========= - The "券商金股业绩增强组合" (Broker Gold Stock Performance Enhanced Portfolio) aims to outperform the median of public funds by optimizing the broker gold stock pool[39] - The portfolio uses the偏股混合型基金指数 (Equity-biased Hybrid Fund Index) as its benchmark, with a 90% position last month[39] - The absolute return of the portfolio for the month (2050901-20250930) was -0.55%, with an excess return of -3.50% relative to the偏股混合型基金指数[42] - The absolute return for the year (20250102-20250930) was 33.26%, with an excess return of 1.19% relative to the偏股混合型基金指数[42] - The portfolio ranked in the 43.07% percentile among active equity funds this year (1494/3469)[42] - The annualized return of the portfolio from 2018.1.2 to 2025.6.30 was 19.34%, with an annualized excess return of 14.38% relative to the偏股混合型基金指数[44] - The portfolio consistently ranked in the top 30% of active equity funds each year from 2018 to 2025[44] - The portfolio's performance statistics for each year from 2018 to 2025 are detailed in Table 6[47] - The portfolio's historical performance is illustrated in Figure 12[46] =========

Group 1 - The announcement date for the adjustment of the management fee rate for the Dongzheng Ronghui Cash Manager Money Market Collective Asset Management Plan is October 7, 2025 [4] - Investors can access relevant information through the Dongzheng Ronghui Securities Asset Management Company website and customer service hotline [5] - The collective plan invests in the money market, and the estimated net income per ten thousand shares and the 7-day annualized estimated yield may fluctuate due to market volatility [6][9] Group 2 - The management has the right to adjust subsequent management fees based on the operation of the collective plan and relevant legal documents [6][9] - The announcement emphasizes that investing in money market collective asset management plans does not equate to depositing funds in banks or deposit-type financial institutions [10] - Investors are encouraged to read the asset management contract and prospectus to understand the risk-return characteristics of the investment [10]

证券日报网讯 9月29日晚间，亚泰集团发布公告称，2024年3月27日，公司分别与长春市城市发展投资 控股（集团）有限公司（简称"长发集团"）、长春市金融控股集团有限公司签署了《意向协议》，公司 拟将持有的东北证券股份有限公司（简称"东北证券"）20.81%股份出售给长发集团，拟将持有的东北证 券9%股份出售给长春市金控或其指定的下属子公司。截至本公告披露日，公司就上述重大资产出售事 项同各相关方持续沟通协商，并积极推进尽职调查等相关工作。公司将根据本次交易的进展情况，严格 按照相关法律法规的规定履行有关的决策审批程序和信息披露义务。 （文章来源：证券日报） ...

Core Viewpoint - Northeast Securities has shown a positive stock performance with a year-to-date increase of 8.70% and a recent rise of 2.04% on September 29, 2023, indicating investor confidence and market interest [1]. Financial Performance - As of September 19, 2023, Northeast Securities reported a net profit of 431 million yuan for the first half of 2025, representing a significant year-on-year growth of 225.90% [1]. - The company has cumulatively distributed dividends amounting to 3.429 billion yuan since its A-share listing, with 749 million yuan distributed over the past three years [2]. Stock Market Activity - On September 29, 2023, Northeast Securities' stock price reached 8.50 yuan per share, with a trading volume of 128 million yuan and a turnover rate of 0.65%, resulting in a total market capitalization of 19.894 billion yuan [1]. - The stock has experienced a 1.67% increase over the last five trading days, a 1.85% decrease over the last 20 days, and a 10.97% increase over the last 60 days [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Northeast Securities was 79,900, reflecting a decrease of 1.52% from the previous period, while the average circulating shares per person increased by 1.54% to 29,295 shares [1]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 62.2593 million shares, an increase of 18.7446 million shares from the previous period [2].

