盈方微12月9日晚间公告，东方证券自2024年5月20日至2025年12月5日，通过深圳证券交易所集中竞价 交易合计减持公司无限售条件流通股份2,678.5333万股，减持后东方证券合计持有公司4,221.4667万股股 票，占公司总股本4.999988%（以截至2025年12月5日公司总股本844,295,355股计算），持股比例降至 5%以下。本次权益变动后，东方证券持有公司股份4,221.4667万股，占公司总股本的4.999988%，不再 是公司持股5%以上股东。 ...

盈方微公告，公司持股5%以上股东东方证券因减持公司股份导致持股比例下降，不再持有公司5%以上 股份。本次权益变动不涉及公司控股股东、实际控制人，不会导致公司控制权发生变化。东方证券自 2024年5月20日至2025年12月5日，通过深圳证券交易所集中竞价交易合计减持公司无限售条件流通股份 2678.5333万股。权益变动后，东方证券持有公司4221.4667万股股票，占公司总股本的4.999988%。 ...

盈方微公告，持股5%以上股东东方证券因减持公司股份，持股比例降至4.999988%。东方证券自2024年 5月20日至2025年12月5日，通过集中竞价交易合计减持公司无限售条件流通股份2678.53万股。减持 后，东方证券持有公司股份4221.47万股，持股比例降至5%以下，不再是公司持股5%以上股东。 ...

来源：时代周报 卸任东方证券董事长后，龚德雄去向已定。 时代周报记者注意到，12月9日，上海国际集团有限公司（下称"上海国际集团"）官网集团领导信息更 新显示，龚德雄担任党委副书记、总裁一职。 12月8日晚间，东方证券发布公告称，龚德雄因工作调动申请辞去公司董事长、执行董事和董事会战略 与可持续发展委员会主任委员、薪酬与提名委员会委员等职务，辞职后不再担任公司及控股子公司任何 职务。 龚德雄自2023年9月起担任东方证券党委书记，2024年11月起担任东方证券董事长，至今刚满一年时 间，其原定任期到2027年11月21日。 在新任董事长任职前，副董事长鲁伟铭将代行东方证券董事长、法定代表人及香港联交所授权代表职 责。 12月9日，上海国际集团官网集团领导信息更新显示，龚德雄担任党委副书记、总裁一职。他此前曾在 上海国际集团担任金融管理总部总经理一职，此次为回归履新。 时代周报记者注意到，上海国际集团原党委副书记、总裁为刘信义，其生于1965年7月，现年60岁。其 于2019年担任上海国际集团总裁，曾任职于浦发银行、上海国盛集团。 此前11月14日，据"上海发布"微信公众号消息，龚德雄拟提名任市管企业经理班子正 ...

Group 1 - The core viewpoint is that the pig farming industry is experiencing accelerated capacity reduction due to weak prices and policy-driven factors, with current prices for fat pigs around 11 yuan/kg and weaned piglets at approximately 200 yuan/head, leading to widespread losses in the industry [1][2] - Historical experience suggests that when fat pig and piglet prices are at low levels, the industry is likely to initiate market-driven capacity reduction, which is expected to support long-term price increases for pigs [1][2] - The current trend shows a continued reduction in the breeding sow population, with a slight decrease of 0.14% reported by one third-party agency, indicating that large-scale farms are primarily eliminating inefficient capacity while smallholders are exiting the market [2] Group 2 - Investment recommendations include a positive outlook on the pig farming sector, driven by policy and market forces that promote capacity reduction, which is expected to enhance long-term performance for related companies such as Muyuan Foods, Wens Foodstuff Group, and Shennong Group [4] - The post-cycle sector is anticipated to benefit from a rebound in pig inventory, which will boost demand for feed and animal health products, with potential profit transmission down the supply chain, highlighting companies like Haida Group and Reap Bio [4] - In the planting sector, the upward trend in grain prices is established, indicating favorable fundamentals for planting and seed industries, with investment opportunities in companies like Suqian Agricultural Development and Beidahuang [4]

Core Viewpoint - Dongfang Securities has adjusted its revenue growth and gross margin forecasts for Shimao Services (00873) based on recent operational performance, maintaining a "Buy" rating and adjusting the target price to HKD 0.73 [1] Business Expansion - The company continues to expand its market presence, focusing on high-energy urban clusters and diversifying service scenarios, with stable growth expected in basic property management [1] - In the first half of 2025, the company achieved a significant increase in market expansion, with new annual contract amounts from third-party bids reaching approximately HKD 960 million, a year-on-year increase of 54.6% [1] - The newly signed contract area reached 40.1 million square meters, reflecting a year-on-year growth of 126.6%, both figures marking historical highs [1] Service Quality Improvement - The average property fee for newly signed residential projects has reached HKD 2.9 per square meter per month, indicating improvements in project quality and profitability [1] - The company's market expansion strategy focuses on core urban clusters and high-energy markets, with 74% of new projects located in the Beijing-Tianjin-Hebei region, the Yangtze River Delta, and the Greater Bay Area, while 73% of projects are in first- and second-tier cities [1] High-Quality Clientele - The proportion of high-quality clients with contract amounts exceeding HKD 5 million per year has increased to 64.3% [1] - In the second half of the year, the company plans to continue its market expansion, with nearly 200 new projects added from July to October, including industrial parks, commercial offices, residential areas, schools, hospitals, and government logistics services [1]

