Group 1 - Dingjide's subsidiary has successfully launched the industrial production of POE materials, achieving stable production of qualified products [1] - Xinhua Insurance reported a 19% year-on-year increase in original insurance premium income for the first three quarters, totaling 172.705 billion yuan [1] - Chunfeng Power achieved a 30.89% year-on-year increase in net profit for the first three quarters, with total revenue reaching 14.15 billion yuan [1][2] Group 2 - Guangsheng Nonferrous expects a net profit of 100 million to 130 million yuan for the first three quarters, marking a turnaround from losses [1] - Aobi Zhongguang anticipates a net profit of approximately 108 million yuan for the first three quarters, with revenue growth of 103.5% [1] - Guobang Pharmaceutical reported a 15.78% year-on-year increase in net profit for the first three quarters, totaling 6.7 billion yuan [1] Group 3 - Zhujiang Co. manages 428 projects with a signed construction area of approximately 50.9853 million square meters as of September 2025 [1] - Kecuan Technology has terminated its application for issuing convertible bonds, considering its development plan and actual situation [1] - Guoxin Securities has received approval to register 15 billion yuan in short-term corporate bonds [1] Group 4 - Aihua Pharmaceutical's clinical trial for a pediatric cough syrup has been approved by the National Medical Products Administration [1] - Xinjiang Jiaojian signed new construction contracts worth 1.413 billion yuan in the third quarter [1] - Sichuan Shuangma's subsidiary has received approval for the listing of a raw material drug used in treating various diseases [1] Group 5 - Gansu Energy's 1,000 MW coal-fired unit has officially commenced commercial operation [1] - Zhejiang Energy reported a 4.68% year-on-year increase in power generation for the first three quarters, totaling 135.234 billion kWh [1] - Tiandi Source's contract sales amount for the first nine months decreased by 16.18% to 3.085 billion yuan [1] Group 6 - Biological Shares' subsidiary has obtained a new veterinary drug registration certificate for a vaccine [1] - Jintong Co. reported a 4.03% year-on-year increase in net profit for the first three quarters, totaling 2.283 billion yuan [1] - Rihua Technology plans to invest 800 million yuan in a new project for industrial ray detection equipment [1] Group 7 - Zhongtian Technology has won multiple marine project bids totaling approximately 1.788 billion yuan [1] - Qingsong Co. has completed the disposal of a 148-acre industrial park project, transferring it for 163 million yuan [1] - Tongyuan Petroleum has successfully bid for a $126 million oil and gas service project in Algeria [1] Group 8 - Hengmingda's chairman proposed a share buyback plan of 200 million to 400 million yuan [1] - Deyi Cultural plans to reduce its holdings by up to 1% of the company's shares [1] - Feirongda's major shareholder plans to reduce its holdings by up to 2.36% of the company's shares [1] Group 9 - Mankun Technology plans to issue convertible bonds to raise no more than 760 million yuan for high-end PCB production and digital upgrades [1] - Sanlian Forging's shareholder plans to reduce its holdings by up to 3% of the company's shares [1] - Huagong Technology intends to jointly establish a venture capital fund with a target size of 500 million yuan [1] Group 10 - Shida Shenghua expects a net loss of 49 million to 75 million yuan for the first three quarters [1] - Huichuangda's major shareholder plans to reduce its holdings by up to 0.65% of the company's shares [1] - Yuxin Electronics reported a 60.21% year-on-year increase in net profit for the first three quarters, totaling 73.3941 million yuan [1] Group 11 - Yiwei Communication expects a 50% to 55% decline in net profit for the first three quarters [1] - Lio Co. plans to reduce its repurchased shares by up to 135 million shares [1] - Sichuan Shuangma's subsidiary has received approval for a new drug registration [1]

10月15 - 16日，共同药业迎来国信证券、国泰海通证券等16家机构调研，公司董事长、总经理、研发总 监系祖斌等多位高层参与接待，就公司海外市场拓展、原料药布局等多方面展开交流。 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 甾体药物根据下游产品属性分为性激素、孕激素、皮质激素及其他类。性激素用于激素替代等；孕激素 治疗相关疾病或用于计生；皮质激素治疗各类炎症等；其他类包含胆酸类、心血管、抗癌等多种用药， 且品种和应用范围不断扩大。 应对产业链重构与核心竞争力 全球医药产业链重构影响共同药业产能布局和客户合作模式。随着甾体药物应用领域扩大及大健康产业 发展，公司积极应用合成生物学技术优化工艺，加强客户协同。公司将全产业链协同视为核心竞争力， ...

人民财讯10月16日电，国信证券（002736）10月16日公告，公司近日收到中国证监会批复，同意公司向 专业投资者公开发行不超过150亿元短期公司债券的注册申请。 ...

