Market Overview - On November 18, the securities sector rose by 0.14% compared to the previous trading day, with Northeast Securities leading the gains [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] Top Gainers - Northeast Securities (code: 000686) closed at 10.26, up 4.80% with a trading volume of 1.7964 million shares and a turnover of 1.833 billion [1] - Huatai Securities (code: 601688) closed at 22.17, up 2.45% with a trading volume of 1.2704 million shares and a turnover of 2.824 billion [1] - Other notable gainers include: - Hua'an Securities (code: 606009) up 2.11% [1] - Shouchuang Securities (code: 601136) up 1.36% [1] - Guosheng Securities (code: 002670) up 1.35% [1] Top Losers - Founder Securities (code: 601901) closed at 8.07, down 0.98% with a trading volume of 721,000 shares and a turnover of 585 million [2] - Pacific Securities (code: 6601099) closed at 4.29, down 0.92% with a trading volume of 1.2025 million shares and a turnover of 517 million [2] - Other notable losers include: - Guohai Securities (code: 000750) down 0.90% [2] - Xiangcai Shares (code: 600095) down 0.77% [2] Capital Flow - The securities sector experienced a net outflow of 864 million from institutional funds, while retail funds saw a net inflow of 385 million [2] - Speculative funds had a net inflow of 479 million [2]

Core Insights - Northeast Securities' stock price increased by 2.25% on November 18, reaching 10.01 CNY per share, with a total market capitalization of 23.428 billion CNY [1] - The company has seen a year-to-date stock price increase of 29.66%, with a recent decline of 2.05% over the last five trading days [1] Financial Performance - For the period from January to September 2025, Northeast Securities reported a net profit of 1.067 billion CNY, representing a year-on-year growth of 125.21% [2] - The company has distributed a total of 3.663 billion CNY in dividends since its A-share listing, with 983 million CNY distributed over the last three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders increased to 82,400, with an average of 28,399 shares held per shareholder, a decrease of 2.89% from the previous period [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable changes in their holdings [3]

Group 1: Industry Overview - The high-value consumables industry is undergoing significant value reconstruction due to multiple policy influences, including volume-based procurement and healthcare cost control, with a key window for value reconstruction expected in 2025 [1] - The industry is shifting from a "price game" to a "value return," with innovative products that demonstrate real clinical differentiation likely to receive reasonable premiums [1] Group 2: Innovation and Competitiveness - Domestic medical devices are transitioning from domestic substitution to entering the "global innovation" tier, with accelerated approval and commercialization of innovative devices [2] - Companies are leading trends in various medical fields, such as cardiovascular interventions and structural heart disease, with significant advancements in product offerings [2] Group 3: Global Expansion - Companies are accelerating their global presence, moving from "trade export" to "ecosystem export," with overseas revenue becoming a core growth engine [3] - Notable growth in overseas revenue has been reported, with some companies achieving over 40% of their revenue from international markets [3] Group 4: Mergers and Acquisitions - Restructuring and mergers are driving value reassessment, with leading companies optimizing their business structures through asset restructuring and cross-industry expansion [4] - Companies are focusing on continuous innovation and internationalization, with strategic acquisitions enhancing their market positions [4] Group 5: IVD Industry Dynamics - The IVD industry is facing pressures from rising costs and is expected to see increased concentration, with overseas markets becoming essential for growth [5] - Significant growth in overseas revenue has been observed, with some companies reporting over 21% growth in international sales [5] Group 6: Strategic Transformations - Companies like Shengxiang Bio are exemplifying strategic transformations through acquisitions and diversification into new markets [7] - The focus on integrating diagnostics and treatment is becoming a trend among companies aiming for comprehensive healthcare solutions [7] Group 7: Innovation and Efficiency - Continuous high R&D investment is driving product innovation, with companies launching advanced products to capture the high-end hospital market [8] - AI applications are enhancing operational efficiency within the industry, indicating a trend towards technological integration [8]

