证券代码：000728 证券简称：国元证券 公告编号：2025-044 国元证券股份有限公司 关于召开 2025 年第二次临时股东会的通知 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。 一、召开会议的基本情况 1.股东会届次：2025 年第二次临时股东会。 2.股东会的召集人：公司董事会。本公司第十届董事会第二十九次会议已审 议通过关于召开本次会议的议案。 3.会议召开的合法、合规性：本次会议的召开符合有关法律、行政法规、部 门规章、规范性文件、深交所业务规则和《公司章程》等规定。 4.会议召开的日期、时间： （1）现场会议召开日期和时间：2025 年 12 月 15 日（星期一）14:50。 （2）网络投票时间：网络投票系统包括深圳证券交易所交易系统和互联网 投票系统（网址：http://wltp.cninfo.com.cn）。通过深圳证券交易所系统进 行网络投票的时间为 2025 年 12 月 15 日（星期一）上午 9:15-9:25，9:30-11:30， 下午 13:00-15:00；通过深圳证券交易所互联网投票系统进行网络投票的时间为 2025 ...

第十届董事会第二十九次会议决议公告 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。 一、董事会会议召开情况 国元证券股份有限公司（以下简称本公司或公司）第十届董事会第二十九次 会议通知于 2025 年 11 月 23 日以电子邮件等方式发出，会议于 2025 年 11 月 26 日在合肥市以现场结合视频、通讯表决的方式召开，本次会议应出席的董事 14 人，实际出席的董事 14 人，其中左江女士、徐志翰先生、阎焱先生通过视频方 式出席会议；许植先生、于强先生、胡启胜先生、沈春水先生、孙先武先生、王 大庆先生、郎元鹏先生通过通讯表决方式出席会议。本次董事会由董事长沈和付 先生主持，本公司部分高管列席会议。会议的召开符合法律、行政法规、部门规 章、规范性文件和《公司章程》的规定。 证券代码：000728 证券简称：国元证券 公告编号：2025－043 国元证券股份有限公司 二、董事会会议审议情况 本次会议以记名投票的方式审议通过如下决议： （一）审议通过《关于选举公司第十一届董事会非独立董事的议案》。 根据《公司法》《证券基金经营机构董事、监事、高级管理人员及从业人 ...

（文章来源：证券日报） 证券日报网讯国元证券11月25日在互动平台回答投资者提问时表示，公司如有并购重组相关披露事项均 会根据法律法规及时履行信息披露义务。 ...

Investment Rating - The industry investment rating is "In line with the market" [52] Core Insights - The brokerage sector index experienced a range-bound fluctuation in October 2025, with a decline of 0.73%, underperforming the CSI 300 index by 0.73 percentage points [4][7] - The average P/B ratio for the brokerage sector fluctuated between 1.510 and 1.580 times, closing at 1.510 times at the end of October [11] - The overall operating performance of listed brokerages is expected to decline in November 2025, with a forecasted drop to mid-low levels for the year [47][48] Summary by Sections 1. October 2025 Brokerage Sector Review - The brokerage index maintained a range-bound fluctuation with a significant reduction in volatility, closing down 0.73% for the month [4][7] - A total of 42 listed brokerages saw 17 increase in stock prices, with notable gains from Dongxing Securities (10.08%) and Changjiang Securities (6.27%) [8] - The average P/B ratio for the sector was 1.510 times, indicating a slight decrease from previous months [11] 2. Key Market Factors Affecting October 2025 Performance - Increased volatility in equity markets and a rebound in fixed income markets led to a decline in proprietary trading performance [6] - The average daily trading volume in October was 21,640 billion, down 10.5% month-on-month [25] - The margin financing balance reached a historical high of 24,864 billion, reflecting a stable outlook among investors [32] 3. November 2025 Performance Outlook - Proprietary trading is expected to face pressure due to a comprehensive market correction, with a forecasted decline in monthly investment returns [40][43] - The brokerage sector is anticipated to see a slight recovery in brokerage business due to an increase in trading days, despite a decrease in average daily trading volume [44] - The investment banking sector is expected to remain stable, with equity financing slightly declining and debt financing rebounding [46] 4. Investment Recommendations - The brokerage sector index has shown signs of further downward adjustment, with a significant gap from the average valuation since 2016 [48] - It is recommended to focus on leading brokerages with strong wealth management capabilities and those with valuations significantly below the sector average [50]

