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 中原證券股份有限公司 董事長 張秋雲 中國，河南 2025年12月1日 於本公告日期，本公司董事為張秋雲女士、李文強先生、馮若凡先生、唐進先生及田聖春先 生，陳志勇先生*、曾崧先生*及賀俊先生*。 * 本公司獨立非執行董事 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） 海外監管公告 本公告乃由中原證券股份有限公司（「本公司」）根據香港聯合交易所有限公司 證券上市規則第13.10B條作出。 茲載列本公司於上海證券交易所網站發佈之《中原證券股份有限公司第七屆董 事會第四十次會議決議公告》、《獨立董事候選人聲明與承諾（杜曉堂）》、《獨 立董事候選人聲明與承諾（王慧軒）》及《中原證券股份有限公司獨立董事提名 人聲明與承諾 ...

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） 建議委任獨立非執行董事； 及 聘任高級管理人員 建議委任獨立非執行董事 根據公司法、證券法等有關法律、法規及公司章程的規定，於2025年12月1日， 董事會決議提名王慧軒先生及杜曉堂先生為第七屆董事會獨立非執行董事， 任期自本公司股東會批准之日起，至第七屆董事會換屆之日止。建議委任王慧 軒先生及杜曉堂先生為獨立非執行董事須經本公司股東會審議通過後生效。 王慧軒先生的簡歷如下： 王慧軒先生，1966年出生，天津大學博士。彼於1987年參加工作，長期在地方 政府從事宏觀經濟管理和領導工作，歷任烏魯木齊辦公廳信息處處長、區委書 記、開發區管委會主任等職務；彼於2006年進入保險行業，先 ...

独立董事候选人声明与承诺 本人王慧轩，已充分了解并同意由提名人中原证券提名 为中原证券股份有限公司第七届董事会独立董事候选人。本 人公开声明，本人具备独立董事任职资格，保证不存在任何 影响本人担任中原证券股份有限公司独立董事独立性的关 系，具体声明并承诺如下： 一、本人具备上市公司运作的基本知识，熟悉相关法律、 行政法规、部门规章及其他规范性文件，具有 5 年以上法律、 经济、会计、财务、管理或者其他履行独立董事职责所必需 的工作经验。 本人已经参加培训并取得证券交易所认可的相关培训 证明材料。 二、本人任职资格符合下列法律、行政法规和部门规章 以及公司规章的要求： （一）《中华人民共和国公司法》关于董事任职资格的 规定； （二）《中华人民共和国公务员法》关于公务员兼任职 务的规定； （三）中国证监会《上市公司独立董事管理办法》、上 海证券交易所自律监管规则以及公司章程有关独立董事任 职资格和条件的相关规定； （四）中共中央纪委、中共中央组织部《关于规范中管 干部辞去公职或者退（离）休后担任上市公司、基金管理公 司独立董事、独立监事的通知》的规定； （五）中共中央组织部《关于进一步规范党政领导干部 在企业兼职 ...

中原证券股份有限公司 独立董事提名人声明与承诺 提名人中原证券股份有限公司,现提名王慧轩先生、杜 晓 堂 先 生 为 中 原 证 券 股 份 有 限 公 司 第 七 届 董 事 会 独 立 董 事 候选人,并已充分了解王慧轩先生、杜晓堂先生职业、学历、 职称、详细的工作经历、全部兼职、有无重大失信等不良记 录等情况。王慧轩先生、杜晓堂先生已同意出任中原证券股 份有限公司第七届董事会独立董事候选人(参见该独立董事 候选人声明)。公司认为,王慧轩先生、杜晓堂先生具备独 立董事任职资格,与公司之间不存在任何影响其独立性的关 系,具体声明并承诺如下: 二、王慧轩先生、杜晓堂先生任职资格符合下列法律、 行政法规和部门规章的要求: (一)《中华人民共和国公司法》关于董事任职资格的 规定: (二)《中华人民共和国公务员法》关于公务员兼任职 务的规定: (三)中国证监会《上市公司独立董事管理办法》、上 海证券交易所自律监管规则以及公司章程有关独立董事任 职资格和条件的相关规定; (四)中共中央纪委、中共中央组织部《关于规范中管 干部辞去公职或者退(离)休后担任上市公司、基金管理公 司独立董事、独立监事的通知》的规定: (五) ...

