Market Overview - On November 17, the comprehensive sector declined by 0.02% compared to the previous trading day, with the Shanghai Composite Index closing at 3972.03, down 0.46%, and the Shenzhen Component Index closing at 13202.0, down 0.11% [1]. Stock Performance - Notable gainers included: - Sanmu Group (Code: 000632) with a closing price of 8.75, up 10.06%, and a trading volume of 2.1011 million shares, totaling 1.789 billion yuan in transaction value [1]. - Zhangzhou Development (Code: 000753) closed at 10.63, up 2.80%, with a trading volume of 1.4222 million shares, amounting to 1.538 billion yuan [1]. - Significant decliners included: - Nanjing Xinbai (Code: 600682) closed at 8.76, down 4.58%, with a trading volume of 907.5 thousand shares, totaling 803 million yuan [2]. - Nanjing Public Utilities (Code: 000421) closed at 7.65, down 4.37%, with a trading volume of 384.5 thousand shares, amounting to 297 million yuan [2]. Capital Flow - The comprehensive sector experienced a net outflow of 581 million yuan from institutional funds, while retail investors saw a net inflow of 440 million yuan [2]. - The net inflow from speculative funds was 141 million yuan [2]. Individual Stock Capital Flow - Key stocks with notable capital flow include: - Taida Co. (Code: 000652) had a net inflow of 29.9339 million yuan from institutional funds, while retail investors had a net outflow of 16.9539 million yuan [3]. - Dongyangguang (Code: 600673) saw a net inflow of 9.5978 million yuan from institutional funds, with a net outflow of 39.8814 million yuan from retail investors [3]. - Other stocks like Hongmian Co. (Code: 000523) and Tianchen Co. (Code: 600620) also showed mixed capital flows, with varying degrees of net inflows and outflows from different investor categories [3].

证券代码：600051 证券简称：宁波联合 公告编号：2025-041 宁波联合集团股份有限公司 2025年第一次临时股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 11 月 14 日 (二)股东大会召开的地点：宁波市江北区庄桥街道康庄南路天合财汇中心 76 号 (五)公司董事、监事和董事会秘书的出席情况 二、 议案审议情况 (一)非累积投票议案 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 114 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 94,941,788 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 30.5396 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 表决方式：本次股东大会采取现场投票与网络投票 ...

2025 年第一次临时股东大会之法律意见书 致：宁波联合集团股份有限公司 地址：中国宁波市高新区光华路 299 弄 37 号研发园 C 区 15 幢 4 楼 ADD：4F No37 Lane 299 Guanghua Road National Hi-tech Zone ,Ningbo,China. 邮编：315048 Postal Code：315048 传真：+(86)574-2783-6060 Fax：+(86)574-2783-6060 电话：+(86)574-2783-6013 Tel：+(86)574-2783-6013 网址：www.nbbnlaw.com Web：www.nbbnlaw.com 浙江波宁律师事务所 关于宁波联合集团股份有限公司 浙江波宁律师事务所（以下简称"本所"）接受宁波联合集团股 份有限公司（以下简称"公司"）的委托，指派本所执业律师何卓君、 韩录川（以下简称"本所律师"）出席公司 2025 年第一次临时股东 大会，根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《上市公司股东会规则》（以下简称"《股东会规则》"）以及《宁 波联合集团股份有限公司章程》（以下简称" ...

Market Overview - On November 7, the comprehensive sector rose by 1.24% compared to the previous trading day, with Sanmu Group leading the gains [1] - The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1] Stock Performance - Sanmu Group (000632) closed at 4.94, up 10.02% with a trading volume of 1.1862 million shares and a turnover of 569 million [1] - Zhangzhou Development (000753) closed at 10.02, up 9.99% with a trading volume of 1.3087 million shares and a turnover of 1.229 billion [1] - Other notable performers include Yuegui Co. (000833) up 3.50%, and Te Li A (000025) up 1.50% [1] Capital Flow - The comprehensive sector saw a net inflow of 411 million in main funds, while retail funds experienced a net outflow of 274 million [2] - The main funds showed significant inflows into Zhangzhou Development (2.6 billion) and Sanmu Group (127 million) [3] Individual Stock Capital Flow - Sanmu Group had a main fund net inflow of 127 million, accounting for 22.31% of its total [3] - Zhangzhou Development experienced a net outflow of 1.145 billion from retail investors, indicating a negative sentiment among smaller investors [3] - Dongyangguang (600673) had a main fund net inflow of 114 million, while retail investors showed a net outflow of 1.236 billion [3]

