Core Insights - As of November 6, the total margin financing and securities lending balance on the Beijing Stock Exchange (BSE) is 7.958 billion yuan, a decrease of 16.7738 million yuan from the previous trading day [1] - The stocks with the highest margin financing balances include Jinbo Biological, Shuguang Digital Innovation, and Betterray, with balances of 406 million yuan, 332 million yuan, and 264 million yuan respectively [1] - A total of 131 stocks on the BSE received net margin purchases, with 36 stocks having net purchases exceeding 1 million yuan, led by Kaifa Technology with a net purchase of 16.6739 million yuan [1][2] Margin Financing Overview - The margin financing balance on November 6 is 7.957 billion yuan, down by 16.7451 million yuan, marking a decrease for three consecutive trading days [1] - The securities lending balance is 442,700 yuan, a decrease of 28,700 yuan from the previous trading day [1] Sector Performance - The sectors with the most stocks receiving net margin purchases over 1 million yuan are electric power equipment, machinery, and pharmaceutical biology, with 9, 6, and 5 stocks respectively [2] - On November 6, the average decline for stocks with net margin purchases exceeding 1 million yuan was 1.90%, with Lingge Technology, Tianming Technology, and Audiwei showing increases of 2.87%, 0.88%, and 0.70% respectively [2] Trading Activity - The weighted average turnover rate for stocks with net margin purchases over 1 million yuan on November 6 was 5.92%, with the highest turnover rates seen in Caneng Electric, Kerun Zhikong, and Deer Chemical at 49.67%, 21.24%, and 20.75% respectively [2] - The average daily turnover rate for BSE stocks on the same day was 3.71% [2] Notable Stocks - The stocks with the largest increases in margin financing on November 6 include Kaifa Technology (increase of 16.6739 million yuan), Tianming Technology (increase of 7.9101 million yuan), and Qiaoguan Cable (increase of 6.7871 million yuan) [2][3] - Stocks with the largest net margin sales include Betterray, Shuguang Digital Innovation, and Danna Biological, with net sales of 20.1779 million yuan, 13.0228 million yuan, and 11.6394 million yuan respectively [1][2]

Core Insights - The average stock price of A-shares is 13.99 yuan, with 155 stocks priced over 100 yuan, an increase of 4 from the previous trading day [1] - The Shanghai Composite Index closed at 4007.76 points, up 0.97%, while stocks over 100 yuan had an average increase of 2.34%, outperforming the index by 1.37 percentage points [1] - The top-performing stocks over 100 yuan include Cambrian Technology, Kweichow Moutai, and Yuanjie Technology, with closing prices of 1480.00 yuan, 1435.13 yuan, and 616.53 yuan respectively [1] Market Performance - The average increase of stocks priced over 100 yuan in the last month was 0.44%, while the Shanghai Composite Index rose by 3.22% [2] - Notable gainers in the past month include Yunhan Chip City, Xiangnan Chip Creation, and Ding Tai High-Tech, with increases of 82.01%, 76.54%, and 65.38% respectively [2] - Year-to-date, the average increase of stocks over 100 yuan is 109.55%, outperforming the Shanghai Composite Index's 89.98% [2] Industry Distribution - The majority of stocks over 100 yuan are concentrated in the electronics, computer, and machinery sectors, with 58 stocks from the electronics sector, accounting for 37.42% of the total [2] - The stock distribution by board shows that there are 31 stocks from the main board, 50 from the ChiNext, 4 from the Beijing Stock Exchange, and 70 from the Sci-Tech Innovation Board, with the latter making up 45.16% of the total [2] Institutional Ratings - Five stocks priced over 100 yuan received "buy" ratings from institutions, including Zhaoyi Innovation, Wancheng Group, and Tuojing Technology, with Tuojing Technology being newly covered by institutions [2] - Among the rated stocks, two have target prices indicating an upside potential exceeding 10%, with Jinbo Biological having the highest potential of 48.88% [3]

