Group 1 - Sichuan Shuangma announced that as of the disclosure date, Hesheng Hengyuan holds approximately 202 million shares, accounting for 26.52% of the total share capital [1] - Hesheng Hengyuan and its concerted parties, including Tianjin Saike Huanqi Enterprise Management Center and LAFARGE CHINA OFFSHORE HOLDING COMPANY LTD., collectively hold about 404 million shares, representing 52.9% of the total share capital [1] - The total number of shares pledged by Hesheng Hengyuan is approximately 104 million, which is 13.59% of the total share capital [1] Group 2 - For the first half of 2025, Sichuan Shuangma's revenue composition is as follows: cement manufacturing accounts for 43.56%, private equity investment management business for 33.36%, and biopharmaceutical business for 23.08% [1] - As of the report date, Sichuan Shuangma's market capitalization is 16 billion yuan [1] Group 3 - A significant increase in overseas orders by 246% has been reported in a certain industry, covering over 50 countries and regions [1] - Entrepreneurs have warned of potential malicious competition expanding overseas, as some are selling at a loss [1]

证券代码：000935 证券简称：四川双马 公告编号：2025-50 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 四川和谐双马股份有限公司(简称"公司"或"本公司"）于近日接到控股 股东北京和谐恒源科技有限公司（以下简称"和谐恒源"）的函告，获悉和谐恒 源将所持有的本公司的部分股份办理了解除质押及再质押的手续，具体事项如下： 上述"占其所持股份比例"为该笔解除质押股份的数量占和谐恒源及其一致 行动人持股数量的比例。 上述"占其所持股份比例"为该笔质押股份的数量占和谐恒源及其一致行动 人持股数量的比例。所质押的股份未负担重大资产重组等业绩补偿义务。 依据和谐恒源出具的告知函，和谐恒源对所持有的本公司的部分股份办理质 押的主要原因为偿还债务，就质押事项和谐恒源具备履约偿债能力，所质押的股 股东名称 是否为控股股东 或第一大股东及 其一致行动人 本次解除质押 的股份数量 （股） 占其所持 股份比例 占公司总 股本比例 质押起始 日 质押解除 日期 质权人 和谐恒源 是 22,000,000 5.45% 2.88% 2023年11 月3日 2025年11 月3日 ...

Core Insights - The diversified financial sector experienced a slight increase of 0.39% on November 3, with *ST Xiongmao leading the gains [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Stock Performance Summary - *ST Nengmao saw a closing price of 9.93, with a rise of 4.97% and a trading volume of 64,400 shares, totaling a transaction value of 62.95 million yuan [1] - Haide Co. closed at 7.86, up 4.80%, with a trading volume of 946,100 shares and a transaction value of 730 million yuan [1] - Jiuding Investment closed at 19.64, increasing by 4.36%, with a trading volume of 182,400 shares and a transaction value of 356 million yuan [1] - Sichuan Shuangma closed at 21.18, up 4.13%, with a trading volume of 167,000 shares and a transaction value of 350 million yuan [1] - Zhejiang Dongfang closed at 7.36, increasing by 2.79%, with a trading volume of 3,129,800 shares and a transaction value of 2.277 billion yuan [1] Capital Flow Analysis - The diversified financial sector saw a net outflow of 13.69 million yuan from institutional investors and 17.34 million yuan from retail investors, while retail investors had a net inflow of 31.03 million yuan [2] - Haide Co. had a net inflow of 81.16 million yuan from institutional investors, while experiencing a net outflow of 82.36 million yuan from retail investors [3] - Sichuan Shuangma recorded a net inflow of 44.44 million yuan from institutional investors, with net outflows from both retail and speculative investors [3]

Group 1 - Sichuan Shuangma's stock price increased by 5.01% to 21.36 CNY per share, with a trading volume of 291 million CNY and a market capitalization of 16.307 billion CNY as of November 3 [1] - The company has seen a cumulative increase of 3.3% over the past three days [1] - Sichuan Shuangma's main business segments include private equity fund management (33.36%), cement production (32.46%), biomedicine (23.08%), and aggregates (11.10%) [1] Group 2 - According to data, one fund under GF Fund has a significant position in Sichuan Shuangma, with an increase of 317,600 shares in the third quarter, bringing the total to 976,400 shares, which represents 2.46% of the fund's net value [2] - The fund has realized a floating profit of approximately 996,000 CNY today, with a floating profit of 634,700 CNY during the three-day increase [2] - The GF CSI All-Share Building Materials Index A fund has a total asset size of 305 million CNY and has returned 7.49% year-to-date, ranking 3775 out of 4216 in its category [2]

