东吴证券股份有限公司 2025 年第二次临时股东大会 会议材料 二〇二五年十一月 1 | 股东大会议程 . | | --- | | 2025 年第二次临时股东大会会议须知 . | | 议案一 关于不再设立监事会的议案 | | 议案二 关于修订《公司章程》及其附件的议案 | | 议案三 关于修订部分公司治理制度的议案 | | 议案四 关于为董事、高级管理人员投保责任保险的议案 | 股东大会议程 现场会议时间：2025年11月24日下午14:30 网络投票时间：采用上海证券交易所网络投票系统，通过交易系统投票平台的投票 时间为2025年11月24日9:15-9:25，9:30-11:30，13:00-15:00；通过互联网投票平台的 投票时间为2025年11月24日9:15-15:00。 现场会议地点：苏州工业园区星阳街5号 主持人：范力董事长 一、宣布会议开始 二、宣布出席现场会议的股东人数、代表股份数 三、介绍现场参会人员、列席人员及来宾 四、推举现场计票人、监票人 五、审议议案 | 序号 | 提案内容 | 是否为特别决议事项 | | --- | --- | --- | | 1 | 关于不再设立监事会的议案 ...

证券代码：601555 证券简称：东吴证券 公告编号：2025-054 东吴证券股份有限公司 ● 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 一、召开会议的基本情况 （一）股东大会类型和届次 2025年第二次临时股东大会（以下简称"股东大会"） （二）股东大会召集人：东吴证券股份有限公司（以下简称"公司"）董事 会 （三）投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相 结合的方式 （四）现场会议召开的日期、时间和地点 关于召开2025年第二次临时股东大会的通知 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。 重要内容提示： ● 股东大会召开日期：2025年11月24日 召开的日期时间：2025 年 11 月 24 日 14 点 30 分 召开地点：江苏省苏州工业园区星阳街 5 号 （五）网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 1 网络投票起止时间：自2025 年 11 月 24 日 至2025 年 11 月 24 日 采用上海证券交易所网络 ...

Core Viewpoint - The easing of geopolitical trade tensions has led to an optimistic macro sentiment for industrial metal prices, although further upward potential will depend on domestic and international supply-demand dynamics as the peak season ends [1] Industrial Metals - The current macro sentiment remains optimistic for industrial metal prices, influenced by the easing of geopolitical trade tensions [1] - The upward potential for industrial metal prices will rely on the interpretation of supply-demand logic both domestically and internationally as the peak season concludes [1] Precious Metals - The combination of a hawkish Fed rate cut and the easing of US-China trade tensions has resulted in a correction in precious metal prices [1] - Following the JH meeting, the probability of a rate cut in December is considered high under the scenario of no significant inflation increase, maintaining a macro framework favorable for long positions in precious metals [1] - The mid-term outlook for precious metals remains positive, with expectations for a rebound after the current price correction [1] Mining ETF - The mining ETF (561330) tracks the non-ferrous mining index (931892), which includes securities from companies involved in the development of copper, aluminum, lead-zinc, and rare metals [1] - The mining ETF has outperformed the CSI Non-Ferrous Index by nearly 10% this year, indicating a concentration in leading companies, with a higher proportion of gold, copper, and rare earths [1]

Core Viewpoint - The A-share market showed a strong performance on Thursday, with all three major indices closing above the five-day moving average, indicating a positive market sentiment and potential structural opportunities [1][2] Group 1: Market Performance - The A-share market experienced a strong upward trend, with the Shanghai Composite Index returning above 4000 points, although the strength of this recovery was noted to be weaker compared to previous instances [1][2] - The market saw a rotation of funds between sectors, with low-position sectors rebounding and previously strong sectors like dividend indices and micro-cap stocks undergoing adjustments [1] - The phosphorous chemical sector and non-ferrous metals sector showed significant strength, while the robotics concept stocks and computing hardware stocks also performed well [1] Group 2: Market Outlook - Short-term market movements are expected to remain volatile until the Shanghai Composite Index breaks through previous highs, with a focus on the strength of the market during this period [1] - Mid-term prospects remain positive due to sustained global technology investment enthusiasm, "anti-involution" policies, and increased household savings entering the market, supporting a slow bull market [1] - The current market style is anticipated to be more balanced compared to the third quarter, with some cyclical sectors showing marginal improvements due to effective policies and domestic demand recovery [2]

