香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致之任何損失承擔任何責任。 Central China Securities Co., Ltd. （2002年於中華人民共和國河南省成立的股份有限公司，中文公司名稱為「中原証券股份有限公司」， 在香港以「中州証券」名義開展業務） （股份代號：01375） 建議委任獨立非執行董事； 及 聘任高級管理人員 建議委任獨立非執行董事 根據公司法、證券法等有關法律、法規及公司章程的規定，於2025年12月1日， 董事會決議提名王慧軒先生及杜曉堂先生為第七屆董事會獨立非執行董事， 任期自本公司股東會批准之日起，至第七屆董事會換屆之日止。建議委任王慧 軒先生及杜曉堂先生為獨立非執行董事須經本公司股東會審議通過後生效。 王慧軒先生的簡歷如下： 王慧軒先生，1966年出生，天津大學博士。彼於1987年參加工作，長期在地方 政府從事宏觀經濟管理和領導工作，歷任烏魯木齊辦公廳信息處處長、區委書 記、開發區管委會主任等職務；彼於2006年進入保險行業，先 ...

独立董事候选人声明与承诺 本人王慧轩，已充分了解并同意由提名人中原证券提名 为中原证券股份有限公司第七届董事会独立董事候选人。本 人公开声明，本人具备独立董事任职资格，保证不存在任何 影响本人担任中原证券股份有限公司独立董事独立性的关 系，具体声明并承诺如下： 一、本人具备上市公司运作的基本知识，熟悉相关法律、 行政法规、部门规章及其他规范性文件，具有 5 年以上法律、 经济、会计、财务、管理或者其他履行独立董事职责所必需 的工作经验。 本人已经参加培训并取得证券交易所认可的相关培训 证明材料。 二、本人任职资格符合下列法律、行政法规和部门规章 以及公司规章的要求： （一）《中华人民共和国公司法》关于董事任职资格的 规定； （二）《中华人民共和国公务员法》关于公务员兼任职 务的规定； （三）中国证监会《上市公司独立董事管理办法》、上 海证券交易所自律监管规则以及公司章程有关独立董事任 职资格和条件的相关规定； （四）中共中央纪委、中共中央组织部《关于规范中管 干部辞去公职或者退（离）休后担任上市公司、基金管理公 司独立董事、独立监事的通知》的规定； （五）中共中央组织部《关于进一步规范党政领导干部 在企业兼职 ...

中原证券股份有限公司 独立董事提名人声明与承诺 提名人中原证券股份有限公司,现提名王慧轩先生、杜 晓 堂 先 生 为 中 原 证 券 股 份 有 限 公 司 第 七 届 董 事 会 独 立 董 事 候选人,并已充分了解王慧轩先生、杜晓堂先生职业、学历、 职称、详细的工作经历、全部兼职、有无重大失信等不良记 录等情况。王慧轩先生、杜晓堂先生已同意出任中原证券股 份有限公司第七届董事会独立董事候选人(参见该独立董事 候选人声明)。公司认为,王慧轩先生、杜晓堂先生具备独 立董事任职资格,与公司之间不存在任何影响其独立性的关 系,具体声明并承诺如下: 二、王慧轩先生、杜晓堂先生任职资格符合下列法律、 行政法规和部门规章的要求: (一)《中华人民共和国公司法》关于董事任职资格的 规定: (二)《中华人民共和国公务员法》关于公务员兼任职 务的规定: (三)中国证监会《上市公司独立董事管理办法》、上 海证券交易所自律监管规则以及公司章程有关独立董事任 职资格和条件的相关规定; (四)中共中央纪委、中共中央组织部《关于规范中管 干部辞去公职或者退(离)休后担任上市公司、基金管理公 司独立董事、独立监事的通知》的规定: (五) ...

一、本人具备上市公司运作的基本知识，熟悉相关法律、 行政法规、部门规章及其他规范性文件，具有 5 年以上法律、 经济、会计、财务、管理或者其他履行独立董事职责所必需 的工作经验。 本人已经参加培训并取得证券交易所认可的相关培训 证明材料。 二、本人任职资格符合下列法律、行政法规和部门规章 以及公司规章的要求： 独立董事候选人声明与承诺 本人杜晓堂，已充分了解并同意由提名人中原证券提名 为中原证券股份有限公司第七届董事会独立董事候选人。本 人公开声明，本人具备独立董事任职资格，保证不存在任何 影响本人担任中原证券股份有限公司独立董事独立性的关 系，具体声明并承诺如下： （一）《中华人民共和国公司法》关于董事任职资格的 规定； （二）《中华人民共和国公务员法》关于公务员兼任职 务的规定； （三）中国证监会《上市公司独立董事管理办法》、上 海证券交易所自律监管规则以及公司章程有关独立董事任 职资格和条件的相关规定； （四）中共中央纪委、中共中央组织部《关于规范中管 干部辞去公职或者退（离）休后担任上市公司、基金管理公 司独立董事、独立监事的通知》的规定； （五）中共中央组织部《关于进一步规范党政领导干部 在企业兼职 ...

