Core Insights - The professional services sector saw an increase of 0.61% on November 28, with XCMG Standard leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] Stock Performance - XCMG Standard (300938) closed at 33.56, up 4.42% with a trading volume of 101,600 shares and a transaction value of 335 million [1] - Ancar Detection (300572) closed at 28.50, up 2.33% with a trading volume of 89,000 shares and a transaction value of 253 million [1] - Other notable performers include Core International (300662) up 1.80%, National Inspection Group (603060) up 1.58%, and Construction Research Institute (603183) up 1.53% [1] Fund Flow Analysis - The professional services sector experienced a net outflow of 30.95 million from institutional investors, while retail investors saw a net inflow of 12.51 million [2] - Notable stocks with significant fund flows include XCMG Standard with a net inflow of 34.41 million from institutional investors, and Broadcasting Measurement (002967) with a net inflow of 17.64 million [3]

法律意见书 关于华测检测认证集团股份有限公司 第四期员工持股计划（草案）的 法律意见书 第四期员工持股计划（草案）的 法律意见书 致：华测检测认证集团股份有限公司 根据华测检测认证集团股份有限公司（以下简称"华测检测"）与广东信达 律师事务所（以下简称"信达"）签订的《专项法律顾问聘请协议》，信达接受 华测检测的委托，担任华测检测第四期员工持股计划（草案）（以下简称"本次 员工持股计划"）的专项法律顾问。根据《中华人民共和国公司法》、《中华人 民共和国证券法》（以下简称"《证券法》"）、《关于上市公司实施员工持股 计划试点的指导意见（2025修订）》（以下简称"《试点指导意见》"）、《深 圳证券交易所上市公司自律监管指引第2号——创业板上市公司规范运作（2025 年修订）》（以下简称"《自律监管指引第2号》"）等法律、行政法规、规范 性文件和中国证券监督管理委员会、深圳证券交易所的有关规定，按照《律师事 务所从事证券法律业务管理办法》和《律师事务所证券法律业务执业规则（试行）》 的要求，以及律师行业公认的业务标准、道德规范和勤勉尽责精神，信达就本次 员工持股计划所涉及的相关事宜，出具本法律意见书。 中国 广东 ...

Investment Rating - The report indicates that the detection service industry is a typical "long slope, thick snow" track, suggesting a high investment rating due to the long-term stable growth of free cash flow from leading companies [4][19]. Core Insights - The high valuation of leading companies in the detection service industry reflects their ability to generate stable and sustainable free cash flow over a long duration, which is discounted to present value [7][19]. - The detection service industry is characterized by perpetual growth attributes, with leading companies forming a competitive moat due to their first-mover advantages [8][40]. - The global market size for the detection service industry has exceeded 2 trillion RMB and continues to grow rapidly, driven by economic development and industrial upgrades [8][40]. Summary by Sections Introduction: Why Does the Detection Service Have "Valuation Premium"? - The ability to create free cash flow is linked to a company's profit growth capability (g) and profit quality (ROE). Higher profit and cash flow generation capabilities warrant higher valuations [7][19]. Characteristics of the Detection Service Industry: Perpetual Growth Attributes - The industry has a large market space and can sustain growth, driven by mandatory legal requirements, foundational support for commercial activities, and inherent needs of the public [8][40]. - The return on equity (ROE) is stable due to high barriers to entry, including brand credibility, laboratory networks, and qualification thresholds [8][51]. Review of International Leaders: SGS's Performance Over Two Decades - SGS has demonstrated a compound annual growth rate (CAGR) of 6.7% in revenue and 9.4% in net profit from 2001 to 2024, with free cash flow CAGR at 8.2%, indicating its stability as an industry benchmark [9][63]. - The company is expected to achieve organic revenue growth of 5%-7% until 2027, with an anticipated increase in operating profit margin by at least 1.5 percentage points [9][63]. Domestic Review: Expectations for Huace and Guangdian's ROE Recovery - Huace Testing is expected to see a recovery in ROE as it shifts from a revenue-oriented strategy to a profit-oriented one, with anticipated improvements in valuation [10][11]. - Guangdian Measurement's stock price volatility is closely tied to its performance, with a new management team focusing on high-end manufacturing and technology R&D, leading to rapid ROE and net profit recovery [11].

