同时，西太平洋银行预计生产率将出现显著反弹，全年增幅达0.9%，这将推动名义单位劳动力成本增 速放缓至约2.5%（按六个月年化计算）。这对正在权衡通胀前景的澳洲联储而言将是一个积极信号。 （文章来源：新华财经） 本次数据中最突出的亮点是内需表现强劲，预计第三季度内需环比将激增1.5%，创下2012年初以来最 强劲季度增长。 经济复苏态势正日趋广泛，多个经济部门共同形成支撑，而非依赖个别领域的单独增长。随着异常大规 模资本支出项目（特别是飞机采购）的影响逐步消退，整体经济增长率在未来几个季度将有所放缓。 即便如此，剔除这些一次性因素后，当季基础增长率仍将保持在0.6%的健康水平，显示出经济内在韧 性。 新华财经北京11月28日电西太平洋银行预计澳大利亚经济在第三季度增长动能显著增强，澳大利亚第三 季度GDP将环比增长0.8%，年化增长率将升至2.3%，略高于澳洲联储最新的预测。 ...

Core Insights - Westpac Bank anticipates a significant enhancement in Australia's economic growth momentum in Q3, with GDP expected to increase by 0.8% quarter-on-quarter and an annualized growth rate rising to 2.3%, slightly above the Reserve Bank of Australia's latest forecast of 2.0% [1] Economic Performance - The standout feature of the data is the strong performance of domestic demand, which is projected to surge by 1.5% quarter-on-quarter in Q3, marking the strongest quarterly growth since early 2012 [1] - The economic recovery is becoming increasingly broad-based, supported by multiple sectors rather than relying on individual areas for growth [1] Future Outlook - As the impact of exceptionally large capital expenditure projects, particularly aircraft purchases, gradually diminishes, overall economic growth rates are expected to slow in the coming quarters [1] - However, excluding these one-off factors, the underlying growth rate for the quarter is still projected to remain at a healthy level of 0.6%, indicating inherent economic resilience [1] Productivity and Labor Costs - A significant rebound in productivity is anticipated, with an annual increase of 0.9%, which will help slow the growth rate of nominal unit labor costs to approximately 2.5% (on a six-month annualized basis) [1] - This development is seen as a positive signal for the Reserve Bank of Australia as it weighs inflation prospects [1]

Core Viewpoint - Pacific Shipping (02343) has seen a rebound of nearly 5%, with a current price of HKD 2.6 and a trading volume of HKD 15.77 million, following a series of share buybacks and positive market developments related to iron ore shipping [1] Group 1: Share Buybacks - On November 25, Pacific Shipping repurchased 2.74 million shares for HKD 7.09 million [1] - Since November 18, the company has conducted share buybacks for six consecutive days, totaling 24.31 million shares and an aggregate amount of HKD 63.28 million [1] - In 2023, the company has executed 41 buybacks, with a total expenditure of HKD 311 million [1] Group 2: Market Developments - The successful shipment of iron ore from the West Simandou project on November 11 marks the official commencement of operations for this project [1] - According to Guangfa Securities, the primary driver of demand for bulk shipping over the next 2-3 years will be iron ore, with significant contributions expected from the increase in shipping volumes and turnover [1] - The core catalyst for this demand surge is the commencement of shipments from the West Simandou iron ore project [1]

Core Viewpoint - Pacific Shipping (02343) has seen a rebound of nearly 5%, with a current price of 2.6 HKD and a trading volume of 15.77 million HKD, following a series of share buybacks and positive market developments related to iron ore shipping [1] Company Summary - On November 25, Pacific Shipping repurchased 2.74 million shares at a cost of 7.09 million HKD, continuing a trend of buybacks that has occurred for six consecutive days since November 18, totaling 24.31 million shares repurchased for a cumulative amount of 63.28 million HKD [1] - Year-to-date, the company has conducted 41 buybacks, amounting to a total of 311 million HKD [1] Industry Summary - The West Simandou project has officially commenced operations with the first shipment of iron ore on November 11, marking a significant development in the industry [1] - According to Guangfa Securities, the main driver of demand for bulk shipping over the next 2-3 years will be iron ore, with expectations of significant contributions to shipping volume and turnover from the increase in iron ore maritime transport, particularly due to shipments from the West Simandou project [1]

