关于重大资产重组事项相关申请获得受理的公告 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。 证券代码：600095 证券简称：湘财股份 公告编号：临2025-075 湘财股份有限公司 本次交易尚需通过上交所审核通过，并取得中国证券监督管理委员会同意注册的批 复后方可正式实施，最终能否通过审核、取得注册，以及最终通过审核、取得注册的时 间仍存在不确定性。公司发布的信息以在上海证券交易所网站（www.sse.com.cn）及指 定信息披露媒体刊登的公告为准，敬请广大投资者注意投资风险。 特此公告。 湘财股份有限公司董事会 2025 年 10 月 25 日 湘财股份有限公司（以下简称"公司"或"湘财股份"）拟通过向上海大智慧股份 有限公司（以下简称"大智慧"）的全体换股股东发行 A 股股票的方式换股吸收合并大 智慧并发行 A 股股票募集配套资金（以下简称"本次交易"）。 2025 年 10 月 23 日，公司收到上海证券交易所（以下简称"上交所"）出具的《关 于受理湘财股份有限公司发行股份购买资产并募集配套资金申请的通知》（上证上审 ...

股票代码：600095 股票简称：湘财股份 上市地点：上海证券交易所 股票代码：601519 股票简称：大智慧 上市地点：上海证券交易所 湘财股份有限公司 换股吸收合并 上海大智慧股份有限公司 并募集配套资金暨关联交易报告书（草案） （申报稿） | 吸收合并方 | 被吸收合并方 | | --- | --- | | 湘财股份有限公司 | 上海大智慧股份有限公司 | | 哈尔滨高新技术产业开发区迎宾路集中区太湖 | 中国（上海）自由贸易试验区郭守敬路 号浦东软 498 | | 北路 号 7 | 件园 幢 座 14 22301－130 | 吸收合并方独立财务顾问 被吸收合并方独立财务顾问 本报告书及其摘要所述事项并不代表中国证监会、上海证券交易所对该证券的投 资价值或者投资者收益作出实质判断或者保证，也不表明中国证监会和上海证券交易 所对本报告书及其摘要的真实性、准确性、完整性作出保证。本报告书及其摘要所述 本次交易相关事项的生效和完成尚待有权监管机构的批准、核准、注册或同意。有权 监管机构对于本次交易相关事项所做的任何决定或意见，均不表明其对吸收合并双方 股票的投资价值或投资者的收益做出实质判断或保证。 1 湘财 ...

湘财股份有限公司董事会 2025 年 10 月 25 日 证券代码：600095 证券简称：湘财股份 公告编号：临2025-076 关于换股吸收合并上海大智慧股份有限公司 并募集配套资金暨关联交易报告书（草案） （申报稿）修订说明的公告 相较公司于 2025 年 9 月 26 日披露的《湘财股份有限公司换股吸收合并上海大智慧 股份有限公司并募集配套资金暨关联交易报告书（草案）》，草案（申报稿）对部分内 容进行了修订，主要修订情况如下： | 章节 | | 修订说明 | | --- | --- | --- | | 重大事项提示 | | 1、更新本次交易已履行和尚需履行的决策程序及报批程序。 | | 重大风险提示 | | 1、更新涉及本次交易已履行和尚需履行的决策程序及报批程序的相 关风险表述。 | | 第一节 | 本次交易概况 | 1、更新本次交易已履行和尚需履行的决策程序及报批程序。 | | 第五节 | 募集配套资金情况 | 1、更新募投项目备案情况。 | | 第十节 | 财务会计信息 | 1、更新本次交易已履行和尚需履行的决策程序及报批程序。 | | 第十二节 | 风险因素 | 1、更新涉及本次交易已履行和尚 ...

