Core Viewpoint - The diversified financial sector experienced a slight increase of 0.59% on November 24, with *ST Xiongmao leading the gains. The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1]. Group 1: Stock Performance - The top-performing stocks in the diversified financial sector included *ST Nengmao, which rose by 5.02% to a closing price of 10.04, and Sichuan Shuangma, which increased by 4.27% to 22.20 [1]. - Other notable gainers included Yalian Youzhan (+3.99%), Lakala (+2.95%), and Jiuding Investment (+1.70%) [1]. Group 2: Trading Volume and Value - The trading volume and value for the top stocks were significant, with Sichuan Shuangma achieving a trading volume of 234,700 shares and a transaction value of 518 million yuan [1]. - Lakala had a transaction value of 353 million yuan with a trading volume of 162,200 shares, indicating strong market interest [1]. Group 3: Capital Flow - The diversified financial sector saw a net outflow of 194 million yuan from major funds, while retail investors contributed a net inflow of 281 million yuan [2]. - The data indicates that while institutional investors were withdrawing, retail investors were actively buying into the sector [2]. Group 4: Individual Stock Capital Flow - Sichuan Shuangma experienced a net outflow of 50.79 million yuan from major funds, while it had a net inflow of 1.10 million yuan from speculative funds [3]. - Conversely, *ST Nengmao saw a net inflow of 5.20 million yuan from major funds, indicating strong institutional interest despite overall sector outflows [3].

Group 1 - Sichuan Shuangma's stock price increased by 5.07% to 22.37 CNY per share, with a trading volume of 290 million CNY and a turnover rate of 1.74%, resulting in a total market capitalization of 17.078 billion CNY [1] - Sichuan Shuangma was established on October 20, 1998, and listed on August 24, 1999. The company operates in the building materials industry and private equity fund management [1] - The revenue composition of Sichuan Shuangma includes private equity fund management at 33.36%, cement at 32.46%, biomedicine at 23.08%, and aggregates at 11.10% [1] Group 2 - According to data, one fund under GF Fund has a significant position in Sichuan Shuangma, with the GF CSI All Share Building Materials Index A (004856) increasing its holdings by 317,600 shares to a total of 976,400 shares, representing 2.46% of the fund's net value [2] - The estimated floating profit from this position is approximately 1.0546 million CNY [2] - The GF CSI All Share Building Materials Index A was established on August 2, 2017, with a current scale of 305 million CNY and a year-to-date return of 5.77%, ranking 3692 out of 4208 in its category [2]

Core Viewpoint - Sichuan Shuangma (000935.SZ) announced a significant reduction in shares by major shareholders, which has implications for the company's ownership structure and market performance [1][2]. Shareholder Reduction - LAFARGE CHINA OFFSHORE HOLDING COMPANY (LCOHC) and Tianjin Saikehuan Enterprise Management Center (Tianjin Saikehuan) reduced their holdings by a total of 12,119,355 shares, representing 1.5875% of the company's total share capital [1][2]. - The reduction occurred between October 31, 2025, and November 20, 2025, with LCOHC selling 2,273,600 shares through centralized bidding and 3,786,100 shares through block trading [1]. - Tianjin Saikehuan sold 2,273,555 shares through centralized bidding and 3,786,100 shares through block trading during the same period [1]. Financial Impact - The weighted average price of Sichuan Shuangma shares during the reduction period was 20.827 yuan, leading to a total reduction amount of approximately 252 million yuan [2]. - Tianjin Saikehuan's total shares reduced amounted to 6,059,655 shares, with a total cash inflow of 126 million yuan from the sales [2]. Ownership Structure Post-Reduction - After the reduction, the combined holdings of Harmony Hengyuan, LCOHC, and Tianjin Saikehuan amounted to 392,264,314 shares, which is 51.3811% of the total share capital [2]. - The remaining shares available for reduction for LCOHC and Tianjin Saikehuan are 1,512,500 shares and 1,512,545 shares, respectively, indicating that the reduction plan is not yet fully executed [2]. Share Transfer Agreements - On January 31, 2024, Tianjin Saikehuan signed agreements to transfer 60,553,952 shares to China CITIC Financial Asset Management Co., Ltd. and 51,919,170 shares to Zhongrong Life Insurance Co., Ltd. at a price of 14.68 yuan per share, totaling approximately 1.651 billion yuan [3]. - Since March 27, 2025, Tianjin Saikehuan has cumulatively reduced its holdings by 10.419 million shares, realizing approximately 175 million yuan [3]. Cumulative Cash Outflow - Since the beginning of 2024, Tianjin Saikehuan has realized a total cash inflow of approximately 1.95 billion yuan from its share reductions [4].

