Group 1 - HeMai Co., Ltd. (688032.SH) closed at 100.28 yuan, with a decline of 5.03%, currently in a state of breaking issue [1] - HeMai Co., Ltd. was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 20, 2021, with an issue price of 557.80 yuan per share and a total of 10 million shares issued [1] - The total amount of funds raised from the initial public offering (IPO) was 5.578 billion yuan, with a net amount of 5.406 billion yuan after deducting issuance costs, exceeding the original plan by 4.848 billion yuan [1] Group 2 - The funds raised are intended for the construction of HeMai Intelligent Manufacturing Base, the industrialization of energy storage inverters, the upgrade of intelligent complete electrical equipment, and to supplement working capital [1] - The total issuance costs for the IPO amounted to 172 million yuan, including underwriting and sponsorship fees of 142 million yuan [1] - On May 30, 2022, HeMai Co., Ltd. announced a dividend plan of 30 yuan (pre-tax) per 10 shares, with a bonus of 4 shares, with the ex-dividend date on June 7, 2022 [1] - On June 6, 2023, the company announced a dividend plan of 53 yuan (pre-tax) per 10 shares, with a bonus of 4.9 shares, with the ex-dividend date on June 13, 2023 [1] Group 3 - On June 13, 2024, HeMai Co., Ltd. announced a dividend plan of 36 yuan (pre-tax) per 10 shares, with a bonus of 4.9 shares, with the ex-dividend date on June 19, 2024 [2]

中国经济网北京11月21日讯 威腾电气（688226.SH）日前发布2025年三季度报告。2025年前三季度， 该公司实现营业收入25.97亿元，同比下降5.40%；实现归属于上市公司股东的净利润1366.32万元，同比下 降87.47%；实现归属于上市公司股东的扣除非经常性损益的净利润1014.48万元，同比下降90.42%；经营活 动产生的现金流量净额为-9997.67万元。 | 项目 | 本报告期 | 本报告期比 上年同期增 减变动幅度 | 年初至报告期末 | 年初至报告期 末比上年同期 增减变动幅度 | | --- | --- | --- | --- | --- | | | | (%) | | (%) | | 雪业收入 | 864.678.681.91 | -3.15 | 2,596,797,822.98 | -5.40 | | 到海总额 | -3.005.146.49 | -107.86 | 13.744.958.47 | -89.89 | | 目属于上市公司股东的 | -2.822.691.69 | -109.33 | 13.663.236.06 | -87.47 | | 争利润 | | | | ...

Core Viewpoint - Maiwei Biotech (688062.SH) has received approval from the China Securities Regulatory Commission for an overseas listing, allowing it to issue up to 62.6646 million shares on the Hong Kong Stock Exchange [1][3]. Group 1 - Maiwei Biotech submitted its prospectus to the Hong Kong Stock Exchange on January 6, 2025, and August 29, 2025, with CITIC Securities and Haitong International as joint sponsors [3]. - The company was listed on the A-share market on January 18, 2022, with a stock code of 688062.SH, and as of November 20, 2025, its total market capitalization was approximately RMB 16.7 billion [3].

Core Viewpoint - CITIC Securities has experienced a decline in stock price and trading volume, with significant net outflows of capital, indicating potential challenges in market performance [1]. Group 1: Stock Performance - As of November 21, CITIC Securities' stock price decreased by 2.01%, trading at 27.73 yuan per share, with a total market capitalization of 410.97 billion yuan [1]. - Year-to-date, the stock price has dropped by 4.02%, with a decline of 3.18% over the last five trading days, 7.16% over the last 20 days, and 9.38% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, CITIC Securities reported a net profit attributable to shareholders of 23.16 billion yuan, reflecting a year-on-year growth of 37.86% [2]. - The company has not generated any operating revenue during the same period [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of CITIC Securities shareholders increased to 669,400, while the average number of circulating shares per person decreased by 1.61% to 18,192 shares [2]. - The company has distributed a total of 88.70 billion yuan in dividends since its A-share listing, with 22.01 billion yuan distributed in the last three years [3]. Group 4: Institutional Holdings - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 500.1 million shares, a decrease of 83.45 million shares from the previous period [3]. - The Guotai CSI All-Index Securities Company ETF is a new entrant among the top shareholders, holding 252 million shares [3].

智通财经APP获悉，中信证券发布研报称，在中国MRO工业品采购数字化率持续提升的大背景下，行 业规模仍有大幅提升空间，海外成熟市场代表性厂商在度过成长期后，年营收增速亦能多年维持 10%-20%区间;同时行业竞争格局相对分散，中国MRO行业有望长期共存至少两家百亿级别年营收公 司。在全球多模态大模型持续进化背景下，该行认为中国市场的数字化和智能化进程将同步进行，驱动 代表性公司进一步降本增效，实现长足利润释放。 MRO(维护、维修及运营相关的工业非生产性物料)在线平台旨在通过数字化实现一站式采购，解决行业 存在的高沟通成本、高采购成本、价格不透明等问题。其作为工业品电商相比线下渠道优势显著： 1)更大的SKU规模：据震坤行招股书数据，震坤行现有超过1700万SKU，头部平台均能为用户提供远超 线下店铺的商品类型。 AI助力MRO提效，中国市场数字化、智能化并进 中信证券主要观点如下： MRO平台：以数字化能力优化工业品采购全流程 2)数字化商品体系：头部MRO平台均提供产品命名标准化语言体系，便于匹配采购方需求。 3)数字化商品运营：以震坤行为例，其运营团队对某品牌客户型号进行整合简化后，将其需求的SKU从 ...

