Summary of Key Points Core Viewpoint - The announcement details the signing of a supplementary agreement regarding the sale of 85.01% equity in Credit Suisse Securities (China) Limited to Beijing State-owned Assets Management Co., Ltd. The transaction involves a transfer price of 885.0919 million yuan for the 49% stake held by the company [1][2]. Group 1: Equity Transfer Overview - The company has signed an equity sale and purchase agreement to sell its 49% stake in Credit Suisse Securities to Beijing State-owned Assets Management Co., Ltd. for a total consideration of 885.0919 million yuan [1]. - The approval from regulatory authorities has been obtained, allowing Beijing State-owned Assets Management Co., Ltd. to become the major shareholder and actual controller of Credit Suisse Securities [2]. Group 2: Supplementary Agreement Details - The supplementary agreement outlines the arrangements for the delivery and payment, including the requirement for all parties to assist in submitting the business change application for Credit Suisse Securities within five working days after the signing of the agreement [2][3]. - Payment arrangements stipulate that the relevant regulatory accounts can be released to the company's designated bank account following the completion of the change registration and notification to the regulatory bank within three business days [3]. - General claims have a time limit of five years from the date of delivery, with a liability cap not exceeding 75% of the actual consideration received by the company [3].

证券代码：601901 证券简称：方正证券 公告编号：2025-028 方正证券股份有限公司 关于出售瑞信证券49%股权的进展公告 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法律责任。 重要内容提示： 一、本次股权转让概述 2024 年 6 月 24 日，经第五届董事会第七次会议同意，公司与瑞银、北京国资 公司共同签署《股权出售和购买协议》，将公司持有的瑞信证券（中国）有限公司 （简称"瑞信证券"）49%股权出售给北京国资公司，转让对价 88,509.19 万元。 2025 年 3 月 12 日，瑞信证券收到中国证券监督管理委员会（简称"中国证监 会"）《关于核准瑞信证券（中国）有限公司变更主要股东、实际控制人的批复》（证 监许可〔2025〕420 号），该批复核准北京国资公司成为瑞信证券主要股东、实际 控制人，对北京国资公司依法受让瑞信证券 85.01%股权无异议。相关情况详见公 司在《中国证券报》《上海证券报》《证券时报》《证券日报》和上海证券交易所网 站（www.sse.com.cn）披露的相关公告。 协议各方按计划推动瑞信证 ...

证券代码：601901 证券简称：方正证券 公告编号：2025-027 方正证券股份有限公司 第五届董事会第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法律责任。 公司第五届董事会第十六次会议于 2025 年 7 月 21 日以现场加视频的方式在公司 会议室召开。本次会议的通知和会议资料于 2025 年 7 月 15 日以电子邮件方式发出。 本次会议由董事长施华先生召集和主持，应出席董事 9 名，实际出席董事 9 名（施华 先生、张忠民女士、张路先生、曹诗男女士、林钟高先生、柯荣富先生视频参会，姜 志军先生、李岩先生、宋洪军先生现场参会），公司 3 名监事列席了会议。本次会议的 召集、召开程序符合《公司法》、公司《章程》的有关规定。 审议通过了《关于出售瑞信证券 49%股权签署〈补充协议〉的议案》 董事会同意公司与瑞士银行有限公司、北京市国有资产经营有限责任公司签署《关 于瑞信证券（中国）有限公司 85.01%股权之股权出售和购买协议》之《补充协议》。 具体内容详见与本公告同日刊登在《中国证券报》《上海证券报》《证 ...

Core Viewpoint - The company has announced a profit distribution plan that was approved at the annual shareholders' meeting on May 30, 2025, with a cash dividend of 0.0593 yuan per share, totaling approximately 488.16 million yuan [1][2]. Distribution Plan - The profit distribution is based on a total share capital of 8,232,101,395 shares, with a cash dividend of 0.0593 yuan per share (including tax) [2]. - The total cash dividend to be distributed amounts to 488,163,612.72 yuan (including tax) [2]. Dividend Payment Process - Dividends for unrestricted circulating shares will be distributed through the China Securities Depository and Clearing Corporation Limited Shanghai Branch to shareholders registered after the market closes on the record date [3]. - Shareholders who have completed designated transactions can collect their cash dividends at their designated securities business department on the dividend payment date [3]. Taxation Details - For individual shareholders and securities investment funds, dividends are subject to different tax treatments based on the holding period, with a maximum tax rate of 20% for shares held for one month or less [6]. - For Qualified Foreign Institutional Investors (QFII), a 10% corporate income tax will be withheld, resulting in a net cash dividend of 0.05337 yuan per share [7]. - For Hong Kong investors through the Stock Connect, a similar 10% withholding tax applies, with the possibility of applying for tax treaty benefits [7]. Contact Information - For inquiries regarding this equity distribution, shareholders can contact the company's board office during working days at the provided phone number [8].

