帮主郑重锐评： 同花顺董事长这波"让渡市场参与机会"的操作，堪称A股年度温情故事——身家近600亿，减持0.13%套现2亿，竟是为了"释放流动性、激活市场活力"。这 格局，马斯克看了沉默，贝索斯看了流泪，仿佛他不是在卖股票，而是在撒慈善券。 建议下次上市公司大佬减持都按这个模板写理由： "我卖一点，是为了让散户也能买得起！" "我套现，是为了防止市场过于拥挤！" "我减持，是为了给A股腾出上涨空间！" 不就是"股价高位我先跑，韭菜留下撑场面"？ 说白了，套现不寒碜，寒碜的是硬给减持穿"道德底裤"。 咱建议监管层干脆出个《减持理由实话大全》： ✅ 真话版：股价偏高，我想卖点改善生活。 ❌ 虚伪版：让渡机会，释放流动性，共建活跃市场。 资本市场不缺套路，缺的是诚实。 我是帮主郑重，20年财经老炮，专拆虚伪剧本。 #同花顺减持神话 #帮主说财经 翻译翻译，什么叫"让渡机会"—— ...

9月5日盘后，同花顺发布公告称，公司控股股东、实际控制人、董事长易峥及股东杭州凯士顺科技有限 公司（简称"凯士顺"）拟减持部分公司股份。根据公告，上述股东计划自2025年9月29日起三个月内， 通过集中竞价或大宗交易方式合计减持不超过138.31万股，占公司总股本的0.26%。 具体来看，易峥目前持有公司股份1.94亿股，占总股本的36.13%，其拟减持不超过68.4万股，占总股本 的0.13%。减持完成后，易峥持股比例将降至36.00%，公司控制权未发生重大变化。凯士顺目前持有公 司股份4819.38万股，占总股本的8.96%，其拟减持不超过69.91万股，占总股本的0.13%。 公告显示，易峥此次减持的股份来源于其2022年通过二级市场增持的股份，凯士顺减持的股份则来源于 公司首次公开发行前股份。对于减持目的，凯士顺表示，为自身资金需要；易峥则表示，此次减持是对 既定目标的落实，旨在优化个人资源配置，从而将更多精力聚焦于公司战略布局和主营业务发展。 值得注意的是，凯士顺去年年底才完成一次减持。11月8日，同花顺公告，因股东资金需要，凯士顺拟 减持公司股份不超过268.80万股（占公司总股本的0.50%）， ...

据悉，同花顺董事长拟减持的68.4万股股份来源于其增持。2022年4月，同花顺董事长花费5009.9万元增持了公司68.4万股股份。按照上周五收盘价361.5元/ 股计算，其增持的这部分股份已经赚了近2亿元。 对于减持原因，公告解释称凯士顺是"自身资金需要"，而易峥的减持理由则颇为新颖：一是"阶段性增持目标已圆满完成"，二是"让渡市场参与机会，释放 流动性，激活市场活力"，这种说法迅速引发热议。 有投资者调侃这是"高位接盘邀请函"，还有股民则表示"要我是股东，我都想把公司卖给你们，这个价格卖赚死了。""减持就减持吧，关键这话说得，像对 我们的一种恩赐。"市场对此次减持的影响存在显著分歧。乐观者认为"利空出尽"，预计周一股价将高开；悲观者则预期股价大幅低开。 格隆汇9月7日｜同花顺(300033.SZ)9月6日发布公告，公司实控人兼董事长易峥及一致行动人计划在未来三个月内减持不超过138.31万股，占公司总股本 0.26%。以公告日收盘价361.5元计算，此次减持套现规模高达5亿元，其中易峥个人即可套现2.48亿元。 | 股东 | 拟减持股份数量 | 拟减持股份占股本比例 | | --- | --- | --- ...

