上海爱建集团股份有限公司 序号 会议资料 《关于续聘立信会计师事务所（特殊普通合伙）担任公司 2025 二○二五年八月二十九日 四 上海爱建集团股份有限公司 会议资料 内 容 年度年报及内控审计机构的议案》 五 议案四： 《爱建集团董事会关于换届暨提名第十届董事候选人的报告》 上海爱建集团股份有限公司 2025 年第一次临时股东大会议程 现场会议时间：2025 年 8 月 29 日下午 14 时 00 分 网络投票时间：采用上海证券交易所网络投票系统，通过交易系统投票平台 的投票时间为股东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30， 现场会议地点：上海市肇嘉浜路 746 号（爱建金融大厦）1301 会议室 会议议程： 一、大会工作人员宣读大会现场议事规则 七、待上交所信息公司汇总现场投票和网络投票结果后，宣读本次股东大会 表决结果，并于次日公告 八、律师出具法律意见书 九、会议结束 会议资料之二： 议案一：《关于公司取消监事会并修订 <公司章程> 的议案》 各位股东： 上海爱建集团股份有限公司第九届董事会第 18 次会议经审议，通过《关于 公司取消监事会并修订 <公司章程> 的议案 ...

美联储降息预期或有扰动，流动性驱动市场走强格局有望延续-非银 周观点 近期市场交易定价反应了公募考核新规基准回补效应、去产能、高层会议经 济定调及美国关税及美国降息预期波动等政策影响，市场明显放量，两融波 动新高，银行、保险板块高位波动，券商、多元金融有所走强。交易节奏而 言，经济数据走弱下流动性驱动市场走强的趋势或有望延续，可能要重点聚 焦关注内部问题、居民存款搬家持续效应及美国经济可能衰退引发降息的效 应，中期具体或要看包括四中全会等重磅会议。需要高度重视券商及金融 IT 板块走强趋势，并购线建议重点关注以信达证券、首创证券、浙商证券、国 联民生、中国银河等为代表个股；具有估值扩张空间的公司，推荐关注综合 能力强、风险资本指标优化、受益 ETF 发展的东方证券、华泰证券、中金公 司等；同时从赔率弹性角度，建议逢低关注布局金融 IT 板块，建议重点关注 财富趋势、同花顺、九方智投（2025 年中报预告股东净利润中枢 8.5 亿元， 子公司方德证券在港展业；控股旗下九方智擎入驻"模速空间"，抢滩 AI创 新高地，股价历史高位区间）等；互金平台建议关注东方财富（2025H1 营业 总收入同比+39%至 69 亿 ...

浙江东方8月18日晚间发布公告称，公司十届第十五次董事会会议于2025年8月18日在杭州市上城区西湖 大道12号新东方大厦A座18楼大会议室以现场和视频会议形式召开。会议审议了《关于选举代表公司执 行公司事务董事的议案》等文件。 （文章来源：每日经济新闻） ...

从资金流向上来看，当日多元金融板块主力资金净流出7.22亿元，游资资金净流出8028.97万元，散户资 金净流入8.02亿元。多元金融板块个股资金流向见下表： 证券之星消息，8月18日多元金融板块较上一交易日上涨0.18%，电投产融领涨。当日上证指数报收于 3728.03，上涨0.85%。深证成指报收于11835.57，上涨1.73%。多元金融板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 000958 | 电投产融 | 7.05 | 3.98% | 135.87万 | | 9.57亿 | | 000567 | 海德股份 | 6.85 | 3.01% | 42.83万 | | 2.93亿 | | 000532 | 华金资本 | 16.21 | 1.95% | 17.66万 | | 2.84亿 | | 000935 | 四川双马 | 20.14 | 1.92% | 19.95万 | | 4.01亿 | | 600830 | 香溢調通 | 11.14 | 1.8 ...