Core Viewpoint - The Beijing Stock Exchange's listing committee approved the initial public offering (IPO) of Tongling Jingqiang Electronic Technology Co., Ltd. (referred to as "Jingqiang Technology"), marking it as the 81st company approved for listing this year, with 34 approvals from the Beijing Stock Exchange [1] Company Overview - Jingqiang Technology specializes in the research, production, and sales of electromagnetic wires, being one of the main suppliers of aluminum-based electromagnetic wire products in China, primarily focusing on enameled aluminum wire [1] - The company plans to issue up to 20 million shares, with an option to issue an additional 3 million shares through an over-allotment option, bringing the total potential issuance to 23 million shares [2] Fundraising and Projects - Jingqiang Technology aims to raise 33 million yuan (approximately 4.6 million USD) to fund a project for an annual production capacity of 25,000 tons of specialty electromagnetic wire and to supplement working capital [3] Key Questions Raised During Review - The committee inquired about the sustainability of the company's operating performance, requesting an explanation of its competitive advantages in relation to enameled aluminum and copper wires, including product performance, application scenarios, raw material supply, and technological barriers [4] - The committee also questioned the feasibility of the fundraising projects, asking for an assessment of whether the new production capacity aligns with downstream demand and the feasibility of absorbing this new capacity [4]

Core Viewpoint - The number of penalties in the securities industry has increased recently, but the total for the year remains significantly lower than the previous year, with 310 penalties issued so far, representing 61.63% of last year's total [1] Summary by Sections Penalty Statistics - As of November 19, 310 penalties have been issued this year, which is 61.63% of the 503 penalties from the same period last year [1] - In the fourth quarter alone, 37 penalties have been issued, down from 78 in the same period last year [1][4] Types of Violations - The main types of violations in the fourth quarter include: - Employee violations of trading regulations - Breaches of integrity in the workplace - Failures in ongoing supervision - Violations in client solicitation - These categories account for 59.46% of all penalties issued [1][6] Specific Cases - The highest number of penalties was issued to Shanghai Securities, totaling 6, followed by Caixin Securities and Founder Securities with 3 each [5] - Notably, some penalties are linked to "penetrating" regulatory enforcement, where multiple entities within a firm are penalized for the same violation [5] Regulatory Environment - Despite a decrease in total penalties, the regulatory environment remains strict, with a focus on effective enforcement and deterrence against violations [8] - The China Securities Regulatory Commission emphasizes the need for a more resilient and robust market, with improved compliance monitoring and training [9]

Core Points - The stock price of Guoyuan Securities dropped by 2.02% on November 21, reaching 8.23 CNY per share, with a total market capitalization of 35.914 billion CNY [1] - The company reported a net outflow of 28.3247 million CNY in principal funds, with significant selling pressure observed [1] - Guoyuan Securities has seen a year-to-date stock price increase of 1.35%, but has experienced declines of 3.86% over the past five trading days, 9.96% over the past 20 days, and 8.15% over the past 60 days [1] Financial Performance - For the period from January to September 2025, Guoyuan Securities achieved a net profit of 2.015 billion CNY, representing a year-on-year growth of 28.34% [2] - The company reported zero operating revenue for the same period [2] Shareholder Information - As of November 10, 2025, the number of shareholders increased to 92,700, while the average number of circulating shares per person decreased by 1.34% to 47,076 shares [2] - Cumulatively, Guoyuan Securities has distributed 10.655 billion CNY in dividends since its A-share listing, with 2.356 billion CNY distributed over the past three years [3] Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the fourth-largest circulating shareholder, holding 210 million shares, a decrease of 24.9747 million shares from the previous period [3] - The Guotai CSI All-Index Securities Company ETF (512880) was the ninth-largest circulating shareholder, increasing its holdings by 27.2256 million shares to 67.6763 million shares [3]

