一、董事/高级管理人员离任情况 | 是否存在 | 是否继续在上 | 原定任期到 | 离任原 | 具体职务 | 未履行完 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 姓名 | 离任职务 | 离任时间 | 市公司及其控 | 期日 | 因 | （如适用） | 毕的公开 | 股子公司任职 | | | | | | | | 承诺 | | | | | | | | | | | | | | | | 2025 | 年 | 11 | 2027 | 年 | 1 | 月 | 到 | 龄 | 退 | 刘辉 | 非执行董事 | 否 | 无 | 否 | | 月 | 21 | 日 | 18 | 日 | 休 | | | | | | | | | | (一) 提前离任的基本情况 (二) 离任对公司的影响 招商证券股份有限公司（以下简称公司）董事会于 2025 年 11 月 21 日收到 公司非执行董事刘辉女士递交的书面辞职报告。因到龄退休原因，刘辉女士申请 辞去公司第 ...

Core Viewpoint - The report from China Merchants Securities indicates that in Q3 2025, the profitability of listed pig companies has significantly declined due to falling pig prices and rising raw material costs, while the cost variance within the industry remains substantial, leading to an expansion of cost advantages for high-quality pig companies. The overall demand is showing signs of recovery in the later cycle, suggesting a potential increase in pig prices in 2026 due to accelerated sow capacity reduction [1][2]. Group 1: Swine Farming - In Q3 2025, the profitability of 18 listed pig companies dropped to 5.54 billion yuan, reflecting a year-on-year decrease of 71% and a quarter-on-quarter decrease of 38% [2]. - The cost variance in the industry remains significant, with high-quality pig companies further enhancing their cost advantages [2]. - The operational cash flow of listed pig companies continues to improve, while capital expenditures remain low and debt ratios are high [2]. - The report anticipates an acceleration in sow capacity reduction, which may elevate the average pig price in 2026 [2]. - Recommended companies include Muyuan Foods and Wens Foodstuff Group, with additional attention on Shennong Group, Dekang Agriculture, Dongrui Co., and COFCO Joycome [2][5]. Group 2: Poultry Farming - The white feather chicken market is expected to see an increase in the import of grandparent stock chickens in 2024, but it will not return to pre-disruption levels until 2025 [3]. - The supply of parent stock chickens is expected to tighten in the second half of 2025, impacting the supply of commercial chickens in 2026 [3]. - The yellow feather chicken sector is experiencing a reduction in parent stock numbers to historically low levels, which may support future price increases [3]. - Recommended companies in poultry farming include San Nong Development for white feather chickens and Lihua Food for yellow feather chickens [3][5]. Group 3: Post-Cycle Demand - The demand for feed in the swine and poultry sectors is gradually recovering, leading to a notable improvement in feed demand [4]. - The demand for aquaculture feed is also expected to rise as the aquaculture sector recovers [4]. - The report forecasts continued demand growth for livestock feed in Q4 2025, while aquaculture feed demand may enter a seasonal decline [4]. - Recommended companies for feed include Haida Group, which is expected to benefit from overseas expansion [4][5]. - In the animal health sector, demand is recovering due to sustained profitability in the downstream farming sector, with major animal health companies expected to see improved profitability [4]. Recommended companies include Kexin Biological and attention on BioStock and Reap Biological [4][5].

南财智讯11月21日电，招商证券公告，公司董事会于2025年11月21日收到非执行董事刘辉女士递交的书 面辞职报告。因到龄退休原因，刘辉女士申请辞去公司第八届董事会非执行董事、董事会战略与可持续 发展委员会委员、董事会风险管理委员会委员及董事会薪酬与考核委员会委员职务。刘辉女士的辞任自 其辞职报告送达公司董事会时生效。 ...

中国经济网北京11月21日讯 昨日，招商证券资产管理有限公司公告，李传真离任招商资管中证全 指自由现金流指数发起、招商资管核心优势混合。 李传真现任招商资管基金经理，曾任招商资管高端制造行业研究员，负责中游制造行业的研究，历 任安信证券资产管理部权益研究员，投资经理助理。2023年6月12日起任招商资管基金经理。 | 基金名称 | 招商资管核心优势混合型证券投资基金 | | --- | --- | | 基金简称 | 招商资管核心优势混合 | | 基金主代码 | 880006 | | 基金管理人名称 | 招商证券资产管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》《基 | | | 金管理公司投资管理人员管理指导意见》 | | 基金经理变更类型 | 兼有增聘和解聘基金经理 | | 新任基金经理姓名 | 蔡霖 | | 共同管理本基金的其他基金 | | | 经理姓名 | | | 离任基金经理姓名 | 李传真 | （责任编辑：康博） 招商资管中证全指自由现金流指数发起A/C成立于2025年9月12日，截至2025年11月20日，成立来 收益率为7.43%、7.40%。 招商资管核心优势混合A ...

