证券日报网讯 11月24日晚间，三元生物发布公告称，公司于近日收到公司首次公开发行股票并在创业 板上市的保荐机构中信建投证券股份有限公司（简称"中信建投"）出具的《中信建投证券股份有限公司 关于变更山东三元生物科技股份有限公司首次公开发行股票项目持续督导保荐代表人的函》，原保荐代 表人陈磊先生因工作变动原因，不再负责公司首次公开发行股票并在创业板上市的持续督导保荐工作。 为保证公司持续督导工作的有序进行，中信建投委派邵路伟先生接替陈磊先生担任公司持续督导保荐代 表人，继续履行相关职责。 （文章来源：证券日报） ...

Core Viewpoint - The report from CITIC Securities indicates that Nuo Cheng Jian Hua's losses in Q1-Q3 have decreased to 72 million yuan, a year-on-year reduction of 74.8%, with the company expected to achieve breakeven by the end of the year [1] Group 1: Financial Performance - Nuo Cheng Jian Hua's performance is accelerating, with a significant reduction in losses [1] - The company is projected to reach breakeven by the end of the year [1] Group 2: Future Milestones - Key milestones for 2025 include the readout of phase 2b data for Obutuzumab in SLE by the end of 2025 [1] - The NDA submission for ICP-723 for pediatric indications is expected before the end of 2025 [1] - The first ADC drug, ICP-B794, is anticipated to achieve clinical proof of concept by the end of 2025 [1] Group 3: Market Outlook - Nuo Cheng Jian Hua has a broad layout for new indications to ensure continuous revenue growth [1] - Obutuzumab is currently the only approved BTK inhibitor for MZL in China, with limited competition and significant market potential [1] - Sales of Obutuzumab are expected to grow rapidly, with projected annual sales revenue growth of over 40% by 2025 [1] - The first complete sales year for Tansimertinib is expected to exceed 100 million yuan [1] Group 4: Investment Rating - The company maintains a "Buy" rating based on the ongoing development of self-researched new drugs and the realization of significant milestones in clinical development and commercialization [1]

| 代扣所得稅信息 | | | | --- | --- | --- | | | 宣派中期股息所適用之代扣所得稅（包括股東類型及適用的稅率）摘要載列於下表。 | | | | H股個人股東為與中國簽訂高於10%但低於20%股息稅率的稅收協定的國家居民, 本公司 | | | | 將按相關稅收協定規定的實際稅率代扣代繳個人所得稅。 | | | | 股東類型 稅率 | 有關代預扣所得稅之更多補充 | | | | （如適用） | | | 非居民企業 | | | | | 非居民企業H股股東，包括香港中 | | | （非中國內地登記地址） 10% | 央結算（代理人）有限公司，其 | | | | 他代理人或受託人，或其他組織或 | | | | 團體，本公司將按10%的稅率代扣 | | | 代繳企業所得稅。 | | | | 非個人居民 | | | | | H股個人股東為香港或澳門居民或 | | | （非中國內地登記地址） 10% | 其他與中國簽訂10%股息稅率的稅 | | | | 收協定的國家居民，本公司將按 | | 股息所涉及的代扣所得稅 | | 10% 的稅率代扣代繳個人所得 | | | 稅。 | | | | 非個人居民 ...

（於中華人民共和國註冊成立的股份有限公司） （股份代號：6066） 董事名單與其角色和職能 中 信 建 投 証 券 股 份 有 限 公 司（「 公 司 」）董 事 會（「 董事會 」）成 員 及 其 各 自 於董事會及董事會委員會的角色及職能載列如下： | 董事會委員會 | 發展戰略 | 風險管理 | 審 計 | 薪酬與提名 | | --- | --- | --- | --- | --- | | 董 事 | 委員會 | 委員會 | 委員會 | 委員會 | | 浦偉光先生 （獨立非執行董事） | | | M | M | | 賴觀榮先生 （獨立非執行董事） | M | | | C | | 張崢先生 （獨立非執行董事） | | M | | M | | 吳溪先生 （獨立非執行董事） | | | C | M | | 鄭偉先生 （獨立非執行董事） | | M | M | | 附註： C 相關董事會委員會之主席 M 相關董事會委員會之委員 * 關於戴波先生的董事會委員會職務，將在本公司 2025 年第四次臨時股東 大會之後由董事會審議決定。 中國北京 2025 年 1 1 月 2 1 日 2 | 董事會委員會 | 發展戰略 ...