东北证券股份有限公司 联合资信评估股份有限公司 China Lianhe Credit Rating Co.,Ltd. 2025 年面向专业投资者公开发行 专业 | 真诚 服务 尽 责 l 短期公司债券 (第三期) 跟踪评级报告 www.lhratings.com 信用评级公告 联合(2025) 11105 号 联合资信评估股份有限公司通过对东北证券股份有限公司主体 及其相关债券的信用状况进行跟踪分析和评估,确定维持东北证券 股份有限公司主体长期信用等级为 AAA, 维持"25 东北 D3"信用 等级为 A-1, 评级展望为稳定。 特此公告 评级总监:212 二〇二五年十一月十四日 Add: 17/F, PICC Building, 2, Jianguomenwai Street, Beijing PRC:100022 地址:北京市朝阳区建国门外大街2号PICC大厦17层 邮编:100022 电话(Tel) : (010) 85679696| 传真(Fax):(010)85679228|邮箱(Email) :lianhe@lhratings.com 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日 ...

Core Viewpoint - Northeast Securities emphasizes its commitment to stable and high-quality development while ensuring reasonable investment returns for investors through a scientifically formulated profit distribution policy [1] Summary by Relevant Sections Investment Returns - The company strictly adheres to its Articles of Association and the 2024-2026 shareholder return plan, taking into account its development status, industry trends, operational model, and any significant investment plans [1] Profit Distribution Policy - Since 2025, the company has implemented cash dividends three times, distributing a total of 281 million yuan in January and May 2025, which accounted for 32.15% of the net profit attributable to the parent company for 2024 [1] - In November 2025, the company completed the mid-year profit distribution plan for 2025, distributing a total of 234 million yuan, representing 21.94% of the net profit attributable to the parent company for the first nine months of 2025 [1]

Core Viewpoint - Northeast Securities announced its commitment to customer-oriented strategies and the development of margin financing and securities lending business since 2025, focusing on enhancing service capabilities for high-net-worth individuals, private equity institutions, and listed companies [1] Group 1: Customer Service - The company aims to adapt to changing customer needs by improving precision service capabilities for core customer groups, including ultra-high-net-worth individuals and private equity institutions [1] - It plans to provide one-stop comprehensive services through business integration and resource consolidation to meet diverse trading needs of clients [1] Group 2: Risk Management - The company is increasing investment in digital technology and expanding AI application scenarios to achieve refined risk assessment and proactive identification of potential risks [1] - A dual-track service mechanism of "risk warning + customized business" is being established to offer value-added risk control services to clients [1] Group 3: Business Growth - As of the end of Q3 2025, the company's margin financing and securities lending business has shown good year-on-year growth [1]

Core Viewpoint - Northeast Securities announced a strategic focus on differentiated investment strategies, including dividend, value, and growth stocks, starting from 2025 [1] Group 1 - The company plans to increase its allocation in dividend strategy stocks, leading to a corresponding rise in other equity instrument investments [1]

Core Viewpoint - Northeast Securities announced that it has a diverse board and management team, consisting of 13 directors and 8 senior executives with rich professional backgrounds and experience [1] Group 1: Governance Structure - The board of directors and senior management are appointed according to the Company Law, the Code of Corporate Governance for Listed Companies, and other relevant regulations [1] - Directors are nominated by eligible shareholders or the board and elected by the shareholders' meeting [1] - Senior management is nominated by the chairman or president and appointed by the board of directors [1]

Group 1 - The core point of the article is that Northeast Securities announced the ongoing progress of a major shareholder's equity transfer transaction, with both parties actively communicating with government departments and regulatory agencies [1] Group 2 - The company will continue to monitor the developments of this matter and fulfill its information disclosure obligations in accordance with relevant regulations [1]

Core Viewpoint - Northeast Securities is committed to diversified development and actively expanding its external investment layout through various subsidiaries, forming a comprehensive financial service system that includes securities, funds, and futures [1] Group 1: Business Operations - The company operates through wholly-owned subsidiaries: Dongzheng Rongtong for private equity fund business, Dongzheng Rongda for alternative investment business, and Dongzheng Ronghui for securities asset management [1] - It holds a controlling stake in Bohai Futures and Dongfang Fund, and has a minority stake in Yinhua Fund [1] Group 2: Strategic Focus - Dongzheng Rongtong and Dongzheng Rongda focus on serving the real economy, particularly in strategic sectors aligned with national directives such as semiconductors, new materials, and high-end manufacturing [1] - The company aims to provide financial support for the cultivation of new productive forces through its private equity and alternative investment initiatives [1]