报告中称，化妆品行业自疫情后进入平稳增长阶段，渠道红利萎缩的同时，新品牌仍层出不穷，导致行 业竞争持续激烈，单一产品的增长生命周期持续缩短。在此背景下，平台化运营能力成为美妆企业突破 增长瓶颈的关键，通过搭建能够紧密围绕消费者需求为核心的组织架构，灵活应对市场变化，并逐步构 建多品牌/品类持续迭代的业务矩阵。曾经的上海家化、珀莱雅，以及当前的上美，均是通过搭建了这 样一套平台化体系，实现了穿越行业波动周期的可持续增长。 目前公司已在渠道、研发、营销等方面实现了可复用的底层能力，从而形成多品类和多品牌的平台化发 展态势。其中主品牌韩束从红蛮腰套盒(2023年8个月蝉联抖音美妆榜首)切入，并自去年推出X肽面霜实 现大单品突破，同时向洗护(控油洗发水抖音爆款榜TOP1)、男士(2025H1核心精华抖音销量TOP1)、彩 妆(红运系列)扩容品类。同时多品牌精耕细分赛道：一页(中高端母婴，24年营收3.76亿元，618平台增 速超100%)、极方(防脱洗护，25年7月自播GMV超1000万元)、聚光白(院线级PDRN成分，25年8月GMV 破5000万元)、安敏优(敏感肌，25年8月GMV1700万元)，共同构建了公司 ...

目前公司已在渠道、研发、营销等方面实现了可复用的底层能力，从而形成多品类和多品牌的平台化发 展态势。其中主品牌韩束从红蛮腰套盒(2023年8个月蝉联抖音美妆榜首)切入，并自去年推出X肽面霜实 现大单品突破，同时向洗护(控油洗发水抖音爆款榜TOP1)、男士(2025H1核心精华抖音销量TOP1)、彩 妆(红运系列)扩容品类。同时多品牌精耕细分赛道：一页(中高端母婴，24年营收3.76亿元，618平台增 速超100%)、极方(防脱洗护，25年7月自播GMV超1000万元)、聚光白(院线级PDRN成分，25年8月GMV 破5000万元)、安敏优(敏感肌，25年8月GMV1700万元)，共同构建了公司多品牌增长曲线。 国信证券发布研报称，予上美股份(02145)"优于大市"评级，预计公司2025-2027年实现归母净利润 11.07/13.88/17.02亿元，EPS为2.78/3.49/4.27元/股。综合考虑绝对估值及相对估值，给予公司目标价为 104.5-120.9港元/股。整体来看，公司作为国货美妆龙头，依托机制包容性、研发深入性与渠道多元性 的底层能力，一方面通过主品牌韩束以套盒破圈、全品类扩容巩固业绩基本 ...

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。 近日，国信证券股份有限公司（以下简称"公司"）收到中国证券监督管理 委员会出具的《关于同意国信证券股份有限公司向专业投资者公开发行短期公司 债券注册的批复》（证监许可〔2025〕2219 号），批复内容如下： 一、同意公司向专业投资者公开发行短期公司债券的注册申请。本次公开发 行短期公司债券面值余额不超过 150 亿元。 二、本次发行短期公司债券应严格按照报送深圳证券交易所的募集说明书进 行。 证券代码：002736 证券简称：国信证券 公告编号：2025-079 国信证券股份有限公司 关于向专业投资者公开发行短期公司债券 获中国证监会注册批复的公告 公司将按照有关法律法规和上述批复文件要求及公司股东会的授权办理短 期公司债券发行的相关事宜，并及时履行信息披露义务。 特此公告。 国信证券股份有限公司董事会 2025 年 10 月 17 日 三、本批复自同意注册之日起 24 个月内有效，公司在注册有效期内可以分 期发行短期公司债券。 四、自同意注册之日起至本次短期公司债券发行结束前，公司如发生重大事 项，应及时报告 ...

| 证券代码：002736 | 证券简称：国信证券 | | 公告编号：2025-078 | | --- | --- | --- | --- | | 债券代码：148087 | 债券简称：22 国信 | 06 | 编号：-【】 | 国信证券股份有限公司 2022 年面向专业投资者公开发行公司债券（第五期） 2025 年兑付兑息暨摘牌公告 2、债权登记日：2025 年 10 月 17 日 3、最后交易日：2025 年 10 月 17 日 4、债券兑付兑息日：2025 年 10 月 20 日 5、债券摘牌日：2025 年 10 月 20 日 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： 本期债券的债券简称为 22 国信 06，债券代码为 148087，本年度计息期间、 债权登记日及兑付兑息日等如下： 1、本年度计息期间：2024 年 10 月 18 日至 2025 年 10 月 17 日 2025 年 10 月 17 日（含）前买入本期债券的投资者，享有本次派发的本金 和利息；2025 年 10 月 17 日（含）前卖出本期债券的投资者，不享有本次派发 ...

