截至月份: 2026年2月28日 狀態: 新提交 FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 致：香港交易及結算所有限公司 公司名稱: 中原证劵股份有限公司 (「本公司」) 呈交日期: 2026年3月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01375 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,195,365,000 | RMB | | 1 RMB | | 1,195,365,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 1,195,365,000 | RMB | | 1 RMB | | 1,195,365,000 | | 2. 股份分類 | ...

Group 1 - The core viewpoint of Zhongyuan Securities is to recommend investment opportunities in upstream raw material stocks due to rising global inflation, with a focus on agricultural products as the investment opportunity shifts from oil and chemicals [1] - The beer sector has recently rebounded, attributed to relatively good performance growth in the first three quarters of the previous year and corresponding market corrections [1] - The recommended stock investment portfolio for March 2026 includes Yanjing Beer (000729.SZ), Chongqing Beer (600132.SH), Angel Yeast (600298.SH), Lianhua Holdings (600186.SH), and Qiaqia Food (002557.SZ) [1] Group 2 - In February 2026, the food and beverage sector continued a slight upward trend, with significant increases in prepared foods (+31.76%), pre-packaged foods (+10.78%), and beer (+6.28%) [2] - The food and beverage sector's performance ranked fourth from the bottom among 31 primary industries, and second from the bottom within the consumer sector, only better than trade retail, non-bank financials, and banks [2] - The valuation of the food and beverage sector has declined for two consecutive months, primarily due to growth in the performance of listed companies in the sector during the first three quarters of 2025 [3] Group 3 - In 2025, the fixed asset investment growth rate in the food manufacturing sector significantly decreased, with a cumulative year-on-year increase of 2.2%, down 20.7 percentage points from the previous year [3] - The production of white liquor, wine, beer, and dairy products continued to contract in 2025, while the production of fresh meat and edible oil maintained growth [4] - The import quantities of corn and wheat saw a significant year-on-year decrease in 2025, while imports of high-end dairy products and dried fruits increased significantly [4]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 呈交日期: 2026年3月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01375 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,195,365,000 | RMB | | 1 RMB | | 1,195,365,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 1,195,365,000 | RMB | | 1 RMB | | 1,195,365,000 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | -- ...

Core Viewpoint - Zhongyuan Securities experienced a decline of 0.90% on March 2, with a trading volume of 245 million yuan, indicating a low trading activity and potential investor caution [1] Financial Performance - For the period from January to September 2025, the company is expected to report year-on-year growth in both revenue and net profit attributable to shareholders [1] - The company has a substantial cumulative cash dividend distribution [1] Market Activity - The net financing buy on the day was -14.81 million yuan, with a total margin financing and securities lending balance of 1.138 billion yuan, suggesting low levels of both financing and securities lending [1] - Changes in institutional holdings were noted, with adjustments in holdings related to Guotai and Huabao ETFs, while the Hong Kong Central Clearing Company exited the list of the top ten circulating shareholders [1]

Group 1 - The company, Zhongyuan Securities, confirmed that it strictly adheres to labor laws and regulations regarding employee compensation, ensuring no delays in salary payments [1] - The company will fulfill its information disclosure obligations in a timely manner as required by regulations [1]

Group 1 - Southbound funds increased their holdings in Zhongzhou Securities (01375.HK) by 1.385 million shares on February 26 [1] - Over the past 5 trading days, there were 3 days of net increases in holdings by southbound funds, totaling 3.632 million shares [1] - In the last 20 trading days, there were 11 days of net increases, amounting to 2.971 million shares [1] Group 2 - As of now, southbound funds hold 707 million shares of Zhongzhou Securities, representing 59.14% of the company's total issued ordinary shares [1] - Zhongyuan Securities Co., Ltd. is engaged in securities brokerage business in China and operates eight divisions [1] - The securities brokerage division handles client transactions for stocks, funds, and bonds, while the proprietary business division focuses on equity and fixed income investments [1]

Core Viewpoint - The overall performance of the 2026 Spring Festival box office is weaker than market expectations due to multiple factors, leading to a shift in focus towards quality content and diversified revenue streams in the film industry [1] Group 1: Box Office Performance - The total box office for the 2026 Spring Festival was 5.697 billion yuan, a year-on-year decrease of 40.09% [1] - The number of moviegoers reached 119 million, down 36.36% year-on-year, with an average ticket price of 47.87 yuan, reflecting a 5.86% decrease [1] - The performance is significantly lower than both 2025 and the lowest levels since 2018 for the same period, attributed to factors such as base pressure from 2025, increased travel demand, content mismatch, and competition from other entertainment forms [1] Group 2: Screening and Attendance - The total number of film screenings during the 2026 Spring Festival reached 3.88 million, an increase of 15.24% year-on-year, with an average of 554,300 screenings per day, marking the highest level in history [2] - Despite the increase in screenings, the average attendance per screening was 30.67 people, a decrease of 44.78% year-on-year, leading to a significant drop in cinema occupancy rates from 43.3% in 2025 to 22.2% [2] Group 3: Film Performance - "Fast and Furious 3" led the box office with nearly 2.927 billion yuan, accounting for 50.8% of the total box office, while its screening share was only 31.6% [3] - Other films like "Silent Awakening" and "Biao Ren: Wind Rises in the Desert" had box office earnings of 867 million yuan and 806 million yuan, respectively, indicating a clear gap in box office performance [3] - The distribution of box office earnings shows a significant gap, with only "Fast and Furious 3" nearing 3 billion yuan, while the 1 billion to 3 billion yuan range was empty, highlighting a clear disconnect in the Spring Festival film offerings [3]

