| 投资者关 | | | --- | --- | | 系活动类 特定对象调研 | | | 别 | | | 时间 | 2025年11月11日15:30-16:30 | | 地点 | 公司办公楼会议室 | | 参与单位 | 申万宏源（邵靖宇）、大成基金（荣欣）、宝盈基金（侯星 | | 名称 | 宇）、安信基金(胡双)、中汇人寿(邓祎然)、淡水泉投资 | | | (于凡真)、中邮基金(周弋惟) | | 上市公司 | | | | 接待人员 董事会秘书兼财务总监:都英涛;证券事务代表:王越 | | 姓名 | | 投资者关系活动主要内容解读 主营业务覆盖多领域，技术创新聚焦特种异氰酸酯应用 调研中，都英涛介绍，美瑞新材是国内知名的聚氨酯新材料及功能化工品原料生产企业，核心产品包括 TPU、PUR、PUD、PBS等聚氨酯新材料，以及特种异氰酸酯、特种胺等功能化工品原料。这些产品广 泛应用于消费电子、汽车制造、运动休闲、高端装备、绿色能源、家居生活、工业涂装、密封传动、 3D打印、食品卫生等多个领域。公司强调，将持续推进特种异氰酸酯在聚氨酯新材料中的技术创新， 并将其视为未来发展的关键市场之一。 特种胺产品矩阵丰富，下游应用 ...

Core Viewpoint - The liquor industry is experiencing significant pressure on demand due to external structural disturbances, with expectations of a bottoming out in the third quarter of 2025 and a potential turning point in the third quarter of 2026 [1][2]. Fundamental Analysis - Since the fourth quarter of 2024, some companies have begun to see declines, but the first quarter of 2025 showed resilience in sales, with leading brands still achieving growth [2]. - The demand environment has been notably pressured since the second quarter of 2025, with a significant loss of consumption scenarios, leading to accelerated clearing in the third quarter of 2025 [2]. - Sales volume is expected to decline by 20%-30% year-on-year in the third quarter of 2025, following a 30%-50% decline in the second quarter [2]. - High-end liquor prices continue to fall as the market seeks a balance between volume and price [2]. - The first quarter of 2026 is anticipated to still face double-digit declines in sales volume, with continued pressure on financial reports, but stabilization is expected in the second quarter and a turning point in the third quarter [2]. Valuation Analysis - As of October 31, 2025, the absolute PE level for the liquor sector is 18.7x, below the historical average of 27.6x since 2011 [3]. - The relative PE multiple compared to the Shanghai Composite Index is 1.14x, also below the historical average of 2.01x since 2011 [3]. - Future dividend rates for liquor companies are expected to increase, with leading companies disclosing three-year dividend return plans, and most companies currently offering dividend yields above 3%, indicating medium to long-term investment value [3]. Holdings Analysis - In the third quarter of 2025, the liquor sector's holding proportion fell to 5.52%, returning to levels seen in the second quarter of 2017 [4]. - The market value of heavy holdings in the liquor sector decreased by 1.26 percentage points compared to the previous quarter, below the average level since 2009 [4]. Investment Recommendations - The company suggests a strategic bullish outlook on the liquor sector, anticipating a fundamental turning point in the third quarter of 2026 [5]. - If the fundamentals recover as expected, a dual boost in valuation and performance is anticipated by the end of 2026 and into 2027 [5]. - It is recommended to begin long-term positioning in quality companies, while remaining patient regarding fundamental improvements and recognizing the potential for differentiated stock performance [5]. - Key recommended stocks include Luzhou Laojiao, Shanxi Fenjiu, Kweichow Moutai, and Wuliangye, with additional attention to Yingjia Gongjiu, Jinhui Jiu, Gujing Gongjiu, Jianshiyuan, and Yanghe Distillery [5].