Core Viewpoint - The controlling shareholder and chairman of Tonghuashun, Yi Zheng, along with his associates, plan to reduce their holdings by up to 1.3831 million shares, accounting for 0.26% of the company's total share capital, with a cash-out potential of approximately 500 million yuan based on the closing price on the announcement date [1] Group 1: Shareholder Reduction Plan - Yi Zheng's reduction rationale includes "completion of phase one acquisition goals" and "releasing market liquidity to activate market vitality," which has sparked significant debate among investors [1][2] - The market reaction to the reduction announcement is mixed, with some optimistic investors expecting a price increase while others predict a significant drop [2] - Historical context shows that similar reduction reasons have led to negative market reactions, as seen with Kexing Pharmaceutical's stock price drop following a similar announcement [2][3] Group 2: Company Performance - Tonghuashun reported a strong performance in the first half of 2025, with total revenue of 1.78 billion yuan, a year-on-year increase of 28.1%, and a net profit of 500 million yuan, up 38.3% [4] - The revenue breakdown indicates that the company's performance is highly correlated with market conditions, with significant contributions from value-added telecommunications services and advertising [4] - The company's core revenue relies heavily on financial information and data services, making it susceptible to market fluctuations, as evidenced by historical performance during bull and bear markets [4] Group 3: Shareholder Wealth and Market Focus - Yi Zheng's net worth is estimated at 70 billion yuan, with a significant return on investment from shares purchased at a low price in 2022 [5][6] - Following the reduction announcement, Tonghuashun's stock price has been under scrutiny, particularly after a series of declines leading up to the announcement [6]

Core Viewpoint - The chairman of Tonghuashun announced a plan to reduce his shareholding by up to 684,000 shares, representing 0.13% of the company's total equity, aiming to enhance market liquidity and activate market vitality [2][4]. Summary by Relevant Sections Shareholding Reduction - The chairman, Yi Zheng, plans to reduce his holdings by up to 684,000 shares, which is 0.13% of the total share capital [3][5]. - Another shareholder, Kaishun Technology, intends to reduce its holdings by 699,100 shares, also 0.13% of the total share capital, leading to a combined reduction of 1,383,100 shares, or 0.26% of the total [3][4]. Purpose of Reduction - The reduction is described as a fulfillment of Yi Zheng's previously set goals, which included stabilizing the stock price through low-level purchases [4][5]. - The chairman aims to optimize personal resource allocation and focus more on the company's strategic layout and core business development, thereby enhancing the company's value [4][5]. Background on Shareholding - Yi Zheng had previously acquired 684,000 shares in April 2022 for approximately 50.1 million yuan, and the current value of these shares has increased to nearly 200 million yuan based on the recent closing price [2][6]. - After the planned reduction, Yi Zheng's shareholding will decrease to 36.00%, with no significant change in control [5][6].

Core Viewpoint - The chairman of Tonghuashun announced a plan to reduce his shareholding by up to 684,000 shares, representing 0.13% of the company's total equity, aiming to enhance market liquidity and activate market vitality [1][4]. Summary by Sections Shareholding Reduction Announcement - The announcement revealed that the chairman, Yi Zheng, and shareholder Kaishun plan to collectively reduce their holdings by up to 1,383,100 shares, which is 0.26% of the total equity [3]. Purpose of the Reduction - Yi Zheng's reduction is intended to optimize personal resource allocation and focus more on the company's strategic layout and core business development, while also allowing for market participation opportunities and liquidity release [4]. - Kaishun's reduction is primarily driven by its own funding needs [5]. Source of Shares for Reduction - The shares Yi Zheng plans to reduce were acquired through secondary market purchases, specifically 684,000 shares bought in April 2022 for approximately 50.1 million yuan, which have since appreciated to nearly 200 million yuan based on recent closing prices [2][6].

