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） 於本公告日期，本公司董事為張秋雲女士、李文強先生、馮若凡先生、唐進先生及田聖春先 生，陳志勇先生*、曾崧先生*及賀俊先生*。 * 本公司獨立非執行董事 证券代码：601375 证券简称：中原证券 公告编号：2025-034 中原证券股份有限公司 海外監管公告 本公告乃由中原證券股份有限公司（「本公司」）根據香港聯合交易所有限公司 證券上市規則第13.10B條作出。 茲載列本公司於上海證券交易所網站發佈之《中原證券股份有限公司關於召開 2025年第三季度業績說明會的公告》，僅供參閱。 承董事會命 中原證券股份有限公司 董事長 張秋雲 中國，河南 2025年11月21日 关于召开 2 ...

证券代码：601375 证券简称：中原证券 公告编号：2025-034 中原证券股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2025 年 12 月 1 日（星期一）14:00-15:00 二、说明会召开的时间、地点 （一）会议召开时间：2025 年 12 月 1 日（星期一）14:00-15:00 （二）会议召开地点：上证路演中心 （三）会议召开方式：上证路演中心网络互动 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 欢迎有意向参加本次说明会的投资者于 2025 年 11 月 24 日（星期一）至 11 月 28 日（星期五）16:00 前登录上证路演中心网站首页点击"提问预征集" 栏目或通过公司投资者关系邮箱（investor@ccnew.com）进 ...

Core Viewpoint - Zhongyuan Securities maintains a "market perform" investment rating for the basic chemical industry, suggesting investment opportunities in sectors benefiting from supply-side improvements and resource attributes under the backdrop of Federal Reserve interest rate cuts [1] Group 1: Industry Performance - In the first three quarters of 2025, the basic chemical industry achieved total revenue of 19,924.77 billion yuan, a year-on-year increase of 5.69%, and a net profit of 1,170.62 billion yuan, up 7.58% year-on-year, indicating a continued recovery in industry profitability [2] - All 18 sub-industries within the basic chemical sector reported year-on-year revenue and profit growth, with significant differentiation among them, driven by improved supply-demand dynamics and demand recovery [3] Group 2: Profitability Trends - The basic chemical industry's gross margin and net margin have shown signs of recovery since early 2024, with gross margin at 17.69% and net margin at 6.17% in the first three quarters of 2025, both reflecting slight year-on-year increases [4] - Sub-industries such as fluorine chemicals, potash fertilizers, synthetic resins, chlor-alkali, and compound fertilizers have experienced notable improvements in profitability [4] Group 3: Financial Indicators - The basic chemical industry maintains a stable financial position, with a slight decrease in the asset-liability ratio, improved operating cash flow, and a decline in construction projects [5] - Inventory turnover days have increased slightly year-on-year, indicating changes in inventory management [5] Group 4: Regional Performance - Chemical enterprises in Henan province underperformed compared to the overall industry, with revenues of 564.21 billion yuan and 188.98 billion yuan in the first three quarters and third quarter respectively, reflecting declines of 2.21% and 1.03% year-on-year [6] - Net profits for Henan's chemical companies also fell significantly, with a year-on-year decrease of 29.33% and 26.70% for the respective periods [6]

Core Viewpoint - The controlling shareholder and actual controller of Wajingke, Li Zheng, plans to reduce his shareholding by up to 3,041,772 shares, accounting for 3.00% of the company's total share capital, within three months after the announcement [1][2]. Group 1: Shareholding Reduction Plan - Li Zheng intends to cash out approximately 105,001,969.44 yuan based on the previous trading day's closing price of 34.52 yuan per share [2]. - The reduction will be executed through centralized bidding and/or block trading, with specific limits on the number of shares that can be sold within a 90-day period [1][3]. Group 2: Company Background and Financials - As of the announcement date, Li Zheng holds 26,951,974 shares, representing 26.58% of the total share capital [2]. - The company was listed on the Shenzhen Stock Exchange's Growth Enterprise Market on October 25, 2022, with an initial public offering of 17,000,000 shares at a price of 34.78 yuan per share, raising a total of 59,126,000 yuan [3]. - The net proceeds from the IPO amounted to 51,708,250 yuan, exceeding the original plan by 7,282,510 yuan [3]. Group 3: Recent Fundraising Activities - In October 2023, the company issued 1,925,816 shares at a price of 40.71 yuan per share, raising a total of 78,399,969.36 yuan, with a net amount of 72,878,146.27 yuan after deducting issuance costs [4]. - The total amount raised from the two fundraising activities is 66,966,000 yuan [5].

