Ernst & Young Hua Ming LLP Level 16, Ernst & Young Tower Oriental Plaza, 1 East Chang An Avenue Dongcheng District Beijing, China 100738 安永华明会计师事务所（特殊普通合伙） 中国北京巿东城区东长安街 1 号 东方广场安永大楼 16 层 邮政编码: 100738 Tel 电话: +86 10 5815 3000 Fax 传真: +86 10 8518 8298 ey.com 就上海证券交易所 《关于对方正证券股份有限公司 2024 年年度报告的信息披露监管问询函》 第 1-5 项涉及财务报表项目问询意见的专项说明 上海证券交易所： 安永华明会计师事务所（特殊普通合伙）（以下简称"我们"）接受委托，审计了方正证 券股份有限公司（以下简称"方正证券"或"公司"）2024 年度按照企业会计准则编制的财 务报表，并于 2025 年 3 月 28 日出具了编号为安永华明(2025)审字第 70023021_A01 号的 无保留意见审计报告。 按照企业会计准则的规定编制财务报表是公司管理 ...

证券代码：601901 证券简称：方正证券 公告编号：2025-023 方正证券股份有限公司 关于 2024 年年度报告的信息披露监管问询函的回复公告 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。 公司收到了上海证券交易所《关于方正证券股份有限公司 2024 年年度报告 的信息披露监管问询函》（上证公函【2025】0624 号）。公司高度重视，会同 年审会计师安永华明会计师事务所（特殊普通合伙）（简称"年审会计师"）对 问询函提及的事项逐项认真核实，现将有关问题回复如下 1： 一、关于金融资产投资。年报显示，截至报告期末，公司持有的交易性金 融资产、其他债权投资、其他权益工具投资和衍生金融资产等各类金融投资合 计 1,136.64 亿元，同比增长 14.54%。公司本期实现投资净收益和公允价值变动 净收益合计 13.49 亿元，同比下降 13.91%；其中交易性金融资产确认公允价值 损失 6.49 亿元，衍生金融工具确认投资损失和公允价值变动损失合计 14.75 亿 元。请公司核实并补充披露： （1）公司相关金融资产投资的具 ...

Core Viewpoint - China National Building Material (CNBM) is expected to see revenue growth from 2025 to 2027, with projected revenues of 191.22 billion, 199.33 billion, and 207.00 billion yuan, representing year-on-year growth rates of +5.5%, +4.2%, and +3.8% respectively. Net profit attributable to shareholders is forecasted to be 4.12 billion, 4.89 billion, and 5.48 billion yuan, with year-on-year growth rates of +72.4%, +18.7%, and +12.1% respectively, leading to corresponding PE ratios of 6.7, 5.7, and 5.1. The report initiates coverage with a "Buy" rating [1][2]. Group 1: Company Overview - CNBM is a state-owned enterprise under the State-owned Assets Supervision and Administration Commission, and it is the largest non-metallic materials platform in China, with a strategic shift towards new materials and related capital investments [2]. - In 2024, CNBM reported revenues of 181.3 billion yuan (down 13.8% year-on-year) and a net profit of 2.39 billion yuan (down 38.2% year-on-year) [2]. Group 2: New Materials Segment - The new materials segment generated 48.5 billion yuan in revenue in 2024 (up 1.9% year-on-year) and contributed significantly to the company's profit, with a net profit of 2.61 billion yuan (down 23.8% year-on-year) [3]. - The segment is structured into three tiers: 1) Mature industries contributing over 85% of revenue, including gypsum board and fiberglass, with gypsum board holding a market share of over 60% [3]. 2) Emerging industries like lithium battery separators and carbon fiber, which are rapidly growing despite recent revenue declines [3][4]. 3) Cutting-edge technologies such as silicon nitride ceramic balls, which enhance product performance in high-tech applications [4]. Group 3: Financial Performance and Strategy - The basic building materials segment, while under pressure from low demand and overcapacity, is expected to recover, with revenues of 91.1 billion yuan in 2024 (down 23% year-on-year) and a net loss of 0.825 billion yuan [6]. - The company is implementing cost reduction strategies and expanding internationally, with overseas cement sales increasing by 15% year-on-year in 2024 [6]. Group 4: Engineering Services - The engineering services segment achieved revenues of 45.5 billion yuan in 2024 (up 0.8% year-on-year) and a net profit of 1.407 billion yuan (down 3.1% year-on-year), maintaining a strong market position [7]. - The company secured new orders worth 63.4 billion yuan in 2024, with a significant portion coming from international markets, which helps mitigate domestic demand pressures [7]. Group 5: Capital Expenditure and Shareholder Returns - CNBM's capital expenditure decreased to 23.5 billion yuan in 2024 (down 23.1% year-on-year), with a focus on new materials and international expansion [8]. - The company maintains a high dividend policy, with a cash dividend rate of over 50% in 2024, corresponding to a dividend yield of 4.81% [8].