Core Viewpoint - The brokerage sector is currently experiencing a weak performance, with the index hitting new lows and showing limited rebound potential. The overall market volatility remains low, and the sector's average P/B ratio fluctuates between 1.40x and 1.44x. Future strength in the sector depends on the alignment of industry fundamentals and policy support [1]. Group 1: January Brokerage Sector Performance - The brokerage index attempted to strengthen in January but ultimately failed, underperforming compared to other industry indices. The securities sector index fell by 1.49%, lagging behind the CSI 300 index, which rose by 1.65% [1]. - There was a significant increase in the number of stocks outperforming the brokerage index, indicating a growing divergence within the sector. The average P/B ratio for the sector increased to a range of 1.426x to 1.541x [1]. Group 2: Key Market Factors Impacting January Performance - The equity market faced resistance while the fixed income market showed moderate recovery, leading to a notable rebound in proprietary trading business [2]. - Monthly average trading volume and total trading volume reached historical highs, indicating a recovery in brokerage business sentiment [2]. - The margin financing balance continued to set new historical highs, with significant growth in daily average margin financing balances [2]. - Both equity and debt financing scales saw substantial increases, with investment banking business volumes reaching their highest levels in the past 12 months [2]. Group 3: February Performance Outlook for Listed Brokerages - The proprietary trading business is expected to see a significant decline due to a cooling equity market and a narrowing rebound in the fixed income market [3]. - Monthly average stock trading volume is anticipated to drop significantly, leading to a larger decline in total monthly trading volume due to fewer trading days [3]. - The margin financing balance is projected to experience a slight decrease, but its contribution to overall performance will remain high compared to the past 12 months [3]. - Investment banking activities are expected to decline significantly due to a substantial drop in both equity and debt financing scales [3]. - Overall, the monthly operating performance of listed brokerages is expected to fall to relatively low levels compared to the past 12 months due to seasonal factors [3].

Core Viewpoint - Southbound funds increased their holdings in Zhongzhou Securities (01375.HK) by 2.54 million shares on February 23, indicating a fluctuating interest from these funds in recent trading days [1] Group 1: Southbound Fund Activity - In the last 5 trading days, there were 3 days of net reductions in holdings by southbound funds, totaling a net decrease of 2.76 million shares [1] - Over the past 20 trading days, there were 11 days of net increases in holdings by southbound funds, with a cumulative net increase of 3.71 million shares [1] - Currently, southbound funds hold 706 million shares of Zhongzhou Securities, representing 59.02% of the company's total issued ordinary shares [1] Group 2: Company Overview - Zhongyuan Securities Co., Ltd. is a Chinese company engaged in securities brokerage services, operating through eight divisions [1] - The brokerage division handles client transactions involving stocks, funds, and bonds, while the proprietary trading division focuses on equity and fixed income investments [1] - The investment banking division includes equity underwriting and sponsorship, as well as bond product underwriting services [1] - The credit business division provides margin financing, repurchase agreements, and stock pledge financing services [1] - The investment management division encompasses asset management, private fund management, and alternative investment services [1] - The futures division includes futures brokerage, trading consulting, and risk management services [1] - The company also operates an overseas business division and a headquarters and other business division [1]

Performance Overview - The company expects a net profit attributable to shareholders for the year 2025 to be between 400 million to 480 million yuan, representing a year-on-year growth of 62.70% to 95.24%. The non-recurring net profit is anticipated to grow by 100.08% to 138.19% year-on-year, driven by an overall upturn in the capital market and increased revenue from wealth management and securities investment businesses [2]. Subsidiary Development - The company's subsidiary, Zhongzhou Blue Ocean Investment Management Co., Ltd., has repeatedly reduced its registered capital since 2025, with a cumulative decrease of over 27%. This adjustment aims to optimize the parent company's capital utilization efficiency, but it may have a certain impact on the subsidiary's business expansion [3]. Stock Performance - As of February 11, 2026, the A-shares of the company experienced a price increase of 2.31% from February 4 to February 11, while the Hong Kong shares rose by 1.85% during the same period. On February 11, there was a net outflow of 1.8465 million yuan from the main funds in A-shares, while retail investors showed a net inflow [4]. Industry Policy and Environment - Dongwu Securities released an industry commentary on February 10, 2026, indicating that the optimization of refinancing measures by the Shanghai and Shenzhen Stock Exchanges may indirectly benefit the brokerage sector, including the company. However, attention should be paid to regulatory compliance requirements [5].