证券代码：002393 证券简称：力生制药 公告编号：2025-083 天津力生制药股份有限公司 关于回购注销部分限制性股票减少注册资本暨通知 债权人的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 天津力生制药股份有限公司（以下简称"公司"或"本公司"）于 2025 年 12 月 05 日召开了第八届董事会第二次会议，审议通过了《关于回购注销 2022 年股权激励计划部 分激励对象已获授但尚未解除限售的限制性股票的议案》。根据《上市公司股权激励管理 办法》（以下简称"《管理办法》"）以及公司《2022 年限制性股票激励计划（草案）》（以 下简称"《激励计划》"）相关规定和公司 2022 年第五次股东大会的授权，由于 2022 年股 权激励计划 1 名激励对象因职务变动，不再符合激励对象条件，公司对上述人员已获授但 尚未解除限售的 30,016 股限制性股票进行回购注销。有关内容详见公司同日在指定信息 披露媒体上披露的《关于回购注销 2022 年股权激励计划部分激励对象已获授但尚未解除 限售的限制性股票的公告》（公告编号：2025-082）。 根据上述议 ...

证券代码：002393 证券简称：力生制药 公告编号：2025-077 天津力生制药股份有限公司 关于召开2025年第四次临时股东会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 天津力生制药股份有限公司（以下简称"公司"或"本公司"）第八届董事会第二次审议的 相关事宜，按照公司章程规定，董事会审议通过后，须提交股东会进行审议。2025年第四次 临时股东会的有关事宜如下： 一、召开会议的基本情况 1、股东会届次：2025年第四次临时股东会 2、会议召集人：公司董事会，本次股东会经公司第八届董事会第二次会议决议召开。 公司将通过深圳证券交易所交易系统和互联网投票系统（http://wltp.cninfo.com.cn）向 全体股东提供网络形式的投票平台，股东可以在网络投票时间内通过上述系统行使表决权。 8、出席会议对象： （1）在股权登记日持有公司股份的股东或其代理人。截止2025年12月15日（星期一） 下午收市后在中国证券登记结算有限责任公司深圳分公司登记在册的本公司全体股东均有 权以本通知公布的方式出席本次会议并参加表决，因故不能亲自出席会议的股东 ...

证券代码：002393 证券简称：力生制药 公告编号：2025-078 天津力生制药股份有限公司 第八届董事会第二次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、董事会会议召开情况 天津力生制药股份有限公司(以下简称"公司"或"本公司")于2025年11月28日以书面方式 发出召开第八届董事会第二次会议的通知，会议于2025年12月05日以通讯表决方式召开。 会议应参加的董事9名，实际参加的董事9名，符合《公司法》及《公司章程》的规定。 二、董事会会议审议情况 1、会议以9票同意、0票反对、0票弃权的表决结果，审议通过了《关于回购注销2022 年股权激励计划部分激励对象已获授但尚未解除限售的限制性股票的议案》。 该议案尚需提交股东会审议。 具体内容详见中国证券报、证券时报及巨潮资讯网（www.cninfo.com.cn）披露的《关 于回购注销2022年股权激励部分激励对象已获授但尚未解除限售的限制性股票的公告》 （公告编号：2025-082）。 2、会议以7票同意、0票反对、0票弃权的表决结果，审议通过了《关于2022年股权 激励计划首次授 ...