证券代码：000935 证券简称：四川双马 公告编号：2025-49 四川和谐双马股份有限公司 关于控股股东解除股份担保及信托登记的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 2025年8月15日，四川和谐双马股份有限公司（简称"公司"）在巨潮资讯 网（http://www.cninfo.com.cn）披露了《关于控股股东非公开发行可交换公司 债券办理完成部分股份担保及信托登记的公告》（公告编号：2025-37）。公司 控股股东北京和谐恒源科技有限公司（简称"和谐恒源"）拟发行期限为不超过 3年（含），募集资金规模不超过人民币6亿元（含）的可交换公司债券。 | 和 | 谐 | 2025年10月30 | 红塔证券股份 | 是 | 5000万 | 2025年8月14日 | | --- | --- | --- | --- | --- | --- | --- | | 12.36% | 6.55% | 恒 | 日 | 有限公司 | 源 | | 为保障可交换公司债券的发行，和谐恒源将其持有的公司无限售条件的流通 股5000万股股份（包括登记在担保及信托专户期间产 ...

证券代码：000935 证券简称：四川双马 公告编号：2025-48 四川和谐双马股份有限公司 关于持股 5%以上股东减持计划期限届满的公告 持有本公司股份 56,767,945 股（占本公司总股本的 7.4358%，占剔除本公 司回购专用证券账户中的股份数量后总股本的 7.4969%）的股东中国中信金融资 产管理股份有限公司（简称"中信金融资产"）计划在该公告披露之日起 15 个 交易日后的连续 90 个自然日内（2025 年 8 月 2 日至 2025 年 10 月 30 日）以集 中竞价和大宗交易方式合计减持不超过 11,106,100 股（含本数）的本公司股份， 占剔除本公司回购专用证券账户中的股份数量后总股本的 1.4667%。其中，以集 中竞价方式减持本公司股份不超过 7,572,200 股（含本数），占剔除本公司回购 专用证券账户中的股份数量后总股本的 1.0000%，以大宗交易方式减持本公司股 份不超过 3,533,900 股（含本数），占剔除本公司回购专用证券账户中的股份数 量后总股本的 0.4667%。 持有本公司股份 51,919,170 股（占本公司总股本的 6.8007%，占剔除本公 ...

