炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 作为首批与中国证券业协会签订《证券分析师外部评选组织机构自律公约》的互联网媒体，新浪财经始 终严格遵守中国证监会、中国证券业协会的相关要求，守法合规开展评选活动。 本届"金麒麟"最佳分析师评选已顺利完成报名与机构投票环节，所有投票数据正式进入审计阶段。为确 保评选过程的独立性与结果的公信力，主办方特别聘请立信会计师事务所（特殊普通合伙）对全部投票 数据进行全面审计。 本次评选共吸引全国顶尖券商研究机构的近七百个分析师团队参与，同时汇集上百家专业金融机构参与 投票，涵盖公募基金、私募基金、券商资管等多元买方机构，充分展现了评选的行业影响力与专业代表 性。 目前，审计工作正在立信会计师事务所的监督下有序推进。"金麒麟"桂冠花落谁家，即将揭晓。 往届回顾>> 责任编辑：杨赐 在评选机制设计上，主办方始终遵循"公平、公开、公正"原则，将透明度贯穿于各个环节。立信会计师 事务所作为独立第三方，将对所有投票数据实施严格核验与审计，确保每张选票的有效性与合规性，从 机制上杜绝人为干预，切实保障评选结果的客观性与权威性。 ...

Core Points - The company has announced the addition of several sales institutions for its fund starting from October 27, 2025 [1] - The new sales institutions include Shanghai Tian Tian Fund Sales Co., Ltd., Shanghai Lu Jin Suo Fund Sales Co., Ltd., and others [1] - The fund will offer regular investment options and related fee discount activities through these institutions [1] Applicable Business Scope - Investors can conduct subscription, redemption, and regular investment for the fund through the newly added sales institutions [1] - The fund's D-class and E-class share codes are 025750 and 025751 respectively [1] Regular Investment Business - The regular investment service will commence on October 27, 2025 [2] - Minimum investment amount for each regular investment is set at 10 yuan, with sales institutions having the discretion to set higher minimum amounts [2] - Investors must designate a valid funding account for automatic deductions on fixed investment dates [2] Subscription or Regular Investment Fee Discount Activities - Investors can enjoy fee discounts when subscribing or investing regularly in the fund's D-class shares through the new sales institutions [3] - The fee discount is calculated as the original subscription fee multiplied by the discount rate [3] Fee Discount Duration - The specific discount rates, duration of the fee discount activities, and procedures for transactions will be based on announcements from the respective sales institutions [4] Contact Information for Further Details - Investors can reach out to various sales institutions for more information, including customer service numbers and websites [4][5][6][9]

公司代码：603586 公司简称：金麒麟 金麒麟 2025 年第二次临时股东会会议资料 目 录 | 山东金麒麟股份有限公司 年第二次临时股东会会议须知 2025 | 3 | | --- | --- | | 山东金麒麟股份有限公司 年第二次临时股东会会议议程 2025 | 5 | | 山东金麒麟股份有限公司关于取消监事会并修订《公司章程》的议案 | 7 | | 山东金麒麟股份有限公司关于完善部分管理制度的议案 | 8 | 2 / 8 金麒麟 2025 年第二次临时股东会会议资料 山东金麒麟股份有限公司 2025 年第二次临时股东会 会议资料 2025 年 10 月 三、为保证本次会议的正常秩序，除出席会议的股东或股东代表、董事、监 事、高级管理人员、见证律师以及公司邀请的人员以外，公司有权拒绝其他人员 进入会场。 四、现场出席本次会议的股东或股东代表应当按照公司《关于召开 2025 年 第二次临时股东会的通知》要求，持相关证件于现场会议参会确认登记时间内办 理登记手续。 五、与会人员应听从会议工作人员的指引，遵守会议规则，维护会议秩序。 六、股东或股东代表如要求会议发言，请提前与公司董事会办公室联系并登 记，由 ...

Core Points - The stock price of Jinqilin increased by 2.15% on October 20, reaching 19.00 CNY per share, with a total market capitalization of 3.725 billion CNY [1] - Year-to-date, Jinqilin's stock price has risen by 35.04%, but it has seen a slight decline of 0.21% over the last five trading days [2] Financial Performance - For the first half of 2025, Jinqilin reported a revenue of 964 million CNY, representing a year-on-year growth of 24.34%, and a net profit attributable to shareholders of 108 million CNY, which is a significant increase of 226.14% [2] - Since its A-share listing, Jinqilin has distributed a total of 649 million CNY in dividends, with 265 million CNY distributed over the past three years [3] Shareholder Information - As of June 30, 2025, Jinqilin had 20,500 shareholders, an increase of 13.05% from the previous period, with an average of 9,571 circulating shares per shareholder, a decrease of 11.54% [2] - Among the top ten circulating shareholders, the "Zhaoshang Quantitative Selected Stock Initiation A" fund is the fifth largest, holding 1.8843 million shares as a new shareholder [3] Business Overview - Jinqilin, established on August 10, 1999, and listed on April 6, 2017, specializes in the research, production, and sales of friction materials and braking products, with brake pads accounting for 67.97% and brake discs for 29.73% of its revenue [2]

