Group 1 - The board of directors of Caida Securities held its 12th meeting of the 4th session on October 24, 2025, via communication, with all 10 directors participating in the voting [2] - The meeting approved the proposal regarding the 3rd quarter report of the public asset management plan for 2025, with a unanimous vote of 10 in favor and no votes against or abstentions [2] - The proposal for the reports of the "Caida Securities Stable Three-Month Rolling Bond Type Collective Asset Management Plan" and the "Caida Securities Stable Short-Duration Bond Type Collective Asset Management Plan" for the 3rd quarter of 2025 was also approved [2][3] Group 2 - The announcement confirms that the content is accurate and complete, with the board taking legal responsibility for its authenticity [1][4] - The meeting and voting procedures complied with the relevant regulations of the Company Law and the articles of association of Caida Securities [2]

二、董事会会议审议情况 证券代码：600906 证券简称：财达证券 公告编号：2025-041 财达证券股份有限公司 第四届董事会第十二次会议决议公告 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、董事会会议召开情况 财达证券股份有限公司（以下简称"公司"）第四届董事会第十二次会议（以 下简称"本次会议"）于 2025 年 10 月 24 日以通讯方式召开。本次会议通知和材料 于 2025 年 10 月 17 日以电子邮件方式发出。本次会议应参加表决的董事 10 名，实 际参加表决的董事 10 名。本次会议的召开和表决情况符合《公司法》、《财达证券 股份有限公司章程》等有关规定。 （一）《关于审议<财达证券股份有限公司公募资产管理计划 2025 年第 3 季度 报告>的议案》 表决结果：10 票同意，0 票反对，0 票弃权，本议案获得通过。 同意《财达证券稳达三个月滚动持有债券型集合资产管理计划 2025 年第 3 季度 报告》和《财达证券稳达中短债债券型集合资产管理计划 2025 年第 3 季度报告》。 本议案已经董事 ...

Core Insights - As of October 23, 16 listed brokerages have announced mid-year cash dividends totaling approximately 8 billion yuan, providing investors with a "mid-term red envelope" [1][2] - There is a significant disparity in dividend amounts among brokerages, with Guotai Junan leading with over 2.6 billion yuan in cash dividends and a dividend rate of 16.8%, while some smaller firms reported dividends below 100 million yuan [2][3] - The differences in dividend payouts reflect structural changes in the capital market, with leading brokerages benefiting from strong capital, diversified businesses, and stable governance [3] Dividend Analysis - The total cash dividends announced by brokerages reached 79.74 billion yuan, with Guotai Junan, China Merchants Securities, and Dongfang Securities being the top three in terms of total dividends [2] - Smaller brokerages like Zhongyuan Securities and First Capital have lower total dividends and dividend rates, indicating a disparity in profitability and capital [2][3] - A healthy dividend rate is generally considered to be above 30%, while rates exceeding 50% may strain cash flow [3] Investment Considerations - The brokerage sector shows significant internal differentiation, providing various investment perspectives [4] - The A-share market has seen a rise in brokerage stocks, with the brokerage index increasing by approximately 29% from April 8 to October 23 [4] - Investors should focus on market conditions, trading volumes, and other performance indicators rather than solely on dividend data [5] Financial Performance - All 42 listed brokerages reported positive growth in net profit for the first half of the year, with 37 experiencing revenue growth year-on-year [5] - Key drivers of performance include a 44% increase in brokerage income and a 54% increase in proprietary trading income [5] Balancing Dividends and Growth - Brokerages must maintain sufficient cash flow to meet dividend demands while ensuring funds for development [6] - Strategies may include flexible dividend policies based on business maturity and expansion, as well as adopting international models for dividends and share buybacks [6] - Enhancing financial transparency and strategic clarity is crucial for attracting long-term investors and achieving sustainable growth [6]