Group 1 - Dongwu Securities reported a revenue of 7.274 billion and a net profit of 2.935 billion for the first three quarters, marking a year-on-year increase of 35.45% and 60.23% respectively, achieving a historical high for the same period [1] - The company plans to purchase Directors and Officers Liability Insurance (D&O Insurance) for all directors and senior management, reflecting a focus on governance risk amid stricter regulations [1][2] - The move to insure executives is intended to encourage them to perform their duties more actively and professionally, as it mitigates the financial risks associated with potential regulatory violations [1][2] Group 2 - Guotai Junan and Haitong Securities have established a 1.5 billion technology equity investment fund, indicating a strategic collaboration between leading brokerages and technology firms to invest in emerging industries [3] - The fund aims to enhance Guotai Junan's investment footprint in the technology sector, potentially driving long-term growth for its stock price and facilitating resource integration in hard technology fields [3][2] - This initiative reflects the capital market's ongoing commitment to technology innovation, likely guiding funds towards high-growth sectors and optimizing the structural dynamics of the A-share market [3][2] Group 3 - The second batch of long-term investment trials for insurance capital has progressed, with 9 private equity funds entering the operational phase, indicating a new stage for insurance capital equity allocation [4] - This initiative is supported by relevant policies that help reduce profit volatility under new accounting standards, thereby enhancing the willingness of insurance funds to allocate to equity assets [4] - The long-term investment strategy adopted in this trial is expected to stabilize the capital market and promote healthy interactions between capital markets and insurance funds [4][2] Group 4 - The public fund fee reform in Shanghai has resulted in approximately 18.7 billion being returned to investors, showcasing the regulatory commitment to enhancing the quality of the public fund industry [5] - Over 2,000 actively managed equity funds and index funds have reduced management and custody fees, while more than 4,400 products have lowered trading commission rates, collectively benefiting investors significantly [5][6] - This reform is anticipated to improve investor returns, boost market confidence, and potentially lead to a concentration of funds in low-fee quality products, while also pressuring fund companies to enhance their research capabilities [5][6]

Core Viewpoint - The current state of the liquor industry indicates that companies are entering a phase of pressure relief and clearing, with future expectations centered on performance recovery [1] Group 1: Industry Performance - The liquor sector's total revenue for Q1-Q3 2025 decreased by 5.5% year-on-year, with net profit attributable to shareholders down by 6.7% [2] - In Q3 2025, the liquor sector's total revenue fell by 18.3% year-on-year, and net profit attributable to shareholders dropped by 21.9% [2] - The macroeconomic environment is affecting demand recovery, particularly in high-end and mid-high-end liquor segments, which rely on a recovery from deflation [1][2] Group 2: Sales and Revenue Trends - The sales performance of liquor companies is under pressure, with many experiencing a decline in revenue and net profit in Q3 2025 compared to Q2 2025 [2] - The pre-receipt balance for liquor companies is at a near two-year low, indicating potential challenges in future revenue realization [2] - High-end liquor companies are adjusting their product structures, while mid-high-end liquor sales are facing temporary pressure [2] Group 3: Profitability and Cost Structure - The gross profit margin for the liquor sector in Q1-Q3 2025 was 82.3%, a decrease of 0.1 percentage points year-on-year, while Q3 2025 saw a margin of 81.7%, down 0.7 percentage points [3] - Sales expense ratios for most liquor companies increased year-on-year in Q3 2025, although some companies improved their ratios due to better cost control [3] - The profit growth rates for high-end liquor (-0.5%) outperformed those of mid-high-end (-7.6%) and real estate liquor (-34.7%), indicating a trend of increasing cost control among leading companies [3]

Group 1 - The core viewpoint of the article is that Nanguang Energy (SZ 003035) is actively engaging with investors through a strategy summit hosted by Dongwu Securities, indicating a focus on investor relations and transparency [1] - For the first half of 2025, Nanguang Energy's revenue composition shows that energy-saving services account for 85.27%, comprehensive resource utilization for 14.7%, and other services for 0.03%, highlighting the company's strong emphasis on energy-saving initiatives [1] - As of the report, Nanguang Energy has a market capitalization of 19.4 billion yuan, reflecting its position in the market [1]