截至2025年6月30日，方正证券旗下方正证券现金港货币（970116）期末净资产90.01亿元，比上期减少 33.23%，该基金经理为宫健。 日期期间申购（亿份）期间赎回（亿份）期末总份额（亿份）期末净资产（亿元）净资产变动率2025- 06-300.000.010.020.02-24.80%2025-03-310.000.000.020.02-2.54%2024-12-310.000.020.020.02-47.96%2024- 09-300.000.020.040.04-27.77% 数据显示，该基金近3个月收益率0.21%，近一年收益率0.82%，成立以来收益率为3.8%。 来源：金融界 近期份额规模变动情况： 天眼查商业履历信息显示，方正证券股份有限公司成立于1994年10月，位于长沙市，是一家以从事资本 市场服务为主的企业。注册资本823210.1395万人民币，法定代表人为施华。 简历显示，宫健先生:2012年入职民族证券有限责任公司,曾任资产管理业务部固收交易员、固收投资经 理。2016年加入方正证券股份有限公司。现任方正证券股份有限公司证券投资部投资经理(投资主办 人)。现任方正证券股份有限 ...

Core Viewpoint - The significant growth in the securities industry in the first half of the year is driven by three main factors: a strong rebound in proprietary trading, a surge in market trading activity, and the gradual release of policy dividends [1][5][9]. Group 1: Performance Growth - A total of 33 securities firms in the A-share market have disclosed their performance forecasts for the first half of 2025, with 32 firms expecting profit increases, and nearly 40% (12 firms) anticipating growth exceeding 100% [5][7]. - Jianghai Securities reported a net profit of 288 million yuan for the first half of the year, a substantial increase of 1189.53% compared to 22 million yuan in the same period last year [3]. - Among the 30 firms with profit increases, 27 firms reported growth exceeding 50%, 12 firms reported growth exceeding 100%, and 3 firms (Jianghai Securities, Huaxi Securities, and Guolian Ming Sheng) reported growth exceeding 1000% [8]. Group 2: Driving Factors - The three driving factors for the significant performance growth in the securities industry are: 1. A strong rebound in proprietary trading, with a notable increase in equity investment returns due to the recovery of the A-share market since the beginning of the year [9]. 2. A surge in trading activity, with an average daily trading volume exceeding 1.6 trillion yuan and margin financing balances rising to over 1.8 trillion yuan, boosting brokerage and credit business revenues [9]. 3. The gradual release of policy dividends, including the resumption of cross-border investment banking business and the expansion of the STAR Market, which has led to a recovery in investment banking revenues [9]. Group 3: Policy Impact - Since 2025, the securities industry has seen several significant policies aimed at promoting high-quality development, including guidelines for financial instrument valuation and management measures for financial institutions [12]. - The introduction of new regulations is expected to enhance the importance of insurance and bank wealth management products for securities firms, providing new revenue sources and opportunities for wealth management transformation [14][15]. - The policies are expected to create a dual effect of guidance and constraints, requiring firms to enhance specialized services while raising the bar for market entry [14]. Group 4: Market Performance - Despite the widespread positive performance forecasts in the securities industry, the market performance of securities stocks has been relatively subdued, with the securities index only rising by 0.75% as of July 17, compared to a 4.92% increase in the Shanghai Composite Index [17]. - The historical role of securities firms as "bull market leaders" has diminished, with changes in their business models leading to a more stable but less elastic income structure [20].