Core Viewpoint - 华测检测's stock price has experienced fluctuations, with a current decline of 2.05% and a year-to-date increase of 12.78% [1] Financial Performance - For the period from January to September 2025, 华测检测 achieved a revenue of 4.702 billion yuan, representing a year-on-year growth of 6.95% [2] - The net profit attributable to shareholders for the same period was 812 million yuan, reflecting an increase of 8.78% year-on-year [2] Shareholder Information - As of September 30, 2025, the number of shareholders for 华测检测 was 76,600, a decrease of 5.62% from the previous period [2] - The average number of circulating shares per shareholder increased by 5.96% to 18,698 shares [2] Dividend Distribution - Since its A-share listing, 华测检测 has distributed a total of 1.161 billion yuan in dividends, with 519 million yuan distributed over the past three years [3] Major Shareholders - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 289 million shares, an increase of 20.82 million shares from the previous period [3] - 易方达创业板ETF and 南方中证500ETF have seen reductions in their holdings, with 易方达创业板ETF holding 29.89 million shares, down by 5.03 million shares [3]

Core Viewpoint - 华测检测's stock price has experienced fluctuations, with a recent decline of 2.04% and a year-to-date increase of 13.43% [1] Financial Performance - For the period of January to September 2025, 华测检测 achieved a revenue of 4.702 billion yuan, representing a year-on-year growth of 6.95% [2] - The net profit attributable to shareholders for the same period was 812 million yuan, reflecting an increase of 8.78% year-on-year [2] Shareholder Information - As of September 30, 2025, the number of shareholders for 华测检测 was 76,600, a decrease of 5.62% from the previous period [2] - The average number of circulating shares per shareholder increased by 5.96% to 18,698 shares [2] Dividend Distribution - Since its A-share listing, 华测检测 has distributed a total of 1.161 billion yuan in dividends, with 519 million yuan distributed over the past three years [3] Major Shareholders - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 289 million shares, an increase of 20.82 million shares from the previous period [3] - The third-largest shareholder, E Fund ChiNext ETF, holds 29.89 million shares, a decrease of 5.03 million shares [3] - The fourth-largest shareholder, Southern CSI 500 ETF, holds 24.50 million shares, a decrease of 444,400 shares [3]

Group 1: A-Share Market Strategy - The A-share market is experiencing narrow fluctuations around the 4000-point mark, with a breakthrough on October 28 followed by a retreat below 4000, indicating a warning signal of crowding [1][24] - The October CPI has rebounded year-on-year, while PPI's decline continues to narrow, leading to a widening PPI-CPI scissors difference [1][25] - The initial phase of the bull market sees funds favoring a few high-growth sectors, while later stages may see a focus on mainline stocks, making it harder for new funds to profit [1][26] Group 2: Social Financing and Economic Indicators - In October, the social financing scale increased by 815 billion yuan, which is 597 billion yuan less than the same period last year, with a notable decrease in new government bonds and RMB loans [3][31] - The PPI's decline continues to narrow, while the CPI has turned positive year-on-year, indicating a mixed economic recovery [3][31] - The economic data for October shows a weakening trend in industrial output, retail sales, and investment, with industrial value-added growth at 4.9%, below expectations [1][25] Group 3: Medical Device Industry Insights - The medical device sector's revenue decreased by 1.65% year-on-year in the first three quarters of 2025, with a significant drop in net profit by 21.13% [8] - The bidding activities for medical devices have shown signs of recovery, with a 42% year-on-year increase in the total amount of successful bids in the first nine months of 2025 [8] - Companies like United Imaging and Mindray are accelerating their global expansion, with overseas revenue growth of 41.97% and 11.93% respectively in Q3 2025 [8] Group 4: Fixed Income Market Trends - The 3-5 year government bonds have shown better performance with a decline in interest rates, primarily driven by institutional buying behavior [7] - The market is currently in a phase of uncertainty, awaiting key factors that could break the current deadlock, such as the resolution of the US-China tariff dispute and central bank bond purchases [7][30] - The overall liquidity in the bond market is tightening, with a decrease in the net buying activity of various institutions [32][33] Group 5: Paper Industry Developments - Nine Dragons Paper achieved a revenue of 63.24 billion yuan in FY2025, a year-on-year increase of 6.3%, with a significant net profit growth of 135% [18] - The supply-demand pressure in the boxboard and corrugated paper market is easing, with expectations of price support due to seasonal demand and rising costs [18] - The company's integrated pulp and paper development strategy is yielding results, with a projected net profit of 3.12 billion yuan for FY2026 [18]