Group 1 - The medical beauty sector increased by 0.18% on November 6, with *ST Meigu leading the gains [1] - The Shanghai Composite Index closed at 4007.76, up 0.97%, while the Shenzhen Component Index closed at 13452.42, up 1.73% [1] - The trading volume and turnover for *ST Meigu were 137,900 hands and 53.13 million yuan, respectively, with a price increase of 3.95% [1] Group 2 - The medical beauty sector experienced a net outflow of 34.96 million yuan from main funds, while retail investors saw a net inflow of 36.62 million yuan [1] - Individual stock performances included *ST Meigu with a 3.95% increase, Aimeike with a 0.38% increase, Huaxi Biological with a 0.52% decrease, and Jinbo Biological with a 2.54% decrease [1] - The net fund flow for *ST Meigu was -3.52 million yuan, indicating a decrease of 6.63% [2]

Investment Rating - The report maintains an "Outperform" rating for Shanxi Jinbo Bio-Pharmaceutical, with a target price of RMB 297.04, indicating a potential upside of 16.3% from the current price of RMB 243.02 [2][15][16]. Core Insights - The core business growth has slowed, with revenue for 9M25 reaching RMB 1.296 billion, a year-on-year increase of 31.10%, while Q3 revenue was RMB 437 million, reflecting a slowdown to 13.36% year-on-year growth [3][12]. - The gross margin has declined, with a 9M25 gross margin of 90.8%, down 1.6 percentage points year-on-year, and a Q3 gross margin of 91.0%, down 2.6 percentage points year-on-year [3][12]. - Rising expenses are impacting profitability, with the sales expense ratio increasing to 22.3% in 9M25, up 5.0 percentage points year-on-year, and R&D expense ratio rising to 5.5%, up 1.1 percentage points year-on-year [3][12]. - The company is expanding production capacity significantly, with fixed assets under construction increasing by 1,074.29% from the beginning of the year, primarily for the production facility of injectable recombinant humanized collagen [4][13]. - The brand "Tongpin" achieved significant sales during the Double 11 shopping festival, generating approximately RMB 76 million in GMV, a 585% year-on-year increase [4][13]. Financial Summary - Revenue forecasts for 2025, 2026, and 2027 are RMB 1.863 billion, RMB 2.402 billion, and RMB 3.073 billion, with year-on-year growth rates of 29.1%, 28.9%, and 27.9% respectively [7][15]. - Net profit forecasts for the same period are RMB 820 million, RMB 1.067 billion, and RMB 1.362 billion, with growth rates of 12%, 30%, and 28% respectively [7][15]. - The report highlights a challenge in balancing cost control and growth quality, as sales expenses are growing faster than revenue [7][15].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a revenue of 1.296 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 31.10%. The net profit attributable to shareholders was 568 million yuan, up 9.29% year-on-year [4][8] - The sales strategy for functional skincare products includes a focus on proprietary brands and targeted development of raw materials for major clients [8] - The company has successfully registered a new injectable-grade recombinant human collagen material, marking a significant breakthrough in high-end biomedical materials in China [8] Financial Performance Summary - For Q3 2025, the company achieved a revenue of 437 million yuan, with a year-on-year increase of 13.36% but a quarter-on-quarter decrease of 11.22%. The net profit for Q3 was 176 million yuan, down 16.24% year-on-year and 21.17% quarter-on-quarter [4] - The gross margin for the first three quarters of 2025 was 90.80%, a decrease of 1.57 percentage points year-on-year, while the net margin was 43.58%, down 9.02 percentage points year-on-year [8] - The company’s revenue projections for 2025-2027 are 2.041 billion yuan, 2.803 billion yuan, and 3.695 billion yuan, respectively, with year-on-year growth rates of 41.4%, 37.4%, and 31.8% [8][10] Valuation and Investment Recommendations - The current market valuation corresponds to a P/E ratio of 28.9 for 2025, 20.8 for 2026, and 15.5 for 2027 [8][10] - The company is positioned as a leader in the recombinant collagen market and is continuously expanding into new application areas [8]