Core Viewpoint - Sichuan Shuangma (000935.SZ) announced a share reduction plan involving major shareholders, which will result in a total reduction of 12,119,355 shares, accounting for 1.5875% of the company's total share capital [1][2] Group 1 - LAFARGE CHINA OFFSHORE HOLDING COMPANY (LCOHC) and Tianjin Saikehuan Enterprise Management Center (Tianjin Saikehuan) plan to reduce their holdings through both centralized bidding and block trading from October 31, 2025, to November 20, 2025 [1] - The total shares to be reduced include 2,273,600 shares through centralized bidding and 3,786,100 shares through block trading by LCOHC, and similar amounts by Tianjin Saikehuan [1] - After the reduction, the combined holdings of Harmony Hengyuan, LCOHC, and Tianjin Saikehuan will be 392,264,314 shares, representing 51.3811% of the total share capital [2] Group 2 - The reduction plan has not yet been fully executed, with LCOHC and Tianjin Saikehuan still having remaining shares to reduce, specifically 1,512,500 shares and 1,512,545 shares, respectively [2] - The shareholding percentage of Harmony Hengyuan, LCOHC, and Tianjin Saikehuan has reached a multiple of 1% of the total share capital after this reduction [2]

四川和谐双马股份有限公司 关于持股 5%以上股东减持股份触及 1%整数倍的公告 证券代码：000935 证券简称：四川双马 公告编号：2025-53 现将相关信息公告如下： 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 | 1．基本情况 | | | | | | | --- | --- | --- | --- | --- | --- | | LAFARGE 信息披露义务人 | CHINA OFFSHORE | HOLDING | COMPANY | (LCOHC) | LTD. | | | 天津赛克环企业管理中心（有限合伙） | | | | | | LCOHC Ⅱ,Road | 地址：Vistra Town,Tortola,British | Corporate | Services Virgin | Centre Islands | Wickhams Cay | | 住所 | | | | | | | | | 天津赛克环地址：天津自贸试验区（中心商务区）滨海华贸中心 | | | | | -1334 | | | | | | | 权益变动时间 | 2025 年 10 月 | 31 日至 | 2 ...

Summary of Key Points Core Viewpoint - Sichuan Shuangma announced that shareholders LCOHC and Tianjin Saikehuan will reduce their holdings by a total of 12,119,400 shares, accounting for 1.5875% of the total share capital, between October 31, 2025, and November 20, 2025 [1] Group 1 - The reduction will occur through centralized bidding and block trading [1] - After the reduction, LCOHC and Tianjin Saikehuan, along with their concerted action partner Hexie Hengyuan, will hold a total of 392 million shares, representing 51.3811% of the total share capital [1] - Excluding repurchased shares, their combined ownership will be 51.8032% [1] Group 2 - LCOHC and Tianjin Saikehuan still have the capacity to reduce an additional 1,512,500 shares each, which remains unfinished [1]

Core Viewpoint - The company expresses confidence in its development, rooted in the broad prospects of the industry, core competitiveness of its business, and efficient governance system [2] Group 1: Business Segments - The company's main business operations include building materials manufacturing, biopharmaceutical research and production, and private equity fund management [2] - The company aims to actively promote the development of its biopharmaceutical business while solidifying its existing operations [2] Group 2: Industry Opportunities - The global pharmaceutical industry is currently in a strategic opportunity period driven by innovation, with a clear long-term stable growth outlook [2] - The venture capital funds invested by the company further expand its strategic layout in emerging fields such as biotechnology [2] Group 3: Competitive Advantages - The biopharmaceutical business possesses deep technical accumulation, stable core product layout, leading production capacity, and comprehensive service capabilities [2] - The core team has rich industry experience, continuously consolidating competitive advantages [2] Group 4: Private Equity Management - The private equity fund management business relies on a specialized investment team, a complete investment management system, and a mature post-investment management system, forming a systematic and comprehensive investment management capability [2] Group 5: Governance and Future Outlook - The company has a sound and standardized governance structure, with efficient decision-making and effective supervision, providing a solid guarantee for business development [2] - The company will continue to focus on its core business, fully seize industry opportunities, and steadily improve operating performance to create more value for all shareholders [2]

