公司公告汇总关于获准向专业投资者公开发行短期公司债券的公告 方正证券近日收到中国证券监督管理委员会批复，同意公司向专业投资者公开发行短期公司债券，面值 余额不超过50亿元，注册有效期为24个月，可分期发行。公司将按相关规定办理发行事宜并履行信息披 露义务。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 来自交易信息汇总：11月14日主力资金净流出1372.87万元，占总成交额2.46%。 来自公司公告汇总：方正证券获证监会批复，同意公开发行面值不超过50亿元的短期公司债券。 截至2025年11月14日收盘，方正证券(601901)报收于8.26元，下跌0.24%，换手率0.82%，成交量67.5万 手，成交额5.59亿元。 当日关注点 交易信息汇总资金流向 11月14日主力资金净流出1372.87万元，占总成交额2.46%；游资资金净流入1095.95万元，占总成交额 1.96%；散户资金净流入276.92万元，占总成交额0.5%。 ...

公司公告汇总 方正证券近日收到中国证券监督管理委员会批复，同意公司向专业投资者公开发行短期公司债券，面值 余额不超过50亿元，注册有效期为24个月，可分期发行。公司将按相关规定办理发行事宜并履行信息披 露义务。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 本周关注点 公司公告汇总：方正证券获证监会批复，可向专业投资者公开发行面值余额不超过50亿元的短期 公司债券。 截至2025年11月14日收盘，方正证券（601901）报收于8.26元，较上周的8.28元下跌0.24%。本周，方 正证券11月10日盘中最高价报8.4元。11月12日盘中最低价报8.19元。方正证券当前最新总市值679.97亿 元，在证券板块市值排名14/50，在两市A股市值排名256/5165。 ...

Core Insights - The brokerage business has shown remarkable performance in the third quarter of 2025, becoming a significant driver of revenue growth for listed brokerages [1][2] - The transformation towards wealth management is timely as retail investors increasingly allocate assets to equity markets, emphasizing the need for brokerages to enhance their professional service capabilities [1][3] Group 1: Brokerage Business Performance - In the first three quarters, 42 brokerages reported a total net income from brokerage fees of 111.77 billion yuan, marking a year-on-year increase of 74.64% [1] - Leading firms such as CITIC Securities and Guotai Junan achieved net income from brokerage fees exceeding 10 billion yuan, with figures of 10.939 billion yuan and 10.814 billion yuan respectively [1] - Other notable brokerages like GF Securities, China Merchants Securities, Huatai Securities, and others also reported net income from brokerage fees exceeding 6 billion yuan [1] Group 2: Growth Rates and Market Dynamics - All listed brokerages reported year-on-year growth in net income from brokerage fees, with the lowest growth rate being 47.91% [2] - Guolian Minsheng led the industry with a staggering year-on-year growth rate of 293.05% in net income from brokerage fees [2] - Smaller brokerages such as First Capital, Caida Securities, and others also reported growth rates exceeding 80% [2] Group 3: Wealth Management Transformation - The securities industry has been actively pursuing wealth management transformation since 2017, with many brokerages rebranding their brokerage departments to focus on wealth management [3] - Despite facing challenges in product and service offerings compared to banks, brokerages possess strong investment capabilities and research strengths, providing them with advantages in wealth management [3] - The construction of product platforms is seen as a critical breakthrough for the transformation of wealth management [3] Group 4: Strategic Initiatives by Brokerages - First Capital is focusing on a comprehensive service model to enhance customer loyalty and mitigate fee pressure through improved service quality [4] - GF Securities aims to develop high-quality customer segments and efficient online operations while enhancing multi-asset allocation capabilities [4] - Dongxing Securities emphasizes a "buy-side" approach in its wealth management strategy, aiming to strengthen its operational capabilities and product offerings [4]

Core Points - The company, Fangzheng Securities, has received approval from the China Securities Regulatory Commission to publicly issue short-term corporate bonds to professional investors [2] - The total face value of the bonds will not exceed 5 billion yuan, with a validity period of 24 months from the date of approval [2] - The company plans to issue the bonds in installments during the registration validity period and will comply with relevant laws and regulations [2]

Group 1 - China Pacific Insurance's subsidiary, China Pacific Life, reported a cumulative premium income of 241.32 billion yuan for the first ten months, a year-on-year increase of 9.9% [1] - China Pacific Property Insurance, another subsidiary, achieved a cumulative premium income of 173.57 billion yuan, with a year-on-year growth of 0.4% [1] - Nocera Biopharma reported a net loss of 64.41 million yuan for the first three quarters, despite a revenue increase of 59.85% to 1.115 billion yuan [1] Group 2 - Founder Securities received approval from the China Securities Regulatory Commission to issue short-term corporate bonds not exceeding 5 billion yuan [1] - Haicheng Bonda's director plans to reduce his stake by up to 0.97%, equating to 198,400 shares [1] - Yuyuan Group intends to repurchase shares worth between 200 million and 300 million yuan, with a maximum price of 8.60 yuan per share [1] Group 3 - Huaren Shuanghe's subsidiary passed the GMP compliance inspection for a specific diabetes medication [4] - Lichong Group received project notifications from three international automotive manufacturers, with expected sales amounting to approximately 1.135 billion yuan [6] - Deyang Co. is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy [7] Group 4 - Longxin General announced the transfer of its entire stake in a subsidiary for 105.6 million yuan, and also plans to divest another stake for 1 yuan due to poor performance [16] - Kangda New Materials decided to terminate the acquisition of a semiconductor company due to unsatisfactory due diligence progress [17] - Lu'an Environmental reported a 3.28% year-on-year increase in coal sales for October, totaling 3.78 million tons [18] Group 5 - Shanghai Port Group plans to invest 2 billion yuan to establish a new holding company with several state-owned enterprises [20] - Borui Pharmaceutical's new drug for obesity treatment has received clinical trial approval [23] - Silver Dragon Co. has completed the registration of a new energy industry fund focusing on high-growth potential projects [24] Group 6 - Hengrui Medicine received approval for a clinical trial of a prostate cancer drug [11] - Baiji Shenzhou reported a net profit of 1.139 billion yuan for the first three quarters, marking a turnaround from losses [36] - Huasheng Pharmaceutical's special medical food product has received registration certification [60]