Core Insights - The report highlights a significant shift in the food and beverage industry, with revenue growth slowing down and cost pressures increasing, leading to a decline in profit margins [15][16][17] - The lithium battery sector is experiencing robust growth, with revenue and net profit showing double-digit increases in 2025, driven by strong demand for energy storage and electric vehicles [20][21][36] - The semiconductor industry is witnessing a strong performance, particularly in the storage segment, with major players reporting significant profit increases due to rising prices and demand from data centers [38][41] Domestic Market Performance - The A-share market is currently in a phase of consolidation, with the Shanghai Composite Index and the ChiNext Index showing average P/E ratios above their three-year median, indicating potential for long-term investment [10][11][12] - Various sectors such as banking, real estate, and energy metals are leading the market, while sectors like battery and beauty care are underperforming [6][10] Industry Analysis - The food and beverage sector is facing a decline in revenue growth, with certain segments like snacks and soft drinks performing better than others like white spirits and health products [15][16] - The lithium battery industry is projected to maintain strong growth, with significant increases in production and sales of electric vehicles, indicating a positive outlook for 2026 [20][21] - The semiconductor industry is experiencing a recovery, with domestic storage manufacturers showing impressive profit growth due to rising prices and increased demand from cloud service providers [38][41] Investment Recommendations - The report suggests maintaining a "market perform" rating for the food and beverage sector, with a focus on segments like soft drinks and snacks for potential investment opportunities [19] - For the lithium battery sector, a "stronger than market" rating is maintained, with recommendations to focus on key investment lines due to favorable market conditions [21][36] - In the semiconductor industry, the report advises investors to look for opportunities in the storage segment, as prices are expected to rise further, benefiting domestic manufacturers [41]

Group 1 - The core point of the news is that southbound funds increased their holdings in Zhongzhou Securities by 204,000 shares on November 20, 2025, while experiencing a net reduction of 8.194 million shares over the past five trading days [1] - Over the last 20 trading days, there were 10 days of net reductions totaling 2.839 million shares [1] - As of now, southbound funds hold 724 million shares of Zhongzhou Securities, accounting for 60.53% of the company's total issued ordinary shares [1] Group 2 - The trading data shows that on November 20, 2025, the total number of shares held was 724 million, with a change of 204,000 shares, reflecting a 0.03% increase [2] - On November 19, 2025, there was a significant reduction of 4.074 million shares, representing a -0.56% change [2] - The company operates in various segments including securities brokerage, proprietary trading, investment banking, credit services, investment management, and futures business [2]

Group 1 - The core viewpoint of the article highlights that Daqo Energy's stock price has decreased by 6.70% to 28.42 yuan, following a peak of 35.74 yuan on September 5 [1] - Zhongyuan Securities analyst Tang Junman released a report on September 9, maintaining an "overweight" investment rating for Daqo Energy despite the company's losses in the first half of the year [1]

Market Overview - On November 20, the A-share market experienced slight fluctuations, with the Shanghai Composite Index facing resistance around 3967 points[2] - The Shanghai Composite Index closed at 3931.05 points, down 0.40%, while the Shenzhen Component Index fell 0.76% to 12980.82 points[7] - Total trading volume for both markets was 17,228 billion yuan, slightly lower than the previous trading day[3] Sector Performance - Strong performers included banking, real estate, energy metals, and cement materials, while battery, beauty care, photovoltaic equipment, and mining sectors lagged[3] - Over 70% of stocks in the two markets declined, with energy metals and cement materials showing the highest gains[7] Valuation Metrics - The average price-to-earnings (P/E) ratios for the Shanghai Composite and ChiNext indices are 16.19 times and 48.48 times, respectively, above the median levels of the past three years[3] - The current market is in a consolidation phase, with the Shanghai Composite Index likely to stabilize around the 4000-point mark[3] Investment Strategy - Investors are advised to maintain reasonable positions and avoid chasing highs or selling lows, while closely monitoring macroeconomic data and policy changes[3] - Short-term investment opportunities are suggested in sectors such as energy metals, insurance, banking, and cement materials[3] Risk Factors - Potential risks include unexpected overseas economic downturns, domestic policy changes, and macroeconomic disturbances[4]