Summary of Key Points Core Viewpoint - On November 20, a total of 59 stocks in the A-share market experienced block trading, with a total transaction value of 1.91 billion yuan, indicating active trading activity in the market [1]. Group 1: Trading Activity - The top three stocks by transaction value were Zhongji Xuchuang (7.59 billion yuan), Tianyue Advanced (1.29 billion yuan), and Sichuan Shuangma (919.08 million yuan) [1]. - Among the stocks traded, 5 were sold at par value, 2 at a premium, and 52 at a discount [1]. Group 2: Price Changes - The stocks with the highest premium rates were Wantai Biological Pharmacy (6.05%) and HNA Holding (4.52%) [1]. - The stocks with the highest discount rates included Bihaiyuan (20.67%), Juguang Technology (20.53%), and Wens Foodstuff Group (19.52%) [1]. Group 3: Institutional Buying and Selling - The ranking of institutional buying was led by Zhongji Xuchuang (7.59 billion yuan), followed by Tianyue Advanced (93.35 million yuan) and Zhekuang Co. (28.37 million yuan) [1]. - The top three stocks sold by institutional investors were Xiangdian Co. (9.99 million yuan), Wanda Information (7.01 million yuan), and Wukuang New Energy (3.99 million yuan) [2].

Core Insights - Sichuan Shuangma experienced significant trading activity on November 20, with a total of 6 block trades amounting to 4.83 million shares and a total transaction value of 91.91 million yuan, with a trading price of 19.02 yuan, reflecting an 11.66% discount compared to the closing price [2][3] - Over the past three months, the stock has seen a cumulative total of 29 block trades, with a total transaction value of 188 million yuan [2] - The stock closed at 21.53 yuan on the same day, marking a 3.01% increase, with a turnover rate of 2.58% and a total trading volume of 421 million yuan, alongside a net inflow of 29.74 million yuan in main funds [2] Trading Data - The latest margin financing balance for Sichuan Shuangma is 689 million yuan, with an increase of 3.84 million yuan over the past five days, representing a growth of 0.56% [3] - Detailed block trade data on November 20 includes: - 195,000 shares traded for 37.09 million yuan at 19.02 yuan, with an 11.66% discount [3] - 156,610 shares traded for 29.79 million yuan at the same price and discount [3] - Additional trades included 85,000 shares for 16.17 million yuan, 20,000 shares for 0.38 million yuan, and smaller trades totaling 12,500 shares for 2.38 million yuan, all at the same price and discount [3]

Core Points - The diversified financial sector experienced a decline of 0.22% on November 20, with Hongye Futures leading the drop [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Market Performance - Notable gainers in the diversified financial sector included: - Haide Co., Ltd. (000567) with a closing price of 7.70, up 3.49% on a trading volume of 387,700 shares and a turnover of 295 million [1] - Sichuan Shuangma (000935) closed at 21.53, up 3.01% with a trading volume of 197,200 shares and a turnover of 421 million [1] - Other companies with minor gains included Jiangsu Jinzu (600901) at 6.45, up 1.10%, and Xiangwen Tiaotong (600830) at 9.81, up 1.03% [1] Capital Flow - The diversified financial sector saw a net outflow of 314 million from institutional investors, while retail investors contributed a net inflow of 377 million [2] - The main capital inflows and outflows for specific stocks included: - Sichuan Shuangma (000935) with a net inflow of 31.66 million from institutional investors, but a net outflow of 17.81 million from retail investors [3] - Jiangsu Jinzu (600901) had a net inflow of 7.21 million from institutional investors, but also saw outflows from retail investors [3]