华林证券股份有限公司 第四届董事会第二次会议决议公告 本公司及公司全体董事会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。 华林证券股份有限公司（简称"公司"）第四届董事会第二次会 议于 2025 年 8 月 12 日发出书面会议通知，并于 2025 年 8 月 22 日完 成通讯表决形成会议决议。本次会议应参加表决董事 5 人，实际参加 表决董事 5 人。会议的召开符合《公司法》和《公司章程》等相关规 定。 一、本次会议审议情况 本次会议审议并通过了如下议案： （一）《公司 2025 年半年度报告及摘要》 证券代码：002945 证券简称：华林证券 公告编号：2025-039 讯网（www.cninfo.com.cn）。 本议案已经公司董事会风险控制委员会审议通过。 （三）《关于聘任姚松涛为公司董事会秘书的议案》 公司于 2025 年 8 月 21 日增补议案，董事会聘任姚松涛先生为公 司董事会秘书，其任期自董事会决议次日生效。谢颖明女士不再兼任 董事会秘书。 表决情况：同意 5 票，反对 0 票，弃权 0 票。本议案获得通过。 《关于高级管理人员变动的公告》同日刊登于《中国 ...

证券代码：002945 证券简称：华林证券 公告编号：2025-041 华林证券股份有限公司 关于高级管理人员变动的公告 本公司及公司全体董事会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。 华林证券股份有限公司（以下简称公司）于 2025 年 8 月 22 日召 开第四届董事会第二次会议，审议通过了《关于聘任姚松涛为公司董 事会秘书的议案》，董事会聘任姚松涛先生担任公司董事会秘书，其 任期自董事会决议次日生效。 特此公告。 附件：姚松涛先生简历。 华林证券股份有限公司董事会 二〇二五年八月二十三日 姚松涛先生已取得深圳证券交易所颁发的董事会秘书培训证书， 其任职符合《公司法》《深圳证券交易所股票上市规则》等规定。联 系方式如下： 电话：0755-82707766 传真：0755-82707888-1351 电子信箱：ir@chinalin.com 谢颖明女士由于工作调整，不再兼任董事会秘书，继续担任公司 执委会委员。董事会对谢颖明女士担任董事会秘书期间为公司发展做 出的贡献表示衷心感谢! 联系地址：深圳市南山区深南大道 9668 号华润置地大厦 C 座 32-33 层 姚松涛 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 转自：智通财经 【华林证券：上半年净利润同比增长172.72%】智通财经8月22日电，华林证券(002945.SZ)公告称，上 半年实现营业总收入8.35亿元，同比增长35.15%；归属于上市公司股东的净利润3.36亿元，同比增长 172.72%。 ...