Core Viewpoint - The recent "Guiding Opinions on Vigorously Developing Digital Consumption to Co-create a Better Life in the Digital Age" outlines 14 specific tasks aimed at enhancing digital consumption, which is projected to reach 23.8 trillion yuan in 2024, accounting for 44.2% of total consumer spending that year [1][2]. Group 1: Digital Consumption Transformation - Digital consumption is evolving from traditional online shopping to a comprehensive ecosystem that includes digital products, services, content, and channels [2][3]. - The shift from traditional consumption to digital consumption is a strategic response to the challenges faced by conventional markets, such as saturation in the automotive sector and difficulties in the restaurant industry [2][3]. Group 2: Supply and Service Innovations - The guiding opinions emphasize a multi-dimensional supply system, promoting the upgrade of hardware products to smart home solutions and innovative service models like AI in healthcare [4][5]. - The policy supports new retail channels, including instant retail and social e-commerce, aiming for urban-rural coverage and efficiency improvements [4][5]. Group 3: Market Participants and Support - The strategy encourages large enterprises to establish innovation partnerships and supports the development of e-commerce parks, while also providing foundational support for small and medium-sized enterprises [5][6]. - Financial backing is proposed to alleviate the financing challenges faced by small businesses, particularly in rural areas [5][6]. Group 4: Infrastructure and Logistics - The guiding opinions stress the importance of building a robust infrastructure for digital consumption, including smart districts and enhanced logistics systems [6][7]. - Upgrades in payment systems and the expansion of digital currency acceptance are also highlighted to improve user experience [6][7]. Group 5: Societal and Economic Impact - The policy aims to enhance public welfare by addressing issues like the digital divide for the elderly and promoting rural e-commerce [7][8]. - Long-term value creation in the financial market is anticipated through innovative consumption finance products, with potential investment opportunities in sectors like AI and digital culture [7][8]. Group 6: Future Outlook and Challenges - The transformation in digital consumption is expected to reshape economic structures and individual lifestyles, with a clear development path outlined in the guiding opinions [8]. - Challenges such as data security and privacy protection need to be addressed for effective policy implementation, requiring collaboration between government and enterprises [8].

投资者关系活动 类别 特定对象调研 □ 分析师会议 □ 媒体采访 □ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 □ 其他 参与单位名称及 人员姓名 开源证券股份有限公司高超先生、卢崑先生，兴业基金管理有 限公司蒋晨龙先生 时间 2025 年 9 月 25 日 13:30-14:30 地点及形式 腾讯会议 上市公司 接待人员姓名 董事会秘书董曼女士，证券事务代表、证券部总经理刘洋女士， 运营管理部总经理苏健先生，证券部投资者关系工作人员 投资者关系活动 主要内容介绍 1.请介绍一下公司基本情况。 答：公司前身为吉林省证券公司，成立于 1988 年，2007 年在深圳证券交易所上市，是一家拥有全牌照的综合证券服务 商，以"致力于客户成长，成为有规模、有特色、有核心竞争 力的一流现代金融服务商"为长远发展愿景，并确定了"以中 小创新企业投行及财富管理为特色的全能型券商"的公司定位， 坚持"以客户为中心"的服务理念，为企业提供直接融资服务， 为客户投资理财提供全方位、多元化、专业化的金融服务，更 好满足客户日益多样化的财富配置需求。 公司建立了"三地三中心"的业务布局体系，其中以北京 为中心重点发展固定 ...

东北证券股份有限公司 2025 年面向专业投资者公开发行次 东北证券股份有限公司（签章） 年 月 日 2025 9 24 （以下无正文） （本页无正文，为《东北证券股份有限公司 2025 年面向专业投资者公开发行科技创新次级 债券（第五期）在深圳证券交易所上市的公告》之盖章页） 级债券（第五期）在深圳证券交易所上市的公告 根据深圳证券交易所债券上市的有关规定，东北证券股份有限公司 2025 年 面向专业投资者公开次级债券（第五期）符合深圳证券交易所债券上市条件，将 于 2025 年 9 月 24 日起在深圳证券交易所上市，并面向专业投资者中的机构投资 者交易，交易方式包括匹配成交、点击成交、询价成交、竞买成交和协商成交。 债券相关要素如下： | 债券名称 | 东北证券股份有限公司 | 2025 | 年面向专业投资者公开发行次级 | | --- | --- | --- | --- | | | 债券（第五期） | | | | 债券简称 | 25 东北 C5 | | | | 债券代码 | 524430 | | | | 信用评级 | 主体评级 | AAA，本期债券评级 | AA+ | | 评级机构 | 联合资信评估股 ...

