow of 1.12 billion from speculative funds, but a net outflow of 645.725 million from institutional investors [2] - Overall, retail investors contributed positively to the fund flow in the sector [2]

Core Viewpoint - Mercury Home Textiles reported a net profit of 141 million yuan for H1 2025, reflecting a year-on-year decrease of 3.4%, with Q2 net profit at 51 million yuan, down 2.7% year-on-year. The company's large product strategy accelerated revenue growth quarter-on-quarter, but increased expenses pressured profits [1]. Financial Performance - In H1 2025, revenue excluding Mercury's e-commerce reached 820 million yuan, a year-on-year decline of 2.5%. The group purchasing segment showed positive growth, while the decline in revenue is attributed to franchisees reducing inventory and purchases [1]. - The company is expected to experience short-term profit fluctuations due to increased expense investments, but this is anticipated to strengthen brand power and market share in the long term [1]. Strategic Adjustments - In response to emerging cross-border brands challenging leading home textile brands, Mercury is proactively adjusting its product and marketing strategies. The focus is on leveraging technology-driven large products to boost sales across all categories, while enhancing the synergy between online and offline channels [1]. - The company is leading the industry in online growth, with its advantages continuing to expand. Under the strategy of channel integration, the product strength, traffic, and channel image in offline markets are continuously improving [1]. Future Outlook - Revenue growth is expected to continue alongside a sustained increase in gross margin. Although short-term expense investments may lead to temporary profit fluctuations, there is an expectation for performance elasticity as expenses are diluted over time [1]. - The company demonstrates steady growth and maintains a high dividend payout ratio, leading to a "buy" rating [1].

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 Viewpoint - The overall commission income from brokerage firms has significantly declined due to the implementation of new regulations, with a notable drop of over 30% year-on-year in the first half of 2025 [1][6]. Brokerage Commission Data - In the first half of 2025, the total commission income from brokerage firms was 44.58 billion yuan, reflecting a decline of more than 30% compared to the previous year [1]. - The top ten brokerage firms maintained a stable position, collectively holding a market share of 48.11%, with total commission income amounting to 21.52 billion yuan [3]. - CITIC Securities ranked first with a commission income of 3.47 billion yuan, followed by Guotai Junan with 2.83 billion yuan, and GF Securities and Changjiang Securities with 2.51 billion yuan and 2.30 billion yuan, respectively [3][4]. Industry Trends - The "Matthew Effect" is becoming increasingly evident in the brokerage industry, with larger firms consolidating their market positions [1]. - Smaller brokerage firms like Huafu Securities and Huayuan Securities have shown resilience, achieving significant growth despite the overall industry decline [7]. Regulatory Impact - The new commission regulations, effective from July 1, 2024, are expected to standardize commission rates, leading to an anticipated 40% reduction in trading commission fees [6]. - The impact of these regulations is already visible, with major firms like Zhongxin JianTou experiencing a 53.70% decline in commission income [6]. Emerging Business Models - The brokerage industry is increasingly focusing on the "券结模式" (券结 model), which has gained traction post-regulation, allowing firms to enhance their service capabilities [8][9]. - In the first half of 2025, commissions from the券结 model accounted for 12.44% of total commissions, with CITIC Securities leading this segment [8]. Research and Development Focus - Firms like Shenwan Hongyuan are emphasizing research capabilities to adapt to market changes, integrating research with business services to enhance client decision-making [4]. - The establishment of specialized research centers within firms is aimed at fostering talent and providing in-depth analysis across various sectors [7].