宁波联合集团股份有限公司 2025年第一次临时股东大会会议资料 二〇二五年十一月 宁波联合 2025 年第一次临时股东大会会议资料 目 录 一、会议时间： 现场会议召开时间：2025 年 11 月 14 日 14 点 30 分 网络投票时间：2025 年 11 月 14 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投 票时间为股东大会召开当日的交易时间段，即9:15-9:25,9:30-11:30， 13:00-15:00；通过互联网投票平台的投票时间为股东大会召开当日 的 9:15-15:00。 二、现场会议地点： 宁波市江北区庄桥街道康庄南路天合财汇中心 76 号 三、会议的表决方式： 本次股东大会所采用的表决方式是现场投票和网络投票相结合 的方式 四、会议议程： | 序号 | 文件名称 | 页码 | | --- | --- | --- | | 1 | 关于取消监事会并修订公司《章程》的议案 | P1-32 | | 2 | 关于修订公司《股东会议事规则》的议案 | P33-40 | | 3 | 关于修订公司《董事会议事规则》的议案 | P41-42 | 宁波联合 2025 年第一次临时股东大 ...

Market Overview - On November 6, the comprehensive sector rose by 1.34%, with Yuegui Co., Ltd. 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] Stock Performance - Yuegui Co., Ltd. (Code: 000833) closed at 17.15, with a gain of 5.15% and a trading volume of 1.0213 million shares, totaling a transaction value of 1.775 billion [1] - Dongyangguang (Code: 600673) closed at 21.08, up 4.62%, with a trading volume of 398,100 shares and a transaction value of 825 million [1] - Ningbo United (Code: 600051) closed at 7.97, up 1.79%, with a trading volume of 95,600 shares and a transaction value of 75.48 million [1] - Other notable stocks include Yueda Investment (Code: 600805) with a 0.89% increase and a transaction value of 121 million, and Tianda Co., Ltd. (Code: 000652) with a 0.23% increase and a transaction value of 71.68 million [1] Capital Flow - The comprehensive sector experienced a net outflow of 64.01 million from main funds, while retail investors saw a net inflow of 109 million [2] - The main funds showed a net inflow of 12.6 million into Yuegui Co., Ltd. [3] - Dongyangguang had a net inflow of 47.32 million from main funds, while retail investors had a net outflow of 18.83 million [3] Individual Stock Analysis - Yuegui Co., Ltd. had a net outflow of 83.95 million from retail investors, despite a net inflow from main funds [3] - Dongyangguang's main fund inflow accounted for 5.74% of its total, while retail investors contributed to a net outflow of 3.45% [3] - Other stocks like Yueda Investment and Tianda Co., Ltd. also showed mixed capital flows, with varying levels of net inflows and outflows from different investor categories [3]

Market Performance - The Shanghai Composite Index rose by 0.55% on November 3, with 22 industries experiencing gains, led by the media and coal sectors, which increased by 3.12% and 2.52% respectively [1] - The composite industry fell by 0.39%, with a net outflow of 1.19 million in main funds [2] Fund Flow Analysis - Main funds saw a net outflow of 239.44 billion across the two markets, with the media sector receiving the highest net inflow of 20.31 billion, followed by the banking sector with an inflow of 18.31 billion [1] - In the composite industry, 12 out of 16 stocks rose, with the highest net inflow recorded for Yuegui Co., amounting to 47.45 million, followed by Sanmu Group and Yatai Group with inflows of 31.92 million and 6.88 million respectively [2] Sector Performance - The sectors with the largest net outflows included non-ferrous metals, which saw a net outflow of 70.54 billion, and the electronics sector with an outflow of 45.71 billion [1] - The composite industry's stocks with the largest net outflows included Dongyangguang, Zhangzhou Development, and Yueda Investment, with outflows of 154 million, 43.32 million, and 8.90 million respectively [2]