Group 1: Management Changes - Yuan Yuping, Vice President of Founder Securities, resigned from his position due to personal reasons, marking a significant change in the company's executive team [1] - Recent management changes include the resignation of President He Yagang due to retirement age and the appointment of Jiang Zhijun as the new president [1][2] - The company has experienced frequent personnel adjustments and asset restructuring over the past two years, indicating a turbulent management environment [1][2] Group 2: Asset Sales - Founder Securities is actively selling assets, including a 49% stake in Credit Suisse for 885 million yuan, which is a decrease from the previously agreed price of 1.14 billion yuan [4][2] - The sale of the Zhengzhou Yuda International Trade Building for 730 million yuan represents a significant loss compared to its book value of 1.249 billion yuan, reflecting a decline of 473 million yuan [5][6] - The company aims to focus on its core business and improve cash flow through these asset sales, which are part of a broader strategy to enhance capital efficiency [6] Group 3: Financial Performance - In 2023, Founder Securities reported a revenue of 7.119 billion yuan, a year-on-year decrease of 8.4%, while net profit slightly increased by 0.21% to 2.152 billion yuan [6] - The financial outlook improved in 2024, with revenues rising to 7.718 billion yuan, an increase of 8.42%, and net profit reaching 2.207 billion yuan, up by 2.55% [6] - Wealth management and investment trading businesses showed significant growth, with revenues of 5.664 billion yuan and 2.496 billion yuan, respectively, marking increases of 12.84% and 127.88% [6] Group 4: Challenges in Investment Banking - The asset management and investment banking sectors are facing significant challenges, with asset management revenue dropping to 134 million yuan, a decrease of 82.18%, and investment banking operations reporting losses [7] - The company has faced scrutiny from the China Securities Regulatory Commission due to inadequate due diligence and internal management issues, which have undermined market confidence in its capabilities [8] - The competitive landscape in investment banking has intensified, with a scarcity of quality project resources and stricter regulatory standards impacting project approvals [9] Group 5: Potential Mergers and Acquisitions - Following the acquisition of Founder Securities by New Founder Group, which is controlled by China Ping An, there are concerns about overlapping business operations with Ping An Securities [9][10] - The regulatory body has mandated that Founder Securities address the issue of competition with Ping An Securities within a year and complete rectification within five years [10] - There is speculation about a potential merger between Founder Securities and Ping An Securities, although no concrete plans have been publicly announced [10]