中原证券股份有限公司 第七届董事会第四十次会议决议公告 证券代码： 601375 证券简称： 中原证券 公告编号：2025-035 中原证券股份有限公司（以下简称"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。 公司第七届董事会第四十次会议于 2025 年 12 月 1 日以通讯表决方式召开。 2025 年 11 月 24 日，公司以电子邮件的形式向全体董事发出会议通知。会议应 出席董事 8 人，实际出席董事 8 人。本次会议的召集、召开及表决程序符合《公 司法》等法律、行政法规、部门规章和《公司章程》的有关规定。本次会议由董 事长张秋云女士主持，审议并通过了以下议案： 一、审议通过了《关于提名第七届董事会独立董事候选人的议案》 表决结果：同意 8 票，反对 0 票，弃权 0 票。 本议案事先经公司董事会薪酬与提名委员会预审通过。 同意提名王慧轩先生、杜晓堂先生（简历附后）为公司第七届董事会独立董 事候选人，任期自公司股东会审议通过之日起至第七届董事会换届之日止。 董事会薪酬与提名委员会对独立董事候选人任职条件发表审查意见 ...

Market Overview - On December 1, the securities sector rose by 0.44% compared to the previous trading day, with Guolian Minsheng leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Individual Stock Performance - Guolian Minsheng (601456) closed at 10.54, with a gain of 3.03% and a trading volume of 720,300 shares, amounting to a transaction value of 760 million [1] - Other notable gainers included: - Zhuhai Dream Travel (601211) at 19.62, up 2.40% [1] - Changjiang Securities (000783) at 8.12, up 2.27% [1] - Conversely, Tianfeng Securities (601162) saw a significant decline of 7.66%, closing at 4.46 with a trading volume of 6,572,300 shares [2] - Dongfang Caifu (300059) decreased by 1.32%, closing at 23.09 with a transaction value of 7.102 billion [2] Capital Flow Analysis - The securities sector experienced a net outflow of 1.852 billion from institutional investors, while retail investors saw a net inflow of 1.846 billion [2] - Notable capital flows included: - Guolian Minsheng had a net inflow of 25.68 million from institutional investors, but a net outflow of 52.52 million from retail investors [3] - Xinyang Securities (601377) had a net inflow of 14.65 million from institutional investors, with retail investors contributing a net inflow of 363.22 million [3]

Market Overview - The Shanghai Composite Index rose by 1.4% to close at 3888.6 points, with a peak of 3895.59 points during the week from November 24 to November 28 [1] - The Shenzhen Component Index increased by 3.56% to 12984.08 points, reaching a high of 13082.77 points [1] - The ChiNext Index saw a rise of 4.54%, closing at 3052.59 points, with a maximum of 3113.44 points [1] - Global markets also experienced gains, with the Nasdaq Composite up by 4.91%, the Dow Jones Industrial Average up by 3.18%, and the S&P 500 up by 3.73% [1] - In the Asia-Pacific region, the Hang Seng Index increased by 2.53%, and the Nikkei 225 rose by 3.35% [1] ETF Market Performance - The median weekly return for stock ETFs was 2.33% [2] - The highest weekly return among scale index ETFs was 7.58% for the E Fund Shanghai Stock Exchange Science and Technology Innovation Board 200 ETF [2] - The highest return in the industry index ETFs was 8.42% for the Harvest National Index Communication ETF [2] - The top five stock ETFs by weekly return included the Fortune National Communication Equipment Theme ETF at 10.3% [4][5] ETF Liquidity and Fund Flows - Average daily trading volume for stock ETFs decreased by 7.3%, while average daily trading volume increased by 17.8% [6] - The top five stock ETFs by fund inflow included the Huaxia SSE 50 ETF with an inflow of 417 million yuan [9][10] - The largest outflows were seen in the Huabao National Bank ETF, which had an outflow of 428 million yuan [10] ETF Financing and Inventory - The financing balance for stock ETFs decreased from 50.5535 billion yuan to 47.097 billion yuan [11] - The total number of existing ETFs reached 1363, with 1069 being stock ETFs [12] - The total market size for ETFs reached 5687.882 billion yuan, an increase of 84.359 billion yuan from the previous week [14] Institutional Insights - Zhongyuan Securities highlighted a supply-demand imbalance in high-end optical chips, predicting price increases due to tight supply and accelerated domestic innovation [17] - Guoyuan Securities noted that the demand for computing power remains strong, driven by the accelerated penetration of model applications in the AI sector [17]

zhanggang@ccnew.com 021-50586990 晨会聚焦 分析师：张刚 登记编码：S0730511010001 资料来源：聚源，中原证券研究所 -13% -7% -1% 4% 10% 16% 22% 28% 2024.12 2025.04 2025.07 2025.11 上证指数 深证成指 | 国内市场表现 | 指数名称 | 昨日收盘价 | 涨跌幅(%) | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 上证指数 | 3,888.60 | 0.34 | 深证成指 | 12,984.08 | 0.85 | | | | 创业板指 | 2,022.77 | -0.47 | 沪深 | 300 | 4,526.66 | 0.25 | | | 上证 | 50 | 2,443.97 | -0.52 | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | 中证 | 100 | 4,397.36 | 0.25 | | 中证 | 500 | 7,031.55 | 1.15 | ...