Group 1 - The medical beauty sector experienced a decline of 2.68% on November 4, with Jinbo Biological leading the drop [1] - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1] - Major stocks in the medical beauty sector showed varied performance, with *ST Meigu closing at 3.74 (+0.27%), Huaxi Biological at 52.05 (-2.01%), Aimeike at 151.92 (-3.46%), and Jinbo Biological at 243.02 (-4.84%) [1] Group 2 - The medical beauty sector saw a net outflow of 101 million yuan from institutional investors, while retail investors had a net inflow of 79.55 million yuan [1] - The trading volume and turnover for key stocks included *ST Meigu with 140,600 shares traded and a turnover of 53.3 million yuan, Huaxi Biological with 29,200 shares and 153 million yuan, Aimeike with 43,500 shares and 669 million yuan, and Jinbo Biological with 15,400 shares and 378 million yuan [1]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 1.296 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 31.1%, with a net profit attributable to shareholders of 568 million yuan, up 9.3% [8] - The company is focusing on expanding its product line, particularly with the launch of the new HiveCOL collagen product, which aims to lead the collagen anti-aging industry into a new era of "organizational regeneration" [8] - The company is expected to achieve net profits of 971 million yuan, 1.362 billion yuan, and 1.790 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 29.1, 20.7, and 15.8 [8] Financial Performance Summary - Revenue projections for the company are as follows: 780 million yuan in 2023, 1.443 billion yuan in 2024, 2.049 billion yuan in 2025, 2.826 billion yuan in 2026, and 3.663 billion yuan in 2027, with growth rates of 100.0%, 84.9%, 42.0%, 37.9%, and 29.6% respectively [7] - The gross profit margin for Q3 2025 was reported at 91.0%, a decrease of 2.6 percentage points compared to the previous year [8] - The company’s R&D expenses are increasing due to collaborative research efforts, with the R&D expense ratio reaching 5.8% in Q3 2025, up 1.0 percentage points year-on-year [8] Market Strategy and Innovations - The company is adopting a dual-channel strategy of "online + offline" to enhance its market reach, particularly targeting younger demographics through increased online marketing efforts [8] - The company has successfully been included in the first batch of national-level industry intellectual property operation centers, which is expected to bolster its innovation capabilities [8] - The company is extending its collagen technology into innovative medical fields such as wound care dressings and orthopedic implant repair materials [8]

Market Overview - The medical beauty sector experienced a decline of 1.4% on November 3, with Ai Meike leading the drop [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Individual Stock Performance - *ST Meigu (000615) closed at 3.73, with an increase of 4.19% and a trading volume of 150,000 shares, totaling a transaction value of 5.5589 million yuan [1] - Jinbo Biological (920982) closed at 255.37, up 1.63%, with a trading volume of 15,700 shares and a transaction value of 403 million yuan [1] - Huaxi Biological (688363) closed at 53.12, down 1.61%, with a trading volume of 29,400 shares and a transaction value of 156 million yuan [1] - Ai Meike (300896) closed at 157.37, down 1.70%, with a trading volume of 33,400 shares and a transaction value of 5.271 billion yuan [1] Capital Flow Analysis - The medical beauty sector saw a net inflow of 2.7789 million yuan from main funds, while retail investors experienced a net outflow of 3.33256 million yuan [1] - Main funds for *ST Meigu showed a net inflow of 6.9892 million yuan, while retail investors had a net outflow of 652.99 thousand yuan [2] - Ai Meike had a net inflow of 1.4812 million yuan from main funds, but a net outflow of 1.89798 million yuan from retail investors [2] - Huaxi Biological experienced a net outflow of 5.6915 million yuan from main funds and a net outflow of 781.58 thousand yuan from retail investors [2]

Core Points - The Shanghai Composite Index is currently at 3942.98 points, slightly down by 0.30%, with a total trading volume of 1063.825 billion yuan [1] - As of today, 61 A-shares have surpassed their annual moving average, with notable stocks showing significant deviation rates [1] Summary by Category Stock Performance - The stocks with the highest deviation rates from their annual moving average include: - Deer Chemical (12.02% deviation) - Fushi Holdings (11.06% deviation) - Meirui New Materials (9.48% deviation) [1] - Other stocks that have just crossed the annual moving average with smaller deviation rates include: - COFCO Technology - Zhaoxun Media - Tianwei Foods [1] Trading Data - The trading data for stocks that broke through the annual moving average on November 3 includes: - Deer Chemical: 17.97% increase, 15.25% turnover rate, latest price at 15.69 yuan - Fushi Holdings: 13.58% increase, 24.42% turnover rate, latest price at 5.77 yuan - Meirui New Materials: 19.99% increase, 17.16% turnover rate, latest