一、本人具备上市公司运作的基本知识，熟悉相关法律、 行政法规、部门规章及其他规范性文件，具有 5 年以上法律、 经济、会计、财务、管理或者其他履行独立董事职责所必需 的工作经验。 本人已经参加培训并取得证券交易所认可的相关培训 证明材料。 二、本人任职资格符合下列法律、行政法规和部门规章 以及公司规章的要求： 独立董事候选人声明与承诺 本人杜晓堂，已充分了解并同意由提名人中原证券提名 为中原证券股份有限公司第七届董事会独立董事候选人。本 人公开声明，本人具备独立董事任职资格，保证不存在任何 影响本人担任中原证券股份有限公司独立董事独立性的关 系，具体声明并承诺如下： （一）《中华人民共和国公司法》关于董事任职资格的 规定； （二）《中华人民共和国公务员法》关于公务员兼任职 务的规定； （三）中国证监会《上市公司独立董事管理办法》、上 海证券交易所自律监管规则以及公司章程有关独立董事任 职资格和条件的相关规定； （四）中共中央纪委、中共中央组织部《关于规范中管 干部辞去公职或者退（离）休后担任上市公司、基金管理公 司独立董事、独立监事的通知》的规定； （五）中共中央组织部《关于进一步规范党政领导干部 在企业兼职 ...

中原证券股份有限公司 第七届董事会第四十次会议决议公告 证券代码： 601375 证券简称： 中原证券 公告编号：2025-035 中原证券股份有限公司（以下简称"公司"）董事会及全体董事保证本公 告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、 准确性和完整性承担法律责任。 公司第七届董事会第四十次会议于 2025 年 12 月 1 日以通讯表决方式召开。 2025 年 11 月 24 日，公司以电子邮件的形式向全体董事发出会议通知。会议应 出席董事 8 人，实际出席董事 8 人。本次会议的召集、召开及表决程序符合《公 司法》等法律、行政法规、部门规章和《公司章程》的有关规定。本次会议由董 事长张秋云女士主持，审议并通过了以下议案： 一、审议通过了《关于提名第七届董事会独立董事候选人的议案》 表决结果：同意 8 票，反对 0 票，弃权 0 票。 本议案事先经公司董事会薪酬与提名委员会预审通过。 同意提名王慧轩先生、杜晓堂先生（简历附后）为公司第七届董事会独立董 事候选人，任期自公司股东会审议通过之日起至第七届董事会换届之日止。 董事会薪酬与提名委员会对独立董事候选人任职条件发表审查意见 ...

Core Viewpoint - The agricultural, forestry, animal husbandry, and fishery industry is currently undervalued with lower-than-historical price-to-earnings and price-to-book ratios, indicating potential for valuation recovery in the future [1] Market Performance - From the beginning of 2025 to November 25, the agricultural, forestry, animal husbandry, and fishery index achieved an absolute return of +24.66%, outperforming the CSI 300 index by 10.47 percentage points [2] - The wood processing sector showed the highest growth, while the aquatic processing sector lagged behind; in the first three quarters of 2025, net profits for the aquatic catch, animal health, and planting sectors increased by over 50% year-on-year [2] Industry Outlook 1. **Pig Farming**: The number of breeding sows is expected to decline in the second half of 2025, which may lead to a stabilization and recovery of pig prices by mid-2026 due to supply contraction amid stable demand. The pig farming sector remains undervalued historically, and leading companies are expected to benefit first as costs continue to optimize [3] 2. **Animal Health**: Short-term high production levels in poultry and livestock are driving demand for animal health products. As the industry enters an upward cycle, performance in the animal health sector is expected to be supported. The market for animal health products will expand with the introduction of non-epidemic vaccines, and long-term growth will be driven by the scaling up of the downstream poultry and livestock sectors [3] 3. **Seed Industry**: Recent regulatory developments and clearer policies for commercializing biological breeding indicate significant investment value in the seed sector, which is currently undervalued. 2024 is anticipated to be a pivotal year for biological breeding in China, with companies that have passed initial variety reviews likely to benefit from increased industry concentration and profitability [3] 4. **Pet Food**: The pet food industry in China is expected to grow significantly due to demographic changes and rising living standards. The market is witnessing a shift towards online sales and increased domestic product substitution, suggesting substantial growth potential for related listed companies [4] Investment Strategy - Recommended stocks for investment include Muyuan Foods (002714.SZ), Puli Co., Ltd. (603566.SH), Qiule Seed Industry (920087.BJ), Guibao Pet (301498.SZ), Zhongchong Co., Ltd. (002891.SZ), and Petty Co., Ltd. (300673.SZ) [4]