Core Viewpoint - Pacific Securities research report indicates that Putailai's net profit attributable to shareholders for the first three quarters of 2025 reached 1.7 billion yuan, representing a year-on-year increase of 37.25%, with a third-quarter net profit of 645 million yuan, up 69.3% year-on-year [1] Group 1: Financial Performance - The net profit attributable to shareholders for the first three quarters of 2025 is 1.7 billion yuan, a 37.25% increase year-on-year [1] - The third-quarter net profit is 645 million yuan, reflecting a year-on-year growth of 69.3% [1] Group 2: Business Strategy and Innovation - The company adopts a "materials + equipment + process" integrated strategy to build a platform-type enterprise, fostering collaborative research and development across business segments [1] - The synergy among various business units is expected to generate innovative opportunities [1] Group 3: Industry Outlook - The lithium battery industry is at an upward inflection point, driven by rapid demand expansion from the new energy vehicle and energy storage sectors [1] - The company is positioned to benefit significantly from its integrated advantages in materials and equipment [1] Group 4: Future Business Goals - The company has set specific business targets for 2026: 250,000 tons of anode material shipments; 13 billion square meters of coated separator shipments; 2 to 2.5 billion square meters of base film shipments; and over 40,000 tons of PVDF shipments [1] - The value of the lithium battery materials and equipment platform is becoming increasingly prominent, with performance expected to gradually enter a new upward cycle [1]

Core Points - The board of directors of Pacific Securities Co., Ltd. held its 70th meeting on November 26, 2025, via telecommunication, with all eight directors submitting written votes, complying with relevant regulations [1][2]. Summary by Sections Amendments to Committee Work Rules - The board approved amendments to the following committee work rules: - Audit Committee Work Rules [3][4] - Risk Management Committee Work Rules [5][6] - Compensation and Nomination Committee Work Rules [7][8] - Strategy and Development Committee Work Rules [9][10] - Independent Director Work System [11][12] - Secretary of the Board Work Rules [13][14] Management and Compliance Regulations - The board approved amendments to the following management and compliance regulations: - Information Disclosure Management System [15][16] - Insider Information Knowledge Person Registration and Confidentiality System [17][18] - Investor Relations Management System [19][20] - Prevention of Related Party Fund Occupation Management Measures [21][22] - Fundraising Management Measures [23][24] - General Manager Work Rules [25][26] - Subsidiary Management Measures [27][28] - Violation Reporting System [29][30] - Compliance Management Effectiveness Evaluation Implementation Measures [31][32] - Internal Control Evaluation System [33][34] - Audit Management Basic System renamed to Audit and Audit Management Basic System [35][36] - Risk Management Basic System [37][38] - Anti-Money Laundering Internal Control System [39][40] Investment Behavior and Management - The board approved amendments and renaming of the following: - Investment Behavior Management Measures for Directors, Supervisors, Senior Management, and Employees [41][42] - Compensation Management Basic System [43][44] - Management System for Shares Held by Directors and Senior Management [45][46] - Management System for Departing Directors and Senior Management [47][48]

Market Performance - The equity market saw most sectors rise, with the Shanghai Composite Index and Shenzhen Composite Index increasing by 0.87% and 1.42% respectively, while the CSI 300 and CSI 500 rose by 0.95% and 1.25% [1] Stock Performance - The top five gainers in the real estate sector were Xinhua Lian (10.17%), China Wuyi (10.15%), Wantong Development (6.76%), Sanxiang Impression (6.37%), and Rongfeng Holdings (5.00%) [2] - The largest decliners included Shilianhang (-10.13%), Jingji Zhino (-10.03%), Caixin Development (-5.00%), Huaxia Happiness (-1.57%), and China National Trade (-1.15%) [2] Industry News - Maoyuan won a residential land parcel in Beijing's Chaoyang District for 5.024 billion yuan, with a premium of 18.21%, while Beijing Urban Construction acquired a site in Guangyang City for 1.471 billion yuan at the base price [3][4] - In Wuhan, 12 land parcels were sold for approximately 3.97 billion yuan, with Vanke winning a residential plot in Donghu High-tech Zone for 390 million yuan, translating to a floor price of 6399.52 yuan/㎡ [5] - In Chengdu, a residential land parcel in Pidu District was sold with a premium of 39.53%, with the winning bid at a floor price of 6000 yuan/㎡ [6] Company Announcements - Greentown Real Estate Group announced plans to issue the eighth phase of medium-term notes for 2025, with a base issuance size of 0 billion yuan and a maximum amount of 1.5 billion yuan, intended for debt refinancing [7][8] - Huafa Group's subsidiary acquired a 51% stake in Shenzhen Ronghua Real Estate, and received a notice from Rongchuang Cultural Tourism regarding the conditional repurchase of the Shenzhen Ice and Snow City project [8]