Group 1 - The core viewpoint of the report indicates that H&H International Holdings (01112) achieved a revenue of 10.805 billion yuan in Q1-3 of 2025, representing a year-on-year increase of 12.3%, with Q3 revenue reaching 3.786 billion yuan, up 28.5%, exceeding market expectations [1][3] - In terms of regional performance, the Chinese market accounted for 71.0% of total revenue in the first three quarters, showing a year-on-year growth of 20.6%. The Australia-New Zealand market declined by 19.4%, primarily due to a drop in purchasing agent business, while North America saw a growth of 5.9%, and other markets grew by 19.0%, with nine expanding Asian markets showing a remarkable growth of 64.4% [1] - The company's ANC (Adult Nutrition Category) business generated revenue of 5.243 billion yuan in Q1-3, up 6.0% year-on-year, with Q3 revenue of 1.804 billion yuan, increasing by 6.3%. Swisse maintained its position as the leading brand in the all-channel nutrition and health product market in mainland China, with a year-on-year revenue growth of 15.7% [1][3] Group 2 - The BNC (Baby Nutrition Category) revenue reached 3.973 billion yuan in Q1-3, reflecting a year-on-year increase of 24.0%, with Q3 revenue soaring to 1.471 billion yuan, up 90.6%. The significant growth in infant formula was attributed to the transition to new national standards and effective strategies in maternal education and channel investment [2] - The market share of the company's premium infant formula brand, Gan Shen Yuan, reached 16.4% in the first nine months, further increasing to 17.3% in Q3. Revenue from infant probiotics and nutritional products grew by 58.8% in Q3, with the decline in revenue narrowing to 2.3% over the first nine months [2] - The report anticipates that the EBITDA margin for the BNC business will rebound to 12%-15% due to strong growth in infant formula and the successful completion of the new national standard transition [2]

Company Background - Founded in 1993, the company is a leading biopharmaceutical firm in China with extensive experience in R&D, production, and sales of biological drugs. It has developed a rich product portfolio and pipeline in various therapeutic areas including nephrology, hematology, oncology, autoimmune diseases, and dermatology [1] - The company has strong domestic commercialization capabilities, with core products such as TPIAO, EPO, Yisaipu, and Mandi holding high market shares, driving continuous revenue growth [1] Oncology Focus - The SSGJ-707 molecule is expected to become a cornerstone therapy in global cancer immunotherapy, with multiple first-in-class (FIC) molecules entering clinical stages. A significant licensing agreement with Pfizer was established in May-July 2025, where Pfizer will pay $1.4 billion upfront and up to $4.8 billion in milestone payments, setting a record for domestic PD-(L)1/VEGF dual antibodies [1][2] - The PD-(L)1 inhibitors face challenges in cold tumors and efficacy improvements, but the dual antibody approach has shown potential in head-to-head trials against existing therapies, indicating a market potential exceeding $100 billion [1] Clinical Development Plans - Pfizer's strategy for SSGJ-707 includes launching seven global clinical trials, positioning it as a foundational therapy across various cancers. Upcoming trials include 1L NSCLC Phase III, 1L mCRC Phase III, and others, with plans to explore over 10 additional indications by 2026 [2] - The potential market for SSGJ-707 could cover over 350,000 patients in the U.S., indicating a substantial market opportunity [2] Commercialization Strength - The company has a strong commercial capability with its flagship product TPIAO projected to generate revenue of 5.06 billion yuan in 2024. TPIAO is the only commercialized rhTPO globally and is highly recommended in treatment guidelines [3] - Despite competitive pressures, the company maintains a leading position in the rhEPO market, with expected sales of 1.019 billion yuan from its dual-brand strategy in 2024, capturing a 42% market share [3] Financial Projections - Revenue forecasts for the company are estimated at 18.52 billion yuan in 2025, 11.55 billion yuan in 2026, and 11.78 billion yuan in 2027, with net profits projected at 9.77 billion yuan, 3.72 billion yuan, and 3.28 billion yuan respectively. The company is rated with a strong recommendation based on these projections [4]