Core Viewpoint - The photovoltaic industry is expected to enter a sustained capacity clearing cycle by 2026, leading to an optimized competitive landscape and improved performance for existing photovoltaic companies. Public funds currently have low allocations in the photovoltaic sector, but low valuations and improved supply-demand dynamics are likely to attract more capital [1][2]. Group 1: Industry Trends - In 2025, the transition to market-oriented trading policies for renewable energy will lead to a phase of increased installations in the photovoltaic sector. In the first three quarters, China added a cumulative 240.27 GW of photovoltaic capacity, a year-on-year increase of 64.73%, indicating strong growth. However, demand is expected to stabilize after the installation rush, with traditional markets in Europe and the U.S. showing weak growth while Asia-Pacific and Africa exhibit strong energy demand [2][3]. - The capacity of the grid to absorb and support photovoltaic installations is a critical factor for industry development. The reliance on large-scale centralized power plants is expected to continue, while policies affecting the revenue models of these plants will have significant long-term impacts [3]. Group 2: Subsector Insights - **Energy Storage Inverters**: The global energy storage market is on the rise, benefiting inverter manufacturers. The demand for energy storage systems is expected to grow rapidly due to increased photovoltaic installations, flexibility requirements in power systems, and advancements in storage technology. By the end of 2027, new energy storage installations are projected to exceed 180 million kW, with over 100 million kW added in three years [4]. - **Polysilicon**: The polysilicon sector is undergoing a transformation with stricter energy consumption standards. Leading companies are forming merger funds to consolidate weaker capacities, which is expected to drive industry capacity reduction. Polysilicon prices are beginning to recover, crossing the breakeven point for leading firms [5]. - **Photovoltaic Glass**: The photovoltaic glass industry is entering a phase of capacity optimization and market clearing. Smaller production lines are exiting the market due to cost disadvantages, while larger lines are cautiously resuming operations. Demand growth for photovoltaic glass is expected to slow down, with thin and multifunctional products emerging as new growth points [6]. - **Integrated Component Manufacturers**: The competitive landscape for integrated component manufacturers is stabilizing, with significant reductions in capital expenditures. The supply contraction is expected to effectively reduce industry supply. These manufacturers are also extending their business into the energy storage sector, focusing on commercial and large-scale storage projects [7].

Core Viewpoint - The photovoltaic industry is expected to enter a sustained capacity clearing cycle by 2026, with impacts from "anti-involution" pricing strategies, mergers and acquisitions among companies, increased industry entry barriers, and improved product quality standards gradually becoming evident [1] Industry Outlook - The competitive landscape and industrial ecosystem of the photovoltaic industry are likely to optimize, leading to a gradual improvement in the performance of existing photovoltaic companies [1] - Public funds currently have a low allocation to the photovoltaic sector, but low valuations and an improving supply-demand balance are expected to attract more capital [1] - The industry maintains a "stronger than the market" rating, suggesting a positive outlook for investment [1] Investment Recommendations - It is recommended to focus on leading companies within specific sub-industries, particularly in areas such as energy storage inverters, polysilicon materials, photovoltaic glass, and integrated component manufacturers [1]

Core Viewpoint - The photovoltaic industry is expected to enter a sustained capacity clearance cycle by 2026, with impacts from "anti-involution" pricing strategies, mergers and acquisitions among companies, increased industry entry barriers, and improved product quality standards gradually becoming evident [1] Industry Summary - The competitive landscape and industrial ecosystem of the photovoltaic industry are likely to optimize, leading to a gradual improvement in the performance of existing photovoltaic companies [1] - Public funds currently have a low allocation to the photovoltaic sector, but low valuations and an improving supply-demand balance are expected to attract more capital [1] - The industry maintains a "stronger than the market" rating, with recommendations to focus on leading companies in specific sub-sectors [1] Investment Focus - Specific areas of interest include energy storage inverters, polysilicon materials, photovoltaic glass, and leading integrated component manufacturers [1]