Core Viewpoint - HuTongDa Network (09878) is optimizing its business and leveraging AI capabilities, with ample cash on hand for acquiring quality assets, which may lead to revenue recovery and rapid improvement in profitability in the future [1] Group 1: Market Opportunity - The rural consumption space in China is vast, with a projected CAGR of 6.00% for rural retail from 2020 to 2024, outpacing urban growth at 5.57%, indicating a faster recovery in rural consumption [1] - Rural income elasticity is historically higher than urban income, with projected CAGRs of 10.48% for rural and 8.07% for urban disposable income from 2013 to 2024, supported by rural revitalization policies [1] Group 2: Product and Channel Dynamics - The product landscape in the lower-tier market is primarily dominated by fast-moving consumer goods (FMCG), with significant growth in home appliances and 3C products, expected to grow at 18% and 15% respectively in 2024 [2] - The channel structure is mainly composed of small family-run stores, which have flexible costs and annual profits ranging from 200,000 to 500,000, with a net profit margin of approximately 16.7% for durable goods [2] Group 3: Competitive Advantage and Strategy - HuTongDa is focusing on differentiated product categories and a dual-end approach, integrating online and offline services, as well as supply chain and digital services to create a closed-loop advantage [3] - The company is actively removing low-margin product categories while deepening external collaborations and developing its own brands to enhance platform brand strength [3] - AI capabilities are expected to drive significant growth in SaaS business, with AI-related revenue accounting for 20% of total service revenue as of H1 2025, following a comprehensive cooperation agreement with Alibaba Cloud [3]

Core Viewpoint - Northeast Securities reports that Huitongda Network (09878) is optimizing its business and leveraging AI, with ample cash on hand for acquiring quality assets, potentially leading to revenue recovery and rapid profit growth in the future [1] Group 1: Market Opportunity - The rural consumption space in China is vast, with a projected CAGR of 6.00% for rural retail from 2020 to 2024, outpacing urban growth at 5.57%, indicating a faster recovery in rural consumption [1] - Rural income elasticity is historically higher than urban income, with projected CAGRs of 10.48% for rural and 8.07% for urban disposable income from 2013 to 2024, supported by rural revitalization policies [1] Group 2: Product and Channel Dynamics - The product landscape in the lower-tier market is primarily fast-moving consumer goods (FMCG), with significant growth in home appliances and 3C products, expected to grow at 18% and 15% respectively by 2024 [2] - The channel structure is dominated by small family-run stores, which have flexible costs and annual profits ranging from 200,000 to 500,000, with a net profit margin of approximately 16.7% for durable goods [2] Group 3: Competitive Advantage and Strategy - Huitongda's strategy includes a differentiated product offering and a dual-channel approach, creating a closed-loop advantage through online and offline integration, as well as supply chain and digital services [3] - The company is actively removing low-margin products while deepening external partnerships and developing its own brands to enhance platform brand strength [3] - AI empowerment is expected to drive significant growth in SaaS business, with AI-related revenue accounting for 20% of total service revenue as of H1 2025, following a comprehensive cooperation agreement with Alibaba Cloud [3]

Core Viewpoint - Northeast Securities has given a "buy" rating to Weigao Group (01066) following its successful acquisition of MDSAP certification, which will facilitate the international expansion of its products [1] Group 1: Company Performance and Projections - The company is a leading provider of comprehensive medical system solutions in China, focusing on platformization, internationalization, and digitalization to maintain its market leadership [1] - Revenue projections for Weigao Group are estimated at 135.41 billion, 149.60 billion, and 163.01 billion yuan for the years 2025 to 2027, with net profits of 20.76 billion, 23.57 billion, and 26.05 billion yuan respectively, corresponding to PE ratios of 12X, 10X, and 9X [1] Group 2: MDSAP Certification and Product Development - The MDSAP certification is recognized by regulatory bodies in the US, Australia, Brazil, Canada, and Japan, allowing manufacturers to streamline their quality management system audits, thus saving time and resources [2] - The company plans to enhance its product matrix by transitioning from low-cost to high-cost/specialized products, with over 100 new products expected to be approved in the next three years [2] - The orthopedic segment will focus on new materials, regenerative rehabilitation, smart assistance, and 3D printing, particularly in minimally invasive spine and pain management [2] - The company is also expanding its blood management segment, with a projected production capacity of over 100 million blood bags by 2025 and an additional 20 million overseas capacity expected next year [2] Group 3: International Revenue and Acquisitions - In the first half of 2025, the company achieved overseas revenue of 16.24 billion yuan, a year-on-year increase of 3.98%, accounting for 24.44% of total revenue, with significant growth in the US and EMEA regions [3] - Recent acquisitions include Argon, a US interventional device manufacturer, GHC Healthcare, a medical device distributor, and Radsource, a blood irradiation device manufacturer, which have been integrated to enhance synergies [3]