Core Viewpoint - The major shareholders of Tonghuashun, Yi Zheng and Kaishun Technology, plan to reduce their holdings by a total of 1,383,100 shares, representing 0.26% of the company's total share capital, within a specified period from September 29, 2025, to December 28, 2025 [4] Group 1: Shareholder Information - Yi Zheng, the controlling shareholder and chairman, currently holds 194,221,000 shares, accounting for 36.13% of the total share capital, with 145,665,750 shares being restricted and 48,555,250 shares unrestricted [3] - Kaishun Technology holds 48,193,829 shares, representing 8.96% of the total share capital, with 36,145,372 restricted shares and 12,048,457 unrestricted shares [3] Group 2: Financial Performance - In the first half of the year, Tonghuashun reported revenue of 1.779 billion yuan, a year-on-year increase of 28.07%, and a net profit attributable to shareholders of 502 million yuan, up 38.29% year-on-year [5] - The company plans to distribute a cash dividend of 1.00 yuan per 10 shares (including tax) to all shareholders [5] Group 3: Market Context - Since September 24 of the previous year, Tonghuashun's stock price has increased by over 260%, reaching a peak of 426.88 yuan per share, with the latest closing price at 361.5 yuan per share [2] - The increase in revenue and net profit is attributed to a recovery in the capital market, leading to higher user activity on the company's website and app, as well as increased demand for financial information services [5]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a significant increase in total revenue of 2.1 billion, up 133.8% year-on-year, and achieved a net profit of 865 million, compared to a loss of 174 million in the same period last year [6][10] - The company's return on equity (ROE) was 36.5%, a substantial improvement from -15.9% in the previous year [6] - The MCN traffic pool is expanding rapidly, with a significant increase in paid user numbers and a notable improvement in refund rates [10] - Cost control has been effective, leading to a marked improvement in profitability, with a net profit margin rising to 41.2% from -19.4% year-on-year [10] - The company is recognized as a leading high-end investment education service provider in China, leveraging multimedia for customer acquisition, establishing strong barriers in traffic pool construction and customer education [10] Summary by Sections Revenue and Profitability - In the first half of 2025, the company achieved total revenue of 2.1 billion, reflecting a year-on-year increase of 133.8% [6] - The net profit for the same period was 865 million, a turnaround from a loss of 174 million in the previous year [6] - The diluted ROE was reported at 36.5%, compared to -15.9% in the prior year [6] Market Performance - The company’s order revenue increased significantly, with a 83.3% year-on-year growth, and a return on investment (ROI) of 3.67, up 56.0% [10] - The average daily transaction volume in the market surged to 19.4 trillion, a year-on-year increase of 185.6%, indicating a strong market recovery [10] User Growth and Cost Management - The number of paid users increased by 152.7% to 102,000, with a refund rate improvement of 5.9 percentage points [10] - The company effectively managed costs, with sales, research, and management expenses reported at 660 million, 150 million, and 240 million respectively, showing a mixed trend in year-on-year changes [10] Investment and Asset Management - The company’s trading financial assets reached 1.33 billion, a 100.6% increase from the beginning of the year, with significant growth in fund and stock holdings [10] - The company achieved an investment income of 64 million, with an estimated annualized investment return rate of 12.7% [10] Future Outlook - The company is expected to see continued growth in net profit, with projections of 1.52 billion and 1.94 billion for 2025 and 2026 respectively, corresponding to price-to-earnings ratios of 20.0 and 15.7 [11]

