中原证券股份有限公司 一、独立董事的基本情况 （一）基本情况 本人王慧轩，1966 年 5 月出生，天津大学博士。于 1987 年参加工作，长期在地方政府从事宏观经济管理和领导工作， 历任乌鲁木齐办公厅信息处处长、区委书记、开发区管委会 主任等职务；2006 年进入保险行业，先后担任中国人寿和人 保寿险三个省级分公司与总公司主要领导职务；2009 年 3 月 至 2016 年 8 月历任中国人保总公司副总裁、人保资本董事 长兼总裁职务；2016 年 8 月至 2022 年 7 月任紫光集团有限 公司执行董事、联席总裁职务；2019 年 6 月至 2024 年 6 月 任诚泰财产保险股份有限公司董事长职务；2020 年 9 月至 2024 年 3 月任幸福人寿保险股份有限公司党委书记、董事长 职务；现任新紫光集团有限公司执行副总裁、执委会委员， 紫光股份有限公司（A 股上市公司，股份代码 000938）董事。 （二）是否存在影响独立性的情况说明 报告期内，本人作为公司独立董事任职期间，符合《上 市公司独立董事管理办法》第六条规定的独立性要求，不存 在影响独立性的情况。 二、年度履职情况 （一）出席会议情况 20 ...

Core Viewpoint - Zhongyuan Securities has experienced a decline in stock price this year, with a recent increase in trading activity and a notable rise in revenue and net profit for the first nine months of 2025 [1][2][5]. Group 1: Stock Performance - On March 25, Zhongyuan Securities' stock rose by 2.01%, reaching 4.07 CNY per share, with a trading volume of 99.67 million CNY and a turnover rate of 0.72% [1][4]. - The stock has decreased by 5.35% year-to-date, with declines of 4.46% over the last five trading days, 8.33% over the last twenty days, and 7.08% over the last sixty days [1][5]. Group 2: Financial Performance - For the period from January to September 2025, Zhongyuan Securities reported operating revenue of 1.439 billion CNY, representing a year-on-year increase of 11.38%, and a net profit attributable to shareholders of 389 million CNY, which is a significant year-on-year growth of 138.68% [2][6]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Zhongyuan Securities was 119,300, a decrease of 1.00% from the previous period, while the average number of circulating shares per person increased by 1.01% to 28,918 shares [2][6]. - The company has distributed a total of 1.509 billion CNY in dividends since its A-share listing, with 241 million CNY distributed over the past three years [3][7]. Group 4: Business Overview - Zhongyuan Securities, established on November 8, 2002, and listed on January 3, 2017, is based in Zhengzhou, Henan Province. Its main business areas include securities brokerage, credit business, futures, investment banking, investment management, proprietary trading, and overseas operations [1][5][6]. - The revenue composition of Zhongyuan Securities is as follows: securities brokerage (49.87%), credit business (24.04%), investment management (11.96%), proprietary trading (7.93%), futures (4.12%), headquarters and others (1.14%), overseas business (1.02%), and investment banking (0.35%) [5][6].

Group 1 - The company *ST Taihe (605081.SH) closed at 8.15 yuan, with a decline of 5.01% [1] - Shanghai Taihe Water Technology Development Co., Ltd. was listed on the Shanghai Stock Exchange on February 9, 2021, with an issuance of 19.53 million shares at a price of 43.30 yuan per share [1] - The highest price recorded on the first day of trading was 62.35 yuan, indicating that the stock is currently in a state of decline [1] Group 2 - The total amount raised from the initial public offering (IPO) was 84.5649 million yuan, with a net amount of 77.81094 million yuan [1] - The funds raised are intended for operational capital for engineering construction, headquarters operation center, and information technology projects [1] - The total issuance costs for the IPO amounted to 6.75396 million yuan, including underwriting and sponsorship fees of 5.23725 million yuan [1] Group 3 - On May 26, 2022, the company announced a cash dividend of 1 yuan per share and a capital reserve increase of 0.45 shares per share, resulting in a total distribution of 78.101429 million yuan in cash dividends and an increase of 35.145643 million shares [2] - After the distribution, the total share capital increased to 113.247072 million shares [2] - The stock name will change from "Taihe Water" to "*ST Taihe" on April 29, 2025 [2]