Group 1 - The report indicates that the Shanghai Composite Index has broken through the previous high from October 8, 2024, which opens up further upward space for the market, with average daily trading volume exceeding 20 trillion yuan [4][12]. - The market is currently in a "volume and price rising" trend, although the Shenzhen Component Index and the ChiNext Index have not yet surpassed their previous highs, indicating some pressure on the market [4][12]. - Investors are encouraged to actively participate in structural opportunities within the market, focusing on sectors such as AI and robotics, large financial institutions, and the infant and child concept [4][12]. Group 2 - Recent economic data shows that the industrial added value in China increased by 6.3% year-on-year from January to July 2025, indicating a stable production environment [7]. - The social financing scale reached 431.26 trillion yuan by the end of July, with a year-on-year growth of 9%, primarily driven by government bonds [8]. - Policies related to personal consumption loans and service industry loans are expected to stimulate demand and support future credit growth [9][10]. Group 3 - The report highlights that the market is likely to continue its upward trend due to a combination of stable economic fundamentals, supportive policies, and ample liquidity [7][12]. - The report emphasizes the importance of monitoring the technical and funding aspects of the market, particularly the performance of the Shenzhen Component Index and ChiNext Index [4][12]. - The recent pause in tariff increases between the US and China is seen as a positive development for trade, potentially boosting market risk appetite [10].

Investment Rating - The report maintains an "Increase" rating for the non-bank financial industry [1] Core Insights - The non-bank financial sector has shown strong performance, with all sub-sectors outperforming the CSI 300 index in recent trading days [9][10] - The insurance sector's asset management balance has surpassed 36 trillion yuan, with a continued increase in stock allocation [21][27] - The securities industry has experienced a significant increase in trading volume, with a year-on-year rise of 212.23% in August [15][19] - The multi-financial sector is transitioning into a stable growth phase, with trust assets growing but profits declining [29][32] Summary by Sections Non-Bank Financial Sub-Sector Performance - In the recent five trading days (August 11-15, 2025), the non-bank financial sector outperformed the CSI 300 index, with the securities sector rising by 8.18%, multi-financial by 4.73%, and insurance by 3.28% [9][10] Non-Bank Financial Sub-Sector Insights Securities - Trading volume has significantly increased, with an average daily trading amount of 21,549 billion yuan in August, up 212.23% year-on-year [15][19] - The first unprofitable company under the "Science and Technology Innovation Board" has been approved for IPO, indicating a more inclusive policy for tech firms [19][20] Insurance - The insurance sector's asset management balance reached 36.23 trillion yuan, with a year-to-date increase of 8.9% [21][27] - The allocation to stocks has increased to 8.8%, while the bond allocation is at 51.9% [21][27] Multi-Financial - The trust industry saw its asset scale reach 29.56 trillion yuan, with a year-on-year profit decline of 45.5% [29][32] - The futures market experienced a trading volume of 10.59 billion contracts in July, with a year-on-year increase of 48.89% [33][40] Industry Ranking and Key Company Recommendations - The industry ranking is as follows: Insurance > Securities > Other Multi-Financial [45] - Recommended companies include China Ping An, New China Life, China Pacific Insurance, CITIC Securities, Tonghuashun, and Jiufang Zhitu Holdings [45]

Investment Rating - The report suggests a positive outlook for the securities sector, indicating that brokerage firms are entering an accelerated growth phase due to improved market sentiment and trading activity [2][3]. Core Insights - The report highlights a significant increase in daily stock trading volume, with an average daily turnover of 2.1 trillion yuan, representing a 24% increase week-on-week [2]. - The financing balance of margin trading has risen to 2.06 trillion yuan, providing strong support for future market performance [2]. - The introduction of fiscal subsidy policies for personal consumption loans is expected to lower financing costs and stimulate consumer spending, enhancing market vitality [2][50][51]. Summary by Sections Securities Sector - The brokerage sector's performance is improving, with a clear trend of year-on-year earnings growth in the first half of the year, highlighting a mismatch between high profitability and low valuations [3]. - The report recommends focusing on brokerage firms with significantly low valuations and those expected to benefit from potential mergers and acquisitions [3]. - The report notes that the Hong Kong Stock Exchange is likely to benefit from the deepening of cross-border trading and the listing of A-share companies in Hong Kong, with a notable increase in average daily trading volume [3]. Insurance Sector - As of the first half of 2025, the total scale of funds utilized by the insurance industry reached 36.23 trillion yuan, marking an 8.9% increase from the previous year [2]. - The allocation of insurance funds to stocks has increased to 8.8%, with a notable rise in stock investments driven by favorable market conditions [2]. - The report emphasizes the improvement in the insurance operating trend, as evidenced by significant share purchases by major insurance companies, indicating growing confidence in the sector [4]. Market Dynamics - The report indicates that the insurance sector is experiencing a positive shift, with major players increasing their stakes in key insurance stocks, reflecting a recovery in the operating environment [4]. - The report also mentions that the insurance industry is seeing a rise in original premium income, with China Pacific Insurance reporting a 5.48% year-on-year increase [41]. - The report highlights the approval of several insurance asset management companies, indicating a trend towards long-term investment reforms within the insurance sector [43].