Global Market Coverage - Sina Finance APP connects over 40 global markets, including A-shares, Hong Kong stocks, US stocks, futures, foreign exchange, and precious metals, with a market refresh speed of 0.03 seconds and exclusive access to Nasdaq Level 2 data [2] - Wind, while having a complete historical database since 1990, charges a high annual fee of 20,000 to 40,000 yuan for personal users and has a complex interface that slows down loading speed, making it difficult for ordinary investors to use [2] - Wall Street News focuses on global macroeconomics and is suitable for investors interested in Federal Reserve policies and geopolitical issues, but its domestic gold market data is less timely compared to international gold [2] - Guide Compass shows a clear "A-share island" characteristic, providing Level 2 deep data but lacking global market coverage [2] - Great Wisdom focuses on the A-share market and excels in high-frequency trading but lacks support for emerging markets like India and Vietnam [2] Information Timeliness and Depth - Sina Finance APP leads the industry with a 5-10 second advantage in interpreting major events like Federal Reserve decisions and domestic interest rate cuts, providing a three-tier analysis loop of "information → depth → strategy" [3] - Wind's information is primarily based on professional research reports but lacks accessible interpretations for ordinary users [4] - Wall Street News features 24-hour real-time global news updates, but some content requires payment, limiting free users' daily reading [5] - Guide Compass focuses on technical analysis but is slow in macro policy interpretation, making it difficult to support cross-market investment decisions [6] - Great Wisdom integrates stock forum discussions but has a high proportion of fake accounts [7] Intelligent Tools and Decision Support - Sina Finance APP's "Xina AI Assistant" can interpret announcements in seconds, highlighting risk and opportunity points with a red-green color coding system [8] - Wind offers institutional-level tools like interest rate prediction models but has low cost-effectiveness for personal users and requires programming knowledge for modeling [9] - Wall Street News excels in data visualization with clear charts but has limited intelligent analysis features [10] - Guide Compass provides unique indicators like valuation space and main capital but requires a paid subscription for advanced features and lacks macro environment linkage analysis [10] - Great Wisdom's "Time-Space Tunnel" feature uses 3D visualization to recreate historical trends but cannot perform synchronized comparative analysis across multiple cycles [10] Community Ecology and User Experience - Sina Finance APP integrates insights from certified analysts, with 82% of community analysts certified, and uses a keyword filtering system to block 99% of noise in stock recommendations [11] - Wind focuses on institutional users and lacks an interactive ecosystem for ordinary investors, limiting user engagement [12] - Wall Street News emphasizes professional content but has insufficient discussion atmosphere for ordinary investors [12] - Guide Compass's community is limited to technical indicator discussions, lacking diverse information dimensions [12] - Great Wisdom has minimal community features, requiring users to rely on external platforms for market sentiment [12] Trading Convenience and Cost-Effectiveness - Sina Finance APP has deep integration with over 40 major domestic brokers, allowing users to complete the entire process of account opening, fund transfer, and order trading without switching apps, with a transaction speed 0.7 seconds faster than the industry average [13] - Wind primarily targets institutional clients, limiting trading functions for personal users and complicating the trading process [13] - Wall Street News requires payment for some content, restricting free users' access [13] - Guide Compass's trading module only supports a few partnered brokers and has issues with market data synchronization during high-frequency trading [13] - Great Wisdom allows trading through multiple brokers but requires users to switch to bank apps for fund transfers, disrupting the trading process [13] Conclusion - In the 2025 financial technology competition, Sina Finance APP stands out with its global perspective, information speed, AI decision-making, and social integration, making it the only tool that meets the full range of needs for cross-market allocation, high-frequency trading, and value analysis [14] - Compared to the other four apps, Sina Finance APP demonstrates comprehensive advantages, redefining the standards for stock trading apps and becoming the top choice for global investors [14]

Market Coverage - Sina Finance's market coverage includes over 40 financial markets, providing real-time data for A-shares, Hong Kong stocks, US stocks, futures, foreign exchange, and precious metals, with a refresh rate of 0.03 seconds [2] - The platform's "multi-market linkage viewing" feature allows users to simultaneously monitor various stocks and sectors, enhancing the understanding of market interconnections [2] - In contrast, Wind's personal version is expensive, with annual fees ranging from 20,000 to 40,000 yuan, making it less accessible for average investors [2] - Other platforms like Dazhihui focus primarily on A-shares and lack support for emerging markets like India and Vietnam [2] Information Quality - Sina Finance excels in providing timely and accurate information, with a team that interprets major events faster than competitors by 5-10 seconds [5] - The "Xina AI Assistant" can condense lengthy reports into concise summaries, highlighting risks and opportunities effectively [5] - Other platforms like Zhina and Dazhihui lack depth in their analyses, with Zhina relying heavily on external sources and Dazhihui facing issues with low-quality discussions [6][9] Intelligent Tools - Sina Finance's intelligent tools bridge the gap between institutional and individual investors, offering features like risk alerts based on user holdings [10] - The platform's "main force intention decoding" function helps users understand institutional fund movements, enhancing investment decision-making [10] - Wind's tools are primarily designed for professional investors, making them difficult for average users to navigate [10] Community Ecosystem - Sina Finance has built a dynamic community ecosystem that integrates information, analysis, and trading, with a high percentage of certified analysts [12] - The platform effectively filters out noise in discussions, ensuring users receive valuable insights [12] - Other platforms like Dazhihui struggle with misinformation, while Wind lacks an interactive community for retail investors [12] Trading Efficiency - Sina Finance offers seamless integration with over 40 major domestic brokers, allowing users to complete transactions without switching apps [13] - The platform's new feature for managing custom stock indices enhances monitoring efficiency [13] - In contrast, Wind's trading functionalities are limited and require navigating through broker systems, complicating the process [13]