Group 1: Securities Sector - The report indicates a significant increase in IPO approvals, with 149 companies approved in June alone, accounting for 86% of the total for the year, a year-on-year increase of 452% [2] - Investment recommendations focus on four main lines: (1) Hong Kong Stock Exchange benefiting from deepening connectivity and the return of Chinese concept stocks; (2) multi-financial companies with strong performance and high dividends; (3) brokerage firms showing clear improvement in performance with significant mismatches in high profitability and low valuation; (4) Sichuan Shuangma, which is expected to benefit from the technology sector [2] Group 2: Insurance Sector - The insurance industry reported a premium income of 3.06 trillion yuan in the first five months of 2025, a year-on-year growth of 3.77% [40] - The report highlights the introduction of a new commercial health insurance innovative drug directory, which aims to include high-value innovative drugs beyond basic insurance coverage [41] - The insurance sector has seen a capital increase of nearly 50 billion yuan in the first half of the year, with 13 companies completing or announcing capital increase plans [42]

Group 1 - The cement sector experienced a surge, with Fujian Cement (600802) hitting the daily limit up [1] - Other companies such as Sichuan Shuangma (000935), Wanyanqing (000789), Conch Cement (600585), Shangfeng Cement (000672), and Jinyu Group (601992) also saw increases in their stock prices [1]

四川和谐双马股份有限公司(简称"公司"或"本公司"）于近日接到控股 股东北京和谐恒源科技有限公司（简称"和谐恒源"）的告知函，获悉和谐恒源 将所持有的本公司的部分股份办理了质押手续，具体事项如下： 一、股东本次股份质押的基本情况 证券代码：000935 证券简称：四川双马 公告编号：2025-33 四川和谐双马股份有限公司 关于控股股东所持部分股份质押的公告 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。 上述"质押后质押股份数量占其所持股份比例"为所质押股份的数量占和谐 恒源及其一致行动人持股数量的比例。 如出现总数与各分项数值之和不符的情况，为四舍五入造成。 三、备查文件 | 股 | 是否为控股 | | | | 是否 | 是否 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 东 | 股东或第一 | 本次质押 | 占其所持 | 占公司总 | 为限 | 为补 | 质押起 | 质押到 | 质权人 | 质押 | | 名 | 大股东及其 | 数量（股） | ...

Core Viewpoint - Sichuan Harmony Shuangma Co., Ltd. has disclosed recent share pledges and releases by its controlling shareholder, Beijing Harmony Hengyuan Technology Co., Ltd., primarily for debt repayment purposes [1][2]. Group 1: Share Pledge Details - The recent share pledge involved 15,160,000 shares, representing 3.75% of the total shares held by Harmony Hengyuan and 1.99% of the company's total share capital [1]. - The pledge was initiated on June 4, 2023, and is set to expire on June 23, 2026 [1]. - The pledged shares are not subject to significant asset restructuring or performance compensation obligations [1]. Group 2: Share Release Details - Harmony Hengyuan released 22,000,000 shares from pledge, which accounts for 5.44% of its holdings and 2.88% of the company's total share capital [2]. - The release of the pledge occurred on May 24, 2023 [2]. Group 3: Cumulative Pledge Situation - As of the announcement date, Harmony Hengyuan holds 202,446,032 shares, which is 26.52% of the company's total share capital, with cumulative pledged shares totaling 100,566,667, representing 13.17% of the total share capital [4][5]. - The total shares held by Harmony Hengyuan and its concerted parties amount to 404,383,669 shares, constituting 52.97% of the company's total share capital [4].

证券代码：000935 证券简称：四川双马 公告编号：2025-32 四川和谐双马股份有限公司 关于控股股东所持部分股份质押及解除质押的公告 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。 上述"占其所持股份比例"为该笔质押股份的数量占和谐恒源及其一致行动 人持股数量的比例。所质押的股份未负担重大资产重组等业绩补偿义务。 依据和谐恒源出具的告知函，和谐恒源对所持有的本公司的部分股份办理质 押的主要原因为偿还债务，就质押事项和谐恒源具备履约偿债能力，所质押的股 份不存在平仓风险，对上市公司的生产经营及公司治理等不会产生影响，和谐恒 源已采取相关防范应对措施。 二、本次解除质押的基本情况 | | 是否为控股股东 | 本次解除质押 | 占其所持 | 占公司总 | 质押起始 | 质押解除 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名称 | 或第一大股东及 | 的股份数量 | | | | | 质权人 | | | | | 股份比例 | 股本比例 | 日 | 日期 | | | | 其一致行动人 | （ ...

证券代码：000935 证券简称：四川双马 公告编号：2025-31 四川和谐双马股份有限公司 关于控股股东所持部分股份质押展期的公告 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。 四川和谐双马股份有限公司(简称"公司"或"本公司"）于近日接到控股 股东北京和谐恒源科技有限公司（简称"和谐恒源"）的告知函，获悉和谐恒源 对所持有的本公司的部分股份办理了质押展期业务，具体事项如下： 一、股东部分股份质押展期的基本情况 | 股 | 是否为控股股 | | | | 是否 | 是否 | | | 展期后 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 东 | 东或第一大股 | 本次质押 | 占其所持 | 占公司总 | 为限 | 为补 | 质押起 | 原质押 | 质押到 | 质权人 | 质押 | | 名 | 东及其一致行 | 数量（股） | 股份比例 | 股本比例 | 售股 | 充质 | 始日 | 到期日 | 期日 | | 用途 | | 称 | 动人 | | ...

