Group 1 - Jepter's stock price dropped by 5% on November 21, reaching 133.28 CNY per share, with a trading volume of 124 million CNY and a turnover rate of 0.96%, resulting in a total market capitalization of 12.668 billion CNY [1] - The stock has experienced a continuous decline for three days, with a cumulative drop of 2.79% during this period [1] - Jepter specializes in the research, development, production, and sales of lasers and intelligent equipment for precision testing and micro-processing related to integrated circuits and semiconductor optoelectronic devices, with its main business revenue composition being 53.32% from lasers, 38.19% from laser/optical intelligent equipment, 6.61% from other main businesses, 1.81% from fiber optic devices, and 0.07% from other sources [1] Group 2 - According to data, a fund under Bank of China Securities holds Jepter as one of its top ten heavy stocks, specifically the Bank of China Securities New Energy Mixed A Fund (005571), which held 17,200 shares in the third quarter, accounting for 4.28% of the fund's net value [2] - The estimated floating loss for the fund today is approximately 120,900 CNY, with a floating loss of 69,200 CNY during the three-day decline [2] - The Bank of China Securities New Energy Mixed A Fund was established on August 2, 2018, with a latest scale of 35.507 million CNY, achieving a year-to-date return of 41.13% and ranking 1347 out of 8136 in its category [2]

Core Viewpoint - Lixun Precision experienced a decline of 5.11% on November 21, with a stock price of 52.90 CNY per share and a total market capitalization of 385.22 billion CNY [1] Company Overview - Lixun Precision Industrial Co., Ltd. is located in Dongguan, Guangdong Province, China, and was established on May 24, 2004, with its listing date on September 15, 2010 [1] - The company focuses on the research, production, and sales of connectors, primarily serving the 3C (computer, communication, consumer electronics), automotive, and communication equipment sectors [1] - The revenue composition of the company is as follows: Consumer electronics 78.55%, communication interconnect products and precision components 8.91%, automotive interconnect products and precision components 6.95%, computer interconnect products and precision components 3.93%, and other connectors and businesses 1.65% [1] Fund Holdings - According to data, a fund under Bank of China Securities holds a significant position in Lixun Precision, with a reduction of 1,200 shares in the third quarter, leaving a total of 5,800 shares, which represents 0.78% of the fund's net value [2] - The fund, named Zhongyin Securities Xinrui 6-Month Holding A (010170), was established on November 11, 2020, with a latest scale of 32.9375 million CNY [2] - Year-to-date returns for the fund are 2.86%, ranking 7,275 out of 8,136 in its category, while the one-year return is 3.89%, ranking 6,989 out of 8,056 [2] Fund Manager Profile - The fund manager for Zhongyin Securities Xinrui 6-Month Holding A is Wang Wenhua, who has a cumulative tenure of 11 years and 41 days [3] - The total asset scale of the fund is 5.288 billion CNY, with the best return during Wang's tenure being 28.07% and the worst return being -5.79% [3]

Core Points - The company successfully issued the third phase of short-term financing bonds for the year 2024 on November 19, 2024, amounting to RMB 1 billion with a coupon rate of 1.92% [1] - The maturity period for the bonds is set for one year, with the repayment date scheduled for November 19, 2025, subject to adjustment for holidays [1] - The total principal and interest repayment on the bonds amounted to RMB 1,019,200,000.00 on the due date [1] Summary by Sections - **Issuance Details** - The company issued short-term financing bonds totaling RMB 1 billion with a coupon rate of 1.92% [1] - The bonds have a maturity of one year, with repayment due on November 19, 2025 [1] - **Repayment Information** - The company completed the repayment of the principal and interest totaling RMB 1,019,200,000.00 on November 19, 2025 [1]

Core Points - The company successfully issued its third short-term financing bond for the year 2024, amounting to RMB 1 billion with a coupon rate of 1.92% [1] - The bond has a maturity period of one year, with a repayment date set for November 19, 2025, which will be adjusted for holidays if necessary [1] - The total amount to be repaid on the maturity date, including principal and interest, is RMB 1,019,200,000 [1]

