Core Points - Huaxin Co., Ltd. announced a profit distribution plan for the first half of 2025, proposing a cash dividend of 0.039 yuan per share (tax included) for A-shares [2] - The record date for the dividend is set for October 20, 2025, with the ex-dividend date and cash dividend payment date both scheduled for October 21, 2025 [2]

（二）离任对公司的影响 证券代码：600621 证券简称：华鑫股份 编号：临 2025－037 上海华鑫股份有限公司 关于职工董事变更的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、职工董事离任情况 | 姓名 | 离任 职务 | 离任时间 | 原定任期 | 离任原 | 是否继续在上市 公司及其控股子 | 具体职务（如适用） | 是否存在未 履行完毕的 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 到期日 | 因 | 公司任职 | | 公开承诺 | | 张溯枫 | 职工 | 2025 年 10 | 2026 年 5 | 工作变 | 是 | 上海华鑫股份有限 | 否 | | | 董事 | 月 13 日 | 月 15 日 | 动 | | 公司纪委副书记、 | | | | | | | | | 审计部总经理、纪 | | | | | | | | | 律检查室主任、董 | | | | | | | | | 事会办公室主任 | | （一）提前离任的基本情况 2 ...

证券代码：600621 证券简称：华鑫股份 公告编号：临 2025-036 上海华鑫股份有限公司 2025年半年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利0.039元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/10/20 | － | 2025/10/21 | 2025/10/21 | 差异化分红送转： 否 一、 通过分配方案的股东会届次和日期 上海华鑫股份有限公司（以下简称"公司"）于 2025 年 6 月 9 日召开了公司 2024 年年 度股东大会，会议审议通过了《公司关于 2025 年度中期分红安排的议案》，并授权公司董事 会制定与实施具体的 2025 年中期分红方案。公司于 2025 年 8 月 28 日召开的第十一届董事 会第二十次会议审议通过了《公司 2025 年半年度利润分配议案》。 二、 分配方案 ...

Group 1 - The company announced the election of Mr. Wang Zhijian as the employee director of the 11th Board of Directors due to the work change of Ms. Zhang Sufeng [1] - For the year 2024, the company's revenue composition is as follows: 91.85% from the securities industry, 7.64% from the futures industry, 0.33% from other businesses, and 0.18% from software [1] - The current market capitalization of the company is 17.6 billion yuan [1]

Summary of Key Points Core Viewpoint - The stock of Zhuangyuan Ranch experienced a significant decline of 7.87% on the trading day, with a high turnover rate of 33.14% and a trading volume of 689 million yuan, indicating notable market activity and investor sentiment [2]. Trading Activity - The stock's daily fluctuation reached 19.55%, and the daily turnover rate was 33.14%, leading to its listing on the exchange's watchlist due to a deviation in daily decline of -7.13% [2]. - The total net selling by brokerage seats amounted to 21.87 million yuan, with the top five brokerage firms contributing to a total transaction volume of 140 million yuan, where buying amounted to 59.30 million yuan and selling to 81.17 million yuan [2]. Major Brokerage Transactions - The largest buying brokerage was Southwest Securities Co., Ltd. Guangdong Branch, with a purchase amount of 14.12 million yuan, while the largest selling brokerage was Huaxin Securities Co., Ltd. Shenzhen Yitian Road Branch, with a selling amount of 25.07 million yuan [2]. - The top five buying brokerages included: - Southwest Securities Co., Ltd. Guangdong Branch: 14.12 million yuan - Zhongtai Securities Co., Ltd. Shenzhen Branch: 11.68 million yuan - Zhongtai Securities Co., Ltd. Shenzhen Keyuan South Road Branch: 11.12 million yuan - Ping An Securities Co., Ltd. Beijing Branch: 8.37 million yuan - Dongfang Caifu Securities Co., Ltd. Lhasa Tuanjie Road Second Securities Branch: 7.74 million yuan [2]. Fund Flow - The stock saw a net outflow of 98.91 million yuan in principal funds, with a significant outflow of 83.03 million yuan from large orders and 15.88 million yuan from medium orders [2]. - Over the past five days, the net outflow of principal funds totaled 2.38 million yuan [2].

Group 1 - The three major indices opened lower and continued to decline, while the broker ETF (159842) rose by 0.5% against the trend [1] - Jinlong Co. saw a rise of over 4%, with Huaxin Securities, GF Securities, and Guosen Securities also experiencing gains [1] Group 2 - According to Wind data, the broker ETF (159842) experienced a net inflow of over 110 million yuan yesterday [2] - The broker ETF tracks the CSI All Share Securities Companies Index, which consists of up to 50 securities companies to reflect the overall performance of the industry [2] - Western Securities believes that the upward trend in the securities industry remains unchanged, presenting a relatively undervalued asset with high year-on-year performance growth [2] - The improvement in industry prosperity, potential mergers and acquisitions, and changes in financial technology provide room for valuation recovery [2] - Huatai Securities points out that the current prosperity of equity assets is stable and rising, and they are optimistic about the continuous growth of broker performance and valuation [2] - As of the end of Q2 2025, the allocation of active equity funds in broker stocks is at 0.64%, which is still at a low level since 2018 [2] - The current A-share broker sector has a PB (LF) valuation of 1.60x, at the 39th percentile since 2014, while the H-share Chinese broker index has a PB (LF) valuation of 0.93x, at the 72nd percentile over the past decade [2] - It is recommended to seize high cost-performance allocation opportunities [2]

