Core Insights - The value of brokerage stocks has regained investor attention in the past month, highlighted by the successful auction of 35 million shares of Jinlong Co., which fetched a total price of 4.33 billion yuan, a 15% premium over the starting price [1][2] - The auction saw significant participation, with 531 bids placed, indicating increased interest compared to a previous auction that failed to attract buyers [1][2] - The stock price of Jinlong Co. has risen over 8% since August, with auction participants potentially realizing a floating profit of 20% to 30% based on their acquisition costs [1][2] Auction Details - The auction consisted of 17 lots, with 16 lots starting at 21.573 million yuan each and one lot starting at 32.3595 million yuan [1] - Some lots exceeded their initial auction prices, with notable purchases including 200 million shares sold for 27.673 million yuan, reflecting a 9% premium over the first auction's starting price [2] - The starting price for the second auction was approximately 10.79 yuan per share, with Jinlong Co.'s stock fluctuating between 14 yuan and 16 yuan in the past month, contributing to the competitive bidding [2] Market Participants - Several bidders in the auction are recognized as frequent participants in the A-share judicial auction market, indicating a trend of investors seeking "bargain" opportunities through auctions [3] - Notable bidders include early market players and those who have previously engaged in various judicial auctions, suggesting a shift in strategy from long-term holding to short-term profit-taking [3] - The increasing number of participants in the judicial auction market has led to heightened competition, potentially diminishing the cost-effectiveness of such investments [3]

本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 广东锦龙发展股份有限公司（下称"公司"）于 2025 年 8 月 5 日披露了《关于股东股份被第二次司法拍卖的提示性公告》（公告编 号：2025-48），公司控股股东东莞市新世纪科教拓展有限公司（下 称"新世纪公司"）所持有的合计 35,000,000 股股份于 2025 年 8 月 （http://sf.taobao.com）进行公开拍卖（第二次拍卖）。 根据淘宝网司法拍卖网络平台发布的《网络竞价成功确认书》： 台开展的"东莞市新世纪科教拓展有限公司名下持有的上市公司股 票 200 万股及孳息（包 1） （证券简称：锦龙股份，证券代码：000712） 证券代码：000712 证券简称：锦龙股份 公告编号：2025-51 广东锦龙发展股份有限公司 一、本次司法拍卖的竞价结果 项目公开竞价中，以最高应价胜出。 该标的网络拍卖成交价格：?25073000（贰仟伍佰零柒万叁仟元） 台开展的"东莞市新世纪科教拓展有限公司名下持有的上市公司股 票 200 万股及孳息（包 2） （证券简称：锦龙股份，证券代码：000712， ...

证券代码：000712 证券简称：锦龙股份 公告编号：2025-51 广东锦龙发展股份有限公司 关于股东股份被第二次司法拍卖的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 广东锦龙发展股份有限公司（下称"公司"）于 2025 年 8 月 5 日披露了《关于股东股份被第二次司法拍卖的提示性公告》（公告编 号：2025-48），公司控股股东东莞市新世纪科教拓展有限公司（下 称"新世纪公司"）所持有的合计 35,000,000 股股份于 2025 年 8 月 25 日 10 时至 2025 年 8 月 26 日 10 时止在淘宝网司法拍卖网络平台 （http://sf.taobao.com）进行公开拍卖（第二次拍卖）。 一、本次司法拍卖的竞价结果 根据淘宝网司法拍卖网络平台发布的《网络竞价成功确认书》： 1．用户姓名魏巍通过竞买号 Q8338 于 2025/08/26 在阿里资产平 台开展的"东莞市新世纪科教拓展有限公司名下持有的上市公司股 票 200 万股及孳息（包 1）（证券简称：锦龙股份，证券代码：000712）" 项目公开竞价中，以最高应价胜出。 ...

