国盛证券股份有限公司 投资管理办法（试行） 第一章 总则 第一条 为进一步规范国盛证券股份有限公司（以下简称 "公司"）的投资工作，防范投资风险，保障投资安全，提高投 资效益，根据《中华人民共和国公司法》（以下简称《公司法》） 等法律法规和《江西省国资委出资监管企业投资监督管理办法》 （赣国资字〔2025〕16 号）（以下简称《监管办法》）《国盛 证券股份有限公司章程》（以下简称《公司章程》）等制度， 制定本办法。 第二条 本办法适用于公司及公司所属各单位（以下统称 "各单位"）的所有投资活动及相关管理工作。公司所属各单位 包括公司各级全资、控股（或具有实际控制权）子公司。公司 各单位投资活动及相关管理工作涵盖投资决策、执行、合规风 控、监督、后评价等全流程，涉及投资评审委员会、投资单位、 风险管理部门、合规管理部门、财务部门、内部审计部门等所 有相关单位或部门、岗位及人员。 第三条 本办法所指主业范围指经江西省国有资产监督 管理委员会（以下简称"省国资委"）审核批复的公司核心经营 业务，主业包括资本市场服务（证券市场、资本投资、投资银 行、股权投资、财务咨询等），具体指经纪与财富管理业务、 投资银行业务、投 ...

2.本次股东会未涉及变更以往股东会决议情况。 一、会议召开和出席情况 1.会议召开时间： 证券代码：002670 证券简称：国盛证券 公告编号：2025-063 国盛证券股份有限公司 2025 年第二次临时股东会决议公告 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。 特别提示： 1.本次股东会无新增、变更及否决提案的情形。 （1）现场会议时间：2025 年 11 月 27 日 14:30。 （2）网络投票时间：通过深交所交易系统进行网络投票的具体时间为：2025 年 11 月 27 日 9:15-9:25,9:30-11:30 及 13:00-15:00；通过深交所互联网投票系统进 行网络投票的具体时间为 2025 年 11 月 27 日 9:15-15:00 期间的任意时间。 2.现场会议召开地点：南昌市红谷滩区凤凰中大道 1115 号北京银行大楼 16 层会议室。 3.会议召开方式：现场表决与网络投票相结合。 4.会议召集人：公司董事会。 5.会议主持人：董事长刘朝东先生。 6.本次股东会的召集、召开程序、出席会议人员资格及表决程序符合《公司 法》等法律 ...

证券代码：002670 证券简称：国盛证券 公告编号：2025-064 国盛证券股份有限公司 第五届董事会第三次会议决议公告 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。 一、董事会会议召开情况 国盛证券股份有限公司（以下简称"公司"）第五届董事会第三次会议通知 于 2025 年 11 月 21 日以电子邮件、书面等方式送达全体董事，会议于 2025 年 11 月 27 日下午 3:00 在公司 16 楼会议室以现场结合视频方式召开。本次会议由 董事长刘朝东先生召集和主持，会议应出席董事 10 人，实际出席 10 人（董事李 璞玉、廖志花、罗希、程迈、周江昊、罗忠洲、袁业虎以视频方式参会），公司 相关高级管理人员列席本次会议。会议的召集、召开符合《公司法》《证券法》 等法律法规、部门规章及《公司章程》的规定。 二、董事会会议审议情况 经与会董事审议表决，形成决议如下： 1.审议通过《关于核定公司主责主业的议案》。 公司于同日披露的《投资管理办法（试行）》。 4.审议通过《关于制定〈工资总额管理办法〉的议案》。 表决结果：10 票同意、0 票反对、0 票弃权。 ...

Group 1 - The core point of the article is that Guosheng Securities held its fifth board meeting on November 27, 2025, to discuss key proposals including the determination of the company's main responsibilities and business focus [1] - For the first half of 2025, Guosheng Securities reported that 81.56% of its revenue came from securities business, while non-securities business accounted for 3.27% [1] - As of the report date, Guosheng Securities has a market capitalization of 34.5 billion yuan [1]