Group 1 - Libet has received approval from the China Securities Regulatory Commission for the issuance of convertible bonds, valid for 12 months [1] - Dinglong plans to acquire an additional 8% stake in its subsidiary, increasing its ownership from 91.35% to 99.35% for a total price of 240 million yuan [1] - Longyuan Donggu has been designated as a supplier for a major automotive project, with an expected total sales amount of 450 to 500 million yuan over five years [14] Group 2 - Luoniushan reported a sales revenue of 100 million yuan in May, a year-on-year decrease of 11.45% [2] - Baoming Technology has secured a loan commitment of up to 7 million yuan for stock repurchase [2] - Xinhua Pharmaceutical has received approval for the listing of a new chemical raw material used in treating chronic heart failure and hypertension [3] Group 3 - China Minmetals announced a new contract amount of 396 billion yuan for the first five months of the year, a decrease of 22.2% year-on-year [7] - Zhongbei Communication's application for a specific stock issuance has been accepted by the Shanghai Stock Exchange [8] - Rongfa Nuclear Power plans to issue bonds not exceeding 1 billion yuan to repay debts and supplement working capital [9] Group 4 - Phoenix Optical plans to invest 8.5 million USD to establish a wholly-owned subsidiary in Vietnam for manufacturing optical products [11] - Xiamen Airport reported a passenger throughput of 2.4752 million in May, a year-on-year increase of 8.34% [12] - Weilan Biological has received a new veterinary drug registration certificate for a product aimed at treating canine allergies and inflammation [13] Group 5 - Shouxiangu has completed the registration of a health food product that claims to enhance immunity [13] - Xingye Yinxin's subsidiary has passed a resource reserve verification report, confirming significant mineral reserves [16] - Shaanxi Construction has won two major projects with a total contract value exceeding 2.8 billion yuan [18] Group 6 - Huari received a cash dividend of 50 million yuan from its subsidiary [20] - Zhongchu's deputy general manager has resigned due to governance arrangements [21] - Kexin Pharmaceutical's core product has received breakthrough therapy designation from the National Medical Products Administration [39]

智通财经APP获悉，方正证券发布研报称，2024年以来国家大力推行低空经济规划发展，顶层与地方政 策共振推动相关规划不断完善，各省市明确基建规模、航线规划、应用场景、制造建设等目标，兑现期 从2025年至2030年不等。2025年将有望成为低空经济从前期规划转向产业落地的元年，而产业进入落地 阶段的前提则是相对完善的新数字基建布局，包括低空智联网、空管平台及外围设施、起降站点等。 应用端：无人机物流产业化将至，文旅/通勤场景打开新空间 2025年5月20日，发改委在新闻发布会上指出要按照先载货后载人、先隔离后融合、先远郊后城区的原 则，稳妥推进低空旅游、航空运动、消费级无人机等低空消费发展。同时，《交通物流降本提质增效行 动计划》指出要积极发展无人机配送等商业化应用。 目前美团第四代无人机通过民航局审查，获得全国首张低空物流全境覆盖运营合格证，头部厂商已开始 常态化运营。合肥、自贡、成都、上海、北京等城市已启用无人机进行低空医疗物品等物流配送，无人 机物流已成为目前最成熟的低空应用场景，巡检、测绘等相似的消费级低空无人机应用场景也有望加速 落地，对基建的需求将快速上升。在全国首个eVTOL运营许可证下发的背景 ...

证券代码：601901 证券简称：方正证券 公告编号：2025-022 方正证券股份有限公司 关于高级管理人员离任的公告 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。 根据相关法律法规及公司《章程》的规定，袁玉平先生的离任自辞职报告送 达董事会之日起生效。袁玉平先生已确认与公司董事会无任何意见分歧，且无任 何与离任有关的事项须提请公司股东注意，其辞去高级管理人员职务不会对公司 经营产生不利影响。 特此公告。 方正证券股份有限公司董事会 2025 年 6 月 11 日 公司董事会收到执行委员会委员、副总裁袁玉平先生递交的书面辞职报告， 袁玉平先生因个人原因申请辞去公司执行委员会委员、副总裁职务。 二、离任对公司的影响 一、高级管理人员离任情况 姓名 离任职务 离任时间 原定任期 到期日 离任原因 是否继续在上 市公司及其控 股子公司任职 具体职务 是否存在未 履行完毕的 公开承诺 袁玉平 执行委员会 委员、副总裁 2025 年 6 月 10 日 2026 年 6 月 7 日 个人原因 是 其他 否 ...