8月26日上午12时，经过多名竞拍者激烈竞逐，锦龙股份3500万股股权第二次司法拍卖结果正式出炉。本次拍卖的17个标的物全部达成交易，分别由6位竞 买人竞得。其中，竞买号D3200拍下900万股股份。 与首轮流拍和20天前刚上架时无人问津的冷清不同，锦龙股份3500万股股权二次拍卖出现多名竞拍者出手竞价的"反转"一幕。经记者统计，本次拍卖累计 竞价531轮，延时509次，最终成交总价高出起拍价超5000万元。 这是锦龙股份年内第四次走上拍卖台，也是拍卖进展最顺利的一次。2月18日，首拍涉及新世纪公司200万股及实控人杨志茂6030万股，最终仅新世纪公司 持股以2439.72万元成交，杨志茂所持股份全部流拍。4月25日对前述流拍的6030万股股权重启拍卖，最终有3030万股股权成交，剩余3000万股股权再度流 标；7月7日新世纪公司持有的3500万股股权首拍上架以流拍告终；本次拍卖系该3500万股股权启动二次处置程序。 知名经济学者、工业和信息化部信息通信经济专家委员会委员盘和林向记者表示，锦龙股份这次拍卖遇到了股市行情向好，而锦龙股份下属资产中以券商 资产为主，在当前行情之下券商往往是最值钱的，因此股份拍卖竞 ...

淘宝司法拍卖网站显示，上述股份由锦龙股份控股股东东莞市新世纪科教拓展有限公司持有，为第二轮 司法拍卖，此前一拍在7月初流拍。3500万股被拆成17个标的进行拍卖，其中有16个标的为200万股，1 个标的为300万股，起拍价合计超过3亿元。 17个标的共吸引88人次报名，合计出价531次。根据网络竞价成功确认书，自然人王梓旭以近1.10亿元 的成交价竞得900万股；自然人张寿春以合计9859.2万元的成交价竞得800万股；自然人陈学庚以合计 7641.9万元的成交价竞得600万股；自然人魏巍以合计7161.9万元的成交价竞得600万股；自然人顾斌以 合计4924.6万元的成交价竞得400万股；自然人盛伟丽以合计2767.3万元的成交价竞得200万股。 人民财讯8月26日电，8月26日13:03锦龙股份（000712）3500万股司法拍卖结束，这笔司法拍卖原计划 于当天10:00结束，但竞买人出价激烈，司法拍卖延时约2小时才全部结束。 ...

Market Overview - The A-share market experienced a sudden decline in the afternoon, with the Shanghai Composite Index dropping over 0.2% before recovering slightly, while the Shenzhen Component and ChiNext indices fell [2] - The trading volume in the Shanghai and Shenzhen markets exceeded 2 trillion yuan for the first time this year, marking the seventh consecutive trading day of such volume [2] Sector Performance - Securities stocks collectively faced a pullback, with notable declines including Changcheng Securities down over 6% and Hato Securities down over 5% [2][3] - Several high-priced stocks hit the daily limit down, including Lianhuan Pharmaceutical and Zhongdian Xindong, with others like Shunlian Bio and Sainuo Medical dropping over 8% [4] Banking Sector - In contrast, bank stocks showed strength in the afternoon, with Agricultural Bank of China and Postal Savings Bank reaching new historical highs during the session [2] Hong Kong Market - The Hang Seng Index fell over 0.5%, and the Hang Seng Tech Index dropped more than 1% [6] - AAC Technologies Holdings (02018.HK) saw a rapid decline of over 14% following the release of its interim results, despite reporting a revenue of 13.32 billion yuan, a year-on-year increase of 18.4% [6][8] Company Performance - AAC Technologies reported a gross margin of 20.7%, down 0.8 percentage points year-on-year, attributed to changes in product mix, while net profit attributable to shareholders increased by 63.1% to 876 million yuan due to improved profitability in optical business and rapid growth in precision structural components [8] - CICC noted that the overall valuation level of A-shares remains reasonable, but the rapid increase in trading volume may lead to short-term volatility [8]

