Core Viewpoint - Jiangxi Institute of Biological Products Inc. (referred to as "Jiangxi Biological") has submitted a prospectus to the Hong Kong Stock Exchange for an IPO, marking its second attempt after a previous application lapsed in April 2025 [2]. Business Overview - Jiangxi Biological is the largest provider and exporter of human tetanus antitoxin (human TAT) in China and operates a fully integrated antiserum platform with over 50 years of expertise in research, production, and sales [6][8]. - The company's human TAT is included in the national Class A medical insurance list and the national essential drug list, providing it with a high level of market recognition and full insurance reimbursement advantages [6]. - Jiangxi Biological has a global sales and distribution network covering over 23,500 medical institutions in China, including more than 1,500 tertiary medical institutions [6]. Product Portfolio - In addition to human TAT, Jiangxi Biological's product offerings include veterinary tetanus antitoxin, equine serum gonadotropin (PMSG), and various hormone drugs for PMSG treatment [6]. - The company is developing innovative products targeting high-potential markets, including human antivenom serum and equine rabies immunoglobulin F(ab')2 [6]. Shareholder Structure - Prior to the IPO, the shareholder structure shows that Ms. Jing Yue holds a combined 76.64% stake through Hainan Zhizheng and Qianhai Tianzheng [9][10]. Board of Directors and Management - The board consists of 9 members, including 4 executive directors led by Ms. Jing Yue as the chairperson and Mr. Yao Xiaodong as the general manager [13][14][15]. Financial Performance - Jiangxi Biological's revenue for the years 2022, 2023, 2024, and the first half of 2025 were RMB 141.96 million, RMB 198.02 million, RMB 220.76 million, and RMB 99.70 million respectively, with corresponding net profits of RMB 26.47 million, RMB 55.48 million, RMB 75.14 million, and RMB 36.84 million [16]. IPO Advisory Team - The IPO advisory team includes CICC and CMB International as joint sponsors, with Deloitte as the auditor [18].

Core Viewpoint - The evaluation of information disclosure work for listed companies in the Shanghai market for the 2024 to 2025 period involved 30 listed brokerage firms, with a classification of their performance into A, B, and C categories [1] Group 1: A Class Evaluation - A total of 10 brokerage firms received an A class evaluation, including CITIC Securities, Guojin Securities, Zhongtai Securities, Dongfang Securities, China Merchants Securities, Caitong Securities, Industrial Securities, Dongwu Securities, Huatai Securities, and Guotai Junan [1] Group 2: B Class Evaluation - 18 brokerage firms were classified under B class evaluation, which includes Southwest Securities, Caida Securities, Huahuan Securities, Xinda Securities, Shouchuang Securities, Tianfeng Securities, Dongxing Securities, Guotai Haitong, Hongta Securities, Zhongyuan Securities, Bank of China Securities, Everbright Securities, Zhejiang Merchants Securities, China Galaxy Securities, Founder Securities, Nanjing Securities, Huachuang Yuxin, and Hatou Co., Ltd [1] Group 3: C Class Evaluation - Only 2 brokerage firms received a C class evaluation, which are Xiangcai Securities and Pacific Securities [1]

消息面上，券商三季报陆续披露，中信证券第三季度实现营业收入227.8亿元，同比增长55.7%，环比增 长49.1%，归母净利润94.4亿元，同比增长51.5%，环比增长31.6%；东方财富第三季度实现营业总收入 47亿元，同比增长101%，归母净利润35亿元，同比增长78%。此外，2025金融街论坛年会将于10月27 日至30日在北京金融街举行，中国人民银行行长潘功胜、金融监督管理总局局长李云泽、中国证监会主 席吴清将出席年会并作主题演讲。 中航证券指出，伴随资本市场扩容与交投活跃度提升，券商板块正迎来重要的战略配置机遇。当前A股 市值已突破100万亿元，为券商各业务线打开了广阔的长期成长空间。市场交易活跃度显著改善，前三 季度全市场日均成交额同比大幅增长，叠加两融余额持续攀升并创下新高，共同强化了券商板块的业绩 确定性。市场活跃的势能有望延续，为券商业绩的持续增长提供坚实支撑。展望全年，资本市场预计将 保持稳步向上趋势，业绩增长的可持续性有望增强，板块具备估值修复潜力。 中资券商股集体上涨，截至发稿，中金公司(03908)涨4.06%，报23.58港元；招商证券(06099)涨3.7%， 报16.8港元；东 ...