Market Performance - On November 6, the securities sector rose by 1.29%, with Northeast Securities leading the gains [1] - The Shanghai Composite Index closed at 4007.76, up 0.97%, while the Shenzhen Component Index closed at 13452.42, up 1.73% [1] Individual Stock Performance - Northeast Securities (000686) closed at 9.60, with a gain of 6.79% and a trading volume of 1.5123 million shares [1] - Huatai Securities (601688) closed at 22.46, up 5.64%, with a trading volume of 1.7308 million shares and a transaction value of 3.839 billion [1] - Other notable performers include: - GF Securities (000776) at 23.15, up 4.19% [1] - Guosen Securities (002736) at 14.26, up 3.78% [1] - Changjiang Securities (000783) at 8.97, up 3.10% [1] Capital Flow - The securities sector saw a net inflow of 1.499 billion in institutional funds, while retail investors experienced a net outflow of 0.526 billion [2] - Speculative funds had a net outflow of 0.973 billion [2]

Core Viewpoint - Dongwu Securities projects Tian Gong International (00826.HK) to achieve revenues of 5.2 billion, 6.1 billion, and 7.0 billion CNY from 2025 to 2027, with corresponding growth rates of 8%, 16%, and 14% respectively. The net profit attributable to shareholders is expected to be 430 million, 610 million, and 810 million CNY, with growth rates of 20%, 41%, and 35% respectively, leading to price-to-earnings ratios of 17, 12, and 9 times. The firm is optimistic about the company's titanium alloy expansion in consumer electronics and its forward-looking layout in new materials, initiating coverage with a "Buy" rating [1][2]. Group 1: Financial Projections - Revenue projections for Tian Gong International from 2025 to 2027 are 5.2 billion, 6.1 billion, and 7.0 billion CNY, with growth rates of 8%, 16%, and 14% respectively [1]. - Expected net profit attributable to shareholders for the same period is 430 million, 610 million, and 810 million CNY, with growth rates of 20%, 41%, and 35% respectively [1]. - Corresponding price-to-earnings ratios are projected to be 17, 12, and 9 times for the years 2025, 2026, and 2027 [1]. Group 2: Market Ratings - The stock has received a "Buy" rating from four investment firms in the last 90 days, with a target average price of 3.7 HKD [1]. - Specific ratings from various firms include: - Huayuan Securities: Buy [1] - Aoyishangguo: Buy with a target price of 4.38 HKD [1] - Xingzheng International: Upgrade [1] - CICC: Outperform with a target price of 3.01 HKD [1] - Northeast Securities: Buy [1] Group 3: Company and Industry Metrics - Tian Gong International has a market capitalization of 7.848 billion HKD, ranking first in the steel industry [2]. - Key performance indicators include: - Return on Equity (ROE): 5.27%, compared to the industry average of -39.13%, ranking 3rd [2]. - Net profit margin: 9.33%, leading the industry average of -15.34%, ranking 1st [2]. - Gross margin: 18.95%, second to the industry average of 1.59% [2]. - Debt ratio: 43.31%, significantly lower than the industry average of 73.15%, ranking 3rd [2].

Group 1 - The core viewpoint of the report is that Tian Gong International (00826) is expected to see revenue growth from 5.2 billion to 7 billion yuan from 2025 to 2027, with corresponding growth rates of 8%, 16%, and 14% [1] - The net profit attributable to the parent company is projected to increase from 430 million to 810 million yuan during the same period, with growth rates of 20%, 41%, and 35% [1] - The report assigns a "buy" rating to the company, highlighting its potential in titanium alloy applications in consumer electronics and its forward-looking layout in new materials [1] Group 2 - The company is developing high-nitrogen steel for humanoid robot screw materials and has initiated cooperation with domestic enterprises [1] - High-nitrogen steel is recognized for its high performance and low cost, making it an ideal material for manufacturing planetary roller screws [1] - The company has overcome foreign technical barriers by utilizing unique domestic smelting technology to control nitrogen content and improve purity in high-nitrogen alloy materials [1] Group 3 - Tian Gong International is also focusing on specialized materials for nuclear fusion core components, specifically boron steel and RAFM steel, with boron steel already achieving small-scale trial production [2] - The blanket is a core component of magnetic confinement fusion devices, requiring excellent radiation swelling resistance, high-temperature strength, thermal conductivity, and inherent low activation properties [2] - The company has successfully developed core technology for high-boron steel (304B7) used in neutron shielding for nuclear fusion devices and is accelerating the application development of advanced low-activation steel (RAFM steel) [2]