Investment Rating - The report suggests a focus on four main investment lines within the securities sector, indicating a positive outlook for the industry [3][4]. Core Insights - The China Securities Regulatory Commission (CSRC) is set to implement a series of measures to deepen the reform of the science and technology innovation sector, which is expected to enhance the vitality of the capital market and benefit the venture capital industry [2][36]. - The report highlights the anticipated growth in the average daily trading volume (ADT) for the Hong Kong Stock Exchange, which reached 2,103 billion yuan, a year-on-year increase of 50% [3]. - The insurance sector is expected to benefit from new regulations on dividend insurance, with the settlement yield cap set at 3.2%, favoring leading companies in the market [4][32]. Summary by Sections Securities Sector - The CSRC's initiatives aim to strengthen the multi-tiered capital market and promote the integration of technological and industrial innovation, which will support science and technology enterprises [2][36]. - The report recommends focusing on specific companies such as Hong Kong Exchanges and Clearing Limited (HKEX) and Sichuan Shuangma, which are expected to benefit from policy catalysts in the venture capital sector [3]. Insurance Sector - New regulations on dividend insurance have been introduced, standardizing the settlement yield cap at 3.2%, which is beneficial for leading insurance companies [4][32]. - The report suggests that the insurance sector may experience a value reassessment, with a focus on low valuation and strong performance in the upcoming quarterly reports [4][42]. Market Review - The report notes that the A-share market has shown mixed performance, with the non-bank financial sector underperforming compared to the broader market [10][14]. - The average daily trading volume in the A-share market was reported at 12,150 billion yuan, reflecting a decrease of 11.4% week-on-week [13]. Data Tracking - The report provides insights into the brokerage business, noting a significant year-on-year increase in new equity fund issuance and a robust performance in the bond underwriting sector [13][27]. - The asset management sector has seen a steady increase, with public non-monetary funds reaching 19.1 trillion yuan, up 1.2% from the previous month [13]. Industry Dynamics - The report emphasizes the importance of long-term capital, including insurance and social security funds, in supporting private equity investments in technology companies [36][37]. - The establishment of foreign-owned insurance asset management companies in Shanghai is highlighted as a significant development in the insurance sector [37].

Group 1 - The company held its 15th meeting of the 9th Board of Directors on June 20, 2025, with all 7 directors present, confirming compliance with legal regulations and company bylaws [1] - The board approved an adjustment to the bank merger loan plan, allowing the company to pay at least 319 million RMB from its own funds and up to 1.277 billion RMB through bank loans, increasing the loan amount from the previous plan [2] - The company plans to apply for the merger loan from several banks, including Bohai Bank, Industrial Bank, and China Minsheng Bank, with the final terms subject to bank approval [2] Group 2 - The board's voting results showed unanimous support for the proposal, with 7 votes in favor and no opposition or abstentions [3]

证券代码：000935 证券简称：四川双马 公告编号：2025-30 四川和谐双马股份有限公司 第九届董事会第十五次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 一、董事会会议召开情况 四川和谐双马股份有限公司（以下简称"公司"）第九届董事会第十五次会 议于 2025 年 6 月 20 日以现场或通讯的方式召开，现场会议地址为四川省成都市 锦江区红星路三段一号成都国际金融中心 1 号写字楼 26 楼 2 号。本次会议应出 席董事 7 人，实到 7 人。会议通知于 2025 年 6 月 16 日以书面方式向各位董事和 相关人员发出。 本次会议由董事长谢建平先生主持，高级管理人员列席了会议，本次会议的 召集、召开符合有关法律法规和《四川和谐双马股份有限公司章程》的规定。 公司于 2024 年 10 月 22 日披露了《关于收购深圳市健元医药科技有限公司 的公告》，公司使用自有及自筹资金以人民币 15.96 亿元的交易价格购买深圳市 健元医药科技有限公司（简称"深圳健元"）92.1745%的股权，其中，公司以自 有资金支付不低于6.38亿元，其余部 ...

0 0% 合计 404,383,669 52.97% 107,406,667 26.56% 14.07% 0 0% 0 | 证券代码：000935 证券简称：四川双马 | | | | | | 公告编号：2025-29 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 四川和谐双马股份有限公司 | | | | | | | | | | | 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 | | | | | | | | | | | 假记载、误导性陈述或重大遗漏。 | | | | | | | | | | | 四川和谐双马股份有限公司（简称"公司"或"本公司"）近日接到控股股 | | | | | | | | | | | 东北京和谐恒源科技有限公司（以下简称"和谐恒源"）的函告，获悉其对所持 | | | | | | | | | | | 有本公司的部分股份办理了解除质押的手续，具体事项如下： | | | | | | | | | | | 一、本次解除质押基本情况 | | | | | | | | | | | 是否为控 ...