- The report discusses the "Volume Timing Signal" model, which indicates a cautious view for all indices as of November 21, 2025[24][25] - The "Number of Rising Stocks in the CSI 300 Index" sentiment indicator is used to gauge market sentiment by calculating the proportion of stocks with positive returns over a certain period[25][26] - The "Number of Rising Stocks in the CSI 300 Index" timing tracking involves smoothing the indicator over two different periods to capture its trend, with a bullish view when the short-term line is above the long-term line[27][28][29] - The "Moving Average Sentiment Indicator" uses the eight moving averages system to assess the trend state of the CSI 300 Index, assigning values based on the position of the moving average range[33][34][35] - The "Moving Average Sentiment Indicator" shows that the CSI 300 Index is currently in a non-prosperous sentiment range as of November 21, 2025[33][36][37] Model Backtest Results - Volume Timing Signal: All indices show a cautious view as of November 21, 2025[24][25] - Number of Rising Stocks in the CSI 300 Index: The indicator has recently declined, with the proportion of rising stocks slightly above 50%, indicating cooling market sentiment[25][26] - Number of Rising Stocks in the CSI 300 Index Timing Tracking: Both the fast and slow lines are declining, with the fast line below the slow line, indicating a cautious view for the near future[27][28][29] - Moving Average Sentiment Indicator: The CSI 300 Index is in a non-prosperous sentiment range as of November 21, 2025[33][36][37] Factor Construction and Evaluation - Cross-sectional volatility: The recent week saw a decline in cross-sectional volatility for CSI 300 and CSI 500 index constituents, indicating a deteriorating short-term alpha environment, while the CSI 1000 index constituents saw an increase, indicating an improving short-term alpha environment[2][38] - Time-series volatility: The recent week saw a decline in time-series volatility for CSI 300 index constituents, indicating a deteriorating alpha environment, while the CSI 500 and CSI 1000 index constituents saw an increase, indicating an improving alpha environment[2][39][40] Factor Backtest Results - Cross-sectional volatility: - CSI 300: 2.28% (recent quarter average), 83.44% (recent quarter average as a percentile of the past two years) - CSI 500: 2.44% (recent quarter average), 78.57% (recent quarter average as a percentile of the past two years) - CSI 1000: 2.60% (recent quarter average), 83.67% (recent quarter average as a percentile of the past two years)[39] - Time-series volatility: - CSI 300: 0.73% (recent quarter average), 77.23% (recent quarter average as a percentile of the past two years) - CSI 500: 0.53% (recent quarter average), 80.16% (recent quarter average as a percentile of the past two years) - CSI 1000: 0.27% (recent quarter average), 82.07% (recent quarter average as a percentile of the past two years)[42]

Market Overview - The medical device sector experienced a decline of 2.09% on November 21, with JG Development leading the drop [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Stock Performance - Notable gainers included: - Ruimait (301367) with a closing price of 95.38, up 3.43% on a trading volume of 35,100 shares and a turnover of 336 million yuan [1] - United Imaging Healthcare (688271) closed at 133.50, up 2.15% with a trading volume of 61,500 shares and a turnover of 819 million yuan [1] - Significant losers included: - JG Development (600807) with a closing price of 3.21, down 9.58% on a trading volume of 482,700 shares and a turnover of 159 million yuan [2] - Hongtong Medical (301515) closed at 20.79, down 7.27% with a trading volume of 24,700 shares and a turnover of 52.45 million yuan [2] Capital Flow - The medical device sector saw a net outflow of 1.562 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.251 billion yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Zhend Medical (603301) had a net inflow of 30.28 million yuan from institutional investors, while it experienced a net outflow of 30.09 million yuan from speculative investors [3] - Dongxing Medical (301290) saw a net inflow of 4.49 million yuan from institutional investors, with a net inflow of 2.29 million yuan from speculative investors [3]

