2025 年 10 月 24 日，国盛证券股份有限公司（以下简称"公司"）第五届 董事会第一次会议审议通过了《关于聘任公司高级管理人员的议案》，同意聘任 唐文峰先生为公司合规总监、首席风险官，其中合规总监职务需取得监管认可。 具体内容详见公司于 2025 年 10 月 27 日披露的《第五届董事会第一次会议决议 公告》（公告编号：2025-050）、《关于董事会完成换届选举及聘任高级管理人 员的公告》（公告编号：2025-051）。 2025 年 11 月 11 日，唐文峰先生担任公司合规总监事宜已获中国证监会江 西监管局认可，即日起正式任职公司合规总监。 证券代码：002670 证券简称：国盛证券 公告编号：2025-059 国盛证券股份有限公司 关于合规总监任职的公告 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。 特此公告。 国盛证券股份有限公司董事会 二〇二五年十一月十二日 1 ...

证券代码：002670 证券简称：国盛证券 公告编号：2025-058 国盛证券股份有限公司 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：国盛证券股份有限公司（以下简称"公司"）2025 年第二次 临时股东会。 2.股东会的召集人：公司董事会。公司第五届董事会第二次会议于 2025 年 11 月 11 日审议通过了《关于提请召开 2025 年第二次临时股东会的议案》。 3.会议召开的合法、合规性：本次股东会的召开符合法律法规、深圳证券交 易所（以下简称"深交所"）业务规则和《公司章程》等的规定。 4.会议召开的日期、时间： （1）现场会议时间：2025 年 11 月 27 日 14:30。 （2）网络投票时间：通过深交所交易系统进行网络投票的具体时间为：2025 年 11 月 27 日 9:15-9:25,9:30-11:30 及 13:00-15:00；通过深交所互联网投票系统进 行网络投票的具体时间为 2025 年 11 月 27 日 9:15-15:00 期间的任意 ...

证券代码：002670 证券简称：国盛证券 公告编号：2025-054 国盛证券股份有限公司 第五届董事会第二次会议决议公告 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 国盛证券股份有限公司（以下简称"公司"）第五届董事会第二次会议通知 于 2025 年 11 月 5 日以电子邮件、书面等方式送达全体董事，会议于 2025 年 11 月 11 日下午 2:30 在公司 16 楼会议室以现场结合视频方式召开。本次会议由董 事长刘朝东先生召集和主持，会议应出席董事 10 人，实际出席 10 人（董事张璟、 罗希、程迈、周江昊、罗忠洲以视频方式参会），公司相关高级管理人员列席本 次会议。会议的召集、召开符合《公司法》《证券法》等法律法规、部门规章及 《公司章程》的规定。 二、董事会会议审议情况 经与会董事审议表决，形成决议如下： 1.审议通过《关于提前归还控股股东借款并向控股股东借入次级债务暨关联 交易的议案》。 表决结果：6 票同意、0 票反对、0 票弃权、4 票回避。关联董事刘朝东、李 璞玉、罗新宇、廖志花回避表决。 同意公司提前归还 ...

证券代码：002670 证券简称：国盛证券 公告编号：2025-056 国盛证券股份有限公司 关于向上海嘉融投资管理有限公司借入次级债务暨关联交易的公告 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、关联交易概述 1.国盛证券股份有限公司（以下简称"公司"）为满足经营发展需要，增强 资本实力，优化负债结构，拟向上海嘉融投资管理有限公司（以下简称"上海嘉 融"）借入不超过人民币 5 亿元的次级债务。 2.江西省交通投资集团有限责任公司（以下简称"江西交投"）为公司控股 股东，上海嘉融为江西交投控制的企业，属于《深圳证券交易所股票上市规则》 规定的关联法人，本次交易构成关联交易。 3.公司于 2025 年 11 月 11 日召开第五届董事会第二次会议，审议通过《关 于向上海嘉融投资管理有限公司借入次级债务暨关联交易的议案》。关联董事刘 朝东、李璞玉、罗新宇、廖志花对该议案回避表决。本议案已经公司独立董事专 门会议、董事会审计委员会事前审核认可。本次交易事项尚需获得公司股东会的 批准，与该关联交易有利害关系的关联股东江西交投及其一致行动人江西赣粤高 速公路股份 ...

证券代码：002670 证券简称：国盛证券 公告编号：2025-057 国盛证券股份有限公司 关于修订《公司章程》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。 国盛证券股份有限公司（以下简称"公司"）于 2025 年 11 月 11 日召开第 五届董事会第二次会议，审议通过《关于修订〈公司章程〉的议案》。现将有关 情况公告如下： 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司章程 指引》《证券公司治理准则》等法律法规的规定，结合公司吸收合并等实际情况， 公司拟对《公司章程》进行修订，修订公司的历史沿革等相应内容。具体情况如 下： | 国盛证券股份有限公司章程（2025 年 10 | 国盛证券股份有限公司章程（2025 年 11 | | --- | --- | | 月修订） | 月拟修订） | | 第二条 | 第二条 | | 公司系依照《公司法》和其他有关规定 | 公司系依照《公司法》和其他有关规定 | | 成立的股份有限公司。 | 成立的股份有限公司。 | | 公司是经广东省对外贸易经济合作厅 | 公司前身广东华声电器股份有限公司， ...