Core Viewpoint - The recent quarterly reports from listed companies reveal a significant shift in investment strategies among prominent private equity managers, with an increased focus on cyclical industries and a need to monitor fundamental developments, policy benefits, and industrial upgrades as core themes [1][4]. Private Equity Holdings - Gao Yi Asset's Feng Liu significantly reduced holdings in Hikvision by 58 million shares, retaining 280 million shares valued at 8.826 billion yuan, making it the fourth-largest shareholder [1]. - Renqiao Asset's Xia Junjie maintained positions in several stocks while slightly reducing holdings in Xingfu Electronics and increasing stakes in Beijing Renli [1]. - Ningquan Asset's Yang Dong entered as the eighth-largest shareholder in Fuanna with 6.0512 million shares valued at 4.2 million yuan [2]. - Ruijun Asset's funds became top shareholders in Dinglong Co., while also increasing stakes in other companies [2]. Increased Focus on Cyclical Industries - Gao Yi Asset's Deng Xiaofeng reduced holdings in Zijin Mining by approximately 18.6 million shares, still holding 180 million shares valued at 5.3 billion yuan, with a significant gain of about 1.5 billion yuan from the position [3]. - The same fund also reduced its stake in Yun Aluminum, holding 28.5 million shares valued at 1.164 billion yuan [3]. Policy Benefits and Industrial Upgrades - The Shanghai Composite Index surpassed 4,000 points, reflecting improved market sentiment and recognition of the value reassessment cycle in Chinese equity assets [4]. - Fengjing Capital noted that economic data remains resilient, with expectations for moderate improvement in fixed investment growth due to policy initiatives [4]. - Ning Shui Capital emphasized the importance of policy benefits and industrial upgrades as core investment themes while advising caution regarding high valuations [4].

Core Insights - Ningbo United (600051.SH) reported a total operating revenue of 891 million yuan for Q3 2025, ranking 9th among disclosed peers, which represents a decrease of 121 million yuan or 11.97% year-on-year [1][3] - The net profit attributable to shareholders was 67.09 million yuan, also ranking 9th among peers [1] - The company recorded a net cash inflow from operating activities of 426 million yuan [1] Financial Metrics - The latest debt-to-asset ratio is 23.67%, an increase of 0.93 percentage points from the previous quarter [3] - The gross profit margin stands at 7.85%, ranking 8th among peers, down by 0.51 percentage points from the previous quarter and down 6.16 percentage points year-on-year [3] - Return on equity (ROE) is 1.97%, ranking 7th among peers [3] - The diluted earnings per share (EPS) is 0.22 yuan [3] - Total asset turnover ratio is 0.18 times, ranking 8th among peers, a decrease of 0.01 times or 5.51% year-on-year [3] - Inventory turnover ratio is 0.66 times, ranking 10th among peers [3] Shareholder Structure - The number of shareholders is 23,400, with the top ten shareholders holding 112 million shares, accounting for 35.89% of the total share capital [3] - The largest shareholder is Zhejiang Rongsheng Holding Group Co., Ltd., holding 29% of shares [3]

Core Viewpoint - Ningbo United (600051.SH) reported its Q3 2025 results, highlighting a decrease in institutional ownership compared to the previous quarter [1] Institutional Ownership - As of October 27, 2025, four institutional investors disclosed holdings in Ningbo United A-shares, totaling 99.5957 million shares, which represents 32.04% of the total share capital [1] - The institutional ownership decreased by 1.96 percentage points compared to the previous quarter [1] Public Fund Holdings - One public fund, Nuoan Multi-Strategy Mixed A, increased its holdings during this period, with an increase ratio of 0.56% [1] - A total of 31 public funds did not disclose their holdings this quarter, including notable funds such as CITIC Prudential Multi-Strategy Mixed (LOF) A and CITIC Prudential Economic Preference Mixed A [1]