Core Insights - The first on-site transaction of medical data products in Henan Province has been successfully completed, involving a collaboration between KingMed Diagnostics and Antu Bioengineering [2][3] - The data product traded is "KingMed Infection Data (Invasive Fungal) Distribution Statistics," which provides critical insights into the prevalence of invasive fungal infections across different regions and times, aiding in the development of prevention strategies and treatment optimization [2] Group 1: Transaction Details - The transaction marks a significant step in the compliant circulation of medical data within the healthcare sector [3] - The data product integrates detection information of specific fungal infections nationwide, reflecting epidemiological characteristics [2] Group 2: Company Profiles - Antu Bioengineering, founded in 1998 and listed on the Shanghai Stock Exchange in September 2016, is the first domestic company to focus on the research and manufacturing of in vitro diagnostic products [3] - KingMed Diagnostics is a high-tech service enterprise specializing in third-party medical testing and pathology diagnosis, providing leading diagnostic information integration services across various medical institutions in China [3]

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 53 yuan [2][8]. Core Insights - The company's revenue for the first three quarters of 2025 was 3.127 billion yuan, a decrease of 7.48% year-on-year, with a net profit attributable to shareholders of 860 million yuan, down 10.11% [2][8]. - The third quarter of 2025 saw a revenue of 1.067 billion yuan, a decline of 9.04% year-on-year, and a net profit of 289 million yuan, down 14.30% [2][8]. - The decline in revenue and profit is attributed to factors such as domestic market procurement and price reductions in testing projects [8]. - The company has been enhancing its IVD product system, with multiple new products approved since Q3 2025, expanding its offerings to over 300 testing projects [8]. Financial Performance Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 4.471 billion, 4.235 billion, 4.675 billion, and 5.386 billion yuan respectively, with year-on-year growth rates of 0.6%, -5.3%, 10.4%, and 15.2% [4][9]. - Net profit attributable to shareholders is projected to be 1.194 billion, 1.177 billion, 1.370 billion, and 1.590 billion yuan for the same years, with growth rates of -1.9%, -1.5%, 16.4%, and 16.1% [4][9]. - The earnings per share (EPS) are expected to be 2.09, 2.06, 2.40, and 2.78 yuan for 2024A, 2025E, 2026E, and 2027E respectively [4][9]. Product Development and Market Position - The company has been actively improving its IVD product lineup, with significant product approvals enhancing its market position [8]. - By the end of 2025, the number of immunobiochemical product line reagents is expected to reach 338 [8].

Meeting Overview - The second extraordinary general meeting of shareholders was held on November 14, 2025, at the company's conference room [2] - The meeting was convened by the board of directors and chaired by Chairman Miao Yongjun, utilizing a combination of on-site and online voting [2] Attendance - Out of 11 current directors, 9 attended the meeting, with 2 participating via communication means and 2 absent due to work commitments [3] - All 3 current supervisors attended the meeting, along with the board secretary and some senior management personnel [3] Resolutions Passed - The proposal to amend the Articles of Association and abolish the supervisory board while establishing a worker representative director was approved [4] - Various internal governance rules were reviewed and passed, including: - Shareholders' meeting rules [5] - Board meeting rules [5] - Independent director work system [5] - Related party transaction management system [5] - External guarantee management system [5] - Major investment and transaction decision-making system [5] - Fundraising management measures [5] - Implementation details of cumulative voting system [5] Voting Details - The proposals required separate counting for minority investors, with special resolutions needing over two-thirds approval from attending shareholders [6] - Ordinary resolutions required more than half of the voting rights from present shareholders [6] Legal Verification - The meeting was witnessed by Shanghai Jintiancheng Law Firm, confirming that the convening, procedures, attendance, and voting were in compliance with relevant laws and regulations [7] Election of Worker Representative Director - The company held a worker representative meeting on November 14, 2025, electing Liu Wei as the worker representative director for a term of three years [10] - Liu Wei has a background in various roles within the company and holds a senior economist title [11]

Group 1 - The company announced that it will hold a workers' representative meeting on November 14, 2025 [2] - Liu Wei has been elected as the employee representative director for the company's fifth board of directors [2]