Market Overview - The A-share market opened lower and experienced wide fluctuations on March 19, with the Shanghai Composite Index finding support around 4015 points during the day [1][4] - The afternoon session saw the index maintain its oscillation, with sectors such as oil, coal, gas, and electricity performing well, while precious metals, non-ferrous metals, energy metals, and agricultural chemicals lagged [1][4] Future Market Outlook and Investment Recommendations - The average price-to-earnings ratios for the Shanghai Composite Index and the ChiNext Index are currently 16.78 times and 48.70 times, respectively, which are above the median levels of the past three years, indicating a suitable environment for medium to long-term investments [2][5] - The total trading volume on March 19 was 21,275 billion yuan, which is above the median of the daily trading volume over the past three years [2][5] - Key pressures on the market stem from overseas factors, particularly escalating tensions in the Middle East, which have led to global market volatility and concerns over "stagflation" due to rising oil prices [2][5] - The expectation of delayed interest rate cuts by the Federal Reserve and increased volatility in U.S. Treasury yields are putting valuation pressure on global equity assets, especially high-valuation technology growth stocks [2][5] - Domestic macroeconomic policy is becoming clearer, providing a solid bottom line for the market, with the central bank indicating a flexible approach to reserve requirement ratio and interest rate cuts to maintain ample liquidity [2][5] - The market is expected to maintain a slight oscillation, and investors are advised to closely monitor macroeconomic data, changes in overseas liquidity, and policy developments [2][5] - Short-term investment opportunities are suggested in the electricity, coal, oil, and gas sectors [2][5]

Core Viewpoint - The company will release its ESG Report and Social Responsibility Report for 2024, aiming to enhance transparency in its sustainable development practices and meet regulatory and stakeholder information needs [2] Group 1: ESG Report - The ESG Report will be prepared based on guidelines from the Hong Kong Stock Exchange, GRI standards, and ISSB standards, focusing on the company's performance in environmental, social, and governance aspects [2] - The report will detail how the company integrates sustainable development concepts into its strategy and operations [2] Group 2: Social Responsibility Report - The Social Responsibility Report will be based on regulations from the Shanghai Stock Exchange, highlighting the company's actions and achievements in fulfilling social responsibilities [2] - It will also emphasize the company's efforts to promote harmonious development with stakeholders [2] Group 3: Complementary Nature of Reports - Both reports are designed to be complementary, consistent in their messaging, and each has its own focus [2] - They aim to satisfy differentiated disclosure requirements for both domestic and international stakeholders, reflecting the company's commitment to compliance, responsible finance, and high-quality sustainable development [2]

Core Viewpoint - The board of directors of Zhongyuan Securities Co., Ltd. will hold a meeting on March 27, 2026, to review and approve the annual performance for the year ending December 31, 2025, and to discuss the proposal for the final dividend distribution [1] Group 1 - The meeting is a significant corporate action for investors as it will determine the company's financial performance and shareholder return for the past fiscal year [1] - The announcement includes the current board of directors, highlighting the chairperson, Ms. Zhang Qiuyun, along with other executive and non-executive directors [1]