[Section I Important Notes, Table of Contents, and Definitions](index=2&type=section&id=Section%20I%20Important%20Notes%2C%20Table%20of%20Contents%2C%20and%20Definitions) [Important Notes](index=2&type=section&id=Important%20Notes) The board and senior management assure report accuracy, highlight securities industry risks, and confirm no dividend or bonus share distribution plans - The company's board and senior management guarantee the report's truthfulness, accuracy, and completeness, assuming legal responsibility[3](index=3&type=chunk) - The securities industry is highly cyclical, with operating performance significantly impacted by market conditions, facing market, credit, operational, liquidity, and reputational risks[3](index=3&type=chunk) - The company plans no cash dividends, bonus shares, or capital reserve conversions[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) The report's table of contents clearly lists nine main chapters covering important notes, company profile, MD&A, governance, significant matters, share changes, bonds, financial reports, and other data - The report comprises nine main chapters covering company operations, financials, governance, and significant matters[5](index=5&type=chunk) [Reference Documents](index=4&type=section&id=Reference%20Documents) Reference documents include the report text signed by the legal representative, financial statements, original public disclosure documents, and other materials - Reference documents include the report text signed by the legal representative, financial statements, original public disclosure documents, and other materials[7](index=7&type=chunk)[8](index=8&type=chunk)[9](index=9&type=chunk) [Definitions](index=5&type=section&id=Definitions) The report defines key terms, including company names, group structure, subsidiaries, related parties, and securities business terms, specifying the reporting period as H1 2025 - The reporting period is from **January 1, 2025**, to **June 30, 2025**[12](index=12&type=chunk) - Definitions for entities such as Hualin Securities, the Group, Hualin Innovation, Hualin Capital, and Dolphin Technology are clarified[12](index=12&type=chunk) - Securities business terms like margin financing and securities lending, buy-back, sell-back, and stock pledge repurchase are explained[12](index=12&type=chunk) [Section II Company Profile and Key Financial Indicators](index=6&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) [I. Company Profile](index=6&type=section&id=I.%20Company%20Profile) Hualin Securities, stock code 002945, is listed on the Shenzhen Stock Exchange, with Lin Li as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Hualin Securities | | Stock Code | 002945 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Lin Li | [II. Contact Persons and Information](index=6&type=section&id=II.%20Contact%20Persons%20and%20Information) The report discloses unchanged contact information for Board Secretary Xie Yingming and Securities Affairs Representative Wang Ning, including address, phone, fax, and email - Contact information for Board Secretary Xie Yingming and Securities Affairs Representative Wang Ning remains unchanged[15](index=15&type=chunk)[16](index=16&type=chunk)[17](index=17&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In H1 2025, consolidated operating revenue grew **35.15%** to **CNY 835 million**, and net profit attributable to parent surged **172.72%** to **CNY 336 million**, with significant cash flow and balance sheet growth 2025 Semi-Annual Consolidated Key Financial Data | Indicator | Current Period (CNY) | Prior Period (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 834,911,588.52 | 617,773,800.51 | 35.15% | | Net Profit Attributable to Listed Company Shareholders | 336,259,245.06 | 123,298,298.24 | 172.72% | | Net Cash Flow from Operating Activities | 8,381,480,340.03 | 200,114,860.29 | 4,088.33% | | Basic Earnings Per Share | 0.12 | 0.05 | 140.00% | | Weighted Average Return on Net Assets | 4.87% | 1.94% | Up 2.93 percentage points | 2025 Semi-Annual End Consolidated Assets and Liabilities Data | Indicator | Period-End (CNY) | Prior Year-End (CNY) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 32,420,266,940.92 | 24,464,465,071.71 | 32.52% | | Total Liabilities | 25,343,953,446.79 | 17,804,077,096.68 | 42.35% | | Net Assets Attributable to Listed Company Shareholders | 7,076,313,494.13 | 6,660,387,975.03 | 6.24% | [VI. Non-Recurring Gains and Losses](index=8&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses) Non-recurring gains and losses totaled **CNY 38.1032 million**, mainly from government grants; securities investment fair value changes and investment income are classified as recurring business income 2025 Semi-Annual Non-Recurring Gains and Losses Items | Item | Amount (CNY) | Notes | | :--- | :--- | :--- | | Disposal gains/losses of non-current assets | 19,945.20 | | | Government grants recognized in profit or loss | 49,298,693.10 | Local government rewards and subsidies received by headquarters and branches | | Other non-operating income and expenses | -4,242,551.92 | | | Less: Income tax impact | 6,972,838.58 | | | **Total** | **38,103,247.80** | | - The company classifies fair value changes (**CNY 22.101 million**) and investment income (**CNY 200.374 million**) from securities investment as recurring income, as they are normal business operations[23](index=23&type=chunk) [VII. Parent Company Net Capital and Risk Control Indicators](index=8&type=section&id=VII.%20Parent%20Company%20Net%20Capital%20and%20Risk%20Control%20Indicators) Parent company net capital reached **CNY 5.098 billion**, up **4.61%**; risk coverage and capital leverage ratios decreased, while liquidity coverage and net stable funding ratios significantly improved Parent Company Net Capital and Risk Control Indicators | Item | Period-End (CNY) | Prior Year-End (CNY) | Change | | :--- | :--- | :--- | :--- | | Net Capital | 5,098,205,966.22 | 4,873,613,895.60 | 4.61% | | Risk Coverage Ratio | 214.77% | 266.63% | Down 51.86 percentage points | | Capital Leverage Ratio | 24.77% | 33.93% | Down 9.16 percentage points | | Liquidity Coverage Ratio | 400.75% | 215.29% | Up 185.46 percentage points | | Net Stable Funding Ratio | 201.90% | 169.93% | Up 31.97 percentage points | | Net Capital/Liabilities | 41.58% | 86.36% | Down 44.78 percentage points | [Section III Management Discussion and Analysis](index=10&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) [I. Company's Main Business Activities During the Reporting Period](index=10&type=section&id=I.%20Company%27s%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) In H1 2025, China's economy grew steadily, A-share market activity increased, and policies supported capital market development and FinTech, driving the company's digital transformation and rapid growth - In H1 **2025**, China's GDP grew **5.3%** year-on-year, and A-share daily average turnover reached **CNY 1.3902 trillion**, up **61.64%**[28](index=28&type=chunk) - Regulatory bodies issued multiple policies to promote high-quality capital market development and support FinTech application[28](index=28&type=chunk)[29](index=29&type=chunk) - The company's H1 operating revenue was **CNY 835 million**, up **35.15%**; net profit attributable to parent was **CNY 336 million**, up **172.72%**[32](index=32&type=chunk) [(I) Industry Development During the Reporting Period](index=10&type=section&id=(I)%20Industry%20Development%20During%20the%20Reporting%20Period) In H1 2025, China's GDP grew **5.3%**, A-share daily turnover surged **61.64%**, and regulators introduced policies to boost capital market quality and FinTech - In H1 **2025**, China's GDP reached **CNY 66.05 trillion**, growing **5.3%

