本公司监事会及全体监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。 公司于 2025 年 12 月 12 日召开第七届四次职工代表大会，选举张军先生为第 五届董事会职工董事（简历详见附件），任期为第五届董事会任期的余期。 证券代码：601901 证券简称：方正证券 公告编号：2025-050 方正证券股份有限公司 关于选举第五届董事会职工董事的公告 附件： 张军先生简历 曾任职于中国工商银行股份有限公司、华夏银行股份有限公司、平安银行股 份有限公司，2016 年 8 月至 2022 年 7 月担任平安证券股份有限公司风险管理部执 行总经理。2022 年 8 月至今担任公司风险管理部部门行政负责人。 张军先生与公司及公司控股股东不存在关联关系，没有直接或间接持有公司 股份，没有受过中国证监会及其他有关部门的处罚和证券交易所惩戒。 张军先生，1978 年 12 月出生，法学学士。 方正证券股份有限公司董事会 2025 年 12 月 12 日 1 张军先生担任公司职工董事后，公司董事会中兼任高级管理人员的董事以及 由职工代表担任的董事总计未超过公司董事 ...

方正证券股份有限公司 2025年第一次临时股东大会决议公告 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 证券代码：601901 证券简称：方正证券 公告编号：2025-049 一、会议召开和出席情况 （一）股东大会召开的时间：2025 年 12 月 12 日 （二）股东大会召开的地点：北京市朝阳区朝阳门南大街 10 号兆泰国际中 心 A 座 19 层会议室 （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 | 1,213 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 4,359,798,387 | | 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 | 52.9609 | | 份总数的比例（%） | | （四）表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等 本次股东大会由董事会召集，董事长施华先生主持。本次股东大会的召集、召 开、审议和表决程序符合《公司法》《上 ...

北京市朝阳区建外大街丁 12 号英皇集团中心 8、9、11 层 8/9/11/F, Emperor Group Centre, No.12D, Jianwai Avenue, Chaoyang District, Beijing, 100022, P.R.China 电话/Tel.:010-50867666 传真/Fax:010-56916450 网址/Website:www.kangdalawyers.com 北京 西安 深圳 海口 上海 广州 杭州 沈阳 南京 天津 菏泽 成都 苏州 呼和浩特 香港 武汉 郑州 长沙 厦门 重庆 合肥 宁波 济南 昆明 南昌 北京市康达律师事务所 关于方正证券股份有限公司 2025 年第一次临时股东大会的法律意见书 康达股会字【2025】第 0523 号 致：方正证券股份有限公司 已经发生的或者存在的事实，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，保证本法律意见书所认定的事实真实、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，并对此承担 相应法律责任。 北京市康达律师事务所（以下简称"本所"）接受方正证 ...

中经记者 罗辑 北京报道 中央经济工作会议12月10日至11日在北京举行。会议全面总结了2025年经济工作，深入分析当前经济形 势，系统部署2026年经济工作。 在政策取向上，会议提出"要坚持稳中求进、提质增效"，明确延续"更加积极的财政政策"和"适度宽松 的货币政策"。会议还确定了明年经济工作抓好的八项重点任务。其中，"坚持内需主导，建设强大国内 市场"居于首位。 多家券商机构指出，会议释放了积极的政策信号，为推动宏观经济回升向好，推动经济实现质的有效提 升和量的合理增长。机构预计，上市公司基本面有望回升，为市场持续上行提供有力支撑。 宏观政策延续积极 中信证券研究认为，从总量政策看，会议要求继续实施更加积极的财政政策和适度宽松的货币政策，并 指出"发挥存量政策和增量政策集成效应"，政策或更注重政策协调与落地效果。财政政策方面，会议保 持了"实施更加积极的财政政策"的定调，较去年相比，表述上减少了"提高赤字率"但增加"保持必要的 财政赤字、债务总规模和支出总量"。 "我们预计明年财政预算赤字率或与去年持平，特别国债、地方新增专项债规模或会小幅提高。"中信证 券分析表示。 货币政策方面，中信证券强调，会议明确 ...

Core Viewpoint - The article discusses the volatility of micro-cap stocks in the A-share market, particularly during the end of the year and early January, highlighting significant declines and the potential impact of market rumors [1][3]. Group 1: Market Performance - Micro-cap stocks experienced a sharp decline, with the micro-cap index dropping over 1.4% in the afternoon session, contributing to a monthly decline exceeding 6% [1]. - Historical data shows that micro-cap stocks tend to exhibit large fluctuations at the end of the year, with a nearly 8% drop in December last year and over a 21% plunge in January [3]. Group 2: Investment Strategy - Analysts suggest that the current market conditions may warrant a shift in investment strategy, indicating that as long as small-cap stocks do not experience significant pullbacks, there may still be opportunities in thematic mid-to-large cap stocks [4]. - According to Fangzheng Securities, the logic behind the rotation between large and small-cap stocks is not strongly driven by overall profitability differences, and liquidity conditions are not the decisive factor for style switching [5]. Group 3: Micro-Cap Stock Characteristics - The micro-cap index has significantly outperformed the market in recent years, attributed to its "contrarian stock selection" characteristics, although it is currently at historical highs with relative valuations still below historical extremes [5]. - Investment risks in micro-cap stocks primarily include credit risk and liquidity risk [5].