为深入贯彻中央金融工作会议精神，全面落实党中央、国务院关于金融服务实体经济、防范化解金融风 险的决策部署，2025年10月23日，2025江苏产融结合研讨会在南京成功举办。南京市江宁区委副书记、 区长黄成文、财达证券党委书记、董事长张明，中国民生银行南京分行党委书记、行长康文哲出席开幕 式并致辞。 本次研讨会立足国家大力推进金融供给侧结构性改革、引导资本投向战略性新兴产业的时代背景，聚焦 产融协同新机制，旨在凝聚智慧、汇聚合力，共同探寻区域经济高质量发展之路。 财达证券党委书记、董事长张明在致辞中表示，当前江苏正处于高质量发展的关键时期，深化产融结合 不仅是落实"长江三角洲区域一体化发展"国家战略的重要举措，更是践行金融服务实体经济本质要求、 破解"产业升级缺资本、科技创新缺支撑"现实瓶颈的关键路径。作为国有上市金融机构，财达证券积极 贯彻落实国家关于提高直接融资比重的政策导向，致力于发挥连接产业与资本、创新与市场的桥梁作 用，推动产业链、创新链、资金链与人才链的深度融合。未来，公司将重点从以"全链条服务"助力产业 生态构建、以"差异化服务"推动产业转型升级、以"定制化服务"赋能科技创新突破三方面发力，把金融 ...

Core Viewpoint - The Jiangsu integration of industry and finance seminar highlighted the importance of deepening the integration of industry and finance for high-quality development in Jiangsu province [1] Group 1: Company Initiatives - Caida Securities emphasizes its commitment to integrity, compliance, professionalism, and stability in its operations as a state-owned listed financial institution [1] - The company plans to enhance financial services through a "full-chain service" approach to support the construction of industrial ecosystems [1] - Caida Securities aims to leverage its research institute and various professional platforms to strengthen its research and service capabilities in key areas such as industrial cluster cultivation and state-owned enterprise financing mechanisms [1] Group 2: Event Overview - The seminar was co-hosted by the Jiangning District People's Government, Jiangning Economic and Technological Development Zone Management Committee, Caida Securities, and China Minsheng Bank Nanjing Branch [1] - Participants included representatives from local governments, financial regulatory bodies, state-owned enterprises, listed companies, and financial institutions [1]

Group 1 - The three major indices opened lower, with the CSI All Share Securities Companies Index down 0.76% as of the report time, while individual stocks like Zhongyuan Securities rose over 1% and Guosen Securities, Tianfeng Securities fell over 3% [1] - The Broker ETF (159842) also saw a decline of 0.68%, with a trading volume exceeding 15 million yuan and a premium rate of 0.05%, indicating frequent premium trading at the beginning of the session [1] - In terms of capital flow, the Broker ETF (159842) recorded net inflows for 9 out of the last 10 trading days, accumulating over 1.1 billion yuan [1] Group 2 - Several securities firms are distributing a new round of mid-term dividends, with Huaxin Securities announcing a total dividend of 41.3751 million yuan on October 21 [1] - From October 22 to 28, eight securities firms including GF Securities and Dongfang Securities are set to distribute a total of 5.2 billion yuan in mid-term dividends, contributing to a total of over 18 billion yuan in mid-term dividends planned by 29 securities firms this year [1] - According to Founder Securities, the recovery trend of the brokerage sector's fundamentals is clear in a high trading environment, with a divergence between performance growth and valuation, indicating ample room for valuation adjustments [2]

Core Insights - The performance of brokerage asset management products in the first three quarters of 2025 shows an average return of approximately 6.11% and a median return of 2.25% across 2669 products [1] - The most numerous category is bond-type products, with 1913 products yielding an average return of 2.51%, while stock-type products, though fewer in number (32), achieved an impressive average return of 23.30% due to strong A-share market performance [1] Summary by Category Stock-type Products - The top three stock-type asset management products for the first three quarters are: 1. CITIC Securities' "CITIC Securities Zhisheng 500 Index Enhanced No. 1" 2. Huabao's "Huahong No. 1" 3. Caida's "Caida Growth No. 6" [2][3] - The leading product, CITIC Securities Zhisheng 500 Index Enhanced No. 1, has a return exceeding ***% [3] Mixed-type Products - The top mixed-type asset management product is from Founder Securities, with the second place held by CITIC Securities [5][10] - There are 359 mixed-type products, with the top 20 yielding returns above ***% [5] FOF Products - The top five FOF products for the first three quarters include: 1. Zheshang's "Wealth Xinhui CSI 1000 and Small Cap Enhanced FOF No. 1" 2. CITIC Securities' "Wealth Selected Index Enhanced No. 1 FOF" [11] - The leading FOF product has a return exceeding ***% [11] Bond-type Products - The top five bond-type asset management products are: 1. First Entrepreneur's "Convertible Bond Flexible Allocation No. 1" 2. Galaxy's "Stable Earnings No. 20" [14][15] - The bond-type category has the highest number of products, totaling 1913, with the top 20 yielding returns above ***% [14]

