Core Viewpoint - Jiangsu Guotai (002091) announced that the government of Zhangjiagang City, Jiangsu Province, plans to transfer 100% equity of Jiangsu Guotai International Trade Co., Ltd. to Zhangjiagang State-owned Assets Management Center without compensation, which is a state-owned company funded by the government [1] Group 1 - The transfer will not change the controlling shareholder of the company, which will still be International Trade [1] - The actual controller of the company will change to Zhangjiagang State-owned Assets Management Center [1]

Core Viewpoint - Jiangsu Guotai (002091.SZ) announced a non-compensatory transfer of 100% equity of Jiangsu Guotai International Trade Co., Ltd. from the People's Government of Zhangjiagang City to the Zhangjiagang State-owned Assets Management Center, which is a state-owned company funded by the government [1] Group 1 - The controlling shareholder of the company remains unchanged, still being Jiangsu Guotai International Trade Co., Ltd. [1] - The actual controller of the company will change to the Zhangjiagang State-owned Assets Management Center [1]

| 证券代码：002091 | 证券简称：江苏国泰 公告编号：2025-71 | | --- | --- | | 转债代码：127040 | 转债简称：国泰转债 | 江苏国泰国际集团股份有限公司 关于公司控股股东、实际控制人筹划无偿划转暨实际控制人 变更的提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示： 1、本次无偿划转系江苏省张家港市人民政府拟将持有的江苏国泰国际贸易 有限公司（以下简称"国际贸易"）100%股权无偿划转至张家港市国有资产管理 中心（江苏省张家港市人民政府直属单位）出资的国有独资公司张家港市产业发 展集团有限公司（以下简称"产发集团"）。本次划转后，公司控股股东保持不变， 仍为国际贸易，公司实际控制人变更为张家港市国有资产管理中心。 2、本次无偿划转符合《上市公司收购管理办法》第六十三条规定，可免于 发出要约收购。 3、本次无偿划转事项尚待划转双方签署正式协议并完成交割。 张家港市人民政府 江苏国泰国际贸易有限公司 100.00% 张家港市国有 资产管理中心 100.00% 江苏国泰国际集团股份有限公司 31.99% ...

Core Viewpoint - The Jiangsu Zhangjiagang Municipal Government plans to transfer 100% equity of Jiangsu Guotai International Trade Co., Ltd. to Zhangjiagang State-owned Assets Management Center, which is a wholly-owned company funded by the Zhangjiagang Municipal Government [1] Group 1 - The transfer of equity will not change the controlling shareholders or indirect controlling shareholders of the company, which remain Jiangsu Guotai International Group Co., Ltd. and Jiangsu Guotai International Trade Co., Ltd. [1] - The shareholding situation of these entities in the company will remain unchanged after the transfer [1] - The actual controller of the company will change to Zhangjiagang State-owned Assets Management Center following the equity transfer [1]

Core Viewpoint - Jiangsu Guotai announced that its controlling shareholder and actual controller is planning a non-compensatory transfer of equity [1] Group 1: Shareholder Changes - The People's Government of Zhangjiagang City, Jiangsu Province intends to transfer 100% equity of Jiangsu Guotai International Trade Co., Ltd. to Zhangjiagang Industrial Development Group Co., Ltd., a wholly state-owned company funded by the Zhangjiagang State-owned Assets Management Center [1] - After the transfer, the controlling shareholder of the company will remain unchanged, still being International Trade, while the actual controller will change to the Zhangjiagang State-owned Assets Management Center [1] Group 2: Transfer Process - The non-compensatory transfer is pending the signing of a formal agreement between the transferring parties and the completion of the delivery [1]

【江苏国泰：实际控制人将变更为张家港市国有资产管理中心】智通财经9月23日电，江苏国泰 (002091.SZ)公告称，本次无偿划转系江苏省张家港市人民政府拟将持有的国际贸易100%股权无偿划转 至张家港市国有资产管理中心出资的国有独资公司产发集团。本次划转后，公司控股股东保持不变，仍 为国际贸易，公司实际控制人变更为张家港市国有资产管理中心。 转自：智通财经 ...

Group 1 - The company and its subsidiaries have not invested in the unlisted company Moore Threads as of September 23 [2] - The company will comply with legal regulations and fulfill information disclosure obligations regarding any significant matters [2] - Investors are advised to pay attention to investment risks [2]

