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 ...

中银证券健康产业混合（002938）基金经理为李明蔚。 截至发稿，李明蔚累计任职时间2年272天，现任基金资产总规模1.59亿元，任职期间最佳基金回 报-5.77%， 任职期间最差基金回报-5.77%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 11月19日，苑东生物跌5.02%，截至发稿，报53.30元/股，成交6216.42万元，换手率0.65%，总市值 94.09亿元。 资料显示，成都苑东生物制药股份有限公司位于四川省成都市双流区安康路8号，成立日期2009年6月1 日，上市日期2020年9月2日，公司主营业务涉及化学原料药和化学药制剂的研发、生产与销售。主营业 务收入构成为：制剂销售78.75%，原料药销售9.22%，技术服务及转让6.79%，CMO/CDMO4.01%，其 他1.22%。 从基金十大重仓股角度 数据显示，中银证券旗下1只基金重仓苑东生物。中银证券健康产业混合（002938）三季度持有股数 14.6万股，占基金净值比例为5.07%，位居第九大 ...

Group 1 - The core point of the news is that Shijia Photon has seen a stock price increase of 5.1%, reaching 82.17 yuan per share, with a trading volume of 1.031 billion yuan and a turnover rate of 2.85%, resulting in a total market capitalization of 37.7 billion yuan [1] - Shijia Photon, established on October 26, 2010, and listed on August 12, 2020, operates in three main business segments: optical chips and devices, indoor optical cables, and cable materials. The revenue composition is as follows: optical chips and devices 70.52%, indoor optical cables 15.11%, cable polymer materials 12.66%, and others 1.72% [1] Group 2 - From the perspective of major fund holdings, one fund under Bank of China Securities has a significant position in Shijia Photon. The fund, Bank of China Preferred Industry Leaders Mixed A (009640), held 45,000 shares in the third quarter, accounting for 3.55% of the fund's net value, ranking as the eighth largest holding. The estimated floating profit for today is approximately 179,500 yuan [2] - The Bank of China Preferred Industry Leaders Mixed A (009640) was established on September 1, 2020, with a latest scale of 62.0185 million yuan. Year-to-date returns are 59.44%, ranking 461 out of 8140 in its category; the one-year return is 52.19%, ranking 680 out of 8057; since inception, it has a loss of 32.11% [2]

北京市中伦（上海）律师事务所 关于中银国际证券股份有限公司 2025 年第三次临时股东会的 法律意见书 致：中银国际证券股份有限公司 北京市中伦（上海）律师事务所（以下简称"本所"）作为中银国际证券股 份有限公司（以下简称"公司"）的常年法律顾问，受公司委托，指派律师出席 公司 2025 年第三次临时股东会（以下简称"本次股东会"）。本所律师根据《中 华人民共和国公司法》（以下简称《公司法》）等相关法律、法规、规范性文件及 《中银国际证券股份有限公司章程》（以下简称《公司章程》）、《中银国际证券股 份有限公司股东会议事规则》（以下简称《股东会规则》）等的规定，对本次股东 会进行见证并出具法律意见。 本所及经办律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则》等规定及本法律意见书出具日以前已经 发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信用原则， 进行了充分的核查验证，保证本法律意见所认定的事实真实、准确、完整，所发 表的结论性意见合法、准确，不存在虚假记载、误导性陈述或者重大遗漏，并承 担相应法律责任。 为出具本法律意见书，本所律师审查了公司本次股 ...

证券代码：601696 证券简称：中银证券 公告编号：2025-051 中银国际证券股份有限公司 2025年第三次临时股东会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 11 月 17 日 (二)股东会召开的地点：上海中银大厦 40 楼会议室（上海市浦东新区银城中路 200 号） (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 482 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,347,590,833 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 48.5094 | 二、 议案审议情况 (一)累积投票议案表决情况 (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 本次会议由公司董事会召集，采取现场投票表决与网络投票表决相结合的 ...