Market Overview - The professional services sector increased by 0.29% on November 12, with Anche Detection leading the gains [1] - The Shanghai Composite Index closed at 4000.14, down 0.07%, while the Shenzhen Component Index closed at 13240.62, down 0.36% [1] Top Performers - Anche Detection (300572) closed at 30.37, up 8.23% with a trading volume of 148,000 shares and a turnover of 426 million [1] - Other notable gainers include: - Zhongfangbiao (920122) up 4.02% to 40.35 [1] - Guangdian Measurement (002967) up 3.02% to 20.83 [1] - Huace Testing (300012) up 2.36% to 14.33 [1] Underperformers - Guoji Testing (301289) saw a decline of 7.33%, closing at 58.91 with a trading volume of 32,300 shares and a turnover of 193 million [2] - Other notable decliners include: - Zhonggang Tianyuan (002057) down 2.56% to 10.67 [2] - Gangyan Nake (300797) down 1.54% to 16.65 [2] Capital Flow - The professional services sector experienced a net outflow of 17.97 million from institutional investors, while retail investors saw a net outflow of 46.56 million [2] - Conversely, speculative funds recorded a net inflow of 64.53 million [2] Individual Stock Capital Flow - Anche Detection had a net inflow of 46.06 million from institutional investors, while it faced a net outflow of 25.94 million from retail investors [3] - Huace Testing recorded a net inflow of 22.96 million from institutional investors but a significant net outflow of 72.82 million from retail investors [3] - Other stocks with notable capital flows include: - Xince Standard (300938) with a net inflow of 19.25 million from institutional investors [3] - Zhongji Renjian (301508) with a net inflow of 9.86 million from institutional investors [3]

Core Viewpoint - The company announced that its sixth board term is about to expire, and independent director Mr. Zeng Fanli has applied to resign from his position as an independent director and committee member due to completing a six-year term [1] Group 1 - Mr. Zeng Fanli's resignation will take effect from the date the new independent director is elected at the company's shareholders' meeting [1] - During the interim period, Mr. Zeng will continue to fulfill his duties as an independent director and committee member in accordance with relevant laws and the company's articles of association [1]

华测检测认证集团股份有限公司 独立董事工作制度 第一章 总则 第一条 为进一步完善公司的法人治理结构，促进公司规范运作，根据《公司 法》《证券法》《深圳证券交易所创业板股票上市规则》《上市公司独立董事管理 办法》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运 作》等法律、法规和规范性文件及公司章程的有关规定, 制定本制度。 （二）具有会计、审计或者财务管理专业的高级职称、副教授或以上职称、博 士学位； 第二条 独立董事是指不在上市公司担任除董事外的其他职务，并与其所受聘 的上市公司及其主要股东、实际控制人不存在直接或者间接利害关系，或者其他可 能影响其进行独立客观判断关系的董事。 第三条 独立董事对公司及全体股东负有诚信与勤勉义务。独立董事应当按照 公司章程和本工作制度的要求，认真履行职责，维护公司整体利益，尤其要关注中 小股东的合法权益不受损害。 第四条 独立董事应当独立履行职责，不受公司及公司主要股东、实际控制人 或者其他与公司存在利害关系的单位或个人的影响。 第五条 独立董事原则上最多在三家境内上市公司(包含本公司)担任独立董事， 并确保有足够的时间和精力有效地履行独立董事的职责 ...

为了进一步规范本公司董事会的议事方式和决策程序，促使董事和董事会有 效地履行其职责，提高董事会规范运作和科学决策水平，根据《中华人民共和国 公司法》("《公司法》")、《深圳证券交易所创业板股票上市规则》、公司章程等 有关规定，制订本规则。 华测检测认证集团股份有限公司 董事会议事规则 第一条 宗旨 第二条 董事会办公室 董事会下设董事会办公室，处理董事会日常事务。 董事会秘书兼任董事会办公室负责人，保管董事会和董事会办公室印章。 第三条 定期会议 董事会会议分为定期会议和临时会议。 董事会每年应当至少在上下两个半年度各召开一次定期会议。 第四条 定期会议的提案 在发出召开董事会定期会议的通知前，董事会办公室应当充分征求各董事的 意见，初步形成会议提案后交董事长拟定。 董事长在拟定提案前，应当视需要征求总裁和其他高级管理人员的意见。 第五条 临时会议 有下列情形之一的，董事会应当召开临时会议： (一) 代表十分之一以上表决权的股东提议时； (二) 三分之一以上董事联名提议时； (三) 审计委员会提议时； (四) 董事长认为必要时； (五) 总裁提议时； (六) 本公司《公司章程》规定的其他情形。 第六条 临时 ...