方正证券主要观点如下： 业绩概览：净利润显著提速，净资产环比改善 利润环比显著提速，预计4Q25增速将保持稳健。利润增速排序：国寿(+60.5%)>新华(+58.9%)>中国财险 (+50.5%)>人保(+28.9%)>太保(+19.3%)>平安(+11.5%)。利润改善但是增速分化预计因投资结构和投资弹 性差异;4Q25低基数，预计利润增速将基本稳定。 净资产环比改善：得益于利率上行贡献，上市险企保险合同负债释放有效对冲债券贬值压力，推动净资 产环比提速，较年初增速排序：国寿(+22.8%)>人保(+16.9%)>中国财险(+12.4%)>平安(+6.2%)>新华 (+4.4%，较年初转正)>太保(-2.5%)。 寿险NBV增速稳健，26年增长有望延续 NBV增速分化，26年有望延续增长趋势。人保寿(+76.6%)>新华(+50.8%，上年同期数据未追溯24年末假 设) >平安(+46.2%)>国寿(+41.8%) >太保(+31.2%)>友邦(+18%)，其中国寿、平安、人保边际提速，新 华、太保增速回落预计因基数原因。 方正证券发布研报称，保险业资负两端同步改善、开门红预计延续稳增长趋势，估值或迎持续修 ...

Core Viewpoint - MIRXES-B (02629) has been officially included in the Hang Seng Composite Index and Hong Kong Stock Connect as of September 8, 2025, which is expected to attract significant southbound capital attention and allocation, providing additional upward momentum for the company's stock price [1] Group 1: Market Position and Product Advantage - The company is a global pioneer in gastric cancer early screening, possessing first-mover advantages and technological barriers [1] - The core product GASTROClear is the world's first and only approved molecular diagnostic IVD product for gastric cancer screening, having achieved commercialization in markets such as Singapore and Thailand, and received "breakthrough medical device" designation from the US FDA [1] - The company has over ten years of R&D accumulation in miRNA technology and a strong patent portfolio, including 27 approved patents and 63 pending patent applications, positioning it favorably in the non-invasive cancer early screening market, particularly in Asia where gastric cancer is prevalent [1] Group 2: Revenue Growth and Financial Performance - The company expects revenues for 2025, 2026, and 2027 to be $0.27 billion, $0.41 billion, and $0.75 billion, respectively, with year-on-year growth rates of 30.84%, 55.14%, and 81.32% [1] - In the first half of 2025, the revenue from the "early detection and precision multi-omics" division increased by 50% year-on-year to $10.5 million, driven primarily by GASTROClear and LUNGClear [1] Group 3: Product Pipeline and Future Growth - The company has a clear product pipeline supported by its mature miRNART-qPCR technology platform, with ongoing development of screening products for colorectal cancer (CRC-1), liver cancer (LV-1), and breast cancer (BC-1), as well as a multi-cancer screening project (CADENCE) [2] - LUNGClear has been commercialized as an LDT service in Southeast Asia and Japan, while CRC-1 is expected to complete prototype design and initiate commercialization in Southeast Asia by the second half of 2025 [2] - The pipeline for liver cancer (LV-1) and breast cancer (BC-1) is in early development stages, and the CADENCE project has initiated large-scale clinical research, providing long-term growth potential for the company [2] Group 4: Integrated Industry Capability - The company has established an integrated platform covering R&D, production, and commercialization, creating high barriers and cost advantages [3] - With two cGMP-compliant production facilities in Singapore and China, the company has an annual total capacity of approximately 590,000 tests, ensuring product quality and stable supply while effectively controlling costs [3] - The gross margin for the first half of 2025 increased by 18.8 percentage points to 67.8%, laying a solid foundation for future market competition and profit release [3]