Core Viewpoint - The recent surge in A-share market has attracted numerous investors, with listed companies increasingly engaging in securities investments, utilizing significant idle funds to capitalize on market opportunities [1][2]. Group 1: Company Investments - At least 8 companies have invested over 1 billion yuan in securities or fund management activities this year, with Liou Co. leading at 3 billion yuan, followed by Fangda Carbon and Seven Wolves at 2.4 billion yuan and 2 billion yuan respectively [1]. - Seven Wolves reported a net profit of 160 million yuan in the first half of 2025, with 130 million yuan derived from stock investments, despite its main apparel business generating only 30 million yuan [2]. - Liou Co. achieved a net profit of 478 million yuan in the first half of 2025, largely due to gains from its investment in Li Auto, which increased its market value significantly since its initial investment of 350 million yuan in 2016 [3]. Group 2: Market Performance - As of September 10, the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index have risen by 11.33%, 21.00%, and 36.71% respectively, with the Shanghai Composite Index surpassing the significant 3,800-point mark [1]. - Jin Feng Investment, a subsidiary of Jin Feng Technology, has been actively reducing its holdings in the rapidly appreciating stock of Shangwei New Materials, with estimated cash proceeds exceeding 100 million yuan from recent sales [4]. Group 3: Financial Strategies - Companies like Jiangsu Guotai have announced plans to utilize idle funds for financial management and securities investments, with a total planned investment of 12 billion yuan, although they faced criticism from investors leading to a cancellation of part of the plan [6][7]. - Jilin Aodong reported a net profit of 1.28 billion yuan in the first half of 2025, significantly exceeding its revenue of 1.13 billion yuan, primarily due to substantial financial asset investments [5]. - Companies are increasingly using idle funds for securities investments as a strategy to supplement their financial performance when core business growth is stagnant, reflecting a common practice in the current market environment [14].

Core Viewpoint - A report from CITIC Securities indicates a significant shift of funds from deposits to wealth management products among listed companies, with an expected scale of several hundred billion yuan in the coming year [1][5]. Group 1: Wealth Management Plans by Listed Companies - On September 17, China Resources Sanjiu announced a plan to invest up to 10 billion yuan in bank wealth management products to optimize idle funds, with a maximum product duration of six months [2]. - Tianjin Tasly also announced a plan to invest up to 3 billion yuan in low-risk wealth management products and structured deposits, with a similar investment duration [2]. - As of September 19, over 1,709 listed companies have engaged in wealth management investments, with total subscriptions exceeding 1 trillion yuan in the past year [2]. Group 2: Investment Scale and Trends - Jiangsu Guotai announced a plan to use up to 12 billion yuan for entrusted wealth management, exceeding its market value based on stock price calculations [3]. - In the first half of the year, Jiangsu Guotai invested 20.24 billion yuan in bank wealth management products, with 9.67 billion yuan remaining in unexpired products [3]. - Despite frequent announcements of wealth management plans, the total scale of wealth management subscriptions by listed companies has decreased this year, with a projected 12,152 billion yuan for 2024, down 6.20% year-on-year [5]. Group 3: Market Dynamics and Future Outlook - The decline in wealth management subscriptions is attributed to limited balance amounts and a reduction in the scale of funds classified as wealth management [5]. - Companies are increasingly diversifying their investments into various products, including those from securities firms and public funds, while still favoring short-term, low-risk options [5]. - The shift from deposits to wealth management is seen as a natural outcome of interest rate marketization and financial market deepening, reflecting companies' pursuit of asset preservation and value appreciation in a low-interest environment [7].

Market Overview - On September 18, the trade sector declined by 2.89% compared to the previous trading day, with Jiangsu Guotai leading the decline [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Individual Stock Performance - Jiangsu Guotai (002091) closed at 8.71, down 3.76% with a trading volume of 457,100 shares and a transaction value of 403 million yuan [1] - Sumida (600710) closed at 9.72, down 3.57% with a trading volume of 188,500 shares [1] - Xunruide (002072) closed at 7.81, down 3.46% with a trading volume of 86,800 shares [1] - Wukuang Development (600058) closed at 9.13, down 3.28% with a trading volume of 190,700 shares [1] - Yiatong (002183) closed at 5.57, down 3.13% with a trading volume of 3,242,300 shares [1] - ST Huke (600608) closed at 3.98, down 2.93% with a trading volume of 35,800 shares [1] - Dongfang Chuangye (600278) closed at 7.23, down 2.82% with a trading volume of 156,600 shares [1] - Index Industry (600128) closed at 10.64, down 2.74% with a trading volume of 90,700 shares [1] - Fashion Index (600287) closed at 5.65, down 2.59% with a trading volume of 74,000 shares [1] - CITIC Metals (601061) closed at 9.09, down 2.36% with a trading volume of 305,800 shares [1] Capital Flow Analysis - The trade sector experienced a net outflow of 267 million yuan from institutional investors, while retail investors saw a net inflow of 151 million yuan [1] - The following stocks had significant capital flow changes: - Yiatong (002183) had a net outflow of 93.68 million yuan from institutional investors and a net inflow of 63.27 million yuan from retail investors [2] - Jiangsu Guotai (002091) had a net outflow of 44.74 million yuan from institutional investors and a net inflow of 33.94 million yuan from retail investors [2] - CITIC Metals (601061) had a net outflow of 40.83 million yuan from institutional investors and a net inflow of 16.20 million yuan from retail investors [2] - Wukuang Development (600058) had a net outflow of 21.56 million yuan from institutional investors and a net inflow of 21.23 million yuan from retail investors [2]