证券代码：603658 证券简称：安图生物 公告编号：2025-077 郑州安图生物工程股份有限公司 公司于2025年11月14日召开职工代表大会，经职工代表现场表决，同意选举 刘微女士为公司第五届董事会职工代表董事，任期为自2025年第二次临时股东大 会决议生效之日起三年，与公司第五届董事会任期一致，并将按照《公司法》及 修订后的《公司章程》等有关规定行使职权。 特此公告。 附：职工代表董事简历。 郑州安图生物工程股份有限公司董事会 2025年11月14日 刘微女士，汉族，中国国籍，无境外居留权，1976年出生，本科学历，高级经济师。 1998年至2000年任天津渤海职业高等专科学校教师；2000年至2003年就职河南思达配网技术 有限公司，历任职员、综合办主任；2003年至2006年就职河南思达电力技术有限公司，历任 市场部副经理、总工助理；2006年至今就职于公司，历任管理行政部经理、行政中心总监、 职工代表监事。现任公司行政中心总监、职工代表董事，北京安图监事。 附： 关于选举第五届董事会职工代表董事的公告 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 ...

上海市锦天城律师事务所 关于郑州安图生物工程股份有限公司 2025年第二次临时股东大会的 法律意见书 上海市锦天城律师事务所 关于郑州安图生物工程股份有限公司 2025 年第二次临时股东大会的 法律意见书 致：郑州安图生物工程股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受郑州安图生物工程股份 有限公司（以下简称"公司"）的委托，指派本所律师出席了公司 2025 年第二 次临时股东大会（以下简称"本次股东会"），对本次股东会的合法合规性进行 见证，并发表法律意见。 本所律师根据《中华人民共和国公司法》（以下简称《公司法》）、《中华 人民共和国证券法》（以下简称《证券法》）、《上市公司股东大会规则》（以 下简称《股东大会规则》）等法律、法规和规范性文件以及《郑州安图生物工程 股份有限公司章程》（以下简称《公司章程》）的规定，就本次股东会的召集、 召开程序、出席会议人员及召集人的资格、表决程序和表决结果等有关事宜出具 本法律意见书。 本法律意见书仅供公司本次股东会相关事宜的合法性之目的使用，不得用作 任何其他目的，本所律师同意将本法律意见书随公司本次股东会决议一同予以公 告，并依法对本法律意见书承担相 ...

证券代码：603658 证券简称：安图生物 公告编号：2025-076 郑州安图生物工程股份有限公司 2025年第二次临时股东大会决议公告 本次股东大会由公司董事会召集，公司董事长苗拥军先生主持，会议采取现 场投票和网络投票相结合的方式进行表决。本次会议的召集、召开和表决符合《公 司法》及本公司《公司章程》等有关规定。 (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 | 243 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 412,527,582 | | 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（%） | 72.1928 | (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。 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 11 月 14 日 (二)股东大会召开的地点：公司会议室 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。 ...

Core Points - The Shanghai Composite Index closed at 3993.35 points, remaining above the six-month moving average, with a slight decline of 0.24% [1] - The total trading volume of A-shares reached 1,270.245 billion yuan [1] - A total of 49 A-shares have surpassed the six-month moving average today, with notable stocks showing significant deviation rates [1] Summary by Category Stock Performance - Notable stocks with high deviation rates include: - Qudongli (驱动力) with a deviation rate of 5.91% and a daily increase of 7.05% [1] - Lubridge Information (路桥信息) with a deviation rate of 5.60% and a daily increase of 13.08% [1] - Beiyikang (倍益康) with a deviation rate of 4.75% and a daily increase of 7.60% [1] - Other stocks that just crossed the six-month moving average include: - Qianyuan Pharmaceutical (仟源医药) and *ST Jinke (*ST金科) with smaller deviation rates [1] Trading Activity - The trading turnover rate for Qudongli was 3.59%, while Lubridge Information had a turnover rate of 6.91% [1] - The stock with the highest turnover rate was Aipeng Medical (爱朋医疗) at 19.33% with a daily increase of 10.57% [1] Market Trends - The overall market shows a mix of stocks performing well above the six-month moving average, indicating potential bullish sentiment in certain sectors [1]