一、召开会议基本情况 根据《中华人民共和国证券投资基金法》（以下简称"《基金法》"）、《公开募集证券投资基金运作管 理办法》（以下简称"《运作办法》"）和《申万宏源天添利货币型集合资产管理计划资产管理合同》 （以下简称"《集合计划合同》"）的有关规定，申万宏源天添利货币型集合资产管理计划（以下简 称"本集合计划"）的管理人申万宏源证券资产管理有限公司（以下简称"集合计划管理人"）经与本集合 计划托管人中国证券登记结算有限责任公司（以下简称"集合计划托管人"）协商一致，决定以通讯方式 召开本集合计划的集合计划份额持有人大会，审议《关于申万宏源天添利货币型集合资产管理计划变更 管理人并转型变更为申万菱信天添利货币市场基金有关事项的议案》，会议的具体安排如下： 1、会议召开方式：通讯方式 2、会议投票表决起止时间：自2025年【11】月【17】日起至2025年【12】月【12】日17:00止（纸质投 票表决时间以本公告列明的表决票的寄送地点收到表决票的时间为准，短信投票以短信表决通道的记录 时间为准） 3、表决票的提交方式 （1）以邮寄方式提交表决票 纸质表决票寄送地点： 管理人：申万宏源证券资产管理有限公司 （2 ...

Core Viewpoint - The construction materials industry is experiencing a narrowing revenue decline and profit improvement in the first three quarters of 2025, with notable performances in the cement and fiberglass sectors [1][2]. Group 1: Industry Overview - The construction materials industry sample companies achieved a total revenue of 432.25 billion yuan, a year-on-year decline of 3.1%, which is an improvement of 11.7 percentage points compared to the full year of 2024 [2]. - The net profit attributable to shareholders reached 24.44 billion yuan, a year-on-year increase of 27.8%, contrasting with a 49.1% decline in 2024 [2]. Group 2: Cement Industry - Cement sample companies reported a total revenue of 432.25 billion yuan, with a year-on-year decline of 3.1%, while net profit increased by 27.8% [2]. - Huaxin Cement showed the most significant growth, with strong performance in overseas cement and domestic aggregate businesses [2]. - Anhui Conch Cement contributed over half of the industry's profit due to its cost and scale advantages [2]. Group 3: Fiberglass Industry - The fiberglass sector saw a total revenue of 49.21 billion yuan, a year-on-year increase of 23.5%, and a net profit of 4.87 billion yuan, up 121.4% [3]. - The price recovery effects began to manifest in the first half of 2025, with a slight decline in Q3 profits compared to the previous quarter, but still showing year-on-year improvement [3]. - Companies like China National Materials, International Composites, and Honghe Technology are gradually contributing to revenue and profit through their special fabric layouts [3]. Group 4: Consumer Building Materials - The consumer building materials segment reported a revenue of 110.75 billion yuan, a year-on-year decline of 0.9%, and a net profit of 8.21 billion yuan, down 6.9% [4]. - Keda Manufacturing benefited from its long-term overseas layout and improved pricing in the overseas tile market, leading to significant revenue growth [4]. - Sanhe Tree is accelerating its unique channel advantages and new business layouts, responding to the demand from old residential areas and rural self-built houses [4]. Group 5: Glass Industry - The glass industry achieved a revenue of 38.09 billion yuan, a year-on-year decline of 11.0%, with a net profit of 0.94 billion yuan, down 63.2% [5]. - The photovoltaic glass sector experienced a phase of recovery, but profitability began to decline after May due to high base effects from the previous year [5]. - The construction glass sector remains under pressure due to weak real estate completions, necessitating attention to supply contraction and pricing effects [5]. Group 6: Early Cycle Industries - Early cycle sectors are still under pressure, with profitability constrained by cement price recovery [6]. - Leading companies like Subote have achieved both revenue and profit growth by expanding into major projects in the western regions [6]. Group 7: Investment Analysis - Investment opportunities are suggested in the fiberglass and cement sectors due to improving profitability [7]. - Recommended stocks include leading companies in the cement sector such as Huaxin Cement, Anhui Conch Cement, and Shangfeng Cement [7]. - In the fiberglass sector, companies like China Jushi, China National Materials, and Honghe Technology are highlighted for their performance recovery and growth expectations in special fabric businesses [7]. - Companies with alpha attributes in consumer building materials and early cycle sectors include Sanhe Tree, Keda Manufacturing, Dongpeng Holdings, and Subote [8].

