市场上不乏表现亮眼的私募基金产品，但由于私募基金不像公募基金需要定期披露持仓， 私募产品的持仓及调仓数据难以直接获取。通过对个股披露的前十大股东和前十大流通股 东数据进行统计，我们可以间接观测私募管理人的股票持仓变动情况。 私募基金持仓行业变动 按中信一级行业划分，2025Q3医药、基础化工、电子行业中，参与统计的私募管理人进 入前十大名单的股票数量最多，具体数量分别为18、16、15。 相比于2025Q2，2025Q3私募管理人进入计算机、医药、食品饮料前十大名单的股票数 量最多，从电子、煤炭、房地产前十大名单撤离的私募管理人最多。 私募管理人加仓/减仓个股排行 以私募管理人持仓股票数量变动占总股本的比例作为衡量依据，得到参与统计的私募基 金持股比例增长最多的20只股票列表。按中信一级行业划分，基础化工、医药、电子行 业个股的出现频率较高。个股层面而言，达瑞电子、中伟股份、国投电力、扬杰科技、 大秦铁路的私募基金持股比例增长最多。 纳入统计的私募管理人持股比例降低最多的20只股票中，按中信一级行业划分，医药、 电子、基础化工行业个股的出现频率较高。个股层面而言，乐鑫科技、东诚药业、龙佰 集团、臻镭科技、圣湘 ...

证券研究报告 | 2025年11月26日 金融工程专题研究 百亿私募 2025 年三季度持仓变化透视分析 私募持仓变动 市场上不乏表现亮眼的私募基金产品，但由于私募基金不像公募基金需要定 期披露持仓，私募产品的持仓及调仓数据难以直接获取。通过对上市公司季 报披露的前十大股东和前十大流通股东数据进行统计，我们可以间接观测私 募管理人的股票持仓变动情况。 私募基金持仓行业变动 按中信一级行业划分，2025Q3 医药、基础化工、电子行业中，参与统计的 私募管理人进入前十大名单的股票数量最多，具体数量分别为 18、16、15。 相比于 2025Q2，2025Q3 私募管理人进入计算机、医药、食品饮料前十大 名单的股票数量最多，从电子、煤炭、房地产前十大名单撤离的私募管理人 最多。 私募管理人加仓/减仓个股排行 以私募管理人持仓股票数量变动占总股本的比例作为衡量依据，得到参 与统计的私募基金持股比例增长最多的 20 只股票列表。按中信一级行 业划分，基础化工、医药、电子行业个股的出现频率较高。个股层面而 言，达瑞电子、中伟股份、国投电力、扬杰科技、大秦铁路的私募基金 持股比例增长最多。 纳入统计的私募管理人持股比例降低 ...

证券日报网讯东诚药业（002675）11月26日在互动平台回答投资者提问时表示，公司严格按照相关法律 法规的要求履行信息披露义务，不存在应披露而未披露事项。公司将严格遵循《上市公司监管指引第10 号——市值管理》的要求，维护股东利益。 ...

一、行业概述 硫酸软骨素（Chondroitin sulfate，CS）是一种天然存在的酸性粘多糖，属于糖胺聚糖 （Glycosaminoglycan，GAG）家族。它广泛分布于动物结缔组织的细胞外基质和细胞表面，尤其在软 骨、骨、肌腱、肌膜、血管壁及皮肤中含量丰富。其化学结构由重复的二糖单元组成，每个单元包含 D-葡萄糖醛酸（GlcA）和N-乙酰半乳糖胺（GalNAc），通过β-1,3和β-1,4糖苷键交替连接，形成多糖 链。硫酸软骨素通过糖苷键连接到核心蛋白的丝氨酸残基上，形成蛋白聚糖，是软骨基质的关键成分， 对维持软骨的弹性、韧性、润滑性及代谢功能至关重要。硫酸软骨素可分为A、B、C、D、E、F、H、 K、L、M等类型。 内容概况：随着国内老龄化加速（60岁以上人口超2.8亿），带动骨关节炎、心血管疾病等患者激增， 硫酸软骨素作为治疗成分之一，在药品、保健品及化妆品中的需求持续攀升。同时，运动健康意识提升 带动运动营养补剂市场扩张，进一步拉动需求。2024年，中国硫酸软骨素行业市场规模约为11.58亿 元，同比增长37.69%。 相关上市企业：东诚药业（002675） 相关企业：汤臣倍健股份有限公司、牧 ...