Core Viewpoint - The agricultural, forestry, animal husbandry, and fishery industry is currently undervalued with lower-than-historical price-to-earnings and price-to-book ratios, indicating potential for valuation recovery in the future [1] Market Performance - From the beginning of 2025 to November 25, the agricultural, forestry, animal husbandry, and fishery index achieved an absolute return of +24.66%, outperforming the CSI 300 index by 10.47 percentage points [2] - The wood processing sector showed the highest growth, while the aquatic processing sector lagged behind; in the first three quarters of 2025, net profits for the aquatic catch, animal health, and planting sectors increased by over 50% year-on-year [2] Industry Outlook 1. **Pig Farming**: The number of breeding sows is expected to decline in the second half of 2025, which may lead to a stabilization and recovery of pig prices by mid-2026 due to supply contraction amid stable demand. The pig farming sector remains undervalued historically, and leading companies are expected to benefit first as costs continue to optimize [3] 2. **Animal Health**: Short-term high production levels in poultry and livestock are driving demand for animal health products. As the industry enters an upward cycle, performance in the animal health sector is expected to be supported. The market for animal health products will expand with the introduction of non-epidemic vaccines, and long-term growth will be driven by the scaling up of the downstream poultry and livestock sectors [3] 3. **Seed Industry**: Recent regulatory developments and clearer policies for commercializing biological breeding indicate significant investment value in the seed sector, which is currently undervalued. 2024 is anticipated to be a pivotal year for biological breeding in China, with companies that have passed initial variety reviews likely to benefit from increased industry concentration and profitability [3] 4. **Pet Food**: The pet food industry in China is expected to grow significantly due to demographic changes and rising living standards. The market is witnessing a shift towards online sales and increased domestic product substitution, suggesting substantial growth potential for related listed companies [4] Investment Strategy - Recommended stocks for investment include Muyuan Foods (002714.SZ), Puli Co., Ltd. (603566.SH), Qiule Seed Industry (920087.BJ), Guibao Pet (301498.SZ), Zhongchong Co., Ltd. (002891.SZ), and Petty Co., Ltd. (300673.SZ) [4]

Core Viewpoint - The photovoltaic industry is expected to enter a sustained capacity clearing cycle by 2026, leading to an optimized competitive landscape and improved performance for existing photovoltaic companies. Public funds currently have low allocations in the photovoltaic sector, but low valuations and improved supply-demand dynamics are likely to attract more capital [1][2]. Group 1: Industry Trends - In 2025, the transition to market-oriented trading policies for renewable energy will lead to a phase of increased installations in the photovoltaic sector. In the first three quarters, China added a cumulative 240.27 GW of photovoltaic capacity, a year-on-year increase of 64.73%, indicating strong growth. However, demand is expected to stabilize after the installation rush, with traditional markets in Europe and the U.S. showing weak growth while Asia-Pacific and Africa exhibit strong energy demand [2][3]. - The capacity of the grid to absorb and support photovoltaic installations is a critical factor for industry development. The reliance on large-scale centralized power plants is expected to continue, while policies affecting the revenue models of these plants will have significant long-term impacts [3]. Group 2: Subsector Insights - **Energy Storage Inverters**: The global energy storage market is on the rise, benefiting inverter manufacturers. The demand for energy storage systems is expected to grow rapidly due to increased photovoltaic installations, flexibility requirements in power systems, and advancements in storage technology. By the end of 2027, new energy storage installations are projected to exceed 180 million kW, with over 100 million kW added in three years [4]. - **Polysilicon**: The polysilicon sector is undergoing a transformation with stricter energy consumption standards. Leading companies are forming merger funds to consolidate weaker capacities, which is expected to drive industry capacity reduction. Polysilicon prices are beginning to recover, crossing the breakeven point for leading firms [5]. - **Photovoltaic Glass**: The photovoltaic glass industry is entering a phase of capacity optimization and market clearing. Smaller production lines are exiting the market due to cost disadvantages, while larger lines are cautiously resuming operations. Demand growth for photovoltaic glass is expected to slow down, with thin and multifunctional products emerging as new growth points [6]. - **Integrated Component Manufacturers**: The competitive landscape for integrated component manufacturers is stabilizing, with significant reductions in capital expenditures. The supply contraction is expected to effectively reduce industry supply. These manufacturers are also extending their business into the energy storage sector, focusing on commercial and large-scale storage projects [7].