Core Points - The company will close the Hezhou Jiangbei Middle Road Securities Business Department and transfer all clients to the Guilin Lijiang Road Securities Business Department [1][2] - Clients' account numbers, trading passwords, and fund passwords will remain unchanged after the transfer, ensuring no disruption in trading and fund transfers [1][2] - Clients who do not agree to the transfer must complete account closure procedures within three working days [2] Summary by Sections - **Closure Announcement**: The Hezhou Jiangbei Middle Road Securities Business Department will be closed, and its operations will cease [1] - **Client Migration**: All clients will be migrated to the Guilin Lijiang Road Securities Business Department, with services continuing seamlessly [1][2] - **Client Rights**: Clients have the option to refuse the migration and must act within a specified timeframe to close their accounts if they choose to do so [2] - **Service Continuity**: Agreements and services with the Hezhou Jiangbei Middle Road Securities Business Department will be inherited by the Guilin Lijiang Road Securities Business Department [2] - **Contact Information**: The company provides contact details for inquiries regarding the closure and migration process [2]

Core Viewpoint - The report from Shenwan Hongyuan indicates that Hong Kong stocks have outperformed A-shares during two phases: the industrial trend fermentation phase and the phase where Chinese assets are generally superior with clear structural main lines. The outlook remains positive for a rebound in the fourth quarter, particularly favoring high elasticity in the Hang Seng Technology Index [1]. Short-term Market Structure Characteristics - The technology growth sector currently lacks long-term cost-effectiveness, experiencing high volatility while awaiting industrial trend catalysts. The Shanghai Composite Index has been fluctuating narrowly, with the technology growth sector showing wide fluctuations. The absence of a dominant structure to lead the market breakout is noted, similar to previous years when long-term low cost-effectiveness areas struggled to gain valuation [2][3]. Mid-term Market Judgments - The "two-stage bull market" theory is maintained, with the first stage of the technology structure bull market occurring in 2025. The spring of 2026 may present challenges, including a critical verification period for demand and sensitivity to performance disturbances and liquidity shocks in low cost-effectiveness areas. The market is expected to experience a structural breakthrough, but the timing and conditions for a comprehensive bull market are still developing [4]. Upcoming Market Trends - The market is anticipated to see a rotation in sectors, particularly with the PPI turning positive and the emergence of price increase catalysts. The sectors of energy storage and photovoltaics are expected to show early signs of recovery, with potential for further upward movement in the AI industry, humanoid robots, innovative pharmaceuticals, and defense industries [5]. Quantitative Indicators - Various quantitative indicators show a continued expansion of profit effects across sectors, with significant participation from coal, oil and petrochemicals, and steel. However, sectors like non-ferrous metals and transportation are experiencing contraction [9]. ETF Market Overview - The ETF market reflects varied performance across sectors, with notable changes in share volumes and price fluctuations. For instance, the Huatai-PineBridge CSI Photovoltaic Industry ETF has seen a 1.6% increase in share volume over five trading days, while the Southern CSI New Energy ETF has experienced a 1.2% decrease [10].

Core Insights - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, with a revenue of 19.499 billion yuan, up 55.22%, and a net profit of 8.793 billion yuan, up 86.64% [1] - The company aims to become a trusted first-class investment bank and investment institution, focusing on wealth management, institutional trading, and investment banking [3] - The company is enhancing its financial technology capabilities through the development of its digital wealth management platform, "Shencai Youdao PP" [3] Financial Performance - For the first three quarters of 2025, the company achieved a consolidated operating income of 19.499 billion yuan, a year-on-year increase of 55.22% [1] - The net profit reached 8.793 billion yuan, reflecting an 86.64% year-on-year growth [1] - The weighted average return on equity was 7.41%, an increase of 3.63 percentage points compared to the previous year [1] Shareholder Structure - As of October 31, 2025, the company had issued 2.504 billion H-shares and 22.536 billion A-shares, with no changes in the number of shares [2] - The total issued share capital amounts to 25.040 billion yuan [2] Strategic Focus - The company is concentrating on three main business areas: wealth management, institutional trading, and investment banking, aiming for collaborative development [3] - It is also focusing on the integration of research, sales, and trading to enhance its capital intermediary business [3] International Expansion - The company is building a fully licensed overseas platform centered in Hong Kong to expand its international presence [4] - It aims to enhance its capabilities in wealth management, asset management, and investment banking while supporting enterprises in their internationalization efforts [4] Recent Announcements - The company completed the issuance of a short-term corporate bond worth 3.4 billion yuan, which is now listed on the Shenzhen Stock Exchange [6] - The bond issuance includes two varieties, with a total of 1.2 billion yuan for a 135-day term at a rate of 1.67% and 2.2 billion yuan for a 254-day term at a rate of 1.72% [6]