Core Viewpoint - The report from China Merchants Securities gives a "strong buy" rating for Sangfor Pharmaceutical (01530), highlighting the potential of its PD-(L)1/VEGF dual antibody, SSGJ-707, as a cornerstone drug in next-generation immuno-oncology (IO) treatment [1][2] Company Background - Sangfor Pharmaceutical, established in 1993, is a leading biopharmaceutical company in China with extensive experience in R&D, production, and sales of biological drugs [1] - The company has a solid product pipeline in various therapeutic areas, including nephrology, oncology, and autoimmune diseases, and maintains a strong domestic commercialization capability [1] Product Pipeline and Clinical Development - SSGJ-707 is expected to become a significant player in global tumor immunotherapy, with multiple first-in-class (FIC) molecules entering clinical stages [2] - A major licensing agreement with Pfizer includes a $1.4 billion upfront payment, up to $4.8 billion in milestone payments, and a $100 million equity investment, marking a record for domestic PD-(L)1/VEGF dual antibodies [2] - Pfizer plans to initiate seven global clinical trials for SSGJ-707, positioning it as a cornerstone therapy across various cancer types [3] Commercialization and Revenue Growth - Sangfor's core product, TPIAO, is projected to generate revenue of 5.06 billion yuan in 2024, with growth potential due to new indications and strong market positioning [4] - The company maintains a leading position in the rhEPO market, expecting combined sales of 1.019 billion yuan from its dual brands in 2024, capturing a 42% market share [4] Financial Forecast and Investment Rating - Revenue projections for Sangfor from 2025 to 2027 are 18.52 billion, 11.55 billion, and 11.78 billion yuan, with net profits of 9.77 billion, 3.72 billion, and 3.28 billion yuan, respectively [5] - The company is assigned a "strong buy" rating based on its growth potential and robust financial outlook [5]

Core Viewpoint - The stock of Duofuduo (002407.SZ) experienced a significant decline, closing at 34.22 yuan with a drop of 9.99% on November 20. This follows a report from招商证券 that highlights a positive outlook for the company's profitability and growth potential in the coming years [1]. Group 1: Company Performance - Duofuduo's stock fell to its limit down, indicating market concerns despite positive analyst forecasts [1]. - The report from 招商证券 projects that the company's net profit attributable to shareholders will reach approximately 3.37 billion yuan in 2025 and 27.7 billion yuan in 2026 [1]. Group 2: Analyst Recommendations - The analysts from 招商证券 have a favorable view of Duofuduo's future, assigning a "strong buy" rating based on the expected profitability rebound and significant earnings elasticity from its hexafluoride business [1]. - The projected price-to-earnings (PE) ratio for 2026 is estimated to be around 15.7 times, suggesting a potentially attractive valuation for investors [1].

Core Viewpoint - Shuoshi Bio (688399.SH) reported a decline in revenue and net profit for the first three quarters of 2025, indicating financial challenges faced by the company [1]. Financial Performance - The company achieved operating revenue of 258 million yuan, a year-on-year decrease of 3.95% [1][3]. - The net profit attributable to shareholders was 3.15 million yuan, down 88.38% compared to the previous year [1][3]. - The net profit after deducting non-recurring gains and losses was -41.39 million yuan [1][3]. - The net cash flow from operating activities was 19.42 million yuan, a significant decline of 79.90% year-on-year [1][3]. Previous Year Comparison - In 2024, Shuoshi Bio reported operating revenue of 350 million yuan, a decrease of 13.29% compared to the previous year [4]. - The net profit attributable to shareholders for 2024 was -2 million yuan, an improvement from -37.38 million yuan in the previous year [4]. - The net profit after deducting non-recurring gains and losses was -7.18 million yuan, also an improvement from -42.92 million yuan in the previous year [4]. - The net cash flow from operating activities for 2024 was 145.93 million yuan, showing a significant increase of 228.97% year-on-year [4]. Stock Issuance and Financial Activities - Shuoshi Bio raised a total of 685.79 million yuan from its initial public offering, with a net amount of 612.93 million yuan, exceeding the original plan by 210.28 million yuan [5]. - The company planned to use the raised funds for the Taizhou headquarters industrial park project [5]. - The total issuance costs for the IPO were 72.86 million yuan, including underwriting fees of 54.93 million yuan [5].

Core Viewpoint - The report from China Merchants Securities indicates that uranium prices are expected to maintain an upward trend, leading to improved profitability for uranium mining companies [1] Group 1: Nuclear Power Development - Continuous upgrades in nuclear technology are enhancing its status as a clean and efficient energy source [2] - The electrification process is driving an increase in electricity demand, with AI's emergence intensifying the need for high-quality power [2] - The strategic importance of nuclear power is being reinforced due to regional energy independence and a global recovery in nuclear energy [3] Group 2: Global Uranium Demand - The nuclear power sector is experiencing a resurgence, with significant investments from major nuclear countries [3] - The World Nuclear Association (WNA) predicts a 118% increase in uranium demand by 2040, reaching 150,000 tons [3] Group 3: Supply Constraints - The current supply of natural uranium is constrained, with short-term increases relying on the resumption of production from idled mines [4] - The aging of some mines may lead to production declines around 2030, creating potential supply shortages if new projects are insufficient [4] Group 4: Uranium Price Trends - Uranium prices have risen from approximately $20 per pound in 2016-2017 to around $80 currently, with an estimated cumulative industry gap of about 100,000 tons from 2015 to 2024 [5] - Future supply gaps are projected at 0.64, 3.19, and 7.91 million tons of uranium for the years 2030, 2035, and 2045 respectively, indicating a clear upward trend in uranium price levels [5]