Core Viewpoint - The 2025 China Securities Industry Investment Banking Summit Forum highlighted the transformation strategies of investment banks amid capital market changes, with a focus on the resurgence of Chinese enterprises listing in Hong Kong and the anticipated growth in IPO activities in 2025 [2]. Group 1: Market Trends - Since the second half of 2024, there has been a notable recovery in Chinese enterprises listing in Hong Kong, with a projected increase in IPO issuance in 2025, leading to a financing scale that is expected to rise by over 200% year-on-year [2]. - The average first-day increase for IPO companies is reported at 59.3%, indicating strong market performance [2]. - The hot trend in the Hong Kong stock market is expected to continue until 2026, presenting cross-border business opportunities for Chinese investment banks [2]. Group 2: Strategic Focus - Domestic investment banks are adopting "regional deep cultivation" and "track specialization" as their two core strategies to reshape the competitive landscape [2]. - Changjiang Securities has been exploring iterative deep cultivation models and plans to enhance its role as a "guide" for industries by serving local platform companies and forming funds to attract quality enterprises along the industrial chain [2]. Group 3: Forum Discussions - The forum featured two roundtable discussions focusing on investment banking strategic transformation and the integration of technology and finance [3]. - Key executives from various securities firms participated in discussions about navigating cycles and embracing new production capabilities in the context of technology finance [3]. Group 4: Awards - The forum also announced the results of the "2025 China Securities Industry Investment Banking Jun Ding Award," recognizing outstanding contributions in various categories, including underwriting and sponsorship [5][6][7][8][10][11][13][14][21].

Group 1 - The core point of the news is the scrutiny of Guoyuan Securities' underwriting quality, particularly in relation to its involvement with companies like Tongling Jingqiang Electronic Technology Co., Ltd. and the issues surrounding its IPOs and financial advisory roles [1][2][5] - Tongling Jingqiang is undergoing a second IPO attempt after previously withdrawing due to concerns over its profitability and cash flow, which remain a concern in the current IPO process [1][13] - Guoyuan Securities has faced criticism for its lack of diligence in various projects, including the failed acquisition of Zhongke Vision, where it failed to detect significant financial discrepancies [2][5][6] Group 2 - The financial misconduct at Zhongke Vision involved inflating 2024 revenue by 25.19 million yuan, which constituted 11.36% of its projected revenue, and inflating profit by 8.98 million yuan, making up 62.82% of its total profit [2][3] - Guoyuan Securities has been criticized for not adequately verifying revenue recognition and internal controls during the IPO process for Anxin Electronics, leading to a public reprimand from the Shanghai Stock Exchange [5][6] - The firm has a high "performance change" rate, with 67% of its IPO projects in the previous year experiencing significant profit declines post-IPO [9][10] Group 3 - The current IPO projects under Guoyuan Securities include Jingqiang Technology, which has a history of profitability issues, and two other companies that also show signs of financial instability [13][14] - Jingqiang Technology reported a net profit of 91 million yuan in 2021, which dropped to 52 million yuan in 2022, and has had negative cash flow from operating activities from 2020 to 2024 [13] - The reliance of Xiaoxiao Technology on a single customer, BorgWarner, raises concerns about its operational stability and the potential success of its IPO [14]

Market Performance - On November 13, the securities sector rose by 1.03%, with Dongxing Securities leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Individual Stock Performance - Dongxing Securities (601198) closed at 13.12, up 4.13% with a trading volume of 729,200 shares and a turnover of 938 million [1] - Huaxi Securities (002926) closed at 66.6, up 2.67% with a trading volume of 485,400 shares [1] - Zhongyin Securities (601696) closed at 13.86, up 2.67% with a trading volume of 549,300 shares [1] - Huatai Securities (601688) closed at 22.84, up 2.42% with a trading volume of 1,895,800 shares [1] - Other notable stocks include Guangfa Securities (000776) and Dongfang Fortune (300059), which also saw increases in their closing prices [1] Capital Flow Analysis - The securities sector experienced a net inflow of 328 million from institutional investors, while retail investors saw a net outflow of 124 million [1] - Dongfang Fortune (300059) had a significant net inflow of 460 million from institutional investors, despite a net outflow of 309 million from retail investors [2] - Dongxing Securities (601198) saw a net inflow of 126 million from institutional investors, with retail investors showing a net outflow of 14.89% [2]