Core Viewpoint - Dongfang Securities has adjusted its revenue growth and gross margin forecasts for Shimao Services (00873) based on recent operational performance, maintaining a "Buy" rating and adjusting the target price to HKD 0.73 [1] Business Expansion - The company continues to expand its market presence, focusing on high-energy urban clusters and diversifying service scenarios, with stable growth expected in basic property management [1] - In the first half of 2025, the company achieved a significant increase in market expansion, with new annual contract amounts from third-party bids reaching approximately HKD 9.6 billion, a year-on-year increase of 54.6% [1] - The newly signed contract area reached 40.1 million square meters, reflecting a year-on-year growth of 126.6%, both metrics hitting historical highs [1] Service Quality Improvement - The average property fee for newly signed residential projects has reached HKD 2.9 per square meter per month, indicating improvements in project quality and profitability [1] - The company's market expansion strategy focuses on core urban clusters and high-energy markets, with 74% of new projects located in the Beijing-Tianjin-Hebei region, the Yangtze River Delta, and the Greater Bay Area, and 73% of projects in first- and second-tier cities [1] High-Quality Clientele - The proportion of high-quality clients with contract amounts exceeding HKD 5 million per year has increased to 64.3% [1] - In the second half of the year, the company plans to continue its market expansion, with nearly 200 new projects added from July to October, including industrial parks, commercial offices, residential areas, schools, hospitals, and government logistics services [1]

龚德雄先生的离任不会导致公司董事会成员低于法定人数，其辞职报告自送达公司董事会之日起生效。 龚德雄先生向公司董事会确认，其与公司、董事会并无意见分歧，亦无其他因辞职而需知会股东或香港 联合交易所有限公司的事宜，并已按照有关要求做好工作交接。 龚德雄先生自2023年9月起，先后任职公司党委书记、执行董事、董事长等职，始终恪守金融报国初 心，践行金融为民使命，围绕建设具有国内竞争力和国际影响力的一流现代投资银行的公司愿景，提 出"三步走"中长期战略路线图，主导制定和推动实施公司2025-2027年战略规划。 龚德雄先生坚持和加强党的全面领导，坚持全面深化改革，围绕"数字化、集团化、国际化"的战略方 向，聚焦大财富、大投行两大重点领域，推动公司锻造综合化客群经营、数字化科技驱动、内生性合规 风控三大核心能力支柱，打造买方投顾、产业投行、机构金融和数字科技四大核心优势，深化能源与金 融、财富与资管、投行与投资、牌照与客户、境内与境外的五大协同发展，促进公司走稳走好差异化特 色化发展之路。 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。 ...

格隆汇12月9日｜花旗发表研究报告指，中国证监会主席吴清指，要通过并购或行业整合建立一流投资 银行的政策方向，并放宽对部分证券商的资本要求，鼓励他们提高杠杆。该行提到，中国证监会就《基 金管理公司绩效评估管理指引》向基金管理公司征求意见，为使公募基金经理的利益与其基金的长期表 现保持一致，另政策持续鼓励保险公司调整风险因素，将更多长期资金投入A股市场，显示出内地对市 场的支持。该行相信，券商将受惠于A股市场支持政策，特别是具有高杠杆比率的券商，如中金公司、 中信证券及东方证券，预计ROE将进一步上升，并可能促使公司重新估值，行业首选东方证券H股。 ...

Summary of Conference Call Notes Industry and Company Involved - **Industry**: Chinese Brokerage Industry - **Key Companies Mentioned**: - China International Capital Corporation (CICC) - CITIC Securities - China Galaxy Securities - GF Securities - Huatai Securities - Orient Securities Core Points and Arguments 1. **Supportive Measures for A-share Market**: - CSRC Chairman Wu Qing's speech on December 6 indicated a policy direction to build a first-class investment bank through mergers and acquisitions and sector consolidation, alongside relaxing capital requirements for selective brokers [1][5] 2. **Performance Assessment Guidelines**: - New guidelines announced by the Asset Management Association of China aim to align mutual fund managers' incentives with long-term fund performance, requiring significant reinvestment of performance-based compensation [2][5] - Fund managers face salary cuts if they underperform benchmarks significantly, promoting a focus on long-term performance [2][5] 3. **Earnings Growth Expectations**: - China brokers are expected to deliver robust earnings growth of 43% in 2025 and 14% in 2026, with projected ROE of 9.2% and 9.7% respectively, driven by strong A-share market performance [5] - Brokers with high leverage ratios, such as CICC, CITICS, and Orient, are anticipated to benefit more from potential capital ratio relaxations [5] 4. **Market Valuation**: - Covered H-share China brokers have seen a correction of -11% since the end of October, currently trading at 0.77x 2026 P/B, which is viewed as attractive [5] - The expectation of stabilizing fee rates post-sector consolidation could further enhance brokers' ROE, potentially leading to a re-rating of their valuations [5] 5. **Top Picks**: - Orient Securities is highlighted as a top pick due to its favorable positioning in the current market environment [1][5] Other Important but Possibly Overlooked Content - **Long-term Performance Focus**: - The new guidelines emphasize long-term indicators in key performance indicators (KPIs) for fund managers, with a significant portion of their performance metrics tied to long-term returns [2][5] - **Impact of Regulatory Changes**: - The ongoing NFAR policies are designed to encourage insurers to invest more long-term funds into the A-share market, which could further support the brokerage sector [1][5] - **Leverage Ratios**: - The leverage ratios for covered China brokers are expected to increase, which could enhance their profitability and market competitiveness [5][7]