Core Insights - The diversified financial sector experienced a slight increase of 0.21% on October 31, with *ST Xiongmao leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Stock Performance Summary - The top gainers in the diversified financial sector included: - *ST Nengmao: Closed at 9.46, up 4.99% with a trading volume of 73,500 shares and a turnover of 68.298 million yuan [1] - Hainan Huatie: Closed at 7.83, up 3.57% with a trading volume of 2.1866 million shares and a turnover of 1.712 billion yuan [1] - Jiangsu Jinzu: Closed at 6.10, up 2.52% with a trading volume of 503,000 shares and a turnover of 303 million yuan [1] - The top decliners included: - Bohai Leasing: Closed at 3.57, down 2.72% with a trading volume of 971,400 shares and a turnover of 349 million yuan [2] - Yuexiu Capital: Closed at 8.09, down 1.46% with a trading volume of 544,800 shares and a turnover of 442 million yuan [2] - State Grid Yingda: Closed at 6.45, down 0.77% with a trading volume of 1.3344 million shares and a turnover of 872 million yuan [2] Capital Flow Analysis - The diversified financial sector saw a net outflow of 296 million yuan from institutional investors, while retail investors experienced a net inflow of 355 million yuan [2] - Notable capital flows for specific stocks included: - Hainan Huatie: Institutional net inflow of 89.2452 million yuan, retail net outflow of 80.1449 million yuan [3] - Haide Co.: Institutional net inflow of 39.5294 million yuan, retail net outflow of 50.1897 million yuan [3] - Sichuan Shuangma: Institutional net inflow of 18.0664 million yuan, retail net outflow of 3.8132 million yuan [3]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a significant price increase in the next 6-12 months [5]. Core Views - The company reported a revenue of 917 million RMB and a net profit of 294 million RMB for the first three quarters of 2025, representing year-on-year increases of 23.21% and 20.03% respectively. The non-recurring net profit reached 326 million RMB, up 46.89% year-on-year [2]. - The company is benefiting from a recovery in IPO activities, accelerated delivery of GLP-1 raw material orders, and improved market sentiment, which are expected to drive steady growth in performance [5]. - The investment income for Q3 was 64 million RMB, a year-on-year increase of 77.78%, and the cumulative investment income reached 116 million RMB, a significant improvement from the previous year's loss [3]. Summary by Sections Performance Review - For Q3 2025, the company achieved revenues of 288 million RMB and a net profit of 165 million RMB, with year-on-year increases of 9.91% and 25.74% respectively [2]. - The return on equity (ROE) for the first three quarters was 3.85%, an increase of 0.54 percentage points year-on-year [2]. Operational Analysis - The revenue growth in Q3 was attributed to the management fee income from the pharmaceutical, building materials, and private equity sectors, although there was a decline compared to the previous quarter due to reduced management fees from private equity exits [3]. - The company has successfully advanced several key projects, with multiple investments achieving public listings and others entering the exit phase [3]. Financial Forecast and Valuation - The company is projected to achieve a net profit of 650 million RMB for the full year of 2025, representing a 112% year-on-year growth, with a price-to-earnings (P/E) ratio of 23 times [5]. - The report anticipates that the performance of the equity investment segment will continue to release earnings elasticity as market sentiment improves [3].

Group 1 - The core viewpoint of the news is the performance and investment potential of Sichuan Shuangma, which saw a stock price increase of 5.04% to 21.03 CNY per share, with a total market capitalization of 16.055 billion CNY [1] - Sichuan Shuangma's main business segments include private equity fund management (33.36%), cement production (32.46%), biomedicine (23.08%), and aggregates (11.10%) [1] - The company is located in Chengdu, Sichuan, and was established on October 20, 1998, with its stock listed on August 24, 1999 [1] Group 2 - Guotai Fund has a significant position in Sichuan Shuangma, with its Guotai CSI All-Share Building Materials ETF (159745) increasing its holdings by 631,900 shares in the third quarter, bringing the total to 1.3057 million shares, which constitutes 2.54% of the fund's net value [2] - The Guotai CSI All-Share Building Materials ETF has a current scale of 1.102 billion CNY and has achieved a year-to-date return of 10.7% [2] - The fund's performance over the past year shows a return of 3.53%, with a ranking of 3711 out of 3889 in its category [2]

Core Insights - Sichuan Shuangma (000935.SZ) reported its Q3 2025 results, revealing that 19 institutional investors hold a total of 513 million shares, representing 67.22% of the company's total equity [1] - The top ten institutional investors collectively own 66.84% of the shares, with a decrease of 2.99 percentage points compared to the previous quarter [1] Institutional Holdings - The number of institutional investors holding shares in Sichuan Shuangma is 19, with a total holding of 513 million shares [1] - The top ten institutional investors include Beijing Harmony Hengyuan Technology Co., LAFARGE CHINA OFFSHORE HOLDING COMPANY (LCOHC) LTD., and others, with a combined holding of 66.84% [1] - There was a decline in the holding percentage of the top ten institutional investors by 2.99 percentage points from the last quarter [1] Public Fund Activity - Four public funds increased their holdings, including Guotai CSI All-Index Building Materials ETF, with an increase rate of 0.15% [2] - Two public funds decreased their holdings, with a slight decline noted [2] - Four new public funds were disclosed, while 102 public funds were not disclosed in the current period [2] Pension Fund Perspective - One pension fund, the Basic Pension Insurance Fund No. 1003, reported a slight decrease in holdings [2] Insurance Capital Direction - One insurance capital entity, Zhongrong Life Insurance Co., reported a 1.0% decrease in holdings [2] Foreign Investment Attitude - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 0.41% [2]