华林证券公告，2025年上半年营业收入为8.35亿元，同比增长35.15%；净利润为3.36亿元，同比增长 172.72%。公司计划不派发现金红利，不送红股，不以公积金转增股本。 ...

Market Overview - The A-share market experienced a sudden decline in the afternoon, with the Shanghai Composite Index dropping over 0.2% before recovering slightly, while the Shenzhen Component and ChiNext indices fell [2] - The trading volume in the Shanghai and Shenzhen markets exceeded 2 trillion yuan for the first time this year, marking the seventh consecutive trading day of such volume [2] Sector Performance - Securities stocks collectively faced a pullback, with notable declines including Changcheng Securities down over 6% and Hato Securities down over 5% [2][3] - Several high-priced stocks hit the daily limit down, including Lianhuan Pharmaceutical and Zhongdian Xindong, with others like Shunlian Bio and Sainuo Medical dropping over 8% [4] Banking Sector - In contrast, bank stocks showed strength in the afternoon, with Agricultural Bank of China and Postal Savings Bank reaching new historical highs during the session [2] Hong Kong Market - The Hang Seng Index fell over 0.5%, and the Hang Seng Tech Index dropped more than 1% [6] - AAC Technologies Holdings (02018.HK) saw a rapid decline of over 14% following the release of its interim results, despite reporting a revenue of 13.32 billion yuan, a year-on-year increase of 18.4% [6][8] Company Performance - AAC Technologies reported a gross margin of 20.7%, down 0.8 percentage points year-on-year, attributed to changes in product mix, while net profit attributable to shareholders increased by 63.1% to 876 million yuan due to improved profitability in optical business and rapid growth in precision structural components [8] - CICC noted that the overall valuation level of A-shares remains reasonable, but the rapid increase in trading volume may lead to short-term volatility [8]

Group 1 - The core viewpoint of the news highlights the performance of the securities industry, particularly the decline of the CSI All Share Securities Company Index by 0.97% as of August 19, 2025, while certain stocks like Huayin Securities and Great Wall Securities saw gains [1] - The recent week saw a cumulative increase of 8.26% in the securities ETF, indicating a positive trend in the market [1] - The securities ETF has reached a new high in scale at 28.22 billion yuan and a new high in shares at 44.95 billion, leading among comparable funds [1] Group 2 - China Aviation Securities notes that regulatory encouragement for industry consolidation is present, with mergers and acquisitions being effective means for securities firms to achieve external growth [2] - The consolidation within the industry is expected to enhance overall competitiveness, optimize resource allocation, and promote healthy market development [2] - The industry consolidation is anticipated to increase concentration and create scale effects [2] Group 3 - The securities ETF (512000) passively tracks the CSI All Share Securities Company Index, encompassing 49 listed securities firms, with nearly 60% of its holdings concentrated in the top ten leading firms [4] - The ETF serves as an efficient investment tool that balances investments in leading firms while also considering the high growth potential of smaller securities firms [4]