登录新浪财经APP 搜索【信披】查看更多考评等级 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 证券代码：601099 证券简称：太平洋 公告编号：临2025-33 太平洋证券股份有限公司 第四届董事会第七十次会议决议公告 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。 太平洋证券股份有限公司（以下简称"公司"）第四届董事会于2025年11月21日发出召开第七十次会议的 通知，分别以发送电子邮件、电话及其他方式通知了各位董事。根据《公司章程》和公司《董事会议事 规则》的有关规定，公司董事会于2025年11月26日召开第四届董事会第七十次会议，本次会议以通讯表 决的形式召开。公司八位董事在规定时间内提交了书面表决意见，符合《公司法》和《公司章程》的有 关规定。会议审议通过如下议案： 一、关于修订《董事会审计委员会工作细则》的议案 本议案提交董事会前已经董事会审计委员会审议通过。 五、关于修订《独立董事工作制度》的议案 表决结果：同意8票；反对0票；弃权0票。 二、关于修订《董事会风险管理委员会工作细则 ...

- The industry crowding monitoring model was constructed to monitor the crowding level of Shenwan primary industry indices daily. The model identifies industries with high crowding levels, such as military, agriculture, and media, while industries like automotive and non-bank financials exhibit lower crowding levels. The model also tracks significant changes in crowding levels for industries like petrochemicals and coal[3] - The Z-score premium model was developed to screen ETF products for potential arbitrage opportunities. The model uses rolling calculations to identify ETFs with significant deviations from their intrinsic value, providing signals for potential trades while cautioning against risks of price corrections[4] - Industry crowding monitoring model evaluation: The model effectively identifies industries with varying crowding levels, offering insights into market dynamics and potential investment opportunities[3] - Z-score premium model evaluation: The model provides actionable signals for ETF arbitrage opportunities, but users are advised to remain cautious about potential risks associated with price corrections[4] - Industry crowding monitoring model testing results: The model highlights industries with high crowding levels, such as military, agriculture, and media, and industries with low crowding levels, such as automotive and non-bank financials. It also identifies significant crowding changes in petrochemicals and coal[3] - Z-score premium model testing results: The model identifies ETFs with potential arbitrage opportunities based on their Z-score premium deviations, but specific numerical results are not provided in the report[4]

Group 1 - The pig farming industry has been experiencing continuous losses for 10 weeks, currently in a moderate loss state, with an average loss of 135 RMB per head in major production areas, which is an increase of 21 RMB from the previous week [1][2] - The national average price for live pigs is 11.64 RMB per kilogram, down 0.09 RMB from the previous week, while the average price for 15-kilogram piglets remains stable at 23.86 RMB per kilogram [1][2] - The industry is facing three pressures: declining market prices, rising epidemic risks, and policy pressures, leading to an expected increase in the motivation for capacity reduction [1][2] Group 2 - The slaughtering situation is stable, with a year-on-year increase of 18.7% in pig output from 17 listed companies in October, indicating a short-term supply surplus [2] - The operating rate of large-scale slaughter enterprises is 35.85%, up 1.48 percentage points from the previous week and 4.49 percentage points from the same period last year [2] - The total number of breeding sows in the country is 40.35 million, a decrease of 30,000 from the previous month and 370,000 from the peak at the end of last year [2] Group 3 - The valuation of most listed breeding companies is at historical lows, indicating significant potential for long-term investment [3][6] - The chicken industry is experiencing low price fluctuations, with broiler prices at historical lows, but there is potential for price increases in the medium term due to supply trends [4] - The yellow chicken prices have been rising, influenced by seasonal demand recovery, while the industry capacity remains at historically low levels [5][6] Group 4 - The animal health industry has shown signs of recovery, with optimistic performance expected in the third-quarter reports of major listed companies [7] - Prices for key antibiotics remain high, and there is significant growth in the sales of domestic vaccines, indicating a positive outlook for companies engaged in pet health [7]