Group 1 - Southbound funds reduced their holdings in Zhongzhou Securities (01375.HK) by 500,000 shares on December 15 [1] - Over the past 5 trading days, southbound funds have reduced their holdings on 3 days, with a total net reduction of 1,179,000 shares [1] - In the last 20 trading days, there have been 11 days of reductions, totaling a net decrease of 10,379,000 shares [1] Group 2 - As of now, southbound funds hold 718 million shares of Zhongzhou Securities, accounting for 60.03% of the company's issued ordinary shares [1] - Zhongyuan Securities Co., Ltd. is engaged in securities brokerage business in China and operates eight divisions [1] - The securities brokerage division handles client transactions in stocks, funds, bonds, etc., while the proprietary business division focuses on equity and fixed income investments [1]

Core Viewpoint - Zhongyuan Securities emphasizes the importance of building a clean culture as a strategic measure to prevent financial risks and ensure high-quality development, integrating it into its operational framework through a comprehensive five-part system [1] Group 1: Targeting Integrity - Zhongyuan Securities incorporates party conduct and integrity construction into its annual work objectives, establishing a "goal-oriented, responsibility-closed" work framework [2] - The company signs over 70 responsibility agreements annually with leadership to detail integrity management responsibilities [2] - A comprehensive disciplinary education initiative is implemented, including regular learning sessions and the establishment of working groups to promote discipline education [2] Group 2: Promoting Integrity through Education - The company prioritizes early education and warnings to instill integrity concepts among employees [3] - A multi-level training system is developed, combining comprehensive and specialized training on integrity and compliance [3] - The organization compiles and disseminates case studies to enhance awareness of disciplinary violations and their consequences [3] Group 3: Institutionalizing Integrity - Zhongyuan Securities establishes a robust system of integrity management regulations, integrating them into the company's charter [4] - A mechanism for regular oversight of employees' external business activities is implemented to prevent conflicts of interest [4] - The company conducts thorough checks to ensure compliance with anti-money laundering regulations and other integrity-related requirements [4] Group 4: Supervising Integrity - The company emphasizes the importance of supervision in preventing integrity risks, conducting regular assessments of potential risks across departments [5] - Specific integrity reminders are issued for key business lines, and oversight is strengthened in recruitment and bidding processes [5] - The integration of integrity supervision into monthly reports enhances the effectiveness of grassroots supervision [5] Group 5: Cultivating Integrity Culture - Zhongyuan Securities focuses on building a cultural foundation for integrity through innovative communication methods and immersive experiences [6] - The company creates themed areas and visual aids to promote integrity within the workplace [6][7] - Initiatives such as sending integrity letters to employees and their families aim to foster a culture of integrity at home and in the workplace [7]

中央经济工作会议12月10日至11日在北京举行。中原证券首席经济学家邓淑斌在接受证券时报采访时表 示，2026年宏观政策在逆周期和跨周期调节并举的同时，或将有所侧重于后者，政策护航稳增长的力度 相对适中。财政政策将在扩大内需、科技创新、民生保障等重点领域进一步发力，货币政策操作将着力 于政策调控的效率和主动性，降准降息更审慎、节奏将更平滑，同时有望加力扶持"扩大内需、科技创 新、中小微企业"等重点领域，以提高政策传导的精准性。 会议用"必须充分挖掘经济潜能""必须坚持政策支持和改革创新并举""必须做到既放得活又管得好""必 须坚持投资于物和投资于人紧密结合""必须以苦练内功来应对外部挑战"这"五个必须"对当前经济工作 进行了总结。邓淑斌指出，这体现了中央对经济工作规律性认识的持续深化和不断总结，也为深入理解 明年宏观调控政策思路和八大重点任务部署提供了更清晰的脉络。 在货币政策方面，会议延续"适度宽松""灵活高效运用降准降息等多种政策工具""保持流动性充裕"的总 体要求。邓淑斌预计2026年的货币政策操作将着力于政策调控的效率和主动性，一方面在总量宽松，仍 有空间但幅度可能有限，既要考虑维持合理充裕的资金面， ...