北京市金杜律师事务所 关于湘财股份有限公司 吸收合并上海大智慧股份有限公司 并募集配套资金暨关联交易 的 补充法律意见书（一） 二〇二五年十月 | | | | 引 | 言 2 | | --- | --- | | 正 | 文 3 | | 一、 | 本次交易的批准与授权 3 | | 二、 | 本次交易的信息披露 4 | 引 言 致：湘财股份有限公司 根据《证券法》《证券法律业务管理办法》《证券法律业务执业规则》等有 关规定，本所接受湘财股份委托并作为专项法律顾问，已就本次交易所涉相关 法律事宜于 2025 年 9 月 25 日出具了《北京市金杜律师事务所关于湘财股份有 限公司吸收合并上海大智慧股份有限公司并募集配套资金暨关联交易的法律意 见书》（以下简称《法律意见书》）。本所就《法律意见书》出具之日至本补充法 律意见书出具之日发生的事实及本次交易进展进行了补充核查，并就该等事实 及进展出具本补充法律意见书。 本补充法律意见书是对本所出具的《法律意见书》的补充，构成《法律意 见书》不可分割的组成部分。本补充法律意见书中所使用的术语、名称、缩略 语，除特别说明之外，与其在《法律意见书》中的含义相同。本所在《法律意 见 ...

上海大智慧股份有限公司 并募集配套资金暨关联交易 之 独立财务顾问报告 财通证券股份有限公司 关于 湘财股份有限公司 换股吸收合并 独立财务顾问 二〇二五年十月 | 独立财务顾问声明和承诺 | 5 | | --- | --- | | 一、独立财务顾问声明 | 5 | | 二、独立财务顾问承诺 | 5 | | 释义 | 7 | | 重大事项提示 | 10 | | 一、本次交易方案简要介绍 10 | | | 二、本次交易的性质 | 13 | | 三、本次交易对存续公司的影响 14 | | | 四、债权人利益保护机制 17 | | | 五、本次交易已履行和尚需履行的决策及报批程序 | 17 | | 六、相关方对本次重组的原则性意见，以及股份减持计划 | 18 | | 七、本次交易对中小投资者权益保护的安排 19 | | | 八、独立财务顾问的保荐承销资格 21 | | | 九、其他需要提醒投资者重点关注的事项 21 | | | 重大风险提示 | 22 | | 一、与本次交易相关的风险 22 | | | 二、与合并后公司相关的风险 25 | | | 三、其他风险 | 27 | | 第一节 本次交易概况 | 28 | ...

Core Viewpoint - The company is in the process of a share swap merger with Xiangcai Co., where Xiangcai will issue A-shares to all A-share shareholders of the company and raise supporting funds [1] Group 1 - The company received a notification from the Shanghai Stock Exchange on October 23, 2025, regarding the acceptance of Xiangcai's application for issuing shares to purchase assets and raise supporting funds [1] - The transaction is subject to approval from the Shanghai Stock Exchange and the China Securities Regulatory Commission before it can be officially implemented [1]

Core Viewpoint - Xiangcai Co., Ltd. has received approval from the Shanghai Stock Exchange for its application to issue shares for asset acquisition, specifically through a share swap merger with Da Zhi Hui [1] Group 1: Transaction Details - The transaction involves Xiangcai Co. issuing A-shares to the swap counterpart as payment for the merger with Da Zhi Hui [1] - As of the share swap implementation date, Xiangcai Co. will directly cancel its shares held in Da Zhi Hui, as well as those held by Xinhu Group, which will not participate in the swap [1] - Following the merger, Da Zhi Hui will terminate its listing and cancel its legal entity status, while Xiangcai Co. will inherit all assets, liabilities, business, personnel, contracts, qualifications, and other rights and obligations of Da Zhi Hui [1] Group 2: Financial Aspects - The total amount of funds to be raised in this transaction will not exceed 8 billion yuan [1]