天津力生制药股份有限公司 第八届董事会薪酬与考核委员会第二次会议 对相关事项的核查意见 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股 权激励管理办法》（以下简称"《管理办法》"）《深圳证券交易所上市公司自律 监管指引第1号——主板上市公司规范运作》等相关法律、法规及《公司章程》 的有关规定，天津力生制药股份有限公司（以下简称"公司"）第八届董事会 薪酬与考核委员会于2025年12月5日召开第二次会议，本次会议应参加的委员 三名，实际参加的委员三名。全体委员本着客观公正的立场，就公司股权激励 相关事项发表审查意见如下： 一、关于回购注销2022年股权激励计划部分激励对象已获授但尚未解除限 售的限制性股票的事项 本次激励计划预留授予的激励对象具备《公司法》《证券法》等法律法规 和规范性文件以及《公司章程》规定的任职资格，符合《管理办法》规定的激 励对象条件，符合公司《2024年限制性股票激励计划（草案）》及其摘要规定 的激励对象范围，其作为公司本次股权激励计划激励对象的主体资格合法、有 效，激励对象获授限制性股票的条件已成就。公司本次授予激励对象人员标准 与公司2025年第一次临时股东大会批准 ...

Group 1 - The core viewpoint of the article highlights the growth in the export value of China's chemical raw materials and chemical products manufacturing industry, with a reported export value of 462.1 billion yuan in October 2025, reflecting a year-on-year increase of 5.8% [1] - Cumulative export value from January to October 2025 reached 4,618.7 billion yuan, showing a slight year-on-year growth of 0.2% [1] - The article references a report by Zhiyan Consulting, which provides insights into the market supply and demand dynamics and investment prospects for the chemical raw materials industry from 2025 to 2031 [1] Group 2 - Listed companies mentioned include Hainan Haiyao (000566), Northeast Pharmaceutical (000597), and others, indicating a focus on key players in the chemical and pharmaceutical sectors [1] - The data presented is sourced from the National Bureau of Statistics, emphasizing the reliability of the statistics used in the analysis [1] - Zhiyan Consulting is described as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive solutions for investment decisions [1]

证券之星消息，12月2日天津国企改革板块较上一交易日上涨0.38%，渤海化学领涨。当日上证指数报收 于3897.71，下跌0.42%。深证成指报收于13056.7，下跌0.68%。天津国企改革板块个股涨跌见下表： 从资金流向上来看，当日天津国企改革板块主力资金净流入2119.42万元，游资资金净流出1397.94万元， 散户资金净流出721.48万元。天津国企改革板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 603712 | 七一二 | -5704.10万 | 10.73% | -2955.33万 | -5.56% | -2748.78万 | -5.17% | | 600800 渤海化学 | | 1104.76万 | 5.78% | 389.38万 | 2.04% | -1494.14万 | -7.82% | | 000652 泰达股份 | | 837.15万 | 5.88% | -70.9 ...

关于 2022 年限制性股票激励计划预留授予部分 第一次解除限售并上市流通的提示性公告 本公司及其董事、监事、高级管理人员保证公告内容真实、准确和完整，公告不 存在虚假记载、误导性陈述或者重大遗漏。 证券代码：002393 证券简称：力生制药 公告编号：2025-076 天津力生制药股份有限公司 重要提示： 天津力生制药股份有限公司（以下简称"公司"或"本公司"）于2025年11月13日召开第 八届董事会第一次会议审议通过了《关于2022年限制性股票激励计划预留授予部分第一个 解除限售期解除限售条件成就的议案》。公司董事会认为公司2022年限制性股票激励计划 预留授予部分的第一个解除限售期已符合解除限售条件。 根据公司2022年第五次临时股东大会审议授权及公司2022年限制性股票激励计划相关 规定，公司办理了2022年限制性股票激励计划预留授予部分第一次解除限售并上市流通手 续，现就有关事项说明如下： 一、公司股权激励计划简述及实施情况 1.2022年10月28日，公司召开第七届董事会第十五次会议，会议审议通过了《关于公 司2022年限制性股票激励计划（草案）及其摘要的议案》《关于公司2022年限制性股票激 ...

