Core Viewpoint - Zhejiang Hu-Hang-Yong (00576) announced that Zheshang Securities (601878) has received approval from the Shenzhen Stock Exchange to conduct a pilot program for financing the exercise of stock options for listed companies [1] Group 1 - Zheshang Securities has been granted permission to initiate a pilot program for stock option exercise financing [1] - The approval is documented in the letter from the Shenzhen Stock Exchange, reference number Shen Zhen Han [1]

Group 1 - Zhejiang Hu-Hang-Yong (00576) announced that Zheshang Securities has received approval from the Shenzhen Stock Exchange to conduct a pilot program for equity incentive exercise financing for listed companies [1] - The approval is documented in the letter from the Shenzhen Stock Exchange, reference number 深证函〔2025〕1003 号 [1] - This pilot program is expected to enhance the financing capabilities of listed companies through equity incentive mechanisms [1]

Core Viewpoint - Zhejiang Securities has shown a stable performance in the market, with a recent stock price increase and ongoing strategic developments in asset management and corporate governance [1][4][5]. Market Performance - As of October 24, 2025, Zhejiang Securities' stock closed at 11.62 yuan, up 2.29% from the previous week [1]. - The company's total market capitalization is 53.148 billion yuan, ranking 19th in the securities sector and 317th among all A-shares [1]. Institutional Research Highlights - In response to questions about international asset management safety measures, Zhejiang Securities indicated that its subsidiary, Zhejiang Asset Management, is currently not qualified for QDII business but is actively pursuing the necessary qualifications [1][7]. - The revenue of Zhejiang Futures for the first half of 2025 was 2.732 billion yuan, a year-on-year decrease of 53.27%, primarily due to a change in accounting methods from gross to net reporting, which does not affect actual profitability [2][7]. Corporate Governance - The fourth board meeting of Zhejiang Securities on October 24, 2025, elected Qian Wenhai as the new chairman, pending shareholder approval [4][5]. - The company plans to adjust its 2025 donation budget to a maximum of 12.9 million yuan, an increase of 950,000 yuan from the beginning of the year, with specific allocations for public welfare and relief donations [4][5]. Upcoming Events - Zhejiang Securities will hold its third extraordinary general meeting on November 10, 2025, to vote on the election of the new chairman and the adjusted donation plan [5][6].

Macro Dynamics - The Ministry of Commerce reported that from January to September 2025, the actual use of foreign capital in China was 573.75 billion RMB, a year-on-year decrease of 10.4% [2] - In September 2025, the actual use of foreign capital increased by 11.2% year-on-year, with the manufacturing sector receiving 150.09 billion RMB and the service sector 410.93 billion RMB [2] - High-tech industries attracted 170.84 billion RMB in foreign investment, with significant growth in e-commerce services (155.2%), aerospace manufacturing (38.7%), and medical equipment manufacturing (17%) [2] - Notably, investments from Japan, UAE, UK, and Switzerland increased by 55.5%, 48.7%, 21.1%, and 19.7% respectively [2] Automotive Industry - As of the end of September 2025, the inventory of passenger vehicles in China was 3.28 million units, an increase of 120,000 units from the previous month and 260,000 units from September 2024 [3] - The inventory days decreased by 6 days year-on-year to 39 days, indicating a reduction in overall inventory pressure compared to previous years [3] - The forecast suggests strong sales in the coming months, supported by the current inventory levels [3] Financial Institutions - Zhejiang Securities has received approval to conduct a pilot program for stock incentive exercise financing for listed companies [7] Market Data - On October 24, 2025, all three major U.S. stock indices closed higher, reaching new historical highs, with the Nasdaq up 1.15% and the S&P 500 up 0.79% [8] - Notable performances included Nvidia and Google rising over 2%, while Ford's stock surged over 12%, marking its best single-day performance since March 2020 [8] Company Dynamics - Kweichow Moutai announced a major personnel change, with Chen Hua appointed as the new chairman, replacing Zhang Deqin [10] - General Motors laid off over 200 employees, primarily in computer-aided design engineering, as part of cost-cutting measures [11] - Zong Fuli has returned to Wahaha Group, now acting as the president of Hongsheng Beverage Group, while continuing to use the Wahaha brand for sales [12]