Core Insights - The top three companies by Hong Kong Stock Connect shareholding ratios are China Telecom (72.50%), Power Assets Holdings (69.68%), and GCL-Poly Energy Holdings (69.67%) [1][2] - Xiaomi Group-W, Tracker Fund of Hong Kong, and China Merchants Bank saw the largest increases in shareholding amounts over the last five trading days, with increases of +4.913 billion, +2.976 billion, and +1.548 billion respectively [1][2] - The companies with the largest decreases in shareholding amounts during the same period include WanGuo Gold Group (-3.816 billion), Tencent Holdings (-2.649 billion), and Alibaba Group-W (-1.421 billion) [1][2] Shareholding Ratios - The latest shareholding ratios for the top 20 companies in Hong Kong Stock Connect are led by: - China Telecom (100.63 billion shares, 72.50%) - Power Assets Holdings (3.72 billion shares, 69.68%) - GCL-Poly Energy Holdings (2.82 billion shares, 69.67%) [1] Recent Increases in Shareholding - The top 10 companies with the largest increases in shareholding amounts over the last five trading days are: - Xiaomi Group-W: +4.913 billion (11.647 million shares) - Tracker Fund of Hong Kong: +2.976 billion (11.551 million shares) - China Merchants Bank: +1.548 billion (3.028 million shares) [1][2] Recent Decreases in Shareholding - The top 10 companies with the largest decreases in shareholding amounts over the last five trading days are: - WanGuo Gold Group: -3.816 billion (-49.945 million shares) - Tencent Holdings: -2.649 billion (-4.403 million shares) - Alibaba Group-W: -1.421 billion (-9.435 million shares) [1][2]

Market Overview - On December 11, the A-share market opened high but closed lower, with the Shanghai Composite Index finding support around 3897 points before retreating again[2] - The Shanghai Composite Index closed at 3873.32 points, down 0.70%, while the Shenzhen Component Index fell 1.27% to 13147.39 points[7] - Total trading volume for both markets was 18854 billion yuan, above the median of the last three years[3] Sector Performance - Wind power equipment, grid equipment, aerospace, and medical services sectors performed well, while real estate, textiles, pharmaceuticals, and shipbuilding sectors lagged[3] - Over 80% of stocks in the two markets declined, with notable gains in non-metal materials and wind power equipment[7] Valuation Metrics - The average price-to-earnings (P/E) ratios for the Shanghai Composite and ChiNext indices are 16.00 times and 49.52 times, respectively, above the median levels of the past three years[3] - The current macroeconomic environment is in a mild recovery phase, but the foundation still needs consolidation[3] Future Outlook - The market is expected to consolidate around the 4000-point level, with cyclical and technology sectors likely to perform in rotation[3] - Investors are advised to closely monitor macroeconomic data, changes in overseas liquidity, and policy developments[3] Risk Factors - Potential risks include unexpected overseas economic downturns, domestic policy changes, and international relations affecting the economic environment[4]

中原证券股份有限公司 2025 年第一次临时股东会 会议材料 2025 年 12 月 22 日 郑州 中原证券股份有限公司 关于选举独立董事的议案 各位股东： 根据《公司法》《证券法》等法律法规及《公司章程》 规定，公司第七届董事会第三十八次会议、第四十次会议审 议通过提名王辉先生、王慧轩先生、杜晓堂先生为公司第七 届董事会独立董事候选人的议案。 2025 年第一次临时股东会会议材料 独立董事候选人简历详见附件。 上述独立董事人选提请公司 2025 年第一次临时股东会 选举。 1 附件： 王辉简历 王辉，男，汉族，1979 年出生，上海财经大学会计学专 业博士研究生。历任河南合协创业投资管理有限公司投资经 理、南阳普康药业有限公司财务总监、深圳华信股权投资基 金管理有限公司财务总监、深圳华信柏年股权投资基金管理 有限公司总经理。现任中国首控集团有限公司财务总监、升 辉清洁集团控股有限公司独立非执行董事。 王慧轩简历 王慧轩，男，汉族，1966 年出生，天津大学博士。于 1987 年参加工作，长期在地方政府从事宏观经济管理和领导工作， 历任乌鲁木齐办公厅信息处处长、区委书记、开发区管委会 主任等职务；2006 ...