Core Viewpoint - In October, China's steel exports decreased to 9.782 million tons, down 683,000 tons from September, reflecting a month-on-month decline of 6.5% and a year-on-year decline of 12.5% [1][2] Group 1: Export Data - Cumulative steel exports from January to October reached 97.737 million tons, showing a year-on-year increase of 6.6% [2] - The global manufacturing PMI is stabilizing, and China's steel export order index has returned to the expansion zone, enhancing the competitiveness of steel export prices [2] - The export price of hot-rolled coils (FOB) is $445 per ton, which is $45 to $95 lower than major exporting countries like India, Turkey, and Japan [2] Group 2: Regional and Country-Specific Trends - Exports to West Asia, Africa, and South America increased by 6.7%, 30.4%, and 17% respectively from January to October, while exports to Southeast Asia, East Asia, and North America decreased by 0.8%, 9.7%, and 20.7% [2] - Exports to Vietnam and South Korea, the top two destinations, fell by 25.8% and 11.8% respectively due to anti-dumping tax measures, while exports to Thailand, the Philippines, the UAE, and Saudi Arabia increased by 12.6%, 11.2%, 6.8%, and 19.1% respectively [2] Group 3: Future Outlook - The potential for steel consumption in countries along the "Belt and Road" is expected to benefit China's steel exports next year, helping to alleviate domestic demand pressures [3] - Indirect steel exports, which include machinery and electrical products, are projected to grow, with the total import and export value of machinery and electrical products increasing by 6.8% year-on-year to $271.78 billion [3] - The export of integrated circuits rose by 23.7% year-on-year to $161.69 billion, while automotive exports increased by 13.4% to $111.44 billion [3] Group 4: Supply and Inventory Trends - The supply of five major steel products reached 8.4991 million tons, with a week-on-week increase of 15,530 tons, reflecting a 1.9% growth [4] - Total inventory of five major steel products decreased to 14.331 million tons, down 442,500 tons week-on-week, a decline of 3% [4] - Weekly consumption of five major products was 8.9416 million tons, with construction materials and sheet consumption increasing by 5.3% and 3.2% respectively [4] Group 5: Profitability and Investment Recommendations - The profitability of 247 steel mills is at 37.66%, reflecting a week-on-week decline of 1.3 percentage points, marking 15 consecutive weeks of decline [4] - Investment suggestions include focusing on high-dividend and high-return companies in the construction sector, such as Hualing Steel and Baosteel [5] - The special steel sector is expected to grow due to policy support and the demand for high-end special steel materials, with companies like Nanjing Steel and CITIC Special Steel recommended for future attention [6]

Group 1: Two-Wheelers - The two-wheeler market in Europe and the US shows marginal improvement in growth rates, with emerging markets like India and Southeast Asia maintaining steady demand, while Latin America exhibits high growth rates [1] - Japanese and Indian brands are experiencing continuous sales and revenue growth due to emerging market demand and market share gains in mature markets, while local brands in high-end markets face sales pressure [1] - The consumption structure of motorcycles is changing, leading to a divergence in pricing, unit profits, and profit margins among brands from different regions [1] Group 2: Four-Wheelers - The demand for four-wheelers in Europe and the US is recovering, benefiting from low base effects and interest rate cuts, although leading brands are facing profit margin declines due to rising tariff costs and increased expenses [2] - Secondary brands like Kawasaki are experiencing growth in volume and revenue due to effective inventory management and new product launches, while leading brands are struggling with inventory issues [2] Group 3: Chinese Enterprises - Chinese companies are actively expanding into overseas markets, with brands like Chuanfeng, Longxin, and Taotao achieving continuous revenue and profit growth, and Taotao setting a record for quarterly profit [3] - Chinese motorcycle companies are diversifying into AI, robotics, and semiconductor sectors, establishing a second growth curve alongside their core business [3] Group 4: Outlook - Japanese companies forecast continued growth in motorcycle sales and revenue in emerging markets, while competition in the global market is expected to intensify, providing opportunities for Chinese companies to gain market share [4] - In the four-wheeler sector, leading brands are expected to lose market share due to high inventory and increased competition, while secondary brands like Kawasaki and Chuanfeng are positioning themselves for growth [4] Group 5: Investment Recommendations - The industry is positioned for growth driven by consumer upgrades and increased leisure demand, with Chinese motorcycle companies improving product quality and competitive pricing to capture overseas market share [5] - Recommended investment targets include Chuanfeng Power, a leader in all-terrain vehicle exports, and Taotao, a strong brand in the golf cart market [5]

Group 1: Securities Industry - The integration of leading brokerages is accelerating, driven by supply-side reforms, promoting high-quality development in the industry [2] - Recent announcements from China International Capital Corporation, Dongxing Securities, and Xinda Securities indicate a merger plan that will enhance competitiveness and resource consolidation among top brokerages [2] - The merger aligns with the policy direction from the Central Financial Work Conference aimed at cultivating first-class investment banks, further increasing the concentration of the securities industry [2] Group 2: Insurance Sector - In October 2025, the premium growth rate for life insurance companies like Xinhua and Taibao decreased compared to September, with Xinhua showing a growth rate of +16.9% and Taibao at +9.9% for the first ten months of the year [3] - For October alone, Xinhua's premium growth was -7.2% while Taibao's was -11.2%, indicating a decline in monthly performance [3] - In the property insurance sector, both Zhong An and Taibao experienced a decline in premium growth for October, with Zhong An at +5.2% and Taibao at +0.4% for the first ten months [3] Group 3: Hong Kong Market - The Hong Kong stock market is experiencing liquidity easing against the backdrop of potential interest rate cuts by the Federal Reserve, with a focus on the upward elasticity of the non-bank sector [4] - The Hang Seng Index has decreased by 2.65% and the Hang Seng Tech Index by 8.68% since November, underperforming the MSCI World Index by 3.37% [4] - As of November 21, the total market capitalization of Hong Kong stocks was HKD 46.83 trillion, reflecting a 15.47% increase since the end of October, although trading activity has decreased with an average daily turnover of HKD 234.73 billion, down 14.62% [4]