Core Viewpoint - The 2025 China Securities Industry Investment Banking Summit Forum highlighted the transformation strategies of investment banks amid capital market changes, with a focus on the resurgence of Chinese enterprises listing in Hong Kong and the anticipated growth in IPO activities in 2025 [2]. Group 1: Market Trends - Since the second half of 2024, there has been a notable recovery in Chinese enterprises listing in Hong Kong, with a projected increase in IPO issuance in 2025, leading to a financing scale that is expected to rise by over 200% year-on-year [2]. - The average first-day increase for IPO companies is reported at 59.3%, indicating strong market performance [2]. - The hot trend in the Hong Kong stock market is expected to continue until 2026, presenting cross-border business opportunities for Chinese investment banks [2]. Group 2: Strategic Focus - Domestic investment banks are adopting "regional deep cultivation" and "track specialization" as their two core strategies to reshape the competitive landscape [2]. - Changjiang Securities has been exploring iterative deep cultivation models and plans to enhance its role as a "guide" for industries by serving local platform companies and forming funds to attract quality enterprises along the industrial chain [2]. Group 3: Forum Discussions - The forum featured two roundtable discussions focusing on investment banking strategic transformation and the integration of technology and finance [3]. - Key executives from various securities firms participated in discussions about navigating cycles and embracing new production capabilities in the context of technology finance [3]. Group 4: Awards - The forum also announced the results of the "2025 China Securities Industry Investment Banking Jun Ding Award," recognizing outstanding contributions in various categories, including underwriting and sponsorship [5][6][7][8][10][11][13][14][21].

证券代码：601696 证券简称：中银证券 公告编号：2025-052 中银国际证券股份有限公司 2024 年度第三期短期融资券兑付完成公告 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。 中银国际证券股份有限公司（以下简称"本公司"）于 2024 年 11 月 19 日 成功发行了中银国际证券股份有限公司 2024 年度第三期短期融资券（以下简称 "本期短期融资券"）。本期短期融资券发行额为人民币 10 亿元，票面利率为 1.92%，短期融资券期限为 1 年，兑付日期为 2025 年 11 月 19 日（若遇节假日顺 延 ） 。 详 见 本 公 司 于 2024 年 11 月 20 日 刊 登 于 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）的《中银国际证券股份有限公司 2024 年度第三期短期融资 券发行结果公告》（公告编号：2024-037）。 2025 年 11 月 19 日，本公司兑付了本期短期融资券本息共计人民币 1,019,200,000.00 元。 特此公告。 中银国际证券股份有限公司董 ...

Core Insights - Bid Pharma's stock increased by 5.01% to 75.90 CNY per share, with a total market capitalization of 6.898 billion CNY as of the report date [1] Company Overview - Shanghai Bid Pharma Technology Co., Ltd. was established on April 27, 2007, and went public on October 11, 2022 [1] - The company focuses on the front end of the new drug research and development industry chain, providing innovative drug molecular building blocks and scientific reagents [1] - Main business revenue composition includes: - 43.26% from molecular building block heterocyclic compounds - 23.32% from molecular building block aromatic compounds - 16.36% from molecular building block aliphatic compounds - 10.57% from catalysts and ligands - 6.49% from life science reagents [1] Fund Holdings - One fund under Bank of China Securities holds a significant position in Bid Pharma, specifically the Bank of China Securities Health Industry Mixed Fund (002938) [2] - In Q3, this fund reduced its holdings by 40,000 shares, maintaining a total of 118,000 shares, which represents 5.7% of the fund's net value [2] - The fund has achieved a year-to-date return of 35.86% and a one-year return of 30.27% [2]

