Market Overview - On November 5, the Shanghai Composite Index rose by 0.23%, with the total margin trading balance at 24,914.78 billion yuan, a decrease of 1.44 billion yuan from the previous trading day [1] - The margin trading balance in the Shanghai market was 12,671.49 billion yuan, an increase of 2.82 billion yuan, while the Shenzhen market saw a decrease of 4.26 billion yuan to 12,163.54 billion yuan [1] Industry Analysis - Among the industries tracked by Shenwan, 16 sectors saw an increase in margin trading balances, with the power equipment sector leading with an increase of 2.739 billion yuan [1] - The basic chemical and steel industries also experienced increases in margin trading balances, rising by 267 million yuan and 252 million yuan, respectively [1] Stock Performance - A total of 1,763 stocks saw an increase in margin trading balances, accounting for 47.14% of the total, with 306 stocks experiencing an increase of over 5% [1] - The stock with the largest increase in margin trading balance was Yinen Power, which saw a balance of 18.6114 million yuan, an increase of 146.86%, and its stock price rose by 20.79% [1] - Other notable stocks with significant increases in margin trading balances included Shenma Power (48.40% increase) and Zhongjie Automobile (41.71% increase) [1] Top Margin Trading Stocks - The top 20 stocks by margin trading balance increase averaged a rise of 4.53%, with Yinen Power, Aters, and Sanbian Technology leading with increases of 20.79%, 20.02%, and 10.03%, respectively [2] - Conversely, stocks with the largest declines included Heyuan Bio-U (-12.55%), Weigao Blood Products (-3.98%), and Zhongjie Automobile (-1.30%) [2] Declining Margin Trading Stocks - Among the 1,977 stocks with decreasing margin trading balances, 174 stocks saw declines exceeding 5% [3] - The stock with the largest decline was Jiahua Technology, with a margin trading balance of 3.957 million yuan, down 34.70% from the previous trading day [4] - Other stocks with significant declines included Zhu Laoliu (-28.75%) and Weiman Sealing (-26.59%) [4]

Investment Rating - The report indicates a positive outlook for the industry, suggesting a potential upward trend despite recent technical corrections in the market [3][4]. Core Insights - The market experienced a technical correction on October 30, 2025, with the North Exchange A-share trading volume reaching 42.9 billion yuan, an increase of 8 billion yuan from the previous trading day. The North Exchange 50 Index closed at 1553.32, down 1.30%, with a PE_TTM of 74.99 times [1][7]. - The report highlights that 65 out of 280 companies listed on the North Exchange saw their stock prices rise, while 212 experienced declines. The top five gainers included Fujida (19.8%), Jiahe Technology (13.1%), and Jiuling Technology (9.9%), while the top five losers included Luqiao Information (-16.4%) and Litong Technology (-13.1%) [1][16]. - The core driving force behind the current market trend is the positive signals released by regulators during the Financial Street Forum on October 29, 2025. The chairman of the North Exchange announced plans to accelerate the launch of the North Exchange 50 ETF and explore fixed-price trading after hours, which is expected to lower investment thresholds and attract passive capital [3][4]. Summary by Sections Market Review - On October 30, 2025, the North Exchange A-share trading volume was 42.9 billion yuan, up 8 billion yuan from the previous day. The North Exchange 50 Index closed at 1553.32, down 1.30%, while the specialized and innovative index closed at 2660.10, down 1.05% [1][7]. Important News - The Ministry of Finance and other departments announced an upgrade to the duty-free shop policy effective November 1, 2025, aimed at boosting consumption by optimizing tax policies and expanding product categories [19]. - A new policy financial tool worth 500 billion yuan has been fully deployed, expected to drive total project investments exceeding 7 trillion yuan, focusing on technology innovation and consumption expansion [20]. Key Company Announcements - Huifeng Diamond reported a third-quarter revenue of 117 million yuan, a year-on-year decrease of 27.62%, with a net profit of 12 million yuan, down 278.48% [21]. - Kaite Co. announced a third-quarter revenue of 796 million yuan, an increase of 43.84%, with a net profit of 130 million yuan, up 37.24% [28].

本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 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个别及连 带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 10 月 27 日 证券代码：920392 证券简称：佳合科技 公告编号：2025-117 昆山佳合纸制品科技股份有限公司 第三届董事会第二十一次会议决议公告 2.会议召开地点：昆山开发区环娄路 228 号 公司会议室 3.会议召开方式：现场及通讯方式 4.发出董事会会议通知的时间和方式：2025 年 10 月 17 日以书面方式发出 5.会议主持人：董事长董洪江先生 6.会议列席人员：董事会秘书及其他高级管理人员 7.召开情况合法合规的说明： 本次会议的召集、召开和议案审议程序等方面符合《公司法》及《公司章程》 有关规定，表决结果合法有效。 （二）会议出席情况 会议应出席董事 8 人，出席和授权出席董事 8 人。 董事张毅、独立董事许冬冬因工作原因以通讯方式参与表决。 二、议案审议情况 公司根据《公司法》《证券法》《北京证券交易所股票上市规则》《北京证券 交易所上市公司持续监管办 ...