北京市金杜律师事务所 关于国盛证券股份有限公司 2025 年第二次临时股东会 的法律意见书 致：国盛证券股份有限公司 北京市金杜律师事务所（以下简称本所）接受国盛证券股份有限公司（以下 简称公司或国盛证券）委托，根据《中华人民共和国证券法》（以下简称《证券法》）、 《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会《上 市公司股东会规则》（以下简称《股东会规则》）等中华人民共和国境内（以下简 称中国境内，为本法律意见书之目的，不包括中国香港特别行政区、中国澳门特 别行政区和中国台湾地区）现行有效的法律、行政法规、规章和规范性文件和现 行有效的公司章程的有关规定，指派律师出席了公司于 2025 年 11 月 27 日召开的 2025 年第二次临时股东会（以下简称本次股东会），并就本次股东会相关事项出 具本法律意见书。 为出具本法律意见书，本所律师审查了国盛证券提供的以下文件，包括但不 限于： 1. 公司 2025 年 10 月 24 日 2025 年第一次临时股东大会审议通过的《国盛 证券股份有限公司章程》（以下简称《公司章程》）； 2. 公司 2025 年 11 月 12 日刊登于巨潮资讯 ...

Core Insights - The report from Guosheng Securities highlights that Lepu Medical's innovative business segment is making significant progress with product approvals and external collaborations, focusing on neuromodulation, innovative drugs, and medical aesthetics as new growth drivers [1] Neuromodulation - The rechargeable implantable deep brain stimulation system has received NMPA approval, marking a key advancement in the neuromodulation sector [1] Innovative Drugs - Lepu Medical has licensed the MWN105 injection to Danish company Sidera for a fee, receiving an initial investment and milestone payments totaling $35 million. Future milestone payments could reach up to $1.01 billion based on clinical development and commercialization sales [1] Medical Aesthetics - The company has received approvals for its Tongyan injection and sodium hyaluronate solution, and has established a strategic partnership with Meituan to enhance product distribution [1] Future Growth Potential - The report suggests that the impact of policies is gradually diminishing, and new businesses like medical aesthetics are in a rapid growth phase, positioning the innovative segment as a key driver for the company's future growth [1]

Core Viewpoint - The report from Guosheng Securities suggests a strategic and tactical bullish outlook on A-share assets, driven by the anticipated rise of new economic drivers and forces in China during the "14th Five-Year Plan" period, particularly in advanced manufacturing and technology [2][3] Group 1: Investment Strategy - The report emphasizes the importance of investing in China, highlighting that each era has its core assets that reflect the macroeconomic environment, with the upcoming period expected to attract global resources and create a bull market in equities [2] - The focus is on four main investment themes: "All in AI, new productive forces, self-control, and going global" [1][2] Group 2: Asset Allocation - A-shares are viewed positively, with a focus on a "dumbbell strategy" where investments are concentrated at both ends: technology growth and dividend stocks, while rotating through mid-range assets [3] - The report identifies key sectors for investment, including technology related to self-control and domestic substitution, as well as long-duration low-yield assets like dividend stocks [3] Group 3: Market Conditions - The domestic bond market is expected to experience fluctuations, with the 10-year government bond yield projected to range between 1.5% and 1.9% due to various economic factors [4] - In the U.S. market, the report anticipates volatility in U.S. stocks, with a downward trend in U.S. Treasury yields and a weakening dollar, influenced by AI narratives and fiscal policies [5][6] Group 4: Commodity Outlook - The report notes a broad presence of bullish options in commodities, with precious metals like gold and silver benefiting from trends such as "de-dollarization" and "debt monetization" [6] - Specific commodities such as copper, aluminum, and rare earths are expected to gain from energy transition and technological advancements, as well as geopolitical tensions [6]

Core Viewpoint - Jingzhuan Technology is accelerating its overseas expansion as a leading manufacturer of precision forged gears, positioning itself in the new robotics sector through strategic investments and partnerships [1] Group 1: Financial Performance - The company is raising funds through private placements and convertible bonds to invest in projects such as differential assemblies and new energy electric drive components, leading to rapid capacity growth [1] - Revenue from assembly products is projected to reach 492 million yuan in 2024, representing a year-on-year growth of 18.84%, accounting for 24.3% of total revenue, making it the second-largest revenue source [1] Group 2: Strategic Initiatives - The company is strategically aligning with the trend of integrated solutions in the new energy vehicle sector, highlighting its growth certainty [1] - In 2025, the company plans to establish Jiangsu Pacific Intelligent Joint Company in partnership with Tianjin Aima, focusing on the development of robotic joint components [1] - The company has also invested in Wuhan Gelanruo Intelligent Robot Co., Ltd., successfully delivering module samples, which may open a second growth curve [1] Group 3: Market Position - As a leader in precision forged gears, the company continues to expand its product offerings and customer base, with new products like differential assemblies entering the scaling phase and accelerating overseas market deployment [1] - The company has received an initial coverage rating of "Buy" due to its ongoing expansion and market strategies [1]

