Core Viewpoint - The major lawsuits disclosed in the 2024 brokerage annual reports highlight significant risks in the areas of securities false statements, stock pledge repurchase, and margin financing disputes, revealing dual challenges in business risk management and intermediary service quality [1] Group 1: Securities False Statements - Securities false statement lawsuits have become a core risk point for brokerages, with cases like Meishang Ecology, which inflated net profits by 457 million yuan from 2012 to 2020, leading to investor accountability [3] - Dongxing Securities and GF Securities were named as joint defendants for failing to fulfill due diligence obligations [3] - Jin Tong Ling's financial fraud from 2017 to 2022 saw profit figures inflated or deflated by as much as 5774.38%, implicating Huaxi Securities, Everbright Securities, and Guohai Securities in related disputes [3] - The new Securities Law and judicial interpretations have increased the likelihood of brokerages facing lawsuits due to "presumed fault" for joint liability [3] Group 2: Stock Pledge Repurchase Disputes - Stock pledge repurchase disputes are on the rise, with cases like Dongfang Securities and Qingdao Yaxing Industrial facing litigation over a pledge transaction default involving 653 million yuan in principal and interest [4] - Guohai Securities reported multiple stock pledge disputes, with some cases already executing repayments while others are still in progress [4] - In 2024, Guohai Securities accumulated 219 million yuan in asset impairment provisions due to pledge business risks, reducing net profits by 164 million yuan [4] Group 3: Risk Management and Compliance - Industry insiders emphasize the need for brokerages to integrate diligence and compliance requirements throughout their business processes to mitigate joint liability risks arising from listed company violations [4] - As the registration system deepens, the "gatekeeper" role of intermediary institutions will be further strengthened, making risk management capabilities a key competitive indicator for brokerages [4]

Group 1: Company Leadership Changes - Wang Haihe has been elected as the new chairman and legal representative of Guohai Securities, following the resignation of He Chunmei due to job relocation [1] - Wang Haihe brings extensive experience in finance and risk management, having held various positions in the National Development Bank and Guangxi Investment Group [1] - This leadership change is expected to provide new strategic direction and management style for Guohai Securities, potentially enhancing its competitiveness in the capital market [1] Group 2: Index License Fee Adjustments - Major index companies, Zhongzheng Index and Shenzhen Information, have announced a reduction in index licensing fees, generally applying an "80% discount" [2] - The adjustments include lowering annual basis point rates, reducing quarterly minimum charges, and expanding the range of index products without a quarterly minimum [2] - This fee reduction is seen as a positive development for public fund companies, alleviating cost pressures and potentially increasing profitability [2] Group 3: Growth of Index Investment Products - The scale of ETF funds has surpassed 4 trillion yuan, intensifying competition in the pure index sector [3] - The number of newly launched index-enhanced funds has surged, reaching nearly seven times that of the same period last year, although their scale growth has recently stagnated [3] - Challenges such as high investor cognitive barriers and unstable excess returns are hindering the expansion of index-enhanced funds [3] Group 4: Securities Company Cultural Assessment - The China Securities Association has initiated the 2024 cultural construction assessment for securities companies, with materials due by May 19, 2025 [4] - Companies will be penalized for reputation-damaging behaviors such as extravagance and improper incentive management, which will affect their assessment scores [4] - The assessment results will categorize companies into four grades (A, B, C, D), with a maximum of six companies receiving an AA grade, influencing their classification evaluation positively [5]

Core Viewpoint - Wang Haihe has been elected as the new chairman of Guohai Securities, following the resignation of He Chunmei due to work relocation [1] Company Summary - Guohai Securities announced the election of Wang Haihe as the chairman and legal representative of the company on April 28 [1] - Wang Haihe was born in February 1979 and has held various positions in the National Development Bank and Guangxi Investment Group, showcasing a strong background in risk management and legal affairs [1] - Prior to this role, Wang served as the chairman of Guangxi Jinkong Asset Management Co., Ltd. and Guofu Life Insurance Co., Ltd. [1] - Since April 2025, Wang has been serving as the Party Secretary of Guohai Securities [1]