证券代码：002675 证券简称：东诚药业 公告编号：2025-067 烟台东诚药业集团股份有限公司 关于为子公司及其下属公司提供担保的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 三、被担保人基本情况 被担保人名称：烟台东诚鼎诺生物制药有限公司 1 法定代表人：孙晶 一、本次担保情况概述 近日，烟台东诚药业集团股份有限公司（以下简称"公司"）与北京银行股 份有限公司烟台分行（以下简称"北京银行"或"债权人"）签订了《保证合同》， 约定公司为下属公司烟台东诚鼎诺生物制药有限公司（以下简称"东诚鼎诺"或 "债务人"）向北京银行申请的6,000万元贷款提供连带责任担保。 二、担保事项审议及额度使用情况 公司于2025年2月26日和2025年3月28日分别召开第六届董事会第九次会议 和2024年度股东大会，审议通过了《关于2025年度为子公司及其下属公司提供担 保额度预计的议案》，同意公司对合并报表范围内的子公司及其下属公司提供担 保，预计2025年度上述担保额度合计不超过人民币100,000万元（或等值外币）， 额度内可循环滚动操作。授权公司及子公司法 ...

Group 1 - Dongcheng Pharmaceutical's stock closed at 15.55 yuan, down 0.19% on November 7 [1] - A block trade occurred with a total volume of 1.5 million shares and a transaction amount of 23.325 million yuan [1] - The transaction price was 15.55 yuan per share, with a premium rate of 0.00%, involving an institutional buyer and a seller from China Merchants Securities [1] Group 2 - In the past three months, the stock has recorded one block trade with a total transaction amount of 23.325 million yuan [1] - Over the last five trading days, the stock has seen a cumulative decline of 0.32%, with a net inflow of 2.1352 million yuan from main funds [1]

Group 1 - On November 7, Dongcheng Pharmaceutical executed a block trade of 1.5 million shares, with a transaction amount of 23.325 million yuan, accounting for 24.51% of the total transaction volume for the day [1] - The transaction price was 15.55 yuan, which was in line with the market closing price of 15.55 yuan [1][2]

Core Viewpoint - Dongcheng Pharmaceutical's stock price has shown fluctuations, with a year-to-date increase of 26.66%, but a recent decline in the last 60 days by 11.57% [1] Financial Performance - For the period from January to September 2025, Dongcheng Pharmaceutical reported a revenue of 2.043 billion yuan, a year-on-year decrease of 5.52%, and a net profit attributable to shareholders of 149 million yuan, down 10.64% year-on-year [2] - Cumulative cash dividends since the company's A-share listing amount to 1 billion yuan, with 293 million yuan distributed over the last three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders increased to 24,600, a rise of 4.51%, while the average circulating shares per person decreased by 4.32% to 30,191 shares [2] - Hong Kong Central Clearing Limited is the fifth-largest circulating shareholder, holding 20.0272 million shares, an increase of 7.607 million shares compared to the previous period [3] Market Activity - On November 4, Dongcheng Pharmaceutical's stock price fell by 2.03%, trading at 15.44 yuan per share, with a total market capitalization of 12.732 billion yuan [1] - The stock experienced a net outflow of main funds amounting to 3.9255 million yuan, with significant selling pressure observed [1]

Core Insights - As of October 31, a total of 129 stocks in the Shanghai and Shenzhen markets have experienced net financing inflows for five consecutive days or more [1] - The stock with the longest consecutive net inflow is CITIC Bo, which has seen net buying for 14 trading days [1] - Other notable stocks with significant consecutive net inflows include Daimai Co., Weichuang Electric, Foster, Zhenhua Technology, Honghua Digital, Aosaikang, Dongcheng Pharmaceutical, and Huace Navigation [1]

Core Viewpoint - Dongcheng Pharmaceutical is a leading biopharmaceutical company in China, specializing in the research, production, and sales of heparin sodium and chondroitin sulfate, with a full industry chain advantage [1] Group 1: Business Performance - In Q3 2025, Dongcheng Pharmaceutical reported revenue of 2.043 billion yuan, ranking 33rd among 110 companies in the industry, while the industry leader, Huadong Medicine, achieved revenue of 32.664 billion yuan [2] - The net profit for the same period was 125 million yuan, placing the company 47th in the industry, with the top performer, Heng Rui Medicine, reporting a net profit of 5.76 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 41.35%, up from 36.73% year-on-year, exceeding the industry average of 35.26% [3] - The gross profit margin for the same period was 50.26%, an increase from 45.55% year-on-year, but still below the industry average of 57.17% [3] Group 3: Executive Compensation - The chairman, You Shuyi, received a salary of 1.7957 million yuan in 2024, a slight decrease from 1.8032 million yuan in 2023 [4] - The general manager, Luo Zhigang, saw an increase in salary to 2.3287 million yuan in 2024 from 2.0232 million yuan in 2023, reflecting a rise of 305,500 yuan [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 4.51% to 24,600, while the average number of circulating A-shares held per shareholder decreased by 4.32% to 30,200 [5] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 7.607 million shares to 20.0272 million shares [5] Group 5: Future Outlook - Dongcheng Pharmaceutical's main business profit growth is recovering, with significant highlights including a more than 20% increase in FDG revenue in Q3 2025, contributing to improved gross margin [5] - The company is preparing for an IPO application for its subsidiary, Luanacheng, with expectations for its first innovative nuclear drug NDA in the first half of 2026 [5] - The company maintains profit forecasts of 220 million yuan, 299 million yuan, and 385 million yuan for 2025 to 2027, respectively [5]