11月24日，科泰电源涨5.07%，截至发稿，报30.68元/股，成交3.24亿元，换手率3.39%，总市值98.18亿 元。 截至发稿，周紫光累计任职时间8年184天，现任基金资产总规模8.41亿元，任职期间最佳基金回报 17.03%， 任职期间最差基金回报-47.83%。 从基金十大重仓股角度 数据显示，中信建投基金旗下1只基金重仓科泰电源。中信建投低碳成长混合A（013851）三季度减持 2.24万股，持有股数120万股，占基金净值比例为8.93%，位居第二大重仓股。根据测算，今日浮盈赚取 约177.6万元。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 资料显示，上海科泰电源股份有限公司位于上海市青浦区天辰路1633号，成立日期2002年6月19日，上 市日期2010年12月29日，公司主营业务涉及智能环保电源设备的开发、设计、生产和销售,并为客户提 供技术咨询、培训、安装、维修等售前、售后服务。主营业务收入构成为：环保低噪声柴油发电机组 8 ...

Investment Rating - The investment rating for the non-bank financial sector is "Outperform the Market" [2][7]. Core Viewpoints - The report indicates that the securities industry is entering a new phase of mergers and acquisitions, termed "M&A 2.0," which emphasizes functional enhancement and the creation of a complementary business ecosystem rather than merely increasing capital size [3][5]. - The report highlights that recent mergers, such as the absorption of Dongxing Securities and Xinda Securities by CICC, reflect a shift towards strengthening professional capabilities and expanding business lines [4][18]. - The overall improvement in the securities industry's fundamentals, including active market trading and growth in margin financing, is expected to drive both valuations and profitability for brokerages [4][22]. Summary by Sections Industry Overview - The report notes a significant wave of mergers and restructuring in China's securities industry, driven by both policy support and market competition. The aim is to cultivate leading investment banks and enhance core competitiveness through consolidation [6][10]. - In the first three quarters of 2025, 43 listed brokerages achieved revenue of CNY 421.42 billion, a year-on-year increase of 42.57%, and a net profit of CNY 169.29 billion, up 62.48% [6]. Mergers and Acquisitions - The merger between Guotai Junan and Haitong Securities is highlighted as a scale-driven consolidation, significantly enhancing net capital strength and risk tolerance, while optimizing the national network layout [15][17]. - CICC's merger with Dongxing and Xinda Securities is characterized as a functional superiority-driven integration, aimed at enhancing business capabilities and expanding service offerings [18][20]. Business Structure and Performance - The report outlines a dual-driven characteristic in the securities industry, with brokerage and proprietary trading as the main revenue drivers. In the first three quarters of 2025, brokerage income reached CNY 111.78 billion, a year-on-year increase of 74.64% [11]. - The revenue structure is shifting, with brokerage income accounting for 26.5%, investment income 44.4%, and other segments contributing to the overall performance [11]. Investment Recommendations - The report suggests that the recent mergers are likely to stimulate investment enthusiasm in the industry. It recommends focusing on leading brokerages with comprehensive performance layouts and those with high elasticity in earnings, such as Huatai Securities and CITIC Securities [22].

Core Insights - The report from CITIC Securities highlights the cost advantages of powder metallurgy and Metal Injection Molding (MIM) in the production of humanoid robots, emphasizing their potential for low-carbon and lightweight manufacturing as production scales up [1][3]. Group 1: Powder Metallurgy - Powder metallurgy is expected to transfer its cost-saving and lightweight advantages from the automotive sector to humanoid robots, making it suitable for mass production of parts weighing up to 10kg and capable of producing complex components that traditional methods cannot [1][3]. - The technology offers significant energy savings, material efficiency, high performance, and stability, making it a key strategy for reducing costs and weight in automotive components, which share commonalities with humanoid robot parts [1][3]. Group 2: Metal Injection Molding (MIM) - MIM combines the benefits of powder metallurgy and injection molding, allowing for the production of highly complex geometries in small components weighing under 50g, such as micro-gears, without increasing costs with complexity [2][3]. - This process reduces assembly steps and enhances efficiency, making it a valuable method for producing intricate parts for humanoid robots [2][3]. Group 3: Cost Reduction Opportunities - The initial high costs of molds during the design and iteration phases of humanoid robots can be mitigated as production scales up, leading to significant reductions in component costs through the adoption of powder metallurgy and MIM as mainstream manufacturing processes [3][4]. Group 4: Material Versatility - Both powder metallurgy and MIM processes allow for diverse raw materials, enabling precise control over material composition and the production of specialized functional materials that meet varying performance requirements for different components [4].