36氪获悉，中信证券表示，2025年第一季度至第三季度轻工板块收入、利润承压，但其中造纸、包装印 刷率先修复，符合中信证券年中的判断。展望2026年，"反内卷"、创新与出海将成为轻工行业的发展主 线。国内市场，"反内卷"是主旋律，造纸行业预计底部改善，金属包装行业将迎来春天。AI技术（AI眼 镜、AI玩具等）将为行业注入新活力，而传统赛道的新势能也值得关注，如IP消费、产品的跨界融合与 功能性升级；国际市场，产能出海步入提效阶段，具有性价比优势、技术优势的品牌出海将是重中之 重。 ...

Core Viewpoint - The light industry sector is facing revenue and profit pressure in Q1-Q3 2025, but the paper and packaging printing industries are showing early signs of recovery, aligning with mid-year expectations [1][2] Group 1: Performance Review - The overall performance of the light industry sector is under pressure, with the home furnishing sector's net profit turning negative in Q1-Q3 2025, indicating significant profit pressure [2] - The entertainment light industry sector experienced a narrowing decline in both revenue and net profit in Q3 compared to Q2 [2] - The paper sector saw a loss in Q1, high growth in Q2, and significant growth in Q3, indicating an early recovery ahead of revenue improvements [2] - The packaging printing sector achieved a 9.6% year-on-year increase in revenue and a 12.7% increase in net profit in Q1-Q3 2025, marking it as the best performer [2] Group 2: Industry Outlook - The trend of "anti-involution" is expected to improve the supply-demand dynamics in the industry, particularly benefiting the metal packaging sector, which is anticipated to experience a revival [3] - The metal packaging industry is projected to see a concentration ratio (CR3) exceeding 70% following the acquisition of Zhongliang Packaging by Orijin in 2025, with total production capacity expected to decrease to approximately 76 billion cans by 2026 [3] - The paper industry is expected to improve due to cyclical recovery, with major paper manufacturers enhancing collaboration and price increases anticipated as raw material costs rise [3] Group 3: Innovation and Market Expansion - AI technology is expected to open new market opportunities for traditional industries, with AI glasses and AI toys poised for significant growth [4] - The trend of IP consumption continues to provide new growth paths for traditional consumer products, with cross-industry integration and functional upgrades becoming key breakthrough points [4] - The "going global" strategy is expected to deepen, with a focus on cost-effective production and refined overseas supply chain management [5] - Chinese brands with unique characteristics are beginning to pursue internationalization [5] Group 4: Investment Strategy - The metal packaging industry is anticipated to benefit from supply contraction following industry restructuring, with current valuations at historical lows [7] - The paper industry is expected to show improvement due to cyclical recovery, despite higher historical valuations, with the fastest profit growth anticipated [7] - Companies innovating in AI glasses and those optimizing product structures and sales models are recommended for investment [7] - Firms benefiting from toy product innovation and high dividend yields, as well as those with strong IP and export business, are also highlighted as potential investment opportunities [7] - The "going global" strategy is expected to gain importance, with recommendations for industry leaders with production advantages and companies with cost-effective brand offerings [7]

中信证券发布2026年度轻工制造策略研报称，2025年第一季度至第三季度轻工板块收入、利润承压，但 其中造纸、包装印刷率先修复，符合中信证券年中的判断。展望2026年，"反内卷"、创新与出海将成为 轻工行业的发展主线。国内市场，"反内卷"是主旋律，造纸行业预计底部改善，金属包装行业将迎来春 天。AI技术（AI眼镜、AI玩具等）将为行业注入新活力，而传统赛道的新势能也值得关注，如IP消 费、产品的跨界融合与功能性升级；国际市场，产能出海步入提效阶段，具有性价比优势、技术优势的 品牌出海将是重中之重。 ...

中信证券研报指出，在中国MRO工业品采购数字化率持续提升的大背景下，行业规模仍有大幅提升空 间，海外成熟市场代表性厂商在度过成长期后，年营收增速亦能多年维持10%-20%区间；同时行业竞争 格局相对分散，中国MRO行业有望长期共存至少两家百亿级别年营收公司。在全球多模态大模型持续 进化背景下，我们认为中国市场的数字化和智能化进程将同步进行，驱动代表性公司进一步降本增效， 实现长足利润释放。 ...

Core Insights - In September 2025, both the new non-farm employment figures and the unemployment rate in the U.S. exceeded expectations, indicating a divergence between these two key indicators [1] - The unemployment rate, which rose to 4.44% in September, is considered a more reliable data point compared to the potentially revised new employment figures, making it crucial for the Federal Reserve's decision on interest rate cuts in December [1] - The unemployment rate has increased for three consecutive months, suggesting that the Fed may struggle to justify a lower unemployment rate in October and November, which could exceed 4.5% [1] - The September non-farm report is not the final employment data before the December meeting, and ongoing weakness in the job market is expected to be reflected in subsequent economic data [1] - Among the 12 voting members for the December meeting, doves still hold a majority, leading to the expectation that a rate cut of 25 basis points may be a close call [1]