在"十四五"收官与"十五五"启动的关键节点，党的二十届四中全会、十五五规划为中国式现代化新征程 擘画蓝图，期货市场作为金融体系重要组成部分，对健全资本市场功能、服务高质量发展具有重要意 义。10月31日，由申万宏源证券主办、申银万国期货承办的第十七届申万宏源衍生品会议在上海举办， 百余家机构客户参会共同探讨衍生品服务资本市场双向开放与资产配置话题。中国金融期货交易所会员 管理部相关负责人出席本次会议。 申万宏源党委副书记、证券公司总经理张剑代表会议主办方致辞，他表示，申万宏源证券始终积极践行 金融"五篇大文章"，立足主责主业，不断打磨各项业务核心竞争力，构建综合金融服务生态圈，当好资 本市场"看门人"、直接融资"服务商"、社会财富"管理者"，致力于成为值得长期信赖的一流投资银行与 投资机构，为金融高质量发展服务中国式现代化贡献力量。申银万国期货作为控股子公司，是申万宏源 成为"一流投资银行与投资机构"不可或缺的重要组成部分，将在申万宏源支持下全力打造"一流期货及 衍生品服务商与风险管理专业机构"。 申银万国期货举办了品牌发布仪式，公司党委副书记、总经理陆三江对服务品牌进行了说明。公司使命 为"风险管理，产业赋 ...

Core Viewpoint - The company is committed to supporting the national strategy and building a strong financial nation by providing in-depth and warm financial services, focusing on the transformation and upgrading of the economy [1] Group 1: Financial Services and Support - Hongyuan Futures, a subsidiary of Shenwan Hongyuan Group, aims to empower the real economy with high-quality futures products and services, contributing to high-quality economic development and the construction of a financial powerhouse [1] - In the field of green finance, Hongyuan Futures acts as a "risk protection shield" for new energy enterprises, utilizing tools like hedging and basis trading to help companies withstand price fluctuations [1] - The company has reduced costs for nearly 100 small and micro enterprises by 1.1791 million yuan and injected 149 million yuan into the spot trade of small enterprises in sectors like cotton and industrial silicon [1] Group 2: Elderly Financial Services - In the pension finance sector, Hongyuan Futures serves as a "caring steward" for elderly investors, focusing on product suitability management and enhancing investment education to protect and grow retirement funds [2] Group 3: Technology and Digital Finance - Hongyuan Futures has established a robust technological foundation by deploying comprehensive trading platforms and accelerating AI development to enhance customer service experiences [4] - The company has been recognized in the industry for its effective services to small and micro enterprises, ranking in the top 10 for two consecutive years in evaluations by the China Futures Association [4] Group 4: Future Directions - The company plans to continue focusing on serving the real economy, integrating resources to create a comprehensive financial service system that meets diverse risk management needs for enterprises [5]

Core Viewpoint - Chongqing Zhixin Industrial Co., Ltd. has successfully passed the IPO review by the Shanghai Stock Exchange, marking it as the 69th company approved for listing this year [1]. Company Overview - Zhixin Co. specializes in the development, processing, production, and sales of automotive welding parts and related molds [1]. - The company has not experienced significant changes in its main business since its establishment [1]. Shareholding Structure - As of the signing date of the prospectus, Chongqing Zhixin Yanshu Management Consulting Co., Ltd. holds 37.07% of the shares directly and controls an additional 18.87% indirectly, totaling 55.94% [1]. - The actual controllers of the company are Chen Zhiyu and Jing Bing, who are spouses, holding a combined 27.80% of the total share capital directly and controlling 83.75% of the voting rights [2]. IPO Details - Zhixin Co. plans to list on the main board of the Shanghai Stock Exchange, with a public offering of no more than 56.67 million shares, accounting for at least 25% of the post-issue share capital [2]. - The company aims to raise approximately 1.33 billion yuan (132,948.85 million yuan) for capacity expansion and technological upgrades of welding production lines, as well as to supplement working capital [2][3]. Fund Allocation - The total investment for the projects funded by the IPO proceeds is 132.95 million yuan, which includes: - 102.95 million yuan for expanding welding production capacity and technological upgrades [3]. - 30 million yuan for supplementing working capital [3]. Market Position and Competition - The company was questioned during the listing committee meeting regarding its market competition, product advantages, and sustainability of revenue growth [4]. - Concerns were raised about the potential risks of declining gross margins and the company's adaptability to downstream customer trends [4]. Customer Relations - The company was also asked to clarify the background and compliance of its pricing adjustments with major customers in 2022 and 2023, ensuring the authenticity and legality of these arrangements [5].