Group 1 - The core point of the article is that Zhejiang Securities announced the convening of its board meeting to discuss the election of a new chairman and provided details on its revenue composition for the first half of 2025 [1] - Zhejiang Securities' revenue composition for the first half of 2025 is as follows: futures business accounted for 44.83%, securities brokerage business for 34.81%, investment business for 15.1%, investment banking business for 4.44%, and asset management business for 3.28% [1] - As of the report, Zhejiang Securities has a market capitalization of 53.1 billion yuan [1] Group 2 - A notable transaction was reported where a well-known brand spent 170 million yuan to acquire 2,000 shares of a target company with a registered capital of only 10,000 Hong Kong dollars, raising questions about the necessity of the acquisition [1] - The Shanghai Stock Exchange expressed confusion regarding the rationale behind the acquisition due to the significant premium involved [1]

Core Points - Zhejiang Securities has received approval from the Shenzhen Stock Exchange to conduct a pilot program for financing the exercise of stock options for listed companies [1] Group 1 - Zhejiang Securities announced on October 24 that it has received a letter from the Shenzhen Stock Exchange granting permission to carry out a pilot program for financing the exercise of stock options [1]

浙商证券股份有限公司 2025 年第三次临时股东会 会议资料 浙商证券股份有限公司董事会 二〇二五年十一月 1 2025年第三次临时股东会议程 现场会议时间：2025年11月10日上午09:30 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 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、高管人员回答股东提问 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年第三次临时股东会（以下简称"本次会议"）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、本次会议期间，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、为保证本次会议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"） ...

证券代码：601878 证券简称：浙商证券 公告编号：2025-060 浙商证券股份有限公司 关于召开2025年第三次临时股东会的通知 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 (一)股东会类型和届次 (二)股东会召集人：董事会 (三)投票方式：本次股东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 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 11 月 10 日 09 点 30 分 召开地点：杭州市五星路 201 号浙商证券十一楼会议室 (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会网络投票系统 股东会召开日期：2025年11月10日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 11 月 10 日 至2025 年 11 月 10 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间为股 东会召开当日的交易时间段，即 9:15-9:25，9:30-11: ...

证券代码：601878 证券简称：浙商证券 公告编号：2025-059 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 第三十六次会议于 2025 年 10 月 20 日以书面方式通知全体董事，2025 年 10 月 22 日发出补充通知，于 2025 年 10 月 24 日在浙商证券十一楼会议室以现场结合 通讯表决方式召开。会议应出席董事 9 人，实际出席董事 9 人，其中现场出席董 事 6 人，董事阮丽雅、陈溪俊、金雪军以通讯形式出席。会议的召开符合《公司 法》和《公司章程》规定。公司高级管理人员列席会议。 第四届董事会第三十六次会议决议公告 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。 经审议，作出决议如下： 一、审议通过《关于选举公司董事长的议案》 浙商证券股份有限公司 经本次中期调整后，2025 年度捐赠计划金额投入不超过 1,290 万元，较年 初捐赠计划金额增加 95 万元。其中公益性捐赠 685 万元，相较年初增加 130 万 元，救济性捐赠 605 万元，相较年初增加 165 万元 ...

关于获批上市公司股权激励行权融资业务试点的公告 2025 年 10 月 25 日 公司将严格遵守该函的有关要求：（一）强化风险管理：设置差异化的风控 措施、完善客户授信额度管控、强化对标的证券的风险管理和担保物管理、完善 风控措施和指标、明确标的证券退市的业务处置。（二）加强业务管控：充分认 证业务可行性、优化客户适当性管理安排、完善违约处置流程和清算交收及报告 流程。在试点期间，公司将进一步完善股权激励行权融资业务方案，做好信息披 露及技术测试工作，按时报送数据并及时报送重大情况。 证券代码：601878 证券简称：浙商证券 公告编号：2025-061 特此公告。 浙商证券股份有限公司 浙商证券股份有限公司董事会 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。 浙商证券股份有限公司（以下简称"公司"）于近日收到深圳证券交易所《关 于同意浙商证券开展上市公司股权激励行权融资业务试点的函》（深证函〔2025〕 1003 号），同意公司开展上市公司股权激励行权融资业务试点。 ...