price at 18.97 yuan [1]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - In Q3 2025, the total holdings of public - offering funds in the Beijing Stock Exchange (BSE) increased steadily, with expanding market breadth and deepening participation. The allocation style shifted from high concentration to diversification, focusing on high - end manufacturing and emerging industries. Theme funds saw growth in both scale and returns, and passive products contributed stable increments [3]. Group 3: Summary According to the Table of Contents 1. Fund Third - Quarter Report Summary - In Q3 2025, 71 BSE companies entered the top ten heavy - holding lists of various funds, and the market value of public - offering heavy - holdings in the BSE reached 1.031 billion yuan. Over 30 funds heavily held shares of 10 companies, with the number of funds holding Nacanoor and Jinbo Biology ranking first at 54 each. 49 companies were increased in holdings, 19 were reduced, and 18 exited the heavy - holding list. 30 new companies entered the list compared to Q2 2025 [6]. - A total of 142 funds included BSE companies in their top ten holdings, with 103 non - BSE theme funds accounting for 72.5%, indicating growing market attention [8]. - From Q3 2023 to Q3 2025, the total market value of BSE public - offering heavy - holding stocks showed an upward trend, breaking through 1 billion yuan in Q3 2025 (qoq + 4%). The proportion of public - offering heavy - holdings in the BSE in the total public - offering heavy - holding market value reached 0.26% in Q3 2025, a slight decline [11][14]. - The number of funds heavy - holding the BSE increased rapidly from 49 in Q3 2023 to 142 in Q3 2025. The increase was mainly contributed by non - BSE active equity funds and index funds. The heavy - holding market value of non - BSE active equity funds decreased slightly to 263 million yuan, while that of index funds exceeded 500 million yuan [18]. 2. Active Equity 2.1 Active Equity Overall - In Q3 2025, active equity funds showed a more diversified allocation trend, with the CR5 ratio dropping from 61% to 54%. Jinbo Biology's allocation ratio decreased by nearly 10 percentage points, while Nacanoor's increased to 14.9% and ranked second, and Kait Co., Ltd. was also significantly increased in holdings [3][20]. - The proportion of active equity funds' holdings in the outstanding shares of individual stocks changed. Kait Co., Ltd. ranked first with a 9.8% ratio, and Nacanoor ranked second with 9.2%. Newly listed companies such as Guangxin Technology and Haidaer entered the list with a ratio exceeding 5%, indicating a shift of funds towards small - and medium - cap stocks with growth potential [25]. - Active equity institutions showed a differentiated adjustment in positions. Guangxin Technology led the increase in holdings, while Tongli Co., Ltd. was significantly reduced. In terms of industry allocation, the proportion of the power equipment industry increased by 12 percentage points to 27.0%, becoming the largest heavy - holding industry, while beauty care and machinery industries were reduced [27][28]. 2.2 North - Exchange Active Theme Funds - As of October 29, 2025, the total scale of 11 BSE active theme funds reached 579.4 million yuan, and the average quarterly return was 9.7%, outperforming the BSE 50 Index [30]. 2.2.1 Structural Changes - In Q3 2025, Nacanoor rose to the top of the heavy - holding list of BSE theme funds, Kait Co., Ltd. rose to the second place, and Minshida remained third. Ten new companies entered the top ten heavy - holding list, such as Gobica, Guangxin Technology, etc. [33][34]. 2.2.2 Changes in Each Fund - In Q3 2025, most funds maintained high positions or moderately increased positions, focusing on sub - leading companies with stable performance and reasonable valuations. Some funds increased the layout of emerging fields such as innovative drugs, AI computing power, and energy storage. The 11 BSE active theme funds generally increased their holdings in companies like Gobica, Nacanoor, and Kait Co., Ltd. [37][38]. 3. North - Exchange Passive Theme Funds - The scale of BSE passive theme funds continued to grow steadily to 1.208 billion yuan in Q3 2025, with an increase of 96 million yuan compared to the previous period. The BSE Specialized and Sophisticated New Index products are expected to be launched soon, which may bring considerable incremental funds to the market [3].