方正证券股份有限公司 关于获准向专业投资者公开发行短期公司债券的公告 特此公告。 方正证券股份有限公司董事会 2025 年 11 月 13 日 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。 公司近日收到中国证券监督管理委员会《关于同意方正证券股份有限公司向 专业投资者公开发行短期公司债券注册的批复》（证监许可〔2025〕2422 号）。 该批复同意公司向专业投资者公开发行短期公司债券，面值余额不超过 50 亿元， 有效期为自同意注册之日起 24 个月，公司在注册有效期内可以分期发行。 公司将按照有关法律法规和上述批复的要求及公司相关授权，办理本次向专 业投资者公开发行短期公司债券相关事宜，并及时履行信息披露义务。 证券代码：601901 证券简称：方正证券 公告编号：2025-042 ...

Core Viewpoint - The company has received approval from the China Securities Regulatory Commission to publicly issue short-term corporate bonds to professional investors, with a total face value not exceeding 5 billion yuan [1] Group 1 - The approval allows the company to issue short-term corporate bonds with a maximum face value of 5 billion yuan [1] - The validity period for the bond registration is 24 months from the date of approval [1] - The company can issue the bonds in multiple tranches during the registration validity period [1]

Core Viewpoint - The automotive market is expected to continue its growth trend in Q4, with the sector currently trading at a PE-TTM below the 50th percentile of the past five years, indicating potential for recovery in November and December, alongside a rebound in exports in Q4 and next year [1] Group 1: Market Outlook - Q4 automotive market is projected to show a sequential growth trend [1] - The sector has experienced a correction, leading to a favorable valuation at PE-TTM below the 50th percentile over the last five years [1] - Anticipation of continued recovery in November and December, supported by export recovery in Q4 and early next year [1] Group 2: Investment Opportunities - Focus on sub-sectors within the automotive industry, particularly opportunities for low-position rebounds in buses, heavy trucks, and traditional vehicles/parts [1] - Attention to leading companies in high-export sectors with strong profitability [1] - Companies with stable fundamentals and external catalysts are highlighted as potential investment targets [1]

Group 1: Market Potential - The Chinese whiskey market is expected to enter a rapid development phase, with local whiskey having a cognitive advantage [1] - The market size of whiskey in China is projected to reach 100 billion RMB within the next 10-20 years, driven by a high-income consumer base and strong consumer education [1] - In 2023, the global whiskey market is valued at nearly $90 billion, with the largest market in the U.S. accounting for $38.5 billion, representing over 30% of total spirits consumption [1] Group 2: Cultural and Economic Factors - Major whiskey markets are predominantly in economically advanced countries, with a strong cultural connection to Anglo-American traditions [2] - Local whiskey markets show a high concentration, with nearly 80% of whiskey consumption occurring in domestic markets, favoring local styles [2] - The competition in whiskey markets is significant, particularly from indigenous spirits, which can impact market share [2] Group 3: Opportunities in Non-Domestic Markets - Whiskey has the potential to achieve significant market share in non-native markets, as evidenced by its consumption rates in countries like Thailand (9%), South Korea (33%), and France (33%) [3] - In South Korea, the rise of the middle class and changing drinking culture may facilitate a shift towards whiskey consumption [3] - The French market shows a decline in local spirits, indicating potential opportunities for whiskey to penetrate the market [3]

关于新增方正证券股份有限公司为部分基金 流动性服务商的公告 为促进华夏中证智选300成长创新策略交易型开放式指数证券投资基金（159523）、华夏中证港股通汽 车产业主题交易型开放式指数证券投资基金（159323）的市场流动性和平稳运行，根据《深圳证券交易 所证券投资基金业务指引第2号一一流动性服务》等有关规定，自2025年11月12日起，本公司新增方正 证券股份有限公司为上述基金的流动性服务商。 特此公告 ■ 注：基金资产净值、账面价值为2025年11月10日数据。 特此公告 华夏基金管理有限公司 二〇二五年十一月十二日 华夏基金管理有限公司 二〇二五年十一月十二日 华夏基金管理有限公司关于旗下基金投资非公开发行股票的公告 华夏基金管理有限公司（以下简称"本公司"）旗下基金参加了长白山旅游股份有限公司（证券简称：长 白山，代码：603099）非公开发行A股股票的认购。根据中国证监会《关于基金投资非公开发行股票等 流通受限证券有关问题的通知》等有关规定，本公司现将旗下公募基金投资长白山本次非公开发行A股 股票的相关信息公告如下： ...