Group 1 - The Federal Reserve is expected to lower interest rates by 25 basis points in December, but the number of officials opposing the rate cut has increased to two, indicating a higher threshold for further cuts [1] - Powell's statements are not strong, and the Fed's announcement to start purchasing short-term Treasury bills (T-bills) helps ease market concerns [1] - The reversal of previously priced-in "hawkish rate cuts" has increased market volatility, with expectations for continued rate cuts into 2026 due to economic and employment pressures [1] Group 2 - Since September, the CPI has been rising mainly due to three factors: reduced drag from food prices, price increases in some consumer goods and services under domestic demand expansion policies, and rising gold prices affecting jewelry costs [2] - Future CPI increases will depend on the easing of supply constraints in the vegetable market and the ongoing drag from pork prices, with a cautious outlook on food CPI [2] - The expansion of domestic demand policies is necessary to sustain the recovery of consumer goods and service prices, with a focus on enhancing the supply of quality consumer goods as a key support for the strategy [2] Group 3 - The A-share market experienced fluctuations, with the Shanghai Composite Index finding support around 3876 points and sectors like precious metals, retail, real estate, and education performing well [3] - The average P/E ratios for the Shanghai Composite and ChiNext are above the median levels of the past three years, indicating suitability for medium to long-term investments [3] - The current macroeconomic environment is in a mild recovery phase, with the potential for further upward movement in the market supported by policy improvements and capital conditions [3]

相关报告 《市场分析：商业电子行业领涨 A 股震荡整 固》 2025-12-09 《市场分析：成长行业领涨 A 股震荡上行》 2025-12-08 《市场分析：金融软件行业领涨 A 股震荡上 行》 2025-12-05 分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 房地产贵金属领涨 A 股震荡整理 ——市场分析 联系人： 李智 电话： 0371-65585629 地址： 郑州郑东新区商务外环路10号18楼 地址： 上海浦东新区世纪大道 1788 号 T1 座 22 楼 证券研究报告-市场分析 发布日期：2025 年 12 月 10 日 投资要点： ◼ A 股市场综述 周三（12 月 10 日）A 股市场先抑后扬、小幅震荡整理，早盘股指低 开后震荡回落，盘中沪指在 3876 点附近获得支撑，午后股指企稳回 升，盘中贵金属、商业百货、房地产以及教育等行业表现较好；电 源设备、银行、消费电子以及光伏设备等行业表现较弱，沪指全天 基本呈现小幅整理的运行特征。创业板市场周三震荡整固，创业板 成分指数全天表现强于主板市场。 ◼ 后市研判及投资建议 ...

Core Insights - The article highlights the top and bottom AH share premium rates, with Northeast Electric (00042) leading at 881.82% and Ningde Times (03750) at -8.10% [1][2][3] Group 1: Top AH Share Premium Rates - Northeast Electric (00042) has a premium rate of 881.82% with H-share at 0.275 HKD and A-share at 2.25 CNY [1] - Zhejiang Shibao (01057) follows with a premium rate of 269.35%, H-share at 3.980 HKD and A-share at 12.27 CNY [1] - Hongye Futures (03678) ranks third with a premium rate of 265.32%, H-share at 3.460 HKD and A-share at 10.55 CNY [1] Group 2: Bottom AH Share Premium Rates - Ningde Times (03750) has the lowest premium rate at -8.10%, with H-share at 498.400 HKD and A-share at 382.38 CNY [1] - China Merchants Bank (03968) has a premium rate of 0.67%, H-share at 50.400 HKD and A-share at 42.36 CNY [1] - Heng Rui Pharmaceutical (01276) follows closely with a premium rate of 1.02%, H-share at 75.150 HKD and A-share at 63.38 CNY [1] Group 3: Top and Bottom Deviation Values - The highest deviation values are led by Beijing Jingcheng Machinery Electric Company (00187) at 26.20%, followed by Guanghetong (00638) at 23.44% and Chenming Paper (01812) at 23.09% [1][2] - Conversely, the lowest deviation values are recorded by GAC Group (02238) at -19.94%, Jiangsu Ninghu Expressway (00177) at -15.21%, and Shenzhen Expressway (00548) at -12.71% [1][3]

中国经济网北京12月10日讯 大全能源(688303.SH)今日收报27.96元，跌幅4.08%。 中原证券股份有限公司研究员唐俊男9月9日发布研报《大全能源(688303)：上半年业绩亏损 稳健 经营和雄厚资金巩固领先地位》称，维持公司"增持"投资评级。 (责任编辑：徐自立) 大全能源股价9月5日盘中创下年内最高点35.74元。 ...