一、会议召开和出席情况 （一）召开时间： 1.现场会议召开时间：2025 年 4 月 28 日 14:30。 证券代码：000750 证券简称：国海证券 公告编号：2025-24 国海证券股份有限公司 2025 年第一次临时股东大会决议公告 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。 特别提示： 1.本次股东大会未出现否决议案的情形。 2.本次股东大会未涉及变更前次股东大会决议。 （二）召开地点：南宁市滨湖路 46 号国海大厦 1 楼会 议室。 （2）通过互联网投票系统进行网络投票的时间为 2025 年 4 月 28 日上午 9:15 至下午 3:00。 1 （三）召开方式：现场投票与网络投票相结合。 （四）召集人：公司董事会。 （五）主持人：何春梅董事长。 （六）会议的召开符合《公司法》等法律、行政法规、 部门规章、规范性文件、深圳证券交易所业务规则和《国海 证券股份有限公司章程》的有关规定。 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（http://wltp.cninfo.com.cn）。 （1）通过深圳证券交易所交易系 ...

证券代码：000750 证券简称：国海证券 公告编号：2025-25 国海证券股份有限公司 第十届董事会第十次会议决议公告 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。 国海证券股份有限公司（以下简称公司）第十届董事会 第十次会议通知于 2025 年 4 月 28 日以电子邮件方式发出， 会议于 2025 年 4 月 28 日在广西南宁市滨湖路 46 号国海大 厦 4 楼会议室以现场会议与视频会议相结合的方式召开。经 与会董事一致同意，本次董事会会议豁免通知时限要求。会 议应到董事 9 人，实到董事 9 人，倪受彬独立董事、刘劲容 独立董事通过视频方式参加会议，其他 7 名董事现场参加会 议。全体董事一致推举董事王海河先生主持会议。会议的召 集、召开、表决符合《公司法》及《公司章程》的规定，决 议合法有效。会议以投票表决的方式通过了如下议案： 一、《关于选举公司董事长的议案》 根据《公司法》和《公司章程》的有关规定，董事会选 举王海河先生为公司第十届董事会董事长、法定代表人，任 期自本次董事会会议审议通过之日起，至第十届董事会届满 之日止。 1 王海河先生符 ...

上海上正恒泰律师事务所 关于国海证券股份有限公司 2025 年第一次临时股东大会的 法律意见书 上海上正恒泰律师事务所 关于国海证券股份有限公司 2025 年第一次临时股东大会的 法律意见书 二〇二五年四月二十八日 致：国海证券股份有限公司 上海上正恒泰律师事务所（以下简称"本所"）接受国海证券股份有限公司 （以下简称"公司"）的聘请，指派李备战、周文平律师（以下简称"本所律师"） 出席了公司 2025 年第一次临时股东大会（以下简称"本次股东大会"），并依据 《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》 （以下简称"《证券法》"）、《深圳证券交易所上市公司股东会网络投票实施细则》 （以下简称"《网络投票细则》"）及《国海证券股份有限公司章程》（以下简称 "《公司章程》"）的规定，对本次股东大会的相关事项进行见证，并发表法律意 见如下： 一、本次股东大会的召集、召开程序 1．2025 年 4 月 11 日，公司第十届董事会第八次会议审议通过了《关于召 开国海证券股份有限公司 2025 年第一次临时股东大会的议案》，定于 2025 年 4 月 28 日召开公司 2025 年第一次 ...

国海证券股份有限公司 章程 （经 2025 年 4 月 28 日公司 2025 年第一次临时股东大会审议通过） | . | . | I | K | 1 | | --- | --- | --- | --- | --- | | . | | | | | | 第一章 | 总则 | 2 | | --- | --- | --- | | 第二章 | 经营宗旨和范围 | 4 | | 第三章 | 股份 | 4 | | 第一节 | 股份发行 | 4 | | 第二节 | 股份增减和回购 | 5 | | 第三节 | 股份转让 | 6 | | 第四章 | 股东和股东大会 | 7 | | 第一节 | 股东和股权管理 | 7 | | 第二节 | 股东大会的一般规定 | 12 | | 第三节 | 股东大会的召集 | 15 | | 第四节 | 股东大会的提案与通知 | 16 | | 第五节 | 股东大会的召开 | 18 | | 第六节 | 股东大会的表决和决议 | 20 | | 第五章 | 党委 | 24 | | 第六章 | 董事会 | 26 | | 第一节 | 董事 | 26 | | 第二节 | 独立董事 | 30 | | 第三节 | 董事 ...

