（1）投资者可以登录本管理人网站（www.gfam.com.cn）查阅相关信息，或拨打本管理人指定客服电 话（95575）咨询。 （2）本集合计划销售机构：广发证券股份有限公司。 2、本集合计划投资于货币市场工具，每万份集合计划暂估净收益和七日年化暂估收益率会因为货币市 场波动等因素产生波动，因此，管理人有权根据集合计划运作情况调整后续管理费，敬请投资者关注相 关风险。 一、管理费调整方案 ■ 注：本公告所述的"基金"是指按照《证券公司大集合资产管理业务适用〈关于规范金融机构资产管理业 务的指导意见〉操作指引》的要求进行变更后的证券公司大集合资产管理产品。 二、其他需要提示的事项 1、投资者可通过下列渠道了解相关信息： 管理人依照恪尽职守、诚实信用、谨慎勤勉的原则管理和运用集合计划财产，但不保证投资于本集合计 划一定盈利，也不保证最低收益。投资者购买本集合计划并不等于将资金作为存款存放在银行或者存款 类金融机构，集合计划份额不等于客户交易结算资金。投资者投资于本集合计划前应认真阅读本集合计 划的合同、招募说明书、产品资料概要等法律文件，充分了解本集合计划的风险收益特征，审慎做出投 资决定。 特此公告。 广发证 ...

Group 1 - The announcement refers to a collective asset management plan named "Shenwan Hongyuan Tiantianli Money Market Collective Asset Management Plan" which is subject to regulatory changes and is in the process of applying for public fund management qualifications [1] - Upon obtaining public fund management qualifications, the management will register the collective plan as a public fund in accordance with relevant regulatory requirements [1] Group 2 - The management of the collective plan commits to managing and utilizing the assets with principles of honesty, credit, and diligence, but does not guarantee profits or minimum returns [2] - Investors are advised to carefully read the asset management contract, prospectus, and product information summary before investing in the collective plan [2]

Core Viewpoint - The report presents the financial performance of Capital Securities Corporation Limited for the first half of 2025, highlighting an increase in revenue and net profit compared to the same period in the previous year. Group 1: Financial Performance - The total operating income for the first half of 2025 was CNY 1,283,977,917.15, representing a 2.33% increase from CNY 1,254,751,533.16 in the same period of 2024 [4]. - The total profit for the period was CNY 588,662,870.09, up 6.74% from CNY 551,470,871.84 year-on-year [4]. - The net profit attributable to shareholders of the parent company was CNY 483,819,409.80, reflecting a 2.37% increase from CNY 472,608,226.65 in the previous year [4]. - The basic earnings per share increased to CNY 0.18, up 5.88% from CNY 0.17 [4]. Group 2: Financial Position - As of June 30, 2025, the total assets amounted to CNY 54,242,524,668.93, a 15.76% increase from CNY 46,855,780,596.16 at the end of the previous year [4]. - Total liabilities reached CNY 40,498,417,823.63, which is a 20.49% increase from CNY 33,610,675,878.48 [4]. - The total equity attributable to shareholders of the parent company was CNY 13,744,106,845.30, up 3.77% from CNY 13,245,104,717.68 [4]. Group 3: Cash Flow and Investment - The net cash flow from operating activities was negative at CNY -382,919,280.97, compared to CNY -2,297,162,129.64 in the same period last year [4]. - The net cash flow from investing activities was CNY -2,230,247,079.52, indicating a significant decrease compared to CNY 1,054,495,452.11 in the previous year [4]. - The net cash flow from financing activities was CNY 1,498,748,079.82, contrasting with CNY -257,261,207.10 in the same period of 2024 [4]. Group 4: Risk Management - The company has established an effective internal control system and compliance management framework to manage various risks, including market, credit, liquidity, operational, compliance, money laundering, reputational, and information technology risks [4].