Core Viewpoint - The article highlights the increasing regulatory scrutiny faced by securities firms in China, particularly in the areas of brokerage and investment banking, with multiple firms receiving penalties for various compliance failures [1][3][8]. Summary by Sections Penalty Overview - Since the beginning of the fourth quarter, 13 securities firms have received penalties from exchanges and local securities regulatory authorities, including Shanghai Securities, Huafu Securities, and Minsheng Securities [1][2]. Types of Violations - The majority of penalties are related to brokerage and investment banking activities, with some firms penalized for issues related to over-the-counter derivatives and internal management deficiencies [3][14]. Specific Cases of Penalties - On November 14, the Zhejiang Securities Regulatory Bureau issued six penalties to Shanghai Securities and its employees for violations of integrity and compliance management from 2017 to 2021 [5][6]. - Financial penalties were also imposed on firms like First Capital Securities for failing to perform due diligence in a convertible bond project, and on Huafu Securities and Minsheng Securities for inadequate oversight in their investment banking activities [10][11]. Focus on Integrity Management - There is a growing emphasis on integrity management within the industry, as evidenced by recent regulatory updates that make integrity a key component of employee evaluations and promotions [7][9]. - Several firms, including Jinyuan Securities and Zhongyin International Securities, faced penalties for failing to adhere to integrity standards, such as improper commission returns and unauthorized use of client accounts [7][12]. Regulatory Environment - The regulatory environment has become increasingly stringent, with the China Securities Regulatory Commission emphasizing the need for improved compliance and internal controls among securities firms [15]. - The article notes that the regulatory authorities are actively working to prevent lapses in oversight, reinforcing the role of securities firms as gatekeepers in the capital markets [15].

Core Viewpoint - The article highlights the increasing regulatory scrutiny faced by brokerage firms in China, particularly in the areas of brokerage and investment banking, with multiple firms receiving penalties for various compliance failures [1][5]. Summary by Sections Penalties Overview - Since the beginning of the fourth quarter, 13 brokerage firms have received penalties from exchanges and local securities regulatory authorities, with violations primarily in brokerage and investment banking services [1][2]. Specific Penalty Cases - Notable penalties include Shanghai Securities and its branch receiving warnings for violations of integrity and compliance management, reflecting systemic issues within the firm [3][4]. - Other firms like Huafu Securities and Minsheng Securities also faced warnings for their investment banking practices, indicating a trend of increased regulatory action in this sector [5][6]. Focus on Integrity Management - The regulatory focus on integrity management has intensified, with new guidelines emphasizing the importance of compliance in personnel evaluations and promotions [4]. - Several brokerage firms have been penalized for failing to adhere to integrity standards, such as improper commission practices and unauthorized use of client accounts [4][8]. Investment Banking Regulations - The investment banking sector has seen strict regulatory measures, with six firms penalized for various compliance failures, including inadequate diligence in bond issuance processes [5][6]. - Specific cases include First Entrepreneurship Securities being investigated for failing to fulfill its supervisory responsibilities in a bond project [5]. Issues in Derivative and Internal Management - Apart from brokerage and investment banking, some firms have been penalized for issues related to over-the-counter derivatives and internal management failures [8][9]. - For instance, Caitong Securities was ordered to rectify its derivative business practices due to inadequate management mechanisms and compliance controls [8]. Regulatory Environment - The regulatory environment is becoming increasingly stringent, with the China Securities Regulatory Commission emphasizing the need for robust compliance and internal controls to prevent misconduct [9].

11月17日，奥赛康跌5.18%，截至发稿，报18.67元/股，成交2.10亿元，换手率1.19%，总市值173.29亿 元。 资料显示，北京奥赛康药业股份有限公司位于江苏省南京市江宁科学园科建路699号，成立日期1996年 12月24日，上市日期2015年5月15日，公司主营业务涉及消化类、抗肿瘤类及其他药品的研发、生产和 销售。主营业务收入构成为：抗肿瘤类38.28%，抗感染类24.74%，慢性病类21.65%，消化类12.33%， 其他(补充)2.34%，其他类0.66%。 从基金十大重仓股角度 数据显示，中银证券旗下1只基金重仓奥赛康。中银证券健康产业混合（002938）三季度持有股数34万 股，占基金净值比例为4.43%，位居第十大重仓股。根据测算，今日浮亏损失约34.68万元。 中银证券健康产业混合（002938）成立日期2016年9月7日，最新规模1.59亿。今年以来收益43.61%，同 类排名1391/8213；近一年收益30.79%，同类排名2238/8130；成立以来收益141.22%。 中银证券健康产业混合（002938）基金经理为李明蔚。 截至发稿，李明蔚累计任职时间2年270天，现任 ...

- The report does not contain specific quantitative models or factors for analysis [1][2][3] - The report primarily focuses on market performance, style indices, valuation metrics, and fund flows without detailing quantitative models or factor construction [1][2][3] - Key metrics such as PE_TTM, ERP, and style index performance are discussed, but no explicit quantitative model or factor development process is provided [41][51][59]