Group 1 - The core viewpoint is that factory and cleanroom engineering are essential components for the expansion of the AI computing power industry chain, with cleanrooms providing controlled environments necessary for the production of precision products such as wafers, chip substrates, packaging, consumer electronics, and server assembly [1] - Investment in factory and cleanroom engineering typically accounts for 10-20% of total investment, and the global demand for cleanroom engineering is rapidly increasing, particularly in North America, which is identified as the market with the greatest potential [1][3] - The surge in investment intensity has led to saturation among primary suppliers involved in factory construction, and the long training cycle for new engineers makes it difficult to meet the short-term spike in demand, resulting in an inevitable overflow of orders [1][3] Group 2 - Supply chain security and AI computing power are the two core factors driving global chip expansion, with the mature process chip expansion being driven by risk-averse demand and the advanced process chip expansion being driven by AI computing power demand [2] - TSMC holds 90% of the global advanced process capacity and is significantly accelerating capacity expansion in Taiwan and the United States through substantial capital expenditures [2] Group 3 - Investment recommendations highlight Shenghui Integrated (603163.SH) and Yaxiang Integrated (603929.SH) as key players in the cleanroom engineering sector, with Shenghui expected to benefit from expanding overseas business and significant growth in revenue and profit [4] - Shenghui's new orders increased by 70% in the first half of 2025, with a 63% increase in orders on hand compared to the end of the previous year, and a projected net profit growth of 24.1% to 47.9% from 2025 to 2027 [4] - Yaxiang is benefiting from the restructuring of the global semiconductor supply chain and has secured major overseas wafer factory projects, with expectations of continued significant orders due to ongoing demand for semiconductor capacity expansion in Singapore [4]

近两年来，我国可开采磷矿品位下降，开采难度和成本提升，而新增产能投放时间周期较长，同时需求 端以磷酸铁锂为代表的下游新领域需求不断增长，国内磷矿石供需格局偏紧，磷矿的资源稀缺属性日益 凸显，30%品位磷矿石市场价格在900元/吨的高价区间运行时间已超2年。据百川盈孚，截至2025年9月 29日，湖北市场30%品位磷矿石船板含税价1040元/吨，云南市场30%品位磷矿石货场交货价970元/吨， 均环比上月底持平。 智通财经APP获悉，国信证券发布研报称，当前农药价格和农药板块股票处于相对低位。需求端南美粮 食种植面积持续增加使得农药需求增加，前期下游采取按需采购及低库存策略，使得今年旺季时补库需 求强劲。供给端印度、美国农药出口增量有限，中国农药出口大幅增长，农药行业资本开支同比增速已 连续5季度转负，次轮行业扩张期渐入尾声。该行认为农药行业下行周期已经见底，看好需求拉动及行 业反内卷行动背景下农药价格整体上涨。 国信证券主要观点如下： 钾肥供需紧平衡，国际钾肥价格维持高位 我国是全球最大的钾肥需求国，而钾肥资源供给相对不足，进口依存度超过60%，2024年我国氯化钾产 量550万吨，同比降低2.7%，进口量1 ...

Key Recommendations - The report highlights the social services industry, particularly focusing on the chain restaurant sector, recommending leading brands that offer good value for money in the dining and tea beverage segments [7] - The construction industry report emphasizes the necessity of cleanroom engineering as a critical component of AI infrastructure, with global demand for construction rapidly increasing [11] Industry and Company Insights - In the restaurant sector, the report notes that in September 2025, the stock prices of major restaurant brands faced pressure, with notable increases for brands like Xiaobai Xiaobai (+33%) and Yum Brands (+4%) [7] - The mid-year financial summary indicates that the tracked chain restaurant leaders saw a 29% increase in net profit attributable to shareholders in the first half of 2025, with a 16% revenue growth, outperforming the overall retail dining market growth of 4% [7] - The cleanroom engineering market is driven by the need for controlled environments in precision product manufacturing, with investments in cleanroom engineering typically accounting for 10-20% of total project costs [11] - The global cleanroom market is expected to grow due to increasing demands for semiconductor manufacturing and data center construction, particularly in North America, which is identified as a market with significant potential [11] Market Dynamics - The report indicates that in September 2025, the domestic restaurant revenue showed a slight year-on-year increase of 1%, recovering from previous months' declines [7] - The cleanroom engineering demand is expected to rise as companies like TSMC ramp up investments in the U.S., with TSMC planning an additional $100 billion investment, indicating a robust growth trajectory for the cleanroom sector [11] Investment Recommendations - The report suggests focusing on leading companies in the cleanroom engineering space, such as Shenghui Integration and Yaxiang Integration, which are expected to benefit from the global semiconductor supply chain restructuring [12] - In the restaurant sector, it recommends investing in brands like Xiaobai Xiaobai, Gu Ming, and Mi Xue Group, which are positioned to capitalize on the recovery and growth in the dining market [9]