Core Insights - The flu positive rate in China has reached nearly 45%, indicating a significant rise in flu cases, with some provinces experiencing high epidemic levels [1] - Investors are closely monitoring the supply and sales of flu medications and vaccines from listed pharmaceutical companies, which are actively preparing to meet public health needs [1] Group 1: Drug and Vaccine Supply - Multiple listed companies have reported sufficient reserves of flu medications and vaccines, ensuring stable supply capabilities [2] - Renhe Pharmaceutical has initiated a priority supply mechanism for Oseltamivir, while Dajia Weikang has adjusted production capacity based on market demand [2] - The entire supply chain, including raw material suppliers like Rhine Bio, is collaborating to ensure a robust response to market needs [2] Group 2: Vaccine Development - Companies are focusing on flu vaccines as a key area for development, with several achieving significant progress by 2025 [3] - Zhejiang Tianyuan Biopharmaceutical's quadrivalent flu vaccine "Yufening" has been approved for sale, alongside its trivalent vaccine "Yuganning" [3] - Baike Bio has innovated with a freeze-dried nasal spray flu vaccine, which has been upgraded to a liquid form for easier administration [3] Group 3: Treatment Options - Companies are building a diverse matrix of flu medications to address various symptoms and treatment needs [5] - Zhongsheng Pharmaceutical is advancing the commercialization of Anladiwei tablets for treating uncomplicated influenza, while Jichuan Pharmaceutical is developing a novel flu treatment [5] - Oseltamivir remains a commonly used antiviral, with multiple companies like Renfu Pharmaceutical and Dajia Weikang actively involved in its production [5][6] Group 4: Symptomatic Relief - Several companies are providing symptomatic treatments for flu, including Lisheng Pharmaceutical's Acetaminophen and various products from Zhenbaodao for symptom relief [6] - Companies like Foci Pharmaceutical produce a range of cold and flu medications, ensuring comprehensive treatment options for patients [6]

