Core Points - The company announced a cash dividend of 0.1 yuan per share for the fiscal year 2024, approved at the annual shareholders' meeting on June 26, 2025 [1][2][4] Distribution Plan - The dividend distribution is for the fiscal year 2024 [2] - Eligible shareholders are those registered with the China Securities Depository and Clearing Corporation Limited Shanghai Branch as of the close of trading on the day before the equity registration date [2] - The company will distribute 1.00 yuan in cash dividends for every 10 shares held, excluding shares in the repurchase account [3][4] Calculation of Ex-Dividend Price - The ex-dividend reference price will be calculated as: (previous closing price - cash dividend) / (1 + change in circulating shares ratio) [4][6] - The virtual cash dividend per share is approximately 0.10 yuan based on the total shares eligible for distribution [4] Implementation Details - Cash dividends will be distributed through the China Securities Depository and Clearing Corporation's clearing system to eligible shareholders [6] - Shareholders who have not completed designated trading will have their dividends held by the clearing company until the trading is completed [6] Taxation Information - Individual shareholders holding shares for over one year will not be subject to personal income tax on dividends, while those holding for less than one year will have taxes withheld upon stock transfer [9] - For qualified foreign institutional investors (QFII), a 10% withholding tax will apply, resulting in a net dividend of 0.09 yuan per share [10] - Hong Kong investors will also face a 10% withholding tax, with a net dividend of 0.09 yuan per share [11]

Core Points - The company has approved a cash dividend of 0.1 yuan per share for its A shares, as decided in the 2024 annual shareholders' meeting held on June 26, 2025 [1] - The dividend distribution will be based on the total share capital minus the shares held in the company's repurchase account, with a distribution ratio of 1.00 yuan for every 10 shares held [1][2] - The ex-dividend date is set for August 19, 2025, with the record date being August 18, 2025 [2] Dividend Distribution Details - The cash dividend will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, as of the close of trading on the record date [1][2] - The reference price for the ex-dividend will be calculated as the previous closing price minus the cash dividend, with no change in the circulating shares [2] - The company will not distribute dividends for shares held in the repurchase account [1][3] Taxation Information - For individual shareholders holding shares for over one year, the cash dividend income is exempt from personal income tax, resulting in a net distribution of 0.10 yuan per share [4] - For shares held for one month or less, a 20% tax will be applied, while shares held between one month and one year will incur a 10% tax [4][5] - For qualified foreign institutional investors (QFII), a 10% withholding tax will be applied, resulting in a net distribution of 0.09 yuan per share [5][6] Contact Information - For inquiries regarding the dividend distribution, shareholders can contact the board office of Zhejiang Merchants Securities Co., Ltd. at 0571-87901964 [6]

Core Viewpoint - The report from Zheshang Securities indicates that the A-share market is currently experiencing its first "systematic slow bull" since 2005, driven by improved risk appetite and declining risk-free interest rates, alongside China's rise and advantages [1][3]. Historical Context - Since the initiation of the stock reform in April 2005, the A-share market has undergone four bull markets, with the first three being "systematic bull markets" characterized by steep upward slopes, while the fourth was a "structural bull market" with a gentler slope. The fifth bull market is expected to commence in 2025 [2]. Macro Factors - The combination of enhanced risk appetite and declining risk-free interest rates is fostering a "systematic bull market." Key factors include supportive policies, a stable response to trade tensions, and recognition of China's military capabilities. Additionally, the significant drop in risk-free interest rates is likely to attract new capital into the A-share market [3]. Technical and Quantitative Factors - The report highlights four key factors supporting the "systematic slow bull": the stable appreciation of the RMB against the USD, the upward trend of the Shanghai Composite Index, the "rolling peak" structure of the index, and the divergence in sector performance, indicating a unique "systematic slow bull" [4]. Investment Recommendations - The investment strategy suggests a "1+X" allocation approach focusing on "big finance + broad technology" to enhance success rates, while also considering undervalued real estate and engineering machinery for higher returns. Additionally, it recommends focusing on innovative pharmaceuticals and renewable energy with external advantages, as well as banks that serve as defensive "ballast" [5].

（编辑 任世碧） 证券日报网讯 8月11日晚间，浙商证券发布2024年年度权益分派实施公告称，公司2024年年度权益分派 方案为A股每股现金红利0.1元（含税），股权登记日为2025年8月18日，除权（息）日为2025年8月19 日。 ...