Core Viewpoint - The article emphasizes the long-term bullish outlook on gold prices, driven by macroeconomic factors and strategic asset allocation considerations, particularly in the context of U.S. political developments and global monetary policies [1][2]. Group 1: Gold Market Insights - The chief economist of Guosheng Securities, Dr. Xiong Yuan, holds a strong "strategic and tactical bullish" view on gold, predicting significant price movements around the U.S. midterm elections in 2026 [1]. - Historical data shows that consistent investment in gold since 2000 has yielded positive cumulative returns, indicating its importance as a key asset class beyond being a traditional safe haven [1]. - The ongoing trend of central banks increasing gold reserves reflects a long-term weakening of the dollar's credibility, reinforcing the bullish logic for gold [2]. Group 2: Macroeconomic Factors - The article highlights that the global monetary expansion over the past few decades, particularly in the last ten years, has created a favorable environment for gold as a hedge against inflation [2]. - The expectation of continued loose monetary policies in both the U.S. and China, including potential "double easing" in the U.S. by 2026, supports the strategic focus on gold [2]. Group 3: A-Share Market Outlook - The A-share market is viewed optimistically, supported by unexpected industrial competitiveness, particularly in sectors like innovative pharmaceuticals and artificial intelligence [3]. - Recent government policies aimed at stabilizing the economy and boosting market confidence, such as local government debt management and financial support mechanisms, are seen as positive indicators for the stock market [3]. - The transition phase of the Chinese economy from a real estate downturn to exploring new growth pillars positions the stock market as a key area for policy focus, potentially leading to a "slow bull" market [3]. Group 4: Bond Market Analysis - The bond market is expected to maintain a volatile trend in 2026, influenced by factors such as economic performance, inflation levels, monetary policy, and regulatory environment [4]. - The analysis suggests that without strong catalysts, various asset classes, including bonds, are likely to experience fluctuations rather than extreme movements, particularly in the year-end period [4].

Core Viewpoint - Guotai Junan Securities maintains a "buy" rating for Chow Tai Fook (01929), highlighting its leadership in the jewelry industry, focus on single-store operations, product design optimization, and consumer engagement strategies. Despite a slight revenue decline of 1.1% in H1 FY2026, operating profit increased by 0.7%, indicating steady improvement in profitability [1]. Performance Summary - For H1 FY2026, Chow Tai Fook reported a revenue decline of 1.1% to HKD 38.986 billion, while operating profit increased by 0.7% to HKD 6.823 billion, reflecting a stable recovery. The operating profit margin improved by 0.3 percentage points to 17.5%. The net profit attributable to shareholders rose by 0.1% to HKD 2.534 billion, with an interim dividend of HKD 0.22 per share, resulting in a payout ratio of 85.7% [1]. Mainland Market Performance - In H1 FY2026, revenue from mainland China decreased by 2.5% to HKD 32.194 billion, with retail channel revenue increasing by 8.1% and wholesale channel revenue declining by 10.2%. The company closed 611 stores, ending the period with 5,663 retail stores, 73% of which are franchise stores. The company is optimizing its retail network and opened 57 new stores, achieving an average monthly sales of over HKD 1.3 million per new store, a 72% increase year-on-year [2]. Product Strategy - The sales revenue from priced gold jewelry increased by 9.3%, accounting for 29.6% of total revenue, up 2.7 percentage points. The company focused on product optimization, with notable sales from its signature series, which reached HKD 3.4 billion, a 48% increase. Conversely, revenue from weight-based gold jewelry declined by 3.8%, with its share dropping by 2.2 percentage points to 65.2%. The company aims to continue optimizing its product structure to enhance profit margins [3]. Regional Market Growth - Revenue from Hong Kong, Macau, and other regions grew by 6.5% to HKD 6.792 billion, driven by a recovery in retail consumption and foot traffic. The company is revitalizing existing markets and expanding into high-potential new markets, including Southeast Asia and Oceania, through store upgrades and new openings [3]. Future Outlook - The company expects a revenue growth of 3.1% for FY2026, reaching HKD 92.453 billion, and a net profit growth of 36.8% to HKD 8.092 billion, benefiting from rising gold prices and product optimization [4].