Core Viewpoint - MIRXES-B (02629) has been officially included in the Hang Seng Composite Index and Hong Kong Stock Connect as of September 8, 2025, which is expected to attract significant southbound capital attention and allocation, providing additional upward momentum for the company's stock price [1] Group 1: Market Position and Growth Potential - The company is a global pioneer in gastric cancer early screening, possessing first-mover advantages and technological barriers [1] - The core product, GASTROClear, is the world's first and only approved molecular diagnostic IVD product for gastric cancer screening, commercialized in markets such as Singapore and Thailand, and recognized as a "breakthrough medical device" by the US FDA [1] - The company has a strong patent portfolio with over ten years of R&D in miRNA technology, including 27 approved patents and 63 pending applications, positioning it favorably in the non-invasive cancer early screening market, especially in Asia where gastric cancer is prevalent [1] - Revenue projections for 2025-2027 are $0.27 billion, $0.41 billion, and $0.75 billion, reflecting year-on-year growth rates of 30.84%, 55.14%, and 81.32% respectively [1] Group 2: Product Pipeline and Technological Development - The company has established a clear product pipeline leveraging its mature miRNART-qPCR technology platform, with ongoing development of screening products for colorectal cancer (CRC-1), liver cancer (LV-1), and breast cancer (BC-1), as well as a multi-cancer screening project (CADENCE) [2] - LUNGClear (lung cancer) has been commercialized as an LDT service in Southeast Asia and Japan, while CRC-1 is expected to complete prototype design by the second half of 2025 and initiate commercialization in Southeast Asia [2] - The platform's scalability allows for the replication of GASTROClear's success, potentially shortening R&D cycles and continuously launching new products [2] Group 3: Integrated Industry Capabilities - The company has built an integrated platform covering R&D, production, and commercialization, creating high barriers and cost advantages [3] - With two cGMP-compliant production facilities in Singapore and China, the company has an annual testing capacity of approximately 590,000 tests, ensuring product quality and stable supply while effectively controlling costs [3] - The gross margin for the first half of 2025 increased by 18.8 percentage points to 67.8%, providing a solid foundation for future market competition and profit release [3]

Group 1 - The core viewpoint is that Founder Securities has given Guangdong Lingyi Intelligent Manufacturing Co., Ltd. a strong buy initial rating [1]

Group 1 - The core point of the article is that China Electric Port (SZ 001287) announced an investor meeting scheduled for November 5, 2025, where company representatives will address investor inquiries [1] - For the first half of 2025, the revenue composition of China Electric Port shows that electronic component distribution accounted for 99.89%, while other segments contributed 0.11% [1] - As of the report, the market capitalization of China Electric Port is 19.7 billion yuan [1] Group 2 - The article also highlights a significant event in the U.S., where the federal government has experienced a record "shutdown" lasting 36 days, leading to potential disruptions in various sectors including aviation and military payroll [1]

Core Points - China Cinda Asset Management Co., Ltd. plans to reduce its stake in Founder Securities by selling up to 82,321,014 shares, representing approximately 1.00% of the total share capital, between November 26, 2025, and February 25, 2026 [1] - The estimated cash amount from this sale is approximately 677 million yuan, based on the closing price of 8.22 yuan per share on November 4, 2023 [1] - China Cinda initially held 593,050,000 shares, which accounted for 7.20% of the total share capital, and has already reduced its holdings by 117 million shares, realizing approximately 1.12 billion yuan in cash [1] Reduction Details - The reduction period from September 9, 2024, to December 8, 2024, had an average selling price of 10.21 yuan per share, with a total of 2,195,000 shares sold, resulting in cash proceeds of approximately 224 million yuan [2] - From April 29, 2024, to July 28, 2024, the average selling price was 9.27 yuan per share, with 1,256,540 shares sold, generating approximately 116.53 million yuan [2] - The reduction from November 6, 2023, to November 22, 2023, had an average selling price of 9.51 yuan per share, with 782,766 shares sold, yielding approximately 78.28 million yuan [2] - The total shares reduced amounted to 11,683,640, with total cash proceeds of approximately 1.12 billion yuan [2]

Group 1 - China Cinda plans to reduce its stake in Founder Securities by up to 82.32 million shares, representing 1.00% of the total share capital, between November 26, 2025, and February 25, 2026, potentially cashing out approximately 677 million yuan at the closing price of 8.22 yuan per share on November 4 [1] - As of the announcement date, China Cinda holds about 593 million shares in Founder Securities, accounting for 7.20% of the total share capital, making it the third-largest shareholder [1] - The shares were acquired through a debt settlement process in 2020, where China Cinda became the beneficiary of 710 million shares originally held by Zhengquan Holdings [1] Group 2 - China Cinda's frequent share reductions may be linked to its operational needs, as it is significantly impacted by macroeconomic cycles [2] - In the first half of 2025, China Cinda reported a net profit of 2.281 billion yuan, a year-on-year increase of 5.78%, but its pre-tax profit from non-performing assets was -6.2 billion yuan [2] - The company has increased its acquisition of non-performing financial debt assets, with 25.506 billion yuan acquired in the first half of 2025, a year-on-year growth of 56.80% [2] Group 3 - Founder Securities has shown stable performance in recent years, with net profit around 2.1 billion yuan [3] - In 2025, the company benefited from an active capital market, with brokerage, margin trading, investment banking, and proprietary trading businesses recovering significantly [3] - For the first three quarters of 2025, Founder Securities reported revenue of 9.082 billion yuan, a year-on-year increase of 67.17%, and a net profit of 3.799 billion yuan, up 93.31% year-on-year [3]