Group 1 - The article presents the rankings of various securities firms in different research categories as part of the 23rd New Fortune Best Analyst Awards [1][2][3] - The rankings are based on a phased statistical result as of August 11, indicating that they are not final [1][2] - The categories include macroeconomic research, strategy research, fixed income research, and sector-specific research such as real estate, food and beverage, and healthcare [1][2][3][4] Group 2 - In the macroeconomic research category, the top firms include GF Securities, Huachuang Securities, and Shenwan Hongyuan Securities [1] - For strategy research, the leading firms are CITIC Securities, GF Securities, and Shenwan Hongyuan Securities [2] - In fixed income research, the top firms are Huatai Securities, Shenwan Hongyuan Securities, and GF Securities [3] Group 3 - The rankings for specific sectors show that in real estate, the top firms are Longjiang Securities, Shenwan Hongyuan Securities, and GF Securities [6] - In the food and beverage sector, the leading firms are GF Securities, Shenwan Hongyuan Securities, and CITIC Securities [9] - For healthcare, the top firms include Industrial Securities, CITIC Securities, and Tianfeng Securities [7]

Core Insights - Zhejiang Zheshang Securities Asset Management Co., Ltd. announced the appointment of Chen Gujun to the management of the Zheshang Huijin Emerging Consumption Fund, while former manager Ye Fangqiang has stepped down [1] Fund Performance - The Zheshang Huijin Emerging Consumption Fund was established on May 29, 2020, and during Ye Fangqiang's tenure of 2.72 years, the total return was 13.79%, with an annualized return of 4.88%, ranking 501 out of 2097 in its category [1] - As of August 8, 2025, the total scale of the Zheshang Huijin Emerging Consumption Fund is 0.23 billion, with a year-to-date return of 15.25% and a total return of 12.81%, resulting in a cumulative net value of 1.1823 yuan [1]

Quantitative Models and Construction Methods 1. Model Name: Multivariate CNN-LSTM - **Model Construction Idea**: The model leverages the advantages of CNN and LSTM in different scenarios to predict multiple parallel financial time series by considering the correlation between them[12][14]. - **Detailed Construction Process**: - **General Structure**: The model consists of an input layer, a one-dimensional convolutional layer, a pooling layer, an LSTM hidden layer, and a fully connected layer to produce the final prediction results[14]. - **Formula**: $$ {\hat{x}}_{k,t+h}=f_{k}(x_{1,t},\dots,x_{k,t},\dots,x_{1,t-1},\dots,x_{k,t-1},\dots) $$ This formula indicates that each variable depends not only on its past values but also on the past values of other variables[11]. - **Hyperparameters**: - Number of convolution filters: 64 - Convolution kernel size: 2 - Use of padding: Yes - Pooling layer window size: (2,2) - Number of hidden units in the first LSTM layer: 128 - Number of hidden units in the second LSTM layer: 128 - Activation method between LSTM layers: ReLU - Time series look-back window: 10 - Number of training epochs: 100[20] - **Evaluation Metric**: Root Mean Square Error (RMSE) $$ RMSE={\sqrt{\frac{1}{n}\sum_{i}({\hat{y_{i}}}-y_{i}\,)^{2}}} $$ where \( y_i \) represents the standardized index price, and \( \hat{y_i} \) represents the CNN-LSTM prediction value[21]. - **Model Evaluation**: The model achieved good tracking and high accuracy in predicting multiple parallel financial time series, similar to the performance in predicting stock indices in the Asia-Pacific market[14][17]. 2. Model Name: Grouped Multivariate CNN-LSTM - **Model Construction Idea**: To improve prediction accuracy, the industry indices are grouped based on investment attributes, and a separate prediction model is constructed for each group[26][27]. - **Detailed Construction Process**: - **Grouping**: The industry indices are divided into six groups: Consumer and Medicine, Upstream Resources and Materials, High-end Manufacturing, Real Estate and Infrastructure, Big Tech, and Big Finance[27]. - **Model Structure**: Each group of industry indices is predicted using a separate CNN-LSTM model, as shown in the general structure diagram[28]. - **Evaluation Metric**: The prediction accuracy is evaluated using RMSE, similar to the original model[33]. - **Model Evaluation**: Grouping and training different CNN-LSTM sub-models for each industry group improved the prediction accuracy, especially for industries with previously low prediction accuracy[30][32]. Model Backtesting Results 1. Multivariate CNN-LSTM Model - **Prediction Error (Training Phase)**: 1.52% to 3.18%[23] - **Prediction Error (Testing Phase)**: 1.56% to 3.30%[23][25] 2. Grouped Multivariate CNN-LSTM Model - **Prediction Error (Training Phase)**: 1.49% to 2.60%[33] - **Prediction Error (Testing Phase)**: 1.61% to 2.82%[33] Quantitative Factors and Construction Methods 1. Factor Name: Weekly Industry Rotation Signal - **Factor Construction Idea**: Use the predicted values from the multivariate CNN-LSTM model to estimate the future weekly returns of industry indices and select the top five industries with the highest expected returns for equal-weight allocation[3]. - **Detailed Construction Process**: - **Prediction**: Predict the future weekly returns of industry indices using the multivariate CNN-LSTM model[34]. - **Allocation**: Every five trading days, select the top five industries with the highest expected returns for equal-weight allocation[35]. - **Training**: Retrain the model at the beginning of each quarter using an extended window of historical data from March 2014 to the training point[35]. - **Factor Evaluation**: The annualized return of the industry rotation portfolio reached 15.6%, with an annualized excess return of approximately 11.6%, and the risk-return characteristics significantly improved compared to the benchmark[3][35]. Factor Backtesting Results 1. Weekly Industry Rotation Signal - **Annualized Return**: 15.6%[38] - **Annualized Volatility**: 25.6%[38] - **Maximum Drawdown**: -27.1%[38] - **Sharpe Ratio**: 0.7[38] - **Longest Drawdown Recovery Time**: 248 days[38]