Group 1 - The core viewpoint of the article emphasizes the performance and characteristics of the "brokerage golden stocks" pool, highlighting significant monthly and annual returns compared to benchmarks like the mixed equity fund index and the CSI 300 index [1][8][35] - In September 2025, the top-performing stocks included Jiangbolong, Xiechuang Data, and Jingzhida, with monthly increases of 86.50%, 81.70%, and 71.73% respectively [4][5] - The top three brokerages by monthly returns were Huazheng Securities, Hualong Securities, and Fangzheng Securities, with returns of 17.45%, 15.17%, and 14.38% respectively, outperforming the mixed equity fund index and the CSI 300 index [7][9] Group 2 - The "brokerage golden stocks" pool is characterized by a strong alpha extraction ability, reflecting both top-down industry allocation and bottom-up stock selection capabilities [3][32] - As of October 9, 2025, 42 brokerages had released their golden stocks for the month, resulting in a total of 304 unique A-shares after deduplication [22] - The sectors with the highest allocation in the golden stocks pool were Electronics (16.11%), Machinery (9.13%), and Non-ferrous Metals (8.17%) [29] Group 3 - The performance of the brokerage golden stock performance enhancement portfolio showed an absolute return of -0.55% for the month ending September 30, 2025, and a year-to-date return of 33.26% [35] - The portfolio's relative performance against the mixed equity fund index was -3.50% for the month and +1.19% year-to-date [35] - The portfolio ranked in the 43.07 percentile among active equity funds this year, indicating a competitive performance [35] Group 4 - The article discusses the factors influencing stock selection within the golden stocks pool, noting that recent performance indicators such as daily return rates and volatility have been strong, while total market capitalization and quarterly surprise performance have lagged [21][19] - The article also highlights the importance of analyst recommendations, noting that stocks with fewer prior recommendations tend to gain more market attention once included in the golden stocks pool [25][30]

========= - The "券商金股业绩增强组合" (Broker Gold Stock Performance Enhanced Portfolio) aims to outperform the median of public funds by optimizing the broker gold stock pool[39] - The portfolio uses the偏股混合型基金指数 (Equity-biased Hybrid Fund Index) as its benchmark, with a 90% position last month[39] - The absolute return of the portfolio for the month (2050901-20250930) was -0.55%, with an excess return of -3.50% relative to the偏股混合型基金指数[42] - The absolute return for the year (20250102-20250930) was 33.26%, with an excess return of 1.19% relative to the偏股混合型基金指数[42] - The portfolio ranked in the 43.07% percentile among active equity funds this year (1494/3469)[42] - The annualized return of the portfolio from 2018.1.2 to 2025.6.30 was 19.34%, with an annualized excess return of 14.38% relative to the偏股混合型基金指数[44] - The portfolio consistently ranked in the top 30% of active equity funds each year from 2018 to 2025[44] - The portfolio's performance statistics for each year from 2018 to 2025 are detailed in Table 6[47] - The portfolio's historical performance is illustrated in Figure 12[46] =========

Market Overview - On September 30, the securities sector declined by 0.86%, with GF Securities leading the drop [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Individual Stock Performance - Top gainers included: - Tusheng Financial Holdings (002670) with a closing price of 24.34, up 9.99% and a trading volume of 2.219 million shares, totaling 5.373 billion yuan [1] - Huaxi Securities (002926) closed at 10.27, up 3.42% with a trading volume of 972,600 shares, totaling 996 million yuan [1] - Notable decliners included: - GF Securities (000776) closed at 22.28, down 2.92% with a trading volume of 1.671 million shares, totaling 3.778 billion yuan [2] - Xiangcai Securities (600095) closed at 13.18, down 2.80% with a trading volume of 1.7048 million shares, totaling 2.250 billion yuan [2] Capital Flow Analysis - The securities sector experienced a net outflow of 9.51 billion yuan from institutional investors, while retail investors saw a net inflow of 6.158 billion yuan [2][3] - Notable capital flows included: - Tusheng Financial Holdings (002670) had a net inflow of 1.49 billion yuan from institutional investors, but a net outflow of 1.95 billion yuan from speculative funds [3] - Huaxi Securities (002926) saw a net inflow of 474.21 million yuan from institutional investors, with a net outflow of 2.427 billion yuan from speculative funds [3]

Group 1 - The three major indices experienced a decline, with the brokerage sector falling, as evidenced by the brokerage ETF fund (515010) dropping by 0.96% as of 14:05 on September 30 [3] - In September, the brokerage ETF fund (515010) saw net inflows of funds on 17 out of 21 trading days, totaling 360 million yuan, reaching a new high of 1.786 billion yuan as of September 29 [3] - The brokerage ETF fund (515010) tracks the securities company index (code 399975), with the top ten constituent stocks accounting for 60.56% of the weight, including major brokerages like CITIC Securities and Huatai Securities, benefiting directly from the recovery of the A-share market [3] Group 2 - The financial technology ETF Huaxia (516100) closely tracks the CSI Financial Technology Theme Index, covering software development, internet finance, and the digital currency industry chain, potentially benefiting from both market recovery and AI-related catalysts [3] - The management and custody fee rate for the brokerage ETF fund (515010) is the lowest in the sector at a combined rate of 0.2%, facilitating lower-cost investments in the brokerage sector [3]