承董事會命 中原證券股份有限公司 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致之任何損失承擔任何責任。 Central China Securities Co., Ltd. （2002年於中華人民共和國河南省成立的股份有限公司，中文公司名稱為「中原証券股份有限公司」， 在香港以「中州証券」名義開展業務） （股份代號：01375） 董事會召開日期 中原證券股份有限公司（「本公司」）之董事（「董事」）會（「董事會」）謹此宣佈， 本公司將於二零二六年三月二十七日（星期五）舉行董事會會議，其中議程包 括審議及批准本公司及其附屬公司截至二零二五年十二月三十一日止年度之 全年業績及其刊發，以及考慮派發末期股息之建議（如有）。 董事長 張秋雲 中國，河南 2026年3月17日 於本公告日期，本公司的董事為張秋雲女士、李文強先生、馮若凡先生、唐進先生、田聖春 先生、朱軍紅女士、陳志勇先生*、王輝先生*、王慧軒先生*及杜曉堂先生*。 * 本公司獨立非執行董事 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致之任何損失承擔任何責任。 承董事會命 （股份代號：01375） 中國，河南 2026年3月17日 董事會召開日期 中原證券股份有限公司（「本公司」）之董事（「董事」）會（「董事會」）謹此宣佈， 本公司將於二零二六年三月二十七日（星期五）舉行董事會會議，其中議程包 括審議及批准本公司及其附屬公司截至二零二五年十二月三十一日止年度之 全年業績及其刊發，以及考慮派發末期股息之建議（如有）。 中原證券股份有限公司 Central China Securities Co., Ltd. 董事長 （2002年於中華人民共和國河南省成立的股份有限公司，中文公司名稱為「中原証券股份有限公司」， 在香港以「中州証券」名義開展業務） 張秋雲 於本公告日期，本公司的董事為張秋雲女士、李文強先生、馮若凡先生、唐進先生、田聖春 先生、朱軍紅女士、陳志勇先生*、王輝先生*、王慧軒先生*及杜曉堂先生*。 * 本公司獨立非執行董事 ...

Group 1 - The core investment themes in the food and beverage industry include benefiting from mild inflation expectations, with revenue growth expected to bottom out, particularly in essential sectors like condiments, prepared foods, beer, and dairy products [1] - The continuous development of emerging consumption trends is expected to positively impact retail categories such as health products, healthy foods, baked goods, functional beverages, plant-based protein drinks, and healthy snacks [1] - Agricultural upstream factor prices are anticipated to rise due to cyclical and input inflation, benefiting sectors including seed industry, feed, animal health, and aquaculture [1] Group 2 - The 2026 National Two Sessions indicate a shift in agricultural discussions from merely ensuring stable production to focusing on utilizing technology and innovative mechanisms to address deep-seated efficiency and quality issues [2] - The core proposition regarding food during the Two Sessions emphasizes "seeking value from health," with the completion of the revision of the Food Safety Law further solidifying industry standards [2] - The liquor industry is being elevated to a new level of importance, transitioning from a focus on economic aspects to cultural soft power and international discourse [2] Group 3 - The mid-term development impacts on agriculture include a shift from "experience-driven" to "model-driven" production methods, a transition from "small and weak" industry structures to "shared and collaborative" ones, and an expansion from "single cultivation" to "multiple value-added" approaches [3] - In the food sector, the entry barriers are rising, leading to increased industry concentration, while product structures are transitioning towards "precision and functionality" [3] - The liquor industry is evolving from "selling products" to "selling culture," with production methods shifting from "traditional experience" to "digital intelligence" [3] Group 4 - The 2026 Two Sessions highlight a significant shift in agricultural initiatives towards production methods, explicitly proposing the use of AI and advanced technologies to create "production models," moving the industry from reliance on corporate experience to data models [4] - In the food industry, the focus has shifted from merely addressing regulatory gaps to a comprehensive system reconstruction, with product value moving from "safety baseline" to "nutritional highline" [4] - The policy signals from the 2026 Two Sessions are injecting new development logic into the liquor industry, transitioning market dynamics from "domestic competition" to "collective international expansion" [4]

Core Viewpoint - Puxin's performance is recovering, with significant growth in revenue, operating profit, and net profit projected for 2025 [1][2] Financial Performance - In 2025, the company is expected to achieve revenue of 15.711 billion yuan, representing a year-on-year increase of 16.83% [1][2] - Operating profit is projected to reach 2.967 billion yuan, showing a year-on-year growth of 94.97% [1][2] - Net profit is anticipated to be 2.359 billion yuan, reflecting a year-on-year increase of 98.14% [1][2] Future Outlook - For 2026, the company is expected to continue growth in revenue from new energy battery materials and services, driven by sustained industry demand and the company's established position in niche markets [1][2] - The company has made significant advancements in the anode and separator sectors, achieving scale advantages and a strong industry position, particularly in the coated separator segment [1][2] - The self-sufficiency rate of base film is continuously improving, and combined with the competitive landscape, overall profitability is expected to remain stable in 2026 [1][2] Valuation - The current valuation of the company is relatively low compared to industry levels, and considering the industry's growth prospects and the company's market position, a "buy" rating is maintained [1][2]