Group 1 - The announcement states that starting from October 20, 2025, the "Xingzheng Asset Management Jin Qilin Balanced Preferred One-Year Holding Period Mixed Asset Management Plan" will be re-registered as the "Xingzheng Asset Management Jin Qilin Balanced Preferred Mixed Securities Investment Fund" [1] - The original plan's shares (Class A, B, C) will automatically convert to the corresponding shares of the new fund upon the effective date of the fund contract [1] - The fund shares of Class A, B, and C will only be open for redemption and not for subscription [1][3] Group 2 - Investors can redeem fund shares on every business day, but subscriptions are not allowed for Class A, B, and C shares [3] - The minimum subscription amount for the fund is set at 1 RMB for both initial and additional subscriptions through various sales channels [4] - The subscription fee for Class D shares will be charged at the time of subscription, while Class E shares will not incur a subscription fee, with an annual service fee rate of 0.6% [5][7] Group 3 - The fund has a redemption limit of 1 share for each transaction, and if a redemption causes the remaining balance to fall below 1 share, the fund manager has the right to redeem all remaining shares [9] - Redemption fees will be calculated based on the holding period, with different rates applied depending on the duration of the holding [10][11] - The fund manager may adjust the redemption limits and fees as necessary, with prior announcements made in accordance with disclosure regulations [12] Group 4 - The "Regular Investment Plan" allows investors to set up automatic deductions for fund subscriptions on specified dates [13] - This plan does not affect the regular subscription and redemption processes, and the subscription fee rates will be the same as those for regular subscriptions [14] - Investors can initiate this plan starting from October 21, 2025, with minimum amounts specified in the relevant announcements [14] Group 5 - The direct sales institution for Class D and E shares is Xingzheng Securities Asset Management Co., Ltd. [15] - Non-direct sales institutions include Xingye Securities Co., Ltd., with the fund manager having the discretion to add or remove sales institutions as needed [16] - Investors should follow the business rules and procedures of the respective sales institutions when subscribing to the fund [16] Group 6 - The fund manager is required to disclose the net asset value and cumulative net asset value of each fund share category by the next business day after subscription or redemption begins [18] - The first subscription for Class D shares will be confirmed based on the net asset value of Class A shares, while Class E shares will be based on Class C shares [18]

Core Insights - The "Second Sina Finance Golden Unicorn Best Investment Advisor Selection" is currently underway, aiming to identify outstanding investment advisors and enhance the investment advisory IP construction [1] - The competition includes various categories such as stock simulation trading, ETF simulation trading, public fund simulation allocation, and social service evaluation, with over 10,000 investment advisors participating [1] ETF Simulation Trading Rankings - Liu Lichao from Dongguan Securities achieved the highest monthly return of 34.52% in the ETF simulation trading for September [2] - The second place was secured by She Wenzhi from Xiangcai Securities with a return of 24.66%, followed by Zhou Yang from Guoxin Securities with a return of 22.61% [2] - Other notable performers include Fan Chunqing from Nanjing Securities (19.86%) and Yang Yun from Zhongtai Securities (19.66%) [2][3] Performance Metrics - The top 10 investment advisors in the ETF simulation trading all reported returns above 16%, indicating strong performance in the simulated trading environment [2][3] - The rankings reflect a competitive landscape among investment advisors, showcasing their ability to generate significant returns in a simulated setting [1][2]

Group 1 - The second "Golden Unicorn Best Investment Advisor" selection has officially started, aiming to identify outstanding investment advisors in wealth management [1] - The competition includes various categories such as stock simulation trading, ETF simulation trading, public fund simulation allocation, and social service evaluation [1] - The weekly ranking data from September 22 to September 28 shows that Jin Xin from China Aviation Securities Fujian Branch achieved the highest weekly return of 19.5% in the stock simulation category [1][2] Group 2 - In the stock simulation trading group, the top three advisors are Jin Xin (19.5%), Zhang Hong (13.52%), and Wang Tan (13.41%) [2] - The ETF simulation trading group saw Zhang Yefeng from Guotai Haitong Securities achieve a weekly return of 9.16%, followed by Li Ting (6.66%) and Fan Chunqing (6.58%) [3] - In the public fund simulation allocation group, the top advisor is Ma Kengcheng from Changcheng Securities with a weekly return of 8.39%, followed by Jiang Wenjie (8.23%) and Zhang Yefeng (6.81%) [5]