Group 1 - The core viewpoint of the news highlights the recent surge in the rare earth permanent magnet sector, driven by export control measures and market dynamics [1][2] - The A500 Index ETF (159351) has shown a positive performance, with a 0.62% increase and a trading volume exceeding 2 billion yuan, indicating strong investor interest [1][2] - The rare earth industry is experiencing a supply tightening and price stabilization, with expectations for moderate price increases benefiting equity sector profitability [2] Group 2 - The A500 Index ETF closely tracks the CSI A500 Index, which includes 500 representative stocks across various industries, balancing large-cap stocks with core industry leaders [2] - The A-share market is seen as having the potential for a bull market, driven by increasing household asset allocation towards equities and improvements in corporate governance and shareholder returns [3] - The overall profitability of Chinese enterprises is expected to rise, with a historical supply clearing cycle anticipated, indicating a shift towards higher value sectors [3]

Group 1: Investment Opinions on Innovation Drugs - Rongtong Fund's Wan Minyuan expressed skepticism about the innovation drug sector, claiming that most data pertains to 3-5 years in the future and that many companies are still in early clinical stages or preclinical, suggesting a significant bubble compared to previous CXO bubbles [1] - In contrast, a well-known private equity figure, "Chen Yingzhang," argued that the current wave of innovation drugs represents a historic reversal, with potential for leading companies to create world-class drugs and generate substantial wealth [1] Group 2: Mid-Year Strategy Meetings by Securities Firms - Major securities firms, including Huatai Securities and Guotai Junan, held mid-year strategy meetings, indicating a positive outlook for the A-share market in the second half of the year, with a consensus on the technology sector being favored [2][3] - Analysts from Huatai Securities noted that the valuation repair of Chinese assets is ongoing, with expectations that the A-share market will outperform overseas markets [2] Group 3: Investment Strategies and Opportunities - Guotai Junan's strategy chief highlighted a clearer "transformation bull" market in China, driven by policies aimed at debt resolution, demand stimulation, and asset price stabilization [3] - Investment opportunities identified include financial and high-dividend stocks, emerging technology sectors, and cyclical consumer goods, with a focus on companies with strong dividends and monopolistic advantages [4] Group 4: Company Developments and Financing - Shanghai Jiaqi, a quantitative private equity firm, underwent a change in actual control, with the new controller increasing their stake from 20% to 56%, indicating a strategic shift within the company [5] - Guoao Technology announced the completion of several million yuan in Series A financing, aimed at expanding production capacity and accelerating product development in high-end semiconductor and robotics sectors [5][6] - Shengwei Technology, a virtual machine developer, secured nearly 100 million yuan in funding to enhance its technology and market presence, contributing to the development of the domestic operating system ecosystem [7] Group 5: Strategic Partnerships and Initiatives - Renhe Pharmaceutical established a comprehensive strategic partnership with Western Securities, focusing on capital and industry collaboration to explore high-quality development paths [9] - China Merchants Securities launched the first ESG public financial laboratory and a public investment advisory fund, committing over 50% of advisory fees to charitable causes [10]

Group 1 - The core viewpoint of the strategy meetings is a positive outlook for the A-share market in the second half of the year, with a focus on the ongoing valuation recovery of Chinese assets and a preference for technology sectors [1][2][3] - Analysts from Huatai Securities emphasize the importance of China's economic development strategy in response to prolonged trade conflicts, which is expected to enhance consumer income and spending [2][3] - The consensus among various securities firms is that the A-share market is likely to outperform overseas markets, driven by a "transformation bull" market characterized by policy measures aimed at stabilizing asset prices and boosting demand [3][4] Group 2 - The technology sector is highlighted as a key investment focus, with analysts suggesting a "barbell" strategy combining dividend and growth stocks, while also considering opportunities in the consumer sector [5][6] - Citic Securities identifies three long-term trends: the enhancement of China's independent technological capabilities, the European focus on self-reliance in defense and resources, and the acceleration of domestic demand through improved social security [6] - The Hong Kong stock market is expected to benefit from the AI narrative, with analysts noting that the technology sector in Hong Kong is well-positioned to capitalize on the ongoing industrial transformation driven by AI advancements [7][8]