Core Viewpoint - The 2025 China Securities Industry Asset Management Summit highlighted the evolving landscape of the asset management industry, emphasizing the need for innovation and adaptation in response to market changes and new demands [2][3]. Group 1: Industry Trends - The asset management industry in China is experiencing a transformation with a more rational business structure and enhanced operational standards, leading to increased competitiveness [2]. - Three major trends are reshaping the securities asset management ecosystem: digital empowerment through AI and large model technologies, upgraded demand for innovative products like retirement and green investments, and a shift from traditional investment management to comprehensive solution providers [2][3]. Group 2: Challenges and Strategies - The asset management sector faces significant challenges, including asset scarcity, low interest rates, and high volatility, necessitating a transition from a single high-yield asset model to a multi-strategy approach [3]. - Firms must focus on brand cultivation and long-term development while enhancing active management capabilities and customer service to meet market demands effectively [3]. Group 3: Forum Highlights - The forum featured two roundtable discussions addressing opportunities and challenges in the post-public offering era and strategies for product layout in a low-interest-rate environment [4]. - The "2025 China Securities Industry Asset Management Jun Ding Award" was announced, recognizing outstanding contributions in the asset management field [4][6].

Core Viewpoint - The recent shareholder meeting of Zhongyin Securities resulted in the election of two non-independent directors, Liang Gang and Dong Shangbin, both affiliated with China National Petroleum Corporation (CNPC), which is the second-largest shareholder of Zhongyin Securities with a 14.32% stake [1][3]. Group 1: Election Results - Both director election proposals received over 99.8% approval from the voting shareholders [1]. - Among minority shareholders, Liang Gang received 90.44% approval, while Dong Shangbin received 89.34%, indicating around 10% dissent among small shareholders [1][2]. Group 2: Historical Context - The current voting results contrast sharply with the previous elections in June 2023, where the directors appointed by CNPC received over 99% support from minority shareholders [2][3]. - The previous directors, Xuan Liyong and Zhou Jing, resigned due to "work arrangement reasons," and their tenure saw lackluster performance from Zhongyin Securities [3]. Group 3: Company Performance - In the second half of 2023, Zhongyin Securities experienced a year-on-year decline in revenue and net profit by 10.81% and 11.63%, respectively [3]. - In 2024, revenue slightly decreased by 1.79%, while net profit saw a minor increase of 0.64% [3]. - By 2025, with a more active capital market, Zhongyin Securities reported over 20% growth in both revenue and net profit for the first three quarters [3]. Group 4: New Board Members' Background - Liang Gang has extensive experience within CNPC, having held various positions since 1997, and is currently involved in capital operations and corporate governance [5]. - Dong Shangbin, a management PhD and senior accountant, has a diverse background in both industrial and financial sectors, having worked in CNPC and Kunlun Bank [5][4]. Group 5: Market Position - Zhongyin Securities ranks 34th among 43 listed securities firms in terms of revenue size, despite the overall industry experiencing significant growth [5]. - In the third quarter, Zhongyin Securities achieved a year-on-year revenue growth of 38.33%, ranking 20th in the industry for growth rate [5]. Group 6: Future Outlook - The effectiveness of the newly adjusted board in seizing market opportunities and achieving significant growth remains uncertain and will be revealed over time [6].

11月19日，百傲化学跌5%，截至发稿，报32.28元/股，成交4.41亿元，换手率1.89%，总市值227.97亿 元。 资料显示，大连百傲化学股份有限公司位于辽宁省大连市中山区港东街12号一方金融广场A座11楼，成 立日期2003年9月22日，上市日期2017年2月6日，公司主营业务涉及异噻唑啉酮类工业杀菌剂的研发、 生产和销售。主营业务收入构成为：工业杀菌剂54.95%，半导体44.36%，关键零部件及耗材0.23%，销 售副产品0.23%，其他0.22%。 从基金十大重仓股角度 数据显示，中银证券旗下1只基金重仓百傲化学。中银证券优选行业龙头混合A（009640）三季度增持 10.67万股，持有股数35.5万股，占基金净值比例为9.58%，位居第三大重仓股。根据测算，今日浮亏损 失约60.35万元。 中银证券优选行业龙头混合A（009640）成立日期2020年9月1日，最新规模6201.85万。今年以来收益 56.34%，同类排名499/8138；近一年收益53.56%，同类排名674/8055；成立以来亏损33.43%。 中银证券优选行业龙头混合A（009640）基金经理为宋方云。 截至发稿，宋方云 ...