Summary of Key Points Core Viewpoint - The company has decided not to exercise the early redemption rights of the "Jingyuan Convertible Bonds" based on confidence in its future development and current market conditions, as approved by the board of directors [6][7]. Group 1: Convertible Bond Issuance and Details - The company issued 3.325 million convertible bonds on August 5, 2022, with a term of 6 years and a face value of 100 yuan each, approved by the China Securities Regulatory Commission [1]. - The bonds are listed on the Shanghai Stock Exchange under the name "Jingyuan Convertible Bonds" with the code "118016" [2]. - The initial conversion price was set at 13.93 yuan per share, effective from February 13, 2023 [2]. Group 2: Conversion Price Adjustments - The conversion price was adjusted from 13.90 yuan to 9.82 yuan per share on June 9, 2023, due to the completion of the first vesting period of the 2021 restricted stock incentive plan [2]. - Following further adjustments, the conversion price will be set at 9.79 yuan per share starting February 21, 2024, after the completion of additional vesting procedures [3]. Group 3: Redemption Terms and Conditions - The redemption terms state that the company can redeem the bonds if the stock price exceeds 130% of the conversion price for at least 15 trading days within a 30-day period or if the remaining unconverted bonds are less than 30 million yuan [5]. - As of July 18, 2025, the stock price met the criteria for redemption, with 11 trading days showing a closing price above 12.727 yuan per share [5]. Group 4: Decision Against Early Redemption - The board of directors held a meeting on July 18, 2025, and decided not to exercise the early redemption rights based on the company's confidence in its future prospects and to protect investor interests [6]. - There are no plans for major shareholders or executives to sell "Jingyuan Convertible Bonds" in the six months leading up to the redemption eligibility [6]. Group 5: Compliance and Verification - The underwriting institution confirmed that the decision not to redeem the bonds early complies with relevant regulations and the company's disclosure obligations [6][7].

Group 1 - The glass fiber market is expected to face supply-demand pressure in 2025, but price fluctuations will be limited due to enhanced consensus on price stability among companies [1] - From 2026 onwards, supply-demand relationships are expected to marginally improve as new supply is gradually digested and competition shifts towards high-value areas [1] - Investment strategies in the glass fiber industry will focus on two main lines: stable pricing for mid-to-low-end products and structural opportunities in high-end products like specialty electronic fabrics [1] Group 2 - The demand for glass fiber is projected to grow by 6.4% in 2025, driven by wind power installations and lightweight materials for new energy vehicles, despite a supply growth of 9.3% [2] - The ordinary electronic yarn market is expected to see steady growth, with demand projected at 151,000 tons in 2025 and 159,000 tons in 2026, reflecting a growth rate of 5.4% [3] - The competition in the glass fiber industry is shifting from low-end to high-end, with leading companies like China Jushi focusing on high-value segments and stabilizing cash flow through collaborative pricing strategies [4]

证券代码：601901 证券简称：方正证券 公告编号：2025-026 每股分配比例 A 股每股现金红利0.0593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 | 2025/7/24 | － | 2025/7/25 | 2025/7/25 | 差异化分红送转： 否 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 5 月 30 日的2024年年度股东大会审议通过。 方正证券股份有限公司 2024年年度权益分派实施公告 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法律责任。 重要内容提示： 二、分配方案 1、发放年度：2024年年度 2、分派对象： 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。 3、分配方案： 本次利润分配以方案实施前的公司总股本8,232,101,395股为基数，每股派 ...

Group 1 - Glyphosate is the second most used herbicide globally, with significant market demand growth driven by the ban and restriction of paraquat and increasing resistance issues with glyphosate [1] - Glyphosate has a unique herbicidal mechanism that inhibits the synthesis of glutamine in plants, leading to ammonia accumulation and cell metabolism disruption, establishing its important position in the pesticide market [1] - The global market share for glyphosate is projected to reach $499 million in 2024 [1] Group 2 - China is the largest producer of glyphosate, with a total production capacity of 151,000 tons by 2025, including major producers like Inner Mongolia Lingsheng (75,000 tons) and Shandong Yisheng (24,000 tons) [2] - BASF plans to cease glyphosate production at its Knapsack and Frankfurt facilities by the end of 2024 and 2025, respectively [2] - UPL's production capacity is only 8,000 tons [2] Group 3 - As of July 14, 2025, the average market price for glyphosate raw powder is 43,700 yuan per ton, below the industry cost of 56,900 yuan per ton [3] - Current inventory levels in the glyphosate industry have decreased by 8.94% week-on-week and 27.3% from the year's peak [3] - Demand from regions like South America and Southeast Asia is expected to drive price recovery, with some companies already scheduling orders into late August [3]