Core Viewpoint - A-shares have shown strong performance since early April, with major indices leading global markets in gains, resulting in impressive returns for asset management products, particularly in stock strategies [2][3]. Group 1: Market Performance - As of the end of September, the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index have increased by approximately 15.84%, 29.88%, and 51.20% respectively in the first three quarters [2]. - The average return for asset management products with performance data reached about 9.66% in the first three quarters, with stock strategy products achieving an average return of 26.72% [2][3]. Group 2: Asset Management Strategies - The top-performing asset management strategies include: - Stock Strategy: Average return of 26.72% with the top 10 products having a minimum return threshold of ***% [3][4]. - Futures and Derivatives Strategy: Average return of 12.15% with the top 10 products having a minimum return threshold of ***% [7][10]. - Multi-Asset Strategy: Average return of 18.79% with the top 10 products having a minimum return threshold of ***% [11][17]. - Combination Fund: Average return of 12.96% with the top 10 products having a minimum return threshold of 10.56% [18][21]. - Bond Strategy: Average return of 4.67% with the top 3 products achieving returns of ***% [22]. Group 3: Top Products and Managers - The top three stock strategy products for the first three quarters are: 1. "兴合逆向低估值集合" managed by 兴合基金 with a return of ***% [4][6]. 2. "国海良时金时2号指数增强" managed by 国海良时期货 with a return of ***% [6]. 3. "金鹰行稳致远3号集合" managed by 金鹰基金 with a return of ***% [4]. - The top three futures and derivatives products are: 1. "上海东亚期货有限公司-东风一号" managed by 上海东亚期货 with a return of ***% [10]. 2. "瑞达期货-瑞智无忧99号单一" managed by 瑞达期货 with a return of ***% [10]. 3. "广发期货安胜指数增强1号" managed by 广发期货 with a return of ***% [10]. - The top three multi-asset products are: 1. "东海纳米双色球1号" managed by 东海期货 with a return of ***% [17]. 2. "金信跃迁一号" managed by 金信期货 with a return of ***% [17]. 3. "国海良时金时6号" managed by 国海良时期货 with a return of ***% [17].

Group 1 - The three major indices opened lower, with the securities sector experiencing a slight decline [1] - The broker ETF (159842) saw a decrease of 0.34% with a trading volume exceeding 300 million yuan and a premium rate of 0.01% [1] - Among the constituent stocks, only Guosen Securities, First Capital Securities, Great Wall Securities, and GF Securities showed gains [2] Group 2 - The broker ETF recorded a net inflow of over 12 million yuan yesterday, accumulating over 1.06 billion yuan in the last ten trading days [2] - Several foreign institutions have expressed optimism about A-share growth, with firms like Goldman Sachs and JPMorgan predicting a bullish market outlook [2] - According to the analysis, the securities sector is currently undervalued, with strong earnings growth expected to support further valuation increases [2]

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the non-bank financial industry [1]. Core Insights - The recent revision of the corporate governance guidelines by the China Securities Regulatory Commission (CSRC) aims to enhance the governance of listed companies, ensuring better alignment of interests between executives and the company [3][7]. - The number of newly opened margin trading accounts reached a record high of 205,400 in September 2025, reflecting a significant recovery in investor confidence and market sentiment [4][8]. Summary by Sections Market Performance - The major indices experienced declines during the week of October 13 to October 19, 2025, with the Shanghai Composite Index down by 1.47%, the CSI 300 down by 2.22%, and the ChiNext Index down by 5.71% [9]. - The average daily trading volume in A-shares was 2.19 trillion yuan, a decrease of 15.76% compared to the previous period [9]. Credit Business - As of October 17, 2025, the total margin trading balance was 2.43 trillion yuan, with a slight decrease of 0.51% [15]. - The market had 2,989.03 million shares pledged, accounting for 3.65% of the total share capital [15][17]. Fund Issuance - In September 2025, a total of 115.88 billion units of new funds were issued, with 150 funds launched, marking a 13.58% increase from the previous period [15][21]. Investment Banking - The equity underwriting scale in September 2025 was 43.685 billion yuan, including 11.69 billion yuan from IPOs and 31.995 billion yuan from refinancing [15]. Bond Market - The total price index of bonds decreased by 1.94% since the beginning of the year, while the yield on 10-year government bonds rose by 21.69 basis points to 1.82% [15]. Regulatory Policies and Industry Dynamics - The CSRC's revised corporate governance guidelines include comprehensive regulations on the behavior of directors, senior management, and controlling shareholders, aiming to enhance the governance framework and protect investor interests [25]. - The CSRC is also focusing on improving the quality and scope of sustainable disclosures by listed companies [25]. Key Company Announcements - Shouhua Securities submitted an application for issuing overseas listed shares (H shares) on October 16, 2025 [26]. - Zhongtai Securities received approval from the CSRC for a specific stock issuance on October 13, 2025 [26].