Core Viewpoint - Zhongyuan Securities maintains a "stronger than market" investment rating for the lithium battery industry, highlighting four key investment themes: focus on industry leaders in segmented fields, growth in energy storage battery demand, price increases in the supply chain, and advancements in solid-state battery technology [1] Group 1: Industry Performance - The lithium battery sector is expected to see revenue and net profit growth of 0.14% and -30.70% respectively in 2024, with significant growth of 12.81% and 28.38% in the first three quarters of 2025, indicating a two-digit growth trend despite notable differentiation among segments [1] - Since 2025, the lithium battery index has increased by 79.34%, outperforming the CSI 300 index by 63.25 percentage points [1] Group 2: Demand and Sales - In the first nine months of 2025, global sales of new energy passenger vehicles reached 14.4786 million units, a year-on-year increase of 23.47%, with global power battery installations at 811.8 GWh, up 34.70% [2] - In China, new energy vehicle sales for the same period totaled 12.911 million units, reflecting a 32.41% year-on-year growth, driven by policy support and improved cost-performance [2] - The total production of power batteries and other batteries in China reached 1,292.5 GWh, marking a 51.30% year-on-year increase, with expectations for continued double-digit growth in 2026 [2] - China's energy storage battery shipments reached 430 GWh in the first three quarters of 2025, a 62.62% increase year-on-year, with an anticipated annual growth rate exceeding 75% [2] Group 3: Competitive Advantage and Pricing - China holds a significant global competitive advantage in the lithium battery sector, with six of the top ten global power battery companies from China, accounting for 68.2% of the market share, and over 90% in energy storage [3] - Overall prices in the supply chain are expected to stabilize with a slight increase, particularly in cobalt-related products and electrolyte segments, while lithium carbonate prices have bottomed out [3] - The average price of key materials in the lithium industry is projected to rise steadily in 2026 compared to 2025, supporting continued performance growth in the sector [3]

Core Insights - The report highlights a significant growth in the lithium battery sector, with revenue and net profit expected to increase by 12.81% and 28.38% respectively in the first three quarters of 2025, indicating a recovery in performance after a decline in 2024 [15][35][36] - The communication industry is experiencing a positive trend, with a 0.24% increase in the industry index in October 2025, driven by strong demand for AI and cloud services [21][25] - The media sector shows robust growth, with a 4.98% increase in total revenue for the first three quarters of 2025, and a significant 40.23% rise in net profit, indicating a recovery in profitability [41][42] Domestic Market Performance - The Shanghai Composite Index closed at 3,946.74 with a slight increase of 0.18%, while the Shenzhen Component Index remained stable at 13,080.09 [4] - The A-share market is currently in a phase of consolidation around the 4,000-point mark, with a focus on balancing between cyclical and technology sectors [10][11][14] Industry Analysis - The lithium battery sector is projected to maintain double-digit growth in 2026, with demand for energy storage batteries exceeding expectations [15][16] - The media sector has seen a substantial increase in public fund investments, particularly in gaming companies, indicating strong market confidence [41][42] - The agricultural sector, particularly in pig farming, is facing a decline in prices, with a 34.77% year-on-year drop in pig prices as of October 2025 [17][18] Investment Recommendations - The report suggests focusing on four main investment lines within the lithium battery sector, considering the favorable industry policies and growth prospects [16][35] - In the communication sector, it is recommended to pay attention to light communication, AI smartphones, and telecom operators due to their strong dividend potential and growth opportunities [25][40] - The media sector is advised for investment due to its recovery in profitability and increased fund allocations, particularly in gaming [41][42]