北京市嘉源律师事务所 关于浙商证券股份有限公司 差异化分红事项的核查意见 ِ 师事务所 豆 旗在 YUAN LAW OFFICES 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 望师雪务所 YUAN LAW OFFICES 北京 BEIJING·上海 SHANGHAJ·深圳 SHENZHEN·香港 HONG KONG·广州 GUANGZHOU·西安 XI'AN 致:浙商证券股份有限公司 北京市嘉源律师事务所 关于浙商证券股份有限公司 差异化分红事项的核查意见 嘉源(2025)-05-261 敬启者: 本所接受浙商证券股份有限公司(以下简称"公司")的委托,就公司 2024年度利润分配涉及的差异化分红(以下简称"本次差异化分红")相关事项 出具本核查意见。 本核查意见依据《中华人民共和国公司法》(以下简称"《公司法》")、 《中华人民共和国证券法》(以下简称"《证券法》")、《上市公司股份回购规则》 (以下简称"《回购规则》")、《上海证券交易所股票上市规则》(以下简称 "《上市规则》")及《上海证券交易所上市公司自律监管指引第 7 号 -- 回购 股份》(以下简称"《回购指引》")等法律、法 ...

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 A 股每股现金红利0.1元 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 | 2025/8/18 | － | 2025/8/19 | 2025/8/19 | 证券代码：601878 证券简称：浙商证券 公告编号：2025-044 浙商证券股份有限公司 2024年年度权益分派实施公告 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 6 月 26 日的2024年年度股东大会审议通过。 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"）登记在册的本公司全体股东。 根据《上海证券交易所上市公司自律监管指引第 7 号——回购股份》第二十二条，上市 公司回购专用账户中的股份，不享有股东大会表决权、利润分配、公 ...

浙商汇金新兴消费成立于2020年5月29日，截至2025年8月8日，其今年来收益率为15.25%，成立来收益 率为12.81%，累计净值为1.7823元。 | 基金名称 | 浙商汇金新兴消费灵活配置混合型证券投资基 | | --- | --- | | | 金 | | 基金简称 | 浙商汇金新兴消费 | | 基金主代码 | 009527 | | 基金管理人名称 | 浙江浙商证券资产管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》 | | 基金经理变更类型 | 兼有增聘和解聘基金经理 | | 新任基金经理姓名 | 陈顾君 | | 共同管理本基金的其他基 | | | 金经理姓名 | | | 离任基金经理姓名 | 叶方弹 | 中国经济网北京8月11日讯今日，浙江浙商证券（601878）资产管理有限公司公告，浙商汇金新兴消费 增聘陈顾君，叶方强离任。 陈顾君历任上海海通证券资产管理有限公司量化研究员，曾任浙江浙商证券资产管理有限公司量化研究 员、基金经理助理、浙商汇金中证转型成长指数型证券投资基金的基金经理；现任浙商汇金量化臻选股 票型证券投资基金、浙商汇金中证A500指数型证券投资基金的基 ...