Group 1 - Chinese brokerage stocks collectively rose, with notable increases in shares of major firms such as CITIC Securities, which rose by 4.06% to HKD 23.58, and Orient Securities, which increased by 3.75% to HKD 8.03 [1] - The third-quarter financial reports of brokerages revealed significant growth, with CITIC Securities reporting a revenue of CNY 22.78 billion, a year-on-year increase of 55.7%, and a net profit of CNY 9.44 billion, up 51.5% year-on-year [1] - Orient Wealth reported a total revenue of CNY 4.7 billion for the third quarter, marking a 101% year-on-year increase, with a net profit of CNY 3.5 billion, up 78% year-on-year [1] Group 2 - The brokerage sector is experiencing a strategic configuration opportunity due to the expansion of the capital market and increased trading activity, with the A-share market capitalization surpassing CNY 100 trillion [2] - The average daily trading volume in the market has significantly improved, with a notable year-on-year increase in the first three quarters, alongside a continuous rise in margin financing balances [2] - The capital market is expected to maintain a steady upward trend, enhancing the sustainability of performance growth in the brokerage sector, which possesses potential for valuation recovery [2]

Core Viewpoint - Jiangxi Biological has submitted a listing application to the Hong Kong Stock Exchange, with CICC and China Merchants Securities International as joint sponsors [1] Company Overview - Jiangxi Biological is the largest provider and exporter of human TAT (tetanus antitoxin) in China and one of the largest globally, holding a global market share of 36.6% and a domestic market share of 65.8% in 2024 [1] - The company possesses a comprehensive anti-serum platform that includes products such as human TAT, veterinary TAT, and equine chorionic gonadotropin (PMSG), with plans to expand into snake antivenom and rabies immunoglobulin products [1] - Jiangxi Biological has a global sales and distribution network covering over 23,500 medical institutions in China, including more than 1,500 tertiary medical institutions [1] Industry Insights - According to Frost & Sullivan, the global human anti-serum market has grown from USD 321 million in 2019 to USD 409 million in 2024, with a compound annual growth rate (CAGR) of 4.9% [1] - The market is projected to continue increasing to USD 821 million by 2028 and reach USD 2.095 billion by 2033 [1]

招商证券收到中国证券监督管理委员会批复，同意公司向专业投资者公开发行面值总额不超过300亿元 次级公司债券。本次发行注册有效期为24个月，公司可在注册有效期内分期发行。发行应严格按照报送 上海证券交易所的募集说明书进行。如在注册生效日至发行结束日期间发生重大事项，需及时报告并按 规定处理。公司将依据法律法规、批复文件要求及股东大会授权推进发行事宜，并履行信息披露义务。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 截至2025年10月24日收盘，招商证券（600999）报收于17.07元，较上周的16.99元上涨0.47%。本周， 招商证券10月21日盘中最高价报17.28元。10月23日盘中最低价报16.71元。招商证券当前最新总市值 1484.5亿元，在证券板块市值排名9/50，在两市A股市值排名106/5160。 本周关注点 公司公告汇总 招商证券将于2025年10月31日上午10:00-11:00通过上证路演中心以网络互动方式召开2025年第三季度业 绩说明会，介绍公司经营成果及财务状况。参会人员包括执行董事、总裁朱江涛， ...