Group 1 - The stock price of Jiuan Medical reached 39.68 yuan as of August 7, 2025, reflecting a 1.82% increase from the previous trading day [1] - The company reported a revenue of 62.95 million yuan from its new retail business in 2024, accounting for approximately 2.4% of total revenue [1] - Jiuan Medical expects a net profit attributable to shareholders of 880 million to 980 million yuan for the first half of 2025, representing a year-on-year growth of 46.24% to 62.86% [1] Group 2 - The main source of profit growth is attributed to the strong performance of asset management business in large asset allocation [1] - On August 7, the net inflow of main funds was 59.65 million yuan, accounting for 0.34% of the circulating market value [1] - Over the past five days, the net outflow of main funds was 4.21 million yuan, representing 0.02% of the circulating market value [1]

Core Insights - The lithium carbonate market has been experiencing a significant price decline, leading to operational challenges for companies across the supply chain [2][4] - CITIC Futures has innovated its asset management services to help lithium carbonate industry players manage risks and stabilize operations through financial tools [1][6] Industry Challenges - The lithium carbonate market has seen a prolonged "cooling" phase, with spot prices dropping from relatively high levels since the launch of futures in July 2023, falling below 60,000 yuan/ton by June 2025 [2] - Companies in the lithium carbonate sector are facing a dual decline in revenue and profits, resulting in increased operational pressure [2][5] Company Response - CITIC Futures has tailored customized solutions to meet the urgent needs of industry clients, focusing on risk management and stable operations through financial instruments [4][6] - The asset management team at CITIC Futures leverages its expertise to design and execute risk management and yield enhancement strategies centered around lithium carbonate futures and options [4][5] Strategy Implementation - The strategy aims to balance risk management with yield enhancement, capturing potential profit opportunities in the lithium carbonate market while controlling downside risks [5] - CITIC Futures assists clients in optimizing raw material procurement costs and providing effective value protection and yield enhancement for inventory management [5] Future Prospects - The innovative strategy represents a practical application of asset management services to support the stable development of enterprises, with potential for broader application across various commodity sectors [6] - The successful implementation of this strategy indicates a promising future for customized financial services, which can adapt to different market environments and extend to diverse areas such as cash management optimization [6]

Core Viewpoint - The company reported a decline in overall revenue for 2024, but showed growth in net profit, with significant fluctuations in different business segments [1][5]. Financial Performance - In 2024, the company achieved operating revenue of 6.29 billion, a year-on-year decrease of 3.6%, while net profit attributable to shareholders was 2.34 billion, an increase of 3.9% [1] - The fourth quarter of 2024 saw operating revenue of 1.84 billion, up 18.0% year-on-year and 30.3% quarter-on-quarter, with net profit of 868 million, up 15.5% year-on-year and 59.2% quarter-on-quarter [1] - For Q1 2025, operating revenue was 1.07 billion, down 24.2% year-on-year, and net profit was 290 million, down 36.5% year-on-year [1] Brokerage Business - The brokerage business showed significant growth in 2024, with revenue of 1.41 billion, an increase of 17.7%, accounting for 22.5% of total operating revenue [2] - In Q1 2025, brokerage revenue reached 420 million, up 41.4% year-on-year, representing 39.4% of total operating revenue [2] - The average daily trading volume for the entire market in 2025 was 17.031 trillion, a year-on-year increase of 70.3% [2] Investment Banking - The investment banking sector continued to decline, with revenue of 520 million in 2024, down 31.3% year-on-year [3] - The equity underwriting scale for 2024 was 1.42 billion, a significant drop of 83.3%, ranking 31st [3] - In Q1 2025, the equity underwriting scale was 700 million, with two IPO projects in reserve, ranking 23rd [3] Asset Management - Asset management revenue for 2024 was 1.55 billion, a slight decrease of 0.3%, with total assets under management at 282.2 billion, up 2.0% year-on-year [4] - The net profit for the asset management subsidiary was 520 million, an increase of 12% year-on-year [4] - Investment income (including fair value) for 2024 was 1.5 billion, down 14.5% year-on-year [4] Profit Forecast - The company revised its profit forecast, expecting net profits of 2.485 billion and 2.631 billion for 2025 and 2026, respectively, with year-on-year growth rates of 6.21% and 5.86% [5] - The estimated net profit for 2027 is projected to be 2.761 billion, a year-on-year increase of 4.94% [5] - The current market capitalization corresponds to PE ratios of 11.87x, 11.21x, and 10.68x for 2025, 2026, and 2027, respectively [5]