Shareholder Reduction Plans - Zhongjing Technology's shareholder Longi Green Energy plans to reduce holdings by no more than 3.8764 million shares [1] - Guobo Electronics' shareholder China Electronics Technology Group plans to reduce holdings by no more than 2.00% [1] - Hongbai New Materials' shareholder Xinyu Baolong plans to reduce holdings by no more than 19.5 million shares [1] - Founder Securities' shareholder China Cinda plans to reduce holdings by no more than 82.321 million shares [1] - Ningbo Zhongbai's shareholder Zhang Jiangbo plans to reduce holdings by no more than 1% [1] - Suli Co., Ltd.'s shareholder Gusheng Investment plans to reduce holdings by no more than 900,000 shares [1] - Ruihua Tai's shareholder Hangke New Century plans to reduce holdings by no more than 180,000 shares [1] - Shenkong's shareholder More Liangzhao plans to reduce holdings by no more than 2% [1] Other Notable Events - Yao Yigou received a tax matter notification [1] - ST Lingnan is being prosecuted for alleged collusion in bidding [1]

Group 1 - The core index of the securities companies, the CSI All Share Securities Index, has decreased by 0.32% as of November 5, 2025, with mixed performance among constituent stocks [1] - The top ten weighted stocks in the CSI All Share Securities Index account for 59.88% of the index, with Dongfang Caifu and CITIC Securities being the largest contributors [4] - The latest market valuation of the CSI All Share Securities Index is at a PE-TTM of 17.76 times, indicating it is at a historical low compared to the past year [3] Group 2 - The securities ETF managed by Jiashi has seen a trading turnover of 0.56% and a total transaction volume of 3.0549 million yuan, with its scale reaching a new high of 552 million yuan [3] - The Jiashi securities ETF has experienced continuous net inflows over the past four days, totaling 56.7442 million yuan, with a single-day peak inflow of 25.4304 million yuan [3] - The securities sector's performance in the first three quarters of 2025 has met expectations, driven mainly by brokerage and proprietary trading businesses, indicating a positive outlook for the industry [6][7] Group 3 - The securities sector has seen a less than 10% increase in the first three quarters of the year, with a price-to-book ratio around 1.5 times, suggesting a mismatch with current earnings growth [7] - The transformation towards wealth management and institutional business is providing long-term growth momentum for the industry, indicating potential for value re-evaluation [7] - Investors without stock accounts can consider the Jiashi securities ETF linked fund to gain exposure to the securities sector [7]

Group 1 - Microchip Biotech (688321) conducted a roadshow on November 3, 2025, with participation from various securities and investment firms [1] - The company is advancing a Phase II clinical study of Xioroni in China for the first-line treatment of advanced pancreatic ductal adenocarcinoma, with a target enrollment of 42 patients and a 6-month progression-free survival (PFS) rate of nearly 80% [2] - The company reported significant growth in its two main products, with Xigletin sodium achieving a 136.1% year-on-year increase in the first three quarters of 2025, driven by a successful "self-operated + agency" model [3] Group 2 - Xidabening's performance in the first three quarters of 2025 also showed an 18.8% year-on-year growth, benefiting from its inclusion in the national medical insurance and positive clinical trial results [3] - The company is expanding its production capacity for Xigletin sodium, with plans to add 1.2 billion tablets by 2027 to meet growing market demand [6] - Xidabening is currently in Phase III clinical trials for colorectal cancer, with promising results showing a 64.0% PFS rate in a recent study [7][8] Group 3 - The company's financial performance for the first three quarters of 2025 includes a main revenue of 674 million yuan, a year-on-year increase of 40.12%, and a net profit of 70.77 million yuan, up 238.53% [8] - The gross profit margin stands at 87.29%, indicating strong profitability [8] - Recent institutional ratings for the stock include three buy ratings and one hold rating [8]