Quantitative Models and Construction Methods - **Model Name**: GAN_GRU **Model Construction Idea**: The GAN_GRU model combines Generative Adversarial Networks (GAN) for processing volume-price sequential features and Gated Recurrent Unit (GRU) for encoding sequential features to construct a stock selection factor [4][13] **Model Construction Process**: 1. **GRU Model**: - The GRU model is based on 18 volume-price features, including closing price, opening price, trading volume, turnover rate, etc. [14][17][19] - Training data includes the past 400 days of volume-price features for all stocks, with feature sampling every 5 trading days. The feature sampling shape is 40x18, using the past 40 days' features to predict the cumulative return over the next 20 trading days [18] - Data processing includes outlier removal and standardization for each feature in the time series and cross-sectional standardization at the stock level [18] - The model structure includes two GRU layers (GRU(128, 128)) followed by an MLP (256, 64, 64). The final output, predicted return (pRet), is used as the stock selection factor [22] - Training is conducted semi-annually, with training points on June 30 and December 31 each year. The training set and validation set are split in an 80:20 ratio [18] - Hyperparameters: batch_size equals the number of cross-sectional stocks, optimizer is Adam, learning rate is 1e-4, loss function is IC, early stopping rounds are 10, and maximum training rounds are 50 [18] 2. **GAN Model**: - The GAN model consists of a generator (G) and a discriminator (D). The generator learns the real data distribution and generates realistic samples, while the discriminator distinguishes between real and generated data [23][24] - Generator loss function: $$L_{G} = -\mathbb{E}_{z\sim P_{z}(z)}[\log(D(G(z)))]$$ where \(z\) represents random noise, \(G(z)\) is the generated data, and \(D(G(z))\) is the discriminator's output probability for the generated data [24][25] - Discriminator loss function: $$L_{D} = -\mathbb{E}_{x\sim P_{data}(x)}[\log D(x)] - \mathbb{E}_{z\sim P_{z}(z)}[\log(1-D(G(z)))]$$ where \(x\) is real data, \(D(x)\) is the discriminator's output probability for real data, and \(D(G(z))\) is the discriminator's output probability for generated data [27][29] - The generator uses an LSTM model to retain the sequential nature of input features, while the discriminator employs a CNN model to process the two-dimensional volume-price sequential features [33][37] **Model Evaluation**: The GAN_GRU model effectively captures volume-price sequential features and demonstrates strong predictive power for stock selection [4][13][22] Model Backtesting Results - **GAN_GRU Model**: - IC Mean: 0.1131*** - ICIR (non-annualized): 0.90 - Turnover Rate: 0.83 - Recent IC: 0.1241*** - One-Year IC Mean: 0.0867*** - Annualized Return: 37.52% - Annualized Volatility: 23.52% - IR: 1.59 - Maximum Drawdown: 27.29% - Annualized Excess Return: 23.14% [4][41][42] Quantitative Factors and Construction Methods - **Factor Name**: GAN_GRU Factor **Factor Construction Idea**: The GAN_GRU factor is derived from the GAN_GRU model, leveraging GAN for volume-price sequential feature processing and GRU for sequential feature encoding [4][13] **Factor Construction Process**: - The factor is constructed using the predicted return (pRet) output from the GAN_GRU model. The factor undergoes industry and market capitalization neutralization, as well as standardization [22] **Factor Evaluation**: The GAN_GRU factor demonstrates robust performance across various industries and time periods, with significant IC values and excess returns [4][13][41] Factor Backtesting Results - **GAN_GRU Factor**: - IC Mean: 0.1131*** - ICIR (non-annualized): 0.90 - Turnover Rate: 0.83 - Recent IC: 0.1241*** - One-Year IC Mean: 0.0867*** - Annualized Return: 37.52% - Annualized Volatility: 23.52% - IR: 1.59 - Maximum Drawdown: 27.29% - Annualized Excess Return: 23.14% [4][41][42] Industry-Specific Performance - **Recent IC Rankings (Top 5 Industries)**: - Social Services: 0.2198*** - Real Estate: 0.2027*** - Steel: 0.1774*** - Non-Bank Financials: 0.1754*** - Coal: 0.1537*** [4][41][42] - **One-Year IC Mean Rankings (Top 5 Industries)**: - Non-Bank Financials: 0.1401*** - Steel: 0.1367*** - Retail: 0.1152*** - Textiles & Apparel: 0.1124*** - Utilities: 0.1092*** [4][41][42] - **Recent Excess Return Rankings (Top 5 Industries)**: - Environmental Protection: 7.24% - Machinery: 4.37% - Real Estate: 4.03% - Textiles & Apparel: 3.89% - Building Materials: 2.91% [4][45][46] - **One-Year Average Excess Return Rankings (Top 5 Industries)**: - Building Materials: 2.15% - Real Estate: 1.97% - Social Services: 1.77% - Textiles & Apparel: 1.71% - Retail: 1.62% [4][45][46]

Core Viewpoint - The company aims to rejuvenate its brand image and connect with younger audiences through cultural storytelling and innovative marketing strategies, particularly by utilizing online short dramas to convey its values and heritage [1][2]. Group 1: Cultural and Brand Strategy - The company believes that culture and innovation are key to revitalizing traditional brands and engaging consumers [1]. - The initiative to produce online short dramas is part of a broader strategy to enhance brand recognition and emotional connection with the audience, particularly among younger demographics [1][2]. - The company has established a "1+3" corporate culture system, which supports the dissemination of its cultural values through creative formats like short dramas [2]. Group 2: Long-term Vision and Collaboration - The company prioritizes long-term cultural impact over short-term marketing gains, focusing on creating culturally significant works that resonate with its brand identity [3]. - The company is exploring collaborations with various institutions to innovate and expand its cultural outreach, aiming to create impactful cultural products that embody the spirit of traditional brands [3]. Group 3: Digital Transformation and Business Expansion - The company has a clear plan for integrating AI and digital technologies into its operations, enhancing traditional processes in production, management, and marketing [4]. - The company is looking to expand its business into new areas, including traditional Chinese medicine and the broader health sector, while maintaining a focus on quality and cultural values [4].