Group 1 - The core viewpoint is that Chinese tire companies are accelerating their overseas factory layout, expanding from Southeast Asia to diversified markets such as Europe, North America, and Africa, transitioning from scale expansion to value creation [1][2] - The average import price of semi-steel tires in the U.S. for 2024 is projected to be $62 per tire, with those from Thailand, Cambodia, and Vietnam averaging $40 per tire. The average import price for all-steel tires is $117 per tire, with those from Cambodia and Vietnam averaging around $80-85 per tire [2][3] - The imposition of a 25% tariff may further widen the price gap between Chinese tires and those from North America and Japan, thereby solidifying cost advantages for Chinese manufacturers [2][3] Group 2 - The new 25% tariff on passenger car and light truck tires under Section 232 may not significantly reduce the cost advantage of tires imported from low-cost regions compared to high-cost regions [2][3] - Historical data indicates that tariffs have not effectively increased domestic tire production in the U.S. due to high labor costs, significant investment requirements, and long construction periods [4] - The high-end market for tires presents a significant opportunity for Chinese manufacturers, allowing them to escape low-end competition and enhance profitability in markets outside the U.S. [5] Group 3 - Recommended stocks include Sailun Tire (601058.SH), Senking (002984.SZ), Linglong Tire (601966.SH), General Shares (601500.SH), Triangle Tire (601163.SH), Guizhou Tire (000589.SZ), and Wind God Shares (600469.SH) [6]

文化建设是证券公司发展的内驱力。多年来，国海证券（000750）在文化品牌建设上持续深耕，以创新 之举、多元活动、暖心服务等多措并举，将企业文化融入业务发展、员工成长、客户服务等各个环节， 走出了一条独具特色的文化品牌发展之路，为公司高质量发展注入源源不断的动力。 深耕文化，以品牌活动凝聚人心 持续推进学习型组织建设，国海证券将读书栏目"书香国海"打造成为公司特色文化品牌活动，通过线上 线下（300959）相结合的形式定期推荐优质书籍，持续营造国海大家庭书香氛围。近期，国海证券连续 第三年在世界读书日前后特别策划读书交流活动，携手证券时报在上海建投书局举办"AI赋能投资新范 式：技术驱动下的投资革命"线下读书会，邀请金融行业专家学者共聚一堂，搭建起思想交流的平台， 引发行业内外对于AI与投资领域融合发展的深度思考。公司对前沿金融知识探索的积极态度与勇于创 新的精神风貌，进一步凝聚了员工的向心力，"书香国海"的持续用心打造，也在潜移默化中提升了员工 的文化素养与专业素养，为公司的长远发展培育出肥沃的文化土壤，使文化品牌成为全体员工共同的精 神财富与前行力量。 跨界融合，让品牌形象鲜活灵动 广西传统节日"三月三" ...

注：冲回以正数列示，计提以负数列示。 证券代码：000750 证券简称：国海证券 公告编号：2025-22 国海证券股份有限公司 关于计提及冲回资产减值准备的公告 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、计提及冲回资产减值准备情况概述 为真实、公允地反映国海证券股份有限公司（以下简称 公司）的财务状况以及经营成果，基于谨慎性原则，公司根 据《企业会计准则》相关规定和公司会计政策，对有关资产 进行了审慎分析和评估。受市场波动等方面因素影响，公司 在 2025 年 1-3 月（以下简称本期）合计冲回各项资产减值 准备 6,949.61 万元。明细如下： 单位：万元 | 项目 | 本期计提及冲回资产减值准备金额 | | | --- | --- | --- | | 买入返售金融资产 | | 8,171.20 | | 其他 | | -1,221.59 | | 合计 | | 6,949.61 | 本期买入返售金融资产冲回资产减值准备主要为： 2018 年，公司与融资人开展初始交易金额为 2.90 亿元 的股票质押式回购交易业务（截至 2025 年 3 月 31 ...