Core Viewpoint - Fangzheng Securities initiates coverage on Global New Materials International (06616) with a "Buy" rating, projecting revenue of 910 million yuan in the first half of 2025, driven by a 34.5% increase in pearlescent pigment sales to 15,000 tons, following the acquisition of Merck's global surface solutions business in July 2025, which enhances the company's global R&D, production, and sales network [1][3] Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 910 million yuan, a year-on-year increase of 17.7%, while net profit attributable to shareholders decreased by 41.9% to 62.2 million yuan [2] - Pearlescent pigment products dominate the company's revenue, contributing 850 million yuan, a 21.4% increase year-on-year, accounting for 93% of total revenue [2] - The sales volume of pearlescent pigments reached 15,000 tons, up 34.5% year-on-year, while mica functional fillers generated revenue of 49.04 million yuan, a 19.9% increase, accounting for 5% of total revenue [2] Group 2: Strategic Developments - The acquisition of Merck's global surface solutions business for 665 million euros (approximately 5.187 billion yuan) was announced in July 2024 and completed by the end of July 2025, facilitating international expansion and enhancing global brand influence [3] - The company now has a global R&D and production network covering five major regions: China, Germany, South Korea, Japan, and the United States, along with a sales network in over 150 countries and regions, strengthening its competitive position in the high-end pearlescent pigment market [3] Group 3: Capacity Expansion - The company is advancing its capacity expansion, with the second phase of the Seven Color Pearlescent project, which will add 30,000 tons of pearlescent materials, set to gradually commence production within the year [4] - The Tonglu project for 100,000 tons of surface performance materials is currently in the equipment installation phase, and the new capacity will further solidify the company's leading position in the global pearlescent materials market [4]

Core Viewpoint - Fangzheng Securities initiates coverage on Global New Materials International (06616) with a "recommended" rating, projecting revenue of 910 million yuan in the first half of 2025, driven by a 34.5% increase in pearlescent pigment sales to 15,000 tons, following the acquisition of Merck's global surface solutions business in July 2025, which enhances the company's global R&D, production, and sales network [1][3]. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 910 million yuan, a year-on-year increase of 17.7%, while net profit attributable to shareholders decreased by 41.9% to 62.2 million yuan [2]. - Pearlescent pigment products dominate the company's revenue, contributing 850 million yuan in the first half of 2025, a 21.4% increase year-on-year, accounting for 93% of total revenue [2]. - The sales volume of pearlescent pigment products reached 15,000 tons, reflecting a 34.5% year-on-year increase, while the gross margin slightly improved to 52.0% due to product structure enhancement and declining raw material costs [2]. Group 2: Strategic Acquisitions - The company announced plans to acquire Merck's global surface solutions business for 665 million euros (approximately 5.187 billion yuan), completing the acquisition by the end of July 2025, which is expected to accelerate internationalization and enhance global brand influence [3]. - This strategic integration will establish a global R&D and production network covering five major regions: China, Germany, South Korea, Japan, and the United States, and a sales network spanning over 150 countries and regions, strengthening the company's competitive position in the high-end pearlescent pigment sector [3]. Group 3: Capacity Expansion - The company is progressing with the second phase of its seven-color pearlescent project, which will add 30,000 tons of pearlescent materials, while the Tonglu project for 100,000 tons of surface performance materials is in the equipment installation phase, further solidifying the company's leading position in the global pearlescent materials market [4].

Core Viewpoint - The coal industry is experiencing a tightening of supply, which is expected to reverse the current oversupply situation, with policies to limit production capacity continuing until 2026 [1][2] Group 1: Market Dynamics - The coal market has reached a cyclical bottom, with coal prices declining due to factors such as a warm winter, increased hydropower generation, and a relaxed safety supervision environment, leading to a situation where some coal mines are trading volume for price [1] - Following the release of a notice from the energy bureau regarding the verification of excessive production, the phenomenon of trading volume for price has begun to recede, and coal prices have started to rise, reaching a peak during the winter storage period [1] Group 2: Supply and Demand Outlook - Supply remains tight, with ongoing safety inspections expected to limit coal production capacity in major producing regions such as Shanxi, Shaanxi, and Inner Mongolia [2] - Indonesia, the largest coal exporter to China, is set to reduce its export targets starting in 2026, leading to increased competition for imported coal and limited overall supply growth [2] - Demand for coal is anticipated to gradually increase, driven by the manufacturing sector and data centers, despite a slowdown in the installation speed of renewable energy sources due to regulatory impacts [2] Group 3: Investment Strategy - Coal companies are expected to have more predictable profitability, with the market likely to recognize the high dividend and valuation enhancement logic associated with coal stocks [3] - The recent policy limiting production capacity is expected to maintain coal prices at a lower threshold, with current prices for thermal coal at 609 yuan/ton and coking coal at 1230 yuan/ton [3] - Low interest rates are expected to highlight the investment value of high-dividend coal stocks, attracting investments from low-risk preference funds and insurance products [3]

中央经济工作会议在北京举行。方正证券首席经济学家燕翔认为，本次会议为未来资本市场进一步改革 明确了方向，综合改革将继续在投资端融资端协同展开，全方位提高资本市场制度的包容性和适应性， 增强各参与方的专业能力与参与意愿。未来值得关注的改革措施包括：一是继续提高上市公司质量、增 强资本市场内在稳定性；二是持续完善资本市场定价机制和退出机制；三是进一步发展壮大耐心资本、 推动中长期资金持续入市；四是继续推进上市公司合理分红回购水平的提高，以提高投资者回报和获得 感；五是持续加强监管防范风险、构建全方位立体化市场监管体系；六是加强投资者保护和教育、建立 良好的投资生态。 ...

Group 1 - The core viewpoint of the news is that Weichai Heavy Machinery has announced an investor research meeting scheduled for December 10, 2025, where company representative Liu Guochao will address investor inquiries [1] - For the first half of 2025, Weichai Heavy Machinery's revenue composition is entirely from the general equipment manufacturing industry, accounting for 100% [1] - As of the time of reporting, Weichai Heavy Machinery has a market capitalization of 12.6 billion yuan [2]