Group 1 - The company Jinlong Co., Ltd. announced the convening of its 19th temporary board meeting on August 19, 2025, to review the proposal for loan extension and other documents [2] - For the fiscal year 2024, the revenue composition of Jinlong Co., Ltd. is as follows: Securities investment business accounts for 52.08%, securities brokerage business for 42.76%, structured entity business for 21.98%, margin trading business for 14.13%, futures brokerage business for 10.63%, and investment banking business for 5.72% [2]

第十届董事会第十九次（临时）会议决议公告 证券代码：000712 证券简称：锦龙股份 公告编号：2025-50 广东锦龙发展股份有限公司 本次股权质押办理完毕后，公司质押所持东莞证券的股权比例不 会超过所持东莞证券股权比例的 50%。 广东锦龙发展股份有限公司董事会 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 二〇二五年八月十九日 广东锦龙发展股份有限公司（下称"公司"）第十届董事会第十 九次（临时）会议通知于 2025 年 8 月 18 日以书面结合通讯的形式发 出，会议于 2025 年 8 月 19 日以现场结合通讯方式在公司会议室召开。 会议应出席董事 9 人，实际出席董事 9 人，公司监事列席会议，会议 由公司董事长张丹丹女士主持，符合《公司法》及《公司章程》的规 定。会议审议通过了《关于借款展期的议案》。同意 9 票，反对 0 票， 弃权 0 票。 本议案在董事会审议权限内，无需提交股东大会审议。 特此公告。 公司董事会同意将公司向广东华兴银行股份有限公司（下称"华 兴银行"）的 10 亿元借款展期一年，公司共以所持东莞证券 8,000 万 股股 ...

Core Viewpoint - The A-share market is experiencing a bullish trend supported by three positive signals: improved market liquidity, enhanced economic fundamentals, and supportive policies [4][10][11]. Group 1: Market Performance - A-shares collectively rose today, with over 4,600 stocks increasing in value, and the ChiNext Index gaining over 2% [1][2]. - The Shanghai Composite Index is approaching the 3,700-point mark, reflecting a strong upward movement in the market [2][10]. - The trading volume in the two markets has exceeded 2 trillion yuan for three consecutive days, reaching 2.24 trillion yuan [4]. Group 2: Driving Factors - The brokerage sector, often referred to as the "bull market flag bearer," surged over 3%, with Longcheng Securities hitting the daily limit for three consecutive days [5][7]. - The market is characterized by a diverse participation of funds, including leveraged funds, insurance funds, institutional funds, and foreign capital, contributing to a more sustainable market rally [11]. - Economic fundamentals are improving, with GDP growth of 5.3% year-on-year in the first half of the year, which is 0.3 percentage points higher than the full-year growth rate of 2024 [14]. Group 3: Investment Strategies - Investors are advised to focus on three main sectors: brokerage, technology, and consumer sectors, as they present significant investment opportunities [18][19]. - The brokerage sector is highlighted for its potential due to low valuations and increased earnings elasticity [18]. - The technology sector is recognized as a core driver of economic development, while the consumer sector is expected to benefit from new policies aimed at stimulating spending [19]. Group 4: Fund Recommendations - Suggested funds for investment include those focused on brokerage, technology, and consumer sectors, such as the Tianhong CSI All-Share Securities Company ETF and the Huaxia National Standard Semiconductor Chip ETF [22][23].

8月15日，A股市场全天震荡反弹，创业板指领涨。板块层面，券商板块集体活跃，长城证券再度涨停 实现三连板，天风证券涨停，东方财富、中银证券涨超8%，湘财证券、锦龙股份、中信证券等个股跟 涨。 西部证券非银团队表示，风险偏好改善、增量资金持续入市有望进一步打开券商各业务成长空间。流动 性宽松和政策有为背景下，该团队谈到坚定看好资本市场趋势性向上和风险偏好提升下券商股的配置机 会，建议积极布局。 （文章来源：21世纪经济报道） ...