Group 1 - The rapid development of AI technology is having a profound impact on the passive component industry [1] - High-end MLCC, chip inductors, tantalum capacitors, and packaging materials are expected to experience rapid growth due to AI advancements [1] - The upstream raw materials sector, including nickel powder, carbonyl iron powder, metal soft magnetic powder (core), and thermal materials, is also anticipated to grow quickly [1] Group 2 - Material performance is crucial in determining device performance, highlighting the advantages of upstream raw materials and supporting enterprises in the industry [1]

Core Viewpoint - The rapid development of AI technology is having a profound impact on the passive component industry, driving the growth of high-end MLCC, chip inductors, tantalum capacitors, and packaging materials [1] Group 1: Industry Impact - The advancement of AI technology is expected to accelerate the development of high-end passive components such as MLCC, chip inductors, and tantalum capacitors [1] - The growth in the passive component sector will also stimulate the rapid development of upstream raw materials including nickel powder, carbonyl iron powder, metal soft magnetic powder, and thermal materials [1] Group 2: Material Performance - The performance of materials is crucial in determining the performance of devices, indicating that companies in the upstream raw materials sector and those in related industries will have competitive advantages [1]

Group 1 - South Rotation Holdings announced a dividend of HKD 0.11 per share, with an ex-dividend date of December 5, 2025, and a payment date of December 19, 2025. The company is classified under the apparel sector and is not part of the CSI Central State-Owned Enterprises Dividend Index or the Hang Seng High Dividend Yield Index [1] - CITIC Construction Investment Securities declared a dividend of HKD 0.181 per share, with an ex-dividend date of November 25, 2025, and a payment date of December 30, 2025. The company operates in the securities and brokerage sector and is also not included in the aforementioned indices [1] - Zhenxiong Group will distribute a dividend of HKD 0.036 per share, with an ex-dividend date of December 12, 2025, and a payment date of January 14, 2026. The company is categorized under industrial parts and equipment and is excluded from the CSI Central State-Owned Enterprises Dividend Index and the Hang Seng High Dividend Yield Index [1] Group 2 - The CSI Central State-Owned Enterprises Dividend Index, as of November 21, has a one-year dividend yield of 5.73%, which is higher than the 10-year government bond yield of 3.91%. The largest investment vehicle tracking this index is the Hong Kong Central State-Owned Enterprises Dividend ETF [2] - The Hang Seng High Dividend Yield Index, also as of November 21, has a one-year dividend yield of 5.39%, surpassing the 10-year government bond yield of 3.57%. The only ETF tracking this index is the Hang Seng Dividend ETF [2]

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 ...

海关数据显示，10 月中国出口钢材978.2 万吨，较9 月减少68.3万吨，环比-6.5%，同比-12.5%；1-10 月 累计出口9773. 7 万吨，同比+6.6%。当前全球制造业PMI 稳中回升，我国钢铁企业出口订单指数重回扩 张区间，钢材出口价格竞争力持续增强， 例如热轧卷板出口报价（FOB）为445 美元/吨，较印度、土 耳其、日本等主要出口国低45-95美元/吨。但外需景气度仍处于偏弱状态，叠加贸易摩擦及相关税费政 策的制约，继续对我国钢材出口形成抑制。分地区来看，1-10 月对西亚、非洲、南美出口分别增长 6.7%、30.4%、17%，对东南亚、东亚、北美则分别下滑0.8%、9.7%、20.7%。分国家来看，前2 大出口 流向的越南和韩国出口分别下滑25.8%和11.8%，受反倾销税措施影响， 降幅明显，而对排名3-6 位的泰 国、菲律宾、阿联酋、沙特出口分别增长12.6%、11.2%、6.8%、19.1%。 智通财经APP获悉，中信建投发布研报称，10月中国出口钢材978.2万吨，较9月减少68.3万吨，环 比-6.5%，同比-12.5%;1-10月累计出口9773.7万吨，同比+6.6%。 ...

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]