Group 1 - Huihan Co., Ltd. (SZ 301600) announced that on November 10, 2025, it will be receiving a research visit from Guosheng Securities, with company representatives participating in the Q&A session [1] - For the first half of 2025, Huihan Co., Ltd.'s revenue composition is entirely from the manufacturing of computers, communications, and other electronic equipment, accounting for 100% [1] Group 2 - As of the report, Huihan Co., Ltd. has a market capitalization of 13.5 billion yuan [2]

Group 1 - The core point of the article is that Guosheng Securities (002670.SZ) experienced a significant decline in stock price, closing at 19.25 yuan, with a drop of 4.51% [1] - The overall securities sector also faced a downturn, with a decrease of 0.96% on the same day [1] - Guosheng Securities was identified as the largest declining company within the securities sector for that trading day [1]

Market Overview - On November 11, the securities sector declined by 1.21% compared to the previous trading day, with Guosheng Securities leading the decline [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Individual Stock Performance - Notable gainers included: - Dongbei Securities (000686) with a closing price of 10.32, up 1.18% [1] - Jinlong Co., Ltd. (000712) with a closing price of 13.57, up 0.82% [1] - Huachuang Yuxin (600155) with a closing price of 7.46, up 0.54% [1] - Significant decliners included: - Guosheng Securities (002670) with a closing price of 19.25, down 4.51% [2] - Xinda Securities (601059) with a closing price of 18.40, down 2.49% [2] - Dongxing Securities (601198) with a closing price of 12.71, down 2.00% [2] Trading Volume and Capital Flow - The total net outflow of main funds in the securities sector was 3.772 billion yuan, while retail investors saw a net inflow of 2.237 billion yuan [2] - The trading volume for notable stocks included: - Guosheng Securities with a trading volume of 481,000 shares [2] - Dongbei Securities with a trading volume of 2,594,500 shares [1]

Core Viewpoint - The report from Guosheng Securities indicates a slight decline in Hainan's offshore duty-free sales in Q3 2025, but there are signs of recovery and expectations for stable performance in Q4 2025 following the implementation of new policies [1][3]. Group 1: Sales Performance - In Q3 2025, Hainan's offshore duty-free sales totaled 5.402 billion yuan, a year-on-year decrease of 2.7%, with 946,800 shopping visits, down 23.4% year-on-year, and an average transaction value of 5,705.53 yuan, up 27.1% year-on-year [1]. - September 2025 saw duty-free sales of 1.733 billion yuan, a year-on-year increase of 3.4%, marking the first positive year-on-year growth in nearly 18 months [1]. Group 2: Policy Developments - The announcement of Hainan Free Trade Port's closure date on December 18, 2025, and subsequent policy details reflect a clear direction for the region's development [2]. - Recent adjustments to the offshore duty-free policy include an increase in the number of exempted product categories and enhanced purchasing opportunities for travelers [2]. Group 3: Business Outlook - China Duty Free Group reported Q3 2025 revenue of 11.711 billion yuan, a slight year-on-year decline of 0.38%, but with improvements in revenue growth and gross margin on a quarter-on-quarter basis [3]. - Following the implementation of the upgraded duty-free policy on November 1, 2025, initial sales figures showed a 6.1% increase compared to the previous day, indicating early positive effects of the new policy [3]. - From November 1 to 7, 2025, the total duty-free shopping amount reached 506 million yuan, with a year-on-year increase of 34.86% in shopping numbers [3]. Group 4: Related Companies - Key companies in the sector include China Duty Free Group (601888.SH), Meilan Airport (00357), Hainan Airport (600515.SH), Hainan Development (002163.SZ), and Wangfujing (600859.SH) [4].

Core Insights - The rise of silicon photonics technology is fundamentally restructuring the underlying logic and value chain of the entire industry, shifting the investment focus from backend "packaging" to frontend "chip design and wafer manufacturing" [1][2] - The investment paradigm based on silicon photonics will change, focusing on four key areas: silicon photonic chip design companies, silicon modulation chip FAB manufacturers, supporting chips/devices, and semiconductor equipment required for silicon photonics [1] Industry Transformation - Silicon photonics redefines the core competitiveness of optical communication by shifting from a packaging-dominated model to a fabless model, where the performance, cost, and yield of optical modules are highly dependent on the chip design and wafer manufacturing stages [2][6] - The technology offers advantages such as low power consumption, low latency, high bandwidth, and high integration, with predictions indicating that its market share in optical modules will increase from 30% in 2025 to 60% by 2030 [2] Market Dynamics - The shortage of EML chips, which rely on complex manufacturing processes and III-V compound semiconductor materials, creates a development window for silicon photonics as it serves as a mainstream alternative [3] - The overall health of the optical module industry remains strong, with leading companies like Coherent and Lumentum reporting better-than-expected financial results, indicating robust demand for optical components driven by AI data centers [4][6] Competitive Advantages - Silicon photonics establishes advantages in cost, performance, and production capacity, with the ability to leverage global CMOS wafer fabrication infrastructure for mass production and standardized packaging [5] - The strategic advantage of silicon photonics lies in its production capacity flexibility, allowing for dynamic adjustment based on market demand, enhancing the resilience of the entire supply chain [5] Investment Recommendations - The company continues to favor the computing sector, recommending investments in leading optical module firms such as Zhongji Xuchuang and Xinyi Sheng, as well as other related companies in the optical device space [6][7] - Suggested companies span various segments, including optical communication, computing equipment, and liquid cooling solutions, indicating a broad investment interest in the computing and optical sectors [7][8]