Market Overview - A-shares market experienced a significant surge, with multiple indices reaching new highs, and the total market capitalization surpassing 100 trillion yuan for the first time in history [1] - The Shanghai Composite Index rose by 0.85%, the Shenzhen Component Index increased by 1.73%, and the ChiNext Index gained 2.84%, with total market turnover exceeding 2.8 trillion yuan, marking a new high for the year [1] Securities Sector - The securities sector continued its strong performance, with an overall increase of 1.15%, and 41 out of 50 constituent stocks rising [2] - Positive earnings reports from major securities firms indicated a net profit growth of over 25% year-on-year for the first half of 2023 [2] - The sector is expected to see further upward potential due to a "lagging" characteristic in performance compared to historical data, with the SW securities index only rising 10% year-to-date [3] Liquid Cooling Server Sector - The liquid cooling server concept stocks saw a significant increase, with an overall rise of 6.31%, and 116 out of 121 constituent stocks gaining [4] - The market for liquid cooling servers in China is projected to grow at a compound annual growth rate of 46.8% from 2024 to 2029, with the market size expected to exceed 16.2 billion USD by 2029 [5] Film and Television Industry - The film and television production sector experienced a notable surge, with several stocks hitting the daily limit up, driven by positive market sentiment and potential policy support [6][7] - The overall increase in the film and television sector was 5.88%, with only one out of twenty constituent stocks declining [7] - The industry is believed to be at the beginning of a new recovery phase, with expectations for improved business models and a gradual restoration of high-quality content production [8]

Market Performance - The Shanghai Composite Index reached a peak of 3745.94 points, marking a nearly ten-year high [4] - The total market capitalization of A-shares exceeded 100 trillion yuan, setting a historical record [4] - The combined trading volume of the Shanghai and Shenzhen stock exchanges was 2.76 trillion yuan, making it the third-highest daily trading volume in history [4] Investment Trends - The shift of private sector investments towards financial assets is identified as a key driver of the current A-share market rally [5] - The "dual 2 trillion yuan market" phenomenon, characterized by daily trading volumes exceeding 2 trillion yuan and market financing balances also surpassing 2 trillion yuan, has been observed [6] - As of August 15, the financing balance in A-shares was 20,485.99 billion yuan, reflecting a significant increase since late June [6] Sector Performance - The AI sector and large financial institutions are leading the recent market rally, with AI hardware stocks experiencing notable gains [8] - Industrial Fulian, a leader in AI servers, reported a net profit of 6.883 billion yuan for Q2, a 51% year-on-year increase [8] - The brokerage sector has benefited from rising trading volumes, with the Shenwan Securities Industry Index rising 1.39% to a new high for the year [9] Liquidity and Market Outlook - The influx of resident funds into the market is a significant factor driving the current A-share performance [10] - The sustainability of incremental liquidity will be crucial for assessing the continuation of the market rally [10] - The current market phase is characterized by a recovery in risk appetite, with funds previously held in other assets beginning to flow into the stock market [11]

Market Performance - A-shares indices collectively rose on August 18, with the Shanghai Composite Index up 0.85% to 3728.03 points, Shenzhen Component Index up 1.73% to 11835.57 points, and ChiNext Index up 2.84% to 2606.20 points [1] - The North Stock 50 Index surged 6.79% to 1576.63 points, with over 4000 stocks in the market rising [1] Historical Data - The Shanghai Composite Index briefly surpassed its previous high of 3731.69 points set on February 18, 2021, marking the highest level since August 20, 2015 [5] - The North Stock 50 Index reached a historical high, while both the Shenzhen Component Index and ChiNext Index exceeded their highs from October 8 of the previous year [5] Trading Volume - The total trading volume in the Shanghai and Shenzhen markets reached approximately 27,641.63 billion yuan, an increase of about 5,195.51 billion yuan compared to the previous trading day, setting a new annual high [5] Sector Performance - Sectors such as communication equipment, software, and cultural media saw significant gains, while concept stocks like stock trading software and rare earths performed well [5] - The brokerage sector continued its strong performance, with stocks like Changcheng Securities hitting the daily limit, and others like Hualin Securities and Xiangcai Shares rising over 6% [5] Margin Trading - The margin trading scale has increased, with a cumulative growth of over 70 billion yuan since the beginning of August, marking a return of the margin balance to over 2 trillion yuan for the first time in ten years [5]