Group 1 - The core viewpoint of the article emphasizes the development trends of carbon-ceramic brake discs, highlighting the need for lightweight, high-temperature resistance, and high performance in the automotive industry, particularly in the context of the rapid growth of electric vehicles in China [3][7][9] - The article discusses the significant growth in China's automotive market, with a projected 2024 global vehicle sales of 95.31 million units, of which 31.44 million will be in China, accounting for 33% of the total [3][4] - The penetration of carbon-ceramic brake discs in high-end vehicles is expected to accelerate, with the market for these components in China's new energy vehicles projected to reach between 7.3 billion and 11.5 billion yuan by 2026 [48][54] Group 2 - The article outlines the carbon-ceramic brake disc industry chain, which consists of upstream raw material supply, midstream manufacturing, and downstream applications, indicating a trend of rising domestic suppliers and increasing applications in the automotive sector [29][30] - The cost structure of carbon-ceramic brake discs is heavily influenced by raw materials, with carbon fiber being the largest single cost component, accounting for 40-70% of total costs [32][33] - The article highlights the increasing domestic production capacity of carbon fiber, which is expected to reach approximately 150,130 tons in 2024, representing 48.6% of global capacity [36][38] Group 3 - The article notes that the market for carbon-ceramic brake discs is expected to expand significantly, with a projected market space of around 2 billion USD for global aircraft applications by 2030 [48] - The penetration rate of carbon-ceramic brake discs in the passenger vehicle market is currently low, at about 1%, but is expected to rise sharply as more models incorporate these components [49][53] - The article identifies key players in the carbon-ceramic brake disc market, including both international leaders and emerging domestic companies, indicating a competitive landscape with significant growth potential [45][46]

Investment Rating - The report rates the carbon-ceramic brake disc industry as "Outperform" [2] Core Insights - The carbon-ceramic brake disc market is expected to reach a scale of approximately 7.3 to 11.5 billion yuan by 2026, driven by the demand for lightweight, intelligent, and high-end automotive solutions [2][6] - The industry is currently dominated by overseas companies like Brembo, but domestic manufacturers are rapidly breaking through technical barriers and entering the market [2][28] - The demand for carbon-ceramic brake discs is driven by three main factors: vehicle lightweighting, instant braking response, and the downscaling of high-end configurations to the 300,000 yuan market [2][6] Summary by Sections 1. Industry Trends - The lightweighting transformation in new energy vehicles presents new opportunities for carbon-ceramic composite materials, with China's automotive sales leading globally [6] - The market for new energy passenger vehicles is projected to exceed 15.38 million units in 2025, with a growth rate of 26% [6] 2. Market Size and Growth - The estimated market size for carbon-ceramic brake discs in China is projected to be between 7.3 to 11.5 billion yuan by 2026, marking the industry's transition from 0 to 1 in terms of volume [2][27] - The global market for aircraft carbon-ceramic brake discs is expected to reach approximately 2 billion USD by 2030 [2] 3. Supply Chain Dynamics - The supply chain for carbon-ceramic brake discs consists of upstream raw material supply, midstream manufacturing, and downstream automotive applications [28] - The cost structure indicates that raw materials account for over 40% of total costs, with carbon fiber being the largest single expense [31] 4. Investment Recommendations - The report suggests focusing on companies that establish a first-mover advantage in capacity expansion and customer acquisition, such as Jinbo Co., Tianyi New Materials, and Jinqilin [2][44] 5. Company Profiles - Jinbo Co. has established a production line capable of 400,000 brake discs and is collaborating with major electric vehicle manufacturers [44] - Tianyi New Materials is targeting mass production projects with leading new energy vehicle companies and has a planned capacity of 600,000 brake discs [44] - Jinqilin is primarily serving the aftermarket in China while also providing original equipment to international clients [44]

Group 1 - The company held its fourth meeting of the fifth board of directors on September 26, 2025, with all nine directors present, and the meeting was conducted in accordance with legal regulations [2][3] - The board approved the proposal to cancel the supervisory board and amend the company's articles of association, with a unanimous vote of 9 in favor [3][4] - The board also approved the proposal to improve certain management systems, which includes the abolition of the supervisory meeting rules and amendments to the shareholder meeting rules, board meeting rules, and independent director work system [5][6] Group 2 - The company plans to hold its second extraordinary general meeting of shareholders on October 29, 2025, with the voting process to include both on-site and online options [6][20] - The company announced that the voting for the extraordinary general meeting will be conducted through the Shanghai Stock Exchange network voting system, with specific time slots for voting [16][25] - The company has outlined the registration methods for shareholders wishing to attend the meeting, including provisions for both corporate and individual shareholders [30][32] Group 3 - The company announced the resignation of director Zhang Jinjing, stating that her departure will not affect the board's operation or the minimum number of directors required [11][12] - The company conducted an election for a staff representative director, with Zhang Jinjing being elected to the board, ensuring compliance with legal requirements regarding the composition of the board [12][14] Group 4 - The company is in the process of revising its management systems to enhance operational standards and decision-making efficiency, in line with updated legal requirements [37][38] - The revisions include the cancellation of the supervisory board, with its responsibilities being transferred to the board's audit committee, and the relevant supervisory rules being abolished [42][43]