Core Viewpoint - The recent adjustment in the Hong Kong stock market is seen as an overreaction to external shocks, with expectations of a rebound supported by easing trade tensions and incremental policy benefits [1][2] Market Performance - The Hong Kong stock market experienced a broad decline last week, with the Hang Seng Index dropping by 3.97% and the Hang Seng Tech Index falling by 7.98% [2] - The AH premium significantly widened to 120, indicating a disparity between Hong Kong and mainland stock valuations [2] Industry Recommendations - The report recommends focusing on the internet and insurance sectors as key areas for investment [1] - The overall market style shift is expected to be gradual or wave-like rather than a sudden switch, with growth style remaining the main focus in the near term [1] Micro Fund Flow - There was a net inflow of capital from various sources, including a net inflow of 451 million HKD from southbound funds, primarily directed towards financial and non-essential consumer sectors [2] - Foreign capital saw a net sell-off of 3.8 million USD through ETFs, while local ETFs experienced a net outflow of 17 million HKD [2] Liquidity Changes - After a rapid rise, Hong Kong market interest rates have stabilized, with the overnight Hibor at 3.04% and the 3-month Hibor at 3.61% [2] - The USD to HKD exchange rate is approaching the strong-side Convertibility Undertaking at 7.77 [2]

Group 1 - The company has received approval from the China Securities Regulatory Commission to publicly issue subordinated bonds with a total face value of up to 30 billion yuan [1][2] - The approval is valid for 24 months from the date of registration, allowing the company to issue the bonds in installments during this period [2] - The company is required to report any significant events that occur from the date of approval until the completion of the bond issuance [2] Group 2 - The company will hold a performance briefing for the third quarter of 2025 on October 31, 2025, from 10:00 to 11:00 AM [5][6] - The briefing will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [5][10] - Investors can submit questions for the briefing from October 24 to October 30, 2025, and the company will address commonly asked questions during the session [5][7]

Core Viewpoint - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China has approved the suggestions for the 15th Five-Year Plan, emphasizing high-quality development and technological self-reliance as primary goals for the upcoming decade [1] Group 1: Economic Growth and Development Goals - The average GDP growth rate needs to be maintained above 4.5% over the next decade to achieve the goal of reaching the per capita GDP level of moderately developed countries by 2035 [2] - The focus has shifted from "economic development" and "reform and opening up" to "high-quality development" and "technological self-reliance," indicating a greater emphasis on the quality and technological content of economic growth [2] - The plan includes a commitment to maintaining a reasonable proportion of the manufacturing sector and constructing a modern industrial system centered on advanced manufacturing [2][8] Group 2: Policy Directions and Strategic Focus - The report outlines 12 major deployments, with a strong emphasis on supporting the real economy, enhancing service sector development, and building modern infrastructure [4] - The focus on supply-side reforms will prioritize "productivity + innovation," while demand-side policies will concentrate on "consumption + inclusiveness" [6] - The report highlights the importance of stabilizing employment, enterprises, markets, and expectations as part of maintaining economic fundamentals [7] Group 3: Market Outlook and Investment Opportunities - The Chinese stock market is expected to continue its upward trend, driven by the transformation of the economy and ongoing capital market reforms [3] - New emerging technologies are identified as a key investment theme, with cyclical financial sectors also seen as potential outperformers [3] - The emphasis on high-quality economic development and the need for a robust manufacturing base suggest that policies supporting advanced manufacturing and technology sectors will be prioritized [4][8]

（文章来源：证券日报） 证券日报网讯 10月24日晚间，安图生物发布公告称，公司于近日收到招商证券股份有限公司（简称"招 商证券"）出具的《关于更换保荐代表人的函》。招商证券为公司2019年公开发行可转换公司债券和 2020年非公开发行股票的保荐人，原指派的保荐代表人为刘海燕、鄢坚。现因刘海燕同志近期职务调 动，不再适合继续履行公司2019年公开发行可转换公司债券和2020年非公开发行股票项目的募集资金专 项持续督导职责。为此，招商证券决定指派张茜同志自2025年10月22日起接替刘海燕同志履行公司2019 年公开发行可转换公司债券和2020年非公开发行股票项目的剩余督导期的保荐工作事宜。 ...