Core Insights - During the "14th Five-Year Plan" period, the company has achieved significant growth across multiple business segments, including a rise in the number of bond underwriting cases and an increase in asset management scale to 44.342 billion yuan [1][4] Group 1: Business Development - The company has assisted local governments in Hebei in completing over 800 special bond project applications, with a financing scale exceeding 100 billion yuan [4] - The asset management business has seen its total scale reach 44.342 billion yuan, with its net income ranking improving from outside the top 70 to 25th place [4] - The combined revenue share from investment banking and asset management has increased from 14.98% to 24.66% [4] Group 2: Service Model Innovation - The company has developed a comprehensive service model integrating investment banking, investment, and research to provide tailored solutions for local governments and enterprises [2] - A "deep sinking" grid service mechanism has been implemented, allowing for customized services that address local industry policies and economic characteristics [5] - The company has established a "city liaison mechanism" to ensure comprehensive services are provided at the grassroots level, covering all cities in Hebei with nearly 50% county coverage [5] Group 3: Financial Product Innovation - The company has successfully launched innovative financial products, including the first carbon-neutral green corporate bond and the first technology innovation corporate bond in Hebei [8] - These innovative products have not only reduced financing costs for enterprises but also guided the development direction of regional industries [8] - The company has created a "banking + research" linkage model to analyze market dynamics and trends, effectively promoting regional industrial structure optimization [8] Group 4: Future Outlook and Strategy - The company aims to achieve balanced development between bond and equity businesses while enhancing its competitive advantage through increased investment in technology and capital market reforms [10] - Future strategies include leveraging shareholder background, regional advantages, and talent reserves to enhance overall competitiveness and expand market share through mergers and acquisitions [10]

Core Viewpoint - During the "14th Five-Year Plan" period, the company has achieved significant growth in various business sectors, including a ranking increase in bond underwriting and a total asset management scale reaching 44.342 billion yuan [1][3]. Group 1: Business Development - The company has assisted local governments in Hebei in completing over 800 special bond projects with a financing scale exceeding 100 billion yuan [3]. - The company has implemented a "deep sinking" grid service mechanism, establishing long-term trust relationships with local governments and enterprises to provide tailored services [3][4]. - The company has covered all cities in Hebei with its special bond services, achieving nearly 50% coverage in districts and counties [3]. Group 2: Innovation and Financial Products - The company has successfully issued the first carbon-neutral green corporate bond and the first technology innovation corporate bond in Hebei [4]. - In July 2022, the company helped Hebei Steel Group issue the province's first technology innovation corporate bond and carbon-neutral green corporate bond, with 2 billion yuan allocated for strategic investments [5]. - The company has developed a "banking + research" linkage model to analyze market dynamics and trends, providing customized financial solutions [5]. Group 3: Market Challenges and Strategies - The company faces significant competition from leading securities firms and must address challenges in both national and local markets [7]. - The company's investment banking advantages are primarily in bond business, while equity business is still catching up, indicating a need for balanced development [7]. - The company plans to continue market-oriented reforms and enhance its competitive edge through resource aggregation and optimized assessment mechanisms [8].

Group 1 - The core point of the announcement is that Caida Securities has declared a cash dividend of 0.03 yuan per share (tax included) for the first half of 2025 [1] - The record date for the dividend is set for October 23, 2025, and the ex-dividend date is October 24, 2025 [1]