Core Points - The stock price of Wukuang Capital (600390) closed at 6.3 yuan on August 15, 2025, reflecting a 5.35% increase from the previous week's price of 5.98 yuan [1] - The company achieved a total market capitalization of 28.338 billion yuan, ranking 8th out of 27 in the diversified financial sector and 607th out of 5,152 in the A-share market [1] Company Announcements - Wukuang Capital completed the redemption and delisting of all "Wuziyou 4" preferred shares, paying a total of 3.1305 billion yuan to shareholders [1] - On August 10, 2023, the company issued 30 million "Wuziyou 4" preferred shares, which began trading on the Shanghai Stock Exchange on September 5, 2023 [1] - As of August 11, 2025, the company paid the face value and dividends for the period from August 10, 2024, to August 9, 2025, totaling 3.1305 billion yuan, completing the redemption of all issued "Wuziyou 4" preferred shares [1]

Investment Rating - The investment rating for Jiangsu Jinzu (600901.SH) is "Buy" (maintained) [1] Core Views - The revenue and profit growth for the first half of 2025 met expectations, with revenue and net profit at 3.006 billion and 1.564 billion yuan respectively, reflecting year-on-year increases of 15% and 9% [4] - The company is considered a high-quality, high-dividend investment target, with a current dividend yield of 4.62% and a dynamic dividend yield of 5.15% assuming a constant dividend payout ratio of 53% [4] - The company has a stable performance in terms of asset quality, with a non-performing loan ratio of 0.91% and a slight increase in the non-performing loan generation rate to 0.61% [6] Financial Performance Summary - For the first half of 2025, the annualized weighted average ROE was 12.68%, an increase from 12.60% in the first quarter [4] - The company forecasts net profits of 3.26 billion, 3.62 billion, and 4.03 billion yuan for 2025, 2026, and 2027 respectively, with a consistent year-on-year growth rate of 12% [4] - The company's revenue is projected to grow from 5.977 billion yuan in 2025 to 7.353 billion yuan in 2027, with a compound annual growth rate of approximately 10.5% [8][11] Business Model and Growth Strategy - Jiangsu Jinzu's business model, which includes "vendor leasing + regional direct sales + shareholder collaboration," has matured and is effective, with partnerships established with nearly 6,000 manufacturers and dealers [5] - The company has diversified its industry structure to mitigate cyclical fluctuations, focusing on high-end equipment, clean energy, and transportation sectors, which have shown significant growth [5] Valuation Metrics - The current price-to-book (PB) ratios for 2025, 2026, and 2027 are projected at 1.3, 1.2, and 1.1 respectively, indicating a favorable valuation [4] - The earnings per share (EPS) for the next three years are estimated at 0.6 yuan for 2025, 0.6 yuan for 2026, and 0.7 yuan for 2027 [4]

Core Viewpoint - Jiuding Investment (600053) experienced a significant decline in stock price, closing at 18.35 yuan on August 15, 2025, down 5.8% from the previous day [1] Group 1: Stock Performance - On August 15, 2025, Jiuding Investment's stock price fell to 18.35 yuan, with a trading volume of 356,400 hands and a total transaction amount of 664 million yuan [1] - The stock's turnover rate was 8.22%, indicating a moderate level of trading activity [1] - Over the past five days, the stock has seen fluctuations, with a peak closing price of 21.64 yuan on August 13, 2025, and a notable drop of 9.98% on August 14, 2025 [2] Group 2: Capital Flow - On August 15, 2025, the net outflow of main funds was 33.34 million yuan, accounting for 5.02% of the total transaction amount [1] - Retail investors contributed a net inflow of 21.76 million yuan, representing 3.28% of the total transaction amount [1] - The financing data showed a net repayment of 720,000 yuan on the same day, with a total financing balance of 232 million yuan [3] Group 3: Financial Metrics - Jiuding Investment's total market capitalization is 7.955 billion yuan, significantly lower than the industry average of 23.424 billion yuan [5] - The company reported a net profit of -33.27 million yuan for the first quarter of 2025, reflecting a year-on-year decline of 